N-CSRS

N-CSRS 1 d540286dncsrs.htm N-CSRS N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07170

TCW Funds, Inc.

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices)

Patrick W. Dennis, Esq.

Vice President and Assistant Secretary

865 South Figueroa Street, Suite 1800

Los Angeles, CA 90017

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2018

Item 1.

Reports to Shareholders.

[Please insert Semi-Annual Report here]

LOGO

APRIL 30

SEMI-ANNUAL

R E P O R T

EQUITY FUNDS

TCW Artificial Intelligence Equity Fund

TCW Focused Equities Fund

TCW Global Real Estate Fund

TCW New America Premier Equities Fund

TCW Relative Value Dividend Appreciation Fund

TCW Relative Value Large Cap Fund

TCW Relative Value Mid Cap Fund

TCW Select Equities Fund

ASSET ALLOCATION FUND

TCW Conservative Allocation Fund

TCW Funds, Inc.

Table of Contents


Letter to Shareholders			1

Performance Summary			3

Schedules of Investments:			4

TCW Artificial Intelligence Equity Fund			4

TCW Conservative Allocation Fund			8

TCW Focused Equities Fund			11

TCW Global Real Estate Fund			14

TCW New America Premier Equities Fund			16

TCW Relative Value Dividend Appreciation Fund			19

TCW Relative Value Large Cap Fund			23

TCW Relative Value Mid Cap Fund			27

TCW Select Equities Fund			31

Statements of Assets and Liabilities			34

Statements of Operations			36

Statements of Changes in Net Assets			38

Notes to Financial Statements			43

Financial Highlights			58

Shareholder Expenses			76

Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule			78

To Our Valued Shareholders

LOGO

David S. DeVito

President, Chief Executive Officer and Director

Dear Valued Investors,

I am pleased to present the semi-annual report for the TCW Funds, Inc. covering the six-month period ended April 30, 2018. 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, 2018, the TCW Funds held total net assets of approximately $16 billion.

This report contains information outlining the performance and a list of portfolio holdings as of April 30, 2018 for the TCW Funds’ Equity Funds and the TCW Conservative Allocation Fund.

The U.S. Stock Market

US stocks rose 3.8% (S&P 500 Index-Total Return) during the period under review, as the equity market proved quite buoyant given generally improving macroeconomic data, including the unemployment rate dropping to its lowest level (3.9%) in over 17 years and 1Q GDP coming in at a stronger than expected 2.3% annual rate (QoQ). The prospects for US corporate earnings results in 2018, which had already been solid, received a sharp boost from congressional passage of the Tax Cuts and Jobs Act, which represented the largest tax cut since the 1981 Reagan tax reduction. As the outlook for the economy and company fundamentals continued to brighten, US stocks posted a series of record high closes, including an all-time high on January 26, 2018. However, by early February the yield on the 10-year US Treasury Note had spiked to 2.84% from a recent low of 2.04% just five months earlier, as investors worried that the fiscal stimulus provided by tax reform might prompt higher interest rates in an economy that had grown accustomed to the easy liquidity witnessed over the past nine years. Over a nine trading day period, US stocks sold off just over 10 percent, marking their first “correction” in two years. Market sentiment was also hurt by President Trump’s decision to impose tariffs on steel and aluminum imports as well as on selected Chinese imports, which unleashed fears of a trade war that could potentially damage the U.S. economy and hurt corporate earnings.

Perhaps the most consequential development for the equity market — and the financial markets more broadly — has been the unequivocal upward drift in interest rates, with the yield on the 10-year US Treasury note climbing from 2.41% at the beginning of this calendar year to a recent peak of 3.03% in late April. While interest rates remain at low levels in absolute terms, there is beginning to be a competition for capital among stock price/earnings ratios, real estate cap rates, bond yields, emerging markets currencies and so forth, with the Fed steadily pursuing its agenda of removing the easy liquidity that characterized monetary policy for nearly a decade. All the while, there has been an intense debate about the significance of the yield curve being the flattest since 2007, with some investors fearful of an imminent inversion signaling heightened recession risk, while others point to technical factors including artificially low yields across the rest of the globe, as well as repatriation-induced demand factors. The current macro data are largely inconsistent with typical recession signals, but whether one considers CPI, PCE, or ECI inflation measures, the Fed is close to achieving its 2% inflation objective, which likely means that at least several further interest rate hikes are in store for a still fragile economy.

Looking Ahead

More certainty with respect to tax policy, coupled with full capex expensing, repatriated overseas profits, and an increase in the average consumer’s discretionary spending power, are likely to provide support to the present economic expansion and, by extension, to the outlook for corporate earnings.

In considering the equity market outlook, it is difficult to miss the sharp contrast between the first quarter’s stellar corporate earnings results and the flat stock market thus far in 2018. With 97% of S&P 500 companies having reported calendar year 1Q earnings, revenue and earnings growth are up 8% and 24% YoY, respectively (Fundstrat Global Advisors, 5/24/18). Looking forward, Bloomberg

Letter to Shareholders (Continued)

pegs forward EPS growth at an impressive 27% over the next twelve months, with stocks trading on a forward P/E ratio of 16 times earnings, which is only slightly higher than the long-term average over the past three decades. While it is a fair point that perhaps 6-9% of the earnings boost relates to a one-time boost from corporate tax reform, the larger concern revolves around whether corporate America has achieved “peak earnings,” such that at the margin the equity market faces a near-certain slowdown in earnings momentum. To be sure, asset prices can no longer rely upon Fed-induced liquidity to propel valuation levels higher, and with interest rates on the rise, stock multiples are likely to face persistent downward pressure. Our view, then, is for choppiness in the equity market to persist and for there to be ever broader dispersion between winners and losers, largely dictated by a companies’ ability to achieve recurring cash earnings growth. As such, we believe that bottom-up stock picking is likely to reassert itself in this new era, as the equity market becomes more of a “show-me” story in terms of earnings.

Fund Performance

All of our U.S. Equity Funds as well as the Conservative Allocation Fund posted positive returns and outperformed their respective benchmarks during the period under review with the exception of the TCW Global Real Estate Fund (TGREX/TGRYX) and the TCW Relative Value Large Cap Fund (TGDIX/TGDVX). The TCW Global Real Estate Fund’s negative absolute return was due to the real estate sector’s interest rate sensitivity, while its relative underperformance was attributable to stock selection. The TCW Relative Value Large Cap Fund produced a positive absolute return but modestly trailed its benchmark as

positive sector attribution was more than offset by stock selection. In general, those Funds exhibiting more growth-oriented attributes fared best during the period, while those possessing more defensive, income-oriented exposure lagged the broader market. We continue to believe that our emphasis on rigorous bottom-up stock research will serve our Fund participants well over the longer term, particularly if interest rates continue to rise and stock selection moves again to the fore with greater dispersion among stock returns characterizing the equity market.

An Update on the TCW Funds Equity Funds

We note that the TCW High Dividend Equities Fund (TGHDX/TGDEX) was liquidated effective January 25, 2018.

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,

LOGO

David S. DeVito

President, Chief Executive Officer and Director

TCW Funds, Inc.

Performance Summary (Unaudited)


	NAV		Six Months Return as of April 30, 2018			Total Return
						Annualized as of April 30, 2018 ⁽¹⁾
						1-Year			5-Year			10-Year			Since Inception			Inception Date
TCW Artificial Intelligence Equity Fund
I Class	$	11.37		6.88	%		N/A			N/A			N/A			13.72	%		08/31/17
N Class	$	11.37		6.88	%		N/A			N/A			N/A			13.72	%		08/31/17
TCW Conservative Allocation Fund
I Class	$	11.80		1.07	%		4.95	%		4.50	%		5.49	%		5.10	%		11/16/06
N Class	$	11.81		0.84	%		4.54	%		3.97	%		5.19	%		4.83	%		11/16/06
TCW Focused Equities Fund
I Class	$	22.26		4.64	%		9.45	%		10.02	%		4.62	%		5.96	%		10/29/04
N Class	$	22.02		4.64	%		9.51	%		10.02	%		4.44	%		5.75	% ⁽²⁾		07/20/98	⁽³⁾
TCW Global Real Estate Fund
I Class	$	9.61		(3.99	)%		0.85	%		N/A			N/A			1.59	%		11/28/14
N Class	$	9.61		(3.99	)%		0.85	%		N/A			N/A			1.59	%		11/28/14
TCW New America Premier Equities Fund
I Class	$	15.72		6.86	%		26.35	%		N/A			N/A			25.38	%		01/29/16
N Class	$	15.72		6.86	%		26.35	%		N/A			N/A			25.38	%		01/29/16
TCW Relative Value Dividend Appreciation Fund
I Class	$	18.87		3.41	%		8.14	%		9.51	%		7.26	%		7.43	%		10/29/04
N Class	$	19.20		3.31	%		7.97	%		9.24	%		6.97	%		9.21	% ⁽⁴⁾		09/19/86	⁽³⁾
TCW Relative Value Large Cap Fund
I Class	$	21.19		1.45	%		8.07	%		10.21	%		7.39	%		7.81	%		12/31/03
N Class	$	21.13		1.32	%		7.82	%		9.95	%		7.16	%		6.55	% ⁽⁴⁾		12/31/97	⁽³⁾
TCW Relative Value Mid Cap Fund
I Class	$	25.05		4.40	%		14.88	%		10.86	%		7.98	%		10.81	% ⁽⁵⁾		11/01/96	⁽³⁾
N Class	$	24.38		4.35	%		14.74	%		10.62	%		7.69	%		8.42	%		10/31/00
TCW Select Equities Fund
I Class	$	26.64		10.56	%		21.99	%		13.57	%		10.54	%		10.25	% ⁽⁵⁾		07/01/91	⁽³⁾
N Class	$	24.20		10.49	%		21.75	%		13.28	%		10.25	%		6.43	%		02/26/99

(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)

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.

(5)

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

TCW Artificial Intelligence Equity Fund

Schedule of Investments (Unaudited)


Issues	Shares		Value
COMMON STOCK — 94.7% of Net Assets
Auto Components — 1.7%
Aptiv PLC		330	$	27,911

Automobiles — 2.8%
General Motors Co.		448		16,460
Tesla Inc. ⁽¹⁾		95		27,920

				44,380

Commercial Services & Supplies — 1.1%
KAR Auction Services, Inc.		339		17,625

Communications Equipment — 2.0%
Arista Networks, Inc. ⁽¹⁾		60		15,873
Ciena Corp. ⁽¹⁾		654		16,840

				32,713

Diversified Telecommunication Services — 0.5%
Zayo Group Holdings, Inc. ⁽¹⁾		215		7,804

Electronic Equipment, Instruments & Components — 1.0%
Corning, Inc.		599		16,185

Health Care Equipment & Supplies — 3.0%
IDEXX Laboratories, Inc. ⁽¹⁾		134		26,062
Intuitive Surgical, Inc. ⁽¹⁾		49		21,598

				47,660

Health Care Providers & Services — 1.2%
UnitedHealth Group, Inc.		80		18,912

Hotels, Restaurants & Leisure — 2.2%
Domino’s Pizza, Inc.		61		14,746
Starbucks Corp.		351		20,207

				34,953

Internet & Catalog Retail — 6.4%
Amazon.com, Inc. ⁽¹⁾		44		68,910
Netflix, Inc. ⁽¹⁾		112		34,995

				103,905

Internet Software & Services — 16.9%
Alibaba Group Holding, Ltd. (SP ADR)(China) ⁽¹⁾		179		31,959
Alphabet, Inc. ⁽¹⁾		41		41,762
Baidu, Inc. (SP ADR)(China) ⁽¹⁾		104		26,094
DocuSign, Inc. ⁽¹⁾		1		39
Dropbox, Inc. ⁽¹⁾		10		301
Equinix, Inc.		41		17,252
Facebook, Inc. ⁽¹⁾		385		66,220
Hortonworks, Inc. ⁽¹⁾		972		16,456
Tencent Holdings, Ltd.		585		28,741
Twitter, Inc. ⁽¹⁾		958		29,037
Yelp, Inc. ⁽¹⁾		343		15,383

				273,244


Issues	Shares		Value
IT Services — 6.8%
Accenture PLC		175	$	26,460
EPAM Systems, Inc. ⁽¹⁾		203		23,213
Gartner, Inc. ⁽¹⁾		177		21,468
Switch, Inc.		776		11,058
Visa, Inc.		224		28,421

				110,620

REIT — 1.8%
American Tower Corp.		208		28,363

Semiconductors & Semiconductor Equipment — 20.3%
ASML Holding NV (Netherlands)		133		25,064
Broadcom, Inc.		112		25,695
Cypress Semiconductor Corp.		1,074		15,659
Inphi Corp. ⁽¹⁾		543		15,519
Intel Corp.		965		49,813
Lam Research Corp.		81		14,990
Micron Technology, Inc. ⁽¹⁾		1,189		54,670
NVIDIA Corp.		282		63,422
ON Semiconductor Corp. ⁽¹⁾		1,191		26,297
Silicon Laboratories, Inc. ⁽¹⁾		198		18,394
Taiwan Semiconductor Manufacturing Co., Ltd. (SP ADR) (Taiwan)		499		19,187

				328,710

Software — 23.7%
Adobe Systems, Inc. ⁽¹⁾		223		49,417
Ceridian HCM Holding, Inc. ⁽¹⁾		349		11,021
Microsoft Corp.		560		52,371
Nuance Communications, Inc. ⁽¹⁾		1,418		20,873
Oracle Corp.		315		14,386
Proofpoint, Inc. ⁽¹⁾		143		16,865
Salesforce.com, Inc. ⁽¹⁾		401		48,517
ServiceNow, Inc. ⁽¹⁾		335		55,657
Smartsheet, Inc. ⁽¹⁾		5		97
Splunk, Inc. ⁽¹⁾		477		48,964
Tableau Software, Inc. ⁽¹⁾		237		20,157
Take-Two Interactive Software, Inc. ⁽¹⁾		172		17,150
Workday, Inc. ⁽¹⁾		215		26,841

				382,316

Technology Hardware, Storage & Peripherals — 3.3%
NetApp, Inc.		390		25,966
Western Digital Corp.		355		27,971

				53,937

Total Common Stock
(Cost: $1,400,727)				1,529,238

See accompanying notes to financial statements.

TCW Artificial Intelligence Equity Fund

April 30, 2018


Issues	Shares		Value
MONEY MARKET INVESTMENTS — 4.7%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 1.63% ⁽²⁾		76,480	$	76,480

Total Money Market Investments
(Cost: $76,480)				76,480

Total Investments (99.4%)
(Cost: $1,477,207)				1,605,718
Excess of Other Assets over Liabilities (0.6%)				10,048

Net Assets (100.0%)			$	1,615,766

Notes to the Schedule of Investments

(1)

Non-income producing security.

(2)

Rate disclosed is the 7-day net yield as of January 31, 2018.

REIT -

Real Estate Investment Trust.

SP ADR -

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

See accompanying notes to financial statements.

TCW Artificial Intelligence Equity Fund

Investments by Industry (Unaudited)

April 30, 2018


Industry	Percentage of Net Assets
Auto Components		1.7	%
Automobiles		2.8
Commercial Services & Supplies		1.1
Communications Equipment		2.0
Diversified Telecommunication Services		0.5
Electronic Equipment, Instruments & Components		1.0
Health Care Equipment & Supplies		3.0
Health Care Providers & Services		1.2
Hotels, Restaurants & Leisure		2.2
Internet & Catalog Retail		6.4
Internet Software & Services		16.9
IT Services		6.8
REIT		1.8
Semiconductors & Semiconductor Equipment		20.3
Software		23.7
Technology Hardware, Storage & Peripherals		3.3
Money Market Investments		4.7

Total		99.4	%

See accompanying notes to financial statements.

TCW Artificial Intelligence Equity Fund

Fair Valuation Summary (Unaudited)

April 30, 2018

The following is a summary of the fair valuations according to the inputs used as of April 30, 2018 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stock
Auto Components	$	27,911	$	—	$	—	$	27,911
Automobiles		44,380		—		—		44,380
Commercial Services & Supplies		17,625		—		—		17,625
Communications Equipment		32,713		—		—		32,713
Diversified Telecommunication Services		7,804		—		—		7,804
Electronic Equipment, Instruments & Components		16,185		—		—		16,185
Health Care Equipment & Supplies		47,660		—		—		47,660
Health Care Providers & Services		18,912		—		—		18,912
Hotels, Restaurants & Leisure		34,953		—		—		34,953
Internet & Catalog Retail		103,905		—		—		103,905
Internet Software & Services		273,244		—		—		273,244
IT Services		110,620		—		—		110,620
REIT		28,363		—		—		28,363
Semiconductors & Semiconductor Equipment		328,710		—		—		328,710
Software		382,316		—		—		382,316
Technology Hardware, Storage & Peripherals		53,937		—		—		53,937

Total Common Stock		1,529,238		—		—		1,529,238

Money Market Investments		76,480		—		—		76,480

Total Investments	$	1,605,718	$	—	$	—	$	1,605,718

See accompanying notes to financial statements.

TCW Conservative Allocation Fund

Schedule of Investments (Unaudited)


Issues	Shares		Value
EXCHANGE-TRADED FUNDS — 2.7% of Net Assets
iShares MSCI EAFE Index Fund		11,160	$	789,458

Total Exchange-Traded Funds
(Cost: $725,446)				789,458

INVESTMENT COMPANIES — 94.0%
Diversified Equity Funds — 36.7%
TCW / Gargoyle Dynamic 500 Fund — I Class ⁽¹⁾		199,627		2,319,671
TCW New America Premier Equities Fund — I Class ⁽¹⁾		182,339		2,866,372
TCW Relative Value Large Cap Fund — I Class ⁽¹⁾		144,414		3,060,132
TCW Relative Value Mid Cap Fund — I Class ⁽¹⁾		33,883		848,775
TCW Select Equities Fund — I Class ⁽¹⁾		66,396		1,768,778

				10,863,728

Diversified Fixed Income Funds — 57.3%
Metropolitan West Low Duration Bond Fund — I Class ⁽¹⁾		395,483		3,405,106
Metropolitan West Total Return Bond Fund — I Class ⁽¹⁾		360,824		3,741,750
Metropolitan West Unconstrained Bond Fund — I Class ⁽¹⁾		474,364		5,588,006


Issues	Shares		Value
Diversified Fixed Income Funds (Continued)
TCW Global Bond Fund — I Class ⁽¹⁾		74,877	$	728,555
TCW Total Return Bond Fund — I Class ⁽¹⁾		360,609		3,479,877

				16,943,294

Total Investment Companies
(Cost: $26,022,172)				27,807,022

MONEY MARKET INVESTMENTS — 2.6%
Fidelity Institutional Government Portfolio — Select Class, 1.53% ⁽²⁾		789,277		789,277

Total Money Market Investments
(Cost: $789,277)				789,277

Total Investments (99.3%)
(Cost: $27,536,895)				29,385,757
Excess of Other Assets over Liabilities (0.7%)				202,672

Net Assets (100.0%)			$	29,588,429

Notes to the Schedule of Investments

(1)

Affiliated issuer.

(2)

Rate disclosed is the 7-day net yield as of April 30, 2018.

See accompanying notes to financial statements.

TCW Conservative Allocation Fund

April 30, 2018

The summary of the TCW Conservative Allocation Fund transactions in the affiliated funds for the period ended April 30, 2018 is as follows:


Name of Affiliated Fund	Value at October 31, 2017 (In Thousands)		Purchases at Cost (In Thousands)		Proceeds from Sales (In Thousands)			Number of Shares Held April 30, 2018		Value at April 30, 2018 (In Thousands)		Dividends and Interest Income Received (In Thousands)		Distributions Received from Net Realized Gain (In thousands)		Net Realized Gain/(Loss) on Investments (In thousands)			Net change in Unrealized Gain/(Loss) on Investments (In thousands)
Metropolitan West Low Duration Bond Fund—I Class
	$	2,924	$	675	$	(158	)		395,483	$	3,405	$	28	$	—	$	(2	)	$	(34	)
Metropolitan West Total Return Bond Fund—I Class
	$	4,019	$	46	$	(215	)		360,824		3,742		46		—		(8	)		(100	)
Metropolitan West Unconstrained Bond Fund—I Class
	$	5,898	$	107	$	(320	)		474,364		5,588		96		11		(1	)		(97	)
TCW / Gargoyle Dynamic 500 Fund—I Class
	$	2,556	$	23	$	(258	)		199,627		2,320		23		—		16			(16	)
TCW / Gargoyle Hedged Value Fund—I Class
	$	858	$	—	$	(929	)		—		—		—		—		196			(125	)
TCW Global Bond Fund—I Class
	$	704	$	68	$	(42	)		74,877		728		4		1		(1	)		(1	)
TCW New America Premier Equities Fund—I Class
	$	2,835	$	100	$	(159	)		182,339		2,866		—		100		8			83
TCW Relative Value Large Cap Fund—I Class
	$	3,188	$	466	$	(177	)		144,414		3,060		61		404		(11	)		(406	)
TCW Relative Value Mid Cap Fund—I Class
	$	—	$	939	$	(42	)		33,883		849		—		—		(2	)		(47	)
TCW Select Equities Fund—I Class
	$	1,690	$	363	$	(98	)		66,396		1,769		—		362		(10	)		(176	)
TCW Total Return Bond Fund—I Class
	$	3,733	$	70	$	(200	)		360,609		3,480		61		—		(3	)		(120	)

Total										$	27,807	$	319	$	878	$	182		$	(1,039	)

See accompanying notes to financial statements.

TCW Conservative Allocation Fund

Investments by Industry (Unaudited)

April 30, 2018


Industry	Percentage of Net Assets
Diversified Fixed Income Funds		57.3	%
Diversified Equity Funds		36.7
Exchange-Traded Funds		2.7
Money Market Investments		2.6

Total		99.3	%

Fair Valuation Summary (Unaudited)

The following is a summary of the fair valuations according to the inputs used as of April 30, 2018 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Exchange-Traded Funds	$	789,458	$	—	$	—	$	789,458
Investment Companies		27,807,022		—		—		27,807,022
Money Market Investments		789,277		—		—		789,277

Total Investments	$	29,385,757	$	—	$	—	$	29,385,757

See accompanying notes to financial statements.

TCW Focused Equities Fund

Schedule of Investments (Unaudited)

April 30, 2018


Issues	Shares		Value
COMMON STOCK — 125.7%
Aerospace & Defense — 3.0%
Honeywell International, Inc.		782	$	113,140

Airlines — 2.4%
Alaska Air Group, Inc.		1,412		91,681

Banks — 17.0%
JPMorgan Chase & Co.		1,339		145,657
M&T Bank Corp.		945		172,245
US Bancorp		2,318		116,943
Wells Fargo & Co.		4,025		209,139

				643,984

Beverages — 3.0%
Anheuser-Busch InBev NV (SP ADR) (Belgium)		1,146		114,692

Biotechnology — 6.8%
Amgen, Inc.		726		126,673
Celgene Corp. ⁽¹⁾		1,503		130,911

				257,584

Capital Markets — 3.4%
Goldman Sachs Group, Inc. (The)		539		128,460

Chemicals — 13.7%
Air Products & Chemicals, Inc.		982		159,369
Ecolab, Inc.		1,087		157,365
Nutrien, Ltd. (Canada)		2,210		100,621
Praxair, Inc.		669		102,036

				519,391

Energy Equipment & Services — 1.3%
Schlumberger, Ltd. (Netherlands)		714		48,952

Food & Staples Retailing — 2.3%
CVS Health Corp.		1,245		86,938

Food Products — 2.2%
Mondelez International, Inc.		2,091		82,594

Health Care Providers & Services — 4.1%
UnitedHealth Group, Inc.		667		157,679

Hotels, Restaurants & Leisure — 7.9%
Las Vegas Sands Corp.		2,320		170,126
Starbucks Corp.		2,271		130,741

				300,867

Industrial Conglomerates — 7.2%
Danaher Corp.		1,720		172,551
Roper Technologies, Inc.		386		101,977

				274,528

Insurance — 3.8%
American International Group, Inc.		2,585		144,760


Issues	Shares		Value
Internet Software & Services — 4.3%
Alphabet, Inc. — Class C ⁽¹⁾		160	$	162,773

Machinery — 4.1%
IDEX Corp.		1,174		156,917

Multiline Retail — 3.8%
Dollar Tree, Inc. ⁽¹⁾		1,526		146,328

Oil, Gas & Consumable Fuels — 9.5%
Devon Energy Corp.		3,634		132,023
EOG Resources, Inc.		1,946		229,959

				361,982

Pharmaceuticals — 8.6%
AbbVie, Inc.		618		59,668
Allergan plc (Ireland)		860		132,139
Eli Lilly & Co.		1,648		133,603

				325,410

Road & Rail — 5.6%
Union Pacific Corp.		1,582		211,403

Software — 7.4%
Adobe Systems, Inc. ⁽¹⁾		1,262		279,659

Specialty Retail — 1.5%
Advance Auto Parts, Inc.		497		56,881

Textiles, Apparel & Luxury Goods — 2.8%
PVH Corp.		677		108,096

Total Common Stock
(Cost: $3,462,334)				4,774,699

MASTER LIMITED PARTNERSHIP — 2.9%
Oil, Gas & Consumable Fuels — 2.9%
Enterprise Products Partners LP		4,103		110,125

Total Master Limited Partnership
(Cost: $115,565)				110,125

Total Investments (128.6%)
(Cost: $3,577,899)				4,884,824

Liabilities in Excess of Other Assets (-28.6%)				(1,087,634	)

Net Assets (100.0%)			$	3,797,190

Notes to the Schedule of Investments

(1)

Non-income producing security.

SP ADR -

See accompanying notes to financial statements.

TCW Focused Equities Fund

Investments by Industry (Unaudited)

April 30, 2018


Industry	Percentage of Net Assets
Aerospace & Defense		3.0	%
Airlines		2.4
Banks		17.0
Beverages		3.0
Biotechnology		6.8
Capital Markets		3.4
Chemicals		13.7
Energy Equipment & Services		1.3
Food & Staples Retailing		2.3
Food Products		2.2
Health Care Providers & Services		4.1
Hotels, Restaurants & Leisure		7.9
Industrial Conglomerates		7.2
Insurance		3.8
Internet Software & Services		4.3
Machinery		4.1
Multiline Retail		3.8
Oil, Gas & Consumable Fuels		12.4
Pharmaceuticals		8.6
Road & Rail		5.6
Software		7.4
Specialty Retail		1.5
Textiles, Apparel & Luxury Goods		2.8

Total		128.6	%

See accompanying notes to financial statements.

TCW Focused Equities Fund

Fair Valuation Summary (Unaudited)

April 30, 2018

The following is a summary of the fair valuations according to the inputs used as of April 30, 2018 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stock
Aerospace & Defense	$	113,140	$	—	$	—	$	113,140
Airlines		91,681		—		—		91,681
Banks		643,984		—		—		643,984
Beverages		114,692		—		—		114,692
Biotechnology		257,584		—		—		257,584
Capital Markets		128,460		—		—		128,460
Chemicals		519,391		—		—		519,391
Energy Equipment & Services		48,952		—		—		48,952
Food & Staples Retailing		86,938		—		—		86,938
Food Products		82,594		—		—		82,594
Health Care Providers & Services		157,679		—		—		157,679
Hotels, Restaurants & Leisure		300,867		—		—		300,867
Industrial Conglomerates		274,528		—		—		274,528
Insurance		144,760		—		—		144,760
Internet Software & Services		162,773		—		—		162,773
Machinery		156,917		—		—		156,917
Multiline Retail		146,328		—		—		146,328
Oil, Gas & Consumable Fuels		361,982		—		—		361,982
Pharmaceuticals		325,410		—		—		325,410
Road & Rail		211,403		—		—		211,403
Software		279,659		—		—		279,659
Specialty Retail		56,881		—		—		56,881
Textiles, Apparel & Luxury Goods		108,096		—		—		108,096

Total Common Stock		4,774,699		—		—		4,774,699

Master Limited Partnership
Oil, Gas & Consumable Fuels		110,125		—		—		110,125

Total Investments	$	4,884,824	$	—	$	—	$	4,884,824

See accompanying notes to financial statements.

TCW Global Real Estate Fund

Schedule of Investments (Unaudited)


Issues	Shares		Value
COMMON STOCK — 97.5%
Australia — 5.5%
Goodman Group		15,319	$	104,500
Scentre Group		39,210		118,827

				223,327

China — 5.7%
China Overseas Land & Investment, Ltd.		32,000		107,226
Link REIT (The)		13,832		122,255

				229,481

France — 6.4%
Klepierre		3,210		131,447
Unibail — Rodamco SE		541		129,942

				261,389

Germany — 3.8%
Deutsche Wohnen SE		3,267		154,261

Japan — 6.8%
Ichigo Office REIT Investment		177		131,172
Nippon Prologis REIT, Inc.		69		145,282

				276,454

United Kingdom — 7.7%
British Land Co. PLC (The)		12,044		111,278
Segro PLC		22,760		202,062

				313,340

United States — 61.6%
American Tower Corp.		1,092		148,905
Colony NorthStar, Inc.		20,784		126,990
CoreSite Realty Corp.		850		88,485
CoStar Group, Inc. ⁽¹⁾		367		134,564
DR Horton, Inc.		3,256		143,720
Equinix, Inc.		179		75,321
Equity Residential		1,076		66,400
Extra Space Storage, Inc.		1,100		98,549
Forestar Group, Inc. ⁽¹⁾		4,000		87,200


Issues	Shares		Value
United States (Continued)
Hilton Worldwide Holdings, Inc.		1,630	$	128,509
Industrial Logistics Properties Trust		5,167		106,027
Invitation Homes, Inc.		4,146		95,938
JBG SMITH Properties		3,201		118,021
Jones Lang LaSalle, Inc.		629		106,622
Kennedy-Wilson Holdings, Inc.		4,994		94,636
Macerich Co. (The)		1,377		79,343
NexPoint Residential Trust, Inc.		3,853		103,222
NVR, Inc. ⁽¹⁾		44		136,400
Prologis, Inc.		1,814		117,747
SBA Communications Corp. ⁽¹⁾		563		90,210
Simon Property Group, Inc.		833		130,231
Tier REIT, Inc.		3,801		72,257
Ventas, Inc.		830		42,679
Weyerhaeuser Co.		3,027		111,333

				2,503,309

Total Common Stock
(Cost: $3,752,717)				3,961,561

PREFERRED STOCK — 2.7%
United States — 2.7%
Colony NorthStar, Inc. 7.125%		4,800		110,400

Total Preferred Stock
(Cost: $108,735)				110,400

Total Investments (100.2%)
(Cost: $3,861,452)				4,071,961
Liabilities in Excess of Other Assets (-0.2%)				(8,730	)

Net Assets (100.0%)			$	4,063,231

Notes to the Schedule of Investments

(1)

Non-income producing security.

REIT -

Real Estate Investment Trust.

See accompanying notes to financial statements.

TCW Global Real Estate Fund

Investments by Industry (Unaudited)

April 30, 2018


Industry	Percentage of Net Assets
Diversified REITs		8.4	%
Health Care REITs		1.1
Homebuilding		6.9
Hotels, Resorts & Cruise Lines		3.2
Industrial REITs		14.1
Internet Software & Services		3.3
Office REITs		7.9
Real Estate Development		4.8
Real Estate Operating Companies		6.1
Real Estate Services		2.6
Residential REITs		6.5
Retail REITs		20.2
Specialized REITs		15.1

Total		100.2	%

Fair Valuation Summary (Unaudited)

The following is a summary of the fair valuations according to the inputs used as of April 30, 2018 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stock
Diversified REITs	$	233,017	$	—	$	—	$	233,017
Health Care REITs		42,679		—		—		42,679
Homebuilding		280,120		—		—		280,120
Hotels, Resorts & Cruise Lines		128,509		—		—		128,509
Industrial REITs		117,747		451,844		—		569,591
Internet Software & Services		134,564		—		—		134,564
Office REITs		190,278		131,172		—		321,450
Real Estate Development		87,200		107,226		—		194,426
Real Estate Operating Companies		94,636		154,261		—		248,897
Real Estate Services		106,622		—		—		106,622
Residential REITs		265,560		—		—		265,560
Retail REITs		209,574		613,749		—		823,323
Specialized REITs		612,803		—		—		612,803

Total Common Stock		2,503,309		1,458,252		—		3,961,561

Preferred Stock
Diversified REITs		110,400		—		—		110,400

Total Investments	$	2,613,709	$	1,458,252	$	—	$	4,071,961

See accompanying notes to financial statements.

TCW New America Premier Equities Fund

Schedule of Investments (Unaudited)


Issues	Shares		Value
COMMON STOCK — 91.3% of Net Assets
Aerospace & Defense — 4.1%
HEICO Corp.		6,768	$	594,569
Honeywell International, Inc.		2,335		337,828

				932,397

Chemicals — 7.3%
Air Products & Chemicals, Inc.		6,026		977,959
Celanese Corp. — Series A		5,788		628,982
Chase Corp.		592		66,304

				1,673,245

Commercial Services & Supplies — 0.5%
Cintas Corp.		632		107,630

Communications Equipment — 1.2%
Motorola Solutions, Inc.		2,434		267,326

Diversified Financial Services — 4.2%
Berkshire Hathaway, Inc. — Class B ⁽¹⁾		5,001		968,844

Electronic Equipment, Instruments & Components — 2.6%
Agilent Technologies, Inc.		8,910		585,743

Food Products — 5.7%
Conagra Brands, Inc.		28,223		1,046,227
Danone SA (SP ADR) (France)		15,146		246,274

				1,292,501

Health Care Equipment & Supplies — 5.1%
Baxter International, Inc.		16,655		1,157,522

Hotels, Restaurants & Leisure — 2.1%
Hilton Worldwide Holdings, Inc.		6,092		480,293

Industrial Conglomerates — 7.6%
Danaher Corp.		7,130		715,281
Roper Technologies, Inc.		3,825		1,010,527

				1,725,808

Internet Software & Services — 3.1%
Facebook, Inc. ⁽¹⁾		1,328		228,416
Trade Desk, Inc. (The) ⁽¹⁾		9,355		478,695

				707,111

IT Services — 5.5%
Fiserv, Inc. ⁽¹⁾		9,742		690,318
Mastercard, Inc.		1,815		323,560
Visa, Inc.		1,986		251,984

				1,265,862


Issues	Shares		Value
Machinery — 6.4%
Caterpillar, Inc.		2,813	$	406,084
IDEX Corp.		6,483		866,518
Illinois Tool Works, Inc.		1,392		197,692

				1,470,294

Professional Services — 13.9%
IHS Markit, Ltd. ⁽¹⁾		8,736		429,200
TransUnion ⁽¹⁾		42,300		2,745,693

				3,174,893

Software — 21.0%
Activision Blizzard, Inc.		7,370		489,000
Constellation Software, Inc.		3,576		2,559,729
Microsoft Corp.		11,735		1,097,457
Oracle Corp.		14,004		639,563

				4,785,749

Specialty Retail — 1.0%
Floor & Decor Holdings, Inc. ⁽¹⁾		2,307		128,246
National Vision Holdings, Inc. ⁽¹⁾		2,995		99,674

				227,920

Total Common Stock
(Cost: $16,340,612)				20,823,138

MONEY MARKET INVESTMENTS — 6.9%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 1.63% ⁽²⁾		1,557,245		1,557,245

Total Money Market Investments
(Cost: $1,557,245)				1,557,245

Total Investments (98.2%)
(Cost: $17,897,857)				22,380,383
Excess of Other Assets over Liabilities (1.8%)				421,177

Net Assets (100.0%)			$	22,801,560

Notes to the Schedule of Investments

SP ADR -

(1)

Non-income producing security.

(2)

Rate disclosed is the 7-day net yield as of April 30, 2018.

See accompanying notes to financial statements.

TCW New America Premier Equities Fund

Investments by Industry (Unaudited)

April 30, 2018


Industry	Percentage of Net Assets
Aerospace & Defense		4.1	%
Chemicals		7.3
Commercial Services & Supplies		0.5
Communications Equipment		1.2
Diversified Financial Services		4.2
Electronic Equipment, Instruments & Components		2.6
Food Products		5.7
Health Care Equipment & Supplies		5.1
Hotels, Restaurants & Leisure		2.1
Industrial Conglomerates		7.6
Internet Software & Services		3.1
IT Services		5.5
Machinery		6.4
Professional Services		13.9
Software		21.0
Specialty Retail		1.0
Money Market Investments		6.9

Total		98.2	%

See accompanying notes to financial statements.

TCW New America Premier Equities Fund

Fair Valuation Summary (Unaudited)

The following is a summary of the fair valuations according to the inputs used as of April 30, 2018 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stock
Aerospace & Defense	$	932,397	$	—	$	—	$	932,397
Chemicals		1,673,245		—		—		1,673,245
Commercial Services & Supplies		107,630		—		—		107,630
Communications Equipment		267,326		—		—		267,326
Diversified Financial Services		968,844		—		—		968,844
Electronic Equipment, Instruments & Components		585,743		—		—		585,743
Food Products		1,292,501		—		—		1,292,501
Health Care Equipment & Supplies		1,157,522		—		—		1,157,522
Hotels, Restaurants & Leisure		480,293		—		—		480,293
Industrial Conglomerates		1,725,808		—		—		1,725,808
Internet Software & Services		707,111		—		—		707,111
IT Services		1,265,862		—		—		1,265,862
Machinery		1,470,294		—		—		1,470,294
Professional Services		3,174,893		—		—		3,174,893
Software		4,785,749		—		—		4,785,749
Specialty Retail		227,920		—		—		227,920

Total Common Stock		20,823,138		—		—		20,823,138

Money Market Investments		1,557,245		—		—		1,557,245

Total Investments	$	22,380,383	$	—	$	—	$	22,380,383

See accompanying notes to financial statements.

TCW Relative Value Dividend Appreciation Fund

Schedule of Investments (Unaudited)

April 30, 2018


Issues	Shares		Value
COMMON STOCK — 96.3% of Net Assets
Aerospace & Defense — 3.2%
Textron, Inc.		301,206	$	18,716,941

Air Freight & Logistics — 2.1%
FedEx Corp.		32,185		7,956,132
United Parcel Service, Inc.		36,200		4,108,700

				12,064,832

Auto Components — 1.8%
Johnson Controls International PLC (Ireland)		306,789		10,390,943

Banks — 10.6%
Citigroup, Inc.		339,404		23,171,111
JPMorgan Chase & Co.		229,486		24,963,487
Zions Bancorp.		235,325		12,884,044

				61,018,642

Beverages — 1.9%
PepsiCo, Inc.		106,773		10,777,667

Biotechnology — 3.1%
Gilead Sciences, Inc.		251,415		18,159,705

Capital Markets — 5.1%
Goldman Sachs Group, Inc. (The)		19,721		4,700,106
Invesco, Ltd.		250,521		7,257,593
State Street Corp.		173,819		17,343,660

				29,301,359

Chemicals — 2.3%
DowDuPont, Inc.		208,711		13,198,884

Communications Equipment — 4.9%
Cisco Systems, Inc.		637,181		28,220,746

Consumer Finance — 2.0%
Synchrony Financial		353,755		11,734,053

Diversified Financial Services — 3.0%
Intercontinental Exchange, Inc.		238,070		17,250,552

Diversified Telecommunication Services — 1.4%
AT&T, Inc.		241,447		7,895,317

Electronic Equipment, Instruments & Components — 2.4%
Corning, Inc.		519,964		14,049,427

Energy Equipment & Services — 5.1%
Baker Hughes, a GE Co.		339,985		12,276,858
Schlumberger, Ltd.		255,056		17,486,640

				29,763,498

Health Care Equipment & Supplies — 1.2%
Medtronic PLC (Ireland)		85,105		6,819,464

Health Care Providers & Services — 1.2%
Cardinal Health, Inc.		106,400		6,827,688


Issues	Shares		Value
Household Durables — 1.9%
Lennar Corp.		200,982	$	10,629,938
Lennar Corp. — Class B		4,211		179,767

				10,809,705

Household Products — 1.9%
Procter & Gamble Co. (The)		154,000		11,140,360

Independent Power and Renewable Electricity Producers — 2.4%
AES Corp. (The)		1,113,565		13,630,036

Industrial Conglomerates — 4.8%
General Electric Co.		832,155		11,708,421
Koninklijke Philips Electronics NV (NYRS) (Netherlands)		382,667		16,156,201

				27,864,622

Insurance — 3.3%
American International Group, Inc.		80,000		4,480,000
MetLife, Inc.		305,978		14,585,971

				19,065,971

Machinery — 1.9%
Pentair PLC (United Kingdom)		163,282		10,985,613

Media — 1.7%
Comcast Corp.		323,194		10,145,060

Metals & Mining — 0.7%
Freeport-McMoRan, Inc.		255,200		3,881,592

Multiline Retail — 0.9%
Target Corp.		69,500		5,045,700

Oil, Gas & Consumable Fuels — 6.3%
Chevron Corp.		194,125		24,286,979
Royal Dutch Shell PLC (SP ADR) (United Kingdom)		173,036		12,095,216

				36,382,195

Pharmaceuticals — 3.5%
Merck & Co., Inc.		276,045		16,250,769
Novartis AG (SP ADR) (Switzerland)		52,100		3,995,549

				20,246,318

Real Estate Management & Development — 1.1%
Jones Lang LaSalle, Inc.		37,800		6,407,478

Semiconductors & Semiconductor Equipment — 8.6%
Cypress Semiconductor Corp.		1,176,214		17,149,200
Intel Corp.		330,805		17,076,154
Maxim Integrated Products, Inc.		280,248		15,273,516

				49,498,870

Technology Hardware, Storage & Peripherals — 1.6%
Seagate Technology PLC (Netherlands)		158,838		9,195,132

See accompanying notes to financial statements.

TCW Relative Value Dividend Appreciation Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Shares		Value
Textiles, Apparel & Luxury Goods — 3.2%
Tapestry, Inc.		340,754	$	18,322,343

Thrifts & Mortgage Finance — 1.2%
New York Community Bancorp, Inc.		600,162		7,129,924

Total Common Stock
(Cost: $450,206,045)				555,940,637

MONEY MARKET INVESTMENTS — 0.5%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 1.63% ⁽¹⁾		2,711,575		2,711,575

Total Money Market Investments
(Cost: $2,711,575)				2,711,575

Total Investments (96.8%)
(Cost: $452,917,620)				558,652,212
Excess of Other Assets over Liabilities (3.2%)				18,305,221

Net Assets (100.0%)			$	576,957,433

Notes to the Schedule of Investments

NYRS -

New York Registry Shares.

SP ADR -

(1)

Rate disclosed is the 7-day net yield as of April 30, 2018.

See accompanying notes to financial statements.

TCW Relative Value Dividend Appreciation Fund

Investments by Industry (Unaudited)

April 30, 2018


Industry	Percentage of Net Assets
Aerospace & Defense		3.2	%
Air Freight & Logistics		2.1
Auto Components		1.8
Banks		10.6
Beverages		1.9
Biotechnology		3.1
Capital Markets		5.1
Chemicals		2.3
Communications Equipment		4.9
Consumer Finance		2.0
Diversified Financial Services		3.0
Diversified Telecommunication Services		1.4
Electronic Equipment, Instruments & Components		2.4
Energy Equipment & Services		5.1
Health Care Equipment & Supplies		1.2
Health Care Providers & Services		1.2
Household Durables		1.9
Household Products		1.9
Independent Power and Renewable Electricity Producers		2.4
Industrial Conglomerates		4.8
Insurance		3.3
Machinery		1.9
Media		1.7
Metals & Mining		0.7
Multiline Retail		0.9
Oil, Gas & Consumable Fuels		6.3
Pharmaceuticals		3.5
Real Estate Management & Development		1.1
Semiconductors & Semiconductor Equipment		8.6
Technology Hardware, Storage & Peripherals		1.6
Textiles, Apparel & Luxury Goods		3.2
Thrifts & Mortgage Finance		1.2
Money Market Investments		0.5

Total		96.8	%

See accompanying notes to financial statements.

TCW Relative Value Dividend Appreciation Fund

Fair Valuation Summary (Unaudited)

April 30, 2018

The following is a summary of the fair valuations according to the inputs used as of April 30, 2018 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stock
Aerospace & Defense	$	18,716,941	$	—	$	—	$	18,716,941
Air Freight & Logistics		12,064,832		—		—		12,064,832
Auto Components		10,390,943		—		—		10,390,943
Banks		61,018,642		—		—		61,018,642
Beverages		10,777,667		—		—		10,777,667
Biotechnology		18,159,705		—		—		18,159,705
Capital Markets		29,301,359		—		—		29,301,359
Chemicals		13,198,884		—		—		13,198,884
Communications Equipment		28,220,746		—		—		28,220,746
Consumer Finance		11,734,053		—		—		11,734,053
Diversified Financial Services		17,250,552		—		—		17,250,552
Diversified Telecommunication Services		7,895,317		—		—		7,895,317
Electronic Equipment, Instruments & Components		14,049,427		—		—		14,049,427
Energy Equipment & Services		29,763,498		—		—		29,763,498
Health Care Equipment & Supplies		6,819,464		—		—		6,819,464
Health Care Providers & Services		6,827,688		—		—		6,827,688
Household Durables		10,809,705		—		—		10,809,705
Household Products		11,140,360		—		—		11,140,360
Independent Power and Renewable Electricity Producers		13,630,036		—		—		13,630,036
Industrial Conglomerates		27,864,622		—		—		27,864,622
Insurance		19,065,971		—		—		19,065,971
Machinery		10,985,613		—		—		10,985,613
Media		10,145,060		—		—		10,145,060
Metals & Mining		3,881,592		—		—		3,881,592
Multiline Retail		5,045,700		—		—		5,045,700
Oil, Gas & Consumable Fuels		36,382,195		—		—		36,382,195
Pharmaceuticals		20,246,318		—		—		20,246,318
Real Estate Management & Development		6,407,478		—		—		6,407,478
Semiconductors & Semiconductor Equipment		49,498,870		—		—		49,498,870
Technology Hardware, Storage & Peripherals		9,195,132		—		—		9,195,132
Textiles, Apparel & Luxury Goods		18,322,343		—		—		18,322,343
Thrifts & Mortgage Finance		7,129,924		—		—		7,129,924

Total Common Stock		555,940,637		—		—		555,940,637

Money Market Investments		2,711,575		—		—		2,711,575

Total Investments	$	558,652,212	$	—	$	—	$	558,652,212

See accompanying notes to financial statements.

TCW Relative Value Large Cap Fund

Schedule of Investments (Unaudited)

April 30, 2018


Issues	Shares		Value
COMMON STOCK — 98.9% of Net Assets
Aerospace & Defense — 4.6%
Textron, Inc.		347,010	$	21,563,201

Air Freight & Logistics — 0.4%
United Parcel Service, Inc.		15,200		1,725,200

Auto Components — 3.6%
Dana, Inc.		355,998		8,447,833
Johnson Controls International PLC (Ireland)		248,768		8,425,772

				16,873,605

Banks — 11.4%
Citigroup, Inc.		294,900		20,132,823
JPMorgan Chase & Co.		189,758		20,641,875
Zions Bancorp.		223,900		12,258,525

				53,033,223

Beverages — 1.8%
PepsiCo, Inc.		83,700		8,448,678

Biotechnology — 2.9%
Gilead Sciences, Inc.		187,429		13,537,997

Capital Markets — 4.4%
Goldman Sachs Group, Inc. (The)		18,799		4,480,366
Invesco, Ltd.		161,500		4,678,655
State Street Corp.		112,200		11,195,316

				20,354,337

Chemicals — 1.7%
DowDuPont, Inc.		127,086		8,036,919

Communications Equipment — 4.4%
Cisco Systems, Inc.		463,190		20,514,685

Construction & Engineering — 0.7%
Fluor Corp.		54,200		3,195,090

Consumer Finance — 1.9%
Synchrony Financial		264,792		8,783,151

Diversified Financial Services — 3.1%
Intercontinental Exchange, Inc.		198,005		14,347,442

Diversified Telecommunication Services — 1.2%
AT&T, Inc.		167,800		5,487,060

Electronic Equipment, Instruments & Components — 2.6%
Corning, Inc.		445,050		12,025,251

Energy Equipment & Services — 3.7%
Baker Hughes, a GE Co.		358,910		12,960,240
TechnipFMC PLC (United Kingdom)		134,800		4,443,008

				17,403,248

Health Care Equipment & Supplies — 1.1%
Medtronic PLC (Ireland)		65,996		5,288,259


Issues	Shares		Value
Health Care Providers & Services — 5.2%
Cardinal Health, Inc.		133,100	$	8,541,027
Centene Corp. ⁽¹⁾		83,100		9,022,998
Molina Healthcare, Inc. ⁽¹⁾		79,100		6,585,075

				24,149,100

Household Durables — 2.6%
Lennar Corp.		226,963		12,004,073
Lennar Corp. — Class B		5,357		228,690

				12,232,763

Household Products — 1.9%
Procter & Gamble Co. (The)		123,000		8,897,820

Independent Power and Renewable Electricity Producers — 2.2%
AES Corp. (The)		833,200		10,198,368

Industrial Conglomerates — 1.6%
General Electric Co.		522,936		7,357,710

Insurance — 4.2%
American International Group, Inc.		83,500		4,676,000
Hartford Financial Services Group, Inc.		204,484		11,009,419
MetLife, Inc.		87,700		4,180,659

				19,866,078

IT Services — 1.8%
First Data Corp. ⁽¹⁾		476,900		8,631,890

Machinery — 3.3%
Pentair PLC (United Kingdom)		93,067		6,261,548
Terex Corp.		245,730		8,974,059

				15,235,607

Media — 2.7%
Comcast Corp.		407,310		12,785,461

Metals & Mining — 1.7%
Freeport-McMoRan, Inc.		530,059		8,062,197

Oil, Gas & Consumable Fuels — 4.3%
Chevron Corp.		119,000		14,888,090
Newfield Exploration Co. ⁽¹⁾		170,500		5,080,900

				19,968,990

Pharmaceuticals — 3.9%
Impax Laboratories, Inc. ⁽¹⁾		217,200		4,083,360
Merck & Co., Inc.		240,250		14,143,518

				18,226,878

Real Estate Management & Development — 2.7%
Jones Lang LaSalle, Inc.		74,900		12,696,299

Semiconductors & Semiconductor Equipment — 6.4%
Cypress Semiconductor Corp.		903,100		13,167,198
Intel Corp.		171,786		8,867,593
ON Semiconductor Corp. ⁽¹⁾		360,167		7,952,488

				29,987,279

See accompanying notes to financial statements.

TCW Relative Value Large Cap Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Shares		Value
Technology Hardware, Storage & Peripherals — 2.9%
Western Digital Corp.		174,640	$	13,759,886

Textiles, Apparel & Luxury Goods — 2.0%
Tapestry, Inc.		172,142		9,256,075

Total Common Stock
(Cost: $310,041,665)				461,929,747

MONEY MARKET INVESTMENTS — 1.0%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 1.63% ⁽²⁾		4,810,637		4,810,637

Total Money Market Investments
(Cost: $4,810,637)				4,810,637

Total Investments (99.9%)
(Cost: $314,852,302)				466,740,384
Excess of Other Assets over Liabilities (0.1%)				313,274

Net Assets (100.0%)			$	467,053,658

Notes to the Schedule of Investments

(1)

Non-income producing security.

(2)

Rate disclosed is the 7-day net yield as of April 30, 2018.

See accompanying notes to financial statements.

TCW Relative Value Large Cap Fund

Investments by Industry (Unaudited)

April 30, 2018


Industry	Percentage of Net Assets
Aerospace & Defense		4.6	%
Air Freight & Logistics		0.4
Auto Components		3.6
Banks		11.4
Beverages		1.8
Biotechnology		2.9
Capital Markets		4.4
Chemicals		1.7
Communications Equipment		4.4
Construction & Engineering		0.7
Consumer Finance		1.9
Diversified Financial Services		3.1
Diversified Telecommunication Services		1.2
Electronic Equipment, Instruments & Components		2.6
Energy Equipment & Services		3.7
Health Care Equipment & Supplies		1.1
Health Care Providers & Services		5.2
Household Durables		2.6
Household Products		1.9
Independent Power and Renewable Electricity Producers		2.2
Industrial Conglomerates		1.6
Insurance		4.2
IT Services		1.8
Machinery		3.3
Media		2.7
Metals & Mining		1.7
Oil, Gas & Consumable Fuels		4.3
Pharmaceuticals		3.9
Real Estate Management & Development		2.7
Semiconductors & Semiconductor Equipment		6.4
Technology Hardware, Storage & Peripherals		2.9
Textiles, Apparel & Luxury Goods		2.0
Money Market Investments		1.0

Total		99.9	%

See accompanying notes to financial statements.

TCW Relative Value Large Cap Fund

Fair Valuation Summary (Unaudited)

The following is a summary of the fair valuations according to the inputs used as of April 30, 2018 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stock
Aerospace & Defense	$	21,563,201	$	—	$	—	$	21,563,201
Air Freight & Logistics		1,725,200		—		—		1,725,200
Auto Components		16,873,605		—		—		16,873,605
Banks		53,033,223		—		—		53,033,223
Beverages		8,448,678		—		—		8,448,678
Biotechnology		13,537,997		—		—		13,537,997
Capital Markets		20,354,337		—		—		20,354,337
Chemicals		8,036,919		—		—		8,036,919
Communications Equipment		20,514,685		—		—		20,514,685
Construction & Engineering		3,195,090		—		—		3,195,090
Consumer Finance		8,783,151		—		—		8,783,151
Diversified Financial Services		14,347,442		—		—		14,347,442
Diversified Telecommunication Services		5,487,060		—		—		5,487,060
Electronic Equipment, Instruments & Components		12,025,251		—		—		12,025,251
Energy Equipment & Services		17,403,248		—		—		17,403,248
Health Care Equipment & Supplies		5,288,259		—		—		5,288,259
Health Care Providers & Services		24,149,100		—		—		24,149,100
Household Durables		12,232,763		—		—		12,232,763
Household Products		8,897,820		—		—		8,897,820
Independent Power and Renewable Electricity Producers		10,198,368		—		—		10,198,368
Industrial Conglomerates		7,357,710		—		—		7,357,710
Insurance		19,866,078		—		—		19,866,078
IT Services		8,631,890		—		—		8,631,890
Machinery		15,235,607		—		—		15,235,607
Media		12,785,461		—		—		12,785,461
Metals & Mining		8,062,197		—		—		8,062,197
Oil, Gas & Consumable Fuels		19,968,990		—		—		19,968,990
Pharmaceuticals		18,226,878		—		—		18,226,878
Real Estate Management & Development		12,696,299		—		—		12,696,299
Semiconductors & Semiconductor Equipment		29,987,279		—		—		29,987,279
Technology Hardware, Storage & Peripherals		13,759,886		—		—		13,759,886
Textiles, Apparel & Luxury Goods		9,256,075		—		—		9,256,075

Total Common Stock		461,929,747		—		—		461,929,747

Money Market Investments		4,810,637		—		—		4,810,637

Total Investments	$	466,740,384	$	—	$	—	$	466,740,384

See accompanying notes to financial statements.

TCW Relative Value Mid Cap Fund

Schedule of Investments (Unaudited)

April 30, 2018


Issues	Shares		Value
COMMON STOCK — 99.1% of Net Assets
Aerospace & Defense — 3.6%
Textron, Inc.		57,145	$	3,550,990

Auto Components — 2.0%
Aptiv PLC		3,500		296,030
Dana, Inc.		61,696		1,464,046
Tenneco, Inc.		5,034		224,970

				1,985,046

Banks — 15.0%
Comerica, Inc.		22,366		2,115,376
KeyCorp		153,342		3,054,573
Popular, Inc.		64,365		2,979,456
Synovus Financial Corp.		53,829		2,813,642
Umpqua Holdings Corp.		68,400		1,611,504
Zions Bancorp.		43,500		2,381,625

				14,956,176

Capital Markets — 5.9%
ETRADE Financial Corp. ⁽¹⁾*		42,800		2,597,104
Evercore Partners, Inc.		18,990		1,922,738
Invesco, Ltd.		47,188		1,367,036

				5,886,878

Communications Equipment — 0.2%
Finisar Corp. ⁽¹⁾		11,200		174,496

Construction & Engineering — 2.2%
Fluor Corp.		9,800		577,710
Jacobs Engineering Group, Inc.		27,833		1,616,819

				2,194,529

Consumer Finance — 1.4%
Santander Consumer USA Holdings, Inc. ⁽¹⁾		36,700		677,115
Synchrony Financial		23,100		766,227

				1,443,342

Diversified Telecommunication Services — 0.6%
Zayo Group Holdings, Inc. ⁽¹⁾		16,000		580,800

Energy Equipment & Services — 4.9%
Forum Energy Technologies, Inc. ⁽¹⁾		48,000		604,800
Newpark Resources, Inc. ⁽¹⁾		297,672		3,125,556
TechnipFMC PLC (United Kingdom)		36,300		1,196,448

				4,926,804

Food Products — 2.2%
Conagra Brands, Inc.		42,500		1,575,475
Hain Celestial Group, Inc. (The) ⁽¹⁾		6,900		200,997
TreeHouse Foods, Inc. ⁽¹⁾		4,700		180,950
Tyson Foods, Inc.		3,000		210,300

				2,167,722


Issues	Shares		Value
Health Care Equipment & Supplies — 0.3%
Zimmer Biomet Holdings, Inc.		2,200	$	253,374

Health Care Providers & Services — 5.4%
Acadia Healthcare Co., Inc. ⁽¹⁾		21,100		750,738
Cardinal Health, Inc.		9,100		583,947
Centene Corp. ⁽¹⁾		25,500		2,768,790
Molina Healthcare, Inc. ⁽¹⁾		15,600		1,298,700

				5,402,175

Household Durables — 7.7%
Beazer Homes USA, Inc. ⁽¹⁾		23,479		344,672
DR Horton, Inc.		19,400		856,316
KB Home		79,060		2,099,043
Lennar Corp.		35,000		1,851,150
Lennar Corp. — Class B		734		31,334
Toll Brothers, Inc.		58,928		2,484,405

				7,666,920

Independent Power and Renewable Electricity Producers — 2.9%
AES Corp. (The)		232,800		2,849,472

Insurance — 0.6%
Assured Guaranty, Ltd.		17,894		649,373

IT Services — 1.6%
First Data Corp. ⁽¹⁾		90,600		1,639,860

Machinery — 8.8%
Dover Corp.		17,609		1,632,354
Kennametal, Inc.		23,800		867,510
Manitowoc Co., Inc. (The) ⁽¹⁾		94,000		2,317,100
SPX FLOW, Inc. ⁽¹⁾		27,855		1,253,475
Terex Corp.		50,098		1,829,579
Trinity Industries, Inc.		27,000		860,490

				8,760,508

Marine — 2.2%
Kirby Corp. ⁽¹⁾		22,800		1,944,840
Matson, Inc.		6,900		201,687

				2,146,527

Metals & Mining — 4.4%
Commercial Metals Co.		21,907		460,266
Freeport-McMoRan, Inc. ⁽¹⁾		112,504		1,711,186
Worthington Industries, Inc.		50,640		2,254,999

				4,426,451

Multi-Utilities — 0.4%
SCANA Corp.		12,061		443,483

Oil, Gas & Consumable Fuels — 4.0%
Newfield Exploration Co. ⁽¹⁾		45,000		1,341,000
SRC Energy, Inc. ⁽¹⁾		163,900		1,809,456
Whiting Petroleum Corp. ⁽¹⁾		19,500		795,990

				3,946,446

See accompanying notes to financial statements.

TCW Relative Value Mid Cap Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Shares		Value
Pharmaceuticals — 1.1%
Impax Laboratories, Inc. ⁽¹⁾		59,800	$	1,124,240

Real Estate Management & Development — 3.5%
Jones Lang LaSalle, Inc.		20,775		3,521,570

REIT — 1.7%
Cousins Properties, Inc.		69,900		621,411
Mid-America Apartment Communities, Inc.		12,000		1,097,520

				1,718,931

Road & Rail — 1.0%
Genesee & Wyoming, Inc. ⁽¹⁾		13,600		968,320

Semiconductors & Semiconductor Equipment — 6.8%
Cypress Semiconductor Corp.		161,700		2,357,586
Maxim Integrated Products, Inc.		53,646		2,923,707
ON Semiconductor Corp. ⁽¹⁾		70,411		1,554,675

				6,835,968

Software — 0.8%
Nuance Communications, Inc. ⁽¹⁾		51,300		755,136

Technology Hardware, Storage & Peripherals — 3.4%
Western Digital Corp.		42,780		3,370,636

Textiles, Apparel & Luxury Goods — 3.4%
Tapestry, Inc.		57,943		3,115,595
Under Armour, Inc. ⁽¹⁾		16,900		300,144

				3,415,739


Issues	Shares		Value
Thrifts & Mortgage Finance — 0.6%
New York Community Bancorp, Inc.		53,900	$	640,332

Trading Companies & Distributors — 0.5%
Univar, Inc. ⁽¹⁾		17,500		482,300

Total Common Stock
(Cost: $66,094,338)				98,884,544

MONEY MARKET INVESTMENTS — 0.3%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 1.63% ⁽²⁾		298,782		298,782

Total Money Market Investments
(Cost: $298,782)				298,782

Total Investments (99.4%)
(Cost: $66,393,120)				99,183,326
Excess of Other Assets over Liabilities (0.6%)				616,496

Net Assets (100.0%)			$	99,799,822

Notes to the Schedule of Investments

(1)

Non-income producing security.

(2)

Rate disclosed is the 7-day net yield as of April 30, 2018.

See accompanying notes to financial statements.

TCW Relative Value Mid Cap Fund

Investments by Industry (Unaudited)

April 30, 2018


Industry	Percentage of Net Assets
Aerospace & Defense		3.6	%
Auto Components		2.0
Banks		15.0
Capital Markets		5.9
Communications Equipment		0.2
Construction & Engineering		2.2
Consumer Finance		1.4
Diversified Telecommunication Services		0.6
Energy Equipment & Services		4.9
Food Products		2.2
Health Care Equipment & Supplies		0.3
Health Care Providers & Services		5.4
Household Durables		7.7
Independent Power and Renewable Electricity Producers		2.9
Insurance		0.6
IT Services		1.6
Machinery		8.8
Marine		2.2
Metals & Mining		4.4
Multi-Utilities		0.4
Oil, Gas & Consumable Fuels		4.0
Pharmaceuticals		1.1
REIT		1.7
Real Estate Management & Development		3.5
Road & Rail		1.0
Semiconductors & Semiconductor Equipment		6.8
Software		0.8
Technology Hardware, Storage & Peripherals		3.4
Textiles, Apparel & Luxury Goods		3.4
Thrifts & Mortgage Finance		0.6
Trading Companies & Distributors		0.5
Money Market Investments		0.3

Total		99.4	%

See accompanying notes to financial statements.

TCW Relative Value Mid Cap Fund

Fair Valuation Summary (Unaudited)

The following is a summary of the fair valuations according to the inputs used as of April 30, 2018 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stock
Aerospace & Defense	$	3,550,990	$	—	$	—	$	3,550,990
Auto Components		1,985,046		—		—		1,985,046
Banks		14,956,176		—		—		14,956,176
Capital Markets		5,886,878		—		—		5,886,878
Communications Equipment		174,496		—		—		174,496
Construction & Engineering		2,194,529		—		—		2,194,529
Consumer Finance		1,443,342		—		—		1,443,342
Diversified Telecommunication Services		580,800		—		—		580,800
Energy Equipment & Services		4,926,804		—		—		4,926,804
Food Products		2,167,722		—		—		2,167,722
Health Care Equipment & Supplies		253,374		—		—		253,374
Health Care Providers & Services		5,402,175		—		—		5,402,175
Household Durables		7,666,920		—		—		7,666,920
Independent Power and Renewable Electricity Producers		2,849,472		—		—		2,849,472
Insurance		649,373		—		—		649,373
IT Services		1,639,860		—		—		1,639,860
Machinery		8,760,508		—		—		8,760,508
Marine		2,146,527		—		—		2,146,527
Metals & Mining		4,426,451		—		—		4,426,451
Multi-Utilities		443,483		—		—		443,483
Oil, Gas & Consumable Fuels		3,946,446		—		—		3,946,446
Pharmaceuticals		1,124,240		—		—		1,124,240
REIT		1,718,931		—		—		1,718,931
Real Estate Management & Development		3,521,570		—		—		3,521,570
Road & Rail		968,320		—		—		968,320
Semiconductors & Semiconductor Equipment		6,835,968		—		—		6,835,968
Software		755,136		—		—		755,136
Technology Hardware, Storage & Peripherals		3,370,636		—		—		3,370,636
Textiles, Apparel & Luxury Goods		3,415,739		—		—		3,415,739
Thrifts & Mortgage Finance		640,332		—		—		640,332
Trading Companies & Distributors		482,300		—		—		482,300

Total Common Stock		98,884,544		—		—		98,884,544

Money Market Investments		298,782		—		—		298,782

Total Investments	$	99,183,326	$	—	$	—	$	99,183,326

See accompanying notes to financial statements.

TCW Select Equities Fund

Schedule of Investments (Unaudited)

April 30, 2018


Issues	Shares		Value
COMMON STOCK — 98.9% of Net Assets
Beverages — 2.4%
Monster Beverage Corp. ⁽¹⁾		407,600	$	22,418,000

Biotechnology — 5.8%
Alexion Pharmaceuticals, Inc. ⁽¹⁾		128,872		15,159,213
BioMarin Pharmaceutical, Inc. ⁽¹⁾		196,613		16,419,152
Celgene Corp. ⁽¹⁾		259,780		22,626,838

				54,205,203

Capital Markets — 4.7%
Charles Schwab Corp. (The)		485,670		27,042,106
S&P Global, Inc.		89,500		16,879,700

				43,921,806

Chemicals — 1.4%
Air Products & Chemicals, Inc.		77,500		12,577,475

Commercial Services & Supplies — 2.1%
Waste Connections, Inc. (Canada)		264,345		19,112,143

Food & Staples Retailing — 2.3%
Costco Wholesale Corp.		110,144		21,715,991

Health Care Equipment & Supplies — 2.5%
Align Technology, Inc. ⁽¹⁾		38,409		9,596,489
West Pharmaceutical Services, Inc.		152,836		13,481,663

				23,078,152

Hotels, Restaurants & Leisure — 2.7%
Starbucks Corp.		435,017		25,043,929

Insurance — 2.9%
Chubb, Ltd. (Switzerland)		198,504		26,931,038

Internet & Catalog Retail — 9.7%
Amazon.com, Inc. ⁽¹⁾		39,544		61,931,045
Booking Holdings, Inc. ⁽¹⁾		13,184		28,714,752

				90,645,797

Internet Software & Services — 14.3%
Alphabet, Inc. — Class C ⁽¹⁾		52,942		53,859,485
Equinix, Inc.		62,955		26,490,834
Facebook, Inc. ⁽¹⁾		305,577		52,559,244

				132,909,563

IT Services — 12.2%
Mastercard, Inc.		136,900		24,405,163
PayPal Holdings, Inc. ⁽¹⁾		421,151		31,422,076
Visa, Inc.		456,404		57,908,540

				113,735,779

Life Sciences Tools & Services — 1.7%
Illumina, Inc. ⁽¹⁾		63,806		15,372,780

Oil, Gas & Consumable Fuels — 1.5%
Concho Resources, Inc. ⁽¹⁾		88,440		13,903,652


Issues	Shares		Value
Pharmaceuticals — 2.3%
Zoetis, Inc.		260,000	$	21,704,800

Professional Services — 2.2%
TransUnion ⁽¹⁾		318,099		20,647,806

REIT — 4.2%
American Tower Corp.		285,972		38,995,142

Semiconductors & Semiconductor Equipment — 1.1%
NVIDIA Corp.		45,431		10,217,432

Software — 16.2%
Adobe Systems, Inc. ⁽¹⁾		220,186		48,793,218
Salesforce.com, Inc. ⁽¹⁾		354,809		42,928,341
ServiceNow, Inc. ⁽¹⁾		224,118		37,234,964
Splunk, Inc. ⁽¹⁾		216,476		22,221,261

				151,177,784

Specialty Retail — 4.9%
Home Depot, Inc. (The)		133,518		24,674,126
Ulta Salon, Cosmetics & Fragrance, Inc. ⁽¹⁾		83,595		20,974,822

				45,648,948

Trading Companies & Distributors — 1.8%
Fastenal Co.		330,700		16,531,693

Total Common Stock
(Cost: $412,655,196)				920,494,913

MONEY MARKET INVESTMENTS — 1.1%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 1.63% ⁽²⁾		9,977,670		9,977,670

Total Money Market Investments
(Cost: $9,977,670)				9,977,670

Total Investments (100.0%)
(Cost: $422,632,866)				930,472,583
Liabilities in Excess of Other Assets (0.0%)				(248,991	)

Net Assets (100.0%)			$	930,223,592

Notes to the Schedule of Investments

(1)

Non-income producing security.

(2)

Rate disclosed is the 7-day net yield as of April 30, 2018.

See accompanying notes to financial statements.

TCW Select Equities Fund

Investments by Industry (Unaudited)

April 30, 2018


Industry	Percentage of Net Assets
Beverages		2.4	%
Biotechnology		5.8
Capital Markets		4.7
Chemicals		1.4
Commercial Services & Supplies		2.1
Food & Staples Retailing		2.3
Health Care Equipment & Supplies		2.5
Hotels, Restaurants & Leisure		2.7
Insurance		2.9
Internet & Catalog Retail		9.7
Internet Software & Services		14.3
IT Services		12.2
Life Sciences Tools & Services		1.7
Oil, Gas & Consumable Fuels		1.5
Pharmaceuticals		2.3
Professional Services		2.2
REIT		4.2
Semiconductors & Semiconductor Equipment		1.1
Software		16.2
Specialty Retail		4.9
Trading Companies & Distributors		1.8
Money Market Investments		1.1

Total		100.0	%

See accompanying notes to financial statements.

TCW Select Equities Fund

Fair Valuation Summary (Unaudited)

April 30, 2018

The following is a summary of the fair valuations according to the inputs used as of April 30, 2018 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stock
Beverages	$	22,418,000	$	—	$	—	$	22,418,000
Biotechnology		54,205,203		—		—		54,205,203
Capital Markets		43,921,806		—		—		43,921,806
Chemicals		12,577,475		—		—		12,577,475
Commercial Services & Supplies		19,112,143		—		—		19,112,143
Food & Staples Retailing		21,715,991		—		—		21,715,991
Health Care Equipment & Supplies		23,078,152		—		—		23,078,152
Hotels, Restaurants & Leisure		25,043,929		—		—		25,043,929
Insurance		26,931,038		—		—		26,931,038
Internet & Catalog Retail		90,645,797		—		—		90,645,797
Internet Software & Services		132,909,563		—		—		132,909,563
IT Services		113,735,779		—		—		113,735,779
Life Sciences Tools & Services		15,372,780		—		—		15,372,780
Oil, Gas & Consumable Fuels		13,903,652		—		—		13,903,652
Pharmaceuticals		21,704,800		—		—		21,704,800
Professional Services		20,647,806		—		—		20,647,806
REIT		38,995,142		—		—		38,995,142
Semiconductors & Semiconductor Equipment		10,217,432		—		—		10,217,432
Software		151,177,784		—		—		151,177,784
Specialty Retail		45,648,948		—		—		45,648,948
Trading Companies & Distributors		16,531,693		—		—		16,531,693

Total Common Stock		920,494,913		—		—		920,494,913

Money Market Investments		9,977,670		—		—		9,977,670

Total Investments	$	930,472,583	$	—	$	—	$	930,472,583

See accompanying notes to financial statements.

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

April 30, 2018


	TCW Artificial Intelligence Equity Fund			TCW Conservative Allocation Fund			TCW Focused Equities Fund			TCW Global Real Estate Fund			TCW New America Premier Equities Fund
	Dollar Amounts in Thousands (Except per Share Amounts)
ASSETS
Investments, at Value ⁽¹⁾	$	1,606		$	1,579	⁽¹⁾	$	4,885		$	4,072		$	22,381
Investment in Affiliated Issuers, at Value		—			27,807	⁽²⁾		—			—			—
Foreign Currency, at Value		—			—			—			6	⁽³⁾		—
Receivable for Securities Sold		—			636			207			162			—
Receivable for Fund Shares Sold		5			—	⁽⁴⁾		—			—			407
Interest and Dividends Receivable		1			31			5			9			26
Foreign Tax Reclaims Receivable		—			—			2			—			—
Receivable from Investment Advisor		15			2			13			11			10
Prepaid Expenses		33			19			11			20			25

Total Assets		1,660			30,074			5,123			4,280			22,849

LIABILITIES
Payable for Securities Purchased		1			32			—			—			—
Payable for Fund Shares Redeemed		—			—			1,116			—			—
Disbursements in Excess of Available Cash		—			429			182			193			—
Accrued Directors’ Fees and Expenses		12			12			8			12			12
Accrued Management Fees		1			—			4			3			15
Accrued Distribution Fees		—	⁽⁴⁾		—	⁽⁴⁾		—	⁽⁴⁾		—	⁽⁴⁾		1
Other Accrued Expenses		30			13			16			9			19

Total Liabilities		44			486			1,326			217			47

NET ASSETS	$	1,616		$	29,588		$	3,797		$	4,063		$	22,802

NET ASSETS CONSIST OF:
Paid-in Capital	$	1,472		$	26,672		$	1,621		$	4,546		$	18,071
Accumulated Net Realized Gain (Loss) on Investments, Short Sales and Foreign Currency		18			1,061			865			(683	)		258
Unrealized Appreciation of Investments		129			1,849			1,307			211			4,483
Undistributed Net Investment Income (Loss)		(3	)		6			4			(11	)		(10	)

NET ASSETS	$	1,616		$	29,588		$	3,797		$	4,063		$	22,802

NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	1,042		$	29,032		$	3,148		$	3,504		$	19,597

N Class Share	$	574		$	556		$	649		$	559		$	3,205

CAPITAL SHARES OUTSTANDING: ⁽⁵⁾
I Class Share		91,632			2,460,865			141,419			364,467			1,246,674

N Class Share		50,454			47,093			29,496			58,141			203,862

NET ASSET VALUE PER SHARE: ⁽⁶⁾
I Class Share	$	11.37		$	11.80		$	22.26		$	9.61		$	15.72

N Class Share	$	11.37		$	11.81		$	22.02		$	9.61		$	15.72

(1)

The identified cost for the TCW Artificial Intelligence Equity Fund, the TCW Conservative Allocation Fund, the TCW Focused Equities Fund, the TCW Global Real Estate Fund and the TCW New America Premier Equities Fund at April 30, 2018 was $1,477, $1,515, $3,578, $3,861 and $17,898, respectively.

(2)

The identified cost for investments in affiliated issuers of the TCW Conservative Allocation Fund was $ 26,022.

(3)

The identified cost for the TCW Global Real Estate Fund at April 30, 2018 was $6.

(4)

Amount rounds to less than $1.

(5)

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

(6)

Represents offering price and redemption price per share.

See accompanying notes to financial statements.

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

April 30, 2018


	TCW Relative Value Dividend Appreciation Fund		TCW Relative Value Large Cap Fund		TCW Relative Value Mid Cap Fund			TCW Select Equities Fund
	Dollar Amounts in Thousands (Except per Share Amounts)
ASSETS
Investments, at Value ⁽¹⁾	$	558,652	$	466,740	$	99,183		$	930,473
Receivable for Securities Sold		157		892		723			—
Receivable for Fund Shares Sold		18,837		301		169			859
Interest and Dividends Receivable		418		339		47			307
Foreign Tax Reclaims Receivable		26		—		—			—
Receivable from Investment Advisor		27		3		5			9
Prepaid Expenses		28		29		20			31

Total Assets		578,145		468,304		100,147			931,679

LIABILITIES
Payable for Securities Purchased		—		652		135			—
Payable for Fund Shares Redeemed		561		213		104			579
Accrued Directors’ Fees and Expenses		12		12		12			12
Accrued Management Fees		322		270		62			602
Accrued Distribution Fees		102		3		4			29
Other Accrued Expenses		191		100		30			233

Total Liabilities		1,188		1,250		347			1,455

NET ASSETS	$	576,957	$	467,054	$	99,800		$	930,224

NET ASSETS CONSIST OF:
Paid-in Capital	$	445,383	$	278,893	$	63,991		$	352,015
Accumulated Net Realized Gain on Investments		24,800		34,460		3,302			71,713
Unrealized Appreciation of Investments		105,734		151,888		32,790			507,840
Undistributed Net Investment Income (Loss)		1,040		1,813		(283	)		(1,344	)

NET ASSETS	$	576,957	$	467,054	$	99,800		$	930,224

NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	97,625	$	452,274	$	80,972		$	794,967

N Class Share	$	479,332	$	14,780	$	18,828		$	135,257

CAPITAL SHARES OUTSTANDING: ⁽²⁾
I Class Share		5,172,264		21,339,621		3,232,720			29,835,937

N Class Share		24,964,069		699,316		772,319			5,590,003

NET ASSET VALUE PER SHARE: ⁽³⁾
I Class Share	$	18.87	$	21.19	$	25.05		$	26.64

N Class Share	$	19.20	$	21.13	$	24.38		$	24.20

(1)

The identified cost for the TCW Relative Value Dividend Appreciation Fund, the TCW Relative Value Large Cap Fund, the TCW Relative Value Mid Cap Fund and the TCW Select Equities Fund at April 30, 2018 was $452,918, $314,852, $66,393 and $422,633, respectively.

(2)

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

(3)

Represents offering price and redemption price per share.

See accompanying notes to financial statements.

TCW Funds, Inc.

Statements of Operations (Unaudited)

Six Months Ended April 30, 2018


	TCW Artificial Intelligence Equity Fund			TCW Conservative Allocation Fund			TCW Focused Equities Fund			TCW Global Real Estate Fund			TCW New America Premier Equities Fund
	Dollar Amounts in Thousands
INVESTMENT INCOME
Income:
Dividends	$	5	⁽¹⁾	$	15		$	82	⁽¹⁾	$	74	⁽¹⁾	$	98	⁽¹⁾
Dividends from Investment in Affiliated Issuers		—			319			—			—			—

Total		5			334			82			74			98

Expenses:
Management Fees		5			—			30			17			82
Accounting Services Fees		1			3			2			1			2
Administration Fees		1			2			1			1			1
Transfer Agent Fees:
I Class		8			5			4			3			4
N Class		8			3			3			3			3
Custodian Fees		1			1			2			3			3
Professional Fees		19			9			11			10			18
Directors’ Fees and Expenses		22			24			20			24			24
Registration Fees:
I Class		2			10			11			9			8
N Class		2			9			12			9			8
Distribution Fees:
N Class		1			1			1			1			3
Shareholder Reporting Expense		16			1			1			—	⁽²⁾		—	⁽²⁾
Other		4			3			4			3			4

Total		90			71			102			84			160

Less Expenses Borne by Investment Advisor:
I Class		45			—			37			41			34
N Class		37			12			18			17			19

Net Expenses		8			59			47			26			107

Net Investment Income (Loss)		(3	)		275			35			48			(9	)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		27			28			901			(147	)		308
Investments in Affiliated Issuers		—			182			—			—			—
Realized Gain Received as Distribution from Affiliated Issuers		—			878			—			—			—
Foreign Currency		—			—			—			(2	)		—
Securities Sold Short		—			—			—			—			(29	)
Change in Unrealized Appreciation (Depreciation) on:
Investments		46			8			(584	)		(89	)		1,029
Foreign Currency		—			—			—			—	⁽²⁾		—	⁽²⁾
Investments in Affiliated Issuers		—			(1,039	)		—			—			—
Securities sold short		—			—			—			—			40

Net Realized and Unrealized Gain (Loss) on Investments		73			57			317			(238	)		1,348

INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	70		$	332		$	352		$	(190	)	$	1,339

(1)

Net of foreign taxes withheld of $0, $1, $3 and $1 for the TCW Artificial Intelligence Equity Fund, the TCW Focused Equities Fund, the TCW Global Real Estate Fund and the TCW New America Premier Equities Fund, respectively.

(2)

Amount rounds to less than $1.

See accompanying notes to financial statements.

TCW Funds, Inc.

Statements of Operations (Unaudited)

Six Months Ended April 30, 2018


	TCW Relative Value Dividend Appreciation Fund			TCW Relative Value Large Cap Fund			TCW Relative Value Mid Cap Fund			TCW Select Equities Fund
	Dollar Amounts in Thousands
INVESTMENT INCOME
Income:
Dividends	$	7,726	⁽¹⁾	$	4,802		$	700	⁽¹⁾	$	2,818	⁽¹⁾

Total		7,726			4,802			700			2,818

Expenses:
Management Fees		1,963			1,571			394			3,431
Accounting Services Fees		33			24			6			44
Administration Fees		19			15			4			28
Transfer Agent Fees:
I Class		52			144			22			316
N Class		251			12			11			70
Custodian Fees		3			2			3			2
Professional Fees		28			18			14			24
Directors’ Fees and Expenses		24			24			24			24
Registration Fees:
I Class		10			14			9			12
N Class		14			10			9			9
Distribution Fees:
N Class		606			20			24			170
Shareholder Reporting Expense		3			2			2			3
Other		51			30			8			76

Total		3,057			1,886			530			4,209

Less Expenses Borne by Investment Advisor:
N Class		155			17			25			48

Net Expenses		2,902			1,869			505			4,161

Net Investment Income (Loss)		4,824			2,933			195			(1,343	)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		24,429			35,116			4,143			72,184
Foreign Currency		—			—			—			—	⁽²⁾
Change in Unrealized Appreciation (Depreciation) on:
Investments		(6,798	)		(29,644	)		283			21,211

Net Realized and Unrealized Gain (Loss) on Investments		17,631			5,472			4,426			93,395

INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	22,455		$	8,405		$	4,621		$	92,052

(1)

Net of foreign taxes withheld of $69, $3 and $10 for the TCW Relative Value Dividend Appreciation Fund, the TCW Relative Value Mid Cap Fund and the TCW Select Equities Fund, respectively.

(2)

Amount rounds to less than $1.

See accompanying notes to financial statements.

TCW Funds, Inc.

Statements of Changes in Net Assets


	TCW Artificial Intelligence Equity Fund						TCW Conservative Allocation Fund
	Six Months Ended April 30, 2018 (Unaudited)			August 31, 2017 (Commencement of Operations) through October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
	Dollar Amounts in Thousands
OPERATIONS
Net Investment Income (Loss)	$	(3	)	$	—		$	275		$	375
Net Realized Gain (Loss) on Investments		27			(9	)		1,088			1,035
Change in Unrealized Appreciation on Investments		46			83			(1,031	)		673

Increase in Net Assets Resulting from Operations		70			74			332			2,083

DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		—	⁽¹⁾		—			(503	)		(666	)
N Class		—	⁽¹⁾		—			(6	)		(20	)
Distributions from Net Realized Gain:
I Class		—			—			(737	)		(1,136	)
N Class		—			—			(13	)		(49	)

Total Distributions to Shareholders		—	⁽¹⁾		—			(1,259	)		(1,871	)

NET CAPITAL SHARE TRANSACTIONS
I Class		314			653			(200	)		930
N Class		5			500			39			(1,045	)

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		319			1,153			(161	)		(115	)

Increase (Decrease) in Net Assets		389			1,227			(1,088	)		97
NET ASSETS
Beginning of Period		1,227			—			30,676			30,579

End of Period	$	1,616		$	1,227		$	29,588		$	30,676

Undistributed Net Investment Income (Loss)	$	(3	)	$	—		$	6		$	240

(1)

Amount rounds to less than $1.

See accompanying notes to financial statements.

TCW Funds, Inc.

Statements of Changes in Net Assets


	TCW Focused Equities Fund						TCW Global Real Estate Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
	Dollar Amounts in Thousands
OPERATIONS
Net Investment Income	$	35		$	60		$	48		$	81
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		901			282			(149	)		(69	)
Change in Unrealized Appreciation on Investments		(584	)		1,134			(89	)		273

Increase (Decrease) in Net Assets Resulting from Operations		352			1,476			(190	)		285

DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		(46	)		(119	)		(35	)		(70	)
N Class		(4	)		(12	)		(5	)		(15	)

Total Distributions to Shareholders		(50	)		(131	)		(40	)		(85	)

NET CAPITAL SHARE TRANSACTIONS
I Class		(6,114	)		(1,143	)		888			(842	)
N Class		(71	)		(383	)		6			25

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		(6,185	)		(1,526	)		894			(817	)

Increase (Decrease) in Net Assets		(5,883	)		(181	)		664			(617	)
NET ASSETS
Beginning of Period		9,680			9,861			3,399			4,016

End of Period	$	3,797		$	9,680		$	4,063		$	3,399

Undistributed Net Investment Income (Loss)	$	4		$	19		$	(11	)	$	(19	)

See accompanying notes to financial statements.

TCW Funds, Inc.

Statements of Changes in Net Assets


	TCW New America Premier Equities Fund						TCW Relative Value Dividend Appreciation Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
	Dollar Amounts in Thousands
OPERATIONS
Net Investment Income (Loss)	$	(9	)	$	12		$	4,824		$	20,083
Net Realized Gain on Investments and Short Sales		279			696			24,429			196,680
Change in Unrealized Appreciation on Investments and Short Sales		1,069			3,194			(6,798	)		(74,073	)

Increase in Net Assets Resulting from Operations		1,339			3,902			22,455			142,690

DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		—			(36	)		(1,227	)		(3,591	)
N Class		—			(5	)		(4,600	)		(14,872	)
Distributions from Net Realized Gain:
I Class		(587	)		(115	)		(4,852	)		—
N Class		(90	)		(17	)		(17,818	)		—

Total Distributions to Shareholders		(677	)		(173	)		(28,497	)		(18,463	)

NET CAPITAL SHARE TRANSACTIONS
I Class		2,490			10,113			(30,070	)		(58,271	)
N Class		810			727			(9,195	)		(485,444	)

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		3,300			10,840			(39,265	)		(543,715	)

Increase (Decrease) in Net Assets		3,962			14,569			(45,307	)		(419,488	)
NET ASSETS
Beginning of Period		18,840			4,271			622,264			1,041,752

End of Period	$	22,802		$	18,840		$	576,957		$	622,264

Undistributed Net Investment Income (Loss)	$	(10	)	$	(1	)	$	1,040		$	2,043

See accompanying notes to financial statements.

TCW Funds, Inc.

Statements of Changes in Net Assets


	TCW Relative Value Large Cap Fund						TCW Relative Value Mid Cap Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
	Dollar Amounts in Thousands
OPERATIONS
Net Investment Income	$	2,933		$	10,236		$	195		$	432
Net Realized Gain on Investments		35,116			69,143			4,143			10,180
Change in Unrealized Appreciation on Investments		(29,644	)		17,929			283			15,854

Increase in Net Assets Resulting from Operations		8,405			97,308			4,621			26,466

DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		(9,140	)		(8,711	)		(419	)		(479	)
N Class		(271	)		(328	)		(58	)		(79	)
Distributions from Net Realized Gain:
I Class		(60,130	)		(23,770	)		(6,332	)		—
N Class		(2,056	)		(1,014	)		(1,450	)		—

Total Distributions to Shareholders		(71,597	)		(33,823	)		(8,259	)		(558	)

NET CAPITAL SHARE TRANSACTIONS
I Class		41,324			(69,061	)		(208	)		(11,805	)
N Class		471			(5,677	)		415			(2,551	)

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		41,795			(74,738	)		207			(14,356	)

Increase (Decrease) in Net Assets		(21,397	)		(11,253	)		(3,431	)		11,552
NET ASSETS
Beginning of Period		488,451			499,704			103,231			91,679

End of Period	$	467,054		$	488,451		$	99,800		$	103,231

Undistributed Net Investment Income (Loss)	$	1,813		$	8,291		$	(283	)	$	(1	)

See accompanying notes to financial statements.

TCW Funds, Inc.

Statements of Changes in Net Assets


	TCW Select Equities Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
	Dollar Amounts in Thousands
OPERATIONS
Net Investment Loss	$	(1,343	)	$	(2,097	)
Net Realized Gain on Investments		72,184			244,140
Change in Unrealized Appreciation on Investments		21,211			(35,595	)

Increase in Net Assets Resulting from Operations		92,052			206,448

DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Realized Gain:
I Class		(170,620	)		(74,719	)
N Class		(31,204	)		(9,066	)

Total Distributions to Shareholders		(201,824	)		(83,785	)

NET CAPITAL SHARE TRANSACTIONS
I Class		118,710			(597,986	)
N Class		13,944			(33,131	)

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		132,654			(631,117	)

Increase (Decrease) in Net Assets		22,882			(508,454	)
NET ASSETS
Beginning of Period		907,342			1,415,796

End of Period	$	930,224		$	907,342

Undistributed Net Investment Loss	$	(1,344	)	$	(1	)

See accompanying notes to financial statements.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited)

April 30, 2018

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 20 no-load mutual funds (each series, a “Fund” and collectively, the “Funds”). TCW Investment Management Company LLC (the “Advisor”) is the investment advisor to and an affiliate of the Funds and is registered under the Investment Advisers Act of 1940. Each Fund has distinct investment objectives. The following are the objectives for the 9 U.S. Equity Funds that are covered in this report:


TCW Fund		Investment Objective
Non-Diversified U.S. Equity Fund

TCW Artificial Intelligence Equity 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 growth businesses that the portfolio managers believe are benefitting from or have the potential to benefit from advances in the use of artificial intelligence.
Diversified U.S. Equity Funds

TCW Focused Equities 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 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 with enduring, cash generating business whose leaders prudently manage their environmental, social, and financial resources and whose shares are attractively valued relative to free cash flow generating by the businesses.

TCW Relative Value Dividend Appreciation Fund		Seeks to generate a high level of dividend income along with capital appreciation by investing at least 80% of the value of its net assets in equity securities of companies that have a record of paying dividends.

TCW Relative Value Large Cap Fund		Seeks capital appreciation, with a secondary goal of current income, by investing at least 80% of the value of its net assets in equity securities of companies with a market capitalization of greater than $1 billion at the time of purchase.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 1 — Organization (Continued)


TCW Fund		Investment Objective
TCW Relative Value Mid Cap Fund		Seeks to provide long-term capital appreciation by investing at least 65% of the value of its net assets in equity securities issued by companies with market capitalizations at the time of acquisition, within the capitalization ranges of the companies comprising the Russell Mid Cap 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 companies.
Fund of Funds

TCW Conservative Allocation Fund		Seeks to provide current income, and secondarily, long-term capital appreciation by investing in a combination of fixed income funds and equity funds that utilize diverse investment styles such as growth and/or value investing. 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 may also invests in ETFs.

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.

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: Equity securities listed or traded on the NYSE and other stock exchanges are valued at the latest sale price on the exchange. Securities traded on the NASDAQ stock market (“NASDAQ”) are valued using official closing prices as reported by NASDAQ. Options on equity securities and options on indexes are valued using mid prices (average of bid and ask prices) as reported by the exchange or pricing service. Investments in open-end mutual funds are valued based on the NAV per share as reported by the fund companies. 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.

TCW Funds, Inc.

April 30, 2018

Note 2 — Significant Accounting Policies (Continued)

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

Securities for which market quotations are not readily available, including circumstances under which the prices received are not reflective of a security’s market value, are valued by the Advisor 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 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.

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.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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

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 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.

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 summary of the inputs used as of April 30, 2018 in valuing the Funds’ investments is listed after each Fund’s Schedule of Investments.

The Funds held no investments or other financial instruments at April 30, 2018 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, 2018.

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

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

TCW Funds, Inc.

April 30, 2018

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.

The Funds did not engage in transactions involving derivatives for the period ended April 30, 2018.

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

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

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

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

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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, 2018, the Funds did not purchase or write any option contracts.

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 values of the subject securities will fluctuate with market conditions. In addition, because a Fund is not required to pay for when-issued, delayed-delivery or forward commitment securities until the delivery date, they may result in a form of leverage to the extent the Fund does not set aside liquid assets to cover the commitment. To guard against the deemed leverage, the Fund monitors the obligations under these transactions on a daily basis and ensures that the Fund has sufficient liquid assets to cover them.

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, each Fund receives securities as collateral with a market value in excess of the repurchase price. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund recognizes a liability with respect to such excess collateral to reflect the Fund’s obligation under bankruptcy law to return the excess to the counterparty. There were no repurchase agreements outstanding as of April 30, 2018.

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, 2018.

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

TCW Funds, Inc.

April 30, 2018

Note 2 — Significant Accounting Policies (Continued)

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

Income and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. These differences are primarily due to differing treatments for foreign currency transactions, 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 is treated as a reduction in the cost basis of those investments. Distributions received, if any, in excess of the cost basis of a security is recognized as capital gain.

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

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 invest in private placements and Rule 144A securities.

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

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 3 — Risk Considerations (Continued)

over short or extended periods. The value of stocks and other equity securities will be affected by changes in a company’s financial condition and in overall market, economic and political conditions.

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

Note 4 — Federal Income Taxes

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

At April 30, 2018, 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 Artificial Intelligence Equity Fund	$	165	$	(40	)	$	125	$	1,481
TCW Conservative Allocation Fund		2,162		(343	)		1,819		27,567
TCW Focused Equities Fund		1,423		(133	)		1,290		3,595
TCW Global Real Estate Fund		322		(158	)		164		3,908
TCW New America Premier Equities Fund		4,461		(1	)		4,460		17,921
TCW Relative Value Dividend Appreciation Fund		140,529		(34,558	)		105,971		452,681
TCW Relative Value Large Cap Fund		160,125		(9,105	)		151,020		315,720
TCW Relative Value Mid Cap Fund		33,094		(1,109	)		31,985		67,198
TCW Select Equities Fund		513,887		(6,275	)		507,612		422,861

At October 31, 2017, 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 Artificial Intelligence Equity Fund	$	—	⁽¹⁾	$	—	$	—	⁽¹⁾
TCW Conservative Allocation Fund		242			749		991
TCW Focused Equities Fund		31			—		31
TCW Global Real Estate Fund		14			—		14
TCW New America Premier Equities Fund		669			8		677
TCW Relative Value Dividend Appreciation Fund		2,044			22,669		24,713
TCW Relative Value Large Cap Fund		9,182			61,294		70,476
TCW Relative Value Mid Cap Fund		366			7,415		7,781
TCW Select Equities Fund		—			201,823		201,823

(1)

Amount rounds to less than $1

TCW Funds, Inc.

April 30, 2018

Note 4 — Federal Income Taxes (Continued)

For the fiscal year ended October 31, 2017, the tax character of distributions paid was as follows (amounts in thousands):


	Ordinary Income		Long-Term Capital Gain		Return Of Capital		Total Distributions
TCW Conservative Allocation Fund	$	686	$	1,185	$	—	$	1,871
TCW Focused Equities Fund		131		—		—		131
TCW Global Real Estate Fund		85		—		—		85
TCW New America Premier Equities Fund		173		—		—		173
TCW Relative Value Dividend Appreciation Fund		18,463		—		—		18,463
TCW Relative Value Large Cap Fund		9,039		24,784		—		33,823
TCW Relative Value Mid Cap Fund		558		—		—		558
TCW Select Equities Fund		—		83,785		—		83,785

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.

At October 31, 2017, the following Funds had net realized loss carryforwards for federal income tax purposes. (amounts in thousands).


	Short-Term Capital Losses		Long-Term Capital Losses		Total
TCW Artificial Intelligence Equity Fund	$	8	$	—	$	8
TCW Global Real Estate Fund		451		60		511

The Funds did not have any unrecognized tax benefits at April 30, 2018, nor were there any increases or decreases in unrecognized tax benefits for the period ended April 30, 2018. 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 assets:


TCW Artificial Intelligence Equity Fund	0.80	%
TCW Focused Equities Fund	0.65	%
TCW Global Real Estate Fund	0.80	%
TCW New America Premier Equities Fund	0.80	%
TCW Relative Value Dividend Appreciation Fund	0.65	%
TCW Relative Value Large Cap Fund	0.65	%
TCW Relative Value Mid Cap Fund	0.70	% ⁽¹⁾
TCW Select Equities Fund	0.75	%

⁽¹⁾

From November 1, 2017 through February 28, 2018, the management fee was 0.80%.

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

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

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 Artificial Intelligence Equity Fund
I Class	1.05	% ⁽¹⁾
N Class	1.05	% ⁽¹⁾
TCW Conservative Allocation Fund
I Class	0.85	% ⁽¹⁾
N Class	0.85	% ⁽¹⁾
TCW Focused Equities Fund
I Class	1.01	% ⁽¹⁾
N Class	1.01	% ⁽¹⁾
TCW Global Real Estate Fund
I Class	1.00	% ⁽¹⁾
N Class	1.15	% ⁽¹⁾
TCW New America Premier Equities Fund
I Class	1.04	% ⁽¹⁾
N Class	1.04	% ⁽¹⁾
TCW Relative Value Dividend Appreciation Fund
I Class	0.80	% ⁽¹⁾
N Class	1.00	% ⁽²⁾
TCW Relative Value Large Cap Fund
I Class	0.80	% ⁽¹⁾
N Class	1.00	% ⁽¹⁾
TCW Relative Value Mid Cap Fund
I Class	0.90	% ⁽¹⁾
N Class	1.00	% ⁽¹⁾
TCW Select Equities Fund
I Class	1.07	% ⁽²⁾
N Class	1.07	% ⁽²⁾

(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, 2018. 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. Total accrued and deferred amounts are recorded on the Fund’s books as other liabilities.

Note 6 — Distribution Plan

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

TCW Funds, Inc.

April 30, 2018

Note 7 — Transactions with Affiliates

The ownership percentage of the TCW Conservative Allocation Fund in each of the affiliated underlying funds at April 30, 2018 is as follows:


Name of Affiliated Fund	Ownership Percentage ⁽¹⁾
Metropolitan West Low Duration Bond Fund		0.13	%
Metropolitan West Total Return Bond Fund		0.00	% ⁽²⁾
Metropolitan West Unconstrained Bond Fund		0.18	%
TCW / Gargoyle Dynamic 500 Fund		31.79	%
TCW Global Bond Fund		4.43	%
TCW New America Premier Equities Fund		12.57	%
TCW Relative Value Large Cap Fund		0.66	%
TCW Relative Value Mid Cap Fund		0.85	%
TCW Select Equities Fund		0.19	%
TCW Total Return Bond Fund		0.04	%

(1)

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

(2)

Amount rounds to less than 0.00%.

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

Note 8 — Purchases and Sales of Securities

Investment transactions (excluding short-term investments) for the six months ended April 30, 2018, 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 Artificial Intelligence Equity Fund	$	844	$	579	$	—	$	—
TCW Conservative Allocation Fund		2,860		3,278		—		—
TCW Focused Equities Fund		805		5,899		—		—
TCW Global Real Estate Fund		3,315		2,323		—		—
TCW New America Premier Equities Fund		5,534		3,225		—		—
TCW Relative Value Dividend Appreciation Fund		42,687		124,347		—		—
TCW Relative Value Large Cap Fund		45,868		73,954		—		—
TCW Relative Value Mid Cap Fund		8,694		15,941		—		—
TCW Select Equities Fund		75,968		144,609		—		—

Note 9 — Capital Share Transactions

Transactions in each Fund’s shares were as follows:


TCW Artificial Intelligence Equity Fund	Six Months Ended April 30, 2018 (Unaudited)					August 31, 2017 (Commencement of Operations) through October 31, 2017
I Class	Shares		Amount (in thousands)			Shares		Amount (in thousands)
Shares Sold		26,356	$	314			65,264	$	653
Shares Issued upon Reinvestment of Dividends		12		—	⁽¹⁾		—		—

Net Increase		26,368	$	314			65,264	$	653


N Class	Shares		Amount (in thousands)			Shares		Amount (in thousands)
Shares Sold		445	$	5			50,000	$	500
Shares Issued upon Reinvestment of Dividends		9		—	⁽¹⁾		—		—

Net Increase		454	$	5			50,000	$	500

(1)

Amount rounds to less than $1.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 9 — Capital Share Transactions (Continued)


TCW Conservative Allocation Fund	Six Months Ended April 30, 2018 (Unaudited)						Year Ended October 31, 2017
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		39,071		$	477			186,502		$	2,188
Shares Issued upon Reinvestment of Dividends		102,922			1,217			155,467			1,761
Shares Redeemed		(158,733	)		(1,894	)		(254,486	)		(3,019	)

Net Increase (Decrease)		(16,740	)	$	(200	)		87,483		$	930


N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		7,842		$	93			26,148		$	313
Shares Issued upon Reinvestment of Dividends		1,528			18			5,978			68
Shares Redeemed		(6,059	)		(72	)		(120,636	)		(1,426	)

Net Increase (Decrease)		3,311		$	39			(88,510	)	$	(1,045	)


TCW Focused Equities Fund	Six Months Ended April 30, 2018 (Unaudited)						Year Ended October 31, 2017
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		36,706		$	807			17,594		$	360
Shares Issued upon Reinvestment of Dividends		2,000			45			5,551			109
Shares Redeemed		(317,780	)		(6,966	)		(79,622	)		(1,612	)

Net Decrease		(279,074	)	$	(6,114	)		(56,477	)	$	(1,143	)


N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		102		$	2			846		$	17
Shares Issued upon Reinvestment of Dividends		163			4			629			12
Shares Redeemed		(3,564	)		(77	)		(20,542	)		(412	)

Net Decrease		(3,299	)	$	(71	)		(19,067	)	$	(383	)


TCW Global Real Estate Fund	Six Months Ended April 30, 2018 (Unaudited)						Year Ended October 31, 2017
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		125,772		$	1,281			33,764		$	329
Shares Issued upon Reinvestment of Dividends		3,426			34			6,976			67
Shares Redeemed		(43,861	)		(427	)		(133,260	)		(1,238	)

Net Increase (Decrease)		85,337		$	888			(92,520	)	$	(842	)


N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		97		$	1			2,031		$	20
Shares Issued upon Reinvestment of Dividends		521			5			1,581			15
Shares Redeemed		—			—			(1,041	)		(10	)

Net Increase		618		$	6			2,571		$	25

TCW Funds, Inc.

April 30, 2018

Note 9 — Capital Share Transactions (Continued)


TCW New America Premier Equities Fund	Six Months Ended April 30, 2018 (Unaudited)						Year Ended October 31, 2017
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		182,668		$	2,827			889,822		$	11,268
Shares Issued upon Reinvestment of Dividends		38,162			572			12,994			146
Shares Redeemed		(58,734	)		(909	)		(98,168	)		(1,301	)

Net Increase		162,096		$	2,490			804,648		$	10,113


N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		50,187		$	782			51,050		$	726
Shares Issued upon Reinvestment of Dividends		5,975			90			2,001			23
Shares Redeemed		(4,077	)		(62	)		(1,724	)		(22	)

Net Increase		52,085		$	810			51,327		$	727


TCW Relative Value Dividend Appreciation Fund	Six Months Ended April 30, 2018 (Unaudited)						Year Ended October 31, 2017
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		338,440		$	6,565			1,571,327		$	29,392
Shares Issued upon Reinvestment of Dividends		299,419			5,739			174,490			3,283
Shares Redeemed		(2,178,504	)		(42,374	)		(4,785,356	)		(90,946	)

Net Decrease		(1,540,645	)	$	(30,070	)		(3,039,539	)	$	(58,271	)


N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		1,404,133		$	27,221			24,813,876		$	468,038
Shares Issued upon Reinvestment of Dividends		1,142,868			22,283			773,578			14,787
Shares Redeemed		(2,960,491	)		(58,699	)		(31,373,199	)		(594,714	)
Shares Redeemed through in-kind Redemptions		—			—			(19,698,827	)		(373,555	)

Net Decrease		(413,490	)	$	(9,195	)		(25,484,572	)	$	(485,444	)


TCW Relative Value Large Cap Fund	Six Months Ended April 30, 2018 (Unaudited)						Year Ended October 31, 2017
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		1,740,469		$	38,710			2,241,430		$	51,607
Shares Issued upon Reinvestment of Dividends		3,059,338			67,000			1,432,234			31,595
Shares Redeemed		(2,889,804	)		(64,386	)		(6,703,734	)		(152,263	)

Net Increase (Decrease)		1,910,003		$	41,324			(3,030,070	)	$	(69,061	)


N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		21,311		$	487			99,985		$	2,299
Shares Issued upon Reinvestment of Dividends		105,507			2,305			60,256			1,327
Shares Redeemed		(103,905	)		(2,321	)		(400,430	)		(9,303	)

Net Increase (Decrease)		22,913		$	471			(240,189	)	$	(5,677	)

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, 2018 (Unaudited)						Year Ended October 31, 2017
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		225,370		$	5,853			365,523		$	8,619
Shares Issued upon Reinvestment of Dividends		260,384			6,601			20,199			461
Shares Redeemed		(494,503	)		(12,662	)		(883,074	)		(20,885	)

Net Decrease		(8,749	)	$	(208	)		(497,352	)	$	(11,805	)


N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		15,819		$	396			133,705		$	3,025
Shares Issued upon Reinvestment of Dividends		58,853			1,452			3,399			76
Shares Redeemed		(57,642	)		(1,433	)		(245,555	)		(5,652	)

Net Increase (Decrease)		17,030		$	415			(108,451	)	$	(2,551	)


TCW Select Equities Fund	Six Months Ended April 30, 2018 (Unaudited)						Year Ended October 31, 2017
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		3,544,758		$	101,060			4,737,934		$	124,547
Shares Issued upon Reinvestment of Dividends		4,718,127			118,189			1,164,576			27,822
Shares Redeemed		(3,690,183	)		(100,539	)		(29,165,155	)		(750,355	)

Net Increase (Decrease)		4,572,702		$	118,710			(23,262,645	)	$	(597,986	)


N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		170,001		$	4,512			229,950		$	5,748
Shares Issued upon Reinvestment of Dividends		1,337,789			30,448			396,802			8,817
Shares Redeemed		(834,400	)		(21,016	)		(1,917,314	)		(47,696	)

Net Increase (Decrease)		673,390		$	13,944			(1,290,562	)	$	(33,131	)

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 before being sold to the public (exemption rules apply). Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933 (the “Securities Act”). However, the Company considers 144A securities to be restricted if those securities have been deemed illiquid. Disposal of these securities may involve time consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. There were no restricted securities at April 30, 2018.

Note 11 — Committed Line Of Credit

The Company has entered into a $100,000,000 committed revolving line of credit agreement with the State Street Bank and Trust Company (the “Bank”) for temporary borrowing purposes with an expiration date of December 29, 2018. The interest rate on borrowing is the higher of the Federal Funds rate or the overnight LIBOR rate, plus 1.25%. There were no borrowings from the line of credit as of or during the period ended April 30, 2018. The Funds pay the Bank a commitment fee equal to 0.25% per annum on the daily unused portion of the committed line amount. The commitment fees incurred by the Funds are presented in the statements of operations. The commitment fees are allocated to each applicable portfolio in proportion to its relative average daily net assets and the interest expenses are charged directly to the applicable portfolio.

TCW Funds, Inc.

April 30, 2018

Note 12 — 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, and the 1940 Act, each as now or hereinafter in force. Additionally, in the normal course of business, the Company enters into agreements with service providers that may contain indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred. However, based on experience, the Company expects the risk of loss to be remote. The Company has not accrued any liability in connection with such indemnification.

Note 13 — Subsequent Event

The Advisor recommended and the Board approved the liquidation of the TCW Focused Equities Fund. As a result, the Fund liquidated and distributed its assets to its shareholders on or about May 31, 2018.

The liquidation is a taxable event and will be treated as any other redemption of shares and may result in capital gain or loss for federal tax purposes.

TCW Artificial Intelligence Equity Fund

Financial Highlights — I Class


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

Income (Loss) from Investment Operations:
Net Investment Loss		(0.02	)		(0.00	) ⁽¹⁾
Net Realized and Unrealized Gain on Investments ⁽²⁾		0.75			0.64

Total from Investment Operations		0.73			0.64

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

Net Asset Value per Share, End of Period	$	11.37		$	10.64

Total Return		6.88	% ⁽⁴⁾		6.40	% ⁽³⁾

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	1,042		$	695
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement ⁽⁵⁾		12.30	%		23.66	%
After Expense Reimbursement ⁽⁵⁾		1.05	%		1.05	%
Ratio of Net Investment Loss to Average Net Assets ⁽⁵⁾		(0.31	)%		(0.23	)%
Portfolio Turnover Rate		43.12	% ⁽⁴⁾		13.05	% ⁽³⁾

(1)

Amount rounds to less than $0.01 per share.

(2)

Computed using average shares outstanding throughout the period.

(3)

For the period August 31, 2017 (commencement of operations) through October 31, 2017.

(4)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(5)

Annualized.

See accompanying notes to financial statements.

TCW Artificial Intelligence Equity Fund

Financial Highlights — N Class


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

Income (Loss) from Investment Operations:
Net Investment Loss		(0.02	)		(0.00	) ⁽¹⁾
Net Realized and Unrealized Gain on Investments ⁽²⁾		0.75			0.64

Total from Investment Operations		0.73			0.64

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

Net Asset Value per Share, End of Period	$	11.37		$	10.64

Total Return		6.88	% ⁽⁴⁾		6.40	% ⁽³⁾

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	574		$	532
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement ⁽⁵⁾		14.49	%		26.07	%
After Expense Reimbursement ⁽⁵⁾		1.05	%		1.05	%
Ratio of Net Investment Loss to Average Net Assets ⁽⁵⁾		(0.31	)%		(0.25	)%
Portfolio Turnover Rate		43.12	% ⁽⁴⁾		13.05	% ⁽³⁾

(1)

Amount rounds to less than $0.01 per share.

(2)

Computed using average shares outstanding throughout the period.

(3)

For the period August 31, 2017 (commencement of operations) through October 31, 2017.

(4)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(5)

Annualized.

See accompanying notes to financial statements.

TCW Conservative Allocation Fund

Financial Highlights — I Class


	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net Asset Value per Share, Beginning of Period	$	12.17		$	12.13		$	12.50		$	12.24		$	11.66		$	10.91

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.11			0.15			0.17			0.13			0.11			0.22
Net Realized and Unrealized Gain (Loss) on Investments		0.02			0.67			(0.07	)		0.33			0.67			0.79

Total from Investment Operations		0.13			0.82			0.10			0.46			0.78			1.01

Less Distributions:
Distributions from Net Investment Income		(0.20	)		(0.29	)		(0.19	)		(0.14	)		(0.20	)		(0.26	)
Distributions from Net Realized Gain		(0.30	)		(0.49	)		(0.28	)		(0.06	)		—			—

Total Distributions		(0.50	)		(0.78	)		(0.47	)		(0.20	)		(0.20	)		(0.26	)

Net Asset Value per Share, End of Period	$	11.80		$	12.17		$	12.13		$	12.50		$	12.24		$	11.66

Total Return		1.07	% ⁽²⁾		7.28	%		0.78	%		3.88	%		6.66	%		9.42	%

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	29,032		$	30,144		$	28,982		$	33,909		$	30,746		$	27,121
Ratio of Expenses to Average Net Assets: ⁽³⁾
Before Expense Reimbursement		0.37	% ⁽⁴⁾		0.36	%		0.30	%		0.25	%		0.29	%		0.40	%
Ratio of Net Investment Income to Average Net Assets		1.83	% ⁽⁴⁾		1.26	%		1.41	%		1.01	%		0.94	%		1.96	%
Portfolio Turnover Rate		9.40	% ⁽²⁾		55.53	%		37.62	%		30.24	%		40.56	%		57.98	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(3)

Does not include expenses of the underlying affiliated funds.

(4)

Annualized.

See accompanying notes to financial statements.

TCW Conservative Allocation Fund

Financial Highlights — N Class


	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net Asset Value per Share, Beginning of Period	$	12.15		$	12.07		$	12.44		$	12.17		$	11.61		$	10.89

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.08			0.11			0.11			0.04			0.05			0.18
Net Realized and Unrealized Gain (Loss) on Investments		0.03			0.66			(0.08	)		0.35			0.66			0.78

Total from Investment Operations		0.11			0.77			0.03			0.39			0.71			0.96

Less Distributions:
Distributions from Net Investment Income		(0.15	)		(0.20	)		(0.12	)		(0.06	)		(0.15	)		(0.24	)
Distributions from Net Realized Gain		(0.30	)		(0.49	)		(0.28	)		(0.06	)		—			—

Total Distributions		(0.45	)		(0.69	)		(0.40	)		(0.12	)		(0.15	)		(0.24	)

Net Asset Value per Share, End of Period	$	11.81		$	12.15		$	12.07		$	12.44		$	12.17		$	11.61

Total Return		0.84	% ⁽²⁾		6.74	%		0.31	%		3.31	%		6.07	%		8.97	%

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	556		$	532		$	1,597		$	1,876		$	807		$	1,047
Ratio of Expenses to Average Net Assets: ⁽³⁾
Before Expense Reimbursement		5.16	% ⁽⁴⁾		3.30	%		1.54	%		1.61	%		3.20	%		2.84	%
After Expense Reimbursement		0.77	% ⁽⁴⁾		0.81	%		0.82	%		0.84	%		0.85	%		0.85	%
Ratio of Net Investment Income to Average Net Assets		1.42	% ⁽⁴⁾		0.89	%		0.89	%		0.36	%		0.41	%		1.58	%
Portfolio Turnover Rate		9.40	% ⁽²⁾		55.53	%		37.62	%		30.24	%		40.56	%		57.98	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(3)

Does not include expenses of the underlying affiliated funds.

(4)

Annualized.

See accompanying notes to financial statements.

TCW Focused Equities Fund

Financial Highlights — I Class


	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net Asset Value per Share, Beginning of Period	$	21.37		$	18.67		$	19.45		$	19.37		$	16.02		$	12.20

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.08			0.12			0.20			0.12			0.09			0.08
Net Realized and Unrealized Gain (Loss) on Investments		0.92			2.83			(0.79	)		0.04			3.34			3.86

Total from Investment Operations		1.00			2.95			(0.59	)		0.16			3.43			3.94

Less Distributions:
Distributions from Net Investment Income		(0.11	)		(0.25	)		(0.19	)		(0.08	)		(0.08	)		(0.12	)

Net Asset Value per Share, End of Period	$	22.26		$	21.37		$	18.67		$	19.45		$	19.37		$	16.02

Total Return		4.64	% ⁽²⁾		15.91	%		(3.04	)%		0.79	%		21.46	%		32.67	%

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	3,148		$	8,987		$	8,903		$	9,386		$	9,970		$	7,628
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.86	% ⁽³⁾		1.82	%		1.60	%		1.46	%		1.60	%		1.95	%
After Expense Reimbursement		1.00	% ⁽³⁾		1.04	%		1.08	%		1.09	%		1.11	%		1.14	%
Ratio of Net Investment Income to Average Net Assets		0.75	% ⁽³⁾		0.61	%		1.08	%		0.62	%		0.52	%		0.56	%
Portfolio Turnover Rate		8.84	% ⁽²⁾		19.03	%		47.89	%		83.02	%		39.65	%		39.65	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying notes to financial statements.

TCW Focused Equities Fund

Financial Highlights — N Class


	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net Asset Value per Share, Beginning of Period	$	21.15		$	18.47		$	19.25		$	19.17		$	15.85		$	12.11

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.08			0.13			0.19			0.12			0.09			0.08
Net Realized and Unrealized Gain (Loss) on Investments		0.90			2.80			(0.78	)		0.04			3.31			3.82

Total from Investment Operations		0.98			2.93			(0.59	)		0.16			3.40			3.90

Less Distributions:
Distributions from Net Investment Income		(0.11	)		(0.25	)		(0.19	)		(0.08	)		(0.08	)		(0.16	)

Net Asset Value per Share, End of Period	$	22.02		$	21.15		$	18.47		$	19.25		$	19.17		$	15.85

Total Return		4.64	% ⁽²⁾		15.98	%		(3.08	)%		0.80	%		21.50	%		32.61	%

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	649		$	693		$	958		$	1,454		$	1,804		$	921
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		6.03	% ⁽³⁾		4.70	%		3.19	%		2.39	%		3.66	%		4.15	%
After Expense Reimbursement		1.00	% ⁽³⁾		1.04	%		1.08	%		1.09	%		1.11	%		1.14	%
Ratio of Net Investment Income to Average Net Assets		0.73	% ⁽³⁾		0.63	%		1.05	%		0.63	%		0.50	%		0.58	%
Portfolio Turnover Rate		8.84	% ⁽²⁾		19.03	%		47.89	%		83.02	%		39.65	%		39.65	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying notes to financial statements.

TCW Global Real Estate Fund

Financial Highlights — I Class


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

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.11			0.25			0.30			0.21
Net Realized and Unrealized Gain (Loss) on Investments		(0.51	)		0.70			(0.26	)		(0.27	)

Total from Investment Operations		(0.40	)		0.95			0.04			(0.06	)

Less Distributions:
Distributions from Net Investment Income		(0.09	)		(0.27	)		(0.29	)		(0.23	)
Distributions from Net Realized Gain		—			—			(0.01	)		—
Distributions from Return of Capital		—			—			(0.03	)		—

Total Distributions		(0.09	)		(0.27	)		(0.33	)		(0.23	)

Net Asset Value per Share, End of Period	$	9.61		$	10.10		$	9.42		$	9.71

Total Return		(3.99	)% ⁽³⁾		10.28	%		0.31	%		(0.62	)% ⁽²⁾

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	3,504		$	2,818		$	3,499		$	4,320
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		3.51	% ⁽⁴⁾		4.38	%		3.29	%		5.28	%⁽⁴⁾
After Expense Reimbursement		1.23	% ⁽⁴⁾		1.37	%		1.40	%		1.43	%⁽⁴⁾
Ratio of Net Investment Income to Average Net Assets		2.34	% ⁽⁴⁾		2.57	%		3.14	%		2.27	% ⁽⁴⁾
Portfolio Turnover Rate		58.21	% ⁽³⁾		74.51	%		68.69	%		23.58	% ⁽²⁾

(1)

Computed using average shares outstanding throughout the period.

(2)

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

(3)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(4)

Annualized.

See accompanying notes to financial statements.

TCW Global Real Estate Fund

Financial Highlights — N Class


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

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.11			0.25			0.32			0.24
Net Realized and Unrealized Gain (Loss) on Investments		(0.51	)		0.70			(0.27	)		(0.31	)

Total from Investment Operations		(0.40	)		0.95			0.05			(0.07	)

Less Distributions:
Distributions from Net Investment Income		(0.09	)		(0.27	)		(0.29	)		(0.23	)
Distributions from Net Realized Gain		—			—			(0.01	)		—
Distributions from Return of Capital		—			—			(0.03	)		—

Total Distributions		(0.09	)		(0.27	)		(0.33	)		(0.23	)

Net Asset Value per Share, End of Period	$	9.61		$	10.10		$	9.42		$	9.70

Total Return		(3.99	)% ⁽³⁾		10.28	%		0.41	%		(0.72	)% ⁽²⁾

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	559		$	581		$	517		$	510
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		7.25	% ⁽⁴⁾		7.92	%		6.66	%		9.21	% ⁽⁴⁾
After Expense Reimbursement		1.29	% ⁽⁴⁾		1.37	%		1.40	%		1.43	% ⁽⁴⁾
Ratio of Net Investment Income to Average Net Assets		2.25	% ⁽⁴⁾		2.51	%		3.34	%		2.58	% ⁽⁴⁾
Portfolio Turnover Rate		58.21	% ⁽³⁾		74.51	%		68.69	%		23.58	% ⁽²⁾

(1)

Computed using average shares outstanding throughout the period.

(2)

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

(3)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(4)

Annualized.

See accompanying notes to financial statements.

TCW New America Premier Equities Fund

Financial Highlights — I Class


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

Income (Loss) from Investment Operations:
Net Investment Income (Loss) ⁽¹⁾		(0.01	)		0.01			0.08
Net Realized and Unrealized Gain on Investments		1.03			4.22			1.15

Total from Investment Operations		1.02			4.23			1.23

Less Distributions:
Distributions from Net Investment Income		—			(0.05	)		—
Distributions from Net Realized Gain		(0.54	)		(0.17	)		—

Total Distributions		(0.54	)		(0.22	)		—

Net Asset Value per Share, End of Period	$	15.72		$	15.24		$	11.23

Total Return		6.86	% ⁽³⁾		38.41	%		12.30	% ⁽²⁾

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	19,597		$	16,527		$	3,143
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.42	% ⁽⁴⁾		1.79	%		4.72	% ⁽⁴⁾
After Expense Reimbursement		1.04	% ⁽⁴⁾		1.04	%		1.05	% ⁽⁴⁾
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.09	)% ⁽⁴⁾		0.11	%		1.03	% ⁽⁴⁾
Portfolio Turnover Rate		17.07	% ⁽³⁾		114.48	%		73.83	% ⁽²⁾

(1)

Computed using average shares outstanding throughout the period.

(2)

For the period January 29, 2016 (commencement of operations) through October 31, 2016.

(3)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(4)

Annualized.

See accompanying notes to financial statements.

TCW New America Premier Equities Fund

Financial Highlights — N Class


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

Income (Loss) from Investment Operations:
Net Investment Income (Loss) ⁽¹⁾		(0.01	)		0.01			0.08
Net Realized and Unrealized Gain on Investments		1.03			4.22			1.15

Total from Investment Operations		1.02			4.23			1.23

Less Distributions:
Distributions from Net Investment Income		—			(0.05	)		—
Distributions from Net Realized Gain		(0.54	)		(0.17	)		—

Total Distributions		(0.54	)		(0.22	)		—

Net Asset Value per Share, End of Period	$	15.72		$	15.24		$	11.23

Total Return		6.86	% ⁽³⁾		38.41	%		12.30	% ⁽²⁾

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	3,205		$	2,313		$	1,128
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		2.42	% ⁽⁴⁾		3.64	%		6.08	% ⁽⁴⁾
After Expense Reimbursement		1.04	% ⁽⁴⁾		1.04	%		1.05	% ⁽⁴⁾
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.08	)% ⁽⁴⁾		0.11	%		0.98	% ⁽⁴⁾
Portfolio Turnover Rate		17.07	% ⁽³⁾		114.48	%		73.83	% ⁽²⁾

(1)

Computed using average shares outstanding throughout the period.

(2)

For the period January 29, 2016 (commencement of operations) through October 31, 2016.

(3)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(4)

Annualized.

See accompanying notes to financial statements.

TCW Relative Value Dividend Appreciation Fund

Financial Highlights — I Class


	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net Asset Value per Share, Beginning of Period	$	19.14		$	16.95		$	16.49		$	16.71		$	15.11		$	11.77

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.17			0.48			0.35			0.30			0.27			0.25
Net Realized and Unrealized Gain (Loss) on Investments		0.49			2.17			0.41			(0.24	)		1.61			3.36

Total from Investment Operations		0.66			2.65			0.76			0.06			1.88			3.61

Less Distributions:
Distributions from Net Investment Income		(0.21	)		(0.46	)		(0.30	)		(0.28	)		(0.28	)		(0.27	)
Distributions from Net Realized Gain		(0.72	)		—			—			—			—			—

Total Distributions		(0.93	)		(0.46	)		(0.30	)		(0.28	)		(0.28	)		(0.27	)

Net Asset Value per Share, End of Period	$	18.87		$	19.14		$	16.95		$	16.49		$	16.71		$	15.11

Total Return		3.41	% ⁽²⁾		15.69	%		4.66	%		0.40	%		12.49	%		31.06	%

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	97,625		$	128,498		$	165,331		$	175,694		$	195,400		$	176,226
Ratio of Expenses to Average Net Assets		0.80	% ⁽³⁾		0.78	%		0.87	%		0.86	%		0.86	%		0.82	%
Ratio of Net Investment Income to Average Net Assets		1.78	% ⁽³⁾		2.60	%		2.11	%		1.81	%		1.67	%		1.86	%
Portfolio Turnover Rate		7.10	% ⁽²⁾		23.45	%		19.13	%		17.95	%		17.33	%		18.37	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying notes to financial statements.

TCW Relative Value Dividend Appreciation Fund

Financial Highlights — N Class


	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net Asset Value per Share, Beginning of Period	$	19.46		$	17.23		$	16.76		$	16.99		$	15.34		$	11.92

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.15			0.43			0.31			0.26			0.23			0.22
Net Realized and Unrealized Gain (Loss) on Investments		0.50			2.23			0.43			(0.25	)		1.63			3.41

Total from Investment Operations		0.65			2.66			0.74			0.01			1.86			3.63

Less Distributions:
Distributions from Net Investment Income		(0.19	)		(0.43	)		(0.27	)		(0.24	)		(0.21	)		(0.21	)
Distributions from Net Realized Gain		(0.72	)		—			—			—			—			—

Total Distributions		(0.91	)		(0.43	)		(0.27	)		(0.24	)		(0.21	)		(0.21	)

Net Asset Value per Share, End of Period	$	19.20		$	19.46		$	17.23		$	16.76		$	16.99		$	15.34

Total Return		3.31	% ⁽²⁾		15.46	%		4.43	%		0.10	%		12.19	%		30.71	%

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	479,332		$	493,766		$	876,421		$	878,544		$	970,397		$	887,435
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.06	% ⁽³⁾		1.05	%		1.15	%		1.14	%		1.14	%		1.11	%
After Expense Reimbursement		1.00	% ⁽³⁾		1.00	%		1.11	%		N/A			N/A			N/A
Ratio of Net Investment Income to Average Net Assets		1.55	% ⁽³⁾		2.24	%		1.86	%		1.53	%		1.40	%		1.60	%
Portfolio Turnover Rate		7.10	% ⁽²⁾		23.45	%		19.13	%		17.95	%		17.33	%		18.37	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying notes to financial statements.

TCW Relative Value Large Cap Fund

Financial Highlights — I Class


	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net Asset Value per Share, Beginning of Period	$	24.30		$	21.38		$	21.99		$	22.09		$	19.47		$	14.91

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.14			0.49			0.32			0.26			0.21			0.19
Net Realized and Unrealized Gain (Loss) on Investments		0.33			3.96			0.19			(0.14	)		2.65			4.53

Total from Investment Operations		0.47			4.45			0.51			0.12			2.86			4.72

Less Distributions:
Distributions from Net Investment Income		(0.47	)		(0.41	)		(0.25	)		(0.22	)		(0.24	)		(0.16	)
Distributions from Net Realized Gain		(3.11	)		(1.12	)		(0.87	)		—			—			—

Total Distributions		(3.58	)		(1.53	)		(1.12	)		(0.22	)		(0.24	)		(0.16	)

Net Asset Value per Share, End of Period	$	21.19		$	24.30		$	21.38		$	21.99		$	22.09		$	19.47

Total Return		1.45	% ⁽²⁾		21.55	%		2.61	%		0.50	%		14.79	%		31.99	%

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	452,274		$	472,078		$	480,174		$	667,957		$	700,484		$	543,669
Ratio of Expenses to Average Net Assets		0.76	% ⁽³⁾		0.77	%		0.88	%		0.88	%		0.88	%		0.87	%
Ratio of Net Investment Income to Average Net Assets		1.22	% ⁽³⁾		2.11	%		1.57	%		1.14	%		1.02	%		1.13	%
Portfolio Turnover Rate		9.60	% ⁽²⁾		24.44	%		14.71	%		21.60	%		18.77	%		37.33	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying notes to financial statements.

TCW Relative Value Large Cap Fund

Financial Highlights — N Class


	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net Asset Value per Share, Beginning of Period	$	24.21		$	21.31		$	21.91		$	22.04		$	19.44		$	14.89

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.11			0.44			0.28			0.19			0.16			0.15
Net Realized and Unrealized Gain (Loss) on Investments		0.33			3.94			0.19			(0.14	)		2.65			4.52

Total from Investment Operations		0.44			4.38			0.47			0.05			2.81			4.67

Less Distributions:
Distributions from Net Investment Income		(0.41	)		(0.36	)		(0.20	)		(0.18	)		(0.21	)		(0.12	)
Distributions from Net Realized Gain		(3.11	)		(1.12	)		(0.87	)		—			—			—

Total Distributions		(3.52	)		(1.48	)		(1.07	)		(0.18	)		(0.21	)		(0.12	)

Net Asset Value per Share, End of Period	$	21.13		$	24.21		$	21.31		$	21.91		$	22.04		$	19.44

Total Return		1.32	% ⁽²⁾		21.27	%		2.42	%		0.20	%		14.52	%		31.64	%

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	14,780		$	16,373		$	19,530		$	25,084		$	29,589		$	75,450
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.22	% ⁽³⁾		1.16	%		1.23	%		1.20	%		1.12	%		1.13	%
After Expense Reimbursement		1.00	% ⁽³⁾		1.00	%		1.10	%		1.16	%		N/A			N/A
Ratio of Net Investment Income to Average Net Assets		0.99	% ⁽³⁾		1.93	%		1.35	%		0.86	%		0.77	%		0.83	%
Portfolio Turnover Rate		9.60	% ⁽²⁾		24.44	%		14.71	%		21.60	%		18.77	%		37.33	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying notes to financial statements.

TCW Relative Value Mid Cap Fund

Financial Highlights — I Class


	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net Asset Value per Share, Beginning of Period	$	25.96		$	20.02		$	22.43		$	26.62		$	26.56		$	20.10

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.05			0.11			0.18			0.17			0.13			0.16
Net Realized and Unrealized Gain (Loss) on Investments		1.12			5.96			0.34			(1.16	)		2.70			6.48

Total from Investment Operations		1.17			6.07			0.52			(0.99	)		2.83			6.64

Less Distributions:
Distributions from Net Investment Income		(0.13	)		(0.13	)		(0.16	)		(0.12	)		(0.14	)		(0.17	)
Distributions from Net Realized Gain		(1.95	)		—			(2.77	)		(3.08	)		(2.63	)		(0.01	)

Total Distributions		(2.08	)		(0.13	)		(2.93	)		(3.20	)		(2.77	)		(0.18	)

Net Asset Value per Share, End of Period	$	25.05		$	25.96		$	20.02		$	22.43		$	26.62		$	26.56

Total Return		4.40	% ⁽²⁾		30.40	%		3.53	%		(4.58	)%		11.09	%		33.30	%

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	80,972		$	84,136		$	74,840		$	93,356		$	114,823		$	118,138
Ratio of Expenses to Average Net Assets		0.96	% ⁽³⁾		0.99	%		0.98	%		0.96	%		0.95	%		0.94	%
Ratio of Net Investment Income to Average Net Assets		0.40	% ⁽³⁾		0.45	%		0.96	%		0.68	%		0.49	%		0.68	%
Portfolio Turnover Rate		8.55	% ⁽²⁾		31.93	%		17.81	%		23.15	%		21.67	%		28.91	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying notes to financial statements.

TCW Relative Value Mid Cap Fund

Financial Highlights — N Class


	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net Asset Value per Share, Beginning of Period	$	25.28		$	19.50		$	21.90		$	26.08		$	26.07		$	19.74

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.03			0.07			0.14			0.10			0.06			0.09
Net Realized and Unrealized Gain (Loss) on Investments		1.10			5.80			0.32			(1.12	)		2.65			6.37

Total from Investment Operations		1.13			5.87			0.46			(1.02	)		2.71			6.46

Less Distributions:
Distributions from Net Investment Income		(0.08	)		(0.09	)		(0.09	)		(0.08	)		(0.07	)		(0.12	)
Distributions from Net Realized Gain		(1.95	)		—			(2.77	)		(3.08	)		(2.63	)		(0.01	)

Total Distributions		(2.03	)		(0.09	)		(2.86	)		(3.16	)		(2.70	)		(0.13	)

Net Asset Value per Share, End of Period	$	24.38		$	25.28		$	19.50		$	21.90		$	26.08		$	26.07

Total Return		4.35	% ⁽²⁾		30.15	%		3.30	%		(4.78	)%		10.80	%		32.90	%

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	18,828		$	19,095		$	16,839		$	19,559		$	28,458		$	36,875
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.34	% ⁽³⁾		1.37	%		1.35	%		1.30	%		1.27	%		1.32	%
After Expense Reimbursement		1.08	% ⁽³⁾		1.16	%		1.20	%		1.21	%		1.20	%		1.23	%
Ratio of Net Investment Income to Average Net Assets		0.28	% ⁽³⁾		0.29	%		0.74	%		0.44	%		0.23	%		0.40	%
Portfolio Turnover Rate		8.55	% ⁽²⁾		31.93	%		17.81	%		23.15	%		21.67	%		28.91	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying notes to financial statements.

TCW Select Equities Fund

Financial Highlights — I Class


	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net Asset Value per Share, Beginning of Period	$	30.42		$	26.06		$	29.65		$	26.71		$	24.84		$	19.81

Income (Loss) from Investment Operations:
Net Investment Income (Loss) ⁽¹⁾		(0.04	)		(0.05	)		(0.10	)		(0.02	)		(0.03	)		0.03
Net Realized and Unrealized Gain (Loss) on Investments		2.84			5.99			(1.42	)		3.80			2.71			5.34

Total from Investment Operations		2.80			5.94			(1.52	)		3.78			2.68			5.37

Less Distributions:
Distributions from Net Investment Income		—			—			—			—			(0.00	) ⁽²⁾		(0.05	)
Distributions from Net Realized Gain		(6.58	)		(1.58	)		(2.07	)		(0.84	)		(0.81	)		(0.29	)

Total Distributions		(6.58	)		(1.58	)		(2.07	)		(0.84	)		(0.81	)		(0.34	)

Net Asset Value per Share, End of Period	$	26.64		$	30.42		$	26.06		$	29.65		$	26.71		$	24.84

Total Return		10.56	% ⁽³⁾		24.47	%		(5.56	)%		14.54	%		11.01	%		27.53	%

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	794,967		$	768,535		$	1,264,622		$	1,629,090		$	1,611,400		$	1,325,609
Ratio of Expenses to Average Net Assets		0.88	% ⁽⁴⁾		0.88	%		0.89	%		0.88	%		0.86	%		0.83	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.26	)% ⁽⁴⁾		(0.18	)%		(0.38	)%		(0.08	)%		(0.11	)%		0.15	%
Portfolio Turnover Rate		8.41	% ⁽³⁾		17.95	%		14.05	%		27.19	%		25.79	%		24.55	%

(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, 2018 and is not indicative of a full year’s operating results.

(4)

Annualized.

See accompanying notes to financial statements.

TCW Select Equities Fund

Financial Highlights — N Class


	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net Asset Value per Share, Beginning of Period	$	28.23		$	24.35		$	27.91		$	25.26		$	23.59		$	18.84

Income (Loss) from Investment Operations:
Net Investment Loss ⁽¹⁾		(0.06	)		(0.10	)		(0.16	)		(0.09	)		(0.10	)		(0.02	)
Net Realized and Unrealized Gain (Loss) on Investments		2.61			5.56			(1.33	)		3.58			2.58			5.06

Total from Investment Operations		2.55			5.46			(1.49	)		3.49			2.48			5.04

Less Distributions:
Distributions from Net Realized Gain		(6.58	)		(1.58	)		(2.07	)		(0.84	)		(0.81	)		(0.29	)

Net Asset Value per Share, End of Period	$	24.20		$	28.23		$	24.35		$	27.91		$	25.26		$	23.59

Total Return		10.49	% ⁽²⁾		24.20	%		(5.81	)%		14.22	%		10.73	%		27.14	%

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	135,257		$	138,807		$	151,174		$	274,026		$	227,231		$	378,026
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.16	% ⁽³⁾		1.16	%		1.16	%		1.14	%		1.13	%		1.10	%
After Expense Reimbursement		1.08	% ⁽³⁾		1.11	%		1.14	%		N/A			N/A			N/A
Ratio of Net Investment Loss to Average Net Assets		(0.47	)% ⁽³⁾		(0.39	)%		(0.64	)%		(0.33	)%		(0.40	)%		(0.10	)%
Portfolio Turnover Rate		8.41	% ⁽²⁾		17.95	%		14.05	%		27.19	%		25.79	%		24.55	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying notes to financial statements.

TCW Funds, Inc.

Shareholder Expenses (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2017 to April 30, 2018 (181 days).

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

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


TCW Funds, Inc.	Beginning Account Value November 1, 2017		Ending Account Value April 30, 2018		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2017 to April 30, 2018)
TCW Artificial Intelligence Equity Fund
I Class Shares
Actual	$	1,000.00	$	1,068.80		1.05	%	$	5.39
Hypothetical (5% return before expenses)		1,000.00		1,019.59		1.05	%		5.26

N Class Shares
Actual	$	1,000.00	$	1,068.80		1.05	%	$	5.39
Hypothetical (5% return before expenses)		1,000.00		1,019.59		1.05	%		5.26

TCW Conservative Allocation Fund
I Class Shares
Actual	$	1,000.00	$	1,010.70		0.37	% ⁽¹⁾	$	1.84	⁽¹⁾
Hypothetical (5% return before expenses)		1,000.00		1,022.96		0.37	% ⁽¹⁾		1.86	⁽¹⁾

N Class Shares
Actual	$	1,000.00	$	1,008.40		0.77	% ⁽¹⁾	$	3.83	⁽¹⁾
Hypothetical (5% return before expenses)		1,000.00		1,020.98		0.77	% ⁽¹⁾		3.86	⁽¹⁾

TCW Focused Equities Fund
I Class Shares
Actual	$	1,000.00	$	1,046.40		1.00	%	$	5.07
Hypothetical (5% return before expenses)		1,000.00		1,019.84		1.00	%		5.01

N Class Shares
Actual	$	1,000.00	$	1,046.40		1.00	%	$	5.07
Hypothetical (5% return before expenses)		1,000.00		1,019.84		1.00	%		5.01

TCW Funds, Inc.


TCW Funds, Inc.	Beginning Account Value November 1, 2017		Ending Account Value April 30, 2018		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2017 to April 30, 2018)
TCW Global Real Estate Fund
I Class Shares
Actual	$	1,000.00	$	960.10		1.23	%	$	5.98
Hypothetical (5% return before expenses)		1,000.00		1,018.70		1.23	%		6.16

N Class Shares
Actual	$	1,000.00	$	960.10		1.29	%	$	6.27
Hypothetical (5% return before expenses)		1,000.00		1,018.40		1.29	%		6.46

TCW New America Premier Equities Fund
I Class Shares
Actual	$	1,000.00	$	1,068.60		1.04	%	$	5.33
Hypothetical (5% return before expenses)		1,000.00		1,019.64		1.04	%		5.21

N Class Shares
Actual	$	1,000.00	$	1,068.60		1.04	%	$	5.33
Hypothetical (5% return before expenses)		1,000.00		1,019.64		1.04	%		5.21

TCW Relative Value Dividend Appreciation Fund
I Class Shares
Actual	$	1,000.00	$	1,034.10		0.80	%	$	4.03
Hypothetical (5% return before expenses)		1,000.00		1,020.83		0.80	%		4.01

N Class Shares
Actual	$	1,000.00	$	1,033.10		1.00	%	$	5.04
Hypothetical (5% return before expenses)		1,000.00		1,019.84		1.00	%		5.01

TCW Relative Value Large Cap Fund
I Class Shares
Actual	$	1,000.00	$	1,014.50		0.76	%	$	3.80
Hypothetical (5% return before expenses)		1,000.00		1,021.03		0.76	%		3.81

N Class Shares
Actual	$	1,000.00	$	1,013.20		1.00	%	$	4.99
Hypothetical (5% return before expenses)		1,000.00		1,019.84		1.00	%		5.01

TCW Relative Value Mid Cap Fund
I Class Shares
Actual	$	1,000.00	$	1,044.00		0.96	%	$	4.87
Hypothetical (5% return before expenses)		1,000.00		1,020.03		0.96	%		4.81

N Class Shares
Actual	$	1,000.00	$	1,043.50		1.08	%	$	5.47
Hypothetical (5% return before expenses)		1,000.00		1,019.44		1.08	%		5.41

TCW Select Equities Fund
I Class Shares
Actual	$	1,000.00	$	1,105.60		0.88	%	$	4.59
Hypothetical (5% return before expenses)		1,000.00		1,020.43		0.88	%		4.41

N Class Shares
Actual	$	1,000.00	$	1,104.90		1.08	%	$	5.64
Hypothetical (5% return before expenses)		1,000.00		1,019.44		1.08	%		5.41

(1)

Does not included Expenses of the underlying affiliated investments.

TCW Funds, Inc.

Supplemental Information

Proxy Voting Guidelines

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

Disclosure of Proxy Voting Guidelines

The proxy voting guidelines of the Advisor are available:

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

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

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

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

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

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

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

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

Availability of Quarterly Portfolio Schedule

The Company files a complete schedule of its portfolio holdings with the SEC for the first and third quarters of its fiscal year on Form 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:

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

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).

LOGO

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

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 Principal Financial and Accounting Officer

Jeffrey A. Engelsman

Chief Compliance Officer and Anti-Money Laundering Officer

Patrick W. Dennis

Vice President and Assistant Secretary

Lisa Eisen

Tax Officer

George N. Winn

Assistant Treasurer

TCW FAMILY OF FUNDS

EQUITY FUNDS

TCW Artificial Intelligence Equity Fund

TCW Focused Equities Fund ⁽¹⁾

TCW Global Real Estate Fund

TCW New America Premier Equities Fund

TCW Relative Value Dividend Appreciation Fund

TCW Relative Value Large Cap Fund

TCW Relative Value Mid Cap Fund

TCW Select Equities Fund

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 Small Cap Fund

(1) Fund terminated May 31, 2018.

FUNDsarEQ0418

LOGO

APRIL 30

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


Letter to Shareholders			1

Performance Summary			3

Schedules of Investments:			4

TCW Core Fixed Income Fund			4

TCW Enhanced Commodity Strategy Fund (Consolidated)			19

TCW Global Bond Fund			24

TCW High Yield Bond Fund			34

TCW Short Term Bond Fund			42

TCW Total Return Bond Fund			50

Statements of Assets and Liabilities			66

Statements of Operations			68

Statements of Changes in Net Assets			70

Notes to Financial Statements			73

Financial Highlights			97

Shareholder Expenses			108

Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule			110

To Our Valued Shareholders

LOGO

David S. DeVito

President, Chief Executive Officer and Director

Dear Valued Investors,

This report contains information outlining the performance and a list of portfolio holdings as of April 30, 2018 for the TCW Funds’ Fixed Income Funds.

Economic Review and Market Environment

After a year characterized by investor complacency and risk-on sentiment, the first quarter of 2018 saw a significant pick-up in volatility as markets began pricing in the reality of tighter global liquidity conditions and the equity market experienced its first quarterly loss in three years. Notably, the VIX index surged in February to levels roughly double the average of the past two years, driving significant outflows from mutual funds as investors sought to adjust their risk positions. While bond market volatility was less pronounced, Treasury yields did considerably recalibrate as the Fed continued along the path of rate normalization — with two hikes during the six-month period as expected. The 10-Year yield was 54 basis points (bps) higher to close April month-end at 2.95% while the policy-sensitive 2-Year Treasury note was up 71 bps and overtook the dividend yield on the S&P 500 for the first time since 2008. On the surface, macroeconomic data remained encouraging on balance, with a stronger than expected first quarter GDP growth print, still muted unemployment levels, and solid housing data. However, late-cycle behavior appeared ever-present as share buybacks rose, households became increasingly more levered, and bank lending pulled back. Further, it is important to note that the Fed’s rising rate regime is occurring at the same time that fiscal stimulus is being implemented by way of tax reform, which has necessitated increased T-bill issuance to fund swelling deficits. This in turn puts further upward pressure on

short-term funding costs, which will exacerbate already tightening liquidity conditions.

Given the substantial equity market correction in the first quarter, the S&P 500 Index return for the six-month period ended April 2018 ultimately came to a modest 0.7% gain while the backdrop of rising rates led to negative absolute total returns for fixed income markets. The Bloomberg Barclays U.S. Aggregate Index was down 1.7% and trailed duration-matched Treasuries by 8 bps. U.S. investment grade credit performance was particularly weak during the period, with the overall sector down 2.3%. Sovereigns were the worst performers (-2.6%), followed by industrial sectors such as capital goods (-3.0%) and transportation (-3.2%) though communications and energy credits outperformed. High yield credit was an outlier, returning 0.1% and posting positive excess returns of over 125 bps given modestly tighter spreads. Securitized products also fared better than high grade credit, led by non-agency MBS which was supported by strong investor sponsorship and continued improvement in fundamentals. Commercial MBS (CMBS) was another securitized segment that did well, led by non-agency CMBS to outpace duration-matched Treasuries by 28 bps during the period. Agency mortgage-backed securities experienced some pricing weakness early in 2018, then recovered, and ultimately posted modest negative excess returns of 6 bps. Among asset-backed securities (ABS), FFELP student loans outperformed while holdings backed by credit card collateral trailed.

The Economy and Market Ahead

Looking forward to the remainder of 2018, the increase in volatility that started the year does not show any signs of abating as the catalysts for downside risk remain numerous. To start, the ultimate consequences of the Fed’s cumulative rate normalization path remain a looming uncertainty; as these rate hikes are passed through to consumers, we believe interest-rate sensitive parts of the economy will be negatively impacted (i.e., retail sales, auto sales, and

Letter to Shareholders (Continued)

mortgage rates). With consumer debt levels already at historically high levels, any additional interest expense burden will likely stretch budgets further, potentially beyond their limits. One warning sign reflective of this stress is the increasing percentage of auto loan delinquencies. Just as corporate balance sheet leverage will have to be dealt with, given a rising rate environment and the resulting higher funding costs, heightened levels of household leverage cannot be sustained in the long run. Another prominent concern is the potential for a trade war as protectionist rhetoric between China and the U.S. escalates and retaliatory tariffs are imposed. All in all, while low yields, low volatility, and low risk aversion have thus far underpinned strong demand for risk assets, those conditions are now changing and we expect a choppier, higher volatility trading environment in the short to medium term with a meaningful repricing of fixed income assets not out of the question.

Given rising interest rate pressures and an aging credit cycle where the compensation for underwriting risks is limited, the Funds remain true to their disciplined, value-based approach, reflected in a focus on higher quality, more defensive areas of the market. With wariness of embedded risks in the corporate credit market, positioning emphasizes regulated sectors like U.S. financials and utilities, and select industrials with stable cash flows, strong balance sheets, and solid asset coverage. Where held, high yield credit exposure represents a very small position in higher quality holdings that we believe are robust enough to weather anticipated volatility going forward. Securitized products, which offer opportunities for attractive risk-adjusted returns, remain an emphasis and positioning favors high quality, more senior issues. We believe that legacy non-agency MBS remains one of the most attractive sectors given the improving fundamentals — it is one of the few places where leverage is decreasing rather than the opposite. Among CMBS, exposure is skewed towards agency-backed issues as well as seasoned non-agency bonds at the top of the capital structure and single asset single borrower deals to avoid the deteriorating underwriting challenges faced by current vintage non-agency CMBS. Consistent with this defensive posture, the ABS allocation favors sectors that offer strong

structures and solid collateral such as federally guaranteed student loans and top of the capital structure CLOs. Finally, agency MBS positioning tactically utilizes specified pools and TBAs contingent on the pay-up requirements and carry advantage available.

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

Two TCW Fixed Income Funds Receive 2018 Thomson Reuters Lipper Fund Awards

On February 28, 2018, two fixed income funds from the TCW Funds family were honored in the 2018 Thomson Reuters Lipper Fund Awards:

•

The TCW Total Return Bond Fund (TGLMX) was named best U.S. mortgage fund for the ten-year period ended 12/31/17.

•

The TCW Emerging Markets Income Fund (TGEIX) was named best emerging markets hard currency debt fund for the ten-year period ended 12/31/17.

The Thomson Reuters Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers.

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

Sincerely,

LOGO

David S. DeVito

President, Chief Executive Officer and Director

TCW Funds, Inc.

Performance Summary (Unaudited)


	NAV		Six Months Return as of April 30, 2018			Total Return Annualized as of April 30, 2018 ⁽¹⁾												Inception Date
	NAV		Six Months Return as of April 30, 2018			1-Year			5-Year			10-Year			Since Inception			Inception Date
TCW Core Fixed Income Fund
I Class	$	10.68		(1.73	)%		(0.42	)%		1.26	%		4.81	%		5.89	%⁽²⁾		01/01/90	⁽³⁾
N Class	$	10.65		(1.85	)%		(0.77	)%		0.96	%		4.48	%		4.88	%		02/26/99
TCW Enhanced Commodity Strategy Fund
I Class	$	5.44		5.35	%		9.40	%		(5.95	)%		N/A			(6.43	)%		03/31/11
N Class	$	5.44		5.35	%		9.40	%		(5.99	)%		N/A			(6.44	)%		03/31/11
TCW Global Bond Fund
I Class	$	9.73		0.46	%		2.89	%		0.24	%		N/A			2.24	%		11/30/11
N Class	$	9.73		0.46	%		2.89	%		0.24	%		N/A			2.24	%		11/30/11
TCW High Yield Bond Fund
I Class	$	6.25		0.37	%		3.21	%		3.94	%		6.18	%		7.13	%⁽²⁾		02/01/89	⁽³⁾
N Class	$	6.29		0.12	%		3.00	%		3.67	%		5.96	%		5.20	%		02/26/99
TCW Short Term Bond Fund
I Class	$	8.57		0.45	%		0.84	%		0.63	%		1.58	%		3.91	%⁽²⁾		02/01/90	⁽³⁾
TCW Total Return Bond Fund
I Class	$	9.65		(1.66	)%		(0.05	)%		1.82	%		5.72	%		6.27	%		06/17/93
N Class	$	9.95		(1.75	)%		(0.38	)%		1.51	%		5.41	%		5.70	%		02/26/99

(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.

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited)


Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES — 102.0% of Net Assets
CORPORATE BONDS — 34.2%
Aerospace/Defense — 0.7%
L3 Technologies, Inc.
5.20%		10/15/19	$	3,202,000	$	3,291,554
Northrop Grumman Corp.
3.25%		01/15/28		2,605,000		2,446,961
United Technologies Corp.
1.78%		05/04/18		5,850,000		5,849,774

						11,588,289

Agriculture — 0.4%
Bat Capital Corp.
2.30% ⁽¹⁾		08/14/20		1,500,000		1,468,379
BAT International Finance PLC (United Kingdom)
1.85% ⁽¹⁾		06/15/18		5,000,000		4,995,661

						6,464,040

Airlines — 0.4%
America West Airlines, Inc. Pass-Through Certificates, (01-1) (EETC)
7.10%		10/02/22		1,496,823		1,591,273
Continental Airlines, Inc. Pass-Through Certificates, (00-2-A1) (EETC)
7.71%		10/02/22		15,662		16,614
Continental Airlines, Inc. Pass-Through Certificates, (07-1-A) (EETC)
5.98%		10/19/23		911,761		972,029
Continental Airlines, Inc. Pass-Through Certificates, (09-2-A1) (EETC)
7.25%		05/10/21		630,096		663,176
Continental Airlines, Inc. Pass-Through Certificates, (99-1-A) (EETC)
6.55%		08/02/20		273,015		275,745
Northwest Airlines LLC Pass-Through Certificates, (01-1-A1) (EETC)
7.04%		10/01/23		456,886		507,418
US Airways Group, Inc. Pass-Through Certificates (12-1A) (EETC)
5.90%		04/01/26		1,762,900		1,909,498
US Airways Group, Inc. Pass-Through Certificates, (10-1A) (EETC)
6.25%		10/22/24		411,065		445,255
US Airways Group, Inc. Pass-Through Certificates, (12-2-A) (EETC)
4.63%		12/03/26		714,348		734,311

						7,115,319

Auto Manufacturers — 0.6%
Ford Motor Credit Co. LLC
2.24%		06/15/18		2,000,000		1,999,413
8.13%		01/15/20		1,375,000		1,484,471


Issues	Maturity Date		Principal Amount		Value
Auto Manufacturers (Continued)
General Motors Co.
6.60%		04/01/36	$	1,680,000	$	1,890,644
General Motors Financial Co., Inc.
2.40%		05/09/19		555,000		553,700
3.10%		01/15/19		3,500,000		3,507,118

						9,435,346

Banks — 11.9%
Bank of America Corp.
2.37% (3 mo. USD LIBOR + 0.660%) ⁽²⁾		07/21/21		1,030,000		1,010,751
2.60%		01/15/19		217,000		216,983
2.74% ⁽³⁾		01/23/22		4,400,000		4,329,293
3.00% (3 mo. USD LIBOR + 1.790%) ⁽¹⁾⁽²⁾		12/20/23		4,531,000		4,399,837
3.09% (3 mo. USD LIBOR + 1.090%) ⁽²⁾		10/01/25		2,560,000		2,440,743
3.71% (3 mo. USD LIBOR + 1.512%) ⁽²⁾		04/24/28		6,900,000		6,666,083
4.13%		01/22/24		2,675,000		2,740,292
5.65%		05/01/18		5,930,000		5,929,988
Bank of New York Mellon Corp. (The)
2.30%		09/11/19		5,000,000		4,970,370
Capital One N.A.
2.35%		08/17/18		2,450,000		2,449,286
Citibank NA
3.05%		05/01/20		4,415,000		4,413,564
Citigroup, Inc.
2.05%		12/07/18		9,500,000		9,469,992
2.50%		09/26/18		4,000,000		4,000,094
2.50%		07/29/19		3,700,000		3,685,447
6.13%		05/15/18		5,450,000		5,457,556
8.50%		05/22/19		1,615,000		1,711,216
Discover Bank
2.60%		11/13/18		2,000,000		1,998,407
4.20%		08/08/23		1,500,000		1,519,258
7.00%		04/15/20		1,495,000		1,591,305
Goldman Sachs Group, Inc. (The)
2.55%		10/23/19		3,000,000		2,984,941
2.63%		01/31/19		5,000,000		5,001,806
2.63%		04/25/21		1,000,000		980,736
3.81% (3 mo. USD LIBOR + 1.158%)⁽²⁾		04/23/29		1,760,000		1,685,362
3.85%		07/08/24		2,435,000		2,423,196
6.00%		06/15/20		50,000		52,935
7.50%		02/15/19		4,378,000		4,543,493
HBOS PLC (United Kingdom)
6.75% ⁽¹⁾		05/21/18		4,000,000		4,008,402

See accompanying notes to financial statements.

TCW Core Fixed Income Fund

April 30, 2018


Issues	Maturity Date		Principal Amount		Value
Banks (Continued)
JPMorgan Chase & Co.
2.70%		05/18/23	$	2,100,000	$	2,013,288
3.22% (3 mo. USD LIBOR + 1.155%) ⁽²⁾		03/01/25		3,250,000		3,137,948
3.51% (3 mo. USD LIBOR + 0.945%) ⁽²⁾		01/23/29		3,500,000		3,319,315
3.90%		07/15/25		5,110,000		5,087,138
JPMorgan Chase Bank NA
2.07% ⁽³⁾		02/13/20		7,040,000		7,046,290
2.60% (3 mo. USD LIBOR + 0.028%) ⁽²⁾		02/01/21		7,005,000		6,953,345
3.09% ⁽³⁾		04/26/21		2,260,000		2,260,455
Lloyds Banking Group PLC (United Kingdom)
2.91% (3 mo. USD LIBOR + 0.810%) ⁽²⁾		11/07/23		1,740,000		1,675,017
Lloyds TSB Bank PLC (United Kingdom)
5.80% ⁽¹⁾		01/13/20		850,000		887,679
Macquarie Bank, Ltd. (Australia)
2.35% ⁽¹⁾		01/15/19		3,250,000		3,241,002
Morgan Stanley
2.63% (3 mo. USD LIBOR + 0.800%) ⁽²⁾		02/14/20		3,000,000		3,010,969
3.29% (3 mo. USD LIBOR + 0.930%) ⁽²⁾		07/22/22		5,000,000		5,062,269
3.77% (3 mo. USD LIBOR + 1.114%) ⁽²⁾		01/24/29		1,760,000		1,693,650
5.63%		09/23/19		2,750,000		2,853,213
7.30%		05/13/19		10,470,000		10,946,282
PNC Bank NA
2.25%		07/02/19		2,000,000		1,988,667
3.80%		07/25/23		3,500,000		3,522,015
Santander UK Group Holdings PLC
3.37% (3 mo. USD LIBOR + 1.080%) ⁽²⁾		01/05/24		2,680,000		2,601,803
Santander UK PLC (United Kingdom)
2.50%		03/14/19		3,250,000		3,243,555
UBS AG (Switzerland)
2.30% (3 mo. USD LIBOR + 0.32%) ⁽¹⁾⁽²⁾		05/28/19		3,305,000		3,309,862
Wells Fargo & Co.
2.60%		07/22/20		2,355,000		2,329,946
2.63%		07/22/22		2,000,000		1,921,737
3.00%		04/22/26		10,450,000		9,667,295
3.55%		09/29/25		925,000		895,620
Wells Fargo Bank N.A.
2.40%		01/15/20		15,000,000		14,869,890

						194,219,586

Beverages — 0.3%
Anheuser-Busch InBev Finance, Inc.
3.65%		02/01/26		1,000,000		980,015
4.90%		02/01/46		2,485,000		2,591,869


Issues	Maturity Date		Principal Amount		Value
Beverages (Continued)
Constellation Brands, Inc.
3.88%		11/15/19	$	2,000,000	$	2,025,503

						5,597,387

Biotechnology — 0.9%
Amgen, Inc.
2.13%		05/01/20		1,500,000		1,471,141
2.20%		05/22/19		1,000,000		995,469
4.40%		05/01/45		1,870,000		1,826,446
4.66%		06/15/51		1,402,000		1,405,834
Baxalta, Inc.
2.88%		06/23/20		2,000,000		1,980,342
Biogen, Inc.
5.20%		09/15/45		1,168,000		1,238,154
Celgene Corp.
3.90%		02/20/28		2,500,000		2,419,234
5.00%		08/15/45		2,200,000		2,248,499
Gilead Sciences, Inc.
4.15%		03/01/47		1,000,000		954,736

						14,539,855

Chemicals — 0.1%
Dow Chemical Co. (The)
8.55%		05/15/19		1,000,000		1,057,844

Computers — 0.2%
Dell International LLC / EMC Corp.
3.48% ⁽¹⁾		06/01/19		3,500,000		3,508,771

Diversified Financial Services — 1.3%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)
4.50%		05/15/21		1,840,000		1,888,300
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust (Netherlands)
5.00%		10/01/21		640,000		666,560
Air Lease Corp.
4.75%		03/01/20		3,395,000		3,484,613
American Express Credit Corp.
2.20%		03/03/20		2,650,000		2,617,289
GE Capital International Funding Co. Unlimited Co. (Ireland)
4.42%		11/15/35		425,000		407,726
International Lease Finance Corp.
6.25%		05/15/19		1,500,000		1,549,602
7.13% ⁽¹⁾		09/01/18		4,000,000		4,055,000
Protective Life Global Funding
1.72% ⁽¹⁾		04/15/19		4,000,000		3,964,974
2.60% (3 mo. USD LIBOR + 0.550%) ⁽¹⁾⁽²⁾		06/08/18		2,875,000		2,874,845

						21,508,909

See accompanying notes to financial statements.

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value
Electric — 3.0%
Appalachian Power Co.
3.30%		06/01/27	$	750,000	$	721,005
4.45%		06/01/45		750,000		769,949
Black Hills Corp.
2.50%		01/11/19		1,900,000		1,896,466
Dominion Energy, Inc.
2.41% (3 mo. USD LIBOR + 0.40%) ⁽¹⁾⁽²⁾		12/01/20		5,000,000		5,004,775
Duke Energy Florida LLC
2.10%		12/15/19		2,275,000		2,262,563
Duke Energy Progress LLC
3.70%		10/15/46		2,800,000		2,618,245
El Paso Electric Co.
3.30%		12/15/22		2,250,000		2,218,014
Emera US Finance LP
2.15%		06/15/19		3,684,000		3,649,608
Entergy Mississippi, Inc.
3.10%		07/01/23		3,000,000		2,901,531
FirstEnergy Transmission LLC
4.35% ⁽¹⁾		01/15/25		1,585,000		1,612,789
Indiana Michigan Power Co.
4.55%		03/15/46		1,000,000		1,058,328
ITC Holdings Corp.
3.25%		06/30/26		4,000,000		3,771,016
Kansas City Power & Light Co.
3.15%		03/15/23		4,000,000		3,911,784
KCP&L Greater Missouri Operations Co.
8.27%		11/15/21		1,100,000		1,260,557
Metropolitan Edison Co.
3.50% ⁽¹⁾		03/15/23		3,300,000		3,282,684
MidAmerican Energy Co.
5.80%		10/15/36		1,800,000		2,211,823
Niagara Mohawk Power Corp.
2.72% ⁽¹⁾		11/28/22		1,000,000		965,058
Public Service Co. of New Mexico
7.95%		05/15/18		2,545,000		2,549,821
Public Service Co. of Oklahoma
4.40%		02/01/21		2,000,000		2,067,964
Puget Energy, Inc.
6.00%		09/01/21		1,980,000		2,126,312
Southwestern Electric Power Co.
6.45%		01/15/19		1,000,000		1,026,405
Tucson Electric Power Co.
5.15%		11/15/21		1,000,000		1,046,856

						48,933,553

Energy-Alternate Sources — 0.1%
Alta Wind Holdings LLC
7.00% ^(1)(4)(5)		06/30/35		1,029,770		1,133,551


Issues	Maturity Date		Principal Amount		Value
Environmental Control — 0.2%
Republic Services, Inc.
2.90%		07/01/26	$	2,075,000	$	1,932,367
3.80%		05/15/18		2,000,000		2,001,027

						3,933,394

Food — 0.7%
Kraft Heinz Foods Co.
3.00%		06/01/26		875,000		795,748
3.95%		07/15/25		1,850,000		1,825,266
4.38%		06/01/46		1,700,000		1,525,688
5.38%		02/10/20		143,000		148,428
6.13%		08/23/18		3,000,000		3,033,015
Mondelez International Holdings Netherlands BV
2.00% ⁽¹⁾		10/28/21		1,000,000		952,171
2.97% (3 mo. USD LIBOR + 0.610%) ⁽¹⁾⁽²⁾		10/28/19		2,400,000		2,411,106

						10,691,422

Forest Products & Paper — 0.2%
Georgia-Pacific LLC
2.54% ⁽¹⁾		11/15/19		4,000,000		3,971,728

Gas — 0.3%
CenterPoint Energy Resources Corp.
6.25%		02/01/37		1,750,000		2,163,655
KeySpan Gas East Corp.
5.82% ⁽¹⁾		04/01/41		1,686,000		2,062,758
NiSource Finance Corp.
6.80%		01/15/19		62,000		63,730

						4,290,143

Healthcare-Products — 0.7%
Abbott Laboratories
2.35%		11/22/19		2,678,000		2,649,856
Becton Dickinson and Co.
2.94% ⁽³⁾		12/29/20		4,000,000		4,010,577
Thermo Fisher Scientific, Inc.
2.40%		02/01/19		4,000,000		4,010,500

						10,670,933

Healthcare-Services — 2.3%
Aetna, Inc.
1.70%		06/07/18		4,300,000		4,297,208
Anthem, Inc.
2.30%		07/15/18		1,360,000		1,359,645
2.50%		11/21/20		1,500,000		1,473,880
3.65%		12/01/27		2,620,000		2,497,005
Cigna Corp.
3.05%		10/15/27		2,580,000		2,338,886
Fresenius Medical Care US Finance II, Inc.
5.63% ⁽¹⁾		07/31/19		5,115,000		5,263,381

See accompanying notes to financial statements.

TCW Core Fixed Income Fund

April 30, 2018


Issues	Maturity Date		Principal Amount		Value
Healthcare-Services (Continued)
Hartford HealthCare Corp.
5.75%		04/01/44	$	2,545,000	$	2,968,102
Humana, Inc.
2.63%		10/01/19		2,000,000		1,992,353
Kaiser Foundation Hospitals
4.15%		05/01/47		675,000		682,885
New York and Presbyterian Hospital (The)
3.56%		08/01/36		4,105,000		3,932,278
NYU Hospitals Center
4.43%		07/01/42		3,000,000		3,095,302
Saint Barnabas Health Care System
4.00%		07/01/28		3,290,000		3,267,489
Sutter Health
2.29%		08/15/53		2,270,000		2,258,650
UnitedHealth Group, Inc.
4.63%		07/15/35		1,305,000		1,397,328

						36,824,392

Insurance — 0.5%
Berkshire Hathaway Finance Corp.
4.40%		05/15/42		500,000		518,927
Farmers Exchange Capital
7.20% ⁽¹⁾		07/15/48		1,625,000		2,010,222
Farmers Exchange Capital II
6.15% (3 mo. USD LIBOR + 3.744%) ⁽¹⁾⁽²⁾		11/01/53		2,250,000		2,473,035
MetLife, Inc.
4.37%		09/15/23		800,000		828,264
5.70%		06/15/35		300,000		355,166
Pricoa Global Funding I
1.60% ⁽¹⁾		05/29/18		1,000,000		999,560
Prudential Financial, Inc.
4.50%		11/15/20		1,000,000		1,032,217

						8,217,391

Internet — 0.2%
Amazon.com, Inc.
3.15% ⁽¹⁾		08/22/27		2,600,000		2,500,880

Media — 0.5%
CBS Corp.
3.70% ⁽¹⁾		06/01/28		2,605,000		2,447,336
Charter Communications Operating LLC / Charter Communications Operating Capital
3.75%		02/15/28		3,469,000		3,171,121
NBCUniversal Media LLC
5.15%		04/30/20		200,000		208,156
Time Warner Cable LLC
6.75%		07/01/18		2,501,000		2,516,069

						8,342,682


Issues	Maturity Date		Principal Amount		Value
Mining — 0.0%
Southern Copper Corp. (Peru)
7.50%		07/27/35	$	300,000	$	382,647

Miscellaneous Manufacturers — 0.4%
General Electric Capital Corp.
2.32% (3 mo. USD LIBOR + 0.480%) ⁽²⁾		08/15/36		3,315,000		2,826,230
3.15%		09/07/22		287,000		282,086
Siemens Financieringsmaatschappij NV (Netherlands)
1.70% ⁽¹⁾		09/15/21		2,868,000		2,740,220

						5,848,536

Oil & Gas — 0.1%
Shell International Finance BV (Netherlands)
4.38%		05/11/45		1,250,000		1,293,359

Packaging & Containers — 0.2%
Amcor Finance USA, Inc.
3.63% ⁽¹⁾		04/28/26		1,500,000		1,417,430
WestRock MWV LLC
7.38%		09/01/19		2,000,000		2,109,571

						3,527,001

Pharmaceuticals — 1.4%
AbbVie, Inc.
1.80%		05/14/18		1,500,000		1,499,773
4.70%		05/14/45		50,000		49,721
Actavis Funding SCS (Luxembourg)
3.80%		03/15/25		1,000,000		962,471
4.55%		03/15/35		1,150,000		1,086,092
Actavis, Inc.
3.25%		10/01/22		1,016,000		988,520
AstraZeneca PLC (United Kingdom)
3.13%		06/12/27		1,700,000		1,607,088
Bayer US Finance LLC
2.38% ⁽¹⁾		10/08/19		3,500,000		3,464,515
CVS Health Corp.
3.88%		07/20/25		3,920,000		3,859,430
5.05%		03/25/48		4,210,000		4,293,381
Pfizer, Inc.
4.40%		05/15/44		1,282,000		1,334,339
Shire Acquisitions Investments Ireland DAC (Ireland)
1.90%		09/23/19		3,835,000		3,768,557

						22,913,887

Pipelines — 1.5%
Enbridge Energy Partners LP
5.88%		10/15/25		1,000,000		1,091,424
Energy Transfer Partners LP
5.95%		10/01/43		1,500,000		1,499,818

See accompanying notes to financial statements.

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value
Pipelines (Continued)
Florida Gas Transmission Co. LLC
7.90% ⁽¹⁾		05/15/19	$	1,250,000	$	1,310,784
Kinder Morgan Energy Partners LP
5.80%		03/15/35		850,000		902,525
Panhandle Eastern Pipe Line Co. LP
7.00%		06/15/18		675,000		678,414
8.13%		06/01/19		825,000		866,320
Plains All American Pipeline LP / PAA Finance Corp.
4.65%		10/15/25		2,300,000		2,304,955
Ruby Pipeline LLC
6.00% ⁽¹⁾		04/01/22		2,100,758		2,177,040
Sabine Pass Liquefaction LLC
5.63%		03/01/25		2,000,000		2,134,375
Southern Natural Gas Co. LLC
7.35%		02/15/31		2,590,000		3,157,121
TC PipeLines LP
4.38%		03/13/25		2,000,000		2,000,772
Tennessee Gas Pipeline Co.
8.38%		06/15/32		2,090,000		2,686,725
Texas Eastern Transmission LP
2.80% ⁽¹⁾		10/15/22		1,000,000		953,631
TransCanada PipeLines, Ltd. (Canada)
6.10%		06/01/40		375,000		444,288
Williams Partners LP
3.90%		01/15/25		1,000,000		972,255
6.30%		04/15/40		1,250,000		1,415,108

						24,595,555

REIT — 2.8%
Alexandria Real Estate Equities, Inc.
4.60%		04/01/22		2,250,000		2,323,580
American Campus Communities Operating Partnership LP
3.35%		10/01/20		2,000,000		1,996,150
American Tower Corp.
3.00%		06/15/23		1,745,000		1,674,709
3.40%		02/15/19		2,610,000		2,621,866
AvalonBay Communities, Inc.
3.95%		01/15/21		1,000,000		1,017,223
Boston Properties LP
3.20%		01/15/25		1,745,000		1,660,418
5.88%		10/15/19		2,200,000		2,281,566
CC Holdings GS V LLC / Crown Castle GS III Corp.
3.85%		04/15/23		2,065,000		2,059,766
HCP, Inc.
3.75%		02/01/19		3,430,000		3,448,170
3.88%		08/15/24		2,295,000		2,253,379
Healthcare Realty Trust, Inc.
3.75%		04/15/23		2,000,000		1,970,576


Issues	Maturity Date		Principal Amount		Value
REIT (Continued)
Host Hotels & Resorts LP
5.25%		03/15/22	$	2,000,000	$	2,088,732
SL Green Operating Partnership LP
3.25%		10/15/22		2,590,000		2,511,919
SL Green Realty Corp.
5.00%		08/15/18		2,440,000		2,446,337
7.75%		03/15/20		1,000,000		1,078,031
Ventas Realty LP
3.85%		04/01/27		750,000		720,346
Ventas Realty LP / Ventas Capital Corp.
2.70%		04/01/20		2,850,000		2,820,526
VEREIT Operating Partnership LP
3.00%		02/06/19		828,000		826,845
WEA Finance LLC / Westfield UK & Europe Finance PLC
3.25% ⁽¹⁾		10/05/20		5,000,000		4,979,438
Welltower, Inc.
3.75%		03/15/23		605,000		604,090
4.95%		01/15/21		545,000		563,939
6.13%		04/15/20		3,400,000		3,582,399

						45,530,005

Retail — 0.4%
Alimentation Couche-Tard, Inc. (Canada)
3.55% ⁽¹⁾		07/26/27		3,535,000		3,354,741
Walgreens Boots Alliance, Inc.
2.70%		11/18/19		3,000,000		2,989,564

						6,344,305

Semiconductors — 0.2%
Broadcom Corp. / Broadcom Cayman Finance, Ltd.
2.38%		01/15/20		4,000,000		3,946,102

Software — 0.2%
Microsoft Corp.
2.88%		02/06/24		1,700,000		1,657,050
Oracle Corp.
3.25%		11/15/27		1,745,000		1,682,868

						3,339,918

Telecommunications — 1.5%
AT&T, Inc.
4.13%		02/17/26		1,400,000		1,386,815
4.35%		06/15/45		1,500,000		1,324,393
4.45%		04/01/24		1,500,000		1,538,298
4.50%		03/09/48		970,000		872,590
4.75%		05/15/46		3,000,000		2,804,507
5.25%		03/01/37		3,435,000		3,519,092
Qwest Corp.
7.25%		09/15/25		1,000,000		1,077,287

See accompanying notes to financial statements.

TCW Core Fixed Income Fund

April 30, 2018


Issues	Maturity Date		Principal Amount		Value
Telecommunications (Continued)
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC
4.74% ⁽¹⁾		03/20/25	$	2,525,000	$	2,556,563
Verizon Communications, Inc.
3.00%		11/01/21		1,526,000		1,513,114
4.27%		01/15/36		1,439,000		1,364,080
4.52%		09/15/48		600,000		558,682
4.81%		03/15/39		985,000		978,297
4.86%		08/21/46		3,500,000		3,446,359
5.01%		04/15/49		150,000		149,998
5.25%		03/16/37		1,500,000		1,578,701

						24,668,776

Total Corporate Bonds
(Cost: $560,109,284)						556,935,506

MUNICIPAL BONDS —1.2%
Alabama Economic Settlement Authority, Revenue Bond
3.16%		09/15/25		4,170,000		4,155,322
City of New York, General Obligation
5.05%		10/01/24		1,500,000		1,605,945
5.52%		10/01/37		1,250,000		1,510,612
Fiscal Year 2005 Securitization Corp., Special Obligation Bond for the City of New York
4.93%		04/01/20		445,000		453,010
Los Angeles Unified School District/CA, General Obligation
5.76%		07/01/29		2,500,000		2,934,525
New York State Dormitory Authority, Revenue Bond
5.50%		03/15/30		2,480,000		2,808,823
New York State, Build America Bonds, General Obligation
5.82%		10/01/31		730,000		777,487
State of California, General Obligation
7.95%		03/01/36		3,000,000		3,256,680
State of Oregon, General Obligation
5.76%		06/01/23		2,267,167		2,450,308

Total Municipal Bonds
(Cost: $20,167,756)						19,952,712

ASSET-BACKED SECURITIES — 6.0%
321 Henderson Receivables I LLC (13-3A-A)
4.08% ⁽¹⁾		01/17/73		1,625,002		1,646,240
321 Henderson Receivables I LLC (14-2A-A)
3.61% ⁽¹⁾		01/17/73		1,899,428		1,839,168
Academic Loan Funding Trust (12-1A-A2)
3.00% (1 mo. USD LIBOR + 1.100%) ⁽¹⁾⁽²⁾		12/27/44		2,736,171		2,745,938

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Babson CLO, Ltd. (14-IIA-AR)

3.50% (3 mo. USD LIBOR + 1.150%) ⁽¹⁾⁽²⁾

10/17/26

500,000

500,786

Brazos Education Loan Authority, Inc. (12-1-A1)

2.60% (1 mo. USD LIBOR + 0.700%) ⁽²⁾

12/26/35

1,056,850

1,055,815

Brazos Higher Education Authority, Inc. (06-2-A9)

0.00% ⁽³⁾

12/26/24

180,014

180,454

Brazos Higher Education Authority, Inc. (10-1-A2)

3.14% (3 mo. USD LIBOR + 1.200%) ⁽²⁾

02/25/35

675,000

689,964

Brazos Higher Education Authority, Inc. (11-1-A3)

2.99% (3 mo. USD LIBOR + 1.050%) ⁽²⁾

11/25/33

1,695,000

1,730,769

Dryden XXVI Senior Loan Fund (13-26A-AR)

3.25% ⁽¹⁾⁽³⁾

04/15/29

800,000

800,785

Educational Funding of the South, Inc. (11-1-A2)

3.01% (3 mo. USD LIBOR + 0.650%) ⁽²⁾

04/25/35

1,639,354

1,641,253

Educational Services of America, Inc. (12-2-A)

2.63% (1 mo. USD LIBOR + 0.730%) ⁽¹⁾⁽²⁾

04/25/39

787,570

789,748

GCO Education Loan Funding Master Trust (06-2AR-A1RN)

2.52% (1 mo. USD LIBOR + 0.650%) ⁽¹⁾⁽²⁾

08/27/46

2,838,433

2,798,751

Global SC Finance SRL (14-1A-A2)

3.09% ⁽¹⁾

07/17/29

1,928,125

1,875,745

Higher Education Funding I (14-1-A)

2.99% (3 mo. USD LIBOR + 1.050%) ⁽¹⁾⁽²⁾

05/25/34

2,695,551

2,716,664

Magnetite XI, Ltd. (14-11A-A1R)

3.48% (3 mo. USD LIBOR + 1.120%) ⁽¹⁾⁽²⁾

01/18/27

3,400,000

3,405,372

Magnetite XII, Ltd. (15-12A-AR)

3.68% (3 mo. USD LIBOR + 1.330%) ⁽¹⁾⁽²⁾

04/15/27

3,260,000

3,276,893

Navient Student Loan Trust (14-2-A)

2.54% (1 mo. USD LIBOR + 0.640%) ⁽²⁾

03/25/83

4,179,506

4,173,915

Navient Student Loan Trust (14-3-A)

2.52% (1 mo. USD LIBOR + 0.620%) ⁽²⁾

03/25/83

4,220,114

4,218,861

Navient Student Loan Trust (14-4-A)

2.52% (1 mo. USD LIBOR + 0.620%) ⁽²⁾

03/25/83

2,041,526

2,035,727

Navient Student Loan Trust (16-1A-A)

2.60% (1 mo. USD LIBOR + 0.700%) ⁽¹⁾⁽²⁾

02/25/70

4,171,515

4,192,647

Navient Student Loan Trust (17-3A-A3)

2.95% (1 mo. USD LIBOR + 1.050%) ⁽¹⁾⁽²⁾

07/26/66

4,400,000

4,496,256

See accompanying notes to financial statements.

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Nelnet Student Loan Trust (11-1A-A)

2.72% (1 mo. USD LIBOR + 0.850%) ⁽¹⁾⁽²⁾

02/25/48

2,437,578

2,463,624

Nelnet Student Loan Trust (14-4A-A2)

2.85% (1 mo. USD LIBOR + 0.950%) ⁽¹⁾⁽²⁾

11/25/48

2,965,000

2,996,761

Nelnet Student Loan Trust (15-2A-A2)

2.50% (1 mo. USD LIBOR + 0.600%) ⁽¹⁾⁽²⁾

09/25/47

4,883,554

4,880,687

Octagon Investment Partners 25, Ltd. (15-1A-AR)

3.16% ⁽¹⁾⁽³⁾

10/20/26

4,500,000

4,499,130

PHEAA Student Loan Trust (15-1A-A)

2.50% (1 mo. USD LIBOR + 0.600%) ⁽¹⁾⁽²⁾

10/25/41

2,156,808

2,134,676

SLM Student Loan Trust (03-10A-A3)

2.59% (3 mo. USD LIBOR + 0.550%) ⁽¹⁾⁽²⁾

12/15/27

3,133,521

3,146,949

SLM Student Loan Trust (06-2-A6)

2.53% (3 mo. USD LIBOR + 0.170%) ⁽²⁾

01/25/41

3,400,000

3,320,068

SLM Student Loan Trust (06-8-A6)

2.52% (3 mo. USD LIBOR + 0.160%) ⁽²⁾

01/25/41

3,400,000

3,314,154

SLM Student Loan Trust (07-6-A4)

2.74% (3 mo. USD LIBOR + 0.380%) ⁽²⁾

10/25/24

2,922,522

2,926,550

SLM Student Loan Trust (08-2-B)

3.56% (3 mo. USD LIBOR + 1.200%) ⁽²⁾

01/25/83

710,000

700,139

SLM Student Loan Trust (08-3-B)

3.56% (3 mo. USD LIBOR + 1.200%) ⁽²⁾

04/26/83

710,000

698,106

SLM Student Loan Trust (08-4-A4)

4.01% (3 mo. USD LIBOR + 1.650%) ⁽²⁾

07/25/22

6,072,029

6,219,912

SLM Student Loan Trust (08-4-B)

4.21% (3 mo. USD LIBOR + 1.850%) ⁽²⁾

04/25/73

710,000

728,874

SLM Student Loan Trust (08-5-B)

4.21% (3 mo. USD LIBOR + 1.850%) ⁽²⁾

07/25/73

710,000

733,750

SLM Student Loan Trust (08-6-B)

4.21% (3 mo. USD LIBOR + 1.850%) ⁽²⁾

07/26/83

710,000

732,489

SLM Student Loan Trust (08-7-B)

4.21% (3 mo. USD LIBOR + 1.850%) ⁽²⁾

07/26/83

710,000

731,373

SLM Student Loan Trust (08-8-B)

4.61% (3 mo. USD LIBOR + 2.250%) ⁽²⁾

10/25/75

710,000

752,843


Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (Continued)
SLM Student Loan Trust (08-9-B)
4.61% (3 mo. USD LIBOR + 2.250%) ⁽²⁾		10/25/83	$	710,000	$	750,103
SLM Student Loan Trust (09-3-A)
2.65% (1 mo. USD LIBOR + 0.750%) ⁽¹⁾⁽²⁾		01/25/45		3,799,844		3,833,681
SLM Student Loan Trust (11-2-A2)
3.10% (1 mo. USD LIBOR + 1.200%) ⁽²⁾		10/25/34		2,000,000		2,059,363
SLM Student Loan Trust (12-7-A3)
2.55% (1 mo. USD LIBOR + 0.650%) ⁽²⁾		05/26/26		2,537,499		2,521,118

Total Asset-backed Securities
(Cost: $94,926,037)						96,956,101

COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY — 4.1%
Fannie Mae (14-M12-FA) (ACES)
2.12% (1 mo. USD LIBOR + 0.300%) ⁽²⁾		10/25/21		919,701		920,782
Fannie Mae, Pool #467944
4.25%		04/01/21		3,045,000		3,144,963
Fannie Mae, Pool #468048
4.41%		05/01/21		1,727,242		1,782,426
Fannie Mae, Pool #AE0134
4.40%		02/01/20		2,305,000		2,356,101
Fannie Mae, Pool #AE0918
3.67%		10/01/20		2,688,318		2,733,100
Fannie Mae, Pool #Al0151
4.38%		04/01/21		1,238,539		1,277,287
Fannie Mae, Pool #AM1551
2.44%		12/01/23		2,247,655		2,180,402
Fannie Mae, Pool #AM3058
3.41%		04/01/28		3,462,937		3,456,676
Fannie Mae, Pool #AM4198
3.55%		03/01/24		3,471,165		3,572,639
Fannie Mae, Pool #AM9536
3.34%		08/01/30		3,004,132		2,960,288
Fannie Mae, Pool #AM9793
3.12%		10/01/27		3,265,000		3,189,311
Fannie Mae, Pool #AN0245
3.42%		11/01/35		2,268,234		2,253,940
Fannie Mae, Pool #AN1282
3.01%		04/01/28		3,512,000		3,424,163
Fannie Mae, Pool #AN5742
3.19%		05/01/30		3,431,492		3,325,014
Fannie Mae, Pool #AN5977
3.49%		02/01/33		3,000,000		2,964,438
Fannie Mae, Pool #FN0000
3.59%		09/01/20		1,889,054		1,917,519

See accompanying notes to financial statements.

TCW Core Fixed Income Fund

April 30, 2018


Issues	Maturity Date		Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Fannie Mae, Pool #FN0001
3.76%		12/01/20	$	2,596,590	$	2,643,555
Fannie Mae, Pool #FN0003
4.28%		01/01/21		2,012,423		2,073,499
Freddie Mac (Q004-A2H)
2.70% ⁽³⁾		01/25/21		8,392,320		8,416,191
Freddie Mac Multifamily Structured Pass-Through Certificates (KJ05-A1)
1.42%		05/25/21		6,116,093		5,992,945
Freddie Mac Multifamily Structured Pass-Through Certificates (Q006-A-PT2)
2.50% ⁽³⁾		09/25/26		5,849,713		5,919,647
NCUA Guaranteed Notes (11-C1-2A)
2.41% (1 mo. USD LIBOR + 0.530%) ⁽²⁾		03/09/21		814,463		812,864

Total Commercial Mortgage-backed Securities — Agency
(Cost: $70,086,804)						67,317,750

COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 1.2%
BBCMS Trust (13-TYSN-A2)
3.76% ⁽¹⁾		09/05/32		1,740,000		1,766,491
CGRBS Commercial Mortgage Trust (13-VN05-A)
3.37% ⁽¹⁾		03/13/35		1,700,000		1,695,086
COMM Mortgage Trust (13-300P-A1)
4.35% ⁽¹⁾		08/10/30		1,515,000		1,571,666
COMM Mortgage Trust (14-277P-A)
3.73% ⁽¹⁾⁽³⁾		08/10/49		400,000		401,754
COMM Mortgage Trust (16-787S-A)
3.55% ⁽¹⁾		02/10/36		1,635,000		1,608,206
Commercial Mortgage Asset Trust (99-C2-G)
6.00%		11/17/32		234,870		234,920
Core Industrial Trust (15-CALW-A)
3.04% ⁽¹⁾		02/10/34		1,450,000		1,440,060
JPMorgan Chase Commercial Mortgage Securities Trust (11-C3-A3)
4.39% ⁽¹⁾		02/15/46		51,388		51,421
OBP Depositor LLC Trust (10-OBP-A)
4.65% ⁽¹⁾		07/15/45		2,055,000		2,113,446
RBS Commercial Funding, Inc. (13-GSP-A)
3.96% ⁽¹⁾⁽³⁾		01/13/32		1,555,000		1,564,767
SFAVE Commercial Mortgage Securities Trust (15-5AVE-A1)
3.87% ⁽¹⁾⁽³⁾		01/05/43		1,710,000		1,617,423
VNDO Mortgage Trust (12-6AVE-A)
3.00% ⁽¹⁾		11/15/30		1,250,000		1,230,808
VNDO Mortgage Trust (13-PENN-A)
3.81% ⁽¹⁾		12/13/29		1,675,000		1,700,225


Issues	Maturity Date		Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Wells Fargo Commercial Mortgage Trust (13-120B-A) (P/O)
2.80% ⁽¹⁾⁽³⁾		03/18/28	$	1,695,000	$	1,678,231
WF-RBS Commercial Mortgage Trust (11-C4-A3)
4.39% ⁽¹⁾		06/15/44		861,222		868,821
WTC Depositor LLC Trust (12-7WTC-A)
4.08% ⁽¹⁾		03/13/31		143,930		144,039

Total Commercial Mortgage-backed Securities — Non-agency
(Cost: $20,405,064)						19,687,364

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY — 27.0%
Fannie Mae (01-14-SH) (I/F)
21.19% (-3.50 x 1 mo. USD LIBOR + 27.825%) ⁽²⁾		03/25/30		169,419		239,872
Fannie Mae (01-34-FV)
2.40% (1 mo. USD LIBOR + 0.500%) ⁽²⁾		08/25/31		216,338		217,321
Fannie Mae (04-W10-A6) (PAC)
5.75%		08/25/34		2,000,000		2,118,716
Fannie Mae (07-89-GF)
2.42% (1 mo. USD LIBOR + 0.520%) ⁽²⁾		09/25/37		815,924		823,527
Fannie Mae (08-30-SA) (I/O) (I/F)
4.95% (-1.00 x 1 mo. USD LIBOR + 6.850%) ⁽²⁾		04/25/38		139,225		21,473
Fannie Mae (08-62-SN) (I/O) (I/F)
4.30% (-1.00 x 1 mo. USD LIBOR + 6.200%) ⁽²⁾		07/25/38		243,759		34,001
Fannie Mae (09-64-TB)
4.00%		08/25/29		2,003,278		2,048,643
Fannie Mae (09-68-SA) (I/O) (I/F)
4.85% (-1.00 x 1 mo. USD LIBOR + 6.750%) ⁽²⁾		09/25/39		102,047		16,207
Fannie Mae (10-26-AS) (I/O) (I/F)
4.43% (-1.00 x 1 mo. USD LIBOR + 6.330%) ⁽²⁾		03/25/40		1,662,758		193,946
Fannie Mae (11-111-DB)
4.00%		11/25/41		4,000,000		4,097,335
Fannie Mae, Pool #254634
5.50%		02/01/23		13,380		14,486
Fannie Mae, Pool #596686
6.50%		11/01/31		12,707		13,807
Fannie Mae, Pool #679263
4.50%		11/01/24		23,241		24,241

See accompanying notes to financial statements.

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Fannie Mae, Pool #725275
4.00%		03/01/19	$	5,244	$	5,250
Fannie Mae, Pool #727575
5.00%		06/01/33		49,562		51,742
Fannie Mae, Pool #748751
5.50%		10/01/33		98,167		103,066
Fannie Mae, Pool #782593
4.50%		06/01/34		16,514		17,302
Fannie Mae, Pool #AB2127
3.50%		01/01/26		1,087,334		1,103,177
Fannie Mae, Pool #AB3679
3.50%		10/01/41		1,331,972		1,327,842
Fannie Mae, Pool #AB3685
4.00%		10/01/41		2,142,671		2,197,906
Fannie Mae, Pool #AB3864
3.50%		11/01/41		1,878,860		1,883,110
Fannie Mae, Pool #AB4045
3.50%		12/01/41		3,897,656		3,910,424
Fannie Mae, Pool #AC1604
4.00%		08/01/39		2,850,748		2,935,826
Fannie Mae, Pool #AL0209
4.50%		05/01/41		766,246		811,668
Fannie Mae, Pool #AL0851
6.00%		10/01/40		814,244		901,617
Fannie Mae, Pool #AL9106
4.50%		02/01/46		4,478,827		4,686,848
Fannie Mae, Pool #AS9830
4.00%		06/01/47		5,092,895		5,193,117
Fannie Mae, Pool #AS9972
4.00%		07/01/47		4,416,401		4,503,310
Fannie Mae, Pool #MA1561
3.00%		09/01/33		3,481,984		3,431,243
Fannie Mae, Pool #MA1584
3.50%		09/01/33		5,517,853		5,583,162
Fannie Mae, Pool #MA2995
4.00%		05/01/47		6,036,428		6,153,160
Fannie Mae, Pool #MA3027
4.00%		06/01/47		5,117,499		5,216,519
Fannie Mae, Pool #MA3210
3.50%		12/01/47		11,061,161		10,988,480
Fannie Mae, Pool #MA3332
3.50%		04/01/48		16,851,782		16,740,884
Fannie Mae TBA, 15 Year
3.00% ⁽⁶⁾		05/17/33		8,580,000		8,511,628
3.50% ⁽⁶⁾		05/17/33		2,920,000		2,954,903
Fannie Mae TBA, 30 Year
3.00% ⁽⁶⁾		05/14/48		8,930,000		8,613,961
3.50% ⁽⁶⁾		05/14/48		7,235,000		7,183,564
4.00% ⁽⁶⁾		05/14/48		12,245,000		12,471,724
4.50% ⁽⁶⁾		05/14/48		27,735,000		28,894,236


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Freddie Mac (2439-KZ)
6.50%		04/15/32	$	164,201	$	179,381
Freddie Mac (2575-FD) (PAC)
2.35% (1 mo. USD LIBOR + 0.450%) ⁽²⁾		02/15/33		402,234		405,323
Freddie Mac (2662-MT) (TAC)
4.50%		08/15/33		242,972		250,971
Freddie Mac (277-30)
3.00%		09/15/42		4,895,841		4,742,447
Freddie Mac (3315-S) (I/O) (I/F)
4.51% (-1.00 x 1 mo. USD LIBOR + 6.410%) ⁽²⁾		05/15/37		52,983		5,569
Freddie Mac (3339-JS) (I/F)
30.51% (-6.50 x 1 mo. USD LIBOR + 42.835%) ⁽²⁾		07/15/37		532,309		937,138
Freddie Mac (3351-ZC)
5.50%		07/15/37		417,794		453,826
Freddie Mac (3380-SM) (I/O) (I/F)
4.51% (-1.00 x 1 mo. USD LIBOR + 6.410%) ⁽²⁾		10/15/37		637,747		92,220
Freddie Mac (3382-FL)
2.60% (1 mo. USD LIBOR + 0.700%) ⁽²⁾		11/15/37		259,008		261,487
Freddie Mac (3439-SC) (I/O) (I/F)
4.00% (-1.00 x 1 mo. USD LIBOR + 5.900%) ⁽²⁾		04/15/38		2,317,820		271,923
Freddie Mac (3578-DI) (I/O) (I/F)
4.75% (-1.00 x 1 mo. USD LIBOR + 6.650%) ⁽²⁾		04/15/36		967,596		135,593
Freddie Mac (4139-PA) (PAC)
2.50%		11/15/41		3,167,128		3,106,311
Freddie Mac, Pool #A97179
4.50%		03/01/41		2,375,554		2,517,331
Freddie Mac, Pool #B15026
5.00%		06/01/19		2,696		2,712
Freddie Mac, Pool #B15591
5.00%		07/01/19		2,384		2,402
Freddie Mac, Pool #C90526
5.50%		02/01/22		11,360		11,729
Freddie Mac, Pool #G06360
4.00%		03/01/41		2,820,281		2,905,760
Freddie Mac, Pool #G06498
4.00%		04/01/41		2,120,396		2,182,418
Freddie Mac, Pool #G06499
4.00%		03/01/41		1,516,437		1,559,371

See accompanying notes to financial statements.

TCW Core Fixed Income Fund

April 30, 2018


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Freddie Mac, Pool #G07849
3.50%		05/01/44	$	1,679,001	$	1,680,926
Freddie Mac, Pool #G07924
3.50%		01/01/45		3,337,365		3,337,104
Freddie Mac, Pool #G08710
3.00%		06/01/46		5,114,764		4,941,328
Freddie Mac, Pool #G08711
3.50%		06/01/46		10,181,329		10,121,619
Freddie Mac, Pool #G08715
3.00%		08/01/46		9,543,906		9,219,931
Freddie Mac, Pool #G08716
3.50%		08/01/46		6,772,959		6,733,240
Freddie Mac, Pool #G08721
3.00%		09/01/46		7,729,895		7,461,731
Freddie Mac, Pool #G08722
3.50%		09/01/46		2,687,807		2,672,043
Freddie Mac, Pool #G08726
3.00%		10/01/46		7,416,242		7,158,959
Freddie Mac, Pool #G08732
3.00%		11/01/46		7,182,050		6,932,892
Freddie Mac, Pool #G08741
3.00%		01/01/47		4,997,166		4,823,805
Freddie Mac, Pool #G08750
3.00%		03/01/47		2,315,383		2,235,058
Freddie Mac, Pool #G18592
3.00%		03/01/31		2,347,320		2,335,922
Freddie Mac, Pool #G18622
2.50%		12/01/31		7,782,109		7,571,560
Freddie Mac, Pool #G18670
3.00%		12/01/32		1,705,702		1,692,913
Freddie Mac, Pool #G60344
4.00%		12/01/45		1,558,611		1,599,333
Freddie Mac, Pool #G67700
3.50%		08/01/46		2,244,698		2,242,067
Freddie Mac, Pool #G67703
3.50%		04/01/47		13,259,910		13,240,227
Freddie Mac, Pool #G67706
3.50%		12/01/47		8,634,485		8,613,209
Freddie Mac, Pool #G67707
3.50%		01/01/48		15,147,358		15,135,672
Freddie Mac, Pool #G67708
3.50%		03/01/48		16,697,002		16,656,563
Freddie Mac, Pool #G67710
3.50%		03/01/48		14,548,097		14,480,637
Freddie Mac, Pool #G67711
4.00% ⁽⁷⁾		03/01/48		4,824,006		4,949,129
Freddie Mac, Pool #Q05261
3.50%		12/01/41		2,518,115		2,525,787


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Freddie Mac, Pool #Q20178
3.50%		07/01/43	$	4,100,821	$	4,111,316
Freddie Mac TBA, 30 Year
3.50% ⁽⁶⁾		05/14/48		9,580,000		9,515,634
Ginnie Mae (04-30-UC) (PAC)
5.50%		02/20/34		186,986		188,947
Ginnie Mae (08-27-SI) (I/O) (I/F)
4.57% (-1.00 x 1 mo. USD LIBOR + 6.470%) ⁽²⁾		03/20/38		398,814		57,279
Ginnie Mae (08-81-S) (I/O) (I/F)
4.30% (-1.00 x 1 mo. USD LIBOR + 6.200%) ⁽²⁾		09/20/38		1,532,865		211,624
Ginnie Mae (09-66-UF)
2.90% (1 mo. USD LIBOR + 1.000%) ⁽²⁾		08/16/39		616,473		632,238
Ginnie Mae (10-1-S) (I/O) (I/F)
3.85% (-1.00 x 1 mo. USD LIBOR + 5.750%) ⁽²⁾		01/20/40		2,467,614		269,991
Ginnie Mae, Pool #608259
4.50%		08/15/33		51,752		53,856
Ginnie Mae, Pool #782114
5.00%		09/15/36		162,055		173,691
Ginnie Mae, Pool #MA4127
3.50%		12/20/46		5,347,613		5,382,975
Ginnie Mae II, Pool #MA3521
3.50%		03/20/46		4,326,507		4,342,745
Ginnie Mae II, Pool #MA3597
3.50%		04/20/46		4,182,310		4,198,007
Ginnie Mae II, Pool #MA3663
3.50%		05/20/46		4,221,326		4,237,169
Ginnie Mae II, Pool #MA4126
3.00%		12/20/46		10,507,293		10,250,932
Ginnie Mae II, Pool #MA4196
3.50%		01/20/47		3,454,914		3,477,764
Ginnie Mae II, Pool #MA4454
5.00%		05/20/47		1,589,453		1,672,894
Ginnie Mae II, Pool #MA4510
3.50%		06/20/47		1,940,424		1,944,555
Ginnie Mae II, Pool #MA4589
5.00%		07/20/47		4,227,896		4,448,387
Ginnie Mae II, Pool #MA4719
3.50%		09/20/47		1,624,189		1,627,647
Ginnie Mae II, Pool #MA4722
5.00%		09/20/47		1,685,817		1,776,143
Ginnie Mae II, Pool #MA4777
3.00%		10/20/47		1,419,858		1,385,069

See accompanying notes to financial statements.

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Ginnie Mae II, Pool #MA4838
4.00%		11/20/47	$	4,189,969	$	4,290,336
Ginnie Mae II TBA, 30 Year
3.50% ⁽⁶⁾		05/21/48		7,015,000		7,024,317
4.50% ⁽⁶⁾		05/21/48		17,390,000		18,048,918
Ginnie Mae II TBA, 30 Year
3.00% ⁽⁶⁾		05/21/48		8,610,000		8,392,732
4.00% ⁽⁶⁾		05/21/48		4,045,000		4,137,593
NCUA Guaranteed Notes (10-R1-1A)
2.33% (1 mo. USD LIBOR + 0.450%) ⁽²⁾		10/07/20		1,045,048		1,048,742
NCUA Guaranteed Notes (10-R3-1A)
2.44% (1 mo. USD LIBOR + 0.560%) ⁽²⁾		12/08/20		658,552		661,991
NCUA Guaranteed Notes (10-R3-2A)
2.43% (1 mo. USD LIBOR + 0.560%) ⁽²⁾		12/08/20		597,884		601,341
NCUA Guaranteed Notes (11-R1-1A)
2.33% (1 mo. USD LIBOR + 0.450%) ⁽²⁾		01/08/20		590,627		591,910

Total Residential Mortgage-backed Securities — Agency
(Cost: $448,423,889)						439,381,554

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 4.5%
Aegis Asset Backed Securities Trust (05-5-2A)
2.15% (1 mo. USD LIBOR + 0.250%) ⁽²⁾		12/25/35		5,931,259		5,928,163
Ameriquest Mortgage Securities, Inc. Asset Backed Pass-Through (05-R11-A1)
2.13% (1 mo. USD LIBOR + 0.230%) ⁽²⁾		01/25/36		2,196,289		2,200,886
Banc of America Funding Trust (15-R2-9A1)
2.11% (1 mo. USD LIBOR + 0.215%) ⁽¹⁾⁽²⁾		03/27/36		3,550,566		3,492,006
Bear Stearns Asset-Backed Securities Trust (06-HE1-1M1)
2.31% (1 mo. USD LIBOR + 0.410%) ⁽²⁾		12/25/35		1,326,260		1,330,055
Centex Home Equity (02-C-AF6)
4.50% ⁽³⁾		09/25/32		94,613		95,401
CIM Trust (17-7-A)
3.00% ⁽¹⁾⁽³⁾		04/25/57		8,345,687		8,277,126
Citigroup Mortgage Loan Trust, Inc. (05-5-2A2)
5.75% ⁽⁸⁾		08/25/35		367,774		301,079
Conseco Financial Corp. (98-6-A8)
6.66% ⁽³⁾		06/01/30		805,479		851,422
Credit Suisse First Boston Mortgage Securities Corp. (03-8-4PPA)
5.75%		04/22/33		7,810		8,167


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Credit Suisse Mortgage Capital Certificates (15-5R-1A1)
1.07% ⁽¹⁾		09/27/46	$	4,432,467	$	4,306,495
CSMC Trust (14-7R-8A1)
3.31% ⁽¹⁾⁽³⁾		07/27/37		3,609,805		3,619,798
Home Equity Asset Trust (06-3-1A1)
2.10% (1 mo. USD LIBOR + 0.200%)⁽²⁾		07/25/36		4,898,840		4,905,955
Indymac Index Mortgage Loan Trust (05-AR6-2A1)
2.38% (1 mo. USD LIBOR + 0.480%)⁽²⁾		04/25/35		1,010,930		968,564
Merrill Lynch Mortgage Investors Trust (05-2-2A)
3.48% (1 year Treasury Constant Maturity Rate + 2.250%) ⁽²⁾		10/25/35		3,283,798		3,419,976
Mid-State Trust (04-1-B)
8.90%		08/15/37		1,339,151		1,518,283
Morgan Stanley Capital, Inc. (04-WMC2-M1)
2.81% (1 mo. USD LIBOR + 0.915%) ⁽²⁾		07/25/34		1,346,403		1,388,668
Morgan Stanley Home Equity Loan Trust (05-1-M3)
2.68% (1 mo. USD LIBOR + 0.780%) ⁽²⁾		12/25/34		3,339,693		3,341,064
Morgan Stanley Mortgage Loan Trust (04-3-4A)
5.67% ⁽³⁾		04/25/34		238,061		252,404
New Century Home Equity Loan Trust (05-1-A2C)
2.60% (1 mo. USD LIBOR + 0.700%) ⁽²⁾		03/25/35		1,015,268		1,015,774
New Century Home Equity Loan Trust (05-3-M2)
2.63% (1 mo. USD LIBOR + 0.735%) ⁽²⁾		07/25/35		2,572,907		2,583,633
New Century Home Equity Loan Trust (05-D-A1)
2.12% (1 mo. USD LIBOR + 0.220%) ⁽²⁾		02/25/36		6,770,736		6,719,444
Nomura Resecuritization Trust (14-5R-3A1)
2.11% (1 mo. USD LIBOR + 0.240%) ⁽¹⁾⁽²⁾		05/26/37		1,346,837		1,334,804
Nomura Resecuritization Trust (15-1R-6A1)
2.10% (1 mo. USD LIBOR + 0.210%) ⁽¹⁾⁽²⁾		05/26/47		1,597,853		1,589,403
Nomura Resecuritization Trust (15-4R-3A1)
3.73% ⁽¹⁾⁽³⁾		02/26/36		263,272		264,095
Nomura Resecuritization Trust (15-5R-2A1)
3.63% ⁽¹⁾⁽³⁾		03/26/35		2,935,599		2,977,727
Structured Asset Securities Corp. (03-34A-5A4)
3.79% ⁽³⁾		11/25/33		478,423		487,659
WaMu Mortgage Pass-Through Certificates (05-AR3-A2)
3.66% ⁽³⁾		03/25/35		1,965,940		1,993,579
Wells Fargo Alternative Loan Trust (07-PA3-2A1)
6.00%		07/25/37		141,138		139,180

See accompanying notes to financial statements.

TCW Core Fixed Income Fund

April 30, 2018


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Wells Fargo Home Equity Trust (04-2-A33)
2.90% (1 mo. USD LIBOR + 1.000%) ⁽²⁾		10/25/34	$	7,263,115	$	7,309,278

Total Residential Mortgage-backed Securities — Non-agency
(Cost: $70,606,668)						72,620,088

U.S. TREASURY SECURITIES — 23.8%
U.S. Treasury Note 1.00% ⁽⁹⁾		02/15/48		4,018,049		4,124,224
2.25%		03/31/20		9,390,000		9,350,203
2.38%		01/31/23		22,260,000		21,858,973
2.50%		03/31/23		61,280,000		60,471,946
2.75%		04/30/23		106,485,000		106,297,667
2.75%		02/15/28		68,120,000		67,059,616
3.00%		02/15/48		121,295,000		119,070,469

Total U.S. Treasury Securities
(Cost: $388,066,066)						388,233,098

Total Fixed Income Securities
(Cost: $1,672,791,568)						1,661,084,173



			Shares
MONEY MARKET INVESTMENTS — 0.1%
Dreyfus Government Cash Management Fund — Institutional Shares, 1.60% ⁽¹⁰⁾				944,000		944,000
State Street Institutional U.S. Government Money Market Fund — Premier Class, 1.63% ⁽¹⁰⁾				798,818		798,818

Total Money Market Investments
(Cost: $1,742,818)						1,742,818


Issues	Maturity Date		Principal Amount		Value
SHORT TERM INVESTMENTS — 5.0%
FOREIGN GOVERNMENT BONDS — 2.6%
Japan Treasury Bill 0.00% ⁽¹¹⁾ 07/02/18			JPY	2,780,000,000	$	25,413,135
0.00% ⁽¹¹⁾ 06/04/18			JPY	1,797,000,000		16,424,874

Total Foreign Government Bonds
(Cost: $42,749,914)						41,838,009

U.S. TREASURY SECURITIES — 2.4%
U.S. Treasury Bill 1.70% ⁽¹²⁾		07/05/18	$	38,914,000		38,791,499
1.60% ^(12)(13)		06/14/18		798,000		796,398

Total U.S. Treasury Securities
(Cost: $39,591,789)						39,587,897

Total Short Term Investments
(Cost: $82,341,703)						81,425,906

Total Investments (107.1%)
(Cost: $1,756,876,089)						1,744,252,897
Liabilities in Excess of Other Assets (-7.1%)						(116,154,191	)

Net Assets (100.0%)					$	1,628,098,706

See accompanying notes to financial statements.

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)


Futures

Number of Contracts	Type	Expiration Date		Notional Value		Market Value		Net Unrealized Appreciation/ Depreciation
Long Futures
686	2-Year U.S. Treasury Note Futures		06/29/18	$	145,792,511	$	145,464,157	$	(328,354	)
854	5-Year U.S. Treasury Note Futures		06/29/18		97,293,358		96,935,672		(357,686	)

				$	243,085,869	$	242,399,829	$	(686,040	)


Forward Currency Exchange Contracts

Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
SELL ⁽¹⁴⁾
Bank of America		JPY		2,780,000,000		07/02/18	$	26,063,396	$	25,513,739	$	549,657
Goldman Sachs & Co.		JPY		1,797,000,000		06/04/18		16,881,428		16,456,202		425,226

							$	42,944,824	$	41,969,941	$	974,883

Notes to Schedule of Investments:

JPY - Japanese

Yen.

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.

OTC - Over

the Counter.

PAC - Planned

Amortization Class.

P/O - Principal

Only Security.

REIT - Real

Estate Investment Trust.

TAC - Target

Amortization Class.

TBA - To

be Announced.

(1)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2018, the value of these securities amounted to $197,114,207 or 12.1% 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 Fund’s Board of Directors.

(2)

Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2018.

(3)

Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

(4)

Restricted security (Note10).

(5)

For fair value measurement disclosure purposes, security is categorized as Level 3.

(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)

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

(8)

A portion of the principal balance has been written-off during the period due to defaults in the underlying loans. Cost basis has been adjusted.

(9)

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

(10)

Rate disclosed is the 7-day net yield as of April 30, 2018.

(11)

Security is not accruing interest.

(12)

Rate shown represents yield-to-maturity.

(13)

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

(14)

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

See accompanying notes to financial statements.

TCW Core Fixed Income Fund

Investments by Industry (Unaudited)

April 30, 2018


Industry	Percentage of Net Assets
Aerospace/Defense		0.7	%
Agriculture		0.4
Airlines		0.4
Asset-Backed Securities		6.0
Auto Manufacturers		0.6
Banks		11.9
Beverages		0.3
Biotechnology		0.9
Chemicals		0.1
Commercial Mortgage-Backed Securities — Agency		4.1
Commercial Mortgage-Backed Securities — Non-Agency		1.2
Computers		0.2
Diversified Financial Services		1.3
Electric		3.0
Energy-Alternate Sources		0.1
Environmental Control		0.2
Food		0.7
Forest Products & Paper		0.2
Gas		0.3
Healthcare-Products		0.7
Healthcare-Services		2.3
Insurance		0.5
Internet		0.2
Media		0.5
Mining		0.0	*
Miscellaneous Manufacturers		0.4
Municipal Bonds		1.2
Oil & Gas		0.1
Packaging & Containers		0.2
Pharmaceuticals		1.4
Pipelines		1.5
REIT		2.8
Residential Mortgage-Backed Securities — Agency		27.0
Residential Mortgage-Backed Securities — Non-Agency		4.5
Retail		0.4
Semiconductors		0.2
Short Term Investments		5.0
Software		0.2
Telecommunications		1.5
U.S. Treasury Securities		23.8
Money Market Investments		0.1

Total		107.1	%

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

See accompanying notes to financial statements.

TCW Core Fixed Income Fund

Fair Valuation Summary (Unaudited)

The following is a summary of the fair valuations according to the inputs used as of April 30, 2018 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Corporate Bonds*	$	—		$	555,801,955	$	1,133,551	$	556,935,506
Municipal Bonds		—			19,952,712		—		19,952,712
Asset-Backed Securities		—			96,956,101		—		96,956,101
Commercial Mortgage-Backed Securities — Agency		—			67,317,750		—		67,317,750
Commercial Mortgage-Backed Securities — Non-Agency		—			19,687,364		—		19,687,364
Residential Mortgage-Backed Securities — Agency		—			439,381,554		—		439,381,554
Residential Mortgage-Backed Securities — Non-Agency		—			72,620,088		—		72,620,088
U.S. Treasury Securities		384,108,874			4,124,224		—		388,233,098

Total Fixed Income Securities		384,108,874			1,275,841,748		1,133,551		1,661,084,173

Money Market Investments		1,742,818			—		—		1,742,818
Short-Term Investments		39,587,897			41,838,009		—		81,425,906

Total Investments		425,439,589			1,317,679,757		1,133,551		1,744,252,897

Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—			974,883		—		974,883

Total	$	425,439,589		$	1,318,654,640	$	1,133,551	$	1,745,227,780

Liability Derivatives
Futures
Interest Rate Risk	$	(686,040	)	$	—	$	—	$	(686,040	)

Total	$	(686,040	)	$	—	$	—	$	(686,040	)

*	See Schedule of Investments for corresponding industries.

See accompanying notes to financial statements.

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited)

April 30, 2018

Issues

Maturity
Date

Principal
Amount

Value

FIXED INCOME SECURITIES — 22.9% of Net Assets

ASSET-BACKED SECURITIES — 0.9%

Educational Services of America, Inc. (12-2-A)

2.63% (1 mo. USD LIBOR + 0.730%) ⁽¹⁾⁽²⁾

04/25/39

7,876

7,898

Nelnet Student Loan Trust (12-5A-A)

2.47% (1 mo. USD LIBOR + 0.600%) ⁽¹⁾⁽²⁾

10/27/36

4,592

4,586

Scholar Funding Trust (11-A-A)

3.26% (3 mo. USD LIBOR + 0.900%) ⁽¹⁾⁽²⁾

10/28/43

3,851

3,865

Total Asset-backed Securities

(Cost: $16,388)

16,349

COMMERCIAL MORTGAGE-BACKED SECURITIES —
AGENCY — 0.2% (Cost: $4,017)

Freddie Mac Multifamily Structured Pass-Through Certificates (KF05-A)

2.23% (1 mo. USD LIBOR + 0.350%)⁽²⁾

09/25/21

4,017

4,023

COMMERCIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY — 0.5% (Cost: $2,941)

LB-UBS Commercial Mortgage Trust (06-C6-XCL) (I/O)

0.62% ^(1)(3)(4)(5)

09/15/39

1,568,548

8,977

RESIDENTIAL MORTGAGE-BACKED SECURITIES —
AGENCY — 0.8% (Cost: $13,791)

Fannie Mae (05-W3-2AF)

2.12% (1 mo. USD LIBOR + 0.220%) ⁽²⁾

03/25/45

14,145

14,084

RESIDENTIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY — 9.5%

Bear Stearns Alt-A Trust (04-13-A1)

2.64% (1 mo. USD LIBOR + 0.740%) ⁽²⁾

11/25/34

2,135

2,141

Bombardier Capital Mortgage Securitization Corp. (01-A-A)

6.81% ⁽⁴⁾

12/15/30

3,426

3,461

Centex Home Equity Loan Trust (05-A-AF5)

5.78%

01/25/35

56,358

57,162

Credit-Based Asset Servicing and Securitization LLC (03-CB5-M1)

2.92% (1 mo. USD LIBOR + 1.020%) ⁽²⁾

11/25/33

10,310

10,101

First Franklin Mortgage Loan Asset-Backed Certificates (04-FF5-A3C)

2.90% (1 mo. USD LIBOR + 1.000%) ⁽²⁾

08/25/34

10,793

10,548

Homestar Mortgage Acceptance Corp. (04-5-A1)

2.80% (1 mo. USD LIBOR + 0.900%) ⁽²⁾

10/25/34

1,191

1,199


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
JPMorgan Mortgage Trust (05-A6-7A1)
3.63% ⁽⁴⁾		08/25/35	$	27,304	$	26,644
MASTR Seasoned Securitization Trust (05-1-4A1)
3.45% ⁽⁴⁾		10/25/32		21,635		21,887
Mid-State Trust (04-1-M1)
6.50%		08/15/37		24,699		26,246
Morgan Stanley Mortgage Loan Trust (04-6AR-1A)
2.80% (1 mo. USD LIBOR + 0.900%) ⁽²⁾		07/25/34		5,599		5,552
Residential Asset Mortgage Products, Inc. (04-SL3-A2)
6.50%		12/25/31		10,806		10,813

Total Residential Mortgage-backed Securities — Non-agency
(Cost: $156,845)						175,754

CORPORATE BONDS — 11.0%
Airlines — 2.3%
Continental Airlines, Inc. Pass-Through Certificates (00-1-A1) (EETC)
8.05%		05/01/22		40,771		43,217

Banks — 4.1%
Citigroup, Inc.
3.54% (3 mo. USD LIBOR + 1.700%) ⁽²⁾		05/15/18		75,000		75,043

Insurance — 3.8%
Nationwide Mutual Insurance Co.
4.41% (3 mo. USD LIBOR + 2.290%) ⁽¹⁾⁽²⁾		12/15/24		70,000		69,738

REIT — 0.8%
HCP, Inc.
3.15%		08/01/22		15,000		14,663

Total Corporate Bonds
(Cost: $200,258)						202,661

Total Fixed Income Securities
(Cost: $394,240)						421,848



			Shares
MONEY MARKET INVESTMENTS — 13.9%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 1.63% ⁽⁶⁾⁽⁷⁾				256,588		256,588

Total Money Market Investments
(Cost: $256,588)						256,588

See accompanying notes to financial statements.

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value
SHORT TERM INVESTMENTS — 56.6%
U.S. TREASURY SECURITIES — 56.6%
U.S. Treasury Bill
1.05% ⁽⁸⁾		05/03/18	$	160,000	$	159,987
1.74% ⁽⁸⁾		07/12/18		130,000		129,549
1.75% ⁽⁸⁾		07/05/18		322,000		320,986
1.75% ⁽⁸⁾		07/05/18		24,000		23,925
1.76% ⁽⁸⁾		07/19/18		160,000		159,386
1.79% ⁽⁸⁾		07/26/18		130,000		129,448
1.96% ⁽⁸⁾		10/04/18		121,000		119,988

Total U.S. Treasury Securities
(Cost: $1,043,355)						1,043,269

Total Short Term Investments
(Cost: $1,043,355)						1,043,269

Total Investments (93.4%)
(Cost: $1,694,183)						1,721,705
Excess of Other Assets over Liabilities (6.6%)						120,905

Net Assets (100.0%)					$	1,842,610

Total Return Swaps ⁽⁷⁾

Notional
Amount

Expiration
Date

Counterparty

Payment Made
by Fund

Payment Received
by Fund

Payment
Frequency

Unrealized
Appreciation

Premium
Paid

Value

OTC Swaps

$ 1,852,091

5/22/18

Credit Suisse First Boston Corp.

3-Month U.S. Treasury Bills plus 0.2%

Credit Suisse Custom 24 Total Return Index ⁽⁹⁾

Monthly

$ (5,209)

$ —

$ (5,209

)

Notes to Schedule of Investments:

EETC -

Enhanced Equipment Trust Certificate.

I/O -

Interest Only Security.

OTC -

Over the Counter.

REIT -

Real Estate Investment Trust.

(1)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2018, the value of these securities amounted to $95,064 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 Fund’s Board of Directors.

(2)

Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2018.

(3)

Restricted security (Note 10).

(4)

(5)

For fair value measurement disclosure purposes, security is categorized as Level 3.

(6)

Rate disclosed is the 7-day net yield as of April 30, 2018.

(7)

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

(8)

Rate shown represents yield-to-maturity.

(9)

Custom Index has exposure to the following commodities as shown on the next page.

See accompanying notes to financial statements.

TCW Enhanced Commodity Strategy Fund

Custom Index Components

April 30, 2018


Description	Notional		Weight %			Unrealized Appreciation (Depreciation)
Gold	$	213,916		11.55	%	$	(3,089	)
Brent Crude Oil		149,464		8.07	%		2,680
Natural Gas		146,130		7.89	%		(415	)
WTI Crude Oil		145,760		7.87	%		637
Corn		125,016		6.75	%		4,743
Copper High Grade		121,682		6.57	%		(3,217	)
Soybeans		115,015		6.21	%		902
Aluminum Primary		82,788		4.47	%		(7,807	)
RBOB Gasoline		78,899		4.26	%		1,128
SRW Wheat		69,083		3.73	%		4,480
Heating Oil		68,713		3.71	%		1,019
Live Cattle		67,601		3.65	%		539
Soybean Meal		66,305		3.58	%		2,552
Silver		62,230		3.36	%		(3,104	)
Nickel Primary		53,711		2.90	%		(4,665	)
Zinc High Grade		51,488		2.78	%		(1,769	)
Sugar#11		49,266		2.66	%		(502	)
Coffee ‘C’ Arabica		44,450		2.40	%		1,843
Soybean Oil		44,450		2.40	%		(1,363	)
Lean Hogs		39,450		2.13	%		(2,323	)
HRW Wheat		28,707		1.55	%		1,885
Cotton		27,967		1.51	%		(296	)
United States Treasury Bill		—		—			933

	$	1,852,091		100.00	%	$	(5,209	)

See accompanying notes to financial statements.

TCW Enhanced Commodity Strategy Fund

Consolidated Investments by Industry (Unaudited)

April 30, 2018


Industry	Percentage of Net Assets
Airlines		2.3	%
Asset-Backed Securities		0.9
Banks		4.1
Commercial Mortgage-Backed Securities — Agency		0.2
Commercial Mortgage-Backed Securities — Non-Agency		0.5
Insurance		3.8
REIT		0.8
Residential Mortgage-Backed Securities — Agency		0.8
Residential Mortgage-Backed Securities — Non-Agency		9.5
U.S Treasury Securities		56.6
Money Market Investments		13.9

Total		93.4	%

See accompanying notes to financial statements.

TCW Enhanced Commodity Strategy Fund

Consolidated Fair Valuation Summary (Unaudited)

April 30, 2018

The following is a summary of the fair valuations according to the inputs used as of April 30, 2018 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Asset-Backed Securities	$	—	$	16,349		$	—	$	16,349
Commercial Mortgage-Backed Securities — Agency		—		4,023			—		4,023
Commercial Mortgage-Backed Securities — Non-Agency		—		—			8,977		8,977
Residential Mortgage-Backed Securities — Agency		—		14,084			—		14,084
Residential Mortgage-Backed Securities — Non-Agency		—		175,754			—		175,754
Corporate Bonds*		—		202,661			—		202,661

Total Fixed Income Securities		—		412,871			8,977		421,848

Money Market Investments		256,588		—			—		256,588
Short-Term Investments		1,043,269		—			—		1,043,269

Total Investments	$	1,299,857	$	412,871		$	8,977	$	1,721,705

Liability Derivatives
Swap Agreements
Commodity Risk	$	—	$	(5,209	)	$	—	$	(5,209	)

Total	$	—	$	(5,209	)	$	—	$	(5,209	)

*	See Schedule of Investments for corresponding industries.

See accompanying notes to financial statements.

TCW Global Bond Fund

Schedule of Investments (Unaudited)

April 30, 2018


Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES — 88.9% of Net Assets
CORPORATE BONDS — 20.1%
Aerospace/Defense — 0.5%
BAE Systems Holdings, Inc.
6.38% ⁽¹⁾		06/01/19	$	35,000	$	36,285
United Technologies Corp.
1.78% ⁽²⁾		05/04/18		50,000		49,998

						86,283

Airlines — 0.9%
Continental Airlines, Inc. Pass-Through Trust (01-1A-1) (EETC)
6.70%		12/15/22		14,186		15,179
Delta Air Lines, Inc. Pass-Through Certificates (02-1G1) (EETC)
6.72%		07/02/24		69,463		75,166
US Airways Group, Inc. Pass-Through Certificates (10-1A) (EETC)
6.25%		10/22/24		13,702		14,842
US Airways Group, Inc. Pass-Through Certificates (12-1A) (EETC)
5.90%		04/01/26		41,480		44,930

						150,117

Auto Manufacturers — 0.3%
General Motors Co.
3.50%		10/02/18		50,000		50,188

Banks — 6.0%
Bank of America Corp.
5.65%		05/01/18		40,000		40,000
Citigroup, Inc.
2.05%		12/07/18		125,000		124,605
2.50%		09/26/18		50,000		50,001
3.14% ⁽²⁾		01/24/23		75,000		73,665
6.13%		05/15/18		50,000		50,069
HBOS PLC (United Kingdom)
6.75% ⁽¹⁾		05/21/18		40,000		40,084
JPMorgan Chase & Co.
2.25%		01/23/20		75,000		74,081
2.69% (3 mo. USD LIBOR + 0.680%) ⁽³⁾		06/01/21		50,000		50,266
3.90%		07/15/25		100,000		99,553
Morgan Stanley
3.73% (3 mo. USD LIBOR + 1.375%) ⁽³⁾		02/01/19		50,000		50,414
Wells Fargo & Co.
3.00%		04/22/26		85,000		78,634
Wells Fargo Bank N.A.
2.40%		01/15/20		250,000		247,831

						979,203


Issues	Maturity Date		Principal Amount		Value
Beverages — 0.5%
Anheuser-Busch InBev Finance, Inc.
4.90%		02/01/46	$	29,000	$	30,247
Constellation Brands, Inc.
2.00%		11/07/19		50,000		49,252

						79,499

Biotechnology — 0.6%
Amgen, Inc.
4.66%		06/15/51		22,000		22,060
Baxalta, Inc.
2.88%		06/23/20		20,000		19,804
Celgene Corp.
3.88%		08/15/25		20,000		19,654
Gilead Sciences, Inc.
3.65%		03/01/26		40,000		39,565

						101,083

Chemicals — 0.3%
Dow Chemical Co. (The)
8.55%		05/15/19		40,000		42,314

Cosmetics/Personal Care — 0.0%
First Quality Finance Co., Inc.
4.63% ⁽¹⁾		05/15/21		2,000		1,985
5.00% ⁽¹⁾		07/01/25		3,000		2,880

						4,865

Diversified Financial Services — 0.5%
Air Lease Corp.
2.13%		01/15/20		35,000		34,352
International Lease Finance Corp.
7.13% ⁽¹⁾		09/01/18		50,000		50,688

						85,040

Electric — 1.1%
AEP Texas Central Co.
3.85% ⁽¹⁾		10/01/25		50,000		50,315
FirstEnergy Transmission LLC
4.35% ⁽¹⁾		01/15/25		50,000		50,877
ITC Holdings Corp.
3.65%		06/15/24		40,000		39,755
MidAmerican Energy Co.
3.10%		05/01/27		40,000		38,307

						179,254

Electronics — 0.0%
Itron, Inc.
5.00% ⁽¹⁾		01/15/26		4,000		3,940

Environmental Control — 0.0%
Clean Harbors, Inc.
5.13%		06/01/21		5,000		5,050

See accompanying notes to financial statements.

TCW Global Bond Fund

April 30, 2018


Issues	Maturity Date		Principal Amount		Value
Food — 0.2%
Kraft Heinz Foods Co.
3.95%		07/15/25	$	35,000	$	34,532

Forest Products & Paper — 0.3%
Georgia-Pacific LLC
2.54% ⁽¹⁾		11/15/19		50,000		49,647

Healthcare-Products — 0.3%
Abbott Laboratories
3.75%		11/30/26		40,000		39,475

Healthcare-Services — 1.1%
Anthem, Inc.
3.50%		08/15/24		50,000		48,680
Centene Corp.
4.75%		01/15/25		8,000		7,800
DaVita, Inc.
5.13%		07/15/24		3,000		2,912
5.75%		08/15/22		2,000		2,050
Fresenius Medical Care US Finance II, Inc.
5.63% ⁽¹⁾		07/31/19		50,000		51,450
HCA, Inc.
5.00%		03/15/24		8,000		8,110
6.50%		02/15/20		8,000		8,380
Humana, Inc.
2.63%		10/01/19		40,000		39,847
Molina Healthcare, Inc.
4.88% ⁽¹⁾		06/15/25		3,000		2,865
Tenet Healthcare Corp.
4.38%		10/01/21		5,000		4,950

						177,044

Household Products/Wares — 0.0%
Central Garden & Pet Co.
5.13%		02/01/28		3,000		2,865

Insurance — 0.5%
Farmers Exchange Capital II
6.15% (3 mo. USD LIBOR + 3.744%) ⁽¹⁾⁽³⁾		11/01/53		80,000		87,930

Internet — 0.0%
Zayo Group LLC / Zayo Capital, Inc.
5.75% ⁽¹⁾		01/15/27		3,000		2,986

Media — 0.5%
21st Century Fox America, Inc.
4.95%		10/15/45		20,000		21,958
CCO Holdings LLC / CCO Holdings Capital Corp.
5.00% ⁽¹⁾		02/01/28		6,000		5,550
5.13% ⁽¹⁾		05/01/27		8,000		7,510


Issues	Maturity Date		Principal Amount		Value
Media (Continued)
Charter Communications Operating LLC / Charter Communications Operating Capital
6.48%		10/23/45	$	30,000	$	32,341
Sirius XM Radio, Inc.
3.88% ⁽¹⁾		08/01/22		5,000		4,863

						72,222

Miscellaneous Manufacturers — 1.0%
General Electric Capital Corp.
2.32% (3 mo. USD LIBOR + 0.480%) ⁽³⁾		08/15/36		200,000		170,512

Oil & Gas — 0.7%
Centennial Resource Production LLC
5.38% ⁽¹⁾		01/15/26		3,000		2,985
Parsley Energy LLC / Parsley Finance Corp.
5.38% ⁽¹⁾		01/15/25		3,000		3,022
Petroleos Mexicanos
3.50%		07/23/20		100,000		99,520

						105,527

Packaging & Containers — 0.1%
Berry Global, Inc.
4.50% ⁽¹⁾		02/15/26		2,000		1,915
Crown Americas LLC / Crown Americas Capital Corp. V
4.25%		09/30/26		2,000		1,858
Graphic Packaging International, Inc.
4.88%		11/15/22		8,000		8,160
OI European Group BV (Netherlands)
4.00% ⁽¹⁾		03/15/23		5,000		4,762
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer (Luxembourg)
5.85% (3 mo. USD LIBOR + 3.500%) ⁽¹⁾⁽³⁾		07/15/21		5,000		5,081

						21,776

Pharmaceuticals — 0.8%
AbbVie, Inc.
4.50%		05/14/35		25,000		25,000
Actavis Funding SCS (Luxembourg)
3.80%		03/15/25		20,000		19,249
AstraZeneca PLC (United Kingdom)
3.38%		11/16/25		25,000		24,307
CVS Health Corp.
5.05%		03/25/48		40,000		40,792
Valeant Pharmaceuticals International, Inc. (Canada)
5.50% ⁽¹⁾		11/01/25		2,000		1,998
5.88% ⁽¹⁾		05/15/23		8,000		7,380
6.13% ⁽¹⁾		04/15/25		6,000		5,430

						124,156

See accompanying notes to financial statements.

TCW Global Bond Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value
Pipelines — 0.3%
Energy Transfer Partners LP
5.15%		03/15/45	$	50,000	$	45,812
Rockies Express Pipeline LLC
5.63% ⁽¹⁾		04/15/20		3,000		3,121

						48,933

REIT — 2.0%
Alexandria Real Estate Equities, Inc.
3.45%		04/30/25		25,000		23,842
AvalonBay Communities, Inc.
2.78% ⁽²⁾		01/15/21		40,000		40,036
HCP, Inc.
3.15%		08/01/22		50,000		48,877
Host Hotels & Resorts LP
5.25%		03/15/22		40,000		41,775
SBA Communications Corp.
4.00% ⁽¹⁾		10/01/22		8,000		7,660
SL Green Realty Corp.
5.00%		08/15/18		100,000		100,260
Welltower, Inc.
4.13%		04/01/19		70,000		70,581

						333,031

Retail — 0.4%
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC
5.25% ⁽¹⁾		06/01/26		4,000		4,030
Walgreens Boots Alliance, Inc.
3.45%		06/01/26		60,000		56,383

						60,413

Software — 0.0%
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc.
5.75% ⁽¹⁾		03/01/25		3,000		2,947

Telecommunications — 1.2%
AT&T, Inc.
3.40%		05/15/25		45,000		42,875
4.13%		02/17/26		25,000		24,765
4.80%		06/15/44		44,000		41,514
Intelsat Jackson Holdings S.A. (Luxembourg)
9.75% ⁽¹⁾		07/15/25		9,000		8,854
Sprint Communications, Inc.
9.00% ⁽¹⁾		11/15/18		8,000		8,240
Verizon Communications, Inc.
4.86%		08/21/46		75,000		73,851

						200,099

Total Corporate Bonds
(Cost: $3,222,405)						3,300,931


Issues	Maturity Date		Principal Amount		Value
MUNICIPAL BOND — 0.2% (Cost: $40,000)
Alabama Economic Settlement Authority, Revenue Bond
4.26%		09/15/32	$	40,000	$	41,137

FOREIGN GOVERNMENT BONDS — 44.5%
Australia Government Bond
2.75% ⁽⁴⁾		04/21/24	AUD	186,000		141,989
4.75% ⁽⁴⁾		04/21/27	AUD	110,000		96,280
Bundesrepublik Deutschland (Germany)
1.25% ⁽⁴⁾		08/15/48	EUR	33,000		40,015
2.25% ⁽⁴⁾		09/04/21	EUR	177,000		232,653
Canadian Government Bond
0.50%		03/01/22	CAD	215,000		158,075
0.75%		03/01/21	CAD	416,000		313,550
Colombia Government International Bond
8.13%		05/21/24	$	52,000		63,245
Denmark Government Bond
1.75%		11/15/25	DKK	900,000		161,679
France Government Bond OAT
2.50% ⁽⁴⁾		05/25/30	EUR	154,000		219,095
3.25% ⁽⁴⁾		10/25/21	EUR	170,000		230,555
French Republic Government Bond OAT
2.00% ⁽¹⁾⁽⁴⁾		05/25/48	EUR	132,000		173,565
Indonesia Treasury Bond
8.38%		03/15/24	IDR	950,000,000		73,576
Ireland Government Bond
3.40% ⁽⁴⁾		03/18/24	EUR	55,000		78,501
Italy Buoni Poliennali Del Tesoro
0.20%		10/15/20	EUR	135,000		164,233
2.70% ⁽¹⁾⁽⁴⁾		03/01/47	EUR	42,000		50,172
4.50%		03/01/24	EUR	335,000		486,813
Japan Government Ten-Year Bond
0.10%		06/20/27	JPY	39,000,000		358,863
1.00%		09/20/21	JPY	95,800,000		908,973
Japan Government Thirty-Year Bond
2.00%		03/20/42	JPY	41,400,000		492,585
Japan Government Twenty Year Bond
0.50%		09/20/36	JPY	8,700,000		80,067
Korea Treasury Bond
1.88%		06/10/26	KRW	144,000,000		127,002
2.38%		12/10/27	KRW	94,000,000		85,565
Malaysia Government Bond
3.96%		09/15/25	MYR	525,000		131,964
4.50%		04/15/30	MYR	650,000		165,258
Norway Government Bond
2.00% ⁽¹⁾⁽⁴⁾		05/24/23	NOK	2,950,000		377,574
Poland Government Bond
3.25%		07/25/25	PLN	265,000		77,660
Portugal Obrigacoes do Tesouro OT
2.13% ⁽¹⁾⁽⁴⁾		10/17/28	EUR	140,000		176,694
4.75% ⁽¹⁾⁽⁴⁾		06/14/19	EUR	145,000		185,098

See accompanying notes to financial statements.

TCW Global Bond Fund

April 30, 2018


Issues	Maturity Date		Principal Amount		Value
Telecommunications (Continued)
South Africa Government International Bond
4.67%		01/17/24	$	100,000	$	99,699
Spain Government Bond
0.05%		01/31/21	EUR	100,000		121,431
1.40%		01/31/20	EUR	131,000		163,176
2.75% ⁽¹⁾⁽⁴⁾		10/31/24	EUR	192,000		263,221
2.90% ⁽¹⁾⁽⁴⁾		10/31/46	EUR	128,000		174,827
Sweden Government Bond
3.50%		06/01/22	SEK	500,000		65,884
United Kingdom Gilt
1.25% ⁽⁴⁾		07/22/27	GBP	90,000		121,826
2.00% ⁽⁴⁾		07/22/20	GBP	90,000		127,308
2.75% ⁽⁴⁾		09/07/24	GBP	170,000		256,834
Uruguay Government International Bond
8.00%		11/18/22	$	58,000		66,636

Total Foreign Government Bonds
(Cost: $7,502,604)						7,312,141

ASSET-BACKED SECURITIES — 3.9%
Babson CLO, Ltd. (13-IA-AR)
3.16% ⁽¹⁾⁽²⁾		01/20/28		40,000		39,939
Educational Funding of the South, Inc. (11-1-A2)
3.01% (3 mo. USD LIBOR + 0.650%)⁽³⁾		04/25/35		25,761		25,791
Magnetite XI, Ltd. (14-11A-A1R)
3.48% (3 mo. USD LIBOR + 1.120%)⁽¹⁾⁽³⁾		01/18/27		20,000		20,032
Magnetite XII, Ltd. (15-12A-AR)
3.68% (3 mo. USD LIBOR + 1.330%)⁽¹⁾⁽³⁾		04/15/27		30,000		30,156
Navient Student Loan Trust (14-8-A3)
2.50% (1 mo. USD LIBOR + 0.600%)⁽³⁾		05/27/49		80,000		80,302
Navient Student Loan Trust (16-2-A3)
3.40% (1 mo. USD LIBOR + 1.500%)⁽¹⁾⁽³⁾		06/25/65		50,000		52,403
SLC Student Loan Trust (08-1-A4A)
3.72% (3 mo. USD LIBOR + 1.600%)⁽³⁾		12/15/32		56,892		58,816
SLM Student Loan Trust (07-3-A4)
2.42% (3 mo. USD LIBOR + 0.060%)⁽³⁾		01/25/22		50,000		48,823
SLM Student Loan Trust (07-6-A4)
2.74% (3 mo. USD LIBOR + 0.380%)⁽³⁾		10/25/24		46,760		46,825
SLM Student Loan Trust (08-9-A)
3.86% (3 mo. USD LIBOR + 1.500%)⁽³⁾		04/25/23		12,634		12,898


Issues	Maturity Date		Principal Amount		Value
Telecommunications (Continued)
SLM Student Loan Trust (11-2-A2)
3.10% (1 mo. USD LIBOR + 1.200%)⁽³⁾		10/25/34	$	50,000	$	51,484
SLM Student Loan Trust (12-7-A3)
2.55% (1 mo. USD LIBOR + 0.650%)⁽³⁾		05/26/26		97,596		96,966
Student Loan Consolidation Center (02-2-B2)
0.00% (28-Day Auction Rate)^(1)(2)(3)		07/01/42		50,000		39,830
Voya CLO, Ltd. (14-4A-A1R)
3.30% (3 mo. USD LIBOR + 0.950%)⁽¹⁾⁽³⁾		10/14/26		40,000		40,046

Total Asset-backed Securities
(Cost: $636,008)						644,311

COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY — 3.9%
Fannie Mae (12-M10-AFL)
2.35% (1 mo. USD LIBOR + 0.450%)⁽³⁾		09/25/22		106,856		106,658
Fannie Mae (14-M12-FA)
2.12% (1 mo. USD LIBOR + 0.300%)⁽³⁾		10/25/21		7,343		7,352
Fannie Mae, Pool #470251
3.20%		02/01/22		79,560		79,858
Fannie Mae, Pool #AL6465
3.25%		11/01/23		86,576		87,395
Fannie Mae, Pool #AL6577
3.05%		11/01/22		71,472		71,296
Fannie Mae, Pool #AL6578
2.99%		04/01/23		86,965		86,874
Fannie Mae, Pool #AL8939
2.48%		11/01/22		30,527		29,918
Fannie Mae, Pool #AM2366
2.40%		02/01/23		69,781		67,742
Fannie Mae, Pool #AM4011
3.67%		07/01/23		90,000		92,117
Freddie Mac Multifamily Structured Pass-Through Certificates (KSCT-AX) (I/O)
1.16% ⁽²⁾		01/25/20		313,705		4,960

Total Commercial Mortgage-backed Securities — Agency
(Cost: $650,847)						634,170

COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 0.5%
Bank of America-First Union NB Commercial Mortgage (01-3-XC) (I/O)
1.44% ^(1)(2)(5)(6)		04/11/37		1,749,728		6,841
COMM Mortgage Trust (14-277P-A)
3.73% ⁽¹⁾⁽²⁾		08/10/49		20,000		20,088

See accompanying notes to financial statements.

TCW Global Bond Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Morgan Stanley Capital I Trust (15-420-A)
3.73% ⁽¹⁾		10/12/50	$	15,000	$	15,013
Morgan Stanley Capital I Trust (99-RM1-X) (I/O)
0.99% ^(1)(2)(5)(6)		12/15/31		618,569		183
VNDO Mortgage Trust (12-6AVE-A)
3.00% ⁽¹⁾		11/15/30		25,000		24,616
WF-RBS Commercial Mortgage Trust (11-C4-A3)
4.39% ⁽¹⁾		06/15/44		13,018		13,134

Total Commercial Mortgage-backed Securities — Non-agency
(Cost: $76,157)						79,875

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY — 9.7%
Fannie Mae (07-52-LS) (I/O) (I/F)
4.15% (-1.00 X 1 mo. USD LIBOR + 6.050%) ⁽³⁾		06/25/37		90,842		9,283
Fannie Mae (08-18-SM) (I/O) (I/F)
5.10% (-1.00 X 1 mo. USD LIBOR + 7.000%) ⁽³⁾		03/25/38		81,286		9,895
Fannie Mae (09-115-SB) (I/O) (I/F)
4.35% (-1.00 X 1 mo. USD LIBOR + 6.250%) ⁽³⁾		01/25/40		63,592		7,464
Fannie Mae (10-116-SE) (I/O) (I/F)
4.70% (-1.00 X 1 mo. USD LIBOR + 6.600%) ⁽³⁾		10/25/40		129,168		18,144
Fannie Mae, Pool #AB3679
3.50%		10/01/41		133,197		132,784
Fannie Mae, Pool #AB4045
3.50%		12/01/41		148,458		148,945
Fannie Mae, Pool #AT5914
3.50%		06/01/43		55,631		55,561
Fannie Mae, Pool #BD7081
4.00%		03/01/47		92,237		94,096
Fannie Mae, Pool #MA1527
3.00%		08/01/33		70,869		69,836
Fannie Mae, Pool #MA1652
3.50%		11/01/33		55,803		56,463
Freddie Mac (2990-ND) (I/F) (PAC)
12.07% (-2.54 X 1 mo. USD LIBOR + 16.891%) ⁽³⁾		12/15/34		5,321		5,645
Freddie Mac (3439-SC) (I/O) (I/F)
4.00% (-1.00 X 1 mo. USD LIBOR + 5.900%) ⁽³⁾		04/15/38		88,509		10,384
Freddie Mac, Pool #G08698
3.50%		03/01/46		81,435		81,042
Freddie Mac, Pool #G08716
3.50%		08/01/46		81,504		81,026
Freddie Mac, Pool #G08721
3.00%		09/01/46		13,282		12,821


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Freddie Mac, Pool #G08722
3.50%		09/01/46	$	8,270	$	8,222
Freddie Mac, Pool #G08726
3.00%		10/01/46		156,272		150,851
Freddie Mac, Pool #G08732
3.00%		11/01/46		18,057		17,430
Freddie Mac, Pool #G08762
4.00%		05/01/47		91,887		93,692
Freddie Mac, Pool #G18592
3.00%		03/01/31		10,637		10,586
Ginnie Mae (11-146-EI) (I/O) (PAC)
5.00%		11/16/41		90,207		18,778
Ginnie Mae (11-69-GI) (I/O)
5.00%		05/16/40		156,339		12,507
Ginnie Mae (12-7-PI) (I/O) (PAC)
3.50%		01/20/38		99,809		3,558
Ginnie Mae II, Pool #MA3597
3.50%		04/20/46		49,204		49,388
Ginnie Mae II, Pool #MA3663
3.50%		05/20/46		7,303		7,331
Ginnie Mae II, Pool #MA3803
3.50%		07/20/46		34,683		34,813
Ginnie Mae II, Pool #MA4196
3.50%		01/20/47		90,578		91,177
Ginnie Mae II, Pool #MA4263
4.00%		02/20/47		105,464		108,307
Ginnie Mae II, Pool #MA4454
5.00%		05/20/47		39,165		41,221
Ginnie Mae II TBA, 30 Year
5.00% ⁽⁷⁾		12/01/38		25,000		26,270
Ginnie Mae II TBA, 30 Year
4.50% ⁽⁷⁾		07/01/47		120,000		124,547

Total Residential Mortgage-backed Securities — Agency
(Cost: $1,667,688)						1,592,067

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 6.1%
ACE Securities Corp. Home Equity Loan Trust (05-HE3-M2)
2.57% (1 mo. USD LIBOR + 0.675%) ⁽³⁾		05/25/35		64,861		65,084
Banc of America FundingTrust (05-C-A3)
2.20% (1 mo. USD LIBOR + 0.300%) ⁽³⁾		05/20/35		66,694		65,764
BCMSC Trust (00-A-A4)
8.29% ⁽²⁾		06/15/30		189,525		78,149
Bear Stearns ALT-A Trust (05-8-11A1)
2.44% (1 mo. USD LIBOR + 0.540%) ⁽³⁾		10/25/35		73,840		72,469

See accompanying notes to financial statements.

TCW Global Bond Fund

April 30, 2018

Issues

Maturity
Date

Principal
Amount

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)

First Horizon Mortgage Pass-Through Trust (05-AR4-2A1)

3.34% ⁽²⁾

10/25/35

71,608

68,861

Green Tree Financial Corp. (98-6-A8)

6.66% ⁽²⁾

06/01/30

27,616

29,192

JPMorgan Mortgage Trust (05-A6-7A1)

3.63% ⁽²⁾

08/25/35

48,412

47,241

Lehman XS Trust (06-9-A1B)

2.06% (1 mo. USD LIBOR + 0.160%) ⁽³⁾

05/25/46

67,333

82,253

Merrill Lynch Alternative Note Asset Trust (07-A3-A2D)

2.23% (1 mo. USD LIBOR + 0.330%)⁽³⁾⁽⁵⁾

04/25/37

1,251,739

144,902

MortgageIT Trust (05-1-1A1)

2.54% (1 mo. USD LIBOR + 0.640%)⁽³⁾

02/25/35

68,150

68,373

Structured Adjustable Rate Mortgage Loan Trust (04-18-4A1)

3.49% ⁽²⁾

12/25/34

70,379

69,823

Structured Asset Mortgage Investments II Trust (05-AR6-2A1)

2.52% (1 mo. USD LIBOR + 0.310%)⁽³⁾

09/25/45

72,917

71,561

Structured Asset Mortgage Investments, Inc. (06-AR3-22A1)

3.24% ⁽²⁾

05/25/36

193,399

135,225

Total Residential Mortgage-backed
Securities — Non-agency

(Cost: $891,233)

998,897

Total Fixed Income Securities

(Cost: $14,686,942)

14,603,529

Issues

Maturity
Date

Shares

Value

MONEY MARKET INVESTMENTS — 2.1%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 1.63%⁽⁸⁾

349,319

Total Money Market Investments

(Cost: $349,319)

349,319

Security

Principal
Amount

SHORT TERM INVESTMENTS — 9.4%

FOREIGN GOVERNMENT BONDS — 3.8%

Japan Treasury Bill

0.00% ⁽⁹⁾

07/09/18

JPY

25,000,000

228,538

0.00% ⁽⁹⁾

06/04/18

JPY

43,300,000

395,769

Total Foreign Government Bonds

(Cost: $638,783)

624,307

U.S. TREASURY SECURITIES — 5.6%

U.S. Treasury Bill

1.62% ^(10)(11)

06/14/18

70,000

69,860

1.76% ⁽¹⁰⁾

07/19/18

271,000

269,959

1.96% ⁽¹⁰⁾

10/04/18

589,000

584,074

Total U.S. Treasury Securities

(Cost: $923,872)

923,893

Total Short Term Investments

(Cost: $1,562,655)

1,548,200

Total Investments (100.4%)

(Cost: $16,598,916)

16,501,048

Liabilities in Excess of Other Assets (-0.4%)

(62,533

)

Net Assets (100.0%)

16,438,515


Forward Currency Exchange Contracts

Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
BUY ⁽¹²⁾
Goldman Sachs International		EUR		645,000		07/20/18	$	800,315	$	784,019	$	(16,296	)
Goldman Sachs International		JPY		15,615,780		07/20/18		146,000		143,495		(2,505	)
Barclays Capital		NOK		1,690,000		07/11/18		209,304		211,492		2,188

							$	1,155,619	$	1,139,006	$	(16,613	)

SELL ⁽¹³⁾
Goldman Sachs International		JPY		15,615,780		07/20/18		145,605		143,495		2,110

							$	145,605	$	143,495	$	2,110

See accompanying notes to financial statements.

TCW Global Bond Fund

Schedule of Investments (Unaudited) (Continued)


Futures Contracts

Number of Contracts	Type	Expiration Date		Notional Value		Market Value		Net Unrealized Appreciation/ Depreciation
BUY
5	2-Year U.S. Treasury Note Futures		06/29/18	$	1,062,354	$	1,060,234	$	(2,120	)
10	5-Year U.S. Treasury Note Futures		06/29/18		1,139,239		1,135,078		(4,161	)
3	10-Year U.S. Treasury Note Futures		06/20/18		382,249		383,672		1,423
5	U.S. Ultra Long Bond Futures		06/20/18		766,768		785,625		18,857

				$	3,350,610	$	3,364,609	$	13,999

Notes to Schedule of Investments:

AUD

Australian Dollar.

CAD

Canadian Dollar.

DKK

Danish Krone.

EUR

Euro Currency.

GBP

British Pound Sterling.

IDR

Indonesian Rupiah.

JPY

Japanese Yen.

NOK

Norwegian Krona.

SEK

Swedish Krona.

ABS -

Asset-Backed Securities.

CLO -

Collateralized Loan Obligation.

EETC -

Enhanced Equipment Trust Certificate.

I/F -

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

I/O -

Interest Only Security.

PAC -

Planned Amortization Class.

REIT -

Real Estate Investment Trust.

TBA -

To be Announced.

(1)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2018, the value of these securities amounted to $2,220,712 or 13.5% 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 Fund’s Board of Directors.

(2)

(3)

Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2018.

(4)

Investments issued under Regulation S of the Securities Act of 1933, may not be offered, sold, or delivered within the United States except under special exemptions. At April 30, 2018, the value of these securities amounted to $2,946,207 or 17.9% of net assets.

(5)

For fair value measurement disclosure purposes, security is categorized as Level 3.

(6)

Restricted security (Note 10).

(7)

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

(8)

Rate disclosed is the 7-day net yield as of April 30, 2018.

(9)

Security is not accruing interest.

(10)

Rate shown represents yield-to-maturity.

(11)

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

(12)

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

(13)

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

See accompanying notes to financial statements.

TCW Global Bond Fund

Investments by Industry (Unaudited)

April 30, 2018


Industry	Percentage of Net Assets
Aerospace/Defense		0.5	%
Airlines		0.9
Asset-Backed Securities		3.9
Auto Manufacturers		0.3
Banks		6.0
Beverages		0.5
Biotechnology		0.6
Chemicals		0.3
Commercial Mortgage-Backed Securities — Agency		3.9
Commercial Mortgage-Backed Securities — Non-Agency		0.5
Cosmetics/Personal Care		0.0	*
Diversified Financial Services		0.5
Electric		1.1
Electronics		0.0	*
Environmental Control		0.0	*
Food		0.2
Foreign Government Bonds		44.5
Forest Products & Paper		0.3
Healthcare-Products		0.3
Healthcare-Services		1.1
Household Products/Wares		0.0	*
Insurance		0.5
Internet		0.0	*
Media		0.5
Miscellaneous Manufacturers		1.0
Municipal Bonds		0.2
Oil & Gas		0.7
Packaging & Containers		0.1
Pharmaceuticals		0.8
Pipelines		0.3
REIT		2.0
Residential Mortgage-Backed Securities — Agency		9.7
Residential Mortgage-Backed Securities — Non-Agency		6.1
Retail		0.4
Short Term Investments		9.4
Software		0.0	*
Telecommunications		1.2
Money Market Investments		2.1

Total		100.4	%

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

See accompanying notes to financial statements.

TCW Global Bond Fund

Investments by Country (Unaudited)

April 30, 2018


Country	Percentage of Net Assets
Australia		1.5	%
Canada		2.9
Cayman Islands		0.7
Colombia		0.4
Denmark		1.0
France		3.7
Germany		1.6
Great Britain		3.3
Indonesia		0.4
Ireland		0.5
Italy		4.3
Japan		15.0
Luxembourg		0.2
Malaysia		1.8
Mexico		0.6
Netherlands		0.0	*
Norway		2.3
Poland		0.5
Portugal		2.2
South Africa		0.6
South Korea		1.3
Spain		4.4
Sweden		0.4
United Kingdom		0.2
United States		50.2
Uruguay		0.4

Total		100.4	%

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

See accompanying notes to financial statements.

TCW Global Bond Fund

Fair Valuation Summary (Unaudited)

April 30, 2018

The following is a summary of the fair valuations according to the inputs used as of April 30, 2018 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Corporate Bonds*	$	—		$	3,300,931		$	—	$	3,300,931
Municipal Bonds		—			41,137			—		41,137
Foreign Government Bonds		—			7,312,141			—		7,312,141
Asset-Backed Securities		—			644,311			—		644,311
Commercial Mortgage-Backed Securities — Agency		—			634,170			—		634,170
Commercial Mortgage-Backed Securities — Non-Agency		—			72,851			7,024		79,875
Residential Mortgage-Backed Securities — Agency		—			1,592,067			—		1,592,067
Residential Mortgage-Backed Securities — Non-Agency		—			853,995			144,902		998,897

Total Fixed Income Securities		—			14,451,603			151,926		14,603,529

Money Market Investments		349,319			—			—		349,319
Short-Term Investments		923,893			624,307			—		1,548,200

Total Investments		1,273,212			15,075,910			151,926		16,501,048

Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—			4,298			—		4,298
Futures
Interest Rate Risk		20,280			—			—		20,280

Total	$	1,293,492		$	15,080,208		$	151,926	$	16,525,626

Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—		$	(18,801	)	$	—	$	(18,801	)
Futures
Interest Rate Risk		(6,281	)		—			—		(6,281	)

Total	$	(6,281	)	$	(18,801	)	$	—	$	(25,082	)

*	See Schedule of Investments for corresponding industries.

See accompanying notes to financial statements.

TCW High Yield Bond Fund

Schedule of Investments (Unaudited)

Issues

Maturity
Date

Principal
Amount

Value

FIXED INCOME SECURITIES — 86.7% of Net Assets

BANK LOANS — 9.1%

Commercial Services — 2.8%

Agro Merchants NAI Holdings, LLC, 2017 1st Lien Term Loan B

6.05% (3 mo. USD LIBOR + 3.750%) ⁽¹⁾

12/06/24

49,878

50,440

Mister Car Wash, Inc., Term Loan B

5.70% (3 mo. USD LIBOR + 3.250%)⁽¹⁾

08/20/21

54,180

54,552

SBA Senior Finance II LLC 2018 Term Loan B

2.00% (3 mo. USD LIBOR + 2.000%)⁽¹⁾

04/11/25

90,000

90,357

Scientific Games International, Inc., 2018 Term Loan B5

4.70% (3 mo. USD LIBOR + 2.750%)⁽¹⁾

08/14/24

80,000

80,581

SS&C Technologies Holdings Europe S.A.R.L., 2018 Term Loan B4

2.50% (3 mo. USD LIBOR + 2.500%)⁽¹⁾

04/16/25

35,496

35,778

SS&C Technologies, Inc., 2018 Term Loan B3

2.50% (3 mo. USD LIBOR + 2.500%)⁽¹⁾

04/16/25

95,938

96,700

VICI Properties 1 LLC, Replacement Term Loan B

3.90% (3 mo. USD LIBOR + 2.000%)⁽¹⁾

12/20/24

38,182

38,367

WMG Acquisition Corp., 2017 Term Loan E

4.15% (3 mo. USD LIBOR + 2.250%)⁽¹⁾

11/01/23

30,000

30,177

476,952

Electric — 0.6%

Dynegy, Inc., 2017 Term Loan C2

4.40% (3 mo. USD LIBOR + 2.750%)⁽¹⁾

02/07/24

25,000

25,192

TEX Operations Co. LLC, Exit Term Loan B

4.40% (3 mo. USD LIBOR + 2.750%)⁽¹⁾

08/04/23

60,308

60,798

TEX Operations Co. LLC, Exit Term Loan C

4.40% (3 mo. USD LIBOR + 2.750%)⁽¹⁾

08/04/23

10,714

10,801

96,791

Entertainment — 0.6%

Churchill Downs, Inc., 2017 Term Loan B

3.91% (3 mo. USD LIBOR + 2.000%)⁽¹⁾

12/27/24

94,763

95,295

Healthcare-Services — 0.1%

BCPE Eagle Buyer LLC, 2017 1st Lien Term Loan

6.15% (3 mo. USD LIBOR + 4..250%)⁽¹⁾

03/18/24

12,870

12,697

BCPE Eagle Buyer LLC, 2017 2nd Lien Term Loan

9.93% (3 mo. USD LIBOR + 8.000%)⁽¹⁾

03/17/25

13,000

12,946

25,643

Issues

Maturity
Date

Principal
Amount

Value

Lodging — 0.3%

CityCenter Holdings, LLC, 2017 Term Loan B

4.40% (3 mo. USD LIBOR + 2.50%)⁽¹⁾

04/18/24

54,338

54,674

Pharmaceuticals — 0.9%

Alphabet Holding Co., Inc., 2017 1st Lien Term Loan

5.40% (3 mo. USD LIBOR + 3.50%)⁽¹⁾

09/26/24

77,610

67,456

Catalent Pharma Solutions, Inc., Term Loan B

4.15% (3 mo. USD LIBOR + 2.250%)⁽¹⁾

05/20/24

39,880

40,107

PharMerica Corp., 1st Lien Term Loan

9.65% (3 mo. USD LIBOR + 3.500%)⁽¹⁾

12/06/24

26,000

26,163

PharMerica Corp., 2nd Lien Term Loan

9.65% (3 mo. USD LIBOR + 8.750%)⁽¹⁾

12/07/25

26,000

26,130

159,856

Retail — 1.1%

1011778 B.C. Unlimited Liability Co., Term Loan B3

4.15% (3 mo. USD LIBOR + 2.250%)⁽¹⁾

02/16/24

148,497

149,098

Petco Animal Supplies, Inc., 2017 Term Loan B

5.61% (3 mo. USD LIBOR + 3.000%)⁽¹⁾

01/26/23

49,746

34,290

183,388

Software — 1.8%

First Data Corp., 2022 Term Loan

4.15% (3 mo. USD LIBOR + 2.250%)⁽¹⁾

07/08/22

65,000

65,305

First Data Corp., 2024 Term Loan

4.15% (3 mo. USD LIBOR + 2.250%)⁽¹⁾

04/26/24

212,274

213,259

TierPoint LLC, 2017 1st Lien Term Loan

5.65% (3 mo. USD LIBOR + 3.750%)⁽¹⁾

05/06/24

35,475

34,400

312,964

Telecommunications — 0.9%

Colorado Buyer, Inc., Term Loan B

4.78% (3 mo. USD LIBOR + 3.000%)⁽¹⁾

05/01/24

24,813

24,797

Intelsat Jackson Holdings S.A., 2017 Term Loan B5

6.63% (3 mo. USD LIBOR + 6.6250%)⁽¹⁾

01/02/24

130,000

132,779

157,576

Total Bank Loans

(Cost: $1,482,414)

1,563,139

See accompanying notes to financial statements.

TCW High Yield Bond Fund

April 30, 2018


Issues	Maturity Date		Principal Amount		Value
CORPORATE BONDS — 77.6%
Advertising — 0.6%
Lamar Media Corp.
5.75%		02/01/26	$	100,000	$	104,000

Aerospace/Defense — 0.2%
KLX, Inc.
5.88% ⁽²⁾		12/01/22		28,000		29,296

Airlines — 3.4%
American Airlines, Inc. Pass-Through Trust (13-2-B) (EETC)
5.60% ⁽²⁾		01/15/22		251,116		257,344
Continental Airlines, Inc. Pass-Through Certificates (99-1-A) (EETC)
6.55%		08/02/20		62,793		63,421
Delta Air Lines, Inc. Pass-Through Certificates (02-1-G-1) (EETC)
6.72%		07/02/24		236,805		256,248

						577,013

Auto Parts & Equipment — 0.2%
Tenneco, Inc.
5.00%		07/15/26		34,000		31,875

Banks — 0.3%
CIT Group, Inc.
3.88%		02/19/19		50,000		50,295
Chemicals — 1.3%
Axalta Coating Systems LLC
4.88% ⁽²⁾		08/15/24		160,000		162,000
Kissner Holdings LP / Kissner Milling Co., Ltd. / BSC Holding, Inc. / Kissner USA (Canada)
8.38% ⁽²⁾		12/01/22		20,000		20,550
Valvoline, Inc.
4.38%		08/15/25		40,000		38,450

						221,000

Coal — 0.1%
SunCoke Energy Partners LP / SunCoke Energy Partners Finance Corp.
7.50% ⁽²⁾		06/15/25		22,000		22,770

Commercial Services — 2.9%
Brink’s Co. (The)
4.63% ⁽²⁾		10/15/27		58,000		53,505
Gartner, Inc.
5.13% ⁽²⁾		04/01/25		12,000		12,056
IHS Markit, Ltd.
4.00% ⁽²⁾		03/01/26		103,000		99,172
4.75% ⁽²⁾		02/15/25		15,000		15,114
Matthews International Corp.
5.25% ⁽²⁾		12/01/25		120,000		118,800
Midas Intermediate Holdco II LLC / Midas Intermediate Holdco II Finance, Inc.
7.88% ⁽²⁾		10/01/22		46,000		45,885


Issues	Maturity Date		Principal Amount		Value
Commercial Services (Continued)
Service Corp. International
4.50%		11/15/20	$	110,000	$	110,550
4.63%		12/15/27		50,000		49,015

						504,097

Computers — 0.8%
EMC Corp.
1.88%		06/01/18		130,000		130,130

Cosmetics/Personal Care — 0.3%
First Quality Finance Co., Inc.
4.63% ⁽²⁾		05/15/21		50,000		49,625

Diversified Financial Services — 1.5%
Ally Financial, Inc.
3.25%		11/05/18		250,000		250,625

Electric — 0.2%
NextEra Energy Operating Partners LP
4.25% ⁽²⁾		09/15/24		7,000		6,790
4.50% ⁽²⁾		09/15/27		30,000		28,200

						34,990

Electronics — 0.8%
Itron, Inc.
5.00% ⁽²⁾		01/15/26		145,000		142,825

Entertainment — 2.5%
Caesars Resort Collection LLC / CRC Finco, Inc.
5.25% ⁽²⁾		10/15/25		27,000		25,920
GLP Capital LP / GLP Financing II, Inc.
4.38%		11/01/18		260,000		261,300
Rivers Pittsburgh Borrower LP / Rivers Pittsburgh Finance Corp.
6.13% ⁽²⁾		08/15/21		93,000		89,977
WMG Acquisition Corp.
5.50% ⁽²⁾		04/15/26		52,000		52,325

						429,522

Environmental Control — 2.5%
Clean Harbors, Inc.
5.13%		06/01/21		229,000		231,290
Covanta Holding Corp.
5.88%		07/01/25		18,000		17,550
GFL Environmental, Inc.
5.38% ⁽²⁾		03/01/23		57,000		56,572
Waste Pro USA, Inc.
5.50% ⁽²⁾		02/15/26		130,000		128,986

						434,398

Food — 2.4%
B&G Foods, Inc.
4.63%		06/01/21		150,000		148,641

See accompanying notes to financial statements.

TCW High Yield Bond Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value
Food (Continued)
Kraft Heinz Foods Co.
4.88% ⁽²⁾		02/15/25	$	60,000	$	62,457
Pilgrim’s Pride Corp.
5.75% ⁽²⁾		03/15/25		7,000		6,860
5.88% ⁽²⁾		09/30/27		58,000		55,535
Pinnacle Foods Finance LLC / Pinnacle Foods Finance Corp.
5.88%		01/15/24		10,000		10,350
Post Holdings, Inc.
5.63% ⁽²⁾		01/15/28		125,000		119,844
TreeHouse Foods, Inc.
6.00% ⁽²⁾		02/15/24		6,000		5,992

						409,679

Healthcare-Products — 1.1%
Hill-Rom Holdings, Inc.
5.75% ⁽²⁾		09/01/23		70,000		72,716
Hologic, Inc.
4.63% ⁽²⁾		02/01/28		55,000		52,456
Teleflex, Inc.
4.63%		11/15/27		25,000		23,969
4.88%		06/01/26		7,000		6,928
5.25%		06/15/24		37,000		37,740

						193,809

Healthcare-Services — 9.0%
Acadia Healthcare Co., Inc.
6.50%		03/01/24		76,000		79,040
Centene Corp.
4.75%		05/15/22		40,000		40,600
4.75%		01/15/25		87,000		84,825
5.63%		02/15/21		35,000		36,006
CHS / Community Health Systems, Inc.
5.13%		08/01/21		12,000		11,085
6.25%		03/31/23		225,000		206,437
DaVita, Inc.
5.00%		05/01/25		20,000		19,004
5.75%		08/15/22		47,000		48,175
Encompass Health Corp.
5.75%		11/01/24		135,000		137,869
HCA, Inc.
3.75%		03/15/19		75,000		75,398
5.00%		03/15/24		15,000		15,206
6.50%		02/15/20		365,000		382,337
Molina Healthcare, Inc.
5.38%		11/15/22		17,000		17,043
Polaris Intermediate Corp.
8.50% ⁽²⁾		12/01/22		20,000		20,375
SP Finco LLC
6.75% ⁽²⁾		07/01/25		22,000		20,900


Issues	Maturity Date		Principal Amount		Value
Healthcare-Services (Continued)
Tenet Healthcare Corp.
4.50%		04/01/21	$	113,000	$	112,718
4.63% ⁽²⁾		07/15/24		104,000		100,760
4.75%		06/01/20		75,000		75,750
WellCare Health Plans, Inc.
5.25%		04/01/25		61,000		61,464

						1,544,992

Household Products/Wares — 0.7%
Central Garden & Pet Co.
5.13%		02/01/28		55,000		52,525
Spectrum Brands, Inc.
6.13%		12/15/24		20,000		20,400
6.63%		11/15/22		45,000		46,688

						119,613

Internet — 0.5%
Zayo Group LLC / Zayo Capital, Inc.
5.75% ⁽²⁾		01/15/27		92,000		91,575

Leisure Time — 0.3%
NCL Corp., Ltd.
4.75% ⁽²⁾		12/15/21		48,000		48,840

Lodging — 0.6%
Boyd Gaming Corp.
6.88%		05/15/23		32,000		33,720
Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp.
5.88% ⁽²⁾		05/15/25		38,000		36,527
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
5.25% ⁽²⁾		05/15/27		30,000		29,063

						99,310

Machinery-Diversified — 0.1%
Titan Acquisition, Ltd. / Titan Co-Borrower LLC
7.75% ⁽²⁾		04/15/26		20,000		19,950

Media — 12.4%
Altice US Finance I Corp. (Luxembourg)
5.50% ⁽²⁾		05/15/26		200,000		196,500
AMC Networks, Inc.
4.75%		08/01/25		45,000		42,975
Cable One, Inc.
5.75% ⁽²⁾		06/15/22		117,000		119,925
CCO Holdings LLC / CCO Holdings Capital Corp.
5.00% ⁽²⁾		02/01/28		101,000		93,425
5.13% ⁽²⁾		05/01/27		195,000		183,055
Cequel Communications Holdings I LLC / Cequel Capital Corp.
5.13% ⁽²⁾		12/15/21		25,000		24,839

See accompanying notes to financial statements.

TCW High Yield Bond Fund

April 30, 2018


Issues	Maturity Date		Principal Amount		Value
Media (Continued)
CSC Holdings LLC
5.38% ⁽²⁾		02/01/28	$	200,000	$	187,500
7.63%		07/15/18		235,000		237,203
DISH DBS Corp.
7.88%		09/01/19		192,000		199,200
EW Scripps Co. (The)
5.13% ⁽²⁾		05/15/25		38,000		35,483
Midcontinent Communications & Finance Co.
6.88% ⁽²⁾		08/15/23		55,000		57,819
Radiate Holdco LLC / Radiate Finance, Inc.
6.88% ⁽²⁾		02/15/23		18,000		17,505
Sinclair Television Group, Inc.
6.13%		10/01/22		195,000		201,094
Sirius XM Radio, Inc.
3.88% ⁽²⁾		08/01/22		219,000		212,988
TEGNA, Inc.
5.13%		10/15/19		91,000		91,796
Univision Communications, Inc.
5.13% ⁽²⁾		02/15/25		39,000		36,172
Virgin Media Secured Finance PLC (United Kingdom)
5.50% ⁽²⁾		08/15/26		200,000		193,250

						2,130,729

Oil & Gas — 4.1%
Antero Resources Corp.
5.00%		03/01/25		22,000		22,110
Centennial Resource Production LLC
5.38% ⁽²⁾		01/15/26		88,000		87,560
CrownRock LP / CrownRock Finance, Inc.
5.63% ⁽²⁾		10/15/25		47,000		46,589
Diamondback Energy, Inc.
4.75%		11/01/24		5,000		4,999
5.38%		05/31/25		20,000		20,350
Endeavor Energy Resources LP / EER Finance, Inc.
5.75% ⁽²⁾		01/30/28		38,000		38,332
Ensco PLC (United Kingdom)
7.75%		02/01/26		77,000		72,861
Gulfport Energy Corp.
6.38%		05/15/25		8,000		7,708
Newfield Exploration Co.
5.63%		07/01/24		5,000		5,312
5.75%		01/30/22		78,000		82,290
Parsley Energy LLC / Parsley Finance Corp.
5.25% ⁽²⁾		08/15/25		78,000		78,195
Range Resources Corp.
4.88%		05/15/25		59,000		54,907
Seven Generations Energy, Ltd. (Canada)
5.38% ⁽²⁾		09/30/25		37,000		36,029


Issues	Maturity Date		Principal Amount		Value
Oil & Gas (Continued)
Sunoco LP / Sunoco Finance Corp.
4.88% ⁽²⁾		01/15/23	$	140,000	$	137,529
WPX Energy, Inc.
5.25%		09/15/24		11,000		11,110
6.00%		01/15/22		3,000		3,139

						709,020

Oil & Gas Services — 1.3%
Transocean Proteus, Ltd.
6.25% ⁽²⁾		12/01/24		130,500		134,578
USA Compression Partners LP / USA Compression Finance Corp.
6.88% ⁽²⁾		04/01/26		91,000		93,161

						227,739

Packaging & Containers — 5.7%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. (Ireland)
4.63% ⁽²⁾		05/15/23		225,000		225,563
Ball Corp.
4.00%		11/15/23		15,000		14,756
4.38%		12/15/20		55,000		56,306
4.88%		03/15/26		55,000		55,000
Berry Global, Inc.
4.50% ⁽²⁾		02/15/26		50,000		47,875
Berry Plastics Corp.
5.13%		07/15/23		40,000		40,450
Crown Americas LLC / Crown Americas Capital Corp. V
4.25%		09/30/26		63,000		58,511
Graphic Packaging International, Inc.
4.88%		11/15/22		60,000		61,200
Multi-Color Corp.
4.88% ⁽²⁾		11/01/25		120,000		112,200
OI European Group BV (Netherlands)
4.00% ⁽²⁾		03/15/23		128,000		121,920
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer (Luxembourg)
5.85% (3 mo. USD LIBOR + 3.500%) ⁽¹⁾⁽²⁾		07/15/21		170,000		172,763
Sealed Air Corp.
5.25% ⁽²⁾		04/01/23		17,000		17,510

						984,054

Pharmaceuticals — 1.8%
Valeant Pharmaceuticals International, Inc. (Canada)
5.50% ⁽²⁾		11/01/25		3,000		2,996
5.88% ⁽²⁾		05/15/23		162,000		149,445
6.13% ⁽²⁾		04/15/25		117,000		105,885
6.50% ⁽²⁾		03/15/22		45,000		46,857

						305,183

See accompanying notes to financial statements.

TCW High Yield Bond Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value
Pipelines — 5.6%
Cheniere Corpus Christi Holdings LLC
5.13% ⁽²⁾		06/30/27	$	35,000	$	34,256
Cheniere Energy Partners LP
5.25% ⁽²⁾		10/01/25		18,000		17,640
Energy Transfer Equity LP
5.50%		06/01/27		115,000		115,287
5.88%		01/15/24		17,000		17,426
Kinder Morgan Energy Partners LP
2.65%		02/01/19		135,000		134,648
NGPL PipeCo LLC
4.38% ⁽²⁾		08/15/22		145,000		144,819
Rockies Express Pipeline LLC
5.63% ⁽²⁾		04/15/20		155,000		161,248
6.00% ⁽²⁾		01/15/19		85,000		86,806
6.88% ⁽²⁾		04/15/40		10,000		11,600
Targa Resources Partners LP / Targa Resources Partners Finance Corp.
5.88% ⁽²⁾		04/15/26		101,000		100,248
TransMontaigne Partners LP / TLP Finance Corp.
6.13%		02/15/26		100,000		100,000
Williams Cos., Inc. (The)
3.70%		01/15/23		45,000		43,749

						967,727

REIT — 0.4%
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc.
4.50%		01/15/28		48,000		44,400
5.63%		05/01/24		21,000		21,525

						65,925

Retail — 2.0%
1011778 BC ULC / New Red Finance, Inc. (Canada)
4.25% ⁽²⁾		05/15/24		57,000		54,364
Cumberland Farms, Inc.
6.75% ⁽²⁾		05/01/25		57,000		59,351
IRB Holding Corp.
6.75% ⁽²⁾		02/15/26		20,000		19,350
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC
4.75% ⁽²⁾		06/01/27		8,000		7,660
5.00% ⁽²⁾		06/01/24		3,000		3,008
Nathan’s Famous, Inc.
6.63% ⁽²⁾		11/01/25		19,000		19,166
Penske Automotive Group, Inc.
3.75%		08/15/20		105,000		104,643
Rite Aid Corp.
6.13% ⁽²⁾		04/01/23		80,000		81,400
						348,942


Issues	Maturity Date		Principal Amount		Value
Software — 1.4%
CDK Global, Inc.
3.80%		10/15/19	$	188,000	$	189,194
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc.
5.75% ⁽²⁾		03/01/25		38,000		37,335
MSCI, Inc.
4.75% ⁽²⁾		08/01/26		4,000		3,975

						230,504

Telecommunications — 10.6%
Frontier Communications Corp.
7.13%		01/15/23		148,000		105,913
8.50% ⁽²⁾		04/01/26		27,000		26,325
GTT Communications, Inc.
7.88% ⁽²⁾		12/31/24		4,000		4,105
Intelsat Jackson Holdings S.A. (Luxembourg)
5.50%		08/01/23		198,000		166,815
9.75% ⁽²⁾		07/15/25		45,000		44,269
Level 3 Financing, Inc.
5.38%		01/15/24		138,000		136,965
6.13%		01/15/21		45,000		45,788
Qwest Corp.
6.75%		12/01/21		105,000		113,405
SoftBank Group Corp. (Japan)
4.50% ⁽²⁾		04/15/20		200,000		206,280
Sprint Capital Corp.
8.75%		03/15/32		178,000		204,366
Sprint Communications, Inc.
9.00% ⁽²⁾		11/15/18		130,000		133,900
Sprint Corp.
7.63%		03/01/26		115,000		121,612
Sprint Nextel Corp.
9.25%		04/15/22		55,000		63,525
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC
4.74% ⁽²⁾		03/20/25		200,000		202,500
T-Mobile USA, Inc.
4.00%		04/15/22		50,000		50,250
4.75%		02/01/28		141,000		136,072
6.50%		01/15/24		40,000		42,000
Windstream Services LLC
6.38%		08/01/23		15,000		8,850

						1,812,940

Total Corporate Bonds
(Cost: $13,443,683)						13,322,992

Total Fixed Income Securities
(Cost: $14,926,097)						14,886,131

See accompanying notes to financial statements.

TCW High Yield Bond Fund

April 30, 2018

Issues

Shares

Value

COMMON STOCK — 0.5%

Electric — 0.5%

Homer City Holdings LLC — Series A ⁽³⁾⁽⁴⁾

5,610

86,955

Total Common Stock

(Cost: $327,224)

86,955

MONEY MARKET INVESTMENTS — 2.6%

State Street Institutional U.S. Government Money Market
Fund — Premier Class, 1.63% ⁽⁵⁾

441,697

Total Money Market Investments

(Cost: $441,697)

441,697


Issues	Maturity Date		Principal Amount		Value
SHORT TERM INVESTMENTS — 9.4%
U.S. Treasury Securities — 9.4%
U.S. Treasury Bill
1.74%⁽⁶⁾		07/12/18	$	442,000	$	440,467
1.75% ⁽⁶⁾		07/05/18		396,000		394,754
1.96% ⁽⁶⁾		10/04/18		787,000		780,416

Total U.S. Treasury Securities
(Cost: $1,615,726)						1,615,637

Total Short Term Investments
(Cost: $1,615,726)						1,615,637

Total Investments (99.2%)
(Cost: $17,310,744)						17,030,420
Excess of Other Assets over Liabilities (0.8%)						134,626

Net Assets (100.0%)					$	17,165,046


Credit Default Swaps — Buy Protection

Notional Amount ⁽⁷⁾	Implied Credit Spread ⁽⁸⁾			Expiration Date		Counterparty	Reference Entity	Fixed Deal Pay Rate			Payment Frequency		Unrealized Appreciation (Depreciation)			Premium Paid (Received)		Value ⁽⁹⁾
OTC Swaps
$ 250,000		0.29	%		3/20/19	Goldman Sachs International	Arconic, Inc.		1.0	%		Quarterly	$	(3,320	)	$	1,485	$	(1,835	)

Notes to Schedule of Investments:

EETC -

Enhanced Equipment Trust Certificate.

OTC -

Over the Counter.

REIT -

Real Estate Investment Trust.

(1)

Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2018.

(2)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2018, the value of these securities amounted to $6,634,615 or 38.7% 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 Fund’s Board of Directors.

(3)

For fair value measurement disclosure purposes, security is categorized as Level 3.

(4)

Non-income producing security.

(5)

Rate disclosed is the 7-day net yield as of April 30, 2018.

(6)

Rate shown represents yield-to-maturity.

(7)

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.

(8)

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.

(9)

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

See accompanying notes to financial statements.

TCW High Yield Bond Fund

Investments by Industry (Unaudited)

April 30, 2018


Industry	Percentage of Net Assets
Advertising		0.6	%
Aerospace/Defense		0.2
Airlines		3.4
Auto Parts & Equipment		0.2
Banks		0.3
Chemicals		1.3
Coal		0.1
Commercial Services		5.7
Computers		0.8
Cosmetics/Personal Care		0.3
Diversified Financial Services		1.5
Electric		1.3
Electronics		0.8
Entertainment		3.1
Environmental Control		2.5
Food		2.4
Healthcare-Products		1.1
Healthcare-Services		9.1
Household Products/Wares		0.7
Internet		0.5
Leisure Time		0.3
Lodging		0.9
Machinery-Diversified		0.1
Media		12.4
Oil & Gas		4.1
Oil & Gas Services		1.3
Packaging & Containers		5.7
Pharmaceuticals		2.7
Pipelines		5.6
REIT		0.4
Retail		3.1
Short Term Investments		9.4
Software		3.2
Telecommunications		11.5
Money Market Investments		2.6

Total		99.2	%

See accompanying notes to financial statements.

TCW High Yield Bond Fund

Fair Valuation Summary (Unaudited)

April 30, 2018

The following is a summary of the fair valuations according to the inputs used as of April 30, 2018 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Bank Loans*	$	—	$	1,563,139		$	—	$	1,563,139
Corporate Bonds*		—		13,322,992			—		13,322,992

Total Fixed Income Securities		—		14,886,131			—		14,886,131

Equity Securities
Common Stock*		—		—			86,955		86,955
Money Market Investments		441,697		—			—		441,697
Short-Term Investments		1,615,637		—			—		1,615,637

Total Investments	$	2,057,334	$	14,886,131		$	86,955	$	17,030,420

Liability Derivatives
Swap Agreements
Credit Risk	$	—	$	(1,835	)	$	—	$	(1,835	)

Total	$	—	$	(1,835	)	$	—	$	(1,835	)

*	See Schedule of Investments for corresponding industries.

See accompanying notes to financial statements.

TCW Short Term Bond Fund

Schedule of Investments (Unaudited)


Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES — 69.8% of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY — 3.8%
Fannie Mae, Pool #AM7028
1.91% (1 mo. USD LIBOR + 0.240%)⁽¹⁾		10/01/19	$	65,000	$	64,996
Fannie Mae (13-M13-FA)
2.25% (1 mo. USD LIBOR + 0.350%)⁽¹⁾		05/25/18		1,102		1,102
Fannie Mae (15-M10-FA)
2.07% (1 mo. USD LIBOR + 0.250%)⁽¹⁾		03/25/19		4,290		4,286
Fannie Mae (15-M12-FA)
2.16% (1 mo. USD LIBOR + 0.340%)⁽¹⁾		04/25/20		23,045		23,033
Freddie Mac Multifamily Structured Pass-Through Certificates (J15F-A1)
2.36%		07/25/20		38,235		38,025
Freddie Mac Multifamily Structured Pass-Through Certificates (KF14-A)
2.53% (1 mo. USD LIBOR + 0.650%) ⁽¹⁾		01/25/23		22,769		22,870
Freddie Mac Multifamily Structured Pass-Through Certificates (KIR1-A1)
2.45%		03/25/26		46,049		44,787
Freddie Mac Multifamily Structured Pass-Through Certificates (KJ02-A2)
2.60%		09/25/20		34,989		34,765
Freddie Mac Multifamily Structured Pass-Through Certificates (KP02-A2)
2.36% ⁽²⁾		04/25/21		53,237		52,941

Total Commercial Mortgage-backed Securities — Agency
(Cost: $291,269)						286,805

COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 0.3%
Bear Stearns Commercial Mortgage Securities Trust (99-CLF1-A4)
7.00% ⁽²⁾		05/20/30		442		442
JPMorgan Chase Commercial Mortgage Securities Trust (06-LDP9-A3S)
5.24% ⁽³⁾		05/15/47		16,181		16,129
OBP Depositor LLC Trust (10-OBP-A)
4.65% ⁽³⁾		07/15/45		10,000		10,284

Total Commercial Mortgage-backed Securities — Non-agency
(Cost: $27,832)						26,855

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY — 20.3%
Fannie Mae (03-11-FA)
2.90% (1 mo. USD LIBOR + 1.000%)⁽¹⁾		09/25/32		19,473		19,940


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Fannie Mae (03-52-NF)
2.30% (1 mo. USD LIBOR + 0.400%)⁽¹⁾		06/25/23	$	8,869	$	8,871
Fannie Mae (03-64-KS) (I/F)
7.22% (-1.29 X 1 mo. USD LIBOR + 9.643%)⁽¹⁾		07/25/18		220		220
Fannie Mae (03-84-GE) (PAC)
4.50%		09/25/18		1,940		1,941
Fannie Mae (03-97-CA) (PAC)
5.00%		10/25/18		2,770		2,771
Fannie Mae (04-94-HY)
5.00%		12/25/19		1,953		1,953
Fannie Mae (05-114-PF) (PAC)
2.27% (1 mo. USD LIBOR + 0.375%)⁽¹⁾		08/25/35		38,768		38,821
Fannie Mae (06-56-FD) (TAC)
2.15% (1 mo. USD LIBOR + 0.250%)⁽¹⁾		07/25/36		14,731		14,730
Fannie Mae (06-60-DF)
2.33% (1 mo. USD LIBOR + 0.430%)⁽¹⁾		04/25/35		34,257		34,409
Fannie Mae (06-84-WF) (PAC)
2.20% (1 mo. USD LIBOR + 0.300%)⁽¹⁾		02/25/36		12,204		12,209
Fannie Mae (07-64-FA)
2.37% (1 mo. USD LIBOR + 0.470%)⁽¹⁾		07/25/37		38,126		38,463
Fannie Mae (07-67-FA)
2.15% (1 mo. USD LIBOR + 0.250%)⁽¹⁾		04/25/37		38,426		38,444
Fannie Mae (08-15-JN)
4.50%		02/25/23		32,862		33,120
Fannie Mae (08-24-PF) (PAC)
2.55% (1 mo. USD LIBOR + 0.650%)⁽¹⁾		02/25/38		29,443		29,736
Fannie Mae (08-47-PF) (PAC)
2.40% (1 mo. USD LIBOR + 0.500%)⁽¹⁾		06/25/38		2,832		2,835
Fannie Mae (09-33-FB)
2.72% (1 mo. USD LIBOR + 0.820%)⁽¹⁾		03/25/37		29,349		30,022
Fannie Mae (10-83-AK)
3.00%		11/25/18		11,734		11,726
Fannie Mae (11-124-DF)
2.35% (1 mo. USD LIBOR + 0.450%) ⁽¹⁾		08/25/40		18,948		19,038
Fannie Mae (11-75-HP) (PAC)
2.50%		07/25/40		44,304		43,881
Fannie Mae, Pool #254548
5.50%		12/01/32		15,487		16,921

See accompanying notes to financial statements.

TCW Short Term Bond Fund

April 30, 2018


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Fannie Mae, Pool #600187
7.00%		07/01/31	$	34,052	$	37,378
Fannie Mae, Pool #995364
6.00%		10/01/38		18,706		20,905
Fannie Mae, Pool #AL0851
6.00%		10/01/40		9,235		10,226
Freddie Mac (2550-FI) (TAC)
2.25% (1 mo. USD LIBOR + 0.350%)⁽¹⁾		11/15/32		5,124		5,138
Freddie Mac (2763-FC)
2.25% (1 mo. USD LIBOR + 0.350%)⁽¹⁾		04/15/32		9,182		9,192
Freddie Mac (2764-OE) (PAC)
4.50%		03/15/19		12,018		12,049
Freddie Mac (2990-DE)
2.28% (1 mo. USD LIBOR + 0.380%)⁽¹⁾		11/15/34		37,396		37,520
Freddie Mac (3071-TF) (PAC)
2.20% (1 mo. USD LIBOR + 0.300%)⁽¹⁾		04/15/35		49,299		49,327
Freddie Mac (3139-FL) (PAC)
2.20% (1 mo. USD LIBOR + 0.300%)⁽¹⁾		01/15/36		38,995		39,017
Freddie Mac (3172-FK)
2.35% (1 mo. USD LIBOR + 0.450%)⁽¹⁾		08/15/33		22,548		22,576
Freddie Mac (3300-FA)
2.20% (1 mo. USD LIBOR + 0.300%)⁽¹⁾		08/15/35		47,805		47,826
Freddie Mac (3318-F)
2.15% (1 mo. USD LIBOR + 0.250%)⁽¹⁾		05/15/37		56,186		56,068
Freddie Mac (3335-FT)
2.05% (1 mo. USD LIBOR + 0.150%)⁽¹⁾		08/15/19		800		800
Freddie Mac (3645-EH)
3.00%		12/15/20		30,654		30,694
Freddie Mac (3747-HG) (PAC)
2.40%		07/15/37		20,523		20,497
Freddie Mac (3767-JF) (PAC)
2.20% (1 mo. USD LIBOR + 0.300%)⁽¹⁾		02/15/39		58,615		58,852
Freddie Mac (3804-FN) (PAC)
2.35% (1 mo. USD LIBOR + 0.450%)⁽¹⁾		03/15/39		29,584		29,580
Freddie Mac (3824-FA)
2.05% (1 mo. USD LIBOR + 0.150%)⁽¹⁾		03/15/26		2,973		2,974
Freddie Mac (3828-TF)
2.30% (1 mo. USD LIBOR + 0.400%) ⁽¹⁾		04/15/29		70,734		70,828

Issues

Maturity
Date

Principal
Amount

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES —
AGENCY (Continued)

Freddie Mac (3879-MF)

2.25% (1 mo. USD LIBOR + 0.350%)⁽¹⁾

09/15/38

35,409

35,524

Freddie Mac (3901-CD)

2.00%

10/15/18

11,548

11,535

Freddie Mac (3940-PF) (PAC)

2.25% (1 mo. USD LIBOR + 0.350%)⁽¹⁾

05/15/40

67,787

67,892

Freddie Mac (3946-FG) (PAC)

2.25% (1 mo. USD LIBOR + 0.350%)⁽¹⁾

10/15/39

32,262

32,330

Freddie Mac (4231-FD)

2.25% (1 mo. USD LIBOR + 0.350%)⁽¹⁾

10/15/32

76,660

76,659

Freddie Mac (263-F5)

2.40% (1 mo. USD LIBOR + 0.500%)⁽¹⁾

06/15/42

56,971

57,557

Ginnie Mae (04-5-PF)

2.45% (1 mo. USD LIBOR + 0.550%)⁽¹⁾

02/20/33

29,665

29,694

Ginnie Mae (12-13-KF)

2.20% (1 mo. USD LIBOR + 0.300%)⁽¹⁾

07/20/38

42,622

42,731

Ginnie Mae II, Pool #80022

3.13% (1 year Treasury Constant Maturity Rate + 1.500%)⁽¹⁾

12/20/26

16,643

17,073

Ginnie Mae II, Pool #80636

2.75% (1 year Treasury Constant Maturity Rate + 1.500%)⁽¹⁾

09/20/32

12,309

12,680

Ginnie Mae II, Pool #80757

2.75% (1 year Treasury Constant Maturity Rate + 1.500%)⁽¹⁾

10/20/33

9,335

9,287

Ginnie Mae II, Pool #80797

2.38% (1 year Treasury Constant Maturity Rate + 1.500%)⁽¹⁾

01/20/34

62,561

64,314

Ginnie Mae II, Pool #80937

2.63% (1 year Treasury Constant Maturity Rate + 1.500%)⁽¹⁾

06/20/34

26,513

27,427

NCUA Guaranteed Notes (10-R1-1A)

2.33% (1 mo. USD LIBOR + 0.450%)⁽¹⁾

10/07/20

71,349

71,601

Total Residential Mortgage-backed Securities — Agency

(Cost: $1,512,588)

1,517,802

RESIDENTIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY — 1.8%

Credit Suisse First Boston Mortgage Securities Corp. (02-AR31-6A1)

3.64% ⁽² ⁾

11/25/32

98,411

100,241

See accompanying notes to financial statements.

TCW Short Term Bond Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
First Franklin Mortgage Loan Asset-Backed Certificates (04-FF5-A3C)
2.90% (1 mo. USD LIBOR + 1.000%)⁽¹⁾		08/25/34	$	21,586	$	21,097
Homestar Mortgage Acceptance Corp. (04-5-A1)
2.80% (1 mo. USD LIBOR + 0.900%)⁽¹⁾		10/25/34		2,351		2,366
Morgan Stanley Mortgage Loan Trust (04-6AR-1A)
2.80% (1 mo. USD LIBOR + 0.900%)⁽¹⁾		07/25/34		11,199		11,104
Residential Accredit Loans, Inc. (02-QS16-A2)
2.45% (1 mo. USD LIBOR + 0.55%)⁽¹⁾⁽⁴⁾		10/25/17		449		451

Total Residential Mortgage-backed Securities — Non-agency
(Cost: $130,854)						135,259

CORPORATE BONDS — 34.9%
Aerospace/Defense — 1.5%
BAE Systems Holdings, Inc.
6.38% ⁽³⁾		06/01/19		20,000		20,734
L3 Technologies, Inc.
5.20%		10/15/19		15,000		15,419
Lockheed Martin Corp.
1.85%		11/23/18		25,000		24,923
United Technologies Corp.
1.78% ⁽²⁾		05/04/18		50,000		49,998

						111,074

Agriculture — 0.7%
Altria Group, Inc.
9.70%		11/10/18		20,000		20,720
BAT International Finance PLC (United Kingdom)
1.85% ⁽³⁾		06/15/18		30,000		29,974

						50,694

Airlines — 0.5%
Continental Airlines, Inc. Pass-Through Certificates (99-1-A) (EETC)
6.55%		08/02/20		33,854		34,192

Auto Manufacturers — 0.6%
Ford Motor Credit Co. LLC
2.60%		11/04/19		25,000		24,807
General Motors Co.
3.50%		10/02/18		20,000		20,075

						44,882


Issues	Maturity Date		Principal Amount		Value
Banks — 12.1%
Bank of America Corp.
2.37% (3 mo. USD LIBOR + 0.660%)⁽¹⁾		07/21/21	$	30,000	$	29,439
2.74% ⁽²⁾		01/23/22		25,000		24,598
5.65%		05/01/18		80,000		80,000
7.63%		06/01/19		15,000		15,754
Bank of New York Mellon Corp. (The)
2.20%		05/15/19		25,000		24,905
Capital One N.A.
2.35%		08/17/18		25,000		24,993
Citigroup, Inc.
2.05%		12/07/18		25,000		24,921
2.45%		01/10/20		25,000		24,789
2.50%		07/29/19		25,000		24,902
6.13%		05/15/18		45,000		45,062
Goldman Sachs Group, Inc. (The)
2.55%		10/23/19		40,000		39,799
2.94% (3 mo. USD LIBOR + 1.100%) ⁽¹⁾		11/15/18		25,000		25,129
7.50%		02/15/19		50,000		51,890
HBOS PLC (United Kingdom)
6.75% ⁽³⁾		05/21/18		35,000		35,074
JPMorgan Chase & Co.
2.69% (3 mo. USD LIBOR + 0.680%) ⁽¹⁾		06/01/21		75,000		75,399
Macquarie Bank, Ltd. (Australia)
2.35% ⁽³⁾		01/15/19		15,000		14,958
Morgan Stanley
2.29% (3 mo. USD LIBOR + 0.55%)⁽¹⁾		02/10/21		30,000		30,109
2.63% (3 mo. USD LIBOR + 0.800%)⁽¹⁾		02/14/20		30,000		30,110
7.30%		05/13/19		60,000		62,729
PNC Bank NA
1.80%		11/05/18		50,000		49,879
Santander UK PLC (United Kingdom)
2.50%		03/14/19		30,000		29,941
Wells Fargo & Co.
2.15%		01/30/20		40,000		39,483
Wells Fargo Bank N.A.
2.40%		01/15/20		100,000		99,133

						902,996

Beverages — 1.3%
Anheuser-Busch InBev Worldwide, Inc.
6.88%		11/15/19		25,000		26,537
Beam Suntory, Inc.
1.75%		06/15/18		30,000		29,958
Constellation Brands, Inc.
2.00%		11/07/19		25,000		24,626

See accompanying notes to financial statements.

TCW Short Term Bond Fund

April 30, 2018


Issues	Maturity Date		Principal Amount		Value
Beverages (Continued)
Molson Coors Brewing Co.
2.25%		03/15/20	$	15,000	$	14,746

						95,867

Chemicals — 0.5%
Dow Chemical Co. (The)
8.55%		05/15/19		20,000		21,157
Monsanto Co.
2.13%		07/15/19		20,000		19,826

						40,983

Computers — 0.7%
Apple, Inc.
1.70%		02/22/19		30,000		29,841
Dell International LLC / EMC Corp.
3.48% ⁽³⁾		06/01/19		20,000		20,050

						49,891

Diversified Financial Services — 1.0%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
3.75%		05/15/19		25,000		25,190
Air Lease Corp.
2.63%		09/04/18		25,000		24,988
American Express Credit Corp.
2.25%		08/15/19		25,000		24,866

						75,044

Electric — 1.8%
Entergy Gulf States Louisiana LLC
6.00%		05/01/18		20,000		20,000
Jersey Central Power & Light Co.
7.35%		02/01/19		40,000		41,263
Oncor Electric Delivery Co. LLC
6.80%		09/01/18		50,000		50,643
Vectren Utility Holdings, Inc.
5.75%		08/01/18		25,000		25,190

						137,096

Entertainment — 0.1%
GLP Capital LP / GLP Financing II, Inc.
4.38%		11/01/18		4,000		4,020

Environmental Control — 0.5%
Republic Services, Inc.
3.80%		05/15/18		40,000		40,020

Food — 1.8%
Campbell Soup Co.
2.65% ⁽²⁾		03/16/20		15,000		15,040
Conagra Brands, Inc.
2.83% ⁽²⁾		10/09/20		25,000		25,039


Issues	Maturity Date		Principal Amount		Value
Food (Continued)
Danone SA
1.69% ⁽³⁾		10/30/19	$	20,000	$	19,610
Kraft Heinz Foods Co.
6.13%		08/23/18		35,000		35,385
Mondelez International Holdings Netherlands BV
1.63% ⁽³⁾		10/28/19		25,000		24,515
Tyson Foods, Inc.
2.34% (3 mo. USD LIBOR + 0.45%)⁽¹⁾		08/21/20		15,000		15,008

						134,597

Forest Products & Paper — 0.3%
Georgia-Pacific LLC
2.54% ⁽³⁾		11/15/19		20,000		19,859

Gas — 0.3%
ONE Gas, Inc.
2.07%		02/01/19		25,000		24,911

Healthcare-Products — 0.8%
Abbott Laboratories
2.35%		11/22/19		13,000		12,863
Becton Dickinson and Co.
2.94% ⁽²⁾		12/29/20		20,000		20,053
Boston Scientific Corp.
6.00%		01/15/20		15,000		15,682
Zimmer Biomet Holdings, Inc.
2.93% ⁽²⁾		03/19/21		15,000		15,027

						63,625

Healthcare-Services — 1.1%
Anthem, Inc.
2.25%		08/15/19		25,000		24,759
Fresenius Medical Care US Finance II, Inc.
5.63% ⁽³⁾		07/31/19		25,000		25,725
Humana, Inc.
2.50%		12/15/20		15,000		14,761
Universal Health Services, Inc.
3.75% ⁽³⁾		08/01/19		20,000		20,063

						85,308

Housewares — 0.3%
Newell Brands, Inc.
2.60%		03/29/19		20,000		19,930

Insurance — 0.7%
Allstate Corp. (The)
2.73% ⁽²⁾		03/29/21		25,000		25,095
Pricoa Global Funding I
1.45% ⁽³⁾		09/13/19		25,000		24,493

						49,588

See accompanying notes to financial statements.

TCW Short Term Bond Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value
Miscellaneous Manufacturers — 0.3%
General Electric Co.
2.20%		01/09/20	$	20,000	$	19,749

Oil & Gas — 0.3%
Phillips 66
3.00% (3 mo. USD LIBOR + 0.650%)⁽¹⁾⁽³⁾		04/15/19		25,000		25,010

Packaging & Containers — 0.7%
Bemis Co., Inc.
6.80%		08/01/19		20,000		20,923
WestRock RKT Co.
4.45%		03/01/19		30,000		30,390

						51,313

Pharmaceuticals — 0.9%
Bayer US Finance LLC
2.38% ⁽³⁾		10/08/19		15,000		14,848
CVS Health Corp.
2.25%		12/05/18		55,000		54,884

						69,732

Pipelines — 0.1%
Rockies Express Pipeline LLC
6.85% ⁽³⁾		07/15/18		8,000		8,060

REIT — 4.5%
Alexandria Real Estate Equities, Inc.
2.75%		01/15/20		25,000		24,831
American Campus Communities Operating Partnership LP
3.35%		10/01/20		20,000		19,962
American Tower Corp.
3.40%		02/15/19		25,000		25,114
Boston Properties LP
5.88%		10/15/19		40,000		41,483
Digital Realty Trust LP
5.88%		02/01/20		15,000		15,593
HCP, Inc.
3.75%		02/01/19		45,000		45,238
Kimco Realty Corp.
6.88%		10/01/19		15,000		15,772
SL Green Realty Corp.
5.00%		08/15/18		50,000		50,130
Ventas Realty LP / Ventas Capital Corp.
2.70%		04/01/20		25,000		24,741
VEREIT Operating Partnership LP
3.00%		02/06/19		20,000		19,972
WEA Finance LLC / Westfield UK & Europe Finance PLC
2.70% ⁽³⁾		09/17/19		25,000		24,824


Issues	Maturity Date		Principal Amount		Value
REIT (Continued)
Welltower, Inc.
4.13%		04/01/19	$	30,000	$	30,249

						337,909

Retail — 0.8%
Alimentation Couche-Tard, Inc. (Canada)
2.35% ⁽³⁾		12/13/19		20,000		19,740
Dollar Tree, Inc.
3.06% ⁽²⁾		04/17/20		25,000		25,075
Walgreens Boots Alliance, Inc.
2.70%		11/18/19		15,000		14,948

						59,763

Semiconductors — 0.7%
Analog Devices, Inc.
2.85%		03/12/20		10,000		9,969
Broadcom Corp. / Broadcom Cayman Finance, Ltd.
2.38%		01/15/20		15,000		14,798
QUALCOMM, Inc.
1.85%		05/20/19		25,000		24,942

						49,709

Total Corporate Bonds
(Cost: $2,659,332)						2,605,822

U.S. TREASURY SECURITIES — 8.7%
U.S. Treasury Note
2.25%		03/31/20		460,000		458,050
2.38%		04/30/20		190,000		189,598

Total U.S. Treasury Securities
(Cost: $591,744)						647,648

Total Fixed Income Securities
(Cost: $5,213,619)						5,220,191



			Shares
MONEY MARKET INVESTMENTS — 4.2%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 1.63% ⁽⁵⁾				312,704		312,704

Total Money Market Investments
(Cost: $312,704)						312,704

See accompanying notes to financial statements.

TCW Short Term Bond Fund

April 30, 2018


Issues	Maturity Date		Principal Amount		Value
SHORT TERM INVESTMENTS — 28.0%
U.S. Treasury Securities — 28.0%
U.S. Treasury Bill
1.74% ⁽⁶⁾		07/12/18	$	807,000	$	804,202
1.75% ⁽⁶⁾		07/05/18		440,000		438,615
1.76% ⁽⁶⁾		07/19/18		655,000		652,484
1.96% ⁽⁶⁾		10/04/18		199,000		197,332

Total U.S. Treasury Securities
(Cost: $2,093,125)						2,092,633

Total Short Term Investments
(Cost: $2,093,125)						2,092,633

Total Investments (102.0%)
(Cost: $7,619,448)						7,625,528
Liabilities in Excess of Other Assets (-2.0%)						(151,236	)

Net Assets (100.0%)					$	7,474,292

Notes to 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, 2018.

(2)

(3)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2018, the value of these securities amounted to $373,950 or 5.0% 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 Fund’s Board of Directors.

(4)

The maturity date of the issuer has been extended past the date disclosed. The new maturity date is not known as of April 30, 2018.

(5)

Rate disclosed is the 7-day net yield as of April 30, 2018.

(6)

Rate shown represents yield-to-maturity.

See accompanying notes to financial statements.

TCW Short Term Bond Fund

Investments by Industry (Unaudited)

April 30, 2018


Industry	Percentage of Net Assets
Aerospace/Defense		1.5	%
Agriculture		0.7
Airlines		0.5
Auto Manufacturers		0.6
Banks		12.1
Beverages		1.3
Chemicals		0.5
Commercial Mortgage-Backed Securities — Agency		3.8
Commercial Mortgage-Backed Securities — Non-Agency		0.3
Computers		0.7
Diversified Financial Services		1.0
Electric		1.8
Entertainment		0.1
Environmental Control		0.5
Food		1.8
Forest Products & Paper		0.3
Gas		0.3
Healthcare-Products		0.8
Healthcare-Services		1.1
Housewares		0.3
Insurance		0.7
Miscellaneous Manufacturers		0.3
Oil & Gas		0.3
Packaging & Containers		0.7
Pharmaceuticals		0.9
Pipelines		0.1
REIT		4.5
Residential Mortgage-Backed Securities — Agency		20.3
Residential Mortgage-Backed Securities — Non-Agency		1.8
Retail		0.8
Semiconductors		0.7
Short Term Investments		28.0
U.S. Treasury Securities		8.7
Money Market Investments		4.2

Total		102.0	%

See accompanying notes to financial statements.

TCW Short Term Bond Fund

Fair Valuation Summary (Unaudited)

April 30, 2018

The following is a summary of the fair valuations according to the inputs used as of April 30, 2018 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Commercial Mortgage-Backed Securities — Agency	$	—	$	286,805	$	—	$	286,805
Commercial Mortgage-Backed Securities — Non-Agency		—		26,855		—		26,855
Residential Mortgage-Backed Securities — Agency		—		1,517,802		—		1,517,802
Residential Mortgage-Backed Securities — Non-Agency		—		135,259		—		135,259
Corporate Bonds*		—		2,605,822		—		2,605,822
U.S. Treasury Securities		647,648		—		—		647,648

Total Fixed Income Securities		647,648		4,572,543		—		5,220,191

Money Market Investments		312,704		—		—		312,704
Short-Term Investments		2,092,633		—		—		2,092,633

Total Investments	$	3,052,985	$	4,572,543	$	—	$	7,625,528

*	See Schedule of Investments for corresponding industries.

See accompanying notes to financial statements.

TCW Total Return Bond Fund

Schedule of Investments (Unaudited)


Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES — 95.0% of Net Assets
ASSET-BACKED SECURITIES — 2.1%
321 Henderson Receivables I LLC (13-3A-A)
4.08% ⁽¹⁾		01/17/73	$	7,923,287	$	8,026,841
ACE Securities Corp. Home Equity Loan Trust (05-HE7-A2D)
2.56% (1 mo. USD LIBOR + 0.660%)⁽²⁾		11/25/35		727,891		730,966
Ameriquest Mortgage Securities Trust (06-R2-A1)
2.07% (1 mo. USD LIBOR + 0.175%)⁽²⁾		04/25/36		5,210,302		5,205,985
Brazos Higher Education Authority, Inc. (11-1-A3)
2.99% (3 mo. USD LIBOR + 1.050%)⁽²⁾		11/25/33		18,835,000		19,232,464
EFS Volunteer No 2 LLC (12-1-A2)
3.25% (1 mo. USD LIBOR + 1.350%)⁽¹⁾⁽²⁾		03/25/36		7,225,000		7,356,625
EFS Volunteer No 3 LLC (12-1-A3)
2.90% (1 mo. USD LIBOR + 1.000%)⁽¹⁾⁽²⁾		04/25/33		17,750,000		17,852,711
Global SC Finance SRL (14-1A-A2)
3.09% ⁽¹⁾		07/17/29		10,228,125		9,950,267
Higher Education Funding I (14-1-A)
2.99% (3 mo. USD LIBOR + 1.050%)⁽¹⁾⁽²⁾		05/25/34		18,182		18,325
Navient Student Loan Trust (14-2-A)
2.54% (1 mo. USD LIBOR + 0.640%)⁽²⁾		03/25/83		28,065,911		28,028,363
Navient Student Loan Trust (14-3-A)
2.52% (1 mo. USD LIBOR + 0.620%) ⁽²⁾		03/25/83		28,338,598		28,330,181
Navient Student Loan Trust (14-4-A)
2.52% (1 mo. USD LIBOR + 0.620%)⁽²⁾		03/25/83		15,903,319		15,858,142
SLM Student Loan Trust (08-8-B)
4.61% (3 mo. USD LIBOR + 2.250%) ⁽²⁾		10/25/75		5,706,000		6,050,309
Towd Point Mortgage Trust (17-4-A1)
2.75% ⁽¹⁾⁽³⁾		06/25/57		22,629,002		22,249,953

Total Asset-backed Securities
(Cost: $166,388,928)						168,891,132

COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY — 1.5%
Fannie Mae, Pool #AL3366
2.44%		02/01/23		39,289,944		38,010,953
Fannie Mae, Pool #AL2660
2.63%		10/01/22		15,195,583		14,824,545
Fannie Mae (12-M12-1A) (ACES)
2.94% ⁽³⁾		08/25/22		44,595,395		44,412,259


Issues	Maturity Date		Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Fannie Mae (12-M15-A) (ACES)
2.79% ⁽³⁾		10/25/22	$	25,195,366	$	24,918,320

Total Commercial Mortgage-backed Securities — Agency
(Cost: $128,746,140)						122,166,077

COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 0.4%
DBRR Trust (11-LC2-A4A)
4.54% ⁽¹⁾⁽³⁾		07/12/44		10,300,241		10,576,545
GRACE Mortgage Trust (14-GRCE-A)
3.37% ⁽¹⁾		06/10/28		15,750,000		15,837,589
GS Mortgage Securities Corp. (12-ALOH-A)
3.55% ⁽¹⁾		04/10/34		6,105,000		6,163,192

Total Commercial Mortgage-backed Securities — Non-agency
(Cost: $34,259,704)						32,577,326

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY — 49.8%
Fannie Mae (01-40-Z)
6.00%		08/25/31		232,640		254,296
Fannie Mae (03-117-TG) (PAC)
4.75%		08/25/33		487,532		504,654
Fannie Mae (04-52-SW) (I/O) (I/F)
5.20% (1 mo. USD LIBOR + 7.100%)⁽²⁾		07/25/34		722,187		100,466
Fannie Mae (04-65-LT)
4.50%		08/25/24		1,391,253		1,432,525
Fannie Mae (04-68-LC)
5.00%		09/25/29		1,755,178		1,842,884
Fannie Mae (05-117-LC) (PAC)
5.50%		11/25/35		5,171,849		5,412,677
Fannie Mae (05-74-CP) (I/F) (PAC)
17.79% (-3.67 X 1 mo. USD LIBOR + 24.750%)⁽²⁾		05/25/35		310,560		398,321
Fannie Mae (07-20-SI) (I/O) (I/F)
4.55% (-1.00 X 1 mo. USD LIBOR + 6.450%)⁽²⁾		03/25/37		1,729,536		216,163
Fannie Mae (07-21-SE) (I/O) (I/F)
4.54% (-1.00 X 1 mo. USD LIBOR + 6.440%)⁽²⁾		03/25/37		1,650,334		194,970
Fannie Mae (07-56-SG) (I/O) (I/F)
4.51% (-1.00 X 1 mo. USD LIBOR + 6.410%)⁽²⁾		06/25/37		1,790,906		147,007

See accompanying notes to financial statements.

TCW Total Return Bond Fund

April 30, 2018


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Fannie Mae (07-58-SV) (I/O) (I/F)
4.85% (-1.00 X 1 mo. USD LIBOR + 6.750%)⁽²⁾		06/25/37	$	6,456,780	$	746,688
Fannie Mae (07-65-S) (I/O) (I/F)
4.70% (-1.00 X 1 mo. USD LIBOR + 6.600%) ⁽²⁾		07/25/37		1,269,770		188,174
Fannie Mae (07-88-FY)
2.36% (1 mo. USD LIBOR + 0.460%)⁽²⁾		09/25/37		822,685		829,365
Fannie Mae (07-103-AI) (I/O) (I/F)
4.60% (1 mo. USD LIBOR + 6.500%)⁽²⁾		03/25/37		5,581,999		761,410
Fannie Mae (07-B2-ZA)
5.50%		06/25/37		15,789,563		17,029,984
Fannie Mae (08-1-AI) (I/O) (I/F)
4.35% (-1.00 X 1 mo. USD LIBOR + 6.250%)⁽²⁾		05/25/37		5,793,687		714,671
Fannie Mae (08-13-SB) (I/O) (I/F)
4.34% (-1.00 X 1 mo. USD LIBOR + 6.240%)⁽²⁾		03/25/38		5,238,735		744,790
Fannie Mae (08-23-SB) (I/O) (I/F)
4.95% (-1.00 X 1 mo. USD LIBOR + 6.850%)⁽²⁾		04/25/38		9,453,552		1,225,149
Fannie Mae (08-35-SD) (I/O) (I/F)
4.55% (-1.00 X 1 mo. USD LIBOR + 6.450%)⁽²⁾		05/25/38		705,645		64,208
Fannie Mae (08-66-SG) (I/O) (I/F)
4.17% (-1.00 X 1 mo. USD LIBOR + 6.070%)⁽²⁾		08/25/38		14,864,291		2,192,560
Fannie Mae (08-68-SA) (I/O) (I/F)
4.07% (-1.00 X 1 mo. USD LIBOR + 5.970%)⁽²⁾		08/25/38		4,559,273		418,733
Fannie Mae (09-3-SH) (I/O) (I/F)
3.55% (-1.00 X 1 mo. USD LIBOR + 5.450%)⁽²⁾		06/25/37		2,139,761		201,879
Fannie Mae (09-47-SV) (I/O) (I/F)
4.85% (-1.00 X 1 mo. USD LIBOR + 6.750%)⁽²⁾		07/25/39		1,299,903		140,248
Fannie Mae (09-51-SA) (I/O) (I/F)
4.85% (-1.00 X 1 mo. USD LIBOR + 6.750%)⁽²⁾		07/25/39		5,459,691		739,619


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Fannie Mae (09-6-SD) (I/O) (I/F)
3.65% (-1.00 X 1 mo. USD LIBOR + 5.550%)⁽²⁾		02/25/39	$	2,593,329	$	407,133
Fannie Mae (09-68-KB)
4.00%		09/25/24		5,841,747		5,927,337
Fannie Mae (09-71-LB)
4.00%		09/25/29		15,077,186		15,485,485
Fannie Mae (09-72-AC)
4.00%		09/25/29		19,470,755		19,898,572
Fannie Mae (09-72-JS) (I/O) (I/F)
5.35% (-1.00 X 1 mo. USD LIBOR + 7.250%)⁽²⁾		09/25/39		1,163,991		194,203
Fannie Mae (10-136-CX) (PAC)
4.00%		08/25/39		20,937,000		21,522,298
Fannie Mae (11-111-DB)
4.00%		11/25/41		50,000,000		51,216,690
Fannie Mae (11-123-ZP) (PAC)
4.50%		12/25/41		4,501,042		4,847,347
Fannie Mae (12-128-UY) (PAC)
2.50%		11/25/42		11,738,000		10,435,677
Fannie Mae (12-133-GC) (PAC)
2.50%		08/25/41		30,736,729		30,078,771
Fannie Mae (12-153-PC) (PAC)
2.00%		05/25/42		9,970,114		9,380,071
Fannie Mae (13-101-BO) (P/O)
0.00% ⁽⁴⁾		10/25/43		8,409,587		6,470,740
Fannie Mae (13-101-CO) (P/O)
0.00% ⁽⁴⁾		10/25/43		19,823,728		15,490,897
Fannie Mae (13-21-EC)
2.00%		12/25/38		15,463,750		14,990,971
Fannie Mae (13-95-PN) (PAC)
3.00%		01/25/43		21,400,000		20,720,164
Fannie Mae (93-202-SZ) (I/F) (PAC)
10.00% ⁽³⁾		11/25/23		62,016		68,235
Fannie Mae (95-21-C) (P/O)
0.00% ⁽⁴⁾		05/25/24		343,249		321,324
Fannie Mae (G92-29-J)
8.00%		07/25/22		23,832		25,406
Fannie Mae, Pool #254634
5.50%		02/01/23		107,039		115,888
Fannie Mae, Pool #257536
5.00%		01/01/29		1,655,100		1,759,377
Fannie Mae, Pool #310033
6.00%		07/01/47		533,441		566,957
Fannie Mae, Pool #555424
5.50%		05/01/33		3,900,971		4,258,306

See accompanying notes to financial statements.

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Fannie Mae, Pool #555811
4.00%		10/01/18	$	30,451	$	30,453
Fannie Mae, Pool #661856
3.37% (12 mo. USD LIBOR + 1.623%)⁽²⁾		10/01/32		37,505		37,299
Fannie Mae, Pool #671133
3.04% (6 mo. USD LIBOR + 1.413%)⁽²⁾		02/01/33		80,102		82,517
Fannie Mae, Pool #672272
3.45% (12 mo. USD LIBOR + 1.579%)⁽²⁾		12/01/32		39,831		41,377
Fannie Mae, Pool #687847
3.68% (12 mo. USD LIBOR + 1.590%)⁽²⁾		02/01/33		106,729		111,649
Fannie Mae, Pool #692104
3.29% (6 mo. USD LIBOR + 1.413%)⁽²⁾		02/01/33		512,904		528,747
Fannie Mae, Pool #699866
3.48% (12 mo. USD LIBOR + 1.588%)⁽²⁾		04/01/33		306,715		318,560
Fannie Mae, Pool #704454
3.45% (12 mo. USD LIBOR + 1.695%)⁽²⁾		05/01/33		114,190		117,642
Fannie Mae, Pool #725275
4.00%		03/01/19		18,355		18,373
Fannie Mae, Pool #728824
3.33% (12 mo. USD LIBOR + 1.586%)⁽²⁾		07/01/33		117,561		123,932
Fannie Mae, Pool #734384
5.50%		07/01/33		416,424		439,137
Fannie Mae, Pool #785677
5.00%		07/01/19		5,094		5,177
Fannie Mae, Pool #888593
7.00%		06/01/37		460,312		525,927
Fannie Mae, Pool #934103
5.00%		07/01/38		437,036		451,214
Fannie Mae, Pool #979563
5.00%		04/01/28		968,598		1,029,623
Fannie Mae, Pool #995040
5.00%		06/01/23		493,161		514,925
Fannie Mae, Pool #995425
6.00%		01/01/24		2,495,515		2,624,825
Fannie Mae, Pool #995573
6.00%		01/01/49		1,377,156		1,480,841
Fannie Mae, Pool #995953
6.00%		11/01/28		4,901,156		5,425,892
Fannie Mae, Pool #995954
6.00%		03/01/29		2,746,586		3,041,876
Fannie Mae, Pool #AA3303
5.50%		06/01/38		3,139,084		3,419,948


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Fannie Mae, Pool #AB6210
3.00%		09/01/42	$	36,012,729	$	35,113,847
Fannie Mae, Pool #AE0588
6.00%		08/01/37		8,247,483		9,207,652
Fannie Mae, Pool #AL0851
6.00%		10/01/40		5,822,845		6,447,666
Fannie Mae, Pool #AL1594
6.00%		07/01/40		4,347,600		4,788,670
Fannie Mae, Pool #AL9106
4.50%		02/01/46		34,785,880		36,401,521
Fannie Mae, Pool #AS8764
2.50%		02/01/32		24,955,954		24,304,607
Fannie Mae, Pool #AS9749
4.00%		06/01/47		21,485,210		21,908,012
Fannie Mae, Pool #AS9830
4.00%		06/01/47		26,309,382		26,827,117
Fannie Mae, Pool #AS9972
4.00%		07/01/47		22,814,135		23,263,088
Fannie Mae, Pool #MA1561
3.00%		09/01/33		47,891,783		47,193,891
Fannie Mae, Pool #MA1584
3.50%		09/01/33		33,104,009		33,495,824
Fannie Mae, Pool #MA2871
3.00%		01/01/32		15,740,347		15,629,110
Fannie Mae, Pool #MA2883
3.00%		01/01/27		16,596,867		16,609,247
Fannie Mae, Pool #MA2995
4.00%		05/01/47		31,245,341		31,849,559
Fannie Mae, Pool #MA3027
4.00%		06/01/47		67,003,632		68,300,105
Fannie Mae, Pool #MA3058
4.00%		07/01/47		116,354,124		118,606,027
Fannie Mae, Pool #MA3276
3.50%		02/01/48		80,800,065		80,269,144
Fannie Mae, Pool #MA3305
3.50%		03/01/48		35,267,513		35,035,425
Fannie Mae, Pool #MA3332
3.50%		04/01/48		35,465,500		35,232,110
Fannie Mae TBA, 30 Year
3.50% ⁽⁵⁾		06/01/47		1,685,000		1,673,021
4.00% ⁽⁵⁾		05/01/47		81,695,000		83,207,634
4.50% ⁽⁵⁾		07/01/47		207,760,000		216,443,714
Freddie Mac (1829-ZB)
6.50%		03/15/26		116,629		124,162
Freddie Mac (2367-ZK)
6.00%		10/15/31		178,861		192,989
Freddie Mac (2514-PZ) (PAC)
5.50%		10/15/32		2,643,577		2,826,125

See accompanying notes to financial statements.

TCW Total Return Bond Fund

April 30, 2018


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Freddie Mac (2571-PZ) (PAC)
5.50%		02/15/33	$	6,163,996	$	6,518,139
Freddie Mac (2642-AR)
4.50%		07/15/23		555,558		569,662
Freddie Mac (2647-OV) (P/O)
0.00% ⁽⁴⁾		07/15/33		604,092		531,521
Freddie Mac (2662-MT) (TAC)
4.50%		08/15/33		2,680,356		2,768,590
Freddie Mac (2666-BD)
4.50%		08/15/23		1,247,097		1,278,847
Freddie Mac (2700-B)
4.50%		11/15/23		1,898,997		1,965,004
Freddie Mac (2752-GZ) (PAC)
5.00%		02/15/34		24,956,237		26,523,614
Freddie Mac (277-30)
3.00%		09/15/42		36,391,053		35,250,865
Freddie Mac (2882-JH) (PAC)
4.50%		10/15/34		364,320		372,164
Freddie Mac (2903-PO) (P/O)
0.00% ⁽⁴⁾		11/15/23		362,387		336,422
Freddie Mac (3045-HZ)
4.50%		10/15/35		2,654,435		2,727,943
Freddie Mac (3063-YG) (PAC)
5.50%		11/15/35		29,489,662		31,843,812
Freddie Mac (3114-KZ)
5.00%		02/15/36		21,205,096		22,481,239
Freddie Mac (3146-GE)
5.50%		04/15/26		5,913,189		6,294,355
Freddie Mac (3149-OD) (P/O) (PAC)
0.00% ⁽⁴⁾		05/15/36		6,229,610		5,326,815
Freddie Mac (3315-S) (I/O) (I/F)
4.51% (-1.00 X 1 mo. USD LIBOR + 6.410%)⁽²⁾		05/15/37		2,600,900		273,403
Freddie Mac (3376-SX) (I/O) (I/F)
4.14% (-1.00 X 1 mo. USD LIBOR + 6.040%)⁽²⁾		10/15/37		3,645,318		416,365
Freddie Mac (3410-IS) (I/O) (I/F)
4.37% (-1.00 X 1 mo. USD LIBOR + 6.270%)⁽²⁾		02/15/38		5,047,925		659,041
Freddie Mac (3424-BI) (I/O) (I/F)
4.90% (-1.00 X 1 mo. USD LIBOR + 6.800%)⁽²⁾		04/15/38		5,384,594		943,889
Freddie Mac (3512-AY)
4.00%		02/15/24		2,747,656		2,761,159


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Freddie Mac (3519-SH) (I/O) (I/F)
3.60% (-1.00 X 1 mo. USD LIBOR + 5.500%)⁽²⁾		07/15/37	$	613,667	$	27,552
Freddie Mac (3531-SC) (I/O) (I/F)
4.40% (-1.00 X 1 mo. USD LIBOR + 6.300%)⁽²⁾		05/15/39		8,007,081		485,301
Freddie Mac (3541-SA) (I/O) (I/F)
4.85% (-1.00 X 1 mo. USD LIBOR + 6.750%)⁽²⁾		06/15/39		2,255,549		320,500
Freddie Mac (3550-GS) (I/O) (I/F)
4.85% (-1.00 X 1 mo. USD LIBOR + 6.750%) ⁽²⁾		07/15/39		7,230,666		1,219,042
Freddie Mac (3551-VZ)
5.50%		12/15/32		3,241,987		3,480,064
Freddie Mac (3557-KB)
4.50%		07/15/29		6,800,945		7,050,805
Freddie Mac (3557-NB)
4.50%		07/15/29		15,504,207		15,911,323
Freddie Mac (3558-KB)
4.00%		08/15/29		7,842,684		8,021,909
Freddie Mac (3565-XB)
4.00%		08/15/24		10,844,019		11,029,669
Freddie Mac (3575-D)
4.50%		03/15/37		948,726		979,393
Freddie Mac (3626-MD) (PAC)
5.00%		01/15/38		20,115,000		20,865,009
Freddie Mac (3719-PJ) (PAC)
4.50%		09/15/40		20,025,406		20,987,932
Freddie Mac (3788-SB) (I/O) (I/F)
4.58% (-1.00 X 1 mo. USD LIBOR + 6.480%) ⁽²⁾		01/15/41		10,190,435		1,327,859
Freddie Mac (3885-PO) (P/O) (PAC)
0.00% ⁽⁴⁾		11/15/33		2,532,164		2,189,223
Freddie Mac (3930-KE) (PAC)
4.00%		09/15/41		10,470,000		10,735,838
Freddie Mac (4030-HS) (I/O) (I/F)
4.71% (-1.00 X 1 mo. USD LIBOR + 6.610%) ⁽²⁾		04/15/42		4,353,032		723,188
Freddie Mac (4604-PB) (PAC)
3.00%		01/15/46		2,201,517		2,089,059
Freddie Mac (R002-ZA)
5.50%		06/15/35		5,542,272		6,015,721
Freddie Mac, Pool #A91162
5.00%		02/01/40		24,575,768		26,568,708

See accompanying notes to financial statements.

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Freddie Mac, Pool #A92195
5.00%		05/01/40	$	7,409,949	$	8,005,974
Freddie Mac, Pool #B15322
5.00%		07/01/19		1,521		1,530
Freddie Mac, Pool #B15490
5.00%		07/01/19		2,711		2,727
Freddie Mac, Pool #B15557
5.00%		07/01/19		8,748		8,801
Freddie Mac, Pool #C90552
6.00%		06/01/22		34,371		37,585
Freddie Mac, Pool #G01959
5.00%		12/01/35		147,725		158,368
Freddie Mac, Pool #G06173
4.00%		11/01/40		30,135,515		31,002,770
Freddie Mac, Pool #G07556
4.00%		11/01/43		8,958,910		9,226,765
Freddie Mac, Pool #G07786
4.00%		08/01/44		33,643,684		34,621,489
Freddie Mac, Pool #G07848
3.50%		04/01/44		72,706,782		72,790,169
Freddie Mac, Pool #G08687
3.50%		01/01/46		89,749,474		89,403,378
Freddie Mac, Pool #G08710
3.00%		06/01/46		4,196,219		4,053,930
Freddie Mac, Pool #G08715
3.00%		08/01/46		80,526,155		77,792,635
Freddie Mac, Pool #G08716
3.50%		08/01/46		50,801,225		50,503,303
Freddie Mac, Pool #G08721
3.00%		09/01/46		89,788,088		86,673,176
Freddie Mac, Pool #G08722
3.50%		09/01/46		49,900,465		49,607,799
Freddie Mac, Pool #G08737
3.00%		12/01/46		148,977,444		143,809,145
Freddie Mac, Pool #G11678
4.50%		04/01/20		99,908		100,772
Freddie Mac, Pool #G12635
5.50%		03/01/22		401,856		407,722
Freddie Mac, Pool #G12702
4.50%		09/01/20		252,692		254,619
Freddie Mac, Pool #G13390
6.00%		01/01/24		687,208		715,861
Freddie Mac, Pool #G16085
2.50%		02/01/32		7,903,748		7,687,853
Freddie Mac, Pool #G16258
2.50%		06/01/32		36,827,246		35,840,390
Freddie Mac, Pool #G18592
3.00%		03/01/31		42,218,818		42,013,819


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Freddie Mac, Pool #G18627
3.00%		01/01/32	$	24,580,668	$	24,407,666
Freddie Mac, Pool #G30194
6.50%		04/01/21		9,844		10,183
Freddie Mac, Pool #G30450
6.00%		01/01/29		1,797,596		1,996,382
Freddie Mac, Pool #G30452
6.00%		10/01/28		1,845,944		2,045,312
Freddie Mac, Pool #G30454
5.00%		05/01/29		2,509,450		2,667,241
Freddie Mac, Pool #G60238
3.50%		10/01/45		115,922,115		115,840,610
Freddie Mac, Pool #G60440
3.50%		03/01/46		71,239,867		71,189,778
Freddie Mac, Pool #G67700
3.50%		08/01/46		63,529,055		63,454,606
Freddie Mac, Pool #G67703
3.50%		04/01/47		81,150,283		81,029,823
Freddie Mac, Pool #G67706
3.50%		12/01/47		67,151,708		66,986,238
Freddie Mac, Pool #G67707
3.50%		01/01/48		31,954,297		31,929,644
Freddie Mac, Pool #G67708
3.50%		03/01/48		92,091,148		91,868,113
Freddie Mac, Pool #G67709
3.50% ⁽⁶⁾		03/01/48		6,693,280		6,677,512
Freddie Mac, Pool #G67710
3.50%		03/01/48		104,043,499		103,561,042
Freddie Mac, Pool #G67711
4.00% ⁽⁶⁾		03/01/48		150,961,563		154,877,114
Freddie Mac, Pool #H82001
5.50%		07/01/37		435,184		463,743
Freddie Mac, Pool #N70081
5.50%		07/01/38		4,257,715		4,656,625
Freddie Mac, Pool #P51350
5.00%		03/01/36		3,999,081		4,281,199
Freddie Mac TBA, 30 Year
3.50% ⁽⁵⁾		06/01/47		121,200,000		120,385,688
Ginnie Mae (03-42-SH) (I/O) (I/F)
4.65% (-1.00 X 1 mo. USD LIBOR + 6.550%) ⁽²⁾		05/20/33		899,248		129,056
Ginnie Mae (11-70-BO) (P/O)
0.00% ⁽⁴⁾		05/20/41		11,318,922		9,010,654
Ginnie Mae (15-42-ZB)
3.00%		03/20/45		17,498,638		15,740,168
Ginnie Mae (15-43-DM)
2.50%		03/20/45		37,325,347		32,116,826

See accompanying notes to financial statements.

TCW Total Return Bond Fund

April 30, 2018


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Ginnie Mae (15-44-Z)
3.00%		03/20/45	$	11,841,483	$	11,067,526
Ginnie Mae (15-52-EZ)
3.00%		04/16/45		10,450,663		9,208,406
Ginnie Mae II, Pool #80963
2.75% (1 year Treasury Constant Maturity Rate + 1.500%)⁽²⁾		07/20/34		265,091		268,711
Ginnie Mae II, Pool #MA2374
5.00%		11/20/44		870,605		915,869
Ginnie Mae II, Pool #MA2828
4.50%		05/20/45		566,310		590,625
Ginnie Mae II, Pool #MA3456
4.50%		02/20/46		3,094,728		3,240,787
Ginnie Mae II, Pool #MA3521
3.50%		03/20/46		90,609,884		90,949,964
Ginnie Mae II, Pool #MA3663
3.50%		05/20/46		44,575,884		44,743,188
Ginnie Mae II, Pool #MA3665
4.50%		05/20/46		5,100,531		5,342,009
Ginnie Mae II, Pool #MA3736
3.50%		06/20/46		34,900,764		35,031,755
Ginnie Mae II, Pool #MA3739
5.00%		06/20/46		9,431,008		9,989,034
Ginnie Mae II, Pool #MA3803
3.50%		07/20/46		12,786,318		12,834,308
Ginnie Mae II, Pool #MA3876
4.50%		08/20/46		321,626		337,657
Ginnie Mae II, Pool #MA3877
5.00%		08/20/46		4,311,486		4,536,577
Ginnie Mae II, Pool #MA4006
4.50%		10/20/46		155,994		163,769
Ginnie Mae II, Pool #MA4007
5.00%		10/20/46		9,886,698		10,400,729
Ginnie Mae II, Pool #MA4071
4.50%		11/20/46		720,261		759,923
Ginnie Mae II, Pool #MA4126
3.00%		12/20/46		114,158,752		111,373,460
Ginnie Mae II, Pool #MA4129
4.50%		12/20/46		223,147		232,689
Ginnie Mae II, Pool #MA4199
5.00%		01/20/47		9,433,942		9,950,533
Ginnie Mae II, Pool #MA4264
4.50%		02/20/47		28,387,311		29,523,173
Ginnie Mae II, Pool #MA4265
5.00%		02/20/47		9,650,685		10,153,705
Ginnie Mae II, Pool #MA4324
5.00%		03/20/47		10,916,149		11,503,198


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Ginnie Mae II, Pool #MA4385
5.00%		04/20/47	$	2,212,824	$	2,328,226
Ginnie Mae II, Pool #MA4454
5.00%		05/20/47		1,771,635		1,864,640
Ginnie Mae II, Pool #MA4512
4.50%		06/20/47		78,202,094		81,234,625
Ginnie Mae II, Pool #MA4513
5.00%		06/20/47		6,864,429		7,223,323
Ginnie Mae II, Pool #MA4781
5.00%		10/20/47		10,334,173		10,890,219
Ginnie Mae II, Pool #MA4838
4.00%		11/20/47		45,112,383		46,193,010
Ginnie Mae II TBA, 30 Year
3.00% ⁽⁵⁾		05/01/47		73,680,000		71,820,731
3.50% ⁽⁵⁾		05/01/47		63,440,000		63,524,257
4.00% ⁽⁵⁾		05/01/47		19,875,000		20,329,951
5.00% ⁽⁵⁾		12/01/38		11,490,000		12,073,477

Total Residential Mortgage-backed Securities — Agency
(Cost: $4,154,590,622)						4,036,520,292

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 16.0%
ACE Securities Corp. (06-ASP1-A2D)
2.52% (1 mo. USD LIBOR + 0.620%)⁽²⁾		12/25/35		7,758,052		7,711,993
ACE Securities Corp. (07-ASP1-A2C)
2.16% (1 mo. USD LIBOR + 0.260%)⁽²⁾		03/25/37		15,587,893		9,423,751
ACE Securities Corp. (07-ASP1-A2D)
2.28% (1 mo. USD LIBOR + 0.380%)⁽²⁾		03/25/37		8,378,327		5,085,259
Adjustable Rate Mortgage Trust (04-5-3A1)
3.79% ⁽³⁾		04/25/35		859,951		869,262
Asset-Backed Funding Certificates (05-HE2-M2)
2.65% (1 mo. USD LIBOR + 0.750%)⁽²⁾		06/25/35		219,695		227,230
Asset-Backed Funding Certificates (07-NC1-A2)
2.20% (1 mo. USD LIBOR + 0.300%)⁽¹⁾⁽²⁾		05/25/37		8,747,000		8,394,545
Asset-Backed Funding Certificates (07-WMC1-A2A)
2.65% (1 mo. USD LIBOR + 0.750%)⁽²⁾		06/25/37		15,911,754		14,054,305
Banc of America Funding Corp. (04-B-3A1)
3.54% ^(3)(7)(7)		12/20/34		341,629		262,403
Banc of America Funding Corp. (06-D-2A1)
3.51% ⁽³⁾⁽⁷⁾		05/20/36		60,945		55,541
Banc of America Funding Corp. (06-D-3A1)
3.55%⁽³⁾		05/20/36		3,783,296		3,469,034

See accompanying notes to financial statements.

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Banc of America Funding Corp. (06-G-2A1)
2.12% (1 mo. USD LIBOR + 0.220%) ⁽²⁾		07/20/36	$	6,931,817	$	6,956,710
Banc of America Funding Corp. (15-R8-1A1)
2.12% ⁽¹⁾⁽³⁾		11/26/46		6,972,724		6,927,455
Banc of America Funding Trust (06-3-4A14)
6.00%		03/25/36		1,108,161		1,123,586
Banc of America Funding Trust (06-3-5A3)
5.50%		03/25/36		4,044,417		3,873,753
BCAP LLC Trust (08-IND2-A1)
3.55% (1 mo. USD LIBOR + 1.650%)⁽²⁾		04/25/38		11,448,022		11,537,228
BCAP LLC Trust (11-RR3-1A5)
3.80%⁽¹⁾⁽³⁾		05/27/37		83,318		83,408
BCAP LLC Trust (11-RR3-5A3)
3.46% ⁽¹⁾⁽³⁾		11/27/37		500,134		500,070
BCAP LLC Trust (11-RR4-2A3)
3.89% ⁽¹⁾⁽³⁾		06/26/47		1,743,914		1,758,035
BCAP LLC Trust (11-RR4-3A3)
3.62% ⁽¹⁾⁽³⁾		07/26/36		1,967,630		1,963,235
BCAP LLC Trust (11-RR9-7A1)
3.11% ⁽¹⁾⁽³⁾		04/26/37		5,815,534		5,781,471
BCAP LLC Trust (12-RR2-9A3)
3.91% ⁽¹⁾⁽³⁾		03/26/35		1,102,681		1,095,926
BCAP LLC Trust (12-RR8-3A1)
3.47% ⁽¹⁾⁽³⁾		08/26/36		3,149,275		3,155,631
BCAP LLC Trust (13-RR2-6A1)
3.00% ⁽¹⁾⁽³⁾		06/26/37		175,205		175,207
Bear Stearns Alt-A Trust (04-13-A1)
2.64% (1 mo. USD LIBOR + 0.740%)⁽²⁾		11/25/34		549,537		550,890
Bear Stearns Alt-A Trust (05-2-2A4)
3.54% ⁽³⁾		04/25/35		4,257		4,258
Bear Stearns Alt-A Trust (05-4-23A1)
3.79% ⁽³⁾		05/25/35		6,273,955		6,333,977
Bear Stearns Alt-A Trust (06-4-32A1)
3.61% ⁽³⁾		07/25/36		569,563		460,904
Bear Stearns ARM Trust (04-12-1A1)
3.75%⁽³⁾		02/25/35		1,061,815		1,048,398
Bear Stearns ARM Trust (05-10-A3)
3.72% ⁽³⁾		10/25/35		7,016,888		7,291,589
Bear Stearns ARM Trust (06-2-2A1)
3.73% ⁽³⁾		07/25/36		2,095,299		2,168,801
Bear Stearns ARM Trust (07-1-2A1)
3.84% ⁽³⁾		02/25/47		297,001		294,726
Bear Stearns ARM Trust (07-5-3A1)
3.68% ⁽³⁾		08/25/47		1,309,161		1,288,345


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Bear Stearns Asset-Backed Securities I Trust (05-AC6-1A3)
5.50% ⁽³⁾		09/25/35	$	1,762,855	$	1,767,569
Bear Stearns Asset-Backed Securities I Trust (05-AC6-1A4)
5.40% ⁽³⁾		09/25/35		3,769,284		3,779,666
Bear Stearns Mortgage Funding Trust (06-AR3-1A1)
2.08% (1 mo. USD LIBOR + 0.180%)⁽²⁾		10/25/36		761,826		711,747
Chase Mortgage Finance Corp. (06-A1-2A1)
3.65% ⁽³⁾		09/25/36		1,011,061		1,015,439
Chase Mortgage Finance Corp. (07-A1-8A1)
3.72% ⁽³⁾		02/25/37		4,295,297		4,414,544
Chaseflex Trust (05-1-1A5)
6.50%		02/25/35		3,889,108		4,053,225
Chaseflex Trust (06-1-A3)
6.30% ⁽³⁾		06/25/36		8,049,139		8,669,065
CIM Trust (15-3AG-A1)
3.64% (1 mo. USD LIBOR + 1.750%)⁽¹⁾⁽²⁾		10/25/57		18,433,446		18,859,363
CIM Trust (15-4AG-A1)
3.89% (1 mo. USD LIBOR + 2.000%)⁽¹⁾⁽²⁾		10/25/57		26,082,904		26,417,166
CIM Trust (16-4-A1)
3.89% (1 mo. USD LIBOR + 2.000%)⁽¹⁾⁽²⁾		10/25/57		41,677,794		43,005,034
CIM Trust (17-7-A)
3.00% ⁽¹⁾⁽³⁾		12/25/65		38,960,863		38,917,371
Citicorp Mortgage Securities Trust, Inc. (07-4-3A1)
5.50%		05/25/37		517,688		516,603
Citicorp Residential Mortgage Trust, Inc. (06-2-A4)
5.51% ⁽³⁾		09/25/36		584,913		587,307
Citigroup Mortgage Loan Trust (06-HE3-A1)
2.04% (1 mo. USD LIBOR + 0.140%)⁽¹⁾⁽²⁾		12/25/36		18,750,458		18,255,753
Citigroup Mortgage Loan Trust, Inc. (06-AR5-1A1A)
3.68% ⁽³⁾		07/25/36		4,502,650		3,800,210
Citigroup Mortgage Loan Trust, Inc. (06-WFH2-A2A)
2.05% (1 mo. USD LIBOR + 0.150%)⁽²⁾		08/25/36		1,718,082		1,720,630
Citigroup Mortgage Loan Trust, Inc. (07-12-2A1)
6.50% ⁽¹⁾		10/25/36		3,624,147		2,869,570
Citigroup Mortgage Loan Trust, Inc. (10-4-4A5)
5.00% ⁽¹⁾		10/25/35		206,497		207,799
Citigroup Mortgage Loan Trust, Inc. (14-10-2A1)
2.12% (1 mo. USD LIBOR + 0.250%)⁽¹⁾⁽²⁾		07/25/37		3,377,813		3,345,418
CitiMortgage Alternative Loan Trust (05-A1-2A1)
5.00%		07/25/20		273,623		274,751

See accompanying notes to financial statements.

TCW Total Return Bond Fund

April 30, 2018


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Conseco Financial Corp. (99-2-A7)
6.44%		12/01/30	$	3,538,211	$	3,685,008
Countrywide Alternative Loan Trust (05-20CB-4A1)
5.25%		07/25/20		384,422		381,058
Countrywide Alternative Loan Trust (05-84-1A1)
3.30% ⁽³⁾		02/25/36		269,433		220,717
Countrywide Alternative Loan Trust (05-J1-2A1)
5.50%		02/25/25		843,074		853,987
Countrywide Alternative Loan Trust (06-HY12-A5)
3.42% ⁽³⁾		08/25/36		14,107,911		14,514,479
Countrywide Alternative Loan Trust (06-J3-3A1)
5.50%		04/25/21		455,505		452,947
Countrywide Home Loans Mortgage Pass-Through Trust (04-13-1A3)
5.50%		08/25/34		6,634,832		7,015,204
Countrywide Home Loans Mortgage Pass-Through Trust (05-9-1A1)
2.50% (1 mo. USD LIBOR + 0.600%)⁽²⁾		05/25/35		12,282,574		11,451,786
Countrywide Home Loans Mortgage Pass-Through Trust (05-HYB5-4A1)
3.35% ⁽³⁾		09/20/35		30,621		25,815
Countrywide Home Loans Mortgage Pass-Through Trust (07-HY5-1A1)
3.82% ⁽³⁾		09/25/47		10,089		9,835
Countrywide Home Loans Mortgage Pass-Through Trust (07-HYB1-1A1)
3.14% ⁽³⁾		03/25/37		53,765		45,774
Credit Suisse First Boston Mortgage Securities Corp. (03-8-4PPA)
5.75%		04/22/33		31,240		32,666
Credit Suisse First Boston Mortgage Securities Corp. (05-11-1A1)
6.50%		12/25/35		2,411,296		1,893,231
Credit Suisse First Boston Mortgage Securities Corp. (05-12-1A1)
6.50%		01/25/36		9,054,008		6,075,482
Credit Suisse Mortgage Capital Certificates (15-5R-2A1)
1.90% (1 mo. USD LIBOR + 0.280%)⁽¹⁾⁽²⁾		04/27/47		8,309,314		8,187,371
Credit Suisse Mortgage Trust (13-7R-4A1)
2.03% (1 mo. USD LIBOR + 0.160%)⁽¹⁾⁽²⁾		07/26/36		3,062,505		2,929,827
Credit-Based Asset Servicing and Securitization LLC (06-CB1-AF2)
3.44% ⁽³⁾		01/25/36		4,353,788		3,744,614
Credit-Based Asset Servicing and Securitization LLC (06-CB7-A4)
2.06% (1 mo. USD LIBOR + 0.160%)⁽²⁾		10/25/36		30,619,680		22,313,789


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Credit-Based Asset Servicing and Securitization LLC (06-CB9-A4)
2.13% (1 mo. USD LIBOR + 0.230%)⁽²⁾		11/25/36	$	17,253,225	$	11,200,426
Credit-Based Asset Servicing and Securitization LLC (07-CB2-A2B)
4.23% ⁽³⁾		02/25/37		3,914,065		3,056,407
Credit-Based Asset Servicing and Securitization LLC (07-CB2-A2C)
4.23% ⁽³⁾		02/25/37		13,463,628		10,512,170
CSMC Mortgage-Backed Trust (06-8-3A1)
6.00%		10/25/21		3,535,609		3,319,135
CSMC Mortgage-Backed Trust (06-9-5A1)
5.50%		11/25/36		2,977,229		2,918,708
CSMC Mortgage-Backed Trust (07-2-3A4)
5.50%		03/25/37		8,937,902		8,221,614
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust (06-AR6-A6)
2.09% (1 mo. USD LIBOR + 0.190%)⁽²⁾		02/25/37		453,765		413,542
DSLA Mortgage Loan Trust (05-AR6-2A1A)
2.19% (1 mo. USD LIBOR + 0.290%)⁽²⁾		10/19/45		3,153,199		3,135,383
DSLA Mortgage Loan Trust (06-AR2-2A1A)
2.10% (1 mo. USD LIBOR + 0.200%)⁽²⁾		10/19/36		31,381,337		28,660,262
DSLA Mortgage Loan Trust (07-AR1-2A1A)
2.04% (1 mo. USD LIBOR + 0.140%)⁽²⁾		04/19/47		9,268,777		8,724,889
Fieldstone Mortgage Investment Corp. (07-1-2A2)
2.17% (1 mo. USD LIBOR + 0.270%)⁽²⁾		04/25/47		4,326,179		3,358,186
First Franklin Mortgage Loan Asset-Backed Certificates (06-FF18-A2C)
2.06% (1 mo. USD LIBOR + 0.160%)⁽²⁾		12/25/37		24,297,421		18,003,419
First Franklin Mortgage Loan Asset-Backed Certificates (06-FF18-A2D)
2.11% (1 mo. USD LIBOR + 0.210%)⁽²⁾		12/25/37		14,258,555		10,637,760
First Franklin Mortgage Loan Asset-Backed Certificates (07-FF1-A2C)
2.04% (1 mo. USD LIBOR + 0.140%)⁽²⁾		01/25/38		5,855,231		4,387,813
First Franklin Mortgage Loan Asset-Backed Certificates (07-FF1-A2D)
2.12% (1 mo. USD LIBOR + 0.220%)⁽²⁾		01/25/38		24,556,221		18,601,256
First Franklin Mortgage Loan Trust (06-FF9-2A4)
2.15% (1 mo. USD LIBOR + 0.250%)⁽²⁾		06/25/36		5,068,000		3,631,458

See accompanying notes to financial statements.

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
First Horizon Alternative Mortgage Securities Trust (05-AA3-3A1)
3.69%⁽³⁾		05/25/35	$	4,725,533	$	4,824,187
First Horizon Alternative Mortgage Securities Trust (05-AA7-1A1)
3.33%⁽³⁾		09/25/35		3,982,503		3,753,823
First Horizon Alternative Mortgage Securities Trust (05-AA7-2A1)
3.39% ⁽³⁾		09/25/35		3,251,164		3,171,543
First Horizon Alternative Mortgage Securities Trust (06-AA7-A1)
3.32% ⁽³⁾		01/25/37		12,377,487		11,279,212
Fremont Home Loan Trust (05-E-2A4)
2.23% (1 mo. USD LIBOR + 0.330%)⁽²⁾		01/25/36		16,237,563		15,733,834
Fremont Home Loan Trust (06-1-2A3)
2.08% (1 mo. USD LIBOR + 0.180%)⁽²⁾		04/25/36		3,300,034		3,201,119
GMAC Mortgage Loan Trust (05-AR5-2A1)
3.95% ⁽³⁾		09/19/35		3,076,457		2,819,474
GreenPoint Mortgage Funding Trust (05-AR3-1A1)
2.14% (1 mo. USD LIBOR + 0.240%)⁽²⁾		08/25/45		586,495		546,244
GS Mortgage Securities Corp. (09-1R-3A1)
3.81% ⁽¹⁾⁽³⁾		11/25/35		577,616		583,518
GSAA Home Equity Trust (05-7-AF5)
4.61% ⁽³⁾		05/25/35		1,152,528		1,165,880
GSAA Home Equity Trust (05-9-2A3)
2.27% (1 mo. USD LIBOR + 0.370%)⁽²⁾		08/25/35		622,224		618,325
GSR Mortgage Loan Trust (04-9-3A1)
3.53% ⁽³⁾		08/25/34		2,990,740		3,161,805
GSR Mortgage Loan Trust (07-3F-3A7)
6.00%		05/25/37		12,511,831		11,795,731
GSR Mortgage Loan Trust (07-AR2-2A1)
3.62% ⁽³⁾		05/25/37		1,223,814		1,120,800
GSR Mortgage Loan Trust (07-AR2-5A1A)
3.63% ⁽³⁾		05/25/37		2,125,355		1,913,516
Harborview Mortgage Loan Trust (05-9-2A1A)
2.24% (1 mo. USD LIBOR + 0.340%)⁽²⁾		06/20/35		2,940,030		2,891,746
Harborview Mortgage Loan Trust (06-8-2A1A)
2.09% (1 mo. USD LIBOR + 0.190%) ⁽²⁾		07/21/36		15,344,967		13,613,098
Homestar Mortgage Acceptance Corp. (04-3-AV2C)
2.48% (1 mo. USD LIBOR + 0.580%) ⁽²⁾		07/25/34		1,145,865		1,152,709
Homestar Mortgage Acceptance Corp. (04-5-A1)
2.80% (1 mo. USD LIBOR + 0.900%)⁽²⁾		10/25/34		152,829		153,856


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
HSI Asset Loan Obligation Trust (07-2-2A12)
6.00%		09/25/37	$	936,630	$	855,775
Impac CMB Trust (04-5-1A1)
2.62% (1 mo. USD LIBOR + 0.720%)⁽²⁾		10/25/34		7,103		7,044
Impac CMB Trust (05-1-1A1)
2.42% (1 mo. USD LIBOR + 0.520%)⁽²⁾		04/25/35		1,310,267		1,255,061
Impac CMB Trust (05-5-A2)
2.34% (1 mo. USD LIBOR + 0.440%)⁽²⁾		08/25/35		6,618,102		6,169,652
Indymac Index Mortgage Loan Trust (04-AR4-2A)
3.52% ⁽³⁾		08/25/34		7,208,739		7,351,867
Indymac Index Mortgage Loan Trust (04-AR9-4A)
2.55% ⁽³⁾		11/25/34		1,024,793		885,596
Indymac Index Mortgage Loan Trust (05-AR17-3A1)
3.44% ⁽³⁾		09/25/35		4,871,769		4,507,858
Indymac Index Mortgage Loan Trust (05-AR23-2A1)
3.49% ⁽³⁾		11/25/35		3,888,020		3,634,811
Indymac Index Mortgage Loan Trust (05-AR23-6A1)
3.50% ⁽³⁾		11/25/35		4,756,123		4,576,060
Indymac Index Mortgage Loan Trust (05-AR25-2A1)
3.36% ⁽³⁾		12/25/35		2,572,863		2,467,200
Indymac Index Mortgage Loan Trust (05-AR7-2A1)
3.30% ⁽³⁾		06/25/35		3,450,728		3,118,943
Indymac Index Mortgage Loan Trust (06-AR39-A1)
2.08% (1 mo. USD LIBOR + 0.180%)⁽²⁾		02/25/37		9,588,682		9,096,164
Indymac Index Mortgage Loan Trust (07-AR11-1A1)
3.11% ⁽³⁾⁽⁷⁾		06/25/37		24,468		20,994
Indymac Index Mortgage Loan Trust (07-AR5-2A1)
3.55% ⁽³⁾		05/25/37		16,555,883		15,449,955
Indymac Index Mortgage Loan Trust (07-AR7-1A1)
3.62% ⁽³⁾		11/25/37		4,241,876		4,164,435
JPMorgan Alternative Loan Trust (06-A2-5A1)
3.70% ⁽³⁾		05/25/36		7,798,231		6,718,410
JPMorgan Alternative Loan Trust (06-A4-A8)
3.41% ⁽³⁾		09/25/36		2,935,800		3,687,448
JPMorgan Mortgage Acquisition Corp. (06-CH2-AF4)
5.76% ⁽³⁾		10/25/36		7,150,199		5,917,102
JPMorgan Mortgage Acquisition Corp. (07-CH4-A4)
2.06% (1 mo. USD LIBOR + 0.160%)⁽²⁾		01/25/36		16,144,043		16,078,626
JPMorgan Mortgage Trust (05-A6-7A1)
3.63% ⁽³⁾		08/25/35		478,340		466,776
JPMorgan Mortgage Trust (06-A2-5A3)
3.59% ⁽³⁾		11/25/33		2,780,381		2,860,946
JPMorgan Mortgage Trust (06-A4-1A4)
3.84% ⁽³⁾		06/25/36		585,270		565,077

See accompanying notes to financial statements.

TCW Total Return Bond Fund

April 30, 2018


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
JPMorgan Mortgage Trust (06-A7-2A4R)
3.62% ⁽³⁾		01/25/37	$	24,899	$	25,208
JPMorgan Mortgage Trust (06-S2-2A2)
5.88%		06/25/21		795,419		764,578
JPMorgan Resecuritization Trust Series (14-6-3A1)
2.08% (1 mo. USD LIBOR + 0.210%) ⁽¹⁾⁽²⁾		07/27/46		4,820,473		4,803,892
Lehman Mortgage Trust (05-1-6A1)
5.00%		11/25/20		895,489		550,105
Lehman Mortgage Trust (06-4-4A1)
6.00%		08/25/21		1,967,311		1,932,603
Lehman Mortgage Trust (07-10-4A1)
6.00% ⁽⁷⁾		01/25/27		675,822		557,254
Lehman XS Trust (06-10N-1A3A)
2.11% (1 mo. USD LIBOR + 0.210%)⁽²⁾		07/25/46		16,888,569		16,371,457
Lehman XS Trust (06-12N-A2A1)
2.05% (1 mo. USD LIBOR + 0.150%)⁽²⁾⁽⁷⁾		08/25/46		216		217
Lehman XS Trust (06-12N-A31A)
2.10% (1 mo. USD LIBOR + 0.200%)⁽²⁾		08/25/46		5,845,297		4,992,566
Lehman XS Trust (06-13-1A2)
2.07% (1 mo. USD LIBOR + 0.170%)⁽²⁾		09/25/36		3,151,817		3,342,871
Lehman XS Trust (06-9-A1B)
2.06% (1 mo. USD LIBOR + 0.160%)⁽²⁾		05/25/46		7,769,236		9,490,680
Lehman XS Trust (06-GP1-A2A)
2.07% (1 mo. USD LIBOR + 0.170%)^(2)(7)(8)		05/25/46		739		739
Lehman XS Trust (06-GP4-3A2A)
2.06% (1 mo. USD LIBOR + 0.160%)⁽²⁾⁽⁸⁾		08/25/46		2,692		2,692
Long Beach Mortgage Loan Trust (06-WL1-1A3)
2.56% (1 mo. USD LIBOR + 0.330%)⁽²⁾		01/25/46		2,646,526		2,641,851
Long Beach Mortgage Loan Trust (06-WL1-2A4)
2.58% (1 mo. USD LIBOR + 0.340%)⁽²⁾		01/25/46		14,950,000		14,718,523
Madison Avenue Manufactured Housing Contract (02-A-B1)
5.15% (1 mo. USD LIBOR + 3.250%)⁽²⁾		03/25/32		3,088,038		3,130,710
MASTR Alternative Loans Trust (05-4-1A1)
6.50%		05/25/35		6,403,049		6,491,329
MASTR Alternative Loans Trust (06-2-2A1)
2.30% (1 mo. USD LIBOR + 0.400%)⁽²⁾⁽⁸⁾		03/25/36		70,243		12,995


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
MASTR Asset Securitization Trust (06-3-2A1)
2.35% (1 mo. USD LIBOR + 0.450%)⁽²⁾		10/25/36	$	48,370	$	26,588
MASTR Asset-Backed Securities Trust (06-AB1-A4)
5.72% ⁽³⁾		02/25/36		1,197,531		1,170,673
MASTR Asset-Backed Securities Trust (06-HE1-A4)
2.19% (1 mo. USD LIBOR + 0.290%)⁽²⁾		01/25/36		3,105,024		3,117,629
MASTR Asset-Backed Securities Trust (06-HE5-A3)
2.06% (1 mo. USD LIBOR + 0.160%)⁽²⁾		11/25/36		21,342,573		15,738,875
MASTR Seasoned Securitization Trust (04-1-4A1)
3.60% ⁽³⁾		10/25/32		10,345		10,510
Merrill Lynch Alternative Note Asset Trust (07-A1-A2C)
2.13% (1 mo. USD LIBOR + 0.230%)⁽²⁾		01/25/37		2,070,998		1,102,551
Merrill Lynch Alternative Note Asset Trust (07-A1-A3)
2.06% (1 mo. USD LIBOR + 0.160%)⁽²⁾		01/25/37		1,065,321		552,929
Merrill Lynch First Franklin Mortgage Loan Trust (07-1-A2B)
2.07% (1 mo. USD LIBOR + 0.170%)⁽²⁾		04/25/37		8,304,980		5,099,482
Merrill Lynch First Franklin Mortgage Loan Trust (07-1-A2C)
2.15% (1 mo. USD LIBOR + 0.250%)⁽²⁾		04/25/37		29,063,921		18,045,443
Merrill Lynch First Franklin Mortgage Loan Trust (07-1-A2D)
2.24% (1 mo. USD LIBOR + 0.340%)⁽²⁾		04/25/37		7,162,969		4,502,605
Merrill Lynch First Franklin Mortgage Loan Trust (07-2-A2C)
2.14% (1 mo. USD LIBOR + 0.240%)⁽²⁾		05/25/37		6,424,640		4,507,156
Merrill Lynch First Franklin Mortgage Loan Trust (07-3-A2B)
2.03% (1 mo. USD LIBOR + 0.130%)⁽²⁾		06/25/37		3,057,597		2,343,470
Merrill Lynch First Franklin Mortgage Loan Trust (07-4-2A3)
2.06% (1 mo. USD LIBOR + 0.160%)⁽²⁾		07/25/37		38,866,211		27,939,489
Merrill Lynch Mortgage-Backed Securities Trust (07-2-1A1)
4.49% (1 year Treasury Constant Maturity Rate + 2.400%)⁽²⁾		08/25/36		2,001,215		1,964,744
Mid-State Trust (05-1-A)
5.75%		01/15/40		3,419,662		3,716,427

See accompanying notes to financial statements.

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)

Morgan Stanley ABS Capital I, Inc. Trust (04-NC8-M2)

2.86% (1 mo. USD LIBOR + 0.960%)⁽²⁾

09/25/34

828,019

831,167

Morgan Stanley ABS Capital I, Inc. Trust (05-HE3-M3)

2.69% (1 mo. USD LIBOR + 0.795%)⁽²⁾

07/25/35

1,449,052

1,457,289

Morgan Stanley Home Equity Loan Trust (06-2-A4)

2.18% (1 mo. USD LIBOR + 0.280%)⁽²⁾

02/25/36

3,404,601

3,347,432

Morgan Stanley Mortgage Loan Trust (05-6AR-1A1)

2.18% (1 mo. USD LIBOR + 0.280%)⁽²⁾

11/25/35

1,503,146

1,512,945

Morgan Stanley Mortgage Loan Trust (07-3XS-2A6)

5.76% ⁽³⁾

01/25/47

1,073,486

571,458

Morgan Stanley Mortgage Loan Trust (07-7AX-2A1)

2.02% (1 mo. USD LIBOR + 0.120%)⁽²⁾

04/25/37

3,874,667

1,955,403

Morgan Stanley REREMIC Trust (13-R2-1A)

2.96% ⁽¹⁾⁽³⁾

10/26/36

6,762,761

6,726,814

Morgan Stanley REREMIC Trust (13-R3-12A)

3.56% ⁽¹⁾⁽³⁾

01/26/47

428,860

429,738

Morgan Stanley Resecuritization Trust (14-R2-2A)

3.09% ⁽¹⁾⁽³⁾

12/26/46

8,346,199

8,289,504

MortgageIT Trust (05-3-A1)

2.50% (1 mo. USD LIBOR + 0.600%)⁽²⁾

08/25/35

6,738,137

6,608,468

MortgageIT Trust (05-4-A1)

2.18% (1 mo. USD LIBOR + 0.280%)⁽²⁾

10/25/35

3,262,838

3,208,947

Nationstar Home Equity Loan Trust (07-B-2AV3)

2.15% (1 mo. USD LIBOR + 0.250%)⁽²⁾

04/25/37

8,104,972

8,099,883

Nomura Resecuritization Trust (15-1R-2A1)

2.29% (1 mo. USD LIBOR + 0.190%)⁽¹⁾⁽²⁾

10/26/36

2,661,627

2,677,756

Nomura Resecuritization Trust (15-2R-1A1)

2.28% (12 mo. Monthly Treasury Average Index + 1.000%)⁽¹⁾⁽²⁾

08/26/46

5,283,361

5,217,056

Nomura Resecuritization Trust (15-4R-2A1)

2.01% (1 mo. USD LIBOR + 0.306%)⁽¹⁾⁽²⁾

10/26/36

7,784,499

7,715,062

Nomura Resecuritization Trust (15-4R-3A1)

3.73% ⁽¹⁾⁽³⁾

02/26/36

472,935

474,414

Nomura Resecuritization Trust (15-5R-2A1)

3.63% ⁽¹⁾⁽³⁾

03/26/35

8,950,055

9,078,494

Nomura Resecuritization Trust (15-7R-2A1)

3.41% ⁽¹⁾⁽³⁾

08/26/36

3,840,299

3,833,989


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Oakwood Mortgage Investors, Inc. (02-A-A4)
6.97% ⁽³⁾		03/15/32	$	2,780,059	$	2,972,996
Oakwood Mortgage Investors, Inc. (99-E-A1)
7.61% ⁽³⁾		03/15/30		4,901,805		4,571,199
Opteum Mortgage Acceptance Corp. (06-1-2A1)
5.75% ⁽³⁾		04/25/36		4,964,556		5,199,222
Ownit Mortgage Loan Asset-Backed Certificates (06-3-A2D)
2.17% (1 mo. USD LIBOR + 0.270%)⁽²⁾		03/25/37		19,300,000		17,254,150
Ownit Mortgage Loan Asset-Backed Certificates (06-6-A2C)
2.06% (1 mo. USD LIBOR + 0.160%)⁽²⁾		09/25/37		18,195,349		11,867,038
Prime Mortgage Trust (06-1-1A1)
5.50%		06/25/36		2,295,922		2,523,661
RAAC Series Trust (05-SP1-4A1)
7.00%		09/25/34		4,018,353		4,063,254
RAAC Series Trust (07-SP1-A3)
2.38% (1 mo. USD LIBOR + 0.480%)⁽²⁾		03/25/37		1,439,090		1,443,111
RALI Trust (05-QA13-2A1)
4.36% ⁽³⁾		12/25/35		907,391		829,820
RALI Trust (05-QA7-A21)
3.94% ⁽³⁾		07/25/35		3,468,657		3,301,048
RALI Trust (06-QA3-A1)
2.10% (1 mo. USD LIBOR + 0.200%)⁽²⁾		04/25/36		4,913,909		4,806,753
Residential Accredit Loans, Inc. (05-QA8-CB21)
4.10% ⁽³⁾		07/25/35		6,332,547		5,197,415
Residential Accredit Loans, Inc. (05-QS7-A1)
5.50%		06/25/35		1,177,394		1,074,954
Residential Accredit Loans, Inc. (06-QA1-A21)
4.47% ⁽³⁾		01/25/36		22,711		19,866
Residential Accredit Loans, Inc. (06-QA10-A2)
2.08% (1 mo. USD LIBOR + 0.180%)⁽²⁾		12/25/36		18,636,679		16,647,965
Residential Accredit Loans, Inc. (06-QA2-1A1)
2.15% (1 mo. USD LIBOR + 0.250%)⁽²⁾		02/25/36		26,628		21,788
Residential Accredit Loans, Inc. (06-QS10-AV) (I/O)
0.57% ⁽³⁾⁽⁸⁾		08/25/36		48,904,801		1,161,655
Residential Accredit Loans, Inc. (06-QS11-AV) (I/O)
0.35% ⁽³⁾⁽⁸⁾		08/25/36		47,029,525		636,827
Residential Accredit Loans, Inc. (06-QS5-A5)
6.00%		05/25/36		6,223,818		5,836,115
Residential Accredit Loans, Inc. (06-QS6-1AV) (I/O)
0.75% ⁽³⁾⁽⁸⁾		06/25/36		61,132,716		1,580,067
Residential Accredit Loans, Inc. (06-QS7-AV) (I/O)
0.69% ⁽³⁾⁽⁸⁾		06/25/36		13,923,084		351,497

See accompanying notes to financial statements.

TCW Total Return Bond Fund

April 30, 2018


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Residential Accredit Loans, Inc. (07-QS1-2AV) (I/O)
0.18% ⁽³⁾⁽⁸⁾		01/25/37	$	3,195,587	$	25,168
Residential Accredit Loans, Inc. (07-QS2-AV) (I/O)
0.33% ⁽³⁾⁽⁸⁾		01/25/37		23,445,780		304,394
Residential Accredit Loans, Inc. (07-QS3-AV) (I/O)
0.36% ⁽³⁾⁽⁸⁾		02/25/37		96,038,482		1,290,344
Residential Accredit Loans, Inc. (07-QS4-3AV) (I/O)
0.38% ⁽³⁾⁽⁸⁾		03/25/37		11,291,216		168,938
Residential Accredit Loans, Inc. (07-QS5-AV) (I/O)
0.26% ⁽³⁾⁽⁸⁾		03/25/37		15,432,109		140,617
Residential Accredit Loans, Inc. (07-QS6-A45)
5.75%		04/25/37		3,453,992		3,259,234
Residential Accredit Loans, Inc. (07-QS8-AV) (I/O)
0.40% ⁽³⁾⁽⁸⁾		06/25/37		22,796,749		390,361
Residential Funding Mortgage Securities I (05-SA5-2A)
4.11% ⁽³⁾		11/25/35		28,214		27,222
Residential Funding Mortgage Securities I (06-S9-A3) (PAC)
5.75%		09/25/36		743,550		676,195
Residential Funding Mortgage Securities I (07-S2-A9)
6.00%		02/25/37		8,245,560		7,873,123
Residential Funding Mortgage Securities I (07-SA2-2A2)
4.20% ⁽³⁾		04/25/37		27,497		26,360
Saxon Asset Securities Trust (06-2-A2)
2.03% (1 mo. USD LIBOR + 0.130%)⁽²⁾		09/25/36		7,618,246		7,570,248
Saxon Asset Securities Trust (06-3-A3)
2.07% (1 mo. USD LIBOR + 0.170%)⁽²⁾		10/25/46		13,137,089		12,880,244
Saxon Asset Securities Trust (07-2-A2D)
2.20% (1 mo. USD LIBOR + 0.300%)⁽²⁾		05/25/47		19,727,556		16,631,991
Securitized Asset-Backed Receivables LLC Trust (07-BR1-A2C)
2.24% (1 mo. USD LIBOR + 0.340%)⁽²⁾		02/25/37		3,310,778		2,023,750
Securitized Asset-Backed Receivables LLC Trust (07-BR2-A2)
2.13% (1 mo. USD LIBOR + 0.230%)⁽²⁾		02/25/37		42,891,827		24,692,557
Securitized Asset-Backed Receivables LLC Trust (07-NC2-A2B)
2.04% (1 mo. USD LIBOR + 0.140%)⁽²⁾		01/25/37		18,942,067		13,689,116
Sequoia Mortgage Trust (03-8-A1)
2.54% (1 mo. USD LIBOR + 0.640%)⁽²⁾		01/20/34		897,864		875,555

Issues

Maturity
Date

Principal
Amount

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)

SG Mortgage Securities Trust (07-NC1-A2)

2.14% (1 mo. USD LIBOR + 0.240%)⁽¹⁾⁽²⁾

12/25/36

21,973,549

15,473,250

Soundview Home Equity Loan Trust (06-OPT4-2A4)

2.13% (1 mo. USD LIBOR + 0.230%)⁽²⁾

06/25/36

10,400,000

9,909,102

Soundview Home Equity Loan Trust (07-OPT3-2A4)

2.15% (1 mo. USD LIBOR + 0.250%)⁽²⁾

08/25/37

4,000,000

3,811,517

Specialty Underwriting & Residential Finance (06-AB3-A2B)

2.05% (1 mo. USD LIBOR + 0.150%)⁽²⁾

09/25/37

20,849

13,087

Structured Adjustable Rate Mortgage Loan Trust (04-12-2A)

3.64% ⁽³⁾

09/25/34

2,447,658

2,428,451

Structured Adjustable Rate Mortgage Loan Trust (04-14-2A)

3.83% ⁽³⁾

10/25/34

3,830,515

3,908,002

Structured Adjustable Rate Mortgage Loan Trust (05-16XS-A2A)

2.85% (1 mo. USD LIBOR + 0.950%)⁽²⁾

08/25/35

4,422,292

4,433,246

Structured Adjustable Rate Mortgage Loan Trust (06-2-5A1)

3.87% ⁽³⁾

03/25/36

579,642

536,402

Structured Adjustable Rate Mortgage Loan Trust (06-4-5A1)

3.63% ⁽³⁾

05/25/36

2,202,922

2,080,956

Structured Adjustable Rate Mortgage Loan Trust (06-5-1A1)

3.81% ⁽³⁾

06/25/36

4,956,169

4,900,154

Structured Adjustable Rate Mortgage Loan Trust (07-1-1A1)

3.68% ⁽³⁾

02/25/37

2,691,973

2,284,506

Structured Asset Securities Corp. (05-2XS-1A5B)

5.15% ⁽³⁾

02/25/35

151,906

151,993

Structured Asset Securities Corp. (06-EQ1A-A4)

2.05% (1 mo. USD LIBOR + 0.150%)⁽¹⁾⁽²⁾

07/25/36

4,228,430

4,233,810

Structured Asset Securities Corp. (06-WF2-A4)

2.21% (1 mo. USD LIBOR + 0.310%)⁽²⁾

07/25/36

5,457,238

5,428,007

Suntrust Adjustable Rate Mortgage Loan Trust (07-2-2A1)

3.85% ⁽³⁾

04/25/37

230,588

193,670

Suntrust Adjustable Rate Mortgage Loan Trust (07-3-1A1)

3.81% ⁽³⁾

06/25/37

8,150

7,704

See accompanying notes to financial statements.

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)

Suntrust Adjustable Rate Mortgage Loan Trust (07-S1-2A1)

3.82% ⁽³⁾

01/25/37

945,271

939,579

Wachovia Mortgage Loan Trust LLC (06-AMN1-A3)

2.14% (1 mo. USD LIBOR + 0.240%)⁽²⁾

08/25/36

9,009,079

5,582,677

WaMu Mortgage Pass-Through Certificates (04-AR14-A1)

3.45% ⁽³⁾

01/25/35

7,218,128

7,405,544

WaMu Mortgage Pass-Through Certificates (05-AR13-A1A1)

2.16% (1 mo. USD LIBOR + 0.290%)⁽²⁾

10/25/45

8,906,490

8,922,965

WaMu Mortgage Pass-Through Certificates (05-AR13-A1A2)

2.83% (12 mo. Monthly Treasury Average Index + 1.450%)⁽²⁾

10/25/45

717,749

754,985

WaMu Mortgage Pass-Through Certificates (05-AR14-2A1)

3.42% ⁽³⁾

12/25/35

1,535,919

1,423,432

WaMu Mortgage Pass-Through Certificates (05-AR18-1A1)

3.41% ⁽³⁾

01/25/36

2,674,208

2,633,982

WaMu Mortgage Pass-Through Certificates (05-AR2-2A1A)

2.21% (1 mo. USD LIBOR + 0.310%)⁽²⁾

01/25/45

270,884

272,512

WaMu Mortgage Pass-Through Certificates (05-AR9-A1A)

2.54% (1 mo. USD LIBOR + 0.640%)⁽²⁾

07/25/45

6,531,519

6,522,984

WaMu Mortgage Pass-Through Certificates (06-AR1-2A1A)

2.45% (12 mo. Monthly Treasury Average Index + 1.070%)⁽²⁾

01/25/46

19,526,584

20,042,771

WaMu Mortgage Pass-Through Certificates (06-AR11-1A)

2.34% (12 mo. Monthly Treasury Average Index + 0.960%)⁽²⁾

09/25/46

5,252,734

4,904,670

WaMu Mortgage Pass-Through Certificates (06-AR17-1A1A)

2.09% (12 mo. Monthly Treasury Average Index + 0.810%)⁽²⁾

12/25/46

5,792,945

5,755,005

Washington Mutual Alternative Mortgage Pass-Through Certificates (02-AR1-1A1)

3.36% ⁽³⁾

11/25/30

117,584

119,087


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Washington Mutual Alternative Mortgage Pass-Through Certificates (06-1-3A2)
5.75%		02/25/36	$	1,282,215	$	1,228,799
Washington Mutual Alternative Mortgage Pass-Through Certificates (06-5-1A1)
2.50% (1 mo. USD LIBOR + 0.600%)⁽²⁾		07/25/36		2,454,803		1,767,394
Washington Mutual Alternative Mortgage Pass-Through Certificates (06-AR10-A2A)
2.07% (1 mo. USD LIBOR + 0.170%)⁽²⁾		12/25/36		4,485,435		4,065,511
Washington Mutual Alternative Mortgage Pass-Through Certificates (07-OA3-5A)
2.07% (11th District Cost of Funds + 1.250%)⁽²⁾		04/25/47		1,854,468		1,642,431
Washington Mutual Alternative Mortgage Pass-Through Certificates (07-OC2-A3)
2.21% (1 mo. USD LIBOR + 0.310%)⁽²⁾		06/25/37		5,502,033		5,014,638
Washington Mutual Asset-Backed Certificates (06-HE1-2A4)
2.18% (1 mo. USD LIBOR + 0.280%)⁽²⁾		04/25/36		11,543,603		11,072,222
Wells Fargo Home Equity Asset-Backed Securities (06-3-A2)
2.05% (1 mo. USD LIBOR + 0.150%)⁽²⁾		01/25/37		8,100,375		8,046,480
Wells Fargo Home Equity Asset-Backed Securities (07-1-A3)
2.22% (1 mo. USD LIBOR + 0.320%)⁽²⁾		03/25/37		5,521,000		4,441,585
Wells Fargo Mortgage Loan Trust (11-RR3-A1)
3.57% ⁽¹⁾⁽³⁾		03/27/37		571,857		572,423
Wells Fargo Mortgage Loan Trust (12-RR2-1A1)
2.05% (1 mo. USD LIBOR + 0.180%)⁽¹⁾⁽²⁾		09/27/47		38,682		38,849
Wells Fargo Mortgage-Backed Securities Trust (04-DD-2A6)
3.77% ⁽³⁾		01/25/35		2,320,955		2,398,648
Wells Fargo Mortgage-Backed Securities Trust (06-AR11-A6)
3.49% ⁽³⁾		08/25/36		4,702,974		4,732,625
Wells Fargo Mortgage-Backed Securities Trust (06-AR6-4A1)
3.64% ⁽³⁾		03/25/36		3,024,494		3,041,724
Wells Fargo Mortgage-Backed Securities Trust (06-AR7-2A4)
4.13% ⁽³⁾		05/25/36		2,057,236		2,091,535
Wells Fargo Mortgage-Backed Securities Trust (07-10-1A32)
6.00%		07/25/37		3,676,508		3,685,264

See accompanying notes to financial statements.

TCW Total Return Bond Fund

April 30, 2018


Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Wells Fargo Mortgage-Backed Securities Trust (07-AR4-A1)
3.73% ⁽³⁾		08/25/37	$	343,532	$	337,883
Wells Fargo Mortgage-Backed Securities Trust (08-1-4A1)
5.75%		02/25/38		1,515,928		1,599,493

Total Residential Mortgage-backed Securities — Non-agency
(Cost: $1,025,639,647)						1,299,549,426

U.S. TREASURY SECURITIES — 25.2%
U.S. Treasury Bond
3.00%		02/15/48		689,585,000		676,938,121
U.S. Treasury Note
2.25%		03/31/20		145,945,000		145,326,453
2.38%		01/31/23		184,670,000		181,343,063
2.50%		03/31/23		96,440,000		95,168,317
2.75%		04/30/23		547,275,000		546,312,207
2.75%		02/15/28		401,855,000		395,599,560

Total U.S. Treasury Securities
(Cost: $2,040,541,618)						2,040,687,721

Total Fixed Income Securities
(Cost: $7,550,166,659)						7,700,391,974



			Shares
MONEY MARKET INVESTMENTS — 1.7%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 1.63% ⁽⁹⁾				136,312,235		136,312,235

Total Money Market Investments
(Cost: $136,312,235)						136,312,235



			Principal Amount
SHORT TERM INVESTMENTS — 10.6%
Foreign Government Bonds — 2.8%
Japan Treasury Bill
0.00% ⁽⁴⁾		07/02/18	JPY	9,105,000,000		83,232,589
0.00% ⁽⁴⁾		06/04/18	JPY	15,540,000,000		142,038,142

Total Foreign Government Bonds
(Cost: $230,639,353)						225,270,731

Issues

Maturity
Date

Principal
Amount

Value

U.S. Treasury Securities — 4.5%

U.S. Treasury Bill

1.62% ^(10)(11)

06/14/18

6,419,000

6,406,114

1.74% ⁽¹⁰⁾

07/12/18

130,290,000

129,838,219

1.76% ⁽¹⁰⁾

07/19/18

172,000,000

171,339,472

1.97% ⁽¹⁰⁾

10/04/18

60,000,000

59,496,900

Total U.S. Treasury Securities

(Cost: $367,093,733)

367,080,705

COMMERCIAL PAPER — 1.0%

Computers — 0.5%

Apple, Inc.

1.99% ⁽¹⁰⁾

07/05/18

41,740,000

41,593,687

Retail — 0.5%

Wal-mart Stores, Inc.

1.88% ⁽¹⁰⁾

05/07/18

43,360,000

43,349,247

Total Commercial Paper

(Cost: $84,939,671)

84,942,934

Discount Notes — 2.3%

Federal Home Loan Bank

1.49% ⁽¹⁰⁾

05/16/18

10,000,000

9,992,960

1.93% ⁽¹⁰⁾

07/19/18

180,000,000

179,277,120

Total Discount Notes

(Cost: $189,247,346)

189,270,080

Total Short Term Investments

(Cost: $871,920,103)

866,564,450

Total Investments (107.3%)

(Cost: $8,558,398,997)

8,703,268,659

Liabilities in Excess of Other Assets (-7.3%)

(592,691,837

)

Net Assets (100.0%)

8,110,576,822

See accompanying notes to financial statements.

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)


Futures Contracts

Number of Contracts		Type	Expiration Date	Notional Value		Market Value		Net Unrealized Appreciation (Depreciation)
	BUY
	3,759	2-Year U.S. Treasury Note Futures	06/29/18	$	798,853,463	$	797,084,207	$	(1,769,256	)
	4,004	5-Year U.S. Treasury Note Futures	06/29/18		455,973,970		454,485,283		(1,488,687	)
	1,563	10-Year U.S. Treasury Note Futures	06/20/18		187,123,720		186,973,875		(149,845	)

				$	1,441,951,153	$	1,438,543,365	$	(3,407,788	)


Forward Currency Exchange Contracts

Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
SELL ⁽¹²⁾
Goldman Sachs & Co.		JPY		15,540,000,000		06/04/18	$	146,014,893	$	142,309,061	$	3,705,832
Goldman Sachs & Co.		JPY		9,105,000,000		07/02/18		86,170,183		83,562,085		2,608,098

							$	232,185,076	$	225,871,146	$	6,313,930

Notes to Schedule of Investments:

JPY -

Japanese Yen.

ABS -

Asset-Backed Securities.

ACES -

Alternative Credit Enhancement Securities.

ARM -

Adjustable Rate Mortgage.

I/F -

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

I/O -

Interest Only Security.

PAC -

Planned Amortization Class.

P/O -

Principal Only Security.

TAC -

Target Amortization Class.

TBA -

To be Announced.

(1)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2018, the value of these securities amounted to $361,010,272 or 4.5% 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 Fund’s Board of Directors.

(2)

Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2018.

(3)

(4)

Security is not accruing interest.

(5)

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

(6)

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

(7)

A portion of the principal balance has been written-off during the period due to defaults in the underlying loans. Cost basis has been adjusted.

(8)

For fair value measurement disclosure purposes, security is categorized as Level 3.

(9)

Rate disclosed is the 7-day net yield as of April 30, 2018.

(10)

Rate shown represents yield-to-maturity.

(11)

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

(12)

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

See accompanying notes to financial statements.

TCW Total Return Bond Fund

Investments by Industry (Unaudited)

April 30, 2018


Industry	Percentage of Net Assets
Asset-Backed Securities		2.1	%
Commercial Mortgage-Backed Securities — Agency		1.5
Commercial Mortgage-Backed Securities — Non-Agency		0.4
Residential Mortgage-Backed Securities — Agency		49.8
Residential Mortgage-Backed Securities — Non-Agency		16.0
Short Term Investments		10.6
U.S. Treasury Securities		25.2
Money Market Investments		1.7

Total		107.3	%

Fair Valuation Summary (Unaudited)

The following is a summary of the fair valuations according to the inputs used as of April 30, 2018 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Asset-Backed Securities	$	—		$	168,891,132	$	—	$	168,891,132
Commercial Mortgage-Backed Securities — Agency		—			122,166,077		—		122,166,077
Commercial Mortgage-Backed Securities — Non-Agency		—			32,577,326		—		32,577,326
Residential Mortgage-Backed Securities — Agency		—			4,036,520,292		—		4,036,520,292
Residential Mortgage-Backed Securities — Non-Agency		—			1,293,483,132		6,066,294		1,299,549,426
U.S. Treasury Securities		2,040,687,721			—		—		2,040,687,721

Total Fixed Income Securities		2,040,687,721			5,653,637,959		6,066,294		7,700,391,974

Money Market Investments		136,312,235			—		—		136,312,235
Short-Term Investments*		367,080,705			499,483,745		—		866,564,450

Total Investments		2,544,080,661			6,153,121,704		6,066,294		8,703,268,659

Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—			6,313,930		—		6,313,930

Total Investments	$	2,544,080,661		$	6,159,435,634	$	6,066,294	$	8,709,582,589

Liability Derivatives
Futures
Interest Rate Risk	$	(3,407,788	)	$	—	$	—	$	(3,407,788	)

Total	$	(3,407,788	)	$	—	$	—	$	(3,407,788	)

*	See Schedule of Investments for corresponding industries.

See accompanying notes to financial statements.

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

April 30, 2018


	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⁾	$	1,744,253		$	1,722		$	16,501
Foreign Currency, at Value		—			—			—	⁽³⁾⁽⁴⁾
Receivable for Securities Sold		6,513			—	⁽⁴⁾		—
Receivable for Sale of When-Issued Securities		11,930			—			36
Receivable for Fund Shares Sold		987			—			—
Interest Receivable		8,459			4			111
Receivable from Investment Advisor		46			19			10
Unrealized Appreciation on Open Forward Foreign Currency Contracts		975			—			4
Receivable for Daily Variation Margin on Open Financial Futures Contracts		—			—			5
Cash Collateral Held for Forward Currency Contracts		1,326			—			—
Cash Collateral on Swap Agreements		—			190			—
Prepaid Expenses		46			—			21

Total Assets		1,774,535			1,935			16,688

LIABILITIES
Distributions Payable		536			—			—
Payable for Securities Purchased		12,778			—			—
Payable for Purchase of When-Issued Securities		126,865			—			187
Payable for Fund Shares Redeemed		3,973			—			—
Accrued Directors’ Fees and Expenses		12			12			12
Accrued Management Fees		580			1			8
Accrued Distribution Fees		70			—	⁽⁴⁾		2
Interest Payable on Swap Agreements		—			1			—
Payable for Daily Variation Margin on Open Financial Futures Contracts		683			—			—
Open Swap Agreements, at Value		—			5			—
Collateral Pledged by Brokers on Forward Currency Contracts		600			—			—
Unrealized Depreciation on Open Forward Foreign Currency Contracts		—			—			19
Other Accrued Expenses		339			73			21

Total Liabilities		146,436			92			249

NET ASSETS	$	1,628,099		$	1,843		$	16,439

NET ASSETS CONSIST OF:
Paid-in Capital	$	1,684,433		$	1,702		$	16,719
Accumulated Net Realized Gain (Loss) on Investments, Futures Contracts, Swap Contracts and Foreign Currency		(41,594	)		132			(245	)
Unrealized Appreciation (Depreciation) of Investments, Futures Contracts and Swap Contracts		(12,334	)		23			(99	)
Undistributed (Overdistributed) Net Investment Income		(2,406	)		(14	)		64

NET ASSETS	$	1,628,099		$	1,843		$	16,439

NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	1,315,775		$	1,298		$	8,739

N Class Share	$	312,324		$	545		$	7,700

CAPITAL SHARES OUTSTANDING:⁽⁵⁾
I Class Share		123,164,304			238,696			898,192

N Class Share		29,312,979			100,261			791,451

NET ASSET VALUE PER SHARE: ⁽⁶⁾
I Class Share	$	10.68		$	5.44		$	9.73

N Class Share	$	10.65		$	5.44		$	9.73

(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, 2018 was $1,756,876, $1,694 and $16,599, respectively.

(3)

The identified cost for the TCW Global Bond Fund at April 30, 2018 was $0.

(4)

Amount rounds to less than $1.

(5)

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

(6)

Represents offering price and redemption price per share.

See accompanying notes to financial statements.

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

April 30, 2018


	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⁾	$	17,031		$	7,625		$	8,703,269
Cash		—			—			319
Receivable for Securities Sold		313			—			—
Receivable for Sale of When-Issued Securities		—			—			274,682
Receivable for Fund Shares Sold		4			—			15,742
Interest Receivable		204			32			21,941
Receivable from Investment Advisor		18			13			925
Unrealized Appreciation on Open Forward Foreign Currency Contracts		—			—			6,314
Cash Collateral Held for Forward Foreign Currency Contracts		—			—			10,270
Prepaid Expenses		24			9			75

Total Assets		17,594			7,679			9,033,537

LIABILITIES
Distributions Payable		17			1			10,097
Payable for Securities Purchased		340			163			59,497
Payable for Purchase of When-Issued Securities		—			—			815,495
Payable for Fund Shares Redeemed		15			4			23,026
Accrued Directors’ Fees and Expenses		12			12			12
Accrued Management Fees		7			2			3,597
Accrued Distribution Fees		1			—			303
Interest Payable on Swap Agreements		—	⁽²⁾		—			—
Payable for Daily Variation Margin on Open Financial Futures Contracts		—			—			3,389
Open Swap Agreements, at Value		2			—			—
Collateral Pledged by Brokers on Forward Foreign Currency Contracts		—			—			5,570
Other Accrued Expenses		35			23			1,974

Total Liabilities		429			205			922,960

NET ASSETS	$	17,165		$	7,474		$	8,110,577

NET ASSETS CONSIST OF:
Paid-in Capital	$	17,970		$	14,940		$	8,244,245
Accumulated Net Realized Loss on Investments, Futures Contracts, Swap Contracts and Foreign Currency		(538	)		(7,449	)		(341,168	)
Unrealized Appreciation (Depreciation) of Investments, Futures Contracts, and Swap Contracts		(283	)		6			147,776
Undistributed (Overdistributed) Net Investment Income		16			(23	)		59,724

NET ASSETS	$	17,165		$	7,474		$	8,110,577

NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	11,163		$	7,474		$	6,756,678

N Class Share	$	6,002					$	1,353,899

CAPITAL SHARES OUTSTANDING:⁽³⁾
I Class Share		1,785,700			872,339			700,134,570

N Class Share		953,733						136,100,972

*NET ASSET VALUE PER SHARE:⁽⁴⁾***
I Class Share	$	6.25		$	8.57		$	9.65

N Class Share	$	6.29					$	9.95

(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, 2018 was $17,311, $7,619 and $8,558,399, 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.

TCW Funds, Inc.

Statements of Operations (Unaudited)

Six Months Ended April 30, 2018


	TCW Core Fixed Income Fund			TCW Enhanced Commodity Strategy Fund ⁽¹⁾			TCW Global Bond Fund
	Dollar Amounts in Thousands
INVESTMENT INCOME
Income:
Interest	$	22,722		$	22		$	220

Total		22,722			22			220

Expenses:
Management Fees		3,415			7			45
Accounting Services Fees		85			13			2
Administration Fees		52			19			1
Transfer Agent Fees:
I Class		443			5			3
N Class		179			4			3
Custodian Fees		19			3			12
Professional Fees		52			21			19
Directors’ Fees and Expenses		24			24			24
Registration Fees:
I Class		20			2			9
N Class		12			2			9
Distribution Fees:
N Class		411			1			10
Shareholder Reporting Expense		3			1			—	⁽²⁾
Other		72			4			2

Total		4,787			106			139

Less Expenses Borne by Investment Advisor:
I Class		89			64			24
N Class		118			36			32

Net Expenses		4,580			6			83

Net Investment Income		18,142			16			137

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		(20,939	)		—	⁽²⁾		(152	)
Foreign Currency		2,649			—			(9	)
Foreign Currency Forward
Contracts		(3,164	)		—			3
Futures Contracts		(4,375	)		—			(89	)
Swap Agreements		—			76			—
Change in Unrealized Appreciation (Depreciation) on:
Investments		(22,552	)		(6	)		172
Foreign Currency		—			—			—	⁽²⁾
Foreign Currency Forward
Contracts		(439	)		—			(8	)
Futures contracts		552			—			14
Swap Agreements		—			(18	)		—

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		(48,268	)		52			(69	)

INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(30,126	)	$	68		$	68

(1)

Consolidated Statement of Operations (See Note 2).

(2)

Amount rounds to less than $1.

See accompanying notes to financial statements.

TCW Funds, Inc.

Statements of Operations (Unaudited)

Six Months Ended April 30, 2018


	TCW High Yield Bond Fund			TCW Short Term Bond Fund			TCW Total Return Bond Fund
	Dollar Amounts in Thousands
INVESTMENT INCOME
Income:
Interest	$	417		$	67		$	146,388

Total		417			67			146,388

Expenses:
Management Fees		42			13			21,362
Accounting Services Fees		13			1			438
Administration Fees		1			—	⁽¹⁾		269
Transfer Agent Fees:
I Class		8			5			2,972
N Class		7			—			840
Custodian Fees		8			4			45
Professional Fees		18			24			174
Directors’ Fees and Expenses		24			24			24
Registration Fees:
I Class		8			10			34
N Class		8			—			23
Distribution Fees:
N Class		8			—			1,925
Shareholder Reporting Expense		1			—	⁽¹⁾		10
Other		3			3			409

Total		149			84			28,525

Less Expenses Borne by Investment Advisor:
I Class		55			67			4,468
N Class		35			—			812

Net Expenses		59			17			23,245

Net Investment Income		358			50			123,143

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		68			(10	)		(129,472	)
Foreign Currency		1			—			(1,536	)
Foreign Currency Forward
Contracts		(10	)		—			(7,825	)
Futures Contracts		—			—			(38,926	)
Swap Agreements		(2	)		—			—
Change in Unrealized Appreciation (Depreciation) on:
Investments		(378	)		(11	)		(95,653	)
Foreign Currency		—			—			—
Foreign Currency Forward
Contracts		(2	)		—			(1,755	)
Futures contracts		—			—			7,879
Swap Agreements		2			—			—

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		(321	)		(21	)		(267,288	)

INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	37		$	29		$	(144,145	)

(1)

Amount rounds to less than $1.

See accompanying notes to financial statements.

TCW Funds, Inc.

Statements of Changes in Net Assets


	TCW Core Fixed Income Fund						TCW Enhanced Commodity Strategy Fund⁽¹⁾
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
	Dollar Amounts in Thousands
OPERATIONS
Net Investment Income	$	18,142		$	33,163		$	16		$	27
Net Realized Gain (Loss) on Investments, Futures Contracts, Swap Contracts and Foreign Currency Transactions		(25,829	)		(16,204	)		76			(9	)
Change in Unrealized Appreciation on Investments and Futures Contracts		(22,439	)		(8,308	)		(24	)		35

Increase (Decrease) in Net Assets Resulting from Operations		(30,126	)		8,651			68			53

DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		(15,389	)		(28,052	)		(9	)		(16	)
N Class		(3,259	)		(7,220	)		(5	)		(11	)
Distributions from Net Realized Gain:
I Class		—			(14,647	)		—			(8	)
N Class		—			(5,178	)		—			(5	)

Total Distributions to Shareholders		(18,648	)		(55,097	)		(14	)		(40	)

NET CAPITAL SHARE TRANSACTIONS
I Class		(23,793	)		(8,123	)		509			24
N Class		(35,460	)		(117,795	)		5			17

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		(59,253	)		(125,918	)		514			41

Increase (Decrease) in Net Assets		(108,027	)		(172,364	)		568			54
NET ASSETS
Beginning of Period		1,736,126			1,908,490			1,275			1,221

End of Period	$	1,628,099		$	1,736,126		$	1,843		$	1,275

Overdistributed Net Investment Income	$	(2,406	)	$	(1,900	)	$	(14	)	$	(16	)

(1)

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

See accompanying notes to financial statements.

TCW Funds, Inc.

Statements of Changes in Net Assets


	TCW Global Bond Fund						TCW High Yield Bond Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
	Dollar Amounts in Thousands
OPERATIONS
Net Investment Income	$	137		$	282		$	358		$	929
Net Realized Gain (Loss) on Investments, Futures Contracts, Swap Contracts and Foreign Currency Transactions		(247	)		(15	)		57			761
Change in Unrealized Appreciation on Investments and Futures Contracts		178			(82	)		(378	)		(69	)

Increase in Net Assets Resulting from Operations		68			185			37			1,621

DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		(49	)		(144	)		(274	)		(726	)
N Class		(43	)		(127	)		(135	)		(339	)
Distributions from Net Realized Gain:
I Class		(9	)		(58	)		—			—
N Class		(8	)		(51	)		—			—

Total Distributions to Shareholders		(109	)		(380	)		(409	)		(1,065	)

NET CAPITAL SHARE TRANSACTIONS
I Class		46			170			(2,785	)		(6,449	)
N Class		41			184			(807	)		(769	)

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		87			354			(3,592	)		(7,218	)

Increase (Decrease) in Net Assets		46			159			(3,964	)		(6,662	)
NET ASSETS
Beginning of Period		16,393			16,234			21,129			27,791

End of Period	$	16,439		$	16,393		$	17,165		$	21,129

Undistributed Net Investment Income	$	64		$	19		$	16		$	67

See accompanying notes to financial statements.

TCW Funds, Inc.

Statements of Changes in Net Assets


	TCW Short Term Bond Fund						TCW Total Return Bond Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
	Dollar Amounts in Thousands
OPERATIONS
Net Investment Income	$	50		$	83		$	123,143		$	250,522
Net Realized Loss on Investments, Futures Contracts and Foreign Currency Transactions		(10	)		(5	)		(177,759	)		(170,461	)
Change in Unrealized Appreciation on Investments and Futures Contracts		(11	)		(12	)		(89,529	)		(53,295	)

Increase (Decrease) in Net Assets Resulting from Operations		29			66			(144,145	)		26,766

DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		(78	)		(143	)		(119,370	)		(183,998	)
N Class		—			—			(24,127	)		(50,442	)
Distributions from Net Realized Gain:
I Class		—			—			—			(114,017	)
N Class		—			—			—			(38,135	)

Total Distributions to Shareholders		(78	)		(143	)		(143,497	)		(386,592	)

NET CAPITAL SHARE TRANSACTIONS
I Class		(428	)		330			(110,866	)		(671,642	)
N Class		—			—			(497,055	)		(767,389	)

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		(428	)		330			(607,921	)		(1,439,031	)

Increase (Decrease) in Net Assets		(477	)		253			(895,563	)		(1,798,857	)
NET ASSETS
Beginning of Period		7,951			7,698			9,006,140			10,804,997

End of Period	$	7,474		$	7,951		$	8,110,577		$	9,006,140

Undistributed (Overdistributed) Net Investment Income	$	(23	)	$	5		$	59,724		$	80,078

See accompanying notes to financial statements.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited)

April 30, 2018

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 20 no-load mutual funds (each series a “Fund” and collectively the “Funds”). TCW Investment Management Company LLC (the “Advisor”) is the investment advisor to and an affiliate of the Funds and is registered under the Investment Advisers Act of 1940, as amended. Each Fund has distinct investment objectives. 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 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.

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 and at least 50% of the value in securitized obligations.

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, 2018 were $364,758 or 19.8% of the Parent’s consolidated net assets. Intercompany balances and transactions have been eliminated in consolidation.

Net Asset Value: The net asset value per share (“NAV”) 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 in circumstances under which it is determined by the Advisor that prices received are not reflective of their market values, are valued by the Advisor’s Pricing Committee in accordance with the guidelines established by the Valuation Committee of the Company’s Board of Directors (“Board”) and under the general oversight of the Board.

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

TCW Funds, Inc.

April 30, 2018

Note 2 — Significant Accounting Policies (Continued)

inputs are inputs that reflect the reporting entity’s own assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

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


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

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

Fair Value Measurements: Descriptions of the valuation techniques applied to the Funds’ major categories of assets and liabilities on a recurring basis are as follows:

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

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

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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

Foreign currency contracts. The fair values of foreign currency contracts are derived from indices, reference rates, and other inputs or a combination of these factors. To the extent that these factors can be observed, foreign currency contracts are categorized in Level 2 of the fair value hierarchy.

Futures contracts. Futures contracts are generally valued at the settlement price established at the close of business each day by the exchange on which they are traded. 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-end mutual funds that invest in short-term debt securities. To the extent that these funds are valued based upon the reported NAV, they are categorized in Level 1 of the fair value hierarchy.

Municipal bonds. Municipal bonds are fair valued based on pricing models that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid 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.

The summary of the inputs used as of April 30, 2018 is listed after the Schedule of Investments for each Fund.

The Funds did not have any transfers in and out of Level 1 and Level 2 of the fair value hierarchy during the period ended April 30, 2018.

TCW Funds, Inc.

April 30, 2018

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 Core Fixed Income Fund			TCW Enhanced Commodity Strategy Fund			TCW Global Bond Fund		TCW High Yield Bond Fund			TCW Total Return Bond Fund
Balance as of October 31, 2017	$	1,229,012		$	10,660		$	146,477	$	112,200		$	6,981,408
Accrued Discounts (Premiums)		(761	)		(17	)		5,057		—			(592,398	)
Realized Gain (Loss)		(1,106	)		—			—		—			1,551
Change in Unrealized Appreciation		(69,767	)		(1,666	)		392		(25,245	)		(324,859	)
Purchases		—			—			—		—			8,129
Sales		(23,827	)		—			—		—			(7,537	)
Transfers in to Level 3 ⁽¹⁾		—			—			—		—			—
Transfers out of Level 3 ⁽¹⁾		—			—			—		—			—

Balance as of April 30, 2018	$	1,133,551		$	8,977		$	151,926	$	86,955		$	6,066,294

Change in Unrealized Appreciation from Investments Still Held at April 30, 2018	$	(69,767	)	$	(1,666	)	$	392	$	(25,245	)	$	(324,859	)

(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, 2018 are as follows:

Description

Fair Value at
4/30/2018

Valuation Techniques*

Unobservable
Input

Price or Price
Range

Average
Weighted
Price

TCW Core Fixed Income Fund

Corporate Bonds

1,133,551

Third-party Vendor

Vendor Prices

$110.078

TCW Enhanced Commodity Strategy Fund

Commercial Mortgage-Backed Securities — Non-Agency

8,977

Third-party Vendor

Vendor Prices

$0.572

TCW Global Bond Fund

Commercial Mortgage-Backed Securities — Non-Agency

7,024

Third-party Vendor

Vendor Prices

$0.029–$0.391

$0.297

Residential Mortgage-Backed Securities — Non-Agency

144,902

Third-party Vendor

Vendor Prices

$11.576

TCW High Yield Bond Fund

Common Stock

86,955

Third-party Vendor

Vendor Prices

$15.500

TCW Total Return Bond Fund

Residential Mortgage-Backed Securities — Non-Agency

3,431

Third-party Vendor

Vendor Prices

$100.000

Residential Mortgage-Backed Securities — Non-Agency
(Interest Only, Collateral Strip Rate Securities)

6,062,863

Third-party Vendor

Vendor Prices

$0.786–$18.499

$1.766

*	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 Advisor’s own model and inputs.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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

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

For the period ended April 30, 2018, the following Funds had derivatives and transactions in derivatives, grouped in the following risk categories (amounts in thousands except Notional Amounts or shares/Units):


	Foreign Currency Risk			Interest Rate Risk			Total
TCW Core Fixed Income Fund
Statement of Asset and Liabilities
Asset Derivatives
Forward Contracts	$	975		$	—		$	975

Total Value	$	975		$	—		$	975

Liability Derivatives
Futures Contracts ⁽¹⁾	$	—		$	(686	)	$	(686	)

Total Value	$	—		$	(686	)	$	(686	)

Statement of Operations:
Realized Gain (Loss)
Forward Contracts	$	(3,164	)	$	—		$	(3,164	)
Futures Contracts		—			(4,375	)		(4,375	)

Total Realized Gain (Loss)	$	(3,164	)	$	(4,375	)	$	(7,539	)

Change in Appreciation (Depreciation)
Forward Contracts	$	(439	)	$	—		$	(439	)
Futures Contracts		—			552			552

Total Change in Appreciation (Depreciation)	$	(439	)	$	552		$	113

Number of Contracts or Notional Amounts ⁽²⁾
Forward Currency Contracts	$	58,486,162		$	—		$	58,486,162
Futures Contracts		—			1,420			1,420

TCW Funds, Inc.

April 30, 2018

Note 2 — Significant Accounting Policies (Continued)


	Commodity Risk			Foreign Currency Risk			Interest Rate Risk			Total
TCW Enhanced Commodity Strategy Fund
Statement of Asset and Liabilities
Liability Derivatives
Swaps Contracts	$	(5	)	$	—		$	—		$	(10	)

Total Value	$	(5	)	$	—		$	—		$	(10	)

Statement of Operations:
Realized Gain (Loss)
Swaps Contracts	$	76		$	—		$	—		$	76

Total Realized Gain (Loss)	$	76		$	—		$	—		$	76

Change in Appreciation (Depreciation)
Swaps Contracts	$	(18	)	$	—		$	—		$	(18	)

Total Change in Appreciation (Depreciation)	$	(18	)	$	—		$	—		$	(18	)

Notional Amounts ⁽²⁾
Swaps Contracts	$	1,635,456		$	—		$	—		$	1,635,456

TCW Global Bond Fund
Statement of Asset and Liabilities
Asset Derivatives
Futures Contracts ⁽¹⁾	$	—		$	—		$	20		$	20
Forward Contracts		—			4			—			4

Total Value	$	—		$	4		$	20		$	24

Liability Derivatives
Forward Contracts	$	—		$	(19	)	$	—		$	(19	)
Futures Contracts ⁽¹⁾		—			—			(6	)		(6	)

Total Value	$	—		$	(19	)	$	(6	)	$	(25	)

Statement of Operations:
Realized Gain (Loss)
Forward Contracts	$	—		$	3		$	—		$	3
Futures Contracts		—			—			(89	)		(89	)

Total Realized Gain (Loss)	$	—		$	3		$	(89	)	$	(86	)

Change in Appreciation (Depreciation)
Forward Contracts	$	—		$	(8	)	$	—		$	(8	)
Futures Contracts		—			—			14			14

Total Change in Appreciation (Depreciation)	$	—		$	(8	)	$	14		$	6

Number of Contracts or Notional Amounts ⁽²⁾
Forward Currency Contracts	$	—		$	2,058,886		$	—		$	2,058,886
Futures Contracts		—			—			23			23

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)


	Credit Risk			Foreign Currency Risk			Interest Rate Risk			Total
TCW High Yield Bond Fund
Statement of Asset and Liabilities
Liability Derivatives
Swaps Contracts	$	(2	)	$	—		$	—		$	(2	)

Total Value	$	(2	)	$	—		$	—		$	(2	)

Statement of Operations:
Realized Gain (Loss)
Forward Contracts	$	—		$	(10	)	$	—		$	(10	)
Swaps Contracts		(2	)		—			—			(2	)

Total Realized Gain (Loss)	$	(2	)	$	(10	)	$	—		$	(12	)

Change in Appreciation (Depreciation)
Forward Contracts				$	(2	)				$	(2	)
Swaps Contracts		2			—			—			2

Total Change in Appreciation (Depreciation)	$	2		$	(2	)	$	—		$	—

Notional Amounts ⁽²⁾
Forward Currency Contracts	$	—		$	299,726		$	—		$	299,726
Swaps Contracts	$	250,000		$	—		$	—		$	250,000


TCW Total Return Bond Fund
Statement of Asset and Liabilities
Asset Derivatives
Forward Contracts	$	—		$	6,314		$	—		$	6,314

Total Value	$	—		$	6,314		$	—		$	6,314

Liability Derivatives
Futures Contracts ⁽¹⁾	$	—		$	—		$	(3,408	)	$	(3,408	)

Total Value	$	—		$	—		$	(3,408	)	$	(3,408	)

Statement of Operations:
Realized Gain (Loss)
Forward Contracts	$	—		$	(7,825	)	$	—		$	(7,825	)
Futures Contracts		—			—			(38,926	)		(38,926	)

Total Realized Gain (Loss)	$	—		$	(7,825	)	$	(38,926	)	$	(46,751	)

Change in Appreciation (Depreciation)
Forward Contracts	$	—		$	(1,755	)	$	—		$	(1,755	)
Futures Contracts		—			—			7,879			7,879

Total Change in Appreciation (Depreciation)	$	—		$	(1,755	)	$	7,879		$	6,124

Number of Contracts or Notional Amounts ⁽²⁾
Forward Currency Contracts	$	—		$	261,105,377		$	—		$	261,105,377
Futures Contracts		—			—			9,694			9,694

(1)

Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only variation margin on April 30, 2018 is reported within the Statement of Assets and Liabilities.

(2)

Amount disclosed represents average number of contracts or notional amounts, which are representative of the volume traded for the six months ended April 30, 2018.

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

TCW Funds, Inc.

April 30, 2018

Note 2 — Significant Accounting Policies (Continued)

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

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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

The following table presents the Funds’ OTC derivatives assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or Master Repurchase Agreement (“MRA”) and net of the related collateral received by the Funds as of April 30, 2018 (in thousands):

TCW Core Fixed Income Fund


Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements		Net Assets (Liabilities) Subject to Master Agreements		Collateral Pledged (Received)			Net Amount ⁽¹⁾
Bank of America (Derivatives)	$	550	$	—	$	550	$	(320	)	$	230
Goldman Sachs & Co. (Derivatives)		425		—		425		(280	)		145

Total	$	975	$	—	$	975	$	(600	)	$	375

(1)

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

TCW Enhanced Commodity Strategy Fund


Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements			Net Assets (Liabilities) Subject to Master Agreements			Collateral Pledged (Received)			Net Amount ⁽¹⁾
Credit Suisse First Boston Corp. (Derivatives)	$	—	$	(5	)	$	(5	)	$	5	⁽²⁾	$	—

Total	$	—	$	(5	)	$	(5	)	$	5	⁽²⁾	$	—

(1)

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

(2)

Amount does not include excess collateral pledged or received.

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)	$	2	$	—		$	2		$	—	$	2
Goldman Sachs International (Derivatives)		2		(19	)		(17	)		—		(17	)

Total	$	4	$	(19	)	$	(15	)	$	—	$	(15	)

(1)

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

TCW High Yield Bond Fund


Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements			Net Assets (Liabilities) Subject to Master Agreements			Collateral Pledged (Received)		Net Amount ⁽¹⁾
Goldman Sachs International (Derivatives)	$	—	$	(2	)	$	(2	)	$	—	$	(2	)

Total	$	—	$	(2	)	$	(2	)	$	—	$	(2	)

(1)

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

TCW Funds, Inc.

April 30, 2018

Note 2 — Significant Accounting Policies (Continued)

TCW Total Return Bond Fund


Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements		Net Assets (Liabilities) Subject to Master Agreements		Collateral Pledged (Received)			Net Amount ⁽¹⁾
Goldman Sachs & Co. (Derivatives)	$	6,314	$	—	$	6,314	$	(5,570	)	$	744	⁽²⁾

Total	$	6,314	$	—	$	6,314	$	(5,570	)	$	744	⁽²⁾

(1)

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

(2)

Additional collateral was received subsequent to April 30, 2018 to reduce the Net Amount.

Forward Foreign Currency Contracts: The Funds enter into forward foreign currency contracts as a hedge against fluctuations in foreign exchange rates. Forward foreign currency contracts are marked to market daily and the change in market value is recorded by the Funds as unrealized gains or losses in the Statement of Assets and Liabilities. When a contract is closed or delivery is taken, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of the foreign currency relative to the U.S. dollar. The TCW Core Fixed Income Fund, the TCW Global Bond Fund, the TCW High Yield Bond Fund, and the TCW Total Return Bond Fund entered into forward foreign currency contracts during the period to hedge against the foreign currency exposure within the Funds. Outstanding foreign currency forward contracts at April 30, 2018 are disclosed in the Schedule of Investments.

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

When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The TCW Core Fixed Income Fund, the TCW Global Bond Fund and the TCW Total Return Bond Fund utilized futures during the six months ended

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

April 30, 2018 to help manage interest rate duration of those Funds. Futures contracts outstanding at April 30, 2018 are listed on the Schedule of Investments.

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

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.

TCW Funds, Inc.

April 30, 2018

Note 2 — Significant Accounting Policies (Continued)

perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC options or otherwise to terminate such options, and as a result a Fund may be required to remain obligated on an unfavorable OTC option until its expiration. During the period ended April 30, 2018, the Funds have not purchased or written any options.

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

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

Interest rate swaps are agreements in which one party pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, a party may pay a fixed rate and receive a floating rate. In more complex swaps, the notional principal amount may decline (or amortize) over time. A Fund’s maximum risk of loss from counterparty default is the discounted NAV of the cash flows paid to the counterparty over the interest rate swap’s remaining life.

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

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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

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

During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Funds are recorded as realized gains and losses, respectively. During the period ended April 30, 2018, 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.

Mortgage-Backed Securities: The Funds may invest in MBS which represent interests in pools of mortgages in which payments of both principal and interest on the securities are generally made monthly, in effect “passing through” monthly payments made by borrowers on the residential or commercial mortgage loans which underlie the securities (net of any fees paid to the issuer or guarantor of the securities). Mortgage pass-through securities differ from other forms of debt securities which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates. The Funds may also invest in Collateralized Mortgage Obligations (“CMOs”). CMOs are debt obligations collateralized by residential or commercial mortgage loans or residential or commercial mortgage pass-through securities. Interest and principal are generally paid monthly. CMOs may be collateralized by whole mortgage loans or private mortgage pass-through securities but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by Ginnie Mae, Freddie Mac or Fannie Mae. The issuer of a series of CMOs may elect to be treated for tax purposes as a Real Estate Mortgage Investment Conduit. CMOs are structured into multiple classes, each bearing a different stated maturity. Monthly payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to investors holding the shortest maturity class. Investors holding the longer maturity classes usually receive principal only after shorter classes have been retired. An investor may be partially protected against a sooner than desired return of principal because of the sequential payments.

TCW Funds, Inc.

April 30, 2018

Note 2 — Significant Accounting Policies (Continued)

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. 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

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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

Dollar Roll Transactions: The Funds may enter into dollar roll transactions with financial institutions to take advantage of opportunities in the MBS market. A dollar roll transaction involves a simultaneous sale of securities by a Fund with an agreement to repurchase substantially similar securities at an agreed upon price and date, but generally will be collateralized at time of delivery by different pools of mortgages with different prepayment histories than those securities sold. These transactions are accounted for as financing transactions as opposed to sales and purchases. The differential between the sale price and the repurchase price is recorded as deferred income and recognized between the settlement dates of the sale and repurchase. During the period between the sale and repurchase, a Fund will not be entitled to receive interest and principal payments on the securities sold. Dollar roll transactions involve risk that the market value of the security sold by a Fund may decline below the repurchase price of the security and the potential inability of counterparties to complete the transaction. There were no such transactions by the Funds for the period ended April 30, 2018.

Repurchase Agreements: The Funds may enter into repurchase agreements, under the terms of a 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, each Fund receives securities as collateral with a market value in excess of the repurchase price. Upon a bankruptcy or insolvency of the MRA counterparty, a Fund recognizes a liability with respect to such excess collateral to reflect the Fund’s obligation under bankruptcy law to return the excess to the counterparty. There were no repurchase agreements outstanding as of April 30, 2018.

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, 2018.

TCW Funds, Inc.

April 30, 2018

Note 2 — Significant Accounting Policies (Continued)

the collateral if the borrowers of the securities fail financially. The Funds earn additional income for lending their securities by investing the cash collateral in short-term investments. The Funds did not lend any securities during the period ended April 30, 2018.

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

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

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

Note 3 — Risk Considerations

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

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

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 3 — Risk Considerations (Continued)

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 an unanticipated rate of prepayment on underlying mortgages increases 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 achieve their objective through the use of the derivatives.

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

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

TCW Funds, Inc.

April 30, 2018

Note 3 — Risk Considerations (Continued)

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.

Commodities Risk: The TCW Enhanced Commodity Strategy Fund has exposure to commodity markets through its investments in total return swap agreements. Therefore, the price of its shares is affected by factors particular to the commodity markets and may decline and fluctuate more than the price of shares of a fund with a broader range of investments. Commodity prices can be extremely volatile and are affected by many factors, including changes in overall market movements, real or perceived inflationary trends, commodity index volatility, changes in interest rates or currency exchange rates, population growth and changing demographics, nationalization, expropriation, or other confiscation, international regulatory, political and economic developments (e.g., regime changes and changes in economic activity levels), and developments affecting a particular industry or commodity, such as drought, floods or other weather conditions, livestock disease, trade embargoes, competition from substitute products, transportation bottlenecks or shortages, fluctuations in supply and demand and tariffs.

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

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

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, 2018, 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	$	11,200	$	(28,519	)	$	(17,319	)	$	1,761,572
TCW Enhanced Commodity Strategy Fund		28		—			28			1,694
TCW Global Bond Fund		367		(490	)		(123	)		20,984
TCW High Yield Bond Fund		143		(414	)		(271	)		17,301
TCW Short Term Bond Fund		13		(145	)		(132	)		7,757
TCW Total Return Bond Fund		362,402		(130,972	)		231,430			8,471,839

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 4 — Federal Income Taxes (Continued)

At October 31, 2017 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	$	5,191	$		$	5,191
TCW Enhanced Commodity Strategy Fund		2		—		2
TCW Global Bond Fund		65		17		82
TCW High Yield Bond Fund		139		—		139
TCW Short Term Bond Fund		47		—		47
TCW Total Return Bond Fund		66,234		—		66,234

During the year ended October 31, 2017, 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	$	51,602	$	3,495	$	55,097
TCW Enhanced Commodity Strategy Fund		28		12		40
TCW Global Bond Fund		377		3		380
TCW High Yield Bond Fund		1,065		—		1,065
TCW Short Term Bond Fund		143		—		143
TCW Total Return Bond Fund		355,061		31,531		386,592

At October 31, 2017, the following Funds had net realized loss carryforwards for federal income tax purposes (amounts in thousands):


					No Expiration ⁽²⁾
	Expiring In 2018 ⁽¹⁾		Expiring In 2019 ⁽¹⁾		Short-Term Capital Losses			Long-Term Capital Losses			Total
TCW Core Fixed Income Fund	$	—	$	—	$	16,237		$	—		$	16,237
TCW Enhanced Commodity Strategy Fund		—		—		—	⁽³⁾		—	⁽³⁾		—	⁽³⁾
TCW High Yield Bond Fund		—		—		218			460			678
TCW Short Term Bond Fund		7,023		111		110			139			249
TCW Total Return Bond Fund		—		—		173,692			—			173,692

(1)

Losses incurred prior to December 22, 2010.

(2)

Losses incurred after December 22, 2010.

(3)

Amount rounds to less than $1.

The Funds did not have any unrecognized tax benefits at April 30, 2018, nor were there any increases or decreases in unrecognized tax benefits for the six months ended April 30, 2018. 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 NAV:


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	%

TCW Funds, Inc.

April 30, 2018

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 Core Fixed Income Fund
I Class	0.49	% ⁽¹⁾
N Class	0.72	% ⁽²⁾
TCW Enhanced Commodity Strategy Fund
I Class	0.70	% ⁽¹⁾
N Class	0.75	% ⁽¹⁾
TCW Global Bond Fund
I Class	1.04	% ⁽¹⁾
N Class	1.04	% ⁽¹⁾
TCW High Yield Bond Fund
I Class	0.55	% ⁽¹⁾
N Class	0.80	% ⁽¹⁾
TCW Short Term Bond Fund
I Class	0.44	% ⁽¹⁾
TCW Total Return Bond Fund
I Class	0.49	% ⁽¹⁾
N Class	0.79	% ⁽¹⁾

(1)

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

(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, 2018. This limitation is voluntary and terminable on 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.

Note 6 — Distribution Plan

Note 7 — Purchases and Sales of Securities

Investment transactions (excluding short-term investments) for the period ended April 30, 2018 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	$	222,476	$	171,922	$	2,400,198	$	2,454,702
TCW Enhanced Commodity Strategy Fund		—		17		—		7
TCW Global Bond Fund		5,376		3,767		3,517		5,681
TCW High Yield Bond Fund		9,137		12,403		—		—
TCW Short Term Bond Fund		1,429		1,030		2,716		3,431
TCW Total Return Bond Fund		41,839		209,528		11,896,172		12,637,430

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 8 — Capital Share Transactions

Transactions in each Fund’s shares were as follows:


TCW Core Fixed Income Fund	Six Months Ended April 30, 2018 (Unaudited)						Year Ended October 31, 2017
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		20,109,652		$	219,374			52,501,918		$	575,707
Shares Issued upon Reinvestment of Dividends		1,446,867			15,694			3,503,848			38,366
Shares Redeemed		(23,920,353	)		(258,861	)		(56,484,294	)		(622,196	)

Net Decrease		(2,363,834	)	$	(23,793	)		(478,528	)	$	(8,123	)


N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		3,998,924		$	43,273			4,750,936		$	52,020
Shares Issued upon Reinvestment of Dividends		270,197			2,924			862,922			9,415
Shares Redeemed		(7,525,357	)		(81,657	)		(16,351,869	)		(179,230	)

Net Decrease		(3,256,236	)	$	(35,460	)		(10,738,011	)	$	(117,795	)


TCW Enhanced Commodity Strategy Fund	Six Months Ended April 30, 2018 (Unaudited)						Year Ended October 31, 2017
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		91,408		$	500			—		$	—
Shares Issued upon Reinvestment of Dividends		1,695			9			4,713			24
Shares Redeemed		—			—			—			—

Net Increase		93,103		$	509			4,713		$	24


N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		—		$	—			—		$	—
Shares Issued upon Reinvestment of Dividends		892			5			3,215			17
Shares Redeemed		—			—			—			—

Net Increase		892		$	5			3,215		$	17


TCW Global Bond Fund	Six Months Ended April 30, 2018 (Unaudited)						Year Ended October 31, 2017
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		6,672		$	66			3,718		$	36
Shares Issued upon Reinvestment of Dividends		7,300			71			21,732			208
Shares Redeemed		(9,257	)		(91	)		(7,681	)		(74	)

Net Increase		4,715		$	46			17,769		$	170


N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		—		$	—			125		$	1
Shares Issued upon Reinvestment of Dividends		6,434			63			19,117			184
Shares Redeemed		(2,263	)		(22	)		(164	)		(1	)

Net Increase		4,171		$	41			19,078		$	184

TCW Funds, Inc.

April 30, 2018

Note 8 — Capital Share Transactions (Continued)


TCW High Yield Bond Fund	Six Months Ended April 30, 2018 (Unaudited)						Year Ended October 31, 2017
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		81,134		$	513			658,272		$	4,135
Shares Issued upon Reinvestment of Dividends		38,681			244			92,725			584
Shares Redeemed		(560,923	)		(3,542	)		(1,775,760	)		(11,168	)

Net Decrease		(441,108	)	$	(2,785	)		(1,024,763	)	$	(6,449	)


N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		154,898		$	988			1,291,908		$	8,204
Shares Issued upon Reinvestment of Dividends		20,115			128			42,606			270
Shares Redeemed		(301,495	)		(1,923	)		(1,452,775	)		(9,243	)

Net Decrease		(126,482	)	$	(807	)		(118,261	)	$	(769	)


TCW Short Term Bond Fund	Six Months Ended April 30, 2018 (Unaudited)						Year Ended October 31, 2017
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		120,977		$	1,040			375,030		$	3,259
Shares Issued upon Reinvestment of Dividends		9,609			82			14,015			121
Shares Redeemed		(180,215	)		(1,550	)		(351,690	)		(3,050	)

Net Increase (Decrease)		(49,629	)	$	(428	)		37,355		$	330


TCW Total Return Bond Fund	Six Months Ended April 30, 2018 (Unaudited)						Year Ended October 31, 2017
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		136,231,110		$	1,341,890			273,529,025		$	2,724,778
Shares Issued upon Reinvestment of Dividends		7,154,559			70,316			18,402,930			182,908
Shares Redeemed		(155,232,643	)		(1,523,072	)		(358,584,609	)		(3,579,328	)

Net Decrease		(11,846,974	)	$	(110,866	)		(66,652,654	)	$	(671,642	)


N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		7,792,100		$	78,980			36,575,671		$	376,747
Shares Issued upon Reinvestment of Dividends		2,578,453			26,141			8,106,956			83,082
Shares Redeemed		(59,134,511	)		(602,176	)		(119,207,888	)		(1,227,218	)

Net Decrease		(48,763,958	)	$	(497,055	)		(74,525,261	)	$	(767,389	)

Note 9 — Affiliate Ownership

As of April 30, 2018, affiliates of the Funds and Advisor owned 99.9%, and 97.4% of the NAV of TCW Enhanced Commodity Strategy Fund and the TCW Global Bond Fund, respectively.

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 (exemption rules apply). Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”). However, the Company considers 144A securities to be restricted if those securities have been deemed illiquid. Disposal

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 10 — Restricted Securities (Continued)

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, 2018 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	$	1,077,038	$	1,133,551		0.07	%

TCW Enhanced Commodity Strategy Fund
Issuer Description	Acquisition Date		Acquisition Cost		Aggregate Value		Percentage of Net Assets
LB-UBS Commercial Mortgage Trust (06-C6 XCL), (144A), 0.573%, due 09/15/39		7/15/16	$	2,941	$	8,977		0.49	%

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	$	0	$	6,841		0.04	%
Morgan Stanley Capital I Trust (99-RM1-X), (144A), 0.896%, due 12/15/31		3/26/15		0		183		0.00	%

			$	0	$	7,024		0.04	%

Note 11 — Committed Line Of Credit

The Funds have entered into a $100,000,000 committed revolving line of credit agreement with the State Street Bank and Trust Company (the “Bank”) for temporary borrowing purposes with an expiration date of December 29, 2018. The interest rate on borrowing is the higher of the federal funds rate or the overnight LIBOR rate, plus 1.25%. There were no borrowings from the line of credit as of or during the period ended April 30, 2018. The Funds pay the Bank a commitment fee equal to 0.25% per annum on the daily unused portion of the committed line amount. The commitment fees incurred by the Funds are presented in the statements of operations. The commitment fees are allocated to each applicable portfolio in proportion to its relative average daily net assets and the interest expenses are charged directly to the applicable portfolio.

Note 12 — Indemnifications

TCW Core Fixed Income Fund

Financial Highlights — I Class



	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net Asset Value per Share, Beginning of Period	$	10.99		$	11.28		$	11.14		$	11.22		$	10.97		$	11.34

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.12			0.22			0.19			0.18			0.21			0.21
Net Realized and Unrealized Gain (Loss) on Investments		(0.31	)		(0.15	)		0.24			(0.04	)		0.24			(0.27	)

Total from Investment Operations		(0.19	)		0.07			0.43			0.14			0.45			(0.06	)

Less Distributions:
Distributions from Net Investment Income		(0.12	)		(0.23	)		(0.19	)		(0.19	)		(0.20	)		(0.20	)
Distributions from Net Realized Gain		—			(0.13	)		(0.10	)		(0.03	)		—			(0.11	)

Total Distributions		(0.12	)		(0.36	)		(0.29	)		(0.22	)		(0.20	)		(0.31	)

Net Asset Value per Share, End of Period	$	10.68		$	10.99		$	11.28		$	11.14		$	11.22		$	10.97

Total Return		(1.73	)% ⁽²⁾		0.68	%		3.97	%		1.25	%		4.14	%		(0.49	)%

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	1,315,775		$	1,379,196		$	1,421,267		$	1,109,630		$	646,372		$	589,911
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.50	% ⁽³⁾		0.51	%		0.51	%		0.50	%		0.49	%		0.48	%
After Expense Reimbursement		0.49	% ⁽³⁾		0.49	%		0.49	%		0.49	%		0.47	%		0.44	%
Ratio of Net Investment Income to Average Net Assets		2.17	% ⁽³⁾		1.96	%		1.70	%		1.57	%		1.92	%		1.89	%
Portfolio Turnover Rate		153.20	% ⁽²⁾		287.39	%		283.38	%		332.85	%		249.94	%		197.42	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying notes to financial statements.

TCW Core Fixed Income Fund

Financial Highlights — N Class



	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net Asset Value per Share, Beginning of Period	$	10.96		$	11.25		$	11.12		$	11.20		$	10.97		$	11.34

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.10			0.19			0.16			0.14			0.18			0.17
Net Realized and Unrealized Gain (Loss) on Investments		(0.30	)		(0.15	)		0.24			(0.03	)		0.22			(0.25	)

Total from Investment Operations		(0.20	)		0.04			0.40			0.11			0.40			(0.08	)

Less Distributions:
Distributions from Net Investment Income		(0.11	)		(0.20	)		(0.17	)		(0.16	)		(0.17	)		(0.18	)
Distributions from Net Realized Gain		—			(0.13	)		(0.10	)		(0.03	)		—			(0.11	)

Total Distributions		(0.11	)		(0.33	)		(0.27	)		(0.19	)		(0.17	)		(0.29	)

Net Asset Value per Share, End of Period	$	10.65		$	10.96		$	11.25		$	11.12		$	11.20		$	10.97

Total Return		(1.85	)% ⁽²⁾		0.41	%		3.66	%		1.00	%		3.68	%		(0.74	)%

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	312,324		$	356,930		$	487,223		$	542,103		$	608,129		$	698,223
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.80	% ⁽³⁾		0.79	%		0.79	%		0.79	%		0.80	%		0.77	%
After Expense Reimbursement		0.73	% ⁽³⁾		0.75	%		0.77	%		0.79	% ⁽⁴⁾		N/A			0.77	% ⁽⁴⁾
Ratio of Net Investment Income to Average Net Assets		1.93	% ⁽³⁾		1.69	%		1.41	%		1.25	%		1.59	%		1.56	%
Portfolio Turnover Rate		153.20	% ⁽²⁾		287.39	%		283.38	%		332.85	%		249.94	%		197.42	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2018 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.

TCW Enhanced Commodity Strategy Fund

Financial Highlights — I Class



	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net Asset Value per Share, Beginning of Period	$	5.20		$	5.15		$	5.30		$	7.18		$	7.61		$	8.58

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.06			0.12			0.04			0.05			0.10			0.16
Net Realized and Unrealized Gain (Loss) on Investments		0.23			0.10			(0.14	)		(1.87	)		(0.39	)		(0.92	)

Total from Investment Operations		0.29			0.22			(0.10	)		(1.82	)		(0.29	)		(0.76	)

Less Distributions:
Distributions from Net Investment Income		(0.05	)		(0.11	)		(0.05	)		(0.06	)		(0.11	)		(0.16	)
Distributions from Net Realized Gain		—			(0.06	)		—			—			(0.03	)		(0.05	)

Total Distributions		(0.05	)		(0.17	)		(0.05	)		(0.06	)		(0.14	)		(0.21	)

Net Asset Value per Share, End of Period	$	5.44		$	5.20		$	5.15		$	5.30		$	7.18		$	7.61

Total Return		5.35	% ⁽²⁾		4.55	%		(1.83	)%		(25.47	)%		(3.90	)%		(9.05	)%

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	1,298		$	758		$	725		$	1,443		$	1,934		$	2,013
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		6.44	% ⁽³⁾		16.65	%		9.74	%		7.82	%		5.90	%		5.67	%
After Expense Reimbursement		0.70	% ⁽³⁾		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Ratio of Net Investment Income to Average Net Assets		2.12	% ⁽³⁾		2.31	%		0.88	%		0.88	%		1.30	%		2.01	%
Portfolio Turnover Rate		0.00	% ⁽²⁾		0.00	%		2.44	%		10.68	%		4.13	%		54.20	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying notes to financial statements.

TCW Enhanced Commodity Strategy Fund

Financial Highlights — N Class



	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net Asset Value per Share, Beginning of Period	$	5.21		$	5.15		$	5.31		$	7.18		$	7.61		$	8.58

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.06			0.12			0.04			0.05			0.10			0.16
Net Realized and Unrealized Gain (Loss) on Investments		0.22			0.11			(0.15	)		(1.86	)		(0.39	)		(0.92	)

Total from Investment Operations		0.28			0.23			(0.11	)		(1.81	)		(0.29	)		(0.76	)

Less Distributions:
Distributions from Net Investment Income		(0.05	)		(0.11	)		(0.05	)		(0.06	)		(0.11	)		(0.16	)
Distributions from Net Realized Gain		—			(0.06	)		—			—			(0.03	)		(0.05	)

Total Distributions		(0.05	)		(0.17	)		(0.05	)		(0.06	)		(0.14	)		(0.21	)

Net Asset Value per Share, End of Period	$	5.44		$	5.21		$	5.15		$	5.31		$	7.18		$	7.61

Total Return		5.35	% ⁽²⁾		4.55	%		(2.03	)%		(25.36	)%		(3.92	)%		(9.05	)%

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	545		$	517		$	496		$	1,153		$	1,546		$	1,609
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		6.53	% ⁽³⁾		18.01	%		8.32	%		8.32	%		6.45	%		6.14	%
After Expense Reimbursement		0.75	%⁽³⁾		0.75	%		0.75	%		0.75	%		0.73	%		0.70	%
Ratio of Net Investment Income to Average Net Assets		2.09	%⁽³⁾		2.26	%		0.83	%		0.83	%		1.27	%		2.01	%
Portfolio Turnover Rate		0.00	%⁽²⁾		0.00	%		2.44	%		10.68	%		4.13	%		54.20	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying notes to financial statements.

100

TCW Global Bond Fund

Financial Highlights — I Class



	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net Asset Value per Share, Beginning of Period	$	9.75		$	9.88		$	9.85		$	10.26		$	10.45		$	10.97

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.08			0.17			0.20			0.19			0.22			0.35
Net Realized and Unrealized Gain (Loss) on Investments		(0.04	)		(0.07	)		0.19			(0.49	)		(0.20	)		(0.40	)

Total from Investment Operations		0.04			0.10			0.39			(0.30	)		0.02			(0.05	)

Less Distributions:
Distributions from Net Investment Income		(0.05	)		(0.16	)		(0.22	)		(0.09	)		(0.13	)		(0.16	)
Distributions from Net Realized Gain		(0.01	)		(0.07	)		(0.14	)		(0.02	)		(0.08	)		(0.31	)

Total Distributions		(0.06	)		(0.23	)		(0.36	)		(0.11	)		(0.21	)		(0.47	)

Net Asset Value per Share, End of Period	$	9.73		$	9.75		$	9.88		$	9.85		$	10.26		$	10.45

Total Return		0.46	% ⁽²⁾		1.07	%		4.03	%		(2.96	)%		0.21	%		(0.46	)%

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	8,739		$	8,714		$	8,648		$	7,878		$	8,138		$	11,170
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.56	% ⁽³⁾		1.60	%		1.48	%		1.37	%		1.39	%		1.38	%
After Expense Reimbursement		1.01	% ⁽³⁾		1.04	%		1.05	%		1.08	%		1.12	%		1.14	%
Ratio of Net Investment Income to Average Net Assets		1.66	% ⁽³⁾		1.75	%		2.02	%		1.92	%		2.11	%		3.31	%
Portfolio Turnover Rate		57.82	% ⁽²⁾		90.08	%		116.87	%		147.16	%		125.54	%		135.67	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying notes to financial statements.

101

TCW Global Bond Fund

Financial Highlights — N Class



	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net Asset Value per Share, Beginning of Period	$	9.75		$	9.88		$	9.85		$	10.26		$	10.45		$	10.97

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.08			0.17			0.20			0.19			0.22			0.35
Net Realized and Unrealized Gain (Loss) on Investments		(0.04	)		(0.07	)		0.19			(0.49	)		(0.20	)		(0.40	)

Total from Investment Operations		0.04			0.10			0.39			(0.30	)		0.02			(0.05	)

Less Distributions:
Distributions from Net Investment Income		(0.05	)		(0.16	)		(0.22	)		(0.09	)		(0.13	)		(0.16	)
Distributions from Net Realized Gain		(0.01	)		(0.07	)		(0.14	)		(0.02	)		(0.08	)		(0.31	)

Total Distributions		(0.06	)		(0.23	)		(0.36	)		(0.11	)		(0.21	)		(0.47	)

Net Asset Value per Share, End of Period	$	9.73		$	9.75		$	9.88		$	9.85		$	10.26		$	10.45

Total Return		0.46	%⁽²⁾		1.07	%		4.03	%		(2.96	)%		0.21	%		(0.46	)%

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	7,700		$	7,679		$	7,586		$	7,358		$	7,565		$	11,746
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.86	%⁽³⁾		1.89	%		1.76	%		1.64	%		1.67	%		1.62	%
After Expense Reimbursement		1.01	%⁽³⁾		1.04	%		1.05	%		1.08	%		1.12	%		1.14	%
Ratio of Net Investment Income to Average Net Assets		1.66	%⁽³⁾		1.75	%		2.02	%		1.92	%		2.12	%		3.30	%
Portfolio Turnover Rate		57.82	%⁽²⁾		90.08	%		116.87	%		147.16	%		125.54	%		135.67	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying notes to financial statements.

102

TCW High Yield Bond Fund

Financial Highlights — I Class



	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net Asset Value per Share, Beginning of Period	$	6.37		$	6.23		$	6.18		$	6.35		$	6.33		$	6.30

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.12			0.24			0.24			0.26			0.29			0.33
Net Realized and Unrealized Gain (Loss) on Investments		(0.10	)		0.18			0.06			(0.15	)		0.04			0.06

Total from Investment Operations		0.02			0.42			0.30			0.11			0.33			0.39

Less Distributions:
Distributions from Net Investment Income		(0.14	)		(0.28	)		(0.25	)		(0.28	)		(0.31	)		(0.36	)

Net Asset Value per Share, End of Period	$	6.25		$	6.37		$	6.23		$	6.18		$	6.35		$	6.33

Total Return		0.37	%⁽²⁾		6.80	%		5.06	%		1.74	%		5.25	%		6.44	%

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	11,163		$	14,195		$	20,265		$	20,791		$	20,649		$	26,102
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.44	%⁽³⁾		1.22	%		1.03	%		1.03	%		0.90	%		1.00	%
After Expense Reimbursement		0.55	%⁽³⁾		0.55	%		0.55	%		0.55	%		0.53	%		0.63	%
Ratio of Net Investment Income to Average Net Assets		3.96	%⁽³⁾		3.85	%		3.88	%		4.11	%		4.60	%		5.14	%
Portfolio Turnover Rate		56.41	%⁽²⁾		179.87	%		244.36	%		195.97	%		145.14	%		114.95	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying notes to financial statements.

103

TCW High Yield Bond Fund

Financial Highlights — N Class



	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net Asset Value per Share, Beginning of Period	$	6.42		$	6.28		$	6.23		$	6.41		$	6.37		$	6.35

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.12			0.23			0.22			0.25			0.28			0.32
Net Realized and Unrealized Gain (Loss) on Investments		(0.11	)		0.18			0.07			(0.17	)		0.05			0.06

Total from Investment Operations		0.01			0.41			0.29			0.08			0.33			0.38

Less Distributions:
Distributions from Net Investment Income		(0.14	)		(0.27	)		(0.24	)		(0.26	)		(0.29	)		(0.36	)

Net Asset Value per Share, End of Period	$	6.29		$	6.42		$	6.28		$	6.23		$	6.41		$	6.37

Total Return		0.12	%⁽²⁾		6.59	%		4.82	%		1.34	%		5.24	%		6.12	%

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	6,002		$	6,934		$	7,526		$	15,910		$	12,555		$	14,620
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.93	% ⁽³⁾		1.65	%		1.40	%		1.38	%		1.39	%		1.34	%
After Expense Reimbursement		0.80	% ⁽³⁾		0.80	%		0.80	%		0.80	%		0.78	%		0.83	%
Ratio of Net Investment Income to Average Net Assets		3.71	% ⁽³⁾		3.60	%		3.64	%		3.87	%		4.30	%		4.96	%
Portfolio Turnover Rate		56.41	% ⁽²⁾		179.87	%		244.36	%		195.97	%		145.14	%		114.95	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying notes to financial statements.

104

TCW Short Term Bond Fund

Financial Highlights — I Class



	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net Asset Value per Share, Beginning of Period	$	8.62		$	8.70		$	8.69		$	8.75		$	8.80		$	8.85

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.06			0.08			0.05			0.05			0.06			0.09
Net Realized and Unrealized Gain (Loss) on Investments		(0.02	)		(0.01	)		0.02			(0.03	)		0.00	⁽²⁾		(0.03	)

Total from Investment Operations		0.04			0.07			0.07			0.02			0.06			0.06

Less Distributions:
Distributions from Net Investment Income		(0.09	)		(0.15	)		(0.06	)		(0.08	)		(0.11	)		(0.11	)

Net Asset Value per Share, End of Period	$	8.57		$	8.62		$	8.70		$	8.69		$	8.75		$	8.80

Total Return		0.45	% ⁽³⁾		0.75	%		0.84	%		0.25	%		0.65	%		0.67	%

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	7,474		$	7,951		$	7,698		$	9,614		$	21,080		$	15,202
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		2.23	% ⁽⁴⁾		1.65	%		2.46	%		1.57	%		1.23	%		1.33	%
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		1.34	% ⁽⁴⁾		0.96	%		0.58	%		0.53	%		0.70	%		1.01	%
Portfolio Turnover Rate		79.45	% ⁽³⁾		131.31	%		46.36	%		8.51	%		67.27	%		71.48	%

(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, 2018 and is not indicative of a full year’s operating results.

(4)

Annualized.

See accompanying notes to financial statements.

105

TCW Total Return Bond Fund

Financial Highlights — I Class



	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net Asset Value per Share, Beginning of Period	$	9.98		$	10.33		$	10.28		$	10.31		$	10.13		$	10.27

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.14			0.27			0.26			0.25			0.27			0.27
Net Realized and Unrealized Gain (Loss) on Investments		(0.30	)		(0.20	)		0.11			(0.02	)		0.18			0.06

Total from Investment Operations		(0.16	)		0.07			0.37			0.23			0.45			0.33

Less Distributions:
Distributions from Net Investment Income		(0.17	)		(0.26	)		(0.25	)		(0.22	)		(0.27	)		(0.33	)
Distributions from Net Realized Gain		—			(0.16	)		(0.07	)		(0.04	)		—			—
Distributions from Return of Capital		—			—			—			—			—			(0.14	)

Total Distributions		(0.17	)		(0.42	)		(0.32	)		(0.26	)		(0.27	)		(0.47	)

Net Asset Value per Share, End of Period	$	9.65		$	9.98		$	10.33		$	10.28		$	10.31		$	10.13

Total Return		(1.66	)% ⁽²⁾		0.72	%		3.63	%		2.24	%		4.49	%		3.26	%

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	6,756,678		$	7,103,832		$	8,042,194		$	6,360,295		$	6,129,426		$	5,085,781
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.62	% ⁽³⁾		0.61	%		0.60	%		0.60	%		0.59	%		0.57	%
After Expense Reimbursement		0.49	% ⁽³⁾		0.49	%		0.49	%		0.49	%		0.47	%		0.44	%
Ratio of Net Investment Income to Average Net Assets		2.94	% ⁽³⁾		2.73	%		2.55	%		2.46	%		2.65	%		2.60	%
Portfolio Turnover Rate		145.11	% ⁽²⁾		287.55	%		318.48	%		287.85	%		201.30	%		190.79	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying notes to financial statements.

106

TCW Total Return Bond Fund

Financial Highlights — N Class



	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net Asset Value per Share, Beginning of Period	$	10.29		$	10.65		$	10.60		$	10.64		$	10.45		$	10.61

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.13			0.25			0.24			0.23			0.25			0.24
Net Realized and Unrealized Gain (Loss) on Investments		(0.31	)		(0.21	)		0.11			(0.04	)		0.19			0.07

Total from Investment Operations		(0.18	)		0.04			0.35			0.19			0.44			0.31

Less Distributions:
Distributions from Net Investment Income		(0.16	)		(0.24	)		(0.23	)		(0.19	)		(0.25	)		(0.33	)
Distributions from Net Realized Gain		—			(0.16	)		(0.07	)		(0.04	)		—			—
Distributions from Return of Capital		—			—			—			—			—			(0.14	)

Total Distributions		(0.16	)		(0.40	)		(0.30	)		(0.23	)		(0.25	)		(0.47	)

Net Asset Value per Share, End of Period	$	9.95		$	10.29		$	10.65		$	10.60		$	10.64		$	10.45

Total Return		(1.75	)%⁽²⁾		0.41	%		3.35	%		1.83	%		4.24	%		2.96	%

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	1,353,899		$	1,902,308		$	2,762,803		$	2,399,850		$	2,177,160		$	2,492,073
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.90	% ⁽³⁾		0.88	%		0.87	%		0.88	%		0.87	%		0.83	%
After Expense Reimbursement		0.79	%⁽³⁾		0.79	%		0.79	%		0.79	%		0.77	%		0.73	%
Ratio of Net Investment Income to Average Net Assets		2.63	% ⁽³⁾		2.42	%		2.25	%		2.17	%		2.36	%		2.31	%
Portfolio Turnover Rate		145.11	% ⁽²⁾		287.55	%		318.48	%		287.85	%		201.30	%		190.79	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying notes to financial statements.

107

TCW Funds, Inc.

Shareholder Expenses (Unaudited)

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2017 to April 30, 2018 (181 days).

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


TCW Funds, Inc.	Beginning Account Value November 1, 2017		Ending Account Value April 30, 2018		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2017 to April 30, 2018)
TCW Core Fixed Income Fund
I Class Shares
Actual	$	1,000.00	$	982.70		0.49	%	$	2.41
Hypothetical (5% return before expenses)		1,000.00		1,022.37		0.49	%		2.46

N Class Shares
Actual	$	1,000.00	$	981.50		0.73	%	$	3.59
Hypothetical (5% return before expenses)		1,000.00		1,021.18		0.73	%		3.66

TCW Enhanced Commodity Strategy Fund
I Class Shares
Actual	$	1,000.00	$	1,053.50		0.70	%	$	3.56
Hypothetical (5% return before expenses)		1,000.00		1,021.32		0.70	%		3.51

N Class Shares
Actual	$	1,000.00	$	1,053.50		0.75	%	$	3.82
Hypothetical (5% return before expenses)		1,000.00		1,021.08		0.75	%		3.76

TCW Global Bond Fund
I Class Shares
Actual	$	1,000.00	$	1,004.60		1.01	%	$	5.02
Hypothetical (5% return before expenses)		1,000.00		1,019.79		1.01	%		5.06

N Class Shares
Actual	$	1,000.00	$	1,004.60		1.01	%	$	5.02
Hypothetical (5% return before expenses)		1,000.00		1,019.79		1.01	%		5.06

108

TCW Funds, Inc.


TCW Funds, Inc.	Beginning Account Value November 1, 2017		Ending Account Value April 30, 2018		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2017 to April 30, 2018)
TCW High Yield Bond Fund
I Class Shares
Actual	$	1,000.00	$	1,003.70		0.55	%	$	2.73
Hypothetical (5% return before expenses)		1,000.00		1,022.07		0.55	%		2.76

N Class Shares
Actual	$	1,000.00	$	1,001.20		0.80	%	$	3.97
Hypothetical (5% return before expenses)		1,000.00		1,020.83		0.80	%		4.01

TCW Short Term Bond Fund
I Class Shares
Actual	$	1,000.00	$	1,004.50		0.44	%	$	2.19
Hypothetical (5% return before expenses)		1,000.00		1,022.61		0.44	%		2.21

TCW Total Return Bond Fund
I Class Shares
Actual	$	1,000.00	$	983.40		0.49	%	$	2.41
Hypothetical (5% return before expenses)		1,000.00		1,022.37		0.49	%		2.46

N Class Shares
Actual	$	1,000.00	$	982.50		0.79	%	$	3.88
Hypothetical (5% return before expenses)		1,000.00		1,020.88		0.79	%		3.96

109

TCW Funds, Inc.

Supplemental Information

Proxy Voting Guidelines

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

Disclosure of Proxy Voting Guidelines

The proxy voting guidelines of the Advisor are available:

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

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

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

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

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

Availability of Quarterly Portfolio Schedule

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

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).

110

LOGO

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

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 Principal Financial and Accounting Officer

Jeffrey A. Engelsman

Chief Compliance Officer and Anti-Money Laundering Officer

Patrick W. Dennis

Vice President and Assistant Secretary

Lisa Eisen

Tax Officer

George N. Winn

Assistant Treasurer

TCW FAMILY OF FUNDS

EQUITY FUNDS

TCW Artificial Intelligence Equity Fund

TCW Focused Equities Fund ⁽¹⁾

TCW Global Real Estate Fund

TCW New America Premier Equities Fund

TCW Relative Value Dividend Appreciation Fund

TCW Relative Value Large Cap Fund

TCW Relative Value Mid Cap Fund

TCW Select Equities Fund

ASSET ALLOCATION FUND

TCW Conservative Allocation Fund

FIXED INCOME FUNDS

TCW Core Fixed Income Fund

TCW Enhanced Commodity Strategy Fund

TCW Global Bond Fund

TCW High Yield Bond Fund

TCW Short Term Bond Fund

TCW Total Return Bond Fund

INTERNATIONAL FUNDS

TCW Developing Markets Equity Fund

TCW Emerging Markets Income Fund

TCW Emerging Markets Local Currency Income Fund

TCW Emerging Markets Multi-Asset Opportunities Fund

TCW International Small Cap Fund

(1) Fund terminated May 31, 2018.

FUNDsarFI0418

LOGO

APRIL 30

SEMI-ANNUAL

R E P O R T

INTERNATIONAL FUNDS

TCW Developing Markets Equity Fund

TCW Emerging Markets Income Fund

TCW Emerging Markets Local Currency Income Fund

TCW Emerging Markets Multi-Asset Opportunities Fund

TCW International Small Cap Fund

TCW Funds, Inc.

Table of Contents


Letter to Shareholders			1

Performance Summary			3

Schedules of Investments:			4

TCW Developing Markets Equity Fund			4

TCW Emerging Markets Income Fund			8

TCW Emerging Markets Income Local Currency Income Fund			17

TCW Emerging Markets Multi-Asset Opportunities Fund			23

TCW International Small Cap Fund			35

Statements of Assets and Liabilities			40

Statements of Operations			42

Statements of Changes in Net Assets			43

Notes to Financial Statements			46

Financial Highlights			66

Shareholder Expenses			76

Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule			78

To Our Valued Shareholders

LOGO

David S. DeVito

President, Chief Executive Officer and Director

Dear Valued Investors,

This report contains information outlining the performance and a list of portfolio holdings as of April 30, 2018 for the TCW Funds’ International fixed income and equity funds.

The International Fixed Income and Equity Markets

Over the past several months, the markets have been volatile due to varying factors, ranging from a quick move higher in US Treasuries, dollar strength and fears of rising global trade tensions. That said, we continue to remain constructive on International Markets, and Emerging Markets (EM) in particular. First quarter European and Japanese data was weaker than expected. In Europe, temporary factors such as severe weather and the flu epidemic contributed to the weakness and could reverse later in the year. April Purchasing Managers’ Index (PMI) data does not, however, indicate a reversal of the weakening trend so concerns around European growth will continue for a time. In the case of Japan, the deceleration was surprising as profit and labor income dynamics remained positive. A widening in the growth premium for the U.S. vis-a-vis the rest of the world would be USD positive, generally a negative factor for EM currencies, particularly for those countries, like Turkey, that rely on external funds flows to finance fiscal and current account deficits.

That said, we believe that a lot of these concerns have been priced in. In addition, the fundamental case for EM remains intact, in our view. The asset class continues to benefit from global growth and relatively loose financial conditions (in spite of Fed tightening and higher US

Treasuries). The differential between EM and Developed Markets growth is expected to widen over the next 12-18 months. Furthermore, the tail risks around China, in our view, have declined compared to several years ago, due to tighter controls on capital flows, well-executed currency management, and a pickup in export growth. Of course, there are risks of policy errors, but we believe the broader impact of trade tariffs on near-term Chinese growth to be limited, as only 3.5% of Chinese output is consumed in the U.S. Rising policy uncertainty over trade and investment barriers is likely to dampen business sentiment and capital expenditures, though we expect this to hit businesses in the U.S. harder than in China, given China’s capacity to enact counter-cyclical policies.

Looking at valuations, average yields in Emerging Markets dollar-denominated and local currency debt have converged, making the return potential more balanced, in our view, heading into the balance of the year. We do, however, believe that local currency debt presents greater individual opportunities for higher returns, particularly in light of the potential to capture currency gains. While there certainly may be these periods of counter trend dollar rallies, we do not see the case for a sustained and continued dollar strength, especially considering the fact that EM growth is outpacing U.S. growth and periods of twin deficits (both fiscal and current account deficits) in the U.S. are usually associated with dollar weakness. In addition, rising policy uncertainties and risks in the U.S. are likely to weigh on the dollar, in our view. Similarly, following the most recent pullback, EM and international equities are now essentially back to their long term median levels. EM continues to trade at a significant discount to developed markets, even as earnings growth prospects improved and economic backdrop turned more favorable.

During this period, the TCW Emerging Markets Income Fund (TGEIX), the TCW Emerging Markets Multi-Asset Opportunities Fund (TGMAX), and the TCW International Small Cap Fund (TGICX) outperformed their respective

Letter to Shareholders (Continued)

benchmarks, by 102 bps, 152 bps and 107 bps, respectively. Country allocation and security selection decisions were the primary drivers of outperformance. We also tactically reduced risk in light of risk-off sentiment.

The TCW Emerging Markets Local Currency Income Fund underperformed during the period, due to an overweight to EM currencies, which were under pressure due to dollar strength; however, we do not believe that dollar strength is sustainable, as mentioned, and therefore, we are maintaining our overweight to EM currencies (although to a lesser extent).

The TCW Developing Markets Equity Fund was outperforming throughout the bulk of the period, but underperformed in a very concentrated time frame at the end of April during the equity market correction, and has since resumed its outperformance.

Current valuations appear to be at an interesting entry point, particularly in light of the continuation of strong EM fundamentals. It does feel to us that we are likely closer to the end of the downtrade. That said, we do not dismiss the concerns around trade policy and this counter trend rally in the dollar. We have been opportunistically looking to add risk. Security selection and country differentiation remain key in this environment.

Accolades for TCW Emerging Markets Income Fund and TCW International Small Cap Fund

On February 28, 2018, the TCW Emerging Markets Income Fund — I Class was honored in the 2018 Lipper

Fund Awards and named best emerging markets hard currency debt fund for the ten-year period ended 12/31/17. The Thomson Reuters Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers.

The TCW International Small Cap Fund — I Class was ranked as a Category King in the Wall Street Journal for outstanding one-year performance through 3/31/18 and ranked 7^th amongst international funds. The rankings are based upon Lipper data.

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

Sincerely,

LOGO

David S. DeVito

President, Chief Executive Officer and Director

TCW Funds, Inc.

Performance Summary (Unaudited)


	NAV		Six Months Return as of April 30, 2018			Annualized Total Return as of April 30, 2018 ⁽¹⁾												Inception Date
	NAV		Six Months Return as of April 30, 2018			1-Year			5-Year			10-Year			Since Inception			Inception Date
TCW Developing Markets Equity Fund
I Class	$	11.59		4.28	%		20.46	%		N/A			N/A			5.92	%		06/30/15
N Class	$	11.58		4.19	%		20.35	%		N/A			N/A			5.89	%		06/30/15
TCW Emerging Markets Income Fund
I Class	$	8.18		(1.41	)%		1.87	%		2.59	%		8.08	%		9.33	%⁽²⁾		09/04/96	⁽³⁾
N Class	$	10.54		(1.62	)%		1.60	%		2.31	%		7.80	%		7.83	%		02/27/04
TCW Emerging Markets Local Currency Income Fund
I Class	$	9.30		4.68	%		7.94	%		(1.28	)%		N/A			1.86	%		12/14/10
N Class	$	9.29		4.69	%		7.95	%		(1.30	)%		N/A			1.83	%		12/14/10
TCW Emerging Markets Multi-Asset Opportunities Fund
I Class	$	11.75		2.65	%		14.38	%		N/A			N/A			5.83	%		06/28/13
N Class	$	11.70		2.57	%		14.34	%		N/A			N/A			5.74	%		06/28/13
TCW International Small Cap Fund
I Class	$	11.20		6.46	%		25.70	%		7.89	%		N/A			3.44	%		02/28/11
N Class	$	11.21		6.46	%		25.67	%		7.89	%		N/A			3.40	%		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.

TCW Developing Markets Equity Fund

Schedule of Investments (Unaudited)


Issues	Shares		Value
COMMON STOCK — 93.2% of Net Assets
Brazil — 7.6%
Banco Santander Brasil S.A.		7,200	$	78,674
CVC Brasil Operadora e Agencia de Viagens S.A.		3,800		63,183
Estacio Participacoes S.A.		9,400		85,976
Gol Linhas Aereas Inteligentes S.A. (ADR) ⁽¹⁾		4,750		52,013
Petroleo Brasileiro S.A. (SP ADR) ⁽¹⁾		9,000		126,810
TIM Participacoes S.A. (ADR)		3,700		84,175

Total Brazil
(Cost: $438,589)				490,831

China — 37.2%
3SBio, Inc. ⁽¹⁾		32,000		68,761
58.Com, Inc. (ADR) ⁽¹⁾		800		69,912
Alibaba Group Holding, Ltd. (SP ADR) (China) ⁽¹⁾		1,084		193,537
Anhui Conch Cement Co., Ltd. — Class H		6,000		37,451
China Merchants Bank Co., Ltd. — Class H		7,500		32,705
China Molybdenum Co., Ltd. — Class H ⁽¹⁾		45,000		33,818
China Oilfield Services, Ltd. — Class H		88,000		87,802
China Vanke Co., Ltd. — Class H		15,700		64,889
Galaxy Entertainment Group, Ltd.		14,000		122,543
Industrial & Commercial Bank of China, Ltd. — Class H		195,000		171,195
Kweichow Moutai Co., Ltd.		1,480		154,165
Melco Crown Entertainment, Ltd. (ADR)		4,600		143,566
Microport Scientific Corp.		64,000		74,532
Ping An Insurance Group Co. of China, Ltd. — Class H		14,650		143,158
Sichuan Swellfun Co., Ltd.		9,500		59,760
Silergy Corp.		3,873		80,992
Sino Biopharmaceutical, Ltd.		61,000		128,461
Tencent Holdings, Ltd.		9,200		452,322
Weibo Corp. (SP ADR) ⁽¹⁾		700		80,164
Wuxi Biologics, Inc. ⁽¹⁾		8,000		72,571
Xiabuxiabu Catering Management China Holdings Co., Ltd.		58,500		100,443
ZTE Corp. — Class H ⁽¹⁾⁽²⁾		9,600		24,938

Total China
(Cost: $1,763,790)				2,397,685

Egypt — 1.9%
Citadel Capital SAE ⁽¹⁾		119,960		18,177
Commercial International Bank Egypt SAE		12,815		68,475
Ezz Steel ⁽¹⁾		11,244		18,933
Six of October Development & Investment ⁽¹⁾		11,610		17,535

Total Egypt
(Cost: $118,293)				123,120


Issues	Shares		Value
Germany — 1.8% (Cost: $99,658)
Siltronic AG		733	$	117,431

Greece — 0.5% (Cost: $33,915)
Public Power Corp. S.A. ⁽¹⁾		10,029		33,102

Hungary — 0.8% (Cost: $34,852)
OTP Bank PLC		1,240		54,133

India — 7.1%
Dilip Buildcon, Ltd.		10,386		179,602
HDFC Bank, Ltd. (ADR)		700		67,067
KNR Constructions, Ltd.		6,804		32,914
Maruti Suzuki India, Ltd.		1,148		150,960
Tata Steel, Ltd.		2,895		25,639

Total India
(Cost: $380,824)				456,182

Indonesia — 1.0% (Cost: $49,193)
Bank Central Asia Tbk PT		40,200		63,567

Kazakhstan — 0.6% (Cost: $31,291)
KAZ Minerals PLC ⁽¹⁾		2,986		37,746

Kenya — 0.9% (Cost: $50,105)
Safari.com, Ltd.		216,500		61,587

Poland — 2.0% (Cost: $62,275)
Dino Polska S.A. ⁽¹⁾		4,690		126,367

Russia — 5.8%
Detsky Mir PJSC		19,810		29,380
LUKOIL PJSC (SP ADR)		1,867		123,017
Sberbank of Russia		61,480		219,066

Total Russia
(Cost: $308,532)				371,463

South Africa — 3.8%
Capitec Bank Holdings, Ltd.		440		31,278
Clicks Group, Ltd.		3,895		66,669
Mr Price Group, Ltd.		4,502		98,643
Standard Bank Group, Ltd.		2,778		47,573

Total South Africa
(Cost: $162,094)				244,163

South Korea — 7.3%
KB Financial Group, Inc. (ADR)		300		16,920
LG Household & Health Care, Ltd.		83		105,981
Samsung Biologics Co., Ltd. ⁽¹⁾		182		82,663
Samsung Electronics Co., Ltd.		28		69,401
Shinsegae Co., Ltd.		280		108,677
SK Energy Co., Ltd.		173		31,701
Ssangyong Cement Industrial Co., Ltd.		2,065		57,713

Total South Korea
(Cost: $386,426)				473,056

See accompanying notes to financial statements.

TCW Developing Markets Equity Fund

April 30, 2018


Issues	Shares		Value
Switzerland — 0.5% (Cost: $26,170)
Wizz Air Holdings PLC ⁽¹⁾		700	$	30,752

Taiwan — 5.3%
Accton Technology Corp.		38,000		86,850
ASPEED Technology, Inc.		1,000		28,554
Cathay Financial Holding Co., Ltd.		36,000		64,575
Globalwafers Co., Ltd.		3,000		48,398
President Chain Store Corp.		3,000		29,488
Win Semiconductors Corp.		3,000		22,495
Yageo Corp.		3,000		62,883

Total Taiwan
(Cost: $356,133)				343,243

Thailand — 1.1%
Esso Thailand PCL (NVDR) ⁽¹⁾		58,100		32,901
PTT Exploration & Production PCL (NVDR)		9,200		38,987

Total Thailand
(Cost: $67,606)				71,888

Turkey — 1.8%
Turk Hava Yollari ⁽¹⁾		13,805		56,980
Turkiye Garanti Bankasi A.S.		24,982		56,526

Total Turkey
(Cost: $135,848)				113,506

United Arab Emirates — 2.7% (Cost: $52,426)
NMC Health PLC		3,518		171,981

United States — 3.5%
Facebook, Inc. ⁽¹⁾		600		103,200
MSCI, Inc.		800		119,864

Total United States
(Cost: $191,966)				223,064

Total Common Stock
(Cost: $4,749,986)				6,004,867


Issues	Shares		Value
MONEY MARKET INVESTMENTS — 4.4%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 1.63% ⁽³⁾		280,156	$	280,156

Total Money Market Investments
(Cost: $280,156)				280,156

Total Investments (97.6%)
(Cost: $5,030,142)				6,285,023
Excess of Other Assets over Liabilities (2.4%)				157,614

Total Net Assets (100.0%)			$	6,442,637

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.

NVDR

Non-Voting Depositary Receipt.

PJSC

Private Joint-Stock Company.

SP ADR

(1)

Non-income producing security.

(2)

For fair value measurement disclosure purposes, security is categorized as Level 3.

(3)

Rate disclosed is the 7-day net yield as of April 30, 2018.

See accompanying notes to financial statements.

TCW Developing Markets Equity Fund

Investments by Industry (Unaudited)

April 30, 2018


Industry	Percentage of Net Assets
Airlines		2.2	%
Automobiles		2.4
Banks		14.0
Beverages		3.3
Biotechnology		1.1
Capital Markets		2.2
Communications Equipment		1.7
Construction & Engineering		3.3
Construction Materials		1.5
Diversified Consumer Services		1.3
Electric Utilities		0.5
Electronic Equipment, Instruments & Components		1.0
Energy Equipment & Services		1.4
Food & Staples Retailing		3.5
Health Care Equipment & Supplies		1.1
Health Care Providers & Services		2.7
Hotels, Restaurants & Leisure		6.7
Household Products		1.6
Insurance		3.2
Internet Software & Services		13.9
Life Sciences Tools & Services		2.4
Metals & Mining		1.8
Multiline Retail		1.7
Oil, Gas & Consumable Fuels		5.5
Pharmaceuticals		2.0
Real Estate		1.3
Semiconductors & Semiconductor Equipment		4.6
Specialty Retail		2.0
Technology Hardware, Storage & Peripherals		1.1
Wireless Telecommunication Services		2.2
Money Market Investments		4.4

Total		97.6	%

See accompanying notes to financial statements.

TCW Developing Markets Equity Fund

Fair Valuation Summary (Unaudited)

April 30, 2018

The following is a summary of the fair valuations according to the inputs used as of April 30, 2018 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stock
Airlines	$	52,012	$	87,732	$	—	$	139,744
Automobiles		—		150,959		—		150,959
Banks		231,136		676,045		—		907,181
Beverages		—		213,925		—		213,925
Biotechnology		—		68,761		—		68,761
Capital Markets		119,864		18,178		—		138,042
Communications Equipment		—		86,850		24,938		111,788
Construction & Engineering		—		212,516		—		212,516
Construction Materials		57,713		37,451		—		95,164
Diversified Consumer Services		85,976		—		—		85,976
Electric Utilities		—		33,102		—		33,102
Electronic Equipment, Instruments & Components		—		62,883		—		62,883
Energy Equipment & Services		—		87,802		—		87,802
Food & Staples Retailing		66,669		155,855		—		222,524
Health Care Equipment & Supplies		—		74,532		—		74,532
Health Care Providers & Services		—		171,981		—		171,981
Hotels, Restaurants & Leisure		206,749		222,985		—		429,734
Household Products		—		105,981		—		105,981
Insurance		—		207,734		—		207,734
Internet Software & Services		446,813		452,322		—		899,135
Life Sciences Tools & Services		—		155,234		—		155,234
Metals & Mining		—		116,135		—		116,135
Multiline Retail		—		108,677		—		108,677
Oil, Gas & Consumable Fuels		249,827		103,589		—		353,416
Pharmaceuticals		—		128,461		—		128,461
Real Estate		—		82,424		—		82,424
Semiconductors & Semiconductor Equipment		—		297,870		—		297,870
Specialty Retail		29,380		98,643		—		128,023
Technology Hardware, Storage & Peripherals		—		69,401		—		69,401
Wireless Telecommunication Services		84,175		61,587		—		145,762

Total Common Stock		1,630,314		4,349,615		24,938		6,004,867

Money Market Investments		280,156		—		—		280,156

Total Investments	$	1,910,470	$	4,349,615	$	24,938	$	6,285,023

See accompanying notes to financial statements.

TCW Emerging Markets Income Fund

Schedule of Investments (Unaudited)


Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES — 90.4% of Net Assets
Angola — 0.3% (Cost: $9,706,323)
Angolan Government International Bond
9.50% ⁽¹⁾		11/12/25	$	8,700,000	$	9,798,375

Argentina — 7.6%
Argentine Republic Government International Bond
4.63%		01/11/23		31,230,000		29,879,615
5.88%		01/11/28		46,150,000		42,215,712
6.63%		07/06/28		46,780,000		45,259,650
6.88%		01/26/27		48,200,000		47,910,800
6.88%		01/11/48		21,050,000		18,734,500
7.13%		07/06/36		39,605,000		37,783,170
Banco Hipotecario S.A.
25.23% (Argentina BADLAR Private Deposit Rate + 2.500%) ⁽²⁾⁽³⁾		01/12/20	ARS	212,317,000		10,208,844
Rio Energy S.A. / UGEN S.A. / UENSA S.A.
6.88% ⁽³⁾		02/01/25	$	6,130,000		5,992,075
Tecpetrol S.A.
4.88% ⁽³⁾		12/12/22		4,448,000		4,325,680
YPF S.A.
6.95% ⁽³⁾		07/21/27		26,025,000		25,667,156
7.00% ⁽³⁾		12/15/47		9,385,000		8,415,530

Total Argentina
(Cost: $295,041,205)						276,392,732

Azerbaijan — 0.8% (Cost: $30,572,413)
Republic of Azerbaijan International Bond
3.50% ⁽¹⁾		09/01/32		34,895,000		28,759,831

Bahrain — 2.1%
Bahrain Government International Bond
7.00% ⁽³⁾		10/12/28		54,658,000		52,266,713
Oil and Gas Holding Co. (The)
7.50% ⁽³⁾		10/25/27		24,043,000		23,276,629

Total Bahrain
(Cost: $78,742,838)						75,543,342

Brazil — 6.5%
Aegea Finance S.a.r.l.
5.75% ⁽³⁾		10/10/24		15,925,000		15,746,640
Andrade Gutierrez International S.A.
4.00% ⁽¹⁾		04/30/18		8,816,000		8,336,630
Banco BTG Pactual S.A.
5.50% ⁽³⁾		01/31/23		1,098,000		1,073,295
Banco do Brasil S.A.
6.25% (U.S. 10 year Treasury Constant Maturity Rate + 4.398%) ^(1)(2)(4)		10/29/49		35,435,000		31,526,520


Issues	Maturity Date		Principal Amount		Value
Brazil (Continued)
9.00% (U.S. 10 year Treasury Constant Maturity Rate + 6.362%) ^(1)(2)(4)		06/29/49	$	21,947,000	$	23,283,572
CIMPOR Financial Operations BV
5.75% ⁽¹⁾		07/17/24		14,489,000		13,710,216
CSN Resources SA
7.63% ⁽³⁾		02/13/23		12,160,000		11,598,208
Light Servicos de Eletricidade SA/Light Energia SA
7.25% ⁽³⁾		05/03/23		10,775,000		10,896,219
MARB BondCo PLC
6.88% ⁽³⁾		01/19/25		19,270,000		18,142,705
Petrobras Global Finance BV
5.63%		05/20/43		4,400,000		3,689,840
5.75%		02/01/29		45,125,000		42,891,312
6.75%		01/27/41		24,535,000		23,450,798
Samarco Mineracao S.A.
4.13% ⁽¹⁾⁽⁵⁾		11/01/22		13,565,000		9,894,311
5.38% ⁽¹⁾⁽⁵⁾		09/26/24		2,765,000		2,018,450
Vale Overseas, Ltd.
6.88%		11/10/39		7,659,000		8,938,053
Vrio Finco 1 LLC / Vrio Finco 2, Inc.
6.25% ⁽³⁾		04/04/23		11,300,000		11,413,000

Total Brazil
(Cost: $238,775,998)						236,609,769

Chile — 0.4% (Cost: $13,163,000)
Latam Finance, Ltd.
6.88% ⁽³⁾		04/11/24		13,163,000		13,592,772

China — 0.5% (Cost: $19,418,005)
Kaisa Group Holdings, Ltd.
8.50% ⁽¹⁾		06/30/22		19,548,000		17,032,172

Colombia — 3.4%
Banco GNB Sudameris S.A.
6.50% (U.S. 5 year Treasury Constant Maturity Rate + 4.561%) ⁽²⁾⁽³⁾		04/03/27		14,050,000		14,313,438
Colombia Government International Bond
3.88%		04/25/27		37,235,000		36,024,862
4.00%		02/26/24		23,750,000		23,740,500
5.00%		06/15/45		40,565,000		40,118,785
5.63%		02/26/44		9,250,000		9,934,500

Total Colombia
(Cost: $125,153,370)						124,132,085

Costa Rica — 0.7% (Cost: $24,474,677)
Autopistas del Sol S.A.
7.38% ⁽³⁾		12/30/30		24,004,530		24,695,861

See accompanying notes to financial statements.

TCW Emerging Markets Income Fund

April 30, 2018

Issues

Maturity
Date

Principal
Amount

Value

Dominican Republic — 2.6%

AES Andres B.V. / Dominican Power Partners / Empresa Generadora de Electricidad Itabo, S.A.

7.95% ⁽³⁾

05/11/26

12,627,000

13,577,813

Dominican Republic International Bond

5.95% ⁽³⁾

01/25/27

49,808,000

51,115,460

6.85% ⁽¹⁾

01/27/45

27,361,000

28,352,836

Total Dominican Republic

(Cost: $92,259,059)

93,046,109

Ecuador — 1.4%

Ecuador Government International Bond

7.88% ⁽³⁾

01/23/28

24,500,000

21,774,375

7.95% ⁽¹⁾

06/20/24

29,440,000

27,636,800

Total Ecuador

(Cost: $50,675,894)

49,411,175

Egypt — 2.9%

Egypt Government International Bond

5.58% ⁽³⁾

02/21/23

12,625,000

12,693,490

6.13% ⁽³⁾

01/31/22

12,900,000

13,267,650

6.59% ⁽³⁾

02/21/28

18,750,000

18,540,000

7.50% ⁽³⁾

01/31/27

17,100,000

18,102,060

7.90% ⁽³⁾

02/21/48

13,095,000

13,308,331

8.50% ⁽³⁾

01/31/47

26,100,000

28,047,060

Total Egypt

(Cost: $101,246,845)

103,958,591

El Salvador — 0.3% (Cost: $12,197,063)

AES El Salvador Trust III

6.75% ⁽¹⁾

03/28/23

12,800,000

12,419,840

Ghana — 0.9%

Ghana Government International Bond

7.88% ⁽¹⁾

08/07/23

9,160,000

9,950,050

8.13% ⁽¹⁾

01/18/26

22,010,000

23,600,927

Total Ghana

(Cost: $32,956,314)

33,550,977

Honduras — 0.3% (Cost: $11,443,528)

Honduras Government International Bond

6.25% ⁽¹⁾

01/19/27

10,925,000

11,337,965

India — 1.2%

Azure Power Energy, Ltd.

5.50% ⁽³⁾

11/03/22

10,690,000

10,482,614

Neerg Energy, Ltd.

6.00% ⁽³⁾

02/13/22

11,107,000

10,936,097

Vedanta Resources PLC

6.13% ⁽¹⁾

08/09/24

8,144,000

7,855,523

6.38% ⁽³⁾

07/30/22

15,760,000

15,897,112

Total India

(Cost: $45,787,394)

45,171,346


Issues	Maturity Date		Principal Amount		Value
Indonesia — 6.2%
Freeport-McMoRan, Inc.
4.55%		11/14/24	$	13,571,000	$	13,129,943
Indika Energy Capital III Pte, Ltd.
5.88% ⁽¹⁾		11/09/24		13,920,000		13,146,048
Indonesia Government International Bond
3.50%		01/11/28		46,845,000		44,008,676
Minejesa Capital BV
5.63% ⁽³⁾		08/10/37		41,935,000		40,572,112
Perusahaan Penerbit SBSN Indonesia III
4.15% ⁽¹⁾		03/29/27		59,440,000		57,954,000
Saka Energi Indonesia PT
4.45% ⁽³⁾		05/05/24		38,880,000		37,701,819
Star Energy Geothermal Wayang Windu, Ltd.
6.75% ⁽³⁾		04/24/33		16,875,000		16,389,844

Total Indonesia
(Cost: $233,857,756)						222,902,442

Iraq — 0.7% (Cost: $22,976,161)
Iraq International Bond
5.80% ⁽¹⁾		01/15/28		25,700,000		24,325,050

Ivory Coast — 1.6%
Ivory Coast Government International Bond
6.13% ⁽³⁾		06/15/33		40,040,000		37,979,942
6.63% ⁽³⁾		03/22/48	EUR	17,045,000		20,866,625

Total Ivory Coast
(Cost: $60,275,000)						58,846,567

Jamaica — 0.6% (Cost: $25,089,281)
Digicel Group, Ltd.
8.25% ⁽¹⁾		09/30/20	$	26,063,000		23,326,385

Kazakhstan — 3.5%
Kazakhstan Temir Zholy National Co. JSC
4.85% ⁽³⁾		11/17/27		27,840,000		27,597,792
KazMunayGas National Co. JSC
4.75% ⁽³⁾		04/19/27		42,520,000		41,974,553
5.38% ⁽³⁾		04/24/30		11,160,000		11,179,485
5.75% ⁽³⁾		04/19/47		42,230,000		40,561,282
6.38% ⁽³⁾		10/24/48		6,860,000		7,028,756

Total Kazakhstan
(Cost: $130,174,417)						128,341,868

Lebanon — 2.5%
Lebanon Government International Bond
5.45% ⁽¹⁾		11/28/19		59,865,000		59,169,129
5.80% ⁽¹⁾		04/14/20		14,645,000		14,430,378
6.00% ⁽¹⁾		01/27/23		16,945,000		16,041,831

Total Lebanon
(Cost: $91,351,784)						89,641,338

See accompanying notes to financial statements.

TCW Emerging Markets Income Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value
Luxembourg — 0.4% (Cost: $14,000,000)
Gilex Holding SARL
8.50% ⁽³⁾		05/02/23	$	14,000,000	$	14,122,500

Mexico — 6.8%
Axtel SAB de CV
6.38% ⁽³⁾		11/14/24		14,825,000		14,787,938
Banco Mercantil del Norte S.A.
6.88% (U.S. 5 year Treasury Constant Maturity Rate + 5.035%) ^(2)(3)(4)		12/31/99		22,400,000		22,597,120
Banco Mercantil del Norte S.A.
7.63% (U.S.10 year Treasury Constant Maturity Rate + 5.353%) ^(2)(3)(4)		12/31/99		21,930,000		22,724,962
Cometa Energia SA de CV
6.38% ⁽³⁾		04/24/35		11,045,000		10,830,727
Credito Real SAB de CV
9.13% (U.S. 10 year Treasury Constant Maturity Rate +7.026%) ^(3)(4)(6)		12/31/99		9,570,000		9,737,475
Mexico Government International Bond
3.75%		01/11/28		34,329,000		32,437,472
Nemak SAB de CV
4.75% ⁽³⁾		01/23/25		7,976,000		7,836,420
Petroleos Mexicanos
3.50%		07/23/20		21,500,000		21,396,800
3.50%		01/30/23		13,485,000		12,770,295
4.63%		09/21/23		27,190,000		26,903,689
5.35% ⁽³⁾		02/12/28		14,545,000		13,910,838
6.35% ⁽¹⁾		02/12/48		20,165,000		18,592,130
6.63%		06/15/35		19,355,000		19,256,289
Unifin Financiera S.A.B. de C.V.
7.00% ⁽³⁾		01/15/25		11,270,000		11,002,338

Total Mexico
(Cost: $247,854,510)						244,784,493

Mongolia — 0.6% (Cost: $22,083,529)
Mongolia Government International Bond
5.13% ⁽¹⁾		12/05/22		23,070,000		22,231,544

Nigeria — 1.8%
Nigeria Government International Bond
6.50% ⁽³⁾		11/28/27		22,325,000		22,557,180
7.14% ⁽³⁾		02/23/30		12,725,000		13,060,940
7.63% ⁽³⁾		11/28/47		15,770,000		15,937,556
7.70% ⁽³⁾		02/23/38		14,820,000		15,284,089

Total Nigeria
(Cost: $66,354,284)						66,839,765

Issues

Maturity
Date

Principal Amount

Value

Oman — 2.1%

Oman Government International Bond

5.63% ⁽³⁾

01/17/28

44,000,000

42,130,000

6.75% ⁽³⁾

01/17/48

36,190,000

34,199,550

Total Oman

(Cost: $78,650,249)

76,329,550

Panama — 1.6%

AES Panama SRL

6.00% ⁽³⁾

06/25/22

27,230,000

28,217,087

Banistmo S.A.

3.65% ⁽³⁾

09/19/22

9,140,000

8,760,690

C&W Senior Financing Designated Activity Co.

6.88% ⁽³⁾

09/15/27

18,900,000

18,790,380

Panama Government International Bond

4.50%

04/16/50

2,964,000

2,883,083

Total Panama

(Cost: $58,767,110)

58,651,240

Paraguay — 0.4% (Cost: $13,282,716)

Banco Regional SAECA

8.13%⁽³⁾

01/24/19

13,350,000

13,866,979

Peru — 2.6%

Inkia Energy, Ltd.

5.88%⁽³⁾

11/09/27

15,580,000

14,937,325

Orazul Energy Egenor S en C por A

5.63% ⁽³⁾

04/28/27

24,000,000

22,620,000

Peru LNG SRL

5.38% ⁽³⁾

03/22/30

20,275,000

20,249,656

Petroleos del Peru S.A.

5.63% ⁽³⁾

06/19/47

23,385,000

22,864,684

VM Holding S.A.

5.38% ⁽³⁾

05/04/27

14,425,000

14,497,125

Total Peru

(Cost: $97,902,053)

95,168,790

Qatar — 1.5%

Qatar Government International Bond

3.88% ⁽³⁾

04/23/23

13,950,000

13,915,124

4.50% ⁽³⁾

04/23/28

19,300,000

19,287,938

5.10%⁽³⁾

04/23/48

19,950,000

19,802,370

Total Qatar

(Cost: $53,141,580)

53,005,432

Romania — 0.5% (Cost: $16,701,151)

Romania Government Bond

5.80%

07/26/27

RON

58,820,000

16,652,264

Russia — 3.6%

Russian Federation Government Bond

4.25% ⁽¹⁾

06/23/27

58,200,000

56,890,500

See accompanying notes to financial statements.

TCW Emerging Markets Income Fund

April 30, 2018


Issues	Maturity Date		Principal Amount		Value
Russia (Continued)
4.38% ⁽³⁾		03/21/29	$	47,800,000	$	46,509,400
5.25% ⁽¹⁾		06/23/47		29,000,000		28,177,618

Total Russia
(Cost: $135,725,464)						131,577,518

Saudi Arabia — 2.5%
Saudi Government International Bond
3.63% ⁽³⁾		03/04/28		27,550,000		25,833,635
4.00% ⁽³⁾		04/17/25		19,950,000		19,690,650
4.50% ⁽³⁾		04/17/30		18,635,000		18,414,362
4.50% ⁽¹⁾		10/26/46		14,000,000		12,695,060
5.00% ⁽³⁾		04/17/49		14,875,000		14,309,750

Total Saudi Arabia
(Cost: $93,237,319)						90,943,457

Serbia — 0.8% (Cost: $28,081,627)
Serbia Treasury Bond
5.88%		02/08/28	RSD	2,577,950,000	$	27,875,855

South Africa — 4.4%
South Africa Government Bond
4.30%		10/12/28	$	61,140,000		56,273,256
4.88%		04/14/26		31,900,000		31,361,687
7.00%		02/28/31	ZAR	255,000,000		17,832,195
8.00%		01/31/30	ZAR	455,661,800		34,960,078
8.75%		01/31/44	ZAR	227,000,000		17,609,036

Total South Africa
(Cost: $162,237,202)						158,036,252

Sri Lanka — 2.0%
Sri Lanka Government Bond
5.75% ⁽³⁾		04/18/23	$	13,950,000		13,903,965
6.20% ⁽³⁾		05/11/27		30,332,000		29,340,811
6.75% ⁽³⁾		04/18/28		10,950,000		10,923,829
6.83% ⁽³⁾		07/18/26		17,000,000		17,277,066

Total Sri Lanka
(Cost: $72,798,593)						71,445,671

Turkey — 5.4%
Akbank TAS
7.20% (USD 5 Year Swap rate + 5.026%) ⁽²⁾⁽³⁾		03/16/27		7,750,000		7,890,469
Akbank Turk AS
6.80%⁽³⁾⁽⁶⁾		04/27/28		11,425,000		11,279,674
Petkim Petrokimya Holding AS
5.88% ⁽³⁾		01/26/23		12,550,000		12,052,016
Turkcell Iletisim Hizmetleri AS
5.80% ⁽³⁾		04/11/28		13,775,000		13,445,226


Issues	Maturity Date		Principal Amount		Value
Turkey (Continued)
Turkey Government International Bond
5.13%		02/17/28	$	47,935,000	$	44,868,886
5.75%		05/11/47		34,850,000		30,507,690
6.00%		03/25/27		27,840,000		27,994,929
6.13%		10/24/28		21,810,000		21,783,065
Turkiye Vakiflar Bankasi TAO
5.75% ⁽³⁾		01/30/23		11,450,000		11,106,500
Yapi ve Kredi Bankasi AS
6.10% ⁽³⁾		03/16/23		14,750,000		14,553,338

Total Turkey
(Cost: $202,338,755)						195,481,793

Ukraine — 3.9%
Ukraine Government International Bond
7.38% ⁽³⁾		09/25/32		10,910,000		10,095,132
7.75% ⁽¹⁾		09/01/23		28,988,000		29,332,957
7.75% ⁽¹⁾		09/01/25		37,585,000		37,430,901
7.75% ⁽¹⁾		09/01/26		52,039,000		51,460,847
7.75% ⁽¹⁾		09/01/27		14,415,000		14,180,036

Total Ukraine
(Cost: $116,799,251)						142,499,873

Uruguay — 0.3% (Cost: $12,363,803)
Uruguay Government International Bond
4.98%		04/20/55		12,525,000		12,086,625

Venezuela — 1.3%
Venezuela Government International Bond
8.25% ⁽¹⁾		10/13/24		58,079,200		16,842,968
9.25% ⁽⁵⁾		09/15/27		45,685,000		14,431,892
9.25% ⁽¹⁾		05/07/28		49,048,000		14,101,300

Total Venezuela
(Cost: $50,667,114)						45,376,160

Zambia — 0.9%
First Quantum Minerals, Ltd.
6.50% ⁽³⁾		03/01/24		5,975,000		5,746,456
6.88% ⁽³⁾		03/01/26		6,000,000		5,715,000
7.50% ⁽³⁾		04/01/25		16,905,000		16,737,640
Zambia Government International Bond
8.97% ⁽¹⁾		07/30/27		5,625,000		5,681,813

Total Zambia
(Cost: $35,422,719)						33,880,909

Total Fixed Income Securities
(Cost: $3,323,747,354)						3,273,693,262

See accompanying notes to financial statements.

TCW Emerging Markets Income Fund

Schedule of Investments (Unaudited) (Continued)

Issues

Shares

Value

EQUITY SECURITIES — 0.0%

Mexico — 0.0%

Corp. GEO S.A.B. de C.V. ⁽⁷⁾⁽⁸⁾

2,707,350

—

Hipotecaria Su Casita S.A. de C.V. ⁽⁷⁾⁽⁸⁾

240,079

—

Total Mexico

(Cost: $—)

—

Total Equity Securities

(Cost: $—)

—

PURCHASED OPTIONS (0.0%)

(Cost: $2,119,715) ⁽⁹⁾

685,426

MONEY MARKET INVESTMENTS — 7.5%

State Street Institutional U.S. Government Money Market Fund — Premier Class ⁽¹⁰⁾

269,282, 718

269,282,718

Total Money Market Investments

(Cost: $269,282,718)

269,282,718

Maturity
Date

Principal
Amount

SHORT TERM INVESTMENTS — 1.9%

FOREIGN GOVERNMENT BONDS — 1.9%

Egypt — 1.0%

Egypt Treasury Bills

0.00% ⁽¹¹⁾

05/01/18

EGP

147,200,000

8,345,263

Issues

Maturity
Date

Principal
Amount

Value

Egypt (Continued)

0.00% ⁽¹¹⁾

06/19/18

EGP

348,200,000

19,286,593

0.00% ⁽¹¹⁾

07/10/18

EGP

87,225,000

4,783,869

0.00% ⁽¹¹⁾

07/24/18

EGP

84,775,000

4,624,746

Total Egypt

(Cost: $36,439,119)

37,040,471

Nigeria — 0.9%

Nigeria Treasury Bill

0.00% ⁽¹¹⁾

08/30/18

NGN

3,050,900,000

8,196,016

0.00% ⁽¹¹⁾

09/20/18

NGN

2,288,214,000

6,108,672

0.00% ⁽¹¹⁾

10/04/18

NGN

2,262,800,000

6,010,110

0.00% ⁽¹¹⁾

10/18/18

NGN

4,522,060,000

11,959,245

Total Nigeria

(Cost: $29,391,764)

32,274,043

Total Foreign Government Bonds

(Cost: $65,830,883)

69,314,514

Total Short Term Investments

(Cost: $65,830,883)

69,314,514

Total Investments (99.8%)

(Cost: $3,660,980,670)

3,612,975,920

Excess Of Other Assets Over Liabilities (0.2%)

8,154,487

Total Net Assets (100.0%)

3,621,130,407


Purchased Options — OTC

Description	Counterparty	Exercise Price			Expiration Date		Number of Contracts		Notional Amount (000)		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
EUR Put / TRY Call	Goldman Sachs & Co.		TRY	5.00		7/18/18		15,803	$	15,803	$	330,503	$	251,143	$	79,360
USD Call / MXN Put	Barclays Capital		MXN	19.00		5/3/18		37,774		37,774		54,432		778,522		(724,090	)
USD Put / TRY Call	Citibank, N.A.		TRY	3.85		12/19/18		72,670		72,670		300,491		1,090,050		(789,559	)

											$	685,426	$	2,119,715	$	(1,434,289	)


Written Options — OTC ⁽¹²⁾

Description	Counterparty	Exercise Price			Expiration Date		Number of Contracts		Notional Amount (000)		Market Value		Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
USD Call / MXN Put	Barclays Capital		MXN	20.00		5/3/18		37,774	$	37,774	$	—	$	(289,349	)	$	289,349

See accompanying notes to financial statements.

TCW Emerging Markets Income Fund

April 30, 2018


Forward Currency Exchange Contracts

Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
BUY ⁽¹³⁾
Bank of America		RUB		1,078,464,750		05/14/18	$	18,300,000	$	17,102,588	$	(1,197,412	)
BNP Paribas S.A.		ARS		776,652,480		05/16/18		37,196,000		37,376,685		180,685
BNP Paribas S.A.		SAR		75,688,000		06/28/18		20,000,000		20,184,236		184,236
Citibank N.A.		BRL		77,668,080		07/09/18		22,496,185		22,126,346		(369,839	)
Goldman Sachs & Co.		KZT		8,163,307,211		07/16/18		24,452,021		24,571,563		119,542

							$	122,444,206	$	121,361,418	$	(1,082,788	)

SELL ⁽¹⁴⁾
Bank of America		RUB		1,078,464,750		05/14/18	$	18,841,103	$	17,102,588	$	1,738,515
Bank of America		SAR		10,559,508		05/20/19		2,782,479		2,812,721		(30,242	)
BNP Paribas S.A.		ARS		776,652,480		05/16/18		36,583,127		37,376,685		(793,558	)
BNP Paribas S.A.		SAR		75,688,000		06/28/18		20,132,465		20,184,236		(51,771	)
Citibank N.A.		BRL		77,668,080		07/09/18		23,240,000		22,126,346		1,113,654
Citibank N.A.		SAR		65,340,492		05/20/19		17,217,521		17,404,652		(187,131	)
Citibank N.A.		SAR		69,663,299		04/06/20		18,470,000		18,494,686		(24,686	)
Goldman Sachs & Co.		ZAR		997,819,510		06/29/18		79,340,000		79,332,913		7,087

							$	216,606,695	$	214,834,827	$	1,771,868


Credit Default Swaps — Buy Protection

Notional Amount ⁽¹⁵⁾		Implied Credit Spread ⁽¹⁶⁾		Expiration Date		Counterparty	Reference Entity	Fixed Deal Receive Rate		Payment Frequency	Unrealized Appreciation/ (Depreciation)			Premium (Received)			Value ⁽¹⁷⁾
	OTC Swaps
	$ 19,700,000		0.518%		12/20/22	Deutsche Bank AG	China Government Bond, 7.5%, due 10/28/27		1.0%	Quarterly	$	(7,086	)	$	(399,219	)	$	(406,305	)
	15,900,000		0.518%		12/20/22	Bank of America	China Government Bond, 7.5%, due 10/28/27		1.0%	Quarterly		(5,719	)		(322,212	)		(327,931	)
	31,900,000		0.953%		12/20/22	Citibank N.A.	Colombia Government Bond, 10.375%, 01/28/33		1.0%	Quarterly		(500,864	)		433,323			(67,541	)
	36,000,000		1.025%		12/20/22	Citibank N.A.	Mexico Government Bond, 4.15%, 03/28/27		1.0%	Quarterly		(220,357	)		258,895			38,538
	16,350,000		1.025%		12/20/22	Citibank N.A.	Mexico Government Bond, 5.95%, 03/19/19		1.0%	Quarterly		(102,008	)		119,511			17,503
	31,650,000		0.900%		12/20/22	Bank of America	Mexico Government Bond, 5.95%, 03/19/19		1.0%	Quarterly		(193,629	)		227,510			33,881
	17,370,000		0.403%		12/20/22	Barclays Capital	Republic of Korea, 7.125%, 04/16/19		1.0%	Quarterly		(194,823	)		(256,344	)		(451,167	)
	112,410,000		0.403%		12/20/22	Citibank N.A.	Republic of Korea, 7.125%, 04/16/19		1.0%	Quarterly		(1,260,791	)		(1,658,935	)		(2,919,726	)

											$	(2,485,277	)	$	(1,597,471	)	$	(4,082,748	)

See accompanying notes to financial statements.

TCW Emerging Markets Income Fund

Schedule of Investments (Unaudited) (Continued)

Notes to the Schedule of Investments:

ARS -

Argentine Peso.

BRL -

Brazilian Real.

EGP -

Egyptian Pound.

EUR -

Euro Currency.

KZT -

Kazakhstani Tenge.

MXN -

Mexican Peso.

NGN -

Nigeria Naira.

RON -

Romanian New Leu.

RSD -

Serbian Dinar.

RUB -

Russian Ruble.

SAR -

Saudi Riyal.

USD -

U.S. Dollar.

ZAR -

South African Rand.

OTC

Over the Counter.

(1)

(2)

Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2018.

(3)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2018, the value of these securities amounted to $1,554,572,947 or 42.9% 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 Fund’s Board of Directors.

(4)

Perpetual Maturity.

(5)

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

(6)

(7)

Non-income producing security.

(8)

For fair value measurement disclosure purposes, security is categorized as Level 3.

(9)

See options table for description of purchased options.

(10)

Rate disclosed is the 7-day net yield as of April 30, 2018.

(11)

Security is not accruing interest.

(12)

See note 2 in the Notes to Financial Statements for additional information regarding written options.

(13)

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

(14)

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

(15)

The maximum potential amount the Fund could be required to make as seller of credit protection or receive as buyer of protection if a credit event occurred as defined under the terms of that particular swap agreement.

(16)

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/selling 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.

(17)

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 values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreements.

See accompanying notes to financial statements.

TCW Emerging Markets Income Fund

Investments by Industry (Unaudited)

April 30, 2018


Industry	Percentage of Net Assets
Airlines		0.4	%
Auto Parts & Equipment		0.2
Banks		5.2
Building Materials		0.4
Chemicals		0.3
Commercial Services		0.7
Currency Options		0.0	*
Diversified Financial Services		0.6
Electric		4.7
Energy-Alternate Sources		0.8
Engineering & Construction		0.6
Food		0.5
Foreign Government Bonds		56.9
Holding Companies — Diversified		0.4
Iron & Steel		0.9
Media		0.3
Mining		2.2
Oil & Gas		10.5
Oil & Gas Services		0.6
Pipelines		0.6
Real Estate		0.5
Short Term Investments		1.9
Telecommunications		1.9
Transportation		0.8
Water		0.4
Money Market Investments		7.5

Total		99.8	%

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

See accompanying notes to financial statements.

TCW Emerging Markets Income Fund

Fair Valuation Summary (Unaudited)

April 30, 2018

The following is a summary of the fair valuations according to the inputs used as of April 30, 2018 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Airlines	$	—	$	13,592,772		$	—	$	13,592,772
Auto Parts & Equipment		—		7,836,420			—		7,836,420
Banks		—		192,112,105			—		192,112,105
Building Materials		—		13,710,216			—		13,710,216
Chemicals		—		12,052,016			—		12,052,016
Commercial Services		—		24,695,860			—		24,695,860
Diversified Financial Services		—		21,813,108			—		21,813,108
Electric		—		170,460,968			—		170,460,968
Energy-Alternate Sources		—		27,410,786			—		27,410,786
Engineering & Construction		—		21,482,678			—		21,482,678
Food		—		18,142,705			—		18,142,705
Foreign Government Bonds		—		2,055,986,551			—		2,055,986,551
Holding Companies — Diversified		—		14,122,500			—		14,122,500
Iron & Steel		—		32,449,022			—		32,449,022
Media		—		11,413,000			—		11,413,000
Mining		—		79,578,799			—		79,578,799
Oil & Gas Services		—		23,276,629			—		23,276,629
Oil & Gas		—		382,580,938			—		382,580,938
Pipelines		—		20,249,656			—		20,249,656
Real Estate		—		17,032,172			—		17,032,172
Telecommunications		—		70,349,929			—		70,349,929
Transportation		—		27,597,792			—		27,597,792
Water		—		15,746,640			—		15,746,640

Total Fixed Income Securities		—		3,273,693,262			—		3,273,693,262

Equity Securities
Miscellaneous Manufacturers		—		—	*		—		—

Total Equity Securities		—		—			—		—

Currency Options		—		685,426			—		685,426
Money Market Investments		269,282,718		—			—		269,282,718
Short-Term Investments		—		69,314,514			—		69,314,514

Total Investments		269,282,718		3,343,693,202			—		3,612,975,920

Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—		3,343,719			—		3,343,719
Swap Agreements
Credit Risk		—		89,922			—		89,922

Total	$	269,282,718	$	3,347,126,843		$	—	$	3,616,409,561

Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—	$	(2,654,639	)	$	—	$	(2,654,639	)
Written Options
Foreign Currency Risk		—		—	*		—		—
Swap Agreements
Credit Risk		—		(4,172,670	)		—		(4,172,670	)

Total	$	—	$	(6,827,309	)	$	—	$	(6,827,309	)

*	Amount Rounds to less $1.

See accompanying notes to financial statements.

TCW Emerging Markets Local Currency Income Fund

Schedule of Investments (Unaudited)

April 30, 2018


Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES — 90.4% of Net Assets
Argentina — 1.5%
Banco Hipotecario S.A.
25.23% (Argentina BADLAR Private Deposit Rate + 2.500%) ⁽¹⁾⁽²⁾		01/12/20	ARS	11,780,000	$	566,418
Bonos de la Nacion Argentina con Ajuste por CER
4.00%		03/06/20	ARS	41,400,000		2,063,441
Letras Banco Cent Argentina ZC
0.00% ⁽³⁾		06/21/18	ARS	38,000,000		1,778,023

Total Argentinia
(Cost: $4,692,798)						4,407,882

Brazil — 8.0%
Brazil Notas do Tesouro Nacional, Series B
6.00%		08/15/22	BRL	4,280,000		4,044,896
6.00%		05/15/45	BRL	1,150,000		1,121,351
Brazil Notas do Tesouro Nacional, Series F
10.00%		01/01/21	BRL	55,580,000		16,724,466
10.00%		01/01/23	BRL	5,000,000		1,491,150

Total Brazil
(Cost: $22,970,057)						23,381,863

Chile — 2.9%
Bonos de la Tesoreria de la Republica
2.00%		03/01/35	CLP	3,308,067,175		5,320,477
4.50%		03/01/26	CLP	1,645,000,000		2,705,769
Bonos del Banco Central de Chile en UF
3.00%		03/01/23	CLP	270,046,300		479,750

Total Chile
(Cost: $8,510,113)						8,505,996

Colombia — 8.7%
Colombian TES (Treasury) Bond, Series B
7.00%		05/04/22	COP	17,751,900,000		6,668,125
7.50%		08/26/26	COP	21,075,000,000		8,097,199
10.00%		07/24/24	COP	24,879,500,000		10,697,984

Total Colombia
(Cost: $23,518,520)						25,463,308

Egypt — 0.3% (Cost: $815,150)
Egypt Government Bond
15.16%		10/10/22	EGP	14,500,000		827,655

Hungary — 2.7% (Cost: $8,331,853)
Hungary Government Bond
3.00%		10/27/27	HUF	2,009,000,000		8,052,200

India — 2.7% (Cost: $8,108,502)
Rural Electrification Corp., Ltd.
7.45%		11/30/22	INR	540,000,000		7,835,478


Issues	Maturity Date		Principal Amount		Value
Indonesia — 10.6%
Indonesia Treasury Bond
6.13%		05/15/28	IDR	34,618,000,000	$	2,347,679
6.63%		05/15/33	IDR	40,350,000,000		2,755,256
7.00%		05/15/22	IDR	68,295,000,000		5,002,164
7.50%		08/15/32	IDR	71,172,000,000		5,209,235
8.25%		07/15/21	IDR	45,900,000,000		3,470,749
8.38%		03/15/24	IDR	57,934,000,000		4,486,892
8.38%		09/15/26	IDR	52,806,000,000		4,114,408
8.38%		03/15/34	IDR	46,482,000,000		3,643,387

Total Indonesia
(Cost: $31,644,628)						31,029,770

Malaysia — 6.4%
Malaysia Government Bond
3.48%		03/15/23	MYR	16,860,000		4,206,943
3.80%		08/17/23	MYR	5,605,000		1,416,286
3.84%		04/15/33	MYR	15,830,000		3,691,801
3.95%		04/14/22	MYR	20,100,000		5,138,346
4.05%		09/30/21	MYR	11,770,000		3,025,369
4.18%		07/15/24	MYR	5,000,000		1,281,381

Total Malaysia
(Cost: $17,891,017)						18,760,126

Mexico — 11.0%
Mexico Government Bond (BONOS)
5.75%		03/05/26	MXN	147,150,000		7,059,806
6.50%		06/10/21	MXN	40,800,000		2,121,726
8.00%		06/11/20	MXN	107,600,000		5,811,740
8.00%		12/07/23	MXN	193,900,000		10,629,624
10.00%		12/05/24	MXN	86,495,000		5,244,046
Petroleos Mexicanos
7.19% ⁽⁴⁾		09/12/24	MXN	22,240,000		1,068,498
7.65% ⁽⁴⁾		11/24/21	MXN	3,700,000		190,729

Total Mexico
(Cost: $31,981,149)						32,126,169

Peru — 2.9%
Peruvian Government International Bond
6.15% ⁽⁴⁾		08/12/32	PEN	8,950,000		2,886,705
6.35% ⁽²⁾		08/12/28	PEN	3,850,000		1,291,026
6.95% ⁽⁴⁾		08/12/31	PEN	12,071,000		4,210,119

Total Peru
(Cost: $7,801,701)						8,387,850

Romania — 4.6%
Romania Government Bond
4.75%		02/24/25	RON	15,590,000		4,125,036
5.80%		07/26/27	RON	11,780,000		3,334,982
5.85%		04/26/23	RON	21,800,000		6,063,670

Total Romania
(Cost: $13,610,599)						13,523,688

See accompanying notes to financial statements.

TCW Emerging Markets Local Currency Income Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value
Russia — 7.5%
Russian Federal Bond — OFZ
7.00%		01/25/23	RUB	205,000,000	$	3,293,313
7.00%		08/16/23	RUB	349,450,000		5,614,309
7.05%		01/19/28	RUB	261,000,000		4,117,976
7.10%		10/16/24	RUB	365,000,000		5,827,768
7.40%		12/07/22	RUB	201,500,000		3,273,241

Total Russia
(Cost: $22,913,086)						22,126,607

Serbia — 2.7% (Cost: $8,151,879)
Serbia Treasury Bond
5.88%		02/08/28	RSD	741,410,000		8,017,005

South Africa — 10.1%
South Africa Government Bond
7.00%		02/28/31	ZAR	111,300,000		7,783,229
8.00%		01/31/30	ZAR	138,004,200		10,588,198
8.75%		01/31/44	ZAR	51,700,000		4,010,516
8.88%		02/28/35	ZAR	90,200,000		7,219,440

Total South Africa
(Cost: $28,125,691)						29,601,383

Turkey — 7.8%
Turkey Government Bond
8.30%		06/20/18	TRY	7,241,148		1,768,762
9.20%		09/22/21	TRY	13,760,000		3,000,612
10.60%		02/11/26	TRY	9,100,000		2,045,975
10.70%		02/17/21	TRY	14,700,000		3,369,221
11.00%		03/02/22	TRY	17,993,000		4,131,718
11.00%		02/24/27	TRY	36,800,000		8,441,301

Total Turkey
(Cost: $24,519,992)						22,757,589

Total Fixed Income Securities
(Cost: $263,586,735)						264,804,569

PURCHASED OPTIONS (0.0%)
(Cost: $401,348) ⁽⁵⁾						99,334

Issues

Shares

Value

MONEY MARKET INVESTMENTS — 9.7%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 1.63% ⁽⁶⁾

28,490,717

Total Money Market Investments

(Cost: $28,490,717)

28,490,717

Maturity
Date

Principal
Amount

SHORT TERM INVESTMENTS — 6.3%

FOREIGN GOVERNMENT BONDS — 6.3%

Egypt — 3.2%

Egypt Treasury Bills

0.00% ⁽³⁾

05/01/18

EGP

30,900,000

1,751,825

0.00% ⁽³⁾

05/29/18

EGP

32,500,000

1,819,318

0.00% ⁽³⁾

06/19/18

EGP

60,300,000

3,339,982

0.00% ⁽³⁾

07/10/18

EGP

22,475,000

1,232,645

0.00% ⁽³⁾

07/24/18

EGP

21,825,000

1,190,623

Total Egypt

(Cost: $9,319,337)

9,334,393

Nigeria — 3.1%

Nigeria Treasury Bill

0.00% ⁽³⁾

08/30/18

NGN

370,000,000

993,977

0.00% ⁽³⁾

09/13/18

NGN

123,000,000

329,051

0.00% ⁽³⁾

09/20/18

NGN

744,003,000

1,986,209

0.00% ⁽³⁾

10/18/18

NGN

589,000,000

1,557,696

0.00% ⁽³⁾

11/22/18

NGN

620,000,000

1,619,105

0.00% ⁽³⁾

11/29/18

NGN

654,000,000

1,704,057

0.00% ⁽³⁾

01/03/19

NGN

300,000,000

771,480

Total Nigeria

(Cost: $8,761,157)

8,961,575

Total Short Term Investments

(Cost: $18,080,494)

18,295,968

Total Investments (106.4%)

(Cost: $310,559,294)

311,690,588

Liabilities In Excess Of Other Assets (-6.4%)

(18,671,086

)

Total Net Assets (100.0%)

293,019,502

See accompanying notes to financial statements.

TCW Emerging Markets Local Currency Income Fund

April 30, 2018


Purchased Options — OTC

Description	Counterparty		Exercise Price			Expiration Date		Number of Contracts		Notional Amount (000)		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
EUR Put / TRY Call		Goldman Sachs & Co.		TRY	5.00		7/18/18		2,848	$	2,848	$	59,563	$	45,261	$	14,302
USD Call / MXN Put		Barclays Capital		MXN	19.00		5/3/18		6,600		6,600		9,511		136,026		(126,515	)
USD Put / TRY Call		Citibank, N.A.		TRY	3.85		12/19/18		5,880		5,880		24,314		88,200		(63,886	)
USD Put / ZAR Call		Goldman Sachs & Co		ZAR	11.65		6/26/18		6,520		6,520		5,946		131,861		(125,915	)

												$	99,334	$	401,348	$	(302,014	)


Written Options — OTC ⁽⁷⁾

Description	Counterparty		Exercise Price			Expiration Date		Number of Contracts		Notional Amount (000)		Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
USD Call / MXN Put		Barclays Capital		MXN	20.00		5/3/18		6,600	$	6,600	$	—		$	(50,556	)	$	50,556
USD Put / ZAR Call		Goldman Sachs & Co.		ZAR	11.00		6/26/18		6,520		6,520		(130	)		(24,802	)		24,672

												$	(130	)	$	(75,358	)	$	75,228


Forward Currency Contracts

Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
BUY ⁽⁸⁾
Bank of America		INR		102,690,000		05/14/18	$	1,575,000	$	1,536,834	$	(38,166	)
Bank of America		THB		194,531,250		07/09/18		6,250,000		6,175,878		(74,122	)
Barclays Capital		INR		214,597,500		06/26/18		3,250,000		3,197,020		(52,980	)
Barclays Capital		PLN		15,380,145		05/30/18		4,500,000		4,390,814		(109,186	)
BNP Paribas S.A.		ARS		135,720,000		05/16/18		6,500,000		6,531,575		31,575
BNP Paribas S.A.		MYR		1,184,910		05/14/18		300,000		301,883		1,883
BNP Paribas S.A.		PLN		5,561,568		05/30/18		1,640,000		1,587,749		(52,251	)
BNP Paribas S.A.		RUB		18,785,000		06/06/18		325,000		297,089		(27,911	)
Goldman Sachs & Co.		HUF		1,704,120,600		06/22/18		6,785,000		6,588,260		(196,740	)
Goldman Sachs & Co.		KZT		1,771,991,002		07/16/18		5,307,746		5,333,695		25,949
Goldman Sachs & Co.		PLN		87,510,348		05/30/18		25,865,000		24,982,970		(882,030	)
Goldman Sachs & Co.		RUB		243,476,188		06/06/18		4,225,000		3,850,637		(374,363	)
Standard Chartered PLC		PHP		82,832,100		05/14/18		1,585,000		1,599,828		14,828
Standard Chartered PLC		THB		549,622,650		07/09/18		17,450,000		17,449,138		(862	)

							$	85,557,746	$	83,823,370	$	(1,734,376	)

SELL ⁽⁹⁾
Bank of America		RUB		313,650,480		06/06/18	$	5,434,000	$	4,960,461	$	473,539
Barclays Capital		PHP		82,832,100		05/14/18		1,571,170		1,599,827		(28,657	)
Barclays Capital		PLN		14,252,500		05/30/18		4,065,000		4,068,888		(3,888	)
BNP Paribas S.A.		ARS		135,720,000		05/16/18		6,392,901		6,531,575		(138,674	)
BNP Paribas S.A.		PLN		10,861,950		05/30/18		3,190,000		3,100,934		89,066
Goldman Sachs & Co.		INR		102,690,000		05/14/18		1,568,385		1,536,834		31,551
Goldman Sachs & Co.		INR		214,597,500		06/26/18		3,237,741		3,197,020		40,721
Goldman Sachs & Co.		PLN		28,974,266		05/30/18		8,515,000		8,271,745		243,255
Standard Chartered PLC		INR		552,598,000		07/25/18		8,200,000		8,207,906		(7,906	)

							$	42,174,197	$	41,475,190	$	699,007

See accompanying notes to financial statements.

TCW Emerging Markets Local Currency Income Fund

Schedule of Investments (Unaudited) (Continued)

Notes to the Schedule of Investments:

ARS -

Argentine Peso.

BRL -

Brazilian Real.

CLP -

Chilean Peso.

COP -

Colombian Peso.

EGP -

Egyptian Pound.

EUR -

Euro Currency.

HUF -

Hungarian Forint.

IDR -

Indonesian Rupiah.

INR -

Indian Rupee.

KZT -

Kazakhstani Tenge.

MXN -

Mexican Peso.

MYR -

Malaysian Ringgit.

NGN -

Nigeria Naira.

PEN -

Peruvian Nouveau Sol.

PHP -

Philippines Peso.

PLN -

Polish Zloty.

RON -

Romanian New Leu.

RSD -

Serbian Dinar.

RUB -

Russian Ruble.

THB -

Thai Baht.

TRY -

Turkish New Lira.

USD -

U.S. Dollar.

ZAR -

South African Rand.

OTC -

Over the Counter.

(1)

Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2018.

(2)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2018, the value of these securities amounted to $1,857,444 or 0.6% of net assets. These securities are determined to be liquid by the Advisor, unless otherwise noted, under procedures established by and under the general supervision of the Fund’s Board of Directors.

(3)

Security is not accruing interest.

(4)

(5)

See options table for description of purchased options.

(6)

Rate disclosed is the 7-day net yield as of April 30, 2018.

(7)

See note 2 in the Notes to Financial Statements for additional information regarding written options.

(8)

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

(9)

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

See accompanying notes to financial statements.

TCW Emerging Markets Local Currency Income Fund

Investments by Industry (Unaudited)

April 30, 2018


Industry	Percentage of Net Assets
Banks		0.4	%
Currency Options		0.0	*
Diversified Financial Services		2.7
Foreign Government Bonds		86.8
Oil & Gas		0.5
Short Term Investments		6.3
Money Market Investments		9.7

Total		106.4	%

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

See accompanying notes to financial statements.

TCW Emerging Markets Local Currency Income Fund

Fair Valuation Summary (Unaudited)

April 30, 2018

The following is a summary of the fair valuations according to the inputs used as of April 30, 2018 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Banks	$	—	$	1,046,168		$	—	$	1,046,168
Diversified Financial Services		—		7,835,478			—		7,835,478
Foreign Government Bonds		—		254,663,696			—		254,663,696
Oil & Gas		—		1,259,227			—		1,259,227

Total Fixed Income Securities		—		264,804,569			—		264,804,569

Currency Options		—		99,334			—		99,334
Money Market Investments		28,490,717		—			—		28,490,717
Short-Term Investments		—		18,295,968			—		18,295,968

Total Investments		28,490,717		283,199,871			—		311,690,588

Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—		952,367			—		952,367

Total	$	28,490,717	$	284,152,238		$	—	$	312,642,955

Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—	$	(1,987,736	)	$	—	$	(1,987,736	)
Written Options
Foreign Currency Risk		—		(130	)		—		(130	)

Total	$	—	$	(1,987,866	)	$	—	$	(1,987,866	)

See accompanying notes to financial statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

Schedule of Investments (Unaudited)

April 30, 2018


Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES — 35.4% of Net Assets
Angola — 0.2% (Cost: $222,472)
Angolan Government International Bond
9.50% ⁽¹⁾		11/12/25	$	200,000	$	225,250

Argentina — 2.9%
Argentine Republic Government International Bond
4.63%		01/11/23		350,000		334,866
5.88%		01/11/28		440,000		402,490
6.63%		07/06/28		950,000		919,125
6.88%		01/26/27		525,000		521,850
6.88%		01/11/48		125,000		111,250
7.13%		07/06/36		350,000		333,900
Banco Hipotecario S.A.
25.23% (Argentina BADLAR Private Deposit Rate + 2.500%) ⁽²⁾⁽³⁾		01/12/20	ARS	1,575,000		75,731
Tecpetrol S.A.
4.88%⁽³⁾		12/12/22	$	32,000		31,120
YPF S.A.
6.95% ⁽³⁾		07/21/27		230,000		226,837
7.00% ⁽³⁾		12/15/47		115,000		103,121

Total Argentina
(Cost: $3,205,662)						3,060,290

Azerbaijan — 0.3% (Cost: $331,792)
Republic of Azerbaijan International Bond
3.50% ⁽¹⁾		09/01/32		375,000		309,068

Bahrain — 0.7%
Bahrain Government International Bond
7.00% ⁽³⁾		10/12/28		625,000		597,656
Oil and Gas Holding Co. (The)
7.50% ⁽³⁾		10/25/27		200,000		193,625

Total Bahrain
(Cost: $816,733)						791,281

Brazil — 2.4%
Banco do Brasil S.A.
6.25% (U.S. 10-year Treasury Constant Maturity Rate + 4.398%) ^(1)(2)(4)		10/29/49		400,000		355,880
9.00% (U.S. 10-year Treasury Constant Maturity Rate + 6.362%) ^(1)(2)(4)		06/29/49		200,000		212,180
CIMPOR Financial Operations BV
5.75% ⁽¹⁾		07/17/24		200,000		189,250
CSN Resources SA
7.63% ⁽³⁾		02/13/23		200,000		190,760
Light Servicos de Eletricidade SA/Light Energia SA
7.25% ⁽³⁾		05/03/23		200,000		202,250


Issues	Maturity Date		Principal Amount		Value
Brazil (Continued)
MARB BondCo PLC
6.88% ⁽³⁾		01/19/25	$	400,000	$	376,600
Petrobras Global Finance BV
5.75%		02/01/29		546,000		518,973
Samarco Mineracao S.A.
4.13% ⁽¹⁾⁽⁵⁾		11/01/22		200,000		145,880
Vale Overseas, Ltd.
6.88%		11/10/39		131,000		152,877
Vrio Finco 1 LLC / Vrio Finco 2, Inc.
6.25% ⁽³⁾		04/04/23		200,000		202,000

Total Brazil
(Cost: $2,576,151)						2,546,650

Chile — 0.2% (Cost: $209,904)
Latam Finance, Ltd.
6.88% ⁽³⁾		04/11/24		200,000		206,530

China — 0.2% (Cost: $200,668)
Kaisa Group Holdings, Ltd.
8.50% ⁽¹⁾		06/30/22		200,000		174,260

Colombia — 1.5%
Colombia Government International Bond
3.88%		04/25/27		400,000		387,000
4.00%		02/26/24		400,000		399,840
5.00%		06/15/45		600,000		593,400
5.63%		02/26/44		200,000		214,800

Total Colombia
(Cost: $1,613,105)						1,595,040

Costa Rica — 0.4% (Cost: $401,741)
Autopistas del Sol S.A.
7.38% ⁽³⁾		12/30/30		396,000		407,405

Dominican Republic — 1.0%
AES Andres B.V. / Dominican Power Partners / Empresa Generadora de Electricidad Itabo, S.A.
7.95% ⁽³⁾		05/11/26		200,000		215,060
Dominican Republic International Bond
5.95% ⁽³⁾		01/25/27		575,000		590,094
Dominican Republic International Bond,
6.85% ⁽¹⁾		01/27/45		250,000		259,062

Total Dominican Republic
(Cost: $1,058,849)						1,064,216

Ecuador — 0.3%
Ecuador Government International Bond
7.88% ⁽³⁾		01/23/28		200,000		177,750
7.95% ⁽¹⁾		06/20/24		200,000		187,750

Total Ecuador
(Cost: $375,854)						365,500

See accompanying notes to financial statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value
Egypt — 1.2%
Egypt Government International Bond
5.58% ⁽³⁾		02/21/23	$	200,000	$	201,085
6.13% ⁽³⁾		01/31/22		275,000		282,837
6.59% ⁽³⁾		02/21/28		400,000		395,520
7.50% ⁽³⁾		01/31/27		370,000		391,682

Total Egypt
(Cost: $1,274,091)						1,271,124

El Salvador — 0.2%
AES El Salvador Trust III
6.75% ⁽¹⁾		03/28/23		200,000		194,060
El Salvador Government International Bond
6.38% ⁽¹⁾		01/18/27		50,000		49,605

Total El Salvador
(Cost: $231,330)						243,665

Ghana — 0.4%
Ghana Government International Bond
7.88%⁽¹⁾		08/07/23		200,000		217,250
8.13% ⁽¹⁾		01/18/26		200,000		214,456

Total Ghana
(Cost: $434,705)						431,706

Honduras — 0.2% (Cost: $156,836)
Honduras Government International Bond
6.25% ⁽¹⁾		01/19/27		150,000		155,670

India — 0.7%
Azure Power Energy, Ltd.
5.50% ⁽³⁾		11/03/22		200,000		196,120
Delhi International Airport, Ltd.
6.13% ⁽¹⁾		10/31/26		200,000		200,250
Vedanta Resources PLC
6.13% ⁽¹⁾		08/09/24		200,000		192,916
6.38% ⁽³⁾		07/30/22		200,000		201,740

Total India
(Cost: $807,615)						791,026

Indonesia — 2.3%
Freeport-McMoRan, Inc.
4.55%		11/14/24		131,000		126,742
Indonesia Government International Bond
3.50%		01/11/28		600,000		563,672
Minejesa Capital BV
5.63% ⁽³⁾		08/10/37		400,000		387,000
Perusahaan Penerbit SBSN Indonesia III
4.15% ⁽¹⁾		03/29/27		800,000		780,000
Saka Energi Indonesia PT
4.45% ⁽³⁾		05/05/24		400,000		387,879

Issues

Maturity
Date

Principal
Amount

Value

Indonesia (Continued)

Star Energy Geothermal Wayang Windu, Ltd.

6.75% ⁽³⁾

04/24/33

200,000

194,250

Total Indonesia

(Cost: $2,537,177)

2,439,543

Iraq — 0.4% (Cost: $465,785)

Iraq International Bond

5.80% ⁽¹⁾

01/15/28

500,000

473,250

Ivory Coast — 0.5%

Ivory Coast Government International Bond

6.13% ⁽³⁾

06/15/33

400,000

379,420

6.63% ⁽³⁾

03/22/48

EUR

145,000

177,510

Total Ivory Coast

(Cost: $569,397)

556,930

Jamaica — 0.2% (Cost: $192,769)

Digicel Group, Ltd.

8.25% ⁽¹⁾

09/30/20

200,000

179,000

Kazakhstan — 1.7%

Kazakhstan Temir Zholy National Co. JSC

4.85% ⁽³⁾

11/17/27

400,000

396,520

KazMunayGas National Co. JSC

4.75% ⁽³⁾

04/19/27

400,000

394,869

5.38% ⁽³⁾

04/24/30

200,000

200,349

5.75% ⁽³⁾

04/19/47

600,000

576,291

6.38% ⁽³⁾

10/24/48

200,000

204,920

Total Kazakhstan

(Cost: $1,797,840)

1,772,949

Lebanon — 0.7%

Lebanon Government International Bond

5.45% ⁽¹⁾

11/28/19

150,000

148,256

5.80% ⁽¹⁾

04/14/20

175,000

172,435

6.00% ⁽¹⁾

01/27/23

445,000

421,282

Total Lebanon

(Cost: $719,942)

741,973

Luxembourg — 0.1% (Cost: $150,000)

Gilex Holding SARL

8.50% ⁽³⁾

05/02/23

150,000

151,313

Mexico — 3.2%

Axtel SAB de CV

6.38% ⁽³⁾

11/14/24

282,000

281,295

Banco Mercantil del Norte S.A.

6.88% (5 year Treasury Constant Maturity Rate + 5.035%) ^(2)(3)(4)

12/31/99

400,000

403,520

See accompanying notes to financial statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

April 30, 2018


Issues	Maturity Date		Principal Amount		Value
Mexico (Continued)
Banco Mercantil del Norte S.A.
7.63% (U.S. 10-year Treasury Constant Maturity Rate + 5.353%) ^(2)(3)(4)		12/31/99	$	400,000	$	414,500
Cometa Energia SA de CV
6.38% ⁽³⁾		04/24/35		200,000		196,120
Mexico Government International Bond
3.75%		01/11/28		400,000		377,960
Nemak SAB de CV
4.75% ⁽³⁾		01/23/25		200,000		196,500
Petroleos Mexicanos
3.50%		07/23/20		200,000		199,040
3.50%		01/30/23		100,000		94,700
4.63%		09/21/23		335,000		331,472
5.35% ⁽³⁾		02/12/28		140,000		133,896
6.35% ⁽¹⁾		02/12/48		325,000		299,650
6.63%		06/15/35		235,000		233,802
Unifin Financiera S.A.B. de C.V.
7.00% ⁽³⁾		01/15/25		200,000		195,250

Total Mexico
(Cost: $3,445,276)						3,357,705

Mongolia — 0.4% (Cost: $389,340)
Mongolia Government International Bond
5.13% ⁽¹⁾		12/05/22		400,000		385,462

Nigeria — 0.8%
Nigeria Government International Bond
6.50% ⁽³⁾		11/28/27		200,000		202,080
7.14% ⁽³⁾		02/23/30		200,000		205,280
7.63% ⁽³⁾		11/28/47		200,000		202,125
7.70% ⁽³⁾		02/23/38		250,000		257,829

Total Nigeria
(Cost: $866,025)						867,314

Oman — 0.8%
Oman Government International Bond
5.63% ⁽³⁾		01/17/28		600,000		574,500
6.75% ⁽³⁾		01/17/48		300,000		283,500

Total Oman
(Cost: $869,089)						858,000

Panama — 0.6%
AES Panama SRL
6.00% ⁽³⁾		06/25/22		200,000		207,250
C&W Senior Financing Designated Activity Co.
6.88% ⁽³⁾		09/15/27		200,000		198,840
Panama Government International Bond
4.50%		04/16/50		200,000		194,540

Total Panama
(Cost: $604,756)						600,630


Issues	Maturity Date		Principal Amount		Value
Paraguay — 0.2% (Cost: $202,949)
Paraguay Government International Bond
4.70% ⁽¹⁾		03/27/27	$	200,000	$	197,880

Peru — 0.9%
Inkia Energy, Ltd.
5.88% ⁽³⁾		11/09/27		200,000		191,750
Orazul Energy Egenor S en C por A
5.63% ⁽³⁾		04/28/27		200,000		188,500
Peru LNG SRL
5.38% ⁽³⁾		03/22/30		400,000		399,500
Petroleos del Peru S.A.
5.63% ⁽³⁾		06/19/47		225,000		219,994

Total Peru
(Cost: $1,030,497)						999,744

Qatar — 0.5% (Cost: $498,819)
Qatar Government International Bond
4.50% ⁽³⁾		04/23/28		500,000		499,688

Romania — 0.1% (Cost: $130,202)
Romania Government Bond
5.80%		07/26/27	RON	460,000		130,229

Russia — 1.3%
Russian Federation Government Bond
4.25% ⁽¹⁾		06/23/27	$	600,000		586,500
4.38% ⁽³⁾		03/21/29		400,000		389,200
5.25% ⁽¹⁾		06/23/47		200,000		194,328
Russian Foreign Bond — Eurobond
4.75% ⁽¹⁾		05/27/26		200,000		203,500

Total Russia
(Cost: $1,404,211)						1,373,528

Saudi Arabia — 1.1%
Saudi Government International Bond
4.00% ⁽³⁾		04/17/25		400,000		394,800
4.50% ⁽¹⁾		10/26/46		200,000		181,358
4.50% ⁽³⁾		04/17/30		400,000		395,264
5.00% ⁽³⁾		04/17/49		200,000		192,400

Total Saudi Arabia
(Cost: $1,180,910)						1,163,822

South Africa — 1.5%
South Africa Government Bond
4.30%		10/12/28		400,000		368,160
4.88%		04/14/26		400,000		393,250
7.00%		02/28/31	ZAR	2,000,000		139,860
8.00%		01/31/30	ZAR	7,443,000		571,055
8.75%		01/31/44	ZAR	1,850,000		143,510

Total South Africa
(Cost: $1,660,055)						1,615,835

See accompanying notes to financial statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value
Sri Lanka — 0.8%
Sri Lanka Government Bond
5.75% ⁽³⁾		04/18/23	$	200,000	$	199,340
6.20% ⁽³⁾		05/11/27		425,000		411,112
6.75% ⁽³⁾		04/18/28		200,000		199,522

Total Sri Lanka
(Cost: $835,990)						809,974

Turkey — 2.0%
Akbank Turk AS
6.80% ⁽³⁾⁽⁶⁾		04/27/28		275,000		271,502
Petkim Petrokimya Holding AS
5.88% ⁽³⁾		01/26/23		200,000		192,064
Turkcell Iletisim Hizmetleri AS
5.80% ⁽³⁾		04/11/28		200,000		195,212
Turkey Government International Bond
5.13%		02/17/28		400,000		374,414
6.00%		03/25/27		200,000		201,113
6.13%		10/24/28		525,000		524,352
Turkiye Vakiflar Bankasi TAO
5.75% ⁽³⁾		01/30/23		200,000		194,000
Yapi ve Kredi Bankasi AS
6.10% ⁽³⁾		03/16/23		200,000		197,333

Total Turkey
(Cost: $2,193,164)						2,149,990

Ukraine — 1.3%
Ukraine Government International Bond
7.75% ⁽¹⁾		09/01/23		325,000		328,867
7.75% ⁽¹⁾		09/01/25		225,000		224,078
7.75% ⁽¹⁾		09/01/26		585,000		578,501
7.75% ⁽¹⁾		09/01/27		200,000		196,740

Total Ukraine
(Cost: $1,227,787)						1,328,186

Uruguay —0.1% (Cost: $123,391)
Uruguay Government International Bond
4.98%		04/20/55		125,000		120,625

Venezuela — 0.5%
Venezuela Government International Bond
8.25% ⁽¹⁾⁽⁵⁾		10/13/24		557,300		161,617
9.25%		09/15/27		550,000		173,745
9.25% ⁽¹⁾		05/07/28		787,000		226,263

Total Venezuela
(Cost: $600,859)						561,625

Zambia — 0.6%
First Quantum Minerals, Ltd.
6.50% ⁽³⁾		03/01/24		200,000		192,350
7.50% ⁽³⁾		04/01/25		200,000		198,020


Issues	Maturity Date		Principal Amount		Value
Zambia (Continued)
Zambia Government International Bond
8.97% ⁽¹⁾		07/30/27	$	200,000	$	202,020

Total Zambia
(Cost: $619,117)						592,390

Total Fixed Income Securities
(Cost: $38,232,855)						37,566,266



			Shares
COMMON STOCK — 60.2%
Brazil — 4.9%
Banco Santander Brasil S.A.				79,500		868,694
CVC Brasil Operadora e Agencia de Viagens S.A.				42,600		708,310
Estacio Participacoes S.A.				103,200		943,912
Gol Linhas Aereas Inteligentes S.A. (ADR) ⁽⁷⁾				51,650		565,568
Petroleo Brasileiro S.A. (SP ADR) ⁽⁷⁾				95,000		1,338,550
TIM Participacoes S.A. (ADR)				34,900		793,975

Total Brazil
(Cost: $4,546,591)						5,219,009

China — 24.3%
3SBio, Inc. ⁽⁷⁾				353,000		758,518
58.Com, Inc. (ADR) ⁽⁷⁾				9,400		821,466
Alibaba Group Holding, Ltd. (SP ADR) ⁽⁷⁾				8,662		1,546,513
Anhui Conch Cement Co., Ltd. — Class H				68,500		427,563
China Molybdenum Co., Ltd. — Class H				492,000		369,741
China Oilfield Services, Ltd. — Class H				956,000		953,846
China Vanke Co., Ltd. — Class H				128,700		531,925
Galaxy Entertainment Group, Ltd.				161,000		1,409,244
Industrial & Commercial Bank of China, Ltd. — Class H				2,039,000		1,790,091
Kweichow Moutai Co., Ltd.				17,504		1,823,309
Melco Crown Entertainment, Ltd.				50,600		1,579,226
Microport Scientific Corp.				953,000		1,109,833
Ping An Insurance Group Co. of China, Ltd. — Class H				152,650		1,491,680
Sichuan Swellfun Co., Ltd.				99,800		627,798
Silergy Corp.				45,500		951,498
Sino Biopharmaceutical, Ltd.				661,000		1,392,010
Tencent Holdings, Ltd.				97,812		4,808,965
Weibo Corp. (SP ADR) ⁽⁷⁾				7,700		881,804
Wuxi Biologics, Inc.⁽⁷⁾				116,500		1,056,819
Xiabuxiabu Catering Management China Holdings Co., Ltd.				627,000		1,076,538

See accompanying notes to financial statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

April 30, 2018


Issues	Shares		Value
China (Continued)
ZTE Corp. — Class H ⁽⁷⁾⁽⁸⁾		146,200	$	379,784

Total China
(Cost: $20,439,673)				25,788,171

Egypt — 1.1%
Citadel Capital SAE ⁽⁷⁾		1,339,360		202,954
Commercial International Bank Egypt SAE		107,600		574,944
Ezz Steel ⁽⁷⁾		125,395		211,142
Six of October Development & Investment ⁽⁷⁾		129,430		195,484

Total Egypt
(Cost: $1,132,626)				1,184,524

Germany — 1.3% (Cost: $1,251,866)
Siltronic AG⁽⁷⁾		8,621		1,381,137

Greece — 0.4% (Cost: $376,122)
Public Power Corp. S.A. ⁽⁷⁾		111,221		367,100

Hungary — 0.4% (Cost: $306,441)
OTP Bank PLC		10,800		471,481

India — 4.0%
Dilip Buildcon, Ltd.		110,933		1,918,334
KNR Constructions, Ltd.		77,523		375,013
Maruti Suzuki India, Ltd.		11,758		1,546,150
Tata Steel, Ltd.		45,050		398,977

Total India
(Cost: $3,575,395)				4,238,474

Indonesia — 0.6% (Cost: $561,660)
Bank Central Asia Tbk PT		388,900		614,960

Kazakhstan — 0.4% (Cost: $339,608)
KAZ Minerals PLC ⁽⁷⁾		31,784		401,780

Kenya — 0.6% (Cost: $426,429)
Safari.com, Ltd.		2,261,000		643,176

Poland — 1.3% (Cost: $758,798)
Dino Polska S.A. ⁽⁷⁾		51,303		1,382,301

Russia — 3.5%
Lukoil PJSC (SP ADR)		20,438		1,346,660
Sberbank of Russia		665,705		2,372,049

Total Russia
(Cost: $3,352,340)				3,718,709

South Africa — 2.4%
Capitec Bank Holdings, Ltd.		5,015		356,502
Clicks Group, Ltd.		34,730		594,461
Mr Price Group, Ltd.		49,375		1,081,850
Standard Bank Group, Ltd.		28,473		487,595

Total South Africa
(Cost: $1,905,074)				2,520,408


Issues	Shares		Value
South Korea — 4.4%
KB Financial Group, Inc. (ADR) ⁽⁷⁾		5,100	$	287,640
LG Household & Health Care, Ltd.		881		1,124,930
Samsung Biologics Co., Ltd.⁽⁷⁾		1,356		615,883
Samsung Electronics Co., Ltd.		317		785,718
Shinsegae Co., Ltd.		2,928		1,136,454
SK Energy Co., Ltd.		1,899		347,985
Ssangyong Cement Industrial Co., Ltd.		14,300		399,658

Total South Korea
(Cost: $3,669,911)				4,698,268

Switzerland — 0.2% (Cost: $209,355)
Wizz Air Holdings PLC⁽⁷⁾		5,600		246,015

Taiwan — 4.3%
Accton Technology Corp.		407,000		930,208
ASPEED Technology, Inc.		18,000		513,973
Cathay Financial Holding Co., Ltd.		427,000		765,934
Globalwafers Co., Ltd.		33,000		532,374
President Chain Store Corp.		36,000		353,861
Win Semiconductors Corp.		36,000		269,938
Wiwynn Corp. ⁽⁷⁾		37,224		323,835
Yageo Corp. ⁽⁷⁾		39,000		817,478

Total Taiwan
(Cost: $4,637,533)				4,507,601

Thailand — 0.7%
Esso Thailand PCL (NVDR) ⁽⁷⁾		648,700		367,343
PTT Exploration & Production PCL — Class N (NVDR)		99,200		420,383

Total Thailand
(Cost: $741,976)				787,726

Turkey — 1.2%
Turk Hava Yollari ⁽⁷⁾		148,200		611,689
Turkiye Garanti Bankasi A.S.		273,306		618,403

Total Turkey
(Cost: $1,465,428)				1,230,092

United Arab Emirates — 1.7% (Cost: $979,084)
NMC Health PLC		37,130		1,815,142

United States — 2.5%
Facebook, Inc. ⁽⁷⁾		6,900		1,186,800
MSCI, Inc.		9,900		1,483,317

Total United States
(Cost: $2,347,390)				2,670,117

Total Common Stock
(Cost: $53,023,300)				63,886,191

Purchased Options ⁽⁹⁾ (0.0%)
(Cost: $16,983)				5,906

See accompanying notes to financial statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

Schedule of Investments (Unaudited) (Continued)

Issues

Shares

Value

MONEY MARKET INVESTMENTS — 2.7%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 1.63% ⁽¹⁰⁾

2,849,098

Total Money Market Investments

(Cost: $2,849,098)

2,849,098

Maturity
Date

Principal
Amount

SHORT TERM INVESTMENTS — 0.5%

FOREIGN GOVERNMENT BONDS — 0.5%

Egypt — 0.3%

Egypt Treasury Bills

0.00% ⁽¹¹⁾

05/01/18

EGP

1,050,000

59,528

0.00% ⁽¹¹⁾

06/19/18

EGP

2,400,000

132,935

0.00% ⁽¹¹⁾

07/10/18

EGP

650,000

35,649

0.00% ⁽¹¹⁾

07/24/18

EGP

650,000

35,459

263,571

Issues

Maturity
Date

Principal
Amount

Value

Nigeria — 0.2%

Nigeria Treasury Bill

0.00% ⁽¹¹⁾

08/30/18

NGN

21,000,000

56,415

0.00% ⁽¹¹⁾

09/20/18

NGN

15,865,000

42,354

0.00% ⁽¹¹⁾

10/04/18

NGN

15,300,000

40,638

0.00% ⁽¹¹⁾

10/18/18

NGN

28,480,000

75,319

214,726

Total Foreign Government Bonds

(Cost: $473,303)

478,297

Total Short Term Investments

(Cost: $473,303)

478,297

Total Investments (98.8%)

(Cost: $94,595,539)

104,785,758

Excess of Other Assets over Liabilities (1.2%)

1,278,522

Total Net Assets (100.0%)

106,064,280


Purchased Options — OTC

Description	Counterparty		Exercise Price			Expiration Date		Number of Contracts		Notional Amount (000)		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
EUR Put / TRY Call		Goldman Sachs & Co.		TRY	5.00		7/18/18		151	$	151	$	3,158	$	2,400	$	758
USD Call / MXN Put		Goldman Sachs & Co.		MXN	19.00		5/3/18		300		300		432		6,183		(5,751	)
USD Put / TRY Call		Citibank, N.A.		TRY	3.85		12/19/18		560		560		2,316		8,400		(6,084	)

												$	5,906	$	16,983	$	(11,077	)


Written Options — OTC ⁽¹²⁾

Description	Counterparty	Exercise Price			Expiration Date		Number of Contracts		Notional Amount (000)		Market Value		Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
USD Call / MXN Put	Barclays Capital		MXN	20.00		5/3/18		300	$	300	$	—	$	(2,298	)	$	2,298

See accompanying notes to financial statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

April 30, 2018


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 ⁽¹³⁾
Bank of America	RUB		8,545,213		05/14/18	$	145,000	$	135,512	$	(9,488	)
BNP Paribas S.A.	ARS		6,639,840		05/16/18		318,000		319,545		1,545
BNP Paribas S.A.	SAR		529,816		06/28/18		140,000		141,290		1,290
Citibank N.A.	BRL		501,300		07/09/18		145,199		142,812		(2,387	)
Goldman Sachs & Co.	KZT		67,262,763		07/16/18		201,476		202,461		985

						$	949,675	$	941,620	$	(8,055	)

SELL ⁽¹⁴⁾
Bank of America	BRL		501,300		07/09/18	$	150,000	$	142,812	$	7,188
Bank of America	RUB		8,545,213		05/14/18		149,287		135,512		13,775
Bank of America	SAR		73,915		05/20/19		19,477		19,689		(212	)
BNP Paribas S.A.	ARS		6,639,840		05/16/18		312,760		319,545		(6,785	)
BNP Paribas S.A.	SAR		529,816		06/28/18		140,927		141,290		(363	)
Citibank N.A.	SAR		457,385		05/20/19		120,523		121,833		(1,310	)
Citibank N.A.	SAR		565,755		04/06/20		150,000		150,200		(200	)
Goldman Sachs & Co.	ZAR		8,237,608		06/29/18		655,000		654,941		59

						$	1,697,974	$	1,685,822	$	12,152


Credit Default Swaps — Buy Protection

Notional Amount ⁽¹⁵⁾		Implied Credit Spread ⁽¹⁶⁾		Expiration Date		Counterparty & Reference Entity		Fixed Deal Pay Rate		Payment Frequency	Unrealized Appreciation/ (Depreciation)			Premium Paid (Received)			Value ⁽¹⁷⁾
	OTC Swaps
	$ 100,000		0.518%		12/20/22	Bank of America	China Government Bond, 7.5%, due 10/28/27		1.0%	Quarterly	$	(267	)	$	(1,795	)	$	(2,062	)
	100,000		0.518%		12/20/22	Deutsche Bank AG	China Government Bond, 7.5%, due 10/28/27		1.0%	Quarterly		(267	)		(1,795	)		(2,062	)
	200,000		0.950%		12/20/22	Citibank N.A.	Colombia Government Bond 10.375%, 01/28/33		1.0%	Quarterly		(2,830	)		2,407			(423	)
	100,000		1.025%		12/20/22	Citibank N.A	Mexico Government Bond, 4.15%, 03/28/17		1.0%	Quarterly		(541	)		648			107
	260,000		1.025%		12/20/22	Bank of America	Mexico Government Bond, 4.15%, 03/28/27		1.0%	Quarterly		(1,400	)		1,678			278
	200,000		0.900%		12/20/22	Bank of America	Mexico Government Bond, 5.95%, 03/19/19		1.0%	Quarterly		(1,060	)		1,273			213
	110,000		0.403%		12/20/22	Barclays Capital	Republic of Korea, 7.125%, 04/16/19		1.0%	Quarterly		(1,438	)		(1,419	)		(2,857	)
	680,000		0.403%		12/20/22	Citibank N.A.	Republic of Korea, 7.125%, 04/16/19		1.0%	Quarterly		(8,771	)		(8,891	)		(17,662	)

											$	(16,574	)	$	(7,894	)	$	(24,468	)

See accompanying notes to financial statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

Schedule of Investments (Unaudited) (Continued)

Notes to the Schedule of Investments:

ARS -

Argentine Peso.

BRL -

Brazilian Real.

EGP -

Egyptian Pound.

EUR -

Euro Currency.

IDR -

Indonesian Rupiah.

KZT -

Kazakhstani Tenge.

NGN -

Nigeria Naira.

RON -

Romanian New Leu.

RUB -

Russian Ruble.

SAR -

Saudi Riyal.

TRY -

Turkish New Lira.

USD -

U.S. Dollar.

ZAR -

South African Rand.

ADR

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

GDR

Global Depositary Receipt. A negotiable certificate held in the bank of one country representing a specific number of shares of a stock traded on an exchange of another country.

NVDR

Non-Voting Depositary Receipt.

OTC

Over the Counter.

PJSC

Private Joint-Stock Company.

SP ADR

(1)

(2)

Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2018.

(3)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2018, the value of these securities amounted to $17,989,880 or 17.0% 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 Fund’s Board of Directors.

(4)

Perpetual Maturity.

(5)

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

(6)

(7)

Non-income producing security.

(8)

For fair value measurement disclosure purposes, security is categorized as Level 3.

(9)

See options table for description of purchased options.

(10)

Rate disclosed is the 7-day net yield as of April 30, 2018.

(11)

Security is not accruing interest.

(12)

See note 2 in the Notes to Financial Statements for additional information regarding written options.

(13)

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

(14)

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

(15)

(16)

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/selling 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.

(17)

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 values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreements.

See accompanying notes to financial statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

Investments by Industry (Unaudited)

April 30, 2018


Industry	Percentage of Net Assets
Airlines		1.5	%
Auto Manufacturers		1.5
Auto Parts & Equipment		0.2
Banks		9.5
Beverages		2.3
Biotechnology		1.3
Building Materials		1.0
Chemicals		0.2
Currency Options		0.0	⁽¹⁾
Commercial Services		1.3
Computers		0.8
Cosmetics/Personal Care		1.0
Diversified Financial Services		1.0
Electric		2.4
Electronics		1.7
Energy-Alternate Sources		0.2
Engineering & Construction		2.3
Food		1.7
Foreign Government Bonds		22.1
Healthcare-Products		1.0
Healthcare-Services		1.7
Holding Companies — Diversified		0.1
Insurance		2.1
Internet		8.7
Iron & Steel		1.0
Leisure Time		0.7
Lodging		2.8
Media		0.2
Mining		1.6
Oil & Gas		7.5
Oil & Gas Services		1.1
Pharmaceuticals		2.3
Pipelines		0.3
Real Estate		0.9
Retail		4.0
Semiconductors		2.8
Software		1.4
Telecommunications		3.5
Transportation		0.4
Money Market Investments		2.7

Total		98.8	%

(1)

Value rounds to less than 0.1% of net assets.

See accompanying notes to financial statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

Investments by Country (Unaudited)


Country	Percentage of Net Assets
Angola		0.2	%
Argentina		2.9
Azerbaijan		0.3
Bahrain		0.7
Brazil		7.3
Chile		0.2
China		24.5
Colombia		1.5
Costa Rica		0.4
Dominican Republic		1.0
Ecuador		0.3
Egypt		2.6
El Salvador		0.2
Germany		1.3
Ghana		0.4
Greece		0.4
Honduras		0.2
Hungary		0.4
India		4.7
Indonesia		2.9
Iraq		0.4
Ivory Coast		0.5
Jamaica		0.2
Kazakhstan		2.1
Kenya		0.6
Lebanon		0.7
Luxembourg		0.1
Mexico		3.2
Mongolia		0.4
Nigeria		1.0
Oman		0.8
Panama		0.6
Paraguay		0.2
Peru		0.9
Poland		1.3
Qatar		0.5
Romania		0.1
Russia		4.8
Saudi Arabia		1.1
South Africa		3.9
South Korea		4.4
Sri Lanka		0.8
Switzerland		0.2
Taiwan		4.3
Thailand		0.7
Turkey		3.2
Ukraine		1.3
United Arab Emirates		1.7
United States		5.2
Uruguay		0.1
Venezuela		0.5
Zambia		0.6

Total		98.8	%

See accompanying notes to financial statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

Fair Valuation Summary (Unaudited)

April 30, 2018

The following is a summary of the fair valuations according to the inputs used as of April 30, 2018 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Airlines	$	—	$	206,530	$	—	$	206,530
Auto Parts & Equipment		—		196,500		—		196,500
Banks		—		2,124,646		—		2,124,646
Building Materials		—		189,250		—		189,250
Chemicals		—		192,064		—		192,064
Commercial Services		—		407,405		—		407,405
Diversified Financial Services		—		195,250		—		195,250
Electric		—		1,976,240		—		1,976,240
Energy-Alternate Sources		—		196,120		—		196,120
Engineering & Construction		—		200,250		—		200,250
Food		—		376,600		—		376,600
Foreign Government Bonds		—		23,375,648		—		23,375,648
Holding Companies — Diversified		—		151,313		—		151,313
Iron & Steel		—		489,517		—		489,517
Media		—		202,000		—		202,000
Mining		—		911,768		—		911,768
Oil & Gas Services		—		193,625		—		193,625
Oil & Gas		—		4,156,913		—		4,156,913
Pipelines		—		399,500		—		399,500
Real Estate		—		174,260		—		174,260
Telecommunications		—		854,347		—		854,347
Transportation		—		396,520		—		396,520

Total Fixed Income Securities		—		37,566,266		—		37,566,266

Common Stock
Airlines		565,568		857,704		—		1,423,272
Auto Manufacturers		—		1,546,151		—		1,546,151
Banks		1,443,638		6,354,580		—		7,798,218
Beverages		—		2,451,107		—		2,451,107
Biotechnology		—		1,374,400		—		1,374,400
Building Materials		399,658		427,563		—		827,221
Commercial Services		943,911		—		—		943,911
Computers		—		837,808		—		837,808
Cosmetics/Personal Care		—		1,124,930		—		1,124,930
Diversified Financial Services		287,640		559,455		—		847,095
Electric		—		367,100		—		367,100
Electronics		—		1,768,976		—		1,768,976
Engineering & Construction		—		2,293,347		—		2,293,347
Food		—		1,382,301		—		1,382,301
Healthcare-Products		—		1,109,833		—		1,109,833
Healthcare-Services		—		1,815,142		—		1,815,142
Insurance		—		2,257,614		—		2,257,614
Internet		4,436,584		4,808,965		—		9,245,549
Iron & Steel		—		610,118		—		610,118
Leisure Time		708,310		—		—		708,310

See accompanying notes to financial statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

Fair Valuation Summary (Unaudited) (Continued)

April 30, 2018


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Lodging	$	1,579,226	$	1,409,244		$	—	$	2,988,470
Mining		—		771,521			—		771,521
Oil & Gas Services		—		953,846			—		953,846
Oil & Gas		2,685,210		1,135,711			—		3,820,921
Pharmaceuticals		—		2,448,829			—		2,448,829
Real Estate		—		727,409			—		727,409
Retail		594,461		3,648,703			—		4,243,164
Semiconductors		—		2,969,168			—		2,969,168
Software		1,483,317		—			—		1,483,317
Telecommunications		793,975		1,573,384			379,784		2,747,143

Total Common Stock		15,921,498		47,584,909			379,784		63,886,191

Currency Options		—		5,906			—		5,906
Money Market Investments		2,849,098		—			—		2,849,098
Short-Term Investments		—		478,297			—		478,297

Total Investments		18,770,596		85,635,378			379,784		104,785,758

Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—		24,842			—		24,842
Swap Agreements
Credit Risk		—		598			—		598

Total	$	18,770,596	$	85,660,818		$	379,784	$	104,811,198

Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—	$	(20,745	)	$	—	$	(20,745	)
Written Options
Foreign Currency Risk		—		—	⁽¹⁾		—		—
Swap Agreements
Credit Risk		—		(25,066	)		—		(25,066	)

Total	$	—	$	(45,811	)	$	—	$	(45,811	)

(1)

Amount Rounds to less $1.

See accompanying notes to financial statements.

TCW International Small Cap Fund

Schedule of Investments (Unaudited)

April 30, 2018


Issues	Shares		Value
COMMON STOCK — 95.6% of Net Assets
Australia — 3.2%
Altium, Ltd.		4,945	$	75,296
Evolution Mining, Ltd.		29,441		70,564
NEXTDC, Ltd. ⁽¹⁾		26,383		135,857
St Barbara, Ltd. ⁽¹⁾		30,525		97,642

Total Australia
(Cost: $315,327)				379,359

Austria — 4.1%
EVN AG		4,624		94,862
FACC AG ⁽¹⁾		4,240		104,125
S IMMO AG		2,853		56,531
Schoeller-Bleckmann Oilfield Equipment AG ⁽¹⁾		1,404		173,657
UNIQA Insurance Group AG		4,536		54,343

Total Austria
(Cost: $334,766)				483,518

Brazil — 3.0%
CVC Brasil Operadora e Agencia de Viagens S.A.		7,000		116,389
Estacio Participacoes S.A.		8,300		75,915
Gol Linhas Aereas Inteligentes S.A. (ADR) ⁽¹⁾		14,400		157,680

Total Brazil
(Cost: $311,863)				349,984

Canada — 2.4%
BRP, Inc.		1,600		64,826
Tamarack Valley Energy, Ltd. ⁽¹⁾		39,000		108,304
TORC Oil & Gas, Ltd.		9,500		53,949
Vermilion Energy, Inc.		1,800		60,938

Total Canada
(Cost: $243,642)				288,017

China — 9.8%
3SBio, Inc. ⁽¹⁾		53,000		113,885
Baozun, Inc. (SP ADR) ⁽¹⁾		1,400		64,386
China Animal Healthcare, Ltd. ⁽¹⁾⁽²⁾		338,522		—
CIFI Holdings Group Co., Ltd.		113,499		89,379
HKBN, Ltd.		47,500		66,575
KWG Property Holding, Ltd.		52,500		70,723
Melco International Developement, Ltd.		63,000		233,259
Microport Scientific Corp.		94,000		109,470
Sichuan Swellfun Co., Ltd.		17,500		110,085
West China Cement, Ltd. ⁽¹⁾		292,000		59,228
Wuxi Biologics, Inc. ⁽¹⁾		13,500		122,464
Xiabuxiabu Catering Management China Holdings Co., Ltd.		66,000		113,320

Total China
(Cost: $1,283,814)				1,152,774


Issues	Shares		Value
Denmark — 3.5%
Ambu A/S		7,230	$	167,755
Royal Unibrew A/S		1,320		87,441
Scandinavian Tobacco Group A/S		2,955		49,452
Topdanmark A/S ⁽¹⁾		2,210		103,987

Total Denmark
(Cost: $350,580)				408,635

Egypt — 2.1%
Citadel Capital SAE ⁽¹⁾		213,650		32,374
Credit Agricole Egypt SAE		10,625		27,408
Ezz Steel ⁽¹⁾		37,682		63,449
Six of October Development & Investment ⁽¹⁾		39,925		60,301
Telecom Egypt Co.		70,000		64,330

Total Egypt
(Cost: $241,414)				247,862

France — 2.6%
Devoteam S.A.		290		30,973
Eramet ⁽¹⁾		626		109,014
Synergie SA		465		28,470
Trigano S.A.		400		75,416
Ubisoft Entertainment S.A. ⁽¹⁾		637		60,894

Total France
(Cost: $188,983)				304,767

Germany — 3.1%
Nemetschek SE		250		29,974
Siltronic AG ⁽¹⁾		595		95,322
STRATEC Biomedical AG		360		32,845
TAG Immobilien AG		4,950		104,655
Wirecard AG		730		98,819

Total Germany
(Cost: $286,054)				361,615

Greece — 0.9% (Cost: $89,304)
Public Power Corp. S.A. ⁽¹⁾		33,678		111,159

India — 2.4%
Dilip Buildcon, Ltd.		9,571		165,509
KNR Constructions, Ltd.		12,438		60,168
Sadbhav Engineering, Ltd.		10,155		58,183

Total India
(Cost: $245,270)				283,860

Indonesia — 0.5% (Cost: $61,804)
Ace Hardware Indonesia Tbk PT		618,800		57,821

Ireland — 0.5% (Cost: $57,397)
Keywords Studios PLC		2,526		63,252

Israel — 0.4% (Cost: $47,763)
Mazor Robotics, Ltd. (SP ADR) ⁽¹⁾		1,000		53,110

See accompanying notes to financial statements.

TCW International Small Cap Fund

Schedule of Investments (Unaudited) (Continued)


Issues	Shares		Value
Italy — 3.4%
ERG SpA		5,369	$	128,694
FinecoBank Banca Fineco SpA		7,310		87,089
Interpump Group SpA		1,715		54,507
Iren SpA		25,520		77,573
Societa Cattolica di Assicurazioni SC		4,915		52,356

Total Italy
(Cost: $356,060)				400,219

Japan — 17.4%
Anicom Holdings, Inc. ⁽¹⁾		3,000		98,493
cocokara fine, Inc.		1,300		93,932
Daifuku Co., Ltd.		1,800		96,132
Fancl Corp.		2,200		86,251
GMO Payment Gateway, Inc.		500		49,433
Harmonic Drive Systems, Inc.		1,300		61,845
Japan Lifeline Co., Ltd.		2,600		76,095
Kobe Steel, Ltd. ⁽¹⁾		11,900		122,293
Kyowa Exeo Corp.		3,800		98,725
Link And Motivation, Inc.		5,200		52,665
Mandom Corp.		1,800		64,828
Mani, Inc.		2,400		97,285
Mitsubishi Logisnext Co., Ltd.		6,400		55,098
Nihon M&A Center, Inc.		3,200		93,307
Okinawa Electric Power Co., Inc. (The)		2,000		60,929
Open House Co., Ltd.		1,900		105,675
Outsourcing, Inc.		5,700		95,471
PALTAC Corp.		2,600		130,012
PeptiDream, Inc. ⁽¹⁾		1,300		52,472
Sankyu, Inc.		1,200		58,266
Systena Corp.		1,500		56,849
TechnoPro Holdings, Inc.		2,000		116,253
Tocalo Co., Ltd.		4,400		54,546
Tokai Carbon Co., Ltd.		7,500		93,768
Toyo Tanso Co., Ltd.		2,700		79,323

Total Japan
(Cost: $1,765,659)				2,049,946

Kazakhstan — 0.5% (Cost: $49,816)
KAZ Minerals PLC ⁽¹⁾		4,755		60,108

Luxembourg — 0.5% (Cost: $59,733)
Stabilus SA		615		55,313

Malaysia — 0.8% (Cost: $83,212)
George Kent Malaysia BHD		90,700		90,509

Netherlands — 2.9%
ASR Nederland NV		1,270		59,928
IMCD Group NV		1,605		98,810
InterXion Holding NV ⁽¹⁾		1,900		123,538
Wessanen		2,950		59,548

Total Netherlands
(Cost: $319,198)				341,824


Issues	Shares		Value
New Zealand — 0.5% (Cost: $59,900)
a2 Milk Co., Ltd. ⁽¹⁾		6,530	$	55,210

Norway — 1.7%
Arcus ASA		5,135		27,435
BW Offshore, Ltd. ⁽¹⁾		12,134		66,190
Odfjell Drilling, Ltd. ⁽¹⁾		12,630		56,185
Storebrand ASA		5,500		47,070

Total Norway
(Cost: $201,253)				196,880

Poland — 1.1% (Cost: $87,770)
Dino Polska S.A. ⁽¹⁾		4,600		123,942

Portugal — 1.8%
Altri SGPS SA		8,160		59,025
Banco Comercial Portugues S.A. — Class R ⁽¹⁾		462,845		155,016

Total Portugal
(Cost: $198,914)				214,041

Russia — 0.4% (Cost: $59,282)
Detsky Mir PJSC		35,850		53,170

South Korea — 1.9%
Hana Tour Service, Inc.		550		60,773
Kginicis Co., Ltd.		1,370		29,786
Korea United Pharm, Inc.		2,242		59,168
Ssangyong Cement Industrial Co., Ltd.		2,530		70,709

Total South Korea
(Cost: $217,073)				220,436

Switzerland — 5.7%
GAM Holding AG ⁽¹⁾		3,075		49,138
Inficon Holding AG ⁽¹⁾		189		113,287
OC Oerlikon Corp. AG ⁽¹⁾		3,338		53,949
Siegfried Holding AG ⁽¹⁾		265		92,185
Temenos Group AG ⁽¹⁾		1,929		242,992
VAT Group AG ⁽¹⁾		430		63,487
Wizz Air Holdings PLC ⁽¹⁾		1,300		57,111

Total Switzerland
(Cost: $485,019)				672,149

Taiwan — 4.7%
Accton Technology Corp.		59,000		134,846
Globalwafers Co., Ltd.		9,000		145,193
Holy Stone Enterprise Co., Ltd.		13,000		63,208
TaiMed Biologics, Inc. ⁽¹⁾		7,000		72,759
TCI Co., Ltd.		4,000		58,686
Yageo Corp.		4,000		83,844

Total Taiwan
(Cost: $582,868)				558,536

Thailand — 1.0%
Bangkok Chain Hospital PCL		108,000		59,423

See accompanying notes to financial statements.

TCW International Small Cap Fund

April 30, 2018


Issues	Shares		Value
Thailand (Continued)
Esso Thailand PCL (NVDR) ⁽¹⁾		102,800	$	58,213

Total Thailand
(Cost: $121,497)				117,636

Turkey — 0.8% (Cost: $75,733)
Turk Hava Yollari ⁽¹⁾		23,430		96,706

United Arab Emirates — 1.3% (Cost: $46,456)
NMC Health PLC		3,154		154,187

United Kingdom — 9.1%
Abcam PLC		3,810		63,903
Acal PLC		11,930		69,507
Bellway PLC		1,215		55,389
Dechra Pharmaceuticals PLC		1,555		58,434
Fenner PLC		14,222		119,099
Fevertree Drinks PLC		2,305		89,633
Man Group PLC		48,800		121,259
Morgan Advanced Materials PLC		12,272		57,977
Premier Oil PLC ⁽¹⁾		128,849		167,087
Redrow PLC		10,425		89,876
Softcat PLC		3,080		28,945
SSP Group Plc		11,040		98,839
Thomas Cook Group PLC		29,803		50,641

Total United Kingdom
(Cost: $875,270)				1,070,589

United States — 1.6% (Cost: $133,006)
Burford Capital, Ltd.		9,342		184,511

Total Common Stock
(Cost: $9,835,700)				11,261,645


Issues	Shares		Value
PREFERRED STOCK — 0.3%
Germany — 0.3%
Sartorius AG, 0.57%		210	$	32,272

Total Preferred Stock
(Cost: $30,843)				32,272

MONEY MARKET INVESTMENTS — 3.6%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 1.63% ⁽³⁾		419,882		419,882

Total Money Market Investments
(Cost: $419,882)				419,882

Total Investments (99.5%)
(Cost: $10,286,425)				11,713,799

Excess of Other Assets over Liabilities (0.5%)				58,125

Total Net Assets (100.0%)			$	11,771,924

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.

NVDR

Non-Voting Depositary Receipt.

PJSC

Private Joint-Stock Company.

SP ADR

(1)

Non-income producing security.

(2)

For Fair Value measurement disclosure purposes, security is categorized as Level 3.

(3)

Rate disclosed is the 7-day net yield as of April 30, 2018.

See accompanying notes to financial statements.

TCW International Small Cap Fund

Investments by Industry (Unaudited)


Industry	Percentage of Net Assets
Aerospace & Defense		0.9	%
Airlines		2.6
Banks		2.2
Beverages		2.7
Biotechnology		2.5
Capital Markets		3.3
Chemicals		0.8
Communications Equipment		1.2
Construction & Engineering		3.2
Construction Materials		1.1
Distributors		1.1
Diversified Consumer Services		0.7
Diversified Telecommunication Services		1.2
Electric Utilities		2.2
Electrical Equipment		0.7
Electronic Equipment, Instruments & Components		2.8
Energy Equipment & Services		2.6
Food & Staples Retailing		1.9
Food Products		1.0
Health Care Equipment & Supplies		4.1
Health Care Providers & Services		2.5
Hotels, Restaurants & Leisure		5.7
Household Durables		1.3
Independent Power and Renewable Electricity Producers		1.1
Insurance		3.4
Internet Software & Services		2.2
IT Services		3.7
Leisure Products		1.1
Life Sciences Tools & Services		1.8
Machinery		6.5
Metals & Mining		4.3
Multi-Utilities		0.7
Oil, Gas & Consumable Fuels		3.8
Paper & Forest Products		0.5
Personal Products		1.8
Pharmaceuticals		1.0
Professional Services		3.4
Real Estate		1.4
Real Estate Management & Development		2.3
Road & Rail		0.5
Semiconductors & Semiconductor Equipment		2.0
Software		4.0
Specialty Retail		0.9
Tobacco		0.4
Trading Companies & Distributors		0.8
Money Market Investments		3.6

Total		99.5	%

See accompanying notes to financial statements.

TCW International Small Cap Fund

Fair Valuation Summary (Unaudited)

April 30, 2018

The following is a summary of the fair valuations according to the inputs used as of April 30, 2018 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stock
Aerospace & Defense	$	—	$	104,125	$	—	$	104,125
Airlines		157,680		153,817		—		311,497
Banks		27,408		242,105		—		269,513
Beverages		—		314,594		—		314,594
Biotechnology		—		303,019		—		303,019
Capital Markets		—		387,283		—		387,283
Chemicals		—		93,768		—		93,768
Communications Equipment		—		134,846		—		134,846
Construction & Engineering		—		382,584		—		382,584
Construction Materials		70,709		59,228		—		129,937
Distributors		—		130,012		—		130,012
Diversified Consumer Services		75,915		—		—		75,915
Diversified Telecommunication Services		130,905		—		—		130,905
Electric Utilities		94,862		172,089		—		266,951
Electrical Equipment		—		79,323		—		79,323
Electronic Equipment, Instruments & Components		69,507		260,339		—		329,846
Energy Equipment & Services		—		296,033		—		296,033
Food & Staples Retailing		—		217,874		—		217,874
Food Products		—		114,758		—		114,758
Health Care Equipment & Supplies		53,110		407,354		—		460,464
Health Care Providers & Services		—		289,705		—		289,705
Hotels, Restaurants & Leisure		116,389		556,831		—		673,220
Household Durables		—		145,265		—		145,265
Independent Power and Renewable Electricity Producers		—		128,694		—		128,694
Insurance		—		416,176		—		416,176
Internet Software & Services		120,916		135,857		—		256,773
IT Services		217,763		206,983		—		424,746
Leisure Products		64,826		75,416		—		140,242
Life Sciences Tools & Services		—		214,649		—		214,649
Machinery		177,076		585,387		—		762,463
Metals & Mining		—		523,069		—		523,069
Multi-Utilities		—		77,573		—		77,573
Oil, Gas & Consumable Fuels		223,191		225,301		—		448,492
Paper & Forest Products		—		59,025		—		59,025
Personal Products		—		209,765		—		209,765
Pharmaceuticals		—		117,601		—		117,601
Professional Services		—		386,167		—		386,167
Real Estate Management & Development		—		265,777		—		265,777
Real Estate		—		164,956		—		164,956
Road & Rail		—		58,266		—		58,266
Semiconductors & Semiconductor Equipment		—		240,516		—		240,516
Software		—		466,005		—		466,005
Specialty Retail		110,991		—		—		110,991
Tobacco		49,452		—		—		49,452
Trading Companies & Distributors		—		98,810		—		98,810

Total Common Stock		1,760,700		9,500,945		—		11,261,645

Preferred Stock
Health Care Equipment & Supplies	$	—	$	32,272	$	—	$	32,272
Money Market Investments		419,882		—		—		419,882

Total Investments	$	2,180,582	$	9,533,217	$	—	$	11,713,799

See accompanying notes to financial statements.

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited)

April 30, 2018


	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 Small Cap Fund
	Dollar Amounts in Thousands (Except per Share Amounts)
ASSETS
Investments, at Value ⁽¹⁾	$	6,285		$	3,612,976		$	311,690		$	104,786		$	11,713
Foreign Currency, at Value ⁽²⁾		1			1,570			386			25			4
Cash		—			—			662			—			—
Receivable for Securities Sold		278			69,417			6,296			3,179			354
Receivable for Fund Shares Sold		—			6,530			679			194			4
Interest and Dividends Receivable		4			45,947			5,324			580			25
Foreign Tax Reclaims Receivable		—	⁽³⁾		—			—			3			5
Receivable from Investment Advisor		19			27			11			30			23
Unrealized Appreciation on Open Forward Foreign Currency Contracts		—			3,344			952			25			—
Cash Collateral Held for Brokers		—			9,240			1,210			—			—
Open Swap Agreements, at Value		—			90			—			1			—
Prepaid Expenses		8			75			48			15			25

Total Assets		6,595			3,749,216			327,258			108,838			12,153

LIABILITIES
Distributions Payable		—			2,167			169			—			—
Payable for Securities Purchased		103			97,945			—			2,452			350
Payable for Fund Shares Redeemed		—			4,486			31,444			15			—
Accrued Capital Gain Withholding Taxes		—			—			52			91			1
Disbursements in Excess of Available Cash		—			8,469			—			—			—
Accrued Directors’ Fees and Expenses		12			12			12			12			12
Accrued Management Fees		5			2,404			216			88			8
Accrued Distribution Fees		—	⁽³⁾		97			11			13			1
Interest Payable on Swap Agreements		—			328			—			2			—
Options Written, at Value		—			—	⁽⁴⁾		—	⁽³⁾⁽⁴⁾		—	⁽⁴⁾		—
Open Swap Agreements, at Value		—			4,173			—			25			—
Collateral Pledged by Brokers		—			4,640			280			—			—
Unrealized Depreciation on Open Forward Foreign Currency Contracts		—			2,655			1,987			21			—
Other Accrued Expenses		32			710			67			55			9

Total Liabilities		152			128,086			34,238			2,774			381

NET ASSETS	$	6,443		$	3,621,130		$	293,020		$	106,064		$	11,772

See accompanying notes to financial statements.

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited) (Continued)

April 30, 2018


	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 Small Cap Fund
	Dollar Amounts in Thousands (Except per Share Amounts)
NET ASSETS CONSIST OF:
Paid-in Capital	$	5,554		$	4,326,505		$	315,697		$	98,656		$	11,740
Accumulated Net Realized Loss on Investments, Options Written, Swap Contracts and Foreign Currency		(358	)		(673,529	)		(21,472	)		(3,184	)		(1,381	)
Unrealized Appreciation (Depreciation) of Investments, Options Written, Swap Contracts and Foreign Currency		1,254			(49,580	)		52			10,079			1,425
Undistributed Net Investment Income (Loss)		(7	)		17,734			(1,257	)		513			(12	)

NET ASSETS	$	6,443		$	3,621,130		$	293,020		$	106,064		$	11,772

NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	4,627		$	3,185,477		$	242,643		$	46,096		$	7,995

N Class Share	$	1,816		$	435,653		$	50,377		$	59,968		$	3,777

CAPITAL SHARES OUTSTANDING: ⁽⁵⁾
I Class Share		399,274			389,248,019			26,095,284			3,923,932			714,091

N Class Share		156,771			41,348,176			5,424,287			5,125,106			336,981

NET ASSET VALUE PER SHARE: ⁽⁶⁾
I Class Share	$	11.59		$	8.18		$	9.30		$	11.75		$	11.20

N Class Share	$	11.58		$	10.54		$	9.29		$	11.70		$	11.21

(1)

The identified cost for the TCW Developing Markets Equity Fund, the TCW Emerging Markets Income Fund, the TCW Emerging Markets Local Currency Income Fund, the TCW Emerging Markets Multi-Asset Opportunities Fund and the TCW International Small Cap Fund at April 30, 2018 was $5,030, $3,660,981, $310,559, $94,596 and $10,286, respectively.

(2)

(3)

Amount rounds to less than $1.

(4)

Premium received $289, $75, and $2 for TCW Emerging Markets Income Fund, the TCW Emerging Markets Local Currency Income Fund, and the TCW Emerging Markets Multi-Asset Opportunities Fund, 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.

TCW Funds, Inc.

Statements of Operations (Unaudited)

Six Months Ended April 30, 2018


	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 Small Cap Fund
	Dollar Amounts in Thousands
INVESTMENT INCOME
Income:
Dividends	$	35	⁽¹⁾	$	—		$	—		$	346	⁽¹⁾	$	77	⁽¹⁾
Interest		—			113,342	⁽²⁾		10,671	⁽²⁾		949	⁽²⁾		—

Total		35			113,342			10,671			1,295			77

Expenses:
Management Fees		26			13,581			1,103			460			42
Accounting Services Fees		1			161			4			1			1
Administration Fees		—	⁽³⁾		101			3			1			—	⁽³⁾
Transfer Agent Fees:
I Class		3			1,034			46			6			4
N Class		3			248			21			24			3
Custodian Fees		36			216			104			107			33
Professional Fees		10			51			20			19			22
Directors’ Fees and Expenses		24			24			24			24			24
Registration Fees:
I Class		11			36			10			9			8
N Class		11			22			12			11			8
Distribution Fees:
N Class		2			578			52			65			5
Shareholder Reporting Expense		1			7			2			1			1
Other		5			265			11			7			5

Total		133			16,324			1,412			735			156

Less Expenses Borne by Investment Advisor:
I Class		59			—			—			26			43
N Class		34			131			59			113			32

Net Expenses		40			16,193			1,353			596			81

Net Investment Income (Loss)		(5	)		97,149			9,318			699			(4	)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		425			(22,170	)		971	⁽⁴⁾		1,344	⁽⁴⁾		599
Foreign Currency		(7	)		(1,486	)		(499	)		(73	)		(10	)
Foreign Currency Forward Contracts		—			(84	)		3,282			9			1
Options Written		—			1,267			79			10			—
Swap Agreements		—			(1,414	)		—			(8	)		—
Change in Unrealized (Depreciation) on:
Investments		(155	)		(132,609	)		(249	) ⁽⁵⁾		(288	) ⁽⁵⁾		59	⁽⁵⁾
Foreign Currency		(1	)		150			8			(7	)		—	⁽³⁾
Foreign Currency Forward Contracts		—			2,380			(941	)		10			—
Options Written		—			278			76			2			—
Swap Agreements		—			(1,950	)		—			(13	)		—

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		262			(155,638	)		2,727			986			649

INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	257		$	(58,489	)	$	12,045		$	1,685		$	645

(1)

Net of foreign taxes withheld of $5, $48 and $11 for the TCW Developing Markets Equity Fund, the TCW Emerging Markets Multi-Asset Opportunities Fund and the TCW International Small Cap Fund, respectively.

(2)

Net of foreign taxes withheld of $819, $563 and $7 for the TCW Emerging Markets Income Fund, the TCW Emerging Markets Local Currency Income Fund and the TCW Emerging Markets Multi-Asset Opportunities Fund.

(3)

Amount rounds to less than $1.

(4)

Net of capital gain withholding taxes of $116 and $0 for the TCW Emerging Markets Local Currency Income Fund and the TCW Emerging Markets Multi-Asset Opportunities Fund, respectively.

(5)

Net of capital gain withholding tax of $52, $91 and $1 for the TCW Emerging Markets Local Currency Income Fund, the TCW Emerging Markets Multi-Asset Opportunities Fund and the TCW International Small Cap Fund, respectively.

See accompanying notes to financial statements.

TCW Funds, Inc.

Statements of Changes in Net Assets


	TCW Developing Markets Equity Fund						TCW Emerging Markets Income Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
OPERATIONS
Net Investment Income (Loss)	$	(5	)	$	40		$	97,149		$	219,406
Net Realized Gain (Loss) on Investments, Options Written, Swap Contracts and Foreign Currency Transactions		418			286			(23,887	)		28,426
Change in Unrealized Appreciation on Investments, Options Written and Foreign Currency Transactions		(156	)		861			(131,751	)		11,213

Increase (Decrease) in Net Assets Resulting from Operations		257			1,187			(58,489	)		259,045

DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		(23	)		(34	)		(88,168	)		(149,103	)
N Class		(9	)		(13	)		(12,271	)		(27,875	)

Total Distributions to Shareholders		(32	)		(47	)		(100,439	)		(176,978	)

NET CAPITAL SHARE TRANSACTIONS
I Class		28			34			285,210			395,462
N Class		35			40			(55,700	)		(35,930	)

Increase in Net Assets Resulting from Net Capital Shares Transactions		63			74			229,510			359,532

Increase in Net Assets		288			1,214			70,582			441,599
NET ASSETS
Beginning of Period		6,155			4,941			3,550,548			3,108,949

End of Period	$	6,443		$	6,155		$	3,621,130		$	3,550,548

Undistributed Net Investment Income (Loss)	$	(7	)	$	30		$	17,734		$	21,024

See accompanying notes to financial statements.

TCW Funds, Inc.

Statements of Changes in Net Assets


	TCW Emerging Markets Local Currency Income Fund						TCW Emerging Markets Multi-Asset Opportunities Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
OPERATIONS
Net Investment Income	$	9,318		$	9,446		$	699		$	1,617
Net Realized Gain on Investments, Options Written, Swap Contracts and Foreign Currency Transactions		3,833			3,996			1,282			848
Change in Unrealized Appreciation on Investments, Options Written and Foreign Currency Transactions		(1,106	)		(5,753	)		(296	)		6,925

Increase in Net Assets Resulting from Operations		12,045			7,689			1,685			9,390

DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		(11,945	)		(5,678	)		(955	)		(1,353	)
N Class		(1,916	)		(1,177	)		(1,061	)		(56	)

Total Distributions to Shareholders		(13,861	)		(6,855	)		(2,016	)		(1,409	)

NET CAPITAL SHARE TRANSACTIONS
I Class		105,831			39,045			4,021			73
N Class		16,130			20,021			20,269			31,790

Increase in Net Assets Resulting from Net Capital Shares Transactions		121,961			59,066			24,290			31,863

Increase in Net Assets		120,145			59,900			23,959			39,844
NET ASSETS
Beginning of Period		172,875			112,975			82,105			42,261

End of Period	$	293,020		$	172,875		$	106,064		$	82,105

Undistributed (Overdistributed) Net Investment Income	$	(1,257	)	$	3,286		$	513		$	1,830

See accompanying notes to financial statements.

TCW Funds, Inc.

Statements of Changes in Net Assets


	TCW International Small Cap Fund
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
OPERATIONS
Net Investment Income (Loss)	$	(4	)	$	36
Net Realized Gain on Investments and Foreign Currency Transactions		590			1,520
Change in Unrealized Appreciation on Investments		59			724

Increase in Net Assets Resulting from Operations		645			2,280

DISTRIBUTIONS TO SHAREHOLDERS
Distributions from Net Investment Income:
I Class		—			(18	)
N Class		—			(11	)

Total Distributions to Shareholders		—			(29	)

NET CAPITAL SHARE TRANSACTIONS
I Class		1,230			(793	)
N Class		(42	)		(346	)

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		1,188			(1,139	)

Increase in Net Assets		1,833			1,112
NET ASSETS
Beginning of Period		9,939			8,827

End of Period	$	11,772		$	9,939

Undistributed Net Investment Loss	$	(12	)	$	(8	)

See accompanying notes to financial statements.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited)

Note 1 — Organization

TCW Funds, Inc., a Maryland corporation (the “Company”), is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), that currently offers 20 no-load mutual funds (each series, a “Fund” and collectively, the “Funds”). TCW Investment Management Company LLC (the “Advisor”) is the investment advisor to and an affiliate of the Funds and is registered under the Investment Advisers Act of 1940, as amended. Each Fund has distinct investment objectives. The following are the objectives for the 5 International Funds that are covered in this report:


TCW Fund		Investment Objective
Diversified Fixed Income Fund

TCW Emerging Markets Income Fund		Seeks high total return from current income and capital appreciation by investing at least 80% of the value of its net assets in debt securities issued or guaranteed by companies, financial institutions and government entities in emerging market countries.
Non-Diversified Fixed Income Fund

TCW Emerging Markets Local Currency Income Fund		Seeks to provide high total return from current income and capital appreciation by investing at least 80% of the value of its net assets in debt securities issued or guaranteed by companies and government entities in emerging market countries denominated in the local currencies of the issuer and in derivative instruments that provide investment exposure to such securities.
Diversified International Equity Fund

TCW 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.
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).

TCW Funds, Inc.

April 30, 2018

Note 2 — Significant Accounting Policies

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

Security Valuations: Securities listed or traded on the NYSE and other stock exchanges are valued at the latest sale price on that exchange. Securities traded on the NASDAQ stock market (“NASDAQ”) are valued using official closing prices as reported by NASDAQ. All other securities 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.

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 GAAP, the Funds disclose investments in a three-tier hierarchy. This hierarchy is utilized to establish classification of fair value measurements based on inputs. Inputs that go into fair value measurement refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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


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

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

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

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

TCW Funds, Inc.

April 30, 2018

Note 2 — Significant Accounting Policies (Continued)

value hierarchy because they trade infrequently, and therefore, the inputs are unobservable. Certain foreign securities that are fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets are categorized in Level 2 of the fair value hierarchy.

Foreign currency contracts. The fair value of foreign currency contracts 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.

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

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

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

The summary of the inputs used as of April 30, 2018 is listed after the Schedule of Investments for each Fund.

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	$	185,901	$	43,618
TCW Emerging Markets Multi-Asset Opportunities Fund		1,519,751		388,924
TCW International Small Cap Fund		558,808		0

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

The transfers between Level 1 and Level 2 of the fair value hierarchy during the period ended April 30, 2018 were due to changes in valuation to/from the exchange closing price from/to the fair value price.

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 Developing Markets Equity Fund			TCW Emerging Markets Multi-Asset Opportunities Fund
Balance as of October 31, 2017	$	—		$	—
Accrued Discounts (Premiums)		—			—
Realized Gain (Loss)		—			—
Change in Unrealized Appreciation		(8,414	)		(144,543	)
Purchases		—			187,331
Sales		—			—
Transfers in to Level 3 ⁽¹⁾		33,352	⁽²⁾		336,996	⁽²⁾
Transfers out of Level 3 ⁽¹⁾		—			—

Balance as of April 30, 2018	$	24,938		$	379,784

Change in Unrealized Appreciation from Investments Still Held at April 30, 2018	$	(8,414	)	$	(144,543	)

(1)

The Funds recognized transfers in and out at the beginning of the period.

(2)

Financial assets transferred between Level 2 and Level 3 were due to a change in observable and/or unobservable inputs.

Significant unobservable valuations inputs for Level 3 investments as of April 30, 2018 are as follows:

Description

Fair Value at
4/30/2018

Valuation Techniques

Unobservable
Input

Discount

Price

TCW Developing Markets Equity Fund

Common Stock

24,938

Internal Model

Discount Applied

20%

HKD 20.39

TCW Emerging Markets Multi-Asset Opportunities Fund

Common Stock

379,784

Internal Model

Discount Applied

20%

HKD 20.39

TCW International Small Cap Fund

Common Stock

Internal Model

Discount Applied

100%

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.

TCW Funds, Inc.

April 30, 2018

Note 2 — Significant Accounting Policies (Continued)

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 period ended April 30, 2018, the following Funds had derivatives and transactions in derivatives, grouped in the following risk categories (amounts in thousands except Notional Amounts or Number of Contracts):

TCW Emerging Markets Income Fund


	Credit Risk			Foreign Currency Risk			Total
Statement of Asset and Liabilities:
Asset Derivatives
Investments ⁽¹⁾	$	—		$	685		$	685
Swaps Contracts		90			—			90
Forward Contracts		—			3,344			3,344

Total Value	$	90		$	4,029		$	4,119


Liability Derivatives
Forward Contracts	$	—		$	(2,655	)	$	(2,655	)
Written Options		—			—	⁽⁴⁾		—	⁽⁴⁾
Swaps Contracts		(4,173	)		—			(4,173	)

Total Value	$	(4,173	)	$	(2,655	)	$	(6,828	)


Statement of Operations:
Realized Gain (Loss)
Forward Contracts	$	—		$	(84	)	$	(84	)
Investments ⁽²⁾		—			(1,359	)		(1,359	)
Options Written		—			1,267			1,267
Swaps Contracts		(1,414	)		—			(1,414	)

Total Realized Gain (Loss)	$	(1,414	)	$	(176	)	$	(1,590	)

Change in Appreciation (Depreciation)
Forward Contracts	$	—		$	2,380		$	2,380
Investments ⁽³⁾		—			(1,536	)		(1,536	)
Options Written		—			278			278
Swaps Contracts		(1,950	)		—			(1,950	)

Total Change in Appreciation (Depreciation)	$	(1,950	)	$	1,122		$	(828	)


Notional Amounts ⁽⁵⁾
Forward Currency Contracts	$	—		$	264,129,361		$	264,129,361
Options Purchased	$	—		$	131,987,519		$	131,987,519
Options Written	$	—		$	62,603,185		$	62,603,185
Swaps Contracts	$	281,280,000		$	—		$	281,280,000

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

TCW Emerging Markets Local Currency Income Fund


	Foreign Currency Risk			Total
Statement of Asset and Liabilities:
Asset Derivatives
Investments ⁽¹⁾	$	99		$	99
Forward Contracts		952			952

Total Value	$	1,051		$	1,051


Liability Derivatives
Forward Contracts	$	(1,987	)	$	(1,987	)
Written Options		—	⁽⁴⁾		—

Total Value	$	(1,987	)	$	(1,987	)


Statement of Operations:
Realized Gain (Loss)
Forward Contracts	$	3,282		$	3,282
Investments ⁽²⁾		(303	)		(303	)
Options Written		79			79

Total Realized Gain (Loss)	$	3,058		$	3,058


Change in Appreciation (Depreciation)
Forward Contracts	$	(941	)	$	(941	)
Investments ⁽³⁾		(315	)		(315	)
Options Written		76			76

Total Change in Appreciation (Depreciation)	$	(1,180	)	$	(1,180	)


Notional Amounts ⁽⁵⁾
Forward Currency Contracts	$	123,182,920		$	123,182,920
Options Purchased	$	16,525,000		$	16,525,000
Options Written	$	10,055,333		$	10,055,333

TCW Emerging Markets Multi-Asset Opportunities Fund


	Credit Risk			Foreign Currency Risk			Total
Statement of Asset and Liabilities:
Asset Derivatives
Investments ⁽¹⁾	$	—		$	6		$	6
Swaps Contracts		1			—			1
Forward Contracts		—			25			25

Total Value	$	1		$	31		$	32


Liability Derivatives
Forward Contracts	$	—		$	(21	)	$	(21	)
Written Options		—			—	⁽⁴⁾		—
Swaps Contracts		(25	)		—			(25	)

Total Value	$	(25	)	$	(21	)	$	(46	)

TCW Funds, Inc.

April 30, 2018

Note 2 — Significant Accounting Policies (Continued)

TCW Emerging Markets Multi-Asset Opportunities Fund (Continued)


	Credit Risk			Foreign Currency Risk			Total
Statement of Operations:
Realized Gain (Loss)
Forward Contracts	$	—		$	9		$	9
Investments ⁽²⁾		—			(10	)		(10	)
Options Written		—			10			10
Swaps Contracts		(8	)		—			(8	)

Total Realized Gain (Loss)	$	(8	)	$	9		$	1


Change in Appreciation (Depreciation)
Forward Contracts	$	—		$	10		$	10
Investments ⁽³⁾		—			(12	)		(12	)
Options Written		—			2			2
Swaps Contracts		(13	)		—			(13	)

Total Change in Appreciation (Depreciation)	$	(13	)	$	—		$	(13	)


Notional Amounts ⁽⁵⁾
Forward Currency Contracts	$	—		$	1,946,112		$	1,946,112
Options Purchased	$	—		$	1,025,167		$	1,025,167
Options Written	$	—		$	480,833		$	480,833
Swaps Contracts	$	1,750,000		$	—		$	1,750,000

(1)

Represents purchased options, at value.

(2)

Represents realized gain (loss) for purchased options.

(3)

Represents change in unrealized appreciation (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, 2018.

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.

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

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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

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. 2013-11, Disclosures about Offsetting Assets and Liabilities that requires disclosures to make financial statements that are prepared under GAAP more comparable to those prepared under International Financial Reporting Standards.

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, 2018 (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)	$	1,773	$	(1,556	)	$	217		$	(217	) ⁽²⁾	$	—
Barclays (Derivatives)		54		(451	)		(397	)		300			(97	)
BNP Paribas S.A. (Derivatives)		365		(845	)		(480	)		480	⁽²⁾		—
Citibank N.A. (Derivatives)		1,470		(3,569	)		(2,099	)		2,099	⁽²⁾		—
Deutsche Bank AG (Derivatives)		—		(407	)		(407	)		407	⁽²⁾		—
Goldman Sachs & Co. (Derivatives)		457		—			457			(457	) ⁽²⁾		—

Total	$	4,119	$	(6,828	)	$	(2,709	)	$	2,612		$	(97	)

(1)

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

(2)

Amount does not include excess collateral pledged or received.

TCW Funds, Inc.

April 30, 2018

Note 2 — Significant Accounting Policies (Continued)

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)	$	474	$	(112	)	$	362		$	(280	)	$	82
Barclays Capital (Derivatives)		9		(195	)		(186	)		—			(186	)
BNP Paribas S.A. (Derivatives)		122		(219	)		(97	)		—			(97	)
Citibank (Derivatives)		24		—			24			—			24
Goldman Sachs & Co. (Derivatives)		407		(1,453	)		(1,046	)		930			(116	)
Standard Chartered PLC (Derivatives)		15		(9	)		6			—			6

Total	$	1,051	$	(1,988	)	$	(937	)	$	650		$	(287	)

(1)

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

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)	$	21	$	(12	)	$	9		$	—	$	9
Barclays Capital (Derivatives)		—		(3	)		(3	)		—		(3	)
BNP Paribas S.A. (Derivatives)		3		(7	)		(4	)		—		(4	)
Citibank N.A. (Derivatives)		3		(22	)		(19	)		—		(19	)
Deutsche Bank AG (Derivatives)		—		(2	)		(2	)		—		(2	)
Goldman Sachs & Co. (Derivatives)		5		—			5			—		5

Total	$	32	$	(46	)	$	(14	)	$	—	$	(14	)

(1)

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

Forward Foreign Currency Contracts: The Funds enter into forward foreign currency contracts as a hedge against fluctuations in foreign exchange rates. Forward foreign currency contracts are marked-to market daily and the change in market value is recorded by 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, 2018 are disclosed in the Schedule of Investments.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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. There are no futures contracts outstanding at April 30, 2018 for any of the Funds.

Options: The Funds 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.

Purchasing foreign currency options gives a Fund the right, but not the obligation to buy or sell specified amounts of currency at a rate of exchange that may be exercised by a certain date. These currency options may be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

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, 2018, the TCW Emerging Markets Income Fund, TCW Emerging Markets Local Currency Income Fund, and TCW Emerging Markets Multi-Asset Opportunities Fund had options to hedge the currency exposure of the Funds.

TCW Funds, Inc.

April 30, 2018

Note 2 — Significant Accounting Policies (Continued)

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 NAV of the cash flows paid to/received from the counterparty over the interest rate swap’s remaining life.

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

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

the swap is written. When a Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

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

During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Funds are recorded as realized gains and losses, respectively. At April 30, 2018, the TCW Emerging Markets Income Fund and the TCW Emerging Markets Multi-Asset Opportunities Fund held credit default swaps listed on the Schedules of Investments to limit certain credit exposure within each Fund.

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 condition. In addition, because the Fund is not required to pay for when-issued, delayed-delivery, or forward commitment securities until the delivery date, they may result in a form of leverage to the extent the Fund does not set aside liquid assets to cover the commitment. To guard against this deemed leverage, the Fund monitors the obligations under these transactions on a daily basis and ensures that the Fund has sufficient liquid assets to cover them.

Repurchase Agreements: The Funds may enter into repurchase agreements, under the terms of 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,

TCW Funds, Inc.

April 30, 2018

Note 2 — Significant Accounting Policies (Continued)

each Fund receives securities as collateral with a market value in excess of the repurchase price. Upon a bankruptcy or insolvency of the MRA counterparty, the Funds recognize a liability with respect to such excess collateral to reflect the Funds obligation under bankruptcy law to return the excess to the counterparty. There were no repurchase agreements outstanding as of April 30, 2018.

Participation Notes: The Funds may invest in participation notes of equity-linked instruments (collectively, participation notes), through which a counterparty provides exposure to common stock, in the form of an unsecured interest, in markets where direct investment by a Fund is not possible. Participation notes provide the economic benefit of common stock ownership to a Fund, while legal ownership and voting rights are retained by the counterparty. Although participation notes are usually structured with a defined maturity or termination date, early redemption may be possible. Risks associated with participation notes include possible failure of the counterparty to perform in accordance with the terms of the agreement, inability to transfer or liquidate the notes, potential delays or an inability to redeem before maturity under certain market conditions, and limited legal recourse against the issuer of the underlying common stock. None of the Funds held participation notes as of April 30, 2018.

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

Dividends and Distributions: Dividends and distributions to shareholders are recorded on 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. 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, derivatives, 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 fiscal year.

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

Note 3 — Risk Considerations

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

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 achieve their objective through the use of the derivatives.

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.

TCW Funds, Inc.

April 30, 2018

Note 4 — Federal Income Taxes

At April 30, 2018, 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 Developing Markets Equity Fund	$	1,377	$	(133	)	$	1,244		$	5,041
TCW Emerging Markets Income Fund		52,799		(95,077	)		(42,278	)		3,558,072
TCW Emerging Markets Income Local Currency Income Fund		3,076		(7,813	)		(4,737	)		358,776
TCW Emerging Markets Multi-Asset Opportunities Fund		12,344		(2,239	)		10,105			93,937
TCW International Small Cap Fund		1,903		(483	)		1,420			10,294

At October 31, 2017 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	$	32	$	—	$	32
TCW Emerging Markets Income Fund		36,407		—		36,407
TCW Emerging Markets Local Currency Income Fund		6,568		—		6,568
TCW Emerging Markets Multi-Asset Opportunities Fund		1,841		—		1,841

During the year ended October 31, 2017, the tax character of distributions paid was as follows (amounts in thousands):


	Ordinary Income		Long-Term Capital Gain		Total Distributions
TCW Developing Markets Equity Fund	$	47	$	—	$	47
TCW Emerging Markets Income Fund		176,978		—		176,978
TCW Emerging Markets Local Currency Income Fund		6,855		—		6,855
TCW Emerging Markets Multi-Asset Opportunities Fund		1,409		—		1,409
TCW International Small Cap Fund		29		—		29

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	$	772	$	—	$	772
TCW Emerging Markets Income Fund		360,475		292,676		653,151
TCW Emerging Markets Income Local Currency Income Fund		12,501		9,448		21,949
TCW Emerging Markets Multi-Asset Opportunities Fund		4,366		—		4,366
TCW International Small Cap Fund		1,969		—		1,969

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 4 — Federal Income Taxes (Continued)

The Funds did not have any unrecognized tax benefits at April 30, 2018, nor were there any increases or decreases in unrecognized tax benefits for the six months ended April 30, 2018. 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 assets:


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

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	1.09	% ⁽²⁾
N Class	1.09	% ⁽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 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, 2018. 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 is 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, Inc.

April 30, 2018

Note 7 — Purchases and Sales of Securities

Investment transactions (excluding short-term investments) for the period ended April 30, 2018 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	$	3,992	$	4,371	$	—	$	—
TCW Emerging Markets Income Fund		3,033,816		2,886,642		—		—
TCW Emerging Markets Local Currency Income Fund		372,104		276,324		—		—
TCW Emerging Markets Multi-Asset Opportunities Fund		88,034		68,428		—		—
TCW International Small Cap Fund		10,220		9,137		—		—

Note 8 — Capital Share Transactions

Transactions in each Fund’s shares were as follows:



TCW Developing Markets Equity Fund	Six Months Ended April 30, 2018 (Unaudited)						Year Ended October 31, 2017
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		396		$	5			—		$	—
Shares Issued upon Reinvestment of Dividends		1,988			23			3,894			34
Shares Redeemed		—			—			—			—

Net Increase		2,384		$	28			3,894		$	34


N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		30,914		$	371			2,879		$	27
Shares Issued upon Reinvestment of Dividends		772			9			1,486			13
Shares Redeemed		(29,075	)		(345	)		—			—

Net Increase		2,611		$	35			4,365		$	40


TCW Emerging Markets Income Fund	Six Months Ended April 30, 2018 (Unaudited)						Year Ended October 31, 2017
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		74,483,806		$	630,423			132,574,376		$	1,110,081
Shares Issued upon Reinvestment of Dividends		10,058,230			85,021			14,432,022			120,623
Shares Redeemed		(51,080,844	)		(430,234	)		(99,861,578	)		(835,242	)

Net Increase		33,461,192		$	285,210			47,144,820		$	395,462


N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		4,814,878		$	52,500			17,285,880		$	186,830
Shares Issued upon Reinvestment of Dividends		1,301,894			14,174			2,532,993			27,257
Shares Redeemed		(11,214,669	)		(122,374	)		(23,070,902	)		(250,017	)

Net Decrease		(5,097,897	)	$	(55,700	)		(3,252,029	)	$	(35,930	)

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 8 — Capital Share Transactions (Continued)


TCW Emerging Markets Local Currency Income Fund	Six Months Ended April 30, 2018 (Unaudited)						Year Ended October 31, 2017
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		14,955,598		$	140,594			6,308,760		$	58,940
Shares Issued upon Reinvestment of Dividends		1,249,017			11,867			434,870			4,159
Shares Redeemed		(4,956,518	)		(46,630	)		(2,597,777	)		(24,054	)

Net Increase		11,248,097		$	105,831			4,145,853		$	39,045


N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		2,255,657		$	21,665			3,259,146		$	30,879
Shares Issued upon Reinvestment of Dividends		229,003			2,170			93,844			899
Shares Redeemed		(806,320	)		(7,705	)		(1,287,565	)		(11,757	)

Net Increase		1,678,340		$	16,130			2,065,425		$	20,021


TCW Emerging Markets Multi-Asset Opportunities Fund	Six Months Ended April 30, 2018 (Unaudited)						Year Ended October 31, 2017
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		315,225		$	3,829			194,195		$	2,080
Shares Issued upon Reinvestment of Dividends		80,386			954			133,708			1,281
Shares Redeemed		(63,736	)		(762	)		(314,370	)		(3,288	)

Net Increase		331,875		$	4,021			13,533		$	73

N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		1,854,973		$	22,297			3,761,005		$	40,095
Shares Issued upon Reinvestment of Dividends		89,753			1,061			5,841			56
Shares Redeemed		(256,096	)		(3,089	)		(822,023	)		(8,361	)

Net Increase		1,688,630		$	20,269			2,944,823		$	31,790


TCW International Small Cap Fund	Six Months Ended April 30, 2018 (Unaudited)						Year Ended October 31, 2017
I Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		124,375		$	1,387			21,677		$	187
Shares Issued upon Reinvestment of Dividends		—			—			2,311			18
Shares Redeemed		(14,064	)		(157	)		(116,317	)		(998	)

Net Increase (Decrease)		110,311		$	1,230			(92,329	)	$	(793	)


N Class	Shares			Amount (in thousands)			Shares			Amount (in thousands)
Shares Sold		13,737		$	157			215,808		$	1,964
Shares Issued upon Reinvestment of Dividends		—			—			1,363			11
Shares Redeemed		(17,630	)		(199	)		(260,862	)		(2,321	)

Net Decrease		(3,893	)	$	(42	)		(43,691	)	$	(346	)

Note 9 — Affiliate Ownership

As of April 30, 2018, affiliates of the Funds and Advisor owned 99.08% and 73.50% of the net assets of TCW Developing Markets Equity Fund and TCW International Small Cap Fund, respectively.

Note 10 — Restricted Securities

TCW Funds, Inc.

April 30, 2018

Note 10 — Restricted Securities (Continued)

(exemption rules apply). Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”). However, the Company considers 144A securities to be restricted if those securities have been deemed illiquid. Disposal of these securities may involve time consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. There were no restricted securities outstanding at April 30, 2018.

Note 11 — Committed Line Of Credit

Note 12 — Indemnifications

TCW Developing Markets Equity Fund

Financial Highlights — I Class


	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,						June 30, 2015 (Commencement of Operations) through October 31, 2015
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016
Net Asset Value per Share, Beginning of Period	$	11.17		$	9.10		$	8.62		$	10.00

Income (Loss) from Investment Operations:
Net Investment Income (Loss) ⁽¹⁾		(0.01	)		0.07			0.10			0.01
Net Realized and Unrealized Gain (Loss) on Investments		0.49			2.09			0.38			(1.39	)

Total from Investment Operations		0.48			2.16			0.48			(1.38	)

Less Distributions:
Distributions from Net Investment Income		(0.06	)		(0.09	)		(0.00	) ⁽²⁾		—

Net Asset Value per Share, End of Period	$	11.59		$	11.17		$	9.10		$	8.62

Total Return		4.28	% ⁽⁴⁾		23.96	%		5.63	%		(13.80	)% ⁽³⁾

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	4,627		$	4,433		$	3,577		$	3,392
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		3.76	% ⁽⁵⁾		3.94	%		3.56	%		7.09	% ⁽⁵⁾
After Expense Reimbursement		1.25	% ⁽⁵⁾		1.25	%		1.25	%		1.25	% ⁽⁵⁾
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.18	)% ⁽⁵⁾		0.77	%		1.15	%		0.30	% ⁽⁵⁾
Portfolio Turnover Rate		62.36	% ⁽⁴⁾		194.58	%		154.70	%		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 June 30, 2015 (Commencement of Operations) through October 31, 2015 and is not indicative of a full year’s operating results.

(4)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(5)

Annualized.

See accompanying notes to financial statements.

TCW Developing Markets Equity Fund

Financial Highlights — N Class


	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,						June 30, 2015 (Commencement of Operations) through October 31, 2015
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016
Net Asset Value per Share, Beginning of Period	$	11.17		$	9.10		$	8.62		$	10.00

Income (Loss) from Investment Operations:
Net Investment Income (Loss) ⁽¹⁾		(0.01	)		0.07			0.10			0.01
Net Realized and Unrealized Gain (Loss) on Investments		0.48			2.09			0.38			(1.39	)

Total from Investment Operations		0.47			2.16			0.48			(1.38	)

Less Distributions:
Distributions from Net Investment Income		(0.06	)		(0.09	)		(0.00	) ⁽²⁾		—

Net Asset Value per Share, End of Period	$	11.58		$	11.17		$	9.10		$	8.62

Total Return		4.19	% ⁽⁴⁾		23.96	%		5.63	%		(13.80	)% ⁽³⁾

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	1,816		$	1,722		$	1,364		$	1,297
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		4.93	% ⁽⁵⁾		5.08	%		4.80	%		8.39	% ⁽⁵⁾
After Expense Reimbursement		1.25	% ⁽⁵⁾		1.25	%		1.25	%		1.25	% ⁽⁵⁾
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.18	)% ⁽⁵⁾		0.77	%		1.15	%		0.29	% ⁽⁵⁾
Portfolio Turnover Rate		62.36	% ⁽⁴⁾		194.58	%		154.70	%		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 June 30, 2015 (Commencement of Operations) through October 31, 2015 and is not indicative of a full year’s operating results.

(4)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(5)

Annualized.

See accompanying notes to financial statements.

TCW Emerging Markets Income Fund

Financial Highlights — I Class



	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net Asset Value per Share, Beginning of Period	$	8.54		$	8.34		$	7.67		$	8.57		$	8.53		$	9.30

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.23			0.55			0.55			0.38			0.47			0.55
Net Realized and Unrealized Gain (Loss) on Investments		(0.36	)		0.09			0.52			(0.87	)		(0.01	)		(0.59	)

Total from Investment Operations		(0.13	)		0.64			1.07			(0.49	)		0.46			(0.04	)

Less Distributions:
Distributions from Net Investment Income		(0.23	)		(0.44	)		(0.40	)		(0.39	)		(0.42	)		(0.44	)
Distributions from Net Realized Gain		—			—			—			—			—			(0.22	)
Distributions from Return of Capital		—			—			—			(0.02	)		—			(0.07	)

Total Distributions		(0.23	)		(0.44	)		(0.40	)		(0.41	)		(0.42	)		(0.73	)

Net Asset Value per Share, End of Period	$	8.18		$	8.54		$	8.34		$	7.67		$	8.57		$	8.53

Total Return		(1.41	)% ⁽²⁾		7.95	%		14.29	%		(5.75	)%		5.52	%		(0.68	)%

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	3,185,477		$	3,039,671		$	2,574,798		$	2,733,679		$	4,602,207		$	4,260,067
Ratio of Expenses to Average Net Assets		0.86	% ⁽³⁾		0.87	%		0.87	%		0.88	%		0.85	%		0.83	%
Ratio of Net Investment Income to Average Net Assets		5.40	% ⁽³⁾		6.56	%		6.95	%		4.79	%		5.44	%		6.09	%
Portfolio Turnover Rate		86.72	% ⁽²⁾		212.16	%		214.73	%		172.93	%		165.55	%		150.21	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying notes to financial statements.

TCW Emerging Markets Income Fund

Financial Highlights — N Class



	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net Asset Value per Share, Beginning of Period	$	11.00		$	10.75		$	9.89		$	11.05		$	11.01		$	11.93

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.28			0.68			0.68			0.46			0.57			0.68
Net Realized and Unrealized Gain (Loss) on Investments		(0.45	)		0.12			0.67			(1.11	)		(0.02	)		(0.76	)

Total from Investment Operations		(0.17	)		0.80			1.35			(0.65	)		0.55			(0.08	)

Less Distributions:
Distributions from Net Investment Income		(0.29	)		(0.55	)		(0.49	)		(0.48	)		(0.51	)		(0.53	)
Distributions from Net Realized Gain		—			—			—			—			—			(0.22	)
Distributions from Return of Capital		—			—			—			(0.03	)		—			(0.09	)

Total Distributions		(0.29	)		(0.55	)		(0.49	)		(0.51	)		(0.51	)		(0.84	)

Net Asset Value per Share, End of Period	$	10.54		$	11.00		$	10.75		$	9.89		$	11.05		$	11.01

Total Return		(1.62	)%⁽²⁾		7.67	%		13.98	%		(5.96	)%		5.11	%		(0.86	)%

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	435,653		$	510,877		$	534,151		$	521,413		$	782,384		$	1,419,298
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.16	% ⁽³⁾		1.15	%		1.15	%		1.16	%		1.13	%		1.10	%
After Expense Reimbursement		1.11	% ⁽³⁾		1.13	%		N/A	%		N/A	%		N/A	%		N/A	%
Ratio of Net Investment Income to Average Net Assets		5.11	% ⁽³⁾		6.30	%		6.71	%		4.50	%		5.21	%		5.83	%
Portfolio Turnover Rate		86.72	%⁽²⁾		212.16	%		214.73	%		172.93	%		165.55	%		150.21	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying notes to financial statements.

TCW Emerging Markets Local Currency Income Fund

Financial Highlights — I Class



	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net Asset Value per Share, Beginning of Period	$	9.30		$	9.13		$	8.18		$	9.69		$	10.14		$	10.52

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		0.30			0.64			0.52			0.46			0.55			0.54
Net Realized and Unrealized Gain (Loss) on Investments		0.14			(0.06	)		0.43			(1.94	)		(0.88	)		(0.62	)

Total from Investment Operations		0.44			0.58			0.95			(1.48	)		(0.33	)		(0.08	)

Less Distributions:
Distributions from Net Investment Income		(0.44	)		(0.41	)		—			—			—			(0.06	)
Distributions from Return of Capital		—			—			—			(0.03	)		(0.12	)		(0.24	)

Total Distributions		(0.44	)		(0.41	)		—			(0.03	)		(0.12	)		(0.30	)

Net Asset Value per Share, End of Period	$	9.30		$	9.30		$	9.13		$	8.18		$	9.69		$	10.14

Total Return		4.68	% ⁽²⁾		6.33	%		11.61	%		(15.35	)%		(3.29	)%		(0.89	)%

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	242,643		$	138,068		$	97,650		$	102,034		$	178,828		$	237,695
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.91	% ⁽³⁾		1.03	%		1.00	%		1.00	%		0.95	%		0.90	%
After Expense Reimbursement		N/A			0.99	%		0.99	%		0.99	%		N/A			N/A
Ratio of Net Investment Income to Average Net Assets		6.37	% ⁽³⁾		6.83	%		6.12	%		5.20	%		5.61	%		5.19	%
Portfolio Turnover Rate		106.12	% ⁽²⁾		137.44	%		209.07	%		250.10	%		223.55	%		290.24	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying notes to financial statements.

TCW Emerging Markets Local Currency Income Fund

Financial Highlights — N Class



	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net Asset Value per Share, Beginning of Period	$	9.29		$	9.12		$	8.17		$	9.69		$	10.13		$	10.52

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.29			0.64			0.48			0.46			0.58			0.54
Net Realized and Unrealized Gain (Loss) on Investments		0.15			(0.06	)		0.47			(1.95	)		(0.91	)		(0.64	)

Total from Investment Operations		0.44			0.58			0.95			(1.49	)		(0.33	)		(0.10	)

Less Distributions:
Distributions from Net Investment Income		(0.44	)		(0.41	)		—			—			—			(0.05	)
Distributions from Return of Capital		—			—			—			(0.03	)		(0.11	)		(0.24	)

Total Distributions		(0.44	)		(0.41	)		—			(0.03	)		(0.11	)		(0.29	)

Net Asset Value per Share, End of Period	$	9.29		$	9.29		$	9.12		$	8.17		$	9.69		$	10.13

Total Return		4.69	%⁽²⁾		6.33	%		11.63	%		(15.37	)%		(3.37	)%		(0.91	)%

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	50,377		$	34,807		$	15,325		$	153,270		$	55,028		$	113,380
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.27	%⁽³⁾		1.35	%		1.31	%		1.25	%		1.24	%		1.15	%
After Expense Reimbursement		0.99	%⁽³⁾		0.99	%		0.99	%		0.99	%		0.99	%		0.99	%
Ratio of Net Investment Income to Average Net Assets		6.14	%⁽³⁾		6.88	%		6.05	%		5.29	%		5.87	%		5.15	%
Portfolio Turnover Rate		106.12	%⁽²⁾		137.44	%		209.07	%		250.10	%		223.55	%		290.24	%

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(3)

Annualized.

See accompanying notes to financial statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

Financial Highlights — I Class


	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,												November 16, 2012 (Commencement of Operations) through October 31, 2013
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016			2015			2014
Net Asset Value per Share, Beginning of Period	$	11.70		$	10.39		$	9.63		$	10.97		$	10.68		$	10.00

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.08			0.31			0.35			0.24			0.22			0.07
Net Realized and Unrealized Gain (Loss) on Investments		0.23			1.38			0.65			(1.38	)		0.14			0.61

Total from Investment Operations		0.31			1.69			1.00			(1.14	)		0.36			0.68

Less Distributions:
Distributions from Net Investment Income		(0.26	)		(0.38	)		(0.24	)		(0.20	)		(0.07	)		—

Net Asset Value per Share, End of Period	$	11.75		$	11.70		$	10.39		$	9.63		$	10.97		$	10.68

Total Return		2.65	%⁽²⁾		17.05	%		10.75	%		(10.53	)%		3.43	%		6.80	%⁽³⁾

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	46,096		$	42,041		$	37,173		$	39,739		$	53,652		$	40,903
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.35	%⁽⁴⁾		1.54	%		1.57	%		1.47	%		1.43	%		1.72	%⁽⁴⁾
After Expense Reimbursement		1.23	%⁽⁴⁾		1.23	%		1.23	%		1.23	%		1.21	%		1.26	%⁽⁴⁾
Ratio of Net Investment Income to Average Net Assets		1.41	%⁽⁴⁾		2.95	%		3.74	%		2.31	%		2.04	%		2.06	%⁽⁴⁾
Portfolio Turnover Rate		72.27	%⁽²⁾		197.48	%		227.75	%		145.86	%		151.61	%		52.53	%⁽³⁾

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(3)

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

(4)

Annualized.

See accompanying notes to financial statements.

TCW Emerging Markets Multi-Asset Opportunities Fund

Financial Highlights — N Class


	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,												November 16, 2012 (Commencement of Operations) through October 31, 2013
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016			2015			2014
Net Asset Value per Share, Beginning of Period	$	11.66		$	10.35		$	9.59		$	10.92		$	10.62		$	10.00

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.09			0.32			0.36			0.24			0.22			0.06
Net Realized and Unrealized Gain (Loss) on Investments		0.21			1.37			0.64			(1.37	)		0.15			0.56

Total from Investment Operations		0.30			1.69			1.00			(1.13	)		0.37			0.62

Less Distributions:
Distributions from Net Investment Income		(0.26	)		(0.38	)		(0.24	)		(0.20	)		(0.07	)		—

Net Asset Value per Share, End of Period	$	11.70		$	11.66		$	10.35		$	9.59		$	10.92		$	10.62

Total Return		2.57	%⁽²⁾		17.10	%		10.78	%		(10.50	)%		3.54	%		6.20	%⁽³⁾

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	59,968		$	40,064		$	5,088		$	4,107		$	89		$	31
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.67	%⁽⁴⁾		1.96	%		2.15	%		2.15	%		48.38	%		480.73	%⁽⁴⁾
After Expense Reimbursement		1.23	%⁽⁴⁾		1.23	%		1.23	%		1.23	%		1.21	%		1.26	%⁽⁴⁾
Ratio of Net Investment Income to Average Net Assets		1.47	%⁽⁴⁾		2.95	%		3.79	%		2.38	%		2.01	%		1.72	%⁽⁴⁾
Portfolio Turnover Rate		72.27	%⁽²⁾		197.48	%		227.75	%		145.86	%		151.61	%		52.53	%⁽³⁾

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2018 and is not indicative of a full year’s operating results.

(3)

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

(4)

Annualized.

See accompanying notes to financial statements.

TCW International Small Cap Fund

Financial Highlights — I Class



	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net Asset Value per Share, Beginning of Period	$	10.52		$	8.17		$	8.57		$	8.72		$	8.92		$	7.83

Income (Loss) from Investment Operations:
Net Investment Income (Loss) ⁽¹⁾		(0.00	) ⁽²⁾		0.04			0.02			0.01			0.01			(0.01	)
Net Realized and Unrealized Gain (Loss) on Investments		0.68			2.34			(0.05	)		(0.11	)		(0.13	)		1.55

Total from Investment Operations		0.68			2.38			(0.03	)		(0.10	)		(0.12	)		1.54

Less Distributions:
Distributions from Net Investment Income		—			(0.03	)		(0.37	)		(0.05	)		(0.08	)		(0.45	)

Net Asset Value per Share, End of Period	$	11.20		$	10.52		$	8.17		$	8.57		$	8.72		$	8.92

Total Return		6.46	% ⁽³⁾		29.21	%		(0.49	)%		(1.07	)%		(1.39	)%		20.77	%

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	7,995		$	6,350		$	5,684		$	7,274		$	19,786		$	24,266
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		2.58	% ⁽⁴⁾		2.89	%		2.40	%		1.67	%		1.37	%		1.36	%
After Expense Reimbursement		1.43	% ⁽⁴⁾		1.43	%		1.44	%		1.44	%		N/A			N/A
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.04	)% ⁽⁴⁾		0.41	%		0.29	%		0.17	%		0.12	%		(0.17	)%
Portfolio Turnover Rate		84.08	% ⁽³⁾		232.19	%		128.62	%		243.88	%		259.88	%		301.86	%

(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, 2018 and is not indicative of a full year’s operating results.

(4)

Annualized.

See accompanying notes to financial statements.

TCW International Small Cap Fund

Financial Highlights — N Class



	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net Asset Value per Share, Beginning of Period	$	10.53		$	8.17		$	8.58		$	8.72		$	8.92		$	7.82

Income (Loss) from Investment Operations:
Net Investment Income (Loss) ⁽¹⁾		(0.00	) ⁽²⁾		0.04			0.03			0.03			0.00	⁽²⁾		(0.02	)
Net Realized and Unrealized Gain (Loss) on Investments		0.68			2.35			(0.07	)		(0.12	)		(0.13	)		1.56

Total from Investment Operations		0.68			2.39			(0.04	)		(0.09	)		(0.13	)		1.54

Less Distributions:
Distributions from Net Investment Income		—			(0.03	)		(0.37	)		(0.05	)		(0.07	)		(0.44	)

Net Asset Value per Share, End of Period	$	11.21		$	10.53		$	8.17		$	8.58		$	8.72		$	8.92

Total Return		6.46	% ⁽³⁾		29.34	%		(0.60	)%		(1.03	)%		(1.52	)%		20.77	%

Ratios/Supplemental Data:
Net Assets, End of Period (in thousands)	$	3,777		$	3,589		$	3,143		$	3,440		$	9,437		$	11,847
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		3.10	% ⁽⁴⁾		3.48	%		2.88	%		2.09	%		1.75	%		1.67	%
After Expense Reimbursement		1.43	% ⁽⁴⁾		1.43	%		1.44	%		1.44	%		1.44	%		1.44	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.09	)% ⁽⁴⁾		0.41	%		0.33	%		0.40	%		0.04	%		(0.23	)%
Portfolio Turnover Rate		84.08	% ⁽³⁾		232.19	%		128.62	%		243.88	%		259.88	%		301.86	%

(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, 2018 and is not indicative of a full year’s operating results.

(4)

Annualized.

See accompanying notes to financial statements.

TCW Funds, Inc.

Shareholder Expenses (Unaudited)

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2017 to April 30, 2018 (181 days).

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


TCW Funds, Inc.	Beginning Account Value November 1, 2017		Ending Account Value April 30, 2018		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2017 to April 30, 2018)
TCW Developing Markets Equity Fund
I Class Shares
Actual	$	1,000.00	$	1,042.80		1.25	%	$	6.33
Hypothetical (5% return before expenses)		1,000.00		1,018.60		1.25	%		6.26

N Class Shares
Actual	$	1,000.00	$	1,041.90		1.25	%	$	6.33
Hypothetical (5% return before expenses)		1,000.00		1,018.60		1.25	%		6.26

TCW Emerging Markets Income Fund
I Class Shares
Actual	$	1,000.00	$	985.90		0.86	%	$	4.23
Hypothetical (5% return before expenses)		1,000.00		1,020.53		0.86	%		4.31

N Class Shares
Actual	$	1,000.00	$	983.80		1.11	%	$	5.46
Hypothetical (5% return before expenses)		1,000.00		1,019.29		1.11	%		5.56

TCW Emerging Markets Local Currency Income Fund
I Class Shares
Actual	$	1,000.00	$	1,046.80		0.91	%	$	4.62
Hypothetical (5% return before expenses)		1,000.00		1,020.28		0.91	%		4.56

N Class Shares
Actual	$	1,000.00	$	1,046.90		0.99	%	$	5.02
Hypothetical (5% return before expenses)		1,000.00		1,019.89		0.99	%		4.96

TCW Funds, Inc.


TCW Funds, Inc.	Beginning Account Value November 1, 2017		Ending Account Value April 30, 2018		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2017 to April 30, 2018)
TCW Emerging Markets Multi-Asset Opportunities Fund
I Class Shares
Actual	$	1,000.00	$	1,026.50		1.23	%	$	6.18
Hypothetical (5% return before expenses)		1,000.00		1,018.70		1.23	%		6.16

N Class Shares
Actual	$	1,000.00	$	1,025.70		1.23	%	$	6.18
Hypothetical (5% return before expenses)		1,000.00		1,018.70		1.23	%		6.16

TCW International Small Cap Fund
I Class Shares
Actual	$	1,000.00	$	1,064.60		1.43	%	$	7.32
Hypothetical (5% return before expenses)		1,000.00		1,017.70		1.43	%		7.15

N Class Shares
Actual	$	1,000.00	$	1,064.60		1.43	%	$	7.32
Hypothetical (5% return before expenses)		1,000.00		1,017.70		1.43	%		7.15

TCW Funds, Inc.

Supplemental Information

Proxy Voting Guidelines

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

Disclosure of Proxy Voting Guidelines

The proxy voting guidelines of the Advisor are available:

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

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

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

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

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

Availability of Quarterly Portfolio Schedule

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

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).

LOGO

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

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 Principal Financial and Accounting Officer

Jeffrey A. Engelsman

Chief Compliance Officer and Anti-Money Laundering Officer

Patrick W. Dennis

Vice President and Assistant Secretary

Lisa Eisen

Tax Officer

George N. Winn

Assistant Treasurer

TCW FAMILY OF FUNDS

EQUITY FUNDS

TCW Artificial Intelligence Equity Fund

TCW Focused Equities Fund ⁽¹⁾

TCW Global Real Estate 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

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 Small Cap Fund

(1) Fund terminated May 31, 2018.

FUNDsarINT0418

Item 2.

Code of Ethics.

Not required for this filing.

Item 3.

Audit Committee Financial Expert.

Not required for this filing.

Item 4.

Principal Accountant Fees and Services.

Not required for this filing.

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Investments.

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

(b)	Not applicable.

Item 7.

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

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

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

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

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

Item 11.

Controls and Procedures.

(a)

The Chief Executive Officer and Principal Financial and Accounting Officer have concluded 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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.

Exhibits.

(a)(1)

Not required for this filing.

(a)(2)

The certifications required by Rule 30a-2(a) of the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”) are filed herewith.

(a)(3)

Not applicable.

(a)(4)

Not applicable.

(b)	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
		President and Chief Executive Officer

Date		June 21, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By (Signature and Title)

		/s/ David S. DeVito
		David S. DeVito
		President and Chief Executive Officer

Date		June 21, 2018

By (Signature and Title)

		/s/ Richard M. Villa
		Richard M. Villa
		Treasurer and Principal Financial and Accounting Officer

Date		June 21, 2018