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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-7170
TCW Funds, Inc.
(Exact name of registrant as specified in charter)
865 South Figueroa Street, Suite 1800, Los Angeles, CA 90017
(Address of principal executive offices)
George P. Hawley, Esq.
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, 2012
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
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Item 1. | Report to Stockholders. The Semi-Annual Report for the period November 1, 2011 through April 30, 2012 is filed herewith. |
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TCW Funds Insight that works for you. TM
TCW Equity Funds TCW Allocation Funds
2012 Semi-Annual Report
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TCW Funds, Inc.
April 30, 2012 |
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Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule | 132 |
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We submit the 2012 semi-annual report for the TCW Funds, Inc. The report contains information outlining the performance of our Funds and a listing of the portfolio holdings as of April 30, 2012.
Investment Environment
Global markets continued to march higher with strong returns as the Eurozone avoided a collapse, the U.S. economy showed signs of growth and hiring, and central banks extended easy monetary policies to support economic growth. U.S. equity markets posted their strongest performance in more than a decade as signs continued to point to an easing of Europe’s debt troubles and a strengthening global economy. The S&P 500 Index returned nearly 12% year-to-date through April 30, 2012, the best return since 1998. The Dow Jones Industrial Average was up over 9%, its best since 1998. The technology heavy NASDAQ Composite Index was the strongest with returning over 17%. The Russell 1000 and 2000 Indexes also posted strong returns, up over 12% and 11%, respectively.
International equities followed the U.S. higher with many markets producing similarly strong returns year-to-date. The MSCI EAFE Index was up nearly 9% and the MSCI Emerging Markets Index was up over 13%.
The U.S. bond market posted mixed results with U.S. Treasuries the worst sector of the market, turning in slightly positive returns as yields on Treasuries rose during this period. The high yield market posted the strongest return as of April 30, 2012, up over 6%, as sustained signs of stronger economic data gave confidence that the recovery has improved. In addition, high yield new issuance broke an all-time record, another sign that investors’ appetite for higher risk debt has improved. Emerging market debt performance was just as strong as the U.S. high yield market, posting a return of over 7%. High grade corporate credit was another strong sector of the market, posting returns over 3%. International developed market bonds did not fare well as most yields on many government bonds within Europe continued to widen, albeit off the highs during the period. The Citigroup World Government Bond Non-U.S. Index was up 1%.
Commodity Research Bureau Index finished slightly over 0.2%. The standouts on the upside year-to-date were lumber, which was up over 15% and unleaded gasoline, up over 14%. On the downside, natural gas was down nearly 21% as record high supplies and warmer temperatures reduced demand. The price of oil finished above $100 a barrel which was slightly higher from year-end on stronger demand and supply concerns. Gold continued to move higher, finishing year-to-date over 6%.
Even amid stronger economic data the U.S dollar index was slightly down as of April 30, 2012. The U.S. dollar lost over 2% to the Euro and over 4% to the Japanese Yen.
Product Management and Product Developments
The TCW Enhanced Commodity Strategy Fund launched on March 31, 2011. The Fund outperformed its benchmark by 226 basis points in its first year of operation. As of April 30, 2012, the Fund had outperformed its benchmark by 207 basis points.
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To Our Valued Shareholders (Continued) |
The TCW Global Bond Fund launched on December 1, 2011 has had a successful year-to-date of relative outperformance. As of April 30, 2012, the Fund outperformed its benchmark by 455 basis points.
Finally, we officially announced the closure of the TCW Money Market Fund on February 28, 2012. With interest rates at unusually low levels, Money Market Funds have grown less attractive to investors. Further, our analysis is that the regulatory environment regarding Money Market Funds has tightened in recent years and is likely to tighten further. After careful review of these factors, we concluded that the best course of action was an orderly liquidation of the Fund, which occurred on May 31, 2012.
Conclusion
During these challenging times in the capital markets, the TCW Funds continue to stay focused on maintaining their consistent investment approach with a long-term view. The TCW Funds provide our shareholders with sound investment strategies at competitive expense ratios. On behalf of the Board of Directors and everyone at TCW, I would like to thank you for your continued support. As always we look forward to assisting you in reaching your financial goals. If you have any questions or require any further information on the TCW Funds, I invite you to visit our website at www.tcw.com, or call our shareholder services department at (800) FUND TCW (800-386-3829).
Sincerely,
Charles W. Baldiswieler
President, Chief Executive Officer and Director
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TCW Funds, Inc.
| April 30, 2012 |
Total Return Annualized As of April 30, 2012 (1) | ||||||||||||||||||||||||
NAV | 1-Year | 5-Year | 10-Year | Since Inception | Inception Date | |||||||||||||||||||
TCW Concentrated Value Fund | ||||||||||||||||||||||||
I Class | $ | 12.19 | (4.29 | )% | (4.00 | )% | N/A | 1.81 | % | 11/01/04 | ||||||||||||||
N Class | $ | 12.08 | (5.25 | )% | (4.39 | )% | 2.31 | % | 3.37 | % (2) | 07/20/98 | (3) | ||||||||||||
TCW Dividend Focused Fund | ||||||||||||||||||||||||
I Class | $ | 11.47 | 1.70 | % | (0.91 | )% | N/A | 4.29 | % | 11/01/04 | ||||||||||||||
N Class | $ | 11.63 | 1.41 | % | (1.19 | )% | 5.03 | % (4) | 8.75 | % (4) | 09/19/86 | (3) | ||||||||||||
TCW Emerging Markets Equities Fund | ||||||||||||||||||||||||
I Class | $ | 9.06 | (19.08 | )% | N/A | N/A | (4.02 | )% | 12/14/09 | |||||||||||||||
N Class | $ | 9.05 | (19.08 | )% | N/A | N/A | (4.02 | )% | 12/14/09 | |||||||||||||||
TCW Growth Fund | ||||||||||||||||||||||||
I Class | $ | 23.38 | (1.12 | )% | N/A | N/A | 3.77 | % | 01/02/08 | |||||||||||||||
N Class | $ | 23.38 | (1.08 | )% | N/A | N/A | 3.76 | % | 01/02/08 | |||||||||||||||
TCW Growth Equities Fund | ||||||||||||||||||||||||
I Class | $ | 15.48 | (4.52 | )% | 5.49 | % | N/A | 7.15 | % | 03/01/04 | ||||||||||||||
N Class | $ | 15.42 | (4.53 | )% | 5.41 | % | N/A | 7.11 | % | 03/01/04 | ||||||||||||||
TCW International Small Cap Fund | ||||||||||||||||||||||||
I Class | $ | 8.05 | (17.33 | )% | N/A | N/A | (16.26 | )% | 02/28/11 | |||||||||||||||
N Class | $ | 8.05 | (17.45 | )% | N/A | N/A | (16.28 | )% | 02/28/11 | |||||||||||||||
TCW Relative Value Large Cap Fund | ||||||||||||||||||||||||
I Class | $ | 14.60 | (1.22 | )% | (1.68 | )% | N/A | 4.93 | % | 01/02/04 | ||||||||||||||
N Class | $ | 14.59 | (1.52 | )% | (1.85 | )% | 4.93 | % (4) | 4.48 | % (4) | 01/02/98 | (3) | ||||||||||||
TCW Select Equities Fund | ||||||||||||||||||||||||
I Class | $ | 20.27 | 8.57 | % | 5.82 | % | 6.13 | % | 9.52 | % (5) | 07/01/91 | (3) | ||||||||||||
N Class | $ | 19.30 | 8.25 | % | 5.53 | % | 5.82 | % | 3.76 | % | 03/01/99 | |||||||||||||
TCW Small Cap Growth Fund | ||||||||||||||||||||||||
I Class | $ | 29.57 | (11.12 | )% | 6.87 | % | 6.80 | % | 9.32 | % (5) | 12/01/89 | (3) | ||||||||||||
N Class | $ | 28.34 | (11.38 | )% | 6.52 | % | 6.45 | % | 3.05 | % | 03/01/99 | |||||||||||||
TCW SMID Cap Growth Fund | ||||||||||||||||||||||||
I Class | $ | 11.21 | (10.18 | )% | N/A | N/A | 7.88 | % | 11/01/10 | |||||||||||||||
N Class | $ | 11.21 | (10.18 | )% | N/A | N/A | 7.88 | % | 11/01/10 | |||||||||||||||
TCW Value Opportunities Fund | ||||||||||||||||||||||||
I Class | $ | 19.89 | (1.50 | )% | (0.17 | )% | 4.40 | % | 10.22 | % (5) | 11/01/96 | (3) | ||||||||||||
N Class | $ | 19.56 | (1.82 | )% | (0.50 | )% | 4.06 | % | 6.54 | % | 11/01/00 |
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TCW Funds, Inc.
|
Total Return Annualized As of April 30, 2012 (1) | ||||||||||||||||||||||||
NAV | 1-Year | 5-Year | 10-Year | Since Inception | Inception Date | |||||||||||||||||||
TCW Global Conservative Allocation Fund |
| |||||||||||||||||||||||
I Class | $ | 10.64 | 1.71 | % | 4.63 | % | N/A | 4.95 | % | 11/16/06 | ||||||||||||||
N Class | $ | 10.64 | 1.65 | % | 4.61 | % | N/A | 4.93 | % | 11/16/06 | ||||||||||||||
TCW Global Flexible Allocation Fund | ||||||||||||||||||||||||
I Class | $ | 8.26 | (7.03 | )% | (3.21 | )% | N/A | (2.02 | )% | 11/16/06 | ||||||||||||||
N Class | $ | 8.25 | (7.23 | )% | (3.25 | )% | N/A | (2.06 | )% | 11/16/06 | ||||||||||||||
TCW Global Moderate Allocation Fund | ||||||||||||||||||||||||
I Class | $ | 9.10 | (2.04 | )% | 0.83 | % | N/A | 1.62 | % | 11/16/06 | ||||||||||||||
N Class | $ | 9.21 | (2.30 | )% | 0.65 | % | N/A | 1.47 | % | 11/16/06 |
(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 TCW 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, as amended. |
(5) | Performance data includes the performance of the predecessor limited partnership for periods before the TCW Fund’s registration became effective. The predecessor limited partnership was not registered under the Investment Company Act of 1940 as amended (the “1940 Act”), and, therefore, was not subject to certain investment restrictions that are imposed by the 1940 Act. If the limited partnership had been registered under the 1940 Act, the limited partnership’s performance may have been lower. |
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Schedule of Investments (Unaudited)
April 30, 2012 |
Number of Shares | Common Stock | Value | ||||||
Aerospace & Defense (2.4% of Net Assets) | ||||||||
10,240 | Honeywell International, Inc. | $ | 621,158 | |||||
|
| |||||||
Air Freight & Logistics (2.3%) | ||||||||
9,765 | C.H. Robinson Worldwide, Inc. | 583,361 | ||||||
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| |||||||
Airlines (2.8%) | ||||||||
65,595 | Delta Air Lines, Inc. (1) | 718,921 | ||||||
|
| |||||||
Capital Markets (6.0%) | ||||||||
8,095 | Goldman Sachs Group, Inc. (The) | 932,139 | ||||||
9,600 | T. Rowe Price Group, Inc. | 605,904 | ||||||
|
| |||||||
Total Capital Markets | 1,538,043 | |||||||
|
| |||||||
Chemicals (11.3%) | ||||||||
8,435 | Air Products & Chemicals, Inc. | 721,108 | ||||||
17,944 | Ecolab, Inc. | 1,142,853 | ||||||
7,680 | Praxair, Inc. | 888,576 | ||||||
1,666 | Sigma-Aldrich Corp. | 118,120 | ||||||
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| |||||||
Total Chemicals | 2,870,657 | |||||||
|
| |||||||
Commercial Banks (4.4%) | ||||||||
33,792 | Wells Fargo & Co. | 1,129,667 | ||||||
|
| |||||||
Communications Equipment (0.5%) | ||||||||
8,300 | Research In Motion, Ltd. (1) | 118,690 | ||||||
|
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Computers & Peripherals (3.2%) | ||||||||
475 | Apple, Inc. (1) | 277,514 | ||||||
14,155 | Western Digital Corp. (1) | 549,356 | ||||||
|
| |||||||
Total Computers & Peripherals | 826,870 | |||||||
|
| |||||||
Diversified Financial Services (5.6%) | ||||||||
33,283 | JPMorgan Chase & Co. | 1,430,503 | ||||||
|
| |||||||
Electrical Equipment (1.3%) | ||||||||
4,130 | Rockwell Automation, Inc. | 319,414 | ||||||
|
| |||||||
Energy Equipment & Services (10.1%) | ||||||||
21,353 | Halliburton Co. | 730,700 | ||||||
5,800 | National Oilwell Varco, Inc. | 439,408 | ||||||
12,770 | Schlumberger, Ltd. | 946,768 | ||||||
9,100 | Transocean, Ltd. | 458,549 | ||||||
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| |||||||
Total Energy Equipment & Services | 2,575,425 | |||||||
|
| |||||||
Food & Staples Retailing (4.3%) | ||||||||
24,800 | CVS Caremark Corp. | 1,106,576 | ||||||
|
| |||||||
Food Products (3.3%) | ||||||||
20,775 | Kraft Foods, Inc. | 828,299 | ||||||
|
|
See accompanying notes to financial statements.
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TCW Concentrated Value Fund
Schedule of Investments (Unaudited) (Continued) |
Number of Shares | Common Stock | Value | ||||||
Health Care Providers & Services (3.0%) | ||||||||
8,455 | McKesson Corp. | $ | 772,872 | |||||
|
| |||||||
Household Durables (2.7%) | ||||||||
9,550 | Stanley Black & Decker, Inc. | 698,678 | ||||||
|
| |||||||
Insurance (7.6%) | ||||||||
16,130 | ACE, Ltd. (1) | 1,225,396 | ||||||
6 | Berkshire Hathaway, Inc. (1) | 724,800 | ||||||
|
| |||||||
Total Insurance | 1,950,196 | |||||||
|
| |||||||
Life Sciences Tools & Services (7.4%) | ||||||||
16,700 | Life Technologies Corp. (1) | 774,212 | ||||||
19,930 | Thermo Fisher Scientific, Inc. (1) | 1,109,105 | ||||||
|
| |||||||
Total Life Sciences Tools & Services | 1,883,317 | |||||||
|
| |||||||
Machinery (3.9%) | ||||||||
18,373 | Danaher Corp. | 996,184 | ||||||
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Multiline Retail (2.5%) | ||||||||
12,885 | Kohl’s Corp. (1) | 645,925 | ||||||
|
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Oil, Gas & Consumable Fuels (6.7%) | ||||||||
5,080 | Apache Corp. | 487,375 | ||||||
27,000 | Denbury Resources, Inc. (1) | 514,080 | ||||||
7,700 | Occidental Petroleum Corp. | 702,394 | ||||||
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| |||||||
Total Oil, Gas & Consumable Fuels | 1,703,849 | |||||||
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Pharmaceuticals (6.1%) | ||||||||
5,500 | Allergan, Inc. | 528,000 | ||||||
15,600 | Johnson & Johnson | 1,015,404 | ||||||
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Total Pharmaceuticals | 1,543,404 | |||||||
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| |||||||
Road & Rail (1.7%) | ||||||||
3,755 | Union Pacific Corp. | 422,212 | ||||||
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| |||||||
Total Common Stock (Cost: $23,611,844) (99.1%) | 25,284,221 | |||||||
|
|
See accompanying notes to financial statements.
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TCW Concentrated Value Fund
April 30, 2012 |
Principal Amount | Short-Term Investments | Value | ||||||
Repurchase Agreement (Cost: $275,202) (1.1%) | ||||||||
$ | 275,202 | State Street Bank & Trust Company, 0.01%, due 05/01/12 (collateralized by $250,000, U.S. Treasury Bond, 3.75%, due 08/15/41, valued at $284,588) | $ | 275,202 | ||||
|
| |||||||
Total Investments (Cost: $23,887,046) (100.2%) | 25,559,423 | |||||||
Liabilities in Excess of Other Assets (–0.2%) | (50,395 | ) | ||||||
|
| |||||||
Net Assets (100.0%) | $ | 25,509,028 | ||||||
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Notes to the Schedule of Investments:
(1) | Non-income producing security. |
See accompanying notes to financial statements.
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TCW Concentrated Value Fund
Investments by Industry (Unaudited)
Industry | Percentage of Net Assets | |||
Aerospace & Defense | 2.4 | % | ||
Air Freight & Logistics | 2.3 | |||
Airlines | 2.8 | |||
Capital Markets | 6.0 | |||
Chemicals | 11.3 | |||
Commercial Banks | 4.4 | |||
Communications Equipment | 0.5 | |||
Computers & Peripherals | 3.2 | |||
Diversified Financial Services | 5.6 | |||
Electrical Equipment | 1.3 | |||
Energy Equipment & Services | 10.1 | |||
Food & Staples Retailing | 4.3 | |||
Food Products | 3.3 | |||
Health Care Providers & Services | 3.0 | |||
Household Durables | 2.7 | |||
Insurance | 7.6 | |||
Life Sciences Tools & Services | 7.4 | |||
Machinery | 3.9 | |||
Multiline Retail | 2.5 | |||
Oil, Gas & Consumable Fuels | 6.7 | |||
Pharmaceuticals | 6.1 | |||
Road & Rail | 1.7 | |||
Short-Term Investments | 1.1 | |||
|
| |||
Total | 100.2 | % | ||
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|
See accompanying notes to financial statements.
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Schedule of Investments (Unaudited)
April 30, 2012 |
Number of Shares | Common Stock | Value | ||||||
Aerospace & Defense (5.1% of Net Assets) | ||||||||
292,600 | Honeywell International, Inc. | $ | 17,749,116 | |||||
587,600 | Textron, Inc. | 15,653,664 | ||||||
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Total Aerospace & Defense | 33,402,780 | |||||||
|
| |||||||
Beverages (1.2%) | ||||||||
113,700 | PepsiCo, Inc. | 7,504,200 | ||||||
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| |||||||
Capital Markets (4.5%) | ||||||||
247,695 | Ameriprise Financial, Inc. | 13,427,546 | ||||||
350,600 | State Street Corp. | 16,204,732 | ||||||
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| |||||||
Total Capital Markets | 29,632,278 | |||||||
|
| |||||||
Chemicals (2.5%) | ||||||||
308,900 | Du Pont (E.I.) de Nemours & Co. | 16,513,794 | ||||||
|
| |||||||
Commercial Services & Supplies (0.7%) | ||||||||
132,900 | Avery Dennison Corp. | 4,250,142 | ||||||
|
| |||||||
Communications Equipment (1.2%) | ||||||||
382,400 | Cisco Systems, Inc. | 7,705,360 | ||||||
|
| |||||||
Computers & Peripherals (3.0%) | ||||||||
430,100 | Dell, Inc. (1) | 7,040,737 | ||||||
417,700 | Seagate Technology PLC | 12,848,452 | ||||||
|
| |||||||
Total Computers & Peripherals | 19,889,189 | |||||||
|
| |||||||
Consumer Finance (1.9%) | ||||||||
203,605 | American Express Co. | 12,259,057 | ||||||
|
| |||||||
Containers & Packaging (1.8%) | ||||||||
392,700 | Packaging Corp. of America | 11,462,913 | ||||||
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| |||||||
Diversified Financial Services (4.9%) | ||||||||
311,300 | Citigroup, Inc. | 10,285,352 | ||||||
505,400 | JPMorgan Chase & Co. | 21,722,092 | ||||||
|
| |||||||
Total Diversified Financial Services | 32,007,444 | |||||||
|
| |||||||
Diversified Telecommunication Services (4.6%) | ||||||||
498,200 | AT&T, Inc. | 16,395,762 | ||||||
1,217,054 | Windstream Corp. | 13,679,687 | ||||||
|
| |||||||
Total Diversified Telecommunication Services | 30,075,449 | |||||||
|
| |||||||
Electric Utilities (2.0%) | ||||||||
341,400 | American Electric Power Co., Inc. | 13,259,976 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components (2.3%) | ||||||||
411,300 | TE Connectivity, Ltd. | 14,995,998 | ||||||
|
|
See accompanying notes to financial statements.
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TCW Dividend Focused Fund
Schedule of Investments (Unaudited) (Continued) |
Number of Shares | Common Stock | Value | ||||||
Energy Equipment & Services (5.1%) | ||||||||
240,800 | Baker Hughes, Inc. | $ | 10,621,688 | |||||
298,700 | Ensco International PLC (SP ADR) (United Kingdom) | 16,323,955 | ||||||
390,500 | Nabors Industries, Ltd. (1) | 6,501,825 | ||||||
|
| |||||||
Total Energy Equipment & Services | 33,447,468 | |||||||
|
| |||||||
Food Products (4.3%) | ||||||||
238,400 | Campbell Soup Co. | 8,065,072 | ||||||
497,500 | Kraft Foods, Inc. | 19,835,325 | ||||||
|
| |||||||
Total Food Products | 27,900,397 | |||||||
|
| |||||||
Health Care Equipment & Supplies (2.0%) | ||||||||
164,950 | Medtronic, Inc. | 6,301,090 | ||||||
110,000 | Teleflex, Inc. | 6,893,700 | ||||||
|
| |||||||
Total Health Care Equipment & Supplies | 13,194,790 | |||||||
|
| |||||||
Household Durables (1.7%) | ||||||||
402,771 | Lennar Corp. | 11,172,868 | ||||||
|
| |||||||
Household Products (2.2%) | ||||||||
186,000 | Kimberly-Clark Corp. | 14,595,420 | ||||||
|
| |||||||
Industrial Conglomerates (5.2%) | ||||||||
924,750 | General Electric Co. | 18,106,605 | ||||||
278,700 | Tyco International, Ltd. | 15,643,431 | ||||||
|
| |||||||
Total Industrial Conglomerates | 33,750,036 | |||||||
|
| |||||||
Insurance (4.4%) | ||||||||
286,400 | Allstate Corp. (The) | 9,545,712 | ||||||
301,400 | Travelers Cos., Inc. (The) | 19,386,048 | ||||||
|
| |||||||
Total Insurance | 28,931,760 | |||||||
|
| |||||||
Life Sciences Tools & Services (1.3%) | ||||||||
152,800 | Thermo Fisher Scientific, Inc. | 8,503,320 | ||||||
|
| |||||||
Media (6.0%) | ||||||||
240,600 | CBS Corp. — Class B | 8,024,010 | ||||||
480,650 | Comcast Corp. | 14,578,114 | ||||||
836,400 | Regal Entertainment Group | 11,383,404 | ||||||
136,300 | Time Warner, Inc. | 5,105,798 | ||||||
|
| |||||||
Total Media | 39,091,326 | |||||||
|
| |||||||
Metals & Mining (1.9%) | ||||||||
510,900 | Alcoa, Inc. | 4,971,057 | ||||||
114,800 | Cliffs Natural Resources, Inc. | 7,147,448 | ||||||
|
| |||||||
Total Metals & Mining | 12,118,505 | |||||||
|
|
See accompanying notes to financial statements.
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TCW Dividend Focused Fund
April 30, 2012 |
Number of Shares | Common Stock | Value | ||||||
Oil, Gas & Consumable Fuels (6.1%) | ||||||||
217,400 | Chevron Corp. | $ | 23,166,144 | |||||
128,200 | Devon Energy Corp. | 8,954,770 | ||||||
317,800 | Valero Energy Corp. | 7,849,660 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | 39,970,574 | |||||||
|
| |||||||
Paper & Forest Products (0.8%) | ||||||||
153,600 | MeadWestvaco Corp. | 4,887,552 | ||||||
|
| |||||||
Pharmaceuticals (5.6%) | ||||||||
155,600 | Johnson & Johnson | 10,128,004 | ||||||
1,168,400 | Pfizer, Inc. | 26,791,412 | ||||||
|
| |||||||
Total Pharmaceuticals | 36,919,416 | |||||||
|
| |||||||
REIT (1.7%) | ||||||||
588,100 | Kimco Realty Corp. | 11,415,021 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment (4.1%) | ||||||||
667,300 | Intel Corp. | 18,951,320 | ||||||
229,600 | Microchip Technology, Inc. | 8,114,064 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 27,065,384 | |||||||
|
| |||||||
Software (2.8%) | ||||||||
236,200 | Activision Blizzard, Inc. | 3,039,894 | ||||||
318,200 | CA, Inc. | 8,406,844 | ||||||
418,200 | Symantec Corp. (1) | 6,908,664 | ||||||
|
| |||||||
Total Software | 18,355,402 | |||||||
|
| |||||||
Specialty Retail (6.7%) | ||||||||
250,900 | Foot Locker, Inc. | 7,675,031 | ||||||
493,000 | Gap, Inc. (The) | 14,050,500 | ||||||
424,800 | Home Depot, Inc. (The) | 22,000,392 | ||||||
|
| |||||||
Total Specialty Retail | 43,725,923 | |||||||
|
| |||||||
Thrifts & Mortgage Finance (1.5%) | ||||||||
716,800 | New York Community Bancorp, Inc. | 9,669,632 | ||||||
|
| |||||||
Total Common Stock (Cost: $575,485,018) (99.1%) | 647,673,374 | |||||||
|
|
See accompanying notes to financial statements.
11
Table of Contents
TCW Dividend Focused Fund
Schedule of Investments (Unaudited) (Continued) |
Principal Amount | Short-Term Investments | Value | ||||||
Repurchase Agreement (Cost: $6,625,265) (1.0%) | ||||||||
$ | 6,625,265 | State Street Bank & Trust Company, 0.01%, due 05/01/12 (collateralized by $5,940,000, U.S. Treasury Bond, 3.75%, due 08/15/41, valued at $6,761,811) (Total Amount to be Received Upon Repurchase $6,625,267) | $ | 6,625,265 | ||||
|
| |||||||
Total Investments (Cost: $582,110,283) (100.1%) | 654,298,639 | |||||||
Liabilities in Excess of Other Assets (–0.1%) | (427,333 | ) | ||||||
|
| |||||||
Net Assets (100.0%) | $ | 653,871,306 | ||||||
|
|
Notes to the Schedule of Investments:
REIT - | Real Estate Investment Trust. |
SP ADR - | Sponsored American Depositary Receipt. Shares of a foreign based corporation held in U.S. banks that are issued with the cooperation of the company whose stock underlies the ADR and entitles the shareholder to all dividends, capital gains and voting rights. |
(1) | Non-income producing security. |
See accompanying notes to financial statements.
12
Table of Contents
TCW Dividend Focused Fund
Investments by Industry (Unaudited) | April 30, 2012 |
Industry | Percentage of Net Assets | |||
Aerospace & Defense | 5.1 | % | ||
Beverages | 1.2 | |||
Capital Markets | 4.5 | |||
Chemicals | 2.5 | |||
Commercial Services & Supplies | 0.7 | |||
Communications Equipment | 1.2 | |||
Computers & Peripherals | 3.0 | |||
Consumer Finance | 1.9 | |||
Containers & Packaging | 1.8 | |||
Diversified Financial Services | 4.9 | |||
Diversified Telecommunication Services | 4.6 | |||
Electric Utilities | 2.0 | |||
Electronic Equipment, Instruments & Components | 2.3 | |||
Energy Equipment & Services | 5.1 | |||
Food Products | 4.3 | |||
Health Care Equipment & Supplies | 2.0 | |||
Household Durables | 1.7 | |||
Household Products | 2.2 | |||
Industrial Conglomerates | 5.2 | |||
Insurance | 4.4 | |||
Life Sciences Tools & Services | 1.3 | |||
Media | 6.0 | |||
Metals & Mining | 1.9 | |||
Oil, Gas & Consumable Fuels | 6.1 | |||
Paper & Forest Products | 0.8 | |||
Pharmaceuticals | 5.6 | |||
REIT | 1.7 | |||
Semiconductors & Semiconductor Equipment | 4.1 | |||
Software | 2.8 | |||
Specialty Retail | 6.7 | |||
Thrifts & Mortgage Finance | 1.5 | |||
Short Term | 1.0 | |||
|
| |||
Total | 100.1 | % | ||
|
|
See accompanying notes to financial statements.
13
Table of Contents
TCW Emerging Markets Equities Fund
Schedule of Investments (Unaudited) |
Number of Shares | Equity Securities | Value | ||||||
Common Stock | ||||||||
Argentina (1.8% of Net Assets) | ||||||||
12,053 | Arcos Dorados Holdings, Inc. | $ | 215,387 | |||||
6,320 | YPF S.A. (SP ADR) | 92,146 | ||||||
|
| |||||||
Total Argentina (Cost: $427,803) | 307,533 | |||||||
|
| |||||||
Australia (Cost: $37,383) (0.2%) | ||||||||
6,000 | Medusa Mining, Ltd. (1) | 35,662 | ||||||
|
| |||||||
Brazil (6.2%) | ||||||||
10,561 | Banco Bradesco S.A. (ADR) | 169,293 | ||||||
8,330 | Banco do Brasil S.A. | 103,046 | ||||||
12,590 | Banco Santander Brasil S.A. (2) | 102,641 | ||||||
20,430 | Brasil Brokers Participacoes S.A. | 69,881 | ||||||
23,000 | Brookfield Incorporacoes S.A. | 60,572 | ||||||
30,260 | Magazine Luiza S.A. (3) | 180,657 | ||||||
24,500 | Marfrig Alimentos S.A. | 134,829 | ||||||
10,866 | Petroleo Brasileiro S.A. (SP ADR) | 240,791 | ||||||
|
| |||||||
Total Brazil (Cost: $1,296,055) | 1,061,710 | |||||||
|
| |||||||
Burkina Faso (Cost: $105,883) (0.4%) | ||||||||
15,000 | SEMAFO, Inc. | 76,226 | ||||||
|
| |||||||
Chile (1.7%) | ||||||||
4,250 | Antofagasta PLC (1) | 81,842 | ||||||
3,282 | Royal Gold, Inc. | 203,352 | ||||||
|
| |||||||
Total Chile (Cost: $320,505) | 285,194 | |||||||
|
| |||||||
China (19.7%) | ||||||||
17,580 | 7 Days Group Holdings, Ltd. (ADR) (3) | 224,145 | ||||||
25,583 | Anhui Conch Cement Co., Ltd. — Class H (1)(3) | 85,103 | ||||||
1,873 | Baidu.com, Inc. (SP ADR) (3) | 248,547 | ||||||
136,000 | China Coal Energy Co., Ltd. — Class H (1)(3) | 155,378 | ||||||
266,000 | China Construction Bank Corp. — Class H (1) | 206,769 | ||||||
79,150 | China Life Insurance Co., Ltd. — Class H (1)(3) | 210,740 | ||||||
4,625 | China Lodging Group, Ltd. (SP ADR)(3) | 58,876 | ||||||
43,700 | China Mengniu Dairy Co., Ltd. (1) | 134,815 | ||||||
4,890 | China Mobile, Ltd. (SP ADR) | 270,613 | ||||||
63,624 | China National Building Material Co., Ltd. — Class H (1)(3) | 85,269 | ||||||
7,950 | China Unicom (Hong Kong), Ltd. (ADR) | 138,171 | ||||||
1,086 | CNOOC, Ltd. (ADR) | 229,852 | ||||||
75,126 | Dongfang Electric Corp., Ltd. (1)(3) | 203,660 | ||||||
44,500 | Evergrande Real Estate Group, Ltd. (1) | 25,547 | ||||||
16,210 | Hengan International Group Co., Ltd. (1) | 171,702 | ||||||
305,000 | Industrial and Commercial Bank of China, Ltd. — Class H (1) | 202,261 | ||||||
1,370 | PetroChina Co., Ltd. (ADR) | 203,883 | ||||||
148,714 | Shanghai Electric Group Co., Ltd. (1)(3) | 74,455 |
See accompanying notes to financial statements.
14
Table of Contents
TCW Emerging Markets Equities Fund
April 30, 2012 |
Number of Shares | Equity Securities | Value | ||||||
China (Continued) | ||||||||
20,900 | Shimao Property Holdings, Ltd. (1) | $ | 27,400 | |||||
1,323 | SINA Corp. (3) | 77,409 | ||||||
5,665 | Tencent Holdings, Ltd. (1) | 177,368 | ||||||
48,000 | Tingyi (Cayman Islands) Holding Corp. (1) | 127,845 | ||||||
15,000 | Wynn Macau, Ltd. (1) | 47,947 | ||||||
|
| |||||||
Total China (Cost: $3,535,040) | 3,387,755 | |||||||
|
| |||||||
Congo (Cost: $143,136) (1.0%) | ||||||||
38,778 | Banro Corp. (3) | 164,871 | ||||||
|
| |||||||
Hungary (1.2%) | ||||||||
54,300 | Magyar Telekom Telecommunications PLC (1) | 136,593 | ||||||
4,415 | OTP Bank PLC (1) | 77,394 | ||||||
|
| |||||||
Total Hungary (Cost: $199,351) | 213,987 | |||||||
|
| |||||||
India (2.7%) | ||||||||
4,615 | Axis Bank, Ltd. (1) | 96,561 | ||||||
30,400 | Bharat Heavy Electricals, Ltd. (1) | 128,930 | ||||||
712 | Cognizant Technology Solutions Corp. (3) | 52,204 | ||||||
2,225 | ICICI Bank, Ltd. (SP ADR) | 75,405 | ||||||
1,245 | Infosys, Ltd. (SP ADR) | 58,951 | ||||||
5,200 | Sun Pharmaceutical Industries, Ltd. (1) | 59,671 | ||||||
|
| |||||||
Total India (Cost: $544,769) | 471,722 | |||||||
|
| |||||||
Indonesia (1.7%) | ||||||||
160,980 | Bank Rakyat Indonesia Tbk PT (1) | 115,895 | ||||||
2,923 | Telekomunik Indonesia Tbk PT (SP ADR) | 105,842 | ||||||
21,113 | United Tractors Tbk PT (1) | 67,728 | ||||||
|
| |||||||
Total Indonesia (Cost: $255,979) | 289,465 | |||||||
|
| |||||||
Kazakhstan (1.4%) | ||||||||
12,310 | Eurasian Natural Resources Corp. PLC (1) | 112,214 | ||||||
45,864 | Kazkommertsbank (Reg. S) (GDR) (3)(4) | 130,713 | ||||||
|
| |||||||
Total Kazakhstan (Cost: $433,792) | 242,927 | |||||||
|
| |||||||
Mali (Cost: $131,351) (0.7%) | ||||||||
1,420 | Randgold Resources, Ltd. (ADR) | 126,593 | ||||||
|
| |||||||
Mexico (1.4%) | ||||||||
3,413 | America Movil, S.A.B. de C.V. — Series L (ADR) | 90,957 | ||||||
34,000 | Corporacion GEO S.A.B. de C.V. — Series B (3) | 45,417 | ||||||
4,000 | Grupo Televisa S.A.B. de C.V. (SP ADR) | 87,880 | ||||||
141,230 | Sare Holding S.A.B. de C.V. — Class B (3) | 15,504 | ||||||
|
| |||||||
Total Mexico (Cost: $259,405) | 239,758 | |||||||
|
|
See accompanying notes to financial statements.
15
Table of Contents
TCW Emerging Markets Equities Fund
Schedule of Investments (Unaudited) (Continued) |
Number of Shares | Equity Securities | Value | ||||||
Mongolia (Cost: $183,963) (0.8%) | ||||||||
176,583 | Mongolian Mining Corp. (1)(3) | $ | 141,865 | |||||
|
| |||||||
Mozambique (Cost: $107,027) (0.8%) | ||||||||
171,995 | Kenmare Resources PLC (1)(3) | 141,523 | ||||||
|
| |||||||
Peru (Cost: $90,502) (0.5%) | ||||||||
2,800 | Southern Copper Corp. | 92,064 | ||||||
|
| |||||||
Russia (3.6%) | ||||||||
579 | Eurasia Drilling Co., Ltd. (Reg. S) (GDR) (4) | 16,501 | ||||||
4,134 | M Video OJSC (1) | 37,096 | ||||||
22,470 | Mobile TeleSystems OJSC (1) | 178,325 | ||||||
30,295 | Rosneft Oil Co. OJSC (Reg. S) (GDR) (3)(4) | 216,155 | ||||||
2,820 | Vozrozhdenie Bank (1) | 53,171 | ||||||
13,989 | VTB Bank OJSC (Reg. S) (GDR) (3)(4) | 58,628 | ||||||
2,208 | Yandex N.V. (3) | 52,374 | ||||||
|
| |||||||
Total Russia (Cost: $621,821) | 612,250 | |||||||
|
| |||||||
Sierra Leone (Cost: $75,373) (0.5%) | ||||||||
10,508 | African Minerals, Ltd. (1)(3) | 88,458 | ||||||
|
| |||||||
Singapore (Cost: $127,849) (0.8%) | ||||||||
97,473 | Genting Singapore PLC (1)(3) | 135,816 | ||||||
|
| |||||||
South Africa (3.0%) | ||||||||
10,000 | MTN Group, Ltd. (1) | 174,878 | ||||||
2,880 | Naspers, Ltd. — N Shares (1) | 173,770 | ||||||
1,560 | Sasol, Ltd. (1) | 74,169 | ||||||
6,000 | Standard Bank Group, Ltd. (1) | 88,634 | ||||||
|
| |||||||
Total South Africa (Cost: $482,042) | 511,451 | |||||||
|
| |||||||
South Korea (14.0%) | ||||||||
1,317 | Hynix Semiconductor, Inc. (1)(3) | 32,461 | ||||||
1,010 | Hyundai Glovis Co., Ltd. (1)(3) | 197,268 | ||||||
345 | Hyundai Heavy Industries Co., Ltd. (1) | 85,732 | ||||||
1,133 | Hyundai Mobis (1)(3) | 306,326 | ||||||
2,200 | KB Financial Group, Inc. (ADR) (3) | 74,646 | ||||||
2,156 | Kia Motors Corp. (1) | 158,205 | ||||||
353 | LG Chem, Ltd. (1) | 88,237 | ||||||
1,815 | Samsung C&T Corp. (1) | 122,784 | ||||||
920 | Samsung Electro-Mechanics Co., Ltd. (1) | 88,501 | ||||||
782 | Samsung Electronics Co., Ltd. (1) | 957,138 | ||||||
370 | Samsung Engineering Co., Ltd. (1) | 70,050 | ||||||
2,000 | SFA Engineering Corp. (1) | 94,894 | ||||||
4,129 | Shinhan Financial Group Co., Ltd. (1)(3) | 143,302 | ||||||
|
| |||||||
Total South Korea (Cost: $2,027,490) | 2,419,544 | |||||||
|
|
See accompanying notes to financial statements.
16
Table of Contents
TCW Emerging Markets Equities Fund
April 30, 2012 |
Number of Shares | Equity Securities | Value | ||||||
Switzerland (Cost: $149,037) (1.0%) | ||||||||
3,305 | Transocean, Ltd. | $ | 166,539 | |||||
|
| |||||||
Taiwan (5.6%) | ||||||||
50,000 | Cathay Financial Holding Co., Ltd. (1) | 52,564 | ||||||
7,240 | Chunghwa Telecom Co., Ltd. (ADR) | 224,295 | ||||||
89,626 | Hon Hai Precision Industry Co., Ltd. (Foxconn) (1)(3) | 281,800 | ||||||
139,750 | Taiwan Semiconductor Manufacturing Co., Ltd. (1) | 413,050 | ||||||
|
| |||||||
Total Taiwan (Cost: $918,267) | 971,709 | |||||||
|
| |||||||
Thailand (4.8%) | ||||||||
33,955 | Bangkok Bank Public Co., Ltd. (Foreign Registered Shares) (1) | 213,689 | ||||||
8,163 | Banpu Public Co., Ltd. (NVDR) (1) | 147,398 | ||||||
35,576 | Kasikornbank Public Co., Ltd. (NVDR) (1) | 188,523 | ||||||
49,372 | PTT Exploration & Production Public Co., Ltd. (1) | 284,487 | ||||||
|
| |||||||
Total Thailand (Cost: $635,482) | 834,097 | |||||||
|
| |||||||
Turkey (2.6%) | ||||||||
7,550 | Tupras-Turkiye Petrol Rafinerileri A.S. (1) | 158,092 | ||||||
41,300 | Turk Telekomunikasyon A.S. (1) | 180,947 | ||||||
8,600 | Turkcell Iletisim Hizmetleri A.S. (ADR) (3) | 106,296 | ||||||
|
| |||||||
Total Turkey (Cost: $469,490) | 445,335 | |||||||
|
| |||||||
United States (6.0%) | ||||||||
12,200 | iShares MSCI Emerging Markets Index Fund (ETF) | 514,840 | ||||||
12,300 | Vanguard MSCI Emerging Markets (ETF) | 523,119 | ||||||
|
| |||||||
Total United States (Cost: $1,020,325) | 1,037,959 | |||||||
|
| |||||||
Yemen (Cost: $66,491) (0.4%) | ||||||||
35,884 | Calvalley Petroleum, Inc. (3) | 61,753 | ||||||
|
| |||||||
Zambia (Cost: $64,377) (0.4%) | ||||||||
2,900 | First Quantum Minerals, Ltd. | 60,240 | ||||||
|
| |||||||
Total Common Stock (Cost: $14,729,988) (84.9%) | 14,624,006 | |||||||
|
| |||||||
Preferred Stock | ||||||||
Brazil (3.6%) | ||||||||
12,700 | Itau Unibanco Holding S.A., 0.65% (ADR) | 199,263 | ||||||
20,900 | Itausa - Investimentos Itau S.A., 0.70% | 99,338 | ||||||
22,180 | Lojas Americanas S.A., 0.40% | 208,518 | ||||||
5,501 | Vale S.A., 3.10% (ADR) | 118,987 | ||||||
|
| |||||||
Total Brazil (Cost: $705,615) | 626,106 | |||||||
|
| |||||||
Russia (Cost: $74,980) (0.5%) | ||||||||
36,420 | Sberbank of Russia, 3.89% (1) | 85,057 | ||||||
|
|
See accompanying notes to financial statements.
17
Table of Contents
TCW Emerging Markets Equities Fund
Schedule of Investments (Unaudited) (Continued) |
Number of Shares | Equity Securities | Value | ||||||
South Korea (1.9%) | ||||||||
2,385 | Hyundai Motor Co., 2.58% (1) | $ | 156,822 | |||||
240 | Samsung Electronics Co., Ltd. 0.75% (1) | 171,040 | ||||||
|
| |||||||
Total South Korea (Cost: $284,526) | 327,862 | |||||||
|
| |||||||
Total Preferred Stock (Cost: $1,065,121) (6.0%) | 1,039,025 | |||||||
|
| |||||||
Rights | ||||||||
Brazil (Cost: $0) (0.0%) | ||||||||
253 | Itausa — Investimentos Itau S.A., Strike Price BRL 8.5, Expires 05/31/12 (3) | 74 | ||||||
|
| |||||||
Total Rights (Cost: $0) (0.0%) | 74 | |||||||
|
| |||||||
Total Equity Securities (Cost: $15,795,109) (90.9%) | 15,663,105 | |||||||
|
| |||||||
Principal Amount | Short-Term Investments | |||||||
Repurchase Agreement (Cost: $781,982) (4.6%) | ||||||||
$ | 781,982 | State Street Bank & Trust Company, 0.01%, due 05/01/12 (collateralized by $705,000, U.S. Treasury Bond, 3.75%, due 08/15/41, valued at $802,538) | 781,982 | |||||
|
| |||||||
Total Investments (Cost: $16,577,091) (95.5%) | 16,445,087 | |||||||
Excess of Other Assets over Liabilities (4.5%) | 778,946 | |||||||
|
| |||||||
Total Net Assets (100.0%) | $ | 17,224,033 | ||||||
|
|
Notes to the Schedule of Investments:
BRL - | Brazilian Real. |
ADR - | American Depositary Receipt. Shares of a foreign based corporation held in U.S. banks entitling the shareholder to all dividends and capital gains. |
ETF - | Exchange Traded Fund. |
GDR - | Global Depositary Receipt. A negotiable certificate held in the bank of one country representing a specific number of shares of a stock traded on an exchange of another country. |
NVDR - | Non-Voting Depositary Receipt. |
SP ADR - | Sponsored American Depositary Receipt. Shares of a foreign based corporation held in U.S. banks that are issued with the cooperation of the company whose stock underlies the ADR and entitles the shareholder to all dividends, capital gains and voting rights. |
(1) | Fair valued security using procedures established by and under the general supervision of the Company’s Board of Directors (Note 2). |
(2) | Position is in units. Each unit represents 55 Common Shares and 50 Preference Shares. |
(3) | Non-income producing security. |
(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, 2012, the value of these securities amounted to $421,997 or 2.5% of net assets. |
See accompanying notes to financial statements.
18
Table of Contents
TCW Emerging Markets Equities Fund
Investments by Industry (Unaudited) | April 30, 2012 |
Industry | Percentage of Net Assets | |||
Air Freight & Logistics | 1.1 | % | ||
Auto Components | 1.8 | |||
Automobiles | 1.8 | |||
Chemicals | 0.5 | |||
Commercial Banks | 14.4 | |||
Construction & Engineering | 0.4 | |||
Construction Materials | 1.0 | |||
Diversified Telecommunication Services | 4.6 | |||
Electrical Equipment | 2.4 | |||
Electronic Equipment, Instruments & Components | 2.7 | |||
Energy Equipment & Services | 1.1 | |||
Exchange-Traded Fund (ETF) | 6.0 | |||
Food Products | 2.3 | |||
Hotels, Restaurants & Leisure | 4.0 | |||
Household Durables | 0.8 | |||
Insurance | 1.5 | |||
Internet Software & Services | 3.2 | |||
IT Services | 0.6 | |||
Machinery | 0.9 | |||
Media | 1.5 | |||
Metals & Mining | 8.3 | |||
Multiline Retail | 2.2 | |||
Oil, Gas & Consumable Fuels | 10.9 | |||
Personal Products | 1.0 | |||
Pharmaceuticals | 0.3 | |||
Real Estate Management & Development | 0.8 | |||
Semiconductors & Semiconductor Equipment | 9.2 | |||
Specialty Retail | 0.2 | |||
Trading Companies & Distributors | 0.7 | |||
Wireless Telecommunication Services | 4.7 | |||
Short-Term Investments | 4.6 | |||
|
| |||
Total | 95.5 | % | ||
|
|
See accompanying notes to financial statements.
19
Table of Contents
Schedule of Investments (Unaudited) |
Number of Shares | Common Stock | Value | ||||||
Aerospace & Defense (2.7% of Net Assets) | ||||||||
5,995 | Honeywell International, Inc. | $ | 363,657 | |||||
2,045 | Precision Castparts Corp. | 360,677 | ||||||
605 | TransDigm Group, Inc. (1) | 76,302 | ||||||
|
| |||||||
Total Aerospace & Defense | 800,636 | |||||||
|
| |||||||
Air Freight & Logistics (1.9%) | ||||||||
5,600 | C.H. Robinson Worldwide, Inc. | 334,544 | ||||||
5,775 | Expeditors International of Washington, Inc. | 231,000 | ||||||
|
| |||||||
Total Air Freight & Logistics | 565,544 | |||||||
|
| |||||||
Auto Components (1.1%) | ||||||||
4,140 | BorgWarner, Inc. (1) | 327,226 | ||||||
|
| |||||||
Beverages (1.1%) | ||||||||
4,160 | Coca-Cola Co. (The) | 317,491 | ||||||
|
| |||||||
Biotechnology (2.9%) | ||||||||
8,517 | Chelsea Therapeutics International, Ltd. (1) | 18,056 | ||||||
20,280 | Dendreon Corp. (1) | 236,262 | ||||||
31,425 | Human Genome Sciences, Inc. (1) | 462,262 | ||||||
2,739 | Ironwood Pharmaceuticals, Inc. (1) | 36,182 | ||||||
1,856 | Theravance, Inc. (1) | 40,164 | ||||||
1,715 | Vertex Pharmaceuticals, Inc. (1) | 65,993 | ||||||
|
| |||||||
Total Biotechnology | 858,919 | |||||||
|
| |||||||
Capital Markets (2.8%) | ||||||||
14,780 | Charles Schwab Corp. (The) | 211,354 | ||||||
3,056 | Stifel Financial Corp. (1) | 111,300 | ||||||
7,880 | T. Rowe Price Group, Inc. | 497,346 | ||||||
|
| |||||||
Total Capital Markets | 820,000 | |||||||
|
| |||||||
Chemicals (2.5%) | ||||||||
6,350 | Praxair, Inc. | 734,695 | ||||||
|
| |||||||
Commercial Banks (0.7%) | ||||||||
3,240 | SVB Financial Group (1) | 207,652 | ||||||
|
| |||||||
Communications Equipment (5.5%) | ||||||||
10,350 | Aruba Networks, Inc. (1) | 218,592 | ||||||
1,815 | F5 Networks, Inc. (1) | 243,083 | ||||||
17,775 | QUALCOMM, Inc. | 1,134,756 | ||||||
|
| |||||||
Total Communications Equipment | 1,596,431 | |||||||
|
| |||||||
Computers & Peripherals (6.5%) | ||||||||
2,897 | Apple, Inc. (1) | 1,692,543 | ||||||
7,768 | Fusion-io, Inc. (1) | 199,249 | ||||||
|
| |||||||
Total Computers & Peripherals | 1,891,792 | |||||||
|
|
See accompanying notes to financial statements.
20
Table of Contents
TCW Growth Fund
April 30, 2012 |
Number of Shares | Common Stock | Value | ||||||
Consumer Finance (1.0%) | ||||||||
10,690 | Green Dot Corp. (1) | $ | 282,109 | |||||
|
| |||||||
Electronic Equipment, Instruments & Components (0.8%) | ||||||||
1,682 | Cognex Corp. | 67,701 | ||||||
725 | IPG Photonics Corp. (1) | 35,090 | ||||||
2,866 | Universal Display Corp. (1) | 128,884 | ||||||
|
| |||||||
Total Electronic Equipment, Instruments & Components | 231,675 | |||||||
|
| |||||||
Energy Equipment & Services (6.0%) | ||||||||
1,039 | Core Laboratories N.V. (Netherlands) | 142,322 | ||||||
12,972 | FMC Technologies, Inc. (1) | 609,684 | ||||||
593 | Forum Energy Technologies, Inc. (1) | 13,710 | ||||||
2,476 | Lufkin Industries, Inc. | 190,256 | ||||||
7,850 | Oceaneering International, Inc. (1) | 405,295 | ||||||
25 | OYO Geospace Corp. (1) | 2,881 | ||||||
5,415 | Schlumberger, Ltd. | 401,468 | ||||||
|
| |||||||
Total Energy Equipment & Services | 1,765,616 | |||||||
|
| |||||||
Food & Staples Retailing (4.1%) | ||||||||
6,040 | Costco Wholesale Corp. | 532,547 | ||||||
10,110 | CVS Caremark Corp. | 451,108 | ||||||
4,281 | United Natural Foods, Inc. (1) | 211,011 | ||||||
|
| |||||||
Total Food & Staples Retailing | 1,194,666 | |||||||
|
| |||||||
Food Products (1.4%) | ||||||||
1,070 | Green Mountain Coffee Roasters, Inc. (1) | 52,162 | ||||||
4,310 | Mead Johnson Nutrition Co. | 368,764 | ||||||
|
| |||||||
Total Food Products | 420,926 | |||||||
|
| |||||||
Health Care Equipment & Supplies (2.9%) | ||||||||
8,412 | DexCom, Inc. (1) | 82,353 | ||||||
9,229 | Endologix, Inc. (1) | 138,250 | ||||||
477 | HeartWare International, Inc. (1) | 37,187 | ||||||
420 | Intuitive Surgical, Inc. (1) | 242,844 | ||||||
3,720 | NxStage Medical, Inc. (1) | 63,240 | ||||||
2,835 | Varian Medical Systems, Inc. (1) | 179,796 | ||||||
3,877 | Volcano Corp. (1) | 105,261 | ||||||
|
| |||||||
Total Health Care Equipment & Supplies | 848,931 | |||||||
|
| |||||||
Health Care Technology (1.6%) | ||||||||
5,925 | Cerner Corp. (1) | 480,458 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure (1.7%) | ||||||||
5,878 | 7 Days Group Holdings, Ltd. (ADR) (China) (1) | 74,945 | ||||||
9,211 | Ctrip.com International, Ltd. (ADR) (China) (1) | 199,602 | ||||||
915 | Peet’s Coffee & Tea, Inc. (1) | 70,290 |
See accompanying notes to financial statements.
21
Table of Contents
TCW Growth Fund
Schedule of Investments (Unaudited) (Continued) |
Number of Shares | Common Stock | Value | ||||||
Hotels, Restaurants & Leisure (Continued) | ||||||||
2,591 | Starwood Hotels & Resorts Worldwide, Inc. | $ | 153,387 | |||||
|
| |||||||
Total Hotels, Restaurants & Leisure | 498,224 | |||||||
|
| |||||||
Household Durables (0.8%) | ||||||||
4,979 | Harman International Industries, Inc. (1) | 246,859 | ||||||
|
| |||||||
Household Products (1.0%) | ||||||||
3,060 | Colgate-Palmolive Co. | 302,756 | ||||||
|
| |||||||
Insurance (2.2%) | ||||||||
5,190 | ACE, Ltd. | 394,284 | ||||||
11,485 | Progressive Corp. (The) | 244,631 | ||||||
|
| |||||||
Total Insurance | 638,915 | |||||||
|
| |||||||
Internet & Catalog Retail (3.2%) | ||||||||
1,515 | Amazon.com, Inc. (1) | 351,329 | ||||||
605 | Priceline.com, Inc. (1) | 460,296 | ||||||
3,500 | TripAdvisor, Inc. (1) | 131,285 | ||||||
|
| |||||||
Total Internet & Catalog Retail | 942,910 | |||||||
|
| |||||||
Internet Software & Services (3.9%) | ||||||||
1,815 | Baidu.com, Inc. (SP ADR) (China) (1) | 240,850 | ||||||
1,285 | Google, Inc. (1) | 777,721 | ||||||
920 | LinkedIn Corp. (1) | 99,774 | ||||||
590 | SINA Corp. (1) | 34,521 | ||||||
|
| |||||||
Total Internet Software & Services | 1,152,866 | |||||||
|
| |||||||
IT Services (2.3%) | ||||||||
4,490 | Cognizant Technology Solutions Corp. (1) | 329,207 | ||||||
2,680 | Visa, Inc. | 329,586 | ||||||
|
| |||||||
Total IT Services | 658,793 | |||||||
|
| |||||||
Life Sciences Tools & Services (2.8%) | ||||||||
1,800 | Fluidigm Corp. (1) | 28,098 | ||||||
1,605 | Illumina, Inc. (1) | 71,471 | ||||||
15,670 | Life Technologies Corp. (1) | 726,461 | ||||||
|
| |||||||
Total Life Sciences Tools & Services | 826,030 | |||||||
|
| |||||||
Machinery (2.8%) | ||||||||
1,360 | Chart Industries, Inc. (1) | 103,945 | ||||||
2,865 | Cummins, Inc. | 331,853 | ||||||
5,610 | Danaher Corp. | 304,174 | ||||||
1,370 | Robbins & Myers, Inc. | 66,733 | ||||||
|
| |||||||
Total Machinery | 806,705 | |||||||
|
|
See accompanying notes to financial statements.
22
Table of Contents
TCW Growth Fund
April 30, 2012 |
Number of Shares | Common Stock | Value | ||||||
Metals & Mining (2.1%) | ||||||||
5,375 | Allegheny Technologies, Inc. | $ | 230,803 | |||||
2,305 | Cliffs Natural Resources, Inc. | 143,509 | ||||||
7,850 | Silver Wheaton Corp. | 239,660 | ||||||
|
| |||||||
Total Metals & Mining | 613,972 | |||||||
|
| |||||||
Multiline Retail (1.1%) | ||||||||
5,330 | Target Corp. | 308,820 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels (3.8%) | ||||||||
3,765 | Carrizo Oil & Gas, Inc. (1) | 105,571 | ||||||
20,610 | Denbury Resources, Inc. (1) | 392,414 | ||||||
3,857 | Midstates Petroleum Co., Inc. (1) | 62,946 | ||||||
4,555 | Occidental Petroleum Corp. | 415,507 | ||||||
1,350 | Rosetta Resources, Inc. (1) | 67,865 | ||||||
1,295 | Whiting Petroleum Corp. (1) | 74,074 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | 1,118,377 | |||||||
|
| |||||||
Pharmaceuticals (4.2%) | ||||||||
8,811 | Allergan, Inc. | 845,856 | ||||||
3,745 | Impax Laboratories, Inc. (1) | 92,239 | ||||||
3,030 | MAP Pharmaceuticals, Inc. (1) | 38,845 | ||||||
7,061 | Mylan, Inc. (1) | 153,294 | ||||||
2,175 | Salix Pharmaceuticals, Ltd. (1) | 107,445 | ||||||
|
| |||||||
Total Pharmaceuticals | 1,237,679 | |||||||
|
| |||||||
REIT (1.9%) | ||||||||
8,675 | American Tower Corp. | 568,907 | ||||||
|
| |||||||
Road & Rail (3.2%) | ||||||||
1,820 | Genesee & Wyoming, Inc. (1) | 98,116 | ||||||
6,930 | J.B. Hunt Transport Services, Inc. | 383,437 | ||||||
1,250 | Kansas City Southern (1) | 96,275 | ||||||
3,155 | Union Pacific Corp. | 354,748 | ||||||
|
| |||||||
Total Road & Rail | 932,576 | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment (3.4%) | ||||||||
14,570 | ARM Holdings PLC (SP ADR) (United Kingdom) | 369,058 | ||||||
10,245 | Avago Technologies, Ltd. (1) | 353,247 | ||||||
9,145 | Cavium, Inc. (1) | 267,583 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 989,888 | |||||||
|
| |||||||
Software (6.1%) | ||||||||
2,646 | ANSYS, Inc. (1) | 177,467 | ||||||
3,145 | Informatica Corp. (1) | 144,733 | ||||||
5,150 | QLIK Technologies, Inc. (1) | 148,372 | ||||||
5,302 | Salesforce.com, Inc. (1) | 825,680 |
See accompanying notes to financial statements.
23
Table of Contents
TCW Growth Fund
Schedule of Investments (Unaudited) (Continued) |
Number of Shares | Common Stock | Value | ||||||
Software (Continued) | ||||||||
1,168 | Splunk, Inc. (1) | $ | 39,654 | |||||
1,414 | Ultimate Software Group, Inc. (The) (1) | 109,104 | ||||||
3,180 | VMware, Inc. (1) | 355,270 | ||||||
|
| |||||||
Total Software | 1,800,280 | |||||||
|
| |||||||
Specialty Retail (1.7%) | ||||||||
7,132 | Abercrombie & Fitch Co. | 357,812 | ||||||
4,210 | CarMax, Inc. (1) | 129,963 | ||||||
337 | Teavana Holdings, Inc. (1) | 7,040 | ||||||
|
| |||||||
Total Specialty Retail | 494,815 | |||||||
|
| |||||||
Textiles, Apparel & Luxury Goods (1.2%) | ||||||||
1,750 | Deckers Outdoor Corp. (1) | 89,268 | ||||||
1,050 | Fossil, Inc. (1) | 137,203 | ||||||
3,809 | Gildan Activewear, Inc. (1) | 109,623 | ||||||
|
| |||||||
Total Textiles, Apparel & Luxury Goods | 336,094 | |||||||
|
| |||||||
Tobacco (1.5%) | ||||||||
4,830 | Philip Morris International, Inc. | 432,333 | ||||||
|
| |||||||
Trading Companies & Distributors (1.4%) | ||||||||
7,505 | Fastenal Co. | 351,384 | ||||||
875 | MSC Industrial Direct Co., Inc. | 64,496 | ||||||
|
| |||||||
Total Trading Companies & Distributors | 415,880 | |||||||
|
| |||||||
Total Common Stock (Cost: $25,360,738) (97.8%) | 28,668,446 | |||||||
|
| |||||||
Principal Amount | Short-Term Investments | |||||||
Repurchase Agreement (Cost: $710,592) (2.4%) | ||||||||
$ | 710,592 | State Street Bank & Trust Company, 0.01%, due 05/01/12 (collateralized by $640,000, U.S. Treasury Bond, 3.75%, due 08/15/41, valued at $728,545) (Total Amount to be Received Upon Repurchase $710,592) | 710,592 | |||||
|
| |||||||
Total Investments (Cost: $26,071,330) (100.2%) | 29,379,038 | |||||||
Liabilities in Excess of Other Assets (–0.2%) | (72,028 | ) | ||||||
|
| |||||||
Net Assets (100.0%) | $ | 29,307,010 | ||||||
|
|
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. |
REIT - | Real Estate Investment Trust. |
SP ADR - | Sponsored American Depositary Receipt. Shares of a foreign based corporation held in U.S. banks that are issued with the cooperation of the company whose stock underlies the ADR and entitles the shareholder to all dividends, capital gains and voting rights. |
(1) | Non-income producing security. |
See accompanying notes to financial statements.
24
Table of Contents
TCW Growth Fund
Investments by Industry (Unaudited) | April 30, 2012 |
Industry | Percentage of Net Assets | |||
Aerospace & Defense | 2.7 | % | ||
Air Freight & Logistics | 1.9 | |||
Auto Components | 1.1 | |||
Beverages | 1.1 | |||
Biotechnology | 2.9 | |||
Capital Markets | 2.8 | |||
Chemicals | 2.5 | |||
Commercial Banks | 0.7 | |||
Communications Equipment | 5.5 | |||
Computers & Peripherals | 6.5 | |||
Consumer Finance | 1.0 | |||
Electronic Equipment, Instruments & Components | 0.8 | |||
Energy Equipment & Services | 6.0 | |||
Food & Staples Retailing | 4.1 | |||
Food Products | 1.4 | |||
Health Care Equipment & Supplies | 2.9 | |||
Health Care Technology | 1.6 | |||
Hotels, Restaurants & Leisure | 1.7 | |||
Household Durables | 0.8 | |||
Household Products | 1.0 | |||
Insurance | 2.2 | |||
Internet & Catalog Retail | 3.2 | |||
Internet Software & Services | 3.9 | |||
IT Services | 2.3 | |||
Life Sciences Tools & Services | 2.8 | |||
Machinery | 2.8 | |||
Metals & Mining | 2.1 | |||
Multiline Retail | 1.1 | |||
Oil, Gas & Consumable Fuels | 3.8 | |||
Pharmaceuticals | 4.2 | |||
REIT | 1.9 | |||
Road & Rail | 3.2 | |||
Semiconductors & Semiconductor Equipment | 3.4 | |||
Software | 6.1 | |||
Specialty Retail | 1.7 | |||
Textiles, Apparel & Luxury Goods | 1.2 | |||
Tobacco | 1.5 | |||
Trading Companies & Distributors | 1.4 | |||
Short-Term Investments | 2.4 | |||
|
| |||
Total | 100.2 | % | ||
|
|
See accompanying notes to financial statements.
25
Table of Contents
Schedule of Investments (Unaudited) |
Number of Shares | Common Stock | Value | ||||||
Aerospace & Defense (0.8% of Net Assets) | ||||||||
31,785 | Aerovironment, Inc. (1) | $ | 773,011 | |||||
|
| |||||||
Air Freight & Logistics (3.3%) | ||||||||
26,900 | C.H. Robinson Worldwide, Inc. | 1,607,006 | ||||||
44,300 | Expeditors International of Washington, Inc. | 1,772,000 | ||||||
|
| |||||||
Total Air Freight & Logistics | 3,379,006 | |||||||
|
| |||||||
Auto Components (2.1%) | ||||||||
27,500 | BorgWarner, Inc. (1) | 2,173,600 | ||||||
|
| |||||||
Biotechnology (5.6%) | ||||||||
88,100 | Dendreon Corp. (1) | 1,026,365 | ||||||
214,794 | Human Genome Sciences, Inc. (1) | 3,159,620 | ||||||
42,300 | Ironwood Pharmaceuticals, Inc. (1) | 558,783 | ||||||
24,500 | Vertex Pharmaceuticals, Inc. (1) | 942,760 | ||||||
|
| |||||||
Total Biotechnology | 5,687,528 | |||||||
|
| |||||||
Capital Markets (2.3%) | ||||||||
36,600 | T. Rowe Price Group, Inc. | 2,310,009 | ||||||
|
| |||||||
Chemicals (2.0%) | ||||||||
10,321 | CF Industries Holdings, Inc. | 1,992,572 | ||||||
|
| |||||||
Communications Equipment (3.6%) | ||||||||
70,830 | Aruba Networks, Inc. (1) | 1,495,930 | ||||||
16,300 | F5 Networks, Inc. (1) | 2,183,059 | ||||||
|
| |||||||
Total Communications Equipment | 3,678,989 | |||||||
|
| |||||||
Computers & Peripherals (1.2%) | ||||||||
46,592 | Fusion-io, Inc. (1) | 1,195,085 | ||||||
|
| |||||||
Consumer Finance (1.8%) | ||||||||
69,700 | Green Dot Corp. (1) | 1,839,383 | ||||||
|
| |||||||
Electrical Equipment (1.9%) | ||||||||
25,300 | Rockwell Automation, Inc. | 1,956,702 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components (0.6%) | ||||||||
13,100 | Universal Display Corp. (1) | 589,107 | ||||||
|
| |||||||
Energy Equipment & Services (12.0%) | ||||||||
30,500 | Core Laboratories N.V. (Netherlands) | 4,177,890 | ||||||
51,400 | FMC Technologies, Inc. (1) | 2,415,800 | ||||||
35,946 | Lufkin Industries, Inc. | 2,762,091 | ||||||
56,200 | Oceaneering International, Inc. (1) | 2,901,606 | ||||||
|
| |||||||
Total Energy Equipment & Services | 12,257,387 | |||||||
|
| |||||||
Food & Staples Retailing (0.5%) | ||||||||
6,562 | Pricesmart, Inc. | 541,627 | ||||||
|
|
See accompanying notes to financial statements.
26
Table of Contents
TCW Growth Equities Fund
April 30, 2012 |
Number of Shares | Common Stock | Value | ||||||
Food Products (1.6%) | ||||||||
34,500 | Green Mountain Coffee Roasters, Inc. (1) | $ | 1,681,875 | |||||
|
| |||||||
Health Care Equipment & Supplies (4.6%) | ||||||||
6,400 | Intuitive Surgical, Inc. (1) | 3,700,480 | ||||||
37,622 | Volcano Corp. (1) | 1,021,437 | ||||||
|
| |||||||
Total Health Care Equipment & Supplies | 4,721,917 | |||||||
|
| |||||||
Health Care Technology (2.4%) | ||||||||
34,471 | athenahealth, Inc. (1) | 2,497,424 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure (3.5%) | ||||||||
101,700 | Arcos Dorados Holdings, Inc. | 1,817,379 | ||||||
82,014 | Ctrip.com International, Ltd. (ADR) (China) (1) | 1,777,243 | ||||||
|
| |||||||
Total Hotels, Restaurants & Leisure | 3,594,622 | |||||||
|
| |||||||
Household Durables (2.0%) | ||||||||
40,646 | Harman International Industries, Inc. (1) | 2,015,229 | ||||||
|
| |||||||
Insurance (2.7%) | ||||||||
36,500 | ACE, Ltd. (1) | 2,772,905 | ||||||
|
| |||||||
Internet & Catalog Retail (1.7%) | ||||||||
45,450 | TripAdvisor, Inc. (1) | 1,704,830 | ||||||
|
| |||||||
Internet Software & Services (5.9%) | ||||||||
14,700 | Baidu.com, Inc. (SP ADR) (China) (1) | 1,950,690 | ||||||
13,700 | LinkedIn Corp. (1) | 1,485,765 | ||||||
15,400 | SINA Corp. (1) | 901,054 | ||||||
69,940 | Youku.com, Inc. (SP ADR) (China) (1) | 1,681,358 | ||||||
|
| |||||||
Total Internet Software & Services | 6,018,867 | |||||||
|
| |||||||
Metals & Mining (3.6%) | ||||||||
49,842 | Allegheny Technologies, Inc. | 2,140,215 | ||||||
24,900 | Cliffs Natural Resources, Inc. | 1,550,274 | ||||||
|
| |||||||
Total Metals & Mining | 3,690,489 | |||||||
|
| |||||||
Pharmaceuticals (2.1%) | ||||||||
99,200 | Mylan, Inc. (1) | 2,153,632 | ||||||
|
| |||||||
Professional Services (4.4%) | ||||||||
20,300 | IHS, Inc. (1) | 2,051,721 | ||||||
82,500 | Robert Half International, Inc. | 2,458,500 | ||||||
|
| |||||||
Total Professional Services | 4,510,221 | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment (5.2%) | ||||||||
83,345 | ARM Holdings PLC (SP ADR) (United Kingdom) | 2,111,129 | ||||||
36,800 | Avago Technologies, Ltd. | 1,268,864 | ||||||
64,789 | Cavium, Inc. (1) | 1,895,726 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 5,275,719 | |||||||
|
|
See accompanying notes to financial statements.
27
Table of Contents
TCW Growth Equities Fund
Schedule of Investments (Unaudited) (Continued) |
Number of Shares | Common Stock | Value | ||||||
Software (8.4%) | ||||||||
80,838 | QLIK Technologies, Inc. (1) | $ | 2,328,943 | |||||
23,650 | Salesforce.com, Inc. (1) | 3,683,014 | ||||||
15,802 | Splunk, Inc. (1) | 536,478 | ||||||
18,396 | VMware, Inc. (1) | 2,055,201 | ||||||
|
| |||||||
Total Software | 8,603,636 | |||||||
|
| |||||||
Specialty Retail (5.3%) | ||||||||
70,500 | CarMax, Inc. (1) | 2,176,335 | ||||||
44,800 | Dick’s Sporting Goods, Inc. (1) | 2,266,880 | ||||||
32,762 | Rue21, Inc. (1) | 994,327 | ||||||
|
| |||||||
Total Specialty Retail | 5,437,542 | |||||||
|
| |||||||
Textiles, Apparel & Luxury Goods (5.0%) | ||||||||
15,400 | Fossil, Inc. (1) | 2,012,318 | ||||||
68,400 | Gildan Activewear, Inc. (1) | 1,968,552 | ||||||
23,800 | Michael Kors Holdings, Ltd. (1) | 1,086,946 | ||||||
|
| |||||||
Total Textiles, Apparel & Luxury Goods | 5,067,816 | |||||||
|
| |||||||
Trading Companies & Distributors (3.3%) | ||||||||
41,200 | Fastenal Co. | 1,928,984 | ||||||
19,300 | MSC Industrial Direct Co., Inc. | 1,422,603 | ||||||
|
| |||||||
Total Trading Companies & Distributors | 3,351,587 | |||||||
|
| |||||||
Total Common Stock (Cost: $81,472,361) (99.4%) | 101,472,317 | |||||||
|
| |||||||
Principal Amount | Short-Term Investments | |||||||
Repurchase Agreement (Cost: $838,261) (0.8%) | ||||||||
$ | 838,261 | State Street Bank & Trust Company, 0.01%, due 05/01/12 (collateralized by $755,000 U.S. Treasury Bond, 3.75%, due 08/15/41, valued at $859,456) | 838,261 | |||||
|
| |||||||
Total Investments (Cost: $82,310,622) (100.2%) | 102,310,578 | |||||||
Liabilities in Excess of Other Assets (–0.2%) | (248,973 | ) | ||||||
|
| |||||||
Net Assets (100.0%) | $ | 102,061,605 | ||||||
|
|
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. |
SP ADR - | Sponsored American Depositary Receipt. Shares of a foreign based corporation held in U.S. banks that are issued with the cooperation of the company whose stock underlies the ADR and entitles the shareholder to all dividends, capital gains and voting rights. |
(1) | Non-income producing security. |
See accompanying notes to financial statements.
28
Table of Contents
TCW Growth Equities Fund
Investments by Industry (Unaudited) | April 30, 2012 |
Industry | Percentage of Net Assets | |||
Aerospace & Defense | 0.8 | % | ||
Air Freight & Logistics | 3.3 | |||
Auto Components | 2.1 | |||
Biotechnology | 5.6 | |||
Capital Markets | 2.3 | |||
Chemicals | 2.0 | |||
Communications Equipment | 3.6 | |||
Computers & Peripherals | 1.2 | |||
Consumer Finance | 1.8 | |||
Electrical Equipment | 1.9 | |||
Electronic Equipment, Instruments & Components | 0.6 | |||
Energy Equipment & Services | 12.0 | |||
Food & Staples Retailing | 0.5 | |||
Food Products | 1.6 | |||
Health Care Equipment & Supplies | 4.6 | |||
Health Care Technology | 2.4 | |||
Hotels, Restaurants & Leisure | 3.5 | |||
Household Durables | 2.0 | |||
Insurance | 2.7 | |||
Internet & Catalog Retail | 1.7 | |||
Internet Software & Services | 5.9 | |||
Metals & Mining | 3.6 | |||
Pharmaceuticals | 2.1 | |||
Professional Services | 4.4 | |||
Semiconductors & Semiconductor Equipment | 5.2 | |||
Software | 8.4 | |||
Specialty Retail | 5.3 | |||
Textiles, Apparel & Luxury Goods | 5.0 | |||
Trading Companies & Distributors | 3.3 | |||
Short-Term Investments | 0.8 | |||
|
| |||
Total | 100.2 | % | ||
|
|
See accompanying notes to financial statements.
29
Table of Contents
TCW International Small Cap Fund
Schedule of Investments (Unaudited) |
Number of Shares | Common Stock | Value | ||||||
Australia (4.9% of Net Assets) | ||||||||
120,000 | carsales.com, Ltd. (1) | $ | 715,362 | |||||
200,000 | PanAust, Ltd. (1)(2) | 670,359 | ||||||
400,000 | Resource Generation, Ltd. (1)(2) | 161,810 | ||||||
|
| |||||||
Total Australia (Cost: $1,416,813) | 1,547,531 | |||||||
|
| |||||||
Brazil (7.6%) | ||||||||
45,000 | BR Properties S.A. (2) | 558,324 | ||||||
125,000 | Brasil Brokers Participacoes S.A. | 427,563 | ||||||
45,000 | Brasil Insurance Participacoes e Administracao S.A. | 492,223 | ||||||
30,000 | CETIP S.A. — Balcao Organizado de Ativos e Derivativos | 462,241 | ||||||
55,000 | Qualicorp S.A. (2) | 478,976 | ||||||
|
| |||||||
Total Brazil (Cost: $2,500,110) | 2,419,327 | |||||||
|
| |||||||
Burkina Faso (Cost: $540,172) (1.7%) | ||||||||
110,000 | SEMAFO, Inc. | 558,992 | ||||||
|
| |||||||
Canada (18.8%) | ||||||||
500,000 | Africa Hydrocarbons, Inc. (2) | 75,922 | ||||||
30,000 | Alaris Royalty Corp. | 575,492 | ||||||
200,000 | CGX Energy, Inc. (2) | 163,993 | ||||||
70,000 | Continental Gold, Ltd. (2) | 522,245 | ||||||
3,500,000 | Ivernia, Inc. (2) | 407,451 | ||||||
200,000 | Loncor Resources, Inc. (2) | 240,927 | ||||||
120,000 | Lundin Mining Corp. (2) | 583,084 | ||||||
1,100,000 | Madalena Ventures, Inc. (2) | 590,171 | ||||||
250,000 | Mawson Resources, Ltd. (2)(3) | 369,489 | ||||||
50,000 | Parex Resources, Inc. (2) | 273,827 | ||||||
150,000 | Resverlogix Corp. (2) | 236,878 | ||||||
400,000 | Sandstorm Gold, Ltd. (2) | 728,856 | ||||||
933,500 | Sandstorm Metals & Energy, Ltd. (2) | 359,093 | ||||||
1,200,000 | Shamaran Petroleum Corp. (2) | 267,247 | ||||||
200,000 | Uranium One, Inc. (2) | 581,060 | ||||||
|
| |||||||
Total Canada (Cost: $7,311,791) | 5,975,735 | |||||||
|
| |||||||
Chile (Cost: $500,658) (1.6%) | ||||||||
8,000 | Royal Gold, Inc. | 495,680 | ||||||
|
| |||||||
China (7.8%) | ||||||||
9,000 | 51job, Inc. (ADR) (2) | 546,480 | ||||||
500,000 | China ZhengTong Auto Services Holdings, Ltd. (1)(2) | 490,851 | ||||||
4,000,000 | Credit China Holdings, Ltd. (1)(2) | 516,255 | ||||||
70,000 | E-House China Holdings, Ltd. (ADR) | 519,400 | ||||||
150,000 | Luk Fook Holdings International, Ltd. (1) | 425,070 | ||||||
|
| |||||||
Total China (Cost: $2,670,460) | 2,498,056 | |||||||
|
|
See accompanying notes to financial statements.
30
Table of Contents
TCW International Small Cap Fund
April 30, 2012 |
Number of Shares | Common Stock | Value | ||||||
Congo (Cost: $663,205) (2.7%) | ||||||||
200,000 | Banro Corp. (2) | $ | 850,331 | |||||
|
| |||||||
Germany (Cost: $578,537) (2.1%) | ||||||||
17,000 | CTS Eventim AG (1) | 663,778 | ||||||
|
| |||||||
India (6.7%) | ||||||||
500,000 | City Union Bank, Ltd. (1) | 463,523 | ||||||
24,000 | CRISIL, Ltd. (1) | 472,288 | ||||||
35,000 | Cummins India, Ltd. (1) | 320,343 | ||||||
600,000 | Development Credit Bank, Ltd. (1)(2) | 520,312 | ||||||
70,000 | Oberoi Realty, Ltd. | 358,634 | ||||||
|
| |||||||
Total India (Cost: $2,137,557) | 2,135,100 | |||||||
|
| |||||||
Iraq (Cost: $372,249) (1.5%) | ||||||||
125,000 | Gulf Keystone Petroleum, Ltd. (1)(2) | 483,047 | ||||||
|
| |||||||
Italy (Cost: $501,311) (1.3%) | ||||||||
30,000 | Yoox SpA (1)(2) | 429,302 | ||||||
|
| |||||||
Japan (22.8%) | ||||||||
22,500 | Acom Co., Ltd. (1)(2) | 483,794 | ||||||
150 | CyberAgent, Inc. (1) | 461,967 | ||||||
11,000 | Don Quijote Co., Ltd. (1) | 403,480 | ||||||
50 | Dr Ci:Labo Co., Ltd. (1) | 232,326 | ||||||
4,250 | Fidec Corp. (1)(2) | 592,048 | ||||||
16,000 | Kakaku.com, Inc. (1) | 497,543 | ||||||
4,029 | Kenedix, Inc. (1)(2) | 724,853 | ||||||
3,000 | Monex Group, Inc. (1) | 595,789 | ||||||
60,000 | Monotaro Co., Ltd. (1) | 1,070,868 | ||||||
75,000 | Seria Co., Ltd. (1) | 1,127,300 | ||||||
225,000 | Seven Bank, Ltd. (1) | 555,919 | ||||||
400,000 | Shinsei Bank, Ltd. (1) | 516,177 | ||||||
|
| |||||||
Total Japan (Cost: $6,306,365) | 7,262,064 | |||||||
|
| |||||||
Mongolia (2.9%) | ||||||||
50,000 | Blue Wolf Mongolia Holdings Corp. (2) | 508,000 | ||||||
500,000 | Mongolian Mining Corp. (1)(2) | 401,694 | ||||||
|
| |||||||
Total Mongolia (Cost: $1,080,259) | 909,694 | |||||||
|
| |||||||
Norway (4.9%) | ||||||||
125,000 | Opera Software ASA (1) | 807,764 | ||||||
20,000 | Schibsted ASA (1) | 763,548 | ||||||
|
| |||||||
Total Norway (Cost: $1,151,596) | 1,571,312 | |||||||
|
| |||||||
Russia (Cost: $556,260) (1.6%) | ||||||||
125,000 | Vostok Nafta Investment, Ltd. (SDR) (1)(2) | 495,657 | ||||||
|
|
See accompanying notes to financial statements.
31
Table of Contents
TCW International Small Cap Fund
Schedule of Investments (Unaudited) (Continued) |
Number of Shares | Common Stock | Value | ||||||
Sierra Leone (Cost: $819,797) (2.6%) | ||||||||
100,000 | African Minerals, Ltd. (1)(2) | $ | 841,819 | |||||
|
| |||||||
United Kingdom (4.5%) | ||||||||
30,000 | Coastal Energy Co. (2) | 493,496 | ||||||
50,000 | Hargreaves Lansdown PLC (1) | 427,208 | ||||||
50,000 | PayPoint PLC | 518,922 | ||||||
|
| |||||||
Total United Kingdom (Cost: $1,190,745) | 1,439,626 | |||||||
|
| |||||||
Yemen (Cost: $922,824) (2.2%) | ||||||||
400,000 | Calvalley Petroleum, Inc. (2) | 688,364 | ||||||
|
| |||||||
Total Common Stock (Cost: $31,220,709) (98.2%) | 31,265,415 | |||||||
|
| |||||||
Contracts | Purchased Options | |||||||
Currency Options (1.1%) | ||||||||
30,000 | JPY Put, Expires 11/20/14, Strike Price JPY100.00 | 42,902 | ||||||
20,000 | JPY Put, Expires 11/26/14, Strike Price JPY100.00 | 28,892 | ||||||
100,000 | JPY Put, Expires 12/04/14, Strike Price JPY100.00 | 146,380 | ||||||
100,000 | JPY Put, Expires 02/20/15, Strike Price JPY115.00 | 64,765 | ||||||
100,000 | JPY Put, Expires 02/25/15, Strike Price JPY115.00 | 65,348 | ||||||
|
| |||||||
Total Purchased Options (Cost: $532,600) (1.1%) | 348,287 | |||||||
|
| |||||||
Principal Amount | Short-Term Investments | |||||||
Repurchase Agreement (Cost: $57,504) (0.2%) | ||||||||
$ | 57,504 | State Street Bank & Trust Company, 0.01% due 05/01/12 (collateralized by $55,000 U.S. Treasury Bond, 3.75%, due 08/15/41, valued at $62,609) (Total Amount to be Received Upon Repurchase $57,504) | 57,504 | |||||
|
| |||||||
Total Investments (Cost: $31,810,813) (99.5%) | 31,671,206 | |||||||
Excess of Other Assets over Liabilities (0.5%) | 172,211 | |||||||
|
| |||||||
Total Net Assets (100.0%) | $ | 31,843,417 | ||||||
|
|
Notes to the Schedule of Investments:
JPY - | Japanese Yen. |
ADR - | American Depositary Receipt. Shares of a foreign based corporation held in U.S. banks entitling the shareholder to all dividends and capital gains. |
SDR - | Swedish Depository Receipt |
(1) | Fair valued security using procedures established by and under the general supervision of the Company’s Board of Directors (Note 2). |
(2) | Non-income producing security. |
(3) | Denominated in U.S. dollar. |
See accompanying notes to financial statements.
32
Table of Contents
TCW International Small Cap Fund
Investments by Industry (Unaudited) | April 30, 2012 |
Industry | Percentage of Net Assets | |||
Biotechnology | 0.8 | % | ||
Capital Markets | 6.5 | |||
Commercial Banks | 6.4 | |||
Commercial Services & Supplies | 1.6 | |||
Consumer Finance | 3.1 | |||
Diversified Financial Services | 5.0 | |||
Insurance | 1.5 | |||
Internet & Catalog Retail | 1.3 | |||
Internet Software & Services | 6.4 | |||
Machinery | 1.0 | |||
Media | 5.9 | |||
Metals & Mining | 22.5 | |||
Multiline Retail | 4.8 | |||
Oil, Gas & Consumable Fuels | 13.1 | |||
Personal Products | 0.7 | |||
Professional Services | 3.2 | |||
Real Estate Management & Development | 8.1 | |||
Specialty Retail | 2.9 | |||
Trading Companies & Distributors | 3.4 | |||
Purchased Options | 1.1 | |||
Short-Term Investment | 0.2 | |||
|
| |||
Total | 99.5 | % | ||
|
|
See accompanying notes to financial statements.
33
Table of Contents
TCW Relative Value Large Cap Fund
Schedule of Investments (Unaudited) |
Number of Shares | Common Stock | Value | ||||||
Aerospace & Defense (5.8% of Net Assets) | ||||||||
325,409 | Honeywell International, Inc. | $ | 19,739,310 | |||||
804,100 | Textron, Inc. | 21,421,224 | ||||||
|
| |||||||
Total Aerospace & Defense | 41,160,534 | |||||||
|
| |||||||
Auto Components (1.3%) | ||||||||
613,860 | Dana Holding Corp. (1) | 8,974,633 | ||||||
|
| |||||||
Beverages (1.2%) | ||||||||
126,900 | PepsiCo, Inc. | 8,375,400 | ||||||
|
| |||||||
Capital Markets (4.9%) | ||||||||
295,100 | Ameriprise Financial, Inc. | 15,997,371 | ||||||
401,400 | State Street Corp. | 18,552,708 | ||||||
|
| |||||||
Total Capital Markets | 34,550,079 | |||||||
|
| |||||||
Communications Equipment (1.9%) | ||||||||
673,200 | Cisco Systems, Inc. | 13,564,980 | ||||||
|
| |||||||
Computers & Peripherals (2.6%) | ||||||||
1,148,600 | Dell, Inc. (1) | 18,802,582 | ||||||
|
| |||||||
Consumer Finance (2.7%) | ||||||||
318,550 | American Express Co. | 19,179,895 | ||||||
|
| |||||||
Diversified Financial Services (4.7%) | ||||||||
331,000 | Citigroup, Inc. | 10,936,240 | ||||||
529,718 | JPMorgan Chase & Co. | 22,767,280 | ||||||
|
| |||||||
Total Diversified Financial Services | 33,703,520 | |||||||
|
| |||||||
Diversified Telecommunication Services (2.2%) | ||||||||
472,800 | AT&T, Inc. | 15,559,848 | ||||||
|
| |||||||
Electric Utilities (1.8%) | ||||||||
330,450 | American Electric Power Co., Inc. | 12,834,678 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components (2.2%) | ||||||||
426,275 | TE Connectivity, Ltd. | 15,541,986 | ||||||
|
| |||||||
Energy Equipment & Services (6.1%) | ||||||||
291,800 | Baker Hughes, Inc. | 12,871,298 | ||||||
318,200 | Ensco International PLC (SP ADR ) (United Kingdom) | 17,389,630 | ||||||
419,600 | Nabors Industries, Ltd. (1) | 6,986,340 | ||||||
425,600 | Weatherford International, Ltd. (1) | 6,073,312 | ||||||
|
| |||||||
Total Energy Equipment & Services | 43,320,580 | |||||||
|
| |||||||
Food Products (2.9%) | ||||||||
520,700 | Kraft Foods, Inc. | 20,760,309 | ||||||
|
|
See accompanying notes to financial statements.
34
Table of Contents
TCW Relative Value Large Cap Fund
April 30, 2012 |
Number of Shares | Common Stock | Value | ||||||
Health Care Equipment & Supplies (3.0%) | ||||||||
694,380 | Hologic, Inc. (1) | $ | 13,276,546 | |||||
210,100 | Medtronic, Inc. | 8,025,820 | ||||||
|
| |||||||
Total Health Care Equipment & Supplies | 21,302,366 | |||||||
|
| |||||||
Health Care Providers & Services (0.8%) | ||||||||
1,043,850 | Tenet Healthcare Corp. (1) | 5,417,582 | ||||||
|
| |||||||
Household Durables (2.2%) | ||||||||
573,163 | Lennar Corp. | 15,899,542 | ||||||
|
| |||||||
Household Products (3.3%) | ||||||||
138,400 | Energizer Holdings, Inc. (1) | 9,872,072 | ||||||
175,150 | Kimberly-Clark Corp. | 13,744,020 | ||||||
|
| |||||||
Total Household Products | 23,616,092 | |||||||
|
| |||||||
Independent Power Producers & Energy Traders (1.5%) | ||||||||
863,700 | AES Corporation (The) (1) | 10,813,524 | ||||||
|
| |||||||
Industrial Conglomerates (5.4%) | ||||||||
985,600 | General Electric Co. | 19,298,048 | ||||||
333,625 | Tyco International, Ltd. | 18,726,371 | ||||||
|
| |||||||
Total Industrial Conglomerates | 38,024,419 | |||||||
|
| |||||||
Insurance (2.9%) | ||||||||
317,400 | Travelers Cos., Inc. (The) | 20,415,168 | ||||||
|
| |||||||
Internet Software & Services (0.7%) | ||||||||
308,800 | Yahoo!, Inc. (1) | 4,798,752 | ||||||
|
| |||||||
Life Sciences Tools & Services (0.9%) | ||||||||
111,900 | Thermo Fisher Scientific, Inc. (1) | 6,227,235 | ||||||
|
| |||||||
Machinery (1.8%) | ||||||||
550,500 | Terex Corp. (1) | 12,463,320 | ||||||
|
| |||||||
Media (5.6%) | ||||||||
338,100 | CBS Corp. — Class B | 11,275,635 | ||||||
680,100 | Comcast Corp. | 20,627,433 | ||||||
204,316 | Time Warner, Inc. | 7,653,677 | ||||||
|
| |||||||
Total Media | 39,556,745 | |||||||
|
| |||||||
Metals & Mining (1.8%) | ||||||||
586,000 | Alcoa, Inc. | 5,701,780 | ||||||
114,000 | Cliffs Natural Resources, Inc. | 7,097,640 | ||||||
|
| |||||||
Total Metals & Mining | 12,799,420 | |||||||
|
| |||||||
Oil, Gas & Consumable Fuels (6.2%) | ||||||||
221,000 | Chevron Corp. | 23,549,760 |
See accompanying notes to financial statements.
35
Table of Contents
TCW Relative Value Large Cap Fund
Schedule of Investments (Unaudited) (Continued) |
Number of Shares | Common Stock | Value | ||||||
Oil, Gas & Consumable Fuels (Continued) | ||||||||
167,200 | Devon Energy Corp. | $ | 11,678,920 | |||||
360,100 | Valero Energy Corp. | 8,894,470 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | 44,123,150 | |||||||
|
| |||||||
Paper & Forest Products (0.9%) | ||||||||
203,800 | MeadWestvaco Corp. | 6,484,916 | ||||||
|
| |||||||
Pharmaceuticals (6.3%) | ||||||||
133,800 | Johnson & Johnson | 8,709,042 | ||||||
501,000 | Mylan, Inc. (1) | 10,876,710 | ||||||
1,079,400 | Pfizer, Inc. | 24,750,642 | ||||||
|
| |||||||
Total Pharmaceuticals | 44,336,394 | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment (3.6%) | ||||||||
695,800 | Intel Corp. | 19,760,720 | ||||||
139,900 | Lam Research Corp. (1) | 5,826,835 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 25,587,555 | |||||||
|
| |||||||
Software (2.7%) | ||||||||
321,300 | CA, Inc. | 8,488,746 | ||||||
636,000 | Symantec Corp. (1) | 10,506,720 | ||||||
|
| |||||||
Total Software | 18,995,466 | |||||||
|
| |||||||
Specialty Retail (5.5%) | ||||||||
531,120 | Gap, Inc. (The) | 15,136,920 | ||||||
458,700 | Home Depot, Inc. (The) | 23,756,073 | ||||||
|
| |||||||
Total Specialty Retail | 38,892,993 | |||||||
|
| |||||||
Total Common Stock (Cost: $620,770,494) (95.4%) | 676,083,663 | |||||||
|
| |||||||
Principal Amount | Short-Term Investments | |||||||
Repurchase Agreement (Cost: $29,503,983) (4.2%) | ||||||||
$ | 29,503,983 | State Street Bank & Trust Company, 0.01%, due 05/01/12 (collateralized by $26,440,000 U.S. Treasury Bond, 3.75%, due 08/15/41, valued at $30,098,027) (Total Amount to be Received Upon Repurchase $29,503,991) | 29,503,983 | |||||
|
| |||||||
Total Investments (Cost: $650,274,477) (99.6%) | 705,587,646 | |||||||
Excess of Other Assets over Liabilities (0.4%) | 2,730,564 | |||||||
|
| |||||||
Net Assets (100.0%) | $ | 708,318,210 | ||||||
|
|
Notes to the Schedule of Investments:
SP ADR - | Sponsored American Depositary Receipt. Shares of a foreign based corporation held in U.S. banks that are issued with the cooperation of the company whose stock underlies the ADR and entitles the shareholder to all dividends, capital gains and voting rights. |
(1) | Non-income producing security. |
See accompanying notes to financial statements.
36
Table of Contents
TCW Relative Value Large Cap Fund
Investments by Industry (Unaudited) | April 30, 2012 |
Industry | Percentage of Net Assets | |||
Aerospace & Defense | 5.8 | % | ||
Auto Components | 1.3 | |||
Beverages | 1.2 | |||
Capital Markets | 4.9 | |||
Communications Equipment | 1.9 | |||
Computers & Peripherals | 2.6 | |||
Consumer Finance | 2.7 | |||
Diversified Financial Services | 4.7 | |||
Diversified Telecommunication Services | 2.2 | |||
Electric Utilities | 1.8 | |||
Electronic Equipment, Instruments & Components | 2.2 | |||
Energy Equipment & Services | 6.1 | |||
Food Products | 2.9 | |||
Health Care Equipment & Supplies | 3.0 | |||
Health Care Providers & Services | 0.8 | |||
Household Durables | 2.2 | |||
Household Products | 3.3 | |||
Independent Power Producers & Energy Traders | 1.5 | |||
Industrial Conglomerates | 5.4 | |||
Insurance | 2.9 | |||
Internet Software & Services | 0.7 | |||
Life Sciences Tools & Services | 0.9 | |||
Machinery | 1.8 | |||
Media | 5.6 | |||
Metals & Mining | 1.8 | |||
Oil, Gas & Consumable Fuels | 6.2 | |||
Paper & Forest Products | 0.9 | |||
Pharmaceuticals | 6.3 | |||
Semiconductors & Semiconductor Equipment | 3.6 | |||
Software | 2.7 | |||
Specialty Retail | 5.5 | |||
Short-Term Investments | 4.2 | |||
|
| |||
Total | 99.6 | % | ||
|
|
See accompanying notes to financial statements.
37
Table of Contents
Schedule of Investments (Unaudited) |
Number of Shares | Common Stock | Value | ||||||
Aerospace & Defense (3.1% of Net Assets) | ||||||||
167,360 | Precision Castparts Corp. | $ | 29,517,283 | |||||
|
| |||||||
Air Freight & Logistics (4.8%) | ||||||||
444,224 | C.H. Robinson Worldwide, Inc. | 26,537,942 | ||||||
468,411 | Expeditors International of Washington, Inc. | 18,736,440 | ||||||
|
| |||||||
Total Air Freight & Logistics | 45,274,382 | |||||||
|
| |||||||
Capital Markets (1.8%) | ||||||||
1,183,450 | Charles Schwab Corp. (The) | 16,923,335 | ||||||
|
| |||||||
Chemicals (3.2%) | ||||||||
263,000 | Praxair, Inc. | 30,429,100 | ||||||
|
| |||||||
Communications Equipment (5.7%) | ||||||||
840,983 | QUALCOMM, Inc. | 53,688,355 | ||||||
|
| |||||||
Computers & Peripherals (7.8%) | ||||||||
125,870 | Apple, Inc. (1) | 73,538,289 | ||||||
|
| |||||||
Energy Equipment & Services (8.6%) | ||||||||
498,323 | FMC Technologies, Inc. (1) | 23,421,181 | ||||||
484,430 | Oceaneering International, Inc. (1) | 25,011,121 | ||||||
445,416 | Schlumberger, Ltd. | 33,023,142 | ||||||
|
| |||||||
Total Energy Equipment & Services | 81,455,444 | |||||||
|
| |||||||
Food & Staples Retailing (2.1%) | ||||||||
221,424 | Costco Wholesale Corp. | 19,522,954 | ||||||
|
| |||||||
Food Products (3.2%) | ||||||||
348,300 | Mead Johnson Nutrition Co. | 29,800,548 | ||||||
|
| |||||||
Health Care Equipment & Supplies (3.3%) | ||||||||
29,834 | Intuitive Surgical, Inc. (1) | 17,250,019 | ||||||
225,277 | Varian Medical Systems, Inc. (1) | 14,287,067 | ||||||
|
| |||||||
Total Health Care Equipment & Supplies | 31,537,086 | |||||||
|
| |||||||
Health Care Technology (3.8%) | ||||||||
438,966 | Cerner Corp. (1) | 35,595,753 | ||||||
|
| |||||||
Insurance (3.4%) | ||||||||
427,500 | ACE, Ltd. | 32,477,175 | ||||||
|
| |||||||
Internet & Catalog Retail (7.0%) | ||||||||
123,635 | Amazon.com, Inc. (1) | 28,670,956 | ||||||
49,000 | Priceline.com, Inc. (1) | 37,280,180 | ||||||
|
| |||||||
Total Internet & Catalog Retail | 65,951,136 | |||||||
|
| |||||||
Internet Software & Services (5.6%) | ||||||||
145,375 | Baidu.com, Inc. (SP ADR) (China) (1) | 19,291,262 |
See accompanying notes to financial statements.
38
Table of Contents
TCW Select Equities Fund
April 30, 2012 |
Number of Shares | Common Stock | Value | ||||||
Internet Software & Services (Continued) | ||||||||
55,429 | Google, Inc. (1) | $ | 33,547,294 | |||||
|
| |||||||
Total Internet Software & Services | 52,838,556 | |||||||
|
| |||||||
IT Services (5.6%) | ||||||||
359,871 | Cognizant Technology Solutions Corp. (1) | 26,385,742 | ||||||
218,406 | Visa, Inc. | 26,859,570 | ||||||
|
| |||||||
Total IT Services | 53,245,312 | |||||||
|
| |||||||
Life Sciences Tools & Services (2.7%) | ||||||||
538,609 | Life Technologies Corp. (1) | 24,969,913 | ||||||
|
| |||||||
Metals & Mining (2.1%) | ||||||||
651,500 | Silver Wheaton Corp. | 19,890,295 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels (3.6%) | ||||||||
372,400 | Occidental Petroleum Corp. | 33,970,328 | ||||||
|
| |||||||
Pharmaceuticals (3.6%) | ||||||||
348,975 | Allergan, Inc. | 33,501,600 | ||||||
|
| |||||||
REIT (4.9%) | ||||||||
702,132 | American Tower Corp. | 46,045,817 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment (2.1%) | ||||||||
777,325 | ARM Holdings PLC (SP ADR) (United Kingdom) | 19,689,642 | ||||||
|
| |||||||
Software (6.6%) | ||||||||
218,937 | Salesforce.com, Inc. (1) | 34,095,059 | ||||||
253,760 | VMware, Inc. (1) | 28,350,067 | ||||||
|
| |||||||
Total Software | 62,445,126 | |||||||
|
| |||||||
Trading Companies & Distributors (2.2%) | ||||||||
449,082 | Fastenal Co. | 21,026,019 | ||||||
|
| |||||||
Total Common Stock (Cost: $627,746,605) (96.8%) | 913,333,448 | |||||||
|
|
See accompanying notes to financial statements.
39
Table of Contents
TCW Select Equities Fund
Schedule of Investments (Unaudited) (Continued) |
Principal Amount | Short-Term Investments | Value | ||||||
Repurchase Agreement (Cost: $36,877,417) (3.9%) | ||||||||
$ | 36,877,417 | State Street Bank & Trust Company, 0.01%, due 05/01/12 (collateralized by $29,590,000 U.S. Treasury Bond, 4.375%, due 11/15/39, valued at $37,616,288) (Total Amount to be Received Upon Repurchase $36,877,427) | $ | 36,877,417 | ||||
|
| |||||||
Total Investments (Cost: $664,624,022) (100.7%) | 950,210,865 | |||||||
Liabilities in Excess of Other Assets (–0.7%) | (6,372,834 | ) | ||||||
|
| |||||||
Net Assets (100.0%) | $ | 943,838,031 | ||||||
|
|
Notes to the Schedule of Investments:
REIT - | Real Estate Investment Trust. |
SP ADR - | Sponsored American Depositary Receipt. Shares of a foreign based corporation held in U.S. banks that are issued with the cooperation of the company whose stock underlies the ADR and entitles the shareholder to all dividends, capital gains and voting rights. |
(1) | Non-income producing security. |
See accompanying notes to financial statements.
40
Table of Contents
TCW Select Equities Fund
Investments by Industry (Unaudited) | April 30, 2012 |
Industry | Percentage of Net Assets | |||
Aerospace & Defense | 3.1 | % | ||
Air Freight & Logistics | 4.8 | |||
Capital Markets | 1.8 | |||
Chemicals | 3.2 | |||
Communications Equipment | 5.7 | |||
Computers & Peripherals | 7.8 | |||
Energy Equipment & Services | 8.6 | |||
Food & Staples Retailing | 2.1 | |||
Food Products | 3.2 | |||
Health Care Equipment & Supplies | 3.3 | |||
Health Care Technology | 3.8 | |||
Insurance | 3.4 | |||
Internet & Catalog Retail | 7.0 | |||
Internet Software & Services | 5.6 | |||
IT Services | 5.6 | |||
Life Sciences Tools & Services | 2.7 | |||
Metals & Mining | 2.1 | |||
Oil, Gas & Consumable Fuels | 3.6 | |||
Pharmaceuticals | 3.6 | |||
REIT | 4.9 | |||
Semiconductors & Semiconductor Equipment | 2.1 | |||
Software | 6.6 | |||
Trading Companies & Distributors | 2.2 | |||
Short-Term Investments | 3.9 | |||
|
| |||
Total | 100.7 | % | ||
|
|
See accompanying notes to financial statements.
41
Table of Contents
Schedule of Investments (Unaudited) |
Number of Shares | Common Stock | Value | ||||||
Biotechnology (5.5% of Net Assets) | ||||||||
997,406 | ArQule, Inc. (1) | $ | 7,031,712 | |||||
488,835 | AVEO Pharmaceuticals, Inc. (1) | 5,621,603 | ||||||
2,006,512 | Chelsea Therapeutics International, Ltd. (1) | 4,253,805 | ||||||
2,578,214 | Human Genome Sciences, Inc. (1) | 37,925,528 | ||||||
488,300 | Ironwood Pharmaceuticals, Inc. (1) | 6,450,443 | ||||||
326,466 | Theravance, Inc. (1) | 7,064,724 | ||||||
|
| |||||||
Total Biotechnology | 68,347,815 | |||||||
|
| |||||||
Capital Markets (1.3%) | ||||||||
405,456 | Greenhill & Co., Inc. | 15,751,966 | ||||||
|
| |||||||
Chemicals (0.8%) | ||||||||
388,099 | Kraton Performance Polymers, Inc. (1) | 10,090,574 | ||||||
|
| |||||||
Commercial Banks (2.9%) | ||||||||
572,570 | SVB Financial Group (1) | 36,696,011 | ||||||
|
| |||||||
Communications Equipment (4.1%) | ||||||||
1,840,749 | Aruba Networks, Inc. (1) | 38,876,619 | ||||||
519,430 | Ixia (1) | 6,544,818 | ||||||
271,694 | Procera Networks, Inc. (1) | 5,640,367 | ||||||
|
| |||||||
Total Communications Equipment | 51,061,804 | |||||||
|
| |||||||
Computers & Peripherals (2.8%) | ||||||||
1,362,132 | Fusion-io, Inc. (1) | 34,938,686 | ||||||
|
| |||||||
Consumer Finance (2.5%) | ||||||||
1,185,169 | Green Dot Corp. (1) | 31,276,610 | ||||||
|
| |||||||
Diversified Financial Services (0.8%) | ||||||||
272,975 | MarketAxess Holdings, Inc. | 9,365,772 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components (5.9%) | ||||||||
292,050 | Cognex Corp. | 11,755,012 | ||||||
169,400 | Coherent, Inc. (1) | 8,910,440 | ||||||
424,114 | FARO Technologies, Inc. (1) | 23,741,902 | ||||||
122,300 | IPG Photonics Corp. (1) | 5,919,320 | ||||||
507,003 | Universal Display Corp. (1) | 22,799,925 | ||||||
|
| |||||||
Total Electronic Equipment, Instruments & Components | 73,126,599 | |||||||
|
| |||||||
Energy Equipment & Services (5.3%) | ||||||||
187,380 | Core Laboratories N.V. (Netherlands) | 25,667,313 | ||||||
104,940 | Forum Energy Technologies, Inc. (1) | 2,426,213 | ||||||
432,442 | Lufkin Industries, Inc. | 33,228,843 | ||||||
36,214 | OYO Geospace Corp. (1) | 4,172,577 | ||||||
|
| |||||||
Total Energy Equipment & Services | 65,494,946 | |||||||
|
|
See accompanying notes to financial statements.
42
Table of Contents
TCW Small Cap Growth Fund
April 30, 2012 |
Number of Shares | Common Stock | Value | ||||||
Food & Staples Retailing (5.3%) | ||||||||
347,537 | Pricesmart, Inc. | $ | 28,685,704 | |||||
754,395 | United Natural Foods, Inc. (1) | 37,184,130 | ||||||
|
| |||||||
Total Food & Staples Retailing | 65,869,834 | |||||||
|
| |||||||
Food Products (0.8%) | ||||||||
191,800 | Green Mountain Coffee Roasters, Inc. (1) | 9,350,250 | ||||||
|
| |||||||
Health Care Equipment & Supplies (6.8%) | ||||||||
159,127 | ABIOMED, Inc. (1) | 3,871,560 | ||||||
1,556,149 | DexCom, Inc. (1) | 15,234,699 | ||||||
1,586,957 | Endologix, Inc. (1) | 23,772,616 | ||||||
82,995 | HeartWare International, Inc. (1) | 6,470,290 | ||||||
152,377 | MAKO Surgical Corp. (1) | 6,294,694 | ||||||
647,564 | NxStage Medical, Inc. (1) | 11,008,588 | ||||||
678,688 | Volcano Corp. (1) | 18,426,379 | ||||||
|
| |||||||
Total Health Care Equipment & Supplies | 85,078,826 | |||||||
|
| |||||||
Health Care Technology (1.1%) | ||||||||
3,259,671 | Merge Healthcare, Inc. (1) | 14,016,585 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure (4.0%) | ||||||||
1,590,878 | 7 Days Group Holdings, Ltd. (ADR) (China)(1) | 20,283,695 | ||||||
392,986 | BJ’s Restaurants, Inc. (1) | 16,973,065 | ||||||
163,699 | Peet’s Coffee & Tea, Inc. (1) | 12,575,357 | ||||||
|
| |||||||
Total Hotels, Restaurants & Leisure | 49,832,117 | |||||||
|
| |||||||
Household Durables (3.9%) | ||||||||
867,527 | Harman International Industries, Inc. | 43,011,989 | ||||||
235,249 | iRobot Corp. (1) | 5,554,229 | ||||||
|
| |||||||
Total Household Durables | 48,566,218 | |||||||
|
| |||||||
Internet & Catalog Retail (1.0%) | ||||||||
639,606 | Makemytrip, Ltd. (1) | 12,414,752 | ||||||
|
| |||||||
Internet Software & Services (1.9%) | ||||||||
498,358 | Cornerstone OnDemand, Inc. (1) | 10,355,879 | ||||||
279,176 | Demandware, Inc. (1) | 7,607,546 | ||||||
370,314 | SciQuest, Inc. (1) | 5,499,163 | ||||||
|
| |||||||
Total Internet Software & Services | 23,462,588 | |||||||
|
| |||||||
Life Sciences Tools & Services (1.5%) | ||||||||
460,191 | Fluidigm Corp. (1) | 7,183,582 | ||||||
272,400 | Illumina, Inc. (1) | 12,129,972 | ||||||
|
| |||||||
Total Life Sciences Tools & Services | 19,313,554 | |||||||
|
|
See accompanying notes to financial statements.
43
Table of Contents
TCW Small Cap Growth Fund
Schedule of Investments (Unaudited) (Continued) |
Number of Shares | Common Stock | Value | ||||||
Machinery (2.4%) | ||||||||
240,969 | Chart Industries, Inc. (1) | $ | 18,417,261 | |||||
239,100 | Robbins & Myers, Inc. | 11,646,561 | ||||||
|
| |||||||
Total Machinery | 30,063,822 | |||||||
|
| |||||||
Metals & Mining (3.5%) | ||||||||
641,152 | Carpenter Technology Corp. | 35,686,520 | ||||||
340,500 | Materion Corp. (1) | 8,413,755 | ||||||
|
| |||||||
Total Metals & Mining | 44,100,275 | |||||||
|
| |||||||
Oil, Gas & Consumable Fuels (2.4%) | ||||||||
343,506 | Approach Resources, Inc. (1) | 12,324,995 | ||||||
681,515 | Midstates Petroleum Co., Inc. (1) | 11,122,325 | ||||||
269,600 | Sanchez Energy Corp. (1) | 6,535,104 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | 29,982,424 | |||||||
|
| |||||||
Pharmaceuticals (5.7%) | ||||||||
1,741,511 | Corcept Therapeutics, Inc. (1) | 6,513,251 | ||||||
1,289,646 | Impax Laboratories, Inc. (1) | 31,763,981 | ||||||
533,128 | MAP Pharmaceuticals, Inc. (1) | 6,834,701 | ||||||
481,385 | Optimer Pharmaceuticals, Inc. (1) | 7,124,498 | ||||||
386,823 | Salix Pharmaceuticals, Ltd. (1) | 19,109,056 | ||||||
|
| |||||||
Total Pharmaceuticals | 71,345,487 | |||||||
|
| |||||||
Road & Rail (2.5%) | ||||||||
320,700 | Genesee & Wyoming, Inc. (1) | 17,288,937 | ||||||
180,201 | Kansas City Southern (1) | 13,879,081 | ||||||
|
| |||||||
Total Road & Rail | 31,168,018 | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment (0.8%) | ||||||||
30,954 | Cavium, Inc. (1) | 905,714 | ||||||
273,363 | Exar Corp. (1) | 2,165,035 | ||||||
167,192 | Power Integrations, Inc. | 6,333,233 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 9,403,982 | |||||||
|
| |||||||
Software (10.4%) | ||||||||
292,505 | Guidewire Software, Inc. (1) | 7,961,986 | ||||||
258,219 | Jive Software, Inc. (1) | 6,148,194 | ||||||
94,834 | MicroStrategy, Inc. (1) | 13,255,897 | ||||||
746,400 | Mitek Systems, Inc. (1) | 4,224,624 | ||||||
630,800 | Netscout Systems, Inc. (1) | 13,051,252 | ||||||
238,625 | Proofpoint, Inc. (1) | 3,125,988 | ||||||
1,086,463 | PROS Holdings, Inc. (1) | 21,392,457 | ||||||
907,666 | QLIK Technologies, Inc. (1) | 26,149,857 | ||||||
201,237 | Splunk, Inc. (1) | 6,831,996 | ||||||
23,008 | Synchronoss Technologies, Inc. (1) | 720,150 |
See accompanying notes to financial statements.
44
Table of Contents
TCW Small Cap Growth Fund
April 30, 2012 |
Number of Shares | Common Stock | Value | ||||||
Software (Continued) | ||||||||
578,100 | Take-Two Interactive Software, Inc. (1) | $ | 8,151,210 | |||||
248,731 | Ultimate Software Group, Inc. (The) (1) | 19,192,084 | ||||||
|
| |||||||
Total Software | 130,205,695 | |||||||
|
| |||||||
Specialty Retail (1.0%) | ||||||||
233,296 | Abercrombie & Fitch Co. | 11,704,460 | ||||||
59,675 | Teavana Holdings, Inc. (1) | 1,246,611 | ||||||
|
| |||||||
Total Specialty Retail | 12,951,071 | |||||||
|
| |||||||
Textiles, Apparel & Luxury Goods (5.0%) | ||||||||
1,592,800 | Crocs, Inc. (1) | 32,174,560 | ||||||
246,000 | Deckers Outdoor Corp. (1) | 12,548,460 | ||||||
393,286 | Steven Madden, Ltd. (1) | 16,993,888 | ||||||
45,775 | Tumi Holdings, Inc. (1) | 1,165,889 | ||||||
|
| |||||||
Total Textiles, Apparel & Luxury Goods | 62,882,797 | |||||||
|
| |||||||
Trading Companies & Distributors (3.8%) | ||||||||
535,675 | MRC Global, Inc. (1) | 10,499,230 | ||||||
560,109 | WESCO International, Inc. (1) | 37,185,637 | ||||||
|
| |||||||
Total Trading Companies & Distributors | 47,684,867 | |||||||
|
| |||||||
Total Common Stock (Cost: $1,014,004,568) (95.7%) | 1,193,843,945 | |||||||
|
| |||||||
Principal Amount | Short-Term Investments | |||||||
Repurchase Agreement (Cost: $37,911,266) (3.0%) | ||||||||
$ | 37,911,266 | State Street Bank & Trust Company, 0.01%, due 05/01/12, (collateralized by $35,440,000, U.S. Treasury Bond, 3.50%, due 02/15/39, valued at $38,673,900) (Total Amount to be Received Upon Repurchase $37,911,276) | 37,911,266 | |||||
|
| |||||||
Total Investments (Cost: $1,051,915,834) (98.7%) | 1,231,755,211 | |||||||
Excess of Other Assets over Liabilities (1.3%) | 15,775,653 | |||||||
|
| |||||||
Net Assets (100.0%) | $ | 1,247,530,864 | ||||||
|
|
Notes to the Schedule of Investments:
ADR - | American Depositary Receipt. Shares of a foreign based corporation held in U.S. banks entitling the shareholder to all dividends and capital gains. |
(1) | Non-income producing security. |
See accompanying notes to financial statements.
45
Table of Contents
TCW Small Cap Growth Fund
Investments by Industry (Unaudited) | April 30, 2012 |
Industry | Percentage of Net Assets | |||
Biotechnology | 5.5 | % | ||
Capital Markets | 1.3 | |||
Chemicals | 0.8 | |||
Commercial Banks | 2.9 | |||
Communications Equipment | 4.1 | |||
Computers & Peripherals | 2.8 | |||
Consumer Finance | 2.5 | |||
Diversified Financial Services | 0.8 | |||
Electronic Equipment, Instruments & Components | 5.9 | |||
Energy Equipment & Services | 5.3 | |||
Food & Staples Retailing | 5.3 | |||
Food Products | 0.8 | |||
Health Care Equipment & Supplies | 6.8 | |||
Health Care Technology | 1.1 | |||
Hotels, Restaurants & Leisure | 4.0 | |||
Household Durables | 3.9 | |||
Internet & Catalog Retail | 1.0 | |||
Internet Software & Services | 1.9 | |||
Life Sciences Tools & Services | 1.5 | |||
Machinery | 2.4 | |||
Metals & Mining | 3.5 | |||
Oil, Gas & Consumable Fuels | 2.4 | |||
Pharmaceuticals | 5.7 | |||
Road & Rail | 2.5 | |||
Semiconductors & Semiconductor Equipment | 0.8 | |||
Software | 10.4 | |||
Specialty Retail | 1.0 | |||
Textiles, Apparel & Luxury Goods | 5.0 | |||
Trading Companies & Distributors | 3.8 | |||
Short-Term Investments | 3.0 | |||
|
| |||
Total | 98.7 | % | ||
|
|
See accompanying notes to financial statements.
46
Table of Contents
Schedule of Investments (Unaudited)
April 30, 2012 |
Number of Shares | Common Stock | Value | ||||||
Aerospace & Defense (1.1% of Net Assets) | ||||||||
3,820 | TransDigm Group, Inc. (1) | $ | 481,778 | |||||
|
| |||||||
Biotechnology (5.3%) | ||||||||
53,721 | Chelsea Therapeutics International, Ltd. (1) | 113,889 | ||||||
93,730 | Human Genome Sciences, Inc. (1) | 1,378,768 | ||||||
17,271 | Ironwood Pharmaceuticals, Inc. (1) | 228,150 | ||||||
11,728 | Theravance, Inc. (1) | 253,794 | ||||||
10,855 | Vertex Pharmaceuticals, Inc. (1) | 417,700 | ||||||
|
| |||||||
Total Biotechnology | 2,392,301 | |||||||
|
| |||||||
Capital Markets (3.8%) | ||||||||
19,252 | Stifel Financial Corp. (1) | 701,158 | ||||||
15,950 | T. Rowe Price Group, Inc. | 1,006,684 | ||||||
|
| |||||||
Total Capital Markets | 1,707,842 | |||||||
|
| |||||||
Commercial Banks (2.9%) | ||||||||
20,495 | SVB Financial Group (1) | 1,313,525 | ||||||
|
| |||||||
Communications Equipment (6.5%) | ||||||||
65,499 | Aruba Networks, Inc. (1) | 1,383,339 | ||||||
11,505 | F5 Networks, Inc. (1) | 1,540,865 | ||||||
|
| |||||||
Total Communications Equipment | 2,924,204 | |||||||
|
| |||||||
Computers & Peripherals (2.8%) | ||||||||
49,450 | Fusion-io, Inc. (1) | 1,268,392 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components (3.2%) | ||||||||
10,606 | Cognex Corp. | 426,891 | ||||||
4,615 | IPG Photonics Corp. (1) | 223,366 | ||||||
18,212 | Universal Display Corp. (1) | 818,994 | ||||||
|
| |||||||
Total Electronic Equipment, Instruments & Components | 1,469,251 | |||||||
|
| |||||||
Energy Equipment & Services (6.2%) | ||||||||
6,570 | Core Laboratories N.V. (Netherlands) | 899,959 | ||||||
3,779 | Forum Energy Technologies, Inc. (1) | 87,370 | ||||||
15,604 | Lufkin Industries, Inc. | 1,199,011 | ||||||
11,895 | Oceaneering International, Inc. (1) | 614,139 | ||||||
153 | OYO Geospace Corp. (1) | 17,629 | ||||||
|
| |||||||
Total Energy Equipment & Services | 2,818,108 | |||||||
|
| |||||||
Food & Staples Retailing (2.9%) | ||||||||
27,030 | United Natural Foods, Inc. (1) | 1,332,309 | ||||||
|
| |||||||
Food Products (0.7%) | ||||||||
6,780 | Green Mountain Coffee Roasters, Inc. (1) | 330,525 | ||||||
|
|
See accompanying notes to financial statements.
47
Table of Contents
TCW SMID Cap Growth Fund
Schedule of Investments (Unaudited) (Continued) |
Number of Shares | Common Stock | Value | ||||||
Health Care Equipment & Supplies (6.0%) | ||||||||
53,068 | DexCom, Inc. (1) | $ | 519,536 | |||||
58,231 | Endologix, Inc. (1) | 872,300 | ||||||
3,015 | HeartWare International, Inc. (1) | 235,049 | ||||||
23,560 | NxStage Medical, Inc. (1) | 400,520 | ||||||
24,704 | Volcano Corp. (1) | 670,714 | ||||||
|
| |||||||
Total Health Care Equipment & Supplies | 2,698,119 | |||||||
|
| |||||||
Hotels, Restaurants & Leisure (7.0%) | ||||||||
37,416 | 7 Days Group Holdings, Ltd. (ADR) (China)(1) | 477,054 | ||||||
58,278 | Ctrip.com International, Ltd. (ADR) (China)(1) | 1,262,884 | ||||||
5,748 | Peet’s Coffee & Tea, Inc. (1) | 441,562 | ||||||
16,390 | Starwood Hotels & Resorts Worldwide, Inc. | 970,288 | ||||||
|
| |||||||
Total Hotels, Restaurants & Leisure | 3,151,788 | |||||||
|
| |||||||
Household Durables (3.4%) | ||||||||
31,411 | Harman International Industries, Inc. (1) | 1,557,357 | ||||||
|
| |||||||
Internet & Catalog Retail (1.8%) | ||||||||
22,155 | TripAdvisor, Inc. (1) | 831,034 | ||||||
|
| |||||||
Internet Software & Services (1.9%) | ||||||||
5,820 | LinkedIn Corp. (1) | 631,179 | ||||||
3,740 | SINA Corp. (China)(1) | 218,827 | ||||||
|
| |||||||
Total Internet Software & Services | 850,006 | |||||||
|
| |||||||
Life Sciences Tools & Services (2.9%) | ||||||||
11,346 | Fluidigm Corp. (1) | 177,111 | ||||||
10,145 | Illumina, Inc. (1) | 451,757 | ||||||
14,545 | Life Technologies Corp. (1) | 674,306 | ||||||
|
| |||||||
Total Life Sciences Tools & Services | 1,303,174 | |||||||
|
| |||||||
Machinery (2.4%) | ||||||||
8,587 | Chart Industries, Inc. (1) | 656,304 | ||||||
8,690 | Robbins & Myers, Inc. | 423,290 | ||||||
|
| |||||||
Total Machinery | 1,079,594 | |||||||
|
| |||||||
Metals & Mining (5.2%) | ||||||||
34,000 | Allegheny Technologies, Inc. | 1,459,960 | ||||||
14,560 | Cliffs Natural Resources, Inc. | 906,506 | ||||||
|
| |||||||
Total Metals & Mining | 2,366,466 | |||||||
|
| |||||||
Oil, Gas & Consumable Fuels (4.3%) | ||||||||
23,820 | Carrizo Oil & Gas, Inc. (1) | 667,913 | ||||||
24,334 | Midstates Petroleum Co., Inc. (1) | 397,131 | ||||||
8,520 | Rosetta Resources, Inc. (1) | 428,300 |
See accompanying notes to financial statements.
48
Table of Contents
TCW SMID Cap Growth Fund
April 30, 2012 |
Number of Shares | Common Stock | Value | ||||||
Oil, Gas & Consumable Fuels (Continued) | ||||||||
8,180 | Whiting Petroleum Corp. (1) | $ | 467,896 | |||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | 1,961,240 | |||||||
|
| |||||||
Pharmaceuticals (5.5%) | ||||||||
23,610 | Impax Laboratories, Inc. (1) | 581,514 | ||||||
19,170 | MAP Pharmaceuticals, Inc. (1) | 245,760 | ||||||
44,545 | Mylan, Inc. (1) | 967,072 | ||||||
13,765 | Salix Pharmaceuticals, Ltd. (1) | 679,991 | ||||||
|
| |||||||
Total Pharmaceuticals | 2,474,337 | |||||||
|
| |||||||
Road & Rail (2.7%) | ||||||||
11,535 | Genesee & Wyoming, Inc. (1) | 621,852 | ||||||
7,895 | Kansas City Southern (1) | 608,073 | ||||||
|
| |||||||
Total Road & Rail | 1,229,925 | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment (1.8%) | ||||||||
32,878 | ARM Holdings PLC (SP ADR) (United Kingdom) | 832,800 | ||||||
|
| |||||||
Software (8.6%) | ||||||||
16,685 | ANSYS, Inc. (1) | 1,119,063 | ||||||
19,860 | Informatica Corp. (1) | 913,957 | ||||||
32,597 | QLIK Technologies, Inc. (1) | 939,120 | ||||||
7,196 | Splunk, Inc. (1) | 244,304 | ||||||
8,941 | Ultimate Software Group, Inc. (The) (1) | 689,887 | ||||||
|
| |||||||
Total Software | 3,906,331 | |||||||
|
| |||||||
Specialty Retail (2.8%) | ||||||||
8,171 | Abercrombie & Fitch Co. | 409,939 | ||||||
26,625 | CarMax, Inc. (1) | 821,914 | ||||||
2,135 | Teavana Holdings, Inc. (1) | 44,600 | ||||||
|
| |||||||
Total Specialty Retail | 1,276,453 | |||||||
|
| |||||||
Textiles, Apparel & Luxury Goods (4.7%) | ||||||||
11,065 | Deckers Outdoor Corp. (1) | 564,426 | ||||||
6,640 | Fossil, Inc. (1) | 867,649 | ||||||
24,044 | Gildan Activewear, Inc. (1) | 691,986 | ||||||
|
| |||||||
Total Textiles, Apparel & Luxury Goods | 2,124,061 | |||||||
|
| |||||||
Trading Companies & Distributors (2.3%) | ||||||||
13,275 | Fastenal Co. | 621,535 | ||||||
5,550 | MSC Industrial Direct Co., Inc. | 409,091 | ||||||
|
| |||||||
Total Trading Companies & Distributors | 1,030,626 | |||||||
|
| |||||||
Total Common Stock (Cost: $42,255,281) (98.7%) | 44,711,546 | |||||||
|
|
See accompanying notes to financial statements.
49
Table of Contents
TCW SMID Cap Growth Fund
Schedule of Investments (Unaudited) (Continued) |
Principal Amount | Short-Term Investments | Value | ||||||
Repurchase Agreement (Cost: $866,818) (1.9%) | ||||||||
$ | 866,818 | State Street Bank & Trust Company, 0.01%, due 05/01/12 (collateralized by $780,000, U.S. Treasury Bond, 3.75%, due 08/15/41, valued at $887,915) (Total Amount to be Received Upon Repurchase $866,818) | $ | 866,818 | ||||
|
| |||||||
Total Investments (Cost: $43,122,099) (100.6%) | 45,578,364 | |||||||
Liabilities in Excess of Other Assets (–0.6%) | (286,544 | ) | ||||||
|
| |||||||
Net Assets (100.0%) | $ | 45,291,820 | ||||||
|
|
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. |
SP ADR - | Sponsored American Depositary Receipt. Shares of a foreign based corporation held in U.S. banks that are issued with the cooperation of the company whose stock underlies the ADR and entitles the shareholder to all dividends, capital gains and voting rights. |
(1) | Non-income producing security. |
See accompanying notes to financial statements.
50
Table of Contents
TCW SMID Cap Growth Fund
Investments by Industry (Unaudited) | April 30, 2012 |
Industry | Percentage of Net Assets | |||
Aerospace & Defense | 1.1 | % | ||
Biotechnology | 5.3 | |||
Capital Markets | 3.8 | |||
Commercial Banks | 2.9 | |||
Communications Equipment | 6.5 | |||
Computers & Peripherals | 2.8 | |||
Electronic Equipment, Instruments & Components | 3.2 | |||
Energy Equipment & Services | 6.2 | |||
Food & Staples Retailing | 2.9 | |||
Food Products | 0.7 | |||
Health Care Equipment & Supplies | 6.0 | |||
Hotels, Restaurants & Leisure | 7.0 | |||
Household Durables | 3.4 | |||
Internet & Catalog Retail | 1.8 | |||
Internet Software & Services | 1.9 | |||
Life Sciences Tools & Services | 2.9 | |||
Machinery | 2.4 | |||
Metals & Mining | 5.2 | |||
Oil, Gas & Consumable Fuels | 4.3 | |||
Pharmaceuticals | 5.5 | |||
Road & Rail | 2.7 | |||
Semiconductors & Semiconductor Equipment | 1.8 | |||
Software | 8.6 | |||
Specialty Retail | 2.8 | |||
Textiles, Apparel & Luxury Goods | 4.7 | |||
Trading Companies & Distributors | 2.3 | |||
Short-Term Investments | 1.9 | |||
|
| |||
Total | 100.6 | % | ||
|
|
See accompanying notes to financial statements.
51
Table of Contents
Schedule of Investments (Unaudited) |
Number of Shares | Common Stock | Value | ||||||
Aerospace & Defense (1.9% of Net Assets) | ||||||||
97,000 | Textron, Inc. | $ | 2,584,080 | |||||
|
| |||||||
Auto Components (1.8%) | ||||||||
1,350 | Autoliv, Inc. | 84,699 | ||||||
153,000 | Dana Holding Corp. (1) | 2,236,860 | ||||||
6,650 | Tenneco, Inc. (1) | 205,019 | ||||||
|
| |||||||
Total Auto Components | 2,526,578 | |||||||
|
| |||||||
Beverages (0.5%) | ||||||||
16,774 | Molson Coors Brewing Co. — Class B | 697,463 | ||||||
|
| |||||||
Capital Markets (3.4%) | ||||||||
15,100 | Cohen & Steers, Inc. | 532,124 | ||||||
94,588 | Invesco, Ltd. | 2,349,566 | ||||||
137,251 | Knight Capital Group, Inc. (1) | 1,803,478 | ||||||
|
| |||||||
Total Capital Markets | 4,685,168 | |||||||
|
| |||||||
Chemicals (5.1%) | ||||||||
44,338 | Celanese Corp. | 2,148,620 | ||||||
43,314 | Cytec Industries, Inc. | 2,753,471 | ||||||
34,858 | International Flavors & Fragrances, Inc. | 2,098,800 | ||||||
|
| |||||||
Total Chemicals | 7,000,891 | |||||||
|
| |||||||
Commercial Banks (4.3%) | ||||||||
23,050 | Boston Private Financial Holdings, Inc. | 214,826 | ||||||
23,066 | Comerica, Inc. | 738,573 | ||||||
182,158 | Fulton Financial Corp. | 1,910,837 | ||||||
246,093 | KeyCorp | 1,978,588 | ||||||
179,238 | Synovus Financial Corp. | 376,400 | ||||||
67,742 | TCF Financial Corp. | 777,001 | ||||||
|
| |||||||
Total Commercial Banks | 5,996,225 | |||||||
|
| |||||||
Commercial Services & Supplies (0.2%) | ||||||||
11,000 | Tetra Tech, Inc. (1) | 293,700 | ||||||
|
| |||||||
Communications Equipment (2.7%) | ||||||||
436,700 | Brocade Communications Systems, Inc. (1) | 2,419,318 | ||||||
29,600 | Harris Corp. | 1,347,984 | ||||||
|
| |||||||
Total Communications Equipment | 3,767,302 | |||||||
|
| |||||||
Computers & Peripherals (4.6%) | ||||||||
111,700 | Seagate Technology PLC (Netherlands)(1) | 3,435,892 | ||||||
75,626 | Western Digital Corp. (1) | 2,935,045 | ||||||
|
| |||||||
Total Computers & Peripherals | 6,370,937 | |||||||
|
| |||||||
Construction & Engineering (1.4%) | ||||||||
45,003 | Jacobs Engineering Group, Inc. (1) | 1,972,481 | ||||||
|
|
See accompanying notes to financial statements.
52
Table of Contents
TCW Value Opportunities Fund
April 30, 2012 |
Number of Shares | Common Stock | Value | ||||||
Containers & Packaging (0.3%) | ||||||||
12,250 | Packaging Corp. of America | $ | 357,578 | |||||
|
| |||||||
Distributors (0.2%) | ||||||||
6,650 | Pool Corp. | 245,452 | ||||||
|
| |||||||
Diversified Financial Services (0.5%) | ||||||||
80,650 | KKR Financial Holdings LLC | 732,302 | ||||||
|
| |||||||
Diversified Telecommunication Services (1.1%) | ||||||||
133,674 | Windstream Corp. | 1,502,496 | ||||||
|
| |||||||
Electric Utilities (1.1%) | ||||||||
56,194 | Hawaiian Electric Industries, Inc. | 1,491,389 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components (2.0%) | ||||||||
75,296 | Avnet, Inc. (1) | 2,716,680 | ||||||
|
| |||||||
Energy Equipment & Services (4.1%) | ||||||||
31,574 | Ensco International PLC (SP ADR) (United Kingdom) | 1,725,519 | ||||||
111,482 | Nabors Industries, Ltd. (1) | 1,856,175 | ||||||
107,150 | Newpark Resources, Inc. (1) | 681,474 | ||||||
97,387 | Weatherford International, Ltd. (1) | 1,389,713 | ||||||
|
| |||||||
Total Energy Equipment & Services | 5,652,881 | |||||||
|
| |||||||
Food Products (1.5%) | ||||||||
47,800 | Campbell Soup Co. | 1,617,074 | ||||||
57,900 | Dole Food Co., Inc. (1) | 490,992 | ||||||
|
| |||||||
Total Food Products | 2,108,066 | |||||||
|
| |||||||
Health Care Equipment & Supplies (1.2%) | ||||||||
83,542 | Hologic, Inc. (1) | 1,597,323 | ||||||
|
| |||||||
Health Care Providers & Services (3.6%) | ||||||||
58,636 | CIGNA Corp. | 2,710,743 | ||||||
66,492 | Coventry Health Care, Inc. (1) | 1,994,095 | ||||||
53,396 | Tenet Healthcare Corp. (1) | 277,125 | ||||||
|
| |||||||
Total Health Care Providers & Services | 4,981,963 | |||||||
|
| |||||||
Hotels, Restaurants & Leisure (2.7%) | ||||||||
59,332 | International Speedway Corp. | 1,583,571 | ||||||
53,724 | Marriott International, Inc. | 2,100,071 | ||||||
|
| |||||||
Total Hotels, Restaurants & Leisure | 3,683,642 | |||||||
|
| |||||||
Household Durables (5.7%) | ||||||||
7,500 | Harman International Industries, Inc. | 371,850 | ||||||
35,900 | Jarden Corp. | 1,505,287 | ||||||
80,350 | KB HOME | 697,438 | ||||||
86,620 | Lennar Corp. | 2,402,839 |
See accompanying notes to financial statements.
53
Table of Contents
TCW Value Opportunities Fund
Schedule of Investments (Unaudited) (Continued) |
Number of Shares | Common Stock | Value | ||||||
Household Durables (Continued) | ||||||||
12,855 | PulteGroup, Inc. (1) | $ | 126,493 | |||||
110,365 | Toll Brothers, Inc. (1) | 2,803,271 | ||||||
|
| |||||||
Total Household Durables | 7,907,178 | |||||||
|
| |||||||
Household Products (1.7%) | ||||||||
33,195 | Energizer Holdings, Inc. (1) | 2,367,799 | ||||||
|
| |||||||
Independent Power Producers & Energy Traders (0.9%) | ||||||||
103,800 | AES Corporation (The) (1) | 1,299,576 | ||||||
|
| |||||||
Insurance (4.9%) | ||||||||
58,286 | Arch Capital Group, Ltd. (1) | 2,289,474 | ||||||
41,300 | MBIA, Inc. (1) | 416,304 | ||||||
8,963 | PartnerRe, Ltd. | 624,004 | ||||||
20,800 | Reinsurance Group of America, Inc. | 1,209,312 | ||||||
60,200 | Willis Group Holdings PLC | 2,194,892 | ||||||
|
| |||||||
Total Insurance | 6,733,986 | |||||||
|
| |||||||
Internet & Catalog Retail (1.0%) | ||||||||
32,426 | Expedia, Inc. | 1,382,320 | ||||||
|
| |||||||
Internet Software & Services (0.5%) | ||||||||
77,000 | Monster Worldwide, Inc. (1) | 664,510 | ||||||
|
| |||||||
Life Sciences Tools & Services (1.9%) | ||||||||
56,163 | Covance, Inc. (1) | 2,626,182 | ||||||
|
| |||||||
Machinery (7.6%) | ||||||||
32,619 | Dover Corp. | 2,043,907 | ||||||
8,600 | Gardner Denver, Inc. | 560,204 | ||||||
12,069 | Joy Global, Inc. | 854,123 | ||||||
65,000 | Kennametal, Inc. | 2,744,950 | ||||||
32,145 | SPX Corp. | 2,468,093 | ||||||
78,008 | Terex Corp. (1) | 1,766,101 | ||||||
|
| |||||||
Total Machinery | 10,437,378 | |||||||
|
| |||||||
Metals & Mining (4.0%) | ||||||||
16,250 | Allegheny Technologies, Inc. | 697,775 | ||||||
19,800 | Cliffs Natural Resources, Inc. | 1,232,748 | ||||||
129,407 | Commercial Metals Co. | 1,912,635 | ||||||
131,600 | Thompson Creek Metals Co., Inc. (1) | 780,388 | ||||||
50,000 | Worthington Industries, Inc. | 892,000 | ||||||
|
| |||||||
Total Metals & Mining | 5,515,546 | |||||||
|
| |||||||
Multi-Utilities (1.4%) | ||||||||
17,000 | Avista Corp. | 449,480 | ||||||
17,509 | Consolidated Edison, Inc. | 1,040,910 |
See accompanying notes to financial statements.
54
Table of Contents
TCW Value Opportunities Fund
April 30, 2012 |
Number of Shares | Common Stock | Value | ||||||
Multi-Utilities (Continued) | ||||||||
12,100 | NorthWestern Corp. | $ | 429,792 | |||||
|
| |||||||
Total Multi-Utilities | 1,920,182 | |||||||
|
| |||||||
Oil, Gas & Consumable Fuels (4.4%) | ||||||||
120,794 | Denbury Resources, Inc. (1) | 2,299,918 | ||||||
43,798 | Murphy Oil Corp. | 2,407,576 | ||||||
60,400 | Tesoro Corp. (1) | 1,404,300 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | 6,111,794 | |||||||
|
| |||||||
Pharmaceuticals (1.9%) | ||||||||
25,600 | Hospira, Inc. (1) | 899,072 | ||||||
80,050 | Mylan, Inc. (1) | 1,737,885 | ||||||
|
| |||||||
Total Pharmaceuticals | 2,636,957 | |||||||
|
| |||||||
Real Estate Management & Development (0.6%) | ||||||||
10,250 | Jones Lang LaSalle, Inc. | 819,385 | ||||||
|
| |||||||
REIT (6.9%) | ||||||||
11,169 | Boston Properties, Inc. | 1,209,044 | ||||||
13,476 | Digital Realty Trust, Inc. | 1,011,913 | ||||||
17,259 | Health Care REIT, Inc. | 977,895 | ||||||
23,712 | Home Properties, Inc. | 1,447,618 | ||||||
23,172 | Kilroy Realty Corp. | 1,099,511 | ||||||
111,045 | Kimco Realty Corp. | 2,155,383 | ||||||
45,313 | Liberty Property Trust | 1,651,659 | ||||||
|
| |||||||
Total REIT | 9,553,023 | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment (5.8%) | ||||||||
66,727 | Broadcom Corp. (1) | 2,442,208 | ||||||
43,950 | International Rectifier Corp. (1) | 959,429 | ||||||
14,700 | Lam Research Corp. (1) | 612,255 | ||||||
75,576 | Maxim Integrated Products, Inc. | 2,235,538 | ||||||
8,800 | Novellus Systems, Inc. (1) | 411,400 | ||||||
80,000 | Teradyne, Inc. (1) | 1,376,800 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 8,037,630 | |||||||
|
| |||||||
Software (0.5%) | ||||||||
50,100 | Activision Blizzard, Inc. | 644,787 | ||||||
|
| |||||||
Specialty Retail (6.3%) | ||||||||
159,905 | American Eagle Outfitters, Inc. | 2,879,889 | ||||||
23,600 | ANN, Inc. (1) | 653,484 | ||||||
8,050 | Asbury Automotive Group, Inc. (1) | 224,756 | ||||||
50,669 | Foot Locker, Inc. | 1,549,965 | ||||||
57,750 | GameStop Corp. (1) | 1,314,390 |
See accompanying notes to financial statements.
55
Table of Contents
TCW Value Opportunities Fund
Schedule of Investments (Unaudited) (Continued) |
Number of Shares | Common Stock | Value | ||||||
Specialty Retail (Continued) | ||||||||
72,700 | Gap, Inc. (The) | $ | 2,071,950 | |||||
|
| |||||||
Total Specialty Retail | 8,694,434 | |||||||
|
| |||||||
Total Common Stock (Cost: $116,217,346) (100.2%) | 138,317,264 | |||||||
|
| |||||||
Principal Amount | Short-Term Investments | |||||||
Repurchase Agreement (Cost: $398,784) (0.3%) | ||||||||
$ | 398,784 | State Street Bank & Trust Company, 0.01%, due 05/01/12, (collateralized by $360,000, U.S. Treasury Bond, 3.75%, due 08/15/41, valued at $409,807) (Total Amount to be Received Upon Repurchase $398,784) | 398,784 | |||||
|
| |||||||
Total Investments (Cost: $116,616,130) (100.5%) | 138,716,048 | |||||||
Liabilities in Excess of Other Assets (–0.5%) | (636,379 | ) | ||||||
|
| |||||||
Net Assets (100.0%) | $ | 138,079,669 | ||||||
|
|
Notes to the Schedule of Investments:
REIT - | Real Estate Investment Trust. |
SP ADR - | Sponsored American Depositary Receipt. Shares of a foreign based corporation held in U.S. banks that are issued with the cooperation of the company whose stock underlies the ADR and entitles the shareholder to all dividends, capital gains and voting rights. |
(1) | Non-income producing security. |
See accompanying notes to financial statements.
56
Table of Contents
TCW Value Opportunities Fund
Investments by Industry (Unaudited) | April 30, 2012 |
Industry | Percentage of Net Assets | |||
Aerospace & Defense | 1.9 | % | ||
Auto Components | 1.8 | |||
Beverages | 0.5 | |||
Capital Markets | 3.4 | |||
Chemicals | 5.1 | |||
Commercial Banks | 4.3 | |||
Commercial Services & Supplies | 0.2 | |||
Communications Equipment | 2.7 | |||
Computers & Peripherals | 4.6 | |||
Construction & Engineering | 1.4 | |||
Containers & Packaging | 0.3 | |||
Distributors | 0.2 | |||
Diversified Financial Services | 0.5 | |||
Diversified Telecommunication Services | 1.1 | |||
Electric Utilities | 1.1 | |||
Electronic Equipment, Instruments & Components | 2.0 | |||
Energy Equipment & Services | 4.1 | |||
Food Products | 1.5 | |||
Health Care Equipment & Supplies | 1.2 | |||
Health Care Providers & Services | 3.6 | |||
Hotels, Restaurants & Leisure | 2.7 | |||
Household Durables | 5.7 | |||
Household Products | 1.7 | |||
Independent Power Producers & Energy Traders | 0.9 | |||
Insurance | 4.9 | |||
Internet & Catalog Retail | 1.0 | |||
Internet Software & Services | 0.5 | |||
Life Sciences Tools & Services | 1.9 | |||
Machinery | 7.6 | |||
Metals & Mining | 4.0 | |||
Multi-Utilities | 1.4 | |||
Oil, Gas & Consumable Fuels | 4.4 | |||
Pharmaceuticals | 1.9 | |||
REIT | 6.9 | |||
Real Estate Management & Development | 0.6 | |||
Semiconductors & Semiconductor Equipment | 5.8 | |||
Software | 0.5 | |||
Specialty Retail | 6.3 | |||
Short-Term Investments | 0.3 | |||
|
| |||
Total | 100.5 | % | ||
|
|
See accompanying notes to financial statements.
57
Table of Contents
TCW Global Conservative Allocation Fund
Schedule of Investments (Unaudited) |
Number of Shares | Investment Companies | Value | ||||||
Diversified Fixed Income Funds (57.2% of Net Assets) | ||||||||
534,808 | TCW Money Market Fund — I Class (1) | $ | 534,808 | |||||
612,040 | TCW Total Return Bond Fund — I Class (1) | 6,040,836 | ||||||
|
| |||||||
Total Diversified Fixed Income Funds | 6,575,644 | |||||||
|
| |||||||
Diversified U.S. Equity Funds (37.2%) | ||||||||
19,266 | TCW Growth Equities Fund — I Class (1)(2) | 298,234 | ||||||
65,181 | TCW Relative Value Large Cap Fund — I Class (1) | 951,641 | ||||||
149,621 | TCW Select Equities Fund — I Class (1)(2) | 3,032,812 | ||||||
|
| |||||||
Total Diversified U.S. Equity Funds | 4,282,687 | |||||||
|
| |||||||
Exchange-Traded Fund (4.4%) | ||||||||
26,620 | ProShares UltraShort Euro (2) | 511,370 | ||||||
|
| |||||||
Total Investment Companies (Cost: $10,486,765) (98.8%) | 11,369,701 | |||||||
|
| |||||||
Total Investments (Cost: $10,486,765) (98.8%) | 11,369,701 | |||||||
Excess of Other Assets over Liabilities (1.2%) | 135,089 | |||||||
|
| |||||||
Net Assets (100.0%) | $ | 11,504,790 | ||||||
|
|
Notes to the Schedule of Investments:
(1) | Affiliated issuer. |
(2) | Non-income producing security. |
See accompanying notes to financial statements.
58
Table of Contents
TCW Global Conservative Allocation Fund
Investments by Industry (Unaudited) | April 30, 2012 |
Industry | Percentage of Net Assets | |||
Diversified Fixed Income Funds | 57.2 | % | ||
Diversified U.S. Equity Funds | 37.2 | |||
Exchange-Traded Funds | 4.4 | |||
|
| |||
Total | 98.8 | % | ||
|
|
See accompanying notes to financial statements.
59
Table of Contents
TCW Global Flexible Allocation Fund
Schedule of Investments (Unaudited) |
Number of Shares | Investment Companies | Value | ||||||
Diversified International Fixed Income Funds (3.4% of Net Assets) | ||||||||
6,523 | TCW Emerging Markets Income Fund — I Class (1) | $ | 57,595 | |||||
|
| |||||||
Diversified U.S. Equity Funds (47.4%) | ||||||||
3,542 | TCW Growth Equities Fund — I Class (1)(2) | 54,830 | ||||||
16,912 | TCW Relative Value Large Cap Fund — I Class (1) | 246,910 | ||||||
19,705 | TCW Select Equities Fund — I Class (1)(2) | 399,426 | ||||||
1,394 | TCW Small Cap Growth Fund — I Class (1)(2) | 41,224 | ||||||
2,735 | TCW Value Opportunities Fund — I Class (1) | 54,400 | ||||||
|
| |||||||
Total Diversified U.S. Equity Funds | 796,790 | |||||||
|
| |||||||
Diversified U.S. Fixed Income Funds (10.1%) | ||||||||
2,982 | Metropolitan West High Yield Bond Fund — I Class (1) | 30,182 | ||||||
14,035 | TCW Total Return Bond Fund — I Class (1) | 138,526 | ||||||
|
| |||||||
Total Diversified U.S. Fixed Income Funds | 168,708 | |||||||
|
| |||||||
Exchange-Traded Funds (34.3%) | ||||||||
2,210 | iShares MSCI EAFE Index Fund | 118,788 | ||||||
6,210 | iShares MSCI Japan Index Fund | 60,485 | ||||||
12,070 | ProShares UltraShort Euro (2) | 231,865 | ||||||
4,480 | ProShares UltraShort MSCI Europe (2) | 165,446 | ||||||
|
| |||||||
Total Exchange-Traded Funds | 576,584 | |||||||
|
| |||||||
Total Investment Companies (Cost: 1,479,429) (95.2%) | 1,599,677 | |||||||
|
| |||||||
Exchange-Traded Limited Partnership (Cost: $57,846) (3.4%) | ||||||||
1,430 | United States Oil Fund LP (2) | 56,742 | ||||||
|
| |||||||
Total Investments (Cost: $1,537,275) (98.6%) | 1,656,419 | |||||||
Excess of Other Assets over Liabilities (1.4%) | 23,825 | |||||||
|
| |||||||
Net Assets (100.0%) | $ | 1,680,244 | ||||||
|
|
Notes to the Schedule of Investments:
(1) | Affiliated issuer. |
(2) | Non-income producing security. |
See accompanying notes to financial statements.
60
Table of Contents
TCW Global Flexible Allocation Fund
Investments by Industry (Unaudited) | April 30, 2012 |
Industry | Percentage of Net Assets | |||
Diversified International Fixed Income Funds | 3.4 | % | ||
Diversified U.S. Equity Funds | 47.4 | |||
Diversified U.S. Fixed Income Funds | 10.1 | |||
Exchange-Traded Funds | 34.3 | |||
Exchange-Traded Limited Partnership | 3.4 | |||
|
| |||
Total | 98.6 | % | ||
|
|
See accompanying notes to financial statements.
61
Table of Contents
TCW Global Moderate Allocation Fund
Schedule of Investments (Unaudited) |
Number of Shares | Investment Companies | Value | ||||||
Diversified Fixed Income Funds (27.8% of Net Assets) | ||||||||
73,211 | Metropolitan West High Yield Bond Fund — I Class (1) | $ | 740,899 | |||||
38,774 | Metropolitan West Total Return Bond Fund — I Class (1) | 411,395 | ||||||
214,401 | TCW Total Return Bond Fund — I Class (1) | 2,116,141 | ||||||
|
| |||||||
Total Diversified Fixed Income Funds | 3,268,435 | |||||||
|
| |||||||
Diversified U.S. Equity Funds (51.9%) | ||||||||
49,825 | TCW Growth Equities Fund — I Class (1)(2) | 771,285 | ||||||
90,293 | TCW Relative Value Large Cap Fund — I Class (1) | 1,318,272 | ||||||
167,057 | TCW Select Equities Fund — I Class (1)(2) | 3,386,251 | ||||||
31,578 | TCW Value Opportunities Fund — I Class (1) | 628,077 | ||||||
|
| |||||||
Total Diversified U.S. Equity Funds | 6,103,885 | |||||||
|
| |||||||
Exchange-Traded Funds (19.5%) | ||||||||
11,000 | iShares MSCI Japan Index Fund | 107,140 | ||||||
71,710 | ProShares UltraShort Euro (2) | 1,377,549 | ||||||
21,980 | ProShares UltraShort MSCI Europe (2) | 811,722 | ||||||
|
| |||||||
Total Exchange-Traded Funds | 2,296,411 | |||||||
|
| |||||||
Total Investment Companies (Cost: $10,303,456) (99.2%) | 11,668,731 | |||||||
|
| |||||||
Total Investments (Cost: $10,303,456) (99.2%) | 11,668,731 | |||||||
Excess of Other Assets over Liabilities (0.8%) | 96,513 | |||||||
|
| |||||||
Net Assets (100.0%) | $ | 11,765,244 | ||||||
|
|
Notes to the Schedule of Investments:
(1) | Affiliated issuer. |
(2) | Non-income producing security. |
See accompanying notes to financial statements.
62
Table of Contents
TCW Global Moderate Allocation Fund
Investments by Industry (Unaudited) | April 30, 2012 |
Industry | Percentage of Net Assets | |||
Diversified Fixed Income Funds | 27.8 | % | ||
Diversified U.S. Equity Funds | 51.9 | |||
Exchange-Traded Funds | 19.5 | |||
|
| |||
Total | 99.2 | % | ||
|
|
See accompanying notes to financial statements.
63
Table of Contents
Statements of Assets and Liabilities (Unaudited) | April 30, 2012 |
TCW Concentrated Value Fund | TCW Dividend Focused Fund | TCW Emerging Markets Equities Fund | TCW Growth Fund | |||||||||||||
Dollar Amounts in Thousands (Except per Share Amounts) | ||||||||||||||||
ASSETS | ||||||||||||||||
Investments, at Value (1) | $ | 25,559 | $ | 654,298 | $ | 16,445 | $ | 29,379 | ||||||||
Foreign Currency, at Value | — | — | 197 | (2) | — | |||||||||||
Receivable for Securities Sold | 188 | — | 948 | 70 | ||||||||||||
Receivable for Fund Shares Sold | — | 491 | 1 | — | ||||||||||||
Interest and Dividends Receivable | 10 | 522 | 39 | 6 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 25,757 | 655,311 | 17,630 | 29,455 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Payable for Securities Purchased | 123 | 260 | 366 | 105 | ||||||||||||
Payable for Fund Shares Redeemed | 75 | 433 | 2 | — | ||||||||||||
Accrued Directors’ Fees and Expenses | 4 | 4 | 4 | 4 | ||||||||||||
Accrued Compliance Expense | — | (3) | 1 | — | (3) | — | (3) | |||||||||
Accrued Management Fees | 12 | 411 | 1 | 9 | ||||||||||||
Accrued Distribution Fees | — | (3) | 123 | 2 | — | (3) | ||||||||||
Other Accrued Expenses | 34 | 208 | 31 | 30 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 248 | 1,440 | 406 | 148 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 25,509 | $ | 653,871 | $ | 17,224 | $ | 29,307 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in Capital | $ | 34,987 | $ | 866,275 | $ | 20,196 | $ | 26,827 | ||||||||
Accumulated Net Realized Loss on Investments and Foreign Currency | (11,170 | ) | (285,588 | ) | (2,796 | ) | (796 | ) | ||||||||
Unrealized Appreciation (Depreciation) of Investments and Foreign Currency | 1,672 | 72,188 | (133 | ) | 3,308 | |||||||||||
Undistributed Net Investment Income (Loss) | 20 | 996 | (43 | ) | (32 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 25,509 | $ | 653,871 | $ | 17,224 | $ | 29,307 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS ATTRIBUTABLE TO: | ||||||||||||||||
I Class Share | $ | 24,568 | $ | 66,843 | $ | 9,963 | $ | 28,557 | ||||||||
|
|
|
|
|
|
|
| |||||||||
N Class Share | $ | 941 | $ | 587,028 | $ | 7,261 | $ | 750 | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARES OUTSTANDING: (4) | ||||||||||||||||
I Class Share | 2,016,116 | 5,825,680 | 1,099,827 | 1,221,191 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
N Class Share | 77,870 | 50,479,183 | 801,993 | 32,070 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSET VALUE PER SHARE: (5) | ||||||||||||||||
I Class Share | $ | 12.19 | $ | 11.47 | $ | 9.06 | $ | 23.38 | ||||||||
|
|
|
|
|
|
|
| |||||||||
N Class Share | $ | 12.08 | $ | 11.63 | $ | 9.05 | $ | 23.38 | ||||||||
|
|
|
|
|
|
|
|
(1) | The identified cost for the TCW Concentrated Value Fund, the TCW Dividend Focused Fund, the TCW Emerging Markets Equities Fund and the TCW Growth Fund at April 30, 2012 was $23,887, $582,110, $16,577 and $26,071, respectively. |
(2) | The identified cost at April 30, 2012 was $197. |
(3) | Amount rounds to less than $1. |
(4) | The number of authorized shares, with a par value of $0.001 per share, for the TCW Concentrated Value Fund, the TCW Dividend Focused Fund, the TCW Emerging Markets Equities Fund, and the TCW Growth Fund is 2,000,000,000 for each of the I Class and N Class shares. |
(5) | Represents offering price and redemption price per share. |
See accompanying notes to financial statements.
64
Table of Contents
TCW Funds, Inc.
Statements of Assets and Liabilities (Unaudited) | April 30, 2012 |
TCW Growth Equities Fund | TCW International Small Cap Fund | TCW Relative Value Large Cap Fund | TCW Select Equities Fund | |||||||||||||
Dollar Amounts in Thousands (Except per Share Amounts) | ||||||||||||||||
ASSETS | ||||||||||||||||
Investments, at Value (1) | $ | 102,311 | $ | 31,671 | $ | 705,587 | $ | 950,211 | ||||||||
Foreign Currency, at Value | — | 389 | (2) | — | — | |||||||||||
Receivable for Securities Sold | 197 | 612 | 435 | 810 | ||||||||||||
Receivable for Fund Shares Sold | 14 | 25 | 3,123 | 4,842 | ||||||||||||
Interest and Dividends Receivable | 36 | 59 | 375 | 76 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 102,558 | 32,756 | 709,520 | 955,939 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Payable for Securities Purchased | 318 | 848 | — | 10,527 | ||||||||||||
Payable for Fund Shares Redeemed | 50 | 23 | 626 | 758 | ||||||||||||
Accrued Directors’ Fees and Expenses | 4 | 4 | 4 | 4 | ||||||||||||
Accrued Compliance Expense | — | (3) | — | (3) | 1 | — | (3) | |||||||||
Accrued Management Fees | 81 | 14 | 388 | 583 | ||||||||||||
Accrued Distribution Fees | 2 | 3 | 11 | 72 | ||||||||||||
Other Accrued Expenses | 41 | 21 | 172 | 157 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 496 | 913 | 1,202 | 12,101 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 102,062 | $ | 31,843 | $ | 708,318 | $ | 943,838 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in Capital | $ | 80,407 | $ | 36,379 | $ | 789,383 | $ | 650,947 | ||||||||
Accumulated Net Realized Gain (Loss) on Investments and Foreign Currency | 1,955 | (3,966 | ) | (137,755 | ) | 8,045 | ||||||||||
Unrealized Appreciation (Depreciation) of Investments and Foreign Currency | 20,000 | (139 | ) | 55,313 | 285,587 | |||||||||||
Undistributed Net Investment Income (Loss) | (300 | ) | (431 | ) | 1,377 | (741 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 102,062 | $ | 31,843 | $ | 708,318 | $ | 943,838 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS ATTRIBUTABLE TO: | ||||||||||||||||
I Class Share | $ | 92,782 | $ | 19,896 | $ | 658,337 | $ | 590,930 | ||||||||
|
|
|
|
|
|
|
| |||||||||
N Class Share | $ | 9,280 | $ | 11,947 | $ | 49,981 | $ | 352,908 | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARES OUTSTANDING: (4) | ||||||||||||||||
I Class Share | 5,994,088 | 2,471,610 | 45,076,601 | 29,155,464 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
N Class Share | 601,708 | 1,484,066 | 3,424,723 | 18,283,283 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSET VALUE PER SHARE: (5) | ||||||||||||||||
I Class Share | $ | 15.48 | $ | 8.05 | $ | 14.60 | $ | 20.27 | ||||||||
|
|
|
|
|
|
|
| |||||||||
N Class Share | $ | 15.42 | $ | 8.05 | $ | 14.59 | $ | 19.30 | ||||||||
|
|
|
|
|
|
|
|
(1) | The identified cost for the TCW Growth Equities Fund, the TCW International Small Cap Fund, the TCW Relative Value Large Cap Fund and the TCW Select Equities Fund at April 30, 2012 was $82,311, $31,811, $650,274 and $664,624, respectively. |
(2) | The identified cost at April 30, 2012 was $389. |
(3) | Amount rounds to less than $1. |
(4) | The number of authorized shares, with a par value of $0.001 per share, for the TCW Growth Equities Fund is 4,000,000,000 for each of the I Class and N Class shares, the TCW International Small Cap Fund, and the TCW Relative Value Large Cap Fund is 2,000,000,000 for each of the I Class and N Class shares, the TCW Select Equities Fund is 1,667,000,000 for each of the I Class and N Class shares. |
(5) | Represents offering price and redemption price per share. |
See accompanying notes to financial statements.
65
Table of Contents
TCW Funds, Inc.
Statements of Assets and Liabilities (Unaudited) | April 30, 2012 |
TCW Small Cap Growth Fund | TCW SMID Cap Growth Fund | TCW Value Opportunities Fund | TCW Global Conservative Allocation Fund | |||||||||||||
Dollar Amounts in Thousands (Except per Share Amounts) | ||||||||||||||||
ASSETS | ||||||||||||||||
Investments, at Value (1) | $ | 1,231,755 | $ | 45,578 | $ | 138,716 | $ | 511 | ||||||||
Investment in Affiliated Issuers, at Value (1) | — | — | — | 10,859 | ||||||||||||
Cash | — | — | — | 154 | ||||||||||||
Receivable for Securities Sold | 29,868 | 371 | 1,431 | — | ||||||||||||
Receivable for Fund Shares Sold | 1,711 | — | 54 | 1 | ||||||||||||
Interest and Dividends Receivable | 171 | 12 | 51 | 32 | ||||||||||||
Receivable from Investment Advisor | — | — | — | 3 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 1,263,505 | 45,961 | 140,252 | 11,560 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Payable for Securities Purchased | 13,115 | 597 | 1,628 | 32 | ||||||||||||
Payable for Fund Shares Redeemed | 1,307 | — | 334 | — | ||||||||||||
Accrued Directors’ Fees and Expenses | 4 | 4 | 4 | 4 | ||||||||||||
Accrued Compliance Expense | 1 | — | (2) | 1 | — | (2) | ||||||||||
Accrued Management Fees | 1,052 | 26 | 87 | — | ||||||||||||
Accrued Distribution Fees | 45 | 4 | 7 | — | (2) | |||||||||||
Other Accrued Expenses | 450 | 38 | 111 | 19 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 15,974 | 669 | 2,172 | 55 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 1,247,531 | $ | 45,292 | $ | 138,080 | $ | 11,505 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in Capital | $ | 1,133,801 | $ | 48,604 | $ | 136,984 | $ | 10,753 | ||||||||
Accumulated Net Realized Loss on Investments | (60,257 | ) | (5,579 | ) | (20,835 | ) | (226 | ) | ||||||||
Unrealized Appreciation of Investments | 179,839 | 2,456 | 22,100 | 883 | ||||||||||||
Undistributed Net Investment Income (Loss) | (5,852 | ) | (189 | ) | (169 | ) | 95 | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 1,247,531 | $ | 45,292 | $ | 138,080 | $ | 11,505 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS ATTRIBUTABLE TO: | ||||||||||||||||
I Class Share | $ | 1,031,095 | $ | 25,272 | $ | 103,774 | $ | 10,660 | ||||||||
|
|
|
|
|
|
|
| |||||||||
N Class Share | $ | 216,436 | $ | 20,020 | $ | 34,306 | $ | 845 | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARES OUTSTANDING: (3) | ||||||||||||||||
I Class Share | 34,872,182 | 2,254,763 | 5,217,504 | 1,001,562 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
N Class Share | 7,635,867 | 1,785,869 | 1,753,718 | 79,404 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSET VALUE PER SHARE: (4) | ||||||||||||||||
I Class Share | $ | 29.57 | $ | 11.21 | $ | 19.89 | $ | 10.64 | ||||||||
|
|
|
|
|
|
|
| |||||||||
N Class Share | $ | 28.34 | $ | 11.21 | $ | 19.56 | $ | 10.64 | ||||||||
|
|
|
|
|
|
|
|
(1) | The identified cost for the TCW Small Cap Growth Fund, the TCW SMID Cap Growth Fund, the TCW Value Opportunities Fund and the TCW Global Conservative Allocation Fund at April 30, 2012 was $1,051,916, $43,122, $116,616 and $10,487, respectively. |
(2) | Amount rounds to less than $1. |
(3) | The number of authorized shares, with a par value of $0.001 per share, for the TCW Small Cap Growth Fund is 1,666,000,000 for each of the I Class and N Class shares, the TCW SMID Cap Growth Fund is 2,000,000,000 for each of the I Class and N Class shares, the TCW Value Opportunities Fund and TCW Global Conservative Allocation Fund is 2,000,000,000 for each of the I Class and N Class shares. |
(4) | Represents offering price and redemption price per share. |
See accompanying notes to financial statements.
66
Table of Contents
TCW Funds, Inc.
Statements of Assets and Liabilities (Unaudited) | April 30, 2012 |
TCW Global Flexible Allocation Fund | TCW Global Moderate Allocation Fund | |||||||
Dollar Amounts in Thousands (Except per Share Amounts) | ||||||||
ASSETS | ||||||||
Investments, at Value (1) | $ | 633 | $ | 2,297 | ||||
Investment in Affiliated Issuers, at Value (1) | 1,023 | 9,372 | ||||||
Cash | 36 | 118 | ||||||
Interest and Dividends Receivable | 1 | 17 | ||||||
Receivable from Investment Advisor | 11 | 3 | ||||||
|
|
|
| |||||
Total Assets | 1,704 | 11,807 | ||||||
|
|
|
| |||||
LIABILITIES | ||||||||
Payable for Securities Purchased | 1 | 17 | ||||||
Accrued Directors’ Fees and Expenses | 4 | 5 | ||||||
Accrued Compliance Expense | — | — | (2) | |||||
Accrued Distribution Fees | — | (2) | — | (2) | ||||
Other Accrued Expenses | 19 | 20 | ||||||
|
|
|
| |||||
Total Liabilities | 24 | 42 | ||||||
|
|
|
| |||||
NET ASSETS | $ | 1,680 | $ | 11,765 | ||||
|
|
|
| |||||
NET ASSETS CONSIST OF: | ||||||||
Paid-in Capital | $ | 1,644 | $ | 10,379 | ||||
Accumulated Net Realized Loss on Investments | (63 | ) | (8 | ) | ||||
Unrealized Appreciation of Investments | 119 | 1,366 | ||||||
Undistributed Net Investment Income (Loss) | (20 | ) | 28 | |||||
|
|
|
| |||||
NET ASSETS | $ | 1,680 | $ | 11,765 | ||||
|
|
|
| |||||
NET ASSETS ATTRIBUTABLE TO: | ||||||||
I Class Share | $ | 1,676 | $ | 11,762 | ||||
|
|
|
| |||||
N Class Share | $ | 4 | $ | 3 | ||||
|
|
|
| |||||
CAPITAL SHARES OUTSTANDING: (3) | ||||||||
I Class Share | 202,846 | 1,292,053 | ||||||
|
|
|
| |||||
N Class Share | 513 | 290 | ||||||
|
|
|
| |||||
NET ASSET VALUE PER SHARE: (4) | ||||||||
I Class Share | $ | 8.26 | $ | 9.10 | ||||
|
|
|
| |||||
N Class Share | $ | 8.25 | $ | 9.21 | ||||
|
|
|
|
(1) | The identified cost for the TCW Global Flexible Allocation Fund and the TCW Global Moderate Allocation Fund at April 30, 2012 was $1,537 and $10,303, respectively. |
(2) | Amount rounds to less than $1. |
(3) | The number of authorized shares, with a par value of $0.001 per share, for the TCW Global Flexible Allocation Fund and the TCW Global Moderate Allocation Fund is 2,000,000,000 for each of the I Class and N Class shares. |
(4) | Represents offering price and redemption price per share. |
See accompanying notes to financial statements.
67
Table of Contents
TCW Funds, Inc.
Six Months Ended April 30, 2012 |
TCW Concentrated Value Fund | TCW Dividend Focused Fund | TCW Emerging Markets Equities Fund | TCW Growth Fund | |||||||||||||
Dollar Amounts in Thousands | ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Income: | ||||||||||||||||
Dividends | $ | 193 | (1) | $ | 8,632 | (1) | $ | 133 | (1) | $ | 110 | (1) | ||||
Interest | — | (2) | 1 | — | (2) | — | (2) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total | 193 | 8,633 | 133 | 110 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Management Fees | 79 | 2,286 | 93 | 102 | ||||||||||||
Accounting Services Fees | 3 | 37 | 3 | 3 | ||||||||||||
Administration Fees | 4 | 40 | 6 | 7 | ||||||||||||
Transfer Agent Fees: | ||||||||||||||||
I Class | 5 | 10 | 4 | 4 | ||||||||||||
N Class | 4 | 235 | 4 | 4 | ||||||||||||
Custodian Fees | 6 | 9 | 29 | 15 | ||||||||||||
Professional Fees | 17 | 24 | 10 | 10 | ||||||||||||
Directors’ Fees and Expenses | 9 | 9 | 10 | 9 | ||||||||||||
Registration Fees: | ||||||||||||||||
I Class | 6 | 12 | 12 | 7 | ||||||||||||
N Class | 6 | 27 | 13 | 7 | ||||||||||||
Distribution Fees: | ||||||||||||||||
N Class | 1 | 688 | 8 | 1 | ||||||||||||
Compliance Expense | — | (2) | 6 | — | (2) | — | (2) | |||||||||
Shareholder Reporting Expense | 2 | 5 | 2 | 2 | ||||||||||||
Other | 7 | 73 | 6 | 5 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | 149 | 3,461 | 200 | 176 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less Expenses Borne by Investment Advisor: | ||||||||||||||||
I Class | — | — | 20 | 28 | ||||||||||||
N Class | 12 | — | 29 | 13 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 137 | 3,461 | 151 | 135 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income (Loss) | 56 | 5,172 | (18 | ) | (25 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||
Investments | 131 | (9,714 | ) | (2,156 | ) | (727 | ) | |||||||||
Foreign Currency | — | — | (2 | ) | — | |||||||||||
Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
Investments | 2,745 | 84,790 | 2,001 | 3,671 | ||||||||||||
Foreign Currency | — | — | (2 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 2,876 | 75,076 | (159 | ) | 2,944 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 2,932 | $ | 80,248 | $ | (177 | ) | $ | 2,919 | |||||||
|
|
|
|
|
|
|
|
(1) | Net of foreign taxes withheld. Total amounts withheld for the TCW Concentrated Value Fund, the TCW Dividend Focused Fund, the TCW Emerging Markets Equities Fund and the TCW Growth Fund were $0, $10, $15 and $0, respectively. |
(2) | Amount rounds to less than $1. |
See accompanying notes to financial statements.
68
Table of Contents
TCW Funds, Inc.
Statements of Operations (Unaudited) | Six Months Ended April 30, 2012 |
TCW Growth Equities Fund | TCW International Small Cap Fund | TCW Relative Value Large Cap Fund | TCW Select Equities Fund | |||||||||||||
Dollar Amounts in Thousands | ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Income: | ||||||||||||||||
Dividends | $ | 288 | (1) | $ | 116 | (1) | $ | 4,926 | $ | 2,877 | (1) | |||||
Interest | — | (2) | — | (2) | — | (2) | 1 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total | 288 | 116 | 4,926 | 2,878 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Management Fees | 490 | 105 | 1,882 | 2,851 | ||||||||||||
Accounting Services Fees | 8 | 2 | 29 | 38 | ||||||||||||
Administration Fees | 12 | 6 | 31 | 37 | ||||||||||||
Transfer Agent Fees: | ||||||||||||||||
I Class | 26 | 4 | 198 | 144 | ||||||||||||
N Class | 10 | 4 | 21 | 66 | ||||||||||||
Custodian Fees | 9 | 13 | 8 | 18 | ||||||||||||
Professional Fees | 18 | 13 | 22 | 34 | ||||||||||||
Directors’ Fees and Expenses | 9 | 10 | 9 | 10 | ||||||||||||
Registration Fees: | ||||||||||||||||
I Class | 7 | 14 | 20 | 28 | ||||||||||||
N Class | 6 | 15 | 15 | 40 | ||||||||||||
Distribution Fees: | ||||||||||||||||
N Class | 12 | 14 | 60 | 333 | ||||||||||||
Compliance Expense | 1 | — | (2) | 5 | 7 | |||||||||||
Shareholder Reporting Expense | 3 | 2 | 4 | 6 | ||||||||||||
Other | 12 | 12 | 61 | 70 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | 623 | 214 | 2,365 | 3,682 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less Expenses Borne by Investment Advisor: | ||||||||||||||||
I Class | 8 | — | — | — | ||||||||||||
N Class | 27 | 17 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 588 | 197 | 2,365 | 3,682 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income (Loss) | (300 | ) | (81 | ) | 2,561 | (804 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||
Investments | 2,013 | (512 | ) | (4,563 | ) | 9,723 | ||||||||||
Foreign Currency | — | (31 | ) | — | — | |||||||||||
Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
Investments | 7,366 | 2,326 | 64,847 | 86,705 | ||||||||||||
Foreign Currency | — | 1 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 9,379 | 1,784 | 60,284 | 96,428 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 9,079 | $ | 1,703 | $ | 62,845 | $ | 95,624 | ||||||||
|
|
|
|
|
|
|
|
(1) | Net of foreign taxes withheld. Total amounts withheld for the TCW Growth Equities Fund, the TCW International Small Cap Fund, the TCW Relative Value Large Cap Fund and the TCW Select Equities Fund were $4, $6, $9 and $11, respectively. |
(2) | Amount rounds to less than $1. |
See accompanying notes to financial statements.
69
Table of Contents
TCW Funds, Inc.
Statements of Operations (Unaudited) | Six Months Ended April 30, 2012 |
TCW Small Cap Growth Fund | TCW SMID Cap Growth Fund | TCW Value Opportunities Fund | TCW Global Conservative Allocation Fund | |||||||||||||
Dollar Amounts in Thousands | ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Income: | ||||||||||||||||
Dividends | $ | 1,510 | (1) | $ | 73 | (1) | $ | 1,131 | $ | — | (2) | |||||
Dividends from Investment in Affiliated Issuers | — | — | — | 218 | ||||||||||||
Interest | 2 | — | (2) | — | (2) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | 1,512 | 73 | 1,131 | 218 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Management Fees | 5,964 | 218 | 539 | — | ||||||||||||
Accounting Services Fees | 71 | 4 | 12 | 2 | ||||||||||||
Administration Fees | 81 | 11 | 15 | 3 | ||||||||||||
Transfer Agent Fees: | ||||||||||||||||
I Class | 472 | 4 | 50 | 4 | ||||||||||||
N Class | 137 | 7 | 44 | 4 | ||||||||||||
Custodian Fees | 64 | 17 | 17 | 2 | ||||||||||||
Professional Fees | 31 | 12 | 29 | 8 | ||||||||||||
Directors’ Fees and Expenses | 9 | 9 | 10 | 9 | ||||||||||||
Registration Fees: | ||||||||||||||||
I Class | 50 | 12 | 12 | 7 | ||||||||||||
N Class | 20 | 6 | 11 | 7 | ||||||||||||
Distribution Fees: | ||||||||||||||||
N Class | 269 | 25 | 42 | 1 | ||||||||||||
Compliance Expense | 15 | — | (2) | 1 | — | (2) | ||||||||||
Shareholder Reporting Expense | 8 | 2 | 5 | 2 | ||||||||||||
Other | 173 | 7 | 25 | 6 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | 7,364 | 334 | 812 | 55 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less Expenses Borne by Investment Advisor: | ||||||||||||||||
I Class | — | 26 | — | — | ||||||||||||
N Class | — | 47 | 45 | 12 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 7,364 | 261 | 767 | 43 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income (Loss) | (5,852 | ) | (188 | ) | 364 | 175 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||
Investments | (50,084 | ) | (3,029 | ) | 2,546 | 5 | ||||||||||
Investments in Affiliated Issuers | — | — | — | (252 | ) | |||||||||||
Realized Gain Distributed from Affiliated Issuers | — | — | — | 58 | ||||||||||||
Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
Investments | 128,213 | 6,259 | 15,874 | (19 | ) | |||||||||||
Investments in Affiliated Issuers | — | — | — | 645 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 78,129 | 3,230 | 18,420 | 437 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 72,277 | $ | 3,042 | $ | 18,784 | $ | 612 | ||||||||
|
|
|
|
|
|
|
|
(1) | Net of foreign taxes withheld. Total amounts withheld for the TCW Small Cap Growth Fund and the TCW SMID Cap Growth Fund were $17 and $2, respectively. |
(2) | Amount rounds to less than $1. |
See accompanying notes to financial statements.
70
Table of Contents
TCW Funds, Inc.
Statements of Operations (Unaudited) | Six Months Ended April 30, 2012 |
TCW Global Flexible Allocation Fund | TCW Global Moderate Allocation Fund | |||||||
Dollar Amounts in Thousands | ||||||||
INVESTMENT INCOME | ||||||||
Income: | ||||||||
Dividends | $ | — | $ | — | (1) | |||
Dividends from Investment in Affiliated Issuers | 11 | 130 | ||||||
Interest | — | (1) | — | |||||
|
|
|
| |||||
Total | 11 | 130 | ||||||
|
|
|
| |||||
Expenses: | ||||||||
Accounting Services Fees | 1 | 2 | ||||||
Administration Fees | 3 | 5 | ||||||
Transfer Agent Fees: | ||||||||
I Class | 4 | 4 | ||||||
N Class | 4 | 4 | ||||||
Custodian Fees | 2 | 2 | ||||||
Professional Fees | 8 | 8 | ||||||
Directors’ Fees and Expenses | 9 | 10 | ||||||
Registration Fees: | ||||||||
I Class | 7 | 7 | ||||||
N Class | 7 | 7 | ||||||
Distribution Fees: | ||||||||
N Class | — | (1) | — | (1) | ||||
Shareholder Reporting Expense | 2 | 2 | ||||||
Other | 5 | 5 | ||||||
|
|
|
| |||||
Total | 52 | 56 | ||||||
|
|
|
| |||||
Less Expenses Borne by Investment Advisor: | ||||||||
I Class | 30 | — | ||||||
N Class | 12 | 12 | ||||||
|
|
|
| |||||
Net Expenses | 10 | 44 | ||||||
|
|
|
| |||||
Net Investment Income | 1 | 86 | ||||||
|
|
|
| |||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||
Net Realized Gain (Loss) on: | ||||||||
Investments | (55 | ) | 46 | |||||
Investments in Affiliated Issuers | 7 | (115 | ) | |||||
Realized Gain Distributed from Affiliated Issuers | 7 | 91 | ||||||
Change in Unrealized Appreciation (Depreciation) on: | ||||||||
Investments | 70 | (121 | ) | |||||
Investments in Affiliated Issuers | — | 558 | ||||||
|
|
|
| |||||
Net Realized and Unrealized Gain (Loss) on Investments | 29 | 459 | ||||||
|
|
|
| |||||
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 30 | $ | 545 | ||||
|
|
|
|
(1) | Amount rounds to less than $1. |
See accompanying notes to financial statements.
71
Table of Contents
TCW Funds, Inc.
TCW Concentrated Value Fund | TCW Dividend Focused Fund | |||||||||||||||
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | |||||||||||||
Dollar Amounts in Thousands | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income | $ | 56 | $ | 92 | $ | 5,172 | $ | 9,539 | ||||||||
Net Realized Gain (Loss) on Investments | 131 | 9,143 | (9,714 | ) | 47,901 | |||||||||||
Change in Unrealized Appreciation on Investments | 2,745 | (5,663 | ) | 84,790 | (9,882 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase in Net Assets Resulting from Operations | 2,932 | 3,572 | 80,248 | 47,558 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Distributions from Net Investment Income: | ||||||||||||||||
I Class | (76 | ) | (83 | ) | (621 | ) | (1,131 | ) | ||||||||
N Class | — | (2 | ) | (3,677 | ) | (7,554 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Distributions to Shareholders | (76 | ) | (85 | ) | (4,298 | ) | (8,685 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
I Class | (661 | ) | (12,520 | ) | 5,288 | (6,225 | ) | |||||||||
N Class | (43 | ) | (32,681 | ) | 4,113 | (72,230 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions | (704 | ) | (45,201 | ) | 9,401 | (78,455 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 2,152 | (41,714 | ) | 85,351 | (39,582 | ) | ||||||||||
NET ASSETS | ||||||||||||||||
Beginning of Period | 23,357 | 65,071 | 568,520 | 608,102 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 25,509 | $ | 23,357 | $ | 653,871 | $ | 568,520 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed Net Investment Income | $ | 20 | $ | 40 | $ | 996 | $ | 122 |
See accompanying notes to financial statements.
72
Table of Contents
TCW Funds, Inc.
Statements of Changes in Net Assets |
TCW Emerging Markets Equities Fund | TCW Growth Fund | |||||||||||||||
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | |||||||||||||
Dollar Amounts in Thousands | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income (Loss) | $ | (18 | ) | $ | 40 | $ | (25 | ) | $ | (82 | ) | |||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | (2,158 | ) | (514 | ) | (727 | ) | 221 | |||||||||
Change in Unrealized Appreciation on Investments and Foreign Currency Transactions | 1,999 | (3,620 | ) | 3,671 | (499 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets Resulting from Operations | (177 | ) | (4,094 | ) | 2,919 | (360 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Distributions from Net Investment Income: | ||||||||||||||||
I Class | (18 | ) | — | (7 | ) | — | ||||||||||
N Class | (6 | ) | — | — | (1) | — | ||||||||||
Distributions from Net Realized Gain: | ||||||||||||||||
I Class | — | — | (95 | ) | — | |||||||||||
N Class | — | — | (2 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Distributions to Shareholders | (24 | ) | — | (104 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
I Class | (6,215 | ) | 139 | (276 | ) | 25,796 | ||||||||||
N Class | 1,228 | 1,483 | 1 | 134 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions | (4,987 | ) | 1,622 | (275 | ) | 25,930 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | (5,188 | ) | (2,472 | ) | 2,540 | 25,570 | ||||||||||
NET ASSETS | ||||||||||||||||
Beginning of Period | 22,412 | 24,884 | 26,767 | 1,197 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 17,224 | $ | 22,412 | $ | 29,307 | $ | 26,767 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed Net Investment Income (Loss) | $ | (43 | ) | $ | (1 | ) | $ | (32 | ) | $ | — |
(1) | Amount rounds to less than $1. |
See accompanying notes to financial statements.
73
Table of Contents
TCW Funds, Inc.
Statements of Changes in Net Assets |
TCW Growth Equities Fund | TCW International Small Cap Fund | |||||||||||||||
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | |||||||||||||
Dollar Amounts in Thousands | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Loss | $ | (300 | ) | $ | (866 | ) | $ | (81 | ) | $ | (97 | ) | ||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | 2,013 | 7,636 | (543 | ) | (3,452 | ) | ||||||||||
Change in Unrealized Appreciation on Investments and Foreign Currency Transactions | 7,366 | (989 | ) | 2,327 | (2,466 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets Resulting from Operations | 9,079 | 5,781 | 1,703 | (6,015 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Distributions from Net Investment Income: | ||||||||||||||||
I Class | — | — | (138 | ) | — | |||||||||||
N Class | — | — | (90 | ) | — | |||||||||||
Distributions from Net Realized Gain: | ||||||||||||||||
I Class | (3,325 | ) | — | — | — | |||||||||||
N Class | (352 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Distributions to Shareholders | (3,677 | ) | — | (228 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
I Class | (3,201 | ) | (15,942 | ) | 5,957 | 16,207 | ||||||||||
N Class | (723 | ) | (1,740 | ) | 231 | 13,988 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions | (3,924 | ) | (17,682 | ) | 6,188 | 30,195 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 1,478 | (11,901 | ) | 7,663 | 24,180 | |||||||||||
NET ASSETS | ||||||||||||||||
Beginning of Period | 100,584 | 112,485 | 24,180 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 102,062 | $ | 100,584 | $ | 31,843 | $ | 24,180 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed Net Investment Income (Loss) | $ | (300 | ) | $ | — | $ | (431 | ) | $ | (122 | ) |
See accompanying notes to financial statements.
74
Table of Contents
TCW Funds, Inc.
Statements of Changes in Net Assets |
TCW Relative Value Large Cap Fund | TCW Select Equities Fund | |||||||||||||||
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | |||||||||||||
Dollar Amounts in Thousands | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income (Loss) | $ | 2,561 | $ | 4,056 | $ | (804 | ) | $ | (1,694 | ) | ||||||
Net Realized Gain (Loss) on Investments | (4,563 | ) | 13,027 | 9,723 | 16,737 | |||||||||||
Change in Unrealized Appreciation on Investments | 64,847 | 8,365 | 86,705 | 48,317 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase in Net Assets Resulting from Operations | 62,845 | 25,448 | 95,624 | 63,360 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Distributions from Net Investment Income: | ||||||||||||||||
I Class | (3,769 | ) | (4,112 | ) | — | — | ||||||||||
N Class | (225 | ) | (577 | ) | — | — | ||||||||||
Distributions from Net Realized Gain: | ||||||||||||||||
I Class | — | — | (5,513 | ) | — | |||||||||||
N Class | — | — | (3,171 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Distributions to Shareholders | (3,994 | ) | (4,689 | ) | (8,684 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
I Class | 208,139 | 3,768 | 102,162 | (2,924 | ) | |||||||||||
N Class | (5,742 | ) | (19,066 | ) | 140,382 | 39,545 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions | 202,397 | (15,298 | ) | 242,544 | 36,621 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase in Net Assets | 261,248 | 5,461 | 329,484 | 99,981 | ||||||||||||
NET ASSETS | ||||||||||||||||
Beginning of Period | 447,070 | 441,609 | 614,354 | 514,373 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 708,318 | $ | 447,070 | $ | 943,838 | $ | 614,354 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed Net Investment Income (Loss) | $ | 1,377 | $ | 2,810 | $ | (741 | ) | $ | 63 |
See accompanying notes to financial statements.
75
Table of Contents
TCW Funds, Inc.
Statements of Changes in Net Assets |
TCW Small Cap Growth Fund | TCW SMID Cap Growth Fund | |||||||||||||||
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | |||||||||||||
Dollar Amounts in Thousands | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Loss | $ | (5,852 | ) | $ | (10,026 | ) | $ | (188 | ) | $ | (197 | ) | ||||
Net Realized Gain (Loss) on Investments | (50,084 | ) | 20,821 | (3,029 | ) | (2,550 | ) | |||||||||
Change in Unrealized Appreciation on Investments | 128,213 | (3,762 | ) | 6,259 | (3,803 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets Resulting from Operations | 72,277 | 7,033 | 3,042 | (6,550 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
I Class | 13,005 | 360,173 | 445 | 26,263 | ||||||||||||
N Class | (32,637 | ) | 55,724 | (4,179 | ) | 26,271 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions | (19,632 | ) | 415,897 | (3,734 | ) | 52,534 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 52,645 | 422,930 | (692 | ) | 45,984 | |||||||||||
NET ASSETS | ||||||||||||||||
Beginning of Period | 1,194,886 | 771,956 | 45,984 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 1,247,531 | $ | 1,194,886 | $ | 45,292 | $ | 45,984 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed Net Investment Income (Loss) | $ | (5,852 | ) | $ | — | $ | (189 | ) | $ | (1 | ) |
See accompanying notes to financial statements.
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TCW Funds, Inc.
Statements of Changes in Net Assets |
TCW Value Opportunities Fund | TCW Global Conservative Allocation Fund | |||||||||||||||
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | |||||||||||||
Dollar Amounts in Thousands | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income | $ | 364 | $ | 1,164 | $ | 175 | $ | 149 | ||||||||
Net Realized Gain (Loss) on Investments | 2,546 | 35,322 | (189 | ) | 260 | |||||||||||
Change in Unrealized Appreciation on Investments | 15,874 | (19,801 | ) | 626 | (224 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase in Net Assets Resulting from Operations | 18,784 | 16,685 | 612 | 185 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Distributions from Net Investment Income: | ||||||||||||||||
I Class | (614 | ) | (1,302 | ) | (197 | ) | (88 | ) | ||||||||
N Class | (11 | ) | (349 | ) | (16 | ) | (5 | ) | ||||||||
Distributions from Net Realized Gain: | ||||||||||||||||
I Class | — | — | (229 | ) | (212 | ) | ||||||||||
N Class | — | — | (20 | ) | (11 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Distributions to Shareholders | (625 | ) | (1,651 | ) | (462 | ) | (316 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
I Class | (8,981 | ) | (63,261 | ) | (837 | ) | 6,702 | |||||||||
N Class | (3,556 | ) | (25,747 | ) | (313 | ) | 979 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions | (12,537 | ) | (89,008 | ) | (1,150 | ) | 7,681 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 5,622 | (73,974 | ) | (1,000 | ) | 7,550 | ||||||||||
NET ASSETS | ||||||||||||||||
Beginning of Period | 132,458 | 206,432 | 12,505 | 4,955 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 138,080 | $ | 132,458 | $ | 11,505 | $ | 12,505 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed Net Investment Income (Loss) | $ | (169 | ) | $ | 92 | $ | 95 | $ | 133 |
See accompanying notes to financial statements.
77
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TCW Funds, Inc.
Statements of Changes in Net Assets |
TCW Global Flexible Allocation Fund | TCW Global Moderate Allocation Fund | |||||||||||||||
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | |||||||||||||
Dollar Amounts in Thousands | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income | $ | 1 | $ | 5 | $ | 86 | $ | 244 | ||||||||
Net Realized Gain (Loss) on Investments | (41 | ) | 16 | 22 | 570 | |||||||||||
Change in Unrealized Appreciation on Investments | 70 | 3 | 437 | (40 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase in Net Assets Resulting from Operations | 30 | 24 | 545 | 774 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Distributions from Net Investment Income: | ||||||||||||||||
I Class | (31 | ) | (14 | ) | (227 | ) | (293 | ) | ||||||||
N Class | — | (1 | ) | — | (1 | ) | ||||||||||
Distributions from Net Realized Gain: | ||||||||||||||||
I Class | (8 | ) | — | (438 | ) | — | ||||||||||
N Class | — | (1) | — | — | (1) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Distributions to Shareholders | (39 | ) | (15 | ) | (665 | ) | (294 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
I Class | 121 | (805 | ) | (172 | ) | (7,040 | ) | |||||||||
N Class | (93 | ) | 2 | (112 | ) | — | (1) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions | 28 | (803 | ) | (284 | ) | (7,040 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 19 | (794 | ) | (404 | ) | (6,560 | ) | |||||||||
NET ASSETS | ||||||||||||||||
Beginning of Period | 1,661 | 2,455 | 12,169 | 18,729 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 1,680 | $ | 1,661 | $ | 11,765 | $ | 12,169 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed Net Investment Income (Loss) | $ | (20 | ) | $ | 10 | $ | 28 | $ | 169 |
(1) | Amount rounds to less than $1. |
See accompanying notes to financial statements.
78
Table of Contents
TCW Funds, Inc.
April 30, 2012 |
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 23 no-load mutual funds (the “Funds”). TCW Investment Management Company (the “Advisor”) is the investment advisor to and an affiliate of the Funds and is registered under the Investment Advisors Act of 1940. Each Fund has distinct investment objectives. The following are the objectives for the 14 Equity Funds that are covered in this report:
TCW Fund | Investment Objective | |
Non-Diversified International Equity Fund | ||
TCW Emerging Markets Equities Fund | Seeks long-term capital appreciation by investing in equity securities of companies in emerging market countries around the world. | |
TCW International Small Cap Fund | Seeks long-term capital appreciation by investing in equity securities of small capitalization companies that are domiciled outside the United States. | |
Non-Diversified U.S. Equity Funds | ||
TCW SMID Cap Growth Fund | Seeks long-term capital appreciation by investing primarily in equity securities issued by companies with market capitalization within the range of companies comprising the Russell 2500® Growth Index. | |
Diversified U.S. Equity Funds | ||
TCW Concentrated Value Fund | Seeks long-term capital appreciation by investing in equity securities of 25 to 40 large capitalization companies. | |
TCW Growth Fund | Seeks long-term capital appreciation by investing primarily in equity securities issued by companies with market capitalization within the range of companies comprising the Russell 3000® Growth Index. | |
TCW Dividend Focused Fund | Seeks high level of dividend income by investing equity securities issued by companies that have a record of paying dividends. | |
TCW Growth Equities Fund | Seeks long-term capital appreciation by investing primarily in equity securities issued by companies with market capitalization within the range of companies comprising the Russell Mid Cap® Growth Index. |
79
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TCW Funds, Inc.
Notes to Financial Statements (Unaudited) (Continued) |
Note 1 — Organization (Continued)
TCW Fund | Investment Objective | |
TCW Relative Value Large Cap Fund | Seeks capital appreciation by investing in equity securities of large capitalization companies; current income is a secondary investment objective. | |
TCW Select Equities Fund | Seeks long-term capital appreciation by investing in equity securities of mid and large capitalization companies. | |
TCW Small Cap Growth Fund | Seeks long-term capital appreciation by investing in equity securities issued by small capitalization growth companies. | |
TCW Value Opportunities Fund | Seeks long-term capital appreciation by investing primarily in equity securities issued by companies with market capitalization within the ranges of companies comprising the Russell Mid Cap® Value Index. | |
Fund of Funds | ||
TCW Global Conservative Allocation Fund | Seeks 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. | |
TCW Global Flexible Allocation Fund | Seeks long-term capital appreciation by investing in a combination of (i) equity funds that utilize diverse investment styles, such as growth and/or value investing, and (ii) fixed income funds. The Fund invests between 50% and 100% of its net assets in equity funds and between 10% and 50% in fixed income funds. The Fund also invests in ETFs and ETNs. | |
TCW Global Moderate Allocation Fund | Seeks long-term capital appreciation and secondarily current income by investing in a combination of (i) equity funds that utilize diverse investment styles, such as growth and/or value investing, and (ii) fixed income funds. The Fund invests between 40% and 80% of its net assets in equity funds and between 20% and 80% in fixed income funds. The Fund also invests in ETFs and ETNs. |
All Equity 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.
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TCW Funds, Inc.
April 30, 2012 |
Note 1 — Organization (Continued)
The TCW Global Conservative Allocation Fund, the TCW Global Flexible Allocation Fund and the TCW Global Moderate Allocation Fund (collectively, “Allocation Funds”) invest in other TCW Funds along with Metropolitan West Funds which are affiliated funds. The ownership percentage of Allocation Funds in each of the underlying funds at April 30, 2012 is as follows:
Name of Affiliated Issuer | TCW Global Conservative Allocation Fund (1) | TCW Global Flexible Allocation Fund (1) | TCW Global Moderate Allocation Fund (1) | |||||||||
Metropolitan West High Yield Bond Fund | — | 0.00 | % (2) | 0.03 | % | |||||||
Metropolitan West Total Return Bond Fund | — | — | 0.00 | % (2) | ||||||||
TCW Emerging Markets Income Fund | — | 0.00 | % (2) | — | ||||||||
TCW Growth Equities Fund | 0.29 | % | 0.05 | % | 0.76 | % | ||||||
TCW Money Market Fund | 0.60 | % | — | — | ||||||||
TCW Relative Value Large Cap Fund | 0.13 | % | 0.03 | % | 0.19 | % | ||||||
TCW Select Equities Fund | 0.32 | % | 0.04 | % | 0.36 | % | ||||||
TCW Small Cap Growth Fund | — | 0.00 | % (2) | — | ||||||||
TCW Total Return Bond Fund | 0.11 | % | 0.00 | % (2) | 0.04 | % | ||||||
TCW Value Opportunities Fund | — | 0.04 | % | 0.45 | % |
(1) | Percentage ownership based on total net assets of the underlying fund. |
(2) | Amount rounds to less than 0.01%. |
The financial statements of the Metropolitan West High Yield Bond Fund, the Metropolitan West Total Return Bond Fund, the TCW Emerging Markets Income Fund and the TCW Money Market Fund are available by calling 800-FUND-TCW (800-386-3829) or by going to the SEC website at www.sec.gov. Financial statements for the remaining underlying funds are included in this report.
Note 2 — Significant Accounting Policies
The following is a summary of significant accounting policies which are in conformity with accounting principles generally accepted in the United States of America and which are consistently followed by the Funds in the preparation of their financial statements.
Principles of Accounting: The Funds use the accrual method of accounting for financial reporting purposes.
Net Asset Value: The Net Asset Value of each Fund’s shares is determined by dividing the net assets attributable to each class of shares of the Fund by the number of issued and outstanding shares of that Class on each business day as of 1:00 p.m. Pacific Standard/Daylight Time.
Cash and Cash Equivalents: The Company has defined cash and cash equivalents as cash which can be in interest-bearing accounts. The Funds also maintain cash in bank account deposits that, at times, may exceed federally insured limits. The Funds have not experienced any losses in any such accounts and do not believe they are exposed to any significant credit risk on such bank deposits.
Security Valuations: Securities listed or traded on the New York, NASDAQ or other stock exchanges are valued at the latest sale price (or official closing price as reported) on that exchange (if there were no sales that day, the security is valued at the latest bid price). All other securities for which over-the-counter market quotations are readily available are valued at the latest bid price, as furnished by independent pricing services. Investments in the Allocation Funds are valued based on the net asset value per share of the underlying funds.
81
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TCW Funds, Inc.
Notes to Financial Statements (Unaudited) (Continued) |
Note 2 — Significant Accounting Policies (Continued)
The Company has adopted, after the approval by the Company’s Board of Directors, a fair valuation methodology for the TCW Emerging Markets Equities Fund and the TCW International Small Cap Fund that invest in foreign equity securities (exclusive of Latin American and Canadian equity securities). This methodology is designed to address the effect of movements in the U.S. market on the securities traded on a foreign exchange that has been closed for a period of time due to time zone difference. The utilization of the fair value model may result in the adjustment of prices taking into account fluctuations in the U.S. market. The fair value model is utilized each trading day and is not to be dependent on certain thresholds or triggers.
Short-term debt securities with remaining maturities of 60 days or less at the time of purchase are valued at amortized cost. Other short-term debt securities are valued on a marked-to-market basis until such time as they reach a remaining maturity of 60 days, whereupon they are valued at amortized value using their value of the 61st day prior to maturity.
Securities for which market quotations are not readily available, including circumstances under which it is determined by the Advisor that sale or bid prices are not reflective of a security’s market value, are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Company’s Board of Directors.
Fair value is defined as the price that a fund would receive upon selling an investment in a timely transaction to an independent buyer in the principles or most advantageous market for the investment. In accordance with the authoritative guidance on fair value measurements and disclosures under the accounting principles generally accepted in the United States of America (“GAAP”), the Funds disclose investments in a three-tier hierarchy. This hierarchy is utilized to establish classification of fair value measurements for disclosure purposes. Inputs 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 methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent
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TCW Funds, Inc.
April 30, 2012 |
Note 2 — Significant Accounting Policies (Continued)
that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.
In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Level 1, Level 2, or Level 3.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Fair Value Measurements: A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis follows:
Equity securities. Securities are generally valued based on quoted prices from the applicable exchange. To the extent these securities are actively traded, valuation adjustments are not applied and they are categorized in Level 1 of the fair value hierarchy. Restricted securities issued by publicly held companies are valued at a discount to similar publicly traded securities and may be categorized as Level 2 of the fair value hierarchy to the extent that the discount is considered to be insignificant to the fair value measurement in its entirety, otherwise they may be categorized as Level 3. Restricted securities held in non-public entities are included in Level 3 of the fair value hierarchy because they trade infrequently, and, therefore, the inputs are unobservable. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for the movement of certain indexes of securities based on a statistical analysis of the historical relationship and are categorized in Level 2 of the fair value hierarchy.
Short-Term Investments. Short-term investments maturing within 60 days are valued using amortized cost, which is used if it approximates market value, and are reflected as Level 2. Repurchase agreements are fully collateralized. The collateral is evaluated daily to ensure its market value equals or exceeds the current market value of the repurchase agreements including accrued interest.
Options Contracts. Exchange listed option contracts traded on securities exchanges are fair value based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied, they are categorized as Level 1. If valuation adjustments are applied and such adjustments are observable and timely, the fair values of exchange listed option contracts would be categorized as Level 2; otherwise, the fair value would categorized as Level 3. Option contracts traded over-the-counter (OTC) are fair valued based on pricing models and incorporate various inputs such as interest rate, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-money contracts based on a given strike price. To the extent that these inputs are observable and timely, the fair value of OTC option contracts would be categorized as Level 2; otherwise, the fair values would be categorized as Level 3.
Restricted securities. Restricted securities that are deemed to be both Rule 144A securities and illiquid, as well as 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. Any other restricted securities are valued at a discount to similar publicly traded securities and may be categorized as Level 2 of the fair
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TCW Funds, Inc.
Notes to Financial Statements (Unaudited) (Continued) |
Note 2 — Significant Accounting Policies (Continued)
value hierarchy to the extent that the discount is considered to be insignificant to the fair value measurement in its entirety, otherwise they may be categorized as Level 3.
The Funds, with the exception of the TCW Emerging Markets Equities Fund and the TCW International Small Cap Fund had all investments at Level 1, with the corresponding industries as represented in the Schedule of Investments, and all short-term investments at Level 2, as of April 30, 2012.
The following is a summary of the inputs used as of April 30, 2012 in valuing the TCW Emerging Markets Equities Fund and the TCW International Small Cap Fund investments:
TCW Emerging Markets Equities Fund
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
Equity Securities | ||||||||||||||||
Common Stock | ||||||||||||||||
Air Freight & Logistics | $ | — | $ | 197,268 | $ | — | $ | 197,268 | ||||||||
Auto Components | — | 306,326 | — | 306,326 | ||||||||||||
Automobiles | — | 158,205 | — | 158,205 | ||||||||||||
Chemicals | — | 88,237 | — | 88,237 | ||||||||||||
Commercial Banks | 714,371 | 1,386,200 | — | 2,100,571 | ||||||||||||
Construction & Engineering | — | 70,050 | — | 70,050 | ||||||||||||
Construction Materials | — | 170,372 | — | 170,372 | ||||||||||||
Diversified Telecommunication Services | 468,308 | 317,540 | — | 785,848 | ||||||||||||
Electrical Equipment | — | 407,044 | — | 407,044 | ||||||||||||
Electronic Equipment, Instruments & Components | — | 465,195 | — | 465,195 | ||||||||||||
Energy Equipment & Services | 183,040 | — | — | 183,040 | ||||||||||||
Exchange-Traded Funds | 1,037,959 | — | — | 1,037,959 | ||||||||||||
Food Products | 134,829 | 262,660 | — | 397,489 | ||||||||||||
Hotels, Restaurants & Leisure | 498,408 | 183,763 | — | 682,171 | ||||||||||||
Household Durables | 121,494 | — | — | 121,494 | ||||||||||||
Insurance | — | 263,305 | — | 263,305 | ||||||||||||
Internet Software & Services | 378,330 | 177,368 | — | 555,698 | ||||||||||||
IT Services | 111,154 | — | — | 111,154 | ||||||||||||
Machinery | — | 153,461 | — | 153,461 | ||||||||||||
Media | 87,880 | 173,770 | — | 261,650 | ||||||||||||
Metals & Mining | 723,347 | 601,563 | — | 1,324,910 | ||||||||||||
Multiline Retail | 180,657 | — | — | 180,657 | ||||||||||||
Oil, Gas & Consumable Fuels | 1,044,580 | 819,525 | — | 1,864,105 | ||||||||||||
Personal Products | — | 171,702 | — | 171,702 | ||||||||||||
Pharmaceuticals | — | 59,671 | — | 59,671 | ||||||||||||
Real Estate Management & Development | 69,881 | 52,947 | — | 122,828 | ||||||||||||
Semiconductors & Semiconductor Equipment | — | 1,402,648 | — | 1,402,648 | ||||||||||||
Specialty Retail | — | 37,096 | — | 37,096 |
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TCW Funds, Inc.
April 30, 2012 |
Note 2 — Significant Accounting Policies (Continued)
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
Equity Securities (Continued) | ||||||||||||||||
Common Stock (Continued) | ||||||||||||||||
Trading Companies & Distributors | $ | — | $ | 122,784 | $ | — | $ | 122,784 | ||||||||
Wireless Telecommunication Services | 467,865 | 353,203 | — | 821,068 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stock | 6,222,103 | 8,401,903 | — | 14,624,006 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Preferred Stock | ||||||||||||||||
Automobiles | — | 156,822 | — | 156,822 | ||||||||||||
Commercial Banks | 298,602 | 85,057 | — | 383,659 | ||||||||||||
Metals & Mining | 118,987 | — | — | 118,987 | ||||||||||||
Multiline Retail | 208,518 | — | — | 208,518 | ||||||||||||
Semiconductors & Semiconductor Equipment | — | 171,039 | — | 171,039 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Preferred Stock | 626,107 | 412,918 | — | 1,039,025 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Rights | ||||||||||||||||
Commercial Banks | 74 | — | — | 74 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Rights | 74 | — | — | 74 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Equity Securities | 6,848,284 | 8,814,821 | — | 15,663,105 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investment | — | 781,982 | — | 781,982 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 6,848,284 | $ | 9,596,803 | $ | — | $ | 16,445,087 | ||||||||
|
|
|
|
|
|
|
|
TCW International Small Cap Fund
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
Common Stock | ||||||||||||||||
Biotechnology | $ | 236,878 | $ | — | $ | — | $ | 236,878 | ||||||||
Capital Markets | 1,037,733 | 1,022,997 | — | 2,060,730 | ||||||||||||
Commercial Banks | — | 2,055,932 | — | 2,055,932 | ||||||||||||
Commercial Services & Supplies | 518,922 | — | — | 518,922 | ||||||||||||
Consumer Finance | — | 1,000,050 | — | 1,000,050 | ||||||||||||
Diversified Financial Services | — | 1,559,992 | — | 1,559,992 | ||||||||||||
Insurance | 492,223 | — | — | 492,223 | ||||||||||||
Internet & Catalog Retail | — | 429,302 | — | 429,302 | ||||||||||||
Internet Software & Services | — | 2,020,670 | — | 2,020,670 | ||||||||||||
Machinery | — | 320,343 | — | 320,343 | ||||||||||||
Media | — | 1,889,292 | — | 1,889,292 | ||||||||||||
Metals & Mining | 5,254,659 | 1,913,872 | — | 7,168,531 | ||||||||||||
Multiline Retail | — | 1,530,780 | — | 1,530,780 |
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TCW Funds, Inc.
Notes to Financial Statements (Unaudited) (Continued) |
Note 2 — Significant Accounting Policies (Continued)
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
Common Stock (Continued) | ||||||||||||||||
Oil, Gas & Consumable Fuels | $ | 3,503,568 | $ | 644,857 | $ | — | $ | 4,148,425 | ||||||||
Personal Products | — | 232,326 | — | 232,326 | ||||||||||||
Professional Services | 1,025,456 | — | — | 1,025,456 | ||||||||||||
Real Estate Management & Development | 1,863,921 | 724,853 | — | 2,588,774 | ||||||||||||
Specialty Retail | — | 915,921 | — | 915,921 | ||||||||||||
Trading Companies & Distributors | — | 1,070,868 | — | 1,070,868 | ||||||||||||
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|
|
|
|
|
| |||||||||
Total Common Stock | 13,933,360 | 17,332,055 | — | 31,265,415 | ||||||||||||
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| |||||||||
Purchased Options | — | 348,287 | — | 348,287 | ||||||||||||
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|
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| |||||||||
Short-Term Investments | — | 57,504 | — | 57,504 | ||||||||||||
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|
|
|
|
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| |||||||||
Total | $ | 13,933,360 | $ | 17,737,846 | $ | — | $ | 31,671,206 | ||||||||
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|
There were no transfers out of Level 1 and into Level 2 of the fair value hierarchy during the period ended April 30, 2012.
The Funds held no investments or other financial instruments at April 30, 2012 whose fair value was categorized using Level 3 inputs.
Security Transactions and Related Investment Income: Security transactions are recorded as of the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recognized on an accrual basis. Premiums and discounts including original issue discounts are amortized using a constant yield to maturity method. Realized gains and losses on investments are recorded on the basis of specific identification. Dividends received from real estate investment trust securities may include return of capital. Such distributions reduce the cost basis of the respective securities. Distributions, if any, in excess of the cost basis of the security are recognized as capital gain.
Foreign Currency Translation: The books and records of each Fund are maintained in U.S. dollars as follows: (1) the foreign currency market value of investment securities, and other assets and liabilities stated in foreign currencies, are translated using the daily spot rate; and (2) purchases, sales, income and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions. The resultant exchange gains and losses are included in net realized or net unrealized gain (loss) in the Statements of Operations. Pursuant to U.S. federal income tax regulations, certain foreign exchange gains and losses included in realized and unrealized gains and losses are included in, or are a reduction of, ordinary income for federal income tax purposes.
Foreign Taxes: The Funds may be subject to withholding taxes on income and capital gains imposed by certain countries in which they invest. The withholding tax on income is netted against the income accrued or received. Any reclaimable taxes are recorded as income. The withholding tax on realized or unrealized gain is recorded as a liability.
Derivative Instruments: Derivatives are financial instruments whose values are based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions
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April 30, 2012 |
Note 2 — Significant Accounting Policies (Continued)
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 Fund may not be able to close out a derivative transaction at a favorable time or price.
For the six months ended April 30, 2012, the TCW Emerging Markets Equities Fund and the TCW International Small Cap Fund had the following derivatives and transactions in derivatives, grouped in the following risk categories (in thousands):
Equity Risk | Foreign Exchange Risk | Total | ||||||||||
TCW Emerging Markets Equities Fund | ||||||||||||
Statement of Operations | ||||||||||||
Realized Gain (Loss) | ||||||||||||
Investments (1) | $ | (148 | ) | $ | — | $ | (148 | ) | ||||
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| |||||||
Total Realized Gain (Loss) | $ | (148 | ) | $ | — | $ | (148 | ) | ||||
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| |||||||
Number of Contracts, Notional Amounts or Shares/Units† | ||||||||||||
Purchased Options | 55 | — | 55 | |||||||||
TCW International Small Cap Fund | ||||||||||||
Statements of Asset and Liabilities | ||||||||||||
Asset Derivatives | ||||||||||||
Investments, at Value (2) | $ | — | $ | 348 | $ | 348 | ||||||
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| |||||||
Total Value | $ | — | $ | 348 | $ | 348 | ||||||
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| |||||||
Statement of Operations | ||||||||||||
Change in Appreciation (Depreciation) | ||||||||||||
Investments (3) | $ | — | $ | (184 | ) | $ | (184 | ) | ||||
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| |||||||
Total Change in Appreciation (Depreciation) | $ | — | $ | (184 | ) | $ | (184 | ) | ||||
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| |||||||
Number of Contracts, Notional Amounts or Shares/Units† | ||||||||||||
Purchased Options | — | 233,333 | 233,333 |
(1) | Represents realized loss for purchased options during the period. |
(2) | Represents purchased options, at value. |
(3) | Represents change in unrealized appreciation (Depreciation) for purchased options during the period. |
† | Amount disclosed represent average number of contracts or notional amounts, which is indicative of the volume of the derivative type, for the months that the fund held such derivatives during the period ended April 30, 2012. |
Options: The TCW Emerging Markets Equities Fund and the TCW International Small Cap Fund purchased call and put options on securities indices and on foreign currencies. A Fund may purchase and sell put and call options on an index of securities to enhance investment performance and to protect against changes in market prices.
A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the strike price at any time before the expiration date. A Fund may purchase put options to protect portfolio holdings against a decline in market value of a security or securities held by it. A Fund may also purchase a put option hoping to profit from an anticipated decline in the value of the underlying security. If the 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 wants ultimately to buy. A Fund may also purchase a call option as a long directional investment hoping to profit from an
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Notes to Financial Statements (Unaudited) (Continued) |
Note 2 — Significant Accounting Policies (Continued)
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 the Fund might have realized had it bought the underlying security at the time it purchased the call option.
When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option’s expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. This contrasts with an investment by a Fund in the underlying security, since the Fund will not realize a loss if the security’s price does not change. Premiums paid for purchasing options that expire are treated as realized losses.
Options purchased or sold by a Fund may be traded on a securities or options exchange or market. 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 the market or the Options Clearing Corporation, new series of options on that security will no longer be opened to replace expiring series, and opening transactions in existing series may be prohibited.
OTC options purchased or sold by a Fund are not traded on securities or options 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 the 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. The TCW Emerging Markets Equities Fund used purchased options to protect against declining European markets. The TCW International Small Cap Fund used purchase options as a hedge against general U.S. dollar strength for the portfolio, and the Fund is using the Japanese Yen as the currency of choice. Option contracts purchased by the Funds and outstanding at the end of the period are listed in the Fund’s Schedule of Investments.
Repurchase Agreements: The Funds may invest in repurchase agreements secured by U.S. government obligations and by other securities. Securities pledged as collateral for repurchase agreements are held by the Funds’ custodian bank until maturity of the repurchase agreements. Provisions of the agreements ensure that the market value of the collateral is sufficient in the event of default; however, in the event of default or bankruptcy by the other party to the agreements, realization and/or retention of the collateral may be subject to legal proceedings.
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, 2012.
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April 30, 2012 |
Note 2 — Significant Accounting Policies (Continued)
Allocation of Operating Activity for Multiple Classes: Investment income, common expenses and realized and unrealized gains and losses are allocated among the classes of shares of the Funds based on the relative net assets of each class. Distribution and administrative services fees, which are directly attributable to a class of shares, are charged to the operations of the class. All other expenses are charged to each Fund or class as incurred on a specific identification basis. Differences in class specific fees and expenses will result in differences in net investment income, and therefore, the payment of different per share dividends by each class.
Dividends and Distributions: Dividends and distributions to shareholders are recorded on the ex-dividend date. The TCW Dividend Focused Fund declares and pays, or reinvests, dividends from net investment income quarterly. The other Equity Funds and Allocation Funds declare and pay, or reinvest, dividends from net investment income annually. Distribution capital gains realized by a Fund will be distributed at least annually.
Income and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for foreign currency transactions, market discount and premium, losses deferred due to wash sales, excise tax regulations and employing equalization in determining amounts to be distributed to fund shareholders. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications between paid-in capital, undistributed net investment income (loss), and/or undistributed accumulated realized gain (loss). Undistributed net investment income or loss may include temporary book and tax basis differences which will reverse in a subsequent period. Any taxable income or capital gain remaining at fiscal year-end is distributed in the following year. Dividends received from real estate investment trust securities may include return of capital. Such distributions reduce the cost basis of the respective securities. Distributions, if any, in excess of the cost basis of the security are recognized as capital gain.
Use of Estimates: The preparation of the accompanying financial statements requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates.
Note 3 — 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, 2012, net unrealized appreciation (depreciation) on investments for federal income tax purposes was as follows (amounts in thousands):
Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost of Investments for Federal Income Tax Purposes | |||||||||||||
TCW Concentrated Value Fund | $ | 3,003 | $ | (1,432 | ) | $ | 1,571 | $ | 23,988 | |||||||
TCW Dividend Focused Fund | 104,142 | (32,021 | ) | 72,121 | 582,177 | |||||||||||
TCW Emerging Markets Equities Fund | 1,400 | (1,759 | ) | (359 | ) | 16,804 |
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Notes to Financial Statements (Unaudited) (Continued) |
Note 3 — Federal Income Taxes (Continued)
Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost of Investments for Federal Income Tax Purposes | |||||||||||||
TCW Growth Fund | $ | 4,295 | $ | (1,016 | ) | $ | 3,279 | $ | 26,100 | |||||||
TCW Growth Equities Fund | 24,569 | (4,805 | ) | 19,764 | 82,547 | |||||||||||
TCW International Small Cap Fund | 2,864 | (3,353 | ) | (489 | ) | 32,160 | ||||||||||
TCW Relative Value Large Cap Fund | 77,851 | (25,495 | ) | 52,356 | 653,231 | |||||||||||
TCW Select Equities Fund | 290,071 | (5,573 | ) | 284,498 | 665,713 | |||||||||||
TCW Small Cap Growth Fund | 216,228 | (43,056 | ) | 173,172 | 1,058,583 | |||||||||||
TCW SMID Cap Growth Fund | 4,547 | (2,709 | ) | 1,838 | 43,740 | |||||||||||
TCW Value Opportunities Fund | 22,498 | (3,489 | ) | 19,009 | 119,707 | |||||||||||
TCW Global Conservative Allocation Fund | 874 | (19 | ) | 855 | 10,515 | |||||||||||
TCW Global Flexible Allocation Fund | 119 | (38 | ) | 81 | 1,575 | |||||||||||
TCW Global Moderate Allocation Fund | 1,567 | (229 | ) | 1,338 | 10,331 |
The Funds did not have any unrecognized tax benefits at April 30, 2012, nor were there any increases or decreases in unrecognized tax benefits for the six months ended April 30, 2012. 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 4 — Fund Management Fees and Other Expenses
The Funds pay to the Advisor, as compensation for services rendered, facilities furnished and expenses borne by it, the following annual management fees as a percentage of daily net asset value:
TCW Concentrated Value Fund | 0.65% | |||
TCW Dividend Focused Fund | 0.75% | |||
TCW Emerging Markets Equities Fund | 1.00% | |||
TCW Growth Fund | 0.75% | |||
TCW Growth Equities Fund | 1.00% | |||
TCW International Small Cap Fund | 0.75% | |||
TCW Relative Value Large Cap Fund | 0.75% | |||
TCW Select Equities Fund | 0.75% | |||
TCW Small Cap Growth Fund | 1.00% | |||
TCW SMID Cap Growth Fund | 1.00% | |||
TCW Value Opportunities Fund | 0.80% |
The Allocation Funds do not pay management fees to the Advisor; however, the Allocation Funds pay management fees to the Advisor indirectly, as a shareholder in the affiliated funds. In addition to the management fees, the Funds reimburse, with approval by the Company’s Board of Directors, the Advisor’s costs associated in support of the Funds’ Rule 38a-1 compliance obligations. These amounts are allocated to each Fund based in the net management fees paid and are included in the Statements of Operations.
The Advisor limited the operating expenses for the following funds, at class level, to the average of total expense ratios as reported by Lipper, Inc. (“Lipper Average”) for each Fund’s respective investment
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April 30, 2012 |
Note 4 — Fund Management Fees and Other Expenses (Continued)
objective, which changed on a monthly basis. This expense limitation is voluntary and is terminable on a six months notice. The Lipper Average expense ratios, in effect as of April 30, 2012, as they relate to each Fund were as follows:
TCW Concentrated Value Fund | 1.18% | |||
TCW Dividend Focused Fund | 1.26% | |||
TCW Relative Value Large Cap Fund | 1.22% | |||
TCW Select Equities Fund | 1.33% | |||
TCW Small Cap Growth Fund | 1.51% |
In addition, the Advisor agreed to limit the operating expenses (excluding interest and acquired fund fees and expenses, if any) for the following funds, at class level, not to exceed:
TCW Emerging Markets Equities Fund — Class I and N Shares | 1.61% | |||
TCW Global Conservative Allocation Fund — Class I and N Shares | 0.86% | |||
TCW Global Moderate Allocation Fund — Class I and N Shares | 0.94% | |||
TCW Global Flexible Allocation Fund — Class I and N Shares | 1.23% | |||
TCW Growth Fund — Class I and N Shares | 0.99% | |||
TCW Growth Equities Fund — Class I and N Shares | 1.20% | |||
TCW International Small Cap Fund — Class I and N Shares | 1.44% | |||
TCW SMID Cap Growth Fund — Class I and N Shares | 1.20% | |||
TCW Value Opportunities Fund — Class N Shares only | 1.28% |
These limits are in effect for a minimum of twelve months from the respective effective date.
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.
Note 5 — Distribution Plan
TCW Funds Distributors (“Distributor”), an affiliate of the Advisor, serves as the non-exclusive 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.
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Notes to Financial Statements (Unaudited) (Continued) |
Note 6 — Transactions with Affiliates
The summary of Allocation Funds transactions in the affiliated funds for the six months ended April 30, 2012 is as follows:
Name of | Number of Shares Held Beginning of Period | Gross Additions | Gross Reductions | Number of Shares Held End of Period | Value at End of Year (In thousands) | Dividends and Interest Income Received (In thousands) | Distributions Received from and Net Realized Gain (Loss) (In thousands) | |||||||||||||||||||||
TCW Global Conservative Allocation Fund | ||||||||||||||||||||||||||||
Metropolitan West Total Return Bond Fund — I Class | 242,047 | — | 242,047 | — | $ | — | $ | 7 | $ | — | ||||||||||||||||||
TCW Growth Equities | 68,146 | 795 | 49,675 | 19,266 | 298 | — | 11 | |||||||||||||||||||||
TCW Money Market | — | 600,970 | 66,162 | 534,808 | 535 | — | — | |||||||||||||||||||||
TCW Relative Value Large Cap Fund — I Class | 123,307 | 628 | 58,754 | 65,181 | 952 | 8 | — | |||||||||||||||||||||
TCW Select Equities | 182,727 | 1,877 | 34,983 | 149,621 | 3,033 | — | 33 | |||||||||||||||||||||
TCW Total Return Bond Fund — I Class | 396,413 | 289,492 | 73,865 | 612,040 | 6,041 | 203 | 14 | |||||||||||||||||||||
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Total | $ | 10,859 | $ | 218 | $ | 58 | ||||||||||||||||||||||
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TCW Global Flexible Allocation Fund | ||||||||||||||||||||||||||||
Metropolitan West High Yield Bond Fund — I Class | 5,440 | 498 | 2,956 | 2,982 | $ | 30 | $ | 1 | $ | 1 | ||||||||||||||||||
TCW Emerging Markets Income Fund — I Class | 17,636 | 981 | 12,094 | 6,523 | 58 | 1 | — | |||||||||||||||||||||
TCW Growth Equities | 8,787 | 502 | 5,747 | 3,542 | 55 | — | 2 | |||||||||||||||||||||
TCW Relative Value Large Cap Fund — I Class | 20,051 | 1,909 | 5,048 | 16,912 | 247 | 2 | — | |||||||||||||||||||||
TCW Select Equities | 19,723 | 2,275 | 2,293 | 19,705 | 399 | — | 4 | |||||||||||||||||||||
TCW Small Cap Growth | 3,363 | 144 | 2,113 | 1,394 | 41 | — | — | |||||||||||||||||||||
TCW Value Opportunities | 2,749 | 301 | 315 | 2,735 | 54 | 2 | — | |||||||||||||||||||||
TCW Total Return Bond | 5,449 | 10,218 | 1,632 | 14,035 | 139 | 5 | — | |||||||||||||||||||||
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| |||||||||||||||||||||||
Total | $ | 1,023 | $ | 11 | $ | 7 | ||||||||||||||||||||||
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April 30, 2012 |
Note 6 — Transactions with Affiliates (Continued)
Name of | Number of Shares Held Beginning of Period | Gross Additions | Gross Reductions | Number of Shares Held End of Period | Value at End of Year (In thousands) | Dividends and Interest Income Received (In thousands) | Distributions Received from and Net Realized Gain (Loss) (In thousands) | |||||||||||||||||||||
TCW Global Moderate Allocation Fund | ||||||||||||||||||||||||||||
Metropolitan West High Yield Bond Fund — I Class | 158,151 | 4,706 | 89,646 | 73,211 | $ | 741 | $ | 32 | $ | 15 | ||||||||||||||||||
Metropolitan West Total Return Bond Fund — I Class | 74,081 | 1,305 | 36,612 | 38,774 | 412 | 10 | 3 | |||||||||||||||||||||
TCW Growth Equities | 85,871 | 2,155 | 38,201 | 49,825 | 771 | — | 29 | |||||||||||||||||||||
TCW Relative Value Large Cap Fund — I Class | 132,834 | 912 | 43,453 | 90,293 | 1,318 | 12 | — | |||||||||||||||||||||
TCW Select Equities | 177,890 | 2,197 | 13,030 | 167,057 | 3,386 | — | 39 | |||||||||||||||||||||
TCW Total Return Bond | 150,349 | 80,524 | 16,472 | 214,401 | 2,116 | 72 | 5 | |||||||||||||||||||||
TCW Value Opportunities | 33,836 | 213 | 2,471 | 31,578 | 628 | 4 | — | |||||||||||||||||||||
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| |||||||||||||||||||||||
Total | $ | 9,372 | $ | 130 | $ | 91 | ||||||||||||||||||||||
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Note 7 — Purchases and Sales of Securities
Investment transactions (excluding short-term investments) for the six months ended April 30, 2012, were as follows (amounts in thousands):
Purchases at Cost | Sales or Maturity Proceeds | U.S. Government Purchases at Cost | U.S. Government Sales or Maturity Proceeds | |||||||||||||
TCW Concentrated Value Fund | $ | 3,523 | $ | 3,950 | $ | — | $ | — | ||||||||
TCW Dividend Focused Fund | 81,669 | 67,070 | — | — | ||||||||||||
TCW Emerging Markets Equities Fund | 14,699 | 21,289 | — | — | ||||||||||||
TCW Growth Fund | 5,200 | 5,682 | — | — | ||||||||||||
TCW Growth Equities Fund | 18,448 | 22,569 | — | — | ||||||||||||
TCW International Small Cap Fund | 19,791 | 15,275 | — | — | ||||||||||||
TCW Relative Value Large Cap Fund | 223,473 | 44,397 | — | — | ||||||||||||
TCW Select Equities Fund | 277,125 | 56,580 | — | — | ||||||||||||
TCW Small Cap Growth Fund | 471,948 | 508,472 | — | — | ||||||||||||
TCW SMID Cap Growth Fund | 17,175 | 21,019 | — | — | ||||||||||||
TCW Value Opportunities Fund | 27,248 | 39,487 | — | — | ||||||||||||
TCW Global Conservative Allocation Fund | 4,121 | 5,460 | — | — | ||||||||||||
TCW Global Flexible Allocation Fund | 671 | 697 | — | — | ||||||||||||
TCW Global Moderate Allocation Fund | 2,695 | 3,402 | — | — |
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Notes to Financial Statements (Unaudited) (Continued) |
Note 8 – Capital Share Transactions
Transactions in each Fund’s shares were as follows:
TCW Concentrated Value Fund | Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 13,809 | $ | 176 | 77,151 | $ | 921 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 2,378 | 26 | 2,992 | 36 | ||||||||||||
Shares Redeemed | (76,851 | ) | (863 | ) | (1,124,260 | ) | (13,477 | ) | ||||||||
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|
|
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| |||||||||
Net Decrease | (60,664 | ) | $ | (661 | ) | (1,044,117 | ) | $ | (12,520 | ) | ||||||
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| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 4,953 | $ | 43 | 4,258 | $ | 49 | ||||||||||
Shares Issued upon Reinvestment of Dividends | — | — | 6 | — | ||||||||||||
Shares Redeemed | (7,503 | ) | (86 | ) | (2,735,311 | ) | (32,730 | ) | ||||||||
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|
|
|
|
|
| |||||||||
Net Decrease | (2,550 | ) | $ | (43 | ) | (2,731,047 | ) | $ | (32,681 | ) | ||||||
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| |||||||||
TCW Dividend Focused Fund | Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 997,132 | $ | 10,782 | 1,595,071 | $ | 17,036 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 56,850 | 599 | 104,342 | 1,074 | ||||||||||||
Shares Redeemed | (569,394 | ) | (6,093 | ) | (2,380,139 | ) | (24,335 | ) | ||||||||
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|
|
|
|
|
|
| |||||||||
Net Increase | 484,588 | $ | 5,288 | (680,726 | ) | $ | (6,225 | ) | ||||||||
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| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 7,811,604 | $ | 83,417 | 24,429,268 | $ | 263,405 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 317,977 | 3,431 | 675,809 | 7,031 | ||||||||||||
Shares Redeemed | (7,613,572 | ) | (82,735 | ) | (31,988,361 | ) | (342,666 | ) | ||||||||
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|
| |||||||||
Net Increase | 516,009 | $ | 4,113 | (6,883,284 | ) | $ | (72,230 | ) | ||||||||
|
|
|
|
|
|
|
|
94
Table of Contents
TCW Funds, Inc.
April 30, 2012 |
Note 8 – Capital Share Transactions (Continued)
TCW Emerging Markets Equities Fund | Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 75,408 | $ | 683 | 265,350 | $ | 2,693 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 1,531 | 13 | — | — | ||||||||||||
Shares Redeemed | (812,676 | ) | (6,911 | ) | (286,023 | ) | (2,554 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease | (735,737 | ) | $ | (6,215 | ) | (20,673 | ) | $ | 139 | |||||||
|
|
|
|
|
|
|
| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 141,442 | $ | 1,298 | 159,938 | $ | 1,665 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 180 | 1 | — | — | ||||||||||||
Shares Redeemed | (8,254 | ) | (71 | ) | (16,986 | ) | (182 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 133,368 | $ | 1,228 | 142,952 | $ | 1,483 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TCW Growth Fund | Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 3,327 | $ | 75 | 1,205,431 | $ | 25,889 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 109 | 2 | — | — | ||||||||||||
Shares Redeemed | (16,793 | ) | (353 | ) | (4,087 | ) | (93 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease | (13,357 | ) | $ | (276 | ) | 1,201,344 | $ | 25,796 | ||||||||
|
|
|
|
|
|
|
| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 1,428 | $ | 34 | 9,696 | $ | 220 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 21 | — | (1) | — | — | |||||||||||
Shares Redeemed | (1,451 | ) | (33 | ) | (4,410 | ) | (86 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease | (2 | ) | $ | 1 | 5,286 | $ | 134 | |||||||||
|
|
|
|
|
|
|
|
(1) | Amount rounds to less than $1. |
95
Table of Contents
TCW Funds, Inc.
Notes to Financial Statements (Unaudited) (Continued) |
Note 8 — Capital Share Transactions (Continued)
TCW Growth Equities Fund | Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 250,312 | $ | 3,654 | 1,353,213 | $ | 20,916 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 134,501 | 1,802 | — | — | ||||||||||||
Shares Redeemed | (602,418 | ) | (8,657 | ) | (2,449,096 | ) | (36,858 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease | (217,605 | ) | $ | (3,201 | ) | (1,095,883 | ) | $ | (15,942 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 50,183 | $ | 727 | 272,484 | $ | 4,048 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 25,440 | 340 | — | — | ||||||||||||
Shares Redeemed | (123,520 | ) | (1,790 | ) | (381,051 | ) | (5,788 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease | (47,897 | ) | $ | (723 | ) | (108,567 | ) | $ | (1,740 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TCW International Small Cap Fund | Six Months Ended April 30, 2012 (Unaudited) | February 28, 2011 (Commencement of Operations) through October 31, 2011 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 897,427 | $ | 6,875 | 2,091,847 | $ | 19,388 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 20,062 | 138 | — | — | ||||||||||||
Shares Redeemed | (137,117 | ) | (1,056 | ) | (400,609 | ) | (3,181 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 780,372 | $ | 5,957 | 1,691,238 | $ | 16,207 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 152,060 | $ | 1,207 | 1,574,577 | $ | 14,965 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 13,018 | 89 | — | — | ||||||||||||
Shares Redeemed | (138,349 | ) | (1,065 | ) | (117,240 | ) | (977 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 26,729 | $ | 231 | 1,457,337 | $ | 13,988 | ||||||||||
|
|
|
|
|
|
|
|
96
Table of Contents
TCW Funds, Inc.
April 30, 2012 |
Note 8 — Capital Share Transactions (Continued)
TCW Relative Value Large Cap Fund | Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 17,950,738 | $ | 253,245 | 6,201,544 | $ | 83,303 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 280,026 | 3,629 | 291,461 | 3,926 | ||||||||||||
Shares Redeemed | (3,556,877 | ) | (48,735 | ) | (6,205,478 | ) | (83,461 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 14,673,887 | $ | 208,139 | 287,527 | $ | 3,768 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 216,457 | $ | 3,045 | 1,892,173 | $ | 26,106 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 16,680 | 216 | 41,293 | 556 | ||||||||||||
Shares Redeemed | (680,139 | ) | (9,003 | ) | (3,529,706 | ) | (45,728 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease | (447,002 | ) | �� | $ | (5,742 | ) | (1,596,240 | ) | $ | (19,066 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
TCW Select Equities Fund | Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 8,640,634 | $ | 163,820 | 5,551,453 | $ | 99,416 | ||||||||||
Shares Issued upon Reorganization | — | — | 289,634 | 5,280 | ||||||||||||
Shares Issued upon Reinvestment of Dividends | 241,820 | 4,307 | — | — | ||||||||||||
Shares Redeemed | (3,513,452 | ) | (65,965 | ) | (6,085,175 | ) | (107,620 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 5,369,002 | $ | 102,162 | (244,088 | ) | $ | (2,924 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 12,648,707 | $ | 227,457 | 4,838,903 | $ | 81,029 | ||||||||||
Shares Issued upon Reorganization | — | — | 502 | 9 | ||||||||||||
Shares Issued upon Reinvestment of Dividends | 184,633 | 3,133 | — | — | ||||||||||||
Shares Redeemed | (5,055,828 | ) | (90,208 | ) | (2,448,670 | ) | (41,493 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 7,777,512 | $ | 140,382 | 2,390,735 | $ | 39,545 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TCW Small Cap Growth Fund | Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 6,839,338 | $ | 190,774 | 20,673,692 | $ | 598,314 | ||||||||||
Shares Redeemed | (6,343,378 | ) | (177,769 | ) | (8,340,601 | ) | (238,141 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 495,960 | $ | 13,005 | 12,333,091 | $ | 360,173 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 704,532 | $ | 18,936 | 6,912,808 | $ | 203,103 | ||||||||||
Shares Redeemed | (1,973,116 | ) | (51,573 | ) | (5,346,767 | ) | (147,379 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease | (1,268,584 | ) | $ | (32,637 | ) | 1,566,041 | $ | 55,724 | ||||||||
|
|
|
|
|
|
|
|
97
Table of Contents
TCW Funds, Inc.
Notes to Financial Statements (Unaudited) (Continued) |
Note 8 — Capital Share Transactions (Continued)
TCW SMID Cap Growth Fund | Six Months Ended April 30, 2012 (Unaudited) | November 1, 2010 (Commencement of Operations) through October 31, 2011 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 78,161 | $ | 834 | 2,279,495 | $ | 26,952 | ||||||||||
Shares Redeemed | (36,950 | ) | (389 | ) | (65,943 | ) | (689 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 41,211 | $ | 445 | 2,213,552 | $ | 26,263 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 45,074 | $ | 466 | 2,471,884 | $ | 29,296 | ||||||||||
Shares Redeemed | (459,908 | ) | (4,645 | ) | (271,181 | ) | (3,025 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease | (414,834 | ) | $ | (4,179 | ) | 2,200,703 | $ | 26,271 | ||||||||
|
|
|
|
|
|
|
| |||||||||
TCW Value Opportunities Fund | Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 290,512 | $ | 5,190 | 3,396,327 | $ | 64,046 | ||||||||||
Shares Issued upon Reorganization | — | — | 546,278 | 9,086 | ||||||||||||
Shares Issued upon Reinvestment of Dividends | 25,251 | 441 | 37,681 | 697 | ||||||||||||
Shares Redeemed | (789,723 | ) | (14,612 | ) | (7,282,382 | ) | (137,090 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease | (473,960 | ) | $ | (8,981 | ) | (3,302,096 | ) | $ | (63,261 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 193,780 | $ | 3,313 | 2,560,018 | $ | 47,582 | ||||||||||
Shares Issued upon Reorganization | — | — | 551,306 | 8,975 | ||||||||||||
Shares Issued upon Reinvestment of Dividends | 612 | 11 | 9,664 | 176 | ||||||||||||
Shares Redeemed | (389,421 | ) | (6,880 | ) | (4,426,267 | ) | (82,480 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease | (195,029 | ) | $ | (3,556 | ) | (1,305,279 | ) | $ | (25,747 | ) | ||||||
|
|
|
|
|
|
|
|
98
Table of Contents
TCW Funds, Inc.
April 30, 2012 |
Note 8 — Capital Share Transactions (Continued)
TCW Global Conservative Allocation Fund | Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 24,502 | $ | 255 | 738,413 | $ | 7,753 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 41,575 | 414 | 26,946 | 280 | ||||||||||||
Shares Redeemed | (144,726 | ) | (1,506 | ) | (125,028 | ) | (1,331 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease | (78,649 | ) | $ | (837 | ) | 640,331 | $ | 6,702 | ||||||||
|
|
|
|
|
|
|
| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 14,508 | $ | 151 | 143,370 | $ | 1,526 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 2,881 | 28 | 846 | 9 | ||||||||||||
Shares Redeemed | (47,285 | ) | (492 | ) | (54,317 | ) | (556 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease | (29,896 | ) | $ | (313 | ) | 89,899 | $ | 979 | ||||||||
|
|
|
|
|
|
|
| |||||||||
TCW Global Flexible Allocation Fund | Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 26,318 | $ | 217 | 19,074 | $ | 167 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 4,767 | 38 | 1,609 | 14 | ||||||||||||
Shares Redeemed | (16,482 | ) | (134 | ) | (111,814 | ) | (986 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 14,603 | $ | 121 | (91,131 | ) | $ | (805 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 513 | $ | 4 | 281 | $ | 2 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 6 | — | — | — | ||||||||||||
Shares Redeemed | (11,957 | ) | (97 | ) | (34 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease | (11,438 | ) | $ | (93 | ) | 247 | $ | 2 | ||||||||
|
|
|
|
|
|
|
|
99
Table of Contents
TCW Funds, Inc.
Notes to Financial Statements (Unaudited) (Continued) |
Note 8 — Capital Share Transactions (Continued)
TCW Global Moderate Allocation Fund | Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 16,291 | $ | 147 | 84,890 | $ | 798 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 75,819 | 657 | 31,221 | 290 | ||||||||||||
Shares Redeemed | (109,028 | ) | (976 | ) | (856,690 | ) | (8,128 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease | (16,918 | ) | $ | (172 | ) | (740,579 | ) | $ | (7,040 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | — | $ | — | — | $ | — | ||||||||||
Shares Issued upon Reinvestment of Dividends | 11 | — | (1) | 3 | — | (1) | ||||||||||
Shares Redeemed | (12,331 | ) | (112 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease | (12,320 | ) | $ | (112 | ) | 3 | $ | — | ||||||||
|
|
|
|
|
|
|
|
(1) | Amount rounds to less than $1. |
Note 9 — Restricted Securities
The Funds are permitted to invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. 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, 2012.
Note 10 — Recently Issued Accounting Pronouncements
In May 2011, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, which amends U.S. GAAP to improve comparability with fair value measurement and disclosure requirements in International Financial Reporting Standards (IFRS). The amendments in ASU No. 2011-04 are effective for during interim and annual periods beginning after December 15, 2011.
In December 2011, the FASB issued ASU No. 2011-11, Balance Sheet (Topic 210), Disclosures about Offsetting Assets and Liabilities, which requires entities to disclose information about financial instruments and derivative instruments that have been offset or that are subject to enforceable master netting arrangements, to enable users of its financial statements to understand the effect of those arrangements on its financial position. Entities will be required to provide both net (offset amounts) and gross information in the notes to the financial statements for relevant assets and liabilities that are offset or subject to the arrangements. The amendments in ASU No. 2011-11 are effective for interim and annual periods beginning on or after January 1, 2013 and an entity should provide the disclosures required by the amendments retrospectively for all comparative periods presented.
The Company is in the process of evaluating these disclosure requirements and any impact the new disclosures will have on its financial statements.
100
Table of Contents
TCW Concentrated Value Fund
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 10.83 | $ | 10.99 | $ | 9.98 | $ | 9.62 | $ | 15.72 | $ | 14.34 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (1) | 0.03 | 0.04 | 0.03 | 0.10 | 0.06 | 0.07 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 1.37 | (0.17 | ) | 1.07 | 0.33 | (6.10 | ) | 1.34 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 1.40 | (0.13 | ) | 1.10 | 0.43 | (6.04 | ) | 1.41 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.04 | ) | (0.03 | ) | (0.09 | ) | (0.07 | ) | (0.06 | ) | (0.03 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 12.19 | $ | 10.83 | $ | 10.99 | $ | 9.98 | $ | 9.62 | $ | 15.72 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 12.94 | % (2) | (1.23 | )% | 11.05 | % | 4.64 | % | (38.57 | )% | 9.86 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 24,568 | $ | 22,496 | $ | 34,285 | $ | 34,867 | $ | 38,480 | $ | 7,176 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Expense Reimbursement | 1.12 | % (3) | 0.96 | % | 0.91 | % | 1.00 | % | 1.01 | % | 1.18 | % | ||||||||||||
After Expense Reimbursement | N/A | N/A | N/A | 0.86 | % | 1.00 | % | N/A | ||||||||||||||||
Ratio of Net Investment Income to Average Net Assets | 0.46 | % (3) | 0.31 | % | 0.32 | % | 1.11 | % | 0.46 | % | 0.38 | % | ||||||||||||
Portfolio Turnover Rate | 14.58 | % (2) | 38.18 | % | 53.50 | % | 72.56 | % | 110.17 | % | 63.43 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2012 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
101
Table of Contents
TCW Concentrated Value Fund
Financial Highlights — N Class |
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 10.71 | $ | 10.95 | $ | 9.94 | $ | 9.58 | $ | 15.67 | $ | 14.31 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (1) | 0.02 | 0.00 | 0.01 | 0.06 | 0.07 | 0.04 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 1.35 | (0.24 | ) | 1.05 | 0.34 | (6.10 | ) | 1.35 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 1.37 | (0.24 | ) | 1.06 | 0.40 | (6.03 | ) | 1.39 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | — | (0.00 | ) (2) | (0.05 | ) | (0.04 | ) | (0.06 | ) | (0.03 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 12.08 | $ | 10.71 | $ | 10.95 | $ | 9.94 | $ | 9.58 | $ | 15.67 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 12.79 | % (3) | (2.19 | )% | 10.71 | % | 4.24 | % | (38.64 | )% | 9.74 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 941 | $ | 861 | $ | 30,786 | $ | 28,239 | $ | 31,710 | $ | 35,509 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Expense Reimbursement | 3.85 | % (4) | 1.18 | % | 1.17 | % | 1.30 | % | 1.28 | % | 1.27 | % | ||||||||||||
After Expense Reimbursement | 1.20 | % (4) | N/A | N/A | 1.25 | % | N/A | N/A | ||||||||||||||||
Ratio of Net Investment Income to Average Net Assets | 0.38 | % (4) | 0.01 | % | 0.05 | % | 0.72 | % | 0.54 | % | 0.30 | % | ||||||||||||
Portfolio Turnover Rate | 14.58 | % (3) | 38.18 | % | 53.50 | % | 72.56 | % | 110.17 | % | 63.43 | % |
(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, 2012 and is not indicative of a full year’s operating results. |
(4) | Annualized. |
See accompanying notes to financial statements.
102
Table of Contents
TCW Dividend Focused Fund
Financial Highlights — I Class |
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 10.18 | $ | 9.60 | $ | 8.28 | $ | 7.70 | $ | 14.24 | $ | 13.22 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (1) | 0.10 | 0.18 | 0.18 | 0.23 | 0.31 | 0.27 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 1.30 | 0.59 | 1.31 | 0.61 | (6.01 | ) | 1.25 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 1.40 | 0.77 | 1.49 | 0.84 | (5.70 | ) | 1.52 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.11 | ) | (0.19 | ) | (0.17 | ) | (0.25 | ) | (0.33 | ) | (0.29 | ) | ||||||||||||
Distributions from Net Realized Gain | — | — | — | — | (0.51 | ) | (0.21 | ) | ||||||||||||||||
Distributions from Return of Capital | — | — | — | (0.01 | ) | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.11 | ) | (0.19 | ) | (0.17 | ) | (0.26 | ) | (0.84 | ) | (0.50 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 11.47 | $ | 10.18 | $ | 9.60 | $ | 8.28 | $ | 7.70 | $ | 14.24 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 13.87 | % (2) | 8.05 | % | 18.13 | % | 11.58 | % | (42.11 | )% | 11.70 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 66,843 | $ | 54,367 | $ | 57,797 | $ | 44,125 | $ | 67,197 | $ | 241,170 | ||||||||||||
Ratio of Expenses to Average Net Assets | 0.89 | % (3) | 0.86 | % | 0.90 | % | 0.92 | % | 0.86 | % | 0.85 | % | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 1.94 | % (3) | 1.76 | % | 1.95 | % | 3.27 | % | 2.71 | % | 1.94 | % | ||||||||||||
Portfolio Turnover Rate | 11.13 | % (2) | 37.51 | % | 25.77 | % | 26.48 | % | 35.28 | % | 26.19 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2012 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
103
Table of Contents
TCW Dividend Focused Fund
Financial Highlights — N Class |
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 10.29 | $ | 9.68 | $ | 8.36 | $ | 7.72 | $ | 14.23 | $ | 13.20 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (1) | 0.09 | 0.15 | 0.15 | 0.21 | 0.27 | 0.23 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 1.32 | 0.60 | 1.31 | 0.63 | (6.01 | ) | 1.25 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 1.41 | 0.75 | 1.46 | 0.84 | (5.74 | ) | 1.48 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.07 | ) | (0.14 | ) | (0.14 | ) | (0.19 | ) | (0.26 | ) | (0.24 | ) | ||||||||||||
Distributions from Net Realized Gain | — | — | — | — | (0.51 | ) | (0.21 | ) | ||||||||||||||||
Distributions from Return of Capital | — | — | — | (0.01 | ) | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.07 | ) | (0.14 | ) | (0.14 | ) | (0.20 | ) | (0.77 | ) | (0.45 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 11.63 | $ | 10.29 | $ | 9.68 | $ | 8.36 | $ | 7.72 | $ | 14.23 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 13.78 | % (2) | 7.73 | % | 17.66 | % | 11.38 | % | (42.29 | )% | 11.37 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 587,028 | $ | 514,153 | $ | 550,305 | $ | 552,767 | $ | 685,359 | $ | 1,557,793 | ||||||||||||
Ratio of Expenses to Average Net Assets | 1.16 | % (3) | 1.17 | % | 1.20 | % | 1.20 | % | 1.18 | % | 1.15 | % | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 1.67 | % (3) | 1.45 | % | 1.68 | % | 2.92 | % | 2.39 | % | 1.65 | % | ||||||||||||
Portfolio Turnover Rate | 11.13 | % (2) | 37.51 | % | 25.77 | % | 26.48 | % | 35.28 | % | 26.19 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2012 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
104
Table of Contents
TCW Emerging Markets Equities Fund
Financial Highlights — I Class |
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | December 14, 2009 (Commencement of Operations) through October 31, 2010 | ||||||||||
Net Asset Value per Share, Beginning of Period | $ | 8.95 | $ | 10.45 | $ | 10.00 | ||||||
|
|
|
|
|
| |||||||
Income (Loss) from Investment Operations: | ||||||||||||
Net Investment Income (Loss) (1) | (0.01 | ) | 0.02 | (0.03 | ) | |||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.13 | (2) | (1.52 | ) | 0.48 | |||||||
|
|
|
|
|
| |||||||
Total from Investment Operations | 0.12 | (1.50 | ) | 0.45 | ||||||||
|
|
|
|
|
| |||||||
Less Distributions: | ||||||||||||
Distributions from Net Investment Income | (0.01 | ) | N/A | N/A | ||||||||
|
|
|
|
|
| |||||||
Net Asset Value per Share, End of Period | $ | 9.06 | $ | 8.95 | $ | 10.45 | ||||||
|
|
|
|
|
| |||||||
Total Return | 1.35 | % (4) | (14.35 | )% | 4.50 | % (3) | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net Assets, End of Period (in thousands) | $ | 9,963 | $ | 16,430 | $ | 19,393 | ||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||
Before Expense Reimbursement | 1.96 | % (5) | 1.65 | % | 2.13 | % (5) | ||||||
After Expense Reimbursement | 1.62 | % (5) | N/A | 1.73 | % (5) | |||||||
Ratio of Net Investment Income (Loss) to Average Net Assets | (0.25 | )% (5) | 0.16 | % | (0.33 | )% (5) | ||||||
Portfolio Turnover Rate | 82.45 | % (4) | 158.83 | % | 198.80 | % (3) |
(1) | Computed using average shares outstanding throughout the period. |
(2) | The per-share amount does not correspond with the net realized and unrealized gain (loss) on the Statement of Operations due to the timing of purchases and redemptions of the Fund shares in relation to fluctuating market values of the investments in the Fund. |
(3) | For the period December 14, 2009 (Commencement of Operations) through October 31, 2011 and is not indicative of a full year’s operating results. |
(4) | For the six months ended April 30, 2012 and is not indicative of a full year’s operating results. |
(5) | Annualized. |
See accompanying notes to financial statements.
105
Table of Contents
TCW Emerging Markets Equities Fund
Financial Highlights — N Class |
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, 2011 | December 14, 2009 (Commencement of Operations) through October 31, 2010 | ||||||||||
Net Asset Value per Share, Beginning of Period | $ | 8.95 | $ | 10.44 | $ | 10.00 | ||||||
|
|
|
|
|
| |||||||
Income (Loss) from Investment Operations: | ||||||||||||
Net Investment Income (Loss) (1) | (0.00 | ) (2) | 0.02 | (0.04 | ) | |||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.11 | (3) | (1.51 | ) | 0.48 | |||||||
|
|
|
|
|
| |||||||
Total from Investment Operations | 0.11 | (1.49 | ) | 0.44 | ||||||||
|
|
|
|
|
| |||||||
Less Distributions: | ||||||||||||
Distributions from Net Investment Income | (0.01 | ) | — | — | ||||||||
|
|
|
|
|
| |||||||
Net Asset Value per Share, End of Period | $ | 9.05 | $ | 8.95 | $ | 10.44 | ||||||
|
|
|
|
|
| |||||||
Total Return | 1.35 | % (5) | (14.35 | )% | 4.50 | % (4) | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net Assets, End of Period (in thousands) | $ | 7,261 | $ | 5,982 | $ | 5,491 | ||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||
Before Expense Reimbursement | 2.51 | % (6) | 2.16 | % | 2.95 | % (6) | ||||||
After Expense Reimbursement | 1.62 | % (6) | 1.67 | % | 1.73 | % (6) | ||||||
Ratio of Net Investment Income (Loss) to Average Net Assets | (0.08 | )% (6) | 0.18 | % | (0.45 | )% (6) | ||||||
Portfolio Turnover Rate | 82.45 | % (5) | 158.83 | % | 198.80 | % (4) |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Amount rounds to less than $0.01 per share. |
(3) | The per-share amount does not correspond with the net realized and unrealized gain (loss) on the Statement of Operations due to the timing of purchases and redemptions of the Fund shares in relation to fluctuating market values of the investments in the Fund. |
(4) | For the period December 14, 2009 (Commencement of Operations) through October 31, 2011 and is not indicative of a full year’s operating results. |
(5) | For the six months ended April 30, 2012 and is not indicative of a full year’s operating results. |
(6) | Annualized. |
See accompanying notes to financial statements.
106
Table of Contents
TCW Growth Fund
Financial Highlights — I Class
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, | January 2, 2008 (Commencement of Operations) through October 31, 2008 | ||||||||||||||||||
2011 | 2010 | 2009 | ||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 21.13 | $ | 19.95 | $ | 16.27 | $ | 12.94 | $ | 20.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||
Net Investment Loss (1) | (0.02 | ) | (0.07 | ) | (0.10 | ) | (0.08 | ) | (0.15 | ) | ||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 2.36 | 1.25 | 3.78 | 3.41 | (6.91 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from Investment Operations | 2.34 | 1.18 | 3.68 | 3.33 | (7.06 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less Distributions: | ||||||||||||||||||||
Distributions from Net Investment Income | (0.01 | ) | — | — | — | — | ||||||||||||||
Distributions from Net Realized Gain | (0.08 | ) | — | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Distributions | (0.09 | ) | — | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value per Share, End of Period | $ | 23.38 | $ | 21.13 | $ | 19.95 | $ | 16.27 | $ | 12.94 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return | 11.10 | % (3) | 5.86 | % | 22.68 | % | 25.74 | % | (35.30 | )% (2) | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 28,557 | $ | 26,089 | $ | 663 | $ | 407 | $ | 324 | ||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||
Before Expense Reimbursement | 1.20 | % (4) | 1.32 | % | 13.74 | % | 15.94 | % | 9.74 | % (4) | ||||||||||
After Expense Reimbursement | 0.99 | % (4) | 0.99 | % | 1.37 | % | 1.38 | % | 1.41 | % (4) | ||||||||||
Ratio of Net Investment Loss to Average Net Assets | (0.19 | )% (4) | (0.33 | )% | (0.56 | )% | (0.55 | )% | (0.97 | )% (4) | ||||||||||
Portfolio Turnover Rate | 19.31 | % (3) | 103.57 | % | 65.37 | % | 55.51 | % | 63.31 | % (2) |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the period January 2, 2008 (Commencement of Operations) through October 31, 2008 and is not indicative of a full year’s operating results. |
(3) | For the six months ended April 30, 2012 and is not indicative of a full year’s operating results. |
(4) | Annualized. |
See accompanying notes to financial statements.
107
Table of Contents
TCW Growth Fund
Financial Highlights — N Class
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, | January 2, 2008 (Commencement of Operations) through October 31, 2008 | ||||||||||||||||||
2011 | 2010 | 2009 | ||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 21.13 | $ | 19.95 | $ | 16.27 | $ | 12.94 | $ | 20.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||
Net Investment Loss (1) | (0.02 | ) | (0.06 | ) | (0.10 | ) | (0.08 | ) | (0.15 | ) | ||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 2.35 | 1.24 | 3.78 | 3.41 | (6.91 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from Investment Operations | 2.33 | 1.18 | 3.68 | 3.33 | (7.06 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less Distributions: | ||||||||||||||||||||
Distributions from Net Investment Income | (0.00 | ) (2) | — | — | — | — | ||||||||||||||
Distributions from Net Realized Gain | (0.08 | ) | — | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Distributions | (0.08 | ) | — | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value per Share, End of Period | $ | 23.38 | $ | 21.13 | $ | 19.95 | $ | 16.27 | $ | 12.94 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return | 11.09 | % (4) | 5.86 | % | 22.68 | % | 25.73 | % | (35.30 | )% (3) | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 750 | $ | 678 | $ | 534 | $ | 407 | $ | 323 | ||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||
Before Expense Reimbursement | 4.82 | % (5) | 6.97 | % | 13.99 | % | 16.16 | % | 10.07 | % (5) | ||||||||||
After Expense Reimbursement | 0.99 | % (5) | 0.99 | % | 1.37 | % | 1.38 | % | 1.41 | % (5) | ||||||||||
Ratio of Net Investment Loss to Average Net Assets | (0.19 | )% (5) | (0.28 | )% | (0.56 | )% | (0.56 | )% | (0.97 | )% (5) | ||||||||||
Portfolio Turnover Rate | 19.31 | % (4) | 103.57 | % | 65.37 | % | 55.51 | % | 63.31 | % (3) |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Amount rounds to less than $0.01 per share. |
(3) | For the period January 2, 2008 (Commencement of Operations) through October 31, 2008 and is not indicative of a full year’s operating results. |
(4) | For the six months ended April 30, 2012 and is not indicative of a full year’s operating results. |
(5) | Annualized. |
See accompanying notes to financial statements.
108
Table of Contents
TCW Growth Equities Fund
Financial Highlights — I Class |
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 14.66 | $ | 13.95 | $ | 10.87 | $ | 8.73 | $ | 17.91 | $ | 12.17 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Loss (1) | (0.04 | ) | (0.11 | ) | (0.09 | ) | (0.10 | ) | (0.08 | ) | (0.12 | ) | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 1.42 | 0.82 | 3.17 | 2.24 | (7.72 | ) | 5.86 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 1.38 | 0.71 | 3.08 | 2.14 | (7.80 | ) | 5.74 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Realized Gain | (0.56 | ) | — | — | — | (1.38 | ) | N/A | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 15.48 | $ | 14.66 | $ | 13.95 | $ | 10.87 | $ | 8.73 | $ | 17.91 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 10.01 | % (2) | 5.09 | % | 28.33 | % | 24.51 | % | (46.86 | )% | 47.17 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 92,782 | $ | 91,091 | $ | 101,943 | $ | 43,125 | $ | 23,706 | $ | 43,973 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Expense Reimbursement | 1.22 | % (3) | 1.20 | % | 1.27 | % | 1.52 | % | 1.34 | % | 1.40 | % | ||||||||||||
After Expense Reimbursement | 1.20 | % (3) | N/A | N/A | 1.47 | % | N/A | N/A | ||||||||||||||||
Ratio of Net Investment Loss to Average Net Assets | (0.61 | )% (3) | (0.72 | )% | (0.67 | )% | (1.10 | )% | (0.55 | )% | (0.86 | )% | ||||||||||||
Portfolio Turnover Rate | 19.31 | % (2) | 50.74 | % | 71.30 | % | 69.14 | % | 68.65 | % | 71.58 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2012 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
109
Table of Contents
TCW Growth Equities Fund
Financial Highlights — N Class |
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 14.61 | $ | 13.90 | $ | 10.84 | $ | 8.71 | $ | 17.90 | $ | 12.17 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Loss (1) | (0.04 | ) | (0.11 | ) | (0.09 | ) | (0.10 | ) | (0.09 | ) | (0.14 | ) | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 1.41 | 0.82 | 3.15 | 2.23 | (7.72 | ) | 5.87 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 1.37 | 0.71 | 3.06 | 2.13 | (7.81 | ) | 5.73 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Realized Gain | (0.56 | ) | — | — | — | (1.38 | ) | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 15.42 | $ | 14.61 | $ | 13.90 | $ | 10.84 | $ | 8.71 | $ | 17.90 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 9.97 | % (2) | 5.11 | % | 28.23 | % | 24.46 | % | (46.95 | )% | 47.08 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 9,280 | $ | 9,493 | $ | 10,542 | $ | 4,476 | $ | 5,216 | $ | 9,611 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Expense Reimbursement | 1.78 | % (3) | 1.73 | % | 2.03 | % | 2.38 | % | 1.93 | % | 2.19 | % | ||||||||||||
After Expense Reimbursement | 1.20 | % (3) | 1.20 | % | 1.32 | % | 1.47 | % | 1.50 | % | 1.54 | % | ||||||||||||
Ratio of Net Investment Loss to Average Net Assets | (0.61 | )% (3) | (0.73 | )% | (0.69 | )% | (1.09 | )% | (0.70 | )% | (1.00 | )% | ||||||||||||
Portfolio Turnover Rate | 19.31 | % (2) | 50.74 | % | 71.30 | % | 69.14 | % | 68.65 | % | 71.58 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2012 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
110
Table of Contents
TCW International Small Cap Fund
Financial Highlights — I Class |
Six Months Ended April 30, 2012 (Unaudited) | February 28, 2011 (Commencement of Operations) through October 31, 2011 | |||||||
Net Asset Value per Share, Beginning of Period | $ | 7.68 | $ | 10.00 | ||||
|
|
|
| |||||
Income (Loss) from Investment Operations: | ||||||||
Net Investment Loss (1) | (0.02 | ) | (0.04 | ) | ||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.46 | (2.28 | ) | |||||
|
|
|
| |||||
Total from Investment Operations | 0.44 | (2.32 | ) | |||||
|
|
|
| |||||
Less Distributions: | ||||||||
Distributions from Net Investment Income | (0.07 | ) | — | |||||
|
|
|
| |||||
Net Asset Value per Share, End of Period | $ | 8.05 | $ | 7.68 | ||||
|
|
|
| |||||
Total Return | 5.81 | % (3) | (23.20 | )% (2) | ||||
Ratios/Supplemental Data: | ||||||||
Net Assets, End of Period (in thousands) | $ | 19,896 | $ | 12,988 | ||||
Ratio of Expenses to Average Net Assets: | ||||||||
Before Expense Reimbursement | 1.39 | % (4) | 1.60 | % (4) | ||||
After Expense Reimbursement | N/A | 1.44 | % (4) | |||||
Ratio of Net Investment Loss to Average Net Assets | (0.54 | )% (4) | (0.69 | )% (4) | ||||
Portfolio Turnover Rate | 54.46 | % (3) | 86.04 | % (2) |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the period February 28, 2011 (Commencement of Operations) through October 31, 2011 and is not indicative of a full year’s operating results. |
(3) | For the six months ended April 30, 2012 and is not indicative of a full year’s operating results. |
(4) | Annualized. |
See accompanying notes to financial statements.
111
Table of Contents
TCW International Small Cap Fund
Financial Highlights — N Class |
Six Months Ended April 30, 2012 (Unaudited) | February 28, 2011 (Commencement of Operations) through October 31, 2011 | |||||||
Net Asset Value per Share, Beginning of Period | $ | 7.68 | $ | 10.00 | ||||
|
|
|
| |||||
Income (Loss) from Investment Operations: | ||||||||
Net Investment Loss (1) | (0.02 | ) | (0.04 | ) | ||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.45 | (2.28 | ) | |||||
|
|
|
| |||||
Total from Investment Operations | 0.43 | (2.32 | ) | |||||
|
|
|
| |||||
Less Distributions: | ||||||||
Distributions from Net Investment Income | (0.06 | ) | — | |||||
|
|
|
| |||||
Net Asset Value per Share, End of Period | $ | 8.05 | $ | 7.68 | ||||
|
|
|
| |||||
Total Return | 5.77 | % (3) | (23.20 | )% (2) | ||||
Ratios/Supplemental Data: | ||||||||
Net Assets, End of Period (in thousands) | $ | 11,947 | $ | 11,192 | ||||
Ratio of Expenses to Average Net Assets: | ||||||||
Before Expense Reimbursement | 1.74 | % (4) | 1.94 | % (4) | ||||
After Expense Reimbursement | 1.44 | % (4) | 1.44 | % (4) | ||||
Ratio of Net Investment Loss to Average Net Assets | (0.63 | )% (4) | (0.65 | )% (4) | ||||
Portfolio Turnover Rate | 54.46 | % (3) | 86.04 | % (2) |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the period February 28, 2011 (Commencement of Operations) through October 31, 2011 and is not indicative of a full year’s operating results. |
(3) | For the six months ended April 30, 2012 and is not indicative of a full year’s operating results. |
(4) | Annualized. |
See accompanying notes to financial statements.
112
Table of Contents
TCW Relative Value Large Cap Fund
Financial Highlights — I Class |
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 13.05 | $ | 12.42 | $ | 11.06 | $ | 9.80 | $ | 16.91 | $ | 16.24 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (1) | 0.07 | 0.12 | 0.13 | 0.17 | 0.20 | 0.16 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 1.60 | 0.65 | 1.41 | 1.28 | (6.81 | ) | 0.73 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 1.67 | 0.77 | 1.54 | 1.45 | (6.61 | ) | 0.89 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.12 | ) | (0.14 | ) | (0.18 | ) | (0.19 | ) | (0.15 | ) | (0.10 | ) | ||||||||||||
Distributions from Net Realized Gain | — | — | — | — | (0.35 | ) | (0.12 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.12 | ) | (0.14 | ) | (0.18 | ) | (0.19 | ) | (0.50 | ) | (0.22 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 14.60 | $ | 13.05 | $ | 12.42 | $ | 11.06 | $ | 9.80 | $ | 16.91 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 12.94 | % (2) | 6.16 | % | 14.14 | % | 15.25 | % | (40.18 | )% | 5.53 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 658,337 | $ | 396,729 | $ | 373,921 | $ | 412,831 | $ | 348,859 | $ | 844,811 | ||||||||||||
Ratio of Expenses to Average Net Assets | 0.91 | % (3) | 0.92 | % | 1.07 | % | 1.11 | % | 1.00 | % | 0.96 | % | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 1.04 | % (3) | 0.90 | % | 1.14 | % | 1.79 | % | 1.42 | % | 0.95 | % | ||||||||||||
Portfolio Turnover Rate | 8.88 | % (2) | 26.76 | % | 34.49 | % | 40.28 | % | 40.77 | % | 30.58 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2012 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
113
Table of Contents
TCW Relative Value Large Cap Fund
Financial Highlights — N Class |
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 13.00 | $ | 12.38 | $ | 11.03 | $ | 9.75 | $ | 16.83 | $ | 16.18 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (1) | 0.05 | 0.09 | 0.12 | 0.16 | 0.17 | 0.12 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 1.61 | 0.64 | 1.40 | 1.29 | (6.78 | ) | 0.72 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 1.66 | 0.73 | 1.52 | 1.45 | (6.61 | ) | 0.84 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.07 | ) | (0.11 | ) | (0.17 | ) | (0.17 | ) | (0.12 | ) | (0.07 | ) | ||||||||||||
Distributions from Net Realized Gain | — | — | — | — | (0.35 | ) | (0.12 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.07 | ) | (0.11 | ) | (0.17 | ) | (0.17 | ) | (0.47 | ) | (0.19 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 14.59 | $ | 13.00 | $ | 12.38 | $ | 11.03 | $ | 9.75 | $ | 16.83 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 12.79 | % (2) | 5.88 | % | 13.96 | % | 15.22 | % | (40.31 | )% | 5.28 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 49,981 | $ | 50,341 | $ | 67,688 | $ | 103,155 | $ | 118,338 | $ | 188,715 | ||||||||||||
Ratio of Expenses to Average Net Assets | 1.23 | % (3) | 1.18 | % | 1.19 | % | 1.21 | % | 1.19 | % | 1.18 | % | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 0.80 | % (3) | 0.65 | % | 1.06 | % | 1.72 | % | 1.25 | % | 0.72 | % | ||||||||||||
Portfolio Turnover Rate | 8.88 | % (2) | 26.76 | % | 34.49 | % | 40.28 | % | 40.77 | % | 30.58 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2012 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
114
Table of Contents
TCW Select Equities Fund
Financial Highlights — I Class |
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 18.17 | $ | 16.18 | $ | 13.45 | $ | 12.96 | $ | 22.26 | $ | 19.17 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss) (1) | (0.01 | ) | (0.04 | ) | (0.03 | ) | (0.04 | ) | (0.06 | ) | 0.02 | |||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 2.33 | 2.03 | 2.76 | 2.36 | (7.15 | ) | 3.24 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 2.32 | 1.99 | 2.73 | 2.32 | (7.21 | ) | 3.26 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | — | — | — | — | (0.01 | ) | — | |||||||||||||||||
Distributions from Net Realized Gain | (0.22 | ) | — | — | (1.83 | ) | (2.08 | ) | (0.17 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.22 | ) | — | — | (1.83 | ) | (2.09 | ) | (0.17 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 20.27 | $ | 18.17 | $ | 16.18 | $ | 13.45 | $ | 12.96 | $ | 22.26 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 12.94 | % (2) | 12.30 | % | 20.30 | % | 22.30 | % | (35.62 | )% | 17.16 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 590,930 | $ | 432,203 | $ | 388,735 | $ | 360,290 | $ | 537,402 | $ | 2,068,728 | ||||||||||||
Ratio of Expenses to Average Net Assets | 0.88 | % (3) | 0.90 | % | 0.92 | % | 0.98 | % | 0.95 | % | 0.92 | % | ||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets | (0.11 | )% (3) | (0.23 | )% | (0.19 | )% | (0.31 | )% | (0.33 | )% | 0.09 | % | ||||||||||||
Portfolio Turnover Rate | 7.59 | % (2) | 28.13 | % | 23.75 | % | 36.82 | % | 50.80 | % | 32.44 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2012 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
115
Table of Contents
TCW Select Equities Fund
Financial Highlights — N Class |
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 17.34 | $ | 15.48 | $ | 12.92 | $ | 12.55 | $ | 21.66 | $ | 18.71 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Loss (1) | (0.04 | ) | (0.09 | ) | (0.07 | ) | (0.07 | ) | (0.10 | ) | (0.04 | ) | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 2.22 | 1.95 | 2.63 | 2.27 | (6.93 | ) | 3.16 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 2.18 | 1.86 | 2.56 | 2.20 | (7.03 | ) | 3.12 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Realized Gain | (0.22 | ) | — | — | (1.83 | ) | (2.08 | ) | (0.17 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 19.30 | $ | 17.34 | $ | 15.48 | $ | 12.92 | $ | 12.55 | $ | 21.66 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 12.75 | % (2) | 12.02 | % | 19.81 | % | 22.02 | % | (35.77 | )% | 16.83 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 352,908 | $ | 182,151 | $ | 125,638 | $ | 140,963 | $ | 177,885 | $ | 647,402 | ||||||||||||
Ratio of Expenses to Average Net Assets | 1.14 | % (3) | 1.20 | % | 1.24 | % | 1.25 | % | 1.20 | % | 1.19 | % | ||||||||||||
Ratio of Net Investment Loss to Average Net Assets | (0.40 | )% (3) | (0.55 | )% | (0.51 | )% | (0.58 | )% | (0.57 | )% | (0.19 | )% | ||||||||||||
Portfolio Turnover Rate | 7.59 | % (2) | 28.13 | % | 23.75 | % | 36.82 | % | 50.80 | % | 32.44 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2012 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
116
Table of Contents
TCW Small Cap Growth Fund
Financial Highlights — I Class |
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 27.84 | $ | 26.52 | $ | 21.18 | $ | 15.23 | $ | 26.30 | $ | 19.88 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Loss (1) | (0.13 | ) | (0.26 | ) | (0.17 | ) | (0.19 | ) | (0.11 | ) | (0.15 | ) | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 1.86 | 1.58 | 5.51 | 6.14 | (10.96 | ) | 6.57 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 1.73 | 1.32 | 5.34 | 5.95 | (11.07 | ) | 6.42 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 29.57 | $ | 27.84 | $ | 26.52 | $ | 21.18 | $ | 15.23 | $ | 26.30 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 6.21 | % (2) | 4.98 | % | 25.21 | % | 39.07 | % | (42.09 | )% | 32.29 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 1,031,095 | $ | 956,904 | $ | 584,581 | $ | 183,467 | $ | 78,136 | $ | 46,914 | ||||||||||||
Ratio of Expenses to Average Net Assets | 1.18 | % (3) | 1.22 | % | 1.19 | % | 1.20 | % | 1.20 | % | 1.29 | % | ||||||||||||
Ratio of Net Investment Loss to Average Net Assets | (0.93 | )% (3) | (0.88 | )% | (0.71 | )% | (1.08 | )% | (0.53 | )% | (0.66 | )% | ||||||||||||
Portfolio Turnover Rate | 40.30 | % (2) | 93.47 | % | 105.57 | % | 79.13 | % | 110.57 | % | 92.14 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2012 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
117
Table of Contents
TCW Small Cap Growth Fund
Financial Highlights — N Class |
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 26.73 | $ | 25.53 | $ | 20.44 | $ | 14.75 | $ | 25.58 | $ | 19.40 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Loss (1) | (0.16 | ) | (0.32 | ) | (0.23 | ) | (0.27 | ) | (0.21 | ) | (0.22 | ) | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 1.77 | 1.52 | 5.32 | 5.96 | (10.62 | ) | 6.40 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 1.61 | 1.20 | 5.09 | 5.69 | (10.83 | ) | 6.18 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 28.34 | $ | 26.73 | $ | 25.53 | $ | 20.44 | $ | 14.75 | $ | 25.58 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 6.06 | % (2) | 4.70 | % | 24.90 | % | 38.58 | % | (42.34 | )% | 31.86 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 216,436 | $ | 237,982 | $ | 187,375 | $ | 115,465 | $ | 19,634 | $ | 25,864 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Expense Reimbursement | 1.49 | % (3) | 1.49 | % | 1.51 | % | 1.59 | % | 1.64 | % | 1.69 | % | ||||||||||||
After Expense Reimbursement | N/A | N/A | N/A | N/A | 1.61 | % | 1.65 | % | ||||||||||||||||
Ratio of Net Investment Loss to Average Net Assets | (1.23 | )% (3) | (1.14 | )% | (0.97 | )% | (1.47 | )% | (1.00 | )% | (1.04 | )% | ||||||||||||
Portfolio Turnover Rate | 40.30 | % (2) | 93.47 | % | 105.57 | % | 79.13 | % | 110.57 | % | 92.14 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2012 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
118
Table of Contents
TCW SMID Cap Growth Fund
Financial Highlights — I Class |
Six Months Ended April 30, 2012 (Unaudited) | November 1, 2010 (Commencement of Operations) through October 31, 2011 | |||||||
Net Asset Value per Share, Beginning of Period | $ | 10.42 | $ | 10.00 | ||||
|
|
|
| |||||
Income (Loss) from Investment Operations: | ||||||||
Net Investment Loss (1) | (0.05 | ) | (0.10 | ) | ||||
Net Realized and Unrealized Gain on Investments | 0.84 | 0.52 | ||||||
|
|
|
| |||||
Total from Investment Operations | 0.79 | 0.42 | ||||||
|
|
|
| |||||
Net Asset Value per Share, End of Period | $ | 11.21 | $ | 10.42 | ||||
|
|
|
| |||||
Total Return | 7.58 | % (2) | 4.20 | % | ||||
Ratios/Supplemental Data: | ||||||||
Net Assets, End of Period (in thousands) | $ | 25,272 | $ | 23,057 | ||||
Ratio of Expenses to Average Net Assets: | ||||||||
Before Expense Reimbursement | 1.42 | % (3) | 2.16 | % | ||||
After Expense Reimbursement | 1.20 | % (3) | 1.20 | % | ||||
Ratio of Net Investment Loss to Average Net Assets | (0.86 | )% (3) | (0.96 | )% | ||||
Portfolio Turnover Rate | 39.41 | %(2) | 89.56 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2012 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
119
Table of Contents
TCW SMID Cap Growth Fund
Financial Highlights — N Class |
Six Months Ended April 30, 2012 (Unaudited) | November 1, 2010 (Commencement of Operations) through October 31, 2011 | |||||||
Net Asset Value per Share, Beginning of Period | $ | 10.42 | $ | 10.00 | ||||
|
|
|
| |||||
Income (Loss) from Investment Operations: | ||||||||
Net Investment Loss (1) | (0.05 | ) | (0.10 | ) | ||||
Net Realized and Unrealized Gain on Investments | 0.84 | 0.52 | ||||||
|
|
|
| |||||
Total from Investment Operations | 0.79 | 0.42 | ||||||
|
|
|
| |||||
Net Asset Value per Share, End of Period | $ | 11.21 | $ | 10.42 | ||||
|
|
|
| |||||
Total Return | 7.58 | % (2) | 4.20 | % | ||||
Ratios/Supplemental Data: | ||||||||
Net Assets, End of Period (in thousands) | $ | 20,020 | $ | 22,927 | ||||
Ratio of Expenses to Average Net Assets: | ||||||||
Before Expense Reimbursement | 1.66 | % (3) | 2.23 | % | ||||
After Expense Reimbursement | 1.20 | % (3) | 1.20 | % | ||||
Ratio of Net Investment Loss to Average Net Assets | (0.86 | )% (3) | (0.96 | )% | ||||
Portfolio Turnover Rate | 39.41 | % (2) | 89.56 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2012 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
120
Table of Contents
TCW Value Opportunities Fund
Financial Highlights — I Class |
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 17.43 | $ | 16.94 | $ | 14.12 | $ | 12.90 | $ | 24.05 | $ | 24.27 | ||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (1) | 0.05 | 0.12 | 0.11 | 0.11 | 0.10 | 0.05 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 2.52 | 0.51 | 2.81 | 1.26 | (7.94 | ) | 1.96 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 2.57 | 0.63 | 2.92 | 1.37 | (7.84 | ) | 2.01 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.11 | ) | (0.14 | ) | (0.10 | ) | (0.15 | ) | (0.06 | ) | (0.08 | ) | ||||||||||||
Distributions from Net Realized Gain | — | — | — | — | (3.25 | ) | (2.15 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.11 | ) | (0.14 | ) | (0.10 | ) | (0.15 | ) | (3.31 | ) | (2.23 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 19.89 | $ | 17.43 | $ | 16.94 | $ | 14.12 | $ | 12.90 | $ | 24.05 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 14.83 | % (2) | 3.67 | % | 20.78 | % | 10.84 | % | (37.12 | )% | 8.86 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 103,774 | $ | 99,211 | $ | 152,391 | $ | 196,488 | $ | 198,208 | $ | 528,435 | ||||||||||||
Ratio of Expenses to Average Net Assets | 1.09 | % (3) | 0.99 | % | 1.00 | % | 1.04 | % | 0.95 | % | 0.96 | % | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 0.59 | % (3) | 0.66 | % | 0.68 | % | 0.89 | % | 0.56 | % | 0.19 | % | ||||||||||||
Portfolio Turnover Rate | 20.22 | % (2) | 89.67 | % | 61.51 | % | 44.91 | % | 50.79 | % | 38.16 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2012 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
121
Table of Contents
TCW Value Opportunities Fund
Financial Highlights — N Class |
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 17.06 | $ | 16.61 | $ | 13.85 | $ | 12.61 | $ | 23.60 | $ | 23.85 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss) (1) | 0.04 | 0.05 | 0.05 | 0.07 | 0.04 | (0.02 | ) | |||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 2.47 | 0.50 | 2.77 | 1.24 | (7.78 | ) | 1.93 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 2.51 | 0.55 | 2.82 | 1.31 | (7.74 | ) | 1.91 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.01 | ) | (0.10 | ) | (0.06 | ) | (0.07 | ) | — | (0.01 | ) | |||||||||||||
Distributions from Net Realized Gain | — | — | — | — | (3.25 | ) | (2.15 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.01 | ) | (0.10 | ) | (0.06 | ) | (0.07 | ) | (3.25 | ) | (2.16 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 19.56 | $ | 17.06 | $ | 16.61 | $ | 13.85 | $ | 12.61 | $ | 23.60 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 14.70 | % (2) | 3.26 | % | 20.42 | % | 10.50 | % | (37.35 | )% | 8.56 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 34,306 | $ | 33,247 | $ | 54,041 | $ | 39,760 | $ | 51,162 | $ | 170,918 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Expense Reimbursement | 1.56 | % (3) | 1.48 | % | 1.41 | % | 1.54 | % | 1.27 | % | 1.25 | % | ||||||||||||
After Expense Reimbursement | 1.29 | % (3) | 1.35 | % | 1.34 | % | 1.36 | % | N/A | N/A | ||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets | 0.39 | % (3) | 0.27 | % | 0.31 | % | 0.62 | % | 0.22 | % | (0.08 | )% | ||||||||||||
Portfolio Turnover Rate | 20.22 | % (2) | 89.67 | % | 61.51 | % | 44.91 | % | 50.79 | % | 38.16 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2012 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
122
Table of Contents
TCW Global Conservative Allocation Fund
Financial Highlights — I Class |
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, | November 16, 2006 (Commencement of Operations) through October 31, 2007 | ||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 10.51 | $ | 10.79 | $ | 9.87 | $ | 8.60 | $ | 10.61 | $ | 10.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (1) | 0.16 | 0.21 | 0.23 | 0.25 | 0.18 | 0.21 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.41 | 0.17 | 0.94 | 1.14 | (1.71 | ) | 0.50 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 0.57 | 0.38 | 1.17 | 1.39 | (1.53 | ) | 0.71 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.20 | ) | (0.19 | ) | (0.25 | ) | (0.12 | ) | (0.32 | ) | (0.10 | ) | ||||||||||||
Distributions from Net Realized Gain | (0.24 | ) | (0.47 | ) | — | — | (0.16 | ) | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.44 | ) | (0.66 | ) | (0.25 | ) | (0.12 | ) | (0.48 | ) | (0.10 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 10.64 | $ | 10.51 | $ | 10.79 | $ | 9.87 | $ | 8.60 | $ | 10.61 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 5.67 | % (3) | 3.63 | % | 12.08 | % | 16.38 | % | (14.95 | )% | 7.13 | % (2) | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 10,660 | $ | 11,356 | $ | 4,746 | $ | 4,195 | $ | 968 | $ | 352 | ||||||||||||
Ratio of Expenses to Average Net Assets: (4) | ||||||||||||||||||||||||
Before Expense Reimbursement | 0.74 | % (5) | 1.08 | % | 1.74 | % | 3.28 | % | 6.47 | % | 15.11 | % (5) | ||||||||||||
After Expense Reimbursement | N/A | 0.85 | % | 0.89 | % | 0.90 | % | 0.98 | % | 1.06 | % (5) | |||||||||||||
Ratio of Net Investment Income to Average Net Assets | 3.03 | % (5) | 1.97 | % | 2.27 | % | 2.81 | % | 1.88 | % | 2.10 | % (5) | ||||||||||||
Portfolio Turnover Rate | 35.78 | % (3) | 93.92 | % | 42.93 | % | 64.78 | % | 87.68 | % | 59.06 | % (2) |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the period November 16, 2006 (Commencement of Operations) through October 31, 2007 and is not indicative of a full year’s operating results. |
(3) | For the six months ended April 30, 2012 and is not indicative of a full year’s operating results. |
(4) | Does not include expenses of the underlying affiliated investment companies. |
(5) | Annualized. |
See accompanying notes to financial statements.
123
Table of Contents
TCW Global Conservative Allocation Fund
Financial Highlights — N Class |
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, | November 16, 2006 (Commencement of Operations) through October 31, 2007 | ||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 10.51 | $ | 10.79 | $ | 9.86 | $ | 8.60 | $ | 10.60 | $ | 10.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (1) | 0.15 | 0.21 | 0.22 | 0.25 | 0.28 | 0.21 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.42 | 0.17 | 0.96 | 1.13 | (1.80 | ) | 0.49 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 0.57 | 0.38 | 1.18 | 1.38 | (1.52 | ) | 0.70 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.20 | ) | (0.19 | ) | (0.25 | ) | (0.12 | ) | (0.32 | ) | (0.10 | ) | ||||||||||||
Distributions from Net Realized Gain | (0.24 | ) | (0.47 | ) | — | — | (0.16 | ) | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.44 | ) | (0.66 | ) | (0.25 | ) | (0.12 | ) | (0.48 | ) | (0.10 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 10.64 | $ | 10.51 | $ | 10.79 | $ | 9.86 | $ | 8.60 | $ | 10.60 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 5.61 | % (3) | 3.63 | % | 12.19 | % | 16.26 | % | (14.89 | )% | 7.03 | % (2) | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 845 | $ | 1,149 | $ | 209 | $ | 106 | $ | 91 | $ | 107 | ||||||||||||
Ratio of Expenses to Average Net Assets: (4) | ||||||||||||||||||||||||
Before Expense Reimbursement | 3.46 | % (5) | 3.76 | % | 15.40 | % | 31.04 | % | 15.22 | % | 24.57 | % (5) | ||||||||||||
After Expense Reimbursement | 0.86 | % (5) | 0.85 | % | 0.89 | % | 0.90 | % | 0.98 | % | 1.06 | % (5) | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 2.88 | % (5) | 1.95 | % | 2.19 | % | 2.84 | % | 2.91 | % | 2.10 | % (5) | ||||||||||||
Portfolio Turnover Rate | 35.78 | % (3) | 93.92 | % | 42.93 | % | 64.78 | % | 87.68 | % | 59.06 | % (2) |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the period November 16, 2006 (Commencement of Operations) through October 31, 2007 and is not indicative of a full year’s operating results. |
(3) | For the six months ended April 30, 2012 and is not indicative of a full year’s operating results. |
(4) | Does not include expenses of the underlying affiliated investment companies. |
(5) | Annualized. |
See accompanying notes to financial statements.
124
Table of Contents
TCW Global Flexible Allocation Fund
Financial Highlights — I Class |
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, | November 16, 2006 (Commencement of Operations) through October 31, 2007 | ||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 8.30 | $ | 8.43 | $ | 7.76 | $ | 6.88 | $ | 10.96 | $ | 10.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss) (1) | 0.00 | (2) | 0.02 | 0.05 | 0.14 | 0.08 | (0.02 | ) | ||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.16 | (0.10 | ) | 0.72 | 0.89 | (4.06 | ) | 1.03 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 0.16 | (0.08 | ) | 0.77 | 1.03 | (3.98 | ) | 1.01 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.16 | ) | (0.05 | ) | (0.10 | ) | (0.15 | ) | (0.09 | ) | (0.05 | ) | ||||||||||||
Distributions from Net Realized Gain | (0.04 | ) | — | — | — | (0.01 | ) | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.20 | ) | (0.05 | ) | (0.10 | ) | (0.15 | ) | (0.10 | ) | (0.05 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 8.26 | $ | 8.30 | $ | 8.43 | $ | 7.76 | $ | 6.88 | $ | 10.96 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 2.04 | % (4) | (0.95 | )% | 9.92 | % | 15.36 | % | (36.67 | )% | 10.23 | % (3) | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 1,676 | $ | 1,562 | $ | 2,356 | $ | 940 | $ | 204 | $ | 1,337 | ||||||||||||
Ratio of Expenses to Average Net Assets: (5) | ||||||||||||||||||||||||
Before Expense Reimbursement | 5.11 | % (6) | 3.57 | % | 4.39 | % | 15.42 | % | 5.60 | % | 6.57 | % (6) | ||||||||||||
After Expense Reimbursement | 1.26 | % (6) | 1.38 | % | 1.40 | % | 1.32 | % | 1.39 | % | 1.35 | % (6) | ||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets | 0.12 | % (6) | 0.26 | % | 0.65 | % | 1.93 | % | 0.86 | % | (0.19 | )% (6) | ||||||||||||
Portfolio Turnover Rate | 42.86 | % (4) | 59.27 | % | 98.43 | % | 111.75 | % | 45.90 | % | 7.44 | % (3) |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Amount rounds to less than $0.01 per share. |
(3) | For the period November 16, 2006 (Commencement of Operations) through October 31, 2007 and is not indicative of a full year’s operating results. |
(4) | For the six months ended April 30, 2012 and is not indicative of a full year’s operating results. |
(5) | Does not include expenses of the underlying affiliated investment companies. |
(6) | Annualized. |
See accompanying notes to financial statements.
125
Table of Contents
TCW Global Flexible Allocation Fund
Financial Highlights — N Class |
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, | November 16, 2006 (Commencement of Operations) through October 31, 2007 | ||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 8.30 | $ | 8.43 | $ | 7.76 | $ | 6.88 | $ | 10.96 | $ | 10.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss) (1) | 0.00 | (2) | 0.02 | 0.06 | 0.19 | (0.06 | ) | 0.01 | ||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.15 | (0.10 | ) | 0.71 | 0.84 | (3.92 | ) | 1.00 | ||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 0.15 | (0.08 | ) | 0.77 | 1.03 | (3.98 | ) | 1.01 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.16 | ) | (0.05 | ) | (0.10 | ) | (0.15 | ) | (0.09 | ) | (0.05 | ) | ||||||||||||
Distributions from Net Realized Gain | (0.04 | ) | — | — | — | (0.01 | ) | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.20 | ) | (0.05 | ) | (0.10 | ) | (0.15 | ) | (0.10 | ) | (0.05 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 8.25 | $ | 8.30 | $ | 8.43 | $ | 7.76 | $ | 6.88 | $ | 10.96 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 1.82 | % (4) | (0.95 | )% | 9.92 | % | 15.36 | % | (36.61 | )% | 10.13 | % (3) | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 4 | $ | 99 | $ | 99 | $ | 81 | $ | 70 | $ | 110 | ||||||||||||
Ratio of Expenses to Average Net Assets: (5) | ||||||||||||||||||||||||
Before Expense Reimbursement | 83.46 | % (6) | 24.66 | % | 25.56 | % | 57.53 | % | 15.25 | % | 19.55 | % (6) | ||||||||||||
After Expense Reimbursement | 1.29 | % (6) | 1.38 | % | 1.40 | % | 1.32 | % | 1.39 | % | 1.30 | % (6) | ||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets | 0.00 | % (6)(7) | 0.20 | % | 0.71 | % | 2.82 | % | (0.58 | )% | 0.05 | % (6) | ||||||||||||
Portfolio Turnover Rate | 42.86 | % (4) | 59.27 | % | 98.43 | % | 111.75 | % | 45.90 | % | 7.44 | % (3) |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Amount rounds to less than $0.01 per share. |
(3) | For the period November 16, 2006 (Commencement of Operations) through October 31, 2007 and is not indicative of a full year’s operating results. |
(4) | For the six months ended April 30, 2012 and is not indicative of a full year’s operating results. |
(5) | Does not include expenses of the underlying affiliated investment companies. |
(6) | Annualized. |
(7) | Amount rounds to less than 0.01%. |
See accompanying notes to financial statements.
126
Table of Contents
TCW Global Moderate Allocation Fund
Financial Highlights — I Class
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, | November 16, 2006 (Commencement of Operations) through October 31, 2007 | ||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 9.21 | $ | 9.08 | $ | 8.14 | $ | 7.16 | $ | 11.13 | $ | 10.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (1) | 0.07 | 0.15 | 0.18 | 0.18 | 0.09 | 0.07 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.34 | 0.12 | 0.85 | 0.98 | (3.39 | ) | 1.14 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 0.41 | 0.27 | 1.03 | 1.16 | (3.30 | ) | 1.21 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.18 | ) | (0.14 | ) | (0.09 | ) | (0.18 | ) | (0.24 | ) | (0.08 | ) | ||||||||||||
Distributions from Net Realized Gain | (0.34 | ) | — | — | — | (0.43 | ) | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.52 | ) | (0.14 | ) | (0.09 | ) | (0.18 | ) | (0.67 | ) | (0.08 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 9.10 | $ | 9.21 | $ | 9.08 | $ | 8.14 | $ | 7.16 | $ | 11.13 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 4.66 | % (3) | 3.00 | % | 12.74 | % | 16.64 | % | (31.44 | )% | 12.32 | % (2) | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 11,762 | $ | 12,054 | $ | 18,615 | $ | 1,620 | $ | 539 | $ | 910 | ||||||||||||
Ratio of Expenses to Average Net Assets: (4) | ||||||||||||||||||||||||
Before Expense Reimbursement | 0.74 | % (5) | 0.55 | % | 0.66 | % | 9.37 | % | 5.86 | % | 4.53 | % (5) | ||||||||||||
After Expense Reimbursement | N/A | N/A | N/A | 0.92 | % | 1.04 | % | 1.07 | % (5) | |||||||||||||||
Ratio of Net Investment Income to Average Net Assets | 1.45 | % (5) | 1.62 | % | 2.06 | % | 2.39 | % | 0.99 | % | 0.71 | % (5) | ||||||||||||
Portfolio Turnover Rate | 22.74 | % (3) | 95.30 | % | 52.34 | % | 59.73 | % | 44.06 | % | 185.73 | % (2) |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the period November 16, 2006 (Commencement of Operations) through October 31, 2007 and is not indicative of a full year’s operating results. |
(3) | For the six months ended April 30, 2012 and is not indicative of a full year’s operating results. |
(4) | Does not include expenses of the underlying affiliated investment companies. |
(5) | Annualized. |
See accompanying notes to financial statements.
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Table of Contents
TCW Global Moderate Allocation Fund
Financial Highlights — N Class
Six Months Ended April 30, 2012 (Unaudited) | Year Ended October 31, | November 16, 2006 (Commencement of Operations) through October 31, 2007 | ||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 9.15 | $ | 9.03 | $ | 8.11 | $ | 7.14 | $ | 11.14 | $ | 10.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (1) | 0.04 | 0.11 | 0.16 | 0.21 | 0.09 | 0.10 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.36 | 0.12 | 0.85 | 0.94 | (3.39 | ) | 1.12 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 0.40 | 0.23 | 1.01 | 1.15 | (3.30 | ) | 1.22 | |||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | — | (0.11 | ) | (0.09 | ) | (0.18 | ) | (0.27 | ) | (0.08 | ) | |||||||||||||
Distributions from Net Realized Gain | (0.34 | ) | — | — | — | (0.43 | ) | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.34 | ) | (0.11 | ) | (0.09 | ) | (0.18 | ) | (0.70 | ) | (0.08 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 9.21 | $ | 9.15 | $ | 9.03 | $ | 8.11 | $ | 7.14 | $ | 11.14 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 4.54 | % (3) | 2.54 | % | 12.54 | % | 16.54 | % | (31.43 | )% | 12.32 | % (2) | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 3 | $ | 115 | $ | 114 | $ | 90 | $ | 77 | $ | 112 | ||||||||||||
Ratio of Expenses to Average Net Assets: (4) | ||||||||||||||||||||||||
Before Expense Reimbursement | 71.36 | % (5) | 19.83 | % | 20.20 | % | 42.17 | % | 13.77 | % | 17.93 | % (5) | ||||||||||||
After Expense Reimbursement | 0.95 | % (5) | 0.96 | % | 0.96 | % | 0.92 | % | 1.04 | % | 1.07 | % (5) | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 0.78 | % (5) | 1.16 | % | 1.89 | % | 2.90 | % | 0.98 | % | 0.98 | % (5) | ||||||||||||
Portfolio Turnover Rate | 22.74 | % (3) | 95.30 | % | 52.34 | % | 59.73 | % | 44.06 | % | 185.73 | % (2) |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the period November 16, 2006 (Commencement of Operations) through October 31, 2007 and is not indicative of a full year’s operating results. |
(3) | For the six months ended April 30, 2012 and is not indicative of a full year’s operating results. |
(4) | Does not include expenses of the underlying affiliated investment companies. |
(5) | Annualized. |
See accompanying notes to financial statements.
128
Table of Contents
TCW Funds, Inc.
Shareholder Expenses (Unaudited)
As a shareholder of a TCW fund, you incur ongoing operational costs of a 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, 2011 to April 30, 2012 (182 days).
Actual Expenses The first line under each fund in the table below provides information about the actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes The second line under each Fund in the table below provides information about the hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account value and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
TCW Funds, Inc. | Beginning Account Value November 1, 2011 | Ending Account Value April 30, 2012 | Annualized Expense Ratio | Expenses Paid During Period (November 1, 2011 to April 30, 2012) | ||||||||||||
TCW Concentrated Value Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,129.40 | 1.12 | % | $ | 5.93 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,019.28 | 1.12 | % | 5.62 | |||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,127.90 | 1.20 | % | $ | 6.35 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.90 | 1.20 | % | 6.02 | |||||||||||
TCW Dividend Focused Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,138.70 | 0.89 | % | $ | 4.73 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,020.45 | 0.89 | % | 4.47 | |||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,137.80 | 1.16 | % | $ | 6.17 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,019.08 | 1.16 | % | 5.82 | |||||||||||
TCW Emerging Markets Equities Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,013.50 | 1.62 | % | $ | 8.11 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,016.78 | 1.62 | % | 8.12 | |||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,013.50 | 1.62 | % | $ | 8.11 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,016.82 | 1.62 | % | 8.12 |
129
Table of Contents
TCW Funds, Inc.
Shareholder Expenses (Unaudited) (Continued) | April 30, 2012 |
TCW Funds, Inc. | Beginning Account Value November 1, 2011 | Ending Account Value April 30, 2012 | Annualized Expense Ratio | Expenses Paid During Period (November 1, 2011 to April 30, 2012) | ||||||||||||
TCW Growth Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,111.00 | 0.99 | % | $ | 5.20 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,019.94 | 0.99 | % | 4.97 | |||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,110.90 | 0.99 | % | $ | 5.20 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,019.94 | 0.99 | % | 4.97 | |||||||||||
TCW Growth Equities Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,100.10 | 1.20 | % | $ | 6.27 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.90 | 1.20 | % | 6.02 | |||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,099.70 | 1.20 | % | $ | 6.26 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.90 | 1.20 | % | 6.02 | |||||||||||
TCW International Small Cap Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,058.10 | 1.39 | % | $ | 7.11 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,017.98 | 1.39 | % | 6.97 | |||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,057.70 | 1.44 | % | $ | 7.37 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,017.70 | 1.44 | % | 7.22 | |||||||||||
TCW Relative Value Large Cap Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,129.40 | 0.91 | % | $ | 4.82 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,020.33 | 0.91 | % | 4.57 | |||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,127.90 | 1.23 | % | $ | 6.51 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.76 | 1.23 | % | 6.17 | |||||||||||
TCW Select Equities Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,129.40 | 0.88 | % | $ | 4.66 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,020.51 | 0.88 | % | 4.42 | |||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,127.50 | 1.14 | % | $ | 6.03 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,019.19 | 1.14 | % | 5.72 | |||||||||||
TCW Small Cap Growth Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,062.10 | 1.18 | % | $ | 6.05 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,019.00 | 1.18 | % | 5.92 | |||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,060.60 | 1.49 | % | $ | 7.63 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,017.46 | 1.49 | % | 7.47 |
130
Table of Contents
TCW Funds, Inc.
April 30, 2012 |
TCW Funds, Inc. | Beginning Account Value November 1, 2011 | Ending Account Value April 30, 2012 | Annualized Expense Ratio | Expenses Paid During Period (November 1, 2011 to April 30, 2012) | ||||||||||||
TCW SMID Cap Growth Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,075.80 | 1.20 | % | $ | 6.19 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.90 | 1.20 | % | 6.02 | |||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,075.80 | 1.20 | % | $ | 6.19 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.90 | 1.20 | % | 6.02 | |||||||||||
TCW Value Opportunities Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,148.30 | 1.09 | % | $ | 5.82 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,019.45 | 1.09 | % | 5.47 | |||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,147.00 | 1.29 | % | $ | 6.89 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.45 | 1.29 | % | 6.47 | |||||||||||
TCW Global Conservative Allocation Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,056.70 | 0.74 | % (1) | $ | 3.78 | (1) | |||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.17 | 0.74 | % (1) | 3.72 | (1) | ||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,056.10 | 0.86 | % | $ | 4.40 | (1) | |||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,020.59 | 0.86 | % | 4.32 | (1) | ||||||||||
TCW Global Flexible Allocation Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,020.40 | 1.26 | % (1) | $ | 6.33 | (1) | |||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.62 | 1.26 | % (1) | 6.32 | (1) | ||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,018.20 | 1.29 | % (1) | $ | 6.47 | (1) | |||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.42 | 1.29 | % (1) | 6.47 | (1) | ||||||||||
TCW Global Moderate Allocation Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,046.60 | 0.74 | % (1) | $ | 3.77 | (1) | |||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.18 | 0.74 | % (1) | 3.72 | (1) | ||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,045.40 | 0.95 | % (1) | $ | 4.83 | (1) | |||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,020.15 | 0.95 | % (1) | 4.77 | (1) |
(1) | Does not include expenses of the underlying affiliated investments. |
131
Table of Contents
TCW Funds, Inc.
Supplemental Information
The policies and procedures that the Company uses to determine how to vote proxies are available without charge. The Board of Directors of the Company has delegated the Company’s proxy voting authority to the Advisor.
Disclosure of Proxy Voting Guidelines
The proxy voting guidelines of the Advisor are available:
1. | By calling 800-FUND-TCW (800-386-3829) to obtain a hard copy; or |
2. | By going to the SEC website at http://www.sec.gov. |
When the Company receives a request for a description of the Advisor’s proxy voting guidelines, it will deliver the description that is disclosed in the Company’s Statement of Additional Information. This information will be sent out via first class mail (or other means designed to ensure equally prompt delivery) within three business days of receiving the request.
The Advisor, on behalf of the Company, prepares and 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:
1. | By calling 800-FUND-TCW (800-386-3829) to obtain a hard copy; or |
2. | By going to the SEC website at http://www.sec.gov. |
When the Company receives a request for the Company’s proxy voting record, it will send the information disclosed in the Company’s most recently filed report on Form N-PX via first class mail (or other means designed to ensure equally prompt delivery) within three business days of receiving the request.
The Company also discloses its proxy voting record on its website as soon as is reasonably practicable after its report on Form N-PX is filed with the SEC.
Availability of Quarterly Portfolio Schedule
The Company files a complete schedule of its portfolio holdings with the SEC for the first and third quarters of its fiscal year on Form N-Q. The Form N-Q is available by calling 800-FUND-TCW (800-386-3829) to obtain a hard copy. You may also obtain the Company’s Form N-Q:
1. | By going to the SEC website at http://www.sec.gov.; or |
2. | By visiting the SEC’s Public Reference Room in Washington, D.C. and photocopying it (Phone 1-800-SEC-0330 for information on the operation of the SEC’s Public Reference Room). |
132
Table of Contents
TCW Funds Insight that works for you. TM
TCW Funds, Inc.
865 South Figueroa Street Investment Advisor Directors
Los Angeles, California 90017 TCW Investment Management Company Patrick C. Haden
800 FUND TCW 865 South Figueroa Street Director and Chairman of the Board Los Angeles, California 90017 Charles W. Baldiswieler (800 386 3829) 800 FUND TCW
Director www.tcw.com Transfer Agent
Samuel P. Bell U.S. Bancorp Fund Services, LLC
Director 615 E. Michigan Street Milwaukee, Wisconsin 53202 John A. Gavin Director
Independent Registered Public Accounting Firm
Deloitte & Touche, LLP Janet E. Kerr 350 South Grand Avenue Director
Los Angeles, California 90071 Thomas E. Larkin, Jr.
Custodian & Administrator Director State Street Bank & Trust Company Peter McMillan 200 Clarendon Street Director Boston, Massachusetts 02116 Charles A. Parker
Distributor Director TCW Funds Distributors
Victoria B. Rogers 865 South Figueroa Street Director Los Angeles, California 90017 Marc I. Stern Director Andrew Tarica Director
Officers
Charles W. Baldiswieler
President and Chief Executive Officer Peter A. Brown Senior Vice President Michael E. Cahill Senior Vice President, General Counsel and Assistant Secretary David S. DeVito Treasurer and Chief Financial Officer Hilary G.D. Lord
Senior Vice President and Chief Compliance Officer George P. Hawley Secretary and Associate General Counsel George N. Winn Assistant Treasurer
FUNDsarEQ412
Table of Contents
Item 2. | Code of Ethics. Not applicable. | |
Item 3. | Audit Committee Financial Expert. Not applicable. | |
Item 4. | Principal Accountant Fees and Services. Not applicable. | |
Item 5. | Audit of Committee of Listed Registrants. Not applicable. | |
Item 6. | Schedule of Investments. Included as part of the report to shareholders filed under Item 1 of this Form. | |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Not applicable. | |
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. Not applicable. | |
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchases. Not applicable. | |
Item 10. | Submission of Matters to a Vote of Security Holders. | |
No material changes have been made to registrant’s procedures by which shareholders may recommend nominees to registrant’s Board of Directors. | ||
Item 11. | Controls and Procedures. | |
(a) The Chief Executive Officer and Chief Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in rule 30a-2(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and 15d-15(b) under the Exchange Act. | ||
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
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Item 12. | Exhibits. | |||
(a)(1) | Not applicable. | |||
(a)(2) | Separate certification for the Registrant’s Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached. EX-99.CERT-Section 302 Certifications (filed herewith). | |||
(a)(3) | Not applicable. | |||
(b) | Certifications for the Registrant’s Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(b) under the Investment Company Act of 1940 are attached. These certifications are being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. Section 1350 and are not being filed as part of the Form N-CSR with the Commission. EX-99.906.CERT – Section 906 Certification (filed herewith) |
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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/ Charles W. Baldiswieler | ||||
Charles W. Baldiswieler | ||||
Chief Executive Officer | ||||
Date | June 25, 2012 |
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/ Charles W. Baldiswieler | ||||
Charles W. Baldiswieler | ||||
Chief Executive Officer | ||||
Date | June 25, 2012 | |||
By (Signature and Title) | ||||
/s/ David S. DeVito | ||||
David S. DeVito | ||||
Chief Financial Officer | ||||
Date | June 25, 2012 |