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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)
Patrick W. Dennis, Esq.
Assistant Secretary
865 South Figueroa Street, Suite 1800
Los Angeles, CA 90017
(Name and address of agent for service)
Registrant’s telephone number, including area code: (213) 244-0000
Date of fiscal year end: October 31
Date of reporting period: April 30, 2013
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Item 1. | Report to Stockholders. |
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TCW Funds
Insight that works for you.
TCW Equity Funds
2013 Semi-Annual Report
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TCW Funds, Inc.
April 30, 2013 |
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Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule | 118 |
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We submit the 2013 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, 2013.
Investment Environment
Accommodative global central banks along with easy monetary policies globally provided the catalyst to push investors towards risky assets for the first four months of the year. Global equities were once again the strongest asset as many indices finished hitting or nearing all-time highs. Equity markets in the U.S. posted strong returns as the U.S. economy continued to show signs of stabilization and even growth in many areas. Equities have rallied on the basis of strong corporate balance sheets, decent earnings, pick-up in merger activity, Federal Reserve stimulus measures and a U.S. economy that is showing growth albeit at a slow to moderate pace. The S&P 500 Index was up nearly 13% year-to-date ending April. The Dow Jones Industrials Average was up 14% and the Russell 1000, 2000, 3000 and Mid-Cap Indices totaled 13%, 12%, 13% and 14% respectively.
International equities lagged U.S. equities with the MSCI EAFE Index up approximately 11%. Even with continued sovereign debt issues and banking problems persisting within Europe, most of the European indices were able to produce positive returns year-to-date. Concerns that China and Brazil were slowing dragged the MSCI Emerging Market Equity Index down nearly 1% year-to-date.
The combination of stronger economic numbers in the U.S. and the potential for raising interest rates hurt most of the fixed income sectors year-to-date. The Barclays Aggregate Index was only slightly positive, up approximately 1%. High Yield was the one area to buck the trend as low default rates and strong corporate balance sheets pushed the Barclays U.S. High Yield Index up nearly 5%. Concerns about growth in Russia, China and Brazil dragged down emerging market fixed income as its index was up less than 1%.
Commodities were mixed year-to-date. The CRB Index of commodities was down 2%. Commodities reflected a modest outlook for the global economy, crimped by slackening Chinese demand and uncertain growth prospects in the U.S. and Europe. Energy commodities were positive, while metals and agriculture lost ground. Crude oil closed at the end of April at $93 a barrel, up nearly 2% for the year. Gold dropped nearly 12% and silver was down over 20% for the year. Within the agriculture commodities, wheat was down 6%, sugar down 10% and coffee down 6%.
Product Management and Product Developments
We officially announced the closure of both TCW Global Moderate and Flexible Allocation Funds on February 15th. The Funds had not achieved a level of scale that would make them viable products for our clients or the broader marketplace. Further, on March 1st, the TCW Global Conservative Allocation Fund name changed to TCW Conservative Allocation Fund.
The TCW Small Cap Growth Fund re-opened to all investors on March 1st. The Fund had been closed to new investors since April 2011.
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To Our Valued Shareholders (Continued) |
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. We believe 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 and Chief Executive Officer
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TCW Funds, Inc.
| April 30, 2013 |
Total Return Annualized As of April 30, 2013 (1) | ||||||||||||||||||||||||
NAV | 1-Year | 5-Year | 10-Year | Since Inception | Inception Date | |||||||||||||||||||
TCW Concentrated Value Fund | ||||||||||||||||||||||||
I Class | $ | 14.31 | 18.51 | % | (0.52 | )% | N/A | 3.64 | % | 11/01/04 | ||||||||||||||
N Class | $ | 14.16 | 18.76 | % | (0.85 | )% | 6.80 | % | 4.35 | % (2) | 07/20/98 | (3) | ||||||||||||
TCW Dividend Focused Fund | ||||||||||||||||||||||||
I Class | $ | 13.69 | 21.95 | % | 5.05 | % | N/A | 6.23 | % | 11/01/04 | ||||||||||||||
N Class | $ | 13.89 | 21.56 | % | 4.76 | % | 8.64 | % (4) | 9.21 | % (4) | 09/19/86 | (3) | ||||||||||||
TCW Growth Fund | ||||||||||||||||||||||||
I Class | $ | 25.37 | 8.51 | % | 4.88 | % | N/A | 4.64 | % | 01/02/08 | ||||||||||||||
N Class | $ | 25.39 | 8.60 | % | 4.90 | % | N/A | 4.65 | % | 01/02/08 | ||||||||||||||
TCW Growth Equities Fund | ||||||||||||||||||||||||
I Class | $ | 16.11 | 5.53 | % | 3.33 | % | N/A | 6.98 | % | 03/01/04 | ||||||||||||||
N Class | $ | 16.05 | 5.59 | % | 3.30 | % | N/A | 6.94 | % | 03/01/04 | ||||||||||||||
TCW International Growth Fund | ||||||||||||||||||||||||
I Class | $ | 10.98 | N/A | N/A | N/A | 9.80 | % (5) | 11/01/12 | ||||||||||||||||
N Class | $ | 10.96 | N/A | N/A | N/A | 9.60 | % (5) | 11/01/12 | ||||||||||||||||
TCW International Small Cap Fund | ||||||||||||||||||||||||
I Class | $ | 8.15 | 7.33 | % | N/A | N/A | (6.11 | )% | 02/28/11 | |||||||||||||||
N Class | $ | 8.14 | 7.06 | % | N/A | N/A | (6.23 | )% | 02/28/11 | |||||||||||||||
TCW Relative Value Large Cap Fund | ||||||||||||||||||||||||
I Class | $ | 17.48 | 21.02 | % | 4.64 | % | N/A | 6.54 | % | 01/02/04 | ||||||||||||||
N Class | $ | 17.47 | 20.73 | % | 4.45 | % | 9.06 | % (4) | 5.47 | % (4) | 01/02/98 | (3) | ||||||||||||
TCW Select Equities Fund | ||||||||||||||||||||||||
I Class | $ | 21.73 | 9.03 | % | 7.60 | % | 8.39 | % | 9.50 | % (6) | 07/01/91 | (3) | ||||||||||||
N Class | $ | 20.67 | 8.75 | % | 7.30 | % | 8.08 | % | 4.11 | % | 03/01/99 | |||||||||||||
TCW Small Cap Growth Fund | ||||||||||||||||||||||||
I Class | $ | 29.37 | (0.64 | )% | 5.41 | % | 10.77 | % | 8.87 | % (6) | 12/01/89 | (3) | ||||||||||||
N Class | $ | 28.09 | (0.88 | )% | 5.10 | % | 10.41 | % | 2.77 | % | 03/01/99 | |||||||||||||
TCW SMID Cap Growth Fund | ||||||||||||||||||||||||
I Class | $ | 11.99 | 6.96 | % | N/A | N/A | 7.51 | % | 11/01/10 | |||||||||||||||
N Class | $ | 11.99 | 6.96 | % | N/A | N/A | 7.51 | % | 11/01/10 | |||||||||||||||
TCW Value Opportunities Fund | ||||||||||||||||||||||||
I Class | $ | 23.70 | 20.20 | % | 5.18 | % | 9.07 | % | 10.80 | % (6) | 11/01/96 | (3) | ||||||||||||
N Class | $ | 23.30 | 19.87 | % | 4.85 | % | 8.73 | % | 7.55 | % | 11/01/00 | |||||||||||||
TCW Conservative Allocation Fund | ||||||||||||||||||||||||
I Class | $ | 11.33 | 9.02 | % | 6.49 | % | N/A | 5.57 | % | 11/16/06 | ||||||||||||||
N Class | $ | 11.31 | 8.65 | % | 6.43 | % | N/A | 5.50 | % | 11/16/06 |
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TCW Funds, Inc.
Performance Summary (Unaudited) (Continued) |
Notes to Performance Summary:
(1) | Past performance is not indicative of future performance. |
(2) | Performance data includes the performance of the predecessor separately managed account for periods before the Fund’s registration became effective. The predecessor separately managed account was not registered under the Investment Company Act of 1940 as amended (the “1940 Act”), and therefore, was not subjected to certain investment restrictions that are imposed by the 1940 Act. If the separately managed account had been registered under the 1940 Act, the separately managed account’s performance may have been lower. |
(3) | Inception date of the predecessor entity. |
(4) | Performance data includes the performance of the predecessor SG Cowen Fund. The predecessor SG Cowen Fund was an investment company registered under the 1940 Act, as amended. |
(5) | Cumulative return from Inception Date through April 30, 2013. |
(6) | Performance data includes the performance of the predecessor limited partnership for periods before the Fund’s registration became effective. The predecessor limited partnership was not registered under the 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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April 30, 2013 |
Number of Shares | Common Stock | Value | ||||||
Aerospace & Defense (2.4% of Net Assets) | ||||||||
2,472 | Honeywell International, Inc. | $ | 181,791 | |||||
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| |||||||
Air Freight & Logistics (2.3%) | ||||||||
2,970 | C.H. Robinson Worldwide, Inc. | 176,388 | ||||||
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Airlines (2.5%) | ||||||||
11,092 | Delta Air Lines, Inc. (1) | 190,117 | ||||||
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Capital Markets (6.3%) | ||||||||
1,952 | Goldman Sachs Group, Inc. (The) | 285,129 | ||||||
2,709 | T. Rowe Price Group, Inc. | 196,402 | ||||||
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| |||||||
Total Capital Markets | 481,531 | |||||||
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| |||||||
Chemicals (10.4%) | ||||||||
2,202 | Air Products & Chemicals, Inc. | 191,486 | ||||||
3,821 | Ecolab, Inc. | 323,333 | ||||||
1,861 | Praxair, Inc. | 212,712 | ||||||
815 | Sigma-Aldrich Corp. | 64,133 | ||||||
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| |||||||
Total Chemicals | 791,664 | |||||||
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Commercial Banks (4.1%) | ||||||||
8,173 | Wells Fargo & Co. | 310,410 | ||||||
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| |||||||
Communications Equipment (0.4%) | ||||||||
2,002 | Research In Motion, Ltd. (1) | 32,613 | ||||||
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Computers & Peripherals (2.5%) | ||||||||
3,458 | Western Digital Corp. (1) | 191,158 | ||||||
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Diversified Financial Services (6.2%) | ||||||||
1,626 | Citigroup, Inc. | 75,869 | ||||||
8,092 | JPMorgan Chase & Co. | 396,589 | ||||||
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| |||||||
Total Diversified Financial Services | 472,458 | |||||||
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| |||||||
Energy Equipment & Services (9.8%) | ||||||||
5,164 | Halliburton Co. | 220,864 | ||||||
1,823 | National Oilwell Varco, Inc. | 118,896 | ||||||
3,070 | Schlumberger, Ltd. | 228,500 | ||||||
3,448 | Transocean, Ltd. (1) | 177,469 | ||||||
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Total Energy Equipment & Services | 745,729 | |||||||
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Food & Staples Retailing (4.6%) | ||||||||
5,999 | CVS Caremark Corp. | 349,022 | ||||||
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Food Products (2.1%) | ||||||||
5,024 | Mondelez International, Inc. | 158,005 | ||||||
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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 (1.4%) | ||||||||
997 | McKesson Corp. | $ | 105,502 | |||||
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| |||||||
Hotels, Restaurants & Leisure (2.0%) | ||||||||
1,490 | McDonald’s Corp. | 152,189 | ||||||
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Household Products (3.5%) | ||||||||
3,492 | Procter & Gamble Co. (The) | 268,081 | ||||||
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| |||||||
Industrial Conglomerates (3.5%) | ||||||||
4,452 | Danaher Corp. | 271,305 | ||||||
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Insurance (8.7%) | ||||||||
3,896 | ACE, Ltd. (1) | 347,289 | ||||||
2 | Berkshire Hathaway, Inc. (1) | 318,000 | ||||||
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Total Insurance | 665,289 | |||||||
|
| |||||||
Life Sciences Tools & Services (6.1%) | ||||||||
4,695 | Life Technologies Corp. (1) | 345,975 | ||||||
1,496 | Thermo Fisher Scientific, Inc. (1) | 120,697 | ||||||
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| |||||||
Total Life Sciences Tools & Services | 466,672 | |||||||
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| |||||||
Machinery (4.6%) | ||||||||
3,490 | IDEX Corp. | 181,584 | ||||||
2,312 | Stanley Black & Decker, Inc. | 172,961 | ||||||
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| |||||||
Total Machinery | 354,545 | |||||||
|
| |||||||
Multiline Retail (2.4%) | ||||||||
2,623 | Target Corp. | 185,079 | ||||||
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Oil, Gas & Consumable Fuels (4.8%) | ||||||||
1,808 | Exxon Mobil Corp. | 160,894 | ||||||
2,291 | Occidental Petroleum Corp. | 204,494 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | 365,388 | |||||||
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| |||||||
Pharmaceuticals (6.2%) | ||||||||
1,335 | Allergan, Inc. | 151,589 | ||||||
3,807 | Johnson & Johnson | 324,471 | ||||||
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| |||||||
Total Pharmaceuticals | 476,060 | |||||||
|
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Road & Rail (1.9%) | ||||||||
1,006 | Union Pacific Corp. | 148,848 | ||||||
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| |||||||
Total Common Stock (Cost: $6,483,990) (98.7%) | 7,539,844 | |||||||
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|
See accompanying notes to financial statements.
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TCW Concentrated Value Fund
April 30, 2013 |
Principal Amount | Short-Term Investments | Value | ||||||
Repurchase Agreement (Cost: $127,176) (1.6%) | ||||||||
$ | 127,176 | State Street Bank & Trust Company, 0.01%, due 05/01/13 (collateralized by $130,000, Federal National Mortgage Association, 2.14%, due 11/07/22, valued at $131,490) (Total Amount to be Received Upon Repurchase $127,176) | $ | 127,176 | ||||
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Total Investments (Cost: $6,611,166) (100.3%) | 7,667,020 | |||||||
Liabilities in Excess of Other Assets (–0.3%) | (25,130 | ) | ||||||
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Net Assets (100.0%) | $ | 7,641,890 | ||||||
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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) | April 30, 2013 |
Industry | Percentage of Net Assets | |||
Aerospace & Defense | 2.4 | % | ||
Air Freight & Logistics | 2.3 | |||
Airlines | 2.5 | |||
Capital Markets | 6.3 | |||
Chemicals | 10.4 | |||
Commercial Banks | 4.1 | |||
Communications Equipment | 0.4 | |||
Computers & Peripherals | 2.5 | |||
Diversified Financial Services | 6.2 | |||
Energy Equipment & Services | 9.8 | |||
Food & Staples Retailing | 4.6 | |||
Food Products | 2.1 | |||
Health Care Providers & Services | 1.4 | |||
Hotels, Restaurants & Leisure | 2.0 | |||
Household Products | 3.5 | |||
Industrial Conglomerates | 3.5 | |||
Insurance | 8.7 | |||
Life Sciences Tools & Services | 6.1 | |||
Machinery | 4.6 | |||
Multiline Retail | 2.4 | |||
Oil, Gas & Consumable Fuels | 4.8 | |||
Pharmaceuticals | 6.2 | |||
Road & Rail | 1.9 | |||
Short-Term Investments | 1.6 | |||
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Total | 100.3 | % | ||
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See accompanying notes to financial statements.
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Schedule of Investments (Unaudited) | April 30, 2013 |
Number of Shares | Common Stock | Value | ||||||
Aerospace & Defense (4.3% of Net Assets) | ||||||||
285,800 | Honeywell International, Inc. | $ | 21,017,732 | |||||
643,090 | Textron, Inc. | 16,559,568 | ||||||
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Total Aerospace & Defense | 37,577,300 | |||||||
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Air Freight & Logistics (1.2%) | ||||||||
115,220 | FedEx Corp. | 10,831,832 | ||||||
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Beverages (2.0%) | ||||||||
209,400 | PepsiCo, Inc. | 17,269,218 | ||||||
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Capital Markets (5.8%) | ||||||||
294,295 | Ameriprise Financial, Inc. | 21,933,806 | ||||||
494,600 | State Street Corp. | 28,919,262 | ||||||
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Total Capital Markets | 50,853,068 | |||||||
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Chemicals (1.9%) | ||||||||
311,320 | Du Pont (E.I.) de Nemours & Co. | 16,970,053 | ||||||
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Commercial Services & Supplies (3.3%) | ||||||||
156,100 | ADT Corp. (The) (1) | 6,812,204 | ||||||
191,600 | Avery Dennison Corp. | 7,941,820 | ||||||
425,000 | Tyco International, Ltd. | 13,651,000 | ||||||
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Total Commercial Services & Supplies | 28,405,024 | |||||||
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Communications Equipment (2.2%) | ||||||||
907,385 | Cisco Systems, Inc. | 18,982,494 | ||||||
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Computers & Peripherals (2.2%) | ||||||||
535,450 | Seagate Technology PLC (Netherlands) | 19,651,015 | ||||||
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Consumer Finance (3.6%) | ||||||||
231,705 | American Express Co. | 15,850,939 | ||||||
739,435 | SLM Corp. | 15,269,333 | ||||||
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Total Consumer Finance | 31,120,272 | |||||||
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Containers & Packaging (2.4%) | ||||||||
193,300 | MeadWestvaco Corp. | 6,664,984 | ||||||
302,500 | Packaging Corp. of America | 14,386,900 | ||||||
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| |||||||
Total Containers & Packaging | 21,051,884 | |||||||
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Diversified Financial Services (6.0%) | ||||||||
495,300 | Citigroup, Inc. | 23,110,698 | ||||||
602,400 | JPMorgan Chase & Co. | 29,523,624 | ||||||
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Total Diversified Financial Services | 52,634,322 | |||||||
|
|
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 | ||||||
Diversified Telecommunication Services (3.1%) | ||||||||
507,890 | AT&T, Inc. | $ | 19,025,559 | |||||
992,654 | Windstream Corp. | 8,457,412 | ||||||
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| |||||||
Total Diversified Telecommunication Services | 27,482,971 | |||||||
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| |||||||
Electric Utilities (2.2%) | ||||||||
377,000 | American Electric Power Co., Inc. | 19,389,110 | ||||||
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Electronic Equipment, Instruments & Components (2.2%) | ||||||||
244,990 | Corning, Inc. | 3,552,355 | ||||||
360,600 | TE Connectivity, Ltd. | 15,704,130 | ||||||
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| |||||||
Total Electronic Equipment, Instruments & Components | 19,256,485 | |||||||
|
| |||||||
Energy Equipment & Services (4.3%) | ||||||||
280,600 | Baker Hughes, Inc. | 12,736,434 | ||||||
308,300 | Ensco PLC (United Kingdom) | 17,782,744 | ||||||
504,060 | Nabors Industries, Ltd. (1) | 7,455,047 | ||||||
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| |||||||
Total Energy Equipment & Services | 37,974,225 | |||||||
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| |||||||
Food Products (4.8%) | ||||||||
356,400 | Campbell Soup Co. | 16,540,524 | ||||||
171,500 | Kraft Foods Group, Inc. (1) | 8,830,535 | ||||||
521,500 | Mondelez International, Inc. | 16,401,175 | ||||||
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| |||||||
Total Food Products | 41,772,234 | |||||||
|
| |||||||
Health Care Equipment & Supplies (2.8%) | ||||||||
299,950 | Medtronic, Inc. | 14,001,666 | ||||||
129,690 | Teleflex, Inc. | 10,132,680 | ||||||
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| |||||||
Total Health Care Equipment & Supplies | 24,134,346 | |||||||
|
| |||||||
Household Durables (1.3%) | ||||||||
273,771 | Lennar Corp. | 11,284,841 | ||||||
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| |||||||
Industrial Conglomerates (5.4%) | ||||||||
1,173,550 | General Electric Co. | 26,158,429 | ||||||
756,655 | Koninklijke Philips Electronics N.V. (Netherlands) | 20,883,678 | ||||||
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| |||||||
Total Industrial Conglomerates | 47,042,107 | |||||||
|
| |||||||
Insurance (4.5%) | ||||||||
296,000 | Allstate Corp. (The) | 14,580,960 | ||||||
290,000 | Travelers Cos., Inc. (The) | 24,768,900 | ||||||
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| |||||||
Total Insurance | 39,349,860 | |||||||
|
| |||||||
Life Sciences Tools & Services (1.3%) | ||||||||
139,200 | Thermo Fisher Scientific, Inc. | 11,230,656 | ||||||
|
|
See accompanying notes to financial statements.
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TCW Dividend Focused Fund
April 30, 2013 |
Number of Shares | Common Stock | Value | ||||||
Machinery (0.9%) | ||||||||
136,697 | Pentair, Ltd. | $ | 7,429,482 | |||||
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Media (5.7%) | ||||||||
466,250 | Comcast Corp. | 19,256,125 | ||||||
883,500 | Regal Entertainment Group | 15,849,990 | ||||||
248,000 | Time Warner, Inc. | 14,825,440 | ||||||
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| |||||||
Total Media | 49,931,555 | |||||||
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Oil, Gas & Consumable Fuels (5.1%) | ||||||||
220,760 | Chevron Corp. | 26,934,928 | ||||||
119,600 | Devon Energy Corp. | 6,585,176 | ||||||
265,500 | Valero Energy Corp. | 10,704,960 | ||||||
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| |||||||
Total Oil, Gas & Consumable Fuels | 44,225,064 | |||||||
|
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Personal Products (0.3%) | ||||||||
110,005 | Avon Products, Inc. | 2,547,716 | ||||||
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Pharmaceuticals (5.6%) | ||||||||
183,900 | Johnson & Johnson | 15,673,797 | ||||||
1,145,600 | Pfizer, Inc. | 33,302,592 | ||||||
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| |||||||
Total Pharmaceuticals | 48,976,389 | |||||||
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REIT (1.6%) | ||||||||
588,100 | Kimco Realty Corp. | 13,985,018 | ||||||
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Semiconductors & Semiconductor Equipment (3.9%) | ||||||||
685,235 | Intel Corp. | 16,411,378 | ||||||
316,860 | Maxim Integrated Products, Inc. | 9,800,480 | ||||||
220,900 | Microchip Technology, Inc. | 8,045,178 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 34,257,036 | |||||||
|
| |||||||
Software (0.8%) | ||||||||
272,000 | CA, Inc. | 7,335,840 | ||||||
|
| |||||||
Specialty Retail (4.2%) | ||||||||
410,000 | Gap, Inc. (The) | 15,575,900 | ||||||
290,714 | Home Depot, Inc. (The) | 21,323,872 | ||||||
|
| |||||||
Total Specialty Retail | 36,899,772 | |||||||
|
| |||||||
Thrifts & Mortgage Finance (1.3%) | ||||||||
827,700 | New York Community Bancorp, Inc. | 11,215,335 | ||||||
|
| |||||||
Total Common Stock (Cost: $669,952,045) (96.2%) | 841,066,524 | |||||||
|
|
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: $51,559,996) (5.9%) | ||||||||
$ | 51,559,996 | State Street Bank & Trust Company, 0.01%, due 05/01/13 (collateralized by $52,000,000, Federal National Mortgage Association, 2.14%, due 11/07/22, valued at $52,595,920) (Total Amount to be Received Upon Repurchase $51,560,010) | $ | 51,559,996 | ||||
|
| |||||||
Total Investments (Cost: $721,512,041) (102.1%) | 892,626,520 | |||||||
Liabilities in Excess of Other Assets (–2.1%) | (18,027,265 | ) | ||||||
|
| |||||||
Net Assets (100.0%) | $ | 874,599,255 | ||||||
|
|
Notes to the Schedule of Investments:
REIT - RealEstate Investment Trust.
(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, 2013 |
Industry | Percentage of Net Assets | |||
Aerospace & Defense | 4.3 | % | ||
Air Freight & Logistics | 1.2 | |||
Beverages | 2.0 | |||
Capital Markets | 5.8 | |||
Chemicals | 1.9 | |||
Commercial Services & Supplies | 3.3 | |||
Communications Equipment | 2.2 | |||
Computers & Peripherals | 2.2 | |||
Consumer Finance | 3.6 | |||
Containers & Packaging | 2.4 | |||
Diversified Financial Services | 6.0 | |||
Diversified Telecommunication Services | 3.1 | |||
Electric Utilities | 2.2 | |||
Electronic Equipment, Instruments & Components | 2.2 | |||
Energy Equipment & Services | 4.3 | |||
Food Products | 4.8 | |||
Health Care Equipment & Supplies | 2.8 | |||
Household Durables | 1.3 | |||
Industrial Conglomerates | 5.4 | |||
Insurance | 4.5 | |||
Life Sciences Tools & Services | 1.3 | |||
Machinery | 0.9 | |||
Media | 5.7 | |||
Oil, Gas & Consumable Fuels | 5.1 | |||
Personal Products | 0.3 | |||
Pharmaceuticals | 5.6 | |||
REIT | 1.6 | |||
Semiconductors & Semiconductor Equipment | 3.9 | |||
Software | 0.8 | |||
Specialty Retail | 4.2 | |||
Thrifts & Mortgage Finance | 1.3 | |||
Short-Term Investments | 5.9 | |||
|
| |||
Total | 102.1 | % | ||
|
|
See accompanying notes to financial statements.
13
Table of Contents
Schedule of Investments (Unaudited)
Number of Shares | Common Stock | Value | ||||||
Aerospace & Defense (2.5% of Net Assets) | ||||||||
239 | BE Aerospace, Inc. (1) | $ | 14,995 | |||||
257 | Hexcel Corp. (1) | 7,838 | ||||||
159 | Precision Castparts Corp. | 30,415 | ||||||
42 | TransDigm Group, Inc. (1) | 6,166 | ||||||
|
| |||||||
Total Aerospace & Defense | 59,414 | |||||||
|
| |||||||
Auto Components (1.1%) | ||||||||
320 | BorgWarner, Inc. (1) | 25,014 | ||||||
|
| |||||||
Automobiles (0.4%) | ||||||||
172 | Tesla Motors, Inc. (1) | 9,286 | ||||||
|
| |||||||
Beverages (1.1%) | ||||||||
412 | Beam, Inc. | 26,661 | ||||||
|
| |||||||
Biotechnology (1.2%) | ||||||||
236 | Ariad Pharmaceuticals, Inc. (1) | 4,217 | ||||||
94 | BioMarin Pharmaceutical, Inc. (1) | 6,167 | ||||||
139 | Cepheid, Inc. (1) | 5,300 | ||||||
404 | Ironwood Pharmaceuticals, Inc. (1) | 6,145 | ||||||
108 | Theravance, Inc. (1) | 3,645 | ||||||
33 | Vertex Pharmaceuticals, Inc. (1) | 2,535 | ||||||
|
| |||||||
Total Biotechnology | 28,009 | |||||||
|
| |||||||
Capital Markets (3.0%) | ||||||||
1,090 | Charles Schwab Corp. (The) | 18,486 | ||||||
262 | Stifel Financial Corp. (1) | 8,442 | ||||||
587 | T. Rowe Price Group, Inc. | 42,558 | ||||||
|
| |||||||
Total Capital Markets | 69,486 | |||||||
|
| |||||||
Chemicals (2.3%) | ||||||||
475 | Praxair, Inc. | 54,293 | ||||||
|
| |||||||
Commercial Banks (0.5%) | ||||||||
153 | SVB Financial Group (1) | 10,880 | ||||||
|
| |||||||
Commercial Services & Supplies (1.0%) | ||||||||
550 | ADT Corp. (The) | 24,002 | ||||||
|
| |||||||
Communications Equipment (4.4%) | ||||||||
547 | Aruba Networks, Inc. (1) | 12,302 | ||||||
142 | Palo Alto Networks, Inc. (1) | 7,682 | ||||||
1,325 | QUALCOMM, Inc. | 81,647 | ||||||
|
| |||||||
Total Communications Equipment | 101,631 | |||||||
|
| |||||||
Computers & Peripherals (1.3%) | ||||||||
71 | Apple, Inc. (1) | 31,435 | ||||||
|
|
See accompanying notes to financial statements.
14
Table of Contents
TCW Growth Fund
April 30, 2013 |
Number of Shares | Common Stock | Value | ||||||
Electrical Equipment (1.2%) | ||||||||
225 | Roper Industries, Inc. | $ | 26,921 | |||||
|
| |||||||
Electronic Equipment, Instruments & Components (0.9%) | ||||||||
233 | Cognex Corp. | 9,250 | ||||||
116 | IPG Photonics Corp. (1) | 7,387 | ||||||
156 | Universal Display Corp. (1) | 4,905 | ||||||
|
| |||||||
Total Electronic Equipment, Instruments & Components | 21,542 | |||||||
|
| |||||||
Energy Equipment & Services (6.7%) | ||||||||
57 | Core Laboratories N.V. (Netherlands) | 8,253 | ||||||
522 | FMC Technologies, Inc. (1) | 28,345 | ||||||
136 | Forum Energy Technologies, Inc. (1) | 3,782 | ||||||
705 | Halliburton Co. | 30,153 | ||||||
220 | National Oilwell Varco, Inc. | 14,348 | ||||||
578 | Oceaneering International, Inc. | 40,558 | ||||||
400 | Schlumberger, Ltd. | 29,772 | ||||||
|
| |||||||
Total Energy Equipment & Services | 155,211 | |||||||
|
| |||||||
Food & Staples Retailing (5.8%) | ||||||||
555 | Costco Wholesale Corp. | 60,179 | ||||||
770 | CVS Caremark Corp. | 44,798 | ||||||
199 | Fresh Market, Inc. (The) (1) | 8,145 | ||||||
121 | Pricesmart, Inc. | 10,797 | ||||||
214 | United Natural Foods, Inc. (1) | 10,687 | ||||||
|
| |||||||
Total Food & Staples Retailing | 134,606 | |||||||
|
| |||||||
Food Products (2.9%) | ||||||||
184 | Hain Celestial Group, Inc. (The) (1) | 12,006 | ||||||
330 | Mead Johnson Nutrition Co. | 26,760 | ||||||
934 | Mondelez International, Inc. | 29,374 | ||||||
|
| |||||||
Total Food Products | 68,140 | |||||||
|
| |||||||
Health Care Equipment & Supplies (1.2%) | ||||||||
522 | Endologix, Inc. (1) | 7,840 | ||||||
40 | Intuitive Surgical, Inc. (1) | 19,692 | ||||||
|
| |||||||
Total Health Care Equipment & Supplies | 27,532 | |||||||
|
| |||||||
Health Care Technology (3.5%) | ||||||||
111 | athenahealth, Inc. (1) | 10,685 | ||||||
645 | Cerner Corp. (1) | 62,417 | ||||||
339 | HMS Holdings Corp. (1) | 8,546 | ||||||
|
| |||||||
Total Health Care Technology | 81,648 | |||||||
|
|
See accompanying notes to financial statements.
15
Table of Contents
TCW Growth Fund
Schedule of Investments (Unaudited) (Continued)
Number of Shares | Common Stock | Value | ||||||
Hotels, Restaurants & Leisure (3.0%) | ||||||||
932 | Arcos Dorados Holdings, Inc. | $ | 12,694 | |||||
257 | BJ’s Restaurants, Inc. (1) | 8,815 | ||||||
635 | Starbucks Corp. | 38,633 | ||||||
163 | Starwood Hotels & Resorts Worldwide, Inc. | 10,517 | ||||||
|
| |||||||
Total Hotels, Restaurants & Leisure | 70,659 | |||||||
|
| |||||||
Household Durables (0.6%) | ||||||||
295 | Harman International Industries, Inc. (1) | 13,189 | ||||||
|
| |||||||
Insurance (3.0%) | ||||||||
795 | ACE, Ltd. | 70,866 | ||||||
|
| |||||||
Internet & Catalog Retail (2.6%) | ||||||||
135 | Amazon.com, Inc. (1) | 34,264 | ||||||
39 | Priceline.com, Inc. (1) | 27,144 | ||||||
|
| |||||||
Total Internet & Catalog Retail | 61,408 | |||||||
|
| |||||||
Internet Software & Services (6.0%) | ||||||||
150 | Equinix, Inc. (1) | 32,115 | ||||||
50 | Google, Inc. (1) | 41,228 | ||||||
200 | LinkedIn Corp. (1) | 38,418 | ||||||
569 | Rackspace Hosting, Inc. (1) | 27,426 | ||||||
|
| |||||||
Total Internet Software & Services | 139,187 | |||||||
|
| |||||||
IT Services (2.4%) | ||||||||
300 | Cognizant Technology Solutions Corp. (1) | 19,440 | ||||||
215 | Visa, Inc. | 36,219 | ||||||
|
| |||||||
Total IT Services | 55,659 | |||||||
|
| |||||||
Life Sciences Tools & Services (2.9%) | ||||||||
200 | Illumina, Inc. (1) | 12,938 | ||||||
750 | Life Technologies Corp. (1) | 55,267 | ||||||
|
| |||||||
Total Life Sciences Tools & Services | 68,205 | |||||||
|
| |||||||
Machinery (1.2%) | ||||||||
152 | AGCO Corp. (1) | 8,094 | ||||||
103 | Chart Industries, Inc. (1) | 8,736 | ||||||
30 | Wabtec Corp. | 3,148 | ||||||
189 | Woodward, Inc. | 6,802 | ||||||
|
| |||||||
Total Machinery | 26,780 | |||||||
|
| |||||||
Media (0.2%) | ||||||||
89 | AMC Networks, Inc. (1) | 5,608 | ||||||
|
| |||||||
Metals & Mining (1.2%) | ||||||||
381 | Allegheny Technologies, Inc. | 10,279 | ||||||
739 | Silver Wheaton Corp. | 18,128 | ||||||
|
| |||||||
Total Metals & Mining | 28,407 | |||||||
|
|
See accompanying notes to financial statements.
16
Table of Contents
TCW Growth Fund
April 30, 2013
Number of Shares | Common Stock | Value | ||||||
Multiline Retail (1.2%) | ||||||||
405 | Target Corp. | $ | 28,577 | |||||
|
| |||||||
Oil, Gas & Consumable Fuels (2.1%) | ||||||||
1,570 | Denbury Resources, Inc. (1) | 28,087 | ||||||
84 | Gulfport Energy Corp. (1) | 4,384 | ||||||
120 | Occidental Petroleum Corp. | 10,711 | ||||||
150 | Whiting Petroleum Corp. (1) | 6,675 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | 49,857 | |||||||
|
| |||||||
Personal Products (1.4%) | ||||||||
455 | Estee Lauder Cos., Inc. (The) | 31,554 | ||||||
|
| |||||||
Pharmaceuticals (3.3%) | ||||||||
676 | Allergan, Inc. | 76,760 | ||||||
|
| |||||||
Professional Services (1.3%) | ||||||||
475 | Verisk Analytics, Inc. (1) | 29,113 | ||||||
|
| |||||||
REIT (2.0%) | ||||||||
565 | American Tower Corp. | 47,454 | ||||||
|
| |||||||
Road & Rail (3.9%) | ||||||||
94 | Genesee & Wyoming, Inc. (1) | 8,009 | ||||||
535 | J.B. Hunt Transport Services, Inc. | 38,023 | ||||||
88 | Kansas City Southern (1) | 9,598 | ||||||
240 | Union Pacific Corp. | 35,510 | ||||||
|
| |||||||
Total Road & Rail | 91,140 | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment (4.7%) | ||||||||
913 | ARM Holdings PLC (SP ADR) (United Kingdom) | 42,683 | ||||||
785 | Avago Technologies, Ltd. (1) | 25,088 | ||||||
716 | Broadcom Corp. | 25,776 | ||||||
146 | Mellanox Technologies, Ltd. (Israel)(1) | 7,443 | ||||||
626 | NVIDIA Corp. | 8,620 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 109,610 | |||||||
|
| |||||||
Software (6.2%) | ||||||||
185 | ANSYS, Inc. (1) | 14,959 | ||||||
148 | MicroStrategy, Inc. (1) | 13,348 | ||||||
1,643 | Salesforce.com, Inc. (1) | 67,544 | ||||||
327 | Splunk, Inc. (1) | 13,342 | ||||||
49 | Ultimate Software Group, Inc. (The) (1) | 4,733 | ||||||
260 | VMware, Inc. (1) | 18,330 | ||||||
197 | Workday, Inc. (1) | 12,342 | ||||||
|
| |||||||
Total Software | 144,598 | |||||||
|
|
See accompanying notes to financial statements.
17
Table of Contents
TCW Growth Fund
Schedule of Investments (Unaudited) (Continued)
Number of Shares | Common Stock | Value | ||||||
Specialty Retail (1.7%) | ||||||||
193 | CarMax, Inc. (1) | $ | 8,886 | |||||
84 | DSW, Inc. | 5,554 | ||||||
195 | Tiffany & Co. | 14,367 | ||||||
135 | Ulta Salon, Cosmetics & Fragrance, Inc. (1) | 11,833 | ||||||
|
| |||||||
Total Specialty Retail | 40,640 | |||||||
|
| |||||||
Textiles, Apparel & Luxury Goods (2.0%) | ||||||||
214 | Gildan Activewear, Inc. | 8,609 | ||||||
405 | Michael Kors Holdings, Ltd. (1) | 23,061 | ||||||
256 | Under Armour, Inc. (1) | 14,612 | ||||||
|
| |||||||
Total Textiles, Apparel & Luxury Goods | 46,282 | |||||||
|
| |||||||
Trading Companies & Distributors (2.9%) | ||||||||
1,213 | Fastenal Co. | 59,498 | ||||||
100 | MSC Industrial Direct Co., Inc. | 7,880 | ||||||
|
| |||||||
Total Trading Companies & Distributors | 67,378 | |||||||
|
| |||||||
Total Common Stock (Cost: $1,924,987) (96.8%) | 2,258,642 | |||||||
|
| |||||||
Principal Amount | Short-Term Investments | |||||||
Repurchase Agreement (Cost: $79,949) (3.4%) | ||||||||
$ | 79,949 | State Street Bank & Trust Company, 0.01%, due 05/01/2013, (collateralized by $85,000, Federal National Mortgage Association, 2.14%, due 11/07/22 valued at $85,974) (Total Amount to be Received Upon Repurchase $79,949) | 79,949 | |||||
|
| |||||||
Total Investments (Cost: $2,004,936) (100.2%) | 2,338,591 | |||||||
Liabilities in Excess of Other Assets (–0.2%) | (4,091 | ) | ||||||
|
| |||||||
Net Assets (100.0%) | $ | 2,334,500 | ||||||
|
|
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.
18
Table of Contents
TCW Growth Fund
Investments by Industry (Unaudited) | April 30, 2013 |
Industry | Percentage of Net Assets | |||
Aerospace & Defense | 2.5 | % | ||
Auto Components | 1.1 | |||
Automobiles | 0.4 | |||
Beverages | 1.1 | |||
Biotechnology | 1.2 | |||
Capital Markets | 3.0 | |||
Chemicals | 2.3 | |||
Commercial Banks | 0.5 | |||
Commercial Services & Supplies | 1.0 | |||
Communications Equipment | 4.4 | |||
Computers & Peripherals | 1.3 | |||
Electrical Equipment | 1.2 | |||
Electronic Equipment, Instruments & Components | 0.9 | |||
Energy Equipment & Services | 6.7 | |||
Food & Staples Retailing | 5.8 | |||
Food Products | 2.9 | |||
Health Care Equipment & Supplies | 1.2 | |||
Health Care Technology | 3.5 | |||
Hotels, Restaurants & Leisure | 3.0 | |||
Household Durables | 0.6 | |||
Insurance | 3.0 | |||
Internet & Catalog Retail | 2.6 | |||
Internet Software & Services | 6.0 | |||
IT Services | 2.4 | |||
Life Sciences Tools & Services | 2.9 | |||
Machinery | 1.2 | |||
Media | 0.2 | |||
Metals & Mining | 1.2 | |||
Multiline Retail | 1.2 | |||
Oil, Gas & Consumable Fuels | 2.1 | |||
Personal Products | 1.4 | |||
Pharmaceuticals | 3.3 | |||
Professional Services | 1.3 | |||
REIT | 2.0 | |||
Road & Rail | 3.9 | |||
Semiconductors & Semiconductor Equipment | 4.7 | |||
Software | 6.2 | |||
Specialty Retail | 1.7 | |||
Textiles, Apparel & Luxury Goods | 2.0 | |||
Trading Companies & Distributors | 2.9 | |||
Short-Term Investments | 3.4 | |||
|
| |||
Total | 100.2 | % | ||
|
|
See accompanying notes to financial statements.
19
Table of Contents
Schedule of Investments (Unaudited)
Number of Shares | Common Stock | Value | ||||||
Aerospace & Defense (2.9% of Net Assets) | ||||||||
15,200 | BE Aerospace, Inc. (1) | $ | 953,648 | |||||
|
| |||||||
Auto Components (2.0%) | ||||||||
8,113 | BorgWarner, Inc. (1) | 634,193 | ||||||
|
| |||||||
Automobiles (1.8%) | ||||||||
10,700 | Tesla Motors, Inc. (1) | 577,693 | ||||||
|
| |||||||
Beverages (2.4%) | ||||||||
14,000 | Monster Beverage Corp. (1) | 789,600 | ||||||
|
| |||||||
Biotechnology (4.4%) | ||||||||
15,900 | Ariad Pharmaceuticals, Inc. (1) | 284,133 | ||||||
7,900 | BioMarin Pharmaceutical, Inc. (1) | 518,240 | ||||||
8,545 | Cepheid, Inc. (1) | 325,821 | ||||||
15,400 | Ironwood Pharmaceuticals, Inc. (1) | 234,234 | ||||||
900 | Vertex Pharmaceuticals, Inc. (1) | 69,138 | ||||||
|
| |||||||
Total Biotechnology | 1,431,566 | |||||||
|
| |||||||
Capital Markets (2.5%) | ||||||||
11,300 | T. Rowe Price Group, Inc. | 819,250 | ||||||
|
| |||||||
Communications Equipment (1.9%) | ||||||||
11,110 | Palo Alto Networks, Inc. (1) | 601,051 | ||||||
|
| |||||||
Electrical Equipment (4.4%) | ||||||||
8,659 | AMETEK, Inc. | 352,508 | ||||||
5,221 | Rockwell Automation, Inc. | 442,636 | ||||||
5,393 | Roper Industries, Inc. | 645,273 | ||||||
|
| |||||||
Total Electrical Equipment | 1,440,417 | |||||||
|
| |||||||
Electronic Equipment, Instruments & Components (0.9%) | ||||||||
4,700 | IPG Photonics Corp. (1) | 299,296 | ||||||
|
| |||||||
Energy Equipment & Services (5.5%) | ||||||||
7,106 | Core Laboratories N.V. (Netherlands) | 1,028,807 | ||||||
10,765 | Oceaneering International, Inc. | 755,380 | ||||||
|
| |||||||
Total Energy Equipment & Services | 1,784,187 | |||||||
|
| |||||||
Food & Staples Retailing (3.7%) | ||||||||
12,500 | Fresh Market, Inc. (The) (1) | 511,625 | ||||||
7,866 | Pricesmart, Inc. | 701,883 | ||||||
|
| |||||||
Total Food & Staples Retailing | 1,213,508 | |||||||
|
| |||||||
Food Products (2.3%) | ||||||||
11,300 | Hain Celestial Group, Inc. (The) (1) | 737,325 | ||||||
|
| |||||||
Health Care Equipment & Supplies (3.0%) | ||||||||
2,000 | Intuitive Surgical, Inc. (1) | 984,580 | ||||||
|
|
See accompanying notes to financial statements.
20
Table of Contents
TCW Growth Equities Fund
April 30, 2013 |
Number of Shares | Common Stock | Value | ||||||
Health Care Technology (4.2%) | ||||||||
8,371 | athenahealth, Inc. (1) | $ | 805,792 | |||||
5,600 | Cerner Corp. (1) | 541,912 | ||||||
|
| |||||||
Total Health Care Technology | 1,347,704 | |||||||
|
| |||||||
Hotels, Restaurants & Leisure (3.7%) | ||||||||
46,079 | Arcos Dorados Holdings, Inc. | 627,596 | ||||||
4,100 | Wynn Resorts, Ltd. (1) | 562,930 | ||||||
|
| |||||||
Total Hotels, Restaurants & Leisure | 1,190,526 | |||||||
|
| |||||||
Household Durables (1.5%) | ||||||||
10,787 | Harman International Industries, Inc. (1) | 482,287 | ||||||
|
| |||||||
Insurance (3.1%) | ||||||||
11,241 | ACE, Ltd. (1) | 1,002,023 | ||||||
|
| |||||||
Internet Software & Services (4.3%) | ||||||||
3,658 | LinkedIn Corp. (1) | 702,665 | ||||||
14,114 | Rackspace Hosting, Inc. (1) | 680,295 | ||||||
|
| |||||||
Total Internet Software & Services | 1,382,960 | |||||||
|
| |||||||
Life Sciences Tools & Services (2.7%) | ||||||||
13,400 | Illumina, Inc. (1) | 866,846 | ||||||
|
| |||||||
Machinery (2.3%) | ||||||||
7,126 | Cummins, Inc. | 758,135 | ||||||
|
| |||||||
Media (2.1%) | ||||||||
8,500 | Discovery Communications, Inc. (1) | 669,970 | ||||||
|
| |||||||
Metals & Mining (1.6%) | ||||||||
19,259 | Allegheny Technologies, Inc. | 519,608 | ||||||
|
| |||||||
Pharmaceuticals (2.1%) | ||||||||
20,283 | Zoetis, Inc. | 669,745 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment (4.3%) | ||||||||
14,400 | ARM Holdings PLC (SP ADR) (United Kingdom) | 673,200 | ||||||
51,700 | NVIDIA Corp. | 711,909 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 1,385,109 | |||||||
|
| |||||||
Software (11.0%) | ||||||||
8,300 | ANSYS, Inc. (1) | 671,138 | ||||||
14,284 | Salesforce.com, Inc. (1) | 587,215 | ||||||
22,485 | Splunk, Inc. (1) | 917,388 | ||||||
4,600 | Ultimate Software Group, Inc. (The) (1) | 444,314 | ||||||
15,194 | Workday, Inc. (1) | 951,904 | ||||||
|
| |||||||
Total Software | 3,571,959 | |||||||
|
|
See accompanying notes to financial statements.
21
Table of Contents
TCW Growth Equities Fund
Schedule of Investments (Unaudited) (Continued) |
Number of Shares | Common Stock | Value | ||||||
Specialty Retail (7.9%) | ||||||||
11,825 | CarMax, Inc. (1) | $ | 544,423 | |||||
17,108 | Dick’s Sporting Goods, Inc. | 822,895 | ||||||
6,978 | DSW, Inc. | 461,385 | ||||||
8,298 | Ulta Salon, Cosmetics & Fragrance, Inc. (1) | 727,320 | ||||||
|
| |||||||
Total Specialty Retail | 2,556,023 | |||||||
|
| |||||||
Textiles, Apparel & Luxury Goods (4.4%) | ||||||||
13,141 | Gildan Activewear, Inc. (1) | 528,662 | ||||||
15,808 | Under Armour, Inc. (1) | 902,321 | ||||||
|
| |||||||
Total Textiles, Apparel & Luxury Goods | 1,430,983 | |||||||
|
| |||||||
Trading Companies & Distributors (4.0%) | ||||||||
13,000 | Fastenal Co. | 637,650 | ||||||
8,304 | MSC Industrial Direct Co., Inc. | 654,355 | ||||||
|
| |||||||
Total Trading Companies & Distributors | 1,292,005 | |||||||
|
| |||||||
Total Common Stock (Cost: $23,020,520) (96.9%) | 31,392,197 | |||||||
|
| |||||||
Principal Amount | Short-Term Investments | |||||||
Repurchase Agreement (Cost: $1,086,087) (3.4%) | ||||||||
$ | 1,086,087 | State Street Bank & Trust Company, 0.01%, due 05/01/13 (collateralized by $1,100,000, Federal National Mortgage Association, 2.14%, due 11/07/22 valued at $1,112,606) (Total Amount to be Received Upon Repurchase $1,086,087) | 1,086,087 | |||||
|
| |||||||
Total Investments (Cost: $24,106,607) (100.3%) | 32,478,284 | |||||||
Liabilities in Excess of Other Assets (–0.3%) | (81,732 | ) | ||||||
|
| |||||||
Net Assets (100.0%) | $ | 32,396,552 | ||||||
|
|
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.
22
Table of Contents
TCW Growth Equities Fund
Investments by Industry (Unaudited) | April 30, 2013 |
Industry | Percentage of Net Assets | |||
Aerospace & Defense | 2.9 | % | ||
Auto Components | 2.0 | |||
Automobiles | 1.8 | |||
Beverages | 2.4 | |||
Biotechnology | 4.4 | |||
Capital Markets | 2.5 | |||
Communications Equipment | 1.9 | |||
Electrical Equipment | 4.4 | |||
Electronic Equipment, Instruments & Components | 0.9 | |||
Energy Equipment & Services | 5.5 | |||
Food & Staples Retailing | 3.7 | |||
Food Products | 2.3 | |||
Health Care Equipment & Supplies | 3.0 | |||
Health Care Technology | 4.2 | |||
Hotels, Restaurants & Leisure | 3.7 | |||
Household Durables | 1.5 | |||
Insurance | 3.1 | |||
Internet Software & Services | 4.3 | |||
Life Sciences Tools & Services | 2.7 | |||
Machinery | 2.3 | |||
Media | 2.1 | |||
Metals & Mining | 1.6 | |||
Pharmaceuticals | 2.1 | |||
Semiconductors & Semiconductor Equipment | 4.3 | |||
Software | 11.0 | |||
Specialty Retail | 7.9 | |||
Textiles, Apparel & Luxury Goods | 4.4 | |||
Trading Companies & Distributors | 4.0 | |||
Short-Term Investments | 3.4 | |||
|
| |||
Total | 100.3 | % | ||
|
|
See accompanying notes to financial statements.
23
Table of Contents
Schedule of Investments (Unaudited)
Number of Shares | Common Stock | Value | ||||||
Australia (2.5% of Net Assets) | ||||||||
2,500 | carsales.com, Ltd. (1) | $ | 25,083 | |||||
1,000 | REA Group, Ltd. (1) | 32,267 | ||||||
|
| |||||||
Total Australia (Cost: $39,402) | 57,350 | |||||||
|
| |||||||
Brazil (Cost: $31,731) (1.6%) | ||||||||
1,440 | Cielo S.A. | 38,203 | ||||||
|
| |||||||
Cambodia (Cost: $14,086) (0.8%) | ||||||||
25,000 | NagaCorp, Ltd. (1) | 19,941 | ||||||
|
| |||||||
Canada (8.6%) | ||||||||
11,000 | B2Gold Corp. (2) | 27,624 | ||||||
15,000 | Banro Corp. (2) | 19,207 | ||||||
400 | Franco-Nevada Corp. | 17,452 | ||||||
5,000 | New Gold, Inc. (2) | 40,101 | ||||||
1,400 | Silver Wheaton Corp. | 34,342 | ||||||
400 | West Fraser Timber Co., Ltd. | 34,924 | ||||||
2,000 | Yamana Gold, Inc. | 24,756 | ||||||
|
| |||||||
Total Canada (Cost: $223,437) | 198,406 | |||||||
|
| |||||||
China (5.5%) | ||||||||
25,000 | Chow Tai Fook Jewellery Group, Ltd. (1) | 33,641 | ||||||
6,000 | ENN Energy Holdings, Ltd. (1) | 34,776 | ||||||
15,000 | Greentown China Holdings, Ltd. (1)(2) | 29,209 | ||||||
10,000 | Shenzhou International Group Holdings, Ltd. (1) | 29,314 | ||||||
|
| |||||||
Total China (Cost: $102,396) | 126,940 | |||||||
|
| |||||||
Germany (Cost: $20,237) (0.9%) | ||||||||
250 | SAP AG (SP ADR) | 19,963 | ||||||
|
| |||||||
India (8.6%) | ||||||||
1,500 | Bank of Baroda (1) | 19,482 | ||||||
6,000 | Cairn India, Ltd. (1) | 34,793 | ||||||
2,000 | Cummins India, Ltd. (1) | 18,927 | ||||||
700 | ICICI Bank, Ltd. (SP ADR) | 32,774 | ||||||
15,000 | Jaiprakash Associates, Ltd. (1) | 20,949 | ||||||
6,000 | Motherson Sumi Systems, Ltd. (1) | 21,893 | ||||||
2,500 | Sun TV Network, Ltd. | 19,285 | ||||||
7,000 | Zee Entertainment Enterprises, Ltd. (1) | 30,452 | ||||||
|
| |||||||
Total India (Cost: $190,709) | 198,555 | |||||||
|
| |||||||
Indonesia (3.7%) | ||||||||
50,000 | AKR Corporindo Tbk PT (1) | 26,517 | ||||||
70,000 | Bank Negara Indonesia Persero Tbk PT (1) | 38,930 | ||||||
80,000 | Summarecon Agung Tbk PT (1) | 21,422 | ||||||
|
| |||||||
Total Indonesia (Cost: $69,879) | 86,869 | |||||||
|
|
See accompanying notes to financial statements.
24
Table of Contents
TCW International Growth Fund
April 30, 2013 |
Number of Shares | Common Stock | Value | ||||||
Ireland (Cost: $34,058) (1.1%) | ||||||||
60,000 | Kenmare Resources PLC (1)(2) | $ | 24,807 | |||||
|
| |||||||
Japan (29.1%) | ||||||||
800 | Acom Co., Ltd. (1)(2) | 32,779 | ||||||
400 | Astellas Pharma, Inc. (1) | 23,314 | ||||||
1,400 | Avex Group Holdings, Inc. (1) | 39,965 | ||||||
3,000 | Daiwa Securities Group, Inc. (1) | 26,618 | ||||||
500 | Don Quijote Co., Ltd. (1) | 27,245 | ||||||
2,500 | H2O Retailing Corp. (1) | 27,857 | ||||||
700 | Hikari Tsushin, Inc. (1) | 38,171 | ||||||
3,000 | Hulic Co., Ltd. (1) | 33,363 | ||||||
500 | Jafco Co., Ltd. (1) | 24,216 | ||||||
2 | Japan Real Estate Investment Corp. (1) | 26,867 | ||||||
1,500 | Kakaku.com, Inc. (1) | 38,778 | ||||||
20 | NTT Urban Development Corp. (1) | 29,653 | ||||||
1,700 | Park24 Co., Ltd. (1) | 34,302 | ||||||
4,000 | Resona Holdings, Inc. (1) | 21,351 | ||||||
200 | Shimamura Co., Ltd. (1) | 25,276 | ||||||
300 | Shimano, Inc. (1) | 26,131 | ||||||
8,000 | Shinsei Bank, Ltd. (1) | 22,454 | ||||||
800 | Softbank Corp. (1) | 39,675 | ||||||
2,000 | Start Today Co., Ltd. (1) | 30,281 | ||||||
5,000 | Sumitomo Mitsui Trust Holdings, Inc. (1) | 25,128 | ||||||
700 | Tokio Marine Holdings, Inc. (1) | 22,246 | ||||||
3,000 | Tokyo Tatemono Co., Ltd. (1) | 27,804 | ||||||
60 | Yahoo Japan Corp. (1) | 30,149 | ||||||
|
| |||||||
Total Japan (Cost: $526,569) | 673,623 | |||||||
|
| |||||||
Jersey (3.9%) | ||||||||
2,300 | Genel Energy PLC (1)(2) | 31,853 | ||||||
7,391 | Heritage Oil PLC (1)(2) | 18,410 | ||||||
500 | Randgold Resources, Ltd. (1) | 40,451 | ||||||
|
| |||||||
Total Jersey (Cost: $94,680) | 90,714 | |||||||
|
| |||||||
Macau (Cost: $31,628) (1.4%) | ||||||||
6,000 | Sands China, Ltd. (1) | 31,548 | ||||||
|
| |||||||
Mexico (2.9%) | ||||||||
2,000 | Fresnillo PLC (1) | 36,149 | ||||||
10,000 | OHL Mexico S.A.B. de C.V. (2) | 30,950 | ||||||
|
| |||||||
Total Mexico (Cost: $58,714) | 67,099 | |||||||
|
| |||||||
Philippines (2.8%) | ||||||||
2,000 | Ayala Corp. (1) | 31,177 | ||||||
15,000 | International Container Terminal Services, Inc. (1) | 33,540 | ||||||
|
| |||||||
Total Philippines (Cost: $54,522) | 64,717 | |||||||
|
|
See accompanying notes to financial statements.
25
Table of Contents
TCW International Growth Fund
Schedule of Investments (Unaudited) (Continued) |
Number of Shares | Common Stock | Value | ||||||
Singapore (2.1%) | ||||||||
16,500 | ARA Asset Management, Ltd. (1) | $ | 25,417 | |||||
10,000 | Global Logistic Properties, Ltd. (1) | 22,507 | ||||||
|
| |||||||
Total Singapore (Cost: $43,858) | 47,924 | |||||||
|
| |||||||
South Africa (Cost: $21,914) (1.1%) | ||||||||
8,000 | Growthpoint Properties, Ltd. (1) | 26,297 | ||||||
|
| |||||||
Sri Lanka (Cost: $29,690) (1.3%) | ||||||||
15,000 | John Keells Holdings PLC (1) | 29,625 | ||||||
|
| |||||||
Switzerland (Cost: $28,568) (1.1%) | ||||||||
5,000 | Glencore International PLC (1) | 24,718 | ||||||
|
| |||||||
Taiwan (2.6%) | ||||||||
8,000 | Chailease Holding Co., Ltd. (1) | 24,102 | ||||||
10,380 | Lung Yen Life Service Corp. (1) | 36,496 | ||||||
|
| |||||||
Total Taiwan (Cost: $55,976) | 60,598 | |||||||
|
| |||||||
Thailand (Cost: $20,595) (1.1%) | ||||||||
5,000 | Airports of Thailand PCL — Class F (1) | 24,623 | ||||||
|
| |||||||
United Kingdom (7.8%) | ||||||||
35,000 | Amerisur Resources PLC (2) | 28,543 | ||||||
25,000 | Blinkx PLC (2) | 36,309 | ||||||
1,500 | Hargreaves Lansdown PLC (1) | 22,844 | ||||||
7,000 | Moneysupermarket.com Group PLC | 21,823 | ||||||
10,000 | Optimal Payments PLC (2) | 21,320 | ||||||
1,200 | PayPoint PLC | 15,182 | ||||||
3,750 | Playtech, Ltd. | 35,708 | ||||||
|
| |||||||
Total United Kingdom (Cost: $176,344) | 181,729 | |||||||
|
| |||||||
United States (3.0%) | ||||||||
14,000 | Samsonite International S.A. (1) | 34,491 | ||||||
2,000 | Tahoe Resources, Inc. (2) | 34,741 | ||||||
|
| |||||||
Total United States (Cost: $66,835) | 69,232 | |||||||
|
| |||||||
Total Common Stock (Cost: $1,935,828) (93.5%) | 2,163,481 | |||||||
|
|
See accompanying notes to financial statements.
26
Table of Contents
TCW International Growth Fund
April 30, 2013
Contracts | Purchased Options | |||||||
Currency Options (2.2%) | ||||||||
5,000 | JPY Put, Expires 11/17/15, Strike Price JPY100.00 (3) | $ | 27,491 | |||||
10,000 | JPY Put, Expires 02/25/16, Strike Price JPY115.00 (3) | 22,699 | ||||||
|
| |||||||
Total Purchased Options (Cost: $32,200) | 50,190 | |||||||
|
| |||||||
Total Investments (Cost: $1,968,028) (95.7%) | 2,213,671 | |||||||
Excess of Other Assets over Liabilities (4.3%) | 99,510 | |||||||
|
| |||||||
Total Net Assets (100.0%) | $ | 2,313,181 | ||||||
|
|
Notes to the Schedule of Investments:
JPY - | Japanese Yen. |
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) | Non-income producing security. |
(3) | Over-the-counter traded option; Counterparty — Morgan Stanley. |
See accompanying notes to financial statements.
27
Table of Contents
TCW International Growth Fund
Investments by Industry (Unaudited) | April 30, 2013 |
Industry | Percentage of Net Assets | |||
Auto Components | 0.9 | % | ||
Capital Markets | 4.3 | |||
Commercial Banks | 6.9 | |||
Commercial Services & Supplies | 2.1 | |||
Consumer Finance | 1.4 | |||
Diversified Consumer Services | 1.6 | |||
Diversified Financial Services | 2.4 | |||
Gas Utilities | 1.5 | |||
Hotels, Restaurants & Leisure | 2.2 | |||
Industrial Conglomerates | 2.2 | |||
Insurance | 1.0 | |||
Internet & Catalog Retail | 1.3 | |||
Internet Software & Services | 6.6 | |||
IT Services | 2.6 | |||
Leisure Equipment & Products | 1.1 | |||
Machinery | 0.8 | |||
Media | 5.3 | |||
Metals & Mining | 14.0 | |||
Miscellaneous | 1.1 | |||
Multiline Retail | 2.4 | |||
Oil, Gas & Consumable Fuels | 4.9 | |||
Paper & Forest Products | 1.5 | |||
Pharmaceuticals | 1.0 | |||
Real Estate Management & Development | 8.2 | |||
REIT | 1.2 | |||
Software | 2.4 | |||
Specialty Retail | 4.2 | |||
Textiles, Apparel & Luxury Goods | 2.8 | |||
Trading Companies & Distributors | 1.1 | |||
Transportation Infrastructure | 2.8 | |||
Wireless Telecommunication Services | 1.7 | |||
Purchased Options | 2.2 | |||
|
| |||
Total | 95.7 | % | ||
|
|
See accompanying notes to financial statements.
28
Table of Contents
TCW International Small Cap Fund
Schedule of Investments (Unaudited) | April 30, 2013 |
Number of Shares | Common Stock | Value | ||||||
Australia (4.3% of Net Assets) | ||||||||
1,700,000 | Bathurst Resources, Ltd. (1)(2) | $ | 299,982 | |||||
1,600,000 | Grange Resources, Ltd. (2) | 274,287 | ||||||
200,000 | OceanaGold Corp. (1)(2) | 430,187 | ||||||
100,000 | Regis Resources, Ltd. (1)(2) | 394,873 | ||||||
|
| |||||||
Total Australia (Cost: $1,906,401) | 1,399,329 | |||||||
|
| |||||||
Cambodia (Cost: $230,185) (1.5%) | ||||||||
600,000 | NagaCorp, Ltd. (2) | 478,583 | ||||||
|
| |||||||
Canada (14.7%) | ||||||||
1,250,000 | Africa Hydrocarbons, Inc. (1)(3) | 161,298 | ||||||
275,000 | Banro Corp. (1) | 352,127 | ||||||
110,000 | Centerra Gold, Inc. | 459,675 | ||||||
20,000 | Electrovaya, Inc. (1) | 13,301 | ||||||
4,500,000 | Ivernia, Inc. (1)(3) | 670,009 | ||||||
150,000 | Luna Gold Corp. (1) | 400,516 | ||||||
450,000 | Mawson Resources, Ltd. (1)(3) | 268,003 | ||||||
125,000 | Nevsun Resources, Ltd. (1) | 467,765 | ||||||
60,000 | New Gold, Inc. (1) | 481,215 | ||||||
60,000 | Sandstorm Gold, Ltd. (1) | 484,788 | ||||||
1,000,000 | Sandstorm Metals & Energy, Ltd. (1) | 332,523 | ||||||
1,000,000 | Shamaran Petroleum Corp. (1) | 312,671 | ||||||
400,000 | WesternZagros Resources, Ltd. (1) | 404,983 | ||||||
|
| |||||||
Total Canada (Cost: $6,080,334) | 4,808,874 | |||||||
|
| |||||||
China (7.7%) | ||||||||
800,000 | Greatview Aseptic Packaging Co., Ltd. (2) | 476,746 | ||||||
800,000 | Newocean Energy Holdings, Ltd. (2) | 498,694 | ||||||
175,000 | Shenzhou International Group Holdings, Ltd. (2) | 513,002 | ||||||
700,000 | Sunac China Holdings, Ltd. (2) | 564,791 | ||||||
700,000 | Travelsky Technology, Ltd. — Class H (2) | 445,749 | ||||||
|
| |||||||
Total China (Cost: $2,261,078) | 2,498,982 | |||||||
|
| |||||||
India (7.7%) | ||||||||
125,000 | City Union Bank, Ltd. (Partly-Paid Shares) (1) | 126,566 | ||||||
600,000 | Development Credit Bank, Ltd. (1)(2) | 524,989 | ||||||
100,000 | Motherson Sumi Systems, Ltd. (2) | 364,882 | ||||||
100,000 | Phoenix Mills, Ltd. | 503,016 | ||||||
20,000 | Sun TV Network, Ltd. | 154,283 | ||||||
100,000 | Tribhovandas Bhimji Zaveri, Ltd. (2) | 394,655 | ||||||
7,000 | TTK Prestige, Ltd. (2) | 455,115 | ||||||
|
| |||||||
Total India (Cost: $2,394,410) | 2,523,506 | |||||||
|
| |||||||
Indonesia (Cost: $414,236) (1.6%) | ||||||||
1,000,000 | AKR Corporindo Tbk PT (2) | 530,345 | ||||||
|
|
See accompanying notes to financial statements.
29
Table of Contents
TCW International Small Cap Fund
Schedule of Investments (Unaudited) (Continued)
Number of Shares | Common Stock | Value | ||||||
Ireland (Cost: $607,552) (1.3%) | ||||||||
1,000,000 | Kenmare Resources PLC (1)(2) | $ | 413,455 | |||||
|
| |||||||
Israel (Cost: $487,635) (2.1%) | ||||||||
600,000 | Sarin Technologies, Ltd. (2)(3) | 678,306 | ||||||
|
| |||||||
Japan (33.3%) | ||||||||
3,750 | Accretive Co., Ltd. (1)(2)(3) | 721,097 | ||||||
23,950 | Avex Group Holdings, Inc. (2) | 683,687 | ||||||
350 | Benefit One, Inc. | 484,690 | ||||||
40,000 | Bit-isle, Inc. (2) | 571,030 | ||||||
30,000 | GCA Savvian Corp. (2) | 377,663 | ||||||
400 | GLP J-REIT (1)(2) | 413,162 | ||||||
35,000 | H2O Retailing Corp. (2) | 389,993 | ||||||
9,000 | Hikari Tsushin, Inc. (2) | 490,772 | ||||||
10,000 | Jafco Co., Ltd. (2) | 484,319 | ||||||
40 | Japan Logistics Fund, Inc. (2) | 433,912 | ||||||
25,000 | Kakaku.com, Inc. (2) | 646,299 | ||||||
100 | Kenedix Realty Investment Corp. (2) | 469,118 | ||||||
8,000 | Livesense, Inc. (1)(2) | 539,180 | ||||||
1,000 | Monex Group, Inc. (2) | 451,194 | ||||||
30,000 | Park24 Co., Ltd. (2) | 605,338 | ||||||
30,000 | PIA Corp. (2) | 504,059 | ||||||
22,000 | Seria Co., Ltd. (2) | 537,152 | ||||||
1,500 | Sparx Group Co., Ltd. (1)(2) | 503,906 | ||||||
45,000 | Start Today Co., Ltd. (2) | 681,328 | ||||||
200 | Tenpos Busters Co., Ltd. (2)(3) | 463,064 | ||||||
10,000 | United Arrows, Ltd. (2) | 387,713 | ||||||
|
| |||||||
Total Japan (Cost: $8,122,325) | 10,838,676 | |||||||
|
| |||||||
Jersey (Cost: $640,490) (1.6%) | ||||||||
205,306 | Heritage Oil PLC (1)(2) | 511,386 | ||||||
|
| |||||||
Malaysia (Cost: $357,916) (1.1%) | ||||||||
150,000 | Bursa Malaysia BHD (2) | 352,726 | ||||||
|
| |||||||
Norway (Cost: $479,364) (1.1%) | ||||||||
250,000 | Electromagnetic GeoServices AS (1)(2) | 363,448 | ||||||
|
| |||||||
Russia (Cost: $409,921) (1.9%) | ||||||||
125,000 | Vostok Nafta Investment, Ltd. (SDR) (1)(2) | 624,093 | ||||||
|
| |||||||
Singapore (Cost: $411,923) (1.4%) | ||||||||
300,000 | ARA Asset Management, Ltd. (2) | 462,130 | ||||||
|
| |||||||
South Africa (Cost: $258,630) (1.1%) | ||||||||
60,000 | Coronation Fund Managers, Ltd. | 359,057 | ||||||
|
| |||||||
Sri Lanka (Cost: $494,838) (1.5%) | ||||||||
250,000 | John Keells Holdings PLC (2) | 493,751 | ||||||
|
|
See accompanying notes to financial statements.
30
Table of Contents
TCW International Small Cap Fund
April 30, 2013
Number of Shares | Common Stock | Value | ||||||
Taiwan (4.7%) | ||||||||
175,000 | Chailease Holding Co., Ltd. (2) | $ | 527,225 | |||||
149,000 | Lung Yen Life Service Corp. (2) | 523,882 | ||||||
200,000 | Yungtay Engineering Co., Ltd. (2) | 478,205 | ||||||
|
| |||||||
Total Taiwan (Cost: $1,271,703) | 1,529,312 | |||||||
|
| |||||||
United Kingdom (9.9%) | ||||||||
600,000 | Amerisur Resources PLC (1) | 489,305 | ||||||
490,000 | Blinkx PLC (1) | 711,667 | ||||||
175,000 | Moneysupermarket.com Group PLC | 545,576 | ||||||
250,000 | Optimal Payments PLC (1) | 532,993 | ||||||
9,729 | PayPoint PLC | 123,092 | ||||||
60,000 | Playtech, Ltd. | 571,322 | ||||||
2,000,000 | Sable Mining Africa, Ltd. (1) | 248,536 | ||||||
|
| |||||||
Total United Kingdom (Cost: $3,078,072) | 3,222,491 | |||||||
|
| |||||||
United States (Cost: $551,675) (1.9%) | ||||||||
35,000 | Tahoe Resources, Inc. (1) | 607,971 | ||||||
|
| |||||||
Total Common Stock (Cost: $30,458,688) (100.4%) | 32,696,421 | |||||||
|
| |||||||
Warrant | ||||||||
Mongolia (Cost: $0) (0.0%) | ||||||||
50,000 | Blue Wolf Mongolia Holdings Corp., Strike Price $12.00, Expires 07/20/16 (1) | 5,000 | ||||||
|
| |||||||
Contracts | Purchased Options | |||||||
Currency Options (2.8%) | ||||||||
30,000 | JPY Put, Expires 11/20/14, Strike Price JPY100.00 (4) | 125,605 | ||||||
20,000 | JPY Put, Expires 11/26/14, Strike Price JPY100.00 (4) | 84,254 | ||||||
100,000 | JPY Put, Expires 12/04/14, Strike Price JPY100.00 (4) | 424,750 | ||||||
100,000 | JPY Put, Expires 02/20/15, Strike Price JPY115.00 (4) | 145,227 | ||||||
100,000 | JPY Put, Expires 02/25/15, Strike Price JPY115.00 (4) | 146,317 | ||||||
|
| |||||||
Total Purchased Options (Cost: $532,600) | 926,153 | |||||||
|
| |||||||
Total Investments (Cost: $30,991,288) (103.2%) | 33,627,574 | |||||||
Liabilities in Excess of Other Assets (–3.2%) | (1,049,697 | ) | ||||||
|
| |||||||
Total Net Assets (100.0%) | $ | 32,577,877 | ||||||
|
|
Notes to the Schedule of Investments:
JPY - | Japanese Yen. |
REIT - RealEstate Investment Trust.
SDR - | Swedish Depository Receipt. Shares of a foreign based corporation held in Swedish banks that are issued with cooperation of the company whose stock underlies the SDR and entitles the shareholder to all dividends, capital gains and voting rights. |
(1) | Non-income producing security. |
(2) | Fair valued security using procedures established by and under the general supervision of the Company’s Board of Directors (Note 2). |
(3) | Illiquid security. |
(4) | Over-the-counter traded option; Counterparty — Morgan Stanley. |
See accompanying notes to financial statements.
31
Table of Contents
TCW International Small Cap Fund
Investments by Industry (Unaudited) | April 30, 2013 |
Industry | Percentage of Net Assets | |||
Auto Components | 1.1 | % | ||
Capital Markets | 8.1 | |||
Commercial Banks | 2.0 | |||
Commercial Services & Supplies | 2.3 | |||
Containers & Packaging | 1.4 | |||
Diversified Consumer Services | 3.1 | |||
Diversified Financial Services | 6.8 | |||
Electrical Equipment | 0.0 | (1) | ||
Energy Equipment & Services | 1.1 | |||
Hotels, Restaurants & Leisure | 1.5 | |||
Household Durables | 1.4 | |||
Industrial Conglomerates | 1.5 | |||
Internet & Catalog Retail | 2.1 | |||
Internet Software & Services | 7.6 | |||
IT Services | 4.8 | |||
Machinery | 3.6 | |||
Media | 2.6 | |||
Metals & Mining | 19.4 | |||
Multiline Retail | 4.2 | |||
Oil, Gas & Consumable Fuels | 8.2 | |||
Professional Services | 1.5 | |||
REIT | 4.0 | |||
Real Estate Management & Development | 3.2 | |||
Software | 1.8 | |||
Specialty Retail | 3.9 | |||
Textiles, Apparel & Luxury Goods | 1.6 | |||
Trading Companies & Distributors | 1.6 | |||
Purchased Options | 2.8 | |||
|
| |||
Total | 103.2 | % | ||
|
|
(1) | Value Rounds to less than 0.01% of net assets |
See accompanying notes to financial statements.
32
Table of Contents
TCW Relative Value Large Cap Fund
Schedule of Investments (Unaudited) | April 30, 2013 |
Number of Shares | Common Stock | Value | ||||||
Aerospace & Defense (5.4% of Net Assets) | ||||||||
371,409 | Honeywell International, Inc. | $ | 27,313,418 | |||||
1,108,575 | Textron, Inc. | 28,545,806 | ||||||
|
| |||||||
Total Aerospace & Defense | 55,859,224 | |||||||
|
| |||||||
Auto Components (1.9%) | ||||||||
1,136,615 | Dana Holding Corp. | 19,606,609 | ||||||
|
| |||||||
Beverages (1.9%) | ||||||||
242,700 | PepsiCo, Inc. | 20,015,469 | ||||||
|
| |||||||
Capital Markets (5.7%) | ||||||||
341,250 | Ameriprise Financial, Inc. | 25,433,362 | ||||||
562,800 | State Street Corp. | 32,906,916 | ||||||
|
| |||||||
Total Capital Markets | 58,340,278 | |||||||
|
| |||||||
Commercial Services & Supplies (2.7%) | ||||||||
286,112 | ADT Corp. (The) | 12,485,928 | ||||||
478,975 | Tyco International, Ltd. | 15,384,677 | ||||||
|
| |||||||
Total Commercial Services & Supplies | 27,870,605 | |||||||
|
| |||||||
Communications Equipment (2.2%) | ||||||||
1,077,015 | Cisco Systems, Inc. | 22,531,154 | ||||||
|
| |||||||
Computers & Peripherals (1.7%) | ||||||||
312,600 | Western Digital Corp. | 17,280,528 | ||||||
|
| |||||||
Consumer Finance (4.0%) | ||||||||
415,750 | American Express Co. | 28,441,457 | ||||||
645,675 | SLM Corp. | 13,333,189 | ||||||
|
| |||||||
Total Consumer Finance | 41,774,646 | |||||||
|
| |||||||
Containers & Packaging (1.9%) | ||||||||
231,200 | MeadWestvaco Corp. | 7,971,776 | ||||||
516,000 | Sealed Air Corp. | 11,413,920 | ||||||
|
| |||||||
Total Containers & Packaging | 19,385,696 | |||||||
|
| |||||||
Diversified Financial Services (6.4%) | ||||||||
686,500 | Citigroup, Inc. | 32,032,090 | ||||||
683,468 | JPMorgan Chase & Co. | 33,496,767 | ||||||
|
| |||||||
Total Diversified Financial Services | 65,528,857 | |||||||
|
| |||||||
Diversified Telecommunication Services (1.9%) | ||||||||
535,200 | AT&T, Inc. | 20,048,592 | ||||||
|
| |||||||
Electric Utilities (2.3%) | ||||||||
451,750 | American Electric Power Co., Inc. | 23,233,502 | ||||||
|
|
See accompanying notes to financial statements.
33
Table of Contents
TCW Relative Value Large Cap Fund
Schedule of Investments (Unaudited) (Continued) |
Number of Shares | Common Stock | Value | ||||||
Electronic Equipment, Instruments & Components (2.9%) | ||||||||
566,100 | Corning, Inc. | $ | 8,208,450 | |||||
496,825 | TE Connectivity, Ltd. | 21,636,729 | ||||||
|
| |||||||
Total Electronic Equipment, Instruments & Components | 29,845,179 | |||||||
|
| |||||||
Energy Equipment & Services (5.3%) | ||||||||
498,650 | Baker Hughes, Inc. | 22,633,723 | ||||||
400,700 | Ensco PLC (United Kingdom) | 23,112,376 | ||||||
629,730 | Nabors Industries, Ltd. (1) | 9,313,707 | ||||||
|
| |||||||
Total Energy Equipment & Services | 55,059,806 | |||||||
|
| |||||||
Food Products (1.8%) | ||||||||
602,450 | Mondelez International, Inc. | 18,947,053 | ||||||
|
| |||||||
Health Care Equipment & Supplies (3.4%) | ||||||||
896,580 | Hologic, Inc. (1) | 18,263,335 | ||||||
362,200 | Medtronic, Inc. | 16,907,496 | ||||||
|
| |||||||
Total Health Care Equipment & Supplies | 35,170,831 | |||||||
|
| |||||||
Health Care Providers & Services (1.1%) | ||||||||
177,290 | Cigna Corp. | 11,731,279 | ||||||
|
| |||||||
Household Durables (1.9%) | ||||||||
479,763 | Lennar Corp. | 19,775,831 | ||||||
|
| |||||||
Household Products (1.7%) | ||||||||
183,000 | Energizer Holdings, Inc. | 17,675,970 | ||||||
|
| |||||||
Independent Power Producers & Energy Traders (1.6%) | ||||||||
1,164,400 | AES Corporation (The) | 16,138,584 | ||||||
|
| |||||||
Industrial Conglomerates (2.9%) | ||||||||
1,340,250 | General Electric Co. | 29,874,172 | ||||||
|
| |||||||
Insurance (3.9%) | ||||||||
349,460 | Hartford Financial Services Group, Inc. | 9,816,331 | ||||||
352,470 | Travelers Cos., Inc. (The) | 30,104,463 | ||||||
|
| |||||||
Total Insurance | 39,920,794 | |||||||
|
| |||||||
Life Sciences Tools & Services (1.2%) | ||||||||
154,500 | Thermo Fisher Scientific, Inc. | 12,465,060 | ||||||
|
| |||||||
Machinery (2.9%) | ||||||||
182,502 | Pentair, Ltd. | 9,918,984 | ||||||
697,930 | Terex Corp. (1) | 19,960,798 | ||||||
|
| |||||||
Total Machinery | 29,879,782 | |||||||
|
|
See accompanying notes to financial statements.
34
Table of Contents
TCW Relative Value Large Cap Fund
April 30, 2013 |
Number of Shares | Common Stock | Value | ||||||
Media (4.7%) | ||||||||
781,400 | Comcast Corp. | $ | 32,271,820 | |||||
265,116 | Time Warner, Inc. | 15,848,634 | ||||||
|
| |||||||
Total Media | 48,120,454 | |||||||
|
| |||||||
Oil, Gas & Consumable Fuels (5.8%) | ||||||||
264,700 | Chevron Corp. | 32,296,047 | ||||||
181,850 | Devon Energy Corp. | 10,012,661 | ||||||
431,100 | Valero Energy Corp. | 17,381,952 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | 59,690,660 | |||||||
|
| |||||||
Pharmaceuticals (7.1%) | ||||||||
220,950 | Johnson & Johnson | 18,831,569 | ||||||
600,490 | Mylan, Inc. (1) | 17,480,264 | ||||||
1,287,550 | Pfizer, Inc. | 37,429,078 | ||||||
|
| |||||||
Total Pharmaceuticals | 73,740,911 | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment (3.9%) | ||||||||
757,900 | Applied Materials, Inc. | 10,997,129 | ||||||
786,200 | Intel Corp. | 18,829,490 | ||||||
231,200 | Lam Research Corp. (1) | 10,686,064 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 40,512,683 | |||||||
|
| |||||||
Specialty Retail (5.2%) | ||||||||
603,720 | Gap, Inc. (The) | 22,935,323 | ||||||
422,300 | Home Depot, Inc. (The) | 30,975,705 | ||||||
|
| |||||||
Total Specialty Retail | 53,911,028 | |||||||
|
| |||||||
Total Common Stock (Cost: $776,130,539) (95.3%) | 983,935,237 | |||||||
|
| |||||||
Principal Amount | Short-Term Investments | |||||||
Repurchase Agreement (Cost: $43,110,314) (4.2%) | ||||||||
$ | 43,110,314 | State Street Bank & Trust Company, 0.01%, due 05/01/13 (collateralized by $43,475,000, Federal National Mortgage Association, 2.14%, due 11/07/22, valued at $43,973,224) (Total Amount to be Received Upon Repurchase $43,110,326) | 43,110,314 | |||||
|
| |||||||
Total Investments (Cost: $819,240,853) (99.5%) | 1,027,045,551 | |||||||
Excess of Other Assets over Liabilities (0.5%) | 5,550,991 | |||||||
|
| |||||||
Net Assets (100.0%) | $ | 1,032,596,542 | ||||||
|
|
Notes to the Schedule of Investments:
(1) | Non-income producing security. |
See accompanying notes to financial statements.
35
Table of Contents
TCW Relative Value Large Cap Fund
Investments by Industry (Unaudited) | April 30, 2013 |
Industry | Percentage of Net Assets | |||
Aerospace & Defense | 5.4 | % | ||
Auto Components | 1.9 | |||
Beverages | 1.9 | |||
Capital Markets | 5.7 | |||
Commercial Services & Supplies | 2.7 | |||
Communications Equipment | 2.2 | |||
Computers & Peripherals | 1.7 | |||
Consumer Finance | 4.0 | |||
Containers & Packaging | 1.9 | |||
Diversified Financial Services | 6.4 | |||
Diversified Telecommunication Services | 1.9 | |||
Electric Utilities | 2.3 | |||
Electronic Equipment, Instruments & Components | 2.9 | |||
Energy Equipment & Services | 5.3 | |||
Food Products | 1.8 | |||
Health Care Equipment & Supplies | 3.4 | |||
Health Care Providers & Services | 1.1 | |||
Household Durables | 1.9 | |||
Household Products | 1.7 | |||
Independent Power Producers & Energy Traders | 1.6 | |||
Industrial Conglomerates | 2.9 | |||
Insurance | 3.9 | |||
Life Sciences Tools & Services | 1.2 | |||
Machinery | 2.9 | |||
Media | 4.7 | |||
Oil, Gas & Consumable Fuels | 5.8 | |||
Pharmaceuticals | 7.1 | |||
Semiconductors & Semiconductor Equipment | 3.9 | |||
Specialty Retail | 5.2 | |||
Short-Term Investments | 4.2 | |||
|
| |||
Total | 99.5 | % | ||
|
|
See accompanying notes to financial statements.
36
Table of Contents
Schedule of Investments (Unaudited) | April 30, 2013 |
Number of Shares | Common Stock | Value | ||||||
Aerospace & Defense (3.2% of Net Assets) | ||||||||
225,110 | Precision Castparts Corp. | $ | 43,061,292 | |||||
|
| |||||||
Capital Markets (1.9%) | ||||||||
1,549,250 | Charles Schwab Corp. (The) | 26,275,280 | ||||||
|
| |||||||
Chemicals (2.9%) | ||||||||
344,200 | Praxair, Inc. | 39,342,060 | ||||||
|
| |||||||
Communications Equipment (5.0%) | ||||||||
1,090,183 | QUALCOMM, Inc. | 67,177,076 | ||||||
|
| |||||||
Computers & Peripherals (3.2%) | ||||||||
98,185 | Apple, Inc. (1) | 43,471,409 | ||||||
|
| |||||||
Energy Equipment & Services (7.9%) | ||||||||
311,100 | National Oilwell Varco, Inc. | 20,289,942 | ||||||
634,230 | Oceaneering International, Inc. | 44,503,919 | ||||||
567,766 | Schlumberger, Ltd. | 42,258,823 | ||||||
|
| |||||||
Total Energy Equipment & Services | 107,052,684 | |||||||
|
| |||||||
Food & Staples Retailing (2.4%) | ||||||||
298,974 | Costco Wholesale Corp. | 32,417,751 | ||||||
|
| |||||||
Food Products (2.8%) | ||||||||
468,100 | Mead Johnson Nutrition Co. | 37,958,229 | ||||||
|
| |||||||
Health Care Equipment & Supplies (2.0%) | ||||||||
56,154 | Intuitive Surgical, Inc. (1) | 27,644,053 | ||||||
|
| |||||||
Health Care Technology (3.4%) | ||||||||
473,466 | Cerner Corp. (1) | 45,817,305 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure (4.1%) | ||||||||
902,815 | Starbucks Corp. | 54,927,265 | ||||||
|
| |||||||
Insurance (4.1%) | ||||||||
620,500 | ACE, Ltd. | 55,311,370 | ||||||
|
| |||||||
Internet & Catalog Retail (6.4%) | ||||||||
192,250 | Amazon.com, Inc. (1) | 48,794,972 | ||||||
54,300 | Priceline.com, Inc. (1) | 37,792,257 | ||||||
|
| |||||||
Total Internet & Catalog Retail | 86,587,229 | |||||||
|
| |||||||
Internet Software & Services (10.9%) | ||||||||
211,750 | Equinix, Inc. (1) | 45,335,675 | ||||||
70,554 | Google, Inc. (1) | 58,176,712 | ||||||
229,500 | LinkedIn Corp. (1) | 44,084,655 | ||||||
|
| |||||||
Total Internet Software & Services | 147,597,042 | |||||||
|
|
See accompanying notes to financial statements.
37
Table of Contents
TCW Select Equities Fund
Schedule of Investments (Unaudited) (Continued)
Number of Shares | Common Stock | Value | ||||||
IT Services (5.8%) | ||||||||
425,476 | Cognizant Technology Solutions Corp. (1) | $ | 27,570,845 | |||||
304,906 | Visa, Inc. | 51,364,465 | ||||||
|
| |||||||
Total IT Services | 78,935,310 | |||||||
|
| |||||||
Life Sciences Tools & Services (1.9%) | ||||||||
344,079 | Life Technologies Corp. (1) | 25,355,182 | ||||||
|
| |||||||
Metals & Mining (1.9%) | ||||||||
1,045,164 | Silver Wheaton Corp. | 25,637,873 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels (1.1%) | ||||||||
166,600 | Occidental Petroleum Corp. | 14,870,716 | ||||||
|
| |||||||
Pharmaceuticals (3.9%) | ||||||||
468,025 | Allergan, Inc. | 53,144,239 | ||||||
|
| |||||||
Professional Services (3.0%) | ||||||||
673,450 | Verisk Analytics, Inc. (1) | 41,275,750 | ||||||
|
| |||||||
REIT (5.0%) | ||||||||
806,332 | American Tower Corp. | 67,723,825 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment (3.3%) | ||||||||
966,275 | ARM Holdings PLC (SP ADR) (United Kingdom) | 45,173,356 | ||||||
|
| |||||||
Software (5.6%) | ||||||||
1,219,438 | Salesforce.com, Inc. (1) | 50,131,096 | ||||||
371,610 | VMware, Inc. (1) | 26,198,505 | ||||||
|
| |||||||
Total Software | 76,329,601 | |||||||
|
| |||||||
Specialty Retail (1.5%) | ||||||||
274,386 | Tiffany & Co. | 20,216,760 | ||||||
|
| |||||||
Trading Companies & Distributors (3.2%) | ||||||||
881,282 | Fastenal Co. | 43,226,882 | ||||||
|
| |||||||
Total Common Stock (Cost: $919,514,707) (96.4%) | 1,306,529,539 | |||||||
|
|
See accompanying notes to financial statements.
38
Table of Contents
TCW Select Equities Fund
April 30, 2013
Principal Amount | Short-Term Investments | Value | ||||||
Repurchase Agreement (Cost: $72,075,886) (5.3%) | ||||||||
$ | 72,075,886 | State Street Bank & Trust Company, 0.01%, due 05/01/13 (collateralized by $72,685,000 Federal National Mortgage Association, 2.14%, due 11/07/22, valued at $73,517,970) (Total Amount to be Received Upon Repurchase $72,075,906) | $ | 72,075,886 | ||||
|
| |||||||
Total Investments (Cost: $991,590,593) (101.7%) | 1,378,605,425 | |||||||
Liabilities in Excess of Other Assets (–1.7%) | (22,602,309 | ) | ||||||
|
| |||||||
Net Assets (100.0%) | $ | 1,356,003,116 | ||||||
|
|
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.
39
Table of Contents
TCW Select Equities Fund
Investments by Industry (Unaudited) | April 30, 2013 |
Industry | Percentage of Net Assets | |||
Aerospace & Defense | 3.2 | % | ||
Capital Markets | 1.9 | |||
Chemicals | 2.9 | |||
Communications Equipment | 5.0 | |||
Computers & Peripherals | 3.2 | |||
Energy Equipment & Services | 7.9 | |||
Food & Staples Retailing | 2.4 | |||
Food Products | 2.8 | |||
Health Care Equipment & Supplies | 2.0 | |||
Health Care Technology | 3.4 | |||
Hotels, Restaurants & Leisure | 4.1 | |||
Insurance | 4.1 | |||
Internet & Catalog Retail | 6.4 | |||
Internet Software & Services | 10.9 | |||
IT Services | 5.8 | |||
Life Sciences Tools & Services | 1.9 | |||
Metals & Mining | 1.9 | |||
Oil, Gas & Consumable Fuels | 1.1 | |||
Pharmaceuticals | 3.9 | |||
Professional Services | 3.0 | |||
REIT | 5.0 | |||
Semiconductors & Semiconductor Equipment | 3.3 | |||
Software | 5.6 | |||
Specialty Retail | 1.5 | |||
Trading Companies & Distributors | 3.2 | |||
Short-Term Investments | 5.3 | |||
|
| |||
Total | 101.7 | % | ||
|
|
See accompanying notes to financial statements.
40
Table of Contents
Schedule of Investments (Unaudited) | April 30, 2013 |
Number of Shares | Common Stock | Value | ||||||
Aerospace & Defense (3.2% of Net Assets) | ||||||||
124,250 | HEICO Corp. | $ | 5,468,243 | |||||
194,685 | Hexcel Corp. (1) | 5,937,892 | ||||||
|
| |||||||
Total Aerospace & Defense | 11,406,135 | |||||||
|
| |||||||
Auto Components (1.1%) | ||||||||
98,700 | Dorman Products, Inc. | 3,724,938 | ||||||
|
| |||||||
Biotechnology (5.3%) | ||||||||
176,100 | Ariad Pharmaceuticals, Inc. (1) | 3,146,907 | ||||||
217,800 | Celldex Therapeutics, Inc. (1) | 2,842,290 | ||||||
93,106 | Cepheid, Inc. (1) | 3,550,132 | ||||||
85,100 | Hyperion Therapeutics, Inc. (1) | 1,825,395 | ||||||
275,842 | Ironwood Pharmaceuticals, Inc. (1) | 4,195,557 | ||||||
96,366 | Theravance, Inc. (1) | 3,252,352 | ||||||
|
| |||||||
Total Biotechnology | 18,812,633 | |||||||
|
| |||||||
Capital Markets (2.6%) | ||||||||
94,593 | Artisan Partners Asset Management, Inc. (1) | 3,528,319 | ||||||
63,710 | Greenhill & Co., Inc. | 2,942,765 | ||||||
227,599 | WisdomTree Investments, Inc. (1) | 2,640,148 | ||||||
|
| |||||||
Total Capital Markets | 9,111,232 | |||||||
|
| |||||||
Commercial Banks (3.1%) | ||||||||
189,386 | Independent Bank Group, Inc. (1) | 5,405,077 | ||||||
78,046 | SVB Financial Group (1) | 5,549,851 | ||||||
|
| |||||||
Total Commercial Banks | 10,954,928 | |||||||
|
| |||||||
Commercial Services & Supplies (1.3%) | ||||||||
461,138 | Performant Financial Corp. (1) | 4,486,873 | ||||||
|
| |||||||
Communications Equipment (2.7%) | ||||||||
426,087 | Aruba Networks, Inc. (1) | 9,582,697 | ||||||
|
| |||||||
Computers & Peripherals (0.5%) | ||||||||
90,084 | Fusion-io, Inc. (1) | 1,691,778 | ||||||
|
| |||||||
Diversified Financial Services (1.5%) | ||||||||
123,264 | MarketAxess Holdings, Inc. | 5,216,532 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components (6.7%) | ||||||||
157,599 | Cognex Corp. | 6,256,680 | ||||||
176,989 | FARO Technologies, Inc. (1) | 6,865,404 | ||||||
91,854 | IPG Photonics Corp. | 5,849,263 | ||||||
150,021 | Universal Display Corp. (1) | 4,716,660 | ||||||
|
| |||||||
Total Electronic Equipment, Instruments & Components | 23,688,007 | |||||||
|
|
See accompanying notes to financial statements.
41
Table of Contents
TCW Small Cap Growth Fund
Schedule of Investments (Unaudited) (Continued)
Number of Shares | Common Stock | Value | ||||||
Energy Equipment & Services (3.2%) | ||||||||
39,792 | Core Laboratories N.V. (Netherlands) | $ | 5,761,086 | |||||
200,999 | Forum Energy Technologies, Inc. (1) | 5,589,782 | ||||||
|
| |||||||
Total Energy Equipment & Services | 11,350,868 | |||||||
|
| |||||||
Food & Staples Retailing (7.5%) | ||||||||
233,100 | Fresh Market, Inc. (The) (1) | 9,540,783 | ||||||
83,437 | Pricesmart, Inc. | 7,445,083 | ||||||
186,388 | United Natural Foods, Inc. (1) | 9,308,217 | ||||||
|
| |||||||
Total Food & Staples Retailing | 26,294,083 | |||||||
|
| |||||||
Food Products (3.9%) | ||||||||
91,800 | Annie’s, Inc. (1) | 3,469,122 | ||||||
184,931 | Boulder Brands, Inc. (1) | 1,666,229 | ||||||
130,197 | Hain Celestial Group, Inc. (The) (1) | 8,495,354 | ||||||
|
| |||||||
Total Food Products | 13,630,705 | |||||||
|
| |||||||
Health Care Equipment & Supplies (3.5%) | ||||||||
325,131 | DexCom, Inc. (1) | 5,335,400 | ||||||
348,404 | Endologix, Inc. (1) | 5,233,028 | ||||||
19,361 | HeartWare International, Inc. (1) | 1,881,889 | ||||||
|
| |||||||
Total Health Care Equipment & Supplies | 12,450,317 | |||||||
|
| |||||||
Health Care Technology (4.2%) | ||||||||
76,200 | athenahealth, Inc. (1) | 7,335,012 | ||||||
299,458 | HMS Holdings Corp. (1) | 7,549,336 | ||||||
|
| |||||||
Total Health Care Technology | 14,884,348 | |||||||
|
| |||||||
Hotels, Restaurants & Leisure (5.4%) | ||||||||
663,919 | Arcos Dorados Holdings, Inc. | 9,042,577 | ||||||
289,755 | BJ’s Restaurants, Inc. (1) | 9,938,596 | ||||||
|
| |||||||
Total Hotels, Restaurants & Leisure | 18,981,173 | |||||||
|
| |||||||
Household Durables (2.6%) | ||||||||
201,875 | Harman International Industries, Inc. | 9,025,831 | ||||||
|
| |||||||
Internet Software & Services (2.1%) | ||||||||
180,140 | Cornerstone OnDemand, Inc. (1) | 6,535,479 | ||||||
21,019 | SPS Commerce, Inc. (1) | 990,626 | ||||||
|
| |||||||
Total Internet Software & Services | 7,526,105 | |||||||
|
| |||||||
Life Sciences Tools & Services (3.4%) | ||||||||
138,967 | Fluidigm Corp. (1) | 2,340,204 | ||||||
147,200 | Illumina, Inc. (1) | 9,522,368 | ||||||
|
| |||||||
Total Life Sciences Tools & Services | 11,862,572 | |||||||
|
|
See accompanying notes to financial statements.
42
Table of Contents
TCW Small Cap Growth Fund
April 30, 2013
Number of Shares | Common Stock | Value | ||||||
Machinery (4.7%) | ||||||||
74,069 | Chart Industries, Inc. (1) | $ | 6,281,792 | |||||
67,900 | IDEX Corp | 3,532,837 | ||||||
190,600 | Woodward, Inc. | 6,859,694 | ||||||
|
| |||||||
Total Machinery | 16,674,323 | |||||||
|
| |||||||
Metals & Mining (2.5%) | ||||||||
149,004 | Carpenter Technology Corp. | 6,699,220 | ||||||
79,817 | Materion Corp. | 2,114,352 | ||||||
|
| |||||||
Total Metals & Mining | 8,813,572 | |||||||
|
| |||||||
Oil, Gas & Consumable Fuels (1.6%) | ||||||||
73,700 | Gulfport Energy Corp. (1) | 3,846,403 | ||||||
105,864 | Sanchez Energy Corp. (1) | 1,917,197 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | 5,763,600 | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment (3.1%) | ||||||||
144,200 | Cavium, Inc. (1) | 4,535,090 | ||||||
130,507 | Exar Corp. (1) | 1,406,865 | ||||||
96,400 | Mellanox Technologies, Ltd. (1) | 4,914,472 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 10,856,427 | |||||||
|
| |||||||
Software (9.6%) | ||||||||
253,300 | Fortinet, Inc. (1) | 4,549,268 | ||||||
69,662 | Guidewire Software, Inc. (1) | 2,792,053 | ||||||
88,586 | MicroStrategy, Inc. (1) | 7,989,571 | ||||||
317,047 | Qualys, Inc. (1) | 3,487,517 | ||||||
238,700 | Splunk, Inc. (1) | 9,738,960 | ||||||
55,618 | Ultimate Software Group, Inc. (The) (1) | 5,372,143 | ||||||
|
| |||||||
Total Software | 33,929,512 | |||||||
|
| |||||||
Specialty Retail (6.2%) | ||||||||
196,127 | Five Below, Inc. (1) | 7,058,611 | ||||||
315,995 | Stage Stores, Inc. | 8,749,901 | ||||||
121,400 | Vitamin Shoppe, Inc. (1) | 5,966,810 | ||||||
|
| |||||||
Total Specialty Retail | 21,775,322 | |||||||
|
| |||||||
Textiles, Apparel & Luxury Goods (1.1%) | ||||||||
83,115 | Steven Madden, Ltd. (1) | 4,041,882 | ||||||
|
| |||||||
Trading Companies & Distributors (3.8%) | ||||||||
26,000 | DXP Enterprises, Inc. (1) | 1,738,880 | ||||||
97,100 | H&E Equipment Services, Inc. | 1,976,956 | ||||||
168,638 | MRC Global, Inc. (1) | 5,050,708 | ||||||
62,462 | WESCO International, Inc. (1) | 4,477,901 | ||||||
|
| |||||||
Total Trading Companies & Distributors | 13,244,445 | |||||||
|
| |||||||
Total Common Stock (Cost: $266,719,764) (96.4%) | 339,780,838 | |||||||
|
|
See accompanying notes to financial statements.
43
Table of Contents
TCW Small Cap Growth Fund
Schedule of Investments (Unaudited) (Continued)
Principal Amount | Short-Term Investments | Value | ||||||
Repurchase Agreement (Cost: $3,061,436) (0.9%) | ||||||||
$ | 3,061,436 | State Street Bank & Trust Company, 0.01%, due 05/01/13 (collateralized by $3,090,000, Federal National Mortgage Association, 2.14%, due 11/07/22, valued at $3,125,411) (Total Amount to be Received Upon Repurchase $3,061,437) | $ | 3,061,436 | ||||
|
| |||||||
Total Investments (Cost: $269,781,200) (97.3%) | 342,842,274 | |||||||
Excess of Other Assets over Liabilities (2.7%) | 9,564,094 | |||||||
|
| |||||||
Net Assets (100.0%) | $ | 352,406,368 | ||||||
|
|
Notes to the Schedule of Investments:
(1) | Non-income producing security. |
See accompanying notes to financial statements.
44
Table of Contents
TCW Small Cap Growth Fund
Investments by Industry (Unaudited) | April 30, 2013 |
Industry | Percentage of Net Assets | |||
Aerospace & Defense | 3.2 | % | ||
Auto Components | 1.1 | |||
Biotechnology | 5.3 | |||
Capital Markets | 2.6 | |||
Commercial Banks | 3.1 | |||
Commercial Services & Supplies | 1.3 | |||
Communications Equipment | 2.7 | |||
Computers & Peripherals | 0.5 | |||
Diversified Financial Services | 1.5 | |||
Electronic Equipment, Instruments & Components | 6.7 | |||
Energy Equipment & Services | 3.2 | |||
Food & Staples Retailing | 7.5 | |||
Food Products | 3.9 | |||
Health Care Equipment & Supplies | 3.5 | |||
Health Care Technology | 4.2 | |||
Hotels, Restaurants & Leisure | 5.4 | |||
Household Durables | 2.6 | |||
Internet Software & Services | 2.1 | |||
Life Sciences Tools & Services | 3.4 | |||
Machinery | 4.7 | |||
Metals & Mining | 2.5 | |||
Oil, Gas & Consumable Fuels | 1.6 | |||
Semiconductors & Semiconductor Equipment | 3.1 | |||
Software | 9.6 | |||
Specialty Retail | 6.2 | |||
Textiles, Apparel & Luxury Goods | 1.1 | |||
Trading Companies & Distributors | 3.8 | |||
Short-Term Investments | 0.9 | |||
|
| |||
Total | 97.3 | % | ||
|
|
See accompanying notes to financial statements.
45
Table of Contents
Schedule of Investments (Unaudited)
Number of Shares | Common Stock | Value | ||||||
Aerospace & Defense (5.4% of Net Assets) | ||||||||
20,200 | BE Aerospace, Inc. (1) | $ | 1,267,348 | |||||
21,645 | Hexcel Corp. (1) | 660,172 | ||||||
3,530 | TransDigm Group, Inc. (1) | 518,204 | ||||||
|
| |||||||
Total Aerospace & Defense | 2,445,724 | |||||||
|
| |||||||
Automobiles (1.7%) | ||||||||
14,300 | Tesla Motors, Inc. (1) | 772,057 | ||||||
|
| |||||||
Biotechnology (5.3%) | ||||||||
19,650 | Ariad Pharmaceuticals, Inc. (1) | 351,145 | ||||||
8,050 | BioMarin Pharmaceutical, Inc. (1) | 528,080 | ||||||
11,715 | Cepheid, Inc. (1) | 446,693 | ||||||
34,116 | Ironwood Pharmaceuticals, Inc. (1) | 518,904 | ||||||
9,050 | Theravance, Inc. (1) | 305,438 | ||||||
2,750 | Vertex Pharmaceuticals, Inc. (1) | 211,255 | ||||||
|
| |||||||
Total Biotechnology | 2,361,515 | |||||||
|
| |||||||
Capital Markets (4.2%) | ||||||||
1,900 | Artisan Partners Asset Management, Inc. (1) | 70,870 | ||||||
22,062 | Stifel Financial Corp. (1) | 710,838 | ||||||
14,960 | T. Rowe Price Group, Inc. | 1,084,600 | ||||||
|
| |||||||
Total Capital Markets | 1,866,308 | |||||||
|
| |||||||
Commercial Banks (2.0%) | ||||||||
12,670 | SVB Financial Group (1) | 900,964 | ||||||
|
| |||||||
Communications Equipment (3.7%) | ||||||||
45,940 | Aruba Networks, Inc. (1) | 1,033,190 | ||||||
11,837 | Palo Alto Networks, Inc. (1) | 640,382 | ||||||
|
| |||||||
Total Communications Equipment | 1,673,572 | |||||||
|
| |||||||
Electronic Equipment, Instruments & Components (4.0%) | ||||||||
19,120 | Cognex Corp. | 759,064 | ||||||
9,690 | IPG Photonics Corp. (1) | 617,059 | ||||||
13,092 | Universal Display Corp. (1) | 411,613 | ||||||
|
| |||||||
Total Electronic Equipment, Instruments & Components | 1,787,736 | |||||||
|
| |||||||
Energy Equipment & Services (4.0%) | ||||||||
4,803 | Core Laboratories N.V. (Netherlands) | 695,378 | ||||||
11,400 | Forum Energy Technologies, Inc. (1) | 317,034 | ||||||
11,195 | Oceaneering International, Inc. | 785,553 | ||||||
|
| |||||||
Total Energy Equipment & Services | 1,797,965 | |||||||
|
|
See accompanying notes to financial statements.
46
Table of Contents
TCW SMID Cap Growth Fund
April 30, 2013
Number of Shares | Common Stock | Value | ||||||
Food & Staples Retailing (5.7%) | ||||||||
16,700 | Fresh Market, Inc. (The) (1) | $ | 683,531 | |||||
10,335 | Pricesmart, Inc. | 922,192 | ||||||
18,705 | United Natural Foods, Inc. (1) | 934,128 | ||||||
|
| |||||||
Total Food & Staples Retailing | 2,539,851 | |||||||
|
| |||||||
Food Products (2.2%) | ||||||||
15,250 | Hain Celestial Group, Inc. (The) (1) | 995,062 | ||||||
|
| |||||||
Health Care Equipment & Supplies (1.5%) | ||||||||
43,991 | Endologix, Inc. (1) | 660,745 | ||||||
|
| |||||||
Health Care Providers & Services (1.6%) | ||||||||
28,232 | HMS Holdings Corp. (1) | 711,729 | ||||||
|
| |||||||
Health Care Technology (2.0%) | ||||||||
9,100 | athenahealth, Inc. (1) | 875,966 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure (6.0%) | ||||||||
78,447 | Arcos Dorados Holdings, Inc. | 1,068,448 | ||||||
21,560 | BJ’s Restaurants, Inc. (1) | 739,508 | ||||||
13,750 | Starwood Hotels & Resorts Worldwide, Inc. | 887,150 | ||||||
|
| |||||||
Total Hotels, Restaurants & Leisure | 2,695,106 | |||||||
|
| |||||||
Household Durables (2.5%) | ||||||||
24,801 | Harman International Industries, Inc. (1) | 1,108,853 | ||||||
|
| |||||||
Internet Software & Services (2.7%) | ||||||||
3,390 | LinkedIn Corp. (1) | 651,185 | ||||||
11,420 | Rackspace Hosting, Inc. (1) | 550,444 | ||||||
|
| |||||||
Total Internet Software & Services | 1,201,629 | |||||||
|
| |||||||
Life Sciences Tools & Services (2.4%) | ||||||||
16,850 | Illumina, Inc. (1) | 1,090,026 | ||||||
|
| |||||||
Machinery (5.0%) | ||||||||
12,795 | AGCO Corp. (1) | 681,334 | ||||||
8,692 | Chart Industries, Inc. (1) | 737,169 | ||||||
2,525 | Wabtec Corp. | 264,973 | ||||||
15,850 | Woodward, Inc. | 570,441 | ||||||
|
| |||||||
Total Machinery | 2,253,917 | |||||||
|
| |||||||
Media (1.0%) | ||||||||
7,450 | AMC Networks, Inc. (1) | 469,425 | ||||||
|
| |||||||
Metals & Mining (1.9%) | ||||||||
31,975 | Allegheny Technologies, Inc. | 862,686 | ||||||
|
|
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 | ||||||
Oil, Gas & Consumable Fuels (2.1%) | ||||||||
7,100 | Gulfport Energy Corp. (1) | $ | 370,549 | |||||
12,650 | Whiting Petroleum Corp. (1) | 562,925 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | 933,474 | |||||||
|
| |||||||
Road & Rail (3.3%) | ||||||||
7,880 | Genesee & Wyoming, Inc. (1) | 671,376 | ||||||
7,405 | Kansas City Southern (1) | 807,663 | ||||||
|
| |||||||
Total Road & Rail | 1,479,039 | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment (5.0%) | ||||||||
19,563 | ARM Holdings PLC (SP ADR) (United Kingdom) | 914,570 | ||||||
12,150 | Mellanox Technologies, Ltd. (1) | 619,407 | ||||||
52,200 | NVIDIA Corp. | 718,794 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 2,252,771 | |||||||
|
| |||||||
Software (11.0%) | ||||||||
15,640 | ANSYS, Inc. (1) | 1,264,650 | ||||||
12,166 | MicroStrategy, Inc. (1) | 1,097,252 | ||||||
27,965 | Splunk, Inc. (1) | 1,140,972 | ||||||
4,091 | Ultimate Software Group, Inc. (The) (1) | 395,150 | ||||||
16,520 | Workday, Inc. (1) | 1,034,978 | ||||||
|
| |||||||
Total Software | 4,933,002 | |||||||
|
| |||||||
Specialty Retail (4.9%) | ||||||||
16,130 | CarMax, Inc. (1) | 742,625 | ||||||
7,050 | DSW, Inc. | 466,146 | ||||||
11,250 | Ulta Salon, Cosmetics & Fragrance, Inc. (1) | 986,063 | ||||||
|
| |||||||
Total Specialty Retail | 2,194,834 | |||||||
|
| |||||||
Textiles, Apparel & Luxury Goods (4.3%) | ||||||||
17,974 | Gildan Activewear, Inc. (1) | 723,094 | ||||||
21,530 | Under Armour, Inc. (1) | 1,228,932 | ||||||
|
| |||||||
Total Textiles, Apparel & Luxury Goods | 1,952,026 | |||||||
|
| |||||||
Trading Companies & Distributors (1.5%) | ||||||||
8,450 | MSC Industrial Direct Co., Inc. | 665,860 | ||||||
|
| |||||||
Total Common Stock (Cost: $35,706,289) (96.9%) | 43,481,842 | |||||||
|
|
See accompanying notes to financial statements.
48
Table of Contents
TCW SMID Cap Growth Fund
April 30, 2013
Principal Amount | Short-Term Investments | Value | ||||||
Repurchase Agreement (Cost: $521,748) (1.2%) | ||||||||
$ | 521,748 | State Street Bank & Trust Company, 0.01%, due 05/01/13 (collateralized by $530,000, Federal National Mortgage Association, 2.14%, due 11/07/22 valued at $536,074) (Total Amount to be Received Upon Repurchase $521,748) | $ | 521,748 | ||||
|
| |||||||
Total Investments (Cost: $36,228,037) (98.1%) | 44,003,590 | |||||||
Excess of Other Assets over Liabilities (1.9%) | 850,674 | |||||||
|
| |||||||
Net Assets (100.0%) | $ | 44,854,264 | ||||||
|
|
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.
49
Table of Contents
TCW SMID Cap Growth Fund
Investments by Industry (Unaudited) | April 30, 2013 |
Industry | Percentage of Net Assets | |||
Aerospace & Defense | 5.4 | % | ||
Automobiles | 1.7 | |||
Biotechnology | 5.3 | |||
Capital Markets | 4.2 | |||
Commercial Banks | 2.0 | |||
Communications Equipment | 3.7 | |||
Electronic Equipment, Instruments��& Components | 4.0 | |||
Energy Equipment & Services | 4.0 | |||
Food & Staples Retailing | 5.7 | |||
Food Products | 2.2 | |||
Health Care Equipment & Supplies | 1.5 | |||
Health Care Providers & Services | 1.6 | |||
Health Care Technology | 2.0 | |||
Hotels, Restaurants & Leisure | 6.0 | |||
Household Durables | 2.5 | |||
Internet Software & Services | 2.7 | |||
Life Sciences Tools & Services | 2.4 | |||
Machinery | 5.0 | |||
Media | 1.0 | |||
Metals & Mining | 1.9 | |||
Oil, Gas & Consumable Fuels | 2.1 | |||
Road & Rail | 3.3 | |||
Semiconductors & Semiconductor Equipment | 5.0 | |||
Software | 11.0 | |||
Specialty Retail | 4.9 | |||
Textiles, Apparel & Luxury Goods | 4.3 | |||
Trading Companies & Distributors | 1.5 | |||
Short-Term Investments | 1.2 | |||
|
| |||
Total | 98.1 | % | ||
|
|
See accompanying notes to financial statements.
50
Table of Contents
Schedule of Investments (Unaudited) | April 30, 2013 |
Number of Shares | Common Stock | Value | ||||||
Aerospace & Defense (1.9% of Net Assets) | ||||||||
107,545 | Textron, Inc. | $ | 2,769,284 | |||||
|
| |||||||
Airlines (0.7%) | ||||||||
56,500 | US Airways Group, Inc. (1) | 954,850 | ||||||
|
| |||||||
Auto Components (3.0%) | ||||||||
185,815 | Dana Holding Corp. (1) | 3,205,309 | ||||||
31,650 | Tenneco, Inc. (1) | 1,223,905 | ||||||
|
| |||||||
Total Auto Components | 4,429,214 | |||||||
|
| |||||||
Capital Markets (2.1%) | ||||||||
98,088 | Invesco, Ltd. | 3,113,313 | ||||||
|
| |||||||
Chemicals (3.8%) | ||||||||
28,538 | Celanese Corp. — Series A | 1,410,063 | ||||||
33,664 | Cytec Industries, Inc. | 2,452,759 | ||||||
21,358 | International Flavors & Fragrances, Inc. | 1,648,624 | ||||||
|
| |||||||
Total Chemicals | 5,511,446 | |||||||
|
| |||||||
Commercial Banks (5.0%) | ||||||||
42,566 | Comerica, Inc. | 1,543,017 | ||||||
296,793 | KeyCorp | 2,959,026 | ||||||
27,265 | Popular, Inc. (1) | 776,780 | ||||||
459,033 | Synovus Financial Corp. | 1,234,799 | ||||||
53,742 | TCF Financial Corp. | 781,946 | ||||||
|
| |||||||
Total Commercial Banks | 7,295,568 | |||||||
|
| |||||||
Communications Equipment (1.5%) | ||||||||
376,000 | Brocade Communications Systems, Inc. (1) | 2,188,320 | ||||||
|
| |||||||
Computers & Peripherals (5.2%) | ||||||||
87,100 | Seagate Technology PLC (Netherlands) (1) | 3,196,570 | ||||||
78,426 | Western Digital Corp. (1) | 4,335,389 | ||||||
|
| |||||||
Total Computers & Peripherals | 7,531,959 | |||||||
|
| |||||||
Construction & Engineering (1.5%) | ||||||||
43,803 | Jacobs Engineering Group, Inc. (1) | 2,211,175 | ||||||
|
| |||||||
Construction Materials (0.9%) | ||||||||
26,720 | Vulcan Materials Co. | 1,332,794 | ||||||
|
| |||||||
Consumer Finance (1.1%) | ||||||||
80,280 | SLM Corp. | 1,657,782 | ||||||
|
| |||||||
Containers & Packaging (1.7%) | ||||||||
15,350 | Packaging Corp. of America | 730,046 | ||||||
77,575 | Sealed Air Corp. | 1,715,959 | ||||||
|
| |||||||
Total Containers & Packaging | 2,446,005 | |||||||
|
|
See accompanying notes to financial statements.
51
Table of Contents
TCW Value Opportunities Fund
Schedule of Investments (Unaudited) (Continued)
Number of Shares | Common Stock | Value | ||||||
Diversified Financial Services (1.0%) | ||||||||
131,500 | KKR Financial Holdings LLC | $ | 1,405,735 | |||||
|
| |||||||
Diversified Telecommunication Services (0.9%) | ||||||||
145,174 | Windstream Corp. | 1,236,882 | ||||||
|
| |||||||
Electric Utilities (1.1%) | ||||||||
55,694 | Hawaiian Electric Industries, Inc. | 1,576,140 | ||||||
|
| |||||||
Energy Equipment & Services (3.9%) | ||||||||
12,300 | Atwood Oceanics, Inc. (1) | 603,315 | ||||||
28,074 | Ensco PLC (United Kingdom) | 1,619,308 | ||||||
108,262 | Nabors Industries, Ltd. (1) | 1,601,195 | ||||||
169,950 | Newpark Resources, Inc. (1) | 1,784,475 | ||||||
|
| |||||||
Total Energy Equipment & Services | 5,608,293 | |||||||
|
| |||||||
Food Products (2.1%) | ||||||||
66,000 | Campbell Soup Co. | 3,063,060 | ||||||
|
| |||||||
Health Care Equipment & Supplies (1.9%) | ||||||||
36,600 | Alere, Inc. (1) | 939,888 | ||||||
86,542 | Hologic, Inc. (1) | 1,762,861 | ||||||
|
| |||||||
Total Health Care Equipment & Supplies | 2,702,749 | |||||||
|
| |||||||
Health Care Providers & Services (2.4%) | ||||||||
51,896 | Cigna Corp. | 3,433,958 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure (3.1%) | ||||||||
67,032 | International Speedway Corp. | 2,203,342 | ||||||
52,324 | Marriott International, Inc. | 2,253,071 | ||||||
|
| |||||||
Total Hotels, Restaurants & Leisure | 4,456,413 | |||||||
|
| |||||||
Household Durables (8.2%) | ||||||||
45,875 | Beazer Homes USA, Inc. (1) | 741,340 | ||||||
33,525 | Harman International Industries, Inc. | 1,498,903 | ||||||
41,400 | Jarden Corp. (1) | 1,863,414 | ||||||
100,905 | KB Home | 2,274,399 | ||||||
53,420 | Lennar Corp. | 2,201,972 | ||||||
97,220 | Toll Brothers, Inc. (1) | 3,335,618 | ||||||
|
| |||||||
Total Household Durables | 11,915,646 | |||||||
|
| |||||||
Household Products (1.8%) | ||||||||
27,195 | Energizer Holdings, Inc. (1) | 2,626,765 | ||||||
|
| |||||||
Independent Power Producers & Energy Traders (1.3%) | ||||||||
140,400 | AES Corporation (The) (1) | 1,945,944 | ||||||
|
|
See accompanying notes to financial statements.
52
Table of Contents
TCW Value Opportunities Fund
April 30, 2013
Number of Shares | Common Stock | Value | ||||||
Insurance (4.8%) | ||||||||
46,386 | Arch Capital Group, Ltd. (1) | $ | 2,461,241 | |||||
142,260 | Genworth Financial, Inc. (1) | 1,426,868 | ||||||
19,268 | PartnerRe, Ltd. | 1,817,743 | ||||||
20,600 | Reinsurance Group of America, Inc. | 1,288,530 | ||||||
|
| |||||||
Total Insurance | 6,994,382 | |||||||
|
| |||||||
Internet & Catalog Retail (0.8%) | ||||||||
21,626 | Expedia, Inc. | 1,207,596 | ||||||
|
| |||||||
IT Services (1.6%) | ||||||||
9,205 | Alliance Data Systems Corp. (1) | 1,581,143 | ||||||
15,100 | Computer Sciences Corp. | 707,435 | ||||||
|
| |||||||
Total IT Services | 2,288,578 | |||||||
|
| |||||||
Machinery (7.0%) | ||||||||
35,619 | Dover Corp. | 2,456,998 | ||||||
9,034 | Joy Global, Inc. | 510,602 | ||||||
67,300 | Kennametal, Inc. | 2,691,327 | ||||||
30,945 | SPX Corp. | 2,305,712 | ||||||
77,798 | Terex Corp. (1) | 2,225,023 | ||||||
|
| |||||||
Total Machinery | 10,189,662 | |||||||
|
| |||||||
Marine (0.4%) | ||||||||
8,550 | Kirby Corp. (1) | 640,310 | ||||||
|
| |||||||
Metals & Mining (3.6%) | ||||||||
28,150 | Allegheny Technologies, Inc. | 759,487 | ||||||
150,807 | Commercial Metals Co. | 2,204,799 | ||||||
69,040 | Worthington Industries, Inc. | 2,221,707 | ||||||
|
| |||||||
Total Metals & Mining | 5,185,993 | |||||||
|
| |||||||
Multi-Utilities (0.6%) | ||||||||
31,500 | Avista Corp. | 883,575 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels (3.5%) | ||||||||
105,894 | Denbury Resources, Inc. (1) | 1,894,443 | ||||||
31,598 | Murphy Oil Corp. | 1,961,920 | ||||||
23,000 | Tesoro Corp. (1) | 1,228,200 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | 5,084,563 | |||||||
|
| |||||||
Pharmaceuticals (2.0%) | ||||||||
22,600 | Hospira, Inc. (1) | 748,512 | ||||||
74,370 | Mylan, Inc. (1) | 2,164,911 | ||||||
|
| |||||||
Total Pharmaceuticals | 2,913,423 | |||||||
|
| |||||||
Real Estate Management & Development (1.4%) | ||||||||
20,150 | Jones Lang LaSalle, Inc. | 1,995,253 | ||||||
|
|
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 | ||||||
REIT (3.2%) | ||||||||
15,259 | Health Care REIT, Inc. | $ | 1,143,967 | |||||
18,312 | Home Properties, Inc. | 1,180,392 | ||||||
96,145 | Kimco Realty Corp. | 2,286,328 | ||||||
|
| |||||||
Total REIT | 4,610,687 | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment (5.6%) | ||||||||
56,882 | Broadcom Corp. (1) | 2,047,752 | ||||||
36,600 | Freescale Semiconductor, Ltd. (1) | 566,568 | ||||||
31,800 | Lam Research Corp. (1) | 1,469,796 | ||||||
80,746 | Maxim Integrated Products, Inc. | 2,497,474 | ||||||
97,300 | Teradyne, Inc. (1) | 1,599,612 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 8,181,202 | |||||||
|
| |||||||
Software (0.6%) | ||||||||
60,500 | Activision Blizzard, Inc. | 904,475 | ||||||
|
| |||||||
Specialty Retail (8.0%) | ||||||||
61,800 | Aeropostale, Inc. (1) | 905,988 | ||||||
122,405 | American Eagle Outfitters, Inc. | 2,380,777 | ||||||
30,995 | ANN, Inc. (1) | 915,593 | ||||||
30,935 | Asbury Automotive Group, Inc. (1) | 1,240,184 | ||||||
16,010 | Children’s Place Retail Stores, Inc. (The) (1) | 783,209 | ||||||
86,650 | GameStop Corp. (1) | 3,024,085 | ||||||
63,000 | Gap, Inc. (The) | 2,393,370 | ||||||
|
| |||||||
Total Specialty Retail | 11,643,206 | |||||||
|
| |||||||
Total Common Stock (Cost: $107,773,075) (99.2%) | 144,136,200 | |||||||
|
| |||||||
Principal Amount | Short-Term Investments | |||||||
Repurchase Agreement (Cost: $1,546,161) (1.0%) | ||||||||
$ | 1,546,161 | State Street Bank & Trust Company, 0.01%, due 05/01/13 (collateralized by $1,560,000, Federal National Mortgage Association, 2.14%, due 11/07/22, valued at $1,577,878) (Total Amount to be Received Upon Repurchase $1,546,161) | 1,546,161 | |||||
|
| |||||||
Total Investments (Cost: $109,319,236) (100.2%) | 145,682,361 | |||||||
Liabilities in Excess of Other Assets (–0.2%) | (333,271 | ) | ||||||
|
| |||||||
Net Assets (100.0%) | $ | 145,349,090 | ||||||
|
|
Notes to the Schedule of Investments:
REIT - Real Estate Investment Trust.
(1) | Non-income producing security. |
See accompanying notes to financial statements.
54
Table of Contents
TCW Value Opportunities Fund
Investments by Industry (Unaudited) | April 30, 2013 |
Industry | Percentage of Net Assets | |||
Aerospace & Defense | 1.9 | % | ||
Airlines | 0.7 | |||
Auto Components | 3.0 | |||
Capital Markets | 2.1 | |||
Chemicals | 3.8 | |||
Commercial Banks | 5.0 | |||
Communications Equipment | 1.5 | |||
Computers & Peripherals | 5.2 | |||
Construction & Engineering | 1.5 | |||
Construction Materials | 0.9 | |||
Consumer Finance | 1.1 | |||
Containers & Packaging | 1.7 | |||
Diversified Financial Services | 1.0 | |||
Diversified Telecommunication Services | 0.9 | |||
Electric Utilities | 1.1 | |||
Energy Equipment & Services | 3.9 | |||
Food Products | 2.1 | |||
Health Care Equipment & Supplies | 1.9 | |||
Health Care Providers & Services | 2.4 | |||
Hotels, Restaurants & Leisure | 3.1 | |||
Household Durables | 8.2 | |||
Household Products | 1.8 | |||
Independent Power Producers & Energy Traders | 1.3 | |||
Insurance | 4.8 | |||
Internet & Catalog Retail | 0.8 | |||
IT Services | 1.6 | |||
Machinery | 7.0 | |||
Marine | 0.4 | |||
Metals & Mining | 3.6 | |||
Multi-Utilities | 0.6 | |||
Oil, Gas & Consumable Fuels | 3.5 | |||
Pharmaceuticals | 2.0 | |||
Real Estate Management & Development | 1.4 | |||
REIT | 3.2 | |||
Semiconductors & Semiconductor Equipment | 5.6 | |||
Software | 0.6 | |||
Specialty Retail | 8.0 | |||
Short-Term Investments | 1.0 | |||
|
| |||
Total | 100.2 | % | ||
|
|
See accompanying notes to financial statements.
55
Table of Contents
TCW Conservative Allocation Fund
Schedule of Investments (Unaudited)
Number of Shares | Investment Companies | Value | ||||||
Diversified U.S. Equity Funds (37.6% of Net Assets) | ||||||||
132,535 | TCW Relative Value Large Cap Fund — I Class (1) | $ | 2,316,706 | |||||
214,220 | TCW Select Equities Fund — I Class (1) | 4,655,001 | ||||||
39,508 | TCW Value Opportunities Fund — I Class (1) | 936,339 | ||||||
|
| |||||||
Total Diversified U.S. Equity Funds | 7,908,046 | |||||||
|
| |||||||
Diversified U.S. Fixed Income Fund (56.9%) | ||||||||
1,154,811 | TCW Total Return Bond Fund — I Class (1) | 11,975,387 | ||||||
|
| |||||||
Exchange-Traded Fund (3.5%) | ||||||||
38,940 | ProShares UltraShort Euro (2) | 736,745 | ||||||
|
| |||||||
Money Market Investment (1.6%) | ||||||||
349,606 | Fidelity Institutional Prime Money Market Portfolio — Institutional Class, 0.04% (3) | 349,606 | ||||||
|
| |||||||
Total Investment Companies (Cost: $19,062,942) (99.6%) | 20,969,784 | |||||||
|
| |||||||
Total Investments (Cost: $19,062,942) (99.6%) | 20,969,784 | |||||||
Excess of Other Assets over Liabilities (0.4%) | 74,564 | |||||||
|
| |||||||
Net Assets (100.0%) | $ | 21,044,348 | ||||||
|
|
Notes to the Schedule of Investments:
(1) | Affiliated issuer. |
(2) | Non-income producing security. |
(3) | Rate disclosed, the 7-day net yield, is as of April 30, 2013. |
See accompanying notes to financial statements.
56
Table of Contents
TCW Conservative Allocation Fund
Investments by Industry (Unaudited) | April 30, 2013 |
Industry | Percentage of Net Assets | |||
Diversified U.S. Equity Funds | 37.6 | % | ||
Diversified U.S. Fixed Income Funds | 56.9 | |||
Exchange-Traded Funds | 3.5 | |||
Money Market Investments | 1.6 | |||
|
| |||
Total | 99.6 | % | ||
|
|
See accompanying notes to financial statements.
57
Table of Contents
TCW Funds, Inc.
April 30, 2013 |
TCW Concentrated Value Fund | TCW Dividend Focused Fund | TCW Growth Fund | TCW Growth Equities Fund | |||||||||||||
Dollar Amounts in Thousands (Except per Share Amounts) | ||||||||||||||||
ASSETS | ||||||||||||||||
Investments, at Value (1) | $ | 7,667 | $ | 892,626 | $ | 2,339 | $ | 32,479 | ||||||||
Receivable for Securities Sold | — | 20 | 14 | — | ||||||||||||
Receivable for Fund Shares Sold | — | (2) | 2,559 | — | 7 | |||||||||||
Interest and Dividends Receivable | 5 | 461 | 1 | 9 | ||||||||||||
Foreign Tax Reclaims Receivable | — | 19 | — | — | ||||||||||||
Receivable from Investment Advisor | 4 | — | 10 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 7,676 | 895,685 | 2,364 | 32,495 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Payable for Securities Purchased | — | 19,536 | 12 | — | ||||||||||||
Payable for Fund Shares Redeemed | 4 | 699 | — | 3 | ||||||||||||
Accrued Directors’ Fees and Expenses | 6 | 6 | 6 | 6 | ||||||||||||
Accrued Compliance Expense | — | (2) | 1 | — | (2) | — | (2) | |||||||||
Accrued Management Fees | — | 574 | — | 41 | ||||||||||||
Accrued Distribution Fees | — | (2) | 162 | — | (2) | 1 | ||||||||||
Other Accrued Expenses | 24 | 108 | 11 | 47 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 34 | 21,086 | 29 | 98 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 7,642 | $ | 874,599 | $ | 2,335 | $ | 32,397 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in Capital | $ | 16,292 | $ | 960,676 | $ | 3,788 | $ | 12,369 | ||||||||
Accumulated Net Realized Gain (Loss) on Investments | (9,709 | ) | (257,800 | ) | (1,761 | ) | 11,826 | |||||||||
Unrealized Appreciation of Investments | 1,056 | 171,114 | 334 | 8,372 | ||||||||||||
Undistributed Net Investment Income (Loss) | 3 | 609 | (26 | ) | (170 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 7,642 | $ | 874,599 | $ | 2,335 | $ | 32,397 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS ATTRIBUTABLE TO: | ||||||||||||||||
I Class Share | $ | 6,750 | $ | 131,078 | $ | 2,217 | $ | 26,233 | ||||||||
|
|
|
|
|
|
|
| |||||||||
N Class Share | $ | 892 | $ | 743,521 | $ | 118 | $ | 6,164 | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARES OUTSTANDING: (3) | ||||||||||||||||
I Class Share | 471,846 | 9,578,115 | 87,364 | 1,628,174 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
N Class Share | 63,004 | 53,515,925 | 4,653 | 384,149 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSET VALUE PER SHARE: (4) | ||||||||||||||||
I Class Share | $ | 14.31 | $ | 13.69 | $ | 25.37 | $ | 16.11 | ||||||||
|
|
|
|
|
|
|
| |||||||||
N Class Share | $ | 14.16 | $ | 13.89 | $ | 25.39 | $ | 16.05 | ||||||||
|
|
|
|
|
|
|
|
(1) | The identified cost for the TCW Concentrated Value Fund, the TCW Dividend Focused Fund, the TCW Growth Fund and the TCW Growth Equities Fund at April 30, 2013 was $6,611, $721,512, $2,005 and $24,107, 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 Concentrated Value Fund, the TCW Dividend Focused Fund and the TCW Growth Fund is 2,000,000,000 for each of the I Class and N Class shares, and for the TCW Growth Equities Fund is 4,000,000,000 for each of the I Class and the N Class shares. |
(4) | Represents offering price and redemption price per share. |
See accompanying notes to financial statements.
58
Table of Contents
TCW Funds, Inc.
Statements of Assets and Liabilities (Unaudited) | April 30, 2013 |
TCW International Growth 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) | $ | 2,214 | $ | 33,628 | $ | 1,027,046 | $ | 1,378,605 | ||||||||
Foreign Currency, at Value | — | (2)(3) | 437 | (2) | — | — | ||||||||||
Receivable for Securities Sold | 191 | 1,115 | 36 | — | ||||||||||||
Receivable for Fund Shares Sold | — | 35 | 6,531 | 5,119 | ||||||||||||
Interest and Dividends Receivable | 6 | 65 | 613 | 300 | ||||||||||||
Foreign Tax Reclaims Receivable | — | — | 24 | — | ||||||||||||
Receivable from Investment Advisor | 9 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 2,420 | 35,280 | 1,034,250 | 1,384,024 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Payable for Securities Purchased | 19 | 607 | — | 25,795 | ||||||||||||
Payable for Fund Shares Redeemed | — | 21 | 883 | 1,136 | ||||||||||||
Disbursements in Excess of Available Cash | 74 | 2,043 | — | — | ||||||||||||
Accrued Directors’ Fees and Expenses | 5 | 6 | 6 | 6 | ||||||||||||
Accrued Compliance Expense | — | (3) | — | (3) | 1 | 1 | ||||||||||
Accrued Management Fees | — | 21 | 682 | 889 | ||||||||||||
Accrued Distribution Fees | — | (3) | 3 | 13 | 71 | |||||||||||
Other Accrued Expenses | 9 | 1 | 68 | 123 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 107 | 2,702 | 1,653 | 28,021 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 2,313 | $ | 32,578 | $ | 1,032,597 | $ | 1,356,003 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in Capital | $ | 2,112 | 36,704 | $ | 955,136 | $ | 972,646 | |||||||||
Accumulated Net Realized Loss on Investments and Foreign Currency | (46 | ) | (5,889 | ) | (132,879 | ) | (2,831 | ) | ||||||||
Unrealized Appreciation of Investments and Foreign Currency | 246 | 2,636 | 207,805 | 387,014 | ||||||||||||
Undistributed Net Investment Income (Loss) | 1 | (873 | ) | 2,535 | (826 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 2,313 | $ | 32,578 | $ | 1,032,597 | $ | 1,356,003 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS ATTRIBUTABLE TO: | ||||||||||||||||
I Class Share | $ | 1,217 | $ | 19,663 | $ | 973,349 | $ | 1,031,296 | ||||||||
|
|
|
|
|
|
|
| |||||||||
N Class Share | $ | 1,096 | $ | 12,915 | $ | 59,248 | $ | 324,707 | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARES OUTSTANDING: (4) | ||||||||||||||||
I Class Share | 110,826 | 2,413,904 | 55,692,236 | 47,455,422 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
N Class Share | 100,000 | 1,586,299 | 3,391,662 | 15,709,956 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSET VALUE PER SHARE: (5) | ||||||||||||||||
I Class Share | $ | 10.98 | $ | 8.15 | $ | 17.48 | $ | 21.73 | ||||||||
|
|
|
|
|
|
|
| |||||||||
N Class Share | $ | 10.96 | $ | 8.14 | $ | 17.47 | $ | 20.67 | ||||||||
|
|
|
|
|
|
|
|
(1) | The identified cost for the TCW International Growth Fund, the TCW International Small Cap Fund, the TCW Relative Value Large Cap Fund and the TCW Select Equities Fund at April 30, 2013 was $1,968, $30,991, $819,241 and $991,591, respectively. |
(2) | The identified cost for the TCW International Growth Fund and the TCW International Small Cap Fund at April 30, 2013 was less than $1 and $434, respectively. |
(3) | Amount rounds to less than $1. |
(4) | The number of authorized shares, with a par value of $0.001 per share, for the TCW International Growth Fund, 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, and for the TCW Select Equities Fund is 3,667,000,000 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.
59
Table of Contents
TCW Funds, Inc.
Statements of Assets and Liabilities (Unaudited) | April 30, 2013 |
TCW Small Cap Growth Fund | TCW SMID Cap Growth Fund | TCW Value Opportunities Fund | TCW Conservative Allocation Fund (1) | |||||||||||||
Dollar Amounts in Thousands (Except per Share Amounts) | ||||||||||||||||
ASSETS | ||||||||||||||||
Investments, at Value (2) | $ | 342,842 | $ | 44,004 | $ | 145,682 | $ | 1,086 | ||||||||
Investment in Affiliated Issuers, at Value (2) | — | — | — | 19,884 | ||||||||||||
Cash | — | — | — | 30 | ||||||||||||
Receivable for Securities Sold | 17,106 | 1,179 | — | — | ||||||||||||
Receivable for Fund Shares Sold | 297 | — | (3) | 18 | 55 | |||||||||||
Interest and Dividends Receivable | 11 | 4 | 33 | 43 | ||||||||||||
Receivable from Investment Advisor | — | — | — | 2 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 360,256 | 45,187 | 145,733 | 21,100 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Payable for Securities Purchased | 5,301 | 278 | 205 | 43 | ||||||||||||
Payable for Fund Shares Redeemed | 1,786 | — | 23 | 5 | ||||||||||||
Accrued Directors’ Fees and Expenses | 6 | 6 | 6 | 6 | ||||||||||||
Accrued Compliance Expense | 1 | — | (3) | — | (3) | — | (3) | |||||||||
Accrued Management Fees | 318 | 26 | 101 | — | ||||||||||||
Accrued Distribution Fees | 27 | 4 | 8 | — | (3) | |||||||||||
Other Accrued Expenses | 411 | 19 | 41 | 2 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 7,850 | 333 | 384 | 56 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 352,406 | $ | 44,854 | $ | 145,349 | $ | 21,044 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in Capital | $ | 309,116 | $ | 45,460 | $ | 120,940 | $ | 19,127 | ||||||||
Accumulated Net Realized Loss on Investments | (18,346 | ) | (8,005 | ) | (11,738 | ) | (143 | ) | ||||||||
Unrealized Appreciation of Investments | 73,061 | 7,776 | 36,363 | 1,907 | ||||||||||||
Undistributed Net Investment Income (Loss) | (11,425 | ) | (377 | ) | (216 | ) | 153 | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 352,406 | $ | 44,854 | $ | 145,349 | $ | 21,044 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS ATTRIBUTABLE TO: | ||||||||||||||||
I Class Share | $ | 232,522 | $ | 25,668 | $ | 109,569 | $ | 20,127 | ||||||||
|
|
|
|
|
|
|
| |||||||||
N Class Share | $ | 119,884 | $ | 19,186 | $ | 35,780 | $ | 917 | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARES OUTSTANDING: (4) | ||||||||||||||||
I Class Share | 7,916,887 | 2,141,085 | 4,623,515 | 1,776,864 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
N Class Share | 4,267,138 | 1,600,171 | 1,535,943 | 81,136 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSET VALUE PER SHARE: (5) | ||||||||||||||||
I Class Share | $ | 29.37 | $ | 11.99 | $ | 23.70 | $ | 11.33 | ||||||||
|
|
|
|
|
|
|
| |||||||||
N Class Share | $ | 28.09 | $ | 11.99 | $ | 23.30 | $ | 11.31 | ||||||||
|
|
|
|
|
|
|
|
(1) | Formerly TCW Global Conservative Allocation Fund. |
(2) | The identified cost for the TCW Small Cap Growth Fund, the TCW SMID Cap Growth Fund, the TCW Value Opportunities Fund and the TCW Conservative Allocation Fund at April 30, 2013 was $269,781, $36,228, $109,319 and $19,063, respectively. |
(3) | Amount rounds to less than $1. |
(4) | The number of authorized shares, with a par value of $0.001 per share, for the TCW 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 and the TCW Conservative Allocation Fund is 2,000,000,000 for each of the I Class and N Class shares and the TCW Value Opportunities Fund is 4,000,000,000 for each of the I Class and N Class shares. |
(5) | Represents offering price and redemption price per share. |
See accompanying notes to financial statements.
60
Table of Contents
TCW Funds, Inc.
Six Months Ended April 30, 2013 |
TCW Concentrated Value Fund | TCW Dividend Focused Fund | TCW Growth Fund | TCW Growth Equities Fund | |||||||||||||
Dollar Amounts in Thousands | ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Income: | ||||||||||||||||
Dividends | $ | 65 | $ | 10,964 | (1) | $ | 15 | (1) | $ | 317 | (1) | |||||
Interest | — | (2) | 1 | — | (2) | — | (2) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total | 65 | 10,965 | 15 | 317 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Management Fees | 24 | 2,810 | 8 | 326 | ||||||||||||
Accounting Services Fees | 1 | 32 | 2 | 5 | ||||||||||||
Administration Fees | 3 | 40 | 5 | 9 | ||||||||||||
Transfer Agent Fees: | ||||||||||||||||
I Class | 4 | 7 | 4 | 12 | ||||||||||||
N Class | 4 | 221 | 3 | 9 | ||||||||||||
Custodian Fees | 5 | 9 | 15 | 10 | ||||||||||||
Professional Fees | 16 | 24 | 7 | 17 | ||||||||||||
Directors’ Fees and Expenses | 12 | 12 | 12 | 12 | ||||||||||||
Registration Fees: | ||||||||||||||||
I Class | 9 | 10 | 5 | 9 | ||||||||||||
N Class | 7 | 16 | 4 | 9 | ||||||||||||
Distribution Fees: | ||||||||||||||||
N Class | 1 | 799 | — | (2) | 10 | |||||||||||
Compliance Expense | — | (2) | 6 | — | (2) | 1 | ||||||||||
Shareholder Reporting Expense | — | (2) | 3 | — | (2) | 1 | ||||||||||
Other | 4 | 52 | 4 | 9 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | 90 | 4,041 | 69 | 439 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less Expenses Borne by Investment Advisor: | ||||||||||||||||
I Class | 32 | — | 48 | 20 | ||||||||||||
N Class | 14 | — | 10 | 28 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 44 | 4,041 | 11 | 391 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income (Loss) | 21 | 6,924 | 4 | (74 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||
Net Realized Gain (Loss) on Investments | 303 | 16,339 | (3 | ) | 12,113 | |||||||||||
Change in Unrealized Appreciation (Depreciation) on Investments | 955 | 96,729 | 276 | (2,410 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 1,258 | 113,068 | 273 | 9,703 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,279 | $ | 119,992 | $ | 277 | $ | 9,629 | ||||||||
|
|
|
|
|
|
|
|
(1) | Net of foreign taxes withheld of $12, $0, and $2 for the TCW Dividend Focused Fund, the TCW Growth Fund and the TCW Growth Equities Fund, respectively. |
(2) | Amount rounds to less than $1. |
See accompanying notes to financial statements.
61
Table of Contents
TCW Funds, Inc.
Statements of Operations (Unaudited) | Six Months Ended April 30, 2013 |
TCW International Growth Fund (1) | TCW International Small Cap Fund | TCW Relative Value Large Cap Fund | TCW Select Equities Fund | |||||||||||||
Dollar Amounts in Thousands | ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Income: | ||||||||||||||||
Dividends (2) | $ | 14 | $ | 136 | $ | 9,131 | $ | 7,544 | ||||||||
Interest | — | (3) | — | (3) | 2 | 2 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | 14 | 136 | 9,133 | 7,546 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Management Fees | 9 | 117 | 3,334 | 4,536 | ||||||||||||
Accounting Services Fees | 1 | 2 | 36 | 50 | ||||||||||||
Administration Fees | 3 | 6 | 45 | 61 | ||||||||||||
Transfer Agent Fees: | ||||||||||||||||
I Class | 3 | 4 | 250 | 148 | ||||||||||||
N Class | 4 | 4 | 10 | 91 | ||||||||||||
Custodian Fees | 15 | 16 | 9 | 15 | ||||||||||||
Professional Fees | 9 | 21 | 25 | 28 | ||||||||||||
Directors’ Fees and Expenses | 11 | 12 | 12 | 12 | ||||||||||||
Registration Fees: | ||||||||||||||||
I Class | — | (3) | 6 | 27 | 22 | |||||||||||
N Class | — | (3) | 6 | 9 | 18 | |||||||||||
Distribution Fees: | ||||||||||||||||
N Class | 1 | 15 | 67 | 376 | ||||||||||||
Compliance Expense | — | (3) | — | (3) | 6 | 8 | ||||||||||
Shareholder Reporting Expense | 3 | — | (3) | 3 | 4 | |||||||||||
Other | 5 | 10 | 60 | 75 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | 64 | 219 | 3,893 | 5,444 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less Expenses Borne by Investment Advisor: | ||||||||||||||||
I Class | 26 | — | — | — | ||||||||||||
N Class | 25 | 9 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 13 | 210 | 3,893 | 5,444 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income (Loss) | 1 | (74 | ) | 5,240 | 2,102 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||
Investments | (45 | ) | 1,317 | 4,578 | (482 | ) | ||||||||||
Foreign Currency | (1 | ) | (19 | ) | — | — | ||||||||||
Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
Investments | 246 | 1,706 | 139,317 | 128,724 | ||||||||||||
Foreign Currency | — | (3) | (1 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions | 200 | 3,003 | 143,895 | 128,242 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 201 | $ | 2,929 | $ | 149,135 | $ | 130,344 | ||||||||
|
|
|
|
|
|
|
|
(1) | For the period November 1, 2012 (Commencement of Operations) through April 30, 2013. |
(2) | Net of foreign taxes withheld of $1, $10, $15, and $28 for the TCW International Growth Fund, the TCW International Small Cap Fund, the TCW Relative Value Large Cap Fund and the TCW Select Equities Fund, respectively. |
(3) | Amount rounds to less than $1. |
See accompanying notes to financial statements.
62
Table of Contents
TCW Funds, Inc.
Statements of Operations (Unaudited) | Six Months Ended April 30, 2013 |
TCW Small Cap Growth Fund | TCW SMID Cap Growth Fund | TCW Value Opportunities Fund | TCW Conservative Allocation Fund (1) | |||||||||||||
Dollar Amounts in Thousands | ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Income: | ||||||||||||||||
Dividends | $ | 1,508 | (2) | $ | 130 | (2) | $ | 1,255 | $ | — | (3) | |||||
Dividends from Investment in Affiliated Issuers | — | — | — | 292 | ||||||||||||
Interest | 3 | — | (3) | — | (3) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | 1,511 | 130 | 1,255 | 292 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Management Fees | 2,865 | 206 | 543 | — | ||||||||||||
Accounting Services Fees | 47 | 3 | 7 | 2 | ||||||||||||
Administration Fees | 64 | 8 | 11 | 4 | ||||||||||||
Transfer Agent Fees: | ||||||||||||||||
I Class | 358 | 4 | 20 | 4 | ||||||||||||
N Class | 110 | 4 | 25 | 4 | ||||||||||||
Custodian Fees | 34 | 15 | 5 | 2 | ||||||||||||
Professional Fees | 32 | 22 | 16 | 7 | ||||||||||||
Directors’ Fees and Expenses | 12 | 12 | 12 | 12 | ||||||||||||
Registration Fees: | ||||||||||||||||
I Class | 18 | 6 | 8 | 4 | ||||||||||||
N Class | 9 | 7 | 7 | 5 | ||||||||||||
Distribution Fees: | ||||||||||||||||
N Class | 181 | 22 | 42 | 1 | ||||||||||||
Compliance Expense | 12 | 1 | 1 | — | (3) | |||||||||||
Shareholder Reporting Expense | 4 | — | (3) | 1 | — | (3) | ||||||||||
Other | 137 | 3 | 15 | 3 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | 3,883 | 313 | 713 | 48 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less Expenses Borne by Investment Advisor: | ||||||||||||||||
I Class | — | 23 | — | — | ||||||||||||
N Class | 64 | 43 | 20 | 7 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 3,819 | 247 | 693 | 41 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income (Loss) | (2,308 | ) | (117 | ) | 562 | 251 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||
Net Realized Gain on: | ||||||||||||||||
Investments | 69,169 | 572 | 4,518 | 1 | ||||||||||||
Investments in Affiliated Issuers | — | — | — | 12 | ||||||||||||
Realized Gain Distributed from Affiliated Issuers | — | — | — | 58 | ||||||||||||
Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
Investments | (27,486 | ) | 6,047 | 18,339 | (8 | ) | ||||||||||
Investments in Affiliated Issuers | — | — | — | 827 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Realized and Unrealized Gain on Investments | 41,683 | 6,619 | 22,857 | 890 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 39,375 | $ | 6,502 | $ | 23,419 | $ | 1,141 | ||||||||
|
|
|
|
|
|
|
|
(1) | Formerly TCW Global Conservative Allocation Fund. |
(2) | Net of foreign taxes withheld of $6 and $1 for the TCW Small Cap Growth Fund and the TCW SMID Cap Growth Fund, respectively. |
(3) | Amount rounds to less than $1. |
See accompanying notes to financial statements.
63
Table of Contents
TCW Funds, Inc.
Statements of Changes in Net Assets
TCW Concentrated Value Fund | TCW Dividend Focused Fund | |||||||||||||||
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | |||||||||||||
Dollar Amounts in Thousands | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income | $ | 21 | $ | 89 | $ | 6,924 | $ | 10,844 | ||||||||
Net Realized Gain on Investments | 303 | 1,289 | 16,339 | 1,331 | ||||||||||||
Change in Unrealized Appreciation on Investments | 955 | 1,174 | 96,729 | 86,987 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase in Net Assets Resulting from Operations | 1,279 | 2,552 | 119,992 | 99,162 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Distributions from Net Investment Income: | ||||||||||||||||
I Class | (62 | ) | (75 | ) | (1,267 | ) | (1,297 | ) | ||||||||
N Class | (10 | ) | — | (5,360 | ) | (8,953 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Distributions to Shareholders | (72 | ) | (75 | ) | (6,627 | ) | (10,250 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
I Class | (1,334 | ) | (17,854 | ) | 14,748 | 37,363 | ||||||||||
N Class | (99 | ) | (112 | ) | 45,302 | 6,389 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions | (1,433 | ) | (17,966 | ) | 60,050 | 43,752 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | (226 | ) | (15,489 | ) | 173,415 | 132,664 | ||||||||||
NET ASSETS | ||||||||||||||||
Beginning of Period | 7,868 | 23,357 | 701,184 | 568,520 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 7,642 | $ | 7,868 | $ | 874,599 | $ | 701,184 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed Net Investment Income | $ | 3 | $ | 54 | $ | 609 | $ | 312 |
See accompanying notes to financial statements.
64
Table of Contents
TCW Funds, Inc.
Statements of Changes in Net Assets
TCW Growth Fund | TCW Growth Equities Fund | |||||||||||||||
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | |||||||||||||
Dollar Amounts in Thousands | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income (Loss) | $ | 4 | $ | (26 | ) | $ | (74 | ) | $ | (507 | ) | |||||
Net Realized Gain (Loss) on Investments | (3 | ) | 2,370 | 12,113 | 1,304 | |||||||||||
Change in Unrealized Appreciation (Depreciation) on Investments | 276 | 421 | (2,410 | ) | (1,852 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets Resulting from Operations | 277 | 2,765 | 9,629 | (1,055 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Distributions from Net Investment Income: | ||||||||||||||||
I Class | — | (7 | ) | (79 | ) | — | ||||||||||
N Class | — | — | (1) | (17 | ) | — | ||||||||||
Distributions from Net Realized Gain: | ||||||||||||||||
I Class | — | (95 | ) | (718 | ) | (3,325 | ) | |||||||||
N Class | — | (2 | ) | (122 | ) | (352 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Distributions to Shareholders | — | (104 | ) | (936 | ) | (3,677 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
I Class | (36 | ) | (26,702 | ) | (48,192 | ) | (19,739 | ) | ||||||||
N Class | 25 | (657 | ) | (4,920 | ) | 703 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Decrease in Net Assets Resulting from Net Capital Shares Transactions | (11 | ) | (27,359 | ) | (53,112 | ) | (19,036 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 266 | (24,698 | ) | (44,419 | ) | (23,768 | ) | |||||||||
NET ASSETS | ||||||||||||||||
Beginning of Period | 2,069 | 26,767 | 76,816 | 100,584 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 2,335 | $ | 2,069 | $ | 32,397 | $ | 76,816 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed Net Investment Income (Loss) | $ | (26 | ) | $ | (30 | ) | $ | (170 | ) | $ | — |
(1) | Amount rounds to less than $1. |
See accompanying notes to financial statements.
65
Table of Contents
TCW Funds, Inc.
Statements of Changes in Net Assets
TCW International Growth Fund | TCW International Small Cap Fund | |||||||||||
November 1, 2012 (Commencement of Operations) through April 30, 2013 (Unaudited) | Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | ||||||||||
Dollar Amounts in Thousands | ||||||||||||
OPERATIONS | ||||||||||||
Net Investment Income (Loss) | $ | 1 | $ | (74 | ) | $ | 315 | |||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | (46 | ) | 1,298 | (2,960 | ) | |||||||
Change in Unrealized Appreciation on Investments and Foreign Currency Transactions | 246 | 1,705 | 3,397 | |||||||||
|
|
|
|
|
| |||||||
Increase in Net Assets Resulting from Operations | 201 | 2,929 | 752 | |||||||||
|
|
|
|
|
| |||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||
Distributions from Net Investment Income: | ||||||||||||
I Class | — | (932 | ) | (138 | ) | |||||||
N Class | — | (636 | ) | (90 | ) | |||||||
|
|
|
|
|
| |||||||
Total Distributions to Shareholders | — | (1,568 | ) | (228 | ) | |||||||
|
|
|
|
|
| |||||||
NET CAPITAL SHARE TRANSACTIONS | ||||||||||||
I Class | 1,112 | 481 | 5,034 | |||||||||
N Class | 1,000 | 667 | 331 | |||||||||
|
|
|
|
|
| |||||||
Increase in Net Assets Resulting from Net Capital Shares Transactions | 2,112 | 1,148 | 5,365 | |||||||||
|
|
|
|
|
| |||||||
Increase in Net Assets | 2,313 | 2,509 | 5,889 | |||||||||
NET ASSETS | ||||||||||||
Beginning of Period | — | 30,069 | 24,180 | |||||||||
|
|
|
|
|
| |||||||
End of Period | $ | 2,313 | $ | 32,578 | $ | 30,069 | ||||||
|
|
|
|
|
| |||||||
Undistributed Net Investment Income (Loss) | $ | 1 | $ | (873 | ) | $ | 769 |
See accompanying notes to financial statements.
66
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, 2013 (Unaudited) | Year Ended October 31, 2012 | Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | |||||||||||||
Dollar Amounts in Thousands | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income (Loss) | $ | 5,240 | $ | 6,965 | $ | 2,102 | $ | (996 | ) | |||||||
Net Realized Gain (Loss) on Investments | 4,578 | (4,265 | ) | (482 | ) | 18,906 | ||||||||||
Change in Unrealized Appreciation on Investments | 139,317 | 78,022 | 128,724 | 59,408 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase in Net Assets Resulting from Operations | 149,135 | 80,722 | 130,344 | 77,318 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Distributions from Net Investment Income: | ||||||||||||||||
I Class | (8,071 | ) | (3,769 | ) | (1,995 | ) | — | |||||||||
N Class | (416 | ) | (224 | ) | — | — | ||||||||||
Distributions from Net Realized Gain: | ||||||||||||||||
I Class | — | — | (12,224 | ) | (5,514 | ) | ||||||||||
N Class | — | — | (4,349 | ) | (3,171 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Distributions to Shareholders | (8,487 | ) | (3,993 | ) | (18,568 | ) | (8,685 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
I Class | 99,398 | 274,786 | 145,087 | 322,140 | ||||||||||||
N Class | 343 | (6,377 | ) | 4,168 | 89,845 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase in Net Assets Resulting from Net Capital Shares Transactions | 99,741 | 268,409 | 149,255 | 411,985 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase in Net Assets | 240,389 | 345,138 | 261,031 | 480,618 | ||||||||||||
NET ASSETS | ||||||||||||||||
Beginning of Period | 792,208 | 447,070 | 1,094,972 | 614,354 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 1,032,597 | $ | 792,208 | $ | 1,356,003 | $ | 1,094,972 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed Net Investment Income (Loss) | $ | 2,535 | $ | 5,782 | $ | (826 | ) | $ | (933 | ) |
See accompanying notes to financial statements.
67
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, 2013 (Unaudited) | Year Ended October 31, 2012 | Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | |||||||||||||
Dollar Amounts in Thousands | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Loss | $ | (2,308 | ) | $ | (10,856 | ) | $ | (117 | ) | $ | (314 | ) | ||||
Net Realized Gain (Loss) on Investments | 69,169 | (77,342 | ) | 572 | (6,027 | ) | ||||||||||
Change in Unrealized Appreciation (Depreciation) on Investments | (27,486 | ) | 48,921 | 6,047 | 5,532 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets Resulting from Operations | 39,375 | (39,277 | ) | 6,502 | (809 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
I Class | (622,600 | ) | (98,314 | ) | (91 | ) | (598 | ) | ||||||||
N Class | (79,049 | ) | (42,615 | ) | (757 | ) | (5,377 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Decrease in Net Assets Resulting from Net Capital Shares Transactions | (701,649 | ) | (140,929 | ) | (848 | ) | (5,975 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | (662,274 | ) | (180,206 | ) | 5,654 | (6,784 | ) | |||||||||
NET ASSETS | ||||||||||||||||
Beginning of Period | 1,014,680 | 1,194,886 | 39,200 | 45,984 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 352,406 | $ | 1,014,680 | $ | 44,854 | $ | 39,200 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed Net Investment Loss | $ | (11,425 | ) | $ | (9,117 | ) | $ | (377 | ) | $ | (260 | ) |
See accompanying notes to financial statements.
68
Table of Contents
TCW Funds, Inc.
Statements of Changes in Net Assets
TCW Value Opportunities Fund | TCW Conservative Allocation Fund (1) | |||||||||||||||
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | |||||||||||||
Dollar Amounts in Thousands | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income | $ | 562 | $ | 960 | $ | 251 | $ | 381 | ||||||||
Net Realized Gain (Loss) on Investments | 4,518 | 6,967 | 71 | (173 | ) | |||||||||||
Change in Unrealized Appreciation on Investments | 18,339 | 11,798 | 819 | 831 | ||||||||||||
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|
|
|
|
|
|
| |||||||||
Increase in Net Assets Resulting from Operations | 23,419 | 19,725 | 1,141 | 1,039 | ||||||||||||
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|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Distributions from Net Investment Income: | ||||||||||||||||
I Class | (784 | ) | (614 | ) | (386 | ) | (197 | ) | ||||||||
N Class | (184 | ) | (11 | ) | (18 | ) | (16 | ) | ||||||||
Distributions from Net Realized Gain: | ||||||||||||||||
I Class | (54 | ) | — | — | (229 | ) | ||||||||||
N Class | (18 | ) | — | — | (19 | ) | ||||||||||
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|
|
|
|
|
|
| |||||||||
Total Distributions to Shareholders | (1,040 | ) | (625 | ) | (404 | ) | (461 | ) | ||||||||
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|
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|
|
|
|
| |||||||||
NET CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
I Class | (2,892 | ) | (17,829 | ) | 4,716 | 2,798 | ||||||||||
N Class | (2,128 | ) | (5,739 | ) | 71 | (361 | ) | |||||||||
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|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions | (5,020 | ) | (23,568 | ) | 4,787 | 2,437 | ||||||||||
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|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 17,359 | (4,468 | ) | 5,524 | 3,015 | |||||||||||
NET ASSETS | ||||||||||||||||
Beginning of Period | 127,990 | 132,458 | 15,520 | 12,505 | ||||||||||||
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|
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| |||||||||
End of Period | $ | 145,349 | $ | 127,990 | $ | 21,044 | $ | 15,520 | ||||||||
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|
|
|
|
| |||||||||
Undistributed Net Investment Income (Loss) | $ | (216 | ) | $ | 190 | $ | 153 | $ | 306 |
(1) | Formerly TCW Global Conservative Allocation Fund. |
See accompanying notes to financial statements.
69
Table of Contents
TCW Funds, Inc.
TCW Funds, Inc., a Maryland corporation (the ‘‘Company’’), is an open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), that currently offers 20 no-load mutual funds (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 12 Equity Funds that are covered in this report:
TCW Fund | Focus | |
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 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 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 Growth Equities Fund | Seeks long-term capital appreciation by investing primarily in equity securities of issued by companies with market capitalization within the range of companies comprising the Russell Mid Cap® Growth Index. | |
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. |
70
Note 1 — Organization
Table of Contents
TCW Funds, Inc.
April 30, 2013 |
Note 1 — Organization (Continued)
TCW Fund | Focus | |
Non-Diversified International Equity Funds | ||
TCW International Growth Fund | Seeks long-term capital appreciation by investing in equity securities of companies across all market capitalizations that are domiciled outside the United States or whose primary business operations are outside the United States. | |
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 Fund | ||
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. | |
Fund of Funds | ||
TCW Conservative Allocation Fund (formerly TCW Global Conservative Allocation Fund) | Seeks current income and secondarily, long-term capital appreciation by investing in a combination of affiliated fixed income funds and equity funds that utilize diverse investment styles such as growth and/or value investing. The Fund invests between 20% and 60% of its net assets in equity funds and between 40% and 80% in fixed income funds. The Fund also invests in ETFs and ETNs. |
Effective March 1, 2013, the name of the TCW Global Conservative Allocation Fund changed to TCW Conservative Allocation Fund. There is no change in the investment objective.
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.
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.
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. All other securities for which over-the-counter market quotations are readily available are valued at the price as furnished by
71
Table of Contents
TCW Funds, Inc.
Notes to Financial Statements (Unaudited) (Continued) |
Note 2 — Significant Accounting Policies (Continued)
which over-the-counter market quotations are readily available are valued at the price as furnished by independent pricing services or by broker dealers. Investments held in the TCW Conservative Allocation Fund are valued based on the net asset value per share of the underlying funds.
The Company has adopted, after the approval by the Company’s Board of Directors, a fair valuation methodology for foreign equity securities (exclusive of certain Latin American and Canadian equity securities). This methodology is designed to address the effect of movements in the U.S. market on the securities traded on a foreign exchange that has been closed for a period of time due to time zone difference. The utilization of the fair value model may result in the adjustment of prices taking into account fluctuations in the U.S. market. The fair value model is utilized each trading day and not dependent on certain thresholds or triggers.
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 the prices received are not reflective of a security’s market value, are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Company’s Board of Directors.
Fair value is defined as the price that a fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. In accordance with the authoritative guidance on fair value measurements and disclosures under the accounting principles generally accepted in the United States of America (“GAAP”), the Funds disclose investments in a three-tier hierarchy. This hierarchy is utilized to establish classification of fair value measurements for disclosure purposes. Inputs 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.
72
Table of Contents
TCW Funds, Inc.
April 30, 2013 |
Note 2 — Significant Accounting Policies (Continued)
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Level 1, Level 2, or Level 3.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Fair Value Measurements: A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis follows:
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 typically 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.
Mutual Funds. Mutual funds are valued based upon the net asset value as reported by the fund companies. As such, they are categorized as Level 1.
Options contracts. Exchange listed options 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 options contracts would be categorized as Level 2; otherwise, the fair value would categorized as Level 3. Options 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 options 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
73
Table of Contents
TCW Funds, Inc.
Notes to Financial Statements (Unaudited) (Continued) |
Note 2 — Significant Accounting Policies (Continued)
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.
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.
As of April 30, 2013, the Funds, with the exception of the TCW International Growth Fund and the TCW International Small Cap Fund, categorized their investments at Level 1, with the corresponding industries as represented in the Schedule of Investments, and all short-term investments at Level 2.
The following is a summary of the inputs used as of April 30, 2013 in valuing the TCW International Growth Fund and the TCW International Small Cap Fund investments:
TCW International Growth Fund
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
Common Stock | ||||||||||||||||
Auto Components | $ | — | $ | 21,893 | $ | — | $ | 21,893 | ||||||||
Capital Markets | — | 99,095 | — | 99,095 | ||||||||||||
Commercial Banks | 32,774 | 127,344 | — | 160,118 | ||||||||||||
Commercial Services & Supplies | 15,182 | 34,303 | — | 49,485 | ||||||||||||
Consumer Finance | — | 32,779 | — | 32,779 | ||||||||||||
Diversified Consumer Services | — | 36,496 | — | 36,496 | ||||||||||||
Diversified Financial Services | — | 55,278 | — | 55,278 | ||||||||||||
Gas Utilities | — | 34,776 | — | 34,776 | ||||||||||||
Hotels, Restaurants & Leisure | — | 51,489 | — | 51,489 | ||||||||||||
Industrial Conglomerates | — | 50,574 | — | 50,574 | ||||||||||||
Insurance | — | 22,246 | — | 22,246 | ||||||||||||
Internet & Catalog Retail | — | 30,281 | — | 30,281 | ||||||||||||
Internet Software & Services | 58,133 | 94,010 | — | 152,143 | ||||||||||||
IT Services | 59,523 | — | — | 59,523 | ||||||||||||
Leisure Equipment & Products | — | 26,131 | — | 26,131 | ||||||||||||
Machinery | — | 18,927 | — | 18,927 | ||||||||||||
Media | 19,286 | 102,683 | — | 121,969 | ||||||||||||
Metals & Mining | 198,223 | 126,126 | — | 324,349 | ||||||||||||
Miscellaneous | 24,623 | — | — | 24,623 | ||||||||||||
Multiline Retail | — | 55,102 | — | 55,102 | ||||||||||||
Oil, Gas & Consumable Fuels | 28,543 | 85,056 | — | 113,599 | ||||||||||||
Paper & Forest Products | 34,924 | — | — | 34,924 | ||||||||||||
Pharmaceuticals | — | 23,314 | — | 23,314 | ||||||||||||
Real Estate Management & Development | — | 190,255 | — | 190,255 | ||||||||||||
REIT | — | 26,867 | — | 26,867 | ||||||||||||
Software | 55,670 | — | — | 55,670 |
74
Table of Contents
TCW Funds, Inc.
April 30, 2013 |
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) | ||||||||||||||||
Specialty Retail | $ | — | $ | 97,088 | $ | — | $ | 97,088 | ||||||||
Textiles, Apparel & Luxury Goods | — | 63,805 | — | 63,805 | ||||||||||||
Trading Companies & Distributors | — | 26,517 | — | 26,517 | ||||||||||||
Transportation Infrastructure | 30,950 | 33,540 | — | 64,490 | ||||||||||||
Wireless Telecommunication Services | — | 39,675 | — | 39,675 | ||||||||||||
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|
|
|
|
|
|
| |||||||||
Total Common Stock | 557,831 | 1,605,650 | — | 2,163,481 | ||||||||||||
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|
|
|
|
|
|
| |||||||||
Purchased Options | — | 50,190 | — | 50,190 | ||||||||||||
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|
|
|
|
|
|
| |||||||||
Total Investments | $ | 557,831 | $ | 1,655,840 | $ | — | $ | 2,213,671 | ||||||||
|
|
|
|
|
|
|
|
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 | ||||||||||||||||
Auto Components | $ | — | $ | 364,882 | $ | — | $ | 364,882 | ||||||||
Capital Markets | 359,057 | 2,279,212 | — | 2,638,269 | ||||||||||||
Commercial Banks | 126,566 | 524,989 | — | 651,555 | ||||||||||||
Commercial Services & Supplies | 123,092 | 605,338 | — | 728,430 | ||||||||||||
Containers & Packaging | — | 476,746 | — | 476,746 | ||||||||||||
Diversified Consumer Services | — | 1,027,941 | — | 1,027,941 | ||||||||||||
Diversified Financial Services | — | 2,225,142 | — | 2,225,142 | ||||||||||||
Electrical Equipment | 13,301 | — | — | 13,301 | ||||||||||||
Energy Equipment & Services | — | 363,448 | — | 363,448 | ||||||||||||
Hotels, Restaurants & Leisure | — | 478,583 | — | 478,583 | ||||||||||||
Household Durables | — | 455,114 | — | 455,114 | ||||||||||||
Industrial Conglomerates | — | 493,750 | — | 493,750 | ||||||||||||
Internet & Catalog Retail | — | 681,328 | — | 681,328 | ||||||||||||
Internet Software & Services | 1,257,242 | 1,185,479 | — | 2,442,721 | ||||||||||||
IT Services | 532,993 | 1,016,779 | — | 1,549,772 | ||||||||||||
Machinery | — | 1,156,512 | — | 1,156,512 | ||||||||||||
Media | 154,283 | 683,687 | — | 837,970 | ||||||||||||
Metals & Mining | 4,505,124 | 1,812,785 | — | 6,317,909 | ||||||||||||
Multiline Retail | — | 1,390,210 | — | 1,390,210 | ||||||||||||
Oil, Gas & Consumable Fuels | 1,636,260 | 1,010,080 | — | 2,646,340 | ||||||||||||
Professional Services | 484,690 | — | — | 484,690 | ||||||||||||
Real Estate Management & Development | 503,016 | 564,791 | — | 1,067,807 |
75
Table of Contents
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) | ||||||||||||||||
REIT | $ | — | $ | 1,316,192 | $ | — | $ | 1,316,192 | ||||||||
Software | 571,322 | — | — | 571,322 | ||||||||||||
Specialty Retail | — | 1,273,140 | — | 1,273,140 | ||||||||||||
Textiles, Apparel & Luxury Goods | — | 513,002 | — | 513,002 | ||||||||||||
Trading Companies & Distributors | — | 530,345 | — | 530,345 | ||||||||||||
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|
|
| |||||||||
Total Common Stock | 10,266,946 | 22,429,475 | — | 32,696,421 | ||||||||||||
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| |||||||||
Warrants | — | — | 5,000 | 5,000 | ||||||||||||
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|
|
|
|
|
| |||||||||
Purchased Options | — | 926,153 | — | 926,153 | ||||||||||||
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|
|
|
|
|
|
| |||||||||
Total Investments | $ | 10,266,946 | $ | 23,355,628 | $ | 5,000 | $ | 33,627,574 | ||||||||
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|
|
|
There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the period ended April 30, 2013.
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:
Investments | Balance as of October 31, 2012 | Accrued Discounts (Premiums) | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Purchases | Sales | Transfers in to Level 3 | Transfers out of Level 3 | Balance as of April 30, 2013 | Change in Unrealized Appreciation (Depreciation) from Investments Still Held at April 30, 2013 | ||||||||||||||||||||||||||||||
TCW International Small Cap Fund |
| |||||||||||||||||||||||||||||||||||||||
Warrants | $ | — | $ | — | $ | — | $ | 5,000 | $ | — | $ | — | $ | — | $ | — | $ | 5,000 | $ | 5,000 | ||||||||||||||||||||
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| |||||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | 5,000 | $ | — | $ | — | $ | — | $ | — | $ | 5,000 | $ | 5,000 | ||||||||||||||||||||
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Level 3 Valuation Process: Investments classified within Level 3 of the fair value hierarchy may be fair valued by the Advisor with consent by the Company’s Pricing Committee in accordance with procedures approved by the Board of Directors, and under the general oversight of the Board of Directors. The Company’s Pricing Committee employs various methods to determine fair valuations including a regular review of key inputs and assumptions and review of any related market activity. The Company’s Pricing Committee reports to the Board of Directors at their regularly scheduled meetings. It is possible that fair value prices will be used by the Funds to a significant extent. The value determined for an investment using the Company’s fair value procedures may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment. The Advisor, as part of the daily process, conducts back-testing of prices based on daily trade activities.
The Pricing Committee consists of the Chief Risk Officer, Chief Compliance Officer, Treasurer, Assistant Treasurer, Secretary, and a representative from the portfolio management team as well as alternate members as the Board of Directors may from time to time designate. The Pricing Committee reviews and makes recommendations concerning the fair valuation of portfolio securities and the Funds’ pricing procedures in general.
76
Table of Contents
TCW Funds, Inc.
April 30, 2013 |
Note 2 — Significant Accounting Policies (Continued)
Security Transactions and Related Investment Income: Security transactions are recorded as of the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recognized on an accrual basis. Realized gains and losses on investments are recorded on the basis of specific identification. 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 can create investment leverage and may be highly volatile. It is possible that a derivative transaction will result in a loss greater than the principal amount invested. A Fund may not be able to close out a derivative transaction at a favorable time or price.
For the six months ended April 30, 2013, the TCW International Growth Fund and the TCW International Small Cap Fund had the following derivatives and transactions in derivatives, grouped in the following risk categories (dollars amounts in thousands):
Foreign Exchange Risk | ||||
TCW International Growth Fund | ||||
Statements of Asset and Liabilities | ||||
Asset Derivatives | ||||
Investments, at Value (1) | $ | 50 | ||
|
| |||
Total Value | $ | 50 | ||
|
| |||
Statement of Operations | ||||
Change in Appreciation | ||||
Investments (2) | $ | 18 | ||
|
| |||
Total Change in Appreciation | $ | 18 | ||
|
| |||
Number of Contracts, Notional Amounts or Shares/Units† | ||||
Purchased Options | 11,667 |
77
Table of Contents
TCW Funds, Inc.
Notes to Financial Statements (Unaudited) (Continued) |
Note 2 — Significant Accounting Policies (Continued)
Foreign Exchange Risk | ||||
TCW International Small Cap Fund | ||||
Statements of Asset and Liabilities | ||||
Asset Derivatives | ||||
Investments, at Value (1) | $ | 926 | ||
|
| |||
Total Value | $ | 926 | ||
|
| |||
Statement of Operations | ||||
Change in Appreciation | ||||
Investments (2) | $ | 740 | ||
|
| |||
Total Change in Appreciation | $ | 740 | ||
|
| |||
Number of Contracts, Notional Amounts or Shares/Units† | ||||
Purchased Options | 350,000 |
(1) | Represents purchased options, at value. |
(2) | Represents change in unrealized appreciation for purchased options during 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, 2013. |
Options: 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 Fund may also enter into currency options to hedge against currency fluctuations.
A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the strike price at any time before the expiration date. A Fund may purchase put options to protect portfolio holdings against a decline in market value of a security or securities held by it. A Fund may also purchase a put option hoping to profit from an anticipated decline in the value of the underlying security. If 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 ultimately wants to buy. A Fund may also purchase a call option as a long directional investment hoping to profit from an anticipated increase in the value of the underlying security. In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit 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 OTC. Such options typically have minimal exposure to counterparty risk. However, an exchange may at times find it necessary to impose restrictions on particular types of options transactions, such as opening transactions. If an underlying security ceases to meet qualifications imposed by an exchange or the Options Clearing Corporation, new series of options on that security will no longer be opened to replace expiring series, and opening transactions in existing series may be prohibited.
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TCW Funds, Inc.
April 30, 2013 |
Note 2 — Significant Accounting Policies (Continued)
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 a Fund, the value of the option to the Fund will depend on the willingness and ability of the option writer to perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC options or otherwise to terminate such options, and as a result a Fund may be required to remain obligated on an unfavorable OTC option until its expiration. The TCW International Growth Fund and the TCW International Small Cap Fund purchased Japanese Yen Put Options to hedge against Yen fluctuation as well as to protect the Funds against other currencies fluctuations affected by the movement in Yen currency. Option contracts purchased by the Funds and outstanding at the end of the period are listed in the Funds’ 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, 2013.
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 TCW Conservative Allocation Fund declare and pay, or reinvest, dividends from net investment income annually. Capital gains realized by a Fund will be distributed at least annually.
Income and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for foreign currency transactions, market discount and premium, losses deferred due to wash sales, excise tax regulations and employing equalization in determining 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
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TCW Funds, Inc.
Notes to Financial Statements (Unaudited) (Continued) |
Note 2 — Significant Accounting Policies (Continued)
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 — Risk Considerations
Market Risk: Because the values of the Funds’ investments will fluctuate with market conditions, so will the value of your investment in the Funds. You could lose money on your investment in the Funds or the Funds could underperform other investments.
Liquidity Risk: The Funds’ investments in illiquid securities may reduce the returns of the Funds because they may not be able to sell the illiquid securities at an advantageous time or price. Investments in foreign securities, derivatives or other securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk. Certain investments in private placements and Rule 144A securities may be considered illiquid investments. The Funds may invest in private placements and Rule 144A securities.
Derivatives Risk: Use of derivatives, which at times is an important part of the Funds’ investment strategy, involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Investments in derivatives could cause the Funds to lose more than the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Funds will engage in these transactions to reduce exposure to other risks when that would be beneficial.
Counterparty Risk: The Funds may be exposed to counterparty risk, or the risk that an entity with which the Funds have unsettled or open transactions may default. Financial assets, which potentially expose the Funds to credit and counterparty risks, consist principally of investments and cash due from counterparties. The exposure to credit and counterparty risks with respect to these financial assets is reflected in fair value recorded in the Funds’ Statements of Assets and Liabilities.
Note 4 — Federal Income Taxes
It is the policy of each Fund to comply with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income, including any net realized gains on investments, to its shareholders. Therefore, no federal income tax provision is required.
At April 30, 2013, net unrealized appreciation (depreciation) on investments for federal income tax purposes was as follows (amounts in thousands):
Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation | Cost of Investments for Federal Income Tax Purposes | |||||||||||||
TCW Concentrated Value Fund | $ | 1,315 | $ | (262 | ) | $ | 1,053 | $ | 6,614 | |||||||
TCW Dividend Focused Fund | 195,781 | (24,148 | ) | 171,633 | 720,993 | |||||||||||
TCW Growth Fund | 387 | (58 | ) | 329 | 2,010 | |||||||||||
TCW Growth Equities Fund | 8,388 | (199 | ) | 8,189 | 24,290 |
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TCW Funds, Inc.
April 30, 2013 |
Note 4 — Federal Income Taxes (Continued)
Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation | Cost of Investments for Federal Income Tax Purposes | |||||||||||||
TCW International Growth Fund | 294 | (62 | ) | 232 | 1,982 | |||||||||||
TCW International Small Cap Fund | 4,265 | (2,697 | ) | 1,568 | 32,060 | |||||||||||
TCW Relative Value Large Cap Fund | 216,943 | (11,988 | ) | 204,955 | 822,091 | |||||||||||
TCW Select Equities Fund | 398,490 | (12,897 | ) | 385,593 | 993,012 | |||||||||||
TCW Small Cap Growth Fund | 75,836 | (6,270 | ) | 69,566 | 273,276 | |||||||||||
TCW SMID Cap Value Fund | 8,253 | (1,036 | ) | 7,217 | 36,787 | |||||||||||
TCW Value Opportunities Fund | 36,724 | (2,241 | ) | 34,483 | 111,199 | |||||||||||
TCW Conservative Allocation Fund | 1,950 | (60 | ) | 1,890 | 19,080 |
The Funds did not have any unrecognized tax benefits at April 30, 2013, nor were there any increases or decreases in unrecognized tax benefits for the six months ended April 30, 2013. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three and four fiscal years, respectively.
Note 5 — Fund Management Fees and Other Expenses
The Funds pay to the Advisor, as compensation for services rendered, facilities furnished and expenses borne by it, the following annual management fees as a percentage of daily net asset value:
TCW Concentrated Value Fund | 0.65% | |||
TCW Dividend Focused Fund | 0.75% | |||
TCW Growth Fund | 0.75% | |||
TCW Growth Equities Fund | 1.00% | |||
TCW International Growth Fund | 0.85% | |||
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 TCW Conservative Allocation Fund does not pay management fees to the Advisor; however, the Fund pays management fees to the Advisor or its affiliates indirectly, as a shareholder in the affiliated funds in which the Fund invests. 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 Company’s compliance program as required by the Securities Exchange Commission. These amounts are allocated to the Funds based on the management fees paid and are included in the Statements of Operations.
In addition to the management fees, the Funds reimburse, with approval by the Company’s Board of Directors, the Advisor’s costs associated in support of the Funds’ Rule 38a-1 compliance obligations. These amounts are allocated to each Fund based on the net management fees paid and are included in the Statements of Operations.
The Advisor limits the operating expenses of the Funds not to exceed the following expense ratios relative to the Funds’ average daily net assets:
TCW Concentrated Value Fund | ||||
I Class | 1.15% | (1) | ||
N Class | 1.15% | (1) |
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TCW Funds, Inc.
Notes to Financial Statements (Unaudited) (Continued) |
Note 5 — Fund Management Fees and Other Expenses (Continued)
TCW Dividend Focused Fund | ||||
I Class | 1.27% | (2) | ||
N Class | 1.27% | (2) | ||
TCW Growth Fund | ||||
I Class | 0.99% | (1) | ||
N Class | 0.99% | (1) | ||
TCW Growth Equities Fund | ||||
I Class | 1.20% | (1) | ||
N Class | 1.20% | (1) | ||
TCW International Growth Fund | ||||
I Class | 1.04% | (1) | ||
N Class | 1.34% | (1) | ||
TCW International Small Cap Fund | ||||
I Class | 1.44% | (1) | ||
N Class | 1.44% | (1) | ||
TCW Relative Value Large Cap Fund | ||||
I Class | 1.17% | (2) | ||
N Class | 1.17% | (2) | ||
TCW Select Equities Fund | ||||
I Class | 1.31% | (2) | ||
N Class | 1.31% | (2) | ||
TCW Small Cap Growth Fund | ||||
I Class | 1.46% | (2) | ||
N Class | 1.46% | (2) | ||
TCW SMID Cap Growth Fund | ||||
I Class | 1.20% | (1) | ||
N Class | 1.20% | (1) | ||
TCW Value Opportunities Fund | ||||
I Class | 1.23% | (1) | ||
N Class | 1.23% | (1) | ||
TCW Conservative Allocation Fund | ||||
I Class | 0.85% | (1) | ||
N Class | 0.85% | (1) |
(1) | These limitations are based on an agreement between the Advisor and the Company for an one-year period. |
(2) | Limitation based on average expense ratio as reported by Lipper, Inc., which is subject to change on a monthly basis. This ratio was in effect as of April 30, 2013. These limitations are voluntary and terminable in a six months notice. |
The amount borne by the Advisor during a fiscal year when the operating expenses of a Fund are in excess of the expense limitation cannot be recaptured in the subsequent fiscal years should the expenses drop below the expense limitation in the subsequent years. The Advisor can only recapture expenses within a given fiscal year for that year’s operating expenses.
Note 6 — Distribution Plan
TCW Funds Distributors (“Distributor”), an affiliate of the Advisor and the Funds, 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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TCW Funds, Inc.
April 30, 2013 |
Note 7 — Transactions with Affiliates
The summary of the TCW Conservative Allocation Fund’s transactions in the affiliated funds for the six months ended April 30, 2013 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 Period (In Thousands) | Dividends and Interest Income Received (In Thousands) | Distributions Received from and Net Realized Gain (Loss) (In thousands) | |||||||||||||||||||||
TCW Growth Equities Fund — I Class | 25,211 | 384 | (25,595 | ) | — | $ | — | $ | — | $ | — | |||||||||||||||||
TCW Relative Value Large Cap Fund — I Class | 63,657 | 68,878 | — | 132,535 | 2,317 | 11 | — | |||||||||||||||||||||
TCW Select Equities Fund — I Class | 180,413 | 58,665 | (24,858 | ) | 214,220 | 4,655 | 10 | 58 | ||||||||||||||||||||
TCW Value Opportunities Fund — I Class | — | 39,508 | — | 39,508 | $ | 936 | $ | 3 | $ | — | (1) | |||||||||||||||||
TCW Total Return Bond Fund — I Class | 881,694 | 290,172 | (17,055 | ) | 1,154,811 | 11,976 | 268 | — | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
Total | $ | 19,884 | $ | 292 | $ | 58 | ||||||||||||||||||||||
|
|
|
|
|
|
(1) | Amount rounds to less than $1 |
The ownership percentage of TCW Conservative Allocation Fund in each of the affiliated underlying funds at April 30, 2013 is as follows:
Name of Affiliated Fund | Ownership Percentage (1) | |||
TCW Relative Value Large Cap Fund | 0.22 | % | ||
TCW Select Equities Fund | 0.34 | % | ||
TCW Total Return Bond Fund | 0.13 | % | ||
TCW Value Opportunities Fund | 0.64 | % |
(1) | Percentage ownership based on total net assets of the underlying fund. |
The financial statements of the TCW Total Return Bond Fund is available by calling 800-FUND-TCW (800-386-3829) or by going to the SEC website at www.sec.gov. Financial statements for the remaining underlying funds are included in this report.
Note 8 — Purchases and Sales of Securities
Investment transactions (excluding short-term investments) for the six months ended April 30, 2013, 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 | $ | 1,145 | $ | 3,037 | $ | — | $ | — | ||||||||
TCW Dividend Focused Fund | 106,329 | 76,722 | — | — | ||||||||||||
TCW Growth Fund | 368 | 427 | — | — | ||||||||||||
TCW Growth Equities Fund | 24,338 | 71,778 | — | — | ||||||||||||
TCW International Growth Fund | 5,068 | 3,056 | — | — | ||||||||||||
TCW International Small Cap Fund | 46,898 | 45,499 | — | — | ||||||||||||
TCW Relative Value Large Cap Fund | 152,828 | 64,473 | — | — |
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TCW Funds, Inc.
Notes to Financial Statements (Unaudited) (Continued)
Note 8 — Purchases and Sales of Securities (Continued)
Purchases at Cost | Sales or Maturity Proceeds | U.S. Government Purchases at Cost | U.S. Government Sales or Maturity Proceeds | |||||||||||||
TCW Select Equities Fund | 218,889 | 103,262 | — | — | ||||||||||||
TCW Small Cap Growth Fund | 179,144 | 765,437 | — | — | ||||||||||||
TCW SMID Cap Growth Fund | 15,514 | 14,124 | — | — | ||||||||||||
TCW Value Opportunities Fund | 19,002 | 24,863 | — | — | ||||||||||||
TCW Conservative Allocation Fund | 6,149 | 1,491 | — | — |
Note 9 — Capital Share Transactions
Transactions in each Fund’s shares were as follows:
TCW Concentrated Value Fund | Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 26,417 | $ | 360 | 16,687 | $ | 198 | ||||||||||
Shares Issued upon Reinvestment | 4,995 | 61 | 2,378 | 26 | ||||||||||||
Shares Redeemed | (133,970 | ) | (1,755 | ) | (1,521,441 | ) | (18,078 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease | (102,558 | ) | $ | (1,334 | ) | (1,502,376 | ) | $ | (17,854 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 10,502 | $ | 142 | 6,224 | $ | 71 | ||||||||||
Shares Issued upon Reinvestment | 741 | 9 | — | — | ||||||||||||
Shares Redeemed | (19,326 | ) | (250 | ) | (15,557 | ) | (183 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease | (8,083 | ) | $ | (99 | ) | (9,333 | ) | $ | (112 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TCW Dividend Focused Fund | Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 1,971,156 | $ | 25,562 | 4,488,737 | $ | 51,829 | ||||||||||
Shares Issued upon Reinvestment | 100,367 | 1,222 | 113,715 | 1,250 | ||||||||||||
Shares Redeemed | (974,709 | ) | (12,036 | ) | (1,462,243 | ) | (15,716 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 1,096,814 | $ | 14,748 | 3,140,209 | $ | 37,363 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 11,428,831 | $ | 151,372 | 17,202,495 | $ | 194,460 | ||||||||||
Shares Issued upon Reinvestment | 403,370 | 5,004 | 742,838 | 8,354 | ||||||||||||
Shares Redeemed | (8,771,413 | ) | (111,074 | ) | (17,453,370 | ) | (196,425 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 3,060,788 | $ | 45,302 | 491,963 | $ | 6,389 | ||||||||||
|
|
|
|
|
|
|
|
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TCW Funds, Inc.
April 30, 2013 |
Note 9 — Capital Share Transactions (Continued)
TCW Growth Fund | Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 720 | $ | 17 | 75,002 | $ | 1,617 | ||||||||||
Shares Issued upon Reinvestment of Dividends | — | — | 110 | 2 | ||||||||||||
Shares Redeemed | (2,232 | ) | (53 | ) | (27,623 | ) | (592 | ) | ||||||||
Shares Redeemed through in-kind Redemption | — | — | (1,193,161 | ) | (27,729 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease | (1,512 | ) | $ | (36 | ) | (1,145,672 | ) | $ | (26,702 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 2,113 | $ | 52 | 1,561 | $ | 36 | ||||||||||
Shares Issued upon Reinvestment of Dividends | — | — | 21 | — | (1) | |||||||||||
Shares Redeemed | (1,082 | ) | (27 | ) | (30,032 | ) | (693 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) | 1,031 | $ | 25 | (28,450 | ) | $ | (657 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
TCW Growth Equities Fund | Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 59,098 | $ | 863 | 426,456 | $ | 6,122 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 21,939 | 305 | 134,501 | 1,803 | ||||||||||||
Shares Redeemed | (3,278,262 | ) | (49,360 | ) | (1,947,251 | ) | (27,664 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease | (3,197,225 | ) | $ | (48,192 | ) | (1,386,294 | ) | $ | (19,739 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 88,138 | $ | 1,246 | 323,388 | $ | 4,400 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 9,801 | 136 | 25,440 | 340 | ||||||||||||
Shares Redeemed | (427,419 | ) | (6,302 | ) | (284,804 | ) | (4,037 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) | (329,480 | ) | $ | (4,920 | ) | 64,024 | $ | 703 | ||||||||
|
|
|
|
|
|
|
| |||||||||
TCW International Growth Fund | November 1, 2012 (Commencement of Operations) through April 30, 2013 (Unaudited) | |||||||||||||||
I Class | Shares | Amount (in thousands) | ||||||||||||||
Shares Sold | 110,826 | $ | 1,112 | |||||||||||||
|
|
|
| |||||||||||||
Net Increase | 110,826 | $ | 1,112 | |||||||||||||
|
|
|
| |||||||||||||
N Class | Shares | Amount (in thousands) | ||||||||||||||
Shares Sold | 100,000 | $ | 1,000 | |||||||||||||
|
|
|
| |||||||||||||
Net Increase | 100,000 | $ | 1,000 | |||||||||||||
|
|
|
|
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TCW Funds, Inc.
Notes to Financial Statements (Unaudited) (Continued) |
Note 9 — Capital Share Transactions (Continued)
TCW International Small Cap Fund | Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 600,160 | $ | 4,738 | 1,298,585 | $ | 9,925 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 125,804 | 931 | 20,062 | 138 | ||||||||||||
Shares Redeemed | (656,060 | ) | (5,188 | ) | (665,885 | ) | (5,029 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 69,904 | $ | 481 | 652,762 | $ | 5,034 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 151,357 | $ | 1,191 | 283,731 | $ | 2,185 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 85,561 | 633 | 13,018 | 90 | ||||||||||||
Shares Redeemed | (148,228 | ) | (1,157 | ) | (256,477 | ) | (1,944 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 88,690 | $ | 667 | 40,272 | $ | 331 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TCW Relative Value Large Cap Fund | Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 10,750,861 | $ | 176,407 | 27,574,402 | $ | 391,172 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 530,270 | 7,949 | 280,026 | 3,629 | ||||||||||||
Shares Redeemed | (5,354,506 | ) | (84,958 | ) | (8,491,531 | ) | (120,015 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 5,926,625 | $ | 99,398 | 19,362,897 | $ | 274,786 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 534,262 | $ | 8,930 | 789,200 | $ | 11,379 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 26,402 | 396 | 16,680 | 216 | ||||||||||||
Shares Redeemed | (542,271 | ) | (8,983 | ) | (1,304,336 | ) | (17,972 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) | 18,393 | $ | 343 | (498,456 | ) | $ | (6,377 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
TCW Select Equities Fund | Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 13,589,802 | $ | 284,729 | 24,302,956 | $ | 468,216 | ||||||||||
Shares Issued upon Reinvestment | 356,739 | 7,067 | 241,820 | 4,307 | ||||||||||||
Shares Redeemed | (6,994,138 | ) | (146,709 | ) | (7,828,219 | ) | (150,383 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 6,952,403 | $ | 145,087 | 16,716,557 | $ | 322,140 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 2,477,242 | $ | 49,896 | 16,129,066 | $ | 291,713 | ||||||||||
Shares Issued upon Reinvestment | 224,606 | 4,236 | 184,633 | 3,133 | ||||||||||||
Shares Redeemed | (2,513,590 | ) | (49,964 | ) | (11,297,772 | ) | (205,001 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 188,258 | $ | 4,168 | 5,015,927 | $ | 89,845 | ||||||||||
|
|
|
|
|
|
|
|
86
Table of Contents
TCW Funds, Inc.
April 30, 2013 |
Note 9 — Capital Share Transactions (Continued)
TCW Small Cap Growth Fund | Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 1,280,091 | $ | 35,300 | 11,648,066 | $ | 319,934 | ||||||||||
Shares Redeemed | (24,346,812 | ) | (657,900 | ) | (15,040,680 | ) | (418,248 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease | (23,066,721 | ) | $ | (622,600 | ) | (3,392,614 | ) | $ | (98,314 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 626,942 | $ | 16,810 | 1,548,101 | $ | 40,303 | ||||||||||
Shares Redeemed | (3,635,550 | ) | (95,859 | ) | (3,176,806 | ) | (82,918 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease | (3,008,608 | ) | $ | (79,049 | ) | (1,628,705 | ) | $ | (42,615 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TCW SMID Cap Growth Fund | Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 214,813 | $ | 2,476 | 124,844 | $ | 1,318 | ||||||||||
Shares Redeemed | (225,202 | ) | (2,567 | ) | (186,922 | ) | (1,916 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease | (10,389 | ) | $ | (91 | ) | (62,078 | ) | $ | (598 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 550,289 | $ | 6,362 | 67,424 | $ | 700 | ||||||||||
Shares Redeemed | (617,342 | ) | (7,119 | ) | (600,903 | ) | (6,077 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease | (67,053 | ) | $ | (757 | ) | (533,479 | ) | $ | (5,377 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TCW Value Opportunities Fund | Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 250,162 | $ | 5,569 | 440,975 | $ | 8,176 | ||||||||||
Shares Issued upon Reinvestment | 32,449 | 665 | 25,251 | 441 | ||||||||||||
Shares Redeemed | (420,063 | ) | (9,126 | ) | (1,396,723 | ) | (26,446 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease | (137,452 | ) | $ | (2,892 | ) | (930,497 | ) | $ | (17,829 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 67,204 | $ | 1,472 | 264,503 | $ | 4,725 | ||||||||||
Shares Issued upon Reinvestment | 9,668 | 195 | 612 | 11 | ||||||||||||
Shares Redeemed | (176,951 | ) | (3,795 | ) | (577,840 | ) | (10,475 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease | (100,079 | ) | $ | (2,128 | ) | (312,725 | ) | $ | (5,739 | ) | ||||||
|
|
|
|
|
|
|
|
87
Table of Contents
TCW Funds, Inc.
Notes to Financial Statements (Unaudited) (Continued) |
Note 9 — Capital Share Transactions (Continued)
TCW Conservative Allocation Fund | Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 448,835 | $ | 4,948 | 456,128 | $ | 4,817 | ||||||||||
Shares Issued upon Reinvestment | 32,265 | 349 | 41,575 | 414 | ||||||||||||
Shares Redeemed | (52,172 | ) | (581 | ) | (229,978 | ) | (2,433 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 428,928 | $ | 4,716 | 267,725 | $ | 2,798 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 11,740 | $ | 130 | 27,312 | $ | 290 | ||||||||||
Shares Issued upon Reinvestment | 1,368 | 15 | 2,881 | 29 | ||||||||||||
Shares Redeemed | (6,774 | ) | (74 | ) | (64,691 | ) | (680 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) | 6,334 | $ | 71 | (34,498 | ) | $ | (361 | ) | ||||||||
|
|
|
|
|
|
|
|
(1) | Amount rounds to less than $1. |
Note 10 — 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, 2013.
Note 11 — Indemnifications
Under the Company’s organizational documents, its Officers and Directors may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Company, and shareholders are indemnified against personal liability for the obligations of the Company. In addition, the Company entered into an agreement with each of the Directors which provides that the Company will indemnify and hold harmless each Director against any expenses actually and reasonably incurred by any Director in any proceeding arising out of or in connection with the Director’s services to the Company, to the fullest extent permitted by the Company’s Articles of Incorporation and By-Laws, the Maryland General Corporation Law, the Securities Act of 1933, and the 1940 Act, each as now or hereinafter in force. Additionally, in the normal course of business, the Company enters into agreements with service providers that may contain indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred. However, based on experience, the Company expects the risk of loss to be remote. The Company has not accrued any liability in connection with such indemnification.
88
Table of Contents
TCW Funds, Inc.
Notes to Financial Statements (Unaudited) (Continued) |
Note 12 — Recently Issued Accounting Pronouncements
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 Fund is in the process of evaluating the disclosure requirements and any impact the new disclosures will have on its financial statements.
Note 13 — Subsequent Event
On June 28, 2013, the Company will launch a new Fund called the TCW Emerging Markets Multi-Asset Opportunities Fund. The Fund’s investment objective is to seek current income and long term capital appreciation by investing at least 80% of the value of its net assets in debt and equity securities issued or guaranteed by companies, financial institutions and government entities in emerging market countries.
89
Table of Contents
TCW Concentrated Value Fund
Financial Highlights — I Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 12.20 | $ | 10.83 | $ | 10.99 | $ | 9.98 | $ | 9.62 | $ | 15.72 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (1) | 0.04 | 0.05 | 0.04 | 0.03 | 0.10 | 0.06 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 2.19 | 1.36 | (0.17 | ) | 1.07 | 0.33 | (6.10 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 2.23 | 1.41 | (0.13 | ) | 1.10 | 0.43 | (6.04 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.12 | ) | (0.04 | ) | (0.03 | ) | (0.09 | ) | (0.07 | ) | (0.06 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 14.31 | $ | 12.20 | $ | 10.83 | $ | 10.99 | $ | 9.98 | $ | 9.62 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 18.51 | % (2) | 12.94 | % | (1.23 | )% | 11.05 | % | 4.64 | % | (38.57 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 6,750 | $ | 7,007 | $ | 22,496 | $ | 34,285 | $ | 34,867 | $ | 38,480 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Expense Reimbursement | 2.11 | % (3) | 1.19 | % | 0.96 | % | 0.91 | % | 1.00 | % | 1.01 | % | ||||||||||||
After Expense Reimbursement | 1.15 | % (3) | 1.19 | % | N/A | N/A | 0.86 | % | 1.00 | % | ||||||||||||||
Ratio of Net Investment Income to Average Net Assets | 0.59 | % (3) | 0.43 | % | 0.31 | % | 0.32 | % | 1.11 | % | 0.46 | % | ||||||||||||
Portfolio Turnover Rate | 15.19 | % (2) | 24.99 | % | 38.18 | % | 53.50 | % | 72.56 | % | 110.17 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2013 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
90
Table of Contents
TCW Concentrated Value Fund
Financial Highlights — N Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 12.11 | $ | 10.71 | $ | 10.95 | $ | 9.94 | $ | 9.58 | $ | 15.67 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (1) | 0.04 | 0.05 | 0.00 | (2) | 0.01 | 0.06 | 0.07 | |||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 2.17 | 1.35 | (0.24 | ) | 1.05 | 0.34 | (6.10 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 2.21 | 1.40 | (0.24 | ) | 1.06 | 0.40 | (6.03 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.16 | ) | — | (0.00 | ) (2) | (0.05 | ) | (0.04 | ) | (0.06 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 14.16 | $ | 12.11 | $ | 10.71 | $ | 10.95 | $ | 9.94 | $ | 9.58 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 18.47 | % (3) | 13.07 | % | (2.19 | )% | 10.71 | % | 4.24 | % | (38.64 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 892 | $ | 861 | $ | 861 | $ | 30,786 | $ | 28,239 | $ | 31,710 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Expense Reimbursement | 4.51 | % (4) | 3.29 | % | 1.18 | % | 1.17 | % | 1.30 | % | 1.28 | % | ||||||||||||
After Expense Reimbursement | 1.15 | % (4) | 1.18 | % | N/A | N/A | 1.25 | % | N/A | |||||||||||||||
Ratio of Net Investment Income to Average Net Assets | 0.61 | % (4) | 0.45 | % | 0.01 | % | 0.05 | % | 0.72 | % | 0.54 | % | ||||||||||||
Portfolio Turnover Rate | 15.19 | % (3) | 24.99 | % | 38.18 | % | 53.50 | % | 72.56 | % | 110.17 | % |
(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, 2013 and is not indicative of a full year’s operating results. |
(4) | Annualized. |
See accompanying notes to financial statements.
91
Table of Contents
TCW Dividend Focused Fund
Financial Highlights — I Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 11.77 | $ | 10.18 | $ | 9.60 | $ | 8.28 | $ | 7.70 | $ | 14.24 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (1) | 0.13 | 0.22 | 0.18 | 0.18 | 0.23 | 0.31 | ||||||||||||||||||
Net Realized and Unrealized Gain on Investments | 1.94 | 1.60 | 0.59 | 1.31 | 0.61 | (6.01 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 2.07 | 1.82 | 0.77 | 1.49 | 0.84 | (5.70 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.15 | ) | (0.23 | ) | (0.19 | ) | (0.17 | ) | (0.25 | ) | (0.33 | ) | ||||||||||||
Distributions from Net Realized Gain | — | — | — | — | — | (0.51 | ) | |||||||||||||||||
Distributions from Return of Capital | — | — | — | — | (0.01 | ) | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.15 | ) | (0.23 | ) | (0.19 | ) | (0.17 | ) | (0.26 | ) | (0.84 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 13.69 | $ | 11.77 | $ | 10.18 | $ | 9.60 | $ | 8.28 | $ | 7.70 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 17.66 | % (2) | 18.03 | % | 8.05 | % | 18.13 | % | 11.58 | % | (42.11 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 131,078 | $ | 99,787 | $ | 54,367 | $ | 57,797 | $ | 44,125 | $ | 67,197 | ||||||||||||
Ratio of Expenses to Average Net Assets | 0.82 | % (3) | 0.85 | % | 0.86 | % | 0.90 | % | 0.92 | % | 0.86 | % | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 2.07 | % (3) | 1.95 | % | 1.76 | % | 1.95 | % | 3.27 | % | 2.71 | % | ||||||||||||
Portfolio Turnover Rate | 10.27 | % (2) | 23.15 | % | 37.51 | % | 25.77 | % | 26.48 | % | 35.28 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2013 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
92
Table of Contents
TCW Dividend Focused Fund
Financial Highlights — N Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 11.92 | $ | 10.29 | $ | 9.68 | $ | 8.36 | $ | 7.72 | $ | 14.23 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (1) | 0.12 | 0.19 | 0.15 | 0.15 | 0.21 | 0.27 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 1.96 | 1.62 | 0.60 | 1.31 | 0.63 | (6.01 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 2.08 | 1.81 | 0.75 | 1.46 | 0.84 | (5.74 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.11 | ) | (0.18 | ) | (0.14 | ) | (0.14 | ) | (0.19 | ) | (0.26 | ) | ||||||||||||
Distributions from Net Realized Gain | — | — | — | — | — | (0.51 | ) | |||||||||||||||||
Distributions from Return of Capital | — | — | — | — | (0.01 | ) | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.11 | ) | (0.18 | ) | (0.14 | ) | (0.14 | ) | (0.20 | ) | (0.77 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 13.89 | $ | 11.92 | $ | 10.29 | $ | 9.68 | $ | 8.36 | $ | 7.72 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 17.54 | % (2) | 17.68 | % | 7.73 | % | 17.66 | % | 11.38 | % | (42.29 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 743,521 | $ | 601,397 | $ | 514,153 | $ | 550,305 | $ | 552,767 | $ | 685,359 | ||||||||||||
Ratio of Expenses to Average Net Assets | 1.12 | % (3) | 1.14 | % | 1.17 | % | 1.20 | % | 1.20 | % | 1.18 | % | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 1.81 | % (3) | 1.70 | % | 1.45 | % | 1.68 | % | 2.92 | % | 2.39 | % | ||||||||||||
Portfolio Turnover Rate | 10.27 | % (2) | 23.15 | % | 37.51 | % | 25.77 | % | 26.48 | % | 35.28 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2013 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
93
Table of Contents
TCW Growth Fund
Financial Highlights — I Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, | January 2, 2008 (Commencement of Operations) through October 31, 2008 | ||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 22.37 | $ | 21.13 | $ | 19.95 | $ | 16.27 | $ | 12.94 | $ | 20.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss) (1) | 0.05 | (0.02 | ) | (0.07 | ) | (0.10 | ) | (0.08 | ) | (0.15 | ) | |||||||||||||
Net Realized and Unrealized Gain on Investments | 2.95 | 1.35 | 1.25 | 3.78 | 3.41 | (6.91 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 3.00 | 1.33 | 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 | $ | 25.37 | $ | 22.37 | $ | 21.13 | $ | 19.95 | $ | 16.27 | $ | 12.94 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 13.41 | % (3) | 6.30 | % | 5.86 | % | 22.68 | % | 25.74 | % | (35.30 | )% (2) | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 2,217 | $ | 1,988 | $ | 26,089 | $ | 663 | $ | 407 | $ | 324 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Expense Reimbursement | 5.59 | % (4) | 1.19 | % | 1.32 | % | 13.74 | % | 15.94 | % | 9.74 | % (4) | ||||||||||||
After Expense Reimbursement | 0.99 | % (4) | 0.99 | % | 0.99 | % | 1.37 | % | 1.38 | % | 1.41 | % (4) | ||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets | 0.42 | % (4) | (0.10 | )% | (0.33 | )% | (0.56 | )% | (0.55 | )% | (0.97 | )% (4) | ||||||||||||
Portfolio Turnover Rate | 17.19 | % (3) | 45.47 | % | 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, 2013 and is not indicative of a full year’s operating results. |
(4) | Annualized. |
See accompanying notes to financial statements.
94
Table of Contents
TCW Growth Fund
Financial Highlights — N Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, | January 2, 2008 (Commencement of Operations) through October 31, 2008 | ||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 22.39 | $ | 21.13 | $ | 19.95 | $ | 16.27 | $ | 12.94 | $ | 20.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss) (1) | 0.04 | (0.02 | ) | (0.06 | ) | (0.10 | ) | (0.08 | ) | (0.15 | ) | |||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 2.96 | 1.36 | 1.24 | 3.78 | 3.41 | (6.91 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 3.00 | 1.34 | 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 | $ | 25.39 | $ | 22.39 | $ | 21.13 | $ | 19.95 | $ | 16.27 | $ | 12.94 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 13.40 | % (4) | 6.39 | % | 5.86 | % | 22.68 | % | 25.73 | % | (35.30 | )% (3) | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 118 | $ | 81 | $ | 678 | $ | 534 | $ | 407 | $ | 323 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Expense Reimbursement | 21.27 | % (5) | 3.85 | % | 6.97 | % | 13.99 | % | 16.16 | % | 10.07 | % (5) | ||||||||||||
After Expense Reimbursement | 0.99 | % (5) | 0.99 | % | 0.99 | % | 1.37 | % | 1.38 | % | 1.41 | % (5) | ||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets | 0.35 | % (5) | (0.11 | )% | (0.28 | )% | (0.56 | )% | (0.56 | )% | (0.97 | )% (5) | ||||||||||||
Portfolio Turnover Rate | 17.19 | % (4) | 45.47 | % | 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, 2013 and is not indicative of a full year’s operating results. |
(5) | Annualized. |
See accompanying notes to financial statements.
95
Table of Contents
TCW Growth Equities Fund
Financial Highlights — I Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 13.87 | $ | 14.66 | $ | 13.95 | $ | 10.87 | $ | 8.73 | $ | 17.91 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Loss (1) | (0.02 | ) | (0.08 | ) | (0.11 | ) | (0.09 | ) | (0.10 | ) | (0.08 | ) | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 2.46 | (0.15 | ) | 0.82 | 3.17 | 2.24 | (7.72 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 2.44 | (0.23 | ) | 0.71 | 3.08 | 2.14 | (7.80 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.02 | ) | — | — | — | — | — | |||||||||||||||||
Distributions from Net Realized Gain | (0.18 | ) | (0.56 | ) | — | — | — | (1.38 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.20 | ) | (0.56 | ) | — | — | — | (1.38 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 16.11 | $ | 13.87 | $ | 14.66 | $ | 13.95 | $ | 10.87 | $ | 8.73 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 17.78 | % (2) | (1.43 | )% | 5.09 | % | 28.33 | % | 24.51 | % | (46.86 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 26,233 | $ | 66,951 | $ | 91,091 | $ | 101,943 | $ | 43,125 | $ | 23,706 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Expense Reimbursement | 1.27 | % (3) | 1.21 | % | 1.20 | % | 1.27 | % | 1.52 | % | 1.34 | % | ||||||||||||
After Expense Reimbursement | 1.20 | % (3) | 1.20 | % | 1.20 | % | N/A | 1.47 | % | N/A | ||||||||||||||
Ratio of Net Investment Loss to Average Net Assets | (0.24 | )% (3) | (0.54 | )% | (0.72 | )% | (0.67 | )% | (1.10 | )% | (0.55 | )% | ||||||||||||
Portfolio Turnover Rate | 40.54 | % (2) | 48.75 | % | 50.74 | % | 71.30 | % | 69.14 | % | 68.65 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2013 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
96
Table of Contents
TCW Growth Equities Fund
Financial Highlights — N Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 13.82 | $ | 14.61 | $ | 13.90 | $ | 10.84 | $ | 8.71 | $ | 17.90 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Loss (1) | (0.01 | ) | (0.08 | ) | (0.11 | ) | (0.09 | ) | (0.10 | ) | (0.09 | ) | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 2.44 | (0.15 | ) | 0.82 | 3.15 | 2.23 | (7.72 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 2.43 | (0.23 | ) | 0.71 | 3.06 | 2.13 | (7.81 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.02 | ) | — | — | — | — | — | |||||||||||||||||
Distributions from Net Realized Gain | (0.18 | ) | (0.56 | ) | — | — | — | (1.38 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.20 | ) | (0.56 | ) | — | — | — | (1.38 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 16.05 | $ | 13.82 | $ | 14.61 | $ | 13.90 | $ | 10.84 | $ | 8.71 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 17.81 | % (2) | (1.44 | )% | 5.11 | % | 28.23 | % | 24.46 | % | (46.95 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 6,164 | $ | 9,865 | $ | 9,493 | $ | 10,542 | $ | 4,476 | $ | 5,216 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Expense Reimbursement | 1.90 | % (3) | 1.73 | % | 1.73 | % | 2.03 | % | 2.38 | % | 1.93 | % | ||||||||||||
After Expense Reimbursement | 1.20 | % (3) | 1.20 | % | 1.20 | % | 1.32 | % | 1.47 | % | 1.50 | % | ||||||||||||
Ratio of Net Investment Loss to Average Net Assets | (0.16 | )% (3) | (0.53 | )% | (0.73 | )% | (0.69 | )% | (1.09 | )% | (0.70 | )% | ||||||||||||
Portfolio Turnover Rate | 40.54 | % (2) | 48.75 | % | 50.74 | % | 71.30 | % | 69.14 | % | 68.65 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2013 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
97
Table of Contents
TCW International Growth Fund
Financial Highlights — I Class
November 1, 2012 (Commencement of Operations) through April 30, 2013 (Unaudited) | ||||
Net Asset Value per Share, Beginning of Period | $ | 10.00 | ||
|
| |||
Income (Loss) from Investment Operations: | ||||
Net Investment Income (1) | 0.02 | |||
Net Realized and Unrealized Gain on Investments | 0.96 | |||
|
| |||
Total from Investment Operations | 0.98 | |||
|
| |||
Net Asset Value per Share, End of Period | $ | 10.98 | ||
|
| |||
Total Return | 9.80 | % (2) | ||
Ratios/Supplemental Data: | ||||
Net Assets, End of Period (in thousands) | $ | 1,217 | ||
Ratio of Expenses to Average Net Assets: | ||||
Before Expense Reimbursement | 5.89 | % (3) | ||
After Expense Reimbursement | 1.04 | % (3) | ||
Ratio of Net Investment Income to Average Net Assets | 0.30 | % (3) | ||
Portfolio Turnover Rate | 147.04 | % (2) |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the period November 1, 2012 (Commencement of Operations) through April 30, 2013 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
98
Table of Contents
TCW International Growth Fund
Financial Highlights — N Class
November 1, 2012 (Commencement of Operations) Through April 30, 2013 (Unaudited) | ||||
Net Asset Value per Share, Beginning of Period | $ | 10.00 | ||
|
| |||
Income (Loss) from Investment Operations: | ||||
Net Investment Income (1) | (0.00 | ) (2) | ||
Net Realized and Unrealized Gain on Investments | 0.96 | |||
|
| |||
Total from Investment Operations | 0.96 | |||
|
| |||
Net Asset Value per Share, End of Period | $ | 10.96 | ||
|
| |||
Total Return | 9.60 | % (3) | ||
Ratios/Supplemental Data: | ||||
Net Assets, End of Period (in thousands) | $ | 1,096 | ||
Ratio of Expenses to Average Net Assets: | ||||
Before Expense Reimbursement | 6.20 | % | ||
After Expense Reimbursement | 1.34 | % (4) | ||
Ratio of Net Investment Loss to Average Net Assets | (0.03 | )% (4) | ||
Portfolio Turnover Rate | 147.04 | % (3) |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Amount rounds to less than $0.01 per share. |
(3) | For the period November 1, 2012 (Commencement of Operations) through April 30, 2013 and is not indicative of a full year’s operating results. |
(4) | Annualized. |
See accompanying notes to financial statements.
99
Table of Contents
TCW International Small Cap Fund
Financial Highlights — I Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | February 28, 2011 (Commencement of Operations) through October 31, 2011 | ||||||||||
Net Asset Value per Share, Beginning of Period | $ | 7.83 | $ | 7.68 | $ | 10.00 | ||||||
|
|
|
|
|
| |||||||
Income (Loss) from Investment Operations: | ||||||||||||
Net Investment Income (Loss) (1) | (0.02 | ) | 0.09 | (0.04 | ) | |||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.79 | 0.13 | (2.28 | ) | ||||||||
|
|
|
|
|
| |||||||
Total from Investment Operations | 0.77 | 0.22 | (2.32 | ) | ||||||||
|
|
|
|
|
| |||||||
Less Distributions: | ||||||||||||
Distributions from Net Investment Income | (0.45 | ) | (0.07 | ) | — | |||||||
|
|
|
|
|
| |||||||
Net Asset Value per Share, End of Period | $ | 8.15 | $ | 7.83 | $ | 7.68 | ||||||
|
|
|
|
|
| |||||||
Total Return | 10.35 | % (3) | 2.92 | % | (23.20 | )% (2) | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net Assets, End of Period (in thousands) | $ | 19,663 | $ | 18,354 | $ | 12,988 | ||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||
Before Expense Reimbursement | 1.28 | % (4) | 1.32 | % | 1.60 | % (4) | ||||||
After Expense Reimbursement | N/A | N/A | 1.44 | % (4) | ||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets | (0.40 | )% (4) | 1.16 | % | (0.69 | )% (4) | ||||||
Portfolio Turnover Rate | 145.56 | % (3) | 139.84 | % | 86.04 | % (2) |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the period February 28, 2011 (Commencement of Operations) through October 31, 2011 and is not indicative of a full year’s operating results. |
(3) | For the six months ended April 30, 2013 and is not indicative of a full year’s operating results. |
(4) | Annualized. |
See accompanying notes to financial statements.
100
Table of Contents
TCW International Small Cap Fund
Financial Highlights — N Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | February 28, 2011 (Commencement of Operations) through October 31, 2011 | ||||||||||
Net Asset Value per Share, Beginning of Period | $ | 7.82 | $ | 7.68 | $ | 10.00 | ||||||
|
|
|
|
|
| |||||||
Income (Loss) from Investment Operations: | ||||||||||||
Net Investment Income (Loss) (1) | (0.02 | ) | 0.08 | (0.04 | ) | |||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.78 | 0.12 | (2.28 | ) | ||||||||
|
|
|
|
|
| |||||||
Total from Investment Operations | 0.76 | 0.20 | (2.32 | ) | ||||||||
|
|
|
|
|
| |||||||
Less Distributions: | ||||||||||||
Distributions from Net Investment Income | (0.44 | ) | (0.06 | ) | — | |||||||
|
|
|
|
|
| |||||||
Net Asset Value per Share, End of Period | $ | 8.14 | $ | 7.82 | $ | 7.68 | ||||||
|
|
|
|
|
| |||||||
Total Return | 10.21 | % (3) | 2.75 | % | (23.20 | )% (2) | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net Assets, End of Period (in thousands) | $ | 12,915 | $ | 11,715 | $ | 11,192 | ||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||
Before Expense Reimbursement | 1.59 | % (4) | 1.64 | % | 1.94 | % (4) | ||||||
After Expense Reimbursement | 1.44 | % (4) | 1.44 | % | 1.44 | % (4) | ||||||
Ratio of Net Investment Income (Loss) to Average Net Assets | (0.58 | )% (4) | 1.00 | % | (0.65 | )% (4) | ||||||
Portfolio Turnover Rate | 145.56 | % (3) | 139.84 | % | 86.04 | % (2) |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the period February 28, 2011 (Commencement of Operations) through October 31, 2011 and is not indicative of a full year’s operating results. |
(3) | For the six months ended April 30, 2013 and is not indicative of a full year’s operating results. |
(4) | Annualized. |
See accompanying notes to financial statements.
101
Table of Contents
TCW Relative Value Large Cap Fund
Financial Highlights — I Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 14.91 | $ | 13.05 | $ | 12.42 | $ | 11.06 | $ | 9.80 | $ | 16.91 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (1) | 0.10 | 0.16 | 0.12 | 0.13 | 0.17 | 0.20 | ||||||||||||||||||
Net Realized and Unrealized Gain on Investments | 2.63 | 1.82 | 0.65 | 1.41 | 1.28 | (6.81 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 2.73 | 1.98 | 0.77 | 1.54 | 1.45 | (6.61 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.16 | ) | (0.12 | ) | (0.14 | ) | (0.18 | ) | (0.19 | ) | (0.15 | ) | ||||||||||||
Distributions from Net Realized Gain | — | — | — | — | — | (0.35 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.16 | ) | (0.12 | ) | (0.14 | ) | (0.18 | ) | (0.19 | ) | (0.50 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 17.48 | $ | 14.91 | $ | 13.05 | $ | 12.42 | $ | 11.06 | $ | 9.80 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 18.50 | % (2) | 15.33 | % | 6.16 | % | 14.14 | % | 15.25 | % | (40.18 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 973,349 | $ | 741,996 | $ | 396,729 | $ | 373,921 | $ | 412,831 | $ | 348,859 | ||||||||||||
Ratio of Expenses to Average Net Assets | 0.86 | % (3) | 0.89 | % | 0.92 | % | 1.07 | % | 1.11 | % | 1.00 | % | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 1.19 | % (3) | 1.14 | % | 0.90 | % | 1.14 | % | 1.79 | % | 1.42 | % | ||||||||||||
Portfolio Turnover Rate | 7.44 | % (2) | 19.71 | % | 26.76 | % | 34.49 | % | 40.28 | % | 40.77 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2013 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
102
Table of Contents
TCW Relative Value Large Cap Fund
Financial Highlights — N Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 14.89 | $ | 13.00 | $ | 12.38 | $ | 11.03 | $ | 9.75 | $ | 16.83 | ||||||||||||
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (1) | 0.08 | 0.13 | 0.09 | 0.12 | 0.16 | 0.17 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 2.62 | 1.83 | 0.64 | 1.40 | 1.29 | (6.78 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 2.70 | 1.96 | 0.73 | 1.52 | 1.45 | (6.61 | ) | |||||||||||||||||
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|
|
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|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.12 | ) | (0.07 | ) | (0.11 | ) | (0.17 | ) | (0.17 | ) | (0.12 | ) | ||||||||||||
Distributions from Net Realized Gain | — | — | — | — | — | (0.35 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.12 | ) | (0.07 | ) | (0.11 | ) | (0.17 | ) | (0.17 | ) | (0.47 | ) | ||||||||||||
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 17.47 | $ | 14.89 | $ | 13.00 | $ | 12.38 | $ | 11.03 | $ | 9.75 | ||||||||||||
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|
|
|
|
|
|
|
| |||||||||||||
Total Return | 18.30 | % (2) | 15.11 | % | 5.88 | % | 13.96 | % | 15.22 | % | (40.31 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 59,248 | $ | 50,212 | $ | 50,341 | $ | 67,688 | $ | 103,155 | $ | 118,338 | ||||||||||||
Ratio of Expenses to Average Net Assets | 1.12 | % (3) | 1.14 | % | 1.18 | % | 1.19 | % | 1.21 | % | 1.19 | % | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 0.96 | % (3) | 0.92 | % | 0.65 | % | 1.06 | % | 1.72 | % | 1.25 | % | ||||||||||||
Portfolio Turnover Rate | 7.44 | % (2) | 19.71 | % | 26.76 | % | 34.49 | % | 40.28 | % | 40.77 | % |
(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 Select Equities Fund
Financial Highlights — I Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 19.81 | $ | 18.17 | $ | 16.18 | $ | 13.45 | $ | 12.96 | $ | 22.26 | ||||||||||||
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|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss) (1) | 0.04 | (0.00 | ) (2) | (0.04 | ) | (0.03 | ) | (0.04 | ) | (0.06 | ) | |||||||||||||
Net Realized and Unrealized Gain on Investments | 2.22 | 1.86 | 2.03 | 2.76 | 2.36 | (7.15 | ) | |||||||||||||||||
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|
|
|
|
| |||||||||||||
Total from Investment Operations | 2.26 | 1.86 | 1.99 | 2.73 | 2.32 | (7.21 | ) | |||||||||||||||||
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|
|
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|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.05 | ) | — | — | — | — | (0.01 | ) | ||||||||||||||||
Distributions from Net Realized Gain | (0.29 | ) | (0.22 | ) | — | — | (1.83 | ) | (2.08 | ) | ||||||||||||||
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|
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|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.34 | ) | (0.22 | ) | — | — | (1.83 | ) | (2.09 | ) | ||||||||||||||
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|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 21.73 | $ | 19.81 | $ | 18.17 | �� | $ | 16.18 | $ | 13.45 | $ | 12.96 | |||||||||||
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 11.57 | % (3) | 10.37 | % | 12.30 | % | 20.30 | % | 22.30 | % | (35.62 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 1,031,296 | $ | 802,524 | $ | 432,203 | $ | 388,735 | $ | 360,290 | $ | 537,402 | ||||||||||||
Ratio of Expenses to Average Net Assets | 0.83 | % (4) | 0.86 | % | 0.90 | % | 0.92 | % | 0.98 | % | 0.95 | % | ||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets | 0.41 | % (4) | (0.01 | )% | (0.23 | )% | (0.19 | )% | (0.31 | )% | (0.33 | )% | ||||||||||||
Portfolio Turnover Rate | 8.72 | % (3) | 19.74 | % | 28.13 | % | 23.75 | % | 36.82 | % | 50.80 | % |
(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, 2013 and is not indicative of a full year’s operating results. |
(4) | Annualized. |
See accompanying notes to financial statements.
104
Table of Contents
TCW Select Equities Fund
Financial Highlights — N Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 18.84 | $ | 17.34 | $ | 15.48 | $ | 12.92 | $ | 12.55 | $ | 21.66 | ||||||||||||
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|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss) (1) | 0.02 | (0.06 | ) | (0.09 | ) | (0.07 | ) | (0.07 | ) | (0.10 | ) | |||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 2.10 | 1.78 | 1.95 | 2.63 | 2.27 | (6.93 | ) | |||||||||||||||||
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 2.12 | 1.72 | 1.86 | 2.56 | 2.20 | (7.03 | ) | |||||||||||||||||
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|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Realized Gain | (0.29 | ) | (0.22 | ) | — | — | (1.83 | ) | (2.08 | ) | ||||||||||||||
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 20.67 | $ | 18.84 | $ | 17.34 | $ | 15.48 | $ | 12.92 | $ | 12.55 | ||||||||||||
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 11.41 | % (2) | 10.06 | % | 12.02 | % | 19.81 | % | 22.02 | % | (35.77 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 324,707 | $ | 292,448 | $ | 182,151 | $ | 125,638 | $ | 140,963 | $ | 177,885 | ||||||||||||
Ratio of Expenses to Average Net Assets | 1.12 | % (3) | 1.14 | % | 1.20 | % | 1.24 | % | 1.25 | % | 1.20 | % | ||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets | 0.15 | % (3) | (0.31 | )% | (0.55 | )% | (0.51 | )% | (0.58 | )% | (0.57 | )% | ||||||||||||
Portfolio Turnover Rate | 8.72 | % (2) | 19.74 | % | 28.13 | % | 23.75 | % | 36.82 | % | 50.80 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2013 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
105
Table of Contents
TCW Small Cap Growth Fund
Financial Highlights — I Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 26.74 | $ | 27.84 | $ | 26.52 | $ | 21.18 | $ | 15.23 | $ | 26.30 | ||||||||||||
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Loss (1) | (0.10 | ) | (0.24 | ) | (0.26 | ) | (0.17 | ) | (0.19 | ) | (0.11 | ) | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 2.73 | (0.86 | ) | 1.58 | 5.51 | 6.14 | (10.96 | ) | ||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 2.63 | (1.10 | ) | 1.32 | 5.34 | 5.95 | (11.07 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 29.37 | $ | 26.74 | $ | 27.84 | $ | 26.52 | $ | 21.18 | $ | 15.23 | ||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 9.87 | % (2) | (3.95 | )% | 4.98 | % | 25.21 | % | 39.07 | % | (42.09 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 232,522 | $ | 828,435 | $ | 956,904 | $ | 584,581 | $ | 183,467 | $ | 78,136 | ||||||||||||
Ratio of Expenses to Average Net Assets | 1.29 | % (3) | 1.16 | % | 1.22 | % | 1.19 | % | 1.20 | % | 1.20 | % | ||||||||||||
Ratio of Net Investment Loss to Average Net Assets | (0.76 | )% (3) | (0.89 | )% | (0.88 | )% | (0.71 | )% | (1.08 | )% | (0.53 | )% | ||||||||||||
Portfolio Turnover Rate | 34.36 | % (2) | 79.27 | % | 93.47 | % | 105.57 | % | 79.13 | % | 110.57 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2013 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
106
Table of Contents
TCW Small Cap Growth Fund
Financial Highlights — N Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 25.60 | $ | 26.73 | $ | 25.53 | $ | 20.44 | $ | 14.75 | $ | 25.58 | ||||||||||||
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Loss (1) | (0.12 | ) | (0.31 | ) | (0.32 | ) | (0.23 | ) | (0.27 | ) | (0.21 | ) | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 2.61 | (0.82 | ) | 1.52 | 5.32 | 5.96 | (10.62 | ) | ||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 2.49 | (1.13 | ) | 1.20 | 5.09 | 5.69 | (10.83 | ) | ||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 28.09 | $ | 25.60 | $ | 26.73 | $ | 25.53 | $ | 20.44 | $ | 14.75 | ||||||||||||
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 9.77 | % (2) | (4.23 | )% | 4.70 | % | 24.90 | % | 38.58 | % | (42.34 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 119,884 | $ | 186,245 | $ | 237,982 | $ | 187,375 | $ | 115,465 | $ | 19,634 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Expense Reimbursement | 1.56 | % (3) | 1.44 | % | 1.49 | % | 1.51 | % | 1.59 | % | 1.64 | % | ||||||||||||
After Expense Reimbursement | 1.47 | % (3) | N/A | N/A | N/A | N/A | 1.61 | % | ||||||||||||||||
Ratio of Net Investment Loss to Average Net Assets | (0.95 | )% (3) | (1.16 | )% | (1.14 | )% | (0.97 | )% | (1.47 | )% | (1.00 | )% | ||||||||||||
Portfolio Turnover Rate | 34.36 | % (2) | 79.27 | % | 93.47 | % | 105.57 | % | 79.13 | % | 110.57 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2013 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
107
Table of Contents
TCW SMID Cap Growth Fund
Financial Highlights — I Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | November 1, 2010 (Commencement of Operations) through October 31, 2011 | ||||||||||
Net Asset Value per Share, Beginning of Period | $ | 10.26 | $ | 10.42 | $ | 10.00 | ||||||
|
|
|
|
|
| |||||||
Income (Loss) from Investment Operations: | ||||||||||||
Net Investment Income (Loss) (1) | (0.03 | ) | (0.08 | ) | (0.10 | ) | ||||||
Net Realized and Unrealized Gain (Loss) on Investments | 1.76 | (0.08 | ) | 0.52 | ||||||||
|
|
|
|
|
| |||||||
Total from Investment Operations | 1.73 | (0.16 | ) | 0.42 | ||||||||
|
|
|
|
|
| |||||||
Net Asset Value per Share, End of Period | $ | 11.99 | $ | 10.26 | $ | 10.42 | ||||||
|
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|
|
| |||||||
Total Return | 16.86 | % (2) | (1.54 | )% | 4.20 | % | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net Assets, End of Period (in thousands) | $ | 25,668 | $ | 22,084 | $ | 23,057 | ||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||
Before Expense Reimbursement | 1.39 | % (3) | 1.36 | % | 2.16 | % | ||||||
After Expense Reimbursement | 1.20 | % (3) | 1.20 | % | 1.20 | % | ||||||
Ratio of Net Investment Income (Loss) to Average Net Assets | (0.57 | )% (3) | (0.75 | )% | (0.96 | )% | ||||||
Portfolio Turnover Rate | 36.00 | % (2) | 78.76 | % | 89.56 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2013 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
108
Table of Contents
TCW SMID Cap Growth Fund
Financial Highlights — N Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | November 1, 2010 (Commencement of Operations) through October 31, 2011 | ||||||||||
Net Asset Value per Share, Beginning of Period | $ | 10.27 | $ | 10.42 | $ | 10.00 | ||||||
|
|
|
|
|
| |||||||
Income (Loss) from Investment Operations: | ||||||||||||
Net Investment Income (Loss) (1) | (0.03 | ) | (0.08 | ) | (0.10 | ) | ||||||
Net Realized and Unrealized Gain (Loss) on Investments | 1.75 | (0.07 | ) | 0.52 | ||||||||
|
|
|
|
|
| |||||||
Total from Investment Operations | 1.72 | (0.15 | ) | 0.42 | ||||||||
|
|
|
|
|
| |||||||
Net Asset Value per Share, End of Period | $ | 11.99 | $ | 10.27 | $ | 10.42 | ||||||
|
|
|
|
|
| |||||||
Total Return | 16.75 | % (2) | (1.44 | )% | 4.20 | % | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net Assets, End of Period (in thousands) | $ | 19,186 | $ | 17,116 | $ | 22,927 | ||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||
Before Expense Reimbursement | 1.68 | % (3) | 1.64 | % | 2.23 | % | ||||||
After Expense Reimbursement | 1.20 | % (3) | 1.20 | % | 1.20 | % | ||||||
Ratio of Net Investment Income (Loss) to Average Net Assets | (0.57 | )% (3) | (0.76 | )% | (0.96 | )% | ||||||
Portfolio Turnover Rate | 36.00 | % (2) | 78.76 | % | 89.56 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2013 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
109
Table of Contents
TCW Value Opportunities Fund
Financial Highlights — I Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 20.10 | $ | 17.43 | $ | 16.94 | $ | 14.12 | $ | 12.90 | $ | 24.05 | ||||||||||||
|
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|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (1) | 0.10 | 0.15 | 0.12 | 0.11 | 0.11 | 0.10 | ||||||||||||||||||
Net Realized and Unrealized Gain on Investments | 3.68 | 2.63 | 0.51 | 2.81 | 1.26 | (7.94 | ) | |||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 3.78 | 2.78 | 0.63 | 2.92 | 1.37 | (7.84 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.17 | ) | (0.11 | ) | (0.14 | ) | (0.10 | ) | (0.15 | ) | (0.06 | ) | ||||||||||||
Distributions from Net Realized Gain | (0.01 | ) | — | — | — | — | (3.25 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.18 | ) | (0.11 | ) | (0.14 | ) | (0.10 | ) | (0.15 | ) | (3.31 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 23.70 | $ | 20.10 | $ | 17.43 | $ | 16.94 | $ | 14.12 | $ | 12.90 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 18.94 | % (2) | 16.04 | % | 3.67 | % | 20.78 | % | 10.84 | % | (37.12 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 109,569 | $ | 95,698 | $ | 99,211 | $ | 152,391 | $ | 196,488 | $ | 198,208 | ||||||||||||
Ratio of Expenses to Average Net Assets | 0.95 | % (3) | 1.01 | % | 0.99 | % | 1.00 | % | 1.04 | % | 0.95 | % | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 0.90 | % (3) | 0.79 | % | 0.66 | % | 0.68 | % | 0.89 | % | 0.56 | % | ||||||||||||
Portfolio Turnover Rate | 13.99 | % (2) | 32.87 | % | 89.67 | % | 61.51 | % | 44.91 | % | 50.79 | % |
(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 Value Opportunities Fund
Financial Highlights — N Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 19.74 | $ | 17.06 | $ | 16.61 | $ | 13.85 | $ | 12.61 | $ | 23.60 | ||||||||||||
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (1) | 0.07 | 0.10 | 0.05 | 0.05 | 0.07 | 0.04 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 3.62 | 2.59 | 0.50 | 2.77 | 1.24 | (7.78 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 3.69 | 2.69 | 0.55 | 2.82 | 1.31 | (7.74 | ) | |||||||||||||||||
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|
|
|
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|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.12 | ) | (0.01 | ) | (0.10 | ) | (0.06 | ) | (0.07 | ) | — | |||||||||||||
Distributions from Net Realized Gain | (0.01 | ) | — | — | — | — | (3.25 | ) | ||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.13 | ) | (0.01 | ) | (0.10 | ) | (0.06 | ) | (0.07 | ) | (3.25 | ) | ||||||||||||
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|
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|
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|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 23.30 | $ | 19.74 | $ | 17.06 | $ | 16.61 | $ | 13.85 | $ | 12.61 | ||||||||||||
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|
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|
|
|
|
|
|
|
| |||||||||||||
Total Return | 18.78 | % (2) | 15.75 | % | 3.26 | % | 20.42 | % | 10.50 | % | (37.35 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 35,780 | $ | 32,292 | $ | 33,247 | $ | 54,041 | $ | 39,760 | $ | 51,162 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Expense Reimbursement | 1.35 | % (3) | 1.40 | % | 1.48 | % | 1.41 | % | 1.54 | % | 1.27 | % | ||||||||||||
After Expense Reimbursement | 1.23 | % (3) | 1.27 | % | 1.35 | % | 1.34 | % | 1.36 | % | N/A | |||||||||||||
Ratio of Net Investment Income to Average Net Assets | 0.62 | % (3) | 0.53 | % | 0.27 | % | 0.31 | % | 0.62 | % | 0.22 | % | ||||||||||||
Portfolio Turnover Rate | 13.99 | % (2) | 32.87 | % | 89.67 | % | 61.51 | % | 44.91 | % | 50.79 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2013 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
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Table of Contents
TCW Conservative Allocation Fund(1)
Financial Highlights — I Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 10.91 | $ | 10.51 | $ | 10.79 | $ | 9.87 | $ | 8.60 | $ | 10.61 | ||||||||||||
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|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (2) | 0.15 | 0.32 | 0.21 | 0.23 | 0.25 | 0.18 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.53 | 0.51 | 0.17 | 0.94 | 1.14 | (1.71 | ) | |||||||||||||||||
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|
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|
| |||||||||||||
Total from Investment Operations | 0.68 | 0.83 | 0.38 | 1.17 | 1.39 | (1.53 | ) | |||||||||||||||||
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|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.26 | ) | (0.20 | ) | (0.19 | ) | (0.25 | ) | (0.12 | ) | (0.32 | ) | ||||||||||||
Distributions from Net Realized Gain | — | (0.23 | ) | (0.47 | ) | — | — | (0.16 | ) | |||||||||||||||
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|
|
|
|
|
| |||||||||||||
Total Distributions | (0.26 | ) | (0.43 | ) | (0.66 | ) | (0.25 | ) | (0.12 | ) | (0.48 | ) | ||||||||||||
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| |||||||||||||
Net Asset Value per Share, End of Period | $ | 11.33 | $ | 10.91 | $ | 10.51 | $ | 10.79 | $ | 9.87 | $ | 8.60 | ||||||||||||
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| |||||||||||||
Total Return | 6.32 | % (4) | 8.35 | % | 3.63 | % | 12.08 | % | 16.38 | % | (14.95 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 20,127 | $ | 14,705 | $ | 11,356 | $ | 4,746 | $ | 4,195 | $ | 968 | ||||||||||||
Ratio of Expenses to Average Net Assets (3) | ||||||||||||||||||||||||
Before Expense Reimbursement | 0.42 | % (5) | 0.67 | % | 1.08 | % | 1.74 | % | 3.28 | % | 6.47 | % | ||||||||||||
After Expense Reimbursement | N/A | (5) | N/A | 0.85 | % | 0.89 | % | 0.90 | % | 0.98 | % | |||||||||||||
Ratio of Net Investment Income to Average Net Assets | 2.71 | % (5) | 2.98 | % | 1.97 | % | 2.27 | % | 2.81 | % | 1.88 | % | ||||||||||||
Portfolio Turnover Rate | 8.05 | % (4) | 59.12 | % | 93.92 | % | 42.93 | % | 64.78 | % | 87.68 | % |
(1) | Formerly TCW Global Conservative Allocation Fund. |
(2) | Computed using average shares outstanding throughout the period. |
(3) | Does not include expenses of the underlying affiliated investment companies. |
(4) | For the six months ended April 30, 2013 and is not indicative of a full year’s operating results. |
(5) | Annualized. |
See accompanying notes to financial statements.
112
Table of Contents
TCW Conservative Allocation Fund(1)
Financial Highlights — N Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 10.89 | $ | 10.51 | $ | 10.79 | $ | 9.86 | $ | 8.60 | $ | 10.60 | ||||||||||||
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|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (2) | 0.12 | 0.29 | 0.21 | 0.22 | 0.25 | 0.28 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.54 | 0.52 | 0.17 | 0.96 | 1.13 | (1.80 | ) | |||||||||||||||||
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| |||||||||||||
Total from Investment Operations | 0.66 | 0.81 | 0.38 | 1.18 | 1.38 | (1.52 | ) | |||||||||||||||||
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| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.24 | ) | (0.20 | ) | (0.19 | ) | (0.25 | ) | (0.12 | ) | (0.32 | ) | ||||||||||||
Distributions from Net Realized Gain | — | (0.23 | ) | (0.47 | ) | — | — | (0.16 | ) | |||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.24 | ) | (0.43 | ) | (0.66 | ) | (0.25 | ) | (0.12 | ) | (0.48 | ) | ||||||||||||
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|
|
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|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 11.31 | $ | 10.89 | $ | 10.51 | $ | 10.79 | $ | 9.86 | $ | 8.60 | ||||||||||||
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|
|
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|
|
| |||||||||||||
Total Return | 6.16 | % (4) | 8.09 | % | 3.63 | % | 12.19 | % | 16.26 | % | (14.89 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 917 | $ | 815 | $ | 1,149 | $ | 209 | $ | 106 | $ | 91 | ||||||||||||
Ratio of Expenses to Average Net Assets: (3) | ||||||||||||||||||||||||
Before Expense Reimbursement | 2.63 | % (5) | 2.70 | % | 3.76 | % | 15.40 | % | 31.04 | % | 15.22 | % | ||||||||||||
After Expense Reimbursement | 0.85 | % (5) | 0.85 | % | 0.85 | % | 0.89 | % | 0.90 | % | 0.98 | % | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 2.27 | % (5) | 2.72 | % | 1.95 | % | 2.19 | % | 2.84 | % | 2.91 | % | ||||||||||||
Portfolio Turnover Rate | 8.05 | % (4) | 59.12 | % | 93.92 | % | 42.93 | % | 64.78 | % | 87.68 | % |
(1) | Formerly TCW Global Conservative Allocation Fund. |
(2) | Computed using average shares outstanding throughout the period. |
(3) | Does not include expenses of the underlying affiliated investment companies. |
(4) | For the six months ended April 30, 2013 and is not indicative of a full year’s operating results. |
(5) | Annualized. |
See accompanying notes to financial statements.
113
Table of Contents
TCW Funds, Inc.
A Special Meeting of the Shareholders of the Funds was held on November 28, 2012. At the meeting, the following matter was submitted to shareholder vote: the approval of a new Investment Advisory and Management Agreement (the “Agreement”) between the Funds and TCW Investment Management Company.
At the meeting, the Secretary reported that proxies representing greater than one third of the common stock of each Fund cited below had been received, and that shareholders of each Fund had voted to approve the Agreement:
Special Meeting Held November 28, 2012
Fund | Shares entitled to vote | Shares voted | Percent Voted (%) | Shares Voted For | Shares Voted Against | Shares Abstaining | Broker Non-Votes | |||||||||||||||||||||
TCW Concentrated Value Fund | 679,257 | 490,109 | 72.15 | % | 481,909 | 1,038 | 7,162 | N/A | ||||||||||||||||||||
TCW Conservative Allocation Fund | 1,315,913 | 1,248,543 | 94.88 | 1,242,186 | 2,333 | 4,024 | N/A | |||||||||||||||||||||
TCW Global Flexible Allocation Fund | 194,326 | 194,325 | 100.00 | 194,325 | — | — | N/A | |||||||||||||||||||||
TCW Global Moderate Allocation Fund | 1,213,167 | 892,340 | 73.55 | 890,990 | — | 1,350 | N/A | |||||||||||||||||||||
TCW Growth Equities Fund | 6,302,244 | 4,101,932 | 65.09 | 4,090,885 | 5,872 | 5,175 | N/A | |||||||||||||||||||||
TCW Growth Fund | 119,301 | 110,957 | 93.01 | 110,957 | — | — | N/A | |||||||||||||||||||||
TCW Relative Value Large Cap Fund | 52,267,659 | 27,560,574 | 52.73 | 26,524,271 | 152,612 | 883,690 | N/A | |||||||||||||||||||||
TCW SMID Cap Growth Fund | 3,817,137 | 2,319,904 | 60.78 | 2,308,062 | 1,272 | 10,570 | N/A |
At the meeting, the Secretary reported that proxies representing greater than one third of the common stock of each Fund cited below were not received. Therefore, a quorum was not present for each Fund cited below, and the meeting was adjourned until December 20, 2012.
At the meeting reconvened on December 20, 2012, the Secretary reported that proxies representing greater than one third of the common stock of each Fund cited below had been received, and that shareholders of each Fund had voted to approve the Agreement:
Special Meeting Held December 20, 2012
Fund | Shares entitled to vote | Shares voted | Percent Voted (%) | Shares Voted For | Shares Voted Against | Shares Abstaining | Broker Non-Votes | |||||||||||||||||||||
TCW Dividend Focused Fund | 59,021,562 | 31,588,162 | 53.52 | % | 26,882,603 | 260,919 | 4,444,639 | N/A | ||||||||||||||||||||
TCW International Small Cap Fund | 3,769,964 | 2,230,896 | 59.18 | 2,081,426 | 3,284 | 146,186 | N/A | |||||||||||||||||||||
TCW Select Equities Fund | 55,289,035 | 27,966,376 | 50.58 | 24,942,000 | 254,670 | 2,769,705 | N/A | |||||||||||||||||||||
TCW Small Cap Growth Fund | 38,527,641 | 19,406,522 | 50.37 | 18,240,694 | 36,757 | 1,129,071 | N/A | |||||||||||||||||||||
TCW Value Opportunities Fund | 6,483,141 | 3,404,121 | 52.51 | 3,061,772 | 11575,479 | 266,870 | N/A |
114
Table of Contents
TCW Funds, Inc.
April 30, 2013 |
As a shareholder of a TCW Fund, you incur ongoing operational costs of the Fund, including management fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2012 to April 30, 2013 (181 days).
Actual Expenses The first line under each Fund in the table below provides information about the actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes The second line under each Fund in the table below provides information about the hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account value and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
TCW Funds, Inc. | Beginning Account Value November 1, 2012 | Ending Account Value April 30, 2013 | Annualized Expense Ratio | Expenses Paid During Period (November 1, 2012 to April 30, 2013) | ||||||||||||
TCW Concentrated Value Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,185.10 | 1.15 | % | $ | 6.23 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,019.09 | 1.15 | % | 5.76 | |||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,184.70 | 1.15 | % | $ | 6.23 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,019.09 | 1.15 | % | 5.76 | |||||||||||
TCW Dividend Focused Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,176.60 | 0.82 | % | $ | 4.43 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,020.73 | 0.82 | % | 4.11 | |||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,175.40 | 1.12 | % | $ | 6.04 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,019.24 | 1.12 | % | 5.61 | |||||||||||
TCW Growth Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,134.10 | 0.99 | % | $ | 5.24 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,089.89 | 0.99 | % | 4.96 | |||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,134.00 | 0.99 | % | $ | 5.24 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,019.89 | 0.99 | % | 4.96 |
115
Table of Contents
TCW Funds, Inc.
Shareholder Expenses (Unaudited) (Continued)
TCW Funds, Inc. | Beginning Account Value November 1, 2012 | Ending Account Value April 30, 2013 | Annualized Expense Ratio | Expenses Paid During Period (November 1, 2012 to April 30, 2013) | ||||||||||||
TCW Growth Equities Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,177.80 | 1.20 | % | $ | 6.48 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.84 | 1.20 | % | 6.01 | |||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,178.10 | 1.20 | % | $ | 6.48 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.84 | 1.20 | % | 6.01 | |||||||||||
TCW International Growth Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,098.00 | 1.04 | % | $ | 5.41 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,019.64 | 1.04 | % | 5.21 | |||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,096.00 | 1.34 | % | $ | 6.96 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.15 | 1.34 | % | 6.71 | |||||||||||
TCW International Small Cap Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,103.50 | 1.28 | % | $ | 6.68 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.45 | 1.28 | % | 6.41 | |||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,102.10 | 1.44 | % | $ | 7.51 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,017.65 | 1.44 | % | 7.20 | |||||||||||
TCW Relative Value Large Cap Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,185.00 | 0.86 | % | $ | 4.66 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,020.53 | 0.86 | % | 4.31 | |||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,183.00 | 1.12 | % | $ | 6.06 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,019.24 | 1.12 | % | 5.61 | |||||||||||
TCW Select Equities Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,115.70 | 0.83 | % | $ | 4.35 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,020.68 | 0.83 | % | 5.61 | |||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,114.10 | 1.12 | % | $ | 5.87 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,019.24 | 1.12 | % | 5.61 | |||||||||||
TCW Small Cap Growth Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,098.70 | 1.29 | % | $ | 6.71 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.40 | 1.29 | % | 6.46 | |||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,097.70 | 1.47 | % | $ | 7.65 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,017.50 | 1.47 | % | 7.35 |
116
Table of Contents
TCW Funds, Inc.
April 30, 2013 |
TCW Funds, Inc. | Beginning Account Value November 1, 2012 | Ending Account Value April 30, 2013 | Annualized Expense Ratio | Expenses Paid During Period (November 1, 2012 to April 30, 2013) | ||||||||||||
TCW SMID Cap Growth Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,168.60 | 1.20 | % | $ | 6.45 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.84 | 1.20 | % | 6.01 | |||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,167.50 | 1.20 | % | $ | 6.45 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.84 | 1.20 | % | 6.01 | |||||||||||
TCW Value Opportunities Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,189.40 | 0.95 | % | $ | 5.16 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,020.08 | 0.95 | % | 4.76 | |||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,187.80 | 1.23 | % | $ | 6.67 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.70 | 1.23 | % | 6.16 | |||||||||||
TCW Conservative Allocation Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,063.20 | 0.42 | % (1) | $ | 2.15 | (1) | |||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.71 | 0.42 | % (1) | 2.11 | (1) | ||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,061.60 | 0.85 | % (1) | $ | 4.34 | (1) | |||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,020.58 | 0.85 | % (1) | 4.26 | (1) |
(1) | Does not included Expenses of the underlying affiliated investments |
117
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 file Form N-PX with the SEC not later than August 31 of each year, which includes the Company’s proxy voting record for the most recent twelve-month period ended June 30 of that year. The Company’s proxy voting record for the most recent twelve-month period ended June 30 is available:
1. | By calling 800-FUND-TCW (800-386-3829) to obtain a hard copy; or |
2. | By going to the SEC website at http://www.sec.gov. |
When the Company receives a request for the Company’s proxy voting record, it will send the information disclosed in the Company’s most recently filed report on Form N-PX via first class mail (or other means designed to ensure equally prompt delivery) within three business days of receiving the request.
The Company also discloses its proxy voting record on its website as soon as is reasonably practicable after its report on Form N-PX is filed with the SEC.
Availability of Quarterly Portfolio Schedule
The Company files a complete schedule of its portfolio holdings with the SEC for the first and third quarters of its fiscal year on Form N-Q. The Form N-Q is available by calling 800-FUND-TCW (800-386-3829) to obtain a hard copy. You may also obtain the Company’s Form N-Q:
1. | By going to the SEC website at http://www.sec.gov.; or |
2. | By visiting the SEC’s Public Reference Room in Washington, D.C. and photocopying it (Phone 1-800-SEC-0330 for information on the operation of the SEC’s Public Reference Room). |
118
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TCW Funds Insight that works for you.
TCW Funds, Inc.
865 South Figueroa Street
Los Angeles, California 90017
800 Fund TCW
(800 386 3829)
www.tcw.com
Investment Advisor
TCW Investment Management Company
865 South Figueroa Street
Los Angeles, California 90017
800 FUND TCW
Transfer Agent
U.S. Bancorp Fund Services, LLC
615 E. Michigan Street
Milwaukee, Wisconsin 53202
Independent Registered Public Accounting Firm
Deloitte & Touche, LLP
350 South Grand Avenue
Los Angeles, California 90071
Custodian & Administrator
State Street Bank & Trust Company
200 Clarendon Street
Boston, Massachusetts 02116
Distributor
TCW Funds Distributors
865 South Figeroa Street
Los Angeles, California 90017
Directors
Patrick C. Haden
Director and Chairman of the Board
Charles W. Baldiswieler
Director
Samuel P. Bell
Director
John A. Gavin
Director
Janet E. Kerr
Director
Peter McMillan
Director
Charles A. Parker
Director
Victoria B. Rogers
Director
Marc I. Stern
Director
Andrew Tarica
Director
Officers
Charles W. Baldiswieler
President and Chief Executive Officer
Peter A. Brown
Senior Vice President
Patrick W. Dennis
Assistant Secretary
David S. DeVito
Treasurer and Chief Executive Officer
Jon-Luc Dupuy
Assistant Secretary
Meredith S. Jackson
Senior Vice President,
General Counsel and Secretary
Hilary G.D. Lord
Senior Vice President and Chief Compliance Officer
George N. Winn
Assistant Treasurer
Table of Contents
TCW FUNDS
Insight that works for you.
TCW Fixed Income Funds
TCW Enhanced Commodity Strategy Fund
2013 Semi-Annual Report
Table of Contents
TCW Funds, Inc.
April 30, 2013 |
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Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule | 141 |
Table of Contents
|
We submit the 2013 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, 2013.
Investment Environment
Accommodative global central banks along with easy monetary policies globally provided the catalyst to push investors towards risky assets for the first four months of the year. Global equities were once again the strongest asset as many indices finished hitting or nearing all-time highs. Equity markets in the U.S. posted strong returns as the U.S. economy continued to show signs of stabilization and even growth in many areas. Equities have rallied on the basis of strong corporate balance sheets, decent earnings, pick-up in merger activity, Federal Reserve stimulus measures and a U.S. economy that is showing growth albeit at a slow to moderate pace. The S&P 500 Index was up nearly 13% year-to-date ending April. The Dow Jones Industrials Average was up 14% and the Russell 1000, 2000, 3000 and Mid-Cap Indices totaled 13%, 12%, 13% and 14% respectively.
International equities lagged U.S. equities with the MSCI EAFE Index up approximately 11%. Even with continued sovereign debt issues and banking problems persisting within Europe, most of the European indices were able to produce positive returns year-to-date. Concerns that China and Brazil were slowing dragged the MSCI Emerging Market Equity Index down nearly 1% year-to-date.
The combination of stronger economic numbers in the U.S. and the potential for raising interest rates hurt most of the fixed income sectors year-to-date. The Barclays Aggregate Index was only slightly positive, up approximately 1%. High Yield was the one area to buck the trend as low default rates and strong corporate balance sheets pushed the Barclays U.S. High Yield Index up nearly 5%. Concerns about growth in Russia, China and Brazil dragged down emerging market fixed income as its index was up less than 1%.
Commodities were mixed year-to-date. The CRB Index of commodities was down 2%. Commodities reflected a modest outlook for the global economy, crimped by slackening Chinese demand and uncertain growth prospects in the U.S. and Europe. Energy commodities were positive, while metals and agriculture lost ground. Crude oil closed at the end of April at $93 a barrel, up nearly 2% for the year. Gold dropped nearly 12% and silver was down over 20% for the year. Within the agriculture commodities, wheat was down 6%, sugar down 10% and coffee down 6%.
Product Management and Product Developments
We officially announced the closure of both TCW Global Moderate and Flexible Allocation Funds on February 15th. The Funds had not achieved a level of scale that would make them viable products for our clients or the broader marketplace. Further, on March 1st, the TCW Global Conservative Allocation Fund name changed to TCW Conservative Allocation Fund.
The TCW Small Cap Growth Fund re-opened to all investors on March 1st. The Fund had been closed to new investors since April 2011.
1
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To Our Valued Shareholders (Continued) |
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. We believe 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 and Chief Executive Officer
2
Table of Contents
TCW Funds, Inc.
| April 30, 2013 |
Total Return Annualized As of April 30, 2013 (1) | ||||||||||||||||||||||||
NAV | 1-Year | 5-Year | 10-Year | Since Inception | Inception Date | |||||||||||||||||||
TCW Core Fixed Income Fund | ||||||||||||||||||||||||
I Class | $ | 11.27 | 5.56 | % | 8.47 | % | 6.51 | % | 6.91 | % (2) | 01/01/90 | (3) | ||||||||||||
N Class | $ | 11.27 | 5.23 | % | 8.12 | % | 6.20 | % | 6.30 | % | 03/01/99 | |||||||||||||
TCW Emerging Markets Income Fund | ||||||||||||||||||||||||
I Class | $ | 9.34 | 14.65 | % | 13.86 | % | 11.62 | % | 11.44 | % (2) | 09/04/96 | (3) | ||||||||||||
N Class | $ | 12.04 | 14.34 | % | 13.59 | % | N/A | 10.97 | % | 03/01/04 | ||||||||||||||
TCW Emerging Markets Local Currency Income Fund |
| |||||||||||||||||||||||
I Class | $ | 11.12 | 10.96 | % | N/A | N/A | 8.76 | % | 12/15/10 | |||||||||||||||
N Class | $ | 11.11 | 10.97 | % | N/A | N/A | 8.73 | % | 12/15/10 | |||||||||||||||
TCW Enhanced Commodity Strategy Fund |
| |||||||||||||||||||||||
I Class | $ | 8.09 | (0.78 | )% | N/A | N/A | (7.55 | )% | 04/01/11 | |||||||||||||||
N Class | $ | 8.10 | (0.65 | )% | N/A | N/A | (7.50 | )% | 04/01/11 | |||||||||||||||
TCW Global Bond Fund |
| |||||||||||||||||||||||
I Class | $ | 10.63 | 6.81 | % | N/A | N/A | 9.60 | % | 12/01/11 | |||||||||||||||
N Class | $ | 10.63 | 6.81 | % | N/A | N/A | 9.60 | % | 12/01/11 | |||||||||||||||
TCW High Yield Bond Fund |
| |||||||||||||||||||||||
I Class | $ | 6.49 | 12.69 | % | 8.47 | % | 7.48 | % | 7.80 | % (2) | 02/01/89 | (3) | ||||||||||||
N Class | $ | 6.54 | 12.53 | % | 8.30 | % | 7.21 | % | 5.75 | % | 03/01/99 | |||||||||||||
TCW Short Term Bond Fund |
| |||||||||||||||||||||||
I Class | $ | 8.85 | 1.67 | % | 2.54 | % | 2.51 | % | 4.63 | % (2) | 02/01/90 | (3) | ||||||||||||
TCW Total Return Bond Fund |
| |||||||||||||||||||||||
I Class | $ | 10.37 | 10.92 | % | 9.77 | % | 7.22 | % | 7.42 | % | 06/17/93 | |||||||||||||
N Class | $ | 10.71 | 10.66 | % | 9.45 | % | 6.90 | % | 7.22 | % | 03/01/99 |
(1) | Past performance is not indicative of future performance. |
(2) | Performance data includes the performance of the predecessor limited partnership for periods before the Fund’s registration became effective. The predecessor limited partnership was not registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and, therefore, was not subject to certain investment restrictions that are imposed by the 1940 Act. If the limited partnership had been registered under the 1940 Act, the limited partnership’s performance may have been lower. |
(3) | Inception date of predecessor limited partnership. |
3
Table of Contents
Schedule of Investments (Unaudited)
Principal Amount | Fixed Income Securities | Value | ||||||
Corporate Bonds (22.7% of Net Assets) | ||||||||
Agriculture (0.0%) | ||||||||
$ | 425,000 | Altria Group, Inc., 8.5%, due 11/10/13 | $ | 442,657 | ||||
|
| |||||||
Airlines (0.8%) | ||||||||
416,685 | Continental Airlines, Inc. Pass-Through Certificates, (00-1-A1), 8.048%, due 05/01/22 (EETC) | 482,313 | ||||||
75,207 | Continental Airlines, Inc. Pass-Through Certificates, (00-2-A1), 7.707%, | 85,548 | ||||||
876,580 | Continental Airlines, Inc. Pass-Through Certificates, (09-2-A1), 7.25%, | 1,027,790 | ||||||
1,145,572 | Continental Airlines, Inc. Pass-Through Certificates, (09-2-A1), 9%, | 1,331,727 | ||||||
957,759 | Continental Airlines, Inc. Pass-Through Certificates, (99-1-A), 6.545%, | 1,065,507 | ||||||
598,459 | Northwest Airlines LLC Pass-Through Certificates, (01-1-A1), 7.041%, | 658,305 | ||||||
653,163 | US Airways Group, Inc. Pass-Through Certificates, (10-1A), 6.25%, | 733,175 | ||||||
2,545,406 | US Airways Group, Inc. Pass-Through Certificates, (12-1A), 5.9%, | 2,863,581 | ||||||
1,000,000 | US Airways Group, Inc. Pass-Through Certificates, (12-2-A), 4.625%, | 1,046,250 | ||||||
|
| |||||||
Total Airlines | 9,294,196 | |||||||
|
| |||||||
Auto Manufacturers (0.3%) | ||||||||
1,350,000 | Daimler Finance North America LLC (Germany), (144A), 1.875%, due 09/15/14 (1) | 1,368,589 | ||||||
350,000 | Daimler Finance North America LLC (Germany), 6.5%, due 11/15/13 | 361,037 | ||||||
1,200,000 | Ford Motor Co., 6.5%, due 08/01/18 | 1,423,500 | ||||||
|
| |||||||
Total Auto Manufacturers | 3,153,126 | |||||||
|
| |||||||
Banks (5.2%) | ||||||||
2,306,000 | Abbey National Treasury Services PLC (United Kingdom), (144A), 3.875%, | 2,396,432 | ||||||
1,000,000 | Bank of America Corp., 1.828%, due 07/11/14 (2) | 1,012,704 | ||||||
1,100,000 | Bank of America Corp., 5.65%, due 05/01/18 | 1,274,839 | ||||||
1,500,000 | Bank of America Corp., 6%, due 09/01/17 | 1,744,265 | ||||||
165,000 | Bank of America Corp., 7.375%, due 05/15/14 | 175,983 | ||||||
2,550,000 | Bank of America N.A., 0.56%, due 06/15/16 (2) | 2,481,574 | ||||||
1,000,000 | Bank of America N.A., 0.58%, due 06/15/17 (2) | 955,810 | ||||||
1,250,000 | Bank of America N.A., 5.3%, due 03/15/17 | 1,405,800 | ||||||
2,300,000 | Bank of America N.A., 6.1%, due 06/15/17 | 2,659,168 | ||||||
2,500,000 | Bank of New York Mellon Corp. (The), 1.7%, due 11/24/14 | 2,544,974 | ||||||
250,000 | Barclays Bank PLC (United Kingdom), 5%, due 09/22/16 | 281,393 | ||||||
1,000,000 | Chase Capital VI, 0.923%, due 08/01/28 (2) | 835,000 | ||||||
4,000,000 | Citigroup, Inc., 1.99%, due 05/15/18 (2) | 4,158,188 |
See accompanying notes to financial statements.
4
Table of Contents
TCW Core Fixed Income Fund
April 30, 2013 |
Principal Amount | Fixed Income Securities | Value | ||||||
Banks (Continued) | ||||||||
$ | 1,062,000 | Citigroup, Inc., 4.7%, due 05/29/15 | $ | 1,139,405 | ||||
1,110,000 | Citigroup, Inc., 5.375%, due 08/09/20 | 1,323,654 | ||||||
425,000 | Citigroup, Inc., 6%, due 08/15/17 | 500,214 | ||||||
275,000 | Citigroup, Inc., 6.125%, due 05/15/18 | 330,987 | ||||||
1,400,000 | Citigroup, Inc., 6.375%, due 08/12/14 | 1,497,306 | ||||||
440,000 | Citigroup, Inc., 8.125%, due 07/15/39 | 669,979 | ||||||
725,000 | Citigroup, Inc., 8.5%, due 05/22/19 | 975,278 | ||||||
3,500,000 | Commonwealth Bank of Australia/New York, 1.95%, due 03/16/15 | 3,587,756 | ||||||
475,000 | Credit Suisse New York (Switzerland), 5.5%, due 05/01/14 | 498,427 | ||||||
500,000 | Discover Bank/Greenwood DE, 7%, due 04/15/20 | 619,476 | ||||||
475,000 | First Chicago NBD Institutional Capital I, 0.848%, due 02/01/27 (2) | 399,000 | ||||||
500,000 | Goldman Sachs Group, Inc. (The), 1.296%, due 02/07/14 (2) | 502,480 | ||||||
2,000,000 | Goldman Sachs Group, Inc. (The), 5.95%, due 01/18/18 | 2,335,780 | ||||||
50,000 | Goldman Sachs Group, Inc. (The), 6%, due 06/15/20 | 60,060 | ||||||
1,550,000 | Goldman Sachs Group, Inc. (The), 6.15%, due 04/01/18 | 1,831,278 | ||||||
1,500,000 | JPMorgan Chase & Co., 3.15%, due 07/05/16 | 1,593,249 | ||||||
475,000 | JPMorgan Chase & Co. (originally issued by Bear Stearns & Co.), 7.25%, due 02/01/18 | 591,513 | ||||||
500,000 | JPMorgan Chase Bank N.A., 5.875%, due 06/13/16 | 568,729 | ||||||
3,875,000 | JPMorgan Chase Bank N.A., 6%, due 10/01/17 | 4,584,148 | ||||||
2,230,000 | JPMorgan Chase Capital XIII, 1.234%, due 09/30/34 (2) | 1,856,475 | ||||||
2,500,000 | JPMorgan Chase Capital XXI, 1.248%, due 01/15/87 (2) | 2,032,346 | ||||||
250,000 | Korea Development Bank (South Korea), 5.75%, due 09/10/13 | 254,021 | ||||||
150,000 | Korea Development Bank (South Korea), 8%, due 01/23/14 | 157,202 | ||||||
850,000 | Lloyds TSB Bank PLC (United Kingdom), (144A), 5.8%, due 01/13/20 (1) | 1,017,542 | ||||||
1,290,000 | Morgan Stanley, 0.727%, due 10/18/16 (2) | 1,259,206 | ||||||
400,000 | Morgan Stanley, 0.757%, due 10/15/15 (2) | 394,995 | ||||||
575,000 | Morgan Stanley, 5.45%, due 01/09/17 | 646,337 | ||||||
600,000 | Morgan Stanley, 5.5%, due 07/24/20 | 699,935 | ||||||
750,000 | Morgan Stanley, 5.625%, due 09/23/19 | 874,042 | ||||||
975,000 | Morgan Stanley, 6.625%, due 04/01/18 | 1,168,842 | ||||||
375,000 | Morgan Stanley, 7.3%, due 05/13/19 | 469,699 | ||||||
1,875,000 | Rabobank Nederland Utrecht (Netherlands), 3.375%, due 01/19/17 | 2,015,840 | ||||||
3,000,000 | Royal Bank of Scotland PLC (The) (United Kingdom), 2.55%, due 09/18/15 | 3,090,313 | ||||||
375,000 | US Bank N.A., 6.3%, due 02/04/14 | 391,818 | ||||||
250,000 | Wachovia Corp., 5.5%, due 05/01/13 | 250,000 | ||||||
550,000 | Westpac Banking Corp. (Australia), 2.1%, due 08/02/13 | 552,416 | ||||||
|
| |||||||
Total Banks | 62,665,878 | |||||||
|
| |||||||
Beverages (0.6%) | ||||||||
2,250,000 | Anheuser-Busch InBev Finance, Inc., 2.625%, due 01/17/23 | 2,277,250 | ||||||
2,500,000 | Anheuser-Busch InBev Worldwide, Inc., 2.5%, due 07/15/22 | 2,515,306 | ||||||
2,000,000 | Heineken N.V., (144A), 2.75%, due 04/01/23 (1) | 1,999,110 | ||||||
|
| |||||||
Total Beverages | 6,791,666 | |||||||
|
| |||||||
Chemicals (0.0%) | ||||||||
350,000 | Rohm and Haas Co., 6%, due 09/15/17 | 412,868 | ||||||
|
|
See accompanying notes to financial statements.
5
Table of Contents
TCW Core Fixed Income Fund
Schedule of Investments (Unaudited) (Continued) |
Principal Amount | Fixed Income Securities | Value | ||||||
Commercial Services (0.2%) | ||||||||
$ | 2,600,000 | Catholic Health Initiatives, 4.35%, due 11/01/42 | $ | 2,655,832 | ||||
|
| |||||||
Diversified Financial Services (1.9%) | ||||||||
350,000 | American Express Co., 7.25%, due 05/20/14 | 374,263 | ||||||
1,065,000 | General Electric Capital Corp., 0.676%, due 05/05/26 (2) | 968,970 | ||||||
3,315,000 | General Electric Capital Corp., 0.77%, due 08/15/36 (2) | 2,688,110 | ||||||
2,000,000 | General Electric Capital Corp., 3.1%, due 01/09/23 | 2,029,276 | ||||||
1,000,000 | General Electric Capital Corp., 3.15%, due 09/07/22 | 1,009,934 | ||||||
1,250,000 | General Electric Capital Corp., 4.375%, due 09/16/20 | 1,413,547 | ||||||
1,000,000 | General Electric Capital Corp., 4.65%, due 10/17/21 | 1,143,670 | ||||||
250,000 | General Electric Capital Corp., 4.8%, due 05/01/13 | 250,031 | ||||||
250,000 | General Electric Capital Corp., 5.5%, due 01/08/20 | 300,211 | ||||||
1,000,000 | General Electric Capital Corp., 5.875%, due 01/14/38 | 1,211,816 | ||||||
500,000 | General Electric Capital Corp., 6.75%, due 03/15/32 | 653,953 | ||||||
375,000 | General Electric Capital Corp., 6.875%, due 01/10/39 | 508,223 | ||||||
1,250,000 | International Lease Finance Corp., (144A), 6.5%, due 09/01/14 (1) | 1,337,500 | ||||||
1,000,000 | International Lease Finance Corp., (144A), 6.75%, due 09/01/16 (1) | 1,140,000 | ||||||
125,000 | John Deere Capital Corp., 4.9%, due 09/09/13 | 127,024 | ||||||
3,440,000 | NCUA Guaranteed Notes, 0.219%, due 06/12/13 (2) | 3,440,035 | ||||||
1,500,000 | Pipeline Funding Co. LLC, (144A), 7.5%, due 01/15/30 (1) | 1,929,994 | ||||||
1,700,000 | ZFS Finance USA Trust II, (144A), 6.45%, due 12/15/65 (1)(2) | 1,836,000 | ||||||
|
| |||||||
Total Diversified Financial Services | 22,362,557 | |||||||
|
| |||||||
Electric (1.9%) | ||||||||
1,500,000 | Cleco Power LLC, 6%, due 12/01/40 | 1,812,303 | ||||||
2,250,000 | El Paso Electric Co., 3.3%, due 12/15/22 | 2,282,429 | ||||||
3,000,000 | Entergy Mississippi, Inc., 3.1%, due 07/01/23 | 3,088,370 | ||||||
875,000 | Exelon Generation Co. LLC, 5.6%, due 06/15/42 | 974,985 | ||||||
3,300,000 | Metropolitan Edison Co., (144A), 3.5%, due 03/15/23 (1) | 3,409,926 | ||||||
1,000,000 | Niagara Mohawk Power Corp., (144A), 2.721%, due 11/28/22 (1) | 1,019,112 | ||||||
1,500,000 | NiSource Finance Corp., 5.25%, due 02/15/43 | 1,617,348 | ||||||
400,000 | NiSource Finance Corp., 6.8%, due 01/15/19 | 497,734 | ||||||
1,000,000 | Oncor Electric Delivery Co. LLC, 4.55%, due 12/01/41 | 1,066,206 | ||||||
2,250,000 | Oncor Electric Delivery Co. LLC, 5.25%, due 09/30/40 | 2,635,675 | ||||||
2,545,000 | Public Service Co. of New Mexico, 7.95%, due 05/15/18 | 3,183,104 | ||||||
250,000 | Southern Power Co., 4.875%, due 07/15/15 | 272,290 | ||||||
1,000,000 | Tucson Electric Power Co., 5.15%, due 11/15/21 | 1,153,069 | ||||||
|
| |||||||
Total Electric | 23,012,551 | |||||||
|
| |||||||
Energy-Alternate Sources (0.2%) | ||||||||
2,290,898 | Alta Wind Holdings LLC, (144A), 7%, due 06/30/35 (1) | 2,498,422 | ||||||
|
| |||||||
Engineering & Construction (0.2%) | ||||||||
2,000,000 | Sydney Airport Finance Co. Pty, Ltd. (Australia), (144A), 3.9%, due 03/22/23 (1) | 2,079,044 | ||||||
|
|
See accompanying notes to financial statements.
6
Table of Contents
TCW Core Fixed Income Fund
April 30, 2013 |
Principal Amount | Fixed Income Securities | Value | ||||||
Environmental Control (0.0%) | ||||||||
$ | 50,000 | Waste Management, Inc., 7%, due 07/15/28 | $ | 68,166 | ||||
|
| |||||||
Food (0.0%) | ||||||||
143,000 | Kraft Foods Group, Inc., 5.375%, due 02/10/20 | 171,753 | ||||||
50,000 | Kroger Co., 7.5%, due 01/15/14 | 52,391 | ||||||
132,000 | Mondelez International, Inc, 5.375%, due 02/10/20 | 158,358 | ||||||
|
| |||||||
Total Food | 382,502 | |||||||
|
| |||||||
Gas (0.3%) | ||||||||
2,000,000 | Florida Gas Transmission Co. LLC, (144A), 3.875%, due 07/15/22 (1) | 2,152,055 | ||||||
500,000 | Florida Gas Transmission Co. LLC, (144A), 4%, due 07/15/15 (1) | 532,448 | ||||||
350,000 | Florida Gas Transmission Co. LLC, (144A), 7.9%, due 05/15/19 (1) | 456,316 | ||||||
|
| |||||||
Total Gas | 3,140,819 | |||||||
|
| |||||||
Healthcare-Products (0.0%) | ||||||||
250,000 | Covidien International Finance S.A. (Ireland), 6%, due 10/15/17 | 301,092 | ||||||
|
| |||||||
Healthcare-Services (1.4%) | ||||||||
3,785,000 | Kaiser Foundation Hospitals, 4.875%, due 04/01/42 | 4,326,675 | ||||||
3,000,000 | North Shore Long Island Jewish Health Care, Inc., 4.8%, due 11/01/42 | 3,110,215 | ||||||
3,000,000 | NYU Hospitals Center, 4.428%, due 07/01/42 | 2,997,941 | ||||||
3,290,000 | Saint Barnabas Health Care System, 4%, due 07/01/28 | 3,255,232 | ||||||
2,270,000 | Sutter Health, 2.286%, due 08/15/53 | 2,270,000 | ||||||
250,000 | WellPoint, Inc., 5.25%, due 01/15/16 | 278,203 | ||||||
175,000 | WellPoint, Inc., 5.875%, due 06/15/17 | 206,464 | ||||||
|
| |||||||
Total Healthcare-Services | 16,444,730 | |||||||
|
| |||||||
Insurance (1.4%) | ||||||||
2,700,000 | Berkshire Hathaway Finance Corp., 4.4%, due 05/15/42 | 2,789,198 | ||||||
425,000 | Berkshire Hathaway Finance Corp., 4.85%, due 01/15/15 | 456,562 | ||||||
225,000 | Farmers Exchange Capital, (144A), 7.05%, due 07/15/28 (1) | 291,319 | ||||||
1,625,000 | Farmers Exchange Capital, (144A), 7.2%, due 07/15/48 (1) | 2,083,081 | ||||||
250,000 | Farmers Insurance Exchange, (144A), 6%, due 08/01/14 (1) | 261,775 | ||||||
1,862,000 | Farmers Insurance Exchange, (144A), 8.625%, due 05/01/24 (1) | 2,606,733 | ||||||
500,000 | Guardian Life Insurance Co. of America, (144A), 7.375%, due 09/30/39 (1) | 702,516 | ||||||
300,000 | MetLife, Inc., 5.7%, due 06/15/35 | 364,902 | ||||||
4,000,000 | Metropolitan Life Global Funding I, (144A), 3.875%, due 04/11/22 (1) | 4,356,076 | ||||||
1,000,000 | Prudential Financial, Inc., 4.5%, due 11/15/20 | 1,134,700 | ||||||
750,000 | Prudential Holdings LLC, (144A), 8.695%, due 12/18/23 (1) | 983,934 | ||||||
|
| |||||||
Total Insurance | 16,030,796 | |||||||
|
| |||||||
Iron & Steel (0.0%) | ||||||||
380,000 | ArcelorMittal (Luxembourg), 5%, due 02/25/17 | 400,921 | ||||||
|
| |||||||
Media (0.2%) | ||||||||
750,000 | NBCUniversal Media LLC, 4.375%, due 04/01/21 | 865,190 |
See accompanying notes to financial statements.
7
Table of Contents
TCW Core Fixed Income Fund
Schedule of Investments (Unaudited) (Continued) |
Principal Amount | Fixed Income Securities | Value | ||||||
Media (Continued) | ||||||||
$ | 200,000 | NBCUniversal Media LLC, 5.15%, due 04/30/20 | $ | 242,877 | ||||
175,000 | News America, Inc., 6.15%, due 03/01/37 | 215,112 | ||||||
75,000 | Time Warner Cable, Inc., 7.5%, due 04/01/14 | 79,623 | ||||||
225,000 | Time Warner Entertainment Co., LP, 8.375%, due 07/15/33 | 322,601 | ||||||
|
| |||||||
Total Media | 1,725,403 | |||||||
|
| |||||||
Mining (0.2%) | ||||||||
2,400,000 | Barrick Gold Corp. (Canada), (144A), 4.1%, due 05/01/23 (1) | 2,395,104 | ||||||
300,000 | Southern Copper Corp. (Peru), 7.5%, due 07/27/35 | 373,178 | ||||||
|
| |||||||
Total Mining | 2,768,282 | |||||||
|
| |||||||
Miscellaneous Manufacturers (0.2%) | ||||||||
2,700,000 | General Electric Co., 2.7%, due 10/09/22 | 2,780,671 | ||||||
|
| |||||||
Oil & Gas (0.6%) | ||||||||
250,000 | Anadarko Petroleum Corp., 5.95%, due 09/15/16 | 288,092 | ||||||
900,000 | Petrobras International Finance Co. (Brazil), 5.375%, due 01/27/21 | 994,820 | ||||||
50,000 | Petrobras International Finance Co. (Brazil), 6.875%, due 01/20/40 | 59,512 | ||||||
300,000 | Petrobras International Finance Co. (Brazil), 7.875%, due 03/15/19 | 371,712 | ||||||
2,850,000 | Sinopec Capital 2013, Ltd. (China), (144A), 1.875%, due 04/24/18 (1) | 2,844,595 | ||||||
2,000,000 | Total Capital Canada, Ltd. (Canada), 1.45%, due 01/15/18 | 2,029,694 | ||||||
|
| |||||||
Total Oil & Gas | 6,588,425 | |||||||
|
| |||||||
Pharmaceuticals (0.3%) | ||||||||
250,000 | Eli Lilly & Co., 5.2%, due 03/15/17 | 290,111 | ||||||
2,042,000 | Express Scripts Holding Co., 2.75%, due 11/21/14 | 2,101,259 | ||||||
50,000 | McKesson Corp., 6.5%, due 02/15/14 | 52,348 | ||||||
1,125,000 | Teva Pharmaceutical Finance IV LLC (Israel), 2.25%, due 03/18/20 | 1,145,343 | ||||||
|
| |||||||
Total Pharmaceuticals | 3,589,061 | |||||||
|
| |||||||
Pipelines (2.2%) | ||||||||
460,000 | CenterPoint Energy Resources Corp., 6.15%, due 05/01/16 | 526,719 | ||||||
1,750,000 | CenterPoint Energy Resources Corp., 6.25%, due 02/01/37 | 2,271,446 | ||||||
1,000,000 | El Paso Pipeline Partners Operating Co. LLC, 5%, due 10/01/21 | 1,153,612 | ||||||
1,050,000 | Enterprise Products Operating LLC, 3.35%, due 03/15/23 | 1,096,225 | ||||||
1,000,000 | Enterprise Products Operating LLC, 4.85%, due 03/15/44 | 1,073,436 | ||||||
675,000 | Panhandle Eastern Pipe Line Co. LP, 7%, due 06/15/18 | 833,610 | ||||||
825,000 | Panhandle Eastern Pipe Line Co. LP, 8.125%, due 06/01/19 | 1,039,620 | ||||||
2,500,000 | Plains All American Pipeline LP/PAA Finance Corp., 2.85%, due 01/31/23 | 2,511,500 | ||||||
2,150,000 | Ruby Pipeline LLC, (144A), 6%, due 04/01/22 (1) | 2,498,436 | ||||||
2,290,000 | Southern Natural Gas Co. LLC, 7.35%, due 02/15/31 | 3,113,753 | ||||||
850,000 | Spectra Energy Capital LLC, 6.75%, due 02/15/32 | 1,054,115 | ||||||
300,000 | Spectra Energy Capital LLC, 7.5%, due 09/15/38 | 414,159 | ||||||
2,255,000 | Tennessee Gas Pipeline Co., 8%, due 02/01/16 | 2,663,791 | ||||||
2,090,000 | Tennessee Gas Pipeline Co., 8.375%, due 06/15/32 | 3,089,710 |
See accompanying notes to financial statements.
8
Table of Contents
TCW Core Fixed Income Fund
April 30, 2013 |
Principal Amount | Fixed Income Securities | Value | ||||||
Pipelines (Continued) | ||||||||
$ | 375,000 | TransCanada PipeLines, Ltd. (Canada), 6.1%, due 06/01/40 | $ | 491,206 | ||||
1,950,000 | Williams Cos., Inc. (The), 7.75%, due 06/15/31 | 2,531,000 | ||||||
172,000 | Williams Cos., Inc. (The), 7.875%, due 09/01/21 | 223,409 | ||||||
|
| |||||||
Total Pipelines | 26,585,747 | |||||||
|
| |||||||
Real Estate (0.5%) | ||||||||
850,000 | Post Apartment Homes LP, 4.75%, due 10/15/17 | 955,678 | ||||||
1,190,000 | WEA Finance LLC/WT Finance Australia Pty, Ltd. (Australia), (144A), 5.75%, due 09/02/15 (1) | 1,318,093 | ||||||
3,200,000 | Westfield Capital/WT Finance/WEA Finance LLC (Australia), (144A), 5.125%, due 11/15/14 (1) | 3,401,510 | ||||||
|
| |||||||
Total Real Estate | 5,675,281 | |||||||
|
| |||||||
REIT (3.2%) | ||||||||
2,250,000 | Alexandria Real Estate Equities, Inc., 4.6%, due 04/01/22 | 2,463,985 | ||||||
2,200,000 | Boston Properties LP, 5.875%, due 10/15/19 | 2,678,056 | ||||||
960,000 | ERP Operating LP, 6.584%, due 04/13/15 | 1,064,166 | ||||||
3,000,000 | Essex Portfolio LP, (144A), 3.625%, due 08/15/22 (1) | 3,076,080 | ||||||
3,605,000 | HCP, Inc., 3.75%, due 02/01/19 | 3,912,480 | ||||||
1,000,000 | HCP, Inc., 6%, due 01/30/17 | 1,160,816 | ||||||
715,000 | HCP, Inc., 6.3%, due 09/15/16 | 829,090 | ||||||
1,030,000 | Health Care REIT, Inc., 2.25%, due 03/15/18 | 1,050,582 | ||||||
545,000 | Health Care REIT, Inc., 4.95%, due 01/15/21 | 616,555 | ||||||
3,400,000 | Health Care REIT, Inc., 6.125%, due 04/15/20 | 4,117,788 | ||||||
710,000 | Health Care REIT, Inc., 6.5%, due 03/15/41 | 886,442 | ||||||
2,900,000 | Healthcare Realty Trust, Inc., 5.75%, due 01/15/21 | 3,348,532 | ||||||
350,000 | Healthcare Realty Trust, Inc., 6.5%, due 01/17/17 | 403,827 | ||||||
1,459,000 | Highwoods Realty LP, 7.5%, due 04/15/18 | 1,779,455 | ||||||
1,000,000 | Kimco Realty Corp., 5.19%, due 10/01/13 | 1,018,623 | ||||||
300,000 | Liberty Property LP, 5.125%, due 03/02/15 | 319,787 | ||||||
1,925,000 | Nationwide Health Properties, Inc., 6%, due 05/20/15 | 2,122,485 | ||||||
2,440,000 | SL Green Realty Corp., 5%, due 08/15/18 | 2,678,861 | ||||||
1,000,000 | SL Green Realty Corp., 7.75%, due 03/15/20 | 1,252,147 | ||||||
1,250,000 | UDR, Inc., 4.25%, due 06/01/18 | 1,389,820 | ||||||
200,000 | UDR, Inc., 5.13%, due 01/15/14 | 205,739 | ||||||
150,000 | UDR, Inc., 5.25%, due 01/15/15 | 159,898 | ||||||
1,500,000 | Ventas Realty LP/Ventas Capital Corp., 4%, due 04/30/19 | 1,654,990 | ||||||
|
| |||||||
Total REIT | 38,190,204 | |||||||
|
| |||||||
Telecommunications (0.9%) | ||||||||
2,000,000 | AT&T, Inc., 2.5%, due 08/15/15 | 2,077,644 | ||||||
1,625,000 | AT&T, Inc., 2.625%, due 12/01/22 | 1,612,704 | ||||||
739,000 | AT&T, Inc., 6.5%, due 09/01/37 | 945,528 | ||||||
11,000 | AT&T, Inc., (144A), 4.3%, due 12/15/42 (1) | 10,779 | ||||||
500,000 | AT&T, Inc., (144A), 4.35%, due 06/15/45 (1) | 490,191 |
See accompanying notes to financial statements.
9
Table of Contents
TCW Core Fixed Income Fund
Schedule of Investments (Unaudited) (Continued) |
Principal Amount | Fixed Income Securities | Value | ||||||
Telecommunications (Continued) | ||||||||
$ | 3,000,000 | Qwest Corp., 7.25%, due 09/15/25 | $ | 3,532,938 | ||||
575,000 | Telecom Italia Capital S.A. (Italy), 6%, due 09/30/34 | 557,329 | ||||||
125,000 | Verizon Communications, Inc., 6.25%, due 04/01/37 | 154,678 | ||||||
1,775,000 | Vodafone Group PLC (United Kingdom), 2.95%, due 02/19/23 | 1,777,186 | ||||||
|
| |||||||
Total Telecommunications | 11,158,977 | |||||||
|
| |||||||
Total Corporate Bonds (Cost: $254,008,927) (22.7%) | 271,199,874 | |||||||
|
| |||||||
Municipal Bonds (1.9%) | ||||||||
1,000,000 | California State, Build America Bonds, 5.7%, due 11/01/21 | 1,222,810 | ||||||
2,695,000 | California State, Build America Bonds, 6.65%, due 03/01/22 | 3,462,752 | ||||||
1,050,000 | California State, General Obligation Unlimited, 6.2%, due 10/01/19 | 1,292,434 | ||||||
3,000,000 | City of Houston, Texas, General Obligation, 6.29%, due 03/01/32 | 3,845,520 | ||||||
1,040,000 | Fiscal Year 2005 Securitization Corp., Special Obligation Bond for the City of New York, 4.93%, due 04/01/20 | 1,197,342 | ||||||
250,000 | Illinois State, Build America Bonds, 4.421%, due 01/01/15 | 262,185 | ||||||
1,500,000 | Illinois State, General Obligation Bond, 4.35%, due 06/01/18 | 1,605,540 | ||||||
405,000 | Illinois State, General Obligation Bond, 5.665%, due 03/01/18 | 460,756 | ||||||
1,100,000 | Illinois State, General Obligation Unlimited, 4.95%, due 06/01/23 | 1,163,393 | ||||||
3,000,000 | Illinois State, General Obligation Unlimited, 6.2%, due 07/01/21 | 3,399,570 | ||||||
1,000,000 | Los Angeles City Department of Water & Power Revenue Bonds, 6.574%, due 07/01/45 | 1,462,280 | ||||||
850,000 | New Jersey State Turnpike Authority Revenue Bonds, 7.102%, due 01/01/41 | 1,248,268 | ||||||
730,000 | New York State, Build America Bonds, General Obligation Unlimited, 5.817%, due 10/01/31 | 862,860 | ||||||
1,000,000 | North Texas Tollway Authority Revenue Bonds, 6.718%, due 01/01/49 | 1,416,400 | ||||||
|
| |||||||
Total Municipal Bonds (Cost: $18,440,029) | 22,902,110 | |||||||
|
| |||||||
Foreign Government Bonds (0.1%) | ||||||||
200,000 | Province of Manitoba (Canada), 4.9%, due 12/06/16 | 229,984 | ||||||
250,000 | State of Israel, 4.625%, due 06/15/13 | 251,100 | ||||||
|
| |||||||
Total Foreign Government Bonds (Cost: $449,944) | 481,084 | |||||||
|
| |||||||
Asset-Backed Securities (4.5%) | ||||||||
2,800,000 | Academic Loan Funding Trust (12-1A-A2), (144A), 1.3%, due 12/27/44 (1)(2) | 2,838,500 | ||||||
2,500,000 | ALM Loan Funding (12-7A-A1), (144A), 1.696%, due 10/19/24 (1)(2) | 2,508,970 | ||||||
2,916,264 | Bayview Commercial Asset Trust (06-4A-A1), (144A), 0.43%, due 12/25/36 (1)(2) | 2,413,677 | ||||||
1,886,710 | Beacon Container Finance LLC (12-1A-A), (144A), 3.72%, due 09/20/27 (1) | 1,948,801 | ||||||
2,285,569 | Brazos Education Loan Authority, Inc. (12-1-A1), 0.9%, due 12/26/35 (2) | 2,293,288 | ||||||
661,675 | Brazos Higher Education Authority, Inc. (06-2-A9), 0.294%, due 12/26/24 (2) | 615,414 | ||||||
675,000 | Brazos Higher Education Authority, Inc. (10-1-A2), 1.488%, due 02/25/35 (2) | 690,882 | ||||||
1,695,000 | Brazos Higher Education Authority, Inc. (11-1-A3), 1.338%, due 11/25/33 (2) | 1,734,274 | ||||||
2,612,500 | CAL Funding II, Ltd. (12-1A-A), (144A), 3.47%, due 10/25/27 (1) | 2,674,636 | ||||||
2,357,840 | College Loan Corp. Trust (05-2-A3), 0.407%, due 04/15/25 (2) | 2,339,229 | ||||||
1,135,417 | Cronos Containers Program, Ltd. (12-1A-A), (144A), 4.21%, due 05/18/27 (1) | 1,167,657 | ||||||
1,412,500 | Cronos Containers Program, Ltd. (12-2A-A), (144A), 3.81%, due 09/18/27 (1) | 1,476,786 |
See accompanying notes to financial statements.
10
Table of Contents
TCW Core Fixed Income Fund
April 30, 2013 |
Principal Amount | Fixed Income Securities | Value | ||||||
Asset-Backed Securities (Continued) | ||||||||
$ | 3,500,000 | Educational Funding of the South, Inc. (11-1-A2), 0.926%, due 04/25/35 (2) | $ | 3,508,931 | ||||
2,363,118 | Educational Services of America, Inc. (12-2-A), (144A), 0.93%, due 04/25/39 (1)(2) | 2,378,693 | ||||||
590,691 | GE Business Loan Trust (03-1-A), (144A), 0.629%, due 04/15/31 (1)(2) | 554,511 | ||||||
622,585 | GE Business Loan Trust (04-1-A), (144A), 0.489%, due 05/15/32 (1)(2) | 602,034 | ||||||
2,098,326 | GE Business Loan Trust (04-2A-A), (144A), 0.419%, due 12/15/32 (1)(2) | 2,003,234 | ||||||
1,123,750 | GE SeaCo Finance SRL (05-1A-A), (144A), 0.45%, due 11/17/20 (1)(2) | 1,095,412 | ||||||
2,157,026 | Genesis Funding, Ltd. (06-1A-G1), (144A), 0.439%, due 12/19/32 (1)(2) | 1,960,520 | ||||||
2,229,196 | Iowa Student Loan Liquidity Corp. (11-1-A), 1.534%, due 06/25/42 (2) | 2,291,123 | ||||||
2,400,000 | Montana Higher Education Student Assistance Corp. (12-1-A3), 1.249%, due 07/20/43 (2) | 2,406,002 | ||||||
2,500,000 | Neptune Finance CCS, Ltd. (08-1A-A), (144A), 0.891%, due 04/20/20 (1)(2) | 2,491,703 | ||||||
2,600,000 | Oak Hill Credit Partners (12-7A-A), (144A), 1.709%, due 11/20/23 (1)(2) | 2,609,862 | ||||||
2,450,000 | Octagon Investment Partners XI, Ltd. (07-1A-A1B), (144A), 0.548%, due 08/25/21 (1)(2) | 2,378,262 | ||||||
2,000,000 | SLM Student Loan Trust (11-2-A2), 1.4%, due 10/25/34 (2) | 2,072,310 | ||||||
2,600,000 | SLM Student Loan Trust (12-7-A3), 0.85%, due 05/26/26 (2) | 2,618,663 | ||||||
1,410,000 | TAL Advantage LLC (06-1A-NOTE), (144A), 0.389%, due 04/20/21 (1)(2) | 1,386,684 | ||||||
1,156,250 | Textainer Marine Containers, Ltd. (05-1A-A), (144A), 0.45%, due 05/15/20 (1)(2) | 1,144,750 | ||||||
|
| |||||||
Total Asset-Backed Securities (Cost: $52,225,267) | 54,204,808 | |||||||
|
| |||||||
Commercial Mortgage-Backed Securities — Agency (4.6%) | ||||||||
980,000 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (K013-A2), 3.974%, due 01/25/21 (2) | 1,113,152 | ||||||
5,030,000 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (K020-A2), 2.373%, due 05/25/22 | 5,122,648 | ||||||
6,799,008 | Federal National Mortgage Association (12-M12-1A), 2.935%, | 7,209,359 | ||||||
5,193,455 | Federal National Mortgage Association (12-M15-A), 2.745%, | 5,415,078 | ||||||
4,499,606 | Federal National Mortgage Association, Pool #745935, 5.682%, due 08/01/16 | 5,023,629 | ||||||
4,057,864 | Federal National Mortgage Association, Pool #AE0918, 3.665%, due 10/01/20 (3) | 4,546,598 | ||||||
2,205,512 | Federal National Mortgage Association, Pool #Al0151, 4.378%, due 04/01/21 (3) | 2,567,766 | ||||||
5,600,000 | Federal National Mortgage Association, Pool #AL3306, 2.46%, due 04/01/23 | 5,721,188 | ||||||
5,214,783 | Federal National Mortgage Association, Pool #AL3400, 2.545%, due 03/01/23 | 5,404,534 | ||||||
2,582,796 | Federal National Mortgage Association, Pool #FN0000, 3.584%, due 09/01/20 | 2,878,966 | ||||||
3,528,272 | Federal National Mortgage Association, Pool #FN0001, 3.763%, due 12/01/20 | 3,991,909 | ||||||
2,933,069 | Federal National Mortgage Association, Pool #FN0003, 4.301%, due 01/01/21 | 3,402,849 | ||||||
2,729,195 | NCUA Guaranteed Notes (11-C1-2A), 0.73%, due 03/09/21 (2) | 2,736,449 | ||||||
|
| |||||||
Total Commercial Mortgage-Backed Securities — Agency (Cost: $53,673,388) | 55,134,125 | |||||||
|
| |||||||
Commercial Mortgage-Backed Securities — Non-Agency (6.7%) | ||||||||
1,135,000 | Banc of America Commercial Mortgage, Inc. (05-2-A5), 4.857%, due 07/10/43 (2) | 1,215,398 | ||||||
3,270,000 | Bear Stearns Commercial Mortgage Securities (04-PWR5-A5), 4.978%, due 07/11/42 (2) | 3,410,521 |
See accompanying notes to financial statements.
11
Table of Contents
TCW Core Fixed Income Fund
Schedule of Investments (Unaudited) (Continued) |
Principal Amount | Fixed Income Securities | Value | ||||||
Commercial Mortgage-Backed Securities — Non-Agency (Continued) | ||||||||
$ | 3,450,000 | Bear Stearns Commercial Mortgage Securities (05-T20-A4A), 5.298%, due 10/12/42 (2) | $ | 3,781,713 | ||||
3,395,000 | Commercial Mortgage Pass-Through Certificates (05-LP5-A4), 4.982%, due 05/10/43 (2) | 3,643,300 | ||||||
765,000 | DBRR Trust (11-LC2-A4A), (144A), 4.537%, due 07/12/44 (1)(2) | 879,918 | ||||||
5,063,952 | DBRR Trust (12-EZ1-A), (144A), 0.946%, due 09/25/45 (1)(2) | 5,075,052 | ||||||
3,872,693 | DBRR Trust (13-EZ2-A), (144A), 0.853%, due 02/25/45 (1)(2) | 3,870,617 | ||||||
1,890,000 | Greenwich Capital Commercial Funding Corp. (05-GG3-A4), 4.799%, due 08/10/42 (2) | 1,996,133 | ||||||
3,150,000 | GS Mortgage Securities Corp. II (11-GC5-A4), 3.707%, due 08/10/44 | 3,471,124 | ||||||
3,475,000 | JPMorgan Chase Commercial Mortgage Securities Corp. (05-CB12-A4), 4.895%, due 09/12/37 | 3,749,379 | ||||||
5,500,000 | JPMorgan Chase Commercial Mortgage Securities Corp. (05-LDP5-A3), 5.397%, due 12/15/44 (2) | 5,648,000 | ||||||
2,364,959 | JPMorgan Chase Commercial Mortgage Securities Corp. (06-CB15-ASB), 5.79%, due 06/12/43 (2) | 2,506,776 | ||||||
3,404,107 | LB-UBS Commercial Mortgage Trust (04-C7-A1A), 4.475%, due 10/15/29 | 3,556,234 | ||||||
2,239,856 | Merrill Lynch Mortgage Trust (05-LC1-A4), 5.291%, due 01/12/44 (2) | 2,460,638 | ||||||
1,815,000 | Morgan Stanley Capital I Trust (05-T19-A4A), 4.89%, due 06/12/47 | 1,960,634 | ||||||
2,855,000 | Morgan Stanley Capital I Trust (06-T21-A4), 5.162%, due 10/12/52 (2) | 3,123,978 | ||||||
5,005,000 | Morgan Stanley Capital I Trust (06-T23-A4), 5.995%, due 08/12/41 (2) | 5,699,939 | ||||||
3,635,354 | Morgan Stanley Capital I Trust (07-HQ12-A2FX), 5.763%, due 04/12/49 (2) | 3,750,425 | ||||||
1,693,133 | Morgan Stanley Capital I Trust (07-IQ15-A2), 6.054%, due 06/11/49 (2) | 1,723,318 | ||||||
1,080,000 | Morgan Stanley Capital I Trust (07-T25-A3), 5.514%, due 11/12/49 (2) | 1,240,200 | ||||||
1,210,000 | Morgan Stanley Capital I Trust (11-C3-A2), 3.224%, due 07/15/49 | 1,296,255 | ||||||
625,000 | Morgan Stanley Capital I Trust (11-C3-A4), 4.118%, due 07/15/49 | 707,140 | ||||||
5,060,000 | Wachovia Bank Commercial Mortgage Trust (05-C20-A7), 5.118%, | 5,477,404 | ||||||
3,600,000 | WF-RBS Commercial Mortgage Trust (11-C5-A4), 3.667%, due 11/15/44 | 3,951,864 | ||||||
2,800,000 | WF-RBS Commercial Mortgage Trust (12-C7-A2), 3.431%, due 06/15/45 | 3,006,094 | ||||||
2,275,000 | WF-RBS Commercial Mortgage Trust (12-C8-A3), 3.001%, due 08/15/45 | 2,369,244 | ||||||
|
| |||||||
Total Commercial Mortgage-Backed Securities — Non-Agency (Cost: $79,081,935) | 79,571,298 | |||||||
|
| |||||||
Residential Mortgage-Backed Securities — Agency (27.3%) | ||||||||
9,309,248 | Federal Home Loan Mortgage Corp. (277-30), 3%, due 09/15/42 (3) | 9,625,861 | ||||||
579,166 | Federal Home Loan Mortgage Corp. (2439-KZ), 6.5%, due 04/15/32 | 657,009 | ||||||
1,312,432 | Federal Home Loan Mortgage Corp. (2575-FD), 0.649%, due 02/15/33 (PAC) (2) | 1,320,420 | ||||||
920,190 | Federal Home Loan Mortgage Corp. (2662-MT), 4.5%, due 08/15/33 (TAC) | 975,092 | ||||||
1,257,030 | Federal Home Loan Mortgage Corp. (2875-GM), 5%, due 01/15/33 (PAC) | 1,284,327 | ||||||
577,350 | Federal Home Loan Mortgage Corp. (3315-S), 6.211%, due 05/15/37 (I/O) (I/F) (2) | 64,791 | ||||||
1,914,336 | Federal Home Loan Mortgage Corp. (3339-JS), 41.544%, due 07/15/37 (I/F) (2) | 3,788,674 | ||||||
1,370,982 | Federal Home Loan Mortgage Corp. (3351-ZC), 5.5%, due 07/15/37 | 1,523,756 | ||||||
2,945,851 | Federal Home Loan Mortgage Corp. (3380-SM), 6.211%, | 498,533 | ||||||
2,773,638 | Federal Home Loan Mortgage Corp. (3382-FL), 0.899%, due 11/15/37 (2) | 2,795,896 |
See accompanying notes to financial statements.
12
Table of Contents
TCW Core Fixed Income Fund
April 30, 2013 |
Principal Amount | Fixed Income Securities | Value | ||||||
Residential Mortgage-Backed Securities — Agency (Continued) | ||||||||
$ | 9,570,694 | Federal Home Loan Mortgage Corp. (3439-SC), 5.701%, due 04/15/38 (I/O) (2) | $ | 1,361,995 | ||||
3,690,506 | Federal Home Loan Mortgage Corp. (3578-DI), 6.451%, due 04/15/36 (I/O) (I/F) (2) | 512,544 | ||||||
182,536 | Federal Home Loan Mortgage Corp., Pool #1A1127, 2.753%, due 01/01/37 (2) | 183,491 | ||||||
5,013,022 | Federal Home Loan Mortgage Corp., Pool #A97179, 4.5%, due 03/01/41 | 5,595,639 | ||||||
76,769 | Federal Home Loan Mortgage Corp., Pool #B15026, 5%, due 06/01/19 | 81,676 | ||||||
29,166 | Federal Home Loan Mortgage Corp., Pool #B15591, 5%, due 07/01/19 | 31,030 | ||||||
9,902,773 | Federal Home Loan Mortgage Corp., Pool #C04412, 3%, due 11/01/42 (3) | 10,330,314 | ||||||
52,034 | Federal Home Loan Mortgage Corp., Pool #C90526, 5.5%, due 02/01/22 | 56,186 | ||||||
5,350,158 | Federal Home Loan Mortgage Corp., Pool #G06360, 4%, due 03/01/41 | 5,945,572 | ||||||
4,394,759 | Federal Home Loan Mortgage Corp., Pool #G06498, 4%, due 04/01/41 | 4,853,633 | ||||||
3,159,270 | Federal Home Loan Mortgage Corp., Pool #G06499, 4%, due 03/01/41 | 3,470,384 | ||||||
1,785,926 | Federal Home Loan Mortgage Corp., Pool #G06620, 4.5%, due 07/01/41 (3) | 1,995,353 | ||||||
4,478,710 | Federal Home Loan Mortgage Corp., Pool #Q05261, 3.5%, due 12/01/41 | 4,804,116 | ||||||
521,249 | Federal National Mortgage Association (01-14-SH), 10.797%, due 03/25/30 (I/F) (2) | 852,411 | ||||||
757,020 | Federal National Mortgage Association (01-34-FV), 0.7%, due 08/25/31 (2) | 759,090 | ||||||
11,778 | Federal National Mortgage Association (03-62-MA), 3.5%, due 07/25/33 | 12,115 | ||||||
2,000,000 | Federal National Mortgage Association (04-W10-A6), 5.75%, | 2,229,387 | ||||||
715,324 | Federal National Mortgage Association (05-54-VM), 4.5%, due 11/25/25 | 730,438 | ||||||
3,306,540 | Federal National Mortgage Association (07-89-GF), 0.72%, due 09/25/37 (2) | 3,331,866 | ||||||
450,576 | Federal National Mortgage Association (08-12-SE), 6.2%, | 11,355 | ||||||
913,607 | Federal National Mortgage Association (08-30-SA), 6.65%, | 118,315 | ||||||
1,095,918 | Federal National Mortgage Association (08-62-SN), 6%, | 138,730 | ||||||
4,000,000 | Federal National Mortgage Association (09-64-TB), 4%, due 08/25/29 | 4,364,966 | ||||||
512,867 | Federal National Mortgage Association (09-68-SA), 6.55%, | 76,808 | ||||||
7,693,230 | Federal National Mortgage Association (10-26-AS), 6.13%, due 03/25/40 (I/O) (2)(3) | 1,052,866 | ||||||
4,000,000 | Federal National Mortgage Association (11-111-DB), 4%, due 11/25/41 | 4,496,188 | ||||||
64,118 | Federal National Mortgage Association, Pool #254634, 5.5%, due 02/01/23 | 70,182 | ||||||
51,219 | Federal National Mortgage Association, Pool #596686, 6.5%, due 11/01/31 | 55,441 | ||||||
253,346 | Federal National Mortgage Association, Pool #725275, 4%, due 03/01/19 | 271,481 | ||||||
209,216 | Federal National Mortgage Association, Pool #727575, 5%, due 06/01/33 | 224,466 | ||||||
139,282 | Federal National Mortgage Association, Pool #748751, 5.5%, due 10/01/33 | 143,970 | ||||||
3,104,796 | Federal National Mortgage Association, Pool #AB2127, 3.5%, due 01/01/26 | 3,339,571 | ||||||
2,540,923 | Federal National Mortgage Association, Pool #AB3679, 3.5%, due 10/01/41 | 2,727,178 | ||||||
4,712,595 | Federal National Mortgage Association, Pool #AB3685, 4%, due 10/01/41 | 5,176,814 | ||||||
3,426,478 | Federal National Mortgage Association, Pool #AB3864, 3.5%, due 11/01/41 (3) | 3,681,724 | ||||||
6,948,811 | Federal National Mortgage Association, Pool #AB4045, 3.5%, due 12/01/41 (3) | 7,477,301 | ||||||
7,238,354 | Federal National Mortgage Association, Pool #AB4670, 3%, due 03/01/27 (3) | 7,728,375 | ||||||
11,641,328 | Federal National Mortgage Association, Pool #AB5215, 3%, due 05/01/27 (3) | 12,422,147 |
See accompanying notes to financial statements.
13
Table of Contents
TCW Core Fixed Income Fund
Schedule of Investments (Unaudited) (Continued) |
Principal Amount | Fixed Income Securities | Value | ||||||
Residential Mortgage-Backed Securities — Agency (Continued) | ||||||||
$ | 5,342,401 | Federal National Mortgage Association, Pool #AC1604, 4%, due 08/01/39 | $ | 5,861,825 | ||||
2,305,000 | Federal National Mortgage Association, Pool #AE0134, 4.399%, due 02/01/20 | 2,684,389 | ||||||
3,435,385 | Federal National Mortgage Association, Pool #AH3429, 3.5%, due 01/01/26 | 3,719,010 | ||||||
1,609,416 | Federal National Mortgage Association, Pool #AL0209, 4.5%, due 05/01/41 | 1,802,975 | ||||||
4,817,824 | Federal National Mortgage Association, Pool #AL0851, 6%, due 10/01/40 (3) | 5,288,129 | ||||||
10,106,295 | Federal National Mortgage Association, Pool #MA1237, 3%, due 11/01/32 (3) | 10,679,512 | ||||||
11,733,732 | Federal National Mortgage Association, Pool #MA1241, 2.5%, due 11/01/22 (3) | 12,340,127 | ||||||
12,042,363 | Federal National Mortgage Association, Pool #MA1275, 3%, due 12/01/32 (3) | 12,726,331 | ||||||
25,495,000 | Federal National Mortgage Association, TBA, 2.5% (4) | 26,658,209 | ||||||
8,765,000 | Federal National Mortgage Association, TBA, 2.5% (4) | 8,873,193 | ||||||
42,865,000 | Federal National Mortgage Association, TBA, 3% (4) | 44,834,111 | ||||||
24,705,000 | Federal National Mortgage Association, TBA, 3.5% (4) | 26,260,644 | ||||||
7,475,000 | Federal National Mortgage Association, TBA, 6% (4) | 8,172,277 | ||||||
3,011,801 | Government National Mortgage Association (04-30-UC), 5.5%, due 02/20/34 (PAC) | 3,304,483 | ||||||
1,496,796 | Government National Mortgage Association (05-25-Z), 5%, due 03/16/35 | 1,654,648 | ||||||
1,498,813 | Government National Mortgage Association (08-27-SI), 6.271%, due 03/20/38 (I/O) (I/F) (2) | 188,800 | ||||||
5,911,798 | Government National Mortgage Association (08-81-S), 6.001%, due 09/20/38 (I/O) (I/F) (2) | 872,827 | ||||||
2,537,938 | Government National Mortgage Association (09-66-UF), 1.2%, due 08/16/39 (2) | 2,587,758 | ||||||
8,457,099 | Government National Mortgage Association (10-1-S), 5.551%, | 1,327,333 | ||||||
204,456 | Government National Mortgage Association, Pool #608259, 4.5%, due 08/15/33 | 224,417 | ||||||
537,708 | Government National Mortgage Association, Pool #782114, 5%, due 09/15/36 | 590,987 | ||||||
6,870,000 | Government National Mortgage Association II, TBA, 3% (4) | 7,300,448 | ||||||
3,107,224 | NCUA Guaranteed Notes (10-R1-1A), 0.65%, due 10/07/20 (2) | 3,123,246 | ||||||
1,997,668 | NCUA Guaranteed Notes (10-R2-1A), 0.57%, due 11/06/17 (2) | 2,003,754 | ||||||
3,578,243 | NCUA Guaranteed Notes (10-R2-2A), 0.67%, due 11/05/20 (2) | 3,610,671 | ||||||
1,334,409 | NCUA Guaranteed Notes (10-R3-1A), 0.76%, due 12/08/20 (2) | 1,346,397 | ||||||
1,115,584 | NCUA Guaranteed Notes (10-R3-2A), 0.76%, due 12/08/20 (2) | 1,128,134 | ||||||
1,736,722 | NCUA Guaranteed Notes (11-R1-1A), 0.653%, due 01/08/20 (2) | 1,744,795 | ||||||
1,641,763 | NCUA Guaranteed Notes (11-R2-1A), 0.6%, due 02/06/20 (2) | 1,647,920 | ||||||
|
| |||||||
Total Residential Mortgage-Backed Securities — Agency (Cost: $316,260,090) | 325,806,827 | |||||||
|
| |||||||
Residential Mortgage-Backed Securities — Non-Agency (8.0%) | ||||||||
1,068,972 | Argent Securities, Inc. (05-W2-A2B1), 0.4%, due 10/25/35 (2) | 1,052,541 | ||||||
2,296,820 | Asset-Backed Funding Certificates (05-WMC1-M1), 0.86%, due 06/25/35 (2) | 2,259,141 | ||||||
2,290,000 | Asset-Backed Securities Corp. Home Equity (05-HE6-M2), 0.71%, due 07/25/35 (2) | 2,263,944 | ||||||
1,590,949 | Banc of America Funding Corp. (06-G-2A3), 0.369%, due 07/20/36 (2) | 1,572,823 | ||||||
3,815,621 | Carrington Mortgage Loan Trust (05-NC5-A2), 0.52%, due 10/25/35 (2) | 3,789,498 | ||||||
1,990,216 | Centex Home Equity (02-C-AF6), 4.5%, due 09/25/32 (2) | 2,005,804 | ||||||
2,339,334 | Centex Home Equity (03-B-AF6), 3.173%, due 06/25/33 (2) | 2,404,985 | ||||||
860,909 | Citigroup Mortgage Loan Trust, Inc. (05-5-2A2), 5.75%, due 08/25/35 | 787,449 | ||||||
2,545,161 | Conseco Financial Corp. (98-6-A8), 6.66%, due 06/01/30 | 2,752,757 |
See accompanying notes to financial statements.
14
Table of Contents
TCW Core Fixed Income Fund
April 30, 2013 |
Principal Amount | Fixed Income Securities | Value | ||||||
Residential Mortgage-Backed Securities — Non-Agency (Continued) | ||||||||
$ | 4,800,000 | Countrywide Asset-Backed Certificates (05-11-MV1), 0.67%, due 02/25/36 (2) | $ | 4,671,082 | ||||
461,343 | Countrywide Asset-Backed Certificates (05-4-MV1), 0.66%, due 10/25/35 (2) | 457,355 | ||||||
898,997 | Countrywide Home Loans Mortgage Pass-Through Trust (07-J3-A1), 0.7%, due 07/25/37 (2)(5) | 603,738 | ||||||
51,291 | Credit Suisse First Boston Mortgage Securities Corp. (03-8-4PPA), 5.75%, due 04/22/33 | 53,698 | ||||||
1,362,120 | First Franklin Mortgage Loan Asset-Backed Certificates (05-FF8-A2D), 0.58%, due 09/25/35 (2) | 1,343,738 | ||||||
4,749,637 | GSAA Trust (05-3-M1), 0.875%, due 12/25/34 (2) | 4,647,468 | ||||||
845,000 | GSAMP Trust (05-HE5-M1), 0.62%, due 11/25/35 (2) | 802,495 | ||||||
940,874 | HSBC Home Equity Loan Trust USA (05-2-M1), 0.659%, due 01/20/35 (2) | 929,839 | ||||||
3,270,716 | HSBC Home Equity Loan Trust USA (07-1-AM), 0.439%, due 03/20/36 (2) | 3,211,552 | ||||||
702,659 | HSBC Home Equity Loan Trust USA (07-2-AM), 0.439%, due 07/20/36 (2) | 683,650 | ||||||
3,667,253 | HSBC Home Equity Loan Trust USA (07-3-APT), 1.399%, due 11/20/36 (2) | 3,661,033 | ||||||
2,849,982 | HSI Asset Securitization Corp. Trust (06-OPT1-2A3), 0.39%, due 12/25/35 (2) | 2,783,828 | ||||||
1,878,230 | Indymac Index Mortgage Loan Trust (05-AR6-2A1), 0.44%, due 04/25/35 (2) | 1,676,249 | ||||||
5,849,000 | JPMorgan Mortgage Acquisition Corp. (05-OPT1-M1), 0.65%, due 06/25/35 (2) | 5,773,448 | ||||||
1,310,168 | MASTR Asset-Backed Securities Trust (05-WF1-A2D), 0.57%, due 06/25/35 (2) | 1,285,652 | ||||||
2,240,384 | Mid-State Trust (04-1-B), 8.9%, due 08/15/37 | 2,399,393 | ||||||
2,794,757 | Morgan Stanley Capital, Inc. (04-WMC2-M1), 1.115%, due 07/25/34 (2) | 2,642,263 | ||||||
186,797 | Morgan Stanley Capital, Inc. (05-HE4-A2C), 0.57%, due 07/25/35 (2) | 186,427 | ||||||
686,515 | Morgan Stanley Mortgage Loan Trust (04-3-4A), 5.671%, due 04/25/34 (2) | 716,128 | ||||||
2,248,995 | New Century Home Equity Loan Trust (05-1-A2C), 0.55%, due 03/25/35 (2) | 2,223,916 | ||||||
4,400,000 | New Century Home Equity Loan Trust (05-2-M1), 0.63%, due 06/25/35 (2) | 4,156,574 | ||||||
3,800,000 | New Century Home Equity Loan Trust (05-3-M1), 0.68%, due 07/25/35 (2) | 3,736,483 | ||||||
3,945,000 | New Century Home Equity Loan Trust (05-4-A2C), 0.57%, due 09/25/35 (2) | 3,859,536 | ||||||
395,736 | Park Place Securities, Inc. (04-MHQ1-M1), 1.25%, due 12/25/34 (2) | 395,774 | ||||||
3,873,694 | Park Place Securities, Inc. (04-WWF1-M2), 0.88%, due 12/25/34 (2) | 3,842,918 | ||||||
4,393,055 | Park Place Securities, Inc. (05-WCH1-M2), 0.72%, due 01/25/36 (2) | 4,310,272 | ||||||
955,762 | Specialty Underwriting & Residential Finance (05-BC1-M2), 0.95%, due 12/25/35 (2) | 947,450 | ||||||
1,352,120 | Structured Asset Securities Corp. (03-34A-5A4), 2.617%, due 11/25/33 (2) | 1,370,435 | ||||||
4,363,532 | Structured Asset Securities Corp. (05-GEL4-M1), 0.72%, due 08/25/35 (2) | 4,331,896 | ||||||
1,589,790 | Structured Asset Securities Corp. (05-WF3-A2), 0.43%, due 07/25/35 (2) | 1,576,861 | ||||||
3,155,781 | Structured Asset Securities Corp. (05-WF4-A4), 0.56%, due 11/25/35 (2) | 3,141,671 | ||||||
488,724 | Wells Fargo Alternative Loan Trust (07-PA3-2A1), 6%, due 07/25/37 (5) | 465,369 | ||||||
3,950,000 | Wells Fargo Home Equity Trust (05-2-M1), 0.6%, due 08/25/35 (2) | 3,856,820 | ||||||
|
| |||||||
Total Residential Mortgage-Backed Securities — Non-Agency (Cost: $91,408,031) | 95,633,953 | |||||||
|
| |||||||
U.S. Government Agency Obligations (6.3%) | ||||||||
7,040,000 | Federal Farm Credit Banks Funding Corp., 0.171%, due 09/19/14 (2) | 7,042,968 | ||||||
5,005,000 | Federal Home Loan Mortgage Corp., 0.43%, due 11/18/13 (2) | 5,014,498 | ||||||
11,105,000 | Federal Home Loan Mortgage Corp., 0.5%, due 09/14/15 | 11,109,788 | ||||||
8,090,000 | Federal National Mortgage Association, 0.36%, due 06/23/14 (2)(3) | 8,106,886 | ||||||
5,045,000 | Federal National Mortgage Association, 0.5%, due 10/22/15 | 5,053,850 | ||||||
10,115,000 | Federal National Mortgage Association, 0.5%, due 11/06/15 (3) | 10,116,665 |
See accompanying notes to financial statements.
15
Table of Contents
TCW Core Fixed Income Fund
Schedule of Investments (Unaudited) (Continued) |
Principal Amount | Fixed Income Securities | Value | ||||||
U.S. Government Agency Obligations (Continued) | ||||||||
$ | 10,890,000 | Federal National Mortgage Association, 0.5%, due 01/29/16 (3) | $ | 10,897,503 | ||||
10,035,000 | Federal National Mortgage Association, 0.625%, due 02/22/16 (3) | 10,038,139 | ||||||
8,205,000 | Federal National Mortgage Association, 0.65%, due 03/28/16 | 8,214,452 | ||||||
|
| |||||||
Total U.S. Government Agency Obligations (Cost: $75,509,970) | 75,594,749 | |||||||
|
| |||||||
U.S. Treasury Securities (20.6%) | ||||||||
6,090,000 | U.S. Treasury Bond, 2.75%, due 08/15/42 | 5,913,962 | ||||||
10,562,619 | U.S. Treasury Inflation Indexed Note, 0.125%, due 04/15/16 (6) | 11,065,167 | ||||||
37,804,821 | U.S. Treasury Inflation Indexed Note, 0.125%, due 04/15/17 (6) | 40,250,339 | ||||||
13,595,243 | U.S. Treasury Inflation Indexed Note, 0.125%, due 04/15/18 (6) | 14,648,895 | ||||||
27,027,190 | U.S. Treasury Inflation Indexed Note, 0.5%, due 04/15/15 (6) | 27,994,250 | ||||||
26,036,133 | U.S. Treasury Inflation Indexed Note, 1.25%, due 04/15/14 (6) | 26,556,855 | ||||||
7,474,963 | U.S. Treasury Inflation Indexed Note, 1.875%, due 07/15/13 (6) | 7,514,087 | ||||||
4,333,683 | U.S. Treasury Inflation Indexed Note, 2%, due 01/15/14 (6) | 4,419,343 | ||||||
6,772,370 | U.S. Treasury Inflation Indexed Note, 2%, due 07/15/14 (6) | 7,062,844 | ||||||
3,139,893 | U.S. Treasury Inflation Indexed Note, 2%, due 01/15/16 (6) | 3,445,787 | ||||||
8,000,000 | U.S. Treasury Note, 0.375%, due 01/15/16 | 8,018,128 | ||||||
19,070,000 | U.S. Treasury Note, 0.75%, due 08/15/13 | 19,107,987 | ||||||
39,255,000 | U.S. Treasury Note, 0.75%, due 10/31/17 | 39,545,118 | ||||||
4,090,000 | U.S. Treasury Note, 0.75%, due 12/31/17 | 4,115,499 | ||||||
26,780,000 | U.S. Treasury Note, 0.75%, due 03/31/18 | 26,897,162 | ||||||
|
| |||||||
Total U.S. Treasury Securities (Cost: $246,425,361) | 246,555,423 | |||||||
|
| |||||||
Total Fixed Income Securities (Cost: $1,187,482,942) (102.7%) | 1,227,084,251 | |||||||
|
| |||||||
Number of Shares | Money Market Investments | |||||||
11,136,000 | BlackRock Liquidity Funds TempFund Portfolio, 0.08% (7) | 11,136,000 | ||||||
11,378,000 | DWS Money Market Series — Institutional Shares, 0.1% (7) | 11,378,000 | ||||||
|
| |||||||
Total Money Market Investments (Cost: $22,514,000) (1.9%) | 22,514,000 | |||||||
|
| |||||||
Principal Amount | Short-Term Investments | |||||||
Commercial Paper (1.5%) | ||||||||
Banks | ||||||||
$ | 7,645,000 | RBS Holding USA, Inc. (United Kingdom), (144A), 0.355%, due 08/20/13 (1)(8) | 7,638,007 | |||||
10,400,000 | UBS Finance Delaware LLC (Switzerland), 0.233%, due 06/21/13 (8) | 10,396,611 | ||||||
|
| |||||||
Total Commercial Paper (Cost: $18,033,361) | 18,034,618 | |||||||
|
| |||||||
Discount Notes (3.8%) | ||||||||
40,000,000 | Federal Home Loan Bank Discount Note, 0.065%, due 07/19/13 (8) | 39,996,480 | ||||||
5,500,000 | Federal Home Loan Bank Discount Note, 0.11%, due 07/17/13 (8) | 5,499,527 | ||||||
|
| |||||||
Total Discount Notes (Cost: $45,493,001) | 45,496,007 | |||||||
|
|
See accompanying notes to financial statements.
16
Table of Contents
TCW Core Fixed Income Fund
April 30, 2013 |
Principal Amount | Short-Term Investments | Value | ||||||
Repurchase Agreement (1.7%) | ||||||||
$ | 20,000,000 | JPMorgan Chase Bank N.A., 0.15%, due 05/01/13 (collateralized by $20,405,000 Federal Home Loan Discount Note, 0.02%, due 06/21/13, valued at $20,404,184) (Total Amount to be Received Upon Repurchase $20,000,083) | $ | 20,000,000 | ||||
451,161 | State Street Bank & Trust Company, 0.01%, due 05/01/13 (collateralized by $455,000, Federal National Mortgage Association, 2.14%, due 11/07/22 valued at $460,214) (Total Amount to be Received Upon Repurchase $451,161) | 451,161 | ||||||
|
| |||||||
Total Repurchase Agreement (Cost: $20,451,161) | 20,451,161 | |||||||
|
| |||||||
Total Short-Term Investments (Cost: $83,977,523) (7.0%) | 83,981,786 | |||||||
|
| |||||||
Total Investments (Cost: $1,293,974,465) (111.6%) | 1,333,580,037 | |||||||
Liabilities in Excess of Other Assets (-11.6%) | (138,412,437 | ) | ||||||
|
| |||||||
Net Assets (100.0%) | $ | 1,195,167,600 | ||||||
|
|
Notes to the Schedule of Investments:
ACES - | Alternative Credit Enhancement Securities. |
EETC - | Enhanced Equipment Trust Certificate. |
I/F - | Inverse Floating rate security whose interest rate moves in the opposite direction of prevailing interest rates. |
I/O - | Interest Only Security. |
PAC - | Planned Amortization Class. |
REIT - | Real Estate Investment Trust. |
TAC - | Target Amortization Class. |
TBA - | To be Announced. |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2013, the value of these securities amounted to $103,590,998 or 8.7% of net assets. These securities are determined to be liquid by the Advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors. |
(2) | Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2013. |
(3) | All or a portion of this security is segregated to cover open futures contracts, when-issued, delayed-delivery or forward commitments. |
(4) | Security purchased on a forward commitment with an approximate principal amount. The actual principal amount and maturity date will be determined upon settlement when the security is delivered. |
(5) | A portion of the principal balance has been written-off during the period due to defaults in the underlying loans. |
(6) | Interest rate for this security is a stated rate. Interest payments are determined based on the inflation-adjusted principal. |
(7) | Rate disclosed, the 7-day net yield, is as of April 30, 2013. |
(8) | Rate shown represents yield-to-maturity. |
See accompanying notes to financial statements.
17
Table of Contents
TCW Core Fixed Income Fund
Investments by Industry (Unaudited)
Industry | Percentage of Net Assets | |||
Agriculture | 0.0 | %* | ||
Airlines | 0.8 | |||
Asset-Backed Securities | 4.5 | |||
Auto Manufacturers | 0.3 | |||
Banks | 5.2 | |||
Beverages | 0.6 | |||
Chemicals | 0.0 | * | ||
Commercial Mortgage-Backed Securities — Agency | 4.6 | |||
Commercial Mortgage-Backed Securities — Non-Agency | 6.7 | |||
Commercial Services | 0.2 | |||
Diversified Financial Services | 1.9 | |||
Electric | 1.9 | |||
Energy-Alternate Sources | 0.2 | |||
Engineering & Construction | 0.2 | |||
Environmental Control | 0.0 | * | ||
Food | 0.0 | * | ||
Foreign Government Bonds | 0.1 | |||
Gas | 0.3 | |||
Healthcare-Products | 0.0 | * | ||
Healthcare-Services | 1.4 | |||
Insurance | 1.4 | |||
Iron & Steel | 0.0 | * | ||
Media | 0.2 | |||
Mining | 0.2 | |||
Miscellaneous Manufacturers | 0.2 | |||
Municipal Bonds | 1.9 | |||
Oil & Gas | 0.6 | |||
Pharmaceuticals | 0.3 | |||
Pipelines | 2.2 | |||
REIT | 3.2 | |||
Real Estate | 0.5 | |||
Residential Mortgage-Backed Securities — Agency | 27.3 | |||
Residential Mortgage-Backed Securities — Non-Agency | 8.0 | |||
Telecommunications | 0.9 | |||
U.S. Government Agency Obligations | 6.3 | |||
U.S. Treasury Securities | 20.6 | |||
Money Market Investments | 1.9 | |||
Short-Term Investments | 7.0 | |||
|
| |||
Total | 111.6 | % | ||
|
|
* | Value rounds to less than 0.1% of net assets. |
See accompanying notes to financial statements.
18
Table of Contents
TCW Emerging Markets Income Fund
Schedule of Investments (Unaudited) | April 30, 2013 |
Principal Amount | Fixed Income Securities | Value | ||||||
Argentina (1.9% of Net Assets) | ||||||||
$ | 61,000,000 | Argentina Boden Bond, 7%, due 10/03/15 | $ | 53,054,750 | ||||
EUR | 67,203,040 | Argentine Republic Government International Bond, 7.82%, due 12/31/33 | 51,331,784 | |||||
$ | 54,000,000 | Argentine Republic Government International Bond, 8.75%, due 06/02/17 | 42,660,000 | |||||
|
| |||||||
Total Argentina (Cost: $145,687,391) | 147,046,534 | |||||||
|
| |||||||
Australia (Cost: $40,722,866) (0.5%) | ||||||||
41,700,000 | Consolidated Minerals, Ltd., (144A), 8.875%, due 05/01/16 (1) | 40,344,750 | ||||||
|
| |||||||
Belize (Cost: $7,965,469) (0.1%) | ||||||||
14,858,700 | Belize Government International Bond, (144A), 5%, due 02/20/38 (1) | 10,363,943 | ||||||
|
| |||||||
Brazil (13.5%) | ||||||||
31,000,000 | Aralco Finance S.A., (144A), 10.125%, due 05/07/20 (1) | 30,809,660 | ||||||
75,000,000 | Banco BTG Pactual S.A., (144A), 4%, due 01/16/20 (1) | 72,187,500 | ||||||
75,000,000 | Banco do Brasil S.A., (144A), 6.25%, due 12/31/49 (1)(2)(3) | 75,075,000 | ||||||
BRL | 104,413,000 | Barclays Bank PLC, (Credit Linked Note to National Treasury of the Republic of Brazil, Series F, 10%, due 01/01/18), 10%, due 08/29/13 | 54,050,525 | |||||
$ | 69,000,000 | Brazil Minas SPE via State of Minas Gerais, (144A), 5.333%, due 02/15/28 (1) | 78,384,000 | |||||
BRL | 44,730,000 | Brazil Notas do Tesouro Nacional, Series F, 10%, due 01/01/23 | 23,113,557 | |||||
$ | 92,500,000 | Centrais Eletricas Brasileiras S.A., (144A), 5.75%, due 10/27/21 (1) | 100,871,250 | |||||
BRL | 99,600,000 | Citigroup, Inc., (Credit Linked Note to National Treasury of the Republic of Brazil, 0%, due 01/01/16), (144A), 0%, due 03/06/14 (1) | 39,754,030 | |||||
BRL | 47,100,000 | Citigroup, Inc., (Credit Linked Note to National Treasury of the Republic of Brazil, Series B, 6%, due 08/15/22), (144A), 0%, due 01/13/14 (1) | 62,300,740 | |||||
BRL | 55,400,000 | Citigroup, Inc., (Credit Linked Note to National Treasury of the Republic of Brazil, Series F, 10%, due 01/01/23), (144A), 10%, due 11/05/13 (1) | 28,341,970 | |||||
BRL | 47,000,000 | Citigroup, Inc., (Credit Linked Note to National Treasury of the Republic of Brazil, Series F, 10%, due 01/01/23), 0%, due 04/02/14 (2) | 24,044,632 | |||||
BRL | 73,690,000 | Deutsche Bank AG, (Credit Linked Note to National Treasury of the Republic of Brazil, Series F, 10%, due 01/01/23), 10%, due 04/22/14 | 37,698,913 | |||||
$ | 53,000,000 | Itau Unibanco Holding S.A., (144A), 5.125%, due 05/13/23 (1) | 55,053,750 | |||||
BRL | 2,252,300 | JPMorgan Chase Bank, NA, (Credit Linked Note to National Treasury of the Republic of Brazil, Series B, 6%, due 08/15/22), (144A), 6%, due 10/25/13 (1) | 29,791,922 | |||||
$ | 74,500,000 | QGOG Constellation S.A., (144A), 6.25%, due 11/09/19 (1) | 78,597,500 | |||||
73,600,000 | Samarco Mineracao S.A., (144A), 4.125%, due 11/01/22 (1) | 72,680,000 | ||||||
73,109,333 | Schahin II Finance Co. SPV, Ltd., (144A), 5.875%, due 09/25/23 (1) | 76,655,136 | ||||||
43,500,000 | Tonon Bioenergia S.A., (144A), 9.25%, due 01/24/20 (1) | 45,348,750 | ||||||
36,725,000 | Virgolino de Oliveira Finance, Ltd., (144A), 11.75%, due 02/09/22 (1) | 38,561,250 | ||||||
34,667,000 | Virgolino de Oliveira Finance, Ltd. (Brazil), (144A), 10.5%, due 01/28/18 (1) | 36,140,348 | ||||||
|
| |||||||
Total Brazil (Cost: $1,051,010,979) | 1,059,460,433 | |||||||
|
| |||||||
Chile (2.7%) | ||||||||
53,000,000 | Automotores Gildemeister S.A., (144A), 8.25%, due 05/24/21 (1) | 57,505,000 | ||||||
58,000,000 | CorpGroup Banking S.A., (144A), 6.75%, due 03/15/23 (1) | 61,625,000 | ||||||
38,500,000 | GeoPark Latin America, Ltd. Agencia en Chile, (144A), 7.5%, due 02/11/20 (1) | 39,751,250 |
See accompanying notes to financial statements.
19
Table of Contents
TCW Emerging Markets Income Fund
Schedule of Investments (Unaudited) (Continued) |
Principal Amount | Fixed Income Securities | Value | ||||||
Chile (Continued) | ||||||||
$ | 51,000,000 | Tanner Servicios Financieros S.A., (144A), 4.375%, due 03/13/18 (1) | $ | 51,892,500 | ||||
|
| |||||||
Total Chile (Cost: $202,478,568) | 210,773,750 | |||||||
|
| |||||||
China (2.7%) | ||||||||
53,400,000 | Country Garden Holdings Co., Ltd., (144A), 11.125%, due 02/23/18 (1) | 61,410,000 | ||||||
35,000,000 | Future Land Development Holdings, Ltd., (144A), 10.25%, due 01/31/18 (1) | 35,087,500 | ||||||
35,600,000 | Kaisa Group Holdings, Ltd., (144A), 8.875%, due 03/19/18 (1) | 38,359,000 | ||||||
49,350,000 | MIE Holdings Corp., (144A), 9.75%, due 05/12/16 (1) | 53,544,750 | ||||||
26,678,000 | Pacnet, Ltd., (144A), 9.25%, due 11/09/15 (1) | 28,046,581 | ||||||
|
| |||||||
Total China (Cost: $202,780,007) | 216,447,831 | |||||||
|
| |||||||
Colombia (3.5%) | ||||||||
58,000,000 | Banco Davivienda S.A., (144A), 5.875%, due 07/09/22 (1) | 61,407,500 | ||||||
72,500,000 | Bancolombia S.A., 5.125%, due 09/11/22 | 74,493,750 | ||||||
69,500,000 | Grupo Aval, Ltd., (144A), 4.75%, due 09/26/22 (1) | 70,299,250 | ||||||
64,650,000 | Pacific Rubiales Energy Corp., (144A), 5.125%, due 03/28/23 (1) | 66,912,750 | ||||||
|
| |||||||
Total Colombia (Cost: $265,582,123) | 273,113,250 | |||||||
|
| |||||||
Costa Rica (1.2%) | ||||||||
20,000,000 | Costa Rica Government International Bond, (144A), 4.375%, due 04/30/25 (1) | 20,140,000 | ||||||
52,000,000 | Costa Rica Government International Bond, (144A), 5.625%, due 04/30/43 (1) | 53,456,000 | ||||||
20,000,000 | Instituto Costarricense de Electricidad, (144A), 6.95%, due 11/10/21 (1) | 22,850,000 | ||||||
|
| |||||||
Total Costa Rica (Cost: $93,605,454) | 96,446,000 | |||||||
|
| |||||||
Cote d’Ivoire (Cost: $50,721,451) (0.7%) | ||||||||
54,516,000 | Ivory Coast Government Bond, (Reg. S), 5.75%, due 12/31/32 (4) | 52,199,070 | ||||||
|
| |||||||
Croatia (1.5%) | ||||||||
41,000,000 | Agrokor DD, (144A), 8.875%, due 02/01/20 (1) | 45,920,000 | ||||||
68,000,000 | Hrvatska Elektroprivreda, (144A), 6%, due 11/09/17 (1) | 72,420,000 | ||||||
|
| |||||||
Total Croatia (Cost: $112,660,748) | 118,340,000 | |||||||
|
| |||||||
Cyprus (0.6%) | ||||||||
EUR | 19,950,000 | Cyprus Government International Bond, 3.75%, due 11/01/15 | 20,821,481 | |||||
EUR | 21,800,000 | Cyprus Government International Bond, 4.375%, due 07/15/14 | 25,120,830 | |||||
|
| |||||||
Total Cyprus (Cost: $47,976,539) | 45,942,311 | |||||||
|
| |||||||
El Salvador (1.0%) | ||||||||
$ | 28,000,000 | El Salvador Government International Bond, (144A), 5.875%, due 01/30/25 (1) | 29,400,000 | |||||
48,250,000 | MMG S.A. (AES El Salvador Trust II), (144A), 6.75%, due 03/28/23 (1) | 49,697,500 | ||||||
|
| |||||||
Total El Salvador (Cost: $75,827,428) | 79,097,500 | |||||||
|
| |||||||
Georgia (Cost: $60,343,605) (0.8%) | ||||||||
53,300,000 | Georgian Railway JSC, (Reg. S), 7.75%, due 07/11/22 (4) | 61,961,250 | ||||||
|
|
See accompanying notes to financial statements.
20
Table of Contents
TCW Emerging Markets Income Fund
April 30, 2013 |
Principal Amount | Fixed Income Securities | Value | ||||||
Guatemala (Cost: $70,545,714) (0.9%) | ||||||||
$ | 70,000,000 | Industrial Senior Trust, (144A), 5.5%, due 11/01/22 (1) | $ | 70,350,000 | ||||
|
| |||||||
Hungary (1.8%) | ||||||||
41,000,000 | Hungary Government International Bond, 4.125%, due 02/19/18 | 41,410,000 | ||||||
41,000,000 | Hungary Government International Bond, 5.375%, due 02/21/23 | 42,435,000 | ||||||
55,000,000 | Magyar Export-Import Bank RT, (144A), 5.5%, due 02/12/18 (1) | 56,925,000 | ||||||
|
| |||||||
Total Hungary (Cost: $136,767,474) | 140,770,000 | |||||||
|
| |||||||
India (4.0%) | ||||||||
56,000,000 | ICICI Bank, Ltd., (Reg. S), 6.375%, due 04/30/22 (2)(4) | 57,820,000 | ||||||
INR | 6,120,000,000 | India Government Bond, 8.07%, due 07/03/17 | 115,784,379 | |||||
INR | 3,100,000,000 | India Government Bond, 8.79%, due 11/08/21 | 61,116,752 | |||||
INR | 490,000,000 | Power Grid Corp. of India, Ltd., 8.84%, due 10/21/19 | 9,202,778 | |||||
$ | 62,700,000 | Vedanta Resources PLC, (144A), 8.25%, due 06/07/21 (1) | 68,343,000 | |||||
|
| |||||||
Total India (Cost: $300,661,565) | 312,266,909 | |||||||
|
| |||||||
Indonesia (1.8%) | ||||||||
60,837,000 | Bumi Investment Pte, Ltd., (Reg. S), 10.75%, due 10/06/17 (4) | 49,430,063 | ||||||
52,000,000 | Perusahaan Listrik Negara PT, (144A), 5.25%, due 10/24/42 (1) | 51,740,000 | ||||||
35,000,000 | Perusahaan Penerbit SBSN, (144A), 3.3%, due 11/21/22 (1) | 35,000,000 | ||||||
10,000,000 | PT Bumi Resources Tbk, Term Loan, 24.76%, due 08/07/13 (5)(6) | 9,500,000 | ||||||
|
| |||||||
Total Indonesia (Cost: $160,971,739) | 145,670,063 | |||||||
|
| |||||||
Iraq (Cost: $87,389,772) (1.1%) | ||||||||
93,750,000 | Republic of Iraq, (Reg. S), 5.8%, due 01/15/28 (4) | 85,546,875 | ||||||
|
| |||||||
Kazakhstan (Cost: $79,434,420) (1.0%) | ||||||||
80,000,000 | KazMunayGas National Co. JSC, (144A), 5.75%, due 04/30/43 (1) | 81,400,000 | ||||||
|
| |||||||
Lebanon (1.0%) | ||||||||
37,500,000 | Lebanon Government International Bond, (Reg. S), 6.75%, due 11/29/27 (4) | 37,687,500 | ||||||
33,000,000 | Lebanon Government International Bond, (Reg. S), 8.25%, due 04/12/21 (4) | 38,115,000 | ||||||
|
| |||||||
Total Lebanon (Cost: $78,338,730) | 75,802,500 | |||||||
|
| |||||||
Mexico (9.6%) | ||||||||
16,553,750 | Bank of New York Mellon S.A. Institucion de Banca Multiple, (144A), 9.625%, due 05/02/21 (1) | 10,594,400 | ||||||
60,000,000 | BBVA Bancomer S.A. Texas, (144A), 6.75%, due 09/30/22 (1) | 69,150,000 | ||||||
57,500,000 | Cemex Espana Luxembourg, (144A), 9.875%, due 04/30/19 (1) | 65,981,250 | ||||||
54,000,000 | Cemex Finance LLC, (144A), 9.375%, due 10/12/22 (1) | 62,370,000 | ||||||
73,000,000 | Corporacion GEO S.A. de C.V., (144A), 8.875%, due 03/27/22 (1) | 33,580,000 | ||||||
2,027,161 | Hipotecaria Su Casita S.A. de C.V., (144A), 7.5%, due 06/29/18 (1)(7) | 162,173 | ||||||
MXN | 414,533,000 | Mexican BONOS Government Bond, 5%, due 06/15/17 (8) | 35,264,307 | |||||
MXN | 2,041,336,100 | Mexican BONOS Government Bond, 6.5%, due 06/09/22 (8) | 193,708,629 | |||||
MXN | 430,974,455 | Mexican Udibonos, 5%, due 06/16/16 | 39,990,935 | |||||
$ | 52,000,000 | Mexichem S.A.B. de C.V., (144A), 6.75%, due 09/19/42 (1) | 59,867,600 | |||||
70,000,000 | Mexico Generadora de Energia S. de R.L., (144A), 5.5%, due 12/06/32 (1) | 75,775,000 |
See accompanying notes to financial statements.
21
Table of Contents
TCW Emerging Markets Income Fund
Schedule of Investments (Unaudited) (Continued) |
Principal Amount | Fixed Income Securities | Value | ||||||
Mexico (Continued) | ||||||||
$ | 33,000,000 | Servicios Corporativos Javer SAPI. de C.V., (144A), 9.875%, due 04/06/21 (1) | $ | 29,370,000 | ||||
73,500,000 | Tenedora Nemak S.A. de C.V., (144A), 5.5%, due 02/28/23 (1) | 76,348,125 | ||||||
|
| |||||||
Total Mexico (Cost: $749,707,372) | 752,162,419 | |||||||
|
| |||||||
Panama (Cost: $10,396,876) (0.1%) | ||||||||
10,500,000 | Global Bank Corp., (144A), 4.75%, due 10/05/17 (1) | 10,710,000 | ||||||
|
| |||||||
Paraguay (Cost: $44,933,218) (0.6%) | ||||||||
45,000,000 | Banco Continental SAECA, (144A), 8.875%, due 10/15/17 (1) | 49,893,750 | ||||||
|
| |||||||
Peru (1.8%) | ||||||||
35,765,000 | Inkia Energy, Ltd., (Reg. S), 8.375%, due 04/04/21 (4) | 40,503,862 | ||||||
29,500,000 | Pesquera Exalmar S.A.A., (144A), 7.375%, due 01/31/20 (1) | 29,308,250 | ||||||
72,000,000 | Scotiabank Peru S.A., (144A), 4.5%, due 12/13/27 (1)(2) | 71,460,000 | ||||||
|
| |||||||
Total Peru (Cost: $138,087,525) | 141,272,112 | |||||||
|
| |||||||
Portugal (0.5%) | ||||||||
EUR | 15,000,000 | Portugal Obrigacoes do Tesouro OT, 3.85%, due 04/15/21 | 17,755,126 | |||||
EUR | 20,000,000 | Portugal Obrigacoes do Tesouro OT, 4.1%, due 04/15/37 | 19,833,274 | |||||
|
| |||||||
Total Portugal (Cost: $34,398,497) | 37,588,400 | |||||||
|
| |||||||
Russia (16.2%) | ||||||||
$ | 45,000,000 | Alfa Bank OJSC via Alfa Bond Issuance PLC, (144A), 7.5%, due 09/26/19 (1) | 48,496,500 | |||||
48,000,000 | Alfa Bank OJSC via Alfa Bond Issuance PLC, (144A), 7.75%, due 04/28/21 (1) | 54,369,600 | ||||||
68,000,000 | Credit Bank of Moscow via CBOM Finance PLC, (144A), 7.7%, due 02/01/18 (1) | 71,060,000 | ||||||
80,000,000 | EDC Finance, Ltd., (144A), 4.875%, due 04/17/20 (1) | 80,700,000 | ||||||
20,000,000 | Gazprom OAO via Gaz Capital S.A., (144A), 4.95%, due 07/19/22 (1) | 21,110,000 | ||||||
62,500,000 | Gazprombank OJSC via GPB Eurobond Finance PLC, (Reg. S), 7.875%, due 12/31/49 (2)(3) | 65,234,375 | ||||||
61,700,000 | Home Credit & Finance Bank OOO via Eurasia Capital S.A., (144A), 9.375%, due 04/24/20 (1)(2) | 66,944,500 | ||||||
78,000,000 | Metalloinvest Finance, Ltd., (144A), 5.625%, due 04/17/20 (1) | 78,546,000 | ||||||
63,000,000 | Nomos Bank via Nomos Capital PLC, (144A), 10%, due 04/26/19 (1) | 67,413,628 | ||||||
72,000,000 | Novatek OAO via Novatek Finance, Ltd., (144A), 4.422%, due 12/13/22 (1) | 72,450,000 | ||||||
77,500,000 | Polyus Gold International, Ltd., (144A), 5.625%, due 04/29/20 (1) | 79,243,750 | ||||||
RUB | 1,501,500,000 | Russian Federal Bond - OFZ, 6.8%, due 12/11/19 (8) | 49,863,106 | |||||
RUB | 2,312,226,000 | Russian Federal Bond - OFZ, 7.35%, due 01/20/16 (8) | 77,125,567 | |||||
RUB | 1,387,000,000 | Russian Federal Bond - OFZ, 7.6%, due 04/14/21 | 48,194,767 | |||||
RUB | 1,350,000,000 | Russian Federal Bond - OFZ, 8.15%, due 02/03/27 (8) | 49,062,528 | |||||
$ | 60,000,000 | Russian Standard Bank via Russian Standard Finance S.A., (144A), 10.75%, due 04/10/18 (1) | 65,700,000 | |||||
53,000,000 | Sberbank of Russia via SB Capital S.A., (144A), 5.125%, due 10/29/22 (1) | 53,694,300 | ||||||
80,000,000 | VimpelCom Holdings B.V., (144A), 5.95%, due 02/13/23 (1) | 81,400,000 | ||||||
69,500,000 | VTB Bank OJSC, (144A), 9.5%, due 12/31/49 (1)(2)(3) | 76,276,250 | ||||||
64,600,000 | VTB Bank OJSC via VTB Capital S.A., (144A), 6.95%, due 10/17/22 (1) | 68,476,000 | ||||||
|
| |||||||
Total Russia (Cost: $1,242,542,892) | 1,275,360,871 | |||||||
|
|
See accompanying notes to financial statements.
22
Table of Contents
TCW Emerging Markets Income Fund
April 30, 2013 |
Principal Amount | Fixed Income Securities | Value | ||||||
Serbia (Cost: $12,832,081) (0.1%) | ||||||||
RSD | 946,691,176 | Unicredit Bank AG, (Credit Linked Note to Serbia Treasury Bond, 10%, due 04/01/14), 10%, due 04/01/14 | $ | 11,232,189 | ||||
|
| |||||||
Singapore (Cost: $52,500,000) (0.7%) | ||||||||
$ | 52,500,000 | Global A&T Electronics, Ltd., 10%, due 02/01/19 (1) | 57,093,750 | |||||
|
| |||||||
Slovenia (Cost: $94,119,380) (1.2%) | ||||||||
94,500,000 | Slovenia Government International Bond, (144A), 5.5%, due 10/26/22 (1) | 93,555,000 | ||||||
|
| |||||||
South Africa (4.0%) | ||||||||
96,950,000 | Gold Fields Orogen Holding (BVI), Ltd., (Reg. S), 4.875%, due 10/07/20 (4) | 94,526,250 | ||||||
ZAR | 904,000,000 | South Africa Government Bond, 6.75%, due 03/31/21 (8) | 105,430,568 | |||||
ZAR | 537,000,000 | South Africa Government Bond, 10.5%, due 12/21/26 | 79,759,775 | |||||
$ | 36,500,000 | Transnet SOC, Ltd., (144A), 4%, due 07/26/22 (1) | 36,573,000 | |||||
|
| |||||||
Total South Africa (Cost: $316,576,000) | 316,289,593 | |||||||
|
| |||||||
Tanzania (Cost: $42,058,967) (0.6%) | ||||||||
42,000,000 | Tanzania Government International Bond, (Reg. S), 6.45%, due 03/08/20 (2)(4) | 44,310,000 | ||||||
|
| |||||||
Turkey (4.1%) | ||||||||
55,000,000 | Akbank TAS, (144A), 5%, due 10/24/22 (1) | 58,575,000 | ||||||
70,000,000 | Turkey Government International Bond, 3.25%, due 03/23/23 | 69,370,000 | ||||||
50,000,000 | Turkey Government International Bond, 4.875%, due 04/16/43 | 51,562,500 | ||||||
61,500,000 | Turkiye Is Bankasi, (144A), 6%, due 10/24/22 (1) | 67,188,750 | ||||||
76,000,000 | Yapi ve Kredi Bankasi A.S., (144A), 5.5%, due 12/06/22 (1) | 78,565,000 | ||||||
|
| |||||||
Total Turkey (Cost: $313,943,554) | 325,261,250 | |||||||
|
| |||||||
Ukraine (2.2%) | ||||||||
68,000,000 | Ukraine Government International Bond, (144A), 7.8%, due 11/28/22 (1) | 67,738,200 | ||||||
77,000,000 | Ukraine Government International Bond, (Reg. S), 6.25%, due 06/17/16 (4) | 75,267,500 | ||||||
29,000,000 | Ukraine Government International Bond, (Reg. S), 7.95%, due 06/04/14 (4) | 29,543,750 | ||||||
|
| |||||||
Total Ukraine (Cost: $173,684,293) | 172,549,450 | |||||||
|
| |||||||
United Arab Emirates (Cost: $52,821,848) (0.8%) | ||||||||
54,000,000 | DP World, Ltd., (Reg. S), 6.85%, due 07/02/37 (4) | 64,867,500 | ||||||
|
| |||||||
Uruguay (Cost: $29,952,843)(0.4%) | ||||||||
UYU | 449,236,625 | Uruguay Government International Bond, 4.375%, due 12/15/28 | 30,532,508 | |||||
|
| |||||||
Venezuela (4.6%) | ||||||||
$ | 184,000,000 | Petroleos de Venezuela S.A., (Reg. S), 8.5%, due 11/02/17 (4) | 178,020,000 | |||||
90,000,000 | Venezuela Government International Bond, (Reg. S), 7.75%, due 10/13/19 (4) | 84,600,000 | ||||||
107,000,000 | Venezuela Government International Bond, (Reg. S), 8.25%, due 10/13/24 (4) | 96,460,500 | ||||||
|
| |||||||
Total Venezuela (Cost: $336,172,961) | 359,080,500 | |||||||
|
| |||||||
Total Fixed Income Securities (Cost: $6,916,200,349) (89.8%) | 7,065,102,261 | |||||||
|
|
See accompanying notes to financial statements.
23
Table of Contents
TCW Emerging Markets Income Fund
Schedule of Investments (Unaudited) (Continued) |
Number of Shares | Equity Securities | Value | ||||||
Mexico (0.0%) | ||||||||
240,079 | Hipotecaria Su Casita S.A. de C.V., SOFOM E.N.R. | $ | — | |||||
|
| |||||||
Total Equity Securities (Cost: $0) (0%) | — | |||||||
|
| |||||||
Principal Amount | Short-Term Investments | |||||||
Foreign Government Bonds | ||||||||
Nigeria (2.5%) | ||||||||
NGN | 2,754,517,000 | Nigeria Treasury Bill, 0%, due 09/26/13 | 16,598,754 | |||||
NGN | 2,922,000,000 | Nigeria Treasury Bill, 0%, due 10/24/13 | 17,460,429 | |||||
NGN | 3,481,875,000 | �� | Nigeria Treasury Bill, 0%, due 11/21/13 | 20,685,643 | ||||
NGN | 6,347,053,000 | Nigeria Treasury Bill, 0%, due 01/23/13 | 37,127,046 | |||||
NGN | 9,060,481,000 | Nigeria Treasury Bill, 0%, due 03/06/14 | 52,262,919 | |||||
NGN | 5,519,500,000 | Nigeria Treasury Bill, 0%, due 04/10/14 | 31,378,358 | |||||
NGN | 3,294,470,000 | Nigeria Treasury Bill, 0%, due 04/24/14 | 18,650,245 | |||||
|
| |||||||
Total Foreign Government Bonds (Cost: $194,841,239) | 194,163,394 | |||||||
|
| |||||||
Repurchase Agreement (Cost: $467,408,113) (6.0%) | ||||||||
$ | 467,408,113 | State Street Bank & Trust Company, 0.01%, due 05/01/13 (collateralized by $100,000,000 Federal National Mortgage Corp., 2.07%, due 11/07/22, valued at $99,805,800; $217,880,000 Federal National Mortgage Corp., 2%, due 01/30/23, valued at $216,241,542; $78,940,000 Federal National Mortgage Association, 2.14%, due 11/07/22, valued at $79,844,652; $13,520,000 Federal National Mortgage Association, 2.12%, due 11/07/22, valued at $13,666,800; $66,470,000 Federal National Mortgage Association, 2.11%, due 11/07/22, valued at $67,202,499) (Total Amount to be Received Upon Repurchase $467,408,243) | 467,408,113 | |||||
|
| |||||||
Total Short-Term Investments (Cost: $662,249,352) (8.5%) | 661,571,507 | |||||||
|
| |||||||
Total Investments (Cost: $7,578,449,701) (98.3%) | 7,726,673,768 | |||||||
Excess of Other Assets over Liabilities (1.7%) | 135,867,575 | |||||||
|
| |||||||
Total Net Assets (100.0%) | $ | 7,862,541,343 | ||||||
|
|
See accompanying notes to financial statements.
24
Table of Contents
TCW Emerging Markets Income Fund
April 30, 2013 |
Forward Currency Contracts | ||||||||||||||||||||||
Counterparty | Contracts to Deliver | Units of Currency | Settlement Date | In Exchange for U.S. Dollars | Contracts at Value | Unrealized (Depreciation) | ||||||||||||||||
SELL (9) | ||||||||||||||||||||||
Bank of America | EUR | 57,549,546 | 06/19/13 | $ | 75,000,000 | $ | 75,814,705 | $ | (814,705 | ) | ||||||||||||
Bank of America | EUR | 76,611,820 | 10/10/13 | 100,000,000 | 101,016,943 | (1,016,943 | ) | |||||||||||||||
JPMorgan Chase Bank | EUR | 38,352,382 | 10/09/13 | 50,000,000 | 50,569,333 | (569,333 | ) | |||||||||||||||
Bank of America | HUF | 5,900,00,000 | 03/10/14 | 25,000,000 | 25,381,029 | (381,029 | ) | |||||||||||||||
|
|
|
|
|
| |||||||||||||||||
$ | 250,000,000 | $ | 252,782,010 | $ | (2,782,010 | ) | ||||||||||||||||
|
|
|
|
|
|
Credit Default Swaps — Buy Protection | ||||||||||||||||||||||||||||
Notional Amount (10) | Implied Credit Spread (11) | Expiration Date | Counterparty | Fixed Deal Pay Rate | Reference Entity | Unrealized (Depreciation) | Premium Paid | Value (12) | ||||||||||||||||||||
$30,000,000 | 0.42 | % | 03/20/17 | Bank of America | 1.0 | % | Kingdom of Saudi Arabia | $ | (1,217,660 | ) | $ | 539,150 | $ | (678,510 | ) | |||||||||||||
$25,000,000 | 0.47 | % | 03/20/17 | Bank of America | 1.0 | % | State of Qatar | (1,003,834 | ) | 485,479 | (518,355 | ) | ||||||||||||||||
$25,000,000 | 0.47 | % | 03/20/17 | Bank of America | 1.0 | % | State of Qatar | (967,646 | ) | 449,291 | (518,355 | ) | ||||||||||||||||
$20,000,000 | 0.43 | % | 03/20/17 | JPMorgan Chase Bank | 1.0 | % | Abu Dhabi Government | (770,726 | ) | 330,010 | (440,716 | ) | ||||||||||||||||
$30,000,000 | 0.43 | % | 03/20/17 | JPMorgan Chase Bank | 1.0 | % | Abu Dhabi Government | (1,156,597 | ) | 495,523 | (661,074 | ) | ||||||||||||||||
$20,000,000 | 0.42 | % | 03/20/17 | JPMorgan Chase Bank | 1.0 | % | Kingdom of Saudi Arabia | (782,688 | ) | 330,348 | (452,340 | ) | ||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
$ | (5,899,151 | ) | $ | 2,629,801 | $ | (3,269,350 | ) | |||||||||||||||||||||
|
|
|
|
|
|
See accompanying notes to financial statements.
25
Table of Contents
TCW Emerging Markets Income Fund
Schedule of Investments (Unaudited) (Continued) |
Notes to the Schedule of Investments:
BRL - | Brazilian Real. |
EUR - | Euro Currency. |
HUF - | Hungarian Forint. |
INR - | Indian Rupee. |
MXN - | Mexican Peso. |
NGN - | Nigeria Naira. |
RSD - | Serbian Dinar. |
RUB - | Russian Ruble. |
UYU - | Uruguayan Peso. |
ZAR - | South African Rand. |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2013, the value of these securities amounted to $4,344,483,856 or 55.3% of net assets. These securities are determined to be liquid by the Advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors. |
(2) | Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2013. |
(3) | Perpetual Maturity. |
(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, 2013, the value of these securities amounted to $1,090,859,120 or 13.9% of net assets. |
(5) | This security is purchased on a when-issued, delayed delivery or forward commitment basis. |
(6) | Rate stated is the effective yield. |
(7) | Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. |
(8) | All or a portion of this security is segregated to cover when-issued, delayed-delivery or forward commitments. (Note 2) |
(9) | Funds sell foreign currency, buys U.S. dollar. |
(10) | The maximum potential amount the Fund could be required to make as seller of credit protection or receive as buyer of protection if a credit event occurred as defined under the terms of that particular swap agreement. |
(11) | An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation that are identical in all respects except for the quality rating. Implied credit spreads, represented in the absolute terms, utilized in determining the value of credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads, in comparison to narrower credit spreads, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. |
(12) | The value of a credit default swap agreements serves as an indicator of the current status of the payments/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreements. |
As of April 30, 2013, for the above contracts and/or agreements, the Fund had sufficient assets to cover any commitments or collateral requirements of the relevant broker or exchange.
See accompanying notes to financial statements.
26
Table of Contents
TCW Emerging Markets Income Fund
Investments by Industry (Unaudited) | April 30, 2013 |
Industry | Percentage of Net Assets | |||
Auto Manufacturers | 0.7 | % | ||
Banks | 20.4 | |||
Building Materials | 2.0 | |||
Chemicals | 0.8 | |||
Coal | 0.6 | |||
Commercial Services | 1.5 | |||
Diversified Financial Services | 3.6 | |||
Electric | 7.2 | |||
Energy-Alternate Sources | 0.5 | |||
Food | 2.9 | |||
Foreign Government Bonds | 27.5 | |||
Holding Companies - Diversified | 1.0 | |||
Home Builders | 0.4 | |||
Internet | 0.3 | |||
Iron & Steel | 1.9 | |||
Mining | 3.7 | |||
Municipal Bonds | 1.0 | |||
Oil & Gas | 8.8 | |||
Oil & Gas Services | 1.0 | |||
Real Estate | 1.7 | |||
Telecommunications | 1.0 | |||
Transportation | 1.3 | |||
Short-Term Investments | 8.5 | |||
|
| |||
Total | 98.3 | % | ||
|
|
See accompanying notes to financial statements.
27
Table of Contents
TCW Emerging Markets Local Currency Income Fund
Schedule of Investments (Unaudited) |
Principal Amount | Fixed Income Securities | Value | ||||||
Argentina (Cost: $4,470,000) (0.9% of Net Assets) | ||||||||
$ | 5,000,000 | Argentina Boden Bond, 7%, due 10/03/15 | $ | 4,348,750 | ||||
|
| |||||||
Brazil (12.1%) | ||||||||
5,000,000 | Banco do Brasil S.A., (144A), 6.25%, due 12/29/49 (1)(2) | 5,005,000 | ||||||
BRL | 19,197,000 | Barclays Bank PLC, (Credit Linked Note to National Treasury of the Republic of Brazil, Series F, 10%, due 08/29/13), 10%, due 01/01/18 | 9,937,536 | |||||
BRL | 20,000,000 | Citigroup, Inc., (Credit Linked Note to National Treasury of the Republic of Brazil, 0%, due 01/01/16), (144A), 0%, due 03/06/14 (1) | 7,982,737 | |||||
BRL | 11,500,000 | Citigroup, Inc., (Credit Linked Note to National Treasury of the Republic of Brazil, Series F, 10%, due 01/01/23), (144A), 0%, due 01/13/14 (1)(2) | 5,883,261 | |||||
BRL | 20,000,000 | Citigroup, Inc., (Credit Linked Note to National Treasury of the Republic of Brazil, Series F, 10%, due 01/01/23), 0%, due 04/02/14 (1)(2) | 10,231,758 | |||||
BRL | 18,400,000 | Deutsche Bank AG (Credit Linked Note to National Treasury of the Republic of Brazil, Series F, 10%, due 01/01/23), 10%, due 04/22/14 | 9,413,218 | |||||
BRL | 470,000 | JPMorgan Chase Bank, NA, (Credit Linked Note to National Treasury of the Republic of Brazil, Series B, 6%, due 08/15/22), (144A), 6%, due 10/25/13 (1) | 6,216,847 | |||||
BRL | 11,676,000 | JPMorgan Chase Bank, NA, (Credit Linked Note to National Treasury of the Republic of Brazil, Series F, 10%, due 01/01/23), 10%, due 10/04/13 | 5,973,300 | |||||
|
| |||||||
Total Brazil (Cost: $61,087,425) | 60,643,657 | |||||||
|
| |||||||
Chile (3.1%) | ||||||||
CLP | 5,000,000,000 | Banco Santander Chile, (Reg. S), 6.5%, due 09/22/20 (3) | 10,723,007 | |||||
CLP | 2,250,000,000 | Chile Government International Bond, (Reg. S), 6%, due 01/01/18 (3) | 5,040,492 | |||||
|
| |||||||
Total Chile (Cost: $15,499,550) | 15,763,499 | |||||||
|
| |||||||
China (Cost: $12,671,162) (2.6%) | ||||||||
CNY | 79,520,000 | Evergrande Real Estate Group Ltd., (Reg. S), 7.5%, due 01/19/14 (3) | 13,060,517 | |||||
|
| |||||||
Colombia (Cost: $5,023,869) (1.0%) | ||||||||
COP | 8,882,000,000 | Empresa de Telecomunicaciones de Bogota, (144A), 7%, due 01/17/23 (1) | 5,178,573 | |||||
|
| |||||||
Cyprus (1.1%) | ||||||||
EUR | 2,000,000 | Cyprus Government International Bond, 4.375%, due 07/15/14 | 2,304,663 | |||||
EUR | 3,000,000 | Cyprus Government International Bond, 3.75%, due 11/01/15 | 3,131,050 | |||||
|
| |||||||
Total Cyprus (Cost: $5,819,962) | 5,435,713 | |||||||
|
| |||||||
Hungary (2.2%) | ||||||||
HUF | 1,600,000,000 | Hungary Government Bond, 5.5%, due 02/12/14 | 7,108,921 | |||||
HUF | 800,000,000 | Hungary Government Bond, 6.75%, due 11/24/17 | 3,786,930 | |||||
|
| |||||||
Total Hungary (Cost: $11,100,820) | 10,895,851 | |||||||
|
| |||||||
India (3.2%) | ||||||||
INR | 350,000,000 | India Government Bond, 8.07%, due 07/03/17 | 6,621,656 | |||||
INR | 140,000,000 | India Government Bond, 8.79%, due 11/08/21 | 2,760,111 | |||||
INR | 50,000,000 | Power Grid Corp. of India, Ltd., 9.64%, due 05/31/17 | 967,115 | |||||
INR | 125,000,000 | Power Grid Corp. of India, Ltd., 9.64%, due 05/31/18 | 2,442,138 |
See accompanying notes to financial statements.
28
Table of Contents
TCW Emerging Markets Local Currency Income Fund
April 30, 2013 |
Principal Amount | Fixed Income Securities | Value | ||||||
India (Continued) | ||||||||
INR | 175,000,000 | Power Grid Corp. of India, Ltd., 9.64%, due 05/31/19 | $ | 3,424,971 | ||||
|
| |||||||
Total India (Cost: $16,949,514) | 16,215,991 | |||||||
|
| |||||||
Indonesia (4.0%) | ||||||||
IDR | 84,050,000,000 | Indonesia Treasury Bond, 5.25%, due 05/15/18 | 8,775,088 | |||||
IDR | 71,200,000,000 | Indonesia Treasury Bond, 5.625%, due 05/15/23 | 7,399,776 | |||||
IDR | 34,000,000,000 | Indonesia Treasury Bond, 7%, due 05/15/22 | 3,880,393 | |||||
|
| |||||||
Total Indonesia (Cost: $20,425,482) | 20,055,257 | |||||||
|
| |||||||
Mexico (11.4%) | ||||||||
MXN | 50,000,000 | America Movil S.A.B. de C.V., 6.45%, due 12/05/22 | 4,424,985 | |||||
MXN | 45,217,005 | Mexican BONOS Government Bond, 4.5%, due 12/18/14 | 3,945,528 | |||||
MXN | 129,163,100 | Mexican BONOS Government Bond, 5%, due 06/15/17 (4) | 10,987,900 | |||||
MXN | 310,015,100 | Mexican BONOS Government Bond, 6.5%, due 06/09/22 (4) | 29,418,281 | |||||
MXN | 71,940,000 | Mexican BONOS Government Bond, 7.75%, due 11/13/42 | 8,068,907 | |||||
|
| |||||||
Total Mexico (Cost: $52,147,696) | 56,845,601 | |||||||
|
| |||||||
Peru (1.7%) | ||||||||
PEN | 9,300,000 | Peruvian Government International Bond, (Reg. S), 5.2%, due 09/12/23 (3) | 3,827,321 | |||||
PEN | 9,950,000 | Peruvian Government International Bond, (Reg. S), 6.95%, due 08/12/31 (3) | 4,708,613 | |||||
|
| |||||||
Total Peru (Cost: $8,792,688) | 8,535,934 | |||||||
|
| |||||||
Philippines (Cost: $2,925,292) (0.6%) | ||||||||
PHP | 112,000,000 | Philippine Government Bond, 3.9%, due 11/26/22 | 2,925,170 | |||||
|
| |||||||
Poland (5.7%) | ||||||||
PLN | 23,430,000 | Poland Government Bond, 5%, due 04/25/16 | 7,908,000 | |||||
PLN | 25,700,000 | Poland Government Bond, 5.25%, due 10/25/17 (4) | 8,994,614 | |||||
PLN | 30,900,000 | Poland Government Bond, 5.75%, due 10/25/21 | 11,656,503 | |||||
|
| |||||||
Total Poland (Cost: $27,865,874) | 28,559,117 | |||||||
|
| |||||||
Romania (2.0%) | ||||||||
RON | 16,600,000 | Romania Government Bond, 5.75%, due 01/27/16 | 5,159,849 | |||||
RON | 16,000,000 | Romania Government Bond, 5.85%, due 04/26/23 | 5,078,239 | |||||
|
| |||||||
Total Romania (Cost: $10,115,859) | 10,238,088 | |||||||
|
| |||||||
Russia (10.4%) | ||||||||
RUB | 282,500,000 | Russian Federal Bond - OFZ, 6.8%, due 12/11/19 | 9,381,503 | |||||
RUB | 520,000,000 | Russian Federal Bond - OFZ, 7.35%, due 01/20/16 (4) | 17,344,886 | |||||
RUB | 410,000,000 | Russian Federal Bond - OFZ, 7.6%, due 04/14/21 | 14,246,470 | |||||
RUB | 300,000,000 | Russian Federal Bond - OFZ, 8.15%, due 02/03/27 | 10,902,784 | |||||
|
| |||||||
Total Russia (Cost: $52,576,274) | 51,875,643 | |||||||
|
| |||||||
South Africa (8.2%) | ||||||||
ZAR | 92,500,000 | South Africa Government Bond, 6.75%, due 03/31/21 | 10,787,973 | |||||
ZAR | 46,000,000 | South Africa Government Bond, 7%, due 02/28/31 | 4,972,982 |
See accompanying notes to financial statements.
29
Table of Contents
TCW Emerging Markets Local Currency Income Fund
Schedule of Investments (Unaudited) (Continued) |
Principal Amount | Fixed Income Securities | Value | ||||||
South Africa (Continued) | ||||||||
ZAR | 76,800,000 | South Africa Government Bond, 8%, due 12/21/18 (4) | $ | 9,459,747 | ||||
ZAR | 107,960,000 | South Africa Government Bond, 10.5%, due 12/21/26 (4) | 16,035,131 | |||||
|
| |||||||
Total South Africa (Cost: $41,280,222) | 41,255,833 | |||||||
|
| |||||||
Thailand (5.4%) | ||||||||
THB | 337,000,000 | Thailand Government Bond, 3.25%, due 06/16/17 | 11,637,351 | |||||
THB | 157,300,000 | Thailand Government Bond, 3.65%, due 12/17/21 (4) | 5,483,719 | |||||
THB | 290,142,900 | Thailand Government Bond, 1.2%, due 07/14/21 | 10,131,226 | |||||
|
| |||||||
Total Thailand (Cost: $27,113,601) | 27,252,296 | |||||||
|
| |||||||
Turkey (8.4%) | ||||||||
TRY | 17,579,778 | Turkey Government Bond, 3%, due 01/06/21 | 11,335,782 | |||||
TRY | 10,910,058 | Turkey Government Bond, 4%, due 04/29/15 | 6,572,507 | |||||
TRY | 5,700,000 | Turkey Government Bond, 6.3%, due 02/14/18 | 3,247,832 | |||||
TRY | 5,156,492 | Turkey Government Bond, 7%, due 10/01/14 | 3,142,361 | |||||
TRY | 11,500,000 | Turkey Government Bond, 7.5%, due 09/24/14 | 6,613,583 | |||||
TRY | 17,500,000 | Turkey Government Bond, 9%, due 03/08/17 | 10,893,878 | |||||
|
| |||||||
Total Turkey (Cost: $41,570,200) | 41,805,943 | |||||||
|
| |||||||
Uruguay (4.2%) | ||||||||
UYU | 108,073,131 | Uruguay Government International Bond, 4.25%, due 04/05/27 | 7,134,074 | |||||
UYU | 205,525,756 | Uruguay Government International Bond, 4.375%, due 12/15/28 | 13,968,623 | |||||
|
| |||||||
Total Uruguay (Cost: $19,910,536) (4.2%) | 21,102,697 | |||||||
|
| |||||||
Venezuela (2.5%) | ||||||||
$ | 6,000,000 | Petroleos de Venezuela S.A., (Reg. S), 8.5%, due 11/02/17 (3) | 5,805,000 | |||||
7,500,000 | Venezuela Government International Bond, (Reg. S), 8.25%, due 10/13/24 (3) | 6,761,250 | ||||||
|
| |||||||
Total Venezuela (Cost: $13,173,376) | 12,566,250 | |||||||
|
| |||||||
Total Fixed Income Securities (Cost: $450,519,402) (90.7%) | 454,560,380 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Foreign Government Bonds | ||||||||
Nigeria (4.5%) | ||||||||
NGN | 1,005,483,000 | Nigeria Treasury Bill, 0%, due 09/26/13 | 6,059,053 | |||||
NGN | 224,000,000 | Nigeria Treasury Bill, 0%, due 10/24/13 | 1,338,513 | |||||
NGN | 90,000,000 | Nigeria Treasury Bill, 0%, due 11/21/13 | 534,685 | |||||
NGN | 702,947,000 | Nigeria Treasury Bill, 0%, due 01/23/14 | 4,111,884 | |||||
NGN | 351,000,000 | Nigeria Treasury Bill, 0%, due 02/06/14 | 2,042,176 | |||||
NGN | 430,000,000 | Nigeria Treasury Bill, 0%, due 03/06/14 | 2,480,338 | |||||
NGN | 788,500,000 | Nigeria Treasury Bill, 0%, due 04/10/14 | 4,482,623 | |||||
NGN | 233,236,000 | Nigeria Treasury Bill, 0%, due 04/06/14 | 1,320,367 | |||||
|
| |||||||
Total Foreign Government Bonds (Cost: $22,447,654) (4.5%) | 22,369,639 | |||||||
|
|
See accompanying notes to financial statements.
30
Table of Contents
TCW Emerging Markets Local Currency Income Fund
April 30, 2013 |
Principal Amount | Short-Term Investments | Value | ||||||
Repurchase Agreement (Cost: $9,335,395) (1.9%) | ||||||||
$ | 9,335,395 | State Street Bank & Trust Company, 0.01%, due 05/01/13 (collateralized by $9,415,000 Federal National Mortgage Association, 2.14%, due 11/07/22, valued at $9,522,896) (Total Amount to be Received Upon Repurchase $9,335,398) | $ | 9,335,395 | ||||
|
| |||||||
Total Short-Term Investments (Cost: $31,783,049) (6.4%) | 31,705,034 | |||||||
|
| |||||||
Total Investments (Cost: $482,302,451) (97.1%) | 486,265,414 | |||||||
Excess of Other Assets over Liabilities (2.9%) | 14,327,716 | |||||||
|
| |||||||
Total Net Assets (100.0%) | $ | 500,593,130 | ||||||
|
|
Forward Currency Contracts | ||||||||||||||||||||||
Counterparty | Contracts to Deliver | Units of Currency | Settlement Date | In Exchange for U.S. Dollars | Contracts at Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||
BUY (5) | ||||||||||||||||||||||
Bank of America | KRW | 9,981,000,000 | 01/29/14 | $ | 9,000,000 | $ | 8,991,082 | $ | (8,918 | ) | ||||||||||||
Bank of America | CNY | 62,900,000 | 08/01/13 | 10,000,000 | 10,154,364 | 154,364 | ||||||||||||||||
|
|
|
|
|
| |||||||||||||||||
$19,000,000 | $19,145,446 | $ | 145,446 | |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||
SELL (6) | ||||||||||||||||||||||
Bank of America | EUR | 11,509,909 | 06/19/13 | $ | 15,000,000 | $ | 15,162,941 | $ | (162,941 | ) | ||||||||||||
JPMorgan Chase Bank | EUR | 19,176,191 | 10/09/13 | 25,000,000 | 25,284,666 | (284,666 | ) | |||||||||||||||
Bank of America | EUR | 19,183,843 | 10/10/13 | 25,000,000 | 25,294,963 | (294,963 | ) | |||||||||||||||
Bank of America | HUF | 1,180,000,000 | 03/10/14 | 5,000,000 | 5,076,206 | (76,206 | ) | |||||||||||||||
|
|
|
|
|
| |||||||||||||||||
$ | 70,000,000 | $ | 70,818,776 | $ | (818,776 | ) | ||||||||||||||||
|
|
|
|
|
| |||||||||||||||||
$ | 89,000,000 | $ | 89,964,222 | $ | (673,330 | ) | ||||||||||||||||
|
|
|
|
|
|
Interest Rate Swap Agreements | ||||||||||||||||||||||||
Notional Amount | Expiration Date | Counterparty | Payment Made by Fund | Payment Received by Fund | Unrealized Appreciation | Premium Paid | Value | |||||||||||||||||
$23,300,000 | 01/05/15 | JPMorgan Chase Bank | Annualized Brazil Interbank Deposit Rate (7.23%) | 8.51% | $ | 59,077 | $ | — | $ | 59,077 | ||||||||||||||
|
|
|
|
|
|
See accompanying notes to financial statements.
31
Table of Contents
TCW Emerging Markets Local Currency Income Fund
Schedule of Investments (Unaudited) (Continued) |
Notes to the Schedule of Investments:
BRL - | Brazilian Real. |
CLP - | Chilean Peso. |
CNY - | Chinese Yuan. |
COP - | Colombian Peso. |
EUR - | Euro Currency. |
HUF - | Hungarian Forint. |
IDR - | Indonesian Rupiah. |
INR - | Indian Rupee. |
KRW - | South Korean Won. |
MXN - | Mexican Peso. |
NGN - | Nigeria Naira. |
PEN - | Peruvian Nouveau Sol. |
PHP - | Philippines Peso. |
PLN - | Polish Zloty. |
RON - | New Romanian Leu. |
RUB - | Russian Ruble. |
THB - | Thai Baht. |
TRY - | New Turkish Lira. |
UYU - | Uruguayan Peso. |
ZAR - | South African Rand. |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2013, the value of these securities amounted to $40,498,146 or 8.1% of net assets. These securities are determined to be liquid by the Advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors. |
(2) | Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2013. |
(3) | Investments issued under Regulation S of the Securities Act of 1933, may not be offered, sold, or delivered within the United States except under special exemptions. At April 30, 2013, the value of these securities amounted to $49,926,200 or 10.0% of net assets. |
(4) | All or a portion of this security is segregated to cover when-issued, delayed-delivery or forward commitments. (Note 2) |
(5) | Fund buys foreign currency, sells U.S. Dollar. |
(6) | Fund sells foreign currency, buys U.S. Dollar. |
See accompanying notes to financial statements.
32
Table of Contents
TCW Emerging Markets Local Currency Income Fund
Investments by Industry (Unaudited) | April 30, 2013 |
Industry | Percentage of Net Assets | |||
Banks | 4.2 | % | ||
Electric | 3.2 | |||
Foreign Government Bonds | 78.3 | |||
Oil & Gas | 1.4 | |||
Real Estate | 2.6 | |||
Telecommunications | 1.0 | |||
Short-Term Investments | 6.4 | |||
|
| |||
Total | 97.1 | % | ||
|
|
See accompanying notes to financial statements.
33
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TCW Enhanced Commodity Strategy Fund
Consolidated Schedule of Investments (Unaudited) |
Principal Amount | Fixed Income Securities | Value | ||||||
Asset-Backed Securities (1.5% of Net Assets) | ||||||||
$ | 23,631 | Educational Services of America, Inc. (12-2-A), (144A), 0.93%, due 04/25/39 (1)(2) | $ | 23,787 | ||||
15,000 | Goal Capital Funding Trust (06-1-A3), 0.408%, due 11/25/26 (2) | 14,706 | ||||||
9,671 | Nelnet Student Loan Trust (12-5A-A), (144A), 0.8%, due 10/27/36 (1)(2) | 9,681 | ||||||
9,298 | Scholar Funding Trust (11-A-A), (144A), 1.176%, due 10/28/43 (1)(2) | 9,330 | ||||||
|
| |||||||
Total Asset-Backed Securities (Cost: $57,659) | 57,504 | |||||||
|
| |||||||
Commercial Mortgage-Backed Securities — Non-Agency (9.4%) | ||||||||
17,671 | Banc of America Commercial Mortgage Trust (06-5-A2), 5.317%, due 09/10/47 | 17,750 | ||||||
20,515 | Banc of America Merrill Lynch Commercial Mortgage, Inc. (04-3-A5), 5.743%, due 06/10/39 (2) | 21,333 | ||||||
25,308 | Bear Stearns Commercial Mortgage Securities Trust (04-PWR4-A3), 5.468%, due 06/11/41 (2) | 26,247 | ||||||
28,938 | Bear Stearns Commercial Mortgage Securities Trust (04-T14-A4), 5.2%, due 01/12/41 (2) | 29,551 | ||||||
25,000 | Citigroup Commercial Mortgage Trust (04-C1-A4), 5.613%, due 04/15/40 (2) | 25,847 | ||||||
26,870 | GE Capital Commercial Mortgage Corp. (04-C3-A4), 5.189%, due 07/10/39 (2) | 28,036 | ||||||
40,000 | JPMorgan Chase Commercial Mortgage Securities Corp. (04-C1-A3), 4.719%, due 01/15/38 | 40,645 | ||||||
17,644 | JPMorgan Chase Commercial Mortgage Securities Corp. (04-CB8-A4), 4.404%, due 01/12/39 | 18,079 | ||||||
35,834 | JPMorgan Chase Commercial Mortgage Securities Corp. (05-CB11-ASB), 5.201%, due 08/12/37 (2) | 36,750 | ||||||
15,255 | JPMorgan Chase Commercial Mortgage Securities Trust (07-LD12-ASB), 5.833%, due 02/15/51 (2) | 16,712 | ||||||
12,944 | Morgan Stanley Capital I Trust (03-T11-A4), 5.15%, due 06/13/41 | 12,930 | ||||||
20,513 | Wachovia Bank Commercial Mortgage Trust (04-C12-A3), 5.23%, due 07/15/41 (2) | 20,488 | ||||||
25,000 | Wachovia Bank Commercial Mortgage Trust (04-C12-A4), 5.478%, due 07/15/41 (2) | 25,925 | ||||||
35,000 | Wachovia Bank Commercial Mortgage Trust (05-C20-A7), 5.118%, due 07/15/42 (2) | 37,887 | ||||||
|
| |||||||
Total Commercial Mortgage-Backed Securities — Non-Agency (Cost: $359,644) | 358,180 | |||||||
|
| |||||||
Residential Mortgage-Backed Securities — Agency (4.5%) | ||||||||
27,965 | Federal Home Loan Mortgage Corp. (242-F29), 0.449%, due 11/15/36 (2) | 27,919 | ||||||
26,149 | Federal National Mortgage Association (01-70-OF), 1.15%, due 10/25/31 (2) | 26,569 | ||||||
12,657 | Federal National Mortgage Association (04-W2-1A3F), 0.55%, due 02/25/44 (2) | 12,604 | ||||||
41,218 | Federal National Mortgage Association (05-W3-2AF), 0.42%, due 03/25/45 (2) | 40,919 | ||||||
23,437 | Federal National Mortgage Association (10-87-GA), 4%, due 02/25/24 | 24,034 | ||||||
12,898 | Federal National Mortgage Association (93-247-FM), 2.199%, due 12/25/23 (2) | 13,348 | ||||||
26,371 | NCUA Guaranteed Notes (11-R6-1A), 0.58%, due 05/07/20 (2)(3) | 26,420 | ||||||
|
| |||||||
Total Residential Mortgage-Backed Securities — Agency (Cost: $169,309) | 171,813 | |||||||
|
| |||||||
Residential Mortgage-Backed Securities — Non-Agency (21.0%) | ||||||||
2,738 | Accredited Mortgage Loan Trust (05-4-A2C), 0.41%, due 12/25/35 (2) | 2,732 | ||||||
17,232 | Banc of America Alternative Loan Trust (03-4-1A5), 5.5%, due 06/25/33 | 18,828 | ||||||
16,842 | Banc of America Alternative Loan Trust (03-9-1CB5), 5.5%, due 11/25/33 | 18,496 | ||||||
10,897 | Banc of America Funding Corp. (06-G-2A3), 0.369%, due 07/20/36 (2) | 10,773 | ||||||
14,399 | Bear Stearns Alt-A Trust (04-13-A1), 0.94%, due 11/25/34 (2) | 14,228 |
See accompanying notes to financial statements.
34
Table of Contents
TCW Enhanced Commodity Strategy Fund
April 30, 2013 |
Principal Amount | Fixed Income Securities | Value | ||||||
Residential Mortgage-Backed Securities — Non-Agency (Continued) | ||||||||
$ | 12,692 | Bear Stearns Asset-Backed Securities Trust (05-SD1-1A3), 0.6%, due 08/25/43 (2) | $ | 12,457 | ||||
33,388 | Bombardier Capital Mortgage Securitization Corp. (01-A-A), 6.805%, due 12/15/30 (2) | 37,276 | ||||||
56,358 | Centex Home Equity (05-A-AF5), 5.28%, due 01/25/35 | 59,479 | ||||||
34,330 | Conseco Financial Corp. (97-7-A9), 7.37%, due 07/15/28 (2) | 37,474 | ||||||
20,551 | Credit-Based Asset Servicing and Securitization LLC (03-CB5-M1), 1.22%, due 11/25/33 (2) | 18,322 | ||||||
55,447 | Credit-Based Asset Servicing and Securitization LLC (05-CB4-AF3), 5.334%, due 07/25/35 (2) | 54,915 | ||||||
19,329 | First Franklin Mortgage Loan Asset-Backed Certificates (04-FF5-A3C), 1.2%, due 08/25/34 (2) | 19,069 | ||||||
19,843 | Homestar Mortgage Acceptance Corp. (04-5-A1), 0.65%, due 10/25/34 (2) | 19,504 | ||||||
42,344 | HSBC Home Equity Loan Trust USA (05-2-M1), 0.659%, due 01/20/35 (2) | 41,847 | ||||||
2,755 | HSBC Home Equity Loan Trust USA (07-2-A2F), 5.69%, due 07/20/36 | 2,750 | ||||||
3,280 | HSBC Home Equity Loan Trust USA (07-2-A2V), 0.359%, due 07/20/36 (2) | 3,278 | ||||||
82,432 | JPMorgan Mortgage Trust (05-A6-7A1), 3.025%, due 08/25/35 (2)(4) | 77,248 | ||||||
7,347 | Lehman XS Trust (05-6-1A3), 0.46%, due 11/25/35 (2) | 7,304 | ||||||
60,778 | MASTR Seasoned Securitization Trust (04-1-4A1), 2.816%, due 10/25/32 (2) | 62,590 | ||||||
51,048 | MASTR Seasoned Securitization Trust (05-1-4A1), 2.46%, due 10/25/32 (2) | 51,439 | ||||||
41,321 | Mid-State Trust (04-1-M1), 6.497%, due 08/15/37 | 44,029 | ||||||
21,376 | Morgan Stanley Mortgage Loan Trust (04-6AR-1A), 0.65%, due 07/25/34 (2) | 20,083 | ||||||
37,858 | Origen Manufactured Housing (05-A-M1), 5.46%, due 06/15/36 (2) | 39,948 | ||||||
3,379 | RAAC Series Trust (06-SP2-A2), 0.37%, due 02/25/36 (2) | 3,372 | ||||||
21,223 | Residential Asset Mortgage Products, Inc. (03-RZ3-A6), 3.9%, due 03/25/33 | 21,332 | ||||||
49,117 | Residential Asset Mortgage Products, Inc. (04-SL3-A2), 6.5%, due 12/25/31 | 49,302 | ||||||
9,705 | Residential Asset Mortgage Products, Inc. (05-RS5-AI3), 0.54%, due 05/25/35 (2) | 9,568 | ||||||
7,026 | Residential Asset Mortgage Products, Inc. (05-RS8-A2), 0.49%, due 10/25/33 (2) | 6,971 | ||||||
34,206 | Wells Fargo Mortgage-Backed Securities Trust (03-17-2A10), 5.5%, due 01/25/34 | 37,100 | ||||||
|
| |||||||
Total Residential Mortgage-Backed Securities — Non-Agency (Cost: $732,144) | 801,714 | |||||||
|
| |||||||
Corporate Bonds (31.8%) | ||||||||
Airlines (4.7%) | ||||||||
95,790 | Continental Airlines, Inc. Pass-Through Certificates, (00-1-A1), 8.048%, due 05/01/22 (EETC) | 110,876 | ||||||
72,999 | JetBlue Airways Corp. Pass-Through Certificates, (04-2-G1), 0.665%, due 02/15/18 (EETC) (2) | 70,262 | ||||||
|
| |||||||
Total Airlines (Cost: $169,638) | 181,138 | |||||||
|
| |||||||
Banks (14.4%) | ||||||||
75,000 | Abbey National Treasury Services PLC (United Kingdom), 1.856%, due 04/25/14 (2) | 75,429 | ||||||
10,000 | Bank of America Corp., 5.625%, due 10/14/16 | 11,311 | ||||||
80,000 | Bank of America N.A., 0.56%, due 06/15/16 (2) | 77,853 | ||||||
7,000 | Citigroup, Inc., 0.838%, due 08/25/36 (2) | 5,545 | ||||||
75,000 | Citigroup, Inc., 1.99%, due 05/15/18 (2) | 77,966 | ||||||
75,000 | Goldman Sachs Group, Inc. (The), 1.296%, due 02/07/14 (2) | 75,372 | ||||||
75,000 | JPMorgan Chase Bank N.A., 0.61%, due 06/13/16 (2) | 74,028 | ||||||
50,000 | Lloyds TSB Bank PLC (United Kingdom), 2.625%, due 01/24/14 (2) | 50,748 |
See accompanying notes to financial statements.
35
Table of Contents
TCW Enhanced Commodity Strategy Fund
Consolidated Schedule of Investments (Unaudited) (Continued) |
Principal Amount | Fixed Income Securities | Value | ||||||
Banks (Continued) | ||||||||
$ | 100,000 | National Australia Bank, Ltd. (Australia), 0.998%, due 04/11/14 (2) | $ | 100,349 | ||||
|
| |||||||
Total Banks (Cost: $540,751) | 548,601 | |||||||
|
| |||||||
Diversified Financial Services (4.3%) | ||||||||
70,000 | American Express Credit Corp., 7.3%, due 08/20/13 | 71,453 | ||||||
60,000 | General Electric Capital Corp., 0.676%, due 05/05/26 (2) | 54,590 | ||||||
35,000 | Macquarie Group, Ltd., (144A), 7.3%, due 08/01/14 (1) | 37,373 | ||||||
|
| |||||||
Total Diversified Financial Services (Cost: $152,258) | 163,416 | |||||||
|
| |||||||
Insurance (3.8%) | ||||||||
70,000 | Farmers Insurance Exchange Note, (144A), 6%, due 08/01/14 (1) | 73,297 | ||||||
70,000 | Nationwide Mutual Insurance Co., (144A), 5.81%, due 12/15/24 (1)(2) | 71,400 | ||||||
|
| |||||||
Total Insurance (Cost: $139,252) | 144,697 | |||||||
|
| |||||||
REIT (3.6%) | ||||||||
35,000 | HCP, Inc., 3.75%, due 02/01/19 | 37,985 | ||||||
70,000 | Health Care REIT, Inc., 6.2%, due 06/01/16 | 80,119 | ||||||
20,000 | Kimco Realty Corp., 4.82%, due 06/01/14 | 20,881 | ||||||
|
| |||||||
Total REIT (Cost: $132,337) | 138,985 | |||||||
|
| |||||||
Telecommunications (Cost: $40,000) (1.0%) | ||||||||
40,000 | iPCS, Inc., 2.424%, due 05/01/13 (2) | 40,000 | ||||||
|
| |||||||
Total Corporate Bonds (Cost: $1,174,236) | 1,216,837 | |||||||
|
| |||||||
Municipal Bond (Cost: $75,235) (2.1%) | ||||||||
75,000 | State of Illinois, General Obligation, 4.511%, due 03/01/15 | 78,999 | ||||||
|
| |||||||
Total Fixed Income Securities (Cost: $2,568,227) (70.3%) | 2,685,047 | |||||||
|
| |||||||
Number of Shares | Money Market Investments (1.5%) | |||||||
9,000 | BlackRock Liquidity Funds TempFund Portfolio, 0.08% (5) | 9,000 | ||||||
35,000 | DWS Money Market Series — Institutional Shares, 0.1% (5) | 35,000 | ||||||
14,500 | JPMorgan Prime Money Market Fund — Institutional Class, 0.05% (5) | 14,500 | ||||||
|
| |||||||
Total Money Market Investments (Cost: $58,500) | 58,500 | |||||||
|
| |||||||
Principal Amount | Short-Term Investments | |||||||
Repurchase Agreement (Cost: $21,527) (0.6%) | ||||||||
$ | 21,527 | State Street Bank & Trust Company, 0.01%, due 05/01/13 (collateralized by $25,000 Federal Home Loan Mortgage Corp., 2%, due 01/30/23, valued at $24,812) (Total Amount to be Received Upon Repurchase $21,527) | 21,527 | |||||
|
|
See accompanying notes to financial statements.
36
Table of Contents
TCW Enhanced Commodity Strategy Fund
April 30, 2013 |
Principal Amount | Short-Term Investments | Value | ||||||
Time Deposit (Cost: $3,560) (0.1%) | ||||||||
$ | 3,560 | State Street Euro Dollar Time Deposit, Inc., 0.01%, due 05/01/13 (3) | $ | 3,560 | ||||
|
| |||||||
Discount Notes (19.3%) | ||||||||
65,000 | Federal Home Loan Mortgage Corp. Discount Note, 0.1%, due 06/05/13 (6) | 64,992 | ||||||
35,000 | Federal Home Loan Mortgage Corp. Discount Note, 0.11%, due 06/10/13 (6) | 34,996 | ||||||
97,000 | Federal Home Loan Mortgage Corp. Discount Note, 0.12%, due 07/15/13 (3)(6) | 96,992 | ||||||
15,000 | Federal Home Loan Mortgage Corp. Discount Note, 0.125%, due 05/13/13 (6) | 14,999 | ||||||
140,000 | Federal Home Loan Mortgage Corp. Discount Note, 0.13%, due 06/11/13 (6) | 139,979 | ||||||
75,000 | Federal National Mortgage Association Discount Note, 0.07%, due 08/01/13 (3)(6) | 74,988 | ||||||
92,000 | Federal National Mortgage Association Discount Note, 0.08%, due 07/10/13 (3)(6) | 91,993 | ||||||
80,000 | Federal National Mortgage Association Discount Note, 0.085%, due 08/07/13 (3)(6) | 79,987 | ||||||
25,000 | Federal National Mortgage Association Discount Note, 0.1%, due 05/22/13 (6) | 24,999 | ||||||
45,000 | Federal National Mortgage Association Discount Note, 0.12%, due 05/08/13 (6) | 44,999 | ||||||
70,000 | Federal National Mortgage Association Discount Note, 0.12%, due 07/03/13 (6) | 69,995 | ||||||
|
| |||||||
Total Discount Notes (Cost: $738,879) | 738,919 | |||||||
|
| |||||||
Total Short-Term Investments (Cost: $763,966) (20.0%) | 764,006 | |||||||
|
| |||||||
Total Investments (Cost: $3,390,693) (91.8%) | 3,507,553 | |||||||
Excess of Other Assets over Liabilities (8.2%) | 313,940 | |||||||
|
| |||||||
Net Assets (100.0%) | $ | 3,821,493 | ||||||
|
|
Total Return Swaps (3) | ||||||||||||||||||||||||
Notional Amount | Expiration Date | Counterparty | Payment Made by Fund | Payment Received by Fund | Unrealized Appreciation | Premium Paid | Value | |||||||||||||||||
$1,492,807 | 05/21/13 | Credit Suisse First Boston Corp. | 3-Month U.S. Treasury Bills | Credit Suisse Custom 24 Total Return Index | $ | 23,883 | $ | — | $ | 23,883 | ||||||||||||||
2,263,653 | 05/21/13 | Citigroup Global Markets, Inc. | 3-Month U.S. Treasury Bills | Citi Custom CIVICS H Index | 36,432 | — | 36,432 | |||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
$ | 60,315 | $ | — | $ | 60,315 | |||||||||||||||||||
|
|
|
|
|
|
Notes to the Schedule of Investments:
EETC - | Enhanced Equipment Trust Certificate. |
REIT - | Real Estate Investment Trust. |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2013, the value of these securities amounted to $224,868 or 5.9% of net assets. These securities are determined to be liquid by the Advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors. |
(2) | Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2013. |
(3) | All or a portion of this security is owned by TCW Cayman Enhanced Commodity Fund, Ltd. |
(4) | A portion of the principal balance has been written-off during the period due to defaults in the underlying loans. |
(5) | Rate disclosed, the 7-day net yield, is as of April 30, 2013. |
(6) | Rate shown represents yield-to-maturity. |
See accompanying notes to financial statements.
37
Table of Contents
TCW Enhanced Commodity Strategy Fund
Investments by Industry (Unaudited)
Industry | Percentage of Net Assets | |||
Airlines | 4.7 | % | ||
Asset-Backed Securities | 1.5 | |||
Banks | 14.4 | |||
Commercial Mortgage-Backed Securities — Non-Agency | 9.4 | |||
Diversified Financial Services | 4.3 | |||
Insurance | 3.8 | |||
Municipal Bond | 2.1 | |||
REIT | 3.6 | |||
Residential Mortgage-Backed Securities — Agency | 4.5 | |||
Residential Mortgage-Backed Securities — Non-Agency | 21.0 | |||
Telecommunications | 1.0 | |||
Money Market Investments | 1.5 | |||
Short-Term Investments | 20.0 | |||
|
| |||
Total | 91.8 | % | ||
|
|
See accompanying notes to financial statements.
38
Table of Contents
Schedule of Investments (Unaudited) | April 30, 2013 |
Principal Amount | Fixed Income Securities | Value | ||||||
Corporate Bonds (28.6%) | ||||||||
Airlines (0.8% of Net Assets) | ||||||||
$ | 91,221 | Delta Air Lines, Inc. Pass-Through Certificates, (02-1G1), 6.718%, due 07/02/24 (EETC) | $ | 101,940 | ||||
95,000 | JetBlue Airways Corp. Pass-Through Certificates, (04-1-G2), 0.7%, due 09/15/15 (EETC) (1) | 92,912 | ||||||
|
| |||||||
Total Airlines | 194,852 | |||||||
|
| |||||||
Auto Manufacturers (0.6%) | ||||||||
125,000 | Automotores Gildemeister S.A. (Chile), (144A), 8.25%, due 05/24/21 (2) | 135,625 | ||||||
|
| |||||||
Banks (12.6%) | ||||||||
100,000 | Abbey National Treasury Services PLC (United Kingdom), (144A), 3.875%, due 11/10/14 (2) | 103,922 | ||||||
200,000 | Alfa Bank OJSC via Alfa Bond Issuance PLC (Russia), (144A), 7.75%, due 04/28/21 (2) | 226,540 | ||||||
200,000 | Banco Davivienda S.A. (Colombia), (144A), 5.875%, due 07/09/22 (2) | 211,750 | ||||||
200,000 | Banco do Brasil S.A. (Brazil), (144A), 6.25%, due 12/31/49 (1)(2) | 200,200 | ||||||
200,000 | Bancolombia S.A. (Colombia), 5.125%, due 09/11/22 | 205,500 | ||||||
250,000 | Bank of America N.A., 6.1%, due 06/15/17 | 289,040 | ||||||
300,000 | Chase Capital VI, 0.923%, due 08/01/28 (1) | 250,500 | ||||||
200,000 | Citigroup, Inc., 1.99%, due 05/15/18 (1)(3) | 207,909 | ||||||
200,000 | Credit Bank of Moscow via CBOM Finance PLC (Russia), (144A), 7.7%, due 02/01/18 (2) | 209,000 | ||||||
110,000 | Goldman Sachs Group, Inc. (The), 5.95%, due 01/18/18 | 128,468 | ||||||
200,000 | Itau Unibanco Holding S.A. (Brazil), (144A), 5.125%, due 05/13/23 (2) | 207,750 | ||||||
100,000 | Rabobank Nederland Utrecht (Netherlands), 3.375%, due 01/19/17 (3) | 107,511 | ||||||
RUB | 11,000,000 | Vnesheconombank (Russia), 7.9%, due 03/18/21 (1) | 354,369 | |||||
$ | 200,000 | Yapi ve Kredi Bankasi A.S. (Turkey), (144A), 5.5%, due 12/06/22 (2) | 206,750 | |||||
|
| |||||||
Total Banks | 2,909,209 | |||||||
|
| |||||||
Chemicals (1.0%) | ||||||||
200,000 | Mexichem S.A.B. de C.V. (Mexico), (144A), 6.75%, due 09/19/42 (2) | 230,260 | ||||||
|
| |||||||
Coal (0.4%) | ||||||||
100,000 | Arch Coal, Inc., 7%, due 06/15/19 | 92,750 | ||||||
|
| |||||||
Diversified Financial Services (2.1%) | ||||||||
200,000 | General Electric Capital Corp., 0.77%, due 08/15/36 (1) | 162,178 | ||||||
250,000 | Grupo Aval, Ltd. (Colombia), (144A), 4.75%, due 09/26/22 (2) | 252,875 | ||||||
65,000 | ZFS Finance USA Trust II, (144A), 6.45%, due 12/15/65 (1)(2) | 70,200 | ||||||
|
| |||||||
Total Diversified Financial Services | 485,253 | |||||||
|
| |||||||
Electric (1.8%) | ||||||||
200,000 | Mexico Generadora de Energia S. de R.L. (Mexico), (144A), 5.5%, due 12/06/32 (2) | 216,500 | ||||||
200,000 | Perusahaan Listrik Negara PT (Indonesia), (144A), 5.25%, due 10/24/42 (2) | 199,000 | ||||||
|
| |||||||
Total Electric | 415,500 | |||||||
|
|
See accompanying notes to financial statements.
39
Table of Contents
TCW Global Bond Fund
Schedule of Investments (Unaudited) (Continued) |
Principal Amount | Fixed Income Securities | Value | ||||||
Energy-Alternate Sources (1.0%) | ||||||||
$ | 200,000 | Inkia Energy, Ltd. (Peru), (Reg. S) , 8.375%, due 04/04/21 (3)(4) | $ | 226,500 | ||||
|
| |||||||
Engineering & Construction (1.0%) | ||||||||
200,000 | Odebrecht Finance, Ltd. (Brazil), (144A), 7.125%, due 06/26/42 (2) | 229,760 | ||||||
|
| |||||||
Food (0.9%) | ||||||||
200,000 | Virgolino de Oliveira Finance, Ltd. (Brazil), (144A), 10.5%, due 01/28/18 (2) | 208,500 | ||||||
|
| |||||||
Healthcare-Services (0.3%) | ||||||||
55,000 | HCA, Inc., 7.875%, due 02/15/20 | 60,981 | ||||||
|
| |||||||
Insurance (0.6%) | ||||||||
100,000 | Farmers Exchange Capital, (144A), 7.05%, due 07/15/28 (2) | 129,475 | ||||||
|
| |||||||
Mining (0.9%) | ||||||||
200,000 | Vedanta Resources PLC (India), (144A), 8.25%, due 06/07/21 (2) | 218,000 | ||||||
|
| |||||||
Oil & Gas (2.7%) | ||||||||
200,000 | MIE Holdings Corp. (China), (144A), 9.75%, due 05/12/16 (2) | 217,000 | ||||||
200,000 | Novatek OAO via Novatek Finance, Ltd. (Russia), (144A), 4.422%, due 12/13/22 (2) | 201,250 | ||||||
200,000 | Petroleos de Venezuela S.A. (Venezuela), (Reg. S), 8.5%, due 11/02/17 (4) | 193,500 | ||||||
|
| |||||||
Total Oil & Gas | 611,750 | |||||||
|
| |||||||
Real Estate (1.0%) | ||||||||
200,000 | Country Garden Holdings Co., Ltd. (China), (144A), 11.125%, due 02/23/18 (2) | 230,000 | ||||||
|
| |||||||
REIT (0.9%) | ||||||||
100,000 | HCP, Inc., 3.75%, due 02/01/19 | 108,529 | ||||||
100,000 | SL Green Realty Corp., 5%, due 08/15/18 | 109,790 | ||||||
|
| |||||||
Total REIT | 218,319 | |||||||
|
| |||||||
Total Corporate Bonds (Cost: $6,082,231) (28.6%) | 6,596,734 | |||||||
|
| |||||||
Foreign Government Bonds (35.6%) | ||||||||
AUD | 335,000 | Australia Government Bond, 5.75%, due 05/15/21 (3) | 414,805 | |||||
EUR | 710,000 | Bundesrepublik Deutschland (Germany), 2.25%, due 09/04/21 (3) | 1,035,775 | |||||
CAD | 430,000 | Canada Housing Trust, (144A), 3.35%, due 12/15/20 (2) | 471,269 | |||||
CLP | 60,500,000 | Chile Government Bond, 5.5%, due 08/05/20 | 135,953 | |||||
EUR | 200,000 | Cyprus Government International Bond, 3.75%, due 11/01/15 (4) | 208,737 | |||||
EUR | 265,000 | France Government Bond OAT, 3.25%, due 10/25/21 (3) | 399,110 | |||||
ILS | 880,000 | Israel Government Bond, 5.5%, due 01/31/22 | 285,868 | |||||
EUR | 140,000 | Italy Buoni Poliennali Del Tesoro, 4.75%, due 09/15/16 | 199,945 | |||||
JPY | 123,000,000 | Japan Government Ten-Year Bond, 1%, due 09/20/21 | 1,312,008 | |||||
JPY | 15,000,000 | Japan Government Thirty-Year Bond, 2%, due 03/20/42 | 167,459 | |||||
MXN | 5,100,000 | Mexican BONOS de Desarrollo, 6.5%, due 06/10/21 | 480,599 | |||||
NZD | 160,000 | New Zealand Government Bond, 5.5%, due 04/15/23 | 163,990 | |||||
NOK | 1,350,000 | Norway Government Bond, 3.75%, due 05/25/21 (3) | 267,724 | |||||
PLN | 700,000 | Poland Government Bond, 5.5%, due 10/25/19 | 255,169 |
See accompanying notes to financial statements.
40
Table of Contents
TCW Global Bond Fund
April 30, 2013 |
Principal Amount | Fixed Income Securities | Value | ||||||
Foreign Government Bonds (Continued) | ||||||||
EUR | 250,000 | Portugal Obrigacoes do Tesouro OT, 6.4%, due 02/15/16 | $ | 350,131 | ||||
SGD | 315,000 | Singapore Government Bond, 2.25%, due 06/01/21 (3) | 276,383 | |||||
SGD | 350,000 | Singapore Government Bond, 2.5%, due 06/01/19 | 313,762 | |||||
$ | 250,000 | Slovenia Government International Bond, (144A), 5.5%, due 10/26/22 (2) | 247,500 | |||||
EUR | 130,000 | Spain Government Bond, 5.5%, due 04/30/21 | 191,748 | |||||
SEK | 1,500,000 | Sweden Government Bond, 3.5%, due 06/01/22 (3) | 270,247 | |||||
TRY | 250,000 | Turkey Government Bond, 10.5%, due 01/15/20 | 173,407 | |||||
GBP | 230,000 | United Kingdom Gilt, 3.75%, due 09/07/21 (3) | 422,690 | |||||
$ | 200,000 | Venezuela Government International Bond, (Reg. S), 7.75%, due 10/13/19 (4) | 188,000 | |||||
|
| |||||||
Total Foreign Government Bonds (Cost: $7,871,524) | 8,232,279 | |||||||
|
| |||||||
Asset-Backed Securities (4.1%) | ||||||||
200,000 | CIFC Funding, Ltd. (12-2A-A1L), (144A), 1.684%, due 12/05/24 (1)(2) | 200,758 | ||||||
55,000 | Educational Funding of the South, Inc. (11-1-A2), 0.926%, due 04/25/35 (1) | 55,140 | ||||||
75,540 | GE Business Loan Trust (04-2A-A), (144A), 0.419%, due | 72,116 | ||||||
52,971 | Iowa Student Loan Liquidity Corp. (11-1-A), 1.534%, due 06/25/42 (1) | 54,443 | ||||||
225,000 | Nelnet Education Loan Corp. (04-1A-B1), (144A), 1.5%, | 152,156 | ||||||
50,000 | SLM Student Loan Trust (07-3-A4), 0.336%, due 01/25/22 (1) | 48,333 | ||||||
50,000 | SLM Student Loan Trust (11-2-A2), 1.4%, due 10/25/34 (1) | 51,808 | ||||||
197,396 | Spirit Master Funding LLC (05-1-A1), (144A), 5.05%, due 07/20/23 (2) | 191,474 | ||||||
150,000 | Student Loan Consolidation Center (02-2-B2), (144A), 1.691%, due 07/01/42 (1)(2) | 113,642 | ||||||
|
| |||||||
Total Asset-Backed Securities (Cost: $919,010) | 939,870 | |||||||
|
| |||||||
Commercial Mortgage-Backed Securities — Non-Agency (1.9%) | ||||||||
97,104 | DBRR Trust (12-EZ1-A), (144A), 0.946%, due 09/25/45 (1)(2) | 97,317 | ||||||
115,000 | DBUBS Mortgage Trust (11-LC3A-A2), 3.642%, due 08/10/44 | 124,388 | ||||||
95,000 | Greenwich Capital Commercial Funding Corp. (05-GG3-A4), 4.799%, due 08/10/42 (1)(3) | 100,335 | ||||||
1,907 | LB-UBS Commercial Mortgage Trust (05-C7-A2), 5.103%, due 11/15/30 | 1,916 | ||||||
105,000 | Morgan Stanley Capital I Trust (06-IQ12-A4), 5.332%, due 12/15/43 (3) | 119,634 | ||||||
|
| |||||||
Total Commercial Mortgage-Backed Securities — Non-Agency (Cost: $436,404) | 443,590 | |||||||
|
| |||||||
Residential Mortgage-Backed Securities — Agency (14.3%) | ||||||||
54,818 | Federal Home Loan Mortgage Corp. (2990-ND), 16.386%, | 70,513 | ||||||
97,821 | Federal Home Loan Mortgage Corp. (3001-HS), 16.253%, | 117,433 | ||||||
365,468 | Federal Home Loan Mortgage Corp. (3439-SC), 5.701%, | 52,009 | ||||||
148,717 | Federal Home Loan Mortgage Corp. (3885-PO), 0%, due 11/15/33 (P/O) (PAC) (3) | 143,505 | ||||||
202,098 | Federal Home Loan Mortgage Corp., Pool #E04113, 2.5%, due 11/01/27 (3) | 211,240 | ||||||
428,995 | Federal National Mortgage Association (07-52-LS), 5.85%, | 55,535 | ||||||
363,153 | Federal National Mortgage Association (08-18-SM), 6.8%, | 50,768 |
See accompanying notes to financial statements.
41
Table of Contents
TCW Global Bond Fund
Schedule of Investments (Unaudited) (Continued) |
Principal Amount | Fixed Income Securities | Value | ||||||
Residential Mortgage-Backed Securities — Agency (Continued) | ||||||||
$ | 287,740 | Federal National Mortgage Association (09-115-SB), 6.05%, | $ | 38,313 | ||||
509,923 | Federal National Mortgage Association (10-116-SE), 6.4%, due 10/25/40 (I/O) (1)(3) | 64,454 | ||||||
259,567 | Federal National Mortgage Association (10-35-IA), 5%, due 07/25/38 (I/O) (3) | 12,671 | ||||||
254,092 | Federal National Mortgage Association, Pool #AB3679, 3.5%, due 10/01/41 (3) | 272,718 | ||||||
264,674 | Federal National Mortgage Association, Pool #AB4045, 3.5%, due 12/01/41 (3) | 284,804 | ||||||
180,299 | Federal National Mortgage Association, Pool #AB4670, 3%, due 03/01/27 (3) | 192,505 | ||||||
290,920 | Federal National Mortgage Association, Pool #AB5215, 3%, due 05/01/27 (3) | 310,432 | ||||||
115,000 | Federal National Mortgage Association, Pool #AL3306, 2.46%, due 04/01/23 | 117,489 | ||||||
360,000 | Federal National Mortgage Association, TBA, 2.5% (5) | 376,425 | ||||||
170,000 | Federal National Mortgage Association, TBA, 2.5% (5) | 172,098 | ||||||
180,000 | Federal National Mortgage Association, TBA, 3% (5) | 188,269 | ||||||
160,000 | Federal National Mortgage Association, TBA, 6% (5) | 174,925 | ||||||
198,133 | Government National Mortgage Association (11-146-EI), 5%, | 46,757 | ||||||
592,570 | Government National Mortgage Association (11-69-GI), 5%, due 05/16/40 (I/O) (3) | 82,818 | ||||||
595,057 | Government National Mortgage Association (12-7-PI), 3.5%, | 62,651 | ||||||
200,000 | Government National Mortgage Association II, TBA, 3% (5) | 212,531 | ||||||
|
| |||||||
Total Residential Mortgage-Backed Securities — Agency (Cost: $3,289,646) | 3,310,863 | |||||||
|
| |||||||
Residential Mortgage-Backed Securities — Non-Agency (8.8%) | ||||||||
163,600 | American Home Mortgage Investment Trust (07-1-GA1C), 0.39%, due 05/25/47 (1) | 118,878 | ||||||
339,103 | First Horizon Mortgage Pass-Through Trust (05-AR4-2A1), 2.597%, due 10/25/35 (1) | 300,952 | ||||||
87,263 | Green Tree Financial Corp. (98-6-A8), 6.66%, due 06/01/30 | 94,380 | ||||||
318,356 | Lehman XS Trust (06-9-A1B), 0.36%, due 05/25/46 (1)(6) | 255,517 | ||||||
1,251,739 | Merrill Lynch Alternative Note Asset Trust (07-A3-A2D), 0.53%, due 04/25/37 (1) | 178,905 | ||||||
440,286 | Novastar Home Equity Loan (06-2-A2C), 0.35%, due 06/25/36 (1) | 269,785 | ||||||
196,857 | Structured Adjustable Rate Mortgage Loan Trust (04-18-4A1), 2.646%, due 12/25/34 (1) | 190,102 | ||||||
549,038 | Structured Asset Mortgage Investments, Inc. (06-AR3-22A1), 2.159%, due 05/25/36 (1) | 320,506 | ||||||
371,102 | Vanderbilt Mortgage Finance (00-C-ARM), 0.55%, due 10/07/30 (1) | 299,642 | ||||||
|
| |||||||
Total Residential Mortgage-Backed Securities — Non-Agency (Cost: $1,533,343) | 2,028,667 | |||||||
|
| |||||||
U.S. Treasury Securities (5.8%) | ||||||||
685,000 | U.S. Treasury Bond, 2.75%, due 08/15/42 (3) | 665,199 | ||||||
420,000 | U.S. Treasury Note, 0.75%, due 06/30/17 (3) | 423,938 | ||||||
125,000 | U.S. Treasury Note, 0.75%, due 10/31/17 (3) | 125,924 | ||||||
110,000 | U.S. Treasury Note, 3.5%, due 02/15/18 (3) | 124,953 | ||||||
|
| |||||||
Total U.S. Treasury Securities (Cost: $1,328,932) | 1,340,014 | |||||||
|
| |||||||
Total Fixed Income Securities (Cost: $21,461,090) (99.1%) | 22,892,017 | |||||||
|
|
See accompanying notes to financial statements.
42
Table of Contents
TCW Global Bond Fund
April 30, 2013 |
Number of Shares | Money Market Investments (2.0%) | Value | ||||||
230,000 | BlackRock Liquidity Funds TempFund Portfolio, 0.08% (7) | 230,000 | ||||||
230,000 | DWS Money Market Series — Institutional Shares, 0.1% (7) | 230,000 | ||||||
|
| |||||||
Total Money Market Investments (Cost: $460,000) | 460,000 | |||||||
|
| |||||||
Principal Amount | Short-Term Investments | |||||||
Commercial Paper | ||||||||
Banks (0.9%) | ||||||||
$ | 215,000 | Lloyds Bank PLC (United Kingdom), 0.244%, due 08/07/13 (8) | 214,842 | |||||
|
| |||||||
Total Commercial Paper (Cost: $214,859) | 214,842 | |||||||
|
| |||||||
Discount Notes (Cost: $304,963) (1.3%) | ||||||||
305,000 | Federal Home Loan Mortgage Corp. Discount Note, 0.08%, due 06/10/13 (8) | 304,963 | ||||||
|
| |||||||
Repurchase Agreement (Cost: $55,072) (0.2%) | ||||||||
55,072 | State Street Bank & Trust Company, 0.01%, due 05/01/13 (collateralized by $60,000 Federal Home Loan Mortgage Corp., 2.00%, due 01/30/23, valued at $59,549) (Total Amount to be Received Upon Repurchase $55,072) | 55,072 | ||||||
|
| |||||||
U.S. Treasury Security (Cost: $34,991) (0.2%) | ||||||||
35,000 | U.S. Treasury Bill, 0.055%, due 08/22/13 (8) | 34,994 | ||||||
|
| |||||||
Total Short-Term Investments (Cost: $609,885) (2.6%) | 609,871 | |||||||
|
| |||||||
Total Investments (Cost: $22,530,975) (103.7%) | 23,961,888 | |||||||
Liabilities in Excess of Other Assets (-3.7%) | (857,387 | ) | ||||||
|
| |||||||
Total Net Assets (100.0%) | $ | 23,104,501 | ||||||
|
|
Forward Currency Contracts | ||||||||||||||||||||||
Counterparty | Contracts to Deliver | Units of Currency | Settlement Date | In Exchange for U.S. Dollars | Contracts at Value | Unrealized Appreciation | ||||||||||||||||
BUY | ||||||||||||||||||||||
JPMorgan Securities Inc. | EUR | 1,185,000 | 07/15/13 | $ | 1,548,137 | $ | 1,561,348 | $ | 13,211 | |||||||||||||
JPMorgan Securities Inc. | JPY | 174,512,000 | 07/16/13 | 1,777,687 | 1,790,870 | 13,183 | ||||||||||||||||
JPMorgan Securities Inc. | KRW | 498,250,000 | 07/16/13 | 443,678 | 451,186 | 7,508 | ||||||||||||||||
|
|
|
|
|
| |||||||||||||||||
$ | 3,769,502 | $ | 3,803,404 | $ | 33,902 | |||||||||||||||||
|
|
|
|
|
|
Futures Contracts | ||||||||||||||
Number of Contracts | Type | Expiration Date | Notional Contract Value | Net Unrealized (Depreciation) | ||||||||||
SELL | ||||||||||||||
11 | 10-Year U.S. Treasury Note Futures | 06/19/13 | $ | 1,466,953 | $ | (21,658 | ) | |||||||
|
|
|
|
See accompanying notes to financial statements.
43
Table of Contents
TCW Global Bond Fund
Schedule of Investments (Unaudited) (Continued) |
Notes to the Schedule of Investments:
AUD - | Australian Dollar. |
CAD - | Canadian Dollar. |
CLP - | Chilean Peso. |
EUR - | Euro Currency. |
GBP - | British Pound Sterling. |
ILS - | Israeli Shekel. |
JPY - | Japanese Yen. |
KRW - | South Korean Won. |
MXN - | Mexican Peso. |
NOK - | Norwegian Krona. |
NZD - | New Zealand Dollar. |
PLN - | Polish Zloty. |
RUB - | Russian Ruble. |
SEK - | Swedish Krona. |
SGD - | Singapore Dollar. |
TRY - | New Turkish Lira. |
EETC - | Enhanced Equipment Trust Certificate. |
I/F - | Inverse Floating rate security whose interest rate moves in the opposite direction of prevailing interest rates. |
I/O - | Interest Only Security. |
PAC - | Planned Amortization Class. |
P/O - | Principal Only Security. |
REIT - | Real Estate Investment Trust. |
TBA - | To be Announced. |
(1) | Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2013. |
(2) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2013, the value of these securities amounted to $5,450,589 or 23.6% of net assets. These securities are determined to be liquid by the Advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors. |
(3) | All or a portion of this security is segregated to cover open futures contracts, when-issued, delayed-delivery or forward commitments. (Note 2) |
(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, 2013, the value of these securities amounted to $816,737 or 3.5% of net assets. |
(5) | Security purchased on a forward commitment with an approximate principal amount. The actual principal amount and maturity date will be determined upon settlement when the security is delivered. |
(6) | A portion of the principal balance has been written-off during the period due to defaults in the underlying loans. |
(7) | Rate disclosed, the 7-day net yield, is as of April 30, 2013. |
(8) | Rate shown represents yield-to-maturity. |
(9) | Fund buys foreign currency, sells U.S. Dollar. |
See accompanying notes to financial statements.
44
Table of Contents
TCW Global Bond Fund
Investments by Industry (Unaudited) | April 30, 2013 |
Industry | Percentage of Net Assets | |||
Airlines | 0.8 | % | ||
Asset-Backed Securities | 4.1 | |||
Auto Manufacturers | 0.6 | |||
Banks | 12.6 | |||
Chemicals | 1.0 | |||
Coal | 0.4 | |||
Commercial Mortgage-Backed Securities — Non-Agency | 1.9 | |||
Diversified Financial Services | 2.1 | |||
Electric | 1.8 | |||
Energy-Alternate Sources | 1.0 | |||
Engineering & Construction | 1.0 | |||
Food | 0.9 | |||
Foreign Government Bonds | 35.6 | |||
Healthcare-Services | 0.3 | |||
Insurance | 0.6 | |||
Mining | 0.9 | |||
Oil & Gas | 2.7 | |||
Real Estate | 1.0 | |||
REIT | 0.9 | |||
Residential Mortgage-Backed Securities — Agency | 14.3 | |||
Residential Mortgage-Backed Securities — Non-Agency | 8.8 | |||
U.S. Treasury Securities | 5.8 | |||
Money Market Investments | 2.0 | |||
Short-Term Investments | 2.6 | |||
|
| |||
Total | 103.7 | % | ||
|
|
See accompanying notes to financial statements.
45
Table of Contents
TCW Global Bond Fund
Investments by Country (Unaudited)
Country | Percentage of Net Assets | |||
Australia | 1.8 | % | ||
Brazil | 3.7 | |||
Canada | 2.0 | |||
Chile | 1.2 | |||
China | 1.9 | |||
Colombia | 2.9 | |||
Cyprus | 0.9 | |||
France | 1.7 | |||
Germany | 4.5 | |||
India | 0.9 | |||
Indonesia | 0.9 | |||
Israel | 1.2 | |||
Italy | 0.9 | |||
Japan | 6.4 | |||
Mexico | 4.0 | |||
Netherlands | 0.5 | |||
New Zealand | 0.7 | |||
Norway | 1.2 | |||
Peru | 1.0 | |||
Poland | 1.1 | |||
Portugal | 1.5 | |||
Russia | 4.3 | |||
Singapore | 2.6 | |||
Slovenia | 1.9 | |||
Spain | 0.8 | |||
Sweden | 1.2 | |||
Turkey | 1.6 | |||
United Kingdom | 3.2 | |||
United States | 46.4 | |||
Venezuela | 0.8 | |||
|
| |||
Total | 103.7 | % | ||
|
|
See accompanying notes to financial statements.
46
Table of Contents
Schedule of Investments (Unaudited) | April 30, 2013 |
Principal Amount | Fixed Income Securities | Value | ||||||
Bank Loans (6.9% of Net Assets) | ||||||||
Auto Manufacturers (1.0%) | ||||||||
$ | 500,000 | Navistar International Corp., Term Loan, 7%, due 08/17/17 (1) | $ | 509,065 | ||||
|
| |||||||
Auto Parts & Equipment (1.0%) | ||||||||
500,000 | Schaeffler AG, Term Loan C, 3.8%, due 01/27/17 (1) | 505,245 | ||||||
|
| |||||||
Electric (1.8%) | ||||||||
274,313 | Topaz Power Holdings LLC, Term Loan, 5.1%, due 02/26/20 (1) | 277,056 | ||||||
942,083 | TXU U.S. Holdings Co., Extended First Lien Term Loan, 11%, due 10/10/17 (1) | 692,723 | ||||||
|
| |||||||
Total Electric | 969,779 | |||||||
|
| |||||||
Insurance (0.5%) | ||||||||
249,375 | Compass Investment, Inc., Term Loan, 5.25%, due 12/27/19 (1) | 252,243 | ||||||
|
| |||||||
Mining (1.2%) | ||||||||
594,500 | Fortescue Metals Group, Ltd., Term Loan, 5.5%, due 10/18/17 (1) | 604,904 | ||||||
|
| |||||||
Oil & Gas (0.5%) | ||||||||
250,000 | NFR Energy LLC, Second Lien Term Loan, 8.75%, due 12/31/18 (1) | 256,562 | ||||||
|
| |||||||
Software (0.9%) | ||||||||
500,000 | First Data Corp., First Lien Extended Term Loan, 9.3%, due 03/24/18 (1) | 498,070 | ||||||
|
| |||||||
Total Bank Loans (Cost: $3,623,962) | 3,595,868 | |||||||
|
| |||||||
Corporate Bonds (84.4%) | ||||||||
Airlines (3.5%) | ||||||||
280,000 | Air Canada, (144A), 9.25%, due 08/01/15 (2) | 297,500 | ||||||
500,000 | American Airlines Pass-Through Trust, (13-1-B), (144A), 5.625%, due 01/15/21 (EETC) (2) | 511,875 | ||||||
220,285 | Continental Airlines, Inc. Pass-Through Certificates, (99-1-A), 6.545%, due 08/02/20 (EETC) (3) | 245,066 | ||||||
352,446 | Delta Air Lines, Inc. Pass-Through Certificates, (02-1G1), 6.718%, due 07/02/24 (EETC) (3) | 393,859 | ||||||
375,000 | US Airways Group, Inc. Pass-Through Trust, (12-2B), 6.75%, due 12/03/22 (EETC) | 402,656 | ||||||
|
| |||||||
Total Airlines | 1,850,956 | |||||||
|
| |||||||
Auto Parts & Equipment (3.9%) | ||||||||
495,000 | Cooper-Standard Automotive, Inc., 8.5%, due 05/01/18 | 538,312 | ||||||
500,000 | Goodyear Tire & Rubber Co. (The), 8.25%, due 08/15/20 | 559,375 | ||||||
200,000 | Schaeffler Finance BV (Germany), (144A), 4.75%, due 05/15/21 (2) | 203,964 | ||||||
45,000 | Schaeffler Finance BV (Germany), (144A), 7.75%, due 02/15/17 (2) | 51,188 | ||||||
45,000 | Schaeffler Finance BV (Germany), (144A), 8.5%, due 02/15/19 (2) | 51,412 | ||||||
255,000 | Tenneco, Inc., 6.875%, due 12/15/20 | 281,456 | ||||||
305,000 | Tenneco, Inc., 7.75%, due 08/15/18 | 335,119 | ||||||
|
| |||||||
Total Auto Parts & Equipment | 2,020,826 | |||||||
|
|
See accompanying notes to financial statements.
47
Table of Contents
TCW High Yield Bond Fund
Schedule of Investments (Unaudited) (Continued) |
Principal Amount | Fixed Income Securities | Value | ||||||
Banks (6.0%) | ||||||||
$ | 200,000 | Ally Financial, Inc., 8%, due 11/01/31 | $ | 261,000 | ||||
140,000 | CIT Group, Inc., (144A), 5.5%, due 02/15/19 (2) | 157,850 | ||||||
1,030,000 | CIT Group, Inc., (144A), 6.625%, due 04/01/18 (2) | 1,202,525 | ||||||
980,000 | JPMorgan Chase Capital XIII, 1.234%, due 09/30/34 (3)(4) | 815,850 | ||||||
550,000 | Provident Funding Associates, (144A), 10.25%, due 04/15/17 (2) | 616,000 | ||||||
100,000 | Royal Bank of Scotland Group PLC (United Kingdom), 6.125%, due 12/15/22 | 107,745 | ||||||
|
| |||||||
Total Banks | 3,160,970 | |||||||
|
| |||||||
Chemicals (0.3%) | ||||||||
155,000 | Hexion US Finance Corp., 6.625%, due 04/15/20 | 161,394 | ||||||
|
| |||||||
Coal (3.9%) | ||||||||
612,000 | Alpha Appalachia Holdings, Inc., 3.25%, due 08/01/15 (Convertible Bond) | 581,400 | ||||||
170,000 | Alpha Natural Resources, Inc., 9.75%, due 04/15/18 | 184,025 | ||||||
515,000 | Arch Coal, Inc., 7%, due 06/15/19 | 477,662 | ||||||
375,000 | Peabody Energy Corp., 4.75%, due 12/15/66 (Convertible Bond) | 306,563 | ||||||
165,000 | Walter Energy, Inc., (144A), 8.5%, due 04/15/21 (2) | 172,013 | ||||||
310,000 | Walter Energy, Inc., (144A), 9.875%, due 12/15/20 (2) | 337,900 | ||||||
|
| |||||||
Total Coal | 2,059,563 | |||||||
|
| |||||||
Commercial Services (2.7%) | ||||||||
355,000 | Ceridian Corp., (144A), 8.875%, due 07/15/19 (2) | 417,569 | ||||||
1,000,000 | Rent-A-Center, Inc., (144A), 4.75%, due 05/01/21 (2) | 1,007,500 | ||||||
|
| |||||||
Total Commercial Services | 1,425,069 | |||||||
|
| |||||||
Computers (0.2%) | ||||||||
120,000 | Brocade Communications Systems, Inc., (144A), 4.625%, due 01/15/23 (2) | 117,600 | ||||||
|
| |||||||
Diversified Financial Services (2.8%) | ||||||||
485,000 | International Lease Finance Corp., (144A), 7.125%, due 09/01/18 (2) | 578,362 | ||||||
200,000 | Legg Mason, Inc., 5.5%, due 05/21/19 | 217,994 | ||||||
640,000 | ZFS Finance USA Trust V, (144A), 6.5%, due 05/09/67 (2)(4) | 684,800 | ||||||
|
| |||||||
Total Diversified Financial Services | 1,481,156 | |||||||
|
| |||||||
Electric (6.6%) | ||||||||
80,000 | AES Corp., 4.875%, due 05/15/23 | 81,600 | ||||||
640,000 | Astoria Depositor Corp., (144A), 8.144%, due 05/01/21 (2) | 656,000 | ||||||
200,000 | Calpine Corp., (144A), 7.5%, due 02/15/21 (2) | 226,000 | ||||||
35,000 | Calpine Corp., (144A), 7.875%, due 01/15/23 (2) | 39,988 | ||||||
848,000 | DPL, Inc., 7.25%, due 10/15/21 | 903,120 | ||||||
500,000 | Dynegy Roseton/Danskammer Pass-Through Trust, Series B, 7.67%, due 11/08/16 (5) | 12,500 | ||||||
150,000 | Electricite de France S.A., (France), (144A), 5.25%, due 12/31/49 (2)(4) | 151,312 | ||||||
340,000 | InterGen N.V. (Netherlands), (144A), 9%, due 06/30/17 (2) | 344,250 | ||||||
682,006 | Mirant Mid-Atlantic Pass-Through Certificates, Series C, 10.06%, due 12/30/28 | 777,487 | ||||||
223,000 | Puget Energy, Inc., 6%, due 09/01/21 | 257,186 | ||||||
|
| |||||||
Total Electric | 3,449,443 | |||||||
|
|
See accompanying notes to financial statements.
48
Table of Contents
TCW High Yield Bond Fund
April 30, 2013 |
Principal Amount | Fixed Income Securities | Value | ||||||
Engineering & Construction (0.2%) | ||||||||
$ | 100,000 | MasTec, Inc., 4.875%, due 03/15/23 | $ | 100,125 | ||||
|
| |||||||
Entertainment (1.5%) | ||||||||
200,000 | Carmike Cinemas, Inc., 7.375%, due 05/15/19 | 221,500 | ||||||
45,000 | Cinemark USA, Inc., (144A), 5.125%, due 12/15/22 (2) | 46,575 | ||||||
450,000 | Regal Cinemas Corp., 8.625%, due 07/15/19 | 497,250 | ||||||
|
| |||||||
Total Entertainment | 765,325 | |||||||
|
| |||||||
Food (0.6%) | ||||||||
55,000 | Hawk Acquisition Sub, Inc., (144A), 4.25%, due 10/15/20 (2) | 55,688 | ||||||
230,000 | Post Holdings, Inc., 7.375%, due 02/15/22 | 255,300 | ||||||
|
| |||||||
Total Food | 310,988 | |||||||
|
| |||||||
Gas (2.7%) | ||||||||
600,000 | Sabine Pass LNG, LP, 7.5%, due 11/30/16 | 678,000 | ||||||
855,000 | Southern Union Co., 3.316%, due 11/01/66 (4) | 744,919 | ||||||
|
| |||||||
Total Gas | 1,422,919 | |||||||
|
| |||||||
Healthcare-Products (0.3%) | ||||||||
120,000 | Alere, Inc., (144A), 7.25%, due 07/01/18 (2) | 128,400 | ||||||
|
| |||||||
Healthcare-Services (3.8%) | ||||||||
60,000 | Amsurg Corp., (144A), 5.625%, due 11/30/20 (2) | 63,300 | ||||||
240,000 | CHS/Community Health Systems, Inc., 8%, due 11/15/19 | 272,400 | ||||||
130,000 | DaVita, Inc., 5.75%, due 08/15/22 | 138,450 | ||||||
771,000 | HCA, Inc., 7.25%, due 09/15/20 | 854,846 | ||||||
660,000 | Tenet Healthcare Corp., (144A), 4.5%, due 04/01/21 (2) | 676,500 | ||||||
|
| |||||||
�� | Total Healthcare-Services | 2,005,496 | ||||||
|
| |||||||
Home Furnishings (0.1%) | ||||||||
50,000 | Tempur-Pedic International, Inc., (144A), 6.875%, due 12/15/20 (2) | 54,625 | ||||||
|
| |||||||
Household Products/Wares (3.0%) | ||||||||
550,000 | Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg, 5.75%, due 10/15/20 | 576,125 | ||||||
420,000 | Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg, 7.125%, due 04/15/19 | 452,550 | ||||||
425,000 | Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg, 7.875%, due 08/15/19 | 476,000 | ||||||
30,000 | Spectrum Brands Escrow Corp., (144A), 6.375%, due 11/15/20 (2) | 32,775 | ||||||
20,000 | Spectrum Brands Escrow Corp., (144A), 6.625%, due 11/15/22 (2) | 22,050 | ||||||
|
| |||||||
Total Household Products/Wares | 1,559,500 | |||||||
|
| |||||||
Insurance (0.6%) | ||||||||
300,000 | Nationwide Mutual Insurance Co., (144A), 5.81%, due 12/15/24 (2)(4) | 306,000 | ||||||
|
|
See accompanying notes to financial statements.
49
Table of Contents
TCW High Yield Bond Fund
Schedule of Investments (Unaudited) (Continued) |
Principal Amount | Fixed Income Securities | Value | ||||||
Iron & Steel (1.7%) | ||||||||
$ | 125,000 | ArcelorMittal (Luxembourg), 6%, due 03/01/21 | $ | 132,381 | ||||
575,000 | ArcelorMittal (Luxembourg), 10.35%, due 06/01/19 | 730,401 | ||||||
|
| |||||||
Total Iron & Steel | 862,782 | |||||||
|
| |||||||
Machinery-Diversified (0.3%) | ||||||||
140,000 | Cleaver-Brooks, Inc., (144A), 8.75%, due 12/15/19 (2) | 154,350 | ||||||
|
| |||||||
Media (7.9%) | ||||||||
65,000 | Cablevision Systems Corp., 5.875%, due 09/15/22 | 65,813 | ||||||
290,000 | Cablevision Systems Corp., 8%, due 04/15/20 | 332,050 | ||||||
400,000 | CCO Holdings LLC/CCO Holdings Capital Corp., 7.375%, due 06/01/20 | 449,000 | ||||||
670,000 | CCO Holdings LLC/CCO Holdings Capital Corp., 8.125%, due 04/30/20 | 757,100 | ||||||
195,000 | Cequel Communications Escrow 1 LLC/Cequel Communications Escrow Capital Corp., (144A), 6.375%, due 09/15/20 (2) | 207,675 | ||||||
630,000 | Clear Channel Worldwide Holdings, Inc., (144A), 6.5%, due 11/15/22 (2) | 683,550 | ||||||
45,000 | Clear Channel Worldwide Holdings, Inc., (144A), 6.5%, due 11/15/22 (2) | 48,488 | ||||||
130,000 | DISH DBS Corp., 5.875%, due 07/15/22 | 132,925 | ||||||
310,000 | DISH DBS Corp., 6.75%, due 06/01/21 | 334,412 | ||||||
130,000 | Nara Cable Funding, Ltd., (144A), 8.875%, due 12/01/18 (2) | 139,100 | ||||||
160,000 | Sinclair Television Group, Inc., (144A), 5.375%, due 04/01/21 (2) | 162,000 | ||||||
210,000 | Sinclair Television Group, Inc., (144A), 6.125%, due 10/01/22 (2) | 222,600 | ||||||
200,000 | Townsquare Radio LLC/Townsquare Radio, Inc., (144A), 9%, due 04/01/19 (2) | 218,500 | ||||||
325,000 | Univision Communications, Inc., (144A), 7.875%, due 11/01/20 (2) | 365,625 | ||||||
|
| |||||||
Total Media | 4,118,838 | |||||||
|
| |||||||
Miscellaneous Manufacturers (0.3%) | ||||||||
150,000 | Bombardier, Inc., (144A), 6.125%, due 01/15/23 (2) | 163,500 | ||||||
|
| |||||||
Oil & Gas (17.2%) | ||||||||
770,000 | Chaparral Energy, Inc., 8.25%, due 09/01/21 | 870,100 | ||||||
335,000 | Chesapeake Energy Corp., 2.25%, due 12/15/38 (Convertible Bond) | 296,475 | ||||||
720,000 | Chesapeake Energy Corp., 2.5%, due 05/15/37 (Convertible Bond) | 695,250 | ||||||
315,000 | Cimarex Energy Co., 5.875%, due 05/01/22 | 341,775 | ||||||
300,000 | Concho Resources, Inc., 5.5%, due 04/01/23 | 319,500 | ||||||
575,000 | Continental Resources, Inc., 5%, due 09/15/22 | 626,750 | ||||||
110,000 | EP Energy LLC/EP Energy Finance, Inc., 9.375%, due 05/01/20 | 128,700 | ||||||
50,000 | Linn Energy LLC/Linn Energy Finance Corp., (144A), 6.25%, due 11/01/19 (2) | 52,375 | ||||||
430,000 | Linn Energy LLC/Linn Energy Finance Corp., 8.625%, due 04/15/20 | 481,600 | ||||||
1,100,000 | Newfield Exploration Co., 5.625%, due 07/01/24 | 1,179,750 | ||||||
945,000 | Pacific Drilling V, Ltd., (144A), 7.25%, due 12/01/17 (2) | 999,337 | ||||||
270,000 | Parker Drilling Co., 9.125%, due 04/01/18 | 295,312 | ||||||
165,000 | Plains Exploration & Production Co., 6.875%, due 02/15/23 | 187,894 | ||||||
650,000 | QEP Resources, Inc., 5.25%, due 05/01/23 | 690,625 | ||||||
25,000 | Quicksilver Resources, Inc., 8.25%, due 08/01/15 | 25,625 | ||||||
250,000 | Quicksilver Resources, Inc., 11.75%, due 01/01/16 | 267,188 | ||||||
50,000 | Rosetta Resources, Inc., 5.625%, due 05/01/21 (6) | 52,125 |
See accompanying notes to financial statements.
50
Table of Contents
TCW High Yield Bond Fund
April 30, 2013 |
Principal Amount | Fixed Income Securities | Value | ||||||
Oil & Gas (Continued) | ||||||||
$ | 470,000 | SandRidge Energy, Inc., 7.5%, due 03/15/21 | $ | 487,625 | ||||
345,000 | SandRidge Energy, Inc., 8.125%, due 10/15/22 | 367,425 | ||||||
280,000 | Seadrill, Ltd., (144A), 5.625%, due 09/15/17 (2) | 286,300 | ||||||
35,000 | SM Energy Co., 6.5%, due 11/15/21 | 38,500 | ||||||
260,000 | SM Energy Co., 6.5%, due 01/01/23 | 287,300 | ||||||
|
| |||||||
Total Oil & Gas | 8,977,531 | |||||||
|
| |||||||
Packaging & Containers (0.5%) | ||||||||
240,000 | Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., (144A), 7.375%, due 10/15/17 (2) | 264,300 | ||||||
|
| |||||||
Pharmaceuticals (1.2%) | ||||||||
125,000 | NBTY, Inc., 9%, due 10/01/18 | 140,781 | ||||||
360,000 | Valeant Pharmaceuticals International, (144A), 6.75%, due 08/15/21 (2) | 397,800 | ||||||
40,000 | Valeant Pharmaceuticals International, (144A), 7%, due 10/01/20 (2) | 44,200 | ||||||
50,000 | Valeant Pharmaceuticals International, (144A), 7.25%, due 07/15/22 (2) | 56,750 | ||||||
|
| |||||||
Total Pharmaceuticals | 639,531 | |||||||
|
| |||||||
Pipelines (1.6%) | ||||||||
351,000 | El Paso LLC, 7.8%, due 08/01/31 | 397,180 | ||||||
120,000 | El Paso LLC, 8.05%, due 10/15/30 | 137,162 | ||||||
160,000 | Sabine Pass Liquefaction LLC, (144A), 5.625%, due 02/01/21 (2) | 165,600 | ||||||
110,000 | Sabine Pass Liquefaction LLC, (144A), 5.625%, due 04/15/23 (2) | 113,025 | ||||||
|
| |||||||
Total Pipelines | 812,967 | |||||||
|
| |||||||
Software (0.1%) | ||||||||
25,000 | First Data Corp., (144A), 8.875%, due 08/15/20 (2) | 28,500 | ||||||
|
| |||||||
Storage/Warehousing (0.2%) | ||||||||
110,000 | Mobile Mini, Inc., 7.875%, due 12/01/20 | 122,925 | ||||||
|
| |||||||
Telecommunications (10.7%) | ||||||||
360,000 | CenturyLink, Inc., 5.8%, due 03/15/22 | 380,793 | ||||||
80,000 | Frontier Communications Corp., 7.625%, due 04/15/24 | 82,400 | ||||||
385,000 | GCI, Inc., 8.625%, due 11/15/19 | 410,025 | ||||||
513,000 | Intelsat Jackson Holdings SA (Luxembourg), 7.25%, due 10/15/20 | 569,430 | ||||||
150,000 | Intelsat Jackson Holdings SA (Luxembourg), 7.5%, due 04/01/21 | 168,000 | ||||||
340,000 | Intelsat Jackson Holdings SA (Luxembourg), 8.5%, due 11/01/19 | 383,350 | ||||||
197,000 | Level 3 Financing, Inc., (144A), 7%, due 06/01/20 (2) | 208,328 | ||||||
275,000 | Level 3 Financing, Inc., 8.125%, due 07/01/19 | 303,187 | ||||||
155,000 | MetroPCS Wireless, Inc., (144A), 6.25%, due 04/01/21 (2) | 165,850 | ||||||
70,000 | MetroPCS Wireless, Inc., (144A), 6.625%, due 04/01/23 (2) | 74,900 | ||||||
40,000 | NeuStar, Inc., (144A), 4.5%, due 01/15/23 (2) | 38,700 | ||||||
225,000 | Qwest Corp., 7.25%, due 09/15/25 | 264,970 | ||||||
210,000 | Softbank Corp., (144A), 4.5%, due 04/15/20 (2) | 217,350 | ||||||
105,000 | Sprint Nextel Corp., (144A), 7%, due 03/01/20 (2) | 119,438 |
See accompanying notes to financial statements.
51
Table of Contents
TCW High Yield Bond Fund
Schedule of Investments (Unaudited) (Continued) |
Principal Amount | Fixed Income Securities | Value | ||||||
Telecommunications (Continued) | ||||||||
$ | 400,000 | Sprint Nextel Corp., (144A), 9%, due 11/15/18 (2) | $ | 492,000 | ||||
655,000 | Sprint Nextel Corp., 9.25%, due 04/15/22 | 818,750 | ||||||
825,000 | Windstream Corp., 7.75%, due 10/15/20 | 905,437 | ||||||
|
| |||||||
Total Telecommunications | 5,602,908 | |||||||
|
| |||||||
Total Corporate Bonds (Cost: $42,502,709) (84.4%) | 44,128,487 | |||||||
|
| |||||||
Asset-Backed Securities (2.6%) | ||||||||
125,000 | ALM Loan Funding (12-7A-B), (144A), 3.426%, due 10/19/24 (2)(4) | 125,723 | ||||||
125,000 | BlueMountain CLO, Ltd. (12-2A-C), (144A), 3.062%, due 11/20/24 (2)(4) | 125,297 | ||||||
75,000 | Cerberus Offshore Levered I LP (12-1A-B), (144A), 5.027%, due 11/30/18 (2)(4) | 76,181 | ||||||
125,000 | CIFC Funding, Ltd. (12-2A-A3L), (144A), 3.284%, due 12/05/24 (2)(4) | 125,538 | ||||||
100,000 | Dryden XXV Senior Loan Fund (12-25A-C), (144A), 9.3%, due 01/15/25 (2)(4) | 100,452 | ||||||
75,000 | Galaxy CLO, Ltd. (12-14A-C1), (144A), 3.39%, due 11/15/24 (2)(4) | 75,235 | ||||||
125,000 | Halcyon Loan Advisors Funding, Ltd. (12-2A-C), (144A), 3.13%, due 12/20/24 (2)(4) | 123,734 | ||||||
100,000 | LCM XII LP (12A-C), (144A), 3.526%, due 10/19/22 (2)(4) | 100,578 | ||||||
100,000 | LCM XII LP (12A-D), (144A), 4.776%, due 10/19/22 (2)(4) | 99,984 | ||||||
100,000 | Oak Hill Credit Partners (12-7A-C1), (144A), 3.539%, due 11/20/23 (2)(4) | 100,764 | ||||||
125,000 | Race Point CLO, Ltd. (12-7A-C), (144A), 3.293%, due 11/08/24 (2)(4) | 125,326 | ||||||
75,000 | Slater Mill Loan Fund LP (12-1A-C), (144A), 4.09%, due 08/17/22 (2)(4) | 75,514 | ||||||
100,000 | Sound Point CLO, Ltd. (12-1A-C), (144A), 3.576%, due 10/20/23 (2)(4) | 100,287 | ||||||
|
| |||||||
Total Asset-Backed Securities (Cost: $1,317,170) | 1,354,613 | |||||||
|
| |||||||
U.S. Treasury Security (Cost: $128,854) (0.2%) | ||||||||
126,123 | U.S. Treasury Inflation Indexed Note, 1.25%, due 04/15/14 (7) | 128,645 | ||||||
|
| |||||||
Total Fixed Income Securities (Cost: $47,572,695) (94.1%) | 49,207,613 | |||||||
|
| |||||||
Number of Shares | Common Stock | |||||||
Electric (Cost: $398,207) (0.5%) | ||||||||
11,578 | Dynegy, Inc. (8) | 286,092 | ||||||
|
| |||||||
Money Market Investments (0.9%) | ||||||||
105,000 | BlackRock Liquidity Funds TempFund Portfolio, 0.08% (9) | 105,000 | ||||||
341,000 | DWS Money Market Series — Institutional Shares, 0.1% (9) | 341,000 | ||||||
|
| |||||||
Total Money Market Investments (Cost: $446,000) | 446,000 | |||||||
|
| |||||||
Principal Amount | Short-Term Investments | |||||||
Discount Note (Cost: $1,049,602) (2.0%) | ||||||||
$ | 1,050,000 | Federal National Mortgage Association Discount Note, 0.13%, due 08/14/13 | 1,049,816 | |||||
|
|
See accompanying notes to financial statements.
52
Table of Contents
TCW High Yield Bond Fund
April 30, 2013 |
Principal Amount | Short-Term Investments | Value | ||||||
Repurchase Agreement (Cost: $402,662) (0.8%) | ||||||||
$ | 402,662 | State Street Bank & Trust Company, 0.01%, due 05/01/13 (collateralized by $415,000 Federal Home Loan Mortgage Corp., 2%, due 01/30/23, valued at $411,879) (Total Amount to be Received Upon Repurchase $402,662) | $ | 402,662 | ||||
|
| |||||||
U.S. Treasury Security (Cost: $14,996) (0.0%) | ||||||||
15,000 | U.S. Treasury Bill, 0.055%, due 08/22/13 (10) | 14,998 | ||||||
|
| |||||||
Total Short-Term Investments (Cost: $1,467,260) (2.8%) | 1,467,476 | |||||||
|
| |||||||
Total Investments (Cost: $49,884,162) (98.3%) | 51,407,181 | |||||||
Excess of Other Assets over Liabilities (1.7%) | 885,361 | |||||||
|
| |||||||
Net Assets (100.0%) | $ | 52,292,542 | ||||||
|
|
Futures Contracts | ||||||||||||||
Number of Contracts | Type | Expiration Date | Notional Contract Value | Net Unrealized (Depreciation) | ||||||||||
SELL | ||||||||||||||
4 | 30-Year U.S. Treasury Bond Futures | 06/19/13 | $ | 593,500 | $ | (20,931 | ) | |||||||
|
|
|
|
See accompanying notes to financial statements.
53
Table of Contents
TCW High Yield Bond Fund
Schedule of Investments (Unaudited) (Continued) |
Notes to the Schedule of Investments:
CLO - | Collateralized Loan Obligation. |
EETC - | Enhanced Equipment Trust Certificate. |
(1) | Rate stated is the effective yield. |
(2) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2013, the value of these securities amounted to $16,656,275 or 31.9% of net assets. These securities are determined to be liquid by the Advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors. |
(3) | All or a portion of this security is segregated to cover open futures contracts, when-issued, delayed-delivery or forward commitments. (Note 2) |
(4) | Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2013. |
(5) | Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. |
(6) | This security is purchased on a when-issued, delayed delivery or forward commitment basis. |
(7) | Interest rate for this security is a stated rate. Interest payments are determined based on the inflation-adjusted principal. |
(8) | Non-income producing security. |
(9) | Rate disclosed, the 7-day net yield, is as of April 30, 2013. |
(10) | Rate shown represents yield-to-maturity. |
See accompanying notes to financial statements.
54
Table of Contents
TCW High Yield Bond Fund
Investments by Industry (Unaudited) | April 30, 2013 |
Industry | Percentage of Net Assets | |||
Airlines | 3.5 | % | ||
Asset-Backed Securities | 2.6 | |||
Auto Manufacturers | 1.0 | |||
Auto Parts & Equipment | 4.9 | |||
Banks | 6.0 | |||
Chemicals | 0.3 | |||
Coal | 3.9 | |||
Commercial Services | 2.7 | |||
Computers | 0.2 | |||
Diversified Financial Services | 2.8 | |||
Electric | 8.9 | |||
Engineering & Construction | 0.2 | |||
Entertainment | 1.5 | |||
Food | 0.6 | |||
Gas | 2.7 | |||
Healthcare-Products | 0.3 | |||
Healthcare-Services | 3.8 | |||
Home Furnishings | 0.1 | |||
Household Products/Wares | 3.0 | |||
Insurance | 1.1 | |||
Iron & Steel | 1.7 | |||
Machinery-Diversified | 0.3 | |||
Media | 7.9 | |||
Mining | 1.2 | |||
Miscellaneous Manufacturers | 0.3 | |||
Oil & Gas | 17.7 | |||
Packaging & Containers | 0.5 | |||
Pharmaceuticals | 1.2 | |||
Pipelines | 1.6 | |||
Software | 1.0 | |||
Storage/Warehousing | 0.2 | |||
Telecommunications | 10.7 | |||
U.S. Treasury Security | 0.2 | |||
Money Market Investments | 0.9 | |||
Short-Term Investments | 2.8 | |||
|
| |||
Total | 98.3 | % | ||
|
|
See accompanying notes to financial statements.
55
Table of Contents
Schedule of Investments (Unaudited) |
Principal Amount | Fixed Income Securities | Value | ||||||
Commercial Mortgage-Backed Securities — Agency (2.1% of Net Assets) | ||||||||
$ | 213,685 | Federal Home Loan Mortgage Corp., Pool #310005, 5.683%, due 11/01/19 (1) | $ | 227,816 | ||||
56,317 | Federal National Mortgage Association, Pool #745506, 5.661%, due 02/01/16 | 62,089 | ||||||
|
| |||||||
Total Commercial Mortgage-Backed Securities — Agency (Cost: $291,243) | 289,905 | |||||||
|
| |||||||
Commercial Mortgage-Backed Securities — Non-Agency (8.9%) | ||||||||
49,122 | Banc of America Merrill Lynch Commercial Mortgage, Inc. (04-1-A4), 4.76%, due 11/10/39 | 49,936 | ||||||
65,985 | Banc of America Merrill Lynch Commercial Mortgage, Inc. (05-3-ASB), 4.589%, due 07/10/43 | 67,422 | ||||||
45,000 | Bear Stearns Commercial Mortgage Securities Trust (05-T20-A4A), 5.298%, due 10/12/42 (1) | 49,327 | ||||||
26,126 | Bear Stearns Commercial Mortgage Securities Trust (06-PW14-A2), 5.123%, due 12/11/38 | 26,177 | ||||||
3,921 | Citigroup Commercial Mortgage Trust (04-C1-A3), 5.251%, due 04/15/40 | 3,913 | ||||||
27,665 | Credit Suisse First Boston Mortgage Securities Corp. (04-C2-A1), 3.819%, due 05/15/36 | 27,945 | ||||||
44,713 | Credit Suisse First Boston Mortgage Securities Corp. (05-C4-A5), 5.104%, due 08/15/38 (1) | 48,021 | ||||||
39,335 | Credit Suisse Mortgage Capital Certificates (06-C5-AAB), 5.308%, due 12/15/39 | 39,605 | ||||||
97,104 | DBRR Trust (12-EZ1-A), (144A), 0.946%, due 09/25/45 (1)(2) | 97,316 | ||||||
32,904 | Greenwich Capital Commercial Funding Corp. (04-GG1-A7), 5.317%, due 06/10/36 (1) | 33,730 | ||||||
26,111 | JPMorgan Chase Commercial Mortgage Securities Corp. (03-PM1A-A4), 5.326%, due 08/12/40 (1) | 26,162 | ||||||
55,000 | JPMorgan Chase Commercial Mortgage Securities Corp. (05-CB13-A3A1), 5.472%, due 01/12/43 (1) | 56,478 | ||||||
16,166 | JPMorgan Chase Commercial Mortgage Securities Corp. (05-LDP1-A2), 4.625%, due 03/15/46 | 16,331 | ||||||
30,558 | JPMorgan Chase Commercial Mortgage Securities Corp. (05-LDP2-A3A), 4.678%, due 07/15/42 | 30,802 | ||||||
42,678 | JPMorgan Chase Commercial Mortgage Securities Corp. (05-LDP5-A2), 5.198%, due 12/15/44 | 42,684 | ||||||
44,311 | JPMorgan Chase Commercial Mortgage Securities Corp. (06-CB14-ASB), 5.506%, due 12/12/44 (1) | 46,833 | ||||||
38,584 | JPMorgan Chase Commercial Mortgage Securities Corp. (06-LDP8-A3A), 5.388%, due 05/15/45 | 38,798 | ||||||
65,000 | JPMorgan Chase Commercial Mortgage Securities Corp. (06-LDP9-A3S), (144A), 5.24%, due 05/15/47 (2) | 66,561 | ||||||
62,976 | LB-UBS Commercial Mortgage Trust (04-C7-A1A), 4.475%, due 10/15/29 | 65,790 | ||||||
46,677 | LB-UBS Commercial Mortgage Trust (05-C1-A3), 4.545%, due 02/15/30 | 46,815 | ||||||
14,700 | LB-UBS Commercial Mortgage Trust (05-C7-A2), 5.103%, due 11/15/30 | 14,772 | ||||||
55,377 | LB-UBS Commercial Mortgage Trust (06-C7-A2), 5.3%, due 11/15/38 | 57,887 | ||||||
38,973 | Merrill Lynch/Countrywide Commercial Mortgage Trust (06-2-A2), 5.878%, due 06/12/46 (1) | 38,939 | ||||||
27,186 | Merrill Lynch/Countrywide Commercial Mortgage Trust (06-4-A2FL), 0.319%, due 12/12/49 (1) | 27,141 | ||||||
49,496 | Morgan Stanley Capital I Trust (04-HQ3-A4), 4.8%, due 01/13/41 | 50,392 |
See accompanying notes to financial statements.
56
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TCW Short Term Bond Fund
April 30, 2013 |
Principal Amount | Fixed Income Securities | Value | ||||||
Commercial Mortgage-Backed Securities — Non-Agency (Continued) | ||||||||
$ | 70,956 | Morgan Stanley Capital I Trust (04-IQ7-A4), 5.542%, due 06/15/38 (1) | $ | 73,433 | ||||
32,480 | Morgan Stanley Capital I Trust (06-T23-A2), 5.926%, due 08/12/41 (1) | 32,645 | ||||||
1,191 | Morgan Stanley Capital I Trust (07-HQ11-A2), 5.359%, due 02/12/44 | 1,189 | ||||||
70,997 | Wachovia Bank Commercial Mortgage Trust (06-C28-A2), 5.5%, due 10/15/48 | 71,511 | ||||||
|
| |||||||
Total Commercial Mortgage-Backed Securities — Non-Agency (Cost: $1,257,499) | 1,248,555 | |||||||
|
| |||||||
Residential Mortgage-Backed Securities — Agency (21.2%) | ||||||||
42,072 | Federal Home Loan Mortgage Corp. (2550-FI), 0.549%, due 11/15/32 (TAC) (1) | 42,081 | ||||||
60,883 | Federal Home Loan Mortgage Corp. (2581-F), 0.649%, due 12/15/32 (1) | 61,010 | ||||||
102,695 | Federal Home Loan Mortgage Corp. (263-F5), 0.699%, due 06/15/42 (1)(3) | 104,101 | ||||||
124,430 | Federal Home Loan Mortgage Corp. (3798-BF), 0.499%, due 06/15/24 (1) | 124,744 | ||||||
87,640 | Federal Home Loan Mortgage Corp. (3946-FG), 0.549%, due 10/15/39 (PAC) (1) | 88,069 | ||||||
65,579 | Federal National Mortgage Association (03-11-FA), 1.2%, due 09/25/32 (1) | 66,916 | ||||||
53,676 | Federal National Mortgage Association (03-74-F), 0.6%, due 02/25/31 (1) | 53,693 | ||||||
63,689 | Federal National Mortgage Association (07-64-FA), 0.67%, due 07/25/37 (1) | 63,943 | ||||||
64,628 | Federal National Mortgage Association, Pool #254548, 5.5%, due 12/01/32 | 71,036 | ||||||
90,742 | Federal National Mortgage Association, Pool #600187, 7%, due 07/01/31 | 106,523 | ||||||
4,360 | Federal National Mortgage Association, Pool #661691, 2.69%, due 10/01/32 (1) | 4,567 | ||||||
48,293 | Federal National Mortgage Association, Pool #786884, 2.81%, due 08/01/34 (1) | 50,970 | ||||||
140,090 | Federal National Mortgage Association, Pool #995364, 6%, due 10/01/38 | 153,985 | ||||||
54,645 | Federal National Mortgage Association, Pool #AL0851, 6%, due 10/01/40 | 59,979 | ||||||
90,000 | Federal National Mortgage Association, TBA, 6% (4) | 98,395 | ||||||
241,791 | Government National Mortgage Association (12-13-KF), 0.499%, due 07/20/38 (1) | 242,471 | ||||||
37,440 | Government National Mortgage Association II, Pool #80022, 1.625%, due 12/20/26 (1) | 38,659 | ||||||
29,456 | Government National Mortgage Association II, Pool #80636, 1.75%, due 09/20/32 (1) | 30,614 | ||||||
160,773 | Government National Mortgage Association II, Pool #80734, 1.75%, due 09/20/33 (1) | 168,319 | ||||||
5,276 | Government National Mortgage Association II, Pool #80747, 1.625%, due 10/20/33 (1) | 5,491 | ||||||
21,147 | Government National Mortgage Association II, Pool #80757, 1.75%, due 10/20/33 (1) | 22,014 | ||||||
69,624 | Government National Mortgage Association II, Pool #80764, 1.625%, due 11/20/33 (1) | 72,459 | ||||||
65,437 | Government National Mortgage Association II, Pool #80766, 1.625%, due 11/20/33 (1) | 67,672 | ||||||
154,881 | Government National Mortgage Association II, Pool #80797, 1.625%, due 01/20/34 (1) | 161,569 | ||||||
67,980 | Government National Mortgage Association II, Pool #80869, 1.75%, due 04/20/34 (1) | 71,341 | ||||||
63,928 | Government National Mortgage Association II, Pool #80937, 1.75%, due 06/20/34 (1) | 68,630 | ||||||
131,028 | NCUA Guaranteed Notes (10-R1-1A), 0.65%, due 10/07/20 (1) | 131,703 | ||||||
94,074 | NCUA Guaranteed Notes (10-R2-1A), 0.57%, due 11/06/17 (1) | 94,360 | ||||||
122,049 | NCUA Guaranteed Notes (10-R3-1A), 0.76%, due 12/08/20 (1) | 123,146 | ||||||
161,680 | NCUA Guaranteed Notes (10-R3-2A), 0.76%, due 12/08/20 (1) | 163,499 | ||||||
111,938 | NCUA Guaranteed Notes (11-R2-1A), 0.6%, due 02/06/20 (1) | 112,358 | ||||||
68,378 | NCUA Guaranteed Notes (11-R3-1A), 0.6%, due 03/11/20 (1) | 68,650 | ||||||
155,124 | NCUA Guaranteed Notes (11-R5-1A), 0.58%, due 04/06/20 (1) | 155,469 | ||||||
35,161 | NCUA Guaranteed Notes (11-R6-1A), 0.58%, due 05/07/20 (1) | 35,226 | ||||||
|
| |||||||
Total Residential Mortgage-Backed Securities — Agency (Cost: $2,887,267) | 2,983,662 | |||||||
|
| |||||||
Residential Mortgage-Backed Securities — Non-Agency (3.5%) | ||||||||
15,256 | Banc of America Funding Corp. (06-G-2A3), 0.369%, due 07/20/36 (1) | 15,082 |
See accompanying notes to financial statements.
57
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TCW Short Term Bond Fund
Schedule of Investments (Unaudited) (Continued) |
Principal Amount | Fixed Income Securities | Value | ||||||
Residential Mortgage-Backed Securities — Non-Agency (Continued) | ||||||||
$ | 25,384 | Bear Stearns Asset-Backed Securities Trust (05-SD1-1A3), 0.6%, due 08/25/43 (1) | $ | 24,914 | ||||
195,076 | Credit Suisse First Boston Mortgage Securities Corp. (02-AR31-6A1), 2.28%, due 11/25/32 (1) | 194,982 | ||||||
38,658 | First Franklin Mortgage Loan Asset-Backed Certificates (04-FF5-A3C), 1.2%, due 08/25/34 (1) | 38,137 | ||||||
9,804 | First Franklin Mortgage Loan Asset-Backed Certificates (05-FF9-A3), 0.48%, due 10/25/35 (1) | 9,790 | ||||||
8,763 | Home Equity Asset Trust (07-2-2A1), 0.31%, due 07/25/37 (1) | 8,748 | ||||||
39,163 | Homestar Mortgage Acceptance Corp. (04-5-A1), 0.65%, due 10/25/34 (1) | 38,494 | ||||||
51,461 | JPMorgan Mortgage Acquisition Corp. (05-WMC1-M1), 0.62%, due 09/25/35 (1) | 50,055 | ||||||
2,340 | JPMorgan Mortgage Trust (05-A3-3A3), 2.414%, due 06/25/35 (1) | 2,338 | ||||||
7,188 | Long Beach Mortgage Loan Trust (05-2-M2), 0.89%, due 04/25/35 (1) | 7,187 | ||||||
2,020 | Morgan Stanley ABS Capital I Inc. Trust (05-WMC6-M1), 0.68%, due 07/25/35 (1) | 2,017 | ||||||
42,752 | Morgan Stanley Mortgage Loan Trust (04-6AR-1A), 0.65%, due 07/25/34 (1) | 40,167 | ||||||
7,039 | RAAC Series Trust (06-SP2-A2), 0.37%, due 02/25/36 (1) | 7,025 | ||||||
28,711 | Residential Accredit Loans, Inc. (02-QS16-A2), 0.75%, due 10/25/17 (1) | 27,183 | ||||||
19,409 | Residential Asset Mortgage Products, Inc. (05-RS5-AI3), 0.54%, due 05/25/35 (1) | 19,136 | ||||||
13,839 | Residential Asset Mortgage Products, Inc. (05-RS8-A2), 0.49%, due 10/25/33 (1) | 13,730 | ||||||
|
| |||||||
Total Residential Mortgage-Backed Securities — Non-Agency (Cost: $488,139) | 498,985 | |||||||
|
| |||||||
Corporate Bonds (15.3%) | ||||||||
Airlines (0.3%) | ||||||||
50,000 | JetBlue Airways Corp. Pass-Through Trust (04-2-G2), 0.74%, due 05/15/18 (EETC) (1) | 45,437 | ||||||
|
| |||||||
Banks (4.5%) | ||||||||
50,000 | Abbey National Treasury Services PLC (United Kingdom), 1.856%, due 04/25/14 (1) | 50,286 | ||||||
150,000 | Bank of America Corp., 1.696%, due 01/30/14 (1) | 151,267 | ||||||
50,000 | Bank of New York Mellon Corp. (The), 1.7%, due 11/24/14 | 50,899 | ||||||
30,000 | Citigroup, Inc., 6.375%, due 08/12/14 | 32,085 | ||||||
60,000 | Goldman Sachs Group, Inc. (The), 1.296%, due 02/07/14 (1) | 60,298 | ||||||
30,000 | Goldman Sachs Group, Inc. (The), 3.3%, due 05/03/15 | 31,295 | ||||||
50,000 | JPMorgan Chase Bank N.A., 0.61%, due 06/13/16 (1) | 49,352 | ||||||
150,000 | Lloyds TSB Bank PLC (United Kingdom), 2.625%, due 01/24/14 (1) | 152,244 | ||||||
60,000 | Royal Bank of Scotland PLC (The) (United Kingdom), 2.55%, due 09/18/15 | 61,806 | ||||||
|
| |||||||
Total Banks | 639,532 | |||||||
|
| |||||||
Diversified Financial Services (0.4%) | ||||||||
50,000 | International Lease Finance Corp., (144A), 6.5%, due 09/01/14 (2) | 53,500 | ||||||
|
| |||||||
Electric (0.9%) | ||||||||
84,046 | Mirant Mid-Atlantic Pass-Through Certificates, Series B, 9.125%, due 06/30/17 | 93,921 | ||||||
30,000 | PNM Resources, Inc., 9.25%, due 05/15/15 | 34,163 | ||||||
|
| |||||||
Total Electric | 128,084 | |||||||
|
| |||||||
Engineering & Construction (1.5%) | ||||||||
200,000 | Heathrow Funding, Ltd., (144A), 2.5%, due 06/25/15 (2) | 206,100 | ||||||
|
|
See accompanying notes to financial statements.
58
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TCW Short Term Bond Fund
April 30, 2013 |
Principal Amount | Fixed Income Securities | Value | ||||||
Food (0.4%) | ||||||||
$ | 50,000 | Kraft Foods Group, Inc., 1.625%, due 06/04/15 | $ | 50,894 | ||||
|
| |||||||
Gas (0.7%) | ||||||||
100,000 | Florida Gas Transmission Co. LLC, (144A), 4%, due 07/15/15 (2) | 106,490 | ||||||
|
| |||||||
Insurance (1.2%) | ||||||||
60,000 | Farmers Insurance Exchange, (144A), 6%, due 08/01/14 (2) | 62,826 | ||||||
100,000 | Metropolitan Life Global Funding I, (144A), 1.7%, due 06/29/15 (2) | 101,982 | ||||||
|
| |||||||
Total Insurance | 164,808 | |||||||
|
| |||||||
Real Estate (1.2%) | ||||||||
50,000 | Post Apartment Homes, LP, 4.75%, due 10/15/17 | 56,216 | ||||||
100,000 | WEA Finance LLC, (144A), 7.5%, due 06/02/14 (2) | 107,102 | ||||||
|
| |||||||
Total Real Estate | 163,318 | |||||||
|
| |||||||
REIT (3.1%) | ||||||||
100,000 | Camden Property Trust, 5%, due 06/15/15 | 108,024 | ||||||
200,000 | Duke Realty LP, 5.4%, due 08/15/14 | 210,547 | ||||||
30,000 | Health Care REIT, Inc., 6%, due 11/15/13 | 30,827 | ||||||
85,000 | Pan Pacific Retail Properties Inc, 5.25%, due 09/01/15 | 93,061 | ||||||
|
| |||||||
Total REIT | 442,459 | |||||||
|
| |||||||
Telecommunications (1.1%) | ||||||||
100,000 | AT&T, Inc., 2.5%, due 08/15/15 | 103,882 | ||||||
50,000 | Verizon Communications, Inc., 1.95%, due 03/28/14 | 50,677 | ||||||
|
| |||||||
Total Telecommunications | 154,559 | |||||||
|
| |||||||
Total Corporate Bonds (Cost: $2,133,644) | 2,155,181 | |||||||
|
| |||||||
Municipal Bonds (2.1%) | ||||||||
150,000 | Illinois State Build America Bonds, 4.071%, due 01/01/14 | 153,096 | ||||||
125,000 | State of California, General Obligation Unlimited, 5.95%, due 04/01/16 | 143,408 | ||||||
|
| |||||||
Total Municipal Bonds (Cost: $291,920) | 296,504 | |||||||
|
| |||||||
U.S. Government Agency Obligations (9.2%) | ||||||||
90,000 | Federal Home Loan Bank, 0.21%, due 11/15/13 (1) | 90,047 | ||||||
140,000 | Federal Home Loan Bank, 0.5%, due 01/08/16 | 140,072 | ||||||
130,000 | Federal Home Loan Mortgage Corp., 0.5%, due 09/14/15 | 130,056 | ||||||
65,000 | Federal Home Loan Mortgage Corp., 0.6%, due 03/28/16 | 65,085 | ||||||
70,000 | Federal Home Loan Mortgage Corp., 0.75%, due 10/05/16 | 70,072 | ||||||
150,000 | Federal National Mortgage Association, 0.5%, due 11/06/15 | 150,025 | ||||||
140,000 | Federal National Mortgage Association, 0.5%, due 01/15/16 | 140,061 | ||||||
125,000 | Federal National Mortgage Association, 0.5%, due 01/29/16 | 125,086 | ||||||
140,000 | Federal National Mortgage Association, 0.625%, due 02/22/16 | 140,044 | ||||||
150,000 | Federal National Mortgage Association, 0.625%, due 05/23/16 | 150,047 | ||||||
95,000 | Federal National Mortgage Association, 0.65%, due 03/28/16 | 95,110 | ||||||
|
| |||||||
Total U.S. Government Agency Obligations (Cost: $1,294,813) | 1,295,705 | |||||||
|
|
See accompanying notes to financial statements.
59
Table of Contents
TCW Short Term Bond Fund
Schedule of Investments (Unaudited) (Continued) |
Principal Amount | Fixed Income Securities | Value | ||||||
U.S. Treasury Securities (15.8%) | ||||||||
$ | 546,220 | U.S. Treasury Inflation Indexed Note, 0.5%, due 04/15/15 (5) | $ | 565,764 | ||||
1,173,490 | U.S. Treasury Inflation Indexed Note, 1.25%, due 04/15/14 (5) | 1,196,960 | ||||||
60,778 | U.S. Treasury Inflation Indexed Note, 1.625%, due 01/15/15 (5) | 63,850 | ||||||
170,604 | U.S. Treasury Inflation Indexed Note, 1.875%, due 07/15/13 (5) | 171,496 | ||||||
50,246 | U.S. Treasury Inflation Indexed Note, 2%, due 01/15/14 (5) | 51,239 | ||||||
116,977 | U.S. Treasury Inflation Indexed Note, 2%, due 07/15/14 (5) | 121,995 | ||||||
50,000 | U.S. Treasury Note, 0.25%, due 08/15/15 | 50,004 | ||||||
|
| |||||||
Total U.S. Treasury Securities (Cost: $2,242,249) | 2,221,308 | |||||||
|
| |||||||
Total Fixed Income Securities (Cost: $10,886,774) (78.1%) | 10,989,805 | |||||||
|
| |||||||
Number of Shares | Money Market Investments (Cost: $21,000) (0.1%) | |||||||
21,000 | DWS Money Market Series — Institutional Shares, 0.1% (6) | 21,000 | ||||||
|
| |||||||
Principal Amount | Short-Term Investments | |||||||
Discount Notes (22.6%) | ||||||||
$ | 270,000 | Federal Home Loan Bank Discount Note, 0.075%, due 07/17/13 (7) | 269,977 | |||||
110,000 | Federal Home Loan Bank Discount Note, 0.125%, due 06/07/13 (7) | 109,986 | ||||||
560,000 | Federal Home Loan Mortgage Corp. Discount Note, 0.065%, due 07/15/13 (7) | 559,954 | ||||||
295,000 | Federal Home Loan Mortgage Corp. Discount Note, 0.11%, due 06/10/13 (7) | 294,964 | ||||||
995,000 | Federal Home Loan Mortgage Corp. Discount Note, 0.135%, due 07/01/13 (7) | 994,932 | ||||||
200,000 | Federal National Mortgage Association Discount Note, 0.075%, due 07/19/13 (7) | 199,982 | ||||||
165,000 | Federal National Mortgage Association Discount Note, 0.085%, due 08/07/13 (7) | 164,973 | ||||||
135,000 | Federal National Mortgage Association Discount Note, 0.12%, due 07/03/13 (7) | 134,991 | ||||||
450,000 | Federal National Mortgage Association Discount Note, 0.13%, due 08/14/13 (7) | 449,921 | ||||||
|
| |||||||
Total Discount Notes (Cost: $3,179,333) | 3,179,680 | |||||||
|
| |||||||
Repurchase Agreement (Cost: $268,397) (1.9%) | ||||||||
268,397 | State Street Bank & Trust Company, 0.01%, due 05/01/13 (collateralized by $275,000 Federal National Mortgage Association, 2.14%, due 11/07/22, valued at $278,152) (Total Amount to be Received Upon Repurchase $268,397) | 268,397 | ||||||
|
| |||||||
Total Short-Term Investments (Cost: $3,447,730) (24.5%) | 3,448,077 | |||||||
|
| |||||||
Total Investments (Cost: $14,355,504) (102.7%) | 14,458,882 | |||||||
Liabilities in Excess of Other Assets (-2.7%) | (373,903 | ) | ||||||
|
| |||||||
Net Assets (100.0%) | $ | 14,084,979 | ||||||
|
|
See accompanying notes to financial statements.
60
Table of Contents
TCW Short Term Bond Fund
April 30, 2013 |
Notes to the Schedule of Investments:
PAC - | Planned Amortization Class. |
REIT - | Real Estate Investment Trust. |
TAC - | Target Amortization Class. |
TBA - | To be Announced. |
(1) | Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2013. |
(2) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2013, the value of these securities amounted to $801,877 or 5.7% of net assets. These securities are determined to be liquid by the Advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors. |
(3) | All or a portion of this security is segregated to cover open futures contracts, when-issued, delayed-delivery or forward commitments. (Note 2) |
(4) | Security purchased on a forward commitment with an approximate principal amount. The actual principal amount and maturity date will be determined upon settlement when the security is delivered. |
(5) | Interest rate for this security is a stated rate. Interest payments are determined based on the inflation-adjusted principal. |
(6) | Rate disclosed, the 7-day net yield, is as of April 30, 2013. |
(7) | Rate shown represents yield-to-maturity. |
See accompanying notes to financial statements.
61
Table of Contents
TCW Short Term Bond Fund
Investments by Industry (Unaudited)
Industry | Percentage of Net Assets | |||
Airlines | 0.3 | % | ||
Banks | 4.5 | |||
Commercial Mortgage-Backed Securities — Agency | 2.1 | |||
Commercial Mortgage-Backed Securities — Non-Agency | 8.9 | |||
Diversified Financial Services | 0.4 | |||
Electric | 0.9 | |||
Engineering & Construction | 1.5 | |||
Food | 0.4 | |||
Gas | 0.7 | |||
Insurance | 1.2 | |||
Real Estate | 1.2 | |||
REIT | 3.1 | |||
Residential Mortgage-Backed Securities — Agency | 21.2 | |||
Residential Mortgage-Backed Securities — Non-Agency | 3.5 | |||
Telecommunications | 1.1 | |||
Municipal Bonds | 2.1 | |||
U.S. Government Agency Obligations | 9.2 | |||
U.S. Treasury Securities | 15.8 | |||
Money Market Investments | 0.1 | |||
Short-Term Investments | 24.5 | |||
|
| |||
Total | 102.7 | % | ||
|
|
See accompanying notes to financial statements.
62
Table of Contents
Schedule of Investments (Unaudited) | April 30, 2013 |
Principal Amount | Fixed Income Securities | Value | ||||||
Asset-Backed Securities (5.8% of Net Assets) | ||||||||
$ | 20,000,000 | Academic Loan Funding Trust (12-1A-A2), (144A), 1.3%, due 12/27/44 (1)(2) | $ | 20,275,000 | ||||
15,510,480 | Access Group, Inc. (05-2-A3), 0.469%, due 11/22/24 (2) | 15,342,169 | ||||||
11,547,026 | Bayview Commercial Asset Trust (04-1-A), (144A), 0.56%, due 04/25/34 (1)(2) | 10,940,865 | ||||||
16,695,670 | Bayview Commercial Asset Trust (06-1A-A1), (144A), 0.47%, due 04/25/36 (1)(2) | 14,217,478 | ||||||
20,600,000 | Brazos Higher Education Authority, Inc. (05-3-A15), 0.424%, due 03/25/25 (2) | 20,482,514 | ||||||
18,700,000 | Brazos Higher Education Authority, Inc. (11-1-A3), 1.338%, due 11/25/33 (2) | 19,133,286 | ||||||
21,600,000 | Brazos Higher Education Authority, Inc. (11-2-A2), 1.126%, due 07/25/29 (2) | 21,914,669 | ||||||
11,775,000 | Brazos Higher Education Authority, Inc. (11-2-A3), 1.276%, due 10/27/36 (2) | 11,826,788 | ||||||
7,358,644 | CIT Education Loan Trust (07-1-A), (144A), 0.374%, due 03/25/42 (1)(2) | 6,815,643 | ||||||
16,780,000 | College Loan Corp. Trust (07-1-A3), 0.376%, due 04/25/29 (2) | 15,492,605 | ||||||
13,619,808 | Collegiate Funding Services Education Loan Trust (04-A-A3), 0.494%, due 09/28/26 (2) | 13,545,498 | ||||||
17,311,761 | Educational Funding of the South, Inc. (12-1-A), 1.25%, due 03/25/36 (2) | 17,526,098 | ||||||
16,675,000 | EFS Volunteer LLC (10-1-A2), (144A), 1.126%, due 10/25/35 (1)(2) | 16,524,705 | ||||||
7,225,000 | EFS Volunteer No 2 LLC (12-1-A2), (144A), 1.554%, due 03/25/36 (1)(2) | 7,367,280 | ||||||
17,750,000 | EFS Volunteer No 3 LLC (12-1-A3), (144A), 1.204%, due 04/25/33 (1)(2) | 17,810,208 | ||||||
8,737,095 | GE Business Loan Trust (04-2A-A), (144A), 0.419%, due 12/15/32 (1)(2) | 8,341,148 | ||||||
12,650,000 | Goal Capital Funding Trust (05-2-A3), 0.458%, due 05/28/30 (2) | 12,323,920 | ||||||
17,775,000 | Goal Capital Funding Trust (06-1-A3), 0.408%, due 11/25/26 (2) | 17,427,001 | ||||||
9,000,000 | Greyrock CDO, Ltd. (05-1X-A2L), (Reg. S), 0.71%, due 11/15/17 (3) | 8,851,716 | ||||||
16,524,298 | Jasper CLO, Ltd. (05-1A-A), (144A), 0.568%, due 08/01/17 (1)(2) | 16,221,589 | ||||||
10,201,583 | JFIN CLO, Ltd. (07-1A-A1A), (144A), 0.481%, due 07/20/21 (1)(2) | 10,011,874 | ||||||
16,078,565 | KKR Financial Corp. (07-AA-A), (144A), 1.027%, due 10/15/17 (1)(2) | 16,023,930 | ||||||
18,000,000 | Montana Higher Education Student Assistance Corp. (12-1-A3), 1.249%, due 07/20/43 (2) | 18,045,016 | ||||||
12,000,000 | National Collegiate Master Student Loan Trust I (02-2-AR10), (144A), 3.699%, due 11/01/42 (1)(2) | 11,940,000 | ||||||
9,700,000 | National Collegiate Master Student Loan Trust I (02-2-AR9), (144A), 3.699%, due 11/01/42 (1)(2) | 9,693,986 | ||||||
14,000,000 | National Collegiate Student Loan Trust (06-3-A3), 0.35%, due 10/25/27 (2) | 13,208,090 | ||||||
6,425,000 | National Collegiate Student Loan Trust (07-1-A3), 0.44%, due 07/25/30 (2) | 4,928,493 | ||||||
15,000,000 | National Collegiate Student Loan Trust (07-3-A2A4), 3.7%, due 12/26/25 (2) | 14,475,000 | ||||||
7,950,000 | National Collegiate Student Loan Trust (07-4-A2A3), 3.698%, due 12/26/25 (2) | 7,945,071 | ||||||
13,960,431 | Pangaea CLO, Ltd. (07-1A-A1), (144A), 0.526%, due 10/21/21 (1)(2) | 13,412,191 | ||||||
16,000,000 | Panhandle-Plains Higher Education Authority, Inc. (11-1-A3), 1.234%, due 10/01/37 (2) | 15,976,078 | ||||||
3,457,430 | Red River CLO, Ltd. (1A-A), (144A), 0.568%, due 07/27/18 (1)(2) | 3,346,391 | ||||||
9,500,000 | SLM Private Credit Student Loan Trust (04-A-A3), 0.68%, due 06/15/33 (2) | 8,562,863 | ||||||
10,000,000 | SLM Private Credit Student Loan Trust (04-B-A3), 0.61%, due 03/15/24 (2) | 9,010,080 | ||||||
7,544,000 | SLM Student Loan Trust (05-5-A5), 1.026%, due 10/25/40 (2) | 7,363,857 | ||||||
17,785,000 | SLM Student Loan Trust (08-5-A4), 1.976%, due 07/25/23 (2) | 18,678,981 | ||||||
20,000,000 | SLM Student Loan Trust (08-6-A3), 1.026%, due 01/25/19 (2) | 20,283,634 | ||||||
12,800,000 | SLM Student Loan Trust (11-1-A2), 1.35%, due 10/25/34 (2) | 13,113,117 | ||||||
17,840,000 | SLM Student Loan Trust (11-2-A2), 1.4%, due 10/25/34 (2) | 18,485,009 | ||||||
11,006,651 | SLM Student Loan Trust (12-2-A), 0.9%, due 01/25/29 (2) | 11,154,548 | ||||||
10,000,000 | South Carolina Student Loan Corp. (06-1-A2), 0.407%, due 12/01/22 (2) | 9,678,000 | ||||||
7,000,000 | Telos CLO, Ltd. (06-1A-A2), (144A), 0.678%, due 10/11/21 (1)(2) | 6,709,248 | ||||||
|
| |||||||
Total Asset-Backed Securities (Cost: $588,537,963) | 554,425,637 | |||||||
|
|
See accompanying notes to financial statements.
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Schedule of Investments (Unaudited) (Continued) |
Principal Amount | Fixed Income Securities | Value | ||||||
Commercial Mortgage-Backed Securities — Agency (5.7%) | ||||||||
$ | 45,330,000 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (K005-A2), 4.317%, due 11/25/19 (4) | $ | 52,137,478 | ||||
24,280,000 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (K007-A2), 4.224%, due 03/25/20 (4) | 27,872,639 | ||||||
29,110,000 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (K009-A2), 3.808%, due 08/25/20 (4) | 32,736,291 | ||||||
31,480,000 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (K010-A2), 4.333%, due 10/25/20 (4) | 36,460,262 | ||||||
25,890,000 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (K013-A2), 3.974%, due 01/25/21 (2)(4) | 29,407,648 | ||||||
37,335,000 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates (K020-A2), 2.373%, due 05/25/22 (4) | 38,022,673 | ||||||
50,861,332 | Federal National Mortgage Association (12-M12-1A), 2.935%, | 53,931,047 | ||||||
35,682,631 | Federal National Mortgage Association (12-M15-A), 2.745%, | 37,205,334 | ||||||
7,189,804 | Federal National Mortgage Association, Pool #957876, 4.873%, | 7,517,402 | ||||||
14,173,773 | Federal National Mortgage Association, Pool #AD0791, 4.762%, due 02/01/20 (4) | 16,679,330 | ||||||
11,554,215 | Federal National Mortgage Association, Pool #AD0895, 4.501%, due 07/01/19 (4) | 13,388,111 | ||||||
3,034,914 | Federal National Mortgage Association, Pool #AE0918, 3.665%, due 10/01/20 (4) | 3,400,443 | ||||||
19,764,074 | Federal National Mortgage Association, Pool #AL0290, 4.446%, due 04/01/21 (4) | 23,119,621 | ||||||
22,277,622 | Federal National Mortgage Association, Pool #AL0600, 4.304%, due 07/01/21 (4) | 25,990,562 | ||||||
13,201,384 | Federal National Mortgage Association, Pool #AL0602, 4.317%, due 07/01/21 (4) | 15,405,913 | ||||||
16,360,242 | Federal National Mortgage Association, Pool #AL2660, 2.627%, due 10/01/22 (4) | 17,123,161 | ||||||
45,933,697 | Federal National Mortgage Association, Pool #AL3366, 2.437%, due 02/01/23 (4) | 47,349,009 | ||||||
46,383,600 | Federal National Mortgage Association, Pool #AL3400, 2.545%, due 03/01/23 (4) | 48,071,365 | ||||||
13,721,706 | Federal National Mortgage Association, Pool #FN0003, 4.301%, due 01/01/21 (4) | 15,919,464 | ||||||
|
| |||||||
Total Commercial Mortgage-Backed Securities — Agency (Cost: $527,329,327) | 541,737,753 | |||||||
|
| |||||||
Commercial Mortgage-Backed Securities — Non-Agency (3.8%) | ||||||||
5,577,577 | Banc of America Large Loan, Inc. (10-UB4-A4A), (144A), 5.033%, | 5,808,489 | ||||||
24,185,000 | Bear Stearns Commercial Mortgage Securities Trust (05-T20-A4A), 5.298%, due 10/12/42 (2) | 26,510,354 | ||||||
14,102,399 | Bear Stearns Commercial Mortgage Securities Trust (04-T14-A4), 5.2%, due 01/12/41 (2) | 14,400,974 | ||||||
10,301,320 | DBRR Trust (11-LC2-A4A), (144A), 4.537%, due 07/12/44 (1)(2) | 11,848,784 | ||||||
28,427,076 | DBRR Trust (12-EZ1-A), (144A), 0.946%, due 09/25/45 (1)(2) | 28,489,388 | ||||||
32,097,235 | DBRR Trust (13-EZ2-A), (144A), 0.853%, due 02/25/45 (1)(2) | 32,080,027 | ||||||
32,700,000 | GS Mortgage Securities Corp. II (11-GC5-A4), 3.707%, due 08/10/44 | 36,033,569 | ||||||
1,150,000 | Morgan Stanley Capital I Trust (06-IQ12-A4), 5.332%, due 12/15/43 | 1,310,281 | ||||||
25,000,000 | Morgan Stanley Capital I Trust (06-T21-A4), 5.162%, due 10/12/52 (2) | 27,355,325 | ||||||
14,260,000 | Morgan Stanley Capital I Trust (06-T23-A4), 5.995%, due 08/12/41 (2) | 16,239,987 | ||||||
23,803,000 | Morgan Stanley Capital I Trust (07-T25-A3), 5.514%, due 11/12/49 (2) | 27,333,770 |
See accompanying notes to financial statements.
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April 30, 2013 |
Principal Amount | Fixed Income Securities | Value | ||||||
Commercial Mortgage-Backed Securities — Non-Agency (Continued) | ||||||||
$ | 12,935,000 | Morgan Stanley Capital I Trust (07-T27-A4), 5.816%, due 06/11/42 (2) | $ | 15,154,413 | ||||
8,951,933 | Morgan Stanley Capital I Trust (11-C2-A1), (144A), 1.48%, due 06/15/44 (1) | 9,044,971 | ||||||
5,905,000 | Morgan Stanley Capital I Trust (11-C3-A2), 3.224%, due 07/15/49 | 6,325,938 | ||||||
3,460,000 | Morgan Stanley Capital I Trust (11-C3-A4), 4.118%, due 07/15/49 | 3,914,727 | ||||||
11,000,000 | RBSCF Trust (10-MB1-A2), (144A), 3.686%, due 04/15/24 (1) | 11,557,557 | ||||||
31,915,000 | WF-RBS Commercial Mortgage Trust (11-C5-A4), 3.667%, due 11/15/44 | 35,034,372 | ||||||
19,905,000 | WF-RBS Commercial Mortgage Trust (12-C7-A2), 3.431%, due 06/15/45 | 21,370,107 | ||||||
17,100,000 | WF-RBS Commercial Mortgage Trust (12-C8-A2), 1.881%, due 08/15/45 | 17,604,382 | ||||||
16,275,000 | WF-RBS Commercial Mortgage Trust (12-C8-A3), 3.001%, due 08/15/45 | 16,949,208 | ||||||
|
| |||||||
Total Commercial Mortgage-Backed Securities — Non-Agency (Cost: $351,722,058) | 364,366,623 | |||||||
|
| |||||||
Residential Mortgage-Backed Securities — Agency (37.0%) | ||||||||
529,607 | Federal Home Loan Mortgage Corp. (1829-ZB), 6.5%, due 03/15/26 (4) | 596,356 | ||||||
714,814 | Federal Home Loan Mortgage Corp. (2367-ZK), 6%, due 10/15/31 (4) | 796,184 | ||||||
11,158,483 | Federal Home Loan Mortgage Corp. (2514-PZ), 5.5%, due 10/15/32 (PAC) (4) | 12,234,459 | ||||||
26,211,588 | Federal Home Loan Mortgage Corp. (2571-PZ), 5.5%, due 02/15/33 (PAC) (4) | 29,047,031 | ||||||
2,732,743 | Federal Home Loan Mortgage Corp. (2642-AR), 4.5%, due 07/15/23 (4) | 2,945,970 | ||||||
2,352,061 | Federal Home Loan Mortgage Corp. (2647-OV), 0.01%, due 07/15/33 (P/O) (4) | 2,272,759 | ||||||
10,151,099 | Federal Home Loan Mortgage Corp. (2662-MT), 4.5%, due 08/15/33 (TAC) (4) | 10,756,753 | ||||||
6,007,008 | Federal Home Loan Mortgage Corp. (2666-BD), 4.5%, due 08/15/23 (4) | 6,461,150 | ||||||
7,817,146 | Federal Home Loan Mortgage Corp. (2700-B), 4.5%, due 11/15/23 (4) | 8,465,064 | ||||||
28,802,140 | Federal Home Loan Mortgage Corp. (2752-GZ), 5%, due 02/15/34 (PAC) (4) | 33,735,832 | ||||||
63,058,446 | Federal Home Loan Mortgage Corp. (276-30), 3%, due 09/15/42 (4) | 65,192,182 | ||||||
17,774,498 | Federal Home Loan Mortgage Corp. (2769-LB), 4%, due 03/15/19 (4) | 18,804,531 | ||||||
69,196,147 | Federal Home Loan Mortgage Corp. (277-30), 3%, due 09/15/42 (4) | 71,549,545 | ||||||
13,576,335 | Federal Home Loan Mortgage Corp. (2773-EG), 4.5%, due 04/15/19 (PAC) (4) | 14,440,584 | ||||||
2,925,680 | Federal Home Loan Mortgage Corp. (2882-JH), 4.5%, due 10/15/34 (PAC) (4) | 3,137,946 | ||||||
1,425,782 | Federal Home Loan Mortgage Corp. (2903-PO), 0%, due 11/15/23 (P/O) (4) | 1,375,396 | ||||||
10,000,000 | Federal Home Loan Mortgage Corp. (2999-ND), 4.5%, due 07/15/20 (PAC) (4) | 10,716,727 | ||||||
7,669,429 | Federal Home Loan Mortgage Corp. (3014-YH), 4.5%, due 08/15/35 (TAC) (4) | 7,865,819 | ||||||
7,461,073 | Federal Home Loan Mortgage Corp. (3045-HZ), 4.5%, due 10/15/35 (4) | 8,196,629 | ||||||
50,000,000 | Federal Home Loan Mortgage Corp. (3063-YG), 5.5%, due 11/15/35 (PAC) (4) | 58,627,250 | ||||||
1,634,023 | Federal Home Loan Mortgage Corp. (3111-HK), 5.75%, due 02/15/36 (PAC) (4) | 1,703,346 | ||||||
31,948,185 | Federal Home Loan Mortgage Corp. (3114-KZ), 5%, due 02/15/36 (4) | 36,483,616 | ||||||
18,250,000 | Federal Home Loan Mortgage Corp. (3146-GE), 5.5%, due 04/15/26 (4) | 20,626,679 | ||||||
16,571,298 | Federal Home Loan Mortgage Corp. (3149-OD), 0%, | 15,083,111 | ||||||
8,126,935 | Federal Home Loan Mortgage Corp. (3154-B), 5%, due 08/15/32 (4) | 8,358,068 | ||||||
28,341,774 | Federal Home Loan Mortgage Corp. (3315-S), 6.211%, | 3,180,568 | ||||||
14,868,637 | Federal Home Loan Mortgage Corp. (3376-SX), 5.841%, | 2,277,893 | ||||||
6,648,056 | Federal Home Loan Mortgage Corp. (3379-AB), 6%, due 07/15/36 (4) | 6,895,494 |
See accompanying notes to financial statements.
65
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TCW Total Return Bond Fund
Schedule of Investments (Unaudited) (Continued) |
Principal Amount | Fixed Income Securities | Value | ||||||
Residential Mortgage-Backed Securities — Agency (Continued) | ||||||||
$ | 22,847,337 | Federal Home Loan Mortgage Corp. (3410-IS), 6.071%, | $ | 2,955,730 | ||||
17,337,721 | Federal Home Loan Mortgage Corp. (3424-BI), 6.601%, | 3,031,613 | ||||||
7,964,490 | Federal Home Loan Mortgage Corp. (3512-AY), 4%, due 02/15/24 (4) | 8,835,366 | ||||||
8,956,342 | Federal Home Loan Mortgage Corp. (3519-SH), 5.301%, | 995,489 | ||||||
37,065,139 | Federal Home Loan Mortgage Corp. (3531-SC), 6.101%, | 4,597,812 | ||||||
9,483,056 | Federal Home Loan Mortgage Corp. (3541-SA), 6.551%, | 1,068,332 | ||||||
34,891,894 | Federal Home Loan Mortgage Corp. (3550-GS), 6.551%, | 5,348,379 | ||||||
13,513,296 | Federal Home Loan Mortgage Corp. (3551-VZ), 5.5%, due 12/15/32 (4) | 14,803,644 | ||||||
37,500,000 | Federal Home Loan Mortgage Corp. (3557-NB), 4.5%, due 07/15/29 (4) | 41,631,263 | ||||||
19,487,669 | Federal Home Loan Mortgage Corp. (3557-KB), 4.5%, due 07/15/29 (4) | 21,610,387 | ||||||
24,666,667 | Federal Home Loan Mortgage Corp. (3558-KB), 4%, due 08/15/29 (4) | 26,609,685 | ||||||
44,823,721 | Federal Home Loan Mortgage Corp. (3563-BD), 4%, due 08/15/24 (4) | 47,564,182 | ||||||
25,000,000 | Federal Home Loan Mortgage Corp. (3565-XB), 4%, due 08/15/24 (4) | 27,144,000 | ||||||
4,419,630 | Federal Home Loan Mortgage Corp. (3575-D), 4.5%, due 03/15/37 (4) | 4,763,277 | ||||||
20,115,000 | Federal Home Loan Mortgage Corp. (3626-MD), 5%, due 01/15/38 (PAC) (4) | 23,406,967 | ||||||
6,650,785 | Federal Home Loan Mortgage Corp. (3645-KH), 5.5%, due 08/15/36 (4) | 6,725,864 | ||||||
20,025,406 | Federal Home Loan Mortgage Corp. (3719-PJ), 4.5%, due 09/15/40 (PAC) (4) | 23,189,977 | ||||||
8,794,513 | Federal Home Loan Mortgage Corp. (3770-ZB), 5%, due 12/15/40 (4) | 9,782,775 | ||||||
39,731,752 | Federal Home Loan Mortgage Corp. (3788-SB), 6.281%, | 5,410,261 | ||||||
9,108,028 | Federal Home Loan Mortgage Corp. (3885-PO), 0%, | 8,788,829 | ||||||
10,470,000 | Federal Home Loan Mortgage Corp. (3930-KE), 4%, due 09/15/41 (PAC) (4) | 11,752,669 | ||||||
16,236,152 | Federal Home Loan Mortgage Corp. (4030-HS), 6.411%, due 04/15/42 (I/O) (2)(4) | 2,512,611 | ||||||
22,950,193 | Federal Home Loan Mortgage Corp. (R002-ZA), 5.5%, due 06/15/35 (4) | 25,041,709 | ||||||
6,306 | Federal Home Loan Mortgage Corp., Pool #755183, 10.046%, due 12/01/15 (2)(4) | 6,375 | ||||||
14,171,750 | Federal Home Loan Mortgage Corp., Pool #A88591, 5%, due 09/01/39 (4) | 15,562,092 | ||||||
58,192,865 | Federal Home Loan Mortgage Corp., Pool #A91162, 5%, due 02/01/40 (4) | 65,363,541 | ||||||
17,520,646 | Federal Home Loan Mortgage Corp., Pool #A92195, 5%, due 05/01/40 (4) | 19,591,995 | ||||||
36,558,697 | Federal Home Loan Mortgage Corp., Pool #A97038, 4%, due 02/01/41 (4) | 40,107,459 | ||||||
35,426 | Federal Home Loan Mortgage Corp., Pool #B15322, 5%, due 07/01/19 (4) | 37,691 | ||||||
26,448 | Federal Home Loan Mortgage Corp., Pool #B15490, 5%, due 07/01/19 (4) | 28,139 | ||||||
109,415 | Federal Home Loan Mortgage Corp., Pool #B15557, 5%, due 07/01/19 (4) | 116,408 | ||||||
46,401 | Federal Home Loan Mortgage Corp., Pool #B15802, 5%, due 07/01/19 (4) | 49,367 | ||||||
54,074,826 | Federal Home Loan Mortgage Corp., Pool #C03805, 3.5%, due 04/01/42 (4) | 58,082,386 | ||||||
174,919 | Federal Home Loan Mortgage Corp., Pool #C90552, 6%, due 06/01/22 (4) | 190,605 | ||||||
49,900,021 | Federal Home Loan Mortgage Corp., Pool #E04113, 2.5%, due 11/01/27 (4) | 52,157,218 | ||||||
691,919 | Federal Home Loan Mortgage Corp., Pool #G01959, 5%, due 12/01/35 (4) | 745,394 | ||||||
58,141,855 | Federal Home Loan Mortgage Corp., Pool #G06173, 4%, due 11/01/40 (4) | 64,612,405 |
See accompanying notes to financial statements.
66
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TCW Total Return Bond Fund
April 30, 2013 |
Principal Amount | �� | Fixed Income Securities | Value | |||||
Residential Mortgage-Backed Securities — Agency (Continued) | ||||||||
$ | 1,107,927 | Federal Home Loan Mortgage Corp., Pool #G11678, 4.5%, due 04/01/20 (4) | $ | 1,181,339 | ||||
2,733,152 | Federal Home Loan Mortgage Corp., Pool #G12635, 5.5%, due 03/01/22 (4) | 2,912,723 | ||||||
3,474,336 | Federal Home Loan Mortgage Corp., Pool #G12702, 4.5%, due 09/01/20 (4) | 3,704,547 | ||||||
4,037,348 | Federal Home Loan Mortgage Corp., Pool #G13390, 6%, due 01/01/24 (4) | 4,481,360 | ||||||
37,398 | Federal Home Loan Mortgage Corp., Pool #G30194, 6.5%, due 04/01/21 (4) | 41,770 | ||||||
7,491,209 | Federal Home Loan Mortgage Corp., Pool #G30450, 6%, due 01/01/29 (4) | 8,154,523 | ||||||
7,593,486 | Federal Home Loan Mortgage Corp., Pool #G30452, 6%, due 10/01/28 (4) | 8,265,856 | ||||||
10,496,196 | Federal Home Loan Mortgage Corp., Pool #G30454, 5%, due 05/01/29 (4) | 11,349,421 | ||||||
934,843 | Federal Home Loan Mortgage Corp., Pool #H82001, 5.5%, due 07/01/37 (4) | 993,198 | ||||||
36,467,529 | Federal Home Loan Mortgage Corp., Pool #J13884, 3.5%, due 12/01/25 (4) | 39,133,933 | ||||||
9,754,206 | Federal Home Loan Mortgage Corp., Pool #N70081, 5.5%, due 07/01/38 (4) | 10,532,446 | ||||||
12,980,379 | Federal Home Loan Mortgage Corp., Pool #P51350, 5%, due 03/01/36 (4) | 13,909,793 | ||||||
63,590,540 | Federal Home Loan Mortgage Corp., Pool #Q09896, 3.5%, due 08/01/42 (4) | 67,667,417 | ||||||
80,285,000 | Federal Home Loan Mortgage Corp., TBA, 3% (5) | 83,634,394 | ||||||
745,406 | Federal National Mortgage Association (01-40-Z), 6%, due 08/25/31 (4) | 838,649 | ||||||
5,526,972 | Federal National Mortgage Association (03-112-AN), 4%, due 11/25/18 (4) | 5,790,108 | ||||||
2,771,708 | Federal National Mortgage Association (03-117-TG), 4.75%, | 2,986,846 | ||||||
6,716,547 | Federal National Mortgage Association (03-54-PG), 5.5%, due 09/25/32 (PAC) (4) | 6,842,797 | ||||||
1,898,093 | Federal National Mortgage Association (04-52-SW), 6.9%, | 371,853 | ||||||
6,317,378 | Federal National Mortgage Association (04-65-LT), 4.5%, due 08/25/24 (4) | 6,861,098 | ||||||
6,758,637 | Federal National Mortgage Association (04-68-LC), 5%, due 09/25/29 (4) | 7,287,588 | ||||||
24,671,788 | Federal National Mortgage Association (05-117-LC), 5.5%, | 26,871,106 | ||||||
1,011,573 | Federal National Mortgage Association (05-74-CP), 24.015%, | 1,548,090 | ||||||
12,156,048 | Federal National Mortgage Association (07-20-SI), 6.25%, | 1,441,751 | ||||||
11,531,678 | Federal National Mortgage Association (07-21-SE), 6.24%, | 1,644,994 | ||||||
14,920,525 | Federal National Mortgage Association (07-56-SG), 6.21%, | 1,877,151 | ||||||
33,614,495 | Federal National Mortgage Association (07-58-SV), 6.55%, | 4,312,098 | ||||||
2,784,606 | Federal National Mortgage Association (07-61-AB), 6%, due 01/25/36 (4) | 2,846,929 | ||||||
1,420,547 | Federal National Mortgage Association (07-64-AN), 6%, due 09/25/36 (4) | 1,470,171 | ||||||
7,407,978 | Federal National Mortgage Association (07-65-S), 6.4%, | 983,101 | ||||||
15,430,840 | Federal National Mortgage Association (07-74-AC), 5%, due 08/25/37 (4) | 16,855,806 | ||||||
2,965,075 | Federal National Mortgage Association (07-88-FY), 0.66%, due 09/25/37 (2)(4) | 2,970,966 | ||||||
32,625,551 | Federal National Mortgage Association (07-103-AI), 6.3%, | 5,250,534 | ||||||
31,130,514 | Federal National Mortgage Association (07-B2-ZA), 5.5%, due 06/25/37 (4) | 36,207,463 |
See accompanying notes to financial statements.
67
Table of Contents
TCW Total Return Bond Fund
Schedule of Investments (Unaudited) (Continued) |
Principal Amount | Fixed Income Securities | Value | ||||||
Residential Mortgage-Backed Securities — Agency (Continued) | ||||||||
$ | 33,309,865 | Federal National Mortgage Association (08-1-AI), 6.05%, | $ | 4,672,042 | ||||
21,271,666 | Federal National Mortgage Association (08-13-SB), 6.04%, | 3,558,999 | ||||||
29,170,618 | Federal National Mortgage Association (08-23-SB), 6.65%, | 4,869,049 | ||||||
6,611,751 | Federal National Mortgage Association (08-35-SD), 6.25%, | 926,234 | ||||||
46,038,694 | Federal National Mortgage Association (08-66-SG), 5.87%, | 7,134,285 | ||||||
24,066,238 | Federal National Mortgage Association (08-68-SA), 5.77%, | 3,321,499 | ||||||
8,153,639 | Federal National Mortgage Association (09-26-KB), 4%, due 04/25/24 (4) | 8,883,031 | ||||||
18,599,929 | Federal National Mortgage Association (09-3-SH), 5.25%, | 2,077,011 | ||||||
7,195,841 | Federal National Mortgage Association (09-47-SV), 6.55%, | 914,129 | ||||||
23,200,780 | Federal National Mortgage Association (09-51-SA), 6.55%, | 3,258,925 | ||||||
10,677,258 | Federal National Mortgage Association (09-6-SD), 5.35%, | 1,426,041 | ||||||
19,700,000 | Federal National Mortgage Association (09-68-KB), 4%, due 09/25/24 (4) | 21,074,345 | ||||||
26,860,368 | Federal National Mortgage Association (09-71-LB), 4%, due 09/25/29 (4) | 29,442,020 | ||||||
34,000,000 | Federal National Mortgage Association (09-72-AC), 4%, due 09/25/29 (4) | 37,258,489 | ||||||
6,179,549 | Federal National Mortgage Association (09-72-JS), 7.05%, | 728,525 | ||||||
55,967,659 | Federal National Mortgage Association (09-89-BZ), 4.5%, due 11/25/39 (4) | 59,758,421 | ||||||
40,419,951 | Federal National Mortgage Association (09-91-DZ), 4.5%, due 11/25/39 (4) | 42,920,418 | ||||||
20,937,000 | Federal National Mortgage Association (10-136-CX), 4%, due 08/25/39 (PAC) (4) | 23,484,509 | ||||||
37,925,066 | Federal National Mortgage Association (10-99-NI), 6%, due 09/25/40 (I/O) (4) | 4,519,712 | ||||||
50,000,000 | Federal National Mortgage Association (11-111-DB), 4%, due 11/25/41 (4) | 56,202,350 | ||||||
227,123 | Federal National Mortgage Association (93-202-SZ), 10%, | 269,563 | ||||||
1,301,177 | Federal National Mortgage Association (95-21-C), 0%, due 05/25/24 (P/O) (4) | 1,139,623 | ||||||
94,369 | Federal National Mortgage Association (G92-29-J), 8%, due 07/25/22 (4) | 107,622 | ||||||
195,822 | Federal National Mortgage Association, Pool #254442, 5.5%, due 09/01/17 (4) | 209,711 | ||||||
512,942 | Federal National Mortgage Association, Pool #254634, 5.5%, due 02/01/23 (4) | 561,458 | ||||||
7,025,579 | Federal National Mortgage Association, Pool #257536, 5%, due 01/01/29 (4) | 7,611,570 | ||||||
5,319,866 | Federal National Mortgage Association, Pool #310033, 6%, due 07/01/47 (4) | 5,790,185 | ||||||
15,937,983 | Federal National Mortgage Association, Pool #555424, 5.5%, due 05/01/33 (4) | 17,493,494 | ||||||
1,644,449 | Federal National Mortgage Association, Pool #555811, 4%, due 10/01/18 (4) | 1,758,980 | ||||||
72,669 | Federal National Mortgage Association, Pool #661856, 2.674%, | 72,589 | ||||||
679,930 | Federal National Mortgage Association, Pool #671133, 1.922%, | 705,208 |
See accompanying notes to financial statements.
68
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TCW Total Return Bond Fund
April 30, 2013 |
Principal Amount | Fixed Income Securities | Value | ||||||
Residential Mortgage-Backed Securities — Agency (Continued) | ||||||||
$ | 174,512 | Federal National Mortgage Association, Pool #672272, 2.492%, | $ | 186,267 | ||||
521,478 | Federal National Mortgage Association, Pool #676766, 2.454%, | 553,690 | ||||||
355,790 | Federal National Mortgage Association, Pool #687847, 2.409%, due 02/01/33 (2)(4) | 377,729 | ||||||
1,116,524 | Federal National Mortgage Association, Pool #692104, 1.919%, due 02/01/33 (2)(4) | 1,159,123 | ||||||
708,457 | Federal National Mortgage Association, Pool #699866, 2.381%, due 04/01/33 (2)(4) | 758,572 | ||||||
407,038 | Federal National Mortgage Association, Pool #704454, 2.497%, due 05/01/33 (2)(4) | 431,463 | ||||||
522,293 | Federal National Mortgage Association, Pool #708820, 4.776%, due 06/01/33 (2)(4) | 553,616 | ||||||
886,710 | Federal National Mortgage Association, Pool #725275, 4%, due 03/01/19 (4) | 950,184 | ||||||
355,941 | Federal National Mortgage Association, Pool #728824, 2.693%, due 07/01/33 (2)(4) | 383,070 | ||||||
1,878,759 | Federal National Mortgage Association, Pool #734384, 5.5%, due 07/01/33 (4) | 2,024,817 | ||||||
55,063 | Federal National Mortgage Association, Pool #785677, 5%, due 07/01/19 (4) | 59,460 | ||||||
2,539,297 | Federal National Mortgage Association, Pool #888593, 7%, due 06/01/37 (4) | 2,918,780 | ||||||
4,252,304 | Federal National Mortgage Association, Pool #934103, 5%, due 07/01/38 (4) | 4,561,800 | ||||||
7,481,287 | Federal National Mortgage Association, Pool #979563, 5%, due 04/01/28 (4) | 8,105,287 | ||||||
2,705,279 | Federal National Mortgage Association, Pool #995040, 5%, due 06/01/23 (4) | 2,904,821 | ||||||
12,841,944 | Federal National Mortgage Association, Pool #995425, 6%, due 01/01/24 (4) | 14,380,306 | ||||||
9,567,229 | Federal National Mortgage Association, Pool #995573, 6%, due 01/01/49 (4) | 10,341,296 | ||||||
18,975,094 | Federal National Mortgage Association, Pool #995953, 6%, due 11/01/28 (4) | 20,931,346 | ||||||
11,940,331 | Federal National Mortgage Association, Pool #995954, 6%, due 03/01/29 (4) | 13,100,433 | ||||||
8,888,233 | Federal National Mortgage Association, Pool #AA3303, 5.5%, due 06/01/38 (4) | 9,587,255 | ||||||
78,655,323 | Federal National Mortgage Association, Pool #AB1617, 4%, due 10/01/40 (4) | 87,312,785 | ||||||
66,824,567 | Federal National Mortgage Association, Pool #AB4044, 3.5%, due 12/01/41 (4) | 71,572,767 | ||||||
33,943,853 | Federal National Mortgage Association, Pool #AB6210, 3%, due 09/01/42 (4) | 35,544,252 | ||||||
13,014,599 | Federal National Mortgage Association, Pool #AC1602, 4.5%, due 09/01/29 (4) | 14,288,479 | ||||||
30,993,993 | Federal National Mortgage Association, Pool #AE0588, 6%, due 08/01/37 (4) | 34,368,234 | ||||||
34,453,365 | Federal National Mortgage Association, Pool #AL0851, 6%, due 10/01/40 (4) | 37,816,619 | ||||||
23,988,264 | Federal National Mortgage Association, Pool #AL1594, 6%, due 07/01/40 (4) | 26,329,941 | ||||||
41,433,096 | Federal National Mortgage Association, Pool #AO3261, 3%, due 10/01/27 (4) | 43,776,656 | ||||||
21,739,466 | Federal National Mortgage Association, Pool #MA0171, 4.5%, due 09/01/29 (4) | 23,518,624 | ||||||
17,119,710 | Federal National Mortgage Association, Pool #MA0843, 4.5%, due 09/01/41 (4) | 18,495,807 | ||||||
125,891,811 | Federal National Mortgage Association, Pool #MA1237, 3%, due 11/01/32 (4) | 133,032,237 | ||||||
57,348,728 | Federal National Mortgage Association, Pool #MA1241, 2.5%, due 11/01/22 (4) | 60,312,492 | ||||||
81,814,874 | Federal National Mortgage Association, Pool #MA1278, 2.5%, due 12/01/22 (4) | 86,052,629 | ||||||
80,310,000 | Federal National Mortgage Association, TBA, 2% (5) | 82,305,206 | ||||||
393,485,000 | Federal National Mortgage Association, TBA, 2.5% (5) | 411,437,753 | ||||||
69,460,000 | Federal National Mortgage Association, TBA, 2.5% (5) | 70,317,400 | ||||||
89,000,000 | Federal National Mortgage Association, TBA, 3% (5) | 93,088,437 |
See accompanying notes to financial statements.
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TCW Total Return Bond Fund
Schedule of Investments (Unaudited) (Continued) |
Principal Amount | Fixed Income Securities | Value | ||||||
Residential Mortgage-Backed Securities — Agency (Continued) | ||||||||
$ | 62,090,000 | Federal National Mortgage Association, TBA, 6% (5) | $ | 67,881,833 | ||||
1,997,349 | Government National Mortgage Association (03-42-SH), 6.351%, | 339,742 | ||||||
56,335,714 | Government National Mortgage Association (10-116-MP), 3.5%, | 61,279,286 | ||||||
15,214,700 | Government National Mortgage Association (11-70-BO), 0%, | 11,347,432 | ||||||
36,696,417 | Government National Mortgage Association, Pool #782902, 4.5%, | 41,284,904 | ||||||
625,308 | Government National Mortgage Association II, Pool #80963, 1.75%, due 07/20/34 (2)(4) | 645,119 | ||||||
105,733 | Government National Mortgage Association II, Pool #631700, 7%, | 120,061 | ||||||
56,500,000 | Government National Mortgage Association II, TBA, 3% (5) | 60,040,075 | ||||||
|
| |||||||
Total Residential Mortgage-Backed Securities — Agency (Cost: $3,325,580,984) | 3,516,198,779 | |||||||
|
| |||||||
Residential Mortgage-Backed Securities — Non-Agency (34.3%) | ||||||||
15,107,199 | Accredited Mortgage Loan Trust (05-3-A2D), 0.57%, due 09/25/35 (2) | 14,923,979 | ||||||
19,494,000 | ACE Securities Corp. (06-ASP1-A2D), 0.51%, due 12/25/35 (2) | 17,183,750 | ||||||
23,440,368 | ACE Securities Corp. (07-ASP1-A2C), 0.46%, due 03/25/37 (2) | 14,005,432 | ||||||
12,598,949 | ACE Securities Corp. (07-ASP1-A2D), 0.58%, due 03/25/37 (2) | 7,608,996 | ||||||
3,602,098 | Adjustable Rate Mortgage Trust (04-5-3A1), 2.765%, due 04/25/35 (2) | 3,733,802 | ||||||
54,977,052 | American Home Mortgage Assets (07-1-A1), 0.877%, due 02/25/47 (2) | 34,175,506 | ||||||
23,002,000 | Ameriquest Mortgage Securities, Inc. (05-R10-A2C), 0.53%, due 01/25/36 (2) | 22,705,734 | ||||||
10,275,000 | Asset-Backed Funding Certificates (05-HE2-M2), 0.95%, due 06/25/35 (2) | 10,144,754 | ||||||
5,137,496 | Asset-Backed Securities Corp. Home Equity (05-HE5-M2), 0.64%, | 5,102,828 | ||||||
45,639,267 | Asset-Backed Securities Corp. Home Equity (06-HE7-A4), 0.34%, | 26,958,156 | ||||||
52,114,000 | Asset-Backed Securities Corp. Home Equity (07-HE1-A4), 0.34%, | 36,297,328 | ||||||
1,900,695 | Banc of America Alternative Loan Trust (03-3-A4), 5.75%, due 05/25/33 | 2,027,201 | ||||||
625,513 | Banc of America Alternative Loan Trust (03-4-1A5), 5.5%, due 06/25/33 | 683,471 | ||||||
15,326,458 | Banc of America Alternative Loan Trust (03-9-1CB5), 5.5%, due 11/25/33 | 16,831,394 | ||||||
946,015 | Banc of America Funding Corp. (04-B-3A1), 3.2%, due 12/20/34 (2) | 631,801 | ||||||
10,920,998 | Banc of America Funding Corp. (06-3-4A14), 5.5%, due 03/25/36 | 10,964,310 | ||||||
229,094 | Banc of America Funding Corp. (06-D-2A1), 2.892%, due 05/20/36 (2)(6) | 182,689 | ||||||
10,901,730 | Banc of America Funding Corp. (06-D-3A1), 3.017%, due 05/20/36 (2)(6) | 9,811,044 | ||||||
26,190,801 | Banc of America Funding Corp. (06-G-2A1), 0.419%, due 07/20/36 (2) | 24,586,876 | ||||||
13,269,818 | Banc of America Funding Corp. (06-G-2A3), 0.369%, due 07/20/36 (2) | 13,118,635 | ||||||
1,074,964 | Banc of America Funding Corp. (10-R9-3A1), (144A), 5.5%, due 12/26/35 (1) | 1,082,436 | ||||||
3,054,582 | Banc of America Funding Trust (06-3-4A14), 6%, due 03/25/36 | 3,112,866 | ||||||
6,805,558 | BCAP LLC Trust (07-AA1-1A2), 0.36%, due 02/25/47 (2)(6) | 6,032,304 | ||||||
947,727 | BCAP LLC Trust (09-RR1-21A1), (144A), 2.618%, due 11/26/34 (1)(2) | 957,576 | ||||||
3,456,310 | BCAP LLC Trust (09-RR1-22A1), (144A), 2.633%, due 05/26/35 (1)(2) | 3,501,841 |
See accompanying notes to financial statements.
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TCW Total Return Bond Fund
April 30, 2013 |
Principal Amount | Fixed Income Securities | Value | ||||||
Residential Mortgage-Backed Securities — Non-Agency (Continued) | ||||||||
$ | 2,084,164 | BCAP LLC Trust (09-RR1-23A1), (144A), 2.637%, due 05/26/35 (1)(2) | $ | 2,118,521 | ||||
1,024,048 | BCAP LLC Trust (10-RR8-1A1), (144A), 5.351%, due 08/26/35 (1)(2) | 1,027,665 | ||||||
2,815,796 | BCAP LLC Trust (11-RR1-8A1), (144A), 3.25%, due 08/28/21 (1)(2) | 2,849,667 | ||||||
8,818,930 | BCAP LLC Trust (11-RR2-3A6), (144A), 2.943%, due 11/21/35 (1)(2) | 8,107,589 | ||||||
1,605,331 | BCAP LLC Trust (11-RR3-1A5), (144A), 2.891%, due 05/27/37 (1)(2) | 1,574,573 | ||||||
2,146,024 | BCAP LLC Trust (11-RR3-5A3), (144A), 5.094%, due 11/27/37 (1)(2) | 2,050,921 | ||||||
8,955,627 | BCAP LLC Trust (11-RR4-1A3), (144A), 2.908%, due 03/26/36 (1)(2) | 8,657,333 | ||||||
7,901,646 | BCAP LLC Trust (11-RR4-2A3), (144A), 1%, due 06/26/47 (1)(2) | 7,796,317 | ||||||
12,693,398 | BCAP LLC Trust (11-RR4-3A3), (144A), 3.981%, due 07/26/36 (1)(2) | 11,607,059 | ||||||
14,476,315 | BCAP LLC Trust (11-RR5-1A3), (144A), 2.77%, due 03/26/37 (1)(2) | 13,940,550 | ||||||
3,817,853 | BCAP LLC Trust (11-RR5-2A3), (144A), 2.96%, due 06/26/37 (1)(2) | 3,780,980 | ||||||
14,031,964 | BCAP LLC Trust (12-RR7-1A1), (144A), 0.374%, due 08/26/36 (1)(2) | 13,416,017 | ||||||
6,687,031 | BCAP LLC Trust (12-RR8-5A3), (144A), 0.481%, due 05/26/37 (1)(2) | 6,479,130 | ||||||
10,896,713 | BCAP LLC Trust (12-RR9-1A1), (144A), 0.38%, due 07/26/35 (1)(2) | 10,256,640 | ||||||
20,889,000 | BCAP LLC Trust (12-RR9-1A1), (144A), 0.825%, due 08/26/36 (1)(2) | 20,514,717 | ||||||
15,901,094 | BCAP LLC Trust (13-RR2-6A1), (144A), 3%, due 06/26/37 (1)(2) | 16,045,665 | ||||||
7,493,000 | BCAP LLC Trust (13-RR4-3A1), (144A), 0.348%, due 05/26/37 (1)(2) | 7,062,170 | ||||||
2,132,821 | Bear Stearns Adjustable Rate Mortgage Trust (04-12-1A1), 2.786%, | 1,821,371 | ||||||
6,036,797 | Bear Stearns Adjustable Rate Mortgage Trust (06-2-2A1), 2.988%, | 4,900,327 | ||||||
662,017 | Bear Stearns Adjustable Rate Mortgage Trust (07-1-2A1), 2.822%, | 527,471 | ||||||
3,705,391 | Bear Stearns Alt-A Trust (04-13-A1), 0.94%, due 11/25/34 (2) | 3,661,360 | ||||||
12,493 | Bear Stearns Alt-A Trust (05-2-2A4), 2.789%, due 04/25/35 (2) | 11,201 | ||||||
1,813,995 | Bear Stearns Alt-A Trust (06-3-1A1), 0.58%, due 05/25/36 (2)(6) | 1,155,312 | ||||||
1,158,220 | Bear Stearns Alt-A Trust (06-4-32A1), 3.004%, due 07/25/36 (2)(6) | 659,913 | ||||||
3,243,482 | Bear Stearns Alt-A Trust (06-8-1A1), 0.36%, due 06/25/46 (2)(6) | 1,782,605 | ||||||
4,487,466 | Bear Stearns ARM Trust (07-5-3A1), 5.157%, due 08/25/47 (2)(6) | 4,016,991 | ||||||
11,984,340 | Bear Stearns Asset-Backed Securities Trust (05-HE10-M1), 0.75%, | 11,579,300 | ||||||
1,162,832 | Bear Stearns Mortgage Funding Trust (06-AR3-1A1), 0.38%, due 10/25/36 (2) | 840,581 | ||||||
4,736,422 | Bear Stearns Mortgage Funding Trust (07-AR4-1A1), 0.4%, due 09/25/47 (2) | 3,916,756 | ||||||
14,886,610 | BNC Mortgage Loan Trust (07-1-A2), 0.26%, due 03/25/37 (2) | 14,803,930 | ||||||
21,149,704 | BNC Mortgage Loan Trust (07-2-A2), 0.3%, due 05/25/37 (2) | 20,758,591 | ||||||
9,528,927 | Carrington Mortgage Loan Trust (05-NC5-A2), 0.52%, due 10/25/35 (2) | 9,463,688 | ||||||
16,507,175 | Carrington Mortgage Loan Trust (05-NC5-A3), 0.62%, due 10/25/35 (2) | 15,653,738 | ||||||
9,150,000 | Centex Home Equity (05-D-M1), 0.63%, due 10/25/35 (2) | 8,892,684 | ||||||
2,375,492 | Chase Mortgage Finance Corp. (06-A1-2A1), 5.331%, due 09/25/36 (2)(6) | 2,101,636 | ||||||
14,057,160 | Chase Mortgage Finance Corp. (07-A1-8A1), 3.067%, due 02/25/37 (2) | 14,124,888 | ||||||
6,135,865 | Chaseflex Trust (05-1-1A5), 6.5%, due 02/25/35 | 5,908,390 | ||||||
24,227,000 | Chaseflex Trust (06-1-A3), 5.508%, due 06/25/36 (2) | 23,479,209 | ||||||
3,398,654 | Citicorp Mortgage Securities Trust, Inc. (07-4-3A1), 5.5%, due 05/25/37 | 3,363,410 | ||||||
11,060,269 | Citicorp Residential Mortgage Securities Trust, Inc. (06-2-A4), 5.775%, due 09/25/36 | 11,781,307 |
See accompanying notes to financial statements.
71
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TCW Total Return Bond Fund
Schedule of Investments (Unaudited) (Continued) |
Principal Amount | Fixed Income Securities | Value | ||||||
Residential Mortgage-Backed Securities — Non-Agency (Continued) | ||||||||
$ | 23,203,865 | Citigroup Mortgage Loan Trust, Inc. (06-AR9-1A2), 0.37%, due 11/25/36 (2) | $ | 22,814,458 | ||||
7,259,030 | Citigroup Mortgage Loan Trust, Inc. (06-WFH2-A2A), 0.35%, due 08/25/36 (2) | 6,874,512 | ||||||
9,602,062 | Citigroup Mortgage Loan Trust, Inc. (06-WFH3-A3), 0.35%, due 10/25/36 (2) | 9,500,981 | ||||||
7,363,188 | Citigroup Mortgage Loan Trust, Inc. (07-12-2A1), (144A), 6.5%, | 5,432,795 | ||||||
8,448,120 | Citigroup Mortgage Loan Trust, Inc. (07-WFH2-A2), 0.35%, due 03/25/37 (2) | 8,429,087 | ||||||
8,144,358 | Citigroup Mortgage Loan Trust, Inc. (08-AR4-1A1A), (144A), 2.935%, due 11/25/38 (1)(2) | 8,310,420 | ||||||
6,141,551 | Citigroup Mortgage Loan Trust, Inc. (09-4-11A1), (144A), 0.65%, | 6,036,992 | ||||||
3,623,459 | Citigroup Mortgage Loan Trust, Inc. (09-5-7A1), (144A), 0.55%, | 3,363,516 | ||||||
7,874,290 | Citigroup Mortgage Loan Trust, Inc. (10-4-4A5), (144A), 5%, due 10/25/35 (1) | 8,375,911 | ||||||
1,977,027 | Citigroup Mortgage Loan Trust, Inc. (10-6-3A1), (144A), 2.61%, | 1,992,932 | ||||||
1,268,027 | Citigroup Mortgage Loan Trust, Inc. (10-9-5A5), (144A), 9.536%, due 03/25/37 (1) | 1,377,709 | ||||||
11,438,007 | Citigroup Mortgage Loan Trust, Inc. (11-3-1A6), (144A), 0.28%, | 11,001,501 | ||||||
17,834,647 | Citigroup Mortgage Loan Trust, Inc. (12-10-3A1), (144A), 2.464%, | 17,899,833 | ||||||
25,988,205 | Citigroup Mortgage Loan Trust, Inc. (12-11-1A1), (144A), 0.38%, | 24,583,740 | ||||||
9,736,606 | Citigroup Mortgage Loan Trust, Inc. (12-8-4A1), (144A), 0.34%, | 8,874,072 | ||||||
3,307,046 | CitiMortgage Alternative Loan Trust (05-A1-2A1), 5%, due 07/25/20 | 3,356,083 | ||||||
6,969,438 | Conseco Financial Corp. (99-2-A7), 6.44%, due 12/01/30 | 6,970,376 | ||||||
2,889,518 | Countrywide Alternative Loan Trust (05-20CB-4A1), 5.25%, due 07/25/20 (6) | 2,911,218 | ||||||
667,475 | Countrywide Alternative Loan Trust (05-84-1A1), 2.982%, due 02/25/36 (2)(6) | 474,383 | ||||||
3,051,806 | Countrywide Alternative Loan Trust (05-J1-2A1), 5.5%, due 02/25/25 | 3,121,956 | ||||||
1,075,490 | Countrywide Alternative Loan Trust (05-J5-1A1), 0.5%, due 05/25/35 (2) | 1,046,648 | ||||||
3,677,730 | Countrywide Alternative Loan Trust (06-J3-3A1), 5.5%, due 04/25/21 (6) | 3,721,557 | ||||||
5,537,255 | Countrywide Alternative Loan Trust (07- HY5R-2A1A), 5.142%, due 03/25/47 (2)(6) | 5,366,802 | ||||||
2,303,631 | Countrywide Asset-Backed Certificates (05-1-MV2), 0.64%, due 07/25/35 (2) | 2,301,249 | ||||||
37,412,961 | Countrywide Home Loans Mortgage Pass-Through Trust (04-13-1A3), 5.5%, due 08/25/34 | 39,252,856 | ||||||
24,269,870 | Countrywide Home Loans Mortgage Pass-Through Trust (05-9-1A1), 0.5%, due 05/25/35 (2) | 20,661,935 | ||||||
104,234 | Countrywide Home Loans Mortgage Pass-Through Trust (05-HYB5-4A1), 4.938%, due 09/20/35 (2) | 92,705 | ||||||
25,009 | Countrywide Home Loans Mortgage Pass-Through Trust (07-HY5-1A1), 3.144%, due 09/25/47 (2)(6) | 20,897 | ||||||
81,557 | Countrywide Home Loans Mortgage Pass-Through Trust (07-HYB1-1A1), 3.149%, due 03/25/37 (2)(6) | 56,638 | ||||||
2,330,818 | Credit Suisse Commercial Mortgage Trust (10-12R-8A1), (144A), 4%, due 11/26/35 (1)(2) | 2,390,824 |
See accompanying notes to financial statements.
72
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TCW Total Return Bond Fund
April 30, 2013 |
Principal Amount | Fixed Income Securities | Value | ||||||
Residential Mortgage-Backed Securities — Non-Agency (Continued) | ||||||||
$ | 1,080,159 | Credit Suisse Commercial Mortgage Trust (10-15R-1A1), (144A), 2%, | $ | 1,094,583 | ||||
2,204,392 | Credit Suisse Commercial Mortgage Trust (10-16-A1), (144A), 3%, | 2,215,257 | ||||||
6,432,122 | Credit Suisse Commercial Mortgage Trust (10-1R-8A1), (144A), 2.991%, | 6,581,874 | ||||||
37,502,352 | Credit Suisse Commercial Mortgage Trust (13-2R-2A1), (144A), 2.951%, | 37,994,585 | ||||||
27,125,274 | Credit Suisse Commercial Mortgage-Backed Trust (06-8-3A1), 6%, | 25,236,867 | ||||||
205,163 | Credit Suisse First Boston Mortgage Securities Corp. (03-8-4PPA), 5.75%, | 214,793 | ||||||
4,371,124 | Credit Suisse First Boston Mortgage Securities Corp. (05-11-1A1), 6.5%, | 3,609,674 | ||||||
4,984,017 | Credit Suisse First Boston Mortgage Securities Corp. (05-11-8A9), 5.25%, | 5,099,602 | ||||||
15,196,874 | Credit Suisse First Boston Mortgage Securities Corp. (05-12-1A1), 6.5%, | 12,228,696 | ||||||
13,480,068 | Credit Suisse Mortgage Capital Certificates (06-9-5A1), 5.5%, due 11/25/36 (6) | 13,012,026 | ||||||
31,633,540 | Credit Suisse Mortgage Capital Certificates (07-2-3A4), 5.5%, due 03/25/37 | 30,283,167 | ||||||
5,294,843 | Credit Suisse Mortgage Capital Certificates (10-1R-7A1), (144A), 2.821%, | 5,310,084 | ||||||
5,862,251 | Credit-Based Asset Servicing and Securitization LLC (06-CB1-AF2), 3.963%, | 3,956,184 | ||||||
15,708,767 | Credit-Based Asset Servicing and Securitization LLC (06-CB6-A1), 0.28%, | 10,137,062 | ||||||
46,634,090 | Credit-Based Asset Servicing and Securitization LLC (06-CB7-A4), 0.36%, | 30,934,448 | ||||||
24,515,041 | Credit-Based Asset Servicing and Securitization LLC (06-CB9-A4), 0.43%, | 12,523,165 | ||||||
20,505,000 | Credit-Based Asset Servicing and Securitization LLC (07-CB2-A2C), 5.188%, | 16,400,371 | ||||||
2,187,275 | Credit-Based Asset Servicing and Securitization LLC (07-CB4-A2A), 5.082%, | 2,228,642 | ||||||
983,438 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust (06-AR6-A6), 0.39%, | 679,134 | ||||||
987,730 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust (07-AR1-A2), 0.38%, | 514,282 | ||||||
2,157,213 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust (07-OA3-A1), 0.34%, | 1,842,756 | ||||||
3,851,832 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust (07-OA4-1A1A), 0.39%, | 3,115,177 | ||||||
3,497,660 | DSLA Mortgage Loan Trust (05-AR6-2A1A), 0.489%, due 10/19/45 (2) | 3,093,519 | ||||||
21,100,678 | DSLA Mortgage Loan Trust (06-AR2-2A1A), 0.399%, due 10/19/36 (2) | 17,491,365 | ||||||
5,158,566 | DSLA Mortgage Loan Trust (07-AR1-2A1A), 0.339%, due 04/19/47 (2) | 4,283,068 |
See accompanying notes to financial statements.
73
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TCW Total Return Bond Fund
Schedule of Investments (Unaudited) (Continued) |
Principal Amount | Fixed Income Securities | Value | ||||||
Residential Mortgage-Backed Securities — Non-Agency (Continued) | ||||||||
$ | 7,345,716 | Fieldstone Mortgage Investment Corp. (07-1-2A2), 0.47%, due 04/25/47 (2) | $ | 4,581,611 | ||||
36,005,884 | First Franklin Mortgage Loan Asset-Backed Certificates (05-FF10-A4), 0.52%, | 34,932,448 | ||||||
47,570,147 | First Franklin Mortgage Loan Asset-Backed Certificates (06-FF13-A2D), 0.44%, | 27,521,433 | ||||||
43,482,549 | First Franklin Mortgage Loan Asset-Backed Certificates (06-FF18-A2C), 0.36%, | 24,492,590 | ||||||
25,516,610 | First Franklin Mortgage Loan Asset-Backed Certificates (06-FF18-A2D), 0.41%, | 14,489,071 | ||||||
8,975,260 | First Franklin Mortgage Loan Asset-Backed Certificates (07-FF1-A2C), 0.34%, | 5,111,599 | ||||||
14,596,607 | First Franklin Mortgage Loan Asset-Backed Certificates (07-FF1-A2D), 0.42%, | 8,625,077 | ||||||
8,276,677 | First Horizon Alternative Mortgage Securities Trust (05-AA7-1A1), 2.369%, | 6,677,002 | ||||||
15,007,692 | Fremont Home Loan Trust (05-E-2A4), 0.53%, due 01/25/36 (2) | 9,419,458 | ||||||
8,683,982 | Fremont Home Loan Trust (06-1-2A3), 0.38%, due 04/25/36 (2) | 7,900,062 | ||||||
1,094,483 | Greenpoint Mortgage Funding Trust (05-AR3-1A1), 0.44%, due 08/25/45 (2) | 908,320 | ||||||
45,408,645 | GreenPoint Mortgage Funding Trust (06-AR5-A2A2), 0.35%, due 10/25/46 (2)(6) | 41,327,179 | ||||||
2,652,554 | GS Mortgage Securities Corp. (09-1R-3A1), (144A), 2.714%, due 11/25/35 (1)(2) | 2,685,323 | ||||||
12,425,709 | GSAA Home Equity Trust (05-7-AF5), 4.611%, due 05/25/35 | 12,627,987 | ||||||
3,675,650 | GSAA Home Equity Trust (05-9-2A3), 0.57%, due 08/25/35 (2) | 3,479,994 | ||||||
65,150 | GSAA Home Equity Trust (07-10-A2A), 6.5%, due 11/25/37 (6) | 48,096 | ||||||
25,403,832 | GSAA Home Equity Trust (07-6-1A2), 0.42%, due 05/25/47 (2) | 17,005,833 | ||||||
4,948,863 | GSAMP Trust (05-HE1-M1), 0.95%, due 12/25/34 (2) | 4,814,848 | ||||||
10,760,314 | GSR Mortgage Loan Trust (04-9-3A1), 2.83%, due 08/25/34 (2) | 11,016,699 | ||||||
9,731,754 | GSR Mortgage Loan Trust (05-4F-4A3), 5.5%, due 05/25/35 | 10,022,694 | ||||||
36,121,669 | GSR Mortgage Loan Trust (07-3F-3A7), 6%, due 05/25/37 | 36,864,186 | ||||||
72,874 | GSR Mortgage Loan Trust (07-AR2-2A1), 2.786%, due 05/25/47 (2)(6) | 64,456 | ||||||
2,992,162 | Harborview Mortgage Loan Trust (05-9-2A1A), 0.539%, due 06/20/35 (2) | 2,756,892 | ||||||
46,546,982 | Harborview Mortgage Loan Trust (06-8-2A1A), 0.389%, due 07/21/36 (2) | 36,235,987 | ||||||
17,194,751 | Home Equity Asset Trust (05-8-2A4), 0.56%, due 02/25/36 (2) | 16,784,101 | ||||||
7,285,330 | Homestar Mortgage Acceptance Corp. (04-3-AV2C), 0.78%, due 07/25/34 (2) | 7,242,302 | ||||||
2,546,111 | Homestar Mortgage Acceptance Corp. (04-5-A1), 0.65%, due 10/25/34 (2) | 2,502,624 | ||||||
1,768,797 | HSBC Home Equity Loan Trust USA (06-1-A2), 0.379%, due 01/20/36 (2) | 1,733,726 | ||||||
31,134,813 | HSBC Home Equity Loan Trust USA (06-2-A1), 0.349%, due 03/20/36 (2) | 30,802,231 | ||||||
20,000,000 | HSBC Home Equity Loan Trust USA (06-4-M1), 0.459%, due 03/20/36 (2) | 18,702,360 | ||||||
21,442,577 | HSBC Home Equity Loan Trust USA (07-3-APT), 1.399%, due 11/20/36 (2) | 21,406,210 | ||||||
2,851,649 | HSI Asset Loan Obligation Trust (07-2-2A12), 6%, due 09/25/37 | 2,861,852 | ||||||
21,940 | Impac CMB Trust (04-5-1A1), 0.92%, due 10/25/34 (2) | 21,417 | ||||||
154,273 | Impac CMB Trust (05-1-1A1), 0.72%, due 04/25/35 (2) | 147,790 | ||||||
2,657,689 | Indymac Index Mortgage Loan Trust (04-AR9-4A), 2.705%, due 11/25/34 (2) | 2,372,557 | ||||||
13,306,117 | Indymac Index Mortgage Loan Trust (05-AR23-6A1), 4.858%, due 11/25/35 (2)(6) | 11,105,944 | ||||||
10,810,331 | Indymac Index Mortgage Loan Trust (05-AR7-2A1), 2.432%, due 06/25/35 (2) | 9,608,374 | ||||||
8,640,649 | Indymac Index Mortgage Loan Trust (06-AR19-4A1), 4.18%, due 08/25/36 (2)(6) | 6,464,640 |
See accompanying notes to financial statements.
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April 30, 2013 |
Principal Amount | Fixed Income Securities | Value | ||||||
Residential Mortgage-Backed Securities — Non-Agency (Continued) | ||||||||
$ | 17,933,306 | Indymac Index Mortgage Loan Trust (06-AR39-A1), 0.38%, due 02/25/37 (2)(6) | $ | 13,544,954 | ||||
12,174,125 | Indymac Index Mortgage Loan Trust (06-AR8-A3A), 0.43%, due 07/25/46 (2)(6) | 9,828,780 | ||||||
44,064 | Indymac Index Mortgage Loan Trust (07-AR11-1A1), 2.667%, due 06/25/37 (2)(6) | 30,263 | ||||||
20,436,626 | Indymac Index Mortgage Loan Trust (07-AR13-4A1), 6.449%, due 07/25/37 (2)(6) | 13,188,143 | ||||||
31,504,770 | Indymac Index Mortgage Loan Trust (07-AR5-2A1), 2.82%, due 05/25/37 (2)(6) | 24,582,479 | ||||||
8,495,509 | Indymac Index Mortgage Loan Trust (07-AR7-1A1), 3.221%, due 11/25/37 (2) | 7,832,901 | ||||||
29,137,241 | Indymac Index Mortgage Loan Trust (07-FLX1-A2), 0.38%, due 02/25/37 (2) | 27,993,517 | ||||||
1,575,806 | Jefferies & Co., Inc. (09-R3-1A1), (144A), 2.879%, due 12/26/35 (1)(2) | 1,595,227 | ||||||
5,320,035 | Jefferies & Co., Inc. (11-R1-2A1), (144A), 0.344%, due 08/26/47 (1)(2) | 5,297,563 | ||||||
16,684,119 | JPMorgan Alternative Loan Trust (06-A2-5A1), 5.078%, due 05/25/36 (2)(6) | 12,918,931 | ||||||
27,028,943 | JPMorgan Alternative Loan Trust (06-A4-A8), 6.2%, due 09/25/36 (2)(6) | 25,889,592 | ||||||
10,143,000 | JPMorgan Mortgage Acquisition Corp. (06-CH2-AF4), 5.443%, due 10/25/36 | 7,961,060 | ||||||
13,040,790 | JPMorgan Mortgage Acquisition Corp. (06-WMC1-A4), 0.38%, due 03/25/36 | 10,038,892 | ||||||
28,570,000 | JPMorgan Mortgage Acquisition Corp. (07-CH4-A4), 0.36%, due 01/25/36 (2) | 22,554,729 | ||||||
1,089,060 | JPMorgan Mortgage Trust (05-A6-7A1), 3.025%, due 08/25/35 (2)(6) | 1,020,569 | ||||||
10,416,903 | JPMorgan Mortgage Trust (06-A2-5A3), 2.903%, due 11/25/33 (2) | 10,791,089 | ||||||
1,610,956 | JPMorgan Mortgage Trust (06-A4-1A4), 2.958%, due 06/25/36 (2) | 1,383,166 | ||||||
62,323 | JPMorgan Mortgage Trust (06-A7-2A4R), 2.875%, due 01/25/37 (2)(6) | 51,919 | ||||||
4,608,602 | JPMorgan Mortgage Trust (06-S2-2A2), 5.875%, due 06/25/21 (6) | 4,602,209 | ||||||
1,684,649 | JPMorgan Resecuritization Trust Series (10-5-1A1), (144A), 4.5%, due 04/26/37 (1)(2) | 1,702,502 | ||||||
2,040,846 | JPMorgan Resecuritization Trust Series (10-5-3A1), (144A), 2.654%, due 08/26/36 (1)(2) | 2,074,367 | ||||||
15,545,506 | JPMorgan Resecuritization Trust Series (12-3-A3), (144A), 0.37%, due 11/26/36 (1)(2) | 14,869,565 | ||||||
457,454 | Lehman Mortgage Trust (05-1-4A3), 0.55%, due 11/25/35 (2) | 454,609 | ||||||
166,347 | Lehman Mortgage Trust (05-1-4A4), 19.111%, due 11/25/35 (I/F)(2)(7) | 180,335 | ||||||
2,612,953 | Lehman Mortgage Trust (05-1-6A1), 5%, due 11/25/20 | 2,560,362 | ||||||
8,952,205 | Lehman Mortgage Trust (06-4-4A1), 6%, due 08/25/21 (6) | 8,973,431 | ||||||
7,941,055 | Lehman Mortgage Trust (07-10-4A1), 6%, due 01/25/27 | 6,946,160 | ||||||
42,680 | Lehman XS Trust (05-5N-1A1), 0.5%, due 11/25/35 (2) | 37,475 | ||||||
42,668,992 | Lehman XS Trust (06-10N-1A3A), 0.41%, due 07/25/46 (2)(6) | 32,081,919 | ||||||
7,263,050 | Lehman XS Trust (06-12N-A2A1), 0.35%, due 08/25/46 (2)(6) | 7,188,794 | ||||||
11,005,757 | Lehman XS Trust (06-12N-A31A), 0.4%, due 08/25/46 (2)(6) | 7,253,443 | ||||||
15,804,103 | Lehman XS Trust (06-13-1A2), 0.37%, due 09/25/36 (2)(6) | 12,722,066 | ||||||
27,194,586 | Lehman XS Trust (06-16N-A2A), 0.35%, due 11/25/46 (2)(6) | 26,277,095 | ||||||
4,838,159 | Lehman XS Trust (06-18N-A2A), 0.35%, due 12/25/36 (2)(6) | 4,378,079 | ||||||
16,320,289 | Lehman XS Trust (06-19-A2), 0.37%, due 12/25/36 (2)(6) | 12,697,234 | ||||||
6,480,729 | Lehman XS Trust (06-20-A2), 0.37%, due 01/25/37 (2)(6) | 4,739,596 | ||||||
36,733,412 | Lehman XS Trust (06-9-A1B), 0.36%, due 05/25/46 (2)(6) | 29,482,714 | ||||||
31,194,395 | Lehman XS Trust (06-GP1-A2A), 0.37%, due 05/25/46 (2)(6) | 30,029,658 | ||||||
19,709,996 | Lehman XS Trust (06-GP4-3A2A), 0.36%, due 08/25/46 (2)(6) | 18,765,985 | ||||||
848,973 | Lehman XS Trust (07-10H-2A2), 7.5%, due 07/25/37 (6) | 555,145 | ||||||
7,390,558 | Lehman XS Trust (07-14H-A211), 0.46%, due 07/25/47 (2)(6) | 3,979,629 | ||||||
6,369,166 | Lehman XS Trust (07-4N-1A1), 0.33%, due 03/25/47 (2)(6) | 5,771,891 |
See accompanying notes to financial statements.
75
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Schedule of Investments (Unaudited) (Continued) |
Principal Amount | Fixed Income Securities | Value | ||||||
Residential Mortgage-Backed Securities — Non-Agency (Continued) | ||||||||
$ | 2,966,407 | Long Beach Mortgage Loan Trust (05-WL3-2A3), 0.53%, due 11/25/35 (2) | $ | 2,958,172 | ||||
12,591,242 | Long Beach Mortgage Loan Trust (06-WL1-1A3), 0.53%, due 01/25/46 (2) | 7,173,823 | ||||||
13,175,000 | Long Beach Mortgage Loan Trust (06-WL1-2A4), 0.54%, due 01/25/46 (2) | 6,859,577 | ||||||
13,092,699 | Luminent Mortgage Trust (07-2-1A3), 0.42%, due 05/25/37 (2) | 11,648,129 | ||||||
10,950,000 | Madison Avenue Manufactured Housing Contract Trust (02-A-B1), 3.45%, due 03/25/32 (2) | 10,896,563 | ||||||
22,308,183 | MASTR Adjustable Rate Mortgages Trust (04-9-M1), 0.78%, due 11/25/34 (2) | 21,990,916 | ||||||
788,541 | MASTR Adjustable Rate Mortgages Trust (07-2-A2), 0.31%, due 03/25/47 (2) | 775,774 | ||||||
10,394,588 | MASTR Alternative Loans Trust (05-4-1A1), 6.5%, due 05/25/35 | 10,411,947 | ||||||
94,182 | MASTR Alternative Loans Trust (06-2-2A1), 0.6%, due 03/25/36 (2)(6) | 20,838 | ||||||
558,861 | MASTR Asset Securitization Trust (03-8-1A1), 5.5%, due 09/25/33 | 571,158 | ||||||
2,953,626 | MASTR Asset-Backed Securities Trust (06-AB1-A2), 0.43%, due 02/25/36 (2) | 2,866,979 | ||||||
7,952,745 | MASTR Asset-Backed Securities Trust (06-AB1-A4), 5.719%, due 02/25/36 | 8,398,881 | ||||||
33,047,815 | MASTR Asset-Backed Securities Trust (06-HE5-A3), 0.36%, due 11/25/36 (2) | 20,637,765 | ||||||
21,829 | MASTR Seasoned Securitization Trust (04-1-4A1), 2.816%, due 10/25/32 (2) | 22,479 | ||||||
3,176,974 | Merrill Lynch Alternative Note Asset Trust (07-A1-A2C), 0.43%, due 01/25/37 (2) | 1,432,482 | ||||||
1,634,235 | Merrill Lynch Alternative Note Asset Trust (07-A1-A3), 0.36%, due 01/25/37 (2) | 670,581 | ||||||
12,373,729 | Merrill Lynch First Franklin Mortgage Loan Trust (07-1-A2B), 0.37%, due 04/25/37 (2) | 7,091,656 | ||||||
43,302,826 | Merrill Lynch First Franklin Mortgage Loan Trust (07-1-A2C), 0.45%, | 25,172,539 | ||||||
10,672,228 | Merrill Lynch First Franklin Mortgage Loan Trust (07-1-A2D), 0.54%, | 6,289,230 | ||||||
6,036,603 | Merrill Lynch First Franklin Mortgage Loan Trust (07-3-A2B), 0.33%, | 4,513,435 | ||||||
59,003,735 | Merrill Lynch First Franklin Mortgage Loan Trust (07-4-2A3), 0.36%, | 33,944,849 | ||||||
5,680,252 | Merrill Lynch Mortgage-Backed Securities Trust (07-2-1A1), 2.578%, | 5,079,338 | ||||||
5,283,791 | Mid-State Trust (05-1-A), 5.745%, due 01/15/40 | 5,581,796 | ||||||
5,870,084 | Morgan Stanley ABS Capital I, Inc. Trust (04-NC8-M2), 1.16%, due 09/25/34 (2) | 5,723,373 | ||||||
7,382,955 | Morgan Stanley ABS Capital I, Inc. Trust (05-HE3-M2), 0.72%, due 07/25/35 (2) | 7,259,128 | ||||||
5,687,000 | Morgan Stanley ABS Capital I, Inc. Trust (05-HE3-M3), 0.73%, due 07/25/35 (2) | 5,288,102 | ||||||
13,500,000 | Morgan Stanley ABS Capital I, Inc. Trust (05-HE5-M1), 0.62%, due 09/25/35 (2) | 13,161,069 | ||||||
4,413,000 | Morgan Stanley Home Equity Loan Trust (05-2-M3), 0.875%, due 05/25/35 (2) | 3,984,170 | ||||||
11,650,613 | Morgan Stanley Mortgage Loan Trust (05-6AR-1A1), 0.48%, due 11/25/35 (2) | 11,049,488 | ||||||
4,108,163 | Morgan Stanley Mortgage Loan Trust (07-7AX-2A1), 0.32%, due 04/25/37 (2) | 2,165,795 | ||||||
28,883,439 | Morgan Stanley REREMIC Trust (10-R2-2B), (144A), 0.44%, due 05/26/36 (1)(2) | 28,424,429 | ||||||
8,156,478 | Morgan Stanley REREMIC Trust (13-R3-12A), (144A), 2.913%, due 01/26/47 (1)(2) | 8,313,256 | ||||||
855,691 | MortgageIT Trust (05-3-A1), 0.5%, due 08/25/35 (2) | 790,860 | ||||||
659,468 | MortgageIT Trust (05-4-A1), 0.48%, due 10/25/35 (2) | 590,936 | ||||||
10,000,000 | Nationstar Home Equity Loan Trust (07-B-2AV3), 0.45%, due 04/25/37 (2) | 6,493,420 | ||||||
20,937,041 | New Century Home Equity Loan Trust (05-2-M1), 0.63%, due 06/25/35 (2) | 19,778,720 | ||||||
28,100,000 | New Century Home Equity Loan Trust (05-3-M1), 0.68%, due 07/25/35 (2) | 27,630,309 | ||||||
13,473,990 | Nomura Resecuritization Trust (12-3R-1A1), (144A), 0.377%, due 01/26/37 (1)(2) | 12,532,402 |
See accompanying notes to financial statements.
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April 30, 2013 |
Principal Amount | Fixed Income Securities | Value | ||||||
Residential Mortgage-Backed Securities — Non-Agency (Continued) | ||||||||
$ | 13,592,150 | Novastar Home Equity Loan Trust (06-1-A2C), 0.36%, due 05/25/36 (2) | $ | 8,479,626 | ||||
6,561,485 | Oakwood Mortgage Investors, Inc. (02-A-A4), 6.97%, due 03/15/32 (2) | 7,125,563 | ||||||
35,812,492 | Opteum Mortgage Acceptance Corp. (06-1-2A1), 5.75%, due 04/25/36 (2) | 37,486,547 | ||||||
3,282,793 | Origen Manufactured Housing Contract Trust (04-A-M2), 6.64%, | 3,632,657 | ||||||
2,683,573 | Origen Manufactured Housing Contract Trust (04-B-B1), 7.5%, due 11/15/35 (2) | 2,989,818 | ||||||
1,643,857 | Origen Manufactured Housing Contract Trust (04-B-M2), 6.51%, | 1,793,214 | ||||||
1,545,861 | Origen Manufactured Housing Contract Trust (05-A-B), 6.55%, due 06/15/36 (2) | 1,650,308 | ||||||
1,261,927 | Origen Manufactured Housing Contract Trust (05-A-M2), 5.86%, | 1,357,615 | ||||||
19,300,000 | Ownit Mortgage Loan Asset-Backed Certificates (06-3-A2D), 0.47%, | 10,171,988 | ||||||
26,582,853 | Ownit Mortgage Loan Asset-Backed Certificates (06-6-A2C), 0.36%, | 11,488,633 | ||||||
15,922,201 | Park Place Securities, Inc. (05-WCH1-M2), 0.72%, due 01/25/36 (2) | 15,622,163 | ||||||
13,009,662 | Prime Mortgage Trust (06-1-1A1), 5.5%, due 06/25/36 (6) | 12,519,562 | ||||||
10,964,227 | RAAC Series Trust (05-SP1-4A1), 7%, due 09/25/34 | 11,747,390 | ||||||
6,044,982 | RAAC Series Trust (07-SP1-A2), 0.55%, due 03/25/37 (2) | 5,969,184 | ||||||
4,632,000 | RAAC Series Trust (07-SP1-A3), 0.68%, due 03/25/37 (2) | 4,299,251 | ||||||
322,119 | RBSSP Resecuritization Trust (09-3-1A3), (144A), 5.5%, due 11/26/35 (1)(2) | 323,685 | ||||||
3,578,774 | RBSSP Resecuritization Trust (10-12-4A1), (144A), 4%, due 05/21/36 (1)(2) | 3,670,567 | ||||||
9,616,004 | Residential Accredit Loans, Inc. (05-QA8-CB21), 3.49%, due 07/25/35 (2)(6) | 8,053,874 | ||||||
3,414,915 | Residential Accredit Loans, Inc. (05-QS7-A1), 5.5%, due 06/25/35 | 3,102,709 | ||||||
56,537,823 | Residential Accredit Loans, Inc. (06-Q07-2A1), 1.027%, due 09/25/46 (2)(6) | 35,925,659 | ||||||
17,339,516 | Residential Accredit Loans, Inc. (06-Q09-1A4A), 0.37%, due 12/25/46 (2)(6) | 14,678,195 | ||||||
40,333 | Residential Accredit Loans, Inc. (06-QA1-A21), 3.853%, due 01/25/36 (2)(6) | 30,934 | ||||||
17,238,921 | Residential Accredit Loans, Inc. (06-QA10-A2), 0.38%, due 12/25/36 (2)(6) | 12,956,308 | ||||||
49,862 | Residential Accredit Loans, Inc. (06-QA2-1A1), 0.45%, due 02/25/36 (2)(6) | 32,179 | ||||||
11,424,421 | Residential Accredit Loans, Inc. (06-QO1-3A1), 0.47%, due 02/25/46 (2) | 7,515,510 | ||||||
4,319,155 | Residential Accredit Loans, Inc. (06-QO8-1A2A), 0.35%, due 10/25/46 (2)(6) | 4,072,842 | ||||||
9,135,435 | Residential Accredit Loans, Inc. (06-QO9-1A2A), 0.35%, due 12/25/46 (2)(6) | 8,666,029 | ||||||
108,601,228 | Residential Accredit Loans, Inc. (06-QS10-AV), 0.537%, due 08/25/36 (I/O) (2)(7) | 2,719,809 | ||||||
106,267,884 | Residential Accredit Loans, Inc. (06-QS11-AV), 0.329%, due 08/25/36 (I/O) (2)(7) | 1,494,870 | ||||||
9,114,162 | Residential Accredit Loans, Inc. (06-QS5-A5), 6%, due 05/25/36 (6) | 7,255,183 | ||||||
150,951,017 | Residential Accredit Loans, Inc. (06-QS6-1AV), 0.732%, due 06/25/36 (I/O) (2)(7) | 4,714,049 | ||||||
31,320,618 | Residential Accredit Loans, Inc. (06-QS7-AV), 0.672%, due 06/25/36 (I/O) (2)(7) | 768,420 | ||||||
6,113,878 | Residential Accredit Loans, Inc. (06-RS3-A3), 0.4%, due 05/25/36 (2)(6) | 5,732,593 | ||||||
7,273,648 | Residential Accredit Loans, Inc. (07-QS1-2AV), 0.173%, due 01/25/37 (I/O) (2)(7) | 78,039 | ||||||
53,112,744 | Residential Accredit Loans, Inc. (07-QS2-AV), 0.319%, due 01/25/37 (I/O) (2)(7) | 661,519 | ||||||
206,846,195 | Residential Accredit Loans, Inc. (07-QS3-AV), 0.318%, due 02/25/37 (I/O) (2)(7) | 2,735,644 | ||||||
23,668,490 | Residential Accredit Loans, Inc. (07-QS4-3AV), 0.373%, due 03/25/37 (I/O) (2)(7) | 354,412 | ||||||
34,417,273 | Residential Accredit Loans, Inc. (07-QS5-AV), 0.241%, due 03/25/37 (I/O) (2)(7) | 319,220 | ||||||
7,944,824 | Residential Accredit Loans, Inc. (07-QS6-A45), 5.75%, due 04/25/37 (6) | 6,543,318 | ||||||
48,928,579 | Residential Accredit Loans, Inc. (07-QS8-AV), 0.39%, due 06/25/37 (I/O) (2)(7) | 774,099 |
See accompanying notes to financial statements.
77
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TCW Total Return Bond Fund
Schedule of Investments (Unaudited) (Continued) |
Principal Amount | Fixed Income Securities | Value | ||||||
Residential Mortgage-Backed Securities — Non-Agency (Continued) | ||||||||
$ | 8,134,254 | Residential Asset Securities Corp. Trust (06-KS2-A3), 0.39%, due 03/25/36 (2) | $ | 8,083,659 | ||||
71,597 | Residential Funding Mortgage Securities I (05-SA5-2A), 3.345%, | 60,256 | ||||||
6,243,279 | Residential Funding Mortgage Securities I (06-S10-1A1), 6%, due 10/25/36 (6) | 5,849,934 | ||||||
2,028,795 | Residential Funding Mortgage Securities I (06-S9-A3), 5.75%, | 1,779,963 | ||||||
23,032,596 | Residential Funding Mortgage Securities I (07-S2-A9), 6%, due 02/25/37 (6) | 21,937,005 | ||||||
71,010 | Residential Funding Mortgage Securities I (07-SA2-2A2), 3.214%, | 61,214 | ||||||
5,201,053 | Saxon Asset Securities Trust (06-3-A2), 0.31%, due 10/25/46 (2) | 5,181,954 | ||||||
22,615,000 | Saxon Asset Securities Trust (06-3-A3), 0.37%, due 10/25/46 (2) | 17,286,827 | ||||||
29,000,000 | Saxon Asset Securities Trust (07-2-A2D), 0.5%, due 05/25/47 (2) | 18,269,611 | ||||||
4,650,493 | Securitized Asset-Backed Receivables LLC Trust (07-BR1-A2C), 0.54%, | 2,763,956 | ||||||
57,681,944 | Securitized Asset-Backed Receivables LLC Trust (07-BR2-A2), 0.43%, | 29,557,670 | ||||||
29,261,545 | Securitized Asset-Backed Receivables LLC Trust (07-NC2-A2B), 0.34%, | 17,941,950 | ||||||
9,314,000 | SG Mortgage Securities Trust (05-OPT1-A3), 0.55%, due 10/25/35 (2) | 9,047,834 | ||||||
33,438,441 | SG Mortgage Securities Trust (07-NC1-A2), (144A), 0.44%, due 12/25/36 (1)(2) | 19,655,584 | ||||||
8,789,063 | Soundview Home Equity Loan Trust (05-OPT3-A4), 0.5%, due 11/25/35 (2) | 8,651,611 | ||||||
26,180,000 | Soundview Home Equity Loan Trust (06-2-A4), 0.47%, due 03/25/36 (2) | 24,395,676 | ||||||
10,400,000 | Soundview Home Equity Loan Trust (06-OPT4-2A4), 0.43%, due 06/25/36 (2) | 6,700,023 | ||||||
7,349,959 | Soundview Home Equity Loan Trust (06-WF2-A2C), 0.34%, due 12/25/36 (2) | 7,184,721 | ||||||
4,000,000 | Soundview Home Equity Loan Trust (07-OPT3-2A4), 0.45%, due 08/25/37 (2) | 2,130,497 | ||||||
4,682,064 | Specialty Underwriting & Residential Finance (05-BC3-M1), 0.65%, | 4,653,293 | ||||||
2,873,001 | Specialty Underwriting & Residential Finance (05-BC4-A2C), 0.55%, | 2,806,716 | ||||||
29,032 | Specialty Underwriting & Residential Finance (06-AB3-A2B), 0.35%, | 15,698 | ||||||
15,878,450 | Structured Adjustable Rate Mortgage Loan Trust (05-16XS-A2A), 1.15%, | 14,457,678 | ||||||
5,711,235 | Structured Adjustable Rate Mortgage Loan Trust (05-23-1A3), 2.665%, | 5,183,985 | ||||||
13,902,737 | Structured Adjustable Rate Mortgage Loan Trust (06-1-7A2), 5.324%, | 13,725,241 | ||||||
1,269,492 | Structured Adjustable Rate Mortgage Loan Trust (06-2-5A1), 5.267%, | 1,094,578 | ||||||
11,428,610 | Structured Adjustable Rate Mortgage Loan Trust (06-5-1A1), 2.751%, | 8,623,355 | ||||||
7,788,941 | Structured Adjustable Rate Mortgage Loan Trust (07-1-1A1), 2.959%, | 6,621,005 | ||||||
16,088,701 | Structured Asset Investment Loan Trust (05-11-A5), 0.49%, due 01/25/36 (2) | 16,003,178 | ||||||
4,270,506 | Structured Asset Investment Loan Trust (05-3-M1), 0.77%, due 04/25/35 (2) | 4,146,397 |
See accompanying notes to financial statements.
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April 30, 2013 |
Principal Amount | Fixed Income Securities | Value | ||||||
Residential Mortgage-Backed Securities — Non-Agency (Continued) | ||||||||
$ | 280,389 | Structured Asset Mortgage Investments, Inc. (06-AR3-24A1), 2.375%, | $ | 186,185 | ||||
54,318,608 | Structured Asset Mortgage Investments, Inc. (07-AR6-A1), 1.676%, | 42,816,100 | ||||||
751,741 | Structured Asset Securities Corp. (03-10-A), 6%, due 04/25/33 | 797,456 | ||||||
7,228,781 | Structured Asset Securities Corp. (05-2XS-1A5B), 4.65%, due 02/25/35 | 7,426,856 | ||||||
22,090,463 | Structured Asset Securities Corp. (05-WF4-A4), 0.56%, due 11/25/35 (2) | 21,991,697 | ||||||
14,719,120 | Structured Asset Securities Corp. (06-EQ1A-A4), (144A), 0.35%, | 14,428,520 | ||||||
14,000,000 | Structured Asset Securities Corp. (06-WF2-A4), 0.51%, due 07/25/36 (2) | 12,833,184 | ||||||
14,304,503 | Structured Asset Securities Corp. (07-WF1-A3), 0.36%, due 02/25/37 (2) | 14,225,113 | ||||||
689,277 | Suntrust Adjustable Rate Mortgage Loan Trust (07-2-2A1), 5.445%, due 04/25/37 (2)(6) | 559,353 | ||||||
28,695 | Suntrust Adjustable Rate Mortgage Loan Trust (07-3-1A1), 3.091%, due 06/25/37 (2)(6) | 25,925 | ||||||
403,406 | Wachovia Mortgage Loan Trust LLC (06-AMN1-A3), 0.44%, due 08/25/36 (2) | 242,096 | ||||||
14,745,553 | WaMu Mortgage Pass-Through Certificates (04-AR14-A1), 2.437%, due 01/25/35 (2) | 14,932,636 | ||||||
18,778,283 | WaMu Mortgage Pass-Through Certificates (05-AR13-A1A1), 0.49%, due 10/25/45 (2) | 17,361,124 | ||||||
925,815 | WaMu Mortgage Pass-Through Certificates (05-AR13-A1A2), 1.627%, due 10/25/45 (2) | 915,610 | ||||||
4,386,010 | WaMu Mortgage Pass-Through Certificates (05-AR14-2A1), 2.879%, due 12/25/35 (2) | 4,164,512 | ||||||
16,977,114 | WaMu Mortgage Pass-Through Certificates (05-AR17-A1A1), 0.47%, due 12/25/45 (2) | 16,031,013 | ||||||
3,139,867 | WaMu Mortgage Pass-Through Certificates (05-AR18-1A1), 2.475%, due 01/25/36 (2) | 2,894,287 | ||||||
561,201 | WaMu Mortgage Pass-Through Certificates (05-AR2-2A1A), 0.51%, due 01/25/45 (2) | 537,989 | ||||||
6,268,545 | WaMu Mortgage Pass-Through Certificates (05-AR5-A5), 2.445%, due 05/25/35 (2) | 6,211,526 | ||||||
10,598,223 | WaMu Mortgage Pass-Through Certificates (05-AR7-A2), 2.469%, due 08/25/35 (2) | 10,606,330 | ||||||
5,436,868 | WaMu Mortgage Pass-Through Certificates (05-AR8-1A1A), 0.47%, due 07/25/45 (2) | 5,132,972 | ||||||
15,883,583 | WaMu Mortgage Pass-Through Certificates (05-AR9-A1A), 0.52%, due 07/25/45 (2) | 15,257,405 | ||||||
39,813,382 | WaMu Mortgage Pass-Through Certificates (06-AR1-2A1A), 1.247%, due 01/25/46 (2) | 38,687,097 | ||||||
2,141,391 | WaMu Mortgage Pass-Through Certificates (06-AR17-1A1A), 0.987%, due 12/25/46 (2) | 1,970,536 | ||||||
241,906 | Washington Mutual Alternative Mortgage Pass-Through Certificates (02-AR1-1A1), 2.488%, due 11/25/30 (2) | 239,792 |
See accompanying notes to financial statements.
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Schedule of Investments (Unaudited) (Continued) |
Principal Amount | Fixed Income Securities | Value | ||||||
Residential Mortgage-Backed Securities — Non-Agency (Continued) | ||||||||
$ | 3,401,677 | Washington Mutual Alternative Mortgage Pass-Through Certificates (06-1-3A2), 5.75%, due 02/25/36 (6) | $ | 2,947,890 | ||||
5,421,562 | Washington Mutual Alternative Mortgage Pass-Through Certificates (06-5-1A1), 0.8%, due 07/25/36 (2)(6) | 2,837,550 | ||||||
23,406,087 | Washington Mutual Alternative Mortgage Pass-Through Certificates (06-AR4-DA), 1.147%, due 06/25/46 (2)(6) | 12,240,571 | ||||||
18,410,334 | Washington Mutual Alternative Mortgage Pass-Through Certificates (06-AR9-2A), 1.018%, due 11/25/46 (2)(6) | 11,405,312 | ||||||
10,391,573 | Washington Mutual Alternative Mortgage Pass-Through Certificates (07-OA1-2A), 0.897%, due 12/25/46 (2)(6) | 5,927,624 | ||||||
9,650,283 | Washington Mutual Alternative Mortgage Pass-Through Certificates (07-OA2-2A), 0.877%, due 01/25/47 (2)(6) | 5,688,031 | ||||||
3,559,566 | Washington Mutual Alternative Mortgage Pass-Through Certificates (07-OA3-5A), 2.212%, due 04/25/47 (2)(6) | 2,427,037 | ||||||
6,019,963 | Washington Mutual Alternative Mortgage Pass-Through Certificates (07-OC2-A3), 0.51%, due 06/25/37 (2)(6) | 4,547,733 | ||||||
11,691,000 | Washington Mutual Asset-Backed Certificates (06-HE1-2A4), 0.48%, due 04/25/36 (2) | 7,569,993 | ||||||
12,459,000 | Washington Mutual Asset-Backed Certificates (07-HE3-2A4), 0.49%, due 05/25/47 (2) | 7,103,423 | ||||||
16,471,045 | Wells Fargo Mortgage Loan Trust (11-RR3-A1), (144A), 2.848%, due 03/27/37 (1)(2) | 16,335,686 | ||||||
17,463,062 | Wells Fargo Mortgage Loan Trust (12-RR2-1A1), (144A), 0.384%, due 09/27/47 (1)(2) | 16,166,744 | ||||||
10,699,435 | Wells Fargo Mortgage-Backed Securities Trust (04-DD-2A6), 2.62%, due 01/25/35 (2) | 10,681,802 | ||||||
16,308,229 | Wells Fargo Mortgage-Backed Securities Trust (07-10-1A32), 6%, | 16,542,138 | ||||||
1,145,828 | Wells Fargo Mortgage-Backed Securities Trust (07-AR4-A1), 2.875%, | 998,718 | ||||||
11,285,940 | Wells Fargo Mortgage-Backed Securities Trust (08-1-4A1), 5.75%, | 11,963,473 | ||||||
|
| |||||||
Total Residential Mortgage-Backed Securities — Non-Agency | 3,253,180,516 | |||||||
|
| |||||||
U.S. Government Agency Obligations (0.8%) | ||||||||
26,700,000 | Federal National Mortgage Association, 0.625%, due 04/29/16 | 26,834,621 | ||||||
45,965,000 | Federal National Mortgage Association, 1%, due 02/27/17 | 46,427,776 | ||||||
|
| |||||||
Total U.S. Government Agency Obligations (Cost: $73,231,238) | 73,262,397 | |||||||
|
| |||||||
U.S. Treasury Securities (12.8%) | ||||||||
123,895,594 | U.S. Treasury Inflation Indexed Note, 0.5%, due 04/15/15 (8) | 128,328,702 | ||||||
86,975,380 | U.S. Treasury Inflation Indexed Note, 1.25%, due 04/15/14 (8) | 88,714,887 | ||||||
24,788,064 | U.S. Treasury Inflation Indexed Note, 1.875%, due 07/15/13 (8) | 24,917,805 | ||||||
25,122,800 | U.S. Treasury Inflation Indexed Note, 2%, due 01/15/14 (8) | 25,619,377 |
See accompanying notes to financial statements.
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April 30, 2013 |
Principal Amount | Fixed Income Securities | Value | ||||||
U.S. Treasury Securities (Continued) | ||||||||
$ | 10,349,413 | U.S. Treasury Inflation Indexed Note, 2%, due 07/15/14 (8) | $ | 10,793,309 | ||||
269,000,000 | U.S. Treasury Note, 0.25%, due 06/30/14 | 269,294,286 | ||||||
312,160,000 | U.S. Treasury Note, 0.25%, due 08/15/15 | 312,184,348 | ||||||
91,420,000 | U.S. Treasury Note, 0.75%, due 08/15/13 | 91,602,109 | ||||||
179,265,000 | U.S. Treasury Note, 1.625%, due 11/15/22 | 179,012,909 | ||||||
80,935,000 | U.S. Treasury Note, 2.625%, due 08/15/20 | 89,287,735 | ||||||
|
| |||||||
Total U.S. Treasury Securities (Cost: $1,209,486,600) | 1,219,755,467 | |||||||
|
| |||||||
Total Fixed Income Securities (Cost: $8,906,706,437) (100.2%) | 9,522,927,172 | |||||||
|
| |||||||
Number of Shares | Money Market Investments (1.7% ) | |||||||
66,218,000 | BlackRock Liquidity Funds TempFund Portfolio, 0.08% (9) | 66,218,000 | ||||||
91,933,000 | DWS Money Market Series – Institutional Shares, 0.1% (9) | 91,933,000 | ||||||
|
| |||||||
Total Money Market Investments (Cost: $158,151,000) | 158,151,000 | |||||||
|
| |||||||
Principal Amount | Short-Term Investments | |||||||
Commercial Paper (2.6%) | ||||||||
Banks (2.6%) | ||||||||
$ | 86,865,000 | RBS Holding USA, Inc. (United Kingdom), (144A), 0.355%, | 86,785,544 | |||||
85,695,000 | UBS Finance Delaware LLC (Switzerland), 0.233%, due 06/21/13 (10) | 85,667,078 | ||||||
70,665,000 | Lloyds Bank PLC (United Kingdom), 0.244%, due 08/07/13 (10) | 70,612,920 | ||||||
|
| |||||||
Total Commercial Paper (Cost: $243,057,168) | 243,065,542 | |||||||
|
| |||||||
Discount Notes (2.3%) | ||||||||
10,000,000 | Federal Home Loan Bank Discount Note, 0.065%, due 07/19/13 (10) | 9,999,120 | ||||||
45,000,000 | Federal Home Loan Bank Discount Note, 0.11%, due 07/17/13 (10) | 44,996,130 | ||||||
92,585,000 | Federal Home Loan Bank Discount Note, 0.115%, due 07/26/13 (10) | 92,576,112 | ||||||
12,500,000 | Federal Home Loan Bank Discount Note, 0.12%, due 07/05/13 (10) | 12,499,100 | ||||||
58,000,000 | Federal Home Loan Mortgage Corp. Discount Note, 0.12%, due 07/15/13 (10) | 57,995,186 | ||||||
|
| |||||||
Total Discount Notes (Cost: $218,030,343) | 218,065,648 | |||||||
|
| |||||||
Repurchase Agreement (1.3%) | ||||||||
97,000,000 | Deutsche Bank LLC, 0.15%, due 05/01/13 (collateralized by $98,910,000 Federal National Mortgage Association, 0.5%, due 04/29/16, valued at $98,940,058) (Total Amount to be Received Upon Repurchase $97,000,404) | 97,000,000 | ||||||
1,280,035 | State Street Bank & Trust Company, 0.01%, due 05/01/13 (collateralized by $1,295,000 Federal National Mortgage Association, 2.14%, due 11/07/22 valued at $1,309,841) (Total Amount to be Received Upon Repurchase $1,280,035) | 1,280,035 |
See accompanying notes to financial statements.
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Schedule of Investments (Unaudited) (Continued) |
Principal Amount | Short-Term Investments | Value | ||||||
$ | 22,000,000 | The Royal Bank of Scotland PLC, 0.15%, due 05/01/13 (collateralized by $19,080,000 Federal Home Loan Bank Discount Notes, 0.02%, due 06/19/13, valued at $19,079,237; $3,365,000 Federal Home Loan Bank Discount Notes, 0.002%, due 06/21/13, valued at $3,364,865) (Total Amount to be Received Upon Repurchase $22,444,102) | $ | 22,000,000 | ||||
|
| |||||||
Total Repurchase Agreement (Cost: $120,280,035) | 120,280,035 | |||||||
|
| |||||||
U.S. Treasury Security (Cost: $4,189,718) (0.0%) | ||||||||
4,190,000 | U.S. Treasury Bill, 0.108%, due 05/23/13 (10) | 4,189,718 | ||||||
|
| |||||||
Total Short-Term Investments (Cost: $585,557,264) (6.2%) | 585,600,943 | |||||||
|
| |||||||
Total Investments (Cost: $9,650,414,701) (108.1%) | 10,266,679,115 | |||||||
Liabilities in Excess of Other Assets (8.1%) | (767,255,932 | ) | ||||||
|
| |||||||
Net Assets (100.0%) | $ | 9,499,423,183 | ||||||
|
|
Futures Contracts | ||||||||||||||
Number of Contracts | Type | Expiration Date | Notional Contract Value | Net Unrealized Appreciation | ||||||||||
BUY | ||||||||||||||
2,255 | 90 Day Eurodollar Futures | 03/14/16 | $ | 558,817,187 | $ | 1,374,941 | ||||||||
2,255 | 90 Day Eurodollar Futures | 06/13/16 | 558,056,125 | 1,515,118 | ||||||||||
2,255 | 90 Day Eurodollar Futures | 09/19/16 | 557,238,688 | 1,656,055 | ||||||||||
2,255 | 90 Day Eurodollar Futures | 12/19/16 | 556,364,875 | 1,769,566 | ||||||||||
|
|
|
| |||||||||||
$ | 2,230,476,875 | $ | 6,315,680 | |||||||||||
|
|
|
|
See accompanying notes to financial statements.
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April 30, 2013 |
Notes to the Schedule of Investments:
ACES - | Alternative Credit Enhancement Securities |
CDO - | Collateralized Debt Obligation. |
CLO - | Collateralized Loan Obligation. |
I/F - | Inverse Floating rate security whose interest rate moves in the opposite direction of prevailing interest rates. |
I/O - | Interest Only Security. |
PAC - | Planned Amortization Class. |
P/O - | Principal Only Security. |
TAC - | Target Amortization Class. |
TBA - | To be Announced. |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2013, the value of these securities amounted to $819,005,711 or 8.6% of net assets. These securities are determined to be liquid by the Advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors. |
(2) | Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2013. |
(3) | Investments issued under Regulation S of the Securities Act of 1933, may not be offered, sold, or delivered within the United States except under special exemptions. At April 30, 2013, the value of these securities amounted to $8,851,716 or 0.1% of net assets. |
(4) | All or a portion of this security is segregated to cover open futures contracts, when-issued, delayed-delivery or forward commitments. (Note 2) |
(5) | Security purchased on a forward commitment with an approximate principal amount. The actual principal amount and maturity date will be determined upon settlement when the security is delivered. |
(6) | A portion of the principal balance has been written-off during the period due to defaults in the underlying loans. |
(7) | Illiquid security. |
(8) | Interest rate for this security is a stated rate. Interest payments are determined based on the inflation-adjusted principal. |
(9) | Rate disclosed, the 7-day net yield, is as of April 30, 2013. |
(10) | Rate shown represents yield-to-maturity. |
See accompanying notes to financial statements.
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Investments by Industry (Unaudited)
Industry | Percentage of Net Assets | |||
Asset-Backed Securities | 5.8 | % | ||
Commercial Mortgage-Backed Securities — Agency | 5.7 | |||
Commercial Mortgage Backed Securities — Non-Agency | 3.8 | |||
Residential Mortgage-Backed Securities — Agency | 37.0 | |||
Residential Mortgage-Backed Securities — Non-Agency | 34.3 | |||
U.S. Government Agency Obligations | 0.8 | |||
U.S. Treasury Securities | 12.8 | |||
Money Market Investments | 1.7 | |||
Short-Term Investments | 6.2 | |||
|
| |||
Total | 108.1 | % | ||
|
|
See accompanying notes to financial statements.
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April 30, 2013 |
TCW Core Fixed Income Fund | TCW Emerging Markets Income Fund | TCW Emerging Markets Local Currency Income Fund | TCW Enhanced Commodity Strategy Fund (1) | |||||||||||||
Dollar Amounts in Thousands (Except per Share Amounts) | ||||||||||||||||
ASSETS | ||||||||||||||||
Investments, at Value (2) | $ | 1,333,580 | $ | 7,726,674 | $ | 486,266 | $ | 3,508 | ||||||||
Foreign Currency, at Value | — | 2,120 | (3) | 528 | (3) | — | ||||||||||
Cash | — | — | — | 30 | ||||||||||||
Receivable for Securities Sold | 2,993 | 67,026 | 18,217 | 30 | ||||||||||||
Receivable for When-Issued Securities | 19,753 | — | — | — | ||||||||||||
Receivable for Fund Shares Sold | 8,636 | 38,449 | 3,566 | — | ||||||||||||
Interest and Dividends Receivable | 4,717 | 106,972 | 8,222 | 16 | ||||||||||||
Receivable from Investment Advisor | — | — | — | 18 | ||||||||||||
Unrealized Appreciation on Open Forward Foreign Currency Contracts | — | — | 154 | — | ||||||||||||
Cash Collateral on Deposit at Broker | — | 8,840 | 2,430 | 166 | ||||||||||||
Open Swap Agreements, at Value | — | — | 59 | 60 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 1,369,679 | 7,950,081 | 519,442 | 3,828 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Distributions Payable | 297 | 8,223 | 129 | — | ||||||||||||
Payable for Securities Purchased | 30,232 | 44,605 | 16,855 | — | ||||||||||||
Payable for When-Issued Securities | 140,741 | 9,600 | — | — | ||||||||||||
Payable for Fund Shares Redeemed | 2,652 | 12,177 | 661 | — | ||||||||||||
Accrued Directors’ Fees and Expenses | 6 | 6 | 6 | 6 | ||||||||||||
Accrued Compliance Expense | 1 | 8 | — | (4) | — | |||||||||||
Accrued Management Fees | 401 | 5,223 | 310 | — | ||||||||||||
Accrued Distribution Fees | 152 | 407 | 44 | — | ||||||||||||
Interest Payable on Swap Agreements | — | 175 | — | — | (4) | |||||||||||
Open Swap Agreements, at Value | — | 3,269 | — | — | ||||||||||||
Unrealized Depreciation on Open Forward Foreign Currency Contracts | — | 2,782 | 827 | — | ||||||||||||
Other Accrued Expenses | 29 | 1,065 | 17 | 1 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 174,511 | 87,540 | 18,849 | 7 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 1,195,168 | $ | 7,862,541 | $ | 500,593 | $ | 3,821 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in Capital | $ | 1,151,222 | $ | 7,556,547 | $ | 484,227 | $ | 4,081 | ||||||||
Accumulated Net Realized Gain (Loss) on Investments, Futures Contracts, Swap Agreements and Foreign Currency | 6,106 | 179,439 | 10,332 | (430 | ) | |||||||||||
Unrealized Appreciation of Investments, Swap Agreements and Foreign Currency | 39,605 | 139,767 | 3,382 | 177 | ||||||||||||
Undistributed (Overdistributed) Net Investment Income | (1,765 | ) | (13,212 | ) | 2,652 | (7 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 1,195,168 | $ | 7,862,541 | $ | 500,593 | $ | 3,821 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS ATTRIBUTABLE TO: | ||||||||||||||||
I Class Share | $ | 498,634 | $ | 6,011,522 | $ | 299,193 | $ | 2,123 | ||||||||
|
|
|
|
|
|
|
| |||||||||
N Class Share | $ | 696,534 | $ | 1,851,019 | $ | 201,400 | $ | 1,698 | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARES OUTSTANDING: (5) | ||||||||||||||||
I Class Share | 44,240,639 | 643,724,646 | 26,896,458 | 262,342 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
N Class Share | 61,815,187 | 153,727,393 | 18,128,347 | 209,759 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSET VALUE PER SHARE: (6) | ||||||||||||||||
I Class Share | $ | 11.27 | $ | 9.34 | $ | 11.12 | $ | 8.09 | ||||||||
|
|
|
|
|
|
|
| |||||||||
N Class Share | $ | 11.27 | $ | 12.04 | $ | 11.11 | $ | 8.10 | ||||||||
|
|
|
|
|
|
|
|
(1) | Consolidated Statement of Assets and Liabilities (See Note 2). |
(2) | The identified cost for the TCW Core Fixed Income Fund, the TCW Emerging Markets Income Fund, the TCW Emerging Markets Local Currency Income Fund and the TCW Enhanced Commodity Strategy Fund at April 30, 2013 was $1,293,975, $7,578,450, $482,302 and $3,391, respectively. |
(3) | The identified cost for the TCW Emerging Markets Income Fund and the TCW Emerging Markets Local Currency Income Fund at April 30, 2013 was $2,129 and $535, respectively. |
(4) | Amount rounds to less than $1. |
(5) | The number of authorized shares with a par value of $0.001 per share, for the TCW Core Fixed Income Fund is 1,667,000,000 for each of the I Class and N Class shares, the TCW Emerging Markets Income Fund is 2,000,000,000 for each of the I Class and N Class shares, the TCW Emerging Markets Local Currency Income Fund is 2,000,000,000 for each of the I Class and N Class shares and the TCW Enhanced Commodity Strategy Fund is 2,000,000,000 for each of the I Class and N Class shares. |
(6) | Represents offering price and redemption price per share. |
See accompanying notes to financial statements.
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Statements of Assets and Liabilities (Unaudited) | April 30, 2013 |
TCW Global Bond Fund | TCW High Yield Bond Fund | TCW Short Term Bond Fund | TCW Total Return Bond Fund | |||||||||||||
Dollar Amounts in Thousands (Except per Share Amounts) | ||||||||||||||||
ASSETS | ||||||||||||||||
Investments, at Value (1) | $ | 23,962 | $ | 51,407 | $ | 14,459 | $ | 10,266,679 | ||||||||
Foreign Currency, at Value | 9 | (2) | — | — | — | |||||||||||
Cash | — | — | — | 183 | ||||||||||||
Receivable for Securities Sold | — | 1,442 | 6 | 36,179 | ||||||||||||
Receivable for When-Issued Securities | 411 | 767 | 99 | 162,550 | ||||||||||||
Receivable for Fund Shares Sold | — | 76 | 10 | 67,897 | ||||||||||||
Dividends Receivable | — | 17 | — | — | ||||||||||||
Interest and Dividends Receivable | 227 | 673 | 40 | 21,442 | ||||||||||||
Receivable from Investment Advisor | — | — | 8 | — | ||||||||||||
Unrealized Appreciation on Open Forward Foreign Currency Contracts | 34 | — | — | — | ||||||||||||
Receivable for Daily Variation Margin on Open Financial Futures Contracts | 1 | 1 | — | — | ||||||||||||
Cash Collateral on Deposit at Broker | 10 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 24,654 | 54,383 | 14,622 | 10,554,930 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Distributions Payable | 5 | 37 | 1 | 9,800 | ||||||||||||
Payable for Securities Purchased | — | 1,121 | 309 | — | ||||||||||||
Payable for When-Issued Securities | 1,525 | 800 | 197 | 1,026,420 | ||||||||||||
Payable for Fund Shares Redeemed | — | 95 | 7 | 14,702 | ||||||||||||
Accrued Directors’ Fees and Expenses | 6 | 6 | 6 | 6 | ||||||||||||
Accrued Compliance Expense | — | (3) | — | (3) | — | (3) | 7 | |||||||||
Accrued Management Fees | 3 | 2 | — | 3,232 | ||||||||||||
Accrued Distribution Fees | 3 | 5 | — | 627 | ||||||||||||
Payable for Daily Variation Margin on Open Financial Futures Contracts | — | — | — | 226 | ||||||||||||
Other Accrued Expenses | 7 | 24 | 17 | 487 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 1,549 | 2,090 | 537 | 1,055,507 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 23,105 | $ | 52,293 | $ | 14,085 | $ | 9,499,423 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in Capital | $ | 21,791 | $ | 51,889 | $ | 21,379 | $ | 8,943,429 | ||||||||
Accumulated Net Realized Gain (Loss) on Investments, Futures Contracts and Foreign Currency | (260 | ) | (987 | ) | (7,401 | ) | 82,272 | |||||||||
Unrealized Appreciation of Investments, Futures Contracts and Foreign Currency | 1,444 | 1,502 | 104 | 622,580 | ||||||||||||
Undistributed (Overdistributed) Net Investment Income | 130 | (111 | ) | 3 | (148,858 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 23,105 | $ | 52,293 | $ | 14,085 | $ | 9,499,423 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS ATTRIBUTABLE TO: | ||||||||||||||||
I Class Share | $ | 11,358 | $ | 30,808 | $ | 14,085 | $ | 6,661,832 | ||||||||
|
|
|
|
|
|
|
| |||||||||
N Class Share | $ | 11,747 | $ | 21,485 | $ | 2,837,591 | ||||||||||
|
|
|
|
|
| |||||||||||
CAPITAL SHARES OUTSTANDING: (4) | ||||||||||||||||
I Class Share | 1,068,042 | 4,748,902 | 1,592,320 | 642,128,351 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
N Class Share | 1,104,645 | 3,285,512 | 264,906,291 | |||||||||||||
|
|
|
|
|
| |||||||||||
NET ASSET VALUE PER SHARE: (5) | ||||||||||||||||
I Class Share | $ | 10.63 | $ | 6.49 | $ | 8.85 | $ | 10.37 | ||||||||
|
|
|
|
|
|
|
| |||||||||
N Class Share | $ | 10.63 | $ | 6.54 | $ | 10.71 | ||||||||||
|
|
|
|
|
|
(1) | The identified cost for the TCW Global Bond Fund, the TCW High Yield Bond Fund, the TCW Short Term Bond Fund and the TCW Total Return Bond Fund at April 30, 2013 was $22,531, $49,884, $14,355 and $9,650,415, respectively. |
(2) | The identified cost for the TCW Global Bond Fund was $9. |
(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 Global Bond Fund is 2,000,000,000 for each of the I class and N class shares, the TCW High Yield Bond Fund is 1,667,000,000 for each of the I Class and N Class shares, the TCW Short Term Bond Fund is 1,666,000,000 for the I Class shares, and the TCW Total Return Bond Fund is 1,666,000,000 for each of the I Class and N Class shares. |
(5) | Represents offering price and redemption price per share. |
See accompanying notes to financial statements.
86
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TCW Funds, Inc.
Six Months Ended April 30, 2013 |
TCW Core Fixed Income Fund | TCW Emerging Markets Income Fund | TCW Emerging Markets Local Currency Income Fund | TCW Enhanced Commodity Strategy Fund (1) | |||||||||||||
Dollar Amounts in Thousands | ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Income: | ||||||||||||||||
Interest | $ | 13,289 | $ | 238,807 | (2) | $ | 11,181 | (2) | $ | 54 | ||||||
|
|
|
|
|
|
|
| |||||||||
Total | 13,289 | 238,807 | 11,181 | 54 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Management Fees | 2,179 | 25,289 | 1,274 | 11 | ||||||||||||
Accounting Services Fees | 46 | 236 | 10 | 12 | ||||||||||||
Administration Fees | 59 | 267 | 14 | 6 | ||||||||||||
Transfer Agent Fees: | ||||||||||||||||
I Class | 39 | 628 | 11 | 7 | ||||||||||||
N Class | 126 | 264 | 12 | 3 | ||||||||||||
Custodian Fees | 41 | 268 | 65 | 10 | ||||||||||||
Professional Fees | 53 | 90 | 24 | 22 | ||||||||||||
Directors’ Fees and Expenses | 12 | 12 | 12 | 12 | ||||||||||||
Registration Fees: | ||||||||||||||||
I Class | 21 | 96 | 10 | 3 | ||||||||||||
N Class | 28 | 42 | 9 | 3 | ||||||||||||
Distribution Fees: | ||||||||||||||||
N Class | 738 | 1,955 | 169 | 2 | ||||||||||||
Compliance Expense | 4 | 40 | 2 | — | (3) | |||||||||||
Shareholder Reporting Expense | 4 | 21 | 1 | 2 | ||||||||||||
Other | 47 | 251 | 13 | 5 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | 3,397 | 29,459 | 1,626 | 98 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less expenses waived/reimbursed | — | — | — | 68 | ||||||||||||
Less Expenses Borne by Investment Advisor: | ||||||||||||||||
I Class | 78 | — | — | 7 | ||||||||||||
N Class | 14 | — | 84 | 9 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 3,305 | 29,459 | 1,542 | 14 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income | 9,984 | 209,348 | 9,639 | 40 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||
Investments | 4,627 | 152,738 | 11,292 | (4) | 11 | |||||||||||
Foreign Currency | — | (1,409 | ) | (515 | ) | — | ||||||||||
Futures Contracts | 253 | — | — | — | ||||||||||||
Swap Agreements | — | (7,818 | ) | — | (399 | ) | ||||||||||
Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
Investments | (354 | ) | (7,194 | ) | 3,346 | 21 | ||||||||||
Foreign Currency | — | (1,716 | ) | (115 | ) | — | ||||||||||
Futures Contracts | (92 | ) | — | — | — | |||||||||||
Swap Agreements | — | 4,827 | 59 | 160 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 4,434 | 139,428 | 14,067 | (207 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 14,418 | $ | 348,776 | $ | 23,706 | $ | (167 | ) | |||||||
|
|
|
|
|
|
|
|
(1) | Consolidated Statement of Operations (See Note 2). |
(2) | Net of foreign taxes withheld. Total amounts withheld for the TCW Emerging Markets Income Fund and the TCW Emerging Markets Local Currency Income Fund were $963 and $141, respectively. |
(3) | Amount rounds to less than $1. |
(4) | Net of capital gain withholding taxes for the TCW Emerging Markets Local Currency Income Fund of $73. |
See accompanying notes to financial statements.
87
Table of Contents
TCW Funds, Inc.
Statements of Operations (Unaudited) | Six Months Ended April 30, 2013 |
TCW Global Bond Fund | TCW High Yield Bond Fund | TCW Short Term Bond Fund | TCW Total Return Bond Fund | |||||||||||||
Dollar Amounts in Thousands | ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Income: | ||||||||||||||||
Interest | $ | 524 | (1) | $ | 1,550 | $ | 106 | $ | 129,988 | |||||||
|
|
|
|
|
|
|
| |||||||||
Total | 524 | 1,550 | 106 | 129,988 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Management Fees | 63 | 145 | 24 | 21,972 | ||||||||||||
Accounting Services Fees | 2 | 23 | 1 | 352 | ||||||||||||
Administration Fees | 5 | 7 | 4 | 414 | ||||||||||||
Transfer Agent Fees: | ||||||||||||||||
I Class | 3 | 8 | 4 | 718 | ||||||||||||
N Class | 3 | 10 | — | 339 | ||||||||||||
Custodian Fees | 23 | 16 | 12 | 84 | ||||||||||||
Professional Fees | 18 | 18 | 26 | 200 | ||||||||||||
Directors’ Fees and Expenses | 12 | 11 | 12 | 12 | ||||||||||||
Registration Fees: | ||||||||||||||||
I Class | 10 | 8 | 5 | 116 | ||||||||||||
N Class | 10 | 8 | — | 59 | ||||||||||||
Distribution Fees: | ||||||||||||||||
N Class | 14 | 26 | — | 3,190 | ||||||||||||
Compliance Expense | — | (2) | — | (2) | — | (2) | 39 | |||||||||
Shareholder Reporting Expense | 3 | 1 | — | (2) | 27 | |||||||||||
Other | 5 | 6 | 3 | 348 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | 171 | 287 | 91 | 27,870 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less Expenses Borne by Investment Advisor: | ||||||||||||||||
I Class | 13 | 38 | 61 | 3,736 | ||||||||||||
N Class | 27 | 42 | — | 1,145 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 131 | 207 | 30 | 22,989 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income | 393 | 1,343 | 76 | 106,999 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||
Net Realized Gain on: | ||||||||||||||||
Investments | 271 | 819 | 27 | 64,466 | ||||||||||||
Foreign Currency | (475 | ) | — | — | — | |||||||||||
Futures Contracts | (7 | ) | 35 | — | — | |||||||||||
Change in Unrealized (Depreciation) on: | ||||||||||||||||
Investments | (1 | ) | 741 | (44 | ) | 129,830 | ||||||||||
Foreign Currency | 64 | — | (2) | — | — | |||||||||||
Futures Contracts | (17 | ) | (25 | ) | — | 6,316 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions | (165 | ) | 1,570 | (17 | ) | 200,612 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 228 | $ | 2,913 | $ | 59 | $ | 307,611 | ||||||||
|
|
|
|
|
|
|
|
(1) | Net of foreign taxes withheld. Total amount withheld for the TCW Global Bond Fund was $3. |
(2) | Amount rounds to less than $1. |
See accompanying notes to financial statements.
88
Table of Contents
TCW Funds, Inc.
Statements of Changes in Net Assets
TCW Core Fixed Income Fund | TCW Emerging Markets Income Fund | |||||||||||||||
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | |||||||||||||
Dollar Amounts in Thousands | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income | $ | 9,984 | $ | 16,304 | $ | 209,348 | $ | 280,345 | ||||||||
Net Realized Gain on Investments, Futures Contracts, Swap Agreements and Foreign Currency Transactions | 4,880 | 15,424 | 143,511 | 132,228 | ||||||||||||
Change in Unrealized Appreciation on Investments, Futures Contracts, Swap Agreements and Foreign Currency Transactions | (446 | ) | 27,771 | (4,083 | ) | 212,587 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase in Net Assets Resulting from Operations | 14,418 | 59,499 | 348,776 | 625,160 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Distributions from Net Investment Income: | ||||||||||||||||
I Class | (4,912 | ) | (10,325 | ) | (153,975 | ) | (175,046 | ) | ||||||||
N Class | (5,204 | ) | (8,904 | ) | (44,394 | ) | (53,617 | ) | ||||||||
Distributions from Net Realized Gain: | ||||||||||||||||
I Class | (5,117 | ) | (2,577 | ) | (107,888 | ) | — | |||||||||
N Class | (5,672 | ) | (2,197 | ) | (25,351 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Distributions to Shareholders | (20,905 | ) | (24,003 | ) | (331,608 | ) | (228,663 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
I Class | 538 | 218,937 | 1,780,036 | 2,054,179 | ||||||||||||
N Class | 168,734 | 305,702 | 555,819 | 221,395 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase in Net Assets Resulting from Net Capital Shares Transactions | 169,272 | 524,639 | 2,335,855 | 2,275,574 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase in Net Assets | 162,785 | 560,135 | 2,353,023 | 2,672,071 | ||||||||||||
NET ASSETS | ||||||||||||||||
Beginning of Period | 1,032,383 | 472,248 | 5,509,518 | 2,837,447 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 1,195,168 | $ | 1,032,383 | $ | 7,862,541 | $ | 5,509,518 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Overdistributed Net Investment Income | $ | (1,765 | ) | $ | (1,633 | ) | $ | (13,212 | ) | $ | (24,191 | ) |
See accompanying notes to financial statements.
89
Table of Contents
TCW Funds, Inc.
Statements of Changes in Net Assets
TCW Emerging Markets Local Currency Income Fund | TCW Enhanced Commodity Strategy Fund (1) | |||||||||||||||
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | |||||||||||||
Dollar Amounts in Thousands | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income | $ | 9,639 | $ | 11,142 | $ | 40 | $ | 79 | ||||||||
Net Realized Gain (Loss) on Investments, Swap Agreements and Foreign Currency Transactions | 10,777 | (7,959 | ) | (388 | ) | 32 | ||||||||||
Change in Unrealized Appreciation on Investments, Swap Agreements and Foreign Currency Transactions | 3,290 | 9,782 | 181 | (110 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets Resulting from Operations | 23,706 | 12,965 | (167 | ) | 1 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Distributions from Net Investment Income: | ||||||||||||||||
I Class | (3,883 | ) | (1,716 | ) | (22 | ) | (49 | ) | ||||||||
N Class | (2,582 | ) | (1,223 | ) | (17 | ) | (36 | ) | ||||||||
Distributions from Return of Capital: | ||||||||||||||||
I Class | — | (611 | ) | — | — | |||||||||||
N Class | — | (455 | ) | — | — | |||||||||||
Distributions from Net Realized Gain: | ||||||||||||||||
I Class | — | — | (12 | ) | (5 | ) | ||||||||||
N Class | — | — | (9 | ) | (3 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Distributions to Shareholders | (6,465 | ) | (4,005 | ) | (60 | ) | (93 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
I Class | 166,642 | 17,376 | 32 | (367 | ) | |||||||||||
N Class | 105,104 | 17,181 | 25 | 39 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions | 271,746 | 34,557 | 57 | (328 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 288,987 | 43,517 | (170 | ) | (420 | ) | ||||||||||
NET ASSETS | ||||||||||||||||
Beginning of Period | 211,606 | 168,089 | 3,991 | 4,411 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 500,593 | $ | 211,606 | $ | 3,821 | $ | 3,991 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed (Overdistributed) Net Investment Income | $ | 2,652 | $ | (522 | ) | $ | (7 | ) | $ | (8 | ) |
(1) | Consolidated Statement of Changes in Net Assets (See Note 2). |
See accompanying notes to financial statements.
90
Table of Contents
TCW Funds, Inc.
Statements of Changes in Net Assets
TCW Global Bond Fund | TCW High Yield Bond Fund | |||||||||||||||
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 (1) | Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | |||||||||||||
Dollar Amounts in Thousands | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income | $ | 393 | $ | 564 | $ | 1,343 | $ | 3,014 | ||||||||
Net Realized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions | (211 | ) | 687 | 854 | (1,661 | ) | ||||||||||
Change in Unrealized Appreciation on Investments, Futures Contracts and Foreign Currency Transactions | 46 | 1,398 | 716 | 4,860 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase in Net Assets Resulting from Operations | 228 | 2,649 | 2,913 | 6,213 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Distributions from Net Investment Income: | ||||||||||||||||
I Class | (144 | ) | (303 | ) | (859 | ) | (2,306 | ) | ||||||||
N Class | (150 | ) | (298 | ) | (528 | ) | (1,012 | ) | ||||||||
Distributions from Net Realized Gain: | ||||||||||||||||
I Class | (323 | ) | — | — | (129 | ) | ||||||||||
N Class | (332 | ) | — | — | (44 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Distributions to Shareholders | (949 | ) | (601 | ) | (1,387 | ) | (3,491 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
I Class | 460 | 10,212 | (5,145 | ) | (6,523 | ) | ||||||||||
N Class | 511 | 10,595 | 408 | 5,150 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions | 971 | 20,807 | (4,737 | ) | (1,373 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 250 | 22,855 | (3,211 | ) | 1,349 | |||||||||||
NET ASSETS | ||||||||||||||||
Beginning of Period | 22,855 | — | 55,504 | 54,155 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 23,105 | $ | 22,855 | $ | 52,293 | $ | 55,504 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed (Overdistributed) Net Investment Income | $ | 130 | $ | 31 | $ | (111 | ) | $ | (67 | ) |
(1) | For the period December 15, 2011 (Commencement of Operations) through October 31, 2012. |
See accompanying notes to financial statements.
91
Table of Contents
TCW Funds, Inc.
Statements of Changes in Net Assets
TCW Short Term Bond Fund | TCW Total Return Bond Fund | |||||||||||||||
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | |||||||||||||
Dollar Amounts in Thousands | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income | $ | 76 | $ | 119 | $ | 106,999 | $ | 312,806 | ||||||||
Net Realized Gain (Loss) on Investments | 27 | (10 | ) | 64,466 | 55,733 | |||||||||||
Change in Unrealized Appreciation on Investments and Futures Contracts | (44 | ) | 134 | 136,146 | 358,013 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase in Net Assets Resulting from Operations | 59 | 243 | 307,611 | 726,552 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Distributions from Net Investment Income: | ||||||||||||||||
I Class | (61 | ) | (152 | ) | (154,898 | ) | (260,733 | ) | ||||||||
N Class | — | — | (61,589 | ) | (121,613 | ) | ||||||||||
Distributions from Return of Capital: | ||||||||||||||||
I Class | — | (11 | ) | — | — | |||||||||||
Distributions from Net Realized Gain: | ||||||||||||||||
I Class | — | — | — | (7,949 | ) | |||||||||||
N Class | — | — | — | (4,006 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Distributions to Shareholders | (61 | ) | (163 | ) | (216,487 | ) | (394,301 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
I Class | 1,273 | 5,860 | 758,894 | 2,349,441 | ||||||||||||
N Class | — | — | 469,418 | 160,588 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase in Net Assets Resulting from Net Capital Shares Transactions | 1,273 | 5,860 | 1,228,312 | 2,510,029 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase in Net Assets | 1,271 | 5,940 | 1,319,436 | 2,842,280 | ||||||||||||
NET ASSETS | ||||||||||||||||
Beginning of Period | 12,814 | 6,874 | 8,179,987 | 5,337,707 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of Period | $ | 14,085 | $ | 12,814 | $ | 9,499,423 | $ | 8,179,987 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed (Overdistributed) Net Investment Income | $ | 3 | $ | (12 | ) | $ | (148,858 | ) | $ | (39,370 | ) |
See accompanying notes to financial statements.
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TCW Funds, Inc.
April 30, 2013 |
Note 1 — Organization
TCW Funds, Inc., a Maryland corporation (the “Company”), is an open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), that currently offers 20 no-load mutual funds (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 8 Fixed Income Funds that are covered in this report:
TCW Fund | Focus | |
Diversified Fixed Income Funds | ||
TCW Core Fixed Income Fund | Seeks to maximize current income and achieve above average total return consistent with prudent investment management over a full market cycle by investing in fixed income securities. | |
TCW Emerging Markets Income Fund | Seeks high total return from current income and capital appreciation by investing in debt securities issued by emerging market country governments, their agencies or instrumentalities, or emerging market private corporate issuers. | |
TCW High Yield Bond Fund | Seeks to maximize current income and achieve above average total return consistent with reasonable risk over a full market cycle by investing in high yield bonds, commonly known as “junk” bonds as well as investing in certain mortgage-backed and asset-backed securities. | |
TCW Short Term Bond Fund | Seeks to maximize income by investing at least 80% of its net assets in a diversified portfolio of debt securities of varying maturities including bonds, notes and other similar fixed income instruments issued by government or private sector issuers. | |
TCW Total Return Bond Fund | Seeks to maximize current income and achieve above average total return consistent with prudent investment management over a full market cycle by investing at least 80% of its net assets in debt securities. At least 50% of its net assets will be invested in mortgage-backed securities guaranteed by, or secured by collateral which is guaranteed by, the United States Government, its agencies, instrumentalities or its sponsored corporations; or privately issued mortgage-backed securities rated Aa3 or higher by Moody’s or AA- or higher by S&P; or other obligations of the United States Governments, its agencies, instrumentalities or sponsored corporations; or money market instruments. |
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Notes to Financial Statements (Unaudited) (Continued) |
Note 1 — Organization (Continued)
TCW Fund | Focus | |
Non-Diversified Fixed Income Funds | ||
TCW Emerging Markets Local Currency Income Fund | Seeks high total return from current income and capital appreciation by investing primarily in debt securities issued by emerging market country governments, their agencies or instrumentalities or emerging market private issuers denominated in local currency of various emerging market countries. | |
TCW Enhanced Commodity Strategy Fund | Seeks total return which exceeds that of its commodity benchmark by investing in commodity linked derivative instruments backed by a portfolio of fixed income instruments. | |
TCW Global Bond Fund | Seeks total return by investing in at least 80% of its net assets in debt securities of government and corporate issuers. The Fund invests in corporate debt securities of issuers in a number of countries, which may include the United States. The Fund also invests in securities of issuers located in developed and emerging market countries. The Fund may invest across all fixed income sectors, including U.S and non-U.S. government securities. |
All Funds, except for the TCW Short Term Bond Fund, offer two classes of shares: I Class and N Class. The TCW Short Term Bond Fund offers only the I Class shares. The classes are substantially the same except that the N Class shares are subject to a distribution fee (see Note 6).
Note 2 — Significant Accounting Policies
The following is a summary of significant accounting policies, which are in conformity with accounting principles generally accepted in the United States of America and which are consistently followed by the Funds in the preparation of their financial statements.
Principles of Accounting: The Funds use the accrual method of accounting for financial reporting purposes.
Principles of Consolidation: The TCW Enhanced Commodity Strategy Fund seeks to gain exposure to the commodity markets, in whole or in part, through investments in the TCW Cayman Enhanced Commodity Fund, Ltd. (the “Subsidiary”), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands with the same objective and investment policies and restrictions as the Fund. The Fund may invest up to 25% of its total assets in the Subsidiary. The net assets of the Subsidiary at April 30, 2013 were $457 (in thousands) or 11.97% of the Fund’s consolidated net assets. The accompanying consolidated financial statements include the accounts of the Subsidiary. Intercompany balances and transactions have been eliminated in consolidation.
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 the class/Fund on each business day as of 1:00 p.m. Pacific Standard/Daylight Time.
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April 30, 2013 |
Note 2 — Significant Accounting Policies (Continued)
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. All other securities for which over-the-counter market quotations are readily available are valued at the price as furnished by independent pricing services or by dealer quotations. Exchange traded options are valued at the last sale price, or if no sales are reported, the last bid price for purchased options and the last ask price for written options, swaps and futures. OTC options are valued using dealer quotations.
The value of short-term debt securities held in the Funds with remaining maturities of 60 days or less at the time of purchase is determined by using the amortized cost method applied to each individual security which approximates market value. Other short-term debt securities are valued on 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 on the 61st day prior to maturity.
Securities for which market quotations are not readily available, including circumstances under which the prices received are not reflective of a security’s market value, are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Company Board of Directors.
Fair value is defined as the price that a fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. In accordance with the authoritative guidance on fair value measurements and disclosures under the accounting principles generally accepted in the United States of America (“GAAP”), the Fund discloses 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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Notes to Financial Statements (Unaudited) (Continued) |
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:
Asset-backed securities and mortgage-backed securities. The fair value of asset-backed securities and mortgage-backed securities is estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche including, but not limited to, the prepayment speed assumptions and attributes of the collateral. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy, otherwise they would be categorized as Level 3.
Bank loans. The fair value of bank loans is estimated using recently executed transactions, market price quotations, credit/market events, and cross-asset pricing. Inputs are generally observable and are obtained from independent sources. Bank loans are generally categorized in Level 2 of the fair value hierarchy, unless key inputs are unobservable, which are then in Level 3.
Corporate bonds. The fair value of corporate bonds is estimated using recently executed transactions, market price quotations (where observable), bond spreads, or credit default swap spreads adjusted for any basis difference between cash and derivative instruments. Corporate bonds are generally categorized in Level 2 of the fair value hierarchy; in instances where prices, spreads, or any of the other aforementioned key inputs are unobservable, they are categorized in Level 3 of the hierarchy.
Credit default swaps. Credit default swaps are fair valued using pricing models that take into account among other factors, index spread curves, nominal values, modified duration values and cash flows. To the extent that these inputs are observable and timely, the fair values of credit default swaps would be categorized as Level 2; otherwise, the fair values would be categorized as Level 3.
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
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April 30, 2013 |
Note 2 — Significant Accounting Policies (Continued)
correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets and 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.
Futures contracts. Futures contracts are generally valued at the settlement price established at the close of business each day by the exchange on which they are traded. The value of each of the Fund’s futures contracts is marked daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. As such they are categorized as Level 1.
Interest rate swaps. Interest rate swaps are fair valued using pricing models that are based on real-time intraday snap shots of relevant interest rate curves that are built using the most actively traded securities for a given maturity. The pricing models also incorporate cash and money market rates. In addition, market data pertaining to interest rate swaps are monitored regularly to ensure that interest rates are properly depicting the current market rate. To the extent that these inputs are observable and timely, the fair values of interest rate swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Money market funds. Money Market funds are open-ended mutual funds that invest in short-term debt securities. To the extent that these funds are valued based upon the reported net asset value, they are categorized in Level 1 of the fair value hierarchy.
Municipal bonds. Municipal bonds are fair valued based on pricing models that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid wants lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves, and bond insurance. To the extent that these inputs are observable and timely, the fair values of municipal bonds would be categorized 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 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.
Total return swaps. Total return swaps are fair valued using pricing models that take into account among other factors, index spread curves, nominal values, modified duration values and cash flows. To the extent that these inputs are observable and timely, the fair values of the total return swaps would be categorized as Level 2; otherwise, the fair values would be categorized as Level 3.
U.S. government and agency securities. U.S. government and agency securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. Accordingly, U.S. government and agency securities are normally categorized in Level 1 or 2 of the fair value hierarchy depending on the liquidity and transparency of the market.
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Notes to Financial Statements (Unaudited) (Continued) |
Note 2 — Significant Accounting Policies (Continued)
The following is a summary of the inputs used as of April 30, 2013 in valuing the TCW Funds:
TCW Core Fixed Income Fund
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
Fixed Income Securities | ||||||||||||||||
Corporate Bonds* | $ | — | $ | 271,199,874 | $ | — | $ | 271,199,874 | ||||||||
Municipal Bonds | — | 22,902,110 | — | 22,902,110 | ||||||||||||
Foreign Government Bonds | — | 481,084 | — | 481,084 | ||||||||||||
Asset-Backed Securities | — | 54,204,808 | — | 54,204,808 | ||||||||||||
Commercial Mortgage-Backed Securities — Agency | — | 55,134,125 | — | 55,134,125 | ||||||||||||
Commercial Mortgage-Backed Securities — Non-Agency | — | 79,571,298 | — | 79,571,298 | ||||||||||||
Residential Mortgage-Backed Securities — Agency | — | 325,806,827 | — | 325,806,827 | ||||||||||||
Residential Mortgage-Backed Securities — Non-Agency | — | 95,633,953 | — | 95,633,953 | ||||||||||||
U.S. Government Agency Obligations | — | 75,594,749 | — | 75,594,749 | ||||||||||||
U.S. Treasury Securities | 246,555,423 | — | — | 246,555,423 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Fixed Income Securities | 246,555,423 | 980,528,828 | — | 1,227,084,251 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Money Market Investments | 22,514,000 | — | — | 22,514,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investments* | — | 83,981,786 | — | 83,981,786 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 269,069,423 | $ | 1,064,510,614 | $ | — | $ | 1,333,580,037 | ||||||||
|
|
|
|
|
|
|
|
* | See Schedule of Investments for corresponding industries. |
TCW Emerging Markets Income Fund
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
Fixed Income Securities | ||||||||||||||||
Auto Manufacturers | $ | — | $ | 57,505,000 | $ | — | $ | 57,505,000 | ||||||||
Banks | — | 1,613,719,996 | — | 1,613,719,996 | ||||||||||||
Building Materials | — | 161,931,250 | — | 161,931,250 | ||||||||||||
Chemicals | — | 59,867,600 | — | 59,867,600 | ||||||||||||
Coal | — | 49,430,062 | — | 49,430,062 | ||||||||||||
Commercial Services | — | 121,961,250 | — | 121,961,250 | ||||||||||||
Diversified Financial Services | — | 281,790,959 | — | 281,790,959 | ||||||||||||
Electric | — | 559,457,659 | — | 559,457,659 | ||||||||||||
Energy-Alternate Sources | — | 40,503,863 | — | 40,503,863 | ||||||||||||
Food | — | 226,088,257 | — | 226,088,257 | ||||||||||||
Foreign Government Bonds | — | 2,153,776,409 | — | 2,153,776,409 | ||||||||||||
Holding Companies - Diversified | — | 76,348,125 | — | 76,348,125 | ||||||||||||
Home Builders | — | 29,370,000 | — | 29,370,000 | ||||||||||||
Internet | — | 28,046,581 | — | 28,046,581 | ||||||||||||
Iron & Steel | — | 151,226,000 | — | 151,226,000 | ||||||||||||
Mining | — | 291,957,750 | — | 291,957,750 | ||||||||||||
Municipal Bonds | — | 78,384,000 | — | 78,384,000 |
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April 30, 2013 |
Note 2 — Significant Accounting Policies (Continued)
TCW Emerging Markets Income Fund (Continued)
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
Oil & Gas | $ | — | $ | 688,246,750 | $ | — | $ | 688,246,750 | ||||||||
Oil & Gas Services | — | 80,700,000 | — | 80,700,000 | ||||||||||||
Real Estate | — | 134,856,500 | — | 134,856,500 | ||||||||||||
Telecommunications | — | 81,400,000 | — | 81,400,000 | ||||||||||||
Transportation | — | 98,534,250 | — | 98,534,250 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Fixed Income Securities | — | 7,065,102,261 | — | 7,065,102,261 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Equity Securities | ||||||||||||||||
Diversified Financial Services | — | * | — | — | — | * | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Equity Securities | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investments** | — | 661,571,507 | — | 661,571,507 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | — | $ | 7,726,673,768 | $ | — | $ | 7,726,673,768 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liability Derivatives | ||||||||||||||||
Forward Currency Contracts | ||||||||||||||||
Forward Currency Risk | $ | — | $ | (2,782,010 | ) | $ | — | $ | (2,782,010 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Swap Agreements | ||||||||||||||||
Credit Risk | — | (3,269,350 | ) | — | (3,269,350 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | — | $ | (6,051,360 | ) | $ | — | $ | (6,051,360 | ) | ||||||
|
|
|
|
|
|
|
|
* | Amount Rounds to less than $1. |
** | See Schedule of Investments for corresponding industries. |
TCW Emerging Markets Local Currency Income Fund
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
Fixed Income Securities | ||||||||||||||||
Banks | $ | — | $ | 20,768,499 | $ | — | $ | 20,768,499 | ||||||||
Electric | — | 16,215,991 | — | 16,215,991 | ||||||||||||
Foreign Government Bonds | — | 392,575,550 | — | 392,575,550 | ||||||||||||
Oil & Gas | — | 6,761,250 | — | 6,761,250 | ||||||||||||
Real Estate | — | 13,060,517 | — | 13,060,517 | ||||||||||||
Telecommunications | — | 5,178,573 | — | 5,178,573 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Fixed Income Securities | — | 454,560,380 | — | 454,560,380 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short-Term Investments* | — | 31,705,034 | — | 31,705,034 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | — | 486,265,414 | — | 486,265,414 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Asset Derivatives | ||||||||||||||||
Forward Currency Contracts | ||||||||||||||||
Foreign Currency Risk | — | 154,364 | — | 154,364 | ||||||||||||
Swaps Agreements | ||||||||||||||||
Interest Rate Risk | — | 59,077 | — | 59,077 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | — | $ | 486,478,855 | $ | — | $ | 486,478,855 | ||||||||
|
|
|
|
|
|
|
|
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TCW Funds, Inc.
Notes to Financial Statements (Unaudited) (Continued) |
Note 2 — Significant Accounting Policies (Continued)
TCW Emerging Markets Local Currency Income Fund (Continued)
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
Liability Derivatives | ||||||||||||||||
Forward Currency Contracts | ||||||||||||||||
Foreign Currency Risk | $ | — | $ | (827,694 | ) | $ | — | $ | (827,694 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | — | $ | (827,694 | ) | $ | — | $ | (827,694 | ) | ||||||
|
|
|
|
|
|
|
|
* | See Schedule of Investments for corresponding industries. |
TCW Enhanced Commodity Strategy Fund
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
Fixed Income Securities | ||||||||||||||||
Asset-Backed Securities | $ | — | $ | 57,504 | $ | — | $ | 57,504 | ||||||||
Commercial Mortgage-Backed Securities —Non-Agency | — | 358,180 | — | 358,180 | ||||||||||||
Residential Mortgage-Backed Securities — Agency | — | 171,813 | — | 171,813 | ||||||||||||
Residential Mortgage-Backed Securities — Non-Agency | — | 801,714 | — | 801,714 | ||||||||||||
Corporate Bonds* | — | 1,216,837 | — | 1,216,837 | ||||||||||||
Municipal Bond | — | 78,999 | — | 78,999 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Fixed Income Securities | — | 2,685,047 | — | 2,685,047 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Money Market Investments | 58,500 | — | — | 58,500 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investments* | — | 764,006 | — | 764,006 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 58,500 | 3,449,053 | — | 3,507,553 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Asset Derivatives | ||||||||||||||||
Swaps Agreements | ||||||||||||||||
Commodity Risk | — | 60,315 | — | 60,315 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 58,500 | $ | 3,509,368 | $ | — | $ | 3,567,868 | ||||||||
|
|
|
|
|
|
|
|
* | See Schedule of Investments for corresponding industries. |
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Note 2 — Significant Accounting Policies (Continued)
TCW Global Bond Fund
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
Fixed Income Securities | ||||||||||||||||
Corporate Bonds* | $ | — | $ | 6,596,734 | $ | — | $ | 6,596,734 | ||||||||
Foreign Government Bonds | — | 8,232,279 | — | 8,232,279 | ||||||||||||
Asset-Backed Securities | — | 939,870 | — | 939,870 | ||||||||||||
Commercial Mortgage-Backed Securities — Non-Agency | — | 443,590 | — | 443,590 | ||||||||||||
Residential Mortgage-Backed Securities — Agency | — | 3,310,863 | — | 3,310,863 | ||||||||||||
Residential Mortgage-Backed Securities — Non-Agency | — | 2,028,667 | — | 2,028,667 | ||||||||||||
U.S. Treasury Securities | 1,340,014 | — | — | 1,340,014 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Fixed Income Securities | 1,340,014 | 21,552,003 | — | 22,892,017 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Money Market Investments | 460,000 | — | — | 460,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investments* | 34,994 | 574,877 | — | 609,871 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 1,835,008 | 22,126,880 | — | 23,961,888 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Asset Derivatives | ||||||||||||||||
Forward Currency Contracts | ||||||||||||||||
Foreign Currency Risk | — | 33,902 | — | 33,902 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 1,835,008 | $ | 22,160,782 | $ | — | $ | 23,995,790 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liability Derivatives | ||||||||||||||||
Futures | ||||||||||||||||
Interest Rate Risk | $ | (21,658 | ) | $ | — | $ | — | $ | (21,658 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | (21,658 | ) | $ | — | $ | — | $ | (21,658 | ) | ||||||
|
|
|
|
|
|
|
|
* | See Schedule of Investments for corresponding industries. |
TCW High Yield Bond Fund
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
Fixed Income Securities | ||||||||||||||||
Bank Loans* | $ | — | $ | 3,595,868 | $ | — | $ | 3,595,868 | ||||||||
Corporate Bonds* | — | 44,115,987 | 12,500 | 44,128,487 | ||||||||||||
Asset-Backed Securities | — | 1,354,613 | — | 1,354,613 | ||||||||||||
U.S. Treasury Security | 128,645 | — | — | 128,645 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Fixed Income Securities | 128,645 | 49,066,468 | 12,500 | 49,207,613 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Equity Securities | ||||||||||||||||
Common Stock* | 286,092 | — | — | 286,092 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Equity Securities | 286,092 | — | — | 286,092 | ||||||||||||
|
|
|
|
|
|
|
|
101
Table of Contents
TCW Funds, Inc.
Notes to Financial Statements (Unaudited) (Continued) |
Note 2 — Significant Accounting Policies (Continued)
TCW High Yield Bond Fund (Continued)
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
Money Market Investments | $ | 446,000 | $ | — | $ | — | $ | 446,000 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investments* | 14,998 | 1,452,478 | — | 1,467,476 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 875,735 | $ | 50,518,946 | $ | 12,500 | $ | 51,407,181 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liability Derivatives | ||||||||||||||||
Futures | ||||||||||||||||
Interest Rate Risk | $ | (20,931 | ) | $ | — | $ | — | $ | (20,931 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Derivatives | $ | (20,931 | ) | $ | — | $ | — | $ | (20,931 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 854,804 | $ | 50,518,946 | $ | 12,500 | $ | 51,386,250 | ||||||||
|
|
|
|
|
|
|
|
* | See Schedule of Investments for corresponding industries. |
TCW Short Term Bond Fund
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
Fixed Income Securities | ||||||||||||||||
Commercial Mortgage-Backed Securities — Agency | $ | — | $ | 289,905 | $ | — | $ | 289,905 | ||||||||
Commercial Mortgage-Backed Securities — Non-Agency | — | 1,248,555 | — | 1,248,555 | ||||||||||||
Residential Mortgage-Backed | — | 2,983,662 | — | 2,983,662 | ||||||||||||
Residential Mortgage-Backed | — | 498,985 | — | 498,985 | ||||||||||||
Corporate Bonds* | — | 2,155,181 | — | 2,155,181 | ||||||||||||
Municipal Bonds | — | 296,504 | — | 296,504 | ||||||||||||
U.S. Government Agency Obligations | — | 1,295,705 | — | 1,295,705 | ||||||||||||
U.S. Treasury Securities | 2,221,308 | — | — | 2,221,308 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Fixed Income Securities | 2,221,308 | 8,768,497 | — | 10,989,805 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Money Market Investments | 21,000 | — | — | 21,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investments* | — | 3,448,077 | — | 3,448,077 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 2,242,308 | $ | 12,216,574 | $ | — | $ | 14,458,882 | ||||||||
|
|
|
|
|
|
|
|
* | See Schedule of Investments for corresponding industries. |
102
Table of Contents
TCW Funds, Inc.
April 30, 2013 |
Note 2 — Significant Accounting Policies (Continued)
TCW Total Return Bond Fund
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
Fixed Income Securities | ||||||||||||||||
Asset-Backed Securities | $ | — | $ | 554,425,637 | $ | — | $ | 554,425,637 | ||||||||
Commercial Mortgage-Backed Securities — Agency | — | 541,737,753 | — | 541,737,753 | ||||||||||||
Commercial Mortgage-Backed Securities — Non-Agency | — | 364,366,623 | — | 364,366,623 | ||||||||||||
Residential Mortgage-Backed Securities — Agency | — | 3,516,198,779 | — | 3,516,198,779 | ||||||||||||
Residential Mortgage-Backed Securities — Non-Agency | — | 3,238,380,099 | 14,800,417 | 3,253,180,516 | ||||||||||||
U.S. Government Agency Obligations | — | 73,262,397 | — | 73,262,397 | ||||||||||||
U.S. Treasury Securities | 1,219,755,467 | — | — | 1,219,755,467 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Fixed Income Securities | 1,219,755,467 | 8,288,371,288 | 14,800,417 | 9,522,927,172 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Money Market Investments | 158,151,000 | — | — | 158,151,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investments* | 4,189,718 | 581,411,225 | — | 585,600,943 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 1,382,096,185 | 8,869,782,513 | 14,800,417 | 10,266,679,115 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Asset Derivatives | ||||||||||||||||
Futures | ||||||||||||||||
Interest Rate Risk | 6,315,680 | — | — | 6,315,680 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Derivatives | 6,315,680 | — | — | 6,315,680 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 1,388,411,865 | $ | 8,869,782,513 | $ | 14,800,417 | $ | 10,272,994,795 | ||||||||
|
|
|
|
|
|
|
|
* | See Schedule of Investments for corresponding industries. |
The Funds did not have any transfers in and out of Level 1 and Level 2 of the fair value hierarchy during the six months ended April 30, 2013.
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:
Investments in | Balance as of October 31, 2012 | Accrued Discounts (Premiums) | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Purchases | Sales | Transfers in to Level 3* | Transfers out of Level 3* | Balance as of April 30, 2013 | Change in Unrealized Appreciation (Depreciation) from Investments Still Held at April 30, 2013 | ||||||||||||||||||||||||||||||
TCW High Yield Bond Fund | ||||||||||||||||||||||||||||||||||||||||
Corporate Bonds | $ | — | $ | — | $ | — | $ | (12,500) | $ | — | $ | — | $ | 25,000 | ** | $ | — | $ | 12,500 | $ | (12,500) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | (12,500) | $ | — | $ | — | $ | 25,000 | $ | — | $ | 12,500 | $ | (12,500) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
TCW Total Return Bond Fund | ||||||||||||||||||||||||||||||||||||||||
Securities — Non-Agency | $ | 15,178,888 | $ | (925,313) | $ | — | $ | 463,713 | $ | — | $ | — | $ | 83,129 | ** | $ | — | $ | 14,800,417 | $ | 463,713 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 15,178,888 | $ | (925,313) | $ | — | $ | 463,713 | $ | — | $ | — | $ | 83,219 | $ | — | $ | 14,800,417 | $ | 463,713 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Financial assets transferred between Level 2 and Level 3 were due to a change in observable and/or unobservable inputs. |
** | The Fund(s) recognize transfers in and transfers out at the beginning of the period. |
103
Table of Contents
TCW Funds, Inc.
Notes to Financial Statements (Unaudited) (Continued) |
Note 2 — Significant Accounting Policies (Continued)
Level 3 Valuation Process: Investments classified within Level 3 of the fair value hierarchy may be fair valued by the Advisor with consent by the Company’s Pricing Committee in accordance with procedures approved by the Board of Directors, and under the general oversight of the Board of Directors. The Company’s Pricing Committee employs various methods to determine fair valuations including a regular review of key inputs and assumptions and review of any related market activity. The Company’s Pricing Committee reports to the Board of Directors at their regularly scheduled meetings. It is possible that fair value prices will be used by the Funds to a significant extent. The value determined for an investment using the Company’s fair value procedures may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment. The Advisor, as part of the daily process, conducts back-testing of prices based on daily trade activities.
The Pricing Committee consists of the Chief Risk Officer, Chief Compliance Officer, Treasurer, Assistant Treasurer, Secretary, and a representative from the portfolio management team as well as alternate members as the Board of Directors may from time to time designate. The Pricing Committee reviews and makes recommendations concerning the fair valuation of portfolio securities and the Funds’ pricing procedures in general.
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 can create investment leverage and may be highly volatile. It is possible that a derivative transaction will result in a loss greater than the principal amount invested. A Fund may not be able to close out a derivative transaction at a favorable time or price.
104
Table of Contents
TCW Funds, Inc.
April 30, 2013 |
Note 2 — Significant Accounting Policies (Continued)
For the six months ended April 30, 2013, the Funds had the following derivatives and transactions in derivatives, grouped in the following risk categories:
Interest Rate Risk | Total | |||||||
TCW Core Fixed Income Fund | ||||||||
Statement of Operations: | ||||||||
Realized Gain on | ||||||||
Futures Contracts | $ | 253 | $ | 253 | ||||
|
|
|
| |||||
Total Realized Gain | $ | 253 | $ | 253 | ||||
|
|
|
| |||||
Change in Unrealized Depreciation on: | ||||||||
Futures Contracts | $ | (92 | ) | $ | (92 | ) | ||
|
|
|
| |||||
Total Change in Unrealized Depreciation | $ | (92 | ) | $ | (92 | ) | ||
|
|
|
| |||||
Notional Amounts or Shares/Units† | ||||||||
Futures Contracts | 174 | 174 |
Credit Risk | Foreign Currency Risk | Interest Rate Risk | Total | |||||||||||||
TCW Emerging Markets Income Fund | ||||||||||||||||
Statements of Asset and Liabilities: | ||||||||||||||||
Liability Derivatives | ||||||||||||||||
Forward Currency Contracts | $ | — | $ | (2,782 | ) | $ | — | $ | (2,782 | ) | ||||||
Open Swap Agreements, at Value | (3,269 | ) | — | — | $ | (3,269 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Value | $ | (3,269 | ) | $ | (2,782 | ) | $ | — | $ | (6,051 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Statement of Operations: | ||||||||||||||||
Realized Loss on | ||||||||||||||||
Forward Currency Contracts | $ | — | $ | (735 | ) | $ | — | $ | (735 | ) | ||||||
Swap Agreements | (7,818 | ) | — | — | (7,818 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Realized Loss | $ | (7,818 | ) | $ | (735 | ) | $ | — | $ | (8,553 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
Forward Currency Contracts | $ | — | $ | (1,952 | ) | $ | — | $ | (1,952 | ) | ||||||
Swap Agreements | 4,827 | — | — | 4,827 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Change in Unrealized (Depreciation) | $ | 4,827 | $ | (1,952 | ) | $ | — | $ | 2,875 | |||||||
|
|
|
|
|
|
|
| |||||||||
Notional Amounts or Shares/Units† | ||||||||||||||||
Forward Currency Contracts | $ | — | $ | 182,856,771 | $ | — | $ | 182,856,771 | ||||||||
Swap Agreements | $ | 175,000,000 | $ | — | $ | — | $ | 175,000,000 |
105
Table of Contents
TCW Funds, Inc.
Notes to Financial Statements (Unaudited) (Continued) |
Note 2 — Significant Accounting Policies (Continued)
Credit Risk | Foreign Currency Risk | Interest Rate Risk | Total | |||||||||||||
TCW Emerging Markets Local Currency Income Fund | ||||||||||||||||
Statements of Asset and Liabilities: | ||||||||||||||||
Asset Derivatives | ||||||||||||||||
Forward Currency Contracts | $ | — | $ | 154 | $ | — | $ | 154 | ||||||||
Open Swap Agreements, at Value | — | — | 59 | 59 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Value | $ | — | $ | 154 | $ | 59 | $ | 213 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liability Derivatives | ||||||||||||||||
Forward Currency Contracts | — | (827 | ) | — | (827 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Value | $ | — | $ | (827 | ) | $ | — | $ | (827 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Statement of Operations: | ||||||||||||||||
Realized Loss on | ||||||||||||||||
Forward Contracts | $ | — | $ | (371 | ) | $ | — | $ | (371 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Realized Loss | $ | — | $ | (371 | ) | $ | — | $ | (371 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Statement of Operations: | ||||||||||||||||
Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
Forward Currency Contracts | $ | — | $ | (160 | ) | $ | — | $ | (160 | ) | ||||||
Swap Agreements | — | — | 59 | 59 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Change in Unrealized (Depreciation) | $ | — | $ | (160 | ) | $ | 59 | $ | (101 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Notional Amounts or Shares/Units† | ||||||||||||||||
Forward Currency Contracts | $ | — | $ | 43,477,652 | $ | — | $ | 43,477,652 | ||||||||
Swap Agreements | — | — | 23,300,000 | 23,300,000 | ||||||||||||
TCW Enhanced Commodity Strategy Fund | ||||||||||||||||
Statements of Asset and Liabilities: | ||||||||||||||||
Asset Derivatives | ||||||||||||||||
Open Swap Agreements, at Value | $ | 60 | $ | — | $ | — | $ | 60 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Value | $ | 60 | $ | — | $ | — | $ | 60 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Statement of Operations: | ||||||||||||||||
Realized Loss on | ||||||||||||||||
Swap Agreements | $ | (399 | ) | $ | — | $ | — | $ | (399 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Realized Gain (Loss) | $ | (399 | ) | $ | — | $ | — | $ | (399 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Change in Unrealized Appreciation on: | ||||||||||||||||
Swap Agreements | $ | 160 | $ | — | $ | — | $ | 160 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Change in Unrealized Appreciation | $ | 160 | $ | — | $ | — | $ | 160 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Notional Amounts or Shares/Units† | ||||||||||||||||
Swap Agreements | $ | 3,921,790 | $ | — | $ | — | $ | 3,921,790 |
106
Table of Contents
TCW Funds, Inc.
April 30, 2013 |
Note 2 — Significant Accounting Policies (Continued)
Foreign Currency Risk | Interest Rate Risk | Total | ||||||||||
TCW Global Bond Fund | ||||||||||||
Statements of Asset and Liabilities: | ||||||||||||
Asset Derivatives | ||||||||||||
Forward Currency Contracts | $ | 34 | $ | — | $ | 34 | ||||||
|
|
|
|
|
| |||||||
Total Value | $ | 34 | $ | — | $ | 34 | ||||||
|
|
|
|
|
| |||||||
Liability Derivatives | ||||||||||||
Futures Contracts(1) | $ | — | $ | (22 | ) | $ | (22 | ) | ||||
|
|
|
|
|
| |||||||
Total Value | $ | — | $ | (22 | ) | $ | (22 | ) | ||||
|
|
|
|
|
| |||||||
Statement of Operations: | ||||||||||||
Realized Loss on | ||||||||||||
Forward Currency Contracts | $ | (474 | ) | $ | — | $ | (474 | ) | ||||
Futures Contracts | (7 | ) | (7 | ) | ||||||||
|
|
|
|
|
| |||||||
Total Realized Loss | $ | (474 | ) | $ | (7 | ) | $ | (481 | ) | |||
|
|
|
|
|
| |||||||
Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Forward Currency Contracts | $ | 64 | $ | — | $ | 64 | ||||||
Futures Contracts | — | (17 | ) | (17 | ) | |||||||
|
|
|
|
|
| |||||||
Total Change in Unrealized Appreciation (Depreciation) | $ | 64 | $ | (17 | ) | $ | 47 | |||||
|
|
|
|
|
| |||||||
Notional Amounts or Shares/Units† | ||||||||||||
Forward Currency Contracts | $ | 4,314,251 | $ | — | $ | 4,314,251 | ||||||
Futures Contracts | 12 | 12 | ||||||||||
TCW High Yield Bond Fund | ||||||||||||
Statements of Asset and Liabilities: | ||||||||||||
Liability Derivatives | ||||||||||||
Futures Contracts(1) | $ | — | $ | (21 | ) | $ | (21 | ) | ||||
|
|
|
|
|
| |||||||
Total Value | $ | — | $ | (21 | ) | $ | (21 | ) | ||||
|
|
|
|
|
| |||||||
Statement of Operations: | ||||||||||||
Realized Gain on | ||||||||||||
Futures Contracts | $ | — | $ | 35 | $ | 35 | ||||||
|
|
|
|
|
| |||||||
Total Realized Gain (Loss) | $ | — | $ | 35 | $ | 35 | ||||||
|
|
|
|
|
| |||||||
Change in Unrealized Depreciation on: | ||||||||||||
Futures Contracts | $ | — | $ | (25 | ) | $ | (25 | ) | ||||
|
|
|
|
|
| |||||||
Total Change in Unrealized Depreciation | $ | — | $ | (25 | ) | $ | (25 | ) | ||||
|
|
|
|
|
| |||||||
Notional Amounts or Shares/Units† | ||||||||||||
Futures Contracts | — | 6 | 6 |
107
Table of Contents
TCW Funds, Inc.
Notes to Financial Statements (Unaudited) (Continued) |
Note 2 — Significant Accounting Policies (Continued)
Interest Rate Risk | Total | |||||||
TCW Total Return Bond Fund | ||||||||
Statements of Asset and Liabilities: | ||||||||
Asset Derivatives | ||||||||
Futures Contracts (1) | $ | 6,316 | $ | 6,316 | ||||
|
|
|
| |||||
Total Value | $ | 6,316 | $ | 6,316 | ||||
|
|
|
| |||||
Change in Unrealized Appreciation on: | ||||||||
Futures Contracts | $ | 6,316 | $ | 6,316 | ||||
|
|
|
| |||||
Total Change in Unrealized Appreciation | $ | 6,316 | $ | 6,316 | ||||
|
|
|
| |||||
Notional Amounts or Shares/Units† | ||||||||
Futures Contracts | 9,020 | 9,020 |
(1) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
† | Amounts disclosed represent average number of contracts, notional amounts, or shares/units outstanding, which is indicative of volume of this derivative type, for the period ended April 30, 2013. |
Forward Foreign Currency Contracts: The TCW Core Fixed Income Fund, the TCW Emerging Markets Income Fund, the TCW Emerging Markets Local Currency Income Fund and the TCW Global Bond Fund may enter into forward foreign currency contracts as a hedge against fluctuations in foreign exchange rates. Forward foreign currency contracts are marked-to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss in the Statement of Assets and Liabilities. When the contract is closed or delivery is taken, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of the foreign currency relative to the U.S. dollar. The TCW Emerging Markets Income Fund, the TCW Emerging Markets Local Currency Income Fund and the TCW Global Bond Fund had forward foreign currency contracts outstanding at April 30, 2013.
Future Contracts: The TCW Core Fixed Income Fund, the TCW Global Bond Fund, the TCW High Yield Bond Fund and the TCW Total Return Bond Fund entered into futures contracts. The Funds may seek to manage a variety of different risks through the use of futures contracts, such as interest rate risk, equity price risk, and currency risk. A Fund may use index futures to hedge against broad market risks to its portfolio or to gain broad market exposure when it holds uninvested cash or as an inexpensive substitute for cash investments directly in securities or other assets. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made and are settled in cash. Positions in futures may be closed out only on an exchange or board of trade which provides a secondary market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk. Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by a Fund as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of a Fund that is the subject of the hedge. It may not always be possible for a Fund to enter into a closing
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transaction with respect to a futures contract it has entered into, at a favorable time or price. When a Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it.
When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The TCW Core Fixed Income Fund, the TCW Global Bond Fund, and the TCW High Yield Bond Fund utilized futures to help manage daily liquidity as well as interest rate duration and credit market exposure. Futures contracts outstanding at April 30, 2013 are listed in the Schedule of Investments.
Swap Agreements. The TCW Emerging Markets Income Fund, the TCW Emerging Markets Local Currency Income Fund, and the TCW Enhanced Commodity Strategy Fund entered into swap agreements. Swap agreements are typically two-party contracts entered into primarily by institutional investors. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount” (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a “basket” of securities representing a particular index).
A Fund may enter into total return swaps. In a total return swap, one party typically agrees to pay to the other a short-term interest rate in return for a payment at one or more times in the future based on the increase in the value of an underlying security or other asset, or index of securities or assets; if the underlying security, asset, or index declines in value, the party that pays the short-term interest rate must also pay to its counterparty a payment based on the amount of the decline. A Fund may take either side of such a swap, and so may take a long or short position in the underlying security, asset, or index. A Fund may enter into a total return swap to hedge against an exposure in its portfolio — such as interest rate risk (including to adjust the duration or credit quality of a Fund’s bond portfolio), equity risk, or credit risk — or generally to put cash to work efficiently in the markets in anticipation of, or as a replacement for, cash investments. A Fund may also enter into a total return swap to gain exposure to securities or markets in which it might not be able to invest directly (in so-called market access transactions).
A Fund may enter into enter into an interest rate swap agreement. Interest rate swaps are agreements in which one party pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, a party may pay a fixed rate and receive a floating rate. In more complex swaps, the notional principal amount may decline (or amortize) over time. The Fund’s maximum risk of loss due to counterparty default is the discounted net asset value of the cash flows paid to/received from the counterparty over the interest rate swap’s remaining life.
A Fund may enter into credit default swap transactions as a “buyer” or “seller” of credit protection. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a “reference entity”). In general, the buyer of credit protection is obligated to pay the protection seller an upfront amount or a periodic stream of payments over the term of the swap. If a “credit event” occurs, the buyer has the right to deliver to the seller bonds or other obligations of the reference entity (with a value up to the full notional value of the
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swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. When a Fund buys protection, it may or may not own securities of the reference entity. When a Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund’s portfolio through the Fund’s indirect long exposure to the issuer or securities on which the swap is written. When a Fund sells protection, it may do so either to earn additional income or to create such a “synthetic” long position.
Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. A Fund also takes the risk that the market will move against its position in the swap agreement. In the case of a total return swap, the swap will change in value depending on the change in value of the asset or index on which the swap is written. When a Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.
During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking to market the value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund’s Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gain or loss on a Fund’s Statement of Operations upon termination or maturity of the swap agreement.
During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by a Fund are recorded as realized gains and losses, respectively. During the six months ended April 30, 2013, the TCW Emerging Markets Income Fund utilized credit default swaps to manage daily liquidity as well as interest rate duration and/or credit market exposures; the TCW Emerging Markets Local Currency Income Fund entered into interest rate swaps to manage duration, the yield curve and interest rate risk; and the TCW Enhanced Commodity Strategy Fund used total return swap agreements to gain exposure to the commodity market. Swap agreements outstanding at April 30, 2013 are listed in each Fund’s Schedule of Investments.
Mortgage-Backed Securities: The TCW Core Fixed Income Fund, the TCW Enhanced Commodity Strategy Fund, the TCW Global Bond Fund, the TCW High Yield Bond Fund, the TCW Short Term Bond Fund and the TCW Total Return Bond Fund may invest in mortgage pass-through securities which represent interests in pools of mortgages in which payments of both principal and interest on the securities are generally made monthly, in effect “passing through” monthly payments made by borrowers on the residential or commercial mortgage loans which underlie the securities (net of any fees paid to the issuer or guarantor of the securities). Mortgage pass-through securities differ from other forms of debt securities, which normally
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provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates. These Funds may also invest in Collateralized Mortgage Obligations (“CMOs”). CMOs are debt obligations collateralized by residential or commercial mortgage loans or residential or commercial mortgage pass-through securities. Interest and principal are generally paid monthly. CMOs may be collateralized by whole mortgage loans or private mortgage pass-through securities but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by Ginnie Mae, Freddie Mac or Fannie Mae. The issuer of a series of CMOs may elect to be treated for tax purposes as a Real Estate Mortgage Investment Conduit (“REMIC”). CMOs are structured into multiple classes, each bearing a different stated maturity. Monthly payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to investors holding the shortest maturity class. Investors holding the longer maturity classes usually receive principal only after shorter classes have been retired. An investor may be partially protected against a sooner than desired return of principal because of the sequential payments. These Funds may invest in stripped mortgage-backed securities. Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. In certain cases, one class will receive all of the interest (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying mortgage assets, and principal payments may have a material effect on yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a fund may not fully recoup its initial investment in IOs.
Inflation-Indexed Bonds: The Funds may invest in inflation-indexed bonds, which are fixed income securities whose principal value or coupon is periodically adjusted according to the rate of inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income.
Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten, twenty, or thirty years, although it is possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount.
If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate. The Funds may also invest in other inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal.
The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds.
While the values of these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than
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inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond’s inflation measure.
When-Issued, Delayed-Delivery, To be Announced (“TBA”) and Forward Commitment Transactions: The Funds may enter into when-issued, delayed-delivery, TBA or forward commitment transactions in order to lock in the purchase price of the underlying security, or to adjust the interest rate exposure of the Fund’s existing portfolio. In when-issued, delayed-delivery, or forward commitment transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. Although the Fund does not pay for the securities or start earning interest on them until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. If a Fund’s counterparty fails to deliver a security purchased on a when-issued, delayed-delivery, TBA or forward commitment basis, there may be a loss, and that Fund may have missed an opportunity to make an alternative investment.
Prior to settlement of these transactions, the value of the subject securities will fluctuate, reflecting interest rate changes. In addition, because a Fund is not required to pay for when-issued, delayed-delivery, TBA or forward commitment securities until the delivery date, they may result in a form of leverage to the extent a Fund does not maintain liquid assets equal to the face amount of the contract. To guard against this deemed leverage, the Funds segregate cash and/or securities in an amount or value at least equal to the amount of these transactions.
Dollar Roll Transactions: The TCW Core Fixed Income Fund, the TCW Enhanced Commodity Strategy Fund, the TCW Global Bond Fund, the TCW Short Term Bond Fund, and the TCW Total Return Bond Fund may enter into dollar roll transactions with financial institutions to take advantage of opportunities in the mortgage-backed securities market. A dollar roll transaction involves a simultaneous sale by a Fund of securities that it holds with an agreement to repurchase substantially similar securities at an agreed upon price and date, but generally will be collateralized at time of delivery by different pools of mortgages with different prepayment histories than those securities sold. These transactions are accounted for as financing transactions as opposed to sales and purchases. The differential between the sale price and the repurchase price is recorded as deferred income and recognized between the settlement dates of the sale and repurchase. During the period between the sale and repurchase, a Fund will not be entitled to receive interest and principal payments on the securities sold. Dollar roll transactions involve risk that the market value of the security sold by a Fund may decline below the repurchase price of the security and the potential inability of counter parties to complete the transaction. There were no such transactions by the Funds for the six months ended April 30, 2013.
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 or designated subcustodians under tri-party repurchase agreements 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.
Reverse Repurchase Agreements: The TCW Core Fixed Income Fund, the TCW Enhanced Commodity Strategy Fund, the TCW Global Bond Fund, the TCW Short Term Bond Fund, and the TCW Total Return Bond Fund may enter into reverse repurchase agreements. Reverse repurchase agreements involve sales by a fund of portfolio securities concurrently with an agreement by the Fund to repurchase the same securities at a later date for a fixed price. Generally, the effect of such a transaction is that the Fund can recover all or
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most of the cash invested in the portfolio securities involved during the term of the reverse repurchase agreement, while it will be able to keep the interest income associated with those portfolio securities. Such transactions are only advantageous if the interest cost to the Fund of the reverse repurchase transaction is less than the cost of otherwise obtaining the cash. There were no reverse repurchase agreements outstanding at April 30, 2013.
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 six months ended April 30, 2013.
Allocation of Operating Activity for Multiple Classes: Investment income, common expenses and realized and unrealized gains and losses are allocated among the classes of shares of the Funds based on the relative net assets of each class. Distribution fees, which are directly attributable to a class of shares, are charged to the operations of the class. All other expenses are charged to each Fund or class as incurred on a specific identification basis. Differences in class specific fees and expenses will result in differences in net investment income, and therefore, the payment of different per share dividends by each class.
Dividends and Distributions: Dividends and distributions to shareholders are recorded on the ex-dividend date. The TCW Enhanced Commodity Strategy Fund declares and pays, or reinvests, dividends from net investment income quarterly. The other Fixed Income Funds declare and pay, or reinvest, dividends from net investment income monthly. Distribution of any net long-term and net short-term capital gains earned by a fund will be distributed at least annually.
Income and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for foreign currency transactions, market discount and premium, losses deferred due to wash sales, excise tax regulations and employing equalization in determining amounts to be distributed to fund shareholders. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications between paid-in capital, undistributed net investment income (loss), and/or undistributed accumulated realized gain (loss). Undistributed net investment income or loss may include temporary book and tax basis differences which will reverse in a subsequent period. Any taxable income or capital gain remaining at fiscal year end is distributed in the following year.
Use of Estimates: The preparation of the accompanying financial statements requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates.
Note 3 — Risk Considerations
Market Risk: Because the values of the Funds’ investments will fluctuate with market conditions, so will the value of your investment in the Funds. You could lose money on your investment in the Funds or the Funds could underperform other investments.
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Liquidity Risk: The Funds’ investments in illiquid securities may reduce the returns of the Funds because they may not be able to sell the illiquid securities at an advantageous time or price. Investments in high-yield securities, foreign securities, derivatives or other securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk. Certain investments in private placements and Rule 144A securities may be considered illiquid investments. The Funds may invest in private placements and Rule 144A securities.
Interest Rate Risk: The values of the Funds’ investments fluctuate in response to movements in interest rates. If rates rise, the values of debt securities generally fall. The longer the average duration of a Fund’s investment portfolio, the greater the change in value.
Mortgage-Backed and Other Asset-Backed Securities Risk: Each Fund may invest in mortgage-backed or other asset-backed securities. The values of some mortgage-backed or other asset-backed securities may expose a Fund to a lower rate of return upon reinvestment of principal. When interest rates rise, the value of mortgage-related securities generally will decline; however, when interest rates are declining, the value of mortgage related-securities with prepayment features may not increase as much as other fixed-income securities. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may shorten or extend the effective maturity of the security beyond what was anticipated at the time of purchase. If unanticipated rate of prepayment on underlying mortgages increase the effective maturity of a mortgage-related security, the volatility of the security can be expected to increase. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.
Derivatives Risk: Use of derivatives, which at times is an important part of the Funds’ investment strategy, involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Investments in derivatives could cause the Funds to lose more than the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Funds will engage in these transactions to reduce exposure to other risks when that would be beneficial.
Credit Risk: The values of any of the Funds’ investments may also decline in response to events affecting the issuer or its credit rating. The lower rated debt securities in which a Fund may invest are considered speculative and are subject to greater volatility and risk of loss than investment-grade securities, particularly in deteriorating economic conditions. The value of some mortgage-related securities in which the Funds invest also may fall because of unanticipated levels of principal prepayments that can occur when interest rates decline.
Certain Funds invest a material portion of their assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults. Continuing shifts in the market’s perception of credit quality on securities backed by commercial and residential mortgage loans and other financial assets may result in increased volatility of market price and periods of illiquidity that can negatively impact the valuation of certain issuers held by the Funds.
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Mortgage-backed securities (“MBS”) and Asset-backed securities (“ABS”) are characterized and classified in a variety of different ways. These classifications include a view of the securities’ cash flow structure (pass-through, sequential pay, prepayment-protected, interest-only, principal-only, etc.), the security of the claim on the underlying assets, (senior, mezzanine and subordinated), as well as types of underlying collateral (prime conforming loans, prime non-conforming loans, Alt-A loans, subprime loans, commercial loans, etc.) In many cases, the classification incorporates a degree of subjectivity: a particular loan might be categorized as “prime” by the underwriting standards of one mortgage issuer while another might classify the loan as “subprime.” In addition to other functions, the risk associated with an investment in a mortgage loan must take into account the nature of the collateral, the form and the level of credit enhancement, the vintage of the loan, the geography of the loan, the purpose of the loan (refinance versus purchase versus equity take-out), the borrower’s credit quality (e.g. FICO score), and whether the loan is a first trust deed or a second lien.
The mortgage industry lacks a single bright-line as to what separates a subprime loan from an Alt-A loan. Often it is a combination of loan characteristics involving both borrower criteria as well as collateral criteria that determine which category a loan is placed in. However, in order to be both conservative and objective as possible, the Adviser applied the following criteria to the Funds’ residential mortgage and asset-backed holdings in coming up with its categorizations:
Sub Prime — Any asset-backed bond whose collateral was residential mortgages were considered to be subprime, provided that the loans did not belong to the classification of manufactured housing loans.
Alt-A — Any mortgage-backed security whose average borrower FICO score was less than 730 and/or was listed as an Alt-A pool by Bloomberg.
Counterparty Risk: The Funds may be exposed to counterparty risk, or the risk that an entity with which the Funds have unsettled or open transactions may default. Financial assets, which potentially expose the Funds to credit and counterparty risks, consist principally of investments and cash due from counterparties. The exposure to credit and counterparty risks with respect to these financial assets is reflected in fair value recorded in the Funds’ Statements of Assets and Liabilities.
Note 4 — Federal Income Taxes
It is the policy of each Fund to comply with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income, including any net realized gains on investments, to its shareholders. Therefore, no federal income tax provision is required.
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Note 4 — Federal Income Taxes (Continued)
At April 30, 2013, net unrealized appreciation (depreciation) on investments for federal income tax purposes was as follows (amounts in thousands):
Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost of Investments for Federal Income Tax Purposes | |||||||||||||
TCW Core Fixed Income Fund | $ | 41,143 | $ | (1,672 | ) | $ | 39,471 | $ | 1,294,109 | |||||||
TCW Emerging Markets Income Fund | 259,374 | (104,001 | ) | 155,373 | 7,571,301 | |||||||||||
TCW Emerging Markets Local Currency Income Fund | 8,720 | (4,882 | ) | 3,838 | 482,428 | |||||||||||
TCW Enhanced Commodity Strategy Fund | 98 | (2 | ) | 96 | 3,412 | |||||||||||
TCW Global Bond Fund | 1,716 | (284 | ) | 1,432 | 22,530 | |||||||||||
TCW High Yield Bond Fund | 2,031 | (448 | ) | 1,583 | 49,824 | |||||||||||
TCW Short Term Bond Fund | 133 | (48 | ) | 85 | 14,374 | |||||||||||
TCW Total Return Bond Fund | 632,373 | (16,820 | ) | 615,553 | 9,651,126 |
The Funds did not have any unrecognized tax benefits at April 30, 2013, nor were there any increases or decreases in unrecognized tax benefits for the six months ended April 30, 2013. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three and four fiscal years, respectively.
Note 5 — Fund Management Fees and Other Expenses
The Funds pay to the Advisor, as compensation for services rendered, facilities furnished and expenses borne by it, the following annual management fees as a percentage of daily net asset value:
TCW Core Fixed Income Fund | 0.40% | |||
TCW Emerging Markets Income Fund | 0.75% | |||
TCW Emerging Markets Local Currency Income Fund | 0.75% | |||
TCW Enhanced Commodity Strategy Fund | 0.50% | |||
TCW Global Bond Fund | 0.55% | |||
TCW High Yield Bond Fund | 0.45% | * | ||
TCW Short Term Bond Fund | 0.35% | |||
TCW Total Return Bond Fund | 0.50% |
* | The management fee was 0.75% prior to January 1, 2013. |
In addition to the management fees, the Funds reimburse, with approval by the Company’s Board of Directors, the Advisor’s costs associated in support of the Funds’ Rule 38a-1 compliance obligations. These amounts are allocated to each Fund based on the net management fees paid and are included in the Statements of Operations.
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Note 5 — Fund Management Fees and Other Expenses (Continued)
The Advisor limits the operating expenses of the Funds not to exceed the following expense ratios relative to the Funds’ average daily net assets:
TCW Core Fixed Income Fund | ||||
I Class | 0.44% | (1) | ||
N Class | 0.78% | (1) | ||
TCW Emerging Markets Income Fund | ||||
I Class | 1.22% | (2) | ||
N Class | 1.22% | (2) | ||
TCW Emerging Markets Local Currency Income Fund | ||||
I Class | 0.99% | (1) | ||
N Class | 0.99% | (1) | ||
TCW Enhanced Commodity Strategy Fund | ||||
I Class | 0.70% | (1) | ||
N Class | 0.70% | (1) | ||
TCW Global Bond Fund | ||||
I Class | 1.15% | (1) | ||
N Class | 1.15% | (1) | ||
TCW High Yield Bond Fund | ||||
I Class | 0.50% | (2) | ||
N Class | 0.75% | (2) | ||
TCW Short Term Bond Fund | ||||
I Class | 0.44% | (1) | ||
TCW Total Return Bond Fund | ||||
I Class | 0.44% | (1) | ||
N Class | 0.74% | (1) |
(1) | These limitations are based on an agreement between the Advisor and the Company for an one-year period. |
(2) | Limitation based on average expense ratio as reported by Lipper, Inc., which is subject to change on a monthly basis. This ratio was in effect as of April 30, 2013. These limitations are voluntary and terminable in a six months notice. |
The amount borne by the Advisor during the fiscal year when the operating expenses of a fund are in excess of the expense limitation cannot be recaptured in the subsequent fiscal years should the expenses drop below the expense limitation in the subsequent years. The Advisor can recapture expenses only within a given fiscal year for that year’s operating expenses.
Note 6 — Distribution Plan
TCW Funds Distributors (“Distributor”), an affiliate of the Advisor and the Funds, serves as the nonexclusive distributor of each class of the Funds’ shares. The Funds have a distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to the N Class shares of each Fund. Under the terms of the plan, each Fund compensates the Distributor at a rate equal to 0.25% of the average daily net assets of the Fund attributable to its N Class shares for distribution and related services.
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Note 7 — Purchases and Sales of Securities
Investment transactions (excluding short-term investments) for the six months ended April 30, 2013, were as follows (amounts in thousands):
Purchases at Cost | Sales or Maturity Proceeds | U.S. Government Purchases at Cost | U.S. Government Sales or Maturity Proceeds | |||||||||||||
TCW Core Fixed Income Fund | $ | 137,210 | $ | 98,707 | $ | 808,748 | $ | 647,256 | ||||||||
TCW Emerging Markets Income Fund | 5,566,376 | 4,038,807 | — | — | ||||||||||||
TCW Emerging Markets Local Currency Income Fund | 592,438 | 380,255 | — | — | ||||||||||||
TCW Enhanced Commodity Strategy Fund | 729 | 646 | — | 126 | ||||||||||||
TCW Global Bond Fund | 2,711 | 2,995 | 7,030 | 7,748 | ||||||||||||
TCW High Yield Bond Fund | 25,394 | 32,439 | — | — | ||||||||||||
TCW Short Term Bond Fund | 1,414 | 1,715 | 2,618 | 1,784 | ||||||||||||
TCW Total Return Bond Fund | 1,085,916 | 657,958 | 6,365,557 | 5,771,293 |
Note 8 — Capital Share Transactions
Transactions in each Fund’s shares were as follows:
TCW Core Fixed Income Fund | Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 14,233,778 | $ | 160,151 | 30,929,053 | $ | 340,569 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 782,531 | 8,797 | 921,354 | 10,121 | ||||||||||||
Shares Redeemed | (14,979,256 | ) | (168,410 | ) | (11,903,866 | ) | (131,753 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 37,053 | $ | 538 | 19,946,541 | $ | 218,937 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 24,812,408 | $ | 278,744 | 39,209,380 | $ | 432,548 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 870,964 | 9,790 | 865,355 | 9,513 | ||||||||||||
Shares Redeemed | (10,667,817 | ) | (119,800 | ) | (12,330,455 | ) | (136,359 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 15,015,555 | $ | 168,734 | 27,744,280 | $ | 305,702 | ||||||||||
|
|
|
|
|
|
|
|
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TCW Funds, Inc.
April 30, 2013 |
Note 8 — Capital Share Transactions (Continued)
TCW Emerging Markets Income Fund | Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 256,286,834 | $ | 2,402,885 | 324,408,418 | $ | 2,845,375 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 21,644,127 | 201,545 | 12,854,261 | 112,221 | ||||||||||||
Shares Redeemed | (88,106,454 | ) | (824,394 | ) | (104,211,504 | ) | (903,417 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 189,824,507 | $ | 1,780,036 | 233,051,175 | $ | 2,054,179 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 68,839,022 | $ | 831,477 | 70,280,446 | $ | 798,219 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 6,009,467 | 72,109 | 4,203,773 | 46,920 | ||||||||||||
Shares Redeemed | (28,874,257 | ) | (347,767 | ) | (57,030,309 | ) | (623,744 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 45,974,232 | $ | 555,819 | 17,453,910 | $ | 221,395 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TCW Emerging Markets Local Currency Income Fund | Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 16,878,188 | $ | 184,135 | 7,041,782 | $ | 70,718 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 322,948 | 3,529 | 267,231 | 2,598 | ||||||||||||
Shares Redeemed | (1,918,319 | ) | (21,022 | ) | (5,756,031 | ) | (55,940 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 15,282,817 | $ | 166,642 | 1,552,982 | $ | 17,376 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 10,902,744 | $ | 119,034 | 6,669,301 | $ | 67,668 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 234,514 | 2,560 | 159,204 | 1,550 | ||||||||||||
Shares Redeemed | (1,511,503 | ) | (16,490 | ) | (5,258,082 | ) | (52,037 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 9,625,755 | $ | 105,104 | 1,570,423 | $ | 17,181 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TCW Enhanced Commodity Strategy Fund | Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | — | $ | — | — | $ | — | ||||||||||
Shares Issued upon Reinvestment of Dividends | 3,822 | 32 | 6,493 | 54 | ||||||||||||
Shares Redeemed | — | — | (51,282 | ) | (421 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) | 3,822 | $ | 32 | (44,789 | ) | $ | (367 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | — | $ | — | — | $ | — | ||||||||||
Shares Issued upon Reinvestment of Dividends | 3,024 | 25 | 4,662 | 39 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 3,024 | $ | 25 | 4,662 | $ | 39 | ||||||||||
|
|
|
|
|
|
|
|
119
Table of Contents
TCW Funds, Inc.
Notes to Financial Statements (Unaudited) (Continued) |
Note 8 — Capital Share Transactions (Continued)
TCW Global Bond Fund | Six Months Ended April 30, 2013 (Unaudited) | December 1, 2011 (Commencement of Operations Through October 31, 2012 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 2,621 | $ | 29 | 1,190,852 | $ | 11,924 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 40,913 | 440 | 26,212 | 274 | ||||||||||||
Shares Redeemed | (831 | ) | (9 | ) | (191,725 | ) | (1,986 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 42,703 | $ | 460 | 1,025,339 | $ | 10,212 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 14,846 | $ | 158 | 1,035,447 | $ | 10,369 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 42,316 | 455 | 25,658 | 269 | ||||||||||||
Shares Redeemed | (9,681 | ) | (102 | ) | (3,941 | ) | (43 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 47,481 | $ | 511 | 1,057,164 | $ | 10,595 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TCW High Yield Bond Fund | Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 1,197,343 | $ | 7,629 | 7,257,448 | $ | 44,810 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 129,987 | 827 | 317,384 | 1,920 | ||||||||||||
Shares Redeemed | (2,135,937 | ) | (13,601 | ) | (8,637,424 | ) | (53,253 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease | (808,607 | ) | $ | (5,145 | ) | (1,062,592 | ) | $ | (6,523 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 1,849,571 | $ | 11,857 | 3,968,120 | $ | 24,315 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 89,936 | 577 | 162,458 | 993 | ||||||||||||
Shares Redeemed | (1,882,400 | ) | (12,026 | ) | (3,310,306 | ) | (20,158 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 57,107 | $ | 408 | 820,272 | $ | 5,150 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TCW Short Term Bond Fund | Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 666,717 | $ | 5,899 | 1,954,762 | $ | 17,220 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 7,585 | 67 | 15,879 | 140 | ||||||||||||
Shares Redeemed | (530,366 | ) | (4,693 | ) | (1,305,900 | ) | (11,500 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 143,936 | $ | 1,273 | 664,741 | $ | 5,860 | ||||||||||
|
|
|
|
|
|
|
|
120
Table of Contents
TCW Funds, Inc.
April 30, 2013 |
Note 8 — Capital Share Transactions (Continued)
TCW Total Return Bond Fund | Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | ||||||||||||||
I Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 175,362,270 | $ | 1,808,813 | 361,509,806 | $ | 3,602,565 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 10,785,340 | 111,047 | 16,892,774 | 166,915 | ||||||||||||
Shares Redeemed | (112,596,454 | ) | (1,160,966 | ) | (143,490,031 | ) | (1,420,039 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 73,551,156 | $ | 758,894 | 234,912,549 | $ | 2,349,441 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
N Class | Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||
Shares Sold | 71,962,135 | $ | 766,564 | 88,787,732 | $ | 914,109 | ||||||||||
Shares Issued upon Reinvestment of Dividends | 6,289,950 | 66,901 | 11,164,261 | 113,919 | ||||||||||||
Shares Redeemed | (34,176,492 | ) | (364,047 | ) | (85,397,356 | ) | (867,440 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 44,075,593 | $ | 469,418 | 14,554,637 | $ | 160,588 | ||||||||||
|
|
|
|
|
|
|
|
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, 2013.
Note 10 — Indemnifications
Under the Company’s organizational documents, its Officers and Directors may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Company, and shareholders are indemnified against personal liability for the obligations of the Company. In addition, the Company entered into an agreement with each of the Directors which provides that the Company will indemnify and hold harmless each Director against any expenses actually and reasonably incurred by any Director in any proceeding arising out of or in connection with the Director’s services to the Company, to the fullest extent permitted by the Company’s Articles of Incorporation and By-Laws, the Maryland General Corporation Law, the Securities Act of 1933, and the 1940 Act, each as now or hereinafter in force. Additionally, in the normal course of business, the Company enters into agreements with service providers that may contain indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred. However, based on experience, the Company expects the risk of loss to be remote. The Company has not accrued any liability in connection with such indemnification.
Note 11 — Recently Issued Accounting Pronouncements
In 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
121
Table of Contents
TCW Funds, Inc.
Notes to Financial Statements (Unaudited) (Continued) |
Note 11 — Recently Issued Accounting Pronouncements (Continued)
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 Fund is in the process of evaluating the disclosure requirements and any impact the new disclosures will have on its financial statements.
Note 12 — Subsequent Event
On June 28, 2013, the Company will launch a new Fund called the TCW Emerging Markets Multi-Asset Opportunities Fund. The Fund’s investment objective is to seek current income and long term capital appreciation by investing at least 80% of the value of its net assets in debt and equity securities issued or guaranteed by companies, financial institutions and government entities in emerging market countries.
122
Table of Contents
TCW Core Fixed Income Fund
Financial Highlights — I Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 11.34 | $ | 10.90 | $ | 11.01 | $ | 10.59 | $ | 9.35 | $ | 9.76 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (1) | 0.11 | 0.24 | 0.36 | 0.63 | 0.78 | 0.48 | ||||||||||||||||||
Net Realized and Unrealized Gain on | 0.04 | 0.57 | 0.17 | 0.52 | 1.17 | (0.38 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 0.15 | 0.81 | 0.53 | 1.15 | 1.95 | 0.10 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.11 | ) | (0.28 | ) | (0.42 | ) | (0.64 | ) | (0.68 | ) | (0.51 | ) | ||||||||||||
Distributions from Net Realized Gain | (0.11 | ) | (0.09 | ) | (0.22 | ) | (0.09 | ) | (0.03 | ) | — | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.22 | ) | (0.37 | ) | (0.64 | ) | (0.73 | ) | (0.71 | ) | (0.51 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 11.27 | $ | 11.34 | $ | 10.90 | $ | 11.01 | $ | 10.59 | $ | 9.35 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 1.37 | % (2) | 7.57 | % | 5.06 | % | 11.34 | % | 21.65 | % | 0.94 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 498,634 | $ | 501,448 | $ | 264,366 | $ | 197,877 | $ | 227,101 | $ | 30,721 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Expense Reimbursement | 0.47 | % (3) | 0.49 | % | 0.55 | % | 0.56 | % | 0.62 | % | 0.66 | % | ||||||||||||
After Expense Reimbursement | 0.44 | % (3) | 0.44 | % | 0.44 | % | 0.44 | % | 0.44 | % | 0.44 | % | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 1.99 | % (3) | 2.20 | % | 3.35 | % | 5.89 | % | 7.72 | % | 4.87 | % | ||||||||||||
Portfolio Turnover Rate | 70.06 | % (2) | 213.82 | % | 280.49 | % | 258.36 | % | 121.57 | % | 81.45 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2013 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
123
Table of Contents
TCW Core Fixed Income Fund
Financial Highlights — N Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 11.34 | $ | 10.91 | $ | 11.03 | $ | 10.63 | $ | 9.44 | $ | 9.86 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (1) | 0.09 | 0.21 | 0.33 | 0.57 | 0.75 | 0.46 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.05 | 0.56 | 0.17 | 0.54 | 1.19 | (0.37 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 0.14 | 0.77 | 0.50 | 1.11 | 1.94 | 0.09 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.10 | ) | (0.25 | ) | (0.40 | ) | (0.62 | ) | (0.72 | ) | (0.51 | ) | ||||||||||||
Distributions from Net Realized Gain | (0.11 | ) | (0.09 | ) | (0.22 | ) | (0.09 | ) | (0.03 | ) | — | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.21 | ) | (0.34 | ) | (0.62 | ) | (0.71 | ) | (0.75 | ) | (0.51 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 11.27 | $ | 11.34 | $ | 10.91 | $ | 11.03 | $ | 10.63 | $ | 9.44 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 1.26 | % (2) | 7.21 | % | 4.76 | % | 10.88 | % | 21.31 | % | 0.73 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 696,534 | $ | 530,935 | $ | 207,882 | $ | 141,451 | $ | 76,729 | $ | 83,506 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Expense Reimbursement | 0.75 | % (3) | 0.79 | % | 0.85 | % | 0.88 | % | 0.85 | % | 0.83 | % | ||||||||||||
After Expense Reimbursement | 0.75 | % (3) | 0.78 | % | 0.78 | % | 0.78 | % | 0.74 | % | 0.73 | % | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 1.70 | % (3) | 1.86 | % | 3.00 | % | 5.32 | % | 7.45 | % | 4.58 | % | ||||||||||||
Portfolio Turnover Rate | 70.06 | % (2) | 213.82 | % | 280.49 | % | 258.36 | % | 121.57 | % | 81.45 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2013 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
124
Table of Contents
TCW Emerging Markets Income Fund
Financial Highlights — I Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 (1) | 2008 (1) | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 9.30 | $ | 8.43 | $ | 8.84 | $ | 7.60 | $ | 5.41 | $ | 7.66 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (2) | 0.29 | 0.64 | 0.65 | 0.60 | 0.52 | 0.43 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.24 | 0.75 | (0.36 | ) | 1.19 | 2.32 | (1.92 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 0.53 | 1.39 | 0.29 | 1.79 | 2.84 | (1.49 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.27 | ) | (0.52 | ) | (0.59 | ) | (0.54 | ) | (0.65 | ) | (0.47 | ) | ||||||||||||
Distributions from Net Realized Gain | (0.22 | ) | — | (0.11 | ) | (0.01 | ) | — | (0.29 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.49 | ) | (0.52 | ) | (0.70 | ) | (0.55 | ) | (0.65 | ) | (0.76 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Redemption Fees | — | — | — | — | — | (3) | — | (3) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 9.34 | $ | 9.30 | $ | 8.43 | $ | 8.84 | $ | 7.60 | $ | 5.41 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 5.75 | % (4) | 16.99 | % | 3.35 | % | 24.44 | % | 56.09 | % | (21.46 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 6,011,522 | $ | 4,223,485 | $ | 1,861,675 | $ | 622,371 | $ | 101,959 | $ | 19,349 | ||||||||||||
Ratio of Expenses to Average Net Assets | 0.81 | % (5) | 0.84 | % | 0.87 | % | 0.92 | % | 1.17 | % | 1.24 | % | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 6.27 | % (5) | 7.24 | % | 7.49 | % | 7.22 | % | 7.70 | % | 5.99 | % | ||||||||||||
Portfolio Turnover Rate | 64.09 | % (4) | 174.98 | % | 137.87 | % | 172.75 | % | 196.54 | % | 156.72 | % |
(1) | Prior to July 1, 2009, the TCW Emerging Markets Income Fund imposed a short-term redemption fee on shares owned less than 90 days equal to 2% of the value of the shares redeemed. Redemption fees are recorded by the Fund as additional paid-in-capital. The redemption fees received by the Fund are shown on a per share basis on the Financial Highlights. Effectively July 1, 2009, the short-term redemption fee was eliminated. |
(2) | Computed using average shares outstanding throughout the period. |
(3) | Amount rounds to less than $0.01 per share. |
(4) | For the six months ended April 30, 2013 and is not indicative of a full year’s operating results. |
(5) | Annualized. |
See accompanying notes to financial statements.
125
Table of Contents
TCW Emerging Markets Income Fund
Financial Highlights — N Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 11.93 | $ | 10.81 | $ | 11.31 | $ | 9.72 | $ | 6.89 | $ | 9.67 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (1) | 0.36 | 0.81 | 0.80 | 0.74 | 0.73 | 0.54 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.30 | 0.93 | (0.45 | ) | 1.52 | 2.89 | (2.45 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 0.66 | 1.74 | 0.35 | 2.26 | 3.62 | (1.91 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.33 | ) | (0.62 | ) | (0.74 | ) | (0.66 | ) | (0.79 | ) | (0.58 | ) | ||||||||||||
Distributions from Net Realized Gain | (0.22 | ) | — | (0.11 | ) | (0.01 | ) | — | (0.29 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.55 | ) | (0.62 | ) | (0.85 | ) | (0.67 | ) | (0.79 | ) | (0.87 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 12.04 | $ | 11.93 | $ | 10.81 | $ | 11.31 | $ | 9.72 | $ | 6.89 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 5.58 | % (2) | 16.64 | % | 3.13 | % | 24.03 | % | 55.80 | % | (21.51 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 1,851,019 | $ | 1,286,033 | $ | 975,772 | $ | 498,489 | $ | 12,693 | $ | 1,229 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Expense Reimbursement | 1.08 | % (3) | 1.11 | % | 1.15 | % | 1.25 | % | 2.41 | % | 1.97 | % | ||||||||||||
After Expense Reimbursement | N/A | N/A | N/A | N/A | 1.30 | % | 1.36 | % | ||||||||||||||||
Ratio of Net Investment Income to Average Net Assets | 6.01 | % (3) | 7.23 | % | 7.18 | % | 6.88 | % | 7.94 | % | 5.94 | % | ||||||||||||
Portfolio Turnover Rate | 64.09 | % (2) | 174.98 | % | 137.87 | % | 172.75 | % | 196.54 | % | 156.72 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2013 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
126
Table of Contents
TCW Emerging Markets Local Currency Income Fund
Financial Highlights — I Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | December 15, 2010 (Commencement of Operations) through October 31, 2011 | ||||||||||
Net Asset Value per Share, Beginning of Period | $ | 10.52 | $ | 9.89 | $ | 10.00 | ||||||
|
|
|
|
|
| |||||||
Income (Loss) from Investment Operations: | ||||||||||||
Net Investment Income (1) | 0.31 | 0.64 | 0.51 | |||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.47 | 0.23 | (0.08 | ) | ||||||||
|
|
|
|
|
| |||||||
Total from Investment Operations | 0.78 | 0.87 | 0.43 | |||||||||
|
|
|
|
|
| |||||||
Less Distributions: | ||||||||||||
Distributions from Net Investment Income | (0.18 | ) | (0.18 | ) | (0.54 | ) | ||||||
Distributions from Return of Capital | — | (0.06 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Total Distributions | (0.18 | ) | (0.24 | ) | (0.54 | ) | ||||||
|
|
|
|
|
| |||||||
Net Asset Value per Share, End of Period | $ | 11.12 | $ | 10.52 | $ | 9.89 | ||||||
|
|
|
|
|
| |||||||
Total Return | 7.47 | % (3) | 9.02 | % | 4.25 | % (2) | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net Assets, End of Period (in thousands) | $ | 299,193 | $ | 122,196 | $ | 99,529 | ||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||
Before Expense Reimbursement | 0.85 | % (4) | 0.96 | % | 1.05 | % (4) | ||||||
After Expense Reimbursement | N/A | N/A | 0.99 | % (4) | ||||||||
Ratio of Net Investment Income to Average Net Assets | 5.73 | % (4) | 6.39 | % | 5.64 | % (4) | ||||||
Portfolio Turnover Rate | 122.87 | % (3) | 252.93 | % | 191.66 | % (2) |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the period December 15, 2010 (Commencement of Operations) through October 31, 2011 and is not indicative of a full year’s operating results. |
(3) | For the six months ended April 30, 2013 and is not indicative of a full year’s operating results |
(4) | Annualized. |
See accompanying notes to financial statements.
127
Table of Contents
TCW Emerging Markets Local Currency Income Fund
Financial Highlights — N Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | December 15, 2010 (Commencement of Operations) through October 30, 2011 | ||||||||||
Net Asset Value per Share, Beginning of Period | $ | 10.52 | $ | 9.89 | $ | 10.00 | ||||||
|
|
|
|
|
| |||||||
Income (Loss) from Investment Operations: | ||||||||||||
Net Investment Income (1) | 0.30 | 0.62 | 0.51 | |||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.47 | 0.25 | (0.08 | ) | ||||||||
|
|
|
|
|
| |||||||
Total from Investment Operations | 0.77 | 0.87 | 0.43 | |||||||||
|
|
|
|
|
| |||||||
Less Distributions: | ||||||||||||
Distributions from Net Investment Income | (0.18 | ) | (0.18 | ) | (0.54 | ) | ||||||
Distributions from Return of Capital | — | (0.06 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Total Distributions | (0.18 | ) | (0.24 | ) | (0.54 | ) | ||||||
|
|
|
|
|
| |||||||
Net Asset Value per Share, End of Period | $ | 11.11 | $ | 10.52 | $ | 9.89 | ||||||
|
|
|
|
|
| |||||||
Total Return | 7.48 | % (3) | 8.92 | % | 4.25 | % (2) | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net Assets, End of Period (in thousands) | $ | 201,400 | $ | 89,410 | $ | 68,650 | ||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||
Before Expense Reimbursement | 1.12 | % (4) | 1.25 | % | 1.48 | % (4) | ||||||
After Expense Reimbursement | 0.99 | % (4) | 0.9 9 | % | 0.99 | % (4) | ||||||
Ratio of Net Investment Income to Average Net Assets | 5.59 | % (4) | 6.20 | % | 5.68 | % (4) | ||||||
Portfolio Turnover Rate | 122.87 | % (3) | 252.93 | % | 191.66 | % (2) |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the period December 15, 2010 (Commencement of Operations) through October 31, 2011 and is not indicative of a full year’s operating results. |
(3) | For the six months ended April 30, 2013 and is not indicative of a full year’s operating results. |
(4) | Annualized. |
See accompanying notes to financial statements.
128
Table of Contents
TCW Enhanced Commodity Strategy Fund
Consolidated Financial Highlights — I Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | April 1, 2011 (Commencement of Operation) through October 31, 2011 | ||||||||||
Net Asset Value per Share, Beginning of Period | $ | 8.58 | $ | 8.73 | $ | 10.00 | ||||||
|
|
|
|
|
| |||||||
Income (Loss) from Investment Operations: | ||||||||||||
Net Investment Income (1) | 0.09 | 0.16 | 0.08 | |||||||||
Net Realized and Unrealized (Loss) on Investments | (0.45 | ) | (0.11 | ) | (1.26 | ) | ||||||
|
|
|
|
|
| |||||||
Total from Investment Operations | (0.36 | ) | 0.05 | (1.18 | ) | |||||||
|
|
|
|
|
| |||||||
Less Distributions: | ||||||||||||
Distributions from Net Investment Income | (0.08 | ) | (0.18 | ) | (0.09 | ) | ||||||
Distributions from Net Realized Gain | (0.05 | ) | (0.02 | ) | — | |||||||
|
|
|
|
|
| |||||||
Total Distributions | (0.13 | ) | (0.20 | ) | (0.09 | ) | ||||||
|
|
|
|
|
| |||||||
Net Asset Value per Share, End of Period | $ | 8.09 | $ | 8.58 | $ | 8.73 | ||||||
|
|
|
|
|
| |||||||
Total Return | (4.26 | )% (3) | 0.55 | % | (11.80 | )% (2) | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net Assets, End of Period (in thousands) | $ | 2,123 | $ | 2,218 | $ | 2,647 | ||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||
Before Expense Reimbursement | 4.84 | % (4) | 5.94 | % | 5.54 | % (4) | ||||||
After Expense Reimbursement | 0.70 | % (4) | 0.70 | % | 0.70 | % (4) | ||||||
Ratio of Net Investment Income to Average Net Assets | 2.06 | % (4) | 1.95 | % | 1.51 | % (4) | ||||||
Portfolio Turnover Rate | 27.20 | % (3) | 9.39 | % | 42.70 | % (2) |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the period April 1, 2011 (Commencement of Operations) through October 31, 2011 and is not indicative of a full year’s operating results. |
(3) | For the six months ended April 30, 2013 and is not indicative of a full year’s operating results. |
(4) | Annualized. |
See accompanying notes to financial statements.
129
Table of Contents
TCW Enhanced Commodity Strategy Fund
Consolidated Financial Highlights — N Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, 2012 | April 1, 2011 (Commencement of Operation) through October 31, 2011 | ||||||||||
Net Asset Value per Share, Beginning of Period | $ | 8.58 | $ | 8.73 | $ | 10.00 | ||||||
|
|
|
|
|
| |||||||
Income (Loss) from Investment Operations: | ||||||||||||
Net Investment Income (1) | 0.09 | 0.16 | 0.08 | |||||||||
Net Realized and Unrealized Loss on Investments | (0.44 | ) | (0.11 | ) | (1.26 | ) | ||||||
|
|
|
|
|
| |||||||
Total from Investment Operations | (0.35 | ) | 0.05 | (1.18 | ) | |||||||
|
|
|
|
|
| |||||||
Less Distributions: | ||||||||||||
Distributions from Net Investment Income | (0.08 | ) | (0.18 | ) | (0.09 | ) | ||||||
Distributions from Net Realized Gain | (0.05 | ) | (0.02 | ) | — | |||||||
|
|
|
|
|
| |||||||
Total Distributions | (0.13 | ) | (0.20 | ) | (0.09 | ) | ||||||
|
|
|
|
|
| |||||||
Net Asset Value per Share, End of Period | $ | 8.10 | $ | 8.58 | $ | 8.73 | ||||||
|
|
|
|
|
| |||||||
Total Return | (4.14 | )% (3) | 0.55 | % | (11.80 | )% (2) | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net Assets, End of Period (in thousands) | $ | 1,698 | $ | 1,773 | $ | 1,764 | ||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||
Before Expense Reimbursement | 5.23 | % (4) | 6.30 | % | 5.95 | % (4) | ||||||
After Expense Reimbursement | 0.70 | % (4) | 0.70 | % | 0.70 | % (4) | ||||||
Ratio of Net Investment Income to Average Net Assets | 2.06 | % (4) | 1.94 | % | 1.50 | % (4) | ||||||
Portfolio Turnover Rate | 27.20 | % (3) | 9.39 | % | 42.70 | % (2) |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the period April 1, 2011 (Commencement of Operations) through October 31, 2011 and is not indicative of a full year’s operating results. |
(3) | For the six months ended April 30, 2013 and is not indicative of a full year’s operating results. |
(4) | Annualized. |
See accompanying notes to financial statements.
130
Table of Contents
TCW Global Bond Fund
Financial Highlights — I Class
Six Months Ended April 30, 2013 (Unaudited) | December 1, 2012 (Commencement of Operations) through October 31, 2012 | |||||||
Net Asset Value per Share, Beginning of Period | $ | 10.97 | $ | 10.00 | ||||
|
|
|
| |||||
Income (Loss) from Investment Operations: | ||||||||
Net Investment Income (1) | 0.19 | 0.27 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.08 | ) | 0.99 | |||||
|
|
|
| |||||
Total from Investment Operations | 0.11 | 1.26 | ||||||
|
|
|
| |||||
Less Distributions: | ||||||||
Distributions from Net Investment Income | (0.14 | ) | (0.29 | ) | ||||
Distributions from Net Realized Gain | (0.31 | ) | — | |||||
|
|
|
| |||||
Total Distributions | (0.45 | ) | (0.29 | ) | ||||
|
|
|
| |||||
Net Asset Value per Share, End of Period | $ | 10.63 | $ | 10.97 | ||||
|
|
|
| |||||
Total Return | 1.01 | % (3) | 12.74 | % (2) | ||||
Ratios/Supplemental Data: | ||||||||
Net Assets, End of Period (in thousands) | $ | 11,358 | $ | 11,253 | ||||
Ratio of Expenses to Average Net Assets: | ||||||||
Before Expense Reimbursement | 1.38 | % (4) | 1.42 | % (4) | ||||
After Expense Reimbursement | 1.15 | % (4) | 1.15 | % (4) | ||||
Ratio of Net Investment Income to Average Net Assets | 3.44 | % (4) | 2.80 | % (4) | ||||
Portfolio Turnover Rate | 41.72 | % (3) | 165.46 | % (2) |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the period December 1, 2011 (Commencement of Operations) through April 30, 2012 and is not indicative of a full year’s operating results. |
(3) | For the six months ended April 30, 2013 and is not indicative of a full year’s operating results. |
(4) | Annualized. |
See accompanying notes to financial statements.
131
Table of Contents
TCW Global Bond Fund
Financial Highlights — N Class
Six Months Ended April 30, 2013 (Unaudited) | December 1, 2012 (Commencement of Operations) through October 31, 2012 | |||||||
Net Asset Value per Share, Beginning of Period | $ | 10.97 | $ | 10.00 | ||||
|
|
|
| |||||
Income (Loss) from Investment Operations: | ||||||||
Net Investment Income (1) | 0.19 | 0.27 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.08 | ) | 0.99 | |||||
|
|
|
| |||||
Total from Investment Operations | 0.11 | 1.26 | ||||||
|
|
|
| |||||
Less Distributions: | ||||||||
Distributions from Net Investment Income | (0.14 | ) | (0.29 | ) | ||||
Distributions from Net Realized Gain | (0.31 | ) | — | |||||
|
|
|
| |||||
Total Distributions | (0.45 | ) | (0.29 | ) | ||||
|
|
|
| |||||
Net Asset Value per Share, End of Period | $ | 10.63 | $ | 10.97 | ||||
|
|
|
| |||||
Total Return | 1.01 | % (3) | 12.74 | % (2) | ||||
Ratios/Supplemental Data: | ||||||||
Net Assets, End of Period (in thousands) | $ | 11,747 | $ | 11,602 | ||||
Ratio of Expenses to Average Net Assets: | ||||||||
Before Expense Reimbursement | 1.62 | % (4) | 1.68 | % (4) | ||||
After Expense Reimbursement | 1.15 | % (4) | 1.15 | % (4) | ||||
Ratio of Net Investment Income to Average Net Assets | 3.45 | % (4) | 2.79 | % (4) | ||||
Portfolio Turnover Rate | 41.72 | % (3) | 165.46 | % (2) |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the period December 1, 2011 (Commencement of Operations) through April 30, 2012 and is not indicative of a full year’s operating results. |
(3) | For the six months ended April 30, 2013 and is not indicative of a full year’s operating results. |
(4) | Annualized. |
See accompanying notes to financial statements.
132
Table of Contents
TCW High Yield Bond Fund
Financial Highlights — I Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 6.30 | $ | 5.99 | $ | 6.45 | $ | 5.93 | $ | 4.56 | $ | 6.74 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (1) | 0.16 | 0.33 | 0.44 | 0.52 | 0.51 | 0.47 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.20 | 0.37 | (0.42 | ) | 0.51 | 1.36 | (2.14 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 0.36 | 0.70 | 0.02 | 1.03 | 1.87 | (1.67 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.17 | ) | (0.37 | ) | (0.48 | ) | (0.51 | ) | (0.50 | ) | (0.51 | ) | ||||||||||||
Distributions from Net Realized Gain | — | (0.02 | ) | — | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.17 | ) | (0.39 | ) | (0.48 | ) | (0.51 | ) | (0.50 | ) | (0.51 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 6.49 | $ | 6.30 | $ | 5.99 | $ | 6.45 | $ | 5.93 | $ | 4.56 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 5.83 | % (2) | 12.03 | % | 0.24 | % | 18.18 | % | 43.47 | % | (26.41 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 30,808 | $ | 35,006 | $ | 39,648 | $ | 76,897 | $ | 78,299 | $ | 41,109 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Expense Reimbursement | 0.97 | % (3) | 1.14 | % | 1.06 | % | 0.96 | % | 1.04 | % | 1.03 | % | ||||||||||||
After Expense Reimbursement | 0.73 | % (3) | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||
Ratio of Net Investment Income to Average Net Assets | 5.16 | % (3) | 5.39 | % | 6.93 | % | 8.49 | % | 10.05 | % | 7.66 | % | ||||||||||||
Portfolio Turnover Rate | 50.21 | % (2) | 111.02 | % | 154.82 | % | 176.77 | % | 106.35 | % | 113.03 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2013 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
133
Table of Contents
TCW High Yield Bond Fund
Financial Highlights — N Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 6.35 | $ | 6.02 | $ | 6.49 | $ | 5.94 | $ | 4.57 | $ | 6.78 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (1) | 0.16 | 0.33 | 0.45 | 0.51 | 0.50 | 0.46 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.20 | 0.38 | (0.44 | ) | 0.52 | 1.35 | (2.16 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 0.36 | 0.71 | 0.01 | 1.03 | 1.85 | (1.70 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.17 | ) | (0.36 | ) | (0.48 | ) | (0.48 | ) | (0.48 | ) | (0.51 | ) | ||||||||||||
Distributions from Net Realized Gain | — | (0.02 | ) | — | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.17 | ) | (0.38 | ) | (0.48 | ) | (0.48 | ) | (0.48 | ) | (0.51 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 6.54 | $ | 6.35 | $ | 6.02 | $ | 6.49 | $ | 5.94 | $ | 4.57 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 5.72 | % (2) | 12.11 | % | 0.04 | % | 17.86 | % | 43.27 | % | (26.63 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 21,485 | $ | 20,498 | $ | 14,507 | $ | 47,485 | $ | 53,022 | $ | 15,578 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Expense Reimbursement | 1.28 | % (3) | 1.51 | % | 1.38 | % | 1.27 | % | 1.29 | % | 1.30 | % | ||||||||||||
After Expense Reimbursement | 0.87 | % (3) | 1.17 | % | 1.20 | % | 1.20 | % | 1.20 | % | 1.20 | % | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 5.01 | % (3) | 5.34 | % | 6.87 | % | 8.22 | % | 9.75 | % | 7.46 | % | ||||||||||||
Portfolio Turnover Rate | 50.21 | % (2) | 111.02 | % | 154.82 | % | 176.77 | % | 106.35 | % | 113.03 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2013 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
134
Table of Contents
TCW Short Term Bond Fund
Financial Highlights — I Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 8.85 | $ | 8.77 | $ | 8.94 | $ | 8.57 | $ | 8.93 | $ | 9.47 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (1) | 0.05 | 0.11 | 0.17 | 0.32 | 0.40 | 0.47 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.01 | ) | 0.13 | (0.09 | ) | 0.45 | (0.38 | ) | (0.55 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 0.04 | 0.24 | 0.08 | 0.77 | 0.02 | (0.08 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.04 | ) | (0.15 | ) | (0.25 | ) | (0.40 | ) | (0.38 | ) | (0.46 | ) | ||||||||||||
Distributions from Return of Capital | — | (0.01 | ) | — | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.04 | ) | (0.16 | ) | (0.25 | ) | (0.40 | ) | (0.38 | ) | (0.46 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 8.85 | $ | 8.85 | $ | 8.77 | $ | 8.94 | $ | 8.57 | $ | 8.93 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 0.44 | % (2) | 2.74 | % | 0.84 | % | 9.21 | % | 0.35 | % | (0.88 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 14,085 | $ | 12,814 | $ | 6,874 | $ | 75,849 | $ | 51,944 | $ | 75,856 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Expense Reimbursement | 1.35 | % (3) | 1.63 | % | 0.84 | % | 0.76 | % | 0.74 | % | 0.49 | % | ||||||||||||
After Expense Reimbursement | 0.44 | % (3) | 0.44 | % | 0.44 | % | 0.44 | % | 0.44 | % | 0.44 | % | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 1.12 | % (3) | 1.21 | % | 1.96 | % | 3.66 | % | 4.76 | % | 5.06 | % | ||||||||||||
Portfolio Turnover Rate | 33.87 | % (2) | 81.91 | % | 57.84 | % | 83.26 | % | 21.40 | % | 27.24 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2013 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
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Table of Contents
TCW Total Return Bond Fund
Financial Highlights — I Class
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 10.27 | $ | 9.76 | $ | 10.37 | $ | 10.21 | $ | 9.21 | $ | 9.55 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (1) | 0.13 | 0.52 | 0.65 | 0.75 | 1.01 | 0.65 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.22 | 0.64 | (0.31 | ) | 0.25 | 0.85 | (0.45 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 0.35 | 1.16 | 0.34 | 1.00 | 1.86 | 0.20 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.25 | ) | (0.63 | ) | (0.68 | ) | (0.84 | ) | (0.86 | ) | (0.54 | ) | ||||||||||||
Distributions from Net Realized Gain | — | (0.02 | ) | (0.27 | ) | — | — | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.25 | ) | (0.65 | ) | (0.95 | ) | (0.84 | ) | (0.86 | ) | (0.54 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 10.37 | $ | 10.27 | $ | 9.76 | $ | 10.37 | $ | 10.21 | $ | 9.21 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 3.47 | % (2) | 12.35 | % | 3.44 | % | 10.32 | % | 21.38 | % | 2.08 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 6,661,832 | $ | 5,837,581 | $ | 3,256,269 | $ | 3,185,878 | $ | 7,907,871 | $ | 1,074,374 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Expense Reimbursement | 0.56 | % (3) | 0.57 | % | 0.60 | % | 0.61 | % | 0.61 | % | 0.59 | % | ||||||||||||
After Expense Reimbursement | 0.44 | % (3) | 0.44 | % | 0.44 | % | 0.44 | % | 0.44 | % | 0.44 | % | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 2.52 | % (3) | 5.21 | % | 6.48 | % | 7.37 | % | 10.47 | % | 6.75 | % | ||||||||||||
Portfolio Turnover Rate | 73.39 | % (2) | 123.43 | % | 141.33 | % | 76.43 | % | 15.57 | % | 9.09 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2013 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
136
Table of Contents
TCW Total Return Bond Fund
Financial Highlights — N Class |
Six Months Ended April 30, 2013 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
Net Asset Value per Share, Beginning of Period | $ | 10.61 | $ | 10.09 | $ | 10.72 | $ | 10.55 | $ | 9.55 | $ | 9.89 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net Investment Income (1) | 0.12 | 0.52 | 0.64 | 0.73 | 1.01 | 0.64 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.23 | 0.65 | (0.32 | ) | 0.27 | 0.89 | (0.46 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from Investment Operations | 0.35 | 1.17 | 0.32 | 1.00 | 1.90 | 0.18 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from Net Investment Income | (0.25 | ) | (0.63 | ) | (0.68 | ) | (0.83 | ) | (0.90 | ) | (0.52 | ) | ||||||||||||
Distributions from Net Realized Gain | — | (0.02 | ) | (0.27 | ) | — | — | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Distributions | (0.25 | ) | (0.65 | ) | (0.95 | ) | (0.83 | ) | (0.90 | ) | (0.52 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value per Share, End of Period | $ | 10.71 | $ | 10.61 | $ | 10.09 | $ | 10.72 | $ | 10.55 | $ | 9.55 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | 3.36 | % (2) | 12.03 | % | 3.12 | % | 10.00 | % | 20.98 | % | 1.75 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets, End of Period (in thousands) | $ | 2,837,591 | $ | 2,342,406 | $ | 2,081,438 | $ | 2,211,097 | $ | 3,345,527 | $ | 1,031,156 | ||||||||||||
Ratio of Expenses to Average Net Assets: | ||||||||||||||||||||||||
Before Expense Reimbursement | 0.82 | % (3) | 0.83 | % | 0.86 | % | 0.88 | % | 0.87 | % | 0.84 | % | ||||||||||||
After Expense Reimbursement | 0.73 | % (3) | 0.73 | % | 0.74 | % | 0.74 | % | 0.74 | % | 0.73 | % | ||||||||||||
Ratio of Net Investment Income to Average Net Assets | 2.23 | % (3) | 5.02 | % | 6.19 | % | 6.98 | % | 10.11 | % | 6.51 | % | ||||||||||||
Portfolio Turnover Rate | 73.39 | % (2) | 123.43 | % | 141.33 | % | 76.43 | % | 15.57 | % | 9.09 | % |
(1) | Computed using average shares outstanding throughout the period. |
(2) | For the six months ended April 30, 2013 and is not indicative of a full year’s operating results. |
(3) | Annualized. |
See accompanying notes to financial statements.
137
Table of Contents
TCW Funds, Inc.
A Special Meeting of the Shareholders of the Funds was held on November 28, 2012. At the meeting, the following matter was submitted to shareholder vote: the approval of a new Investment Advisory and Management Agreement (the “Agreement”) between the Funds and TCW Investment Management Company.
At the meeting, the Secretary reported that proxies representing greater than one third of the common stock of each Fund cited below had been received, and that shareholders of each Fund had voted to approve the Agreement:
Special Meeting Held November 28, 2012
Fund | Shares entitled to vote | Shares voted | Percent Voted (%) | Shares Voted For | Shares Voted Against | Shares Abstaining | Broker Non-Votes | |||||||||||||||||||||
TCW Enhanced Commodity Strategy Fund | 465,255 | 465,255 | 100.00 | % | 465,255 | — | — | N/A | ||||||||||||||||||||
TCW Emerging Markets Income Fund | 531,257,439 | 270,430,376 | 50.90 | 266,369,310 | 851,092 | 3,209,974 | N/A | |||||||||||||||||||||
TCW Global Bond Fund | 2,080,937 | 2,069,905 | 99.47 | 2,069,905 | — | — | N/A | |||||||||||||||||||||
TCW High Yield Bond Fund | 10,355,305 | 6,218,489 | 60.05 | 6,112,351 | 5,939 | 100,199 | N/A |
At the meeting, the Secretary reported that proxies representing greater than one third of the common stock of each Fund cited below were not received. Therefore, a quorum was not present for each Fund cited below, and the meeting was adjourned until December 20, 2012.
At the meeting reconvened on December 20, 2012, the Secretary reported that proxies representing greater than one third of the common stock of each Fund cited below had been received, and that shareholders of each Fund had voted to approve the Agreement:
Special Meeting Held December 20, 2012
Fund | Shares entitled to vote | Shares voted | Percent Voted (%) | Shares Voted For | Shares Voted Against | Shares Abstaining | Broker Non-Votes | |||||||||||||||||||||
TCW Core Fixed Income Fund | 88,962,172 | 45,520,117 | 51.17 | % | 34,652,683 | 487,962 | 10,379,472 | N/A | ||||||||||||||||||||
TCW Emerging Markets Local Currency Income Fund | 19,154,008 | 9,775,715 | 51.04 | 9,563,504 | 42,252 | 169,959 | N/A | |||||||||||||||||||||
TCW Short Term Bond Fund | 1,588,503 | 871,995 | 54.89 | 772,168 | 8,844 | 90,983 | N/A | |||||||||||||||||||||
TCW Total Return Bond Fund | 750,003,428 | 377,187,294 | 50.29 | 306,943,522 | 4,045,545 | 66,198,227 | N/A |
138
Table of Contents
TCW Funds, Inc.
Shareholder Expenses (Unaudited)
As a shareholder of a TCW Fund, you incur ongoing operational costs of the Fund, including management fees and other fund expenses. The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2012 to April 30, 2013 (181 days).
Actual Expenses The first line under each Fund in the table below provides information about the actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes The second line under each Fund in the table below provides information about the hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account value and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
TCW Funds, Inc. | Beginning Account Value November 1, 2012 | Ending Account Value April 30, 2013 | Annualized Expense Ratio | Expenses Paid During Period (November 1, 2012 to April 30, 2013) | ||||||||||||
TCW Core Fixed Income Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,013.70 | 0.44 | % | $ | 2.20 | ||||||||
Hypothetical (5% return before expenses) | 1,000 | 1,022.61 | 0.44 | % | 2.21 | |||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,012.60 | 0.75 | % | $ | 3.74 | ||||||||
Hypothetical (5% return before expenses) | 1,000 | 1,021.08 | 0.75 | % | 3.76 | |||||||||||
TCW Emerging Markets Income Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,057.50 | 0.81 | % | $ | 4.13 | ||||||||
Hypothetical (5% return before expenses) | 1,000 | 1,020.78 | 0.81 | % | 4.06 | |||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,055.80 | 1.08 | % | $ | 5.51 | ||||||||
Hypothetical (5% return before expenses) | 1,000 | 1,019.44 | 1.08 | % | 5.41 | |||||||||||
TCW Emerging Markets Local Currency Income Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,074.70 | 0.85 | % | $ | 4.37 | ||||||||
Hypothetical (5% return before expenses) | 1,000 | 1,020.58 | 0.85 | % | 4.26 | |||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,074.80 | 0.99 | % | $ | 5.09 | ||||||||
Hypothetical (5% return before expenses) | 1,000 | 1,019.89 | 0.99 | % | 4.96 |
139
Table of Contents
TCW Funds, Inc.
Shareholder Expenses (Unaudited) (Continued)
TCW Funds, Inc. | Beginning Account Value November 1, 2012 | Ending Account Value April 30, 2013 | Annualized Expense Ratio | Expenses Paid During Period (November 1, 2012 to April 30, 2013) | ||||||||||||
TCW Enhanced Commodity Strategy Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000 | $ | 957.40 | 0.70 | % | $ | 3.40 | ||||||||
Hypothetical (5% return before expenses) | 1,000 | 1,021.32 | 0.70 | % | 3.51 | |||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000 | $ | 958.60 | 0.70 | % | $ | 3.40 | ||||||||
Hypothetical (5% return before expenses) | 1,000 | 1,021.32 | 0.70 | % | 3.51 | |||||||||||
TCW Global Bond Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,010.10 | 1.15 | % | $ | 5.73 | ||||||||
Hypothetical (5% return before expenses) | 1,000 | 1,019.09 | 1.15 | % | 5.76 | |||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,010.10 | 1.15 | % | $ | 5.73 | ||||||||
Hypothetical (5% return before expenses) | 1,000 | 1,019.09 | 1.15 | % | 5.76 | |||||||||||
TCW High Yield Bond Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,058.30 | 0.73 | % | $ | 3.73 | ||||||||
Hypothetical (5% return before expenses) | 1,000 | 1,021.17 | 0.73 | % | 3.66 | |||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,057.20 | 0.87 | % | $ | 4.44 | ||||||||
Hypothetical (5% return before expenses) | 1,000 | 1,020.48 | 0.87 | % | 4.36 | |||||||||||
TCW Short Term Bond Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,004.40 | 0.44 | % | $ | 2.19 | ||||||||
Hypothetical (5% return before expenses) | 1,000 | 1,022.61 | 0.44 | % | 2.21 | |||||||||||
TCW Total Return Bond Fund | ||||||||||||||||
I Class Shares | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,034.70 | 0.44 | % | $ | 2.22 | ||||||||
Hypothetical (5% return before expenses) | 1,000 | 1,022.61 | 0.44 | % | 2.21 | |||||||||||
N Class Shares | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,033.60 | 0.73 | % | $ | 3.68 | ||||||||
Hypothetical (5% return before expenses) | 1,000 | 1,021.17 | 0.73 | % | 3.66 |
140
Table of Contents
TCW Funds, Inc.
Proxy Voting Guidelines
The policies and procedures that the Company uses to determine how to vote proxies are available without charge. The Board of Directors of the Company has delegated the Company’s proxy voting authority to the Advisor.
Disclosure of Proxy Voting Guidelines
The proxy voting guidelines of the Advisor are available:
1. | By calling 800-FUND-TCW (800-386-3829) to obtain a hard copy; or |
2. | By going to the SEC website at http://www.sec.gov. |
When the Company receives a request for a description of the Advisor’s proxy voting guidelines, it will deliver the description that is disclosed in the Company’s Statement of Additional Information. This information will be sent out via first class mail (or other means designed to ensure equally prompt delivery) within three business days of receiving the request.
The Advisor, on behalf of the Company, prepares and 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). |
141
Table of Contents
TCW Funds Insight that works for you.
TCW Funds, Inc.
865 South Figueroa Street
Los Angeles, California 90017
800 Fund TCW
(800 386 3829)
www.tcw.com
Investment Advisor
TCW Investment Management Company
865 South Figueroa Street
Los Angeles, California 90017
800 FUND TCW
Transfer Agent
U.S. Bancorp Fund Services, LLC
615 E. Michigan Street
Milwaukee, Wisconsin 53202
Independent Registered Public Accounting Firm
Deloitte & Touche, LLP
350 South Grand Avenue
Los Angeles, California 90071
Custodian & Administrator
State Street Bank & Trust Company
200 Clarendon Street
Boston, Massachusetts 02116
Distributor
TCW Funds Distributors
865 South Figeroa Street
Los Angeles, California 90017
Directors
Patrick C. Haden
Director and Chairman of the Board
Charles W. Baldiswieler
Director
Samuel P. Bell
Director
John A. Gavin
Director
Janet E. Kerr
Director
Peter McMillan
Director
Charles A. Parker
Director
Victoria B. Rogers
Director
Marc I. Stern
Director
Andrew Tarica
Director
Officers
Charles W. Baldiswielei
President and Chief Executive Officer
Peter A. Brown
Senior Vice President
Patrick W. Dennis
Assistant Secretary
David S. DeVito
Treasurer and Chief Executive Officer
Peter A. Brown
Senior Vice President
Patrick W. Dennis
Assistant Secretary
David S. DeVito
Treasurer and Chief Financial Officer
Jon-Luc Dupuy
Assistant Secretary
Meredith S. Jackson
Senior Vice President,
General Counsel and Secretary
Hilary G.D. Lord
Senior Vice President and Chief Compliance Officer
George N. Winn
Assistant Treasurer
Table of Contents
Item 2. | Code of Ethics. |
Not required for this filing.
Item 3. | Audit Committee Financial Expert. |
Not required for this filing.
Item 4. | Principal Accountant Fees and Services. |
Not required for this filing.
Item 5. | Audit of Committee of Listed Registrants. |
Not applicable.
Item 6. | Schedule of Investments. |
The Schedule of Investments is included as part of Item 1 of this form.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which shareholders may recommend nominees to Registrant’s Board of Directors.
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Table of Contents
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 last fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. | Exhibits. |
(a)(1) Not required for this filing.
(a)(2) The certifications required by Rule 30a-2(a) of the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”) are filed herewith.
(a)(3) Not required for this filing.
(b) The certifications required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act are filed herewith.
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Table of Contents
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 24, 2013 |
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 24, 2013 | |
By (Signature and Title) | ||
/s/ David S. DeVito | ||
David S. DeVito | ||
Chief Financial Officer | ||
Date | June 24, 2013 |
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