TCW Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07170

TCW Funds, Inc.

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices)

Meredith S. Jackson, Esq.

Senior Vice President, General Counsel and 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, 2022

Item 1. Reports to Shareholders.

(a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”):

EQUITY FUNDS

TCW Artificial Intelligence Equity Fund

TCW Global Real Estate Fund

TCW New America Premier Equities Fund

TCW Relative Value Dividend Appreciation Fund

TCW Relative Value Large Cap Fund

TCW Relative Value Mid Cap Fund

TCW Select Equities Fund

ASSET ALLOCATION FUND

TCW Conservative Allocation Fund

Paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (www.tcw.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. You can call 1-800-FUND-TCW (1-800-386-3829), if you invest directly with the Funds or contact your financial intermediary, if you invest though a financial intermediary, to inform the Funds or the financial intermediary that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held directly with TCW or through your financial intermediary.

TCW Funds, Inc.

Table of Contents

Letter to Shareholders	1
Performance Summary (Unaudited)	3
Schedules of Investments (Unaudited)	4
TCW Artificial Intelligence Equity Fund	4
TCW Conservative Allocation Fund	7
TCW Global Real Estate Fund	11
TCW New America Premier Equities Fund	16
TCW Relative Value Dividend Appreciation Fund	19
TCW Relative Value Large Cap Fund	23
TCW Relative Value Mid Cap Fund	27
TCW Select Equities Fund	31
Statements of Assets and Liabilities (Unaudited)	34
Statements of Operations (Unaudited)	36
Statements of Changes in Net Assets (Unaudited)	38
Notes to Financial Statements (Unaudited)	42
Financial Highlights (Unaudited)	61
Shareholder Expenses (Unaudited)	77
Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule	79

To Our Valued Shareholders

David B. Lippman President, Chief Executive Officer and Director

Dear Valued Investors,

I am pleased to present the semi-annual report for the TCW Funds, Inc. covering the six-month period ended April 30, 2022. I would like to express our appreciation for your continued investment in the TCW Funds as well as welcome new shareholders to our Fund family. As of April 30, 2022, the TCW Funds held total assets of approximately $12.6 billion.

This report contains information outlining the performance and a list of portfolio holdings as of April 30, 2022 for the TCW Funds’ Equity Funds and the TCW Conservative Allocation Fund.

The U.S. Stock Market

U.S. stocks declined 9.6% (S&P 500 Total Return Index) during the period under review, as surging inflation forced the U.S. Fed to embark on a series of interest rate hikes as well as a reduction of its balance sheet assets (“quantitative tightening”). The equity market had surged to a record high in early January once it became clear that the COVID-19 Omicron variant was not as deadly as prior waves of the pandemic, and prospects for economic growth were boosted by continued healing of the labor market, with the unemployment rate falling below 4%. However, Russia’s late-February invasion of Ukraine prompted concerns about the potential for a wider military conflict as well as worries about the impact of soaring energy prices. At the same time, consumer inflation spiked to a 40-year high in March, with the headline consumer price index (CPI) gauge jumping 8.5% in March. The Fed finally raised its reference rate 25 basis points early that month, and Chair Powell made it clear that 50 basis point rate hikes might well be required in future meetings in order to rein in inflation and achieve a “soft landing,” but investors worried that a more aggressive series of interest rate hikes might push the U.S. economy into recession next year. To be sure, growth prospects dimmed across the globe with Europe facing the possibility of a recession this year given the Ukraine war, and China’s economy was

set to slow in light of its continued draconian COVID-19 pandemic lockdowns. After bonds’ worst quarter in more than 40 years, the yield on the 10-Year U.S. Treasury Note continued to rise in April, spiking 60 basis points from 2.34% to 2.94%, as investors priced in the likelihood of the Fed hiking its reference rate to a “neutral” level of perhaps 3.25% over the next 12-18 months. As a result, a decidedly “risk-off” dynamic led to a sharp sell-off in the equity market that was led by longer-duration cash flow names in the technology-laden NASDAQ Index.

Looking forward, we note that the resilience of U.S. corporate earnings has been overshadowed by the major macroeconomic developments cited above. In 1Q22, with the vast majority of companies having reported, revenues are running at an impressive 13.7% year-over-year (YoY) growth rate, while earnings per share have advanced about 11.7% YoY (Credit Suisse, 5/13/22). While investors are certainly more focused on the prospect for forward earnings given the rising interest rate environment and the slower growth outlook, we have already witnessed a substantial de-rating of stock market valuation multiples, and any confirmation that inflation has peaked could assuage concerns about the pace of Fed rate hikes and quantitative tightening. To be sure, a policy error that pushed the U.S. economy into recession rather than achieved a “soft landing” would in general be very negative for stocks, but many companies and their equity prices could thrive in a slower growth environment characterized by elevated inflation in the 2-4% range, provided that they can avoid margin squeezes. Following the equity valuation multiple compression witnessed in the past few months, stocks are trading around 17 times forward earnings, which is still elevated but closer to the 15 times average of the past five decades. That said, we fully expect the stock market’s trajectory to be driven by macroeconomic data releases in the near-term and, as such, we expect the volatility as of late to continue.

1

Letter to Shareholders (Continued)

Fund Performance

Our equity fund performance during the period under review struggled in light of the sharp downturn in the stock market, with most funds lagging their respective benchmarks. Those funds having substantial technology exposure were the most adversely impacted, as pandemic-driven “stay-at-home” demand dissipated. Our value-oriented equity funds proved more resilient given their exposure to the energy and materials sectors, with the Relative Valued Dividend Appreciation Fund posting a slightly positive return relative to its benchmark. In the midst of the present heightened market volatility, we believe that our emphasis on rigorous bottom-up stock research will serve our fund participants well over the longer term, especially as a higher interest rate environment likely results in greater dispersion among stock returns. At present, a key focus of our research effort has been to identify those companies which possess pricing power and/or some capacity to manage input cost pressures, given our expectation for structurally higher

inflation going forward. We believe that such focus will allow us to position our equity funds to achieve compelling long-term risk-adjusted returns for the benefit of our clients.

We truly value our relationship with you and thank you for making the TCW Funds part of your long-term investment plan. If you have any questions or require further information, I invite you to visit our website at www.tcw.com, or call our shareholder services department at 800-386-3829.

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

Sincerely,

David Lippman

President, Chief Executive Officer and Director

2

TCW Funds, Inc.

Performance Summary (Unaudited)

						Total Return Annualized as of April 30, 2022(1)
	NAV		Six Months Return as of April 30, 2022			1-Year			5-Year			10-Year			Since Inception			Inception Date
TCW Artificial Intelligence Equity Fund
I Class	$	17.36		(27.40	)%		(19.08	)%		N/A			N/A			13.63	%		08/31/17
N Class	$	17.30		(27.45	)%		(19.18	)%		N/A			N/A			13.54	%		08/31/17
TCW Conservative Allocation Fund
I Class	$	11.45		(9.87	)%		(6.66	)%		5.34	%		5.32	%		5.19	%		11/16/06
N Class	$	11.47		(10.02	)%		(6.89	)%		5.01	%		4.89	%		4.91	%		11/16/06
TCW Global Real Estate Fund
I Class	$	12.58		(11.18	)%		(3.93	)%		9.22	%		N/A			6.78	%		11/28/14
N Class	$	12.56		(11.18	)%		(4.03	)%		9.09	%		N/A			6.70	%		11/28/14
TCW New America Premier Equities Fund
I Class	$	23.40		(17.25	)%		(9.16	)%		16.70	%		N/A			18.22	%		01/29/16
N Class	$	23.23		(17.38	)%		(9.45	)%		16.50	%		N/A			18.06	%		01/29/16
TCW Relative Value Dividend Appreciation Fund
I Class	$	19.26		(3.67	)%		1.80	%		8.40	%		10.27	%		7.67	%		10/29/04
N Class	$	19.68		(3.73	)%		1.59	%		8.18	%		10.01	%		9.10	% (2)		09/19/86	(3)
TCW Relative Value Large Cap Fund
I Class	$	13.16		(5.13	)%		(0.98	)%		7.78	%		10.23	%		7.79	%		12/31/03
N Class	$	13.11		(5.22	)%		(1.19	)%		7.57	%		9.99	%		6.71	% (2)		12/31/97	(3)
TCW Relative Value Mid Cap Fund
I Class	$	24.27		(7.69	)%		(5.39	)%		7.31	%		9.56	%		9.96	% (4)		11/01/96	(3)
N Class	$	23.48		(7.74	)%		(5.47	)%		7.20	%		9.37	%		7.85	%		10/31/00
TCW Select Equities Fund
I Class	$	29.06		(26.68	)%		(15.18	)%		15.40	%		13.20	%		10.70	% (4)		07/01/91	(3)
N Class	$	24.68		(26.74	)%		(15.34	)%		15.16	%		12.93	%		7.63	%		02/26/99

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

(2) 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.

(3) Inception date of the predecessor entity.

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

3

TCW Artificial Intelligence Equity Fund

Schedule of Investments (Unaudited) April 30, 2022

Issues	Shares		Value
COMMON STOCK — 92.5% of Net Assets
Agricultural & Farm Machinery — 3.8%
Deere & Co.		780	$	294,489
Enphase Energy, Inc. (1)		1,107		178,670
				473,159
Apparel, Accessories & Luxury Goods — 2.2%
Lululemon Athletica, Inc. (1)		766		271,647
Application Software — 10.7%
Adobe, Inc. (1)		817		323,491
Autodesk, Inc. (1)		567		107,322
Bill.Com Holdings, Inc. (1)		1,453		248,042
Confluent, Inc. (1)		6,316		197,312
Salesforce.com, Inc. (1)		1,244		218,869
Trade Desk, Inc. (The) (1)		4,210		248,053
				1,343,089
Automobile Manufacturers — 4.3%
Tesla Inc. (1)		627		545,966
Biotechnology — 0.4%
SpringWorks Therapeutics, Inc. (1)		1,168		50,119
Communications Equipment — 12.8%
Arista Networks, Inc. (1)		3,592		415,128
Cisco Systems, Inc.		7,592		371,856
Motorola Solutions, Inc.		1,048		223,947
Palo Alto Networks, Inc. (1)		1,054		591,589
				1,602,520
Data Processing & Outsourced Services — 3.6%
Mastercard, Inc.		881		320,138
Square, Inc. (1)		1,378		137,166
				457,304
Electronic Equipment & Instruments — 1.0%
Trimble, Inc. (1)		1,881		125,463
Internet & Direct Marketing Retail — 2.8%
Amazon.com, Inc. (1)		141		350,474
Internet Services & Infrastructure — 12.3%
Alphabet, Inc. (1)		313		714,326
Meta Platforms, Inc. (1)		1,466		293,889
Okta, Inc. (1)		1,516		180,874
Snowflake, Inc. (1)		1,378		236,244
ZoomInfo Technologies, Inc. (1)		2,341		110,963
				1,536,296
Semiconductor Equipment — 4.6%
ASML Holding NV (Netherlands)		592		333,752
Lam Research Corp.		534		248,716
				582,468

Issues	Shares		Value
Semiconductors — 11.6%
Intel Corp.		3,283	$	143,106
Micron Technology, Inc. (1)		3,390		231,164
NVIDIA Corp.		2,331		432,330
NXP Semiconductors NV (Netherlands)		1,151		196,706
ON Semiconductor Corp. (1)		3,061		159,509
QUALCOMM, Inc.		2,074		289,717
				1,452,532
Specialized REITs — 3.8%
American Tower Corp.		920		221,738
SBA Communications Corp.		719		249,572
				471,310
Systems Software — 15.8%
Crowdstrike Holdings, Inc. (1)		2,243		445,819
Datadog, Inc. (1)		2,876		347,363
Microsoft Corp.		2,011		558,093
ServiceNow, Inc. (1)		801		382,958
Zscaler, Inc. (1)		1,210		245,315
				1,979,548
Technology Hardware, Storage & Peripherals — 2.8%
Apple, Inc.		2,227		351,086
Total Common Stock
(Cost: $9,843,592)				11,592,981
MONEY MARKET INVESTMENTS — 8.8%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.29% (2)		1,104,250		1,104,250
Total Money Market Investments
(Cost: $1,104,250)				1,104,250
Total Investments (101.3%)
(Cost: $10,947,842)				12,697,231
Liabilities in Excess of Other Assets (-1.3%)				(161,902	)
Net Assets (100.0%)			$	12,535,329

Notes to the Schedule of Investments:

REIT Real Estate Investment Trust.

SP ADR Sponsored American Depositary Receipt. ADRs are receipts, typically issued by a U.S. bank or trust company, evidencing ownership of underlying securities issued by a foreign corporation. Sponsored ADRs are ADRs issued with the cooperation of the foreign corporation.

(1) Non-income producing security.

(2) Rate disclosed is the 7-day net yield as of April 30, 2022.

See accompanying Notes to Financial Statements.

4

TCW Artificial Intelligence Equity Fund

Investments by Sector (Unaudited) April 30, 2022

Sector	Percentage of Net Assets
Agricultural & Farm Machinery		3.8	%
Apparel, Accessories & Luxury Goods		2.2
Application Software		10.7
Automobile Manufacturers		4.3
Biotechnology		0.4
Communications Equipment		12.8
Data Processing & Outsourced Services		3.6
Electronic Equipment & Instruments		1.0
Internet & Direct Marketing Retail		2.8
Internet Services & Infrastructure		12.3
Semiconductor Equipment		4.6
Semiconductors		11.6
Specialized REITs		3.8
Systems Software		15.8
Technology Hardware, Storage & Peripherals		2.8
Money Market Investments		8.8
Total		101.3	%

See accompanying Notes to Financial Statements.

5

TCW Artificial Intelligence Equity Fund

Fair Valuation Summary (Unaudited) April 30, 2022

The following is a summary of the fair valuations according to the inputs used as of April 30, 2022 in valuing the Fund’s investments:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stock
Agricultural & Farm Machinery	$	473,159	$	—	$	—	$	473,159
Apparel, Accessories & Luxury Goods		271,647		—		—		271,647
Application Software		1,343,089		—		—		1,343,089
Automobile Manufacturers		545,966		—		—		545,966
Biotechnology		50,119		—		—		50,119
Communications Equipment		1,602,520		—		—		1,602,520
Data Processing & Outsourced Services		457,304		—		—		457,304
Electronic Equipment & Instruments		125,463		—		—		125,463
Internet & Direct Marketing Retail		350,474		—		—		350,474
Internet Services & Infrastructure		1,536,296		—		—		1,536,296
Semiconductor Equipment		582,468		—		—		582,468
Semiconductors		1,452,532		—		—		1,452,532
Specialized REITs		471,310		—		—		471,310
Systems Software		1,979,548		—		—		1,979,548
Technology Hardware, Storage & Peripherals		351,086		—		—		351,086
Total Common Stock		11,592,981		—		—		11,592,981
Money Market Investments		1,104,250		—		—		1,104,250
Total Investments	$	12,697,231	$	—	$	—	$	12,697,231

See accompanying Notes to Financial Statements.

6

TCW Conservative Allocation Fund

Schedule of Investments (Unaudited) April 30, 2022

Issues	Shares		Value
EXCHANGE-TRADED FUNDS — 3.4% of Net Assets
iShares Gold Trust (1)		9,725	$	350,489
iShares MSCI EAFE Index Fund		10,410		714,542
Total Exchange-traded Funds
(Cost: $1,028,642)				1,065,031
INVESTMENT COMPANIES — 95.8%
Diversified Equity Funds — 34.5%
TCW Artificial Intelligence Equity Fund — I Class (2)		16,847		292,628
TCW Global Real Estate Fund — I Class (2)		125,782		1,582,341
TCW New America Premier Equities Fund — I Class (2)		86,571		2,024,903
TCW Relative Value Large Cap Fund — I Class (2)		264,004		3,474,290
TCW Relative Value Mid Cap Fund — I Class (2)		36,212		878,857
TCW Select Equities Fund — I Class (2)		85,180		2,475,325
				10,728,344
Diversified Fixed Income Funds — 61.3%
Metropolitan West High Yield Bond Fund — I Class (2)		32,899		317,475
Metropolitan West Low Duration Bond Fund — I Class (2)		414,989		3,514,959
Metropolitan West Total Return Bond Fund — I Class (2)		390,277		3,805,197
Metropolitan West Unconstrained Bond Fund — I Class (2)		530,561		5,793,726

Issues	Shares		Value
Diversified Fixed Income Funds (Continued)
TCW Emerging Markets Income Fund — I Class (2)		62,750	$	415,403
TCW Enhanced Commodity Strategy Fund — I Class (2)		118,302		882,536
TCW Global Bond Fund — I Class (2)		72,765		646,154
TCW Total Return Bond Fund — I Class (2)		405,157		3,658,568
				19,034,018
Total Investment Companies
(Cost: $28,507,110)				29,762,362
MONEY MARKET INVESTMENTS — 0.2%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.29% (3)		57,441		57,441
Total Money Market Investments
(Cost: $57,441)				57,441
Total Investments (99.4%)
(Cost: $29,593,193)				30,884,834
Excess of Other Assets over Liabilities (0.6%)				178,577
Net Assets (100.0%)			$	31,063,411

Notes to the Schedule of Investments:

(1) Non-income producing security.

(2) Affiliated issuer.

(3) Rate disclosed is the 7-day net yield as of April 30, 2022.

See accompanying Notes to Financial Statements.

7

TCW Conservative Allocation Fund

Schedule of Investments (Unaudited) (Continued)

The summary of the TCW Conservative Allocation Fund transactions in the affiliated funds for the period ended April 30, 2022 is as follows:

Name of Affiliated Fund	Value at October 31, 2021		Purchases at Cost		Proceeds from Sales		Number of Shares Held April 30, 2022		Value at April 30, 2022		Dividends and Interest Income Received		Distributions Received from Net Realized Gain		Net Realized Gain (Loss) on Investments			Net change in Unrealized Gain (Loss) on Investments
Metropolitan West High Yield Bond Fund—I Class
	$	364,123	$	13,082	$	25,839		32,899	$	317,475	$	7,482	$	—	$	(292	)	$	(33,599	)
Metropolitan West Low Duration Bond Fund—I Class
		3,882,060		82,591		278,894		414,989		3,514,959		22,930		—		(6,248	)		(164,550	)
Metropolitan West Total Return Bond Fund—I Class
		4,151,099		386,862		291,978		390,277		3,805,197		32,335		1,039		(21,126	)		(419,660	)
Metropolitan West Unconstrained Bond Fund—I Class
		6,522,352		270,005		465,887		530,561		5,793,726		96,452		73,306		(18,336	)		(514,408	)
TCW Artificial Intelligence Fund—I Class
		427,681		24,998		28,443		16,847		292,628		—		18,136		(1,447	)		(130,161	)
TCW Emerging Markets Income Fund—I Class
		327,872		197,579		33,612		62,750		415,403		9,841		—		(2,548	)		(73,888	)
TCW Enhanced Commodity Strategy Fund—I Class
		909,113		58,495		234,809		118,302		882,536		44,597		—		16,737			133,000
TCW Global Bond Fund—I Class
		778,031		19,592		54,602		72,765		646,154		6,367		—		(3,844	)		(93,023	)
TCW Global Real Estate Fund—I Class
		1,889,665		188,106		132,945		125,782		1,582,341		55,537		103,053		(1,602	)		(360,883	)
TCW New America Premier Equities Fund—I Class
		3,024,172		392,400		553,531		86,571		2,024,903		—		345,481		65,868			(904,006	)
TCW Relative Value Large Cap Fund—I Class
		3,840,642		538,367		411,472		264,004		3,474,290		47,527		262,523		(4,915	)		(488,332	)
TCW Relative Value Mid Cap Fund—I Class
		1,009,693		132,486		74,310		36,212		878,857		5,650		110,727		(268	)		(188,744	)
TCW Select Equities Fund—I Class
		3,474,300		803,654		432,892		85,180		2,475,325		—		411,123		(91,223	)		(1,278,514	)
TCW Total Return Bond Fund—I Class
		4,079,515		304,135		287,928		405,157		3,658,568		41,458		—		(19,739	)		(417,415	)
Total									$	29,762,362	$	370,176	$	1,325,388	$	(88,983	)	$	(4,934,183	)

See accompanying Notes to Financial Statements.

8

TCW Conservative Allocation Fund

Investments by Sector (Unaudited) April 30, 2022

Sector	Percentage of Net Assets
Diversified Fixed Income Funds		61.3	%
Diversified Equity Funds		34.5
Exchange-Traded Funds		3.4
Money Market Investments		0.2
Total		99.4	%

See accompanying Notes to Financial Statements.

9

TCW Conservative Allocation Fund

Fair Valuation Summary (Unaudited) April 30, 2022

The following is a summary of the fair valuations according to the inputs used as of April 30, 2022 in valuing the Fund’s investments:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Exchange-Traded Funds	$	1,065,031	$	—	$	—	$	1,065,031
Investment Companies		29,762,362		—		—		29,762,362
Money Market Investments		57,441		—		—		57,441
Total Investments	$	30,884,834	$	—	$	—	$	30,884,834

See accompanying Notes to Financial Statements.

10

TCW Global Real Estate Fund

Schedule of Investments (Unaudited) April 30, 2022

Issues	Shares		Value
COMMON STOCK — 93.7% of Net Assets
Australia — 3.6% (Cost: $1,676,693)
Goodman Group		102,298	$	1,712,517
Canada — 7.8%
BSR Real Estate Investment Trust		21,400		416,444
Killam Apartment Real Estate Investment Trust		94,746		1,498,233
Morguard Corp.		8,865		875,367
Morguard North American Residential Real Estate Investment Trust		62,472		901,849
Total Canada
(Cost: $3,799,236)				3,691,893
China — 1.2% (Cost: $612,474)
China Resources Land, Ltd.		130,000		580,671
Japan — 5.6%
Mitsubishi Estate Co., Ltd.		40,100		585,089
Mitsui Fudosan Co., Ltd.		35,200		747,257
Nippon Prologis REIT, Inc.		468		1,297,465
Total Japan
(Cost: $2,817,194)				2,629,811
Singapore — 1.7% (Cost: $762,870)
Capitaland Investment Ltd (1)		257,300		781,343
Spain — 4.9% (Cost: $2,361,080)
Cellnex Telecom SA		49,628		2,313,175
United Kingdom — 9.4%
IHS Holding, Ltd. (1)		178,249		1,871,615
Segro PLC		109,489		1,830,234
Tritax Big Box REIT PLC		235,787		718,663
Total United Kingdom
(Cost: $4,404,045)				4,420,512
United States — 59.5%
Alexandria Real Estate Equities, Inc.		4,443		809,337
American Tower Corp.		11,620		2,800,652
Apartment Investment and Management Co. (1)		425,189		2,678,691
AvalonBay Communities, Inc.		5,556		1,263,879
Boston Properties, Inc.		7,948		934,685
BrightSpire Capital, Inc.		94,970		807,245

Issues	Shares		Value
United States (Continued)
Brixmor Property Group, Inc.		64,568	$	1,638,736
Chatham Lodging Trust (1)		54,811		787,086
Equinix, Inc.		2,616		1,881,113
Gaming and Leisure Properties, Inc.		26,976		1,197,195
Invitation Homes, Inc.		37,270		1,484,091
Kimco Realty Corp.		48,415		1,226,352
Kite Realty Group Trust		43,711		974,755
New Residential Investment Corp.		138,929		1,444,862
Pebblebrook Hotel Trust		39,215		957,630
Prologis, Inc.		9,235		1,480,278
Public Storage		1,803		669,814
Rexford Industrial Realty, Inc.		12,869		1,004,297
Terreno Realty Corp.		11,858		862,669
VICI Properties, Inc.		82,400		2,456,340
Welltower, Inc.		7,765		705,140
Total United States
(Cost: $28,134,547)				28,064,847
Total Common Stock
(Cost: $44,568,139)				44,194,769
CLOSED-END FUND — 3.7%
United States — 3.7%
NexPoint Diversified Real Estate Trust		111,342		1,765,884
Total Closed-end Fund
(Cost: $1,681,656)				1,765,884
MONEY MARKET INVESTMENTS — 5.0%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.29% (2)		2,367,942		2,367,942
Total Money Market Investments
(Cost: $2,367,942)				2,367,942
Total Purchased Options (3) (0.4%)
(Cost: $118,132)				202,500
Total Investments (102.8%)
(Cost: $48,735,869)				48,531,095
Liabilities in Excess of Other Assets (-2.8%)				(1,339,075	)
Net Assets (100.0%)			$	47,192,020

See accompanying Notes to Financial Statements.

11

TCW Global Real Estate Fund

Schedule of Investments (Unaudited) (Continued)

Purchased Options — Exchange Traded
Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation (Depreciation)
Put
Vornado Realty Trust		45.00		9/16/22		250	$	993,250	$	202,500	$	118,132	$	84,368

Written Options — Exchange Traded
Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation (Depreciation)
Put
Vornado Realty Trust		35.00		9/16/22		(250	)	$	(993,250	)	$	(55,625	)	$	(30,618	)	$	(25,007	)

Notes to the Schedule of Investments:

REIT Real Estate Investment Trust.

(1) Non-income producing security.

(2) Rate disclosed is the 7-day net yield as of April 30, 2022.

(3) See options table for description of purchased options.

See accompanying Notes to Financial Statements.

12

TCW Global Real Estate Fund

Investments by Sector (Unaudited) April 30, 2022

Sector	Percentage of Net Assets
Diversified Real Estate Activities		12.3	%
Health Care REITs		1.5
Hotel & Resort REITs		3.7
Industrial REITs		18.8
Mortgage REITs		4.8
Office REITs		3.7
Real Estate Development		1.2
Real Estate Operating Companies		1.7
Residential REITs		17.6
Retail REITs		8.2
Specialized REITs		19.0
Wireless Telecommunication Services		4.9
Purchased Options		0.4
Money Market Investments		5.0
Total		102.8	%

See accompanying Notes to Financial Statements.

13

TCW Global Real Estate Fund

Investments by Country (Unaudited) April 30, 2022

Country	Percentage of Net Assets
Australia		3.6	%
Canada		7.8
China		1.2
Japan		5.6
Singapore		1.7
Spain		4.9
United Kingdom		9.4
United States		68.6
Total		102.8	%

See accompanying Notes to Financial Statements.

14

TCW Global Real Estate Fund

Fair Valuation Summary (Unaudited) April 30, 2022

The following is a summary of the fair valuations according to the inputs used as of April 30, 2022 in valuing the Fund’s investments:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stock
Diversified Real Estate Activities	$	2,746,982		$	1,332,346	$	—	$	4,079,328
Health Care REITs		705,140			—		—		705,140
Hotel & Resort REITs		1,744,716			—		—		1,744,716
Industrial REITs		3,347,244			5,558,879		—		8,906,123
Mortgage REITs		2,252,107			—		—		2,252,107
Office REITs		1,744,022			—		—		1,744,022
Real Estate Development		—			580,671		—		580,671
Real Estate Operating Companies		—			781,343		—		781,343
Residential REITs		8,243,187			—		—		8,243,187
Retail REITs		3,839,843			—		—		3,839,843
Specialized REITs		9,005,114			—		—		9,005,114
Wireless Telecommunication Services		—			2,313,175		—		2,313,175
Total Common Stock		33,628,355			10,566,414		—		44,194,769
Closed-end Fund		1,765,884			—		—		1,765,884
Money Market Investments		2,367,942			—		—		2,367,942
Purchased Options		202,500			—		—		202,500
Total Investments	$	37,964,681		$	10,566,414	$	—	$	48,531,095
Liability Derivatives
Written Options
Equity Risk	$	(55,625	)	$	—	$	—	$	(55,625	)
Total	$	(55,625	)	$	—	$	—	$	(55,625	)

See accompanying Notes to Financial Statements.

15

TCW New America Premier Equities Fund

Schedule of Investments (Unaudited)

Issues	Shares		Value
COMMON STOCK — 98.2% of Net Assets
Aerospace & Defense — 5.4%
HEICO Corp.		64,681	$	9,134,898
Application Software — 15.3%
Constellation Software, Inc.		14,551		23,019,624
Trade Desk, Inc. (The) (1)		53,419		3,147,447
				26,167,071
Data Processing & Outsourced Services — 5.5%
Fiserv, Inc. (1)		38,587		3,778,439
Visa, Inc.		26,214		5,586,990
				9,365,429
Electrical Equipment — 3.3%
AMETEK, Inc.		44,002		5,555,693
Electronic Equipment & Instruments — 1.0%
Teledyne Technologies, Inc. (1)		3,954		1,706,349
Environmental & Facilities Services — 6.0%
Waste Connections, Inc. (Canada)		74,704		10,306,911
Financial Exchanges & Data — 18.3%
FactSet Research Systems, Inc.		20,679		8,343,770
Morningstar, Inc.		40,471		10,248,471
MSCI, Inc.		9,097		3,832,111
S&P Global, Inc.		23,392		8,807,088
				31,231,440
Food Retail — 3.3%
Alimentation Couche-Tard, Inc.		124,948		5,591,155
Health Care Equipment — 5.6%
Baxter International, Inc.		51,703		3,674,015
Danaher Corp.		23,239		5,836,010
				9,510,025
Household Products — 2.0%
Church & Dwight Co., Inc.		35,575		3,470,697

Issues	Shares		Value
Industrial Conglomerates — 3.9%
Roper Technologies, Inc.		14,118	$	6,634,331
Internet Services & Infrastructure — 1.7%
Dye & Durham, Ltd.		173,821		2,884,663
Life Sciences Tools & Services — 5.2%
Agilent Technologies, Inc.		25,815		3,078,955
Mettler-Toledo International, Inc. (1)		4,508		5,759,105
				8,838,060
Multi-Sector Holdings — 3.6%
Berkshire Hathaway, Inc. — Class B (1)		19,201		6,198,659
Semiconductors — 3.4%
Broadcom, Inc.		10,527		5,836,064
Soft Drinks — 2.7%
PepsiCo, Inc.		27,155		4,662,785
Systems Software — 10.9%
Microsoft Corp.		46,748		12,973,505
Oracle Corp.		75,443		5,537,516
				18,511,021
Trading Companies & Distributors — 1.1%
Fastenal Co.		32,569		1,801,391
Total Common Stock
(Cost: $122,150,074)				167,406,642
Total Investments (98.2%)
(Cost: $122,150,074)				167,406,642
Excess of Other Assets over Liabilities (1.8%)				3,126,296
Net Assets (100.0%)			$	170,532,938

Notes to the Schedule of Investments:

(1) Non-income producing security.

See accompanying Notes to Financial Statements.

16

TCW New America Premier Equities Fund

Investments by Sector (Unaudited) April 30, 2022

Sector	Percentage of Net Assets
Aerospace & Defense		5.4	%
Application Software		15.3
Data Processing & Outsourced Services		5.5
Electrical Equipment		3.3
Electronic Equipment & Instruments		1.0
Environmental & Facilities Services		6.0
Financial Exchanges & Data		18.3
Food Retail		3.3
Health Care Equipment		5.6
Household Products		2.0
Industrial Conglomerates		3.9
Internet Services & Infrastructure		1.7
Life Sciences Tools & Services		5.2
Multi-Sector Holdings		3.6
Semiconductors		3.4
Soft Drinks		2.7
Systems Software		10.9
Trading Companies & Distributors		1.1
Total		98.2	%

See accompanying Notes to Financial Statements.

17

TCW New America Premier Equities Fund

Fair Valuation Summary (Unaudited) April 30, 2022

The following is a summary of the fair valuations according to the inputs used as of April 30, 2022 in valuing the Fund’s investments:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stock
Aerospace & Defense	$	9,134,898	$	—	$	—	$	9,134,898
Application Software		26,167,071		—		—		26,167,071
Data Processing & Outsourced Services		9,365,429		—		—		9,365,429
Electrical Equipment		5,555,693		—		—		5,555,693
Electronic Equipment & Instruments		1,706,349		—		—		1,706,349
Environmental & Facilities Services		10,306,911		—		—		10,306,911
Financial Exchanges & Data		31,231,440		—		—		31,231,440
Food Retail		5,591,155		—		—		5,591,155
Health Care Equipment		9,510,025		—		—		9,510,025
Household Products		3,470,697		—		—		3,470,697
Industrial Conglomerates		6,634,331		—		—		6,634,331
Internet Services & Infrastructure		2,884,663		—		—		2,884,663
Life Sciences Tools & Services		8,838,060		—		—		8,838,060
Multi-Sector Holdings		6,198,659		—		—		6,198,659
Semiconductors		5,836,064		—		—		5,836,064
Soft Drinks		4,662,785		—		—		4,662,785
Systems Software		18,511,021		—		—		18,511,021
Trading Companies & Distributors		1,801,391		—		—		1,801,391
Total Common Stock		167,406,642		—		—		167,406,642
Total Investments	$	167,406,642	$	—	$	—	$	167,406,642

See accompanying Notes to Financial Statements.

18

TCW Relative Value Dividend Appreciation Fund

Schedule of Investments (Unaudited) April 30, 2022

Issues	Shares		Value
COMMON STOCK — 99.8% of Net Assets
Aerospace & Defense — 1.3%
Textron, Inc.		49,950	$	3,459,038
Air Freight & Logistics — 3.5%
United Parcel Service, Inc. — Class B		49,775		8,958,504
Auto Components — 1.1%
BorgWarner, Inc.		75,185		2,769,064
Banks — 6.7%
Citigroup, Inc.		42,215		2,035,185
JPMorgan Chase & Co.		61,660		7,359,738
Wells Fargo & Co.		178,808		7,801,393
				17,196,316
Beverages — 2.8%
PepsiCo, Inc.		42,700		7,332,017
Biotechnology — 5.7%
AbbVie, Inc.		48,347		7,101,207
Amgen, Inc.		9,412		2,194,784
Gilead Sciences, Inc.		90,969		5,398,101
				14,694,092
Building Products — 5.1%
Carlisle Cos., Inc.		15,080		3,911,149
Johnson Controls International PLC (Ireland)		153,575		9,194,535
				13,105,684
Capital Markets — 7.6%
Ameriprise Financial, Inc.		24,375		6,471,319
Blackstone, Inc.		22,400		2,275,168
Intercontinental Exchange, Inc.		49,326		5,712,444
Morgan Stanley		62,800		5,061,052
				19,519,983
Chemicals — 4.0%
Corteva, Inc.		45,344		2,615,895
DuPont de Nemours, Inc.		71,148		4,690,788
International Flavors & Fragrances, Inc.		24,550		2,977,915
				10,284,598
Diversified Telecommunication Services — 1.4%
AT&T, Inc.		190,032		3,584,004
Electrical Equipment — 2.2%
nVent Electric PLC (Ireland)		169,612		5,729,493
Electronic Equipment, Instruments & Components — 1.2%
Corning, Inc.		85,494		3,008,534
Energy Equipment & Services — 3.6%
Baker Hughes Co.		301,020		9,337,640
Entertainment — 0.5%
Warner Bros Discovery, Inc. (1)		65,543		1,189,605

Issues	Shares		Value
Equity Real Estate — 2.6%
Cousins Properties, Inc.		62,100	$	2,229,390
Simon Property Group, Inc.		38,276		4,516,568
				6,745,958
Food Products — 1.2%
Conagra Brands, Inc.		88,295		3,084,144
Health Care Equipment & Supplies — 1.3%
Medtronic PLC (Ireland)		31,580		3,295,689
Health Care Providers & Services — 7.4%
Anthem, Inc.		14,919		7,488,294
McKesson Corp.		37,015		11,460,214
				18,948,508
Hotels, Restaurants & Leisure — 1.1%
Darden Restaurants, Inc.		21,494		2,831,405
Household Durables — 2.6%
Lennar Corp.		86,525		6,618,297
Independent Power and Renewable Electricity Producers — 2.5%
AES Corp. (The)		321,410		6,563,192
Industrial Conglomerates — 2.5%
General Electric Co.		85,850		6,400,118
Insurance — 4.2%
MetLife, Inc.		163,356		10,729,222
IT Services — 3.1%
International Business Machines Corp.		60,721		8,027,923
Media — 4.0%
Comcast Corp.		106,200		4,222,512
Fox Corp.		168,827		6,050,760
				10,273,272
Metals & Mining — 1.2%
Freeport-McMoRan, Inc.		78,973		3,202,355
Multiline Retail — 2.6%
Target Corp.		28,799		6,584,891
Oil, Gas & Consumable Fuels — 5.5%
Chevron Corp.		50,440		7,902,435
Exxon Mobil Corp.		72,884		6,213,361
				14,115,796
Pharmaceuticals — 4.1%
Johnson & Johnson		23,922		4,316,964
Novartis AG (SP ADR) (Switzerland)		70,200		6,179,706
				10,496,670
Semiconductors & Semiconductor Equipment — 3.4%
Broadcom, Inc.		15,581		8,637,951

See accompanying Notes to Financial Statements.

19

TCW Relative Value Dividend Appreciation Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Shares		Value
Specialty Retail — 1.2%
Dick’s Sporting Goods, Inc.		32,653	$	3,148,402
Technology Hardware, Storage & Peripherals — 2.6%
HP, Inc.		88,913		3,256,883
Seagate Technology Holdings PLC		41,271		3,385,873
				6,642,756
Total Common Stock
(Cost: $175,489,103)				256,515,121
MONEY MARKET INVESTMENTS — 0.3%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.29% (2)		785,965		785,965
Total Money Market Investments
(Cost: $785,965)				785,965
Total Investments (100.1%)
(Cost: $176,275,068)				257,301,086
Liabilities in Excess of Other Assets (-0.1%)				(298,503	)
Net Assets (100.0%)			$	257,002,583

Notes to the Schedule of Investments:

SP ADR Sponsored American Depositary Receipt. ADRs are receipts, typically issued by a U.S. bank or trust company, evidencing ownership of underlying securities issued by a foreign corporation. Sponsored ADRs are ADRs issued with the cooperation of the foreign corporation.

(1) Non-income producing security.

(2) Rate disclosed is the 7-day net yield as of April 30, 2022.

See accompanying Notes to Financial Statements.

20

TCW Relative Value Dividend Appreciation Fund

Investments by Sector (Unaudited) April 30, 2022

Sector	Percentage of Net Assets
Aerospace & Defense		1.3	%
Air Freight & Logistics		3.5
Auto Components		1.1
Banks		6.7
Beverages		2.8
Biotechnology		5.7
Building Products		5.1
Capital Markets		7.6
Chemicals		4.0
Diversified Telecommunication Services		1.4
Electrical Equipment		2.2
Electronic Equipment, Instruments & Components		1.2
Energy Equipment & Services		3.6
Entertainment		0.5
Equity Real Estate		2.6
Food Products		1.2
Health Care Equipment & Supplies		1.3
Health Care Providers & Services		7.4
Hotels, Restaurants & Leisure		1.1
Household Durables		2.6
Independent Power and Renewable Electricity Producers		2.5
Industrial Conglomerates		2.5
Insurance		4.2
IT Services		3.1
Media		4.0
Metals & Mining		1.2
Multiline Retail		2.6
Oil, Gas & Consumable Fuels		5.5
Pharmaceuticals		4.1
Semiconductors & Semiconductor Equipment		3.4
Specialty Retail		1.2
Technology Hardware, Storage & Peripherals		2.6
Money Market Investments		0.3
Total		100.1	%

See accompanying Notes to Financial Statements.

21

TCW Relative Value Dividend Appreciation Fund

Fair Valuation Summary (Unaudited) April 30, 2022

The following is a summary of the fair valuations according to the inputs used as of April 30, 2022 in valuing the Fund’s investments:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stock
Aerospace & Defense	$	3,459,038	$	—	$	—	$	3,459,038
Air Freight & Logistics		8,958,504		—		—		8,958,504
Auto Components		2,769,064		—		—		2,769,064
Banks		17,196,316		—		—		17,196,316
Beverages		7,332,017		—		—		7,332,017
Biotechnology		14,694,092		—		—		14,694,092
Building Products		13,105,684		—		—		13,105,684
Capital Markets		19,519,983		—		—		19,519,983
Chemicals		10,284,598		—		—		10,284,598
Diversified Telecommunication Services		3,584,004		—		—		3,584,004
Electrical Equipment		5,729,493		—		—		5,729,493
Electronic Equipment, Instruments & Components		3,008,534		—		—		3,008,534
Energy Equipment & Services		9,337,640		—		—		9,337,640
Entertainment		1,189,605		—		—		1,189,605
Equity Real Estate		6,745,958		—		—		6,745,958
Food Products		3,084,144		—		—		3,084,144
Health Care Equipment & Supplies		3,295,689		—		—		3,295,689
Health Care Providers & Services		18,948,508		—		—		18,948,508
Hotels, Restaurants & Leisure		2,831,405		—		—		2,831,405
Household Durables		6,618,297		—		—		6,618,297
IT Services		8,027,923		—		—		8,027,923
Independent Power and Renewable Electricity Producers		6,563,192		—		—		6,563,192
Industrial Conglomerates		6,400,118		—		—		6,400,118
Insurance		10,729,222		—		—		10,729,222
Media		10,273,272		—		—		10,273,272
Metals & Mining		3,202,355		—		—		3,202,355
Multiline Retail		6,584,891		—		—		6,584,891
Oil, Gas & Consumable Fuels		14,115,796		—		—		14,115,796
Pharmaceuticals		10,496,670		—		—		10,496,670
Semiconductors & Semiconductor Equipment		8,637,951		—		—		8,637,951
Specialty Retail		3,148,402		—		—		3,148,402
Technology Hardware, Storage & Peripherals		6,642,756		—		—		6,642,756
Total Common Stock		256,515,121		—		—		256,515,121
Money Market Investments		785,965		—		—		785,965
Total Investments	$	257,301,086	$	—	$	—	$	257,301,086

See accompanying Notes to Financial Statements.

22

TCW Relative Value Large Cap Fund

Schedule of Investments (Unaudited) April 30, 2022

Issues	Shares		Value
COMMON STOCK — 100.0% of Net Assets
Aerospace & Defense — 2.7%
Textron, Inc.		44,309	$	3,068,398
Air Freight & Logistics — 2.6%
United Parcel Service, Inc. — Class B		16,323		2,937,813
Banks — 6.3%
Citigroup, Inc.		24,083		1,161,041
JPMorgan Chase & Co.		28,579		3,411,190
Signature Bank		10,916		2,644,401
				7,216,632
Beverages — 2.2%
PepsiCo, Inc.		14,640		2,513,834
Biotechnology — 5.1%
AbbVie, Inc.		19,339		2,840,512
Amgen, Inc.		5,418		1,263,424
Gilead Sciences, Inc.		28,159		1,670,955
				5,774,891
Building Products — 3.2%
Johnson Controls International PLC (Ireland)		61,482		3,680,927
Capital Markets — 7.6%
Ameriprise Financial, Inc.		10,068		2,672,954
Blackstone, Inc.		6,409		650,962
Intercontinental Exchange, Inc.		29,252		3,387,674
Morgan Stanley		24,500		1,974,455
				8,686,045
Chemicals — 2.5%
DuPont de Nemours, Inc.		27,506		1,813,471
International Flavors & Fragrances, Inc.		8,275		1,003,757
				2,817,228
Communications Equipment — 1.5%
Juniper Networks, Inc.		55,898		1,761,905
Diversified Financial Services — 1.0%
Apollo Global Management, Inc.		23,218		1,155,328
Diversified Telecommunication Services — 1.4%
AT&T, Inc.		83,697		1,578,525
Electronic Equipment, Instruments & Components — 3.0%
Corning, Inc.		39,882		1,403,448
Flex Ltd. (1)		120,147		1,981,224
				3,384,672
Energy Equipment & Services — 2.7%
Baker Hughes Co.		98,364		3,051,251
Entertainment — 1.3%
Warner Bros Discovery, Inc. (1)		84,224		1,528,666

Issues	Shares		Value
Equity Real Estate — 1.6%
Weyerhaeuser Co.		43,857	$	1,807,785
Food Products — 1.6%
Conagra Brands, Inc.		51,559		1,800,956
Health Care Equipment & Supplies — 1.1%
Medtronic PLC (Ireland)		11,953		1,247,415
Health Care Providers & Services — 11.3%
Centene Corp. (1)		50,807		4,092,504
McKesson Corp.		14,104		4,366,739
Molina Healthcare, Inc. (1)		14,088		4,415,884
				12,875,127
Hotels, Restaurants & Leisure — 2.1%
Darden Restaurants, Inc.		18,460		2,431,736
Household Durables — 3.0%
Lennar Corp.		45,117		3,450,999
Independent Power and Renewable Electricity Producers — 2.0%
AES Corp. (The)		114,500		2,338,090
Industrial Conglomerates — 2.0%
General Electric Co.		30,141		2,247,012
Insurance — 2.9%
MetLife, Inc.		50,913		3,343,966
Interactive Media & Services — 0.3%
Meta Platforms, Inc. (1)		1,646		329,974
IT Services — 4.2%
Fiserv, Inc. (1)		21,932		2,147,581
International Business Machines Corp.		19,707		2,605,463
				4,753,044
Media — 5.8%
Comcast Corp.		67,075		2,666,902
Fox Corp.		58,152		2,084,168
Paramount Global — Class B		65,991		1,921,658
				6,672,728
Metals & Mining — 2.3%
Freeport-McMoRan, Inc. (1)		65,460		2,654,403
Multiline Retail — 2.5%
Target Corp.		12,405		2,836,403
Oil, Gas & Consumable Fuels — 4.3%
Chevron Corp.		13,137		2,058,174
Exxon Mobil Corp.		32,948		2,808,817
				4,866,991
Real Estate Management & Development — 1.5%
Jones Lang LaSalle, Inc. (1)		7,766		1,698,657

See accompanying Notes to Financial Statements.

23

TCW Relative Value Large Cap Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Shares		Value
Semiconductors & Semiconductor Equipment — 5.6%
Broadcom, Inc.		5,994	$	3,323,014
ON Semiconductor Corp. (1)		57,860		3,015,084
				6,338,098
Specialty Retail — 1.4%
Dick’s Sporting Goods, Inc.		16,612		1,601,729
Technology Hardware, Storage & Peripherals — 1.4%
HP, Inc.		43,900		1,608,057
Total Common Stock
(Cost: $68,904,154)				114,059,285
MONEY MARKET INVESTMENTS — 0.3%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.29% (2)		320,770		320,770
Total Money Market Investments
(Cost: $320,770)				320,770
Total Investments (100.3%)
(Cost: $69,224,924)				114,380,055
Liabilities In Excess Of Other Assets (-0.3%)				(380,536	)
Net Assets (100.0%)			$	113,999,519

Notes to the Schedule of Investments:

(1) Non-income producing security.

(2) Rate disclosed is the 7-day net yield as of April 30, 2022.

See accompanying Notes to Financial Statements.

24

TCW Relative Value Large Cap Fund

Investments by Sector (Unaudited) April 30, 2022

Sector	Percentage of Net Assets
Aerospace & Defense		2.7	%
Air Freight & Logistics		2.6
Banks		6.3
Beverages		2.2
Biotechnology		5.1
Building Products		3.2
Capital Markets		7.6
Chemicals		2.5
Communications Equipment		1.5
Diversified Financial Services		1.0
Diversified Telecommunication Services		1.4
Electronic Equipment, Instruments & Components		3.0
Energy Equipment & Services		2.7
Entertainment		1.3
Equity Real Estate		1.6
Food Products		1.6
Health Care Equipment & Supplies		1.1
Health Care Providers & Services		11.3
Hotels, Restaurants & Leisure		2.1
Household Durables		3.0
Independent Power and Renewable Electricity Producers		2.0
Industrial Conglomerates		2.0
Insurance		2.9
Interactive Media & Services		0.3
Media		5.8
IT Services		4.2
Metals & Mining		2.3
Multiline Retail		2.5
Oil, Gas & Consumable Fuels		4.3
Real Estate Management & Development		1.5
Semiconductors & Semiconductor Equipment		5.6
Specialty Retail		1.4
Technology Hardware, Storage & Peripherals		1.4
Money Market Investments		0.3
Total		100.3	%

See accompanying Notes to Financial Statements.

25

TCW Relative Value Large Cap Fund

Fair Valuation Summary (Unaudited) April 30, 2022

The following is a summary of the fair valuations according to the inputs used as of April 30, 2022 in valuing the Fund’s investments:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stock
Aerospace & Defense	$	3,068,398	$	—	$	—	$	3,068,398
Air Freight & Logistics		2,937,813		—		—		2,937,813
Banks		7,216,632		—		—		7,216,632
Beverages		2,513,834		—		—		2,513,834
Biotechnology		5,774,891		—		—		5,774,891
Building Products		3,680,927		—		—		3,680,927
Capital Markets		8,686,045		—		—		8,686,045
Chemicals		2,817,228		—		—		2,817,228
Communications Equipment		1,761,905		—		—		1,761,905
Diversified Financial Services		1,155,328		—		—		1,155,328
Diversified Telecommunication Services		1,578,525		—		—		1,578,525
Electronic Equipment, Instruments & Components		3,384,672		—		—		3,384,672
Energy Equipment & Services		3,051,251		—		—		3,051,251
Entertainment		1,528,666		—		—		1,528,666
Equity Real Estate		1,807,785		—		—		1,807,785
Food Products		1,800,956		—		—		1,800,956
Health Care Equipment & Supplies		1,247,415		—		—		1,247,415
Health Care Providers & Services		12,875,127		—		—		12,875,127
Hotels, Restaurants & Leisure		2,431,736		—		—		2,431,736
Household Durables		3,450,999		—		—		3,450,999
Independent Power and Renewable Electricity Producers		2,338,090		—		—		2,338,090
Industrial Conglomerates		2,247,012		—		—		2,247,012
Insurance		3,343,966		—		—		3,343,966
Interactive Media & Services		329,974		—		—		329,974
IT Services		4,753,044		—		—		4,753,044
Media		6,672,728		—		—		6,672,728
Metals & Mining		2,654,403		—		—		2,654,403
Multiline Retail		2,836,403		—		—		2,836,403
Oil, Gas & Consumable Fuels		4,866,991		—		—		4,866,991
Real Estate Management & Development		1,698,657		—		—		1,698,657
Semiconductors & Semiconductor Equipment		6,338,098		—		—		6,338,098
Specialty Retail		1,601,729		—		—		1,601,729
Technology Hardware, Storage & Peripherals		1,608,057		—		—		1,608,057
Total Common Stock		114,059,285		—		—		114,059,285
Money Market Investments		320,770		—		—		320,770
Total Investments	$	114,380,055	$	—	$	—	$	114,380,055

See accompanying Notes to Financial Statements.

26

TCW Relative Value Mid Cap Fund

Schedule of Investments (Unaudited) April 30, 2022

Issues	Shares		Value
COMMON STOCK — 99.5% of Net Assets
Aerospace & Defense — 3.0%
Textron, Inc.		34,688	$	2,402,144
Air Freight & Logistics — 0.8%
FedEx Corp.		3,408		677,306
Airlines — 1.8%
United Airlines Holdings, Inc. (1)		28,600		1,444,300
Auto Components — 0.6%
BorgWarner, Inc.		12,980		478,053
Banks — 11.0%
First Citizens BancShares, Inc.		1,447		925,183
KeyCorp		133,523		2,578,329
Popular, Inc.		43,897		3,423,527
Signature Bank		7,517		1,820,993
				8,748,032
Building Products — 0.9%
Carlisle Cos., Inc.		2,827		733,211
Capital Markets — 1.4%
Evercore, Inc.		10,656		1,126,872
Chemicals — 3.5%
Corteva, Inc.		13,900		801,891
DuPont de Nemours, Inc.		6,100		402,173
International Flavors & Fragrances, Inc.		12,737		1,544,998
				2,749,062
Communications Equipment — 2.1%
Juniper Networks, Inc.		52,612		1,658,330
Construction & Engineering — 1.6%
Arcosa, Inc.		23,371		1,251,050
Consumer Finance — 1.7%
OneMain Holdings, Inc.		28,700		1,318,191
Diversified Financial Services — 2.9%
Apollo Global Management, Inc.		23,444		1,166,573
Equitable Holdings, Inc.		39,744		1,145,820
				2,312,393
Electronic Equipment, Instruments & Components — 6.3%
Avnet, Inc.		33,483		1,461,868
Flex Ltd. (1)		93,650		1,544,289
II-VI, Inc. (1)		11,000		673,310
TTM Technologies, Inc. (1)		93,155		1,299,512
				4,978,979
Energy Equipment & Services — 3.1%
Baker Hughes Co.		62,526		1,939,557
NOV, Inc. (1)		28,838		522,833
				2,462,390

Issues	Shares		Value
Entertainment — 0.7%
Warner Bros Discovery, Inc. (1)		31,406	$	570,019
Equity Real Estate — 3.2%
Cousins Properties, Inc.		23,591		846,917
Innovative Industrial Properties, Inc.		7,377		1,066,640
SITE Centers Corp.		39,085		621,452
				2,535,009
Food Products — 1.1%
Conagra Brands, Inc.		25,684		897,142
Health Care Equipment & Supplies — 0.6%
Envista Holdings Corp. (1)		12,100		479,402
Health Care Providers & Services — 11.0%
Acadia Healthcare Co., Inc. (1)		29,460		1,999,745
Centene Corp. (1)		33,298		2,682,154
Henry Schein, Inc. (1)		12,795		1,037,674
Molina Healthcare, Inc. (1)		9,759		3,058,959
				8,778,532
Hotels, Restaurants & Leisure — 2.9%
Darden Restaurants, Inc.		12,682		1,670,600
Travel + Leisure Co.		11,297		626,757
				2,297,357
Household Durables — 6.8%
DR Horton, Inc.		15,882		1,105,228
KB Home		36,160		1,172,669
Lennar Corp.		21,177		1,619,829
Toll Brothers, Inc.		32,468		1,505,541
				5,403,267
Independent Power and Renewable Electricity Producers — 2.2%
AES Corp. (The)		84,135		1,718,037
Insurance — 2.9%
Arch Capital Group, Ltd. (1)		33,450		1,527,661
Assured Guaranty, Ltd.		13,625		751,419
				2,279,080
Internet & Direct Marketing Retail — 1.9%
eBay, Inc.		29,700		1,542,024
IT Services — 1.3%
DXC Technology Co. (1)		35,812		1,027,804
Machinery — 3.2%
Manitowoc Co., Inc. (The) (1)		60,550		801,682
Terex Corp.		8,934		303,756
Westinghouse Air Brake Technologies Corp.		16,395		1,474,074
				2,579,512
Marine — 1.0%
Kirby Corp. (1)		12,493		814,544

See accompanying Notes to Financial Statements.

27

TCW Relative Value Mid Cap Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Shares		Value
Media — 1.2%
Paramount Global — Class B		32,861	$	956,912
Metals & Mining — 2.3%
Freeport-McMoRan, Inc.		45,699		1,853,094
Multi-Utilities — 0.4%
Sempra Energy		1,890		304,970
Multiline Retail — 1.2%
Dollar Tree, Inc. (1)		5,668		920,767
Oil, Gas & Consumable Fuels — 2.8%
ConocoPhillips		8,030		767,026
Marathon Petroleum Corp.		16,750		1,461,605
				2,228,631
Personal Products — 1.9%
Coty, Inc. (1)		186,859		1,515,427
Pharmaceuticals — 1.4%
Elanco Animal Health, Inc. (1)		31,872		806,680
Perrigo Co. PLC		9,293		318,750
				1,125,430
Professional Services — 2.5%
Jacobs Engineering Group, Inc.		14,260		1,975,723
Real Estate Management & Development — 1.4%
Jones Lang LaSalle, Inc. (1)		4,933		1,078,995
Road & Rail — 0.9%
Hertz Global Holdings, Inc. (1)		35,200		706,112

Issues	Shares		Value
Semiconductors & Semiconductor Equipment — 0.5%
Analog Devices, Inc.		2,555	$	394,441
Specialty Retail — 3.5%
Dick’s Sporting Goods, Inc.		8,734		842,132
Guess?, Inc.		42,926		964,547
Williams-Sonoma, Inc.		7,178		936,586
				2,743,265
Total Common Stock
(Cost: $54,474,660)				79,065,809
MONEY MARKET INVESTMENTS — 0.8%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.29% (2)		658,330		658,330
Total Money Market Investments
(Cost: $658,330)				658,330
Total Investments (100.3%)
(Cost: $55,132,990)				79,724,139
Liabilities In Excess Of Other Assets (-0.3%)				(265,995	)
Net Assets (100.0%)			$	79,458,144

Notes to the Schedule of Investments:

(1) Non-income producing security.

(2) Rate disclosed is the 7-day net yield as of April 30, 2022.

See accompanying Notes to Financial Statements.

28

TCW Relative Value Mid Cap Fund

Investments by Sector (Unaudited) April 30, 2022

Sector	Percentage of Net Assets
Aerospace & Defense		3.0	%
Air Freight & Logistics		0.8
Airlines		1.8
Auto Components		0.6
Banks		11.0
Building Products		0.9
Capital Markets		1.4
Chemicals		3.5
Communications Equipment		2.1
Construction & Engineering		1.6
Consumer Finance		1.7
Diversified Financial Services		2.9
Electronic Equipment, Instruments & Components		6.3
Energy Equipment & Services		3.1
Entertainment		0.7
Equity Real Estate		3.2
Food Products		1.1
Health Care Equipment & Supplies		0.6
Health Care Providers & Services		11.0
Hotels, Restaurants & Leisure		2.9
Household Durables		6.8
Independent Power and Renewable Electricity Producers		2.2
Insurance		2.9
Internet & Direct Marketing Retail		1.9
Machinery		3.2
IT Services		1.3
Marine		1.0
Media		1.2
Metals & Mining		2.3
Multi-Utilities		0.4
Multiline Retail		1.2
Oil, Gas & Consumable Fuels		2.8
Personal Products		1.9
Pharmaceuticals		1.4
Professional Services		2.5
Real Estate Management & Development		1.4
Road & Rail		0.9
Semiconductors & Semiconductor Equipment		0.5
Specialty Retail		3.5
Money Market Investments		0.8
Total		100.3	%

See accompanying Notes to Financial Statements.

29

TCW Relative Value Mid Cap Fund

Fair Valuation Summary (Unaudited) April 30, 2022

The following is a summary of the fair valuations according to the inputs used as of April 30, 2022 in valuing the Fund’s investments:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stock
Aerospace & Defense	$	2,402,144	$	—	$	—	$	2,402,144
Air Freight & Logistics		677,306		—		—		677,306
Airlines		1,444,300		—		—		1,444,300
Auto Components		478,053		—		—		478,053
Banks		8,748,032		—		—		8,748,032
Building Products		733,211		—		—		733,211
Capital Markets		1,126,872		—		—		1,126,872
Chemicals		2,749,062		—		—		2,749,062
Communications Equipment		1,658,330		—		—		1,658,330
Construction & Engineering		1,251,050		—		—		1,251,050
Consumer Finance		1,318,191		—		—		1,318,191
Diversified Financial Services		2,312,393		—		—		2,312,393
Electronic Equipment, Instruments & Components		4,978,979		—		—		4,978,979
Energy Equipment & Services		2,462,390		—		—		2,462,390
Entertainment		570,019		—		—		570,019
Equity Real Estate		2,535,009		—		—		2,535,009
Food Products		897,142		—		—		897,142
Health Care Equipment & Supplies		479,402		—		—		479,402
Health Care Providers & Services		8,778,532		—		—		8,778,532
Hotels, Restaurants & Leisure		2,297,357		—		—		2,297,357
Household Durables		5,403,267		—		—		5,403,267
Independent Power and Renewable Electricity Producers		1,718,037		—		—		1,718,037
Insurance		2,279,080		—		—		2,279,080
Internet & Direct Marketing Retail		1,542,024		—		—		1,542,024
IT Services		1,027,804		—		—		1,027,804
Machinery		2,579,512		—		—		2,579,512
Marine		814,544		—		—		814,544
Media		956,912		—		—		956,912
Metals & Mining		1,853,094		—		—		1,853,094
Multi-Utilities		304,970		—		—		304,970
Multiline Retail		920,767		—		—		920,767
Oil, Gas & Consumable Fuels		2,228,631		—		—		2,228,631
Personal Products		1,515,427		—		—		1,515,427
Pharmaceuticals		1,125,430		—		—		1,125,430
Professional Services		1,975,723		—		—		1,975,723
Real Estate Management & Development		1,078,995		—		—		1,078,995
Road & Rail		706,112		—		—		706,112
Semiconductors & Semiconductor Equipment		394,441		—		—		394,441
Specialty Retail		2,743,265		—		—		2,743,265
Total Common Stock		79,065,809		—		—		79,065,809
Money Market Investments		658,330		—		—		658,330
Total Investments	$	79,724,139	$	—	$	—	$	79,724,139

See accompanying Notes to Financial Statements.

30

TCW Select Equities Fund

Schedule of Investments (Unaudited) April 30, 2022

Issues	Shares		Value
COMMON STOCK — 98.5% of Net Assets
Capital Markets — 7.0%
Charles Schwab Corp. (The)		253,568	$	16,819,165
S&P Global, Inc.		84,086		31,658,379
				48,477,544
Commercial Services & Supplies — 2.3%
Waste Connections, Inc. (Canada)		114,232		15,760,589
Entertainment — 1.0%
Netflix, Inc. (1)		36,118		6,875,422
Equity Real Estate — 4.5%
American Tower Corp.		128,907		31,069,165
Food & Staples Retailing — 3.6%
Costco Wholesale Corp.		46,337		24,638,310
Health Care Equipment & Supplies — 6.5%
Align Technology, Inc. (1)		45,973		13,328,032
Boston Scientific Corp. (1)		357,179		15,040,808
DexCom, Inc. (1)		40,257		16,448,205
				44,817,045
Interactive Media & Services — 10.4%
Alphabet, Inc. — Class C (1)		21,393		49,189,567
Meta Platforms, Inc. (1)		112,041		22,460,859
				71,650,426
Internet & Direct Marketing Retail — 6.1%
Amazon.com, Inc. (1)		17,065		42,417,276
IT Services — 13.2%
Mastercard, Inc.		70,855		25,747,290
PayPal Holdings, Inc. (1)		143,560		12,623,231
Snowflake, Inc. (1)		47,409		8,127,799
Twilio, Inc. (1)		80,713		9,025,327
Visa, Inc.		166,469		35,479,538
				91,003,185
Life Sciences Tools & Services — 2.9%
IQVIA Holdings, Inc. (1)		91,359		19,915,348
Pharmaceuticals — 3.4%
Zoetis, Inc.		131,239		23,262,113

Issues	Shares		Value
Professional Services — 2.4%
TransUnion		191,280	$	16,740,826
Semiconductors & Semiconductor Equipment — 9.0%
ASML Holding NV (Netherlands)		32,873		18,532,811
Enphase Energy, Inc. (1)		51,330		8,284,662
NVIDIA Corp.		191,201		35,462,050
				62,279,523
Software — 18.8%
Adobe, Inc. (1)		61,642		24,407,150
Crowdstrike Holdings, Inc. (1)		67,791		13,474,140
Microsoft Corp.		37,264		10,341,505
Salesforce.com, Inc. (1)		143,953		25,327,091
ServiceNow, Inc. (1)		84,603		40,448,694
Trade Desk, Inc. (The) (1)		273,503		16,114,797
				130,113,377
Specialty Retail — 5.0%
Home Depot, Inc. (The)		63,419		19,051,068
Ulta Beauty, Inc. (1)		40,045		15,889,856
				34,940,924
Textiles, Apparel & Luxury Goods — 2.4%
NIKE, Inc. — Class B		132,724		16,550,683
Total Common Stock
(Cost: $284,466,473)				680,511,756
MONEY MARKET INVESTMENTS — 1.8%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.29% (2)		12,180,273		12,180,273
Total Money Market Investments
(Cost: $12,180,273)				12,180,273
Total Investments (100.3%)
(Cost: $296,646,746)				692,692,029
Liabilities in Excess of Other Assets (-0.3%)				(1,837,573	)
Net Assets (100.0%)			$	690,854,456

Notes to the Schedule of Investments:

(1) Non-income producing security.

(2) Rate disclosed is the 7-day net yield as of April 30, 2022.

See accompanying Notes to Financial Statements.

31

TCW Select Equities Fund

Investments by Sector (Unaudited) April 30, 2022

Sector	Percentage of Net Assets
Capital Markets		7.0	%
Commercial Services & Supplies		2.3
Entertainment		1.0
Equity Real Estate		4.5
Food & Staples Retailing		3.6
Health Care Equipment & Supplies		6.5
Interactive Media & Services		10.4
Internet & Direct Marketing Retail		6.1
IT Services		13.2
Life Sciences Tools & Services		2.9
Machinery		1.2
Pharmaceuticals		3.4
Professional Services		2.4
Semiconductors & Semiconductor Equipment		7.8
Software		18.8
Specialty Retail		5.0
Textiles, Apparel & Luxury Goods		2.4
Money Market Investments		1.8
Total		100.3	%

See accompanying Notes to Financial Statements.

32

TCW Select Equities Fund

Fair Valuation Summary (Unaudited) April 30, 2022

The following is a summary of the fair valuations according to the inputs used as of April 30, 2022 in valuing the Fund’s investments:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stock
Capital Markets	$	48,477,544	$	—	$	—	$	48,477,544
Commercial Services & Supplies		15,760,589		—		—		15,760,589
Entertainment		6,875,422		—		—		6,875,422
Equity Real Estate		31,069,165		—		—		31,069,165
Food & Staples Retailing		24,638,310		—		—		24,638,310
Health Care Equipment & Supplies		44,817,045		—		—		44,817,045
Interactive Media & Services		71,650,426		—		—		71,650,426
Internet & Direct Marketing Retail		42,417,276		—		—		42,417,276
Life Sciences Tools & Services		19,915,348		—		—		19,915,348
IT Services		91,003,185		—		—		91,003,185
Machinery		8,284,662		—		—		8,284,662
Pharmaceuticals		23,262,113		—		—		23,262,113
Professional Services		16,740,826		—		—		16,740,826
Semiconductors & Semiconductor Equipment		53,994,861		—		—		53,994,861
Software		130,113,377		—		—		130,113,377
Specialty Retail		34,940,924		—		—		34,940,924
Textiles, Apparel & Luxury Goods		16,550,683		—		—		16,550,683
Total Common Stock		680,511,756		—		—		680,511,756
Money Market Investments		12,180,273		—		—		12,180,273
Total Investments	$	692,692,029	$	—	$	—	$	692,692,029

See accompanying Notes to Financial Statements.

33

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited) April 30, 2022

	TCW Artificial Intelligence Equity Fund		TCW Conservative Allocation Fund			TCW Global Real Estate Fund			TCW New America Premier Equities Fund
ASSETS
Investments, at Value (1)	$	12,697,231	$	1,122,472		$	48,531,095		$	167,406,642
Investment in Affiliated Issuers, at Value		—		29,762,362	(2)		—			—
Receivable for Securities Sold		—		394,537			1,736,465			4,303,567
Receivable for Fund Shares Sold		29,929		—			93,185			114,790
Interest and Dividends Receivable		1,505		58			21,108			10,255
Foreign Tax Reclaims Receivable		—		—			7,350			—
Receivable from Investment Advisor		11,548		1,885			18,737			2,782
Cash Collateral Held for Brokers		—		—			—			3
Prepaid Expenses		17,472		16,773			20,868			23,709
Total Assets		12,757,685		31,298,087			50,428,808			171,861,748
LIABILITIES
Payable for Securities Purchased		—		159,199			1,949,230			379,398
Payable for Fund Shares Redeemed		139,665		—			1,117,231			169,149
Disbursements in Excess of Available Cash		—		—			—			522,991
Accrued Directors’ Fees and Expenses		9,183		9,182			9,182			9,182
Deferred Accrued Directors’ Fees and Expenses		1,247		1,247			1,247			1,247
Accrued Management Fees		7,991		—			32,781			97,149
Accrued Distribution Fees		851		176			3,651			5,114
Options Written, at Value (3)		—		—			55,625			—
Transfer Agent Fees Payable		2,908		4,354			1,591			23,779
Administration Fee Payable		20,834		24,183			21,153			44,823
Audit Fees Payable		16,144		13,580			15,933			18,849
Accounting Fees Payable		3,525		5,761			3,541			18,983
Custodian Fees Payable		13,991		10,325			21,052			16,855
Legal Fees Payable		306		57			163			666
Other Accrued Expenses		5,711		6,612			4,408			20,625
Total Liabilities		222,356		234,676			3,236,788			1,328,810
NET ASSETS	$	12,535,329	$	31,063,411		$	47,192,020		$	170,532,938
NET ASSETS CONSIST OF:
Paid-in Capital	$	11,690,240	$	28,937,130		$	50,871,680		$	131,182,363
Accumulated Earnings (Loss)		845,089		2,126,281			(3,679,660	)		39,350,575
NET ASSETS	$	12,535,329	$	31,063,411		$	47,192,020		$	170,532,938
NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	8,776,971	$	30,244,728		$	31,300,680		$	146,975,317
N Class Share	$	3,758,358	$	818,683		$	15,891,340		$	23,557,621
CAPITAL SHARES OUTSTANDING: (4)
I Class Share		505,454		2,641,543			2,488,110			6,281,051
N Class Share		217,239		71,351			1,264,828			1,014,047
NET ASSET VALUE PER SHARE: (5)
I Class Share	$	17.36	$	11.45		$	12.58		$	23.40
N Class Share	$	17.30	$	11.47		$	12.56		$	23.23

(1) The identified cost for the TCW Artificial Intelligence Equity Fund, the TCW Conservative Allocation Fund, the TCW Global Real Estate Fund and the TCW New America Premier Equities Fund at April 30, 2022 was $10,947,842, $1,086,083, $48,735,869 and $122,150,074, respectively.

(2) The identified cost for investments in affiliated issuers of the TCW Conservative Allocation Fund was $28,507,110.

(3) Premium received $30,618.

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

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

See accompanying Notes to Financial Statements.

34

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited) April 30, 2022

	TCW Relative Value Dividend Appreciation Fund		TCW Relative Value Large Cap Fund		TCW Relative Value Mid Cap Fund		TCW Select Equities Fund
ASSETS
Investments, at Value (1)	$	257,301,086	$	114,380,055	$	79,724,139	$	692,692,029
Cash		20		15		—		—
Receivable for Securities Sold		—		—		—		2,157,882
Receivable for Fund Shares Sold		1,267		22,505		123		628,319
Interest and Dividends Receivable		457,075		204,416		60,342		124,071
Foreign Tax Reclaims Receivable		223,826		—		—		—
Receivable from Investment Advisor		21,142		12,619		12,863		17,221
Prepaid Expenses		19,581		19,467		16,600		27,946
Total Assets		258,023,997		114,639,077		79,814,067		695,647,468
LIABILITIES
Payable for Securities Purchased		663,698		310,459		210,672		3,597,689
Payable for Fund Shares Redeemed		4,849		149,028		6		337,893
Accrued Directors’ Fees and Expenses		9,182		9,182		9,182		9,182
Deferred Accrued Directors’ Fees and Expenses		1,247		1,247		1,247		1,247
Accrued Management Fees		134,551		60,259		48,170		414,802
Accrued Distribution Fees		40,217		2,061		2,996		29,164
Transfer Agent Fees Payable		43,097		14,149		2,970		121,375
Administration Fee Payable		48,538		32,422		28,092		128,723
Audit Fees Payable		18,773		18,558		18,787		20,857
Accounting Fees Payable		21,321		10,993		8,091		73,113
Custodian Fees Payable		11,543		13,549		13,656		9,696
Legal Fees Payable		792		507		335		2,448
Other Accrued Expenses		23,606		17,144		11,719		46,823
Total Liabilities		1,021,414		639,558		355,923		4,793,012
NET ASSETS	$	257,002,583	$	113,999,519	$	79,458,144	$	690,854,456
NET ASSETS CONSIST OF:
Paid-in Capital	$	173,454,890	$	64,621,023	$	53,224,898	$	223,834,140
Accumulated Earnings (Loss)		83,547,693		49,378,496		26,233,246		467,020,316
NET ASSETS	$	257,002,583	$	113,999,519	$	79,458,144	$	690,854,456
NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	72,552,855	$	104,639,385	$	65,610,281	$	563,617,808
N Class Share	$	184,449,728	$	9,360,134	$	13,847,863	$	127,236,648
CAPITAL SHARES OUTSTANDING: (2)
I Class Share		3,766,582		7,953,161		2,702,862		19,394,899
N Class Share		9,374,668		713,894		589,688		5,155,017
NET ASSET VALUE PER SHARE: (3)
I Class Share	$	19.26	$	13.16	$	24.27	$	29.06
N Class Share	$	19.68	$	13.11	$	23.48	$	24.68

(1) The identified cost for the TCW Relative Value Dividend Appreciation Fund, the TCW Relative Value Large Cap Fund, the TCW Relative Value Mid Cap Fund and the TCW Select Equities Fund at April 30, 2022 was $176,275,068, $69,224,924, $55,132,990 and $296,646,746, respectively.

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

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

See accompanying Notes to Financial Statements.

35

TCW Funds, Inc.

Statements of Operations (Unaudited) Six Months Ended April 30, 2022

	TCW Artificial Intelligence Equity Fund			TCW Conservative Allocation Fund			TCW Global Real Estate Fund			TCW New America Premier Equities Fund
INVESTMENT INCOME
Income:
Dividends	$	31,872	(1)	$	15,752		$	596,394	(1)	$	513,777	(1)
Dividends from Investment in Affiliated Issuers		—			370,176			—			—
Non-Cash Dividend Income		—			—			—			31,680
Total		31,872			385,928			596,394			545,457
Expenses:
Management Fees		56,851			—			178,241			668,929
Accounting Services Fees		1,236			2,021			1,242			6,659
Administration Fees		7,267			8,435			7,378			15,634
Transfer Agent Fees:
I Class		5,457			5,571			10,598			48,027
N Class		4,149			3,183			7,863			17,440
Custodian Fees		4,708			3,622			7,384			5,912
Professional Fees		13,144			10,928			14,101			16,771
Directors’ Fees and Expenses		20,820			20,820			20,820			20,821
Registration Fees:
I Class		9,729			9,325			11,118			10,185
N Class		10,447			9,328			10,502			9,431
Distribution Fees:
N Class		5,982			1,089			20,751			33,858
Compliance Expense		5,606			5,606		��	5,606			5,606
Other		3,288			3,853			4,192			12,264
Total		148,684			83,781			299,796			871,537
Less Expenses Borne by Investment Advisor:
I Class		43,233			—			45,860			—
N Class		29,979			12,108			45,153			14,830
Net Expenses		75,472			71,673			208,783			856,707
Net Investment Income (Loss)		(43,600	)		314,255			387,611			(311,250	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		(802,114	)		—			(2,294,083	)		(5,335,646	)
Investments in Affiliated Issuers		—			(88,983	)		—			—
Realized Gain Received as Distribution from Affiliated Issuers		—			1,325,388			—			—
Foreign Currency		—			—			(25,867	)		(44,106	)
Options Written		—			—			52,157			—
Change in Unrealized Appreciation (Depreciation) on:
Investments		(4,234,218	)		(102,839	)		(3,681,817	)		(32,201,622	)
Foreign Currency		—			—			(381	)		—
Investments in Affiliated Issuers		—			(4,934,183	)		—			—
Options Written		—			—			(64,897	)		—
Net Realized and Unrealized Gain (Loss) on Investments		(5,036,332	)		(3,800,617	)		(6,014,888	)		(37,581,374	)
DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(5,079,932	)	$	(3,486,362	)	$	(5,627,277	)	$	(37,892,624	)

(1) Net of foreign taxes withheld. Total amounts withheld for the TCW Artificial Intelligence Equity Fund, the TCW Global Real Estate Fund and the TCW New America Premier Equities Fund were $465, $19,797 and $12,553.

See accompanying Notes to Financial Statements.

36

TCW Funds, Inc.

Statements of Operations (Unaudited) Six Months Ended April 30, 2022

	TCW Relative Value Dividend Appreciation Fund			TCW Relative Value Large Cap Fund			TCW Relative Value Mid Cap Fund				TCW Select Equities Fund
INVESTMENT INCOME
Income:
Dividends	$	3,577,655	(1)	$	1,310,087		$	644,649	(1)		$	1,467,062	(1)
Total		3,577,655			1,310,087			644,649				1,467,062
Expenses:
Management Fees		827,770			375,446			302,488				2,826,792
Accounting Services Fees		7,479			3,856			2,838				25,645
Administration Fees		16,930			11,309			9,798				44,897
Transfer Agent Fees:
I Class		18,902			36,455			27,839				273,185
N Class		91,689			6,707			8,744				84,855
Custodian Fees		4,049			4,753			4,790				3,401
Professional Fees		17,013			16,222			16,174				20,843
Directors’ Fees and Expenses		20,820			20,820			20,820				20,820
Registration Fees:
I Class		9,896			14,493			9,455				12,920
N Class		10,597			10,423			9,340				11,812
Distribution Fees:
N Class		248,086			12,684			19,041				205,329
Compliance Expense		5,606			5,606			5,606				5,605
Other		14,830			7,853			6,787				37,379
Total		1,293,667			526,627			443,720				3,573,483
Less Expenses Borne by Investment Advisor:
I Class		13,643			57,936			38,671				—
N Class		116,013			20,600			30,179				88,736
Net Expenses		1,164,011			448,091			374,870				3,484,747
Net Investment Income (Loss)		2,413,644			861,996			269,779				(2,017,685	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		5,368,550			4,534,849			2,271,151				76,754,428
Foreign Currency		—			—			—				9
Change in Unrealized Appreciation (Depreciation) on:
Investments		(17,495,811	)		(11,365,372	)		(9,108,265	)			(330,552,196	)
										��
Net Realized and Unrealized Gain (Loss) on Investments		(12,127,261	)		(6,830,523	)		(6,837,114	)			(253,797,759	)
DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(9,713,617	)	$	(5,968,527	)	$	(6,567,335	)		$	(255,815,444	)

(1) Net of foreign taxes withheld. Total amounts withheld for the TCW Relative Value Dividend Appreciation Fund, the TCW Relative Value Mid Cap Fund and the TCW Select Equities Fund were $35,015, $4,541 and $18,553.

See accompanying Notes to Financial Statements.

37

TCW Funds, Inc.

Statements of Changes in Net Assets (Unaudited)

	TCW Artificial Intelligence Equity Fund						TCW Conservative Allocation Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
OPERATIONS
Net Investment Income (Loss)	$	(43,600	)	$	(88,494	)	$	314,255		$	357,656
Net Realized Gain (Loss) on Investments		(802,114	)		1,118,544			1,236,405			3,079,251
Change in Unrealized Appreciation (Depreciation) on Investments		(4,234,218	)		3,428,225			(5,037,022	)		2,226,386
Increase (Decrease) in Net Assets Resulting from Operations		(5,079,932	)		4,458,275			(3,486,362	)		5,663,293
DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(815,308	)		—			(3,251,567	)		(575,016	)
NET CAPITAL SHARE TRANSACTIONS
I Class		(502,405	)		3,584,599			1,545,871			(6,446,027	)
N Class		(2,429	)		527,992			256,059			190,512
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		(504,834	)		4,112,591			1,801,930			(6,255,515	)
Increase (Decrease) in Net Assets		(6,400,074	)		8,570,866			(4,935,999	)		(1,167,238	)
NET ASSETS
Beginning of period		18,935,403			10,364,537			35,999,410			37,166,648
End of period	$	12,535,329		$	18,935,403		$	31,063,411		$	35,999,410

See accompanying Notes to Financial Statements.

38

TCW Funds, Inc.

Statements of Changes in Net Assets (Unaudited)

	TCW Global Real Estate Fund						TCW New America Premier Equities Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
OPERATIONS
Net Investment Income (Loss)	$	387,611		$	613,331		$	(311,250	)	$	712,832
Net Realized Gain (Loss) on Investments, Options Written and Foreign Currency Transactions		(2,267,793	)		3,250,760			(5,379,752	)		33,494,351
Change in Unrealized Appreciation (Depreciation) on Investments, Options Written and Foreign Currency Transactions		(3,747,095	)		2,994,939			(32,201,622	)		35,985,483
Increase (Decrease) in Net Assets Resulting from Operations		(5,627,277	)		6,859,030			(37,892,624	)		70,192,666
DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(3,629,715	)		(564,453	)		(26,427,279	)		(7,812	)
NET CAPITAL SHARE TRANSACTIONS
I Class		12,105,511			11,493,157			1,267,917			(12,185,199	)
N Class		4,760,651			8,250,122			1,713,680			(9,645,097	)
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		16,866,162			19,743,279			2,981,597			(21,830,296	)
Increase (Decrease) in Net Assets		7,609,170			26,037,856			(61,338,306	)		48,354,558
NET ASSETS
Beginning of period		39,582,850			13,544,994			231,871,244			183,516,686
End of period	$	47,192,020		$	39,582,850		$	170,532,938		$	231,871,244

See accompanying Notes to Financial Statements.

39

TCW Funds, Inc.

Statements of Changes in Net Assets (Unaudited)

	TCW Relative Value Dividend Appreciation Fund						TCW Relative Value Large Cap Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
OPERATIONS
Net Investment Income	$	2,413,644		$	4,547,141		$	861,996		$	1,609,103
Net Realized Gain on Investments		5,368,550			31,551,258			4,534,849			11,175,560
Change in Unrealized Appreciation (Depreciation) on Investments		(17,495,811	)		65,949,490			(11,365,372	)		33,219,423
Increase (Decrease) in Net Assets Resulting from Operations		(9,713,617	)		102,047,889			(5,968,527	)		46,004,086
DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(27,074,571	)		(4,599,952	)		(10,172,684	)		(8,614,565	)
NET CAPITAL SHARE TRANSACTIONS
I Class		5,017,844			(3,786,668	)		2,276,687			(275,969	)
N Class		8,584,973			(21,732,783	)		153,451			(2,445,033	)
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		13,602,817			(25,519,451	)		2,430,138			(2,721,002	)
Increase (Decrease) in Net Assets		(23,185,371	)		71,928,486			(13,711,073	)		34,668,519
NET ASSETS
Beginning of period		280,187,954			208,259,468			127,710,592			93,042,073
End of period	$	257,002,583		$	280,187,954		$	113,999,519		$	127,710,592

See accompanying Notes to Financial Statements.

40

TCW Funds, Inc.

Statements of Changes in Net Assets (Unaudited)

	TCW Relative Value Mid Cap Fund						TCW Select Equities Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
OPERATIONS
Net Investment Income (Loss)	$	269,779		$	478,760		$	(2,017,685	)	$	(3,646,354	)
Net Realized Gain on Investments and Foreign Currency Transactions		2,271,151			12,750,073			76,754,437			126,960,390
Change in Unrealized Appreciation (Depreciation) on Investments		(9,108,265	)		19,424,042			(330,552,196	)		175,902,597
Increase (Decrease) in Net Assets Resulting from Operations		(6,567,335	)		32,652,875			(255,815,444	)		299,216,633
DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(10,250,919	)		(522,819	)		(115,374,235	)		(59,131,560	)
NET CAPITAL SHARE TRANSACTIONS
I Class		6,915,621			(4,606,270	)		60,051,371			(27,266,527	)
N Class		108,471			(194,515	)		6,669,030			(12,802,651	)
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		7,024,092			(4,800,785	)		66,720,401			(40,069,178	)
Increase (Decrease) in Net Assets		(9,794,162	)		27,329,271			(304,469,278	)		200,015,895
NET ASSETS
Beginning of period		89,252,306			61,923,035			995,323,734			795,307,839
End of period	$	79,458,144		$	89,252,306		$	690,854,456		$	995,323,734

See accompanying Notes to Financial Statements.

41

TCW Funds, Inc.

Notes to Financial Statements (Unaudited)

Note 1 — Organization

TCW Funds, Inc. (the “Company”), a Maryland corporation, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), that currently offers 18 no-load mutual funds (each series, a “Fund” and collectively, the “Funds”). TCW Investment Management Company LLC (the “Advisor”) is the investment advisor to and an affiliate of the Funds and is registered under the Investment Advisers Act of 1940, as amended. Each Fund has its own investment objective and strategies. The following is a brief description of the investment objectives and principal investment strategies for the Funds that are covered in this report:

TCW Fund	Investment Objectives and Principal Investment Strategies
Diversified U.S. Equity Fund
TCW Artificial Intelligence Equity Fund	Seeks long-term capital appreciation by investing at least 80% of the value of its net assets, plus any borrowings for investment purposes, in publicly traded equity securities of businesses that the portfolio managers believe are benefitting from or have the potential to benefit from advances in the use of artificial intelligence.
TCW Global Real Estate Fund	Seeks to maximize total return from current income and long-term capital growth by investing at least 80% of the value of its net assets, plus any borrowings for investment purposes, in equity securities of real estate investment trusts (“REITs”) and real estate companies. Under normal market conditions, the Fund invests in securities of issuers located in at least three different countries (one of which may be the United States) and invests at least 30% of its net assets, plus any borrowings for investment purposes, in securities of issuers domiciled outside the United States or whose primary business operations are outside the United States, including pooled investment vehicles domiciled in the United States that invest principally in non-U.S. securities.
TCW New America Premier Equities Fund	Seeks to provide long-term capital appreciation by investing at least 80% of the value of its net assets, plus any borrowings for investment purposes, in equity securities of U.S. companies; intends to achieve its objective by investing primarily in a portfolio of companies the portfolio manager believes are enduring, cash generating businesses whose leaders prudently manage their environmental, social, and financial resources and whose shares are attractively valued relative to free cash flow generated by the businesses.

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April 30, 2022

Note 1 — Organization (Continued)

TCW Fund	Investment Objectives and Principal Investment Strategies
TCW Relative Value Dividend Appreciation Fund	Seeks to realize a high level of dividend income consistent with prudent investment management, with a secondary objective of capital appreciation, by investing at least 80% of the value of its net assets, plus any borrowings for investment purposes, in equity securities of companies that have a record of paying dividends.
TCW Relative Value Large Cap Fund	Seeks capital appreciation, with a secondary goal of current income, by investing at least 80% of the value of its net assets, plus any borrowings for investment purposes, in equity securities of large-capitalization companies (i.e., companies with a market capitalization of greater than $1 billion at the time of purchase).
TCW Relative Value Mid Cap Fund	Seeks to provide long-term capital appreciation by investing at least 80% of the value of its net assets, plus any borrowings for investment purposes, in equity securities of mid-capitalization companies (i.e., companies with market capitalizations, at the time of acquisition, within the capitalization range of the companies comprising the Russell MidCap® Index).
TCW Select Equities Fund	Seeks to provide long-term capital appreciation by investing at least 80% of the value of its net assets, plus any borrowings for investment purposes, in equity securities. The Fund invests primarily in equity securities of mid- and large-capitalization companies.
Fund of Funds
TCW Conservative Allocation Fund	Seeks to provide current income, and secondarily, long-term capital appreciation by investing in a combination of fixed income funds and equity funds that utilize diverse investment styles, such as growth and/or value investing.

All of the Funds currently offer two classes of shares: I Class and N Class. The two classes of a Fund are substantially the same except that the N Class shares are subject to a distribution fee (see Note 7).

The TCW Conservative Allocation Fund is a “fund of funds” that invests in affiliated and unaffiliated funds which are identified on the Schedule of Investments.

Note 2 — Significant Accounting Policies

The following is a summary of significant accounting policies which are in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and which are consistently followed

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TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

by the Funds in the preparation of their financial statements. Each Fund is considered an investment company under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 946, Financial Services — Investment Companies. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements.

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

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

Security Valuations:    Equity securities listed or traded on the NYSE and other stock exchanges are valued at the latest sale price on the exchange. Securities traded on the NASDAQ stock market (“NASDAQ”) are valued using official closing prices as reported by NASDAQ, which may not be the last sale price. Options on equity securities and options on indexes are valued using mid prices (average of bid and ask prices) as reported by the exchange or pricing service. Investments in open-end mutual funds including money market funds are valued based on the NAV per share as reported by the investment companies. All other securities for which over-the-counter (“OTC”) market quotations are readily available, including short-term securities, swap agreements and forward currency contracts, are valued with prices furnished by independent pricing services or by broker-dealers.

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

Securities for which market quotations are not readily available, including in circumstances under which it is determined by the Advisor that prices received are not reflective of their market values, are valued by the Advisor’s Pricing Committee in accordance with the guidelines established by the Valuation Committee of the Company’s Board of Directors and under the general oversight of the Board.

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

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TCW Funds, Inc.

April 30, 2022

Note 2 — Significant Accounting Policies (Continued)

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

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

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

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

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

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

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

Equity securities.    Securities are generally valued based on quoted prices from the applicable exchange. To the extent these securities are actively traded and valuation adjustments are not applied, they are generally categorized as Level 1 of the fair value hierarchy. Restricted securities issued by publicly held companies are generally categorized as Level 2 of the fair value hierarchy; if a discount is applied and significant, they are categorized as Level 3. Restricted securities held in non-public entities are categorized as Level 3 of the fair value hierarchy because they trade infrequently, and therefore the inputs are unobservable. Certain foreign securities that are fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets are categorized as Level 2 of the fair value hierarchy.

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

Options contracts.    Options contracts traded on securities exchanges are fair valued using market mid prices; as such, they are categorized as Level 1. Option contracts traded OTC are fair valued based on pricing models and incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-money contracts on a given strike price. To the extent that these inputs are observable and timely, the fair value of OTC option contracts would be categorized as Level 2; otherwise, the fair values would be categorized as Level 3.

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TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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

Warrants.    Warrants are generally valued based on quoted prices from the applicable exchange. To the extent these securities are actively traded, and valuation adjustments are not applied, they are generally categorized as Level 1 of the fair value hierarchy.

The summary of the inputs used as of April 30, 2022 in valuing the Funds’ investments is listed after the Schedule of Investments for each Fund.

The Funds held no investments or other financial instruments at April 30, 2022 for which fair value was calculated using Level 3 inputs.

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

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

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

Income and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. These differences are primarily due to differing treatments for foreign currency transactions, derivative transactions, market discount and premium, losses deferred due to wash sales, excise tax regulations and employing equalization in determining amounts to be distributed to Fund shareholders. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications between paid-in capital, undistributed net investment income (loss), and/or undistributed accumulated realized gain (loss). Undistributed net investment income or loss may include temporary book and tax basis differences which will reverse in subsequent periods. Any taxable income or capital gain remaining at fiscal year-end is distributed in the following year. Distributions received from real estate investment trusts may include return of capital which is treated as a reduction in the cost basis of those investments. Distributions received, if any, in excess of the cost basis of a security is recognized as capital gain.

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

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TCW Funds, Inc.

April 30, 2022

Note 2 — Significant Accounting Policies (Continued)

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

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

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

For the period ended April 30, 2022, the TCW Global Real Estate Fund had the following derivatives and transactions in derivatives, grouped in the following risk categories:

TCW Global Real Estate Fund

	Equity Risk
Statement of Assets and Liabilities:
Asset Derivatives
Investments (1)	$	202,500
Total Value	$	202,500
Liability Derivatives
Written Options	$	(55,625	)
Total Value	$	(55,625	)
Statement of Operations:
Net Realized Gain (Loss)
Investments (2)	$	(164,887	)
Options Written		52,157
Net Realized Gain (Loss)	$	(112,730	)
Net Change in Appreciation (Depreciation)
Investments (3)	$	166,278
Options Written		(64,897	)
Net Change in Appreciation (Depreciation)	$	101,381
Number of Contracts (4)
Options Purchased		260
Options Written		260

(1) Represents purchased options, at value.

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

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TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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

(4) Amount disclosed represents average notional amounts which are representative of the volume traded for the period ended April 30, 2022.

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

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

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

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

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

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

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April 30, 2022

Note 2 — Significant Accounting Policies (Continued)

the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by entering into agreements only with counterparties that the Advisor believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities. The Funds have implemented the disclosure requirements pursuant to FASB Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities that requires disclosures to make financial statements that are prepared under GAAP more comparable to those prepared under International Financial Reporting Standards.

Master Agreements and Netting Arrangements.    Certain Funds are parties to various agreements, including but not limited to International Swaps and Derivatives Association Agreements and related Credit Support Annex, Master Repurchase Agreements, and Master Securities Forward Transactions Agreements (collectively “Master Agreements”), which govern the terms of certain transactions with select counterparties. These Master Agreements generally include provisions for general obligations, representations, agreements, collateral, and certain events of default or termination. These Master Agreements also include provisions for netting arrangements that help reduce credit and counterparty risk associated with relevant transactions (“netting arrangements”). The netting arrangements are generally tied to credit-related events that, if triggered, would cause an event of default or termination giving a Fund or counterparty the right to terminate early and cause settlement, on a net basis, of all transactions under the applicable Master Agreement. In the event of an early termination as a result of an event of default under the Master Agreement, the total value exposure of all transactions will be offset against collateral exchanged to date, which would result in a net receivable or payable that would be due from or to the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in the event of a bankruptcy or insolvency of the counterparty. Credit related events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/moratorium. Any election made by a counterparty to early terminate the transactions under a Master Agreement could have a material adverse impact on a Fund’s financial statements. A Fund’s overall exposure to credit risk, subject to netting arrangements, can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions under the relevant Master Agreement with a counterparty in a given Fund exceeds a specified threshold, net of collateral already in place, typically $250,000 or $500,000 depending on the counterparty and the type of Master Agreement. Collateral under the Master Agreements is usually in the form of cash or U.S. Treasury Bills but could include other types of securities. If permitted under the Master Agreement, certain funds may rehypothecate cash collateral received from a counterparty. The value of all derivative transactions outstanding under a Master Agreement is calculated daily to determine the amount of collateral to be received or pledged by the counterparty. Posting of collateral for OTC derivative transactions are covered under tri-party collateral agreements between the Fund, the Fund’s custodian, and each counterparty. Collateral for centrally cleared derivatives transactions are posted with the applicable derivatives clearing organization.

The Funds had no OTC derivatives for offset under an ISDA Master Agreement as of April 30, 2022.

49

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 3 — Portfolio Investments

When-Issued, Delayed-Delivery and Forward Commitment Transactions:    The Funds, with the exception of the TCW Conservative Allocation Fund, may enter into when-issued, delayed-delivery, or forward commitment transactions in order to lock in the purchase price of the underlying security or to adjust the interest rate exposure of each Fund’s existing portfolio. In when-issued, delayed-delivery, or forward commitment transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. Although the Fund does not pay for the securities or start earning interest on them until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. If a Fund’s counterparty fails to deliver a security purchased on a when issued, delayed-delivery, or forward commitment basis, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

Prior to settlement of these transactions, the value of the subject securities will fluctuate with market conditions. In addition, because the Fund is not required to pay for when-issued, delayed-delivery or forward commitment securities until the delivery date, they may result in a form of leverage to the extent the Fund does not set aside liquid assets to cover the commitment. To guard against this deemed leverage, the Fund monitors the obligations under these transactions on a daily basis and ensures that the Fund has sufficient liquid assets to cover them. There were no when-issued, delayed-delivery or forward commitment transactions in the Funds during the period ended April 30, 2022.

Repurchase Agreements:    The Funds may enter into repurchase agreements under the terms of a Master Repurchase Agreement (“MRA”). In a repurchase agreement, the Funds purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. The MRA permits each Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from each Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, each Fund receives securities as collateral with a market value in excess of the repurchase price. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund recognizes a liability with respect to such excess collateral to reflect the Fund’s obligation under bankruptcy law to return the excess to the counterparty. There were no repurchase agreements outstanding as of April 30, 2022.

Securities 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, 2022.

Derivatives:

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

A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the strike price at any time before the expiration date. A put option gives the holder the right to sell, and obligates the

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TCW Funds, Inc.

April 30, 2022

Note 3 — Portfolio Investments (Continued)

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

Purchasing foreign currency options gives a Fund the right, but not the obligation, to buy or sell specified amounts of currency at a rate of exchange that may be exercised by a certain date. These currency options may be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

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

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

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

During the period ended April 30, 2022, TCW Global Real Estate Fund entered into option contracts to hedge the Fund’s investments from market volatility in the real estate sector.

Note 4 — Risk Considerations

Market Risk:    The Funds’ investments will fluctuate with market conditions, and 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

51

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 4 — Risk Considerations (Continued)

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.

Counterparty Risk:    The Funds may be exposed to counterparty risk, the risk that an entity with which the Funds have unsettled or open transactions may not fulfill its obligations.

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

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

Public Health Emergencies Risk and Impact of the Coronavirus (COVID-19):    Pandemics and other local, national, and international public health emergencies, including outbreaks of infectious diseases such as SARS, H1N1/09 Flu, the Avian Flu, Ebola and the current outbreak of the novel coronavirus (“COVID-19”), can result, and in the case of COVID-19 is resulting, in market volatility and disruption, and any similar future emergencies may materially and adversely impact economic production and activity in ways that cannot be predicted, all of which could result in substantial investment losses.

The COVID-19 outbreak has caused a worldwide public health emergency, straining healthcare resources and resulting in extensive and growing numbers of infections, hospitalizations and deaths. In an effort to contain COVID-19, local, regional, and national governments, as well as private businesses and other organizations, imposed and in some cases continue to impose severely restrictive measures, including instituting local and regional quarantines, restricting travel (including closing certain international borders), prohibiting public activity (including “stay-at-home,” “shelter-in-place,” and similar orders), and ordering the closure of a wide range of offices, businesses, schools, and other public venues. Consequently, COVID-19 has significantly diminished and disrupted global economic production and activity of all kinds and has contributed to both volatility and a severe decline in financial markets.

The ultimate impact of COVID-19 (and of the resulting precipitous decline and disruption in economic and commercial activity across many of the world’s economies) on global economic conditions, and on the operations, financial condition, and performance of any particular market, industry or business, is impossible to predict. However, ongoing and potential additional materially adverse effects, including further global, regional and local economic downturns (including recessions) of indeterminate duration and severity, are possible. It is difficult to assess what the longer-term impacts of an extended period of unprecedented economic dislocation and disruption will be on future economic developments, the health of certain markets, industries and businesses, and commercial and consumer behavior. The ongoing COVID-19 crisis and any other public health emergency that may arise in the future could have a significant adverse impact on the Funds’ investments and result in significant investment losses.

52

TCW Funds, Inc.

April 30, 2022

Note 4 — Risk Considerations (Continued)

For more information on risks related to investing in the Funds, please refer to the Funds’ prospectus and the Statement of Additional Information which can be obtained on the Funds’ website (www.tcw.com) or by calling customer service at 800-FUND-TCW (800-386-3829).

Note 5 — 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, 2022, net unrealized appreciation (depreciation) on investments for federal income tax purposes was as follows:

	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost of Investments for Federal Income Tax Purposes
TCW Artificial Intelligence Equity Fund	$	2,609,931	$	(944,557	)	$	1,665,374		$	11,031,857
TCW Conservative Allocation Fund		2,721,676		(1,663,373	)		1,058,303			29,826,531
TCW Global Real Estate Fund		1,399,985		(2,807,498	)		(1,407,513	)		49,938,608
TCW New America Premier Equities Fund		47,642,693		(2,681,271	)		44,961,422			122,445,220
TCW Relative Value Dividend Appreciation Fund		86,914,165		(9,468,620	)		77,445,545			179,855,541
TCW Relative Value Large Cap Fund		47,435,149		(3,348,294	)		44,086,855			70,293,200
TCW Relative Value Mid Cap Fund		26,583,032		(2,533,235	)		24,049,797			55,674,342
TCW Select Equities Fund		428,228,062		(33,527,980	)		394,700,082			297,991,947

At October 31, 2021, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Gain		Total Distributable Earnings
TCW Artificial Intelligence Equity Fund	$	48,966	$	766,227	$	815,193
TCW Conservative Allocation Fund		755,142		1,974,573		2,729,715
TCW Global Real Estate Fund		2,797,620		444,438		3,242,058
TCW New America Premier Equities Fund		13,074,757		13,352,129		26,426,886
TCW Relative Value Dividend Appreciation Fund		309,485		24,822,229		25,131,714
TCW Relative Value Large Cap Fund		1,978,411		7,970,616		9,949,027
TCW Relative Value Mid Cap Fund		—		9,768,687		9,768,687
TCW Select Equities Fund		—		115,373,781		115,373,781

For the fiscal year ended October 31, 2021, the tax character of distributions paid was as follows :

	Ordinary Income		Long-Term Capital Gain		Total Distributions
TCW Conservative Allocation Fund	$	367,007	$	208,009	$	575,016
TCW Global Real Estate Fund		564,453		—		564,453
TCW New America Premier Equities Fund		7,812		—		7,812
TCW Relative Value Dividend Appreciation Fund		4,599,952		—		4,599,952
TCW Relative Value Large Cap Fund		1,781,283		6,833,282		8,614,565
TCW Relative Value Mid Cap Fund		511,122		11,697		522,819
TCW Select Equities Fund		—		59,131,560		59,131,560

53

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 5 — Federal Income Taxes (Continued)

At October 31, 2021, none of the Funds had net realized loss carryforwards for federal income tax purposes.

The Funds did not have any unrecognized tax benefits at April 30, 2022, nor were there any increases or decreases in unrecognized tax benefits for the period ended April 30, 2022. The Funds are subject to examination by the U.S. Federal and state tax authorities for returns filed for the prior three and four fiscal years, respectively.

Note 6 — Fund Management Fees and Other Expenses

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

TCW Artificial Intelligence Equity Fund	0.70	%
TCW Global Real Estate Fund	0.80	%
TCW New America Premier Equities Fund	0.65	%
TCW Relative Value Dividend Appreciation Fund	0.60	%
TCW Relative Value Large Cap Fund	0.60	%
TCW Relative Value Mid Cap Fund	0.70	%
TCW Select Equities Fund	0.65	%

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

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

TCW Artificial Intelligence Equity Fund
I Class	0.90	% (1)
N Class	1.00	% (1)
TCW Conservative Allocation Fund
I Class	0.85	% (1)
N Class	0.85	% (1)
TCW Global Real Estate Fund
I Class	0.90	% (1)
N Class	1.00	% (1)
TCW New America Premier Equities Fund
I Class	1.07	% (2)
N Class	1.07	% (2)
TCW Relative Value Dividend Appreciation Fund
I Class	0.70	% (1)
N Class	0.90	% (1)
TCW Relative Value Large Cap Fund
I Class	0.70	% (1)
N Class	0.90	% (1)
TCW Relative Value Mid Cap Fund
I Class	0.85	% (1)
N Class	0.95	% (1)
TCW Select Equities Fund
I Class	0.80	% (1)
N Class	1.00	% (1)

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

(2) Limitation based on average expense ratio as reported by Lipper, Inc., which is subject to change on a monthly basis. This ratio was in effect as of April 30, 2022. These limitations are voluntary and terminable in a six months’ notice.

54

TCW Funds, Inc.

April 30, 2022

Note 6 — Fund Management Fees and Other Expenses (Continued)

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

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

Note 7 — Distribution Plan

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

Note 8 — Transactions with Affiliates

The ownership percentage of the TCW Conservative Allocation Fund in each of the affiliated underlying funds at April 30, 2022 is as follows:

Name of Affiliated Fund		Ownership Percentage (1)
Metropolitan West High Yield Bond Fund			0.05	%
Metropolitan West Low Duration Bond Fund			0.14	%
Metropolitan West Total Return Bond Fund			0.01	%
Metropolitan West Unconstrained Bond Fund			0.15	%
TCW Artificial Intelligence Equity Fund			2.33	%
TCW Emerging Markets Income Fund			0.01	%
TCW Enhanced Commodity Strategy Fund			2.65	%
TCW Global Bond Fund			3.56	%
TCW Global Real Estate Fund			3.35	%
TCW New America Premier Equities Fund			1.19	%
TCW Relative Value Large Cap Fund			3.05	%
TCW Relative Value Mid Cap Fund			1.11	%
TCW Select Equities Fund	��		0.36	%
TCW Total Return Bond Fund			0.09	%

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

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

55

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 9 — Purchases and Sales of Securities

Investment transactions (excluding short-term investments) for the six months ended April 30, 2022 were as follows:

	Purchases at Cost		Sales or Maturity Proceeds		U.S. Government Purchases at Cost		U.S. Government Sales or Maturity Proceeds
TCW Artificial Intelligence Equity Fund	$	3,140,237	$	4,534,652	$	—	$	—
TCW Conservative Allocation Fund		3,412,352		3,282,352		—		—
TCW Global Real Estate Fund		52,521,266		38,873,717		—		—
TCW New America Premier Equities Fund		80,586,112		105,534,563		—		—
TCW Relative Value Dividend Appreciation Fund		17,740,137		27,430,605		—		—
TCW Relative Value Large Cap Fund		9,831,508		15,393,600		—		—
TCW Relative Value Mid Cap Fund		12,486,322		15,849,889		—		—
TCW Select Equities Fund		62,811,353		109,174,233		—		—

Note 10 — Capital Share Transactions

Transactions in each Fund’s shares were as follows:

TCW Artificial Intelligence Equity Fund	Six Months Ended April 30, 2022 (Unaudited)						Year Ended October 31, 2021
I Class	Shares			Amount			Shares			Amount
Shares Sold		63,699		$	1,398,296			309,702		$	6,792,040
Shares Issued upon Reinvestment of Dividends		20,832			500,393			—			—
Shares Redeemed		(117,441	)		(2,401,094	)		(144,091	)		(3,207,441	)
Net Increase (Decrease)		(32,910	)	$	(502,405	)		165,611		$	3,584,599
N Class	Shares			Amount			Shares			Amount
Shares Sold		15,366		$	343,017			95,479		$	2,092,816
Shares Issued upon Reinvestment of Dividends		9,882			236,567			—			—
Shares Redeemed		(28,117	)		(582,013	)		(69,019	)		(1,564,824	)
Net Increase (Decrease)		(2,869	)	$	(2,429	)		26,460		$	527,992
TCW Conservative Allocation Fund	Six Months Ended April 30, 2022 (Unaudited)						Year Ended October 31, 2021
I Class	Shares			Amount			Shares			Amount
Shares Sold		95,690		$	1,261,603			181,547		$	2,391,227
Shares Issued upon Reinvestment of Dividends		246,578			3,156,193			41,608			539,660
Shares Redeemed		(226,637	)		(2,871,925	)		(702,396	)		(9,376,914	)
Net Increase (Decrease)		115,631		$	1,545,871			(479,241	)	$	(6,446,027	)
N Class	Shares			Amount			Shares			Amount
Shares Sold		21,103		$	286,952			27,941		$	359,099
Shares Issued upon Reinvestment of Dividends		6,087			78,156			647			8,418
Shares Redeemed		(8,491	)		(109,049	)		(12,962	)		(177,005	)
Net Increase		18,699		$	256,059			15,626		$	190,512

56

TCW Funds, Inc.

April 30, 2022

Note 10 — Capital Share Transactions (Continued)

TCW Global Real Estate Fund	Six Months Ended April 30, 2022 (Unaudited)						Year Ended October 31, 2021
I Class	Shares			Amount			Shares			Amount
Shares Sold		889,712		$	12,226,138			1,273,852		$	18,692,927
Shares Issued upon Reinvestment of Dividends		132,398			1,904,954			24,035			344,526
Shares Redeemed		(148,886	)		(2,025,581	)		(511,725	)		(7,544,296	)
Net Increase		873,224		$	12,105,511			786,162		$	11,493,157
N Class	Shares			Amount			Shares			Amount
Shares Sold		548,176		$	7,913,026			637,111		$	9,467,842
Shares Issued upon Reinvestment of Dividends		96,303			1,385,720			11,222			160,691
Shares Redeemed		(328,005	)		(4,538,095	)		(94,985	)		(1,378,411	)
Net Increase		316,474		$	4,760,651			553,348		$	8,250,122
TCW New America Premier Equities Fund	Six Months Ended April 30, 2022 (Unaudited)						Year Ended October 31, 2021
I Class	Shares			Amount			Shares			Amount
Shares Sold		550,590		$	14,528,531			1,394,893		$	38,541,475
Shares Issued upon Reinvestment of Dividends		741,908			21,708,216			227			6,065
Shares Redeemed		(1,348,927	)		(34,968,830	)		(1,845,496	)		(50,732,739	)
Net Decrease		(56,429	)	$	1,267,917			(450,376	)	$	(12,185,199	)
N Class	Shares			Amount			Shares			Amount
Shares Sold		70,140		$	1,835,077			112,163		$	3,146,542
Shares Issued upon Reinvestment of Dividends		119,270			3,468,380			44			1,183
Shares Redeemed		(134,649	)		(3,589,777	)		(475,416	)		(12,792,822	)
Net Increase (Decrease)		54,761		$	1,713,680			(363,209	)	$	(9,645,097	)
TCW Relative Value Dividend Appreciation Fund	Six Months Ended April 30, 2022 (Unaudited)						Year Ended October 31, 2021
I Class	Shares			Amount			Shares			Amount
Shares Sold		124,171		$	2,615,930			278,183		$	5,364,754
Shares Issued upon Reinvestment of Dividends		336,281			7,024,644			60,207			1,192,525
Shares Redeemed		(220,161	)		(4,622,730	)		(523,686	)		(10,343,947	)
Net Increase (Decrease)		240,291		$	5,017,844			(185,296	)	$	(3,786,668	)
N Class	Shares			Amount			Shares			Amount
Shares Sold		112,531		$	2,398,486			112,874		$	2,300,844
Shares Issued upon Reinvestment of Dividends		895,806			19,115,827			158,146			3,191,091
Shares Redeemed		(599,205	)		(12,929,340	)		(1,369,844	)		(27,224,718	)
Net Increase (Decrease)		409,132		$	8,584,973			(1,098,824	)	$	(21,732,783	)
TCW Relative Value Large Cap Fund	Six Months Ended April 30, 2022 (Unaudited)						Year Ended October 31, 2021
I Class	Shares			Amount			Shares			Amount
Shares Sold		294,836		$	4,263,061			2,034,463		$	28,169,006
Shares Issued upon Reinvestment of Dividends		635,407			9,226,109			623,997			7,469,240
Shares Redeemed		(770,363	)		(11,212,483	)		(2,590,672	)		(35,914,215	)
Net Increase		159,880		$	2,276,687			67,788		$	(275,969	)
N Class	Shares			Amount			Shares			Amount
Shares Sold		21,198		$	302,832			276,683		$	3,832,606
Shares Issued upon Reinvestment of Dividends		52,608			761,768			71,171			849,069
Shares Redeemed		(61,689	)		(911,149	)		(505,506	)		(7,126,708	)
Net Increase (Decrease)		12,117		$	153,451			(157,652	)	$	(2,445,033	)

57

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 10 — Capital Share Transactions (Continued)

TCW Relative Value Mid Cap Fund	Six Months Ended April 30, 2022 (Unaudited)						Year Ended October 31, 2021
I Class	Shares			Amount			Shares			Amount
Shares Sold		24,761		$	696,413			514,977		$	14,595,767
Shares Issued upon Reinvestment of Dividends		303,692			8,248,264			18,931			432,563
Shares Redeemed		(74,788	)		(2,029,056	)		(784,303	)		(19,634,600	)
Net Increase (Decrease)		253,665		$	6,915,621			(250,395	)	$	(4,606,270	)
N Class	Shares			Amount			Shares			Amount
Shares Sold		13,763		$	371,890			63,908		$	1,804,264
Shares Issued upon Reinvestment of Dividends		68,096			1,789,558			3,625			80,472
Shares Redeemed		(73,363	)		(2,052,977	)		(80,738	)		(2,079,251	)
Net Increase (Decrease)		8,496		$	108,471			(13,205	)	$	(194,515	)
TCW Select Equities Fund	Six Months Ended April 30, 2022 (Unaudited)						Year Ended October 31, 2021
I Class	Shares			Amount			Shares			Amount
Shares Sold		2,305,953		$	84,322,519			2,176,136		$	84,266,235
Shares Issued upon Reinvestment of Dividends		1,506,568			59,886,076			865,922			30,506,419
Shares Redeemed		(2,349,562	)		(84,157,224	)		(3,676,735	)		(142,039,181	)
Net Increase (Decrease)		1,462,959		$	60,051,371			(634,677	)	$	(27,266,527	)
N Class	Shares			Amount			Shares			Amount
Shares Sold		176,556		$	5,732,198			501,368		$	17,766,764
Shares Issued upon Reinvestment of Dividends		714,063			24,121,038			398,820			12,199,905
Shares Redeemed		(733,426	)		(23,184,206	)		(1,298,645	)		(42,769,320	)
Net Increase (Decrease)		157,193		$	6,669,030			(398,457	)	$	(12,802,651	)

Note 11 — Affiliate Ownership

As of April 30, 2022, affiliates of the Funds and Advisor owned 40.06%, 26.88%, and 6.32% of the net assets of the TCW Artificial Intelligence Equity Fund, the TCW Global Real Estate Fund, and the TCW Relative Value Large Cap Fund, respectively.

Note 12 — Restricted Securities

The Funds are permitted to invest in securities that have legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered before being sold to the public (exemption rules apply). Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”). However, the Company considers 144A securities to be restricted if those securities have been deemed illiquid. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. There were no restricted securities held by the Funds at April 30, 2022.

Note 13 — Committed Line Of Credit

The Funds have entered into a $100,000,000 committed revolving line of credit agreement with State Street Bank and Trust Company (the “Bank”) for temporary borrowing purposes, renewable annually. The interest rate on borrowing is the higher of the Federal Funds rate plus 0.10% plus 1.25% or the Overnight Bank Funding rate plus 0.10% plus 1.25%. There were no borrowings from the line of credit as of or during the period ended April 30, 2022. The Funds pay the Bank a commitment fee equal to 0.25% per annum on the daily unused portion of the committed line amount. The commitment fees incurred by the Funds are

58

TCW Funds, Inc.

April 30, 2022

Note 13 — Committed Line Of Credit (Continued)

presented in the Statements of Operations. The commitment fees are allocated to each applicable portfolio in proportion to its relative average daily net assets and the interest expenses are charged directly to the applicable portfolio.

Note 14 — Liquidity Risk Management Program

Rule 22e-4 under the 1940 Act (the “Liquidity Rule”) requires that all registered open-end management investment companies, including the Funds, establish a written liquidity risk management program (a “Liquidity Program”). Under a fund’s Liquidity Program, a fund must assess, manage and periodically review the fund’s liquidity risk, classify the liquidity of each of the fund’s portfolio investments, determine whether to specify highly liquid investment minimum (and, if so, at what level), limit illiquid investments to 15% of fund investments, and establish policies and procedures regarding how and when a fund will engage in redemptions in-kind. Consistent with the Liquidity Rule, the Board has approved the written Liquidity Program for the Funds and has designated a committee of professionals associated with the Advisor to administer the Funds’ Liquidity Program (the “Program Administrator”).

On March 14, 2022, the Board reviewed the Program Administrator’s written annual report (the “Report”) concerning the operation of the Funds’ Liquidity Program for the calendar year ended December 31, 2021 (the “Reporting Period”). The Report addressed the operation of the Liquidity Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s Highly Liquid Investment Minimum (“HLIM”). The Report discussed, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s liquidity risk and the results of this assessment; (2) the methodology and inputs for classifying each of the Fund’s investments into liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule) and the operation and monitoring of the HLIM assigned to a Fund, as applicable; (4) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; and (5) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions. The Report concluded that the Liquidity Program was reasonably designed to assess and manage each Fund’s liquidity risk and was adequately and effectively implemented with respect to each Fund during the Reporting Period.

There can be no assurance that the Liquidity Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

Note 15 — Indemnifications

Under the Company’s organizational documents, its Officers and Directors may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Company. In addition, the Company entered into an agreement with each of the Directors which provides that the Company will indemnify and hold harmless each Director against any expenses actually and reasonably incurred by such Director in any proceeding arising out of or in connection with the Director’s services to the Company, to the fullest extent permitted by the Company’s Articles of Incorporation and By-Laws, the Maryland General Corporation Law, the Securities Act, and the 1940 Act, each as now or hereinafter in force. Additionally, in the normal course of business, the Company enters into agreements with service providers that may contain indemnification clauses. The Company’s maximum exposure under these arrangements is

59

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 15 — Indemnifications (Continued)

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.

60

TCW Artificial Intelligence Equity Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,												August 31, 2017 (Commencement of Operations) through October 31, 2017
				2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	24.99		$	18.31		$	12.70		$	11.18		$	10.64		$	10.00
Income (Loss) from Investment Operations:
Net Investment Loss		(0.05	)		(0.11	)		(0.06	)		(0.02	)		(0.04	)		(0.00	) (1)
Net Realized and Unrealized Gain (Loss) on Investments (2)		(6.51	)		6.79			5.67			1.54			0.58			0.64
Total from Investment Operations		(6.56	)		6.68			5.61			1.52			0.54			0.64
Less Distributions:
Distributions from Net Investment Income		—			—			—			—			(0.00	) (1)		—
Distributions from Net Realized Gain		(1.07	)		—			—			—			—			—
Total Distributions		(1.07	)		—			—			—			(0.00	) (1)		—
Net Asset Value per Share, End of period	$	17.36		$	24.99		$	18.31		$	12.70		$	11.18		$	10.64
Total Return		(27.40	)% (4)		36.48	%		44.17	%		13.60	%		5.09	%		6.40	% (3)
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	8,777		$	13,452		$	6,826		$	2,940		$	1,364		$	695
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.65	% (5)		1.66	%		2.81	%		6.36	%		8.32	%		23.66	% (5)
After Expense Reimbursement		0.90	% (5)		0.90	%		0.90	%		0.92	%		1.05	%		1.05	% (5)
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.51	)% (5)		(0.51	)%		(0.41	)%		(0.17	)%		(0.34	)%		0.23	% (5)
Portfolio Turnover Rate		20.15	% (4)		87.71	%		24.16	%		61.09	%		74.22	%		13.05	% (3)

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

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

(3) For the period August 31, 2017 (Commencement of Operations) through October 31, 2017.

(4) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(5) Annualized.

See accompanying Notes to Financial Statements.

61

TCW Artificial Intelligence Equity Fund

Financial Highlights — N Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,												August 31, 2017 (Commencement of Operations) through October 31, 2017
				2021			2020			2019			2018
Net Asset Value per Share, Beginning of period	$	24.91		$	18.27		$	12.69		$	11.17		$	10.64		$	10.00
Income (Loss) from Investment Operations:
Net Investment Loss		(0.07	)		(0.14	)		(0.08	)		(0.03	)		(0.04	)		(0.00	) (1)
Net Realized and Unrealized Gain (Loss) on Investments (2)		(6.47	)		6.78			5.66			1.55			0.57			0.64
Total from Investment Operations		(6.54	)		6.64			5.58			1.52			0.53			0.64
Less Distributions:
Distributions from Net Investment Income		—			—			—			—			(0.00	) (1)		—
Distributions from Net Realized Gain		(1.07	)		—			—			—			—			—
Total Distributions		(1.07	)		—			—			—			(0.00	) (1)		—
Net Asset Value per Share, End of period	$	17.30		$	24.91		$	18.27		$	12.69		$	11.17		$	10.64
Total Return		(27.45	)% (4)		36.34	%		43.97	%		13.61	%		5.00	%		6.40	% (3)
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	3,758		$	5,483		$	3,539		$	989		$	693		$	532
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		2.25	% (5)		2.21	%		3.83	%		7.99	%		9.60	%		26.07	% (5)
After Expense Reimbursement		1.00	% (5)		1.00	%		1.00	%		1.01	%		1.05	%		1.05	% (5)
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.61	)% (5)		(0.61	)%		(0.53	)%		(0.25	)%		(0.33	)%		0.25	% (5)
Portfolio Turnover Rate		20.15	% (4)		87.71	%		24.16	%		61.09	%		74.22	%		13.05	% (3)

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

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

(3) For the period August 31, 2017 (Commencement of Operations) through October 31, 2017.

(4) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(5) Annualized.

See accompanying Notes to Financial Statements.

62

TCW Conservative Allocation Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	13.96		$	12.22		$	12.09		$	11.68		$	12.17		$	12.13
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.12			0.13			0.18			0.24			0.20			0.15
Net Realized and Unrealized Gain (Loss) on Investments		(1.36	)		1.80			0.76			0.89			(0.19	)		0.67
Total from Investment Operations		(1.24	)		1.93			0.94			1.13			0.01			0.82
Less Distributions:
Distributions from Net Investment Income		(0.30	)		(0.12	)		(0.71	)		(0.21	)		(0.20	)		(0.29	)
Distributions from Net Realized Gain		(0.97	)		(0.07	)		(0.10	)		(0.51	)		(0.30	)		(0.49	)
Total Distributions		(1.27	)		(0.19	)		(0.81	)		(0.72	)		(0.50	)		(0.78	)
Net Asset Value per Share, End of period	$	11.45		$	13.96		$	12.22		$	12.09		$	11.68		$	12.17
Total Return		(9.87	)% (2)		15.92	%		8.19	%		10.46	%		0.04	%		7.28	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	30,245		$	35,264		$	36,714		$	29,565		$	27,925		$	30,144
Ratio of Expenses to Average Net Assets (3)		0.41	% (4)		0.44	%		0.39	%		0.44	%		0.37	%		0.36	%
Ratio of Net Investment Income to Average Net Assets		1.84	% (4)		0.94	%		1.56	%		2.03	%		1.68	%		1.26	%
Portfolio Turnover Rate		9.67	% (2)		26.34	%		26.22	%		21.66	%		19.79	%		55.53	%

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

(2) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

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

(4) Annualized.

See accompanying Notes to Financial Statements.

63

TCW Conservative Allocation Fund

Financial Highlights — N Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	13.97		$	12.22		$	12.09		$	11.67		$	12.15		$	12.07
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.10			0.09			0.15			0.20			0.15			0.11
Net Realized and Unrealized Gain (Loss) on Investments		(1.37	)		1.81			0.75			0.90			(0.18	)		0.66
Total from Investment Operations		(1.27	)		1.90			0.90			1.10			(0.03	)		0.77
Less Distributions:
Distributions from Net Investment Income		(0.26	)		(0.08	)		(0.67	)		(0.17	)		(0.15	)		(0.20	)
Distributions from Net Realized Gain		(0.97	)		(0.07	)		(0.10	)		(0.51	)		(0.30	)		(0.49	)
Total Distributions		(1.23	)		(0.15	)		(0.77	)		(0.68	)		(0.45	)		(0.69	)
Net Asset Value per Share, End of period	$	11.47		$	13.97		$	12.22		$	12.09		$	11.67		$	12.15
Total Return		(10.02	)% (2)		15.64	%		7.85	%		10.16	%		(0.35	)%		6.74	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	819		$	736		$	452		$	350		$	518		$	532
Ratio of Expenses to Average Net Assets: (3)
Before Expense Reimbursement		3.45	% (4)		3.73	%		6.06	%		6.89	%		5.14	%		3.30	%
After Expense Reimbursement		0.67	% (4)		0.68	%		0.70	%		0.74	%		0.76	%		0.81	%
Ratio of Net Investment Income to Average Net Assets		1.58	% (4)		0.70	%		1.23	%		1.75	%		1.28	%		0.89	%
Portfolio Turnover Rate		9.67	% (2)		26.34	%		26.22	%		21.66	%		19.79	%		55.53	%

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

(2) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

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

(4) Annualized.

See accompanying Notes to Financial Statements.

64

TCW Global Real Estate Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	15.45		$	11.07		$	11.16		$	9.30		$	10.10		$	9.42
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.12			0.36			0.17			0.33			0.25			0.25
Net Realized and Unrealized Gain (Loss) on Investments		(1.68	)		4.30			(0.05	)		1.78			(0.85	)		0.70
Total from Investment Operations		(1.56	)		4.66			0.12			2.11			(0.60	)		0.95
Less Distributions:
Distributions from Net Investment Income		(0.46	)		(0.28	)		(0.16	)		(0.25	)		(0.20	)		(0.27	)
Distributions from Net Realized Gain		(0.85	)		—			—			—			—			—
Distributions from Return of Capital		—			—			(0.05	)		—			—			—
Total Distributions		(1.31	)		(0.28	)		(0.21	)		(0.25	)		(0.20	)		(0.27	)
Net Asset Value per Share, End of period	$	12.58		$	15.45		$	11.07		$	11.16		$	9.30		$	10.10
Total Return		(11.18	)% (2)		42.32	%		1.15	%		23.17	%		(6.06	)%		10.28	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	31,301		$	24,949		$	9,175		$	6,518		$	2,886		$	2,818
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.23	% (3)		1.45	%		2.80	%		3.15	%		3.78	%		4.38	%
After Expense Reimbursement		0.90	% (3)		0.92	%		1.00	%		1.00	%		1.12	%		1.37	%
Ratio of Net Investment Income to Average Net Assets		1.77	% (3)		2.50	%		1.59	%		3.25	%		2.55	%		2.57	%
Portfolio Turnover Rate		90.65	% (2)		164.29	%		136.71	%		85.18	%		121.67	%		74.51	%

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

(2) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

65

TCW Global Real Estate Fund

Financial Highlights — N Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	15.43		$	11.06		$	11.16		$	9.30		$	10.10		$	9.42
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.12			0.33			0.13			0.39			0.24			0.25
Net Realized and Unrealized Gain (Loss) on Investments		(1.69	)		4.30			(0.03	)		1.71			(0.85	)		0.70
Total from Investment Operations		(1.57	)		4.63			0.10			2.10			(0.61	)		0.95
Less Distributions:
Distributions from Net Investment Income		(0.45	)		(0.26	)		(0.15	)		(0.24	)		(0.19	)		(0.27	)
Distributions from Net Realized Gain		(0.85	)		—			—			—			—			—
Distributions from Return of Capital		—			—			(0.05	)		—			—			—
Total Distributions		(1.30	)		(0.26	)		(0.20	)		(0.24	)		(0.19	)		(0.27	)
Net Asset Value per Share, End of period	$	12.56		$	15.43		$	11.06		$	11.16		$	9.30		$	10.10
Total Return		(11.18	)% (2)		42.10	%		0.94	%		22.99	%		(6.14	)%		10.28	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	15,891		$	14,634		$	4,370		$	658		$	536		$	581
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.54	% (3)		1.90	%		5.14	%		7.17	%		7.65	%		7.92	%
After Expense Reimbursement		1.00	% (3)		1.03	%		1.15	%		1.15	%		1.22	%		1.37	%
Ratio of Net Investment Income to Average Net Assets		1.69	% (3)		2.36	%		1.21	%		3.88	%		2.46	%		2.51	%
Portfolio Turnover Rate		90.65	% (2)		164.29	%		136.71	%		85.18	%		121.67	%		74.51	%

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

(2) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

66

TCW New America Premier Equities Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	31.80		$	22.64		$	20.34		$	16.27		$	15.24		$	11.23
Income (Loss) from Investment Operations:
Net Investment Income (Loss) (1)		(0.04	)		0.11			0.01			0.11			(0.02	)		0.01
Net Realized and Unrealized Gain (Loss) on Investments		(4.70	)		9.05			2.48			4.18			1.59			4.22
Total from Investment Operations		(4.74	)		9.16			2.49			4.29			1.57			4.23
Less Distributions:
Distributions from Net Investment Income		—			(0.00	) (2)		(0.10	)		(0.01	)		—			(0.05	)
Distributions from Net Realized Gain		(3.66	)		—			(0.09	)		(0.21	)		(0.54	)		(0.17	)
Total Distributions		(3.66	)		(0.00	) (2)		(0.19	)		(0.22	)		(0.54	)		(0.22	)
Net Asset Value per Share, End of period	$	23.40		$	31.80		$	22.64		$	20.34		$	16.27		$	15.24
Total Return		(17.25	)% (3)		40.46	%		12.31	%		26.79	%		10.60	%		38.41	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	146,975		$	201,523		$	153,647		$	103,442		$	28,486		$	16,527
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.80	% (4)		0.80	%		0.83	%		0.93	%		1.28	%		1.79	%
After Expense Reimbursement		N/A			N/A			N/A			0.82	%		1.04	%		1.04	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.27	)% (4)		0.37	%		0.03	%		0.56	%		(0.13	)%		0.11	%
Portfolio Turnover Rate		39.41	% (3)		135.09	%		88.08	%		105.28	%		49.68	%		114.48	%

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

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

(3) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying Notes to Financial Statements.

67

TCW New America Premier Equities Fund

Financial Highlights — N Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	31.64		$	22.59		$	20.31		$	16.27		$	15.24		$	11.23
Income (Loss) from Investment Operations:
Net Investment Income (Loss) (1)		(0.07	)		0.03			(0.01	)		0.06			(0.02	)		0.01
Net Realized and Unrealized Gain (Loss) on Investments		(4.68	)		9.02			2.44			4.20			1.59			4.22
Total from Investment Operations		(4.75	)		9.05			2.43			4.26			1.57			4.23
Less Distributions:
Distributions from Net Investment Income		—			(0.00	) (2)		(0.06	)		(0.01	)		—			(0.05	)
Distributions from Net Realized Gain		(3.66	)		—			(0.09	)		(0.21	)		(0.54	)		(0.17	)
Total Distributions		(3.66	)		(0.00	) (2)		(0.15	)		(0.22	)		(0.54	)		(0.22	)
Net Asset Value per Share, End of period	$	23.23		$	31.64		$	22.59		$	20.31		$	16.27		$	15.24
Total Return		(17.38	)% (3)		40.07	%		12.02	%		26.60	%		10.60	%		38.41	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	23,558		$	30,348		$	29,870		$	52,130		$	4,879		$	2,313
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.19	% (4)		1.20	%		1.17	%		1.28	%		2.14	%		3.64	%
After Expense Reimbursement		1.08	% (4)		1.09	%		1.05	%		1.00	%		1.04	%		1.04	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.55	)% (4)		0.10	%		(0.05	)%		0.32	%		(0.13	)%		0.11	%
Portfolio Turnover Rate		39.41	% (3)		135.09	%		88.08	%		105.28	%		49.68	%		114.48	%

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

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

(3) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying Notes to Financial Statements.

68

TCW Relative Value Dividend Appreciation Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	22.12		$	14.91		$	17.92		$	17.47		$	19.14		$	16.95
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.20			0.37			0.40			0.39			0.35			0.48
Net Realized and Unrealized Gain (Loss) on Investments		(0.85	)		7.22			(1.81	)		1.37			(0.90	)		2.17
Total from Investment Operations		(0.65	)		7.59			(1.41	)		1.76			(0.55	)		2.65
Less Distributions:
Distributions from Net Investment Income		(0.19	)		(0.38	)		(0.41	)		(0.39	)		(0.40	)		(0.46	)
Distributions from Net Realized Gain		(2.02	)		—			(1.19	)		(0.92	)		(0.72	)		—
Total Distributions		(2.21	)		(0.38	)		(1.60	)		(1.31	)		(1.12	)		(0.46	)
Net Asset Value per Share, End of period	$	19.26		$	22.12		$	14.91		$	17.92		$	17.47		$	19.14
Total Return		(3.67	)% (2)		51.22	%		(8.71	)%		11.27	%		(3.28	)%		15.69	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	72,553		$	78,001		$	55,326		$	88,314		$	95,108		$	128,498
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.74	% (3)		0.75	%		0.75	%		0.75	%		0.78	%		0.78	%
After Expense Reimbursement		0.70	% (3)		0.70	%		0.71	%		0.74	%		N/A			N/A
Ratio of Net Investment Income to Average Net Assets		1.89	% (3)		1.86	%		2.53	%		2.28	%		1.84	%		2.60	%
Portfolio Turnover Rate		6.51	% (2)		17.00	%		19.68	%		17.71	%		18.48	%		23.45	%

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

(2) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

69

TCW Relative Value Dividend Appreciation Fund

Financial Highlights — N Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	22.55		$	15.20		$	18.24		$	17.77		$	19.46		$	17.23
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.18			0.34			0.37			0.37			0.32			0.43
Net Realized and Unrealized Gain (Loss) on Investments		(0.86	)		7.35			(1.84	)		1.38			(0.93	)		2.23
Total from Investment Operations		(0.68	)		7.69			(1.47	)		1.75			(0.61	)		2.66
Less Distributions:
Distributions from Net Investment Income		(0.17	)		(0.34	)		(0.38	)		(0.36	)		(0.36	)		(0.43	)
Distributions from Net Realized Gain		(2.02	)		—			(1.19	)		(0.92	)		(0.72	)		—
Total Distributions		(2.19	)		(0.34	)		(1.57	)		(1.28	)		(1.08	)		(0.43	)
Net Asset Value per Share, End of period	$	19.68		$	22.55		$	15.20		$	18.24		$	17.77		$	19.46
Total Return		(3.73	)% (2)		50.90	%		(8.88	)%		11.02	%		(3.52	)%		15.46	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	184,450		$	202,187		$	152,934		$	223,322		$	411,123		$	493,766
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.02	% (3)		1.04	%		1.02	%		1.04	%		1.05	%		1.05	%
After Expense Reimbursement		0.90	% (3)		0.90	%		0.92	%		0.96	%		1.00	%		1.00	%
Ratio of Net Investment Income to Average Net Assets		1.69	% (3)		1.66	%		2.32	%		2.10	%		1.62	%		2.24	%
Portfolio Turnover Rate		6.51	% (2)		17.00	%		19.68	%		17.71	%		18.48	%		23.45	%

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

(2) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

70

TCW Relative Value Large Cap Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	15.04		$	10.84		$	18.69		$	19.82		$	24.30		$	21.38
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.10			0.18			0.22			0.33			0.28			0.49
Net Realized and Unrealized Gain (Loss) on Investments		(0.75	)		5.07			(0.57	)		0.84			(1.18	)		3.96
Total from Investment Operations		(0.65	)		5.25			(0.35	)		1.17			(0.90	)		4.45
Less Distributions:
Distributions from Net Investment Income		(0.19	)		(0.22	)		(0.49	)		(0.31	)		(0.47	)		(0.41	)
Distributions from Net Realized Gain		(1.04	)		(0.83	)		(7.01	)		(1.99	)		(3.11	)		(1.12	)
Total Distributions		(1.23	)		(1.05	)		(7.50	)		(2.30	)		(3.58	)		(1.53	)
Net Asset Value per Share, End of period	$	13.16		$	15.04		$	10.84		$	18.69		$	19.82		$	24.30
Total Return		(5.13	)% (2)		50.84	%		(7.02	)%		8.13	%		(5.11	)%		21.55	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	104,639		$	117,205		$	83,765		$	136,917		$	402,035		$	472,078
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.80	% (3)		0.80	%		0.80	%		0.78	%		0.77	%		0.77	%
After Expense Reimbursement		0.70	% (3)		0.70	%		0.71	%		0.74	%		N/A			N/A
Ratio of Net Investment Income to Average Net Assets		1.39	% (3)		1.31	%		1.88	%		1.79	%		1.28	%		2.11	%
Portfolio Turnover Rate		7.98	% (2)		17.16	%		31.17	%		19.47	%		20.47	%		24.44	%

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

(2) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

71

TCW Relative Value Large Cap Fund

Financial Highlights — N Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	14.97		$	10.79		$	18.62		$	19.74		$	24.21		$	21.31
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.09			0.15			0.19			0.28			0.23			0.44
Net Realized and Unrealized Gain (Loss) on Investments		(0.76	)		5.05			(0.56	)		0.86			(1.18	)		3.94
Total from Investment Operations		(0.67	)		5.20			(0.37	)		1.14			(0.95	)		4.38
Less Distributions:
Distributions from Net Investment Income		(0.15	)		(0.19	)		(0.45	)		(0.27	)		(0.41	)		(0.36	)
Distributions from Net Realized Gain		(1.04	)		(0.83	)		(7.01	)		(1.99	)		(3.11	)		(1.12	)
Total Distributions		(1.19	)		(1.02	)		(7.46	)		(2.26	)		(3.52	)		(1.48	)
Net Asset Value per Share, End of period	$	13.11		$	14.97		$	10.79		$	18.62		$	19.74		$	24.21
Total Return		(5.22	)% (2)		50.56	%		(7.17	)%		7.92	%		(5.35	)%		21.27	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	9,360		$	10,506		$	9,277		$	11,535		$	13,003		$	16,373
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.31	% (3)		1.30	%		1.32	%		1.24	%		1.21	%		1.16	%
After Expense Reimbursement		0.90	% (3)		0.90	%		0.91	%		0.95	%		0.99	%		1.00	%
Ratio of Net Investment Income to Average Net Assets		1.20	% (3)		1.11	%		1.67	%		1.52	%		1.05	%		1.93	%
Portfolio Turnover Rate		7.98	% (2)		17.16	%		31.17	%		19.47	%		20.47	%		24.44	%

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

(2) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

72

TCW Relative Value Mid Cap Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	29.62		$	18.90		$	21.06		$	22.44		$	25.96		$	20.02
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.09			0.17			0.17			0.18			0.12			0.11
Net Realized and Unrealized Gain (Loss) on Investments		(2.00	)		10.72			(1.78	)		0.21			(1.56	)		5.96
Total from Investment Operations		(1.91	)		10.89			(1.61	)		0.39			(1.44	)		6.07
Less Distributions:
Distributions from Net Investment Income		(0.16	)		(0.17	)		(0.18	)		(0.15	)		(0.13	)		(0.13	)
Distributions from Net Realized Gain		(3.28	)		—			(0.37	)		(1.62	)		(1.95	)		—
Total Distributions		(3.44	)		(0.17	)		(0.55	)		(1.77	)		(2.08	)		(0.13	)
Net Asset Value per Share, End of period	$	24.27		$	29.62		$	18.90		$	21.06		$	22.44		$	25.96
Total Return		(7.69	)% (2)		57.90	%		(8.07	)%		3.18	%		(6.48	)%		30.40	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	65,610		$	72,545		$	51,021		$	63,957		$	72,527		$	84,136
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.96	% (3)		0.97	%		0.97	%		0.95	%		0.92	%		0.99	%
After Expense Reimbursement		0.85	% (3)		0.85	%		0.87	%		0.90	%		N/A			N/A
Ratio of Net Investment Income to Average Net Assets		0.64	% (3)		0.63	%		0.90	%		0.86	%		0.48	%		0.45	%
Portfolio Turnover Rate		14.55	% (2)		44.33	%		42.07	%		25.89	%		22.60	%		31.93	%

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

(2) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

73

TCW Relative Value Mid Cap Fund

Financial Highlights — N Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	28.75		$	18.34		$	20.45		$	21.82		$	25.28		$	19.50
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.07			0.14			0.15			0.15			0.09			0.07
Net Realized and Unrealized Gain (Loss) on Investments		(1.93	)		10.42			(1.74	)		0.21			(1.52	)		5.80
Total from Investment Operations		(1.86	)		10.56			(1.59	)		0.36			(1.43	)		5.87
Less Distributions:
Distributions from Net Investment Income		(0.13	)		(0.15	)		(0.15	)		(0.11	)		(0.08	)		(0.09	)
Distributions from Net Realized Gain		(3.28	)		—			(0.37	)		(1.62	)		(1.95	)		—
Total Distributions		(3.41	)		(0.15	)		(0.52	)		(1.73	)		(2.03	)		(0.09	)
Net Asset Value per Share, End of period	$	23.48		$	28.75		$	18.34		$	20.45		$	21.82		$	25.28
Total Return		(7.74	)% (2)		57.78	%		(8.18	)%		3.12	%		(6.61	)%		30.15	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	13,848		$	16,708		$	10,902		$	14,448		$	18,040		$	19,095
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.35	% (3)		1.37	%		1.42	%		1.37	%		1.31	%		1.37	%
After Expense Reimbursement		0.95	% (3)		0.95	%		0.97	%		1.00	%		1.04	%		1.16	%
Ratio of Net Investment Income to Average Net Assets		0.55	% (3)		0.54	%		0.81	%		0.76	%		0.36	%		0.29	%
Portfolio Turnover Rate		14.55	% (2)		44.33	%		42.07	%		25.89	%		22.60	%		31.93	%

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

(2) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

74

TCW Select Equities Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	44.70		$	34.13		$	27.64		$	27.13		$	30.42		$	26.06
Income (Loss) from Investment Operations:
Net Investment Loss (1)		(0.08	)		(0.14	)		(0.08	)		(0.06	)		(0.08	)		(0.05	)
Net Realized and Unrealized Gain (Loss) on Investments		(10.48	)		13.23			9.04			4.21			3.37			5.99
Total from Investment Operations		(10.56	)		13.09			8.96			4.15			3.29			5.94
Less Distributions:
Distributions from Net Realized Gain		(5.08	)		(2.52	)		(2.47	)		(3.64	)		(6.58	)		(1.58	)
Net Asset Value per Share, End of period	$	29.06		$	44.70		$	34.13		$	27.64		$	27.13		$	30.42
Total Return		(26.68	)% (2)		40.32	%		34.59	%		18.98	%		12.59	%		24.47	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	563,618		$	801,597		$	633,683		$	770,079		$	740,485		$	768,535
Ratio of Expenses to Average Net Assets		0.77	% (3)		0.77	%		0.76	%		0.80	%		0.87	%		0.88	%
Ratio of Net Investment Loss to Average Net Assets		(0.43	)% (3)		(0.37	)%		(0.28	)%		(0.25	)%		(0.29	)%		(0.18	)%
Portfolio Turnover Rate		7.35	% (2)		8.17	%		4.09	%		6.41	%		15.43	%		17.95	%

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

(2) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

75

TCW Select Equities Fund

Financial Highlights — N Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	38.76		$	29.95		$	24.59		$	24.61		$	28.23		$	24.35
Income (Loss) from Investment Operations:
Net Investment Loss (1)		(0.10	)		(0.19	)		(0.13	)		(0.11	)		(0.13	)		(0.10	)
Net Realized and Unrealized Gain (Loss) on Investments		(8.90	)		11.52			7.96			3.73			3.09			5.56
Total from Investment Operations		(9.00	)		11.33			7.83			3.62			2.96			5.46
Less Distributions:
Distributions from Net Realized Gain		(5.08	)		(2.52	)		(2.47	)		(3.64	)		(6.58	)		(1.58	)
Net Asset Value per Share, End of period	$	24.68		$	38.76		$	29.95		$	24.59		$	24.61		$	28.23
Total Return		(26.74	)% (2)		40.06	%		34.26	%		18.74	%		12.36	%		24.20	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	127,237		$	193,727		$	161,625		$	132,332		$	133,252		$	138,807
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.06	% (3)		1.04	%		1.06	%		1.08	%		1.15	%		1.16	%
After Expense Reimbursement		0.95	% (3)		0.96	%		0.99	%		1.01	%		1.08	%		1.11	%
Ratio of Net Investment Loss to Average Net Assets		(0.61	)% (3)		(0.56	)%		(0.51	)%		(0.45	)%		(0.50	)%		(0.39	)%
Portfolio Turnover Rate		7.35	% (2)		8.17	%		4.09	%		6.41	%		15.43	%		17.95	%

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

(2) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

76

TCW Funds, Inc.

Shareholder Expenses (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2021 to April 30, 2022 (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, 2021		Ending Account Value April 30, 2022		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2021 to April 30, 2022)
TCW Artificial Intelligence Equity Fund
I Class Shares
Actual	$	1,000.00	$	726.00		0.90	%	$	3.85
Hypothetical (5% return before expenses)		1,000.00		1,020.33		0.90	%		4.51
N Class Shares
Actual	$	1,000.00	$	725.50		1.00	%	$	4.28
Hypothetical (5% return before expenses)		1,000.00		1,019.84		1.00	%		5.01
TCW Conservative Allocation Fund
I Class Shares	$	1,000.00	$	901.30		0.41	% (1)	$	1.93	(1)
Actual		1,000.00		1,022.76		0.41	% (1)		2.06	(1)
Hypothetical (5% return before expenses)
N Class Shares
Actual	$	1,000.00	$	899.80		0.67	% (1)	$	3.16	(1)
Hypothetical (5% return before expenses)		1,000.00		1,021.47		0.67	% (1)		3.36	(1)
TCW Global Real Estate Fund
I Class Shares	$	1,000.00	$	888.20		0.90	%	$	4.21
Actual		1,000.00		1,020.33		0.90	%		4.51
Hypothetical (5% return before expenses)
N Class Shares
Actual	$	1,000.00	$	888.20		1.00	%	$	4.68
Hypothetical (5% return before expenses)		1,000.00		1,019.84		1.00	%		5.01

77

TCW Funds, Inc.

Shareholder Expenses (Unaudited) (Continued)

TCW Funds, Inc.	Beginning Account Value November 1, 2021		Ending Account Value April 30, 2022		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2021 to April 30, 2022)
TCW New America Premier Equities Fund
I Class Shares
Actual	$	1,000.00	$	827.50		0.80	%	$	3.62
Hypothetical (5% return before expenses)		1,000.00		1,020.83		0.80	%		4.01
N Class Shares
Actual	$	1,000.00	$	826.20		1.08	%	$	4.89
Hypothetical (5% return before expenses)		1,000.00		1,019.44		1.08	%		5.41
TCW Relative Value Dividend Appreciation Fund
I Class Shares
Actual	$	1,000.00	$	963.30		0.70	%	$	3.41
Hypothetical (5% return before expenses)		1,000.00		1,021.32		0.70	%		3.51
N Class Shares
Actual	$	1,000.00	$	962.70		0.90	%	$	4.38
Hypothetical (5% return before expenses)		1,000.00		1,020.33		0.90	%		4.51
TCW Relative Value Large Cap Fund
I Class Shares
Actual	$	1,000.00	$	948.70		0.70	%	$	3.38
Hypothetical (5% return before expenses)		1,000.00		1,021.32		0.70	%		3.51
N Class Shares
Actual	$	1,000.00	$	947.80		0.90	%	$	4.35
Hypothetical (5% return before expenses)		1,000.00		1,020.33		0.90	%		4.51
TCW Relative Value Mid Cap Fund
I Class Shares
Actual	$	1,000.00	$	923.10		0.85	%	$	4.05
Hypothetical (5% return before expenses)		1,000.00		1,020.58		0.85	%		4.26
N Class Shares
Actual	$	1,000.00	$	922.60		0.95	%	$	4.53
Hypothetical (5% return before expenses)		1,000.00		1,020.08		0.95	%		4.76
TCW Select Equities Fund
I Class Shares
Actual	$	1,000.00	$	733.20		0.77	%	$	3.31
Hypothetical (5% return before expenses)		1,000.00		1,020.98		0.77	%		3.86
N Class Shares
Actual	$	1,000.00	$	732.60		0.95	%	$	4.08
Hypothetical (5% return before expenses)		1,000.00		1,020.08		0.95	%		4.76

(1) Does not include expenses of the underlying affiliated investments.

78

TCW Funds, Inc.

Supplemental Information

Proxy Voting Guidelines

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

Disclosure of Proxy Voting Guidelines

The proxy voting guidelines of the Advisor are available:

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 NPORT-P. Such filings occur no later than 60 days after the end of the Funds’ first and third quarters and are available on the SEC’s website at www.sec.gov.

79

TCW Funds, Inc.

865 South Figueroa Street, Suite 1800

Los Angeles, California 90017

800 FUND TCW

(800 386 3829)

www.TCW.com

INVESTMENT ADVISOR

TCW Investment Management Company LLC

865 South Figueroa Street, Suite 1800

Los Angeles, California 90017

TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

615 E. Michigan Street

Milwaukee, Wisconsin 53202

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Deloitte & Touche LLP

555 West 5th Street

Los Angeles, California 90013

CUSTODIAN & ADMINISTRATOR

State Street Bank & Trust Company

One Lincoln Street

Boston, Massachusetts 02111

DISTRIBUTOR

TCW Funds Distributors LLC

865 South Figueroa Street, Suite 1800

Los Angeles, California 90017

DIRECTORS

Patrick C. Haden

Director and Chairman of the Board

Samuel P. Bell

Director

Peter McMillan

Director

Victoria B. Rogers

Director

Marc I. Stern

Director

Andrew Tarica

Director

OFFICERS

David Lippman

President and Chief Executive Officer

Meredith S. Jackson

Senior Vice President,

General Counsel and Secretary

Richard M. Villa

Treasurer and Principal Financial and Accounting Officer

Gladys Xiques

Chief Compliance Officer and Anti-Money Laundering Officer

Lisa Eisen

Tax Officer

Eric W. Chan

Assistant Treasurer

TCW FAMILY OF FUNDS

EQUITY FUNDS

TCW Artificial Intelligence Equity Fund

TCW Global Real Estate Fund

TCW New America Premier Equities Fund

TCW Relative Value Dividend Appreciation Fund

TCW Relative Value Large Cap Fund

TCW Relative Value Mid Cap Fund

TCW Select Equities Fund

ASSET ALLOCATION FUND

TCW Conservative Allocation Fund

FIXED INCOME FUNDS

TCW Core Fixed Income Fund

TCW Enhanced Commodity Strategy Fund

TCW Global Bond Fund

TCW High Yield Bond Fund

TCW Short Term Bond Fund

TCW Total Return Bond Fund

INTERNATIONAL FUNDS

TCW Developing Markets Equity Fund

TCW Emerging Markets Income Fund

TCW Emerging Markets Local Currency Income Fund

TCW Emerging Markets Multi-Asset Opportunities Fund

TO COME

FIXED INCOME FUNDS

TCW Core Fixed Income Fund

TCW Enhanced Commodity Strategy Fund

TCW Global Bond Fund

TCW High Yield Bond Fund

TCW Short Term Bond Fund

TCW Total Return Bond Fund

Paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (www.tcw.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. You can call 1-800-FUND-TCW (1-800-386-3829), if you invest directly with the Funds, or contact your financial intermediary, if you invest though a financial intermediary, to inform the Funds or the financial intermediary that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held directly with TCW or through your financial intermediary.

TCW Funds, Inc.

Table of Contents

Letter to Shareholders	1
Performance Summary (Unaudited)	3
Schedules of Investments (Unaudited)	4
TCW Core Fixed Income Fund	4
TCW Enhanced Commodity Strategy Fund (Consolidated)	21
TCW Global Bond Fund	43
TCW High Yield Bond Fund	58
TCW Short Term Bond Fund	67
TCW Total Return Bond Fund	77
Statements of Assets and Liabilities (Unaudited)	95
Statements of Operations (Unaudited)	97
Statements of Changes in Net Assets (Unaudited)	99
Notes to Financial Statements (Unaudited)	102
Financial Highlights (Unaudited)	132
Shareholder Expenses (Unaudited)	145
Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule	147

To Our Valued Shareholders

David B. Lippman President, Chief Executive Officer and Director

Dear Valued Investors,

We are pleased to present the semi-annual report for the TCW Funds, Inc. covering the six-month period ended April 30, 2022. As interest rates have reset higher over the past six months, asset growth in the complex stalled on weaker market pricing, ending the reporting period at $12.6 billion. In addition, as is typical in these periods, an investor review of fixed income tends to spur reallocations away from interest rate risk and the asset class, further muting the recent growth profile. These challenges notwithstanding, higher rates do imply an improved return outlook going forward and the attendant volatility brings opportunity for our teams to apply their hallmark discipline to find value for client assets across the Fund complex.

This report contains information outlining performance and an inventory of holdings as of April 30, 2022 for the TCW Funds’ Fixed Income Funds.

Economic Review and Market Environment

A little more than two years removed from the onset of COVID-19, the arrival of which led to unprecedented commercial lockdowns and massive economic stimulus, a certain reckoning has begun to play out. While the first quarter of 2021 provided a temporary preview (which was reversed by the summer) of the consequences of the sustained monetary and fiscal largesse invoked to forestall a deep recession or worse, the start of 2022 (and indeed a few months prior) has delivered a seemingly more “permanent” higher interest rate regime. This is largely because of, one, demonstrated inflation, and two, expectations for considerable Fed tightening in the months ahead. Indicative of the inflation (and the continued geopolitical upset owing to Russia’s invasion of Ukraine), commodity prices climbed 25% in the first quarter of 2022 alone as ongoing supply issues and easy money conditions were exacerbated by the war. The contrast with the pandemic depths could not be starker: the spot price of U.S. oil, having plunged to below zero in

April 2020, traded briefly above $130 in early March before settling to the low $100 range at the end of the period. Against this backdrop, the headline consumer price index (CPI) for April showed an 8.3% year-over-year increase, and expectations are for still-elevated prices in the coming months. The Fed also made it clear it will use the primary tool at hand – higher rates – to curb inflation, initiating this hiking cycle with a 25 basis point (bps) increase to the Funds rate in March 2022 and continuing with a 50 bps hike in early May. The market is currently pricing in three additional 50 bps hikes in the next three meetings, with five 25 bps hikes priced in thereafter. Given this front-loaded expectation for the increases, the Treasury yield curve re-pricing was considerable for shorter maturities. The 2-Year Treasury yield surged nearly 222 bps from six months ago to 2.72%, while the 10-Year jumped 138 bps to 2.94%. Longer dated maturities also rose, albeit at a slower pace, with the curve briefly inverting in the beginning of April amid ongoing concern of a slowdown in growth, realized with a negative 1.4% real GDP print in the first quarter. While the Fed aims to bring the economy to neutral (or close to it), continued supply chain disruptions, enduring price pressures from the war, waning investor confidence, and the risk of a policy misstep will test its ability to execute the elusive soft landing during these hard times.

In a telling sign of current market stress, the trend of rising stock prices, largely in lockstep with the rollout of congressional COVID-19 relief measures and other accommodative policy, was reversed over the past six months as the S&P 500 Index fell 9.7% during the period. Similarly, amid sharply higher Treasury yields and heightened volatility, fixed income markets delivered largely negative total returns, with the Bloomberg U.S. Aggregate Bond Index down 9.5%, approximately 136 bps behind duration-matched Treasuries. Agency mortgage-backed securities (MBS), in particular, were challenged in this environment of rate volatility, with further headwinds

1

Letter to Shareholders (Continued)

coming from concerns over Fed pullback as quantitative tightening is set to begin in June with the gradual reduction of the Fed’s balance sheet. As such, the sector declined 8.5%, trailing comparable Treasuries by 192 bps. Corporate credit fell nearly 13.0% and trailed duration-matched Treasuries by 294 bps. Communications and utilities were among the worst performing sectors, while independent energy and airlines, though still negative, benefitted from a stark uptick in commodity prices and a rebound in travel. High yield credit also fell during the period, posting a negative total return of 7.4% and trailed duration-adjusted Treasuries by 183 bps. Among the other securitized sectors, commercial MBS (CMBS) was down approximately 8.0%, with both agency and non-agency collateral lagging comparable Treasuries. Finally, asset-backed securities (ABS) were down 3.8% and trailed duration-matched Treasuries by roughly 40 bps, weighed down by credit card receivables.

A Disciplined Value Philosophy

While the start to the year – one of the most difficult stretches in bond market history – also signals the possibility of turbulence in the months and quarters to come, we continue, as ever, to look at challenges as opportunity. Navigating the bumpy environment also

reminds us that performance can defy reason for temporary periods; however, with appropriate risk control, discipline and alertness to buy attractive bonds at cheap and hopefully compelling prices, the stage can be set for significant longer-term outperformance. Portfolios are currently well positioned to capitalize on these opportunities, while also maintaining substantial liquidity for flexibility in all market conditions.

We truly value our relationship with you and thank you for making the TCW Funds part of your long-term investment plan. If you have any questions or require further information, I invite you to visit our website at www.tcw.com, or call our shareholder services department at 800-386-3829.

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

Sincerely,

David Lippman

President, Chief Executive Officer and Director

2

TCW Funds, Inc.

Performance Summary (Unaudited) April 30, 2022

	NAV		Six Months Return as of April 30, 2022			Total Return Annualized as of April 30, 2022 (1)
						1-Year			5-Year			10-Year			Since Inception			Inception Date
TCW Core Fixed Income Fund
I Class	$	10.33		(9.99	)%		(9.14	)%		1.38	%		1.92	%		5.38	% (2)		01/01/90	(3)
N Class	$	10.31		(10.02	)%		(9.32	)%		1.16	%		1.66	%		4.32	%		02/26/99
Plan Class	$	10.38		(9.93	)%		(9.12	)%		N/A			N/A			(2.97	)%		02/28/20
TCW Enhanced Commodity Strategy Fund
I Class	$	7.46		24.33	%		44.33	%		11.84	%		1.56	%		(0.01	)%		03/31/11
N Class	$	7.46		24.49	%		44.24	%		11.81	%		1.54	%		(0.03	)%		03/31/11
TCW Global Bond Fund
I Class	$	8.88		(12.00	)%		(13.23	)%		0.90	%		0.95	%		1.53	%		11/30/11
N Class	$	8.87		(12.06	)%		(13.42	)%		0.81	%		0.90	%		1.49	%		11/30/11
TCW High Yield Bond Fund
I Class	$	6.17		(6.70	)%		(4.79	)%		4.24	%		5.01	%		6.81	% (2)		02/01/89	(3)
N Class	$	6.21		(6.90	)%		(4.98	)%		4.00	%		4.76	%		5.04	%		02/26/99
TCW Short Term Bond Fund
I Class	$	8.33		(1.83	)%		(1.74	)%		1.29	%		1.04	%		3.60	% (2)		02/01/90	(3)
TCW Total Return Bond Fund
I Class	$	9.03		(9.98	)%		(8.96	)%		1.23	%		2.59	%		5.60	%		06/17/93
N Class	$	9.31		(10.14	)%		(9.15	)%		0.95	%		2.30	%		4.93	%		02/26/99
Plan Class	$	9.08		(9.90	)%		(8.86	)%		N/A			N/A			(3.40	)%		02/28/20

(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 the predecessor entity.

3

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited)

Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES — 107.3% of Net Assets
CORPORATE BONDS — 28.7%
Aerospace & Defense — 0.2%
Boeing Co. (The)
1.43%		02/04/24	$	2,650,000	$	2,547,975
4.88%		05/01/25		560,000		567,000
						3,114,975
Agriculture — 0.6%
BAT Capital Corp.
2.73%		03/25/31		695,000		571,116
4.39%		08/15/37		470,000		400,724
4.54%		08/15/47		1,270,000		1,008,638
5.28%		04/02/50		1,285,000		1,144,636
5.65%		03/16/52		1,020,000		926,109
Imperial Brands Finance PLC
3.13% (1)		07/26/24		2,300,000		2,253,724
Reynolds American, Inc.
5.70%		08/15/35		260,000		263,094
5.85%		08/15/45		2,770,000		2,592,277
						9,160,318
Airlines — 0.2%
Delta Air Lines Pass-Through Trust (19-1-AA)
3.20%		10/25/25		1,500,000		1,484,190
US Airways Group, Inc. Pass-Through Certificates (10-1A) (EETC)
6.25%		10/22/24		199,996		200,770
US Airways Group, Inc. Pass-Through Certificates (12-1-A) (EETC)
5.90%		04/01/26		997,239		1,019,391
US Airways Group, Inc. Pass-Through Certificates (12-2-A) (EETC)
4.63%		12/03/26		435,890		420,403
						3,124,754
Auto Manufacturers — 0.2%
Ford Motor Credit Co. LLC
2.37% (3 mo. USD LIBOR + 1.080%) (2)		08/03/22		1,000,000		998,750
General Motors Financial Co., Inc.
3.15%		06/30/22		1,540,000		1,541,698
						2,540,448
Banks — 9.6%
ABN AMRO Bank NV
2.47% (U.S. 1 year Treasury Constant Maturity Rate + 1.100%) (1)(2)		12/13/29		1,700,000		1,498,040

Issues	Maturity Date		Principal Amount		Value
Banks (Continued)
Bank of America Corp.
1.66% (SOFR + 0.910%) (2)		03/11/27	$	6,355,000	$	5,763,533
1.73% (SOFR + 0.960%) (2)		07/22/27		2,535,000		2,276,050
2.09% (SOFR + 1.060%) (2)		06/14/29		2,200,000		1,917,410
2.57% (SOFR + 1.210%) (2)		10/20/32		320,000		270,496
2.69% (SOFR + 1.320%) (2)		04/22/32		3,535,000		3,041,761
2.88% (3 mo. USD LIBOR + 1.190%) (2)		10/22/30		430,000		385,052
3.00% (3 mo. USD LIBOR + 0.790%) (2)		12/20/23		5,425,000		5,413,171
3.97% (3 mo. USD LIBOR + 1.210%) (2)		02/07/30		1,125,000		1,088,322
4.57% (SOFR + 1.830%) (2)		04/27/33		1,510,000		1,504,700
Citigroup, Inc.
2.56% (SOFR + 1.167%)(2)		05/01/32		655,000		553,710
3.06% (SOFR + 1.351%) (2)		01/25/33		4,675,000		4,089,830
3.07% (SOFR + 1.280%) (2)		02/24/28		795,000		748,548
3.11% (SOFR + 2.842%) (2)		04/08/26		1,580,000		1,528,739
3.79% (SOFR + 1.939%) (2)		03/17/33		2,030,000		1,880,490
4.41% (SOFR + 3.914%) (2)		03/31/31		1,225,000		1,197,993
Credit Suisse Group AG
1.31% (SOFR + 0.980%) (1)(2)		02/02/27		2,500,000		2,189,600
2.19% (SOFR + 2.044%) (1)(2)		06/05/26		2,645,000		2,443,751
2.59% (SOFR + 1.560%) (1)(2)		09/11/25		185,000		176,486
3.09% (SOFR + 1.730%) (1)(2)		05/14/32		2,375,000		1,994,572
4.28% (1)		01/09/28		1,360,000		1,308,170
DNB Bank ASA
1.61% (U.S. 1 year Treasury Constant Maturity Rate + 0.680%) (1)(2)		03/30/28		2,570,000		2,264,852
Goldman Sachs Group, Inc. (The)
1.09% (SOFR + 0.789%) (2)		12/09/26		705,000		631,292
1.22%		12/06/23		4,225,000		4,108,559
1.43% (SOFR + 0.798%) (2)		03/09/27		5,260,000		4,705,649

See accompanying Notes to Financial Statements.

4

TCW Core Fixed Income Fund

April 30, 2022

Issues	Maturity Date		Principal Amount		Value
Banks (Continued)
1.54% (SOFR + 0.818%) (2)		09/10/27	$	880,000	$	778,070
1.95% (SOFR + 0.913%) (2)		10/21/27		1,695,000		1,522,449
3.10% (SOFR + 1.410%) (2)		02/24/33		3,110,000		2,720,930
3.20%		02/23/23		960,000		963,746
3.27% (3 mo. USD LIBOR + 1.201%) (2)		09/29/25		3,085,000		3,036,670
HSBC Holdings PLC (United Kingdom)
1.59% (SOFR + 1.290%) (2)		05/24/27		4,300,000		3,826,507
2.01% (SOFR + 1.732%) (2)		09/22/28		2,365,000		2,065,047
2.21% (SOFR+ 1.285%) (2)		08/17/29		2,570,000		2,215,700
2.25% (SOFR + 1.100%) (2)		11/22/27		985,000		891,169
2.63% (SOFR + 1.402%) (2)		11/07/25		535,000		515,307
2.80% (SOFR + 1.187%) (2)		05/24/32		845,000		710,197
JPMorgan Chase & Co.
0.70% (SOFR + 0.580%) (2)		03/16/24		790,000		772,731
0.97% (SOFR + 0.580%) (2)		06/23/25		6,625,000		6,233,727
1.56% (SOFR + 0.605%) (2)		12/10/25		2,580,000		2,430,334
1.58% (SOFR + 0.885%) (2)		04/22/27		4,360,000		3,944,710
2.55% (SOFR + 1.180%) (2)		11/08/32		665,000		564,678
2.58% (SOFR + 1.250%) (2)		04/22/32		530,000		456,341
2.95% (SOFR + 1.170%) (2)		02/24/28		750,000		706,628
2.96% (SOFR + 1.260%) (2)		01/25/33		4,120,000		3,632,316
4.59% (SOFR + 1.800%) (2)		04/26/33		755,000		759,568
Lloyds Banking Group PLC (United Kingdom)
1.63% (U.S. 1 year Treasury Constant Maturity Rate + 0.850%) (2)		05/11/27		1,500,000		1,345,575
2.91% (3 mo. USD LIBOR + 0.810%) (2)		11/07/23		3,525,000		3,522,880
3.75% (U.S. 1 year Treasury Constant Maturity Rate + 1.800%) (2)		03/18/28		955,000		922,463

Issues	Maturity Date		Principal Amount		Value
Banks (Continued)
3.87% (U.S. 1 year Treasury Constant Maturity Rate + 3.500%) (2)		07/09/25	$	1,600,000	$	1,598,568
Macquarie Group, Ltd. (Australia)
1.34% (SOFR + 1.069%) (1)(2)		01/12/27		2,510,000		2,231,170
2.87% (SOFR + 1.532%) (1)(2)		01/14/33		1,740,000		1,448,404
Macquarie Group, Ltd. (Australia)
4.44% (SOFR + 2.405%) (1)(2)		06/21/33		1,000,000		946,290
Morgan Stanley
0.79% (SOFR + 0.509%) (2)		01/22/25		1,020,000		969,189
1.51% (SOFR + 0.858%) (2)		07/20/27		4,985,000		4,451,854
1.59% (SOFR + 0.879%) (2)		05/04/27		2,470,000		2,228,854
2.24% (SOFR + 1.178%) (2)		07/21/32		360,000		298,170
2.51% (SOFR + 1.200%) (2)		10/20/32		335,000		282,261
2.94% (SOFR + 1.290%) (2)		01/21/33		3,295,000		2,877,392
5.30% (SOFR + 2.450%) (2)		04/20/37		990,000		993,128
NatWest Group PLC (United Kingdom)
4.27% (3 mo. USD LIBOR + 1.762%) (2)		03/22/25		3,140,000		3,142,826
Santander UK Group Holdings PLC (United Kingdom)
1.09% (SOFR + 0.787%) (2)		03/15/25		3,265,000		3,085,001
1.67% (SOFR + 0.989%) (2)		06/14/27		285,000		253,485
2.47% (SOFR + 1.220%) (2)		01/11/28		465,000		420,974
3.37% (3 mo. USD LIBOR + 1.080%) (2)		01/05/24		190,000		189,681
3.82% (3 mo. USD LIBOR + 1.400%) (2)		11/03/28		1,175,000		1,117,081
4.80% (3 mo. USD LIBOR + 1.570%) (2)		11/15/24		960,000		972,540
Santander UK PLC (United Kingdom)
5.00% (1)		11/07/23		2,460,000		2,502,410
UBS AG/London (Switzerland)
0.70% (1)		08/09/24		2,585,000		2,433,958
Wells Fargo & Co.
2.16% (3 mo. USD LIBOR + 0.750%) (2)		02/11/26		1,850,000		1,755,702
2.19% (SOFR + 2.000%) (2)		04/30/26		3,645,000		3,444,868

See accompanying Notes to Financial Statements.

5

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
Banks (Continued)
2.39% (SOFR + 2.100%) (2)		06/02/28	$	630,000	$	573,936
2.88% (SOFR + 1.432%) (2)		10/30/30		285,000		255,867
3.35% (SOFR + 1.500%) (2)		03/02/33		4,715,000		4,288,858
3.53% (SOFR + 1.510%) (2)		03/24/28		3,760,000		3,620,466
3.58% (3 mo. USD LIBOR + 1.310%) (2)		05/22/28		1,015,000		974,402
5.01% (SOFR + 4.502%) (2)		04/04/51		625,000		651,566
						145,527,420
Beverages — 0.6%
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc.
4.90%		02/01/46		3,325,000		3,282,324
Bacardi, Ltd.
2.75% (1)		07/15/26		750,000		703,410
4.45% (1)		05/15/25		1,780,000		1,785,773
Constellation Brands, Inc.
3.20%		02/15/23		3,890,000		3,909,411
						9,680,918
Biotechnology — 0.1%
Amgen, Inc.
4.20%		02/22/52		565,000		508,517
4.40%		02/22/62		795,000		712,964
						1,221,481
Chemicals — 0.2%
Ecolab, Inc.
2.70%		12/15/51		1,695,000		1,284,014
International Flavors & Fragrances, Inc.
5.00%		09/26/48		1,975,000		1,942,308
						3,226,322
Commercial Services — 0.2%
S&P Global, Inc.
3.70% (1)		03/01/52		790,000		689,745
4.75% (1)		08/01/28		1,750,000		1,816,837
						2,506,582
Computers — 0.1%
Apple, Inc.
2.65%		02/08/51		1,000,000		757,200
3.85%		05/04/43		275,000		261,575
						1,018,775

Issues	Maturity Date		Principal Amount		Value
Diversified Financial Services — 1.6%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)
2.45%		10/29/26	$	1,655,000	$	1,475,631
3.00%		10/29/28		4,345,000		3,779,455
3.88%		01/23/28		430,000		402,812
Air Lease Corp.
3.25%		03/01/25		1,300,000		1,262,045
3.63%		12/01/27		640,000		599,550
American Express Co.
2.55%		03/04/27		1,585,000		1,494,306
Avolon Holdings Funding, Ltd.
2.53% (1)		11/18/27		884,000		761,576
2.88% (1)		02/15/25		1,550,000		1,462,859
3.95% (1)		07/01/24		405,000		399,225
Capital One Financial Corp.
1.34% (SOFR + 0.690%) (2)		12/06/24		2,535,000		2,439,354
Cboe Global Markets, Inc.
3.00%		03/16/32		1,595,000		1,459,425
Charles Schwab Corp. (The)
2.90%		03/03/32		1,585,000		1,421,032
Intercontinental Exchange, Inc.
1.85%		09/15/32		1,780,000		1,435,178
LSEGA Financing PLC (United Kingdom)
2.00% (1)		04/06/28		2,470,000		2,184,779
Park Aerospace Holdings, Ltd.
4.50% (1)		03/15/23		2,715,000		2,723,886
5.50% (1)		02/15/24		108,000		109,224
Raymond James Financial, Inc.
4.95%		07/15/46		460,000		476,744
						23,887,081
Electric — 1.3%
Appalachian Power Co.
4.45%		06/01/45		690,000		635,489
Duke Energy Corp.
3.75%		09/01/46		1,290,000		1,079,011
Duke Energy Progress LLC
3.70%		10/15/46		1,325,000		1,187,505
El Paso Electric Co.
3.30%		12/15/22		2,065,000		2,074,579
Indiana Michigan Power Co.
4.55%		03/15/46		920,000		894,242
ITC Holdings Corp.
2.95% (1)		05/14/30		2,000,000		1,810,740
Jersey Central Power & Light Co.
2.75% (1)		03/01/32		2,575,000		2,258,867
Metropolitan Edison Co.
3.50% (1)		03/15/23		3,030,000		3,035,868

See accompanying Notes to Financial Statements.

6

TCW Core Fixed Income Fund

April 30, 2022

Issues	Maturity Date		Principal Amount		Value
Electric (Continued)
MidAmerican Energy Co.
5.80%		10/15/36	$	1,655,000	$	1,892,818
NextEra Energy Capital Holdings, Inc.
0.75% (3 mo. USD LIBOR + 0.270%) (2)		02/22/23		3,000,000		2,995,410
Niagara Mohawk Power Corp.
2.72% (1)		11/28/22		920,000		921,636
Tucson Electric Power Co.
4.00%		06/15/50		1,500,000		1,358,385
						20,144,550
Entertainment — 0.5%
Magallanes, Inc.
4.28% (1)		03/15/32		200,000		186,282
5.05% (1)		03/15/42		3,135,000		2,861,660
Magallanes, Inc.
5.14% (1)		03/15/52		4,484,000		4,015,332
						7,063,274
Food — 0.6%
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.
3.00% (1)		02/02/29		1,445,000		1,289,215
3.00% (1)		05/15/32		1,875,000		1,571,944
Kraft Heinz Foods Co.
4.88%		10/01/49		537,000		500,033
5.00%		06/04/42		2,133,000		2,056,634
5.20%		07/15/45		775,000		759,719
Smithfield Foods, Inc.
2.63% (1)		09/13/31		2,565,000		2,127,308
						8,304,853
Foreign Government Bonds — 0.1%
Airport Authority
3.25% (1)		01/12/52		1,710,000		1,422,711
Gas — 0.2%
KeySpan Gas East Corp.
3.59% (1)		01/18/52		1,150,000		926,750
5.82% (1)		04/01/41		1,551,000		1,660,966
						2,587,716
Health Care-Products — 0.1%
Alcon Finance Corp.
2.60% (1)		05/27/30		2,255,000		1,944,915
Health Care-Services — 1.7%
Anthem, Inc.
3.65%		12/01/27		2,405,000		2,355,123
Barnabas Health, Inc.
4.00%		07/01/28		3,290,000		3,253,330

Issues	Maturity Date		Principal Amount		Value
Health Care-Services (Continued)
Centene Corp.
3.00%		10/15/30	$	3,888,000	$	3,388,450
CommonSpirit Health
2.78%		10/01/30		955,000		849,855
4.35%		11/01/42		600,000		560,628
Fresenius Medical Care US Finance III, Inc.
1.88% (1)		12/01/26		1,650,000		1,496,599
HCA, Inc.
2.38%		07/15/31		715,000		589,467
3.13% (1)		03/15/27		455,000		428,459
3.63% (1)		03/15/32		505,000		453,339
4.13%		06/15/29		3,946,000		3,786,266
4.63% (1)		03/15/52		800,000		700,408
5.25%		04/15/25		770,000		794,107
5.25%		06/15/26		930,000		957,230
5.25%		06/15/49		600,000		573,339
5.50%		06/15/47		1,620,000		1,601,354
Humana, Inc.
2.15%		02/03/32		2,055,000		1,695,971
3.70%		03/23/29		2,050,000		1,970,603
						25,454,528
Insurance — 1.6%
Aon Corp. / Aon Global Holdings PLC
3.90%		02/28/52		805,000		695,713
Athene Global Funding
1.99% (1)		08/19/28		4,000,000		3,385,680
2.72% (1)		01/07/29		240,000		211,071
Athene Global Funding
3.21% (1)		03/08/27		815,000		763,920
Berkshire Hathaway Finance Corp.
3.85%		03/15/52		2,375,000		2,118,215
Farmers Exchange Capital
7.20% (1)		07/15/48		1,495,000		1,890,520
Farmers Exchange Capital II
6.15% (3 mo. USD LIBOR + 3.744%) (1)(2)		11/01/53		2,065,000		2,265,431
Nationwide Mutual Insurance Co.
3.12% (3 mo. USD LIBOR + 2.290%) (1)(2)		12/15/24		4,000,000		4,000,069
New York Life Insurance Co.
3.75% (1)		05/15/50		1,475,000		1,288,584
Progressive Corp. (The)
3.00%		03/15/32		1,425,000		1,296,183
Protective Life Global Funding
1.62% (1)		04/15/26		2,955,000		2,725,633
Teachers Insurance & Annuity Association of America
3.30% (1)		05/15/50		2,980,000		2,393,167
4.27% (1)		05/15/47		130,000		122,687

See accompanying Notes to Financial Statements.

7

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
Insurance (Continued)
Willis North America, Inc.
4.50%		09/15/28	$	1,445,000	$	1,442,305
						24,599,178
Internet — 0.1%
Tencent Holdings, Ltd.
3.68% (1)		04/22/41		825,000		674,107
3.84% (1)		04/22/51		825,000		655,256
3.98% (1)		04/11/29		740,000		710,755
						2,040,118
Media — 0.6%
Charter Communications Operating LLC / Charter Communications Operating Capital
4.80%		03/01/50		495,000		413,077
5.13%		07/01/49		1,080,000		934,470
5.25%		04/01/53		1,530,000		1,337,346
5.38%		04/01/38		1,475,000		1,376,986
5.38%		05/01/47		2,755,000		2,467,157
5.75%		04/01/48		1,028,000		973,002
Paramount Global
4.20%		05/19/32		1,460,000		1,347,522
Walt Disney Co. (The)
3.60%		01/13/51		1,080,000		934,804
						9,784,364
Miscellaneous Manufacturers — 0.2%
GE Capital International Funding Co. Unlimited Co. (Ireland)
4.42%		11/15/35		220,000		215,350
General Electric Co.
0.99% (3 mo. USD LIBOR + 0.480%) (2)		08/15/36		3,045,000		2,534,290
6.75%		03/15/32		539,000		630,564
						3,380,204
Oil & Gas — 0.4%
Exxon Mobil Corp.
3.45%		04/15/51		1,157,000		995,489
Petroleos Mexicanos
6.63%		06/15/35		60,000		48,885
6.75%		09/21/47		2,625,000		1,902,259
6.95%		01/28/60		510,000		374,850
7.69%		01/23/50		1,505,000		1,178,415
Shell International Finance BV
3.00%		11/26/51		1,173,000		919,339
						5,419,237
Packaging & Containers — 0.3%
Amcor Finance USA, Inc.
3.63%		04/28/26		1,380,000		1,364,365

Issues	Maturity Date		Principal Amount		Value
Packaging & Containers (Continued)
Berry Global, Inc.
1.57%		01/15/26	$	3,645,000	$	3,318,918
4.88% (1)		07/15/26		580,000		577,100
						5,260,383
Pharmaceuticals — 1.4%
AbbVie, Inc.
4.40%		11/06/42		1,840,000		1,747,006
4.45%		05/14/46		1,035,000		976,833
4.50%		05/14/35		267,000		264,169
Bayer US Finance II LLC
4.25% (1)		12/15/25		845,000		848,781
4.38% (1)		12/15/28		4,540,000		4,511,256
4.63% (1)		06/25/38		500,000		479,075
4.88% (1)		06/25/48		2,430,000		2,370,219
Bristol-Myers Squibb Co.
3.70%		03/15/52		1,700,000		1,509,413
Cigna Corp.
3.40%		03/15/51		500,000		392,495
4.13%		11/15/25		1,525,000		1,541,829
CVS Health Corp.
3.88%		07/20/25		1,477,000		1,479,802
5.05%		03/25/48		4,505,000		4,531,489
						20,652,367
Pipelines — 1.0%
Enbridge Energy Partners LP
5.88%		10/15/25		333,000		352,214
Energy Transfer LP
4.95%		06/15/28		200,000		202,146
5.00%		05/15/50		1,780,000		1,587,867
5.15%		03/15/45		1,870,000		1,697,773
5.40%		10/01/47		2,568,000		2,364,923
5.95%		10/01/43		630,000		611,900
Plains All American Pipeline LP / PAA Finance Corp.
3.80%		09/15/30		375,000		347,923
Rockies Express Pipeline LLC
4.95% (1)		07/15/29		2,000,000		1,880,280
6.88% (1)		04/15/40		350,000		332,500
Ruby Pipeline LLC
8.00% (1)(3)(4)(5)		04/01/22		1,353,030		1,204,197
Southern Natural Gas Co. LLC
7.35%		02/15/31		2,380,000		2,745,193
TC PipeLines LP
4.38%		03/13/25		710,000		719,782
Texas Eastern Transmission LP
2.80% (1)		10/15/22		920,000		918,960
TransCanada PipeLines, Ltd.
6.10%		06/01/40		375,000		422,231
						15,387,889

See accompanying Notes to Financial Statements.

8

TCW Core Fixed Income Fund

April 30, 2022

Issues	Maturity Date		Principal Amount		Value
REIT — 1.4%
American Assets Trust LP
3.38%		02/01/31	$	1,515,000	$	1,347,547
American Campus Communities Operating Partnership LP
2.85%		02/01/30		620,000		586,844
3.30%		07/15/26		1,000,000		986,691
4.13%		07/01/24		1,425,000		1,441,843
Boston Properties LP
3.25%		01/30/31		345,000		312,563
GLP Capital LP / GLP Financing II, Inc.
4.00%		01/15/30		265,000		245,072
5.30%		01/15/29		1,280,000		1,291,162
5.38%		11/01/23		1,000,000		1,014,550
5.38%		04/15/26		1,823,000		1,861,789
5.75%		06/01/28		1,600,000		1,682,017
Healthcare Trust of America Holdings LP
2.00%		03/15/31		2,970,000		2,417,872
3.10%		02/15/30		1,705,000		1,547,711
Invitation Homes Operating Partnership LP
4.15%		04/15/32		1,540,000		1,472,902
Lexington Realty Trust (REIT)
2.38%		10/01/31		855,000		694,961
SL Green Operating Partnership LP
3.25%		10/15/22		2,380,000		2,382,214
VICI Properties LP 4.95%		02/15/30		455,000		452,197
5.13%		05/15/32		1,215,000		1,206,483
5.63%		05/15/52		845,000		843,099
						21,787,517
Retail — 0.2%
Alimentation Couche-Tard, Inc.
3.55% (1)		07/26/27		1,710,000		1,646,977
Starbucks Corp.
3.00%		02/14/32		1,605,000		1,422,431
						3,069,408
Savings & Loans — 0.3%
Nationwide Building Society
2.97% (SOFR + 1.290%) (1)(2)		02/16/28		1,630,000		1,514,417
3.77% (3 mo. USD LIBOR + 1.064%) (1)(2)		03/08/24		2,670,000		2,671,901
4.36% (3 mo. USD LIBOR + 1.392%) (1)(2)		08/01/24		400,000		403,486
						4,589,804

Issues	Maturity Date		Principal Amount		Value
Semiconductors — 0.2%
Broadcom, Inc.
3.42% (1)		04/15/33	$	1,100,000	$	946,374
4.30%		11/15/32		640,000		601,210
Intel Corp.
3.05%		08/12/51		153,000		118,898
TSMC Arizona Corp.
4.25%		04/22/32		1,065,000		1,059,962
4.50%		04/22/52		750,000		750,120
						3,476,564
Software — 0.3%
Oracle Corp.
3.60%		04/01/50		2,000,000		1,441,743
3.95%		03/25/51		2,425,000		1,846,177
Take Two Interactive
4.00%		04/14/32		1,525,000		1,455,445
						4,743,365
Telecommunications — 2.5%
AT&T, Inc.
2.55%		12/01/33		4,625,000		3,825,376
3.80%		12/01/57		5,286,000		4,237,008
4.75%		05/15/46		1,130,000		1,121,703
4.85%		03/01/39		1,554,000		1,556,176
5.25%		03/01/37		2,155,000		2,294,795
Level 3 Financing, Inc.
3.40% (1)		03/01/27		575,000		521,588
3.88% (1)		11/15/29		4,170,000		3,685,488
Qwest Corp.
7.25%		09/15/25		920,000		1,000,500
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC
4.74% (1)		03/20/25		4,747,500		4,786,812
5.15% (1)		09/20/29		2,505,000		2,579,066
T-Mobile USA, Inc.
2.55%		02/15/31		657,000		558,701
3.75%		04/15/27		1,675,000		1,631,534
3.88%		04/15/30		4,155,000		3,939,959
4.38%		04/15/40		1,990,000		1,836,012
Verizon Communications, Inc.
2.36%		03/15/32		610,000		515,121
2.55%		03/21/31		825,000		716,743
Vodafone Group PLC (United Kingdom)
4.88%		06/19/49		1,897,000		1,817,046
5.25%		05/30/48		1,390,000		1,385,774
						38,009,402
Transportation — 0.0%
Union Pacific Corp.
3.50%		02/14/53		805,000		683,292

See accompanying Notes to Financial Statements.

9

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
Water — 0.1%
American Water Capital Corp.
3.45%		05/01/50	$	2,385,000	$	2,012,081
Total Corporate Bonds
(Cost: $476,050,745)						436,826,794
MUNICIPAL BONDS — 0.6%
City of New York NY
1.82%		08/01/30		1,325,000		1,115,615
3.00%		08/01/34		380,000		338,002
Metropolitan Transportation Authority
5.18%		11/15/49		335,000		361,162
New York City Transitional Finance Authority Future Tax Secured Revenue
2.00%		08/01/35		1,000,000		762,902
2.40%		11/01/32		585,000		491,832
2.45%		11/01/34		2,485,000		2,042,326
Regents of the University of California Medical Center Pooled Revenue
3.26%		05/15/60		3,115,000		2,440,029
University of Michigan 3.50%		04/01/52		1,565,000		1,415,421
Total Municipal Bonds
(Cost: $10,849,064)						8,967,289
ASSET-BACKED SECURITIES — 6.3%
AGL CLO, Ltd. (20-7A-BR)
2.74% (3 mo. USD LIBOR + 1.700%) (1)(2)		07/15/34		4,385,000		4,328,434
AIG CLO, Ltd. (18-1A-A1R)
2.18% (3 mo. USD LIBOR + 1.120%) (1)(2)		04/20/32		4,300,000		4,268,395
Aligned Data Centers Issuer LLC (21-1A-A2)
1.94% (1)		08/15/46		3,372,000		3,048,761
AMMC CLO XIII, Ltd. (13-13A-A1R2)
2.23% (3 mo. USD LIBOR + 1.050%) (1)(2)		07/24/29		4,483,831		4,462,085
Ares LXII CLO, Ltd. (21-62A-B)
1.87% (3 mo. USD LIBOR + 1.650%) (1)(2)		01/25/34		4,000,000		3,947,600
Brazos Education Loan Authority, Inc. (12-1-A1)
1.37% (1 mo. USD LIBOR + 0.700%) (2)		12/26/35		471,883		467,233
Brazos Higher Education Authority, Inc. (10-1-A2)
1.70% (3 mo. USD LIBOR + 1.200%) (2)		02/25/35		675,000		679,411
Brazos Higher Education Authority, Inc. (11-1-A3)
1.55% (3 mo. USD LIBOR + 1.050%) (2)		11/25/33		1,695,000		1,696,004

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (Continued)
CIFC Funding, Ltd (21-7A-A1)
2.31% (3 mo. USD LIBOR + 1.130%) (1)(2)		01/23/35	$	4,300,000	$	4,240,875
Citigroup Mortgage Loan Trust (06-AMC1-A1)
0.96% (1 mo. USD LIBOR + 0.290%) (1)(2)		09/25/36		8,558,998		8,348,153
Dryden XXVI Senior Loan Fund (13-26A-AR)
1.94% (3 mo. USD LIBOR + 0.900%) (1)(2)		04/15/29		2,021,509		2,006,649
Educational Funding of the South, Inc. (11-1-A2)
1.83% (3 mo. USD LIBOR + 0.650%) (2)		04/25/35		542,022		538,344
Educational Services of America, Inc. (12-2-A)
1.40% (1 mo. USD LIBOR + 0.730%) (1)(2)		04/25/39		297,363		296,711
Global SC Finance SRL (14-1A-A2)
3.09% (1)		07/17/29		690,567		676,689
GoldenTree Loan Opportunities IX, Ltd. (14-9A-AR2)
2.35% (3 mo. USD LIBOR + 1.110%) (1)(2)		10/29/29		3,018,223		3,009,018
Higher Education Funding I (14-1-A)
1.55% (3 mo. USD LIBOR + 1.050%) (1)(2)		05/25/34		1,093,236		1,094,520
JGWPT XXX LLC (13-3A-A)
4.08% (1)		01/17/73		1,186,217		1,194,480
JGWPT XXX LLC (14-2A-A)
3.61% (1)		01/17/73		1,424,815		1,387,592
Madison Park Funding XLVIII, Ltd. (21-48A-A)
2.19% (3 mo. USD LIBOR + 1.150%) (1)(2)		04/19/33		4,320,000		4,293,000
Navient Private Education Refi Loan Trust (21-GA-A)
1.58% (1)		04/15/70		3,460,696		3,253,339
Navient Student Loan Trust (14-3-A)
1.29% (1 mo. USD LIBOR + 0.620%) (2)		03/25/83		2,878,615		2,819,881
Navient Student Loan Trust (14-4-A)
1.08% (1 mo. USD LIBOR + 0.620%) (2)		03/25/83		1,436,693		1,407,546
Nelnet Student Loan Trust (14-4A-A2)
1.62% (1 mo. USD LIBOR + 0.950%) (1)(2)		11/25/48		2,965,000		2,958,513
OCP CLO 2020-19, Ltd. (20-19A-AR)
2.21% (3 mo. USD LIBOR + 1.150%) (1)(2)		10/20/34		3,600,000		3,550,644

See accompanying Notes to Financial Statements.

10

TCW Core Fixed Income Fund

April 30, 2022

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (Continued)
Octagon Investment Partners XIV, Ltd. (12-1A-AARR)
1.99% (3 mo. USD LIBOR + 0.950%) (1)(2)		07/15/29	$	4,100,000	$	4,070,070
PHEAA Student Loan Trust (15-1A-A)
1.27% (1 mo. USD LIBOR + 0.600%) (1)(2)		10/25/41		1,112,671		1,098,618
Skyline Trust (2020-1 A)
3.23% (4)(6)		07/03/38		4,678,440		4,318,785
SLM Student Loan Trust (03-7A-A5A)
2.03% (3 mo. USD LIBOR + 1.200%) (1)(2)		12/15/33		2,020,888		1,985,429
SLM Student Loan Trust (08-2-B)
2.38% (3 mo. USD LIBOR + 1.200%) (2)		01/25/83		710,000		652,110
SLM Student Loan Trust (08-3-B)
2.38% (3 mo. USD LIBOR + 1.200%) (2)		04/26/83		710,000		653,590
SLM Student Loan Trust (08-4-A4)
2.83% (3 mo. USD LIBOR + 1.650%) (2)		07/25/22		3,516,917		3,522,052
SLM Student Loan Trust (08-4-B)
3.03% (3 mo. USD LIBOR + 1.850%) (2)		04/25/73		710,000		696,504
SLM Student Loan Trust (08-5-B)
3.03% (3 mo. USD LIBOR + 1.850%) (2)		07/25/73		710,000		709,037
SLM Student Loan Trust (08-6-A4)
2.28% (3 mo. USD LIBOR + 1.100%) (2)		07/25/23		2,926,954		2,904,979
SLM Student Loan Trust (08-6-B)
3.03% (3 mo. USD LIBOR + 1.850%) (2)		07/26/83		710,000		694,740
SLM Student Loan Trust (08-7-B)
3.03% (3 mo. USD LIBOR + 1.850%) (2)		07/26/83		710,000		706,285
SLM Student Loan Trust (08-8-B)
3.43% (3 mo. USD LIBOR + 2.250%) (2)		10/25/75		710,000		711,546
SLM Student Loan Trust (08-9-A)
2.68% (3 mo. USD LIBOR + 1.500%) (2)		04/25/23		1,037,004		1,037,205
SLM Student Loan Trust (08-9-B)
3.43% (3 mo. USD LIBOR + 2.250%) (2)		10/25/83		710,000		712,954
SLM Student Loan Trust (11-2-A2)
1.87% (1 mo. USD LIBOR + 1.200%) (2)		10/25/34		1,849,092		1,855,904
SLM Student Loan Trust (12-7-A3)
1.32% (1 mo. USD LIBOR + 0.650%) (2)		05/26/26		1,621,329		1,587,332

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (Continued)
Vantage Data Centers Issuer LLC (18-2A-A2)
4.20% (1)		11/16/43	$	4,143,424	$	4,188,515
Total Asset-backed Securities
(Cost: $97,314,836)						96,079,532
COMMERCIAL MORTGAGE-BACKED SECURITIES —  AGENCY — 0.5%
Fannie Mae, Pool #AN0245
3.42%		11/01/35		1,906,929		1,901,038
Fannie Mae, Pool #BL6060
2.46%		04/01/40		1,840,000		1,544,939
Freddie Mac Multifamily Structured Pass-Through Certificates (K155-A3)
3.75%		04/25/33		4,045,000		4,163,290
Total Commercial Mortgage-Backed Securities —Agency
(Cost: $7,908,193)						7,609,267
COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 3.0%
Arbor Realty Commercial Real Estate Note, Ltd. (21-FL3-A)
1.62% (1 mo. USD LIBOR + 1.070%) (1)(2)		08/15/34		3,882,000		3,794,263
BAMLL Commercial Mortgage Securities Trust (18-PARK-A)
4.23% (1)(6)		08/10/38		1,930,000		1,908,403
BDS, Ltd. (19-FL4-A)
1.65% (1 mo. USD LIBOR + 1.100%) (1)(2)		08/15/36		3,077,684		3,043,035
BPR Trust
2.25%		04/15/37		3,678,000		3,664,184
BX Trust (19-OC11-A)
3.20% (1)		12/09/41		585,000		545,224
BXHPP Trust (21-FILM-A)
1.20% (1 mo. USD LIBOR + 0.650%) (1)(2)		08/15/36		3,000,000		2,914,078
CALI Mortgage Trust (19-101C-A)
3.96% (1)		03/10/39		1,285,000		1,251,993
COMM 2015-CCRE27 Mortgage Trust (15-CR27-A3)
3.35%		10/10/48		4,738,975		4,685,514
CPT Mortgage Trust (19-CPT-A)
2.87% (1)		11/13/39		1,105,000		1,015,247
DC Office Trust (19-MTC-A)
2.97% (1)		09/15/45		1,180,000		1,078,415
Hudson Yards Mortgage Trust (19-30HY-A)
3.23% (1)		07/10/39		2,185,000		2,063,306
Hudson Yards Mortgage Trust (19-55HY-A)
3.04% (1)(6)		12/10/41		1,180,000		1,095,215

See accompanying Notes to Financial Statements.

11

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
JPMorgan Chase Commercial Mortgage Securities Trust (19-OSB-A)
3.40% (1)		06/05/39	$	1,160,000	$	1,103,495
JPMorgan Mortgage Trust (21-14-A3)
2.50% (1)(6)		05/25/52		5,384,788		4,751,864
JPMorgan Mortgage Trust (22-1 A3)
2.50% (1)(6)		07/25/52		9,276,089		8,191,584
Manhattan West Mortgage Trust (20-1MW-A)
2.13% (1)		09/10/39		1,720,000		1,553,942
MKT Mortgage Trust (20-525M-A)
2.69% (1)		02/12/40		850,000		756,089
One Bryant Park Trust (19-OBP-A)
2.52% (1)		09/15/54		1,495,000		1,326,947
SFAVE Commercial Mortgage Securities Trust (15-5AVE-A1)
3.87% (1)(6)		01/05/43		1,710,000		1,522,299
SFAVE Commercial Mortgage Securities Trust (15-5AVE-A2B)
4.14% (1)(6)		01/05/43		70,000		63,357
Total Commercial Mortgage-Backed Securities —Non-Agency
(Cost: $49,787,796)						46,328,454
RESIDENTIAL MORTGAGE-BACKED SECURITIES —  AGENCY — 31.6%
Fannie Mae, Pool #BN7755
3.00%		09/01/49		3,216,247		3,069,097
Fannie Mae, Pool #FM2318
3.50%		09/01/49		314,543		308,095
Fannie Mae, Pool #MA4152
2.00%		10/01/40		5,716,088		5,132,680
Fannie Mae, Pool #MA4387
2.00%		07/01/41		3,134,744		2,824,673
Fannie Mae (19-79-FA)
1.17% (1 mo. USD LIBOR + 0.500%) (2)		01/25/50		1,727,737		1,734,944
Fannie Mae
2.00%		12/01/51		9,366,007		8,278,590
Fannie Mae (01-14-SH) (I/F)
25.49% (-1 mo. USD LIBOR + 27.825%) (2)		03/25/30		60,465		79,997
Fannie Mae (01-34-FV)
1.17% (1 mo. USD LIBOR + 0.500%) (2)		08/25/31		82,915		83,174
Fannie Mae (04-W10-A6) (PAC)
5.75%		08/25/34		833,138		835,668
Fannie Mae (07-89-GF)
1.19% (1 mo. USD LIBOR + 0.520%) (2)		09/25/37		354,277		357,254

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES —  AGENCY (Continued)
Fannie Mae (08-30-SA) (I/O) (I/F)
6.18% (-1 mo. USD LIBOR + 6.850%) (2)		04/25/38	$	57,990	$	10,236
Fannie Mae (08-62-SN) (I/O) (I/F)
5.53% (-1 mo. USD LIBOR + 6.200%) (2)		07/25/38		48,730		4,884
Fannie Mae (09-64-TB)
4.00%		08/25/29		703,284		710,345
Fannie Mae (09-68-SA) (I/O) (I/F)
6.08% (-1 mo. USD LIBOR + 6.750%) (2)		09/25/39		44,906		7,060
Fannie Mae (10-26-AS) (I/O) (I/F)
5.66% (-1 mo. USD LIBOR + 6.330%) (2)		03/25/40		668,767		63,944
Fannie Mae (11-111-DB)
4.00%		11/25/41		1,350,541		1,370,671
Fannie Mae (18-38-LA)
3.00%		06/25/48		1,033,102		997,222
Fannie Mae (18-43-CT)
3.00%		06/25/48		767,996		745,605
Fannie Mae, Pool #254634
5.50%		02/01/23		798		806
Fannie Mae, Pool #596686
6.50%		11/01/31		9,336		9,854
Fannie Mae, Pool #727575
5.00%		06/01/33		25,549		26,257
Fannie Mae, Pool #748751
5.50%		10/01/33		35,762		36,199
Fannie Mae, Pool #AB2127
3.50%		01/01/26		268,283		269,113
Fannie Mae, Pool #AL0209
4.50%		05/01/41		369,406		387,042
Fannie Mae, Pool #AL0851
6.00%		10/01/40		327,059		356,883
Fannie Mae, Pool #AS9830
4.00%		06/01/47		637,026		640,026
Fannie Mae, Pool #BQ7006
2.00%		01/01/52		7,546,103		6,669,975
Fannie Mae, Pool #CA1710
4.50%		05/01/48		1,620,493		1,656,683
Fannie Mae, Pool #CA1711
4.50%		05/01/48		1,097,977		1,124,576
Fannie Mae, Pool #CA2208
4.50%		08/01/48		936,888		958,221
Fannie Mae, Pool #CA2327
4.00%		09/01/48		521,044		525,828
Fannie Mae, Pool #CB3289
2.00%		04/01/52		10,432,213		9,227,871
Fannie Mae, Pool #FM2870
3.00%		03/01/50		2,079,773		1,983,969

See accompanying Notes to Financial Statements.

12

TCW Core Fixed Income Fund

April 30, 2022

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES —  AGENCY (Continued)
Fannie Mae, Pool #MA1146
4.00%		08/01/42	$	717,774	$	734,670
Fannie Mae, Pool #MA1561
3.00%		09/01/33		1,451,817		1,428,045
Fannie Mae, Pool #MA1584
3.50%		09/01/33		2,144,775		2,149,565
Fannie Mae, Pool #MA3182
3.50%		11/01/47		357,729		351,055
Fannie Mae, Pool #MA4093
2.00%		08/01/40		4,606,811		4,136,573
Freddie Mac, Pool #SD0231
3.00%		01/01/50		4,837,150		4,614,328
Freddie Mac, Pool #ZM1779
3.00%		09/01/46		1,279,569		1,226,036
Freddie Mac (2439-KZ)
6.50%		04/15/32		71,844		77,480
Freddie Mac (2575-FD) (PAC)
1.00% (1 mo. USD LIBOR + 0.450%) (2)		02/15/33		184,739		186,208
Freddie Mac (2662-MT) (TAC)
4.50%		08/15/33		71,564		72,749
Freddie Mac (3315-S) (I/O) (I/F)
5.86% (-1 mo. USD LIBOR + 6.410%) (2)		05/15/37		9,019		1,004
Freddie Mac (3339-JS) (I/F)
39.23% (-1 mo. USD LIBOR + 42.835%) (2)		07/15/37		248,711		411,272
Freddie Mac (3351-ZC)
5.50%		07/15/37		172,843		181,036
Freddie Mac (3380-SM) (I/O) (I/F)
5.86% (-1 mo. USD LIBOR + 6.410%) (2)		10/15/37		288,977		38,935
Freddie Mac (3382-FL)
1.25% (1 mo. USD LIBOR + 0.700%) (2)		11/15/37		69,085		70,198
Freddie Mac (3439-SC) (I/O) (I/F)
5.35% (-1 mo. USD LIBOR + 5.900%) (2)		04/15/38		1,128,377		117,157
Freddie Mac (3578-DI) (I/O) (I/F)
6.10% (-1 mo. USD LIBOR + 6.650%) (2)		04/15/36		403,806		44,586
Freddie Mac (4818-CA)
3.00%		04/15/48		532,682		509,303
Freddie Mac, Pool #A97179
4.50%		03/01/41		1,158,211		1,216,387
Freddie Mac, Pool #G06360
4.00%		03/01/41		1,356,111		1,388,318
Freddie Mac, Pool #G06498
4.00%		04/01/41		957,471		975,005

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES —  AGENCY (Continued)
Freddie Mac, Pool #G06499
4.00%		03/01/41	$	612,558	$	623,430
Freddie Mac, Pool #G07849
3.50%		05/01/44		767,314		763,672
Freddie Mac, Pool #G07924
3.50%		01/01/45		1,158,196		1,147,631
Freddie Mac, Pool #G08710
3.00%		06/01/46		1,371,995		1,315,677
Freddie Mac, Pool #G08711
3.50%		06/01/46		2,255,983		2,219,409
Freddie Mac, Pool #G08715
3.00%		08/01/46		2,629,782		2,521,836
Freddie Mac, Pool #G08716
3.50%		08/01/46		1,560,076		1,534,785
Freddie Mac, Pool #G08721
3.00%		09/01/46		2,130,001		2,042,569
Freddie Mac, Pool #G08722
3.50%		09/01/46		616,149		606,160
Freddie Mac, Pool #G08726
3.00%		10/01/46		2,028,037		1,944,790
Freddie Mac, Pool #G08732
3.00%		11/01/46		2,035,785		1,952,220
Freddie Mac, Pool #G08792
3.50%		12/01/47		1,670,514		1,643,365
Freddie Mac, Pool #G08816
3.50%		06/01/48		311,131		305,451
Freddie Mac, Pool #G08826
5.00%		06/01/48		312,675		324,949
Freddie Mac, Pool #G08843
4.50%		10/01/48		1,222,298		1,252,291
Freddie Mac, Pool #G16584
3.50%		08/01/33		1,350,072		1,357,776
Freddie Mac, Pool #G18592
3.00%		03/01/31		740,135		736,642
Freddie Mac, Pool #G18670
3.00%		12/01/32		490,725		486,806
Freddie Mac, Pool #G18713
3.50%		11/01/33		919,316		922,950
Freddie Mac, Pool #G60038
3.50%		01/01/44		1,060,892		1,056,189
Freddie Mac, Pool #G60344
4.00%		12/01/45		562,254		569,200
Freddie Mac, Pool #G67700
3.50%		08/01/46		896,632		884,531
Freddie Mac, Pool #G67703
3.50%		04/01/47		5,417,565		5,339,368
Freddie Mac, Pool #G67706
3.50%		12/01/47		3,441,044		3,388,150

See accompanying Notes to Financial Statements.

13

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES —  AGENCY (Continued)
Freddie Mac, Pool #G67707
3.50%		01/01/48	$	7,177,913	$	7,091,220
Freddie Mac, Pool #G67708
3.50%		03/01/48		6,128,766		6,028,729
Freddie Mac, Pool #G67710
3.50%		03/01/48		4,891,323		4,811,891
Freddie Mac, Pool #G67711
4.00%		03/01/48		1,792,128		1,809,318
Freddie Mac, Pool #G67718
4.00%		01/01/49		1,690,564		1,701,805
Freddie Mac, Pool #Q05261
3.50%		12/01/41		1,157,702		1,143,714
Freddie Mac, Pool #Q20178
3.50%		07/01/43		2,309,913		2,288,924
Freddie Mac, Pool #SD7513
3.50%		04/01/50		622,860		609,860
Freddie Mac, Pool #ZT1703
4.00%		01/01/49		1,151,022		1,157,711
Ginnie Mae (08-27-SI) (I/O) (I/F)
5.88% (-1 mo. USD LIBOR + 6.470%) (2)		03/20/38		170,767		26,104
Ginnie Mae (08-81-S) (I/O) (I/F)
5.61% (-1 mo. USD LIBOR + 6.200%) (2)		09/20/38		679,114		96,489
Ginnie Mae (10-1-S) (I/O) (I/F)
5.16% (-1 mo. USD LIBOR + 5.750%) (2)		01/20/40		993,552		107,647
Ginnie Mae (18-124-NW)
3.50%		09/20/48		920,406		917,253
Ginnie Mae, Pool #608259
4.50%		08/15/33		21,669		22,643
Ginnie Mae, Pool #782114
5.00%		09/15/36		67,304		71,841
Ginnie Mae, Pool #MA4127
3.50%		12/20/46		1,417,775		1,402,516
Ginnie Mae II, Pool #MA6030
3.50%		07/20/49		100,319		96,832
Ginnie Mae II, Pool #MA3521
3.50%		03/20/46		1,056,632		1,046,152
Ginnie Mae II, Pool #MA3597
3.50%		04/20/46		1,015,864		1,009,178
Ginnie Mae II, Pool #MA3662
3.00%		05/20/46		452,706		439,058
Ginnie Mae II, Pool #MA3663
3.50%		05/20/46		1,000,802		994,214
Ginnie Mae II, Pool #MA4126
3.00%		12/20/46		2,680,412		2,578,425
Ginnie Mae II, Pool #MA4196
3.50%		01/20/47		827,767		818,005

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES —  AGENCY (Continued)
Ginnie Mae II, Pool #MA4454
5.00%		05/20/47	$	357,228	$	379,887
Ginnie Mae II, Pool #MA4510
3.50%		06/20/47		409,056		404,162
Ginnie Mae II, Pool #MA4589
5.00%		07/20/47		837,684		890,819
Ginnie Mae II, Pool #MA4722
5.00%		09/20/47		293,683		310,301
Ginnie Mae II, Pool #MA4777
3.00%		10/20/47		323,837		312,751
Ginnie Mae II, Pool #MA4836
3.00%		11/20/47		1,265,203		1,215,937
Ginnie Mae II, Pool #MA4837
3.50%		11/20/47		2,639,432		2,612,263
Ginnie Mae II, Pool #MA4838
4.00%		11/20/47		774,246		782,175
Ginnie Mae II, Pool #MA4901
4.00%		12/20/47		1,298,113		1,311,408
Ginnie Mae II, Pool #MA5078
4.00%		03/20/48		940,120		951,975
Ginnie Mae II, Pool #MA5399
4.50%		08/20/48		1,913,933		1,958,520
Ginnie Mae II, Pool #MA5466
4.00%		09/20/48		63,825		64,205
Ginnie Mae II, Pool #MA5467
4.50%		09/20/48		116,123		119,197
Ginnie Mae II, Pool #MA6209
3.00%		10/20/49		680,208		641,711
Ginnie Mae II TBA, 30 Year
2.00% (7)		05/19/52		4,000,000		3,624,570
2.50% (7)		11/30/51		21,950,000		20,365,960
Uniform Mortgage-Backed Securities TBA, 30 Year
2.00% (7)		11/30/51		45,875,000		40,462,119
2.00% (7)		11/30/51		54,350,000		47,824,988
2.50% (7)		12/30/51		122,125,000		111,414,435
2.50% (7)		12/30/51		4,800,000		4,368,638
3.00% (7)		01/30/52		67,800,000		63,927,925
3.50% (7)		03/01/52		17,850,000		17,307,697
4.00% (7)		03/30/52		17,650,000		17,545,058
Total Residential Mortgage-Backed Securities —Agency
(Cost: $493,836,900)						480,423,429
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 2.8%
Aames Mortgage Investment Trust (06-1-A4)
1.23% (1 mo. USD LIBOR + 0.560%) (2)		04/25/36		268,703		268,464

See accompanying Notes to Financial Statements.

14

TCW Core Fixed Income Fund

April 30, 2022

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Ajax Mortgage Loan Trust (19-F-A1)
2.86% (1)		07/25/59	$	2,433,089	$	2,387,823
CIM Trust (17-7-A)
3.00% (1)(6)		04/25/57		942,097		944,755
CIM Trust (21-J1-A1)
2.50% (1)(6)		03/25/51		8,117,211		7,147,902
Citigroup Mortgage Loan Trust, Inc. (05-5-2A2)
5.75% (8)		08/25/35		218,217		165,140
Credit Suisse First Boston Mortgage Securities Corp. (03-8-4PPA)
5.75%		04/22/33		3,526		3,425
CSMC Series, Ltd. (10-3R-2A3)
4.04% (1)(6)		12/26/36		278,635		278,584
CSMC Series, Ltd. (15-5R-1A1)
1.06% (1)(6)		09/27/46		299,957		300,024
CSMC Trust (18-RPL9-A)
3.85% (1)(6)		09/25/57		2,710,078		2,673,366
GS Mortgage-Backed Securities Trust (18-RPL1-A1A)
3.75% (1)		10/25/57		2,528,633		2,486,449
GSAA Home Equity Trust (05-11-2A2)
1.31% (1 mo. USD LIBOR + 0.640%) (2)		10/25/35		1,175,047		1,164,051
IndyMac Index Mortgage Loan Trust (05-AR6-2A1)
1.15% (1 mo. USD LIBOR + 0.480%) (2)		04/25/35		495,447		441,394
Morgan Stanley Capital, Inc. (04-WMC2-M1)
1.58% (1 mo. USD LIBOR + 0.915%) (2)		07/25/34		701,275		671,888
Morgan Stanley Mortgage Loan Trust (04-3-4A)
5.64% (6)		04/25/34		95,923		95,926
New Century Home Equity Loan Trust (05-D-A1)
1.11% (1 mo. USD LIBOR + 0.44%) (2)		02/25/36		1,302,904		1,301,067
Option One Mortgage Loan Trust (05-2-M1)
1.33% (1 mo. USD LIBOR + 0.660%) (2)		05/25/35		928,215		926,729
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates (05-WCW2-M3)
1.49% (1 mo. USD LIBOR + 0.825%) (2)		07/25/35		10,000,000		9,822,247
RASC Series Trust (06-KS7-A4)
0.91% (1 mo. USD LIBOR + 0.240%) (2)		09/25/36		496,693		495,603
Structured Asset Investment Loan Trust (04-6-A3)
1.47% (1 mo. USD LIBOR + 0.800%) (2)		07/25/34		2,128,376		1,998,789
Structured Asset Securities Corp. (03-34A-5A4)
2.54% (6)		11/25/33		208,596		205,481

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
WaMu Mortgage Pass-Through Certificates (05-AR15-A1A1)
1.19% (1 mo. USD LIBOR + 0.52%) (2)		11/25/45	$	4,613,346	$	4,383,533
WaMu Mortgage Pass-Through Certificates (05-AR3-A2)
2.79% (6)		03/25/35		571,470		586,621
Wells Fargo Alternative Loan Trust (07-PA3-2A1)
6.00% (8)		07/25/37		48,555		45,801
Wells Fargo Home Equity Asset-Backed Securities Trust (05-3-M6)
1.67% (1 mo. USD LIBOR + 1.005%) (2)		11/25/35		2,134,779		2,130,483
Wells Fargo Home Equity Trust (04-2-A33)
1.67% (1 mo. USD LIBOR + 1.000%) (2)		10/25/34		2,486,195		2,446,930
Total Residential Mortgage-Backed Securities —Non-Agency
(Cost: $43,818,003)						43,372,475
U.S. TREASURY SECURITIES — 31.2%
U.S. Treasury Bond
2.00%		11/15/41		59,322,000		49,043,182
2.25%		05/15/41		15,538,000		13,452,484
2.25%		02/15/52		18,669,000		16,034,921
2.38%		02/15/42		34,080,000		30,126,188
U.S. Treasury Inflation Indexed Bond (TIPS)
0.13%		02/15/52		2,638,899		2,439,830
U.S. Treasury Note
1.75%		03/15/25		57,604,000		55,775,004
1.88%		02/28/27		60,940,000		57,996,622
1.88%		02/15/32		7,710,000		7,040,796
2.25%		03/31/24		43,610,000		43,240,337
2.50%		04/30/24		42,280,000		42,097,350
2.50%		03/31/27		57,560,000		56,413,297
2.63%		04/15/25		30,127,000		29,912,816
2.88%		04/30/27		72,220,000		71,574,426
Total U.S. Treasury Securities
(Cost: $491,408,730)						475,147,253
U.S. GOVERNMENT AGENCY OBLIGATIONS — 2.6%
Federal Home Loan Banks
1.04%		06/14/24		16,850,000		16,170,500
1.20%		12/23/24		16,820,000		16,068,987
1.61%		09/04/24		4,100,000		3,980,936

See accompanying Notes to Financial Statements.

15

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
U.S. TREASURY SECURITIES (Continued)
1.61%		09/04/24	$	4,100,000	$	4,010,142
						40,230,565
Total U.S. Government Agency Obligations
(Cost: $41,870,000)						40,230,565
Total Fixed Income Securities
(Cost: $1,712,844,267)						1,634,985,058
PURCHASED OPTIONS (9) (0.0%)
(Cost: $355,094)						28,388
			Shares
MONEY MARKET INVESTMENTS — 10.2%
State Street Institutional U.S. Government Money Market Fund — Premier Class,, 0.29% (10)				154,639,968		154,639,968
Total Money Market Investments
(Cost: $154,639,968)						154,639,968
			Principal Amount
SHORT TERM INVESTMENTS — 12.3%
FOREIGN GOVERNMENT BONDS — 1.0% (Cost: $15,021,657)
Japan Treasury Bill
0.00% (11)		08/01/22	JP	Y 1,945,000,000		15,021,357

Issues	Maturity Date		Principal Amount		Value
U.S. TREASURY SECURITIES — 11.3%
U.S. Treasury Bill
0.77% (12)		08/25/22	$	12,045,000	$	12,004,214
0.79% (12)		08/04/22		16,130,000		16,091,563
0.89% (12)		10/06/22		9,605,000		9,556,095
1.05% (12)		08/25/22		17,683,000		17,623,124
0.77% (12)		07/14/22		39,230,000		39,167,155
0.30% (12)		07/14/22		20,000,000		19,967,961
0.81% (12)		07/28/22		43,270,000		43,184,253
1.09% (12)		09/01/22		14,227,000		14,173,965
Total U.S. Treasury Securities
(Cost: $171,958,608)						171,768,330
Total Short Term Investments
(Cost: $186,980,265)						186,789,687
Total Investments (129.8%)
(Cost: $2,054,819,594)						1,976,443,101
Liabilities In Excess Of Other Assets (-29.8%)						(453,957,316	)
Net Assets (100.0%)					$	1,522,485,785

Futures Contracts
Number of Contracts	Type	Expiration Date			Notional			Market Value			Net Unrealized Appreciation (Depreciation)
Long Futures				��
219	2-Year U.S. Treasury Note Futures		06/30/22		$	46,362,247		$	46,167,936		$	(194,311	)
7	5-Year U.S. Treasury Note Futures		06/30/22			786,508			788,703			2,195
7	U.S. Ultra Long Bond Futures		06/21/22			1,282,595			1,123,063			(159,532	)
					$	48,431,350		$	48,079,702		$	(351,648	)
Short Futures
42	10-Year U.S. Treasury Note Futures		06/21/22		$	(5,789,755	)	$	(5,418,000	)	$	371,755

Forward Currency Exchange Contracts
Counterparty	Contracts to Deliver	Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
BUY (13)
Citibank N.A.	JPY		1,946,205,900		05/06/22	$	14,946,670	$	15,021,657	$	74,987
SELL (14)
Citibank N.A.	JPY		1,945,000,000		08/01/22	$	14,992,330	$	15,068,994	$	(76,664	)

See accompanying Notes to Financial Statements.

16

TCW Core Fixed Income Fund

April 30, 2022

Purchased Options — Exchange Traded
Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation (Depreciation)
Call
Eurodollar Futures	$	98.75		9/16/22		448	$	1,120,000	$	16,800	$	266,963	$	(250,163	)
Eurodollar Futures		98.38		9/16/22		206		515,000		11,588		88,131		(76,543	)
									$	28,388	$	355,094	$	(326,706	)

Written Options — Exchange Traded
Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation (Depreciation)
Call
Eurodollar Futures	$	99.00		9/16/22		(1,015	)	$	(2,537,500	)	$	(25,375	)	$	(335,388	)	$	310,013
Eurodollar Futures		97.63		12/16/22		(765	)		(1,912,500	)		(286,875	)		(467,756	)		180,881
Put
Eurodollar Futures		97.38		12/16/22		(765	)		(1,912,500	)		(1,424,813	)		(786,227	)		(638,586	)
											$	(1,737,063	)	$	(1,589,371	)	$	(147,692	)

Written Swaptions — OTC
Description	Counterparty		Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation (Depreciation)
Put
3-Month 2-Year Interest Rate Swap		Citibank		1.95		6/8/22		(79,680,000	)	$	(79,680,000	)	$	(1,894,790	)	$	(239,040	)	$	(1,655,750	)

Centrally Cleared — Interest Rate Swap Agreements
Notional Amount			Expiration Date		Payment Made by Fund Frequency		Payment Made by Fund	Payment Received by Fund Frequency	Payment Received by Fund		Unrealized Appreciation (Depreciation)			Premium Paid			Value
$	38,150,000	(15)		07/24/25		Quarterly	3-Month USD LIBOR	Semi-Annual		1.026%	$	(1,620,078	)	$	—		$	(1,620,078	)
	28,215,000	(15)		07/24/25		Quarterly	3-Month USD LIBOR	Semi-Annual		1.034%		(1,193,960	)	$	—			(1,193,960	)
	19,075,000	(15)		07/24/25		Quarterly	3-Month USD LIBOR	Semi-Annual		1.073%		(793,289	)	$	—			(793,289	)
	45,870,000	(15)		09/28/25		Quarterly	3-Month USD LIBOR	Semi-Annual		1.390%		(1,577,410	)	$	—	��		(1,577,410	)
	45,365,000	(15)		12/07/25		Quarterly	3-Month USD LIBOR	Semi-Annual		1.688%		(1,253,108	)	$	—			(1,253,108	)
	1,595,000	(15)		07/24/53		Semi-Annual	1.808%	Quarterly		3-Month USD LIBOR		295,489		$	—			295,489
	2,355,000	(15)		07/24/53		Semi-Annual	1.785%	Quarterly		3-Month USD LIBOR		446,922		$	—			446,922
	3,190,000	(15)		07/24/53		Semi-Annual	1.773%	Quarterly		3-Month USD LIBOR		613,389		$	—			613,389
	3,915,000	(15)		09/28/53		Semi-Annual	1.870%	Quarterly		3-Month USD LIBOR		663,978		$	—			663,978
	3,795,000	(15)		12/07/53		Semi-Annual	1.743%	Quarterly		3-Month USD LIBOR		728,502		$	—			728,502
											$	(3,689,565	)	$	—		$	(3,689,565	)

See accompanying Notes to Financial Statements.

17

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)

Notes to the Schedule of Investments:

ABS Asset-Backed Securities.

CLO Collateralized Loan Obligation.

EETC Enhanced Equipment Trust Certificate.

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

I/O Interest Only Security.

PAC Planned Amortization Class.

REIT Real Estate Investment Trust.

SOFR Secured Overnight Financing Rate.

TAC Target Amortization Class.

TBA To Be Announced.

JPY Japanese Yen.

(1) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2022, the value of these securities amounted to $240,312,846 or 15.8% of net assets. These securities are determined to be liquid by the Fund’s investment 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, 2022.

(3) Restricted security (Note 11).

(4) For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.

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

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

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

(9) See options table for description of purchased options.

(10) Rate disclosed is the 7-day net yield as of April 30, 2022.

(11) Security is not accruing interest.

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

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

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

(15) This instrument has a forward starting effective date. See Note 2, Significant Accounting Policies in the Notes to Financial Statements for further information.

See accompanying Notes to Financial Statements.

18

TCW Core Fixed Income Fund

Investments by Sector (Unaudited) April 30, 2022

Sector	Percentage of Net Assets
U.S. Treasury Securities		42.5	%
Residential Mortgage-Backed Securities — Agency		31.6
Corporate Bonds		28.7
Money Market Investments		10.2
Asset-Backed Securities		6.3
U.S. Government Agency Obligations		2.6
Commercial Mortgage-Backed Securities — Non-Agency		3.0
Residential Mortgage-Backed Securities — Non-Agency		2.8
Foreign Government Bonds		1.0
Municipal Bonds		0.6
Commercial Mortgage-Backed Securities — Agency		0.5
Purchased Options		0.0	**
Other*		(29.8	)
Total		100.0	%

* Includes futures, swap agreements, written options, pending trades, interest receivable, fund share transactions and accrued expenses payable.

** Amount rounds to less than 0.1%.

See accompanying Notes to Financial Statements.

19

TCW Core Fixed Income Fund

Fair Valuation Summary (Unaudited) April 30, 2022

The following is a summary of the fair valuations according to the inputs used as of April 30, 2022 in valuing the Fund’s investments:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Corporate Bonds	$	—		$	435,622,597		$	1,204,197	$	436,826,794
Municipal Bonds		—			8,967,289			—		8,967,289
Asset-Backed Securities		—			91,760,747			4,318,785		96,079,532
Commercial Mortgage-Backed Securities — Agency		—			7,609,267			—		7,609,267
Commercial Mortgage-Backed Securities — Non-Agency		—			46,328,454			—		46,328,454
Residential Mortgage-Backed Securities — Agency		—			480,423,429			—		480,423,429
Residential Mortgage-Backed Securities — Non-Agency		—			43,372,475			—		43,372,475
U.S. Treasury Securities		472,707,423			2,439,830			—		475,147,253
U.S. Government Agency Obligations		—			40,230,565			—		40,230,565
Total Fixed Income Securities		472,707,423			1,156,754,653			5,522,982		1,634,985,058
Money Market Investments		154,639,968			—			—		154,639,968
Purchased Options		28,388			—			—		28,388
Short Term Investments		171,768,330			15,021,357			—		186,789,687
Total Investments	$	799,144,109		$	1,171,776,010		$	5,522,982	$	1,976,443,101
Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—			74,987			—		74,987
Futures Contracts
Interest Rate Risk		373,950			—			—		373,950
Swap Agreements
Interest Rate Risk		—			2,748,280			—		2,748,280
Total	$	799,518,059		$	1,174,599,277		$	5,522,982	$	1,979,640,318
Liability Derivatives
Futures Contracts
Interest Rate Risk	$	(353,843	)	$	—		$	—	$	(353,843	)
Forward Currency Contracts
Foreign Currency Risk		—			(76,664	)		—		(76,664	)
Written Options
Interest Rate Risk		(1,737,063	)		(1,894,790	)		—		(3,631,853	)
Swap Agreements
Interest Rate Risk		—			(6,437,845	)		—		(6,437,845	)
Total	$	(2,090,906	)	$	(8,409,299	)	$	—	$	(10,500,205	)

See accompanying Notes to Financial Statements.

20

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited) April 30, 2022

Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES — 49.4%
ASSET-BACKED SECURITIES — 10.2%
Aimco CLO, Ltd. (20-11A-AR)
2.17% (3 mo. USD LIBOR + 1.130%) (1)(2)		10/17/34	$	5,000	$	4,944
Barings CLO, Ltd. (13-IA-AR)
1.86% (3 mo. USD LIBOR + 0.08%) (1)(2)		01/20/28		52,753		52,360
Brazos Higher Education Authority, Inc. (11-1-A2)
1.30% (3 mo. USD LIBOR + 0.800%) (2)		02/25/30		9,926		9,908
BSPRT Issuer, Ltd. (19-FL5-A)
1.70% (1 mo. USD LIBOR + 1.150%) (1)(2)		05/15/29		87,712		87,236
Chase Issuance Trust (12-A7-A7)
2.16%		09/15/24		10,000		10,022
Citigroup Mortgage Loan Trust (04-OPT1-M3)
1.61% (1 mo. USD LIBOR + 0.945%) (2)		10/25/34		89,439		88,162
Citigroup Mortgage Loan Trust, Inc. (06-WFH3-M2)
1.12% (1 mo. USD LIBOR + 0.450%) (2)		10/25/36		32,264		32,468
Drive Auto Receivables Trust (21-2-C)
0.87%		10/15/27		300,000		287,248
Dryden 30 Senior Loan Fund (13-30A-AR)
1.33% (3 mo. USD LIBOR + 0.820%) (1)(2)		11/15/28		71,546		71,077
Educational Services of America, Inc. (12-2-A)
1.40% (1 mo. USD LIBOR + 0.730%) (1)(2)		04/25/39		2,974		2,967
FS Rialto (19-FL1-A)
1.75% (1 mo. USD LIBOR + 1.200%) (1)(2)		12/16/36		84,247		83,079
Global SC Finance (14-1A-A2)
3.09% (1)		07/17/29		19,699		19,303
GSAMP Trust (06-HE3-A2C)
0.99% (1 mo. USD LIBOR + 0.320%) (2)		05/25/46		26,888		26,826
M360 LLC (19-CRE2-A)
2.02% (SOFR + 1.514%) (1)(2)		09/15/34		14,000		13,997
Madison Park Funding, Ltd. (18-30A-A)
1.79% (3 mo. USD LIBOR + 0.750%) (1)(2)		04/15/29		72,898		72,289
Magnetite XVI, Ltd. (15-16A-AR)
1.84% (3 mo. USD LIBOR + 0.800%) (1)(2)		01/18/28		54,784		54,406
Magnetite XVIII, Ltd. (16-18A-AR2)
1.39% (3 mo. USD LIBOR + 0.880%) (1)(2)		11/15/28		54,669		54,311
Navient Private Education Refi Loan Trust (20-BA-A2)
2.12% (1)		01/15/69		22,251		21,792

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (Continued)
Navient Private Education Refi Loan Trust (21-BA-A)
0.94% (1)		07/15/69	$	23,571	$	22,012
Navient Private Education Refi Loan Trust (21-CA-A)
1.06% (1)		10/15/69		124,627		117,303
Navient Student Loan Trust (16-6A-A2)
1.42% (1 mo. USD LIBOR + 0.750%) (1)(2)		03/25/66		50,587		50,502
Nelnet Student Loan Trust (12-5A-A)
1.27% (1 mo. USD LIBOR + 0.600%) (1)(2)		10/27/36		2,372		2,332
NYACK Park CLO, Ltd. (21-1A-X)
1.71% (3 mo. USD LIBOR + 0.650%) (1)(2)		10/20/34		4,375		4,330
Octagon Investment Partners XIV, Ltd. (12-1A-AARR)
1.99% (3 mo. USD LIBOR + 0.950%) (1)(2)		07/15/29		110,000		109,197
Palmer Square Loan Funding, Ltd. (20-1A-A1)
1.28% (3 mo. USD LIBOR + 0.800%) (1)(2)		02/20/28		109,101		108,506
Palmer Square Loan Funding, Ltd. (21-2A-A1)
1.28% (3 mo. USD LIBOR + 0.800%) (1)(2)		05/20/29		108,349		107,650
PFS Financing Corp. (22-B-A)
0.87% (SOFR30A + 0.600%) (1)(2)		02/15/26		145,000		145,597
Progress Residential Trust (19-SFR2-D)
3.79% (1)		05/17/36		180,000		179,273
Progress Residential Trust (19-SFR3-A)
2.27% (1)		09/17/36		9,917		9,559
Progress Residential Trust (21-SFR1-C)
1.56% (1)		04/17/38		152,000		135,808
ReadyCap Commercial Mortgage Trust (18-4-A)
3.39% (1)		02/27/51		10,373		10,078
ReadyCap Commercial Mortgage Trust (19-6-A)
2.83% (1)		10/25/52		40,983		39,521
Santander Drive Auto Receivables Trust (21-1-D)
1.13%		11/16/26		330,000		315,717
SLC Student Loan Trust (08-1-A4A)
2.43% (3 mo. USD LIBOR + 1.600%) (2)		12/15/32		127,853		130,234
SLM Student Loan Trust (05-4-A3)
1.30% (3 mo. USD LIBOR + 0.120%) (2)		01/25/27		3,460		3,444
SLM Student Loan Trust (05-7-A4)
1.33% (3 mo. USD LIBOR + 0.150%) (2)		10/25/29		10,522		10,460
SLM Student Loan Trust (07-2-B)
1.35% (3 mo. USD LIBOR + 0.170%) (2)		07/25/25		15,000		13,925
SLM Student Loan Trust (08-3-A3)
2.18% (3 mo. USD LIBOR + 1.000%) (2)		10/25/21		7,491		7,405

See accompanying Notes to Financial Statements.

21

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (Continued)
SLM Student Loan Trust (08-3-B)
2.38% (3 mo. USD LIBOR + 1.200%) (2)		04/26/83	$	10,000	$	9,205
SLM Student Loan Trust (13-4-A)
1.22% (1 mo. USD LIBOR + 0.550%) (2)		06/25/43		6,960		6,862
SLM Student Loan Trust (13-6-A3)
1.32% (1 mo. USD LIBOR + 0.650%) (2)		06/26/28		8,012		7,888
SoFi Professional Loan Program LLC (17-A-A1)
1.37% (1 mo. USD LIBOR + 0.700%) (1)(2)		03/26/40		21,129		21,061
SoFi Professional Loan Program LLC (17-F-A2FX)
2.84% (1)		01/25/41		188,771		187,698
Sofi Professional Loan Program LLC (19-A-A2FX)
3.69% (1)		06/15/48		181,119		181,006
SoFi Professional Loan Program Trust (21-B-AFX)
1.14% (1)		02/15/47		213,183		195,610
Treman Park CLO, Ltd. (15-1A-ARR)
2.13% (3 mo. USD LIBOR + 1.070%) (1)(2)		10/20/28		22,195		22,168
Tricon American Homes Trust (17-SFR2-B)
3.28% (1)		01/17/36		5,000		4,917
TRTX Issuer, Ltd. (19-FL3-A)
1.77% (SOFR + 1.26%) (1)(2)		10/15/34		148,781		148,660
United States Small Business Administration
4.30%		07/01/29		52,844		53,310
United States Small Business Administration (10-20E-1)
4.11%		05/01/30		30,817		30,924
Total Asset-Backed Securities
(Cost: $3,405,070)						3,384,557
COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY — 4.1%
Fannie Mae (12-M13-A2)
2.38%		05/25/22		1,911		1,911
Fannie Mae Pool #AM1671
2.10%		12/01/27		24,309		23,592
Freddie Mac Multifamily Structured Pass Through Certificates
0.97% (1 mo. USD LIBOR + 0.520%) (2)		07/25/29		58,104		58,398
Freddie Mac Multifamily Structured Pass Through Certificates (K721-X3) (I/O)
1.35% (3)		11/25/42		1,869,067		8,520
Freddie Mac Multifamily Structured Pass Through Certificates (KF57-A)
0.99% (1 mo. USD LIBOR + 0.540%) (2)		12/25/28		86,059		86,138

Issues	Maturity Date		Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Freddie Mac Multifamily Structured Pass Through Certificates (KJ27-A1)
2.09%		07/25/24	$	37,389	$	37,156
Freddie Mac Multifamily Structured Pass Through Certificates (KJ30-A1)
0.53%		01/25/25		65,151		62,854
Freddie Mac Multifamily Structured Pass Through Certificates (Q004-AFL)
0.96% (12 mo. Monthly Treasury Average Index + 0.740%) (2)		05/25/44		88,271		88,320
Freddie Mac Multifamily Structured Pass Through Certificates (Q008-A)
0.84% (1 mo. USD LIBOR + 0.390%) (2)		10/25/45		88,831		88,510
Freddie Mac Multifamily Structured Pass Through Certificates (Q013-APT1)
1.20% (3)		05/25/50		90,294		87,084
Freddie Mac Multifamily Structured Pass-Through Certificates (K723-X1) (I/O)
1.03% (3)		08/25/23		5,181		46
Freddie Mac Multifamily Structured Pass-Through Certificates (KC01-X1) (I/O)
0.54% (3)		12/25/22		200,213		819
Freddie Mac Multifamily Structured Pass-Through Certificates (K024-X1) (I/O)
0.89% (3)		09/25/22		273,687		528
Freddie Mac Multifamily Structured Pass-Through Certificates (K026-X1) (I/O)
1.05% (3)		11/25/22		132,348		395
Freddie Mac Multifamily Structured Pass-Through Certificates (K033-X1) (I/O)
0.40% (3)		07/25/23		15,815,608		47,313
Freddie Mac Multifamily Structured Pass-Through Certificates (K726-X1) (I/O)
1.03% (3)		04/25/24		4,142,764		62,213
Freddie Mac Multifamily Structured Pass-Through Certificates (KJ31-A1)
0.57%		05/25/26		44,010		41,789
Freddie Mac Multifamily Structured Pass-Through Certificates (KJ32-A1)
0.52%		06/25/25		39,566		37,738
Freddie Mac Multifamily Structured Pass-Through Certificates (KS07-X) (I/O)
0.76% (3)		09/25/25		486,908		10,383
Freddie Mac Multifamily Structured Pass-Through Certificates (Q004-A2H)
2.80% (3)		01/25/46		112,886		112,727
Fremf Mortgage Trust (12-K23-X2A)
0.13% (1)		10/25/45		149,550,755		22,732

See accompanying Notes to Financial Statements.

22

TCW Enhanced Commodity Strategy Fund

April 30, 2022

Issues	Maturity Date		Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Ginnie Mae
3.15%		10/16/54	$	137,523	$	136,838
Ginnie Mae, Pool #793899
3.89%		04/15/53		101,028		101,982
Ginnie Mae, Pool #776870
4.90%		12/15/52		39,367		39,952
Ginnie Mae, Pool #767414
5.55%		02/15/26		12,398		12,640
Ginnie Mae, Pool #669551
5.75%		10/15/32		37,576		38,059
Ginnie Mae, Pool #589256
6.00%		12/15/32		26,412		26,794
Ginnie Mae, Pool #625835
6.00%		11/15/34		26,349		26,794
Ginnie Mae, Pool #669522
6.00%		07/15/43		26,479		26,807
Ginnie Mae, Pool #749547
6.00%		04/15/53		53,162		54,271
Ginnie Mae (12-123-IO) (I/O)
0.64% (3)		12/16/51		92,861		1,354
Ginnie Mae (13-1-IO) (I/O)
0.58% (3)		02/16/54		42,993		603
Total Commercial Mortgage-Backed Securities — Agency
(Cost: $1,338,966)						1,345,260
COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 5.8%
AREIT 2019-CRE3 Trust (19-CRE3-A)
1.89% (1 mo. USD SOFR + 1.384%) (1)(2)		09/14/36		68,132		67,538
BANK (18-BN14-A2)
4.13%		09/15/60		2,242		2,251
BB-UBS Trust (12-SHOW-XA) (I/O)
0.73% (1)(3)		11/05/36		6,396,000		91,907
BBCMS Mortgage Trust (20-BID-A)
2.69% (1 mo. USD LIBOR + 2.140%) (1)(2)		10/15/37		71,000		71,008
BBCMS Trust (18-BXH-A)
1.55% (1 mo. USD LIBOR + 1.000%) (1)(2)		10/15/37		8,346		8,206
Benchmark Mortgage Trust (18-B6-A2)
4.20%		10/10/51		6,747		6,748
BX Trust (18-EXCL-A)
1.64% (1 mo. USD LIBOR + 1.088%) (1)(2)		09/15/37		95,788		94,411
BX Trust (21-MFM1-A)
1.25% (1 mo. USD LIBOR + 0.700%) (1)(2)		01/15/34		20,000		19,724

Issues	Maturity Date		Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
BXHPP Trust (21-FILM-A)
1.20% (1 mo. USD LIBOR + 0.650%) (1)(2)		08/15/36	$	100,000	$	97,136
BXMT, Ltd. (20-FL2-A)
1.28% (SOFR30A + 1.014%) (1)(2)		02/15/38		100,000		98,930
BXMT, Ltd. (20-FL3-A)
1.78% (SOFR30A + 1.514%) (1)(2)		11/15/37		100,000		99,613
BXMT, Ltd. (21-FL4-A)
1.60% (1 mo. USD LIBOR + 1.050%) (1)(2)		05/15/38		100,000		99,223
CD Mortgage Trust (17-CD4-A2)
3.03%		05/10/50		4,164		4,163
Citigroup Commercial Mortgage Trust (13-GC11-AAB)
2.69%		04/10/46		1,452		1,455
Citigroup Commercial Mortgage Trust (14-GC21-XA) (I/O)
1.31% (3)		05/10/47		5,359,269		102,104
Citigroup Commercial Mortgage Trust (15-GC27-XA) (I/O)
1.48% (3)		02/10/48		816,452		23,432
COMM Mortgage Trust (12-CR4-XA) (I/O)
1.84% (3)		10/15/45		623,307		1,688
COMM Mortgage Trust (13-CR11-XA) (I/O)
1.07% (3)		08/10/50		531,484		5,392
COMM Mortgage Trust (13-LC6-XB) (I/O)
0.50% (1)(3)		01/10/46		100,000		214
COMM Mortgage Trust (14-CR14-A2)
3.15%		02/10/47		52,345		51,667
COMM Mortgage Trust (15-LC23-A2)
3.22%		10/10/48		4,280		4,246
COMM Mortgage Trust (15-PC1-A4)
3.62%		07/10/50		84,897		84,389
GS Mortgage Securities Trust (11-GC5-XA) (I/O)
0.09% (1)(3)(4)		08/10/44		198,913		2
GS Mortgage Securities Trust (13-G1-A1)
2.06% (1)		04/10/31		10,676		10,604
GS Mortgage Securities Trust (13-GC13-AAB)
3.72% (3)		07/10/46		1,984		1,994
GS Mortgage Securities Trust (15-GC32-A2)
3.06%		07/10/48		49,016		48,907
JPMBB Commercial Mortgage Securities Trust (13-C17-XA) (I/O)
0.88% (3)		01/15/47		121,119		1,154
JPMBB Commercial Mortgage Securities Trust (14-C19-A3)
3.67%		04/15/47		2,477		2,404

See accompanying Notes to Financial Statements.

23

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
JPMBB Commercial Mortgage Securities Trust (14-C21-ASB)
3.43%		08/15/47	$	15,052	$	15,053
JPMorgan Chase Commercial Mortgage Securities Trust (12-C8-A3)
2.83%		10/15/45		4,570		4,565
JPMorgan Chase Commercial Mortgage Securities Trust (13-LC11-XA) (I/O)
1.36% (3)		04/15/46		7,704,815		61,054
LB-UBS Commercial Mortgage Trust (06-C6-XCL) (I/O)
0.43% (1)(3)(5)		09/15/39		289,760		42
LoanCore Issuer, Ltd. (19-CRE3-A)
1.60% (1 mo. USD LIBOR + 1.050%) (1)(2)		04/15/34		21,904		21,667
Morgan Stanley Bank of America Merrill Lynch Trust (13-C10-A3)
4.09% (3)		07/15/46		61,722		61,746
Morgan Stanley Bank of America Merrill Lynch Trust (13-C10-A4)
4.21% (3)		07/15/46		44,588		44,567
Morgan Stanley Bank of America Merrill Lynch Trust (13-C11-AAB) (TAC)
3.85%		08/15/46		72,351		72,539
Morgan Stanley Bank of America Merrill Lynch Trust (14-C15-XA) (I/O)
1.09% (3)		04/15/47		958,878		11,308
Morgan Stanley Capital I Trust (15-MS1-ASB)
3.46%		05/15/48		6,399		6,402
Nomura Home Equity Loan, Inc. Home Equity Loan Trust (06-HE1-M1)
1.28% (1 mo. USD LIBOR + 0.615%) (2)		02/25/36		53,976		54,099
PFP, Ltd. (19-6-A)
1.60% (1 mo. USD LIBOR + 1.050%) (1)(2)		04/14/37		26,241		26,056
RASC Trust (05-AHL2-M1)
1.30% (1 mo. USD LIBOR + 0.630%) (2)		10/25/35		35,845		35,780
SREIT Trust (21-MFP2-A)
1.38% (1 mo. USD LIBOR + 0.822%) (1)(2)		11/15/36		100,000		97,962
UBS-Barclays Commercial Mortgage Trust (13-C5-A4)
3.18%		03/10/46		120,000		120,088
Wells Fargo Commercial Mortgage Trust (16-NXS6-A2)
2.40%		11/15/49		1,036		1,036
Wells Fargo Commercial Mortgage Trust (17-C38-A2)
3.04%		07/15/50		1,406		1,405
Wells Fargo Commercial Mortgage Trust (17-SMP-A)
1.43% (1 mo. USD LIBOR + 0.875%) (1)(2)		12/15/34		100,000		98,654

Issues	Maturity Date		Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
WFRBS Commercial Mortgage Trust (12-C8-A3)
3.00%		08/15/45	$	10,284	$	10,276
WFRBS Commercial Mortgage Trust (12-C9-XA) (I/O)
2.00% (1)(3)		11/15/45		93,508		216
WFRBS Commercial Mortgage Trust (13-C11-XA) (I/O)
1.25% (1)(3)		03/15/45		7,585,714		31,585
WFRBS Commercial Mortgage Trust (13-C14-XA) (I/O)
0.79% (3)		06/15/46		898,381		4,120
WFRBS Commercial Mortgage Trust (14-C20-A4)
3.72%		05/15/47		4,848		4,803
WFRBS Commercial Mortgage Trust (14-C21-XA) (I/O)
1.17% (3)		08/15/47		3,162,067		57,139
Total Commercial Mortgage-Backed Securities — Non-Agency
(Cost: $1,969,579)						1,942,672
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY — 1.5%
Fannie Mae (02-41-F)
1.22% (1 mo. USD LIBOR + 0.550%) (2)		07/25/32		16,575		16,657
Fannie Mae (05-W3-2AF)
0.89% (1 mo. USD LIBOR + 0.220%) (2)		03/25/45		6,564		6,547
Fannie Mae (11-110-FE) (PAC)
1.07% (1 mo. USD LIBOR + 0.400%) (2)		04/25/41		13,079		13,092
Fannie Mae (11-84-F) (PAC)
1.02% (1 mo. USD LIBOR + 0.350%) (2)		01/25/40		11,321		11,331
Fannie Mae (18-94-KD) (PAC)
3.50%		12/25/48		51,903		50,094
Fannie Mae (13-130-BF)
0.92% (1 mo. USD LIBOR + 0.250%) (2)		07/25/43		128,851		128,494
Freddie Mac (3016-GF)
0.90% (1 mo. USD LIBOR + 0.350%) (2)		08/15/25		75,048		75,072
Freddie Mac (3320 FC)
0.72% (1 mo. USD LIBOR + 0.170%) (2)		05/15/37		103,981		103,664
Ginnie Mae (02-72-FB) (PAC)
0.99% (1 mo. USD LIBOR + 0.400%) (2)		10/20/32		22,703		22,781
Ginnie Mae (02-72-FC) (PAC)
0.99% (1 mo. USD LIBOR + 0.400%) (2)		10/20/32		22,150		22,226
Ginnie Mae II, Pool #MA6081
3.50%		08/20/49		57,979		55,964
Total Residential Mortgage-backed Securities — Agency
(Cost: $510,547)						505,922

See accompanying Notes to Financial Statements.

24

TCW Enhanced Commodity Strategy Fund

April 30, 2022

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 7.0%
Alternative Loan Trust (05-56-4A1)
1.29% (1 mo. USD LIBOR + 0.620%) (2)		11/25/35	$	23,906	$	22,554
American Home Mortgage Investment Trust (04-3-4A)
2.33% (6 mo. USD LIBOR + 1.500%) (2)		10/25/34		95,185		95,185
Asset Backed Securities Corp. Home Equity Loan Trust (05-HE6-M4)
1.63% (1 mo. USD LIBOR + 0.960%) (2)		07/25/35		20,534		20,538
Bear Stearns Asset Backed Securities (04-AC1-A2)
1.17% (1 mo. USD LIBOR + 0.500%) (2)		03/25/34		60,120		59,486
Bear Stearns Asset-Backed Securities Trust
0.81%		11/25/36		126,017		121,549
BNC Mortgage Loan Trust (06-2-A4)
0.99% (1 mo. USD LIBOR + 0.320%) (2)		11/25/36		47,346		46,222
Centex Home Equity Loan Trust (05-A-M1)
1.39% (1 mo. USD LIBOR + 0.720%) (2)		01/25/35		59,984		59,719
Centex Home Equity Loan Trust (05-B-M3)
1.36% (1 mo. USD LIBOR + 0.690%) (2)		03/25/35		54,563		53,133
CHL Mortgage Pass-Through Trust (04-25-1A1)
1.33% (1 mo. USD LIBOR + 0.660%) (2)		02/25/35		10,505		10,163
COLT 2021-2 Mortgage Loan Trust (21-2-A1)
0.92% (1)(3)		08/25/66		121,232		108,259
DSLA Mortgage Loan Trust (05-AR1-2A1A)
1.05% (1 mo. USD LIBOR + 0.500%) (2)		02/19/45		100,321		98,957
Encore Credit Receivables Trust (05-3-M4)
1.57% (1 mo. USD LIBOR + 0.900%) (2)		10/25/35		24,068		24,042
First Franklin Mortgage Loan Asset-Backed Certificates (04-FF5-A3C)
1.67% (1 mo. USD LIBOR + 1.000%) (2)		08/25/34		4,880		4,855
GSAMP Trust
1.04%		02/25/36		76,036		75,989
Impac CMB Trust (05-5-A1)
1.31% (1 mo. USD LIBOR + 0.320%) (2)		08/25/35		146,502		141,519
JPMorgan Alternative Loan Trust (07-S1-A1)
1.23% (1 mo. USD LIBOR + 0.560%) (2)		04/25/47		74,174		71,128
JPMorgan Mortgage Acquisition Trust (06-ACC1-M1)
1.07% (1 mo. USD LIBOR + 0.405%) (2)		05/25/36		53,356		53,848

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
JPMorgan Mortgage Trust (05-A5-TA1)
2.19% (3)		08/25/35	$	585	$	581
JPMorgan Mortgage Trust (05-A6-7A1)
2.91% (3)(6)		08/25/35		7,037		6,458
MASTR Adjustable Rate Mortgages Trust
0.78%		01/25/47		163,698		157,808
MASTR Adjustable Rate Mortgages Trust (04-13-3A1)
2.76% (3)		11/21/34		13,644		13,517
MASTR Seasoned Securitization Trust (05-1-4A1)
2.38% (3)		10/25/32		9,891		9,977
Morgan Stanley ABS Capital I, Inc. (05-HE1-M1)
1.34% (1 mo. USD LIBOR + 0.675%) (2)		12/25/34		41,322		40,620
Morgan Stanley Mortgage Loan Trust (07-6XS-1A2S)
5.50%		02/25/47		466		464
MortgageIT Trust (05-3-A1)
1.27% (1 mo. USD LIBOR + 0.600%) (2)		08/25/35		3,582		3,516
MortgageIT Trust (05-3-A2)
1.37% (1 mo. USD LIBOR + 0.700%) (2)		08/25/35		17,910		17,573
MortgageIT Trust (05-5-A1)
1.19% (1 mo. USD LIBOR + 0.520%) (2)		12/25/35		15,716		15,681
Nationstar Home Equity Loan Trust (07-B-2AV4)
0.99% (1 mo. USD LIBOR + 0.320%) (2)		04/25/37		66,559		65,619
Nationstar Home Equity Loan Trust (07-C-1AV1)
0.84% (1 mo. USD LIBOR + 0.175%) (2)		06/25/37		51,269		50,409
Ownit Mortgage Loan Asset-Backed Certificates (06-3-A2D)
1.21% (1 mo. USD LIBOR + 0.540%) (2)		03/25/37		175,272		172,395
Park Place Securities, Inc. (05-WHQ2-M3)
1.39% (1 mo. USD LIBOR + 0.720%) (2)		05/25/35		66,724		66,098
Securitized Asset Backed Receivables LLC Trust (06-CB5-A3)
0.95% (1 mo. USD LIBOR + 0.280%) (2)		06/25/36		73,821		55,818
Structured Adjustable Rate Mortgage Loan Trust (05-17-3A1)
2.87% (3)		08/25/35		13,207		13,009
Structured Asset Investment Loan Trust (05-HE2-M2)
1.42% (1 mo. USD LIBOR + 0.750%) (2)		07/25/35		141,431		136,663
Structured Asset Securities Corp. (07-BC1-A4)
0.80% (1 mo. USD LIBOR + 0.130%) (2)		02/25/37		101,626		100,556

See accompanying Notes to Financial Statements.

25

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Towd Point Mortgage Trust (17-1-A1)
2.75% (1)(3)		10/25/56	$	34,583	$	34,551
WaMu Mortgage Pass-Through Certificates (05-AR13-A1A1)
1.25% (1 mo. USD LIBOR + 0.580%) (2)		10/25/45		54,209		53,367
WaMu Mortgage Pass-Through Certificates (05-AR2-2A1B)
1.41% (1 mo. USD LIBOR + 0.740%) (2)		01/25/45		71,425		70,140
WaMu Mortgage Pass-Through Certificates (05-AR8-2A1A)
1.25% (1 mo. USD LIBOR + 0.580%) (2)		07/25/45		70,542		68,914
WaMu Mortgage Pass-Through Certificates (06-AR1-2A1A)
1.29% (12 mo. Monthly Treasury Average Index + 1.070%) (2)		01/25/46		59,857		58,109
Wells Fargo Home Equity Asset-Backed Securities Trust (07-2-A3)
0.90% (1 mo. USD LIBOR + 0.230%) (2)		04/25/37		48,880		47,965
Total Residential Mortgage-Backed Securities —Non-Agency
(Cost: $2,312,733)						2,326,954
CORPORATE BONDS — 19.6%
Aerospace & Defense — 0.2%
BAE Systems Holdings, Inc.
3.85% (1)		12/15/25		35,000		34,590
Boeing Co. (The)
1.43%		02/04/24		45,000		43,268
						77,858
Agriculture — 0.3%
BAT Capital Corp.
3.56%		08/15/27		70,000		65,343
Imperial Brands Finance PLC
3.13% (1)		07/26/24		45,000		44,095
						109,438
Airlines — 0.0%
US Airways Group, Inc. Pass-Through Certificates (12-1-A) (EETC)
5.90%		04/01/26		5,103		5,217
Auto Manufacturers — 0.3%
Daimler Finance North America LLC
1.75% (1)		03/10/23		15,000		14,871
Ford Motor Credit Co. LLC
4.25%		09/20/22		55,000		55,242

Issues	Maturity Date		Principal Amount		Value
Auto Manufacturers (Continued)
General Motors Financial Co., Inc.
3.15%		06/30/22	$	15,000	$	15,016
						85,129
Banks — 9.4%
ABN AMRO Bank NV
2.47% (U.S. 1 year Treasury Constant Maturity Rate + 1.100%) (1)(2)		12/13/29		15,000		13,218
Bank of America Corp.
0.98% (SOFR + 0.690%) (2)		04/22/25		180,000		170,235
1.73% (SOFR + 0.960%) (2)		07/22/27		240,000		215,484
3.46% (3 mo. USD LIBOR + 0.970%) (2)		03/15/25		10,000		9,924
4.38% (U.S. 5 year Treasury Constant Maturity Rate + 2.760%) (2)		12/31/99		10,000		8,895
Citigroup, Inc.
2.13% (3 mo. USD LIBOR + 0.950%) (2)		07/24/23		197,000		197,125
3.07% (SOFR + 1.280%) (2)		02/24/28		120,000		112,988
Credit Suisse Group AG
1.31% (SOFR + 0.980%) (1)(2)		02/02/27		80,000		70,067
3.09% (SOFR + 1.730%) (1)		05/14/32		35,000		29,394
Discover Bank
4.20%		08/08/23		10,000		10,100
DNB Bank ASA
1.13% (U.S. 1 year Treasury Constant Maturity Rate + 0.850%) (1)(2)		09/16/26		80,000		72,581
Goldman Sachs Group, Inc. (The)
1.43% (SOFR + 0.798%) (2)		03/09/27		5,000		4,473
2.64% (SOFR + 1.114%)		02/24/28		120,000		110,491
2.91% (3 mo. USD LIBOR + 0.990%) (2)		07/24/23		180,000		180,034
3.10% (SOFR + 1.410%)		02/24/33		5,000		4,374
3.27% (3 mo. USD LIBOR + 1.201%) (2)		09/29/25		10,000		9,843
HSBC Holdings PLC
2.21% (SOFR + 1.285%) (2)		08/17/29		75,000		64,660
2.80% (SOFR + 1.187%) (2)		05/24/32		10,000		8,405
3.00% (SOFR + 1.430%) (2)		03/10/26		75,000		72,338
JPMorgan Chase & Co.
2.55% (SOFR + 1.180%) (2)		11/08/32		25,000		21,229
2.58% (SOFR + 1.250%) (2)		04/22/32		10,000		8,610
2.95% (SOFR + 1.170%) (2)		02/24/28		355,000		334,470
2.96% (SOFR + 1.260%) (2)		01/25/33		30,000		26,449
Lloyds Banking Group PLC (United Kingdom)
2.91% (3 mo. USD LIBOR +0.810%) (2)		11/07/23		120,000		119,928

See accompanying Notes to Financial Statements.

26

TCW Enhanced Commodity Strategy Fund

April 30, 2022

Issues	Maturity Date		Principal Amount		Value
Banks (Continued)
Macquarie Group, Ltd. (Australia)
1.20% (SOFR + 0.694%) (1)(2)		10/14/25	$	90,000	$	84,133
2.87% (SOFR + 1.532%) (1)(2)		01/14/33		5,000		4,162
3.19% (3 mo. USD LIBOR + 1.023%) (1)(2)		11/28/23		20,000		20,009
Morgan Stanley
0.73% (SOFR + 0.616%) (2)		04/05/24		5,000		4,871
2.48% (SOFR + 1.000%)		01/21/28		100,000		92,084
2.72% (SOFR + 1.152%) (2)		07/22/25		190,000		185,075
4.21% (SOFR + 1.610%) (2)		04/20/28		55,000		54,600
NatWest Group PLC (United Kingdom)
4.27% (3 mo. USD LIBOR + 1.762%) (2)		03/22/25		85,000		85,076
Santander UK Group Holdings PLC (United Kingdom)
1.53% (U.S. 1 year Treasury Constant Maturity Rate + 1.250%) (2)		08/21/26		80,000		72,834
3.37% (3 mo. USD LIBOR + 1.080%) (2)		01/05/24		80,000		79,866
4.80% (3 mo. USD LIBOR +1.570%) (2)		11/15/24		45,000		45,588
UBS AG/London (Switzerland)
0.70% (1)		08/09/24		50,000		47,079
Wells Fargo & Co.
2.39% (SOFR + 2.100%) (2)		06/02/28		125,000		113,876
3.53% (SOFR + 1.510%) (2)		03/24/28		365,000		351,455
						3,116,023
Beverages — 0.1%
Bacardi, Ltd.
4.45% (1)		05/15/25		40,000		40,130
Biotechnology — 0.0%
Amgen, Inc.
4.40%		02/22/62		5,000		4,484
Chemicals — 0.1%
International Flavors & Fragrances, Inc.
1.23% (1)		10/01/25		50,000		45,562
Commercial Services — 0.1%
Global Payments, Inc.
1.50%		11/15/24		25,000		23,644
Diversified Financial Services — 0.9%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)
2.45%		10/29/26		55,000		49,039
Air Lease Corp.
2.88%		01/15/26		5,000		4,683
3.25%		03/01/25		45,000		43,686
American Express Co.
2.55%		03/04/27		50,000		47,139

Issues	Maturity Date		Principal Amount		Value
Diversified Financial Services (Continued)
Capital One Financial Co.
2.64% (SOFR + 1.510%)		03/03/26	$	40,000	$	38,428
Capital One Financial Corp.
3.27% (SOFR + 1.790%)		03/01/30		20,000		18,266
Cboe Global Markets, Inc.
3.00%		03/16/32		15,000		13,725
Charles Schwab Corp. (The)
2.90%		03/03/32		20,000		17,931
Cme Group, Inc.
2.65%		03/15/32		15,000		13,384
Intercontinental Exchange, Inc.
1.85%		09/15/32		15,000		12,094
Park Aerospace Holdings, Ltd.
4.50% (1)		03/15/23		47,000		47,154
						305,529
Electric — 0.6%
American Electric Power
2.03%		03/15/24		30,000		29,221
Duke Energy Corp.
2.55%		06/15/31		5,000		4,269
Eversource Energy
2.90%		03/01/27		50,000		47,619
Jersey Central Power & Light Co.
4.70% (1)		04/01/24		50,000		50,624
Nextera Energy Capital Co.
2.94%		03/21/24		25,000		24,808
NextEra Energy Capital Holdings, Inc.
0.75% (3 mo. USD LIBOR + 0.270%) (2)		02/22/23		55,000		54,916
						211,457
Entertainment — 0.4%
Magallanes, Inc.
3.76% (1)		03/15/27		100,000		96,560
4.28% (1)		03/15/32		10,000		9,314
5.05% (1)		03/15/42		45,000		41,077
						146,951
Food — 0.2%
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.
3.00% (1)		05/15/32		20,000		16,767
Kraft Heinz Foods Co.
5.00%		07/15/35		10,000		10,042
Smithfield Foods, Inc.
4.25% (1)		02/01/27		45,000		44,548
						71,357

See accompanying Notes to Financial Statements.

27

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
Health Care-Products — 0.2%
Baxter International, Inc.
0.87% (1)		12/01/23	$	30,000	$	28,865
PerkinElmer, Inc.
0.85%		09/15/24		50,000		46,829
						75,694
Health Care-Services — 0.7%
Centene Corp.
3.00%		10/15/30		28,000		24,403
CommonSpirit Health
2.76%		10/01/24		5,000		4,892
Fresenius Medical Care US Finance III, Inc.
1.88% (1)		12/01/26		35,000		31,746
HCA, Inc.
3.13% (1)		03/15/27		60,000		56,500
5.00%		03/15/24		10,000		10,243
5.25%		06/15/26		50,000		51,464
Humana, Inc.
0.65%		08/03/23		10,000		9,715
Universal Health Services, Inc.
1.65% (1)		09/01/26		35,000		31,179
						220,142
Insurance — 0.7%
Aon Corp. / Aon Global Holdings PLC
3.90%		02/28/52		10,000		8,642
Athene Global Funding
0.92% (SOFR + 0.700%) (1)(2)		05/24/24		30,000		29,651
2.51% (1)		03/08/24		20,000		19,505
Athene Global Funding
3.21% (1)		03/08/27		20,000		18,747
Berkshire Hathaway Finance Corp.
2.30%		03/15/27		20,000		19,076
2.50%		01/15/51		10,000		7,079
Equitable Financial Life Global Funding
0.80% (1)		08/12/24		5,000		4,698
Nationwide Mutual Insurance Co.
3.12% (3 mo. USD LIBOR + 2.290%) (1)(2)		12/15/24		70,000		70,001
Willis North America, Inc.
2.95%		09/15/29		20,000		17,893
3.60%		05/15/24		40,000		39,878
						235,170
Internet — 0.1%
Netflix, Inc.
5.88%		02/15/25		45,000		46,769
Lodging — 0.1%
Hyatt Hotels Corp.
1.30%		10/01/23		35,000		34,045

Issues	Maturity Date		Principal Amount		Value
Media — 0.3%
Charter Communications Operating LLC / Charter Communications Operating Capital
2.94% (3 mo. USD LIBOR + 1.650%) (2)		02/01/24	$	94,000	$	95,767
Miscellaneous Manufacturers — 0.0%
General Electric Co.
0.99% (3 mo. USD LIBOR + 0.480%) (2)		08/15/36		10,000		8,323
Packaging & Containers — 0.2%
Berry Global, Inc.
4.88% (1)		07/15/26		55,000		54,725
Pharmaceuticals — 1.1%
AbbVie, Inc.
3.25%		10/01/22		5,000		5,013
3.80%		03/15/25		55,000		55,091
Bayer US Finance II LLC
3.88% (1)		12/15/23		3,000		3,025
4.25% (1)		12/15/25		25,000		25,112
4.38% (1)		12/15/28		95,000		94,398
Cigna Corp.
4.13%		11/15/25		80,000		80,883
CVS Health Corp.
2.75%		12/01/22		5,000		5,015
2.88%		06/01/26		100,000		96,654
						365,191
Pipelines — 0.4%
Energy Transfer LP
4.95%		06/15/28		70,000		70,751
Plains All American Pipeline LP / PAA Finance Corp.
4.50%		12/15/26		52,000		52,053
						122,804
REIT — 0.8%
American Assets Trust LP
3.38%		02/01/31		10,000		8,895
American Campus Communities Operating Partnership LP
3.75%		04/15/23		45,000		45,156
Camden Property Trust
2.95%		12/15/22		5,000		5,017
CubeSmart LP
2.25%		12/15/28		10,000		8,800
GLP Capital LP / GLP Financing II, Inc.
5.38%		11/01/23		60,000		60,873
Hudson Pacific Properties LP
3.95%		11/01/27		30,000		29,241
Piedmont Operating Partnership LP
3.40%		06/01/23		75,000		74,918

See accompanying Notes to Financial Statements.

28

TCW Enhanced Commodity Strategy Fund

April 30, 2022

Issues	Maturity Date		Principal Amount		Value
REIT (Continued)
SL Green Operating Partnership LP
3.25%		10/15/22	$	5,000	$	5,004
Ventas Realty LP
2.65%		01/15/25		5,000		4,855
Weyerhaeuser Co.
3.38%		03/09/33		15,000		13,547
						256,306
Retail — 0.3%
Alimentation Couche-Tard, Inc.
3.55% (1)		07/26/27		55,000		52,973
Dollar Tree, Inc.
4.00%		05/15/25		30,000		30,208
						83,181
Savings & Loans — 0.4%
Nationwide Building Society
3.77% (3 mo. USD LIBOR + 1.064%) (1)(2)		03/08/24		115,000		115,082
4.36% (3 mo. USD LIBOR + 1.392%) (1)(2)		08/01/24		5,000		5,044
TIAA FSB Holdings, Inc.
5.75%		07/02/25		10,000		10,260
						130,386
Semiconductors — 0.1%
NXP BV / NXP Funding LLC
4.63% (1)		06/01/23		15,000		15,180
Software — 0.1%
Oracle Corp.
2.80%		04/01/27		50,000		46,256
Telecommunications — 1.4%
AT&T, Inc.
1.98% (3 mo. USD LIBOR + 1.180%) (2)		06/12/24		110,000		111,411
Level 3 Financing, Inc.
3.88% (1)		11/15/29		45,000		39,771
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC
4.74% (1)		03/20/25		75,000		75,621
5.15% (1)		09/20/29		65,000		66,922
T-Mobile USA, Inc.
3.75%		04/15/27		100,000		97,405
Verizon Communications, Inc.
1.45%		03/20/26		55,000		50,448
Vodafone Group PLC
4.13%		05/30/25		15,000		15,262
						456,840

Issues	Maturity Date		Principal Amount		Value
Transportation — 0.1%
Canadian Pacific Railway Co.
1.35%		12/02/24	$	35,000	$	33,201
Total Corporate Bonds
(Cost: $6,811,889)						6,522,759
MUNICIPAL BONDS — 0.2%
City of Baltimore MD, General Obligation Unlimited
5.00%		10/15/25		5,000		5,166
County of Miami-Dade FL Aviation Revenue
2.32%		10/01/22		5,000		5,006
Los Angeles Unified School District
5.75%		07/01/34		15,000		16,823
Massachusetts School Building Authority
2.50%		02/15/37		20,000		15,219
New York State Urban Development Corp, Revenue Bond
2.54%		03/15/34		15,000		12,725
Regents of the University of California Medical Center Pooled Revenue
3.26%		05/15/60		5,000		3,917
State of California
2.50%		10/01/22		10,000		10,043
Total Municipal Bonds
(Cost: $78,603)						68,899
U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.0%
Federal Home Loan Banks
1.04%		06/14/24		100,000		95,967
1.20%		12/23/24		175,000		167,186
1.61%		09/04/24		35,000		33,984
1.61%		09/04/24		30,000		29,343
Total U.S. Government Agency Obligations
(Cost: $340,000)						326,480
Total Fixed Income Securities
(Cost: $16,767,387)						16,423,503
MONEY MARKET INVESTMENTS — 16.8%
(Cost: $5,590,428)
State Street Institutional U.S. Government Money Market Fund — Premier Class,
0.29% (7)(8)		01/05/50		5,590,428		5,590,428
SHORT TERM INVESTMENTS — 29.6%
U.S. TREASURY SECURITIES — 29.6%
U.S. Treasury Bill
0.90% (9)		08/04/22		360,000		359,142
0.99% (9)		08/18/22		500,000		498,500
1.05% (9)		08/25/22		1,719,000		1,713,179
1.17% (9)		10/06/22		1,310,000		1,303,330
1.27% (9)		10/13/22		1,990,000		1,978,500

See accompanying Notes to Financial Statements.

29

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
U.S. TREASURY SECURITIES (Continued)
1.29% (9)		10/20/22	$	1,500,000	$	1,490,867
1.37% (9)		10/27/22		2,500,000		2,483,109
Total U.S. Treasury Securities
(Cost: $9,830,395)						9,826,627
Total Investments (95.8%)
(Cost: $32,188,210)						31,840,558
Excess Of Other Assets Over Liabilities (4.2%)						1,403,450
Net Assets (100.0%)					$	33,244,008

Total Return Swaps (8)
Notional Amount		Expiration Date	Counterparty	Payment Made by Fund	Payment Received by Fund	Payment Frequency		Unrealized Appreciation (Depreciation)			Premium Paid		Value
	OTC Swaps
$	27,647,935	5/24/22	Credit Suisse International	3-Month U.S. Treasury Bills plus 0.2%	Credit Suisse Custom 24 Total Return Index (10)		Monthly	$	(616,093	)	$	—	$	(616,093	)
	545,000	5/24/22	Credit Suisse International	3-Month U.S. Treasury Bills plus 0.2%	Credit Suisse Custom 24 Total Return Index (10)		Monthly		(22,767	)		—		(22,767	)
	543,000	5/24/22	Credit Suisse International	3-Month U.S. Treasury Bills plus 0.2%	Credit Suisse Custom 24 Total Return Index (10)		Monthly		(7,681	)		—		(7,681	)
	1,200,000	5/24/22	Credit Suisse International	3-Month U.S. Treasury Bills plus 0.2%	Credit Suisse Custom 24 Total Return Index (10)		Monthly		(14,334	)		—		(14,334	)
	1,110,000	5/24/22	Credit Suisse International	3-Month U.S. Treasury Bills plus 0.2%	Credit Suisse Custom 24 Total Return Index (10)		Monthly		(15,543	)		—		(15,543	)
	1,040,000	5/24/22	Credit Suisse International	3-Month U.S. Treasury Bills plus 0.2%	Credit Suisse Custom 24 Total Return Index (10)		Monthly		3,463			—		3,463
	108,000	5/24/22	Credit Suisse International	3-Month U.S. Treasury Bills plus 0.2%	Credit Suisse Custom 24 Total Return Index (10)		Monthly		2,200			—		2,200
	125,000	5/24/22	Credit Suisse International	3-Month U.S. Treasury Bills plus 0.2%	Credit Suisse Custom 24 Total Return Index (10)		Monthly		1,103			—		1,103
	591,000	5/24/22	Credit Suisse International	3-Month U.S. Treasury Bills plus 0.2%	Credit Suisse Custom 24 Total Return Index (10)		Monthly		(1,066	)		—		(1,066	)
	134,000	5/24/22	Credit Suisse International	3-Month U.S. Treasury Bills plus 0.2%	Credit Suisse Custom 24 Total Return Index (10)		Monthly		—			—		—
								$	(670,718	)	$	—	$	(670,718	)

See accompanying Notes to Financial Statements.

30

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited) (Continued) April 30, 2022

Notes to the Schedule of Investments:

ABS Asset-Backed Securities.

CLO Collateralized Loan Obligation.

EETC Enhanced Equipment Trust Certificate.

I/O Interest Only Security.

PAC Planned Amortization Class.

REIT Real Estate Investment Trust.

SOFR Secured Overnight Financing Rate.

(1) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2022, the value of these securities amounted to $5,205,469 or 15.7% of net assets. These securities are determined to be liquid by the Fund’s investment 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, 2022.

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

(4) Security is not accruing interest.

(5) Restricted security (Note 11).

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

(7) Rate disclosed is the 7-day net yield as of April 30, 2022.

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

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

(10) Custom Index has exposure to the following commodities as shown on the next nine pages.

See accompanying Notes to Financial Statements.

31

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited) (Continued)

Components of Total Return Swap April 30, 2022

Description (1)	Notional Amount		Weight %			Unrealized Appreciation (Depreciation)
Natural Gas	$	3,472,581		12.56	%	$	(67,251	)
Gold		3,502,993		12.67	%		(112,901	)
WTI Crude Oil		2,283,719		8.26	%		(54,182	)
Brent Crude Oil		1,916,002		6.93	%		(87,876	)
Corn		1,642,287		5.94	%		58,634
Copper High Grade		1,188,861		4.30	%		(87,743	)
Aluminium Primary		964,913		3.49	%		(72,934	)
Soybeans		1,531,696		5.54	%		17,312
Coffee ‘C’ Arabica		572,312		2.07	%		(4,147	)
Live Cattle		768,613		2.78	%		(16,864	)
Soybean Oil		987,031		3.57	%		83,558
Gasoil		901,323		3.26	%		56,719
Silver		1,075,505		3.89	%		(122,939	)
Zinc High Grade		785,201		2.84	%		(55,601	)
Sugar#11		641,432		2.32	%		(28,770	)
SRW Wheat		876,440		3.17	%		(39,590	)
RBOB Gasoline		691,198		2.50	%		13,023
Heating Oil		674,610		2.44	%		34,815
Nickel Primary		920,676		3.33	%		(39,697	)
Soybean Meal		807,320		2.92	%		(42,668	)
Cotton		414,719		1.50	%		13,732
HRW Wheat		522,546		1.89	%		(23,734	)
Lean Hogs		505,957		1.83	%		(46,553	)
United States Treasury Bill		—		—			9,564
	$	27,647,935		100.00	%	$	(616,093	)

(1) Commodity Exposures of the Credit Suisse Custom 24 Total Return Index.

See accompanying Notes to Financial Statements.

32

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited) (Continued)

Components of Total Return Swap April 30, 2022

Description (1)	Notional Amount		Weight %			Unrealized Appreciation (Depreciation)
Gold	$	69,052		12.67	%	$	(2,900	)
Natural Gas		68,452		12.56	%		(2,848	)
WTI Crude Oil		45,017		8.26	%		(1,883	)
Brent Crude Oil		37,769		6.93	%		(1,648	)
Corn		32,373		5.94	%		(1,273	)
Soybeans		30,193		5.54	%		(1,218	)
Copper High Grade		23,435		4.30	%		(1,029	)
Silver		21,201		3.89	%		(968	)
Soybean Oil		19,457		3.57	%		(726	)
Aluminium Primary		19,021		3.49	%		(838	)
Nickel Primary		18,149		3.33	%		(772	)
Gasoil		17,767		3.26	%		(679	)
SRW Wheat		17,277		3.17	%		(738	)
Soybean Meal		15,914		2.92	%		(683	)
Zinc High Grade		15,478		2.84	%		(676	)
Live Cattle		15,151		2.78	%		(624	)
RBOB Gasoline		13,625		2.50	%		(546	)
Heating Oil		13,298		2.44	%		(515	)
Sugar#11		12,644		2.32	%		(540	)
Coffee ‘C’ Arabica		11,282		2.07	%		(462	)
HRW Wheat		10,301		1.89	%		(439	)
Lean Hogs		9,974		1.83	%		(439	)
Cotton		8,170		1.50	%		(323	)
United States Treasury Bill		—		—			0
	$	545,000		100.00	%	$	(22,767	)

(1) Commodity Exposures of the Credit Suisse Custom 24 Total Return Index.

See accompanying Notes to Financial Statements.

33

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited) (Continued)

Components of Total Return Swap April 30, 2022

Description (1)	Notional Amount		Weight %			Unrealized Appreciation (Depreciation)
Gold	$	68,798		12.67	%	$	(1,674	)
Natural Gas		68,201		12.56	%		29
WTI Crude Oil		44,852		8.26	%		765
Brent Crude Oil		37,630		6.93	%		(248	)
Corn		32,254		5.94	%		537
Soybeans		30,082		5.54	%		(123	)
Copper High Grade		23,349		4.30	%		(1,730	)
Silver		21,123		3.89	%		(2,158	)
Soybean Oil		19,385		3.57	%		1,358
Aluminium Primary		18,951		3.49	%		(1,291	)
Nickel Primary		18,082		3.33	%		(1,120	)
Gasoil		17,702		3.26	%		1,468
SRW Wheat		17,213		3.17	%		(856	)
Soybean Meal		15,856		2.92	%		(986	)
Zinc High Grade		15,421		2.84	%		(1,421	)
Live Cattle		15,095		2.78	%		(351	)
RBOB Gasoline		13,575		2.50	%		740
Heating Oil		13,249		2.44	%		983
Sugar#11		12,598		2.32	%		(337	)
Coffee ‘C’ Arabica		11,240		2.07	%		20
HRW Wheat		10,263		1.89	%		(643	)
Lean Hogs		9,937		1.83	%		(1,176	)
Cotton		8,144		1.50	%		403
United States Treasury Bill		—		—			130
	$	543,000		100.00	%	$	(7,681	)

(1) Commodity Exposures of the Credit Suisse Custom 24 Total Return Index.

See accompanying Notes to Financial Statements.

34

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited) (Continued)

Components of Total Return Swap April 30, 2022

Description (1)	Notional Amount		Weight %			Unrealized Appreciation (Depreciation)
Gold	$	152,040		12.67	%	$	(3,442	)
Natural Gas		150,720		12.56	%		3,990
WTI Crude Oil		99,120		8.26	%		1,504
Brent Crude Oil		83,160		6.93	%		(311	)
Corn		71,280		5.94	%		303
Soybeans		66,480		5.54	%		(1,257	)
Copper High Grade		51,600		4.30	%		(3,091	)
Silver		46,680		3.89	%		(4,534	)
Soybean Oil		42,840		3.57	%		2,731
Aluminium Primary		41,880		3.49	%		(2,969	)
Nickel Primary		39,960		3.33	%		(2,157	)
Gasoil		39,120		3.26	%		2,479
SRW Wheat		38,040		3.17	%		(1,487	)
Soybean Meal		35,040		2.92	%		(2,719	)
Zinc High Grade		34,080		2.84	%		(2,496	)
Live Cattle		33,360		2.78	%		(1,275	)
RBOB Gasoline		30,000		2.50	%		1,414
Heating Oil		29,280		2.44	%		1,565
Sugar#11		27,840		2.32	%		(574	)
Coffee ‘C’ Arabica		24,840		2.07	%		292
HRW Wheat		22,680		1.89	%		(1,289	)
Lean Hogs		21,960		1.83	%		(2,097	)
Cotton		18,000		1.50	%		826
United States Treasury Bill		—		—			260
	$	1,200,000		100.00	%	$	(14,334	)

(1) Commodity Exposures of the Credit Suisse Custom 24 Total Return Index.

See accompanying Notes to Financial Statements.

35

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited) (Continued)

Components of Total Return Swap April 30, 2022

Description (1)	Notional Amount		Weight %			Unrealized Appreciation (Depreciation)
Gold	$	140,637		12.67	%	$	(2,643	)
Natural Gas		139,416		12.56	%		3,104
WTI Crude Oil		91,686		8.26	%		(17	)
Brent Crude Oil		76,923		6.93	%		(1,480	)
Corn		65,934		5.94	%		1,457
Soybeans		61,494		5.54	%		(1,250	)
Copper High Grade		47,730		4.30	%		(3,355	)
Silver		43,179		3.89	%		(2,982	)
Soybean Oil		39,627		3.57	%		2,107
Aluminium Primary		38,739		3.49	%		(3,122	)
Nickel Primary		36,963		3.33	%		(2,461	)
Gasoil		36,186		3.26	%		2,427
SRW Wheat		35,187		3.17	%		(683	)
Soybean Meal		32,412		2.92	%		(2,333	)
Zinc High Grade		31,524		2.84	%		(2,568	)
Live Cattle		30,858		2.78	%		(1,464	)
RBOB Gasoline		27,750		2.50	%		891
Heating Oil		27,084		2.44	%		1,577
Sugar#11		25,752		2.32	%		(874	)
Coffee ‘C’ Arabica		22,977		2.07	%		(610	)
HRW Wheat		20,979		1.89	%		(705	)
Lean Hogs		20,313		1.83	%		(1,648	)
Cotton		16,650		1.50	%		875
United States Treasury Bill		—		—			214
	$	1,110,000		100.00	%	$	(15,543	)

(1) Commodity Exposures of the Credit Suisse Custom 24 Total Return Index.

See accompanying Notes to Financial Statements.

36

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited) (Continued)

Components of Total Return Swap April 30, 2022

Description (1)	Notional Amount		Weight %			Unrealized Appreciation (Depreciation)
Gold	$	131,768		12.67	%	$	(1,567	)
Natural Gas		130,624		12.56	%		10,726
WTI Crude Oil		85,904		8.26	%		1,583
Brent Crude Oil		72,072		6.93	%		(118	)
Corn		61,776		5.94	%		1,865
Soybeans		57,616		5.54	%		(111	)
Copper High Grade		44,720		4.30	%		(1,972	)
Silver		40,456		3.89	%		(2,168	)
Soybean Oil		37,128		3.57	%		1,624
Aluminium Primary		36,296		3.49	%		(2,350	)
Nickel Primary		34,632		3.33	%		(1,464	)
Gasoil		33,904		3.26	%		2,151
SRW Wheat		32,968		3.17	%		(612	)
Soybean Meal		30,368		2.92	%		(1,394	)
Zinc High Grade		29,536		2.84	%		(2,363	)
Live Cattle		28,912		2.78	%		(1,094	)
RBOB Gasoline		26,000		2.50	%		1,086
Heating Oil		25,376		2.44	%		1,595
Sugar#11		24,128		2.32	%		(76	)
Coffee ‘C’ Arabica		21,528		2.07	%		(490	)
HRW Wheat		19,656		1.89	%		(779	)
Lean Hogs		19,032		1.83	%		(1,841	)
Cotton		15,600		1.50	%		1,053
United States Treasury Bill		—		—			179
	$	1,040,000		100.00	%	$	3,463

(1) Commodity Exposures of the Credit Suisse Custom 24 Total Return Index.

See accompanying Notes to Financial Statements.

37

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited) (Continued)

Components of Total Return Swap April 30, 2022

Description (1)	Notional Amount		Weight %			Unrealized Appreciation (Depreciation)
Gold	$	13,684		12.67	%	$	113
Natural Gas		13,565		12.56	%		873
WTI Crude Oil		8,921		8.26	%		466
Brent Crude Oil		7,484		6.93	%		260
Corn		6,415		5.94	%		124
Soybeans		5,983		5.54	%		34
Copper High Grade		4,644		4.30	%		(68	)
Silver		4,201		3.89	%		(120	)
Soybean Oil		3,856		3.57	%		192
Aluminium Primary		3,769		3.49	%		(50	)
Nickel Primary		3,596		3.33	%		(101	)
Gasoil		3,521		3.26	%		388
SRW Wheat		3,424		3.17	%		(55	)
Soybean Meal		3,154		2.92	%		(99	)
Zinc High Grade		3,067		2.84	%		(46	)
Live Cattle		3,002		2.78	%		(47	)
RBOB Gasoline		2,700		2.50	%		170
Heating Oil		2,635		2.44	%		191
Sugar#11		2,506		2.32	%		36
Coffee ‘C’ Arabica		2,236		2.07	%		14
HRW Wheat		2,041		1.89	%		(89	)
Lean Hogs		1,976		1.83	%		(113	)
Cotton		1,620		1.50	%		116
United States Treasury Bill		—		—			11
	$	108,000		100.00	%	$	2,200

(1) Commodity Exposures of the Credit Suisse Custom 24 Total Return Index.    

See accompanying Notes to Financial Statements.

38

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited) (Continued)

Components of Total Return Swap April 30, 2022

Description (1)	Notional Amount		Weight %			Unrealized Appreciation (Depreciation)
Gold	$	15,838		12.67	%	$	62
Natural Gas		15,700		12.56	%		618
WTI Crude Oil		10,325		8.26	%		256
Brent Crude Oil		8,663		6.93	%		111
Corn		7,425		5.94	%		110
Soybeans		6,925		5.54	%		54
Copper High Grade		5,375		4.30	%		(68	)
Silver		4,863		3.89	%		(107	)
Soybean Oil		4,463		3.57	%		93
Aluminium Primary		4,363		3.49	%		(19	)
Nickel Primary		4,163		3.33	%		(174	)
Gasoil		4,075		3.26	%		283
SRW Wheat		3,963		3.17	%		(149	)
Soybean Meal		3,650		2.92	%		(40	)
Zinc High Grade		3,550		2.84	%		(67	)
Live Cattle		3,475		2.78	%		(78	)
RBOB Gasoline		3,125		2.50	%		118
Heating Oil		3,050		2.44	%		117
Sugar#11		2,900		2.32	%		34
Coffee ‘C’ Arabica		2,588		2.07	%		11
HRW Wheat		2,363		1.89	%		(126	)
Lean Hogs		2,288		1.83	%		(75	)
Cotton		1,870		1.50	%		130
United States Treasury Bill		—		—			9
	$	125,000		100.00	%	$	1,103

(1) Commodity Exposures of the Credit Suisse Custom 24 Total Return Index.

See accompanying Notes to Financial Statements.

39

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited) (Continued)

Components of Total Return Swap April 30, 2022

Description (1)	Notional Amount		Weight %			Unrealized Appreciation (Depreciation)
Gold	$	74,880		12.67	%	$	896
Natural Gas		74,230		12.56	%		(816	)
WTI Crude Oil		48,817		8.26	%		1,070
Brent Crude Oil		40,956		6.93	%		399
Corn		35,105		5.94	%		54
Soybeans		32,741		5.54	%		(155	)
Copper High Grade		25,413		4.30	%		(383	)
Silver		22,990		3.89	%		(418	)
Soybean Oil		21,099		3.57	%		(135	)
Aluminium Primary		20,626		3.49	%		(285	)
Nickel Primary		19,680		3.33	%		(954	)
Gasoil		19,267		3.26	%		840
SRW Wheat		18,735		3.17	%		(630	)
Soybean Meal		17,257		2.92	%		(346	)
Zinc High Grade		16,784		2.84	%		(465	)
Live Cattle		16,430		2.78	%		(212	)
RBOB Gasoline		14,775		2.50	%		178
Heating Oil		14,420		2.44	%		222
Sugar#11		13,711		2.32	%		178
Coffee ‘C’ Arabica		12,234		2.07	%		359
HRW Wheat		11,170		1.89	%		(485	)
Lean Hogs		10,815		1.83	%		(307	)
Cotton		8,865		1.50	%		301
United States Treasury Bill		—		—			28
	$	591,000		100.00	%	$	(1,066	)

(1) Commodity Exposures of the Credit Suisse Custom 24 Total Return Index.

See accompanying Notes to Financial Statements.

40

TCW Enhanced Commodity Strategy Fund

Consolidated Investments by Sector (Unaudited) April 30, 2022

Sector	Percentage of Net Assets
U.S. Treasury Securities		29.6	%
Corporate Bonds		19.6
Money Market Investments		16.8
Asset-Backed Securities		10.2
Residential Mortgage-Backed Securities — Non-Agency		7.0
Commercial Mortgage-Backed Securities — Non-Agency		5.8
Commercial Mortgage-Backed Securities — Agency		4.1
Residential Mortgage-Backed Securities — Agency		1.5
U.S. Government Agency Obligations		1.0
Municipal Bonds		0.2
Other*		4.2
Total		100.0	%

* Includes swaps, interest receivable and accrued expenses payable.

See accompanying Notes to Financial Statements.

41

TCW Enhanced Commodity Strategy Fund

Fair Valuation Summary (Unaudited) April 30, 2022

The following is a summary of the fair valuations according to the inputs used as of April 30, 2022 in valuing the Fund’s investments:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Asset-Backed Securities	$	—	$	3,384,557		$	—	$	3,384,557
Commercial Mortgage-Backed Securities — Agency		—		1,345,260			—		1,345,260
Commercial Mortgage-Backed Securities — Non-Agency		—		1,942,672			—		1,942,672
Residential Mortgage-Backed Securities — Agency		—		505,922			—		505,922
Residential Mortgage-Backed Securities — Non-Agency		—		2,326,954			—		2,326,954
Corporate Bonds*		—		6,522,759			—		6,522,759
Municipal Bonds		—		68,899			—		68,899
U.S. Government Agency Obligations		—		326,480			—		326,480
Total Fixed Income Securities		—		16,423,503			—		16,423,503
Money Market Investments		5,590,428		—			—		5,590,428
Short Term Investments		9,826,627		—			—		9,826,627
Total Investments	$	15,417,055	$	16,423,503		$	—	$	31,840,558
Asset Derivatives
Swap Agreements
Commodity Risk		—		6,766			—		6,766
Total	$	15,417,055	$	16,430,269		$	—	$	31,847,324
Liability Derivatives
Swap Agreements
Commodity Risk	$	—	$	(677,484	)	$	—	$	(677,484	)
Total	$	—	$	(677,484	)	$	—	$	(677,484	)

* See Schedule of Investments for corresponding industries.

See accompanying Notes to Financial Statements.

42

TCW Global Bond Fund

Schedule of Investments (Unaudited) April 30, 2022

Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES — 107.3% of Net Assets
CORPORATE BONDS — 29.7%
Aerospace/Defense — 0.3%
Boeing Co. (The)
1.43%		02/04/24	$	50,000	$	48,075
Agriculture — 1.7%
Altria Group, Inc.
1.00%		02/15/23		100,000		105,746
BAT Capital Corp.
4.54%		08/15/47		25,000		19,855
BAT International Finance PLC (United Kingdom)
2.25% (1)		01/16/30		100,000		93,986
Imperial Brands Finance PLC
4.25% (2)		07/21/25		25,000		24,844
8.13% (1)		03/15/24	GBP	50,000		68,048
						312,479
Airlines — 0.6%
Delta Air Lines, Inc. Pass-Through Certificates (20-1A-AA)
2.00%		12/10/29	$	81,928		74,227
US Airways Group, Inc. Pass-Through Certificates (10-1A) (EETC)
6.25%		10/22/24		7,246		7,274
US Airways Group, Inc. Pass-Through Certificates (12-1-A) (EETC)
5.90%		04/01/26		25,516		26,082
						107,583
Banks — 7.3%
Bank of America Corp.
1.66% (SOFR + 0.910%)(3)		03/11/27		180,000		163,247
3.09% (3 mo. USD LIBOR + 1.090%) (3)		10/01/25		30,000		29,422
Citigroup, Inc.
1.46% (SOFR + 0.770%) (3)		06/09/27		75,000		66,778
Credit Suisse Group AG
1.31% (SOFR + 0.980%) (2)(3)		02/02/27		20,000		17,517
2.19% (SOFR + 2.044%) (2)(3)		06/05/26		85,000		78,533
2.59% (SOFR + 1.560%) (2)(3)		09/11/25		20,000		19,080
Goldman Sachs Group, Inc. (The)
1.09% (SOFR + 0.789%) (3)		12/09/26		10,000		8,954
3.27% (3 mo. USD LIBOR + 1.201%) (3)		09/29/25		130,000		127,963
HSBC Holdings PLC (United Kingdom)
1.75% (SONIO/N + 1.307%) (3)		07/24/27		100,000		116,180

Issues	Maturity Date		Principal Amount		Value
Banks (Continued)
JPMorgan Chase & Co.
0.77% (SOFR+ 0.490%) (3)		08/09/25	$	25,000	$	23,363
1.05% (SOFR + 0.800%) (3)		11/19/26		55,000		49,416
2.01% (TSFRM + 1.585%) (3)		03/13/26		65,000		61,279
2.08% (SOFR + 1.850%) (3)		04/22/26		15,000		14,114
Lloyds Banking Group PLC (United Kingdom)
3.87% (1 year Treasury Constant Maturity Rate + 3.500%) (3)		07/09/25		50,000		49,955
3.90%		03/12/24		20,000		20,047
Macquarie Group, Ltd. (Australia)
1.34% (SOFR + 1.069%) (2)(3)		01/12/27		80,000		71,113
2.87% (SOFR + 1.532%) (2)(3)		01/14/33		10,000		8,324
Morgan Stanley
1.16% (SOFR + 0.560%) (3)		10/21/25		95,000		88,788
1.59% (SOFR + 0.879%) (3)		05/04/27		35,000		31,583
Santander UK Group Holdings PLC (United Kingdom)
4.80% (3 mo. USD LIBOR +1.570%) (3)		11/15/24		90,000		91,176
Santander UK PLC (United Kingdom)
5.00% (2)		11/07/23		20,000		20,345
Wells Fargo & Co.
2.19% (SOFR + 2.000%) (3)		04/30/26		15,000		14,176
2.39% (SOFR + 2.100%) (3)		06/02/28		165,000		150,317
						1,321,670
Beverages — 0.3%
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc.
4.90%		02/01/46		30,000		29,615
Anheuser-Busch InBev Worldwide, Inc.
4.60%		04/15/48		10,000		9,435
Bacardi, Ltd.
4.45% (2)		05/15/25		25,000		25,081
						64,131
Chemicals — 0.6%
International Flavors & Fragrances, Inc.
1.75%		03/14/24		100,000		106,190

See accompanying Notes to Financial Statements.

43

TCW Global Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
Diversified Financial Services — 0.8%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)
2.45%		10/29/26	$	20,000	$	17,832
3.88%		01/23/28		10,000		9,368
4.13%		07/03/23		10,000		10,019
4.88%		01/16/24		15,000		15,092
Air Lease Corp.
3.25%		03/01/25		20,000		19,416
Avolon Holdings Funding, Ltd.
2.53% (2)		11/18/27		24,000		20,676
2.88% (2)		02/15/25		30,000		28,314
Orix Corp.
4.00%		04/13/32		25,000		24,516
						145,233
Electric — 0.4%
FirstEnergy Transmission LLC
2.87% (2)		09/15/28		78,000		69,755
Engineering & Construction — 0.6%
Heathrow Funding, Ltd.
5.23% (2)		02/15/23		75,000		95,951
PowerTeam Services LLC
9.03% (2)		12/04/25		16,000		15,158
						111,109
Entertainment — 0.3%
Magallanes, Inc.
5.14% (2)		03/15/52		60,000		53,729
Environmental Control — 0.0%
GFL Environmental, Inc. (Canada)
3.75% (2)		08/01/25		7,000		6,641
Food — 0.6%
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.
4.38% (2)		02/02/52		20,000		16,375
Kraft Heinz Foods Co.
4.38%		06/01/46		15,000		13,156
Pilgrim’s Pride Corp.
4.25% (2)		04/15/31		37,000		33,682
5.88% (2)		09/30/27		16,000		16,131
Post Holdings, Inc.
4.63% (2)		04/15/30		47,000		40,241
						119,585
Health Care-Products — 1.1%
American Medical System Europe BV
1.63%		03/08/31		100,000		98,433
Becton Dickinson Euro Finance Sarl
0.63%		06/04/23		100,000		105,578
						204,011

Issues	Maturity Date		Principal Amount		Value
Health Care-Services — 0.9%
CommonSpirit Health
2.78%		10/01/30	$	25,000	$	22,248
HCA, Inc.
4.13%		06/15/29		24,000		23,028
5.25%		04/15/25		2,000		2,063
5.25%		06/15/49		64,000		61,156
Molina Healthcare, Inc.
3.88% (2)		11/15/30		63,000		57,169
						165,664
Insurance — 0.8%
Athene Global Funding
1.99% (2)		08/19/28		70,000		59,250
Farmers Exchange Capital II
6.15% (3 mo. USD LIBOR + 3.744%) (2)(3)		11/01/53		55,000		60,338
Teachers Insurance & Annuity Association of America
4.27% (2)		05/15/47		20,000		18,875
						138,463
Internet — 0.7%
Alibaba Group Holding, Ltd.
2.13%		02/09/31		65,000		53,969
Tencent Holdings, Ltd.
3.60% (2)		01/19/28		85,000		80,924
						134,893
Media — 0.5%
Charter Communications Operating LLC / Charter Communications Operating Capital
5.38%		05/01/47		81,000		72,537
CSC Holdings LLC
4.13% (2)		12/01/30		25,000		20,724
6.50% (2)		02/01/29		7,000		6,662
						99,923
Miscellaneous Manufacturers — 0.7%
General Electric Co.
0.99% (3 mo. USD LIBOR + 0.480%) (3)		08/15/36		150,000		124,842
Multi-National — 0.4%
International Bank for Reconstruction & Development
1.75% (1)		03/13/25		650,000		68,138
Oil & Gas — 2.3%
Antero Resources Corp.
8.38% (2)		07/15/26		10,000		10,800
Energean Israel Finance, Ltd.
4.50% (1)		03/30/24		50,000		48,723
Leviathan Bond, Ltd.
6.75% (1)		06/30/30		55,000		54,376

See accompanying Notes to Financial Statements.

44

TCW Global Bond Fund

April 30, 2022

Issues	Maturity Date		Principal Amount		Value
Oil & Gas (Continued)
Petroleos Mexicanos
5.50% (1)		02/24/25	EUR	97,000	$	104,952
7.69%		01/23/50	$	15,000		11,745
SA Global Sukuk, Ltd.
2.69% (2)		06/17/31		200,000		180,322
Transocean Poseidon, Ltd.
6.88% (2)		02/01/27		6,563		6,324
						417,242
Oil & Gas Services — 0.1%
Transocean Phoenix 2, Ltd.
7.75% (2)		10/15/24		11,250		11,356
Packaging & Containers — 0.6%
Berry Global, Inc.
1.00% (1)		01/15/25		100,000		100,811
Graphic Packaging International LLC
4.88%		11/15/22		8,000		8,055
						108,866
Pharmaceuticals — 1.0%
AbbVie, Inc.
4.50%		05/14/35		53,000		52,438
Bayer US Finance II LLC
4.63% (2)		06/25/38		25,000		23,954
4.88% (2)		06/25/48		30,000		29,262
Cigna Corp.
3.40%		03/15/51		30,000		23,550
CVS Health Corp.
5.05%		03/25/48		45,000		45,264
						174,468
Pipelines — 0.6%
Energy Transfer LP
5.15%		03/15/45		100,000		90,790
Kinder Morgan Energy Partners LP
5.00%		08/15/42		15,000		13,920
						104,710
REIT — 1.8%
American Assets Trust LP
3.38%		02/01/31		40,000		35,579
American Campus Communities Operating Partnership LP
4.13%		07/01/24		30,000		30,355
GLP Capital LP / GLP Financing II, Inc.
3.35%		09/01/24		15,000		14,875
5.25%		06/01/25		15,000		15,342
5.38%		04/15/26		25,000		25,532
5.75%		06/01/28		5,000		5,256
Healthcare Trust of America Holdings LP
3.10%		02/15/30		75,000		68,081

Issues	Maturity Date		Principal Amount		Value
REIT (Continued)
Lexington Realty Trust
2.70%		09/15/30	$	20,000	$	17,236
SL Green Operating Partnership LP
3.25%		10/15/22		55,000		55,051
VICI Properties LP
4.75%		02/15/28		55,000		54,799
						322,106
Retail — 0.5%
Alimentation Couche-Tard, Inc.
3.06%		07/26/24		95,000		73,259
Michaels Cos, Inc. (The)
5.25% (2)		05/01/28		20,000		17,224
						90,483
Savings & Loans — 0.3%
Nationwide Building Society (United Kingdom)
3.77% (3 mo. USD LIBOR +1.064%) (2)(3)		03/08/24		65,000		65,046
Software — 0.3%
Oracle Corp.
3.95%		03/25/51		74,000		56,337
Telecommunications — 3.6%
AT&T, Inc.
4.75%		05/15/46		130,000		129,045
Frontier Communications Holdings LLC
5.00% (2)		05/01/28		11,000		10,053
Intelsat Jackson Holding S. A. (Escrow)
8.50% (4)		10/15/24		21,000		—
9.75% (4)		07/15/25		15,000		—
Intelsat Jackson Holdings S. A.
6.50% (2)(5)		03/15/30		104,000		98,141
Level 3 Financing, Inc.
3.63% (2)		01/15/29		15,000		12,219
3.88% (2)		11/15/29		55,000		48,609
4.63% (2)		09/15/27		3,000		2,702
Qwest Corp.
7.25%		09/15/25		33,000		35,887
Sprint Corp.
7.88%		09/15/23		16,000		16,821
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC
4.74% (2)		03/20/25		157,500		158,804
T-Mobile USA, Inc.
2.63%		04/15/26		55,000		51,421
3.75%		04/15/27		20,000		19,481
3.88%		04/15/30		20,000		18,965
Vodafone Group PLC (United Kingdom)
4.88%		06/19/49		48,000		45,977
						648,125
Total Corporate Bonds
(Cost: $6,026,306)						5,400,853

See accompanying Notes to Financial Statements.

45

TCW Global Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
MUNICIPAL BONDS — 1.0%
Alabama Economic Settlement Authority, Revenue Bond
4.26%		09/15/32	$	40,000	$	40,131
City of New York NY, General Obligation Unlimited
3.00%		08/01/34		55,000		48,922
3.62%		04/01/31		50,000		48,198
County of Miami-Dade FL Aviation Revenue, Revenue Bond
2.86%		10/01/35		50,000		42,269
Total Municipal Bonds
(Cost: $204,922)						179,520
FOREIGN GOVERNMENT BONDS — 39.7%
Australia Government Bond
0.25% (1)		11/21/25	AUD	197,000		127,499
1.25%		05/21/32	AUD	91,000		53,789
2.75% (1)		05/21/41	AUD	132,000		85,158
4.75% (1)		04/21/27	AUD	251,000		192,695
Bundesrepublik Deutschland Bundesanleihe
0.00% (1)		02/15/32	EUR	96,000		92,440
Canada Housing Trust No 1
1.75% (2)		06/15/30	CAD	210,000		146,370
Canadian Government Bond
2.00%		12/01/51	CAD	91,000		59,680
China Development Bank
3.09%		06/18/30	CNY	1,290,000		195,132
4.24%		08/24/27	CNY	2,290,000		369,860
China Government Bond
2.85%		06/04/27	CNY	2,380,000		364,241
3.02%		05/27/31	CNY	270,000		41,420
3.13%		11/21/29	CNY	2,350,000		364,007
3.72%		04/12/51	CNY	1,590,000		256,691
European Union
0.20% (1)		06/04/36	EUR	223,000		190,405
0.70% (1)		07/06/51	EUR	88,000		71,914
French Republic Government Bond OAT
0.00% (1)(6)		02/25/27	EUR	90,000		90,962
0.00% (1)(6)		11/25/31	EUR	61,000		56,315
0.50% (1)		06/25/44	EUR	55,000		44,207
0.75% (1)		05/25/52	EUR	85,000		66,187
Hungary Government Bond
3.00%		08/21/30	HUF	2,250,000		4,743
Indonesia Treasury Bond
6.63%		05/15/33	IDR	1,932,000,000		127,742
Ireland Government Bond
0.55% (1)		04/22/41	EUR	45,000		37,816
1.30% (1)		05/15/33	EUR	65,000		66,271
1.50% (1)		05/15/50	EUR	40,000		38,367
Israel Government Bond
3.75%		03/31/47	ILS	94,000		31,620

Issues	Maturity Date		Principal Amount		Value
FOREIGN GOVERNMENT BONDS (Continued)
Italy Buoni Poliennali Del Tesoro
0.60% (1)		08/01/31	EUR	255,000	$	223,307
1.10% (1)		04/01/27	EUR	184,000		186,400
Japan Government Thirty Year Bond
0.40%		03/20/50	JPY	44,000,000		295,624
Japan Government Twenty Year Bond
0.50%		09/20/36	JPY	28,500,000		221,009
Korea Treasury Bond
2.00%		06/10/31	KRW	387,920,000		280,178
Malaysia Government Bond
4.64%		11/07/33	MYR	479,000		108,981
Mexican Bonos
6.75%		03/09/23	MXN	1,205,000		58,117
Mexico Government Bond (BONOS)
7.50%		06/03/27	MXN	1,100,000		50,584
New Zealand Government Bond
1.75%		05/15/41	NZD	180,000		84,850
2.00%		05/15/32	NZD	254,000		142,303
4.50% (1)		04/15/27	NZD	434,000		293,735
Norway Government Bond
1.50% (1)		02/19/26	NOK	4,852,000		500,221
Panama Government International Bond
2.25%		09/29/32	$	200,000		161,311
3.75% (1)		04/17/26		18,000		17,735
Peru Government Bond
5.40%		08/12/34	PEN	368,000		76,250
Portugal Obrigacoes do Tesouro OT
0.30% (1)		10/17/31	EUR	91,000		82,923
1.00% (1)		04/12/52	EUR	55,000		39,040
Province of Ontario Canada
1.85%		02/01/27	CAD	155,000		114,532
2.05%		06/02/30	CAD	70,000		49,080
Republic of Poland Government Bond
1.75%		04/25/32	PLN	189,000		28,428
Romanian Government International Bond
3.00% (1)		02/27/27		$80,000		74,612
Singapore Government Bond
1.63%		07/01/31	SGD	155,000		104,115
2.38%		07/01/39	SGD	89,000		61,072
South Africa Government Bond
8.88%		02/28/35	ZAR	1,037,000		57,172
Spain Government Bond
1.00% (1)		10/31/50	EUR	37,000		27,315
1.85% (1)		07/30/35	EUR	190,000		193,760
2.15% (1)		10/31/25	EUR	122,000		133,897
Thailand Government Bond
1.59%		12/17/35	THB	2,007,000		47,814
United Kingdom Gilt
1.25% (1)		10/22/41	GBP	102,000		110,533

See accompanying Notes to Financial Statements.

46

TCW Global Bond Fund

April 30, 2022

Issues	Maturity Date		Principal Amount		Value
FOREIGN GOVERNMENT BONDS (Continued)
1.25% (1)		07/31/51	GBP	98,000	$	101,672
1.75% (1)		09/07/37	GBP	95,000		113,749
Total Foreign Government Bonds
(Cost: $8,065,121)						7,215,850
ASSET-BACKED SECURITIES — 7.3%
Dryden Senior Loan Fund (19-72A-BR)
2.16% (3 mo. USD LIBOR + 1.650%) (2)(3)		05/15/32	$	185,000		182,567
Eaton Vance CLO, Ltd. (13-1A-A13R)
2.29% (3 mo. USD LIBOR + 1.250%) (2)(3)		01/15/34		150,000		148,879
Educational Funding of the South, Inc. (11-1-A2)
1.83% (3 mo. USD LIBOR + 0.650%) (3)		04/25/35		8,517		8,460
GoldenTree Loan Opportunities IX, Ltd. (14-9A-AR2)
2.35% (3 mo. USD LIBOR + 1.110%) (2)(3)		10/29/29		97,362		97,065
Madison Park Funding XVII, Ltd. (15-17A-AR2)
2.10% (3 mo. USD LIBOR + 1.000%) (2)(3)		07/21/30		150,000		149,047
OCP CLO 2020-19, Ltd. (20-19A-AR)
2.21% (3 mo. USD LIBOR + 1.150%) (2)(3)		10/20/34		100,000		98,629
Rockford Tower CLO, Ltd. (21-1A-B)
2.71% (3 mo. USD LIBOR + 1.650%) (2)(3)		07/20/34		180,000		176,555
Sixth Street CLO XVII, Ltd. (21-17A-A)
2.30% (3 mo. USD LIBOR + 1.240%) (2)(3)		01/20/34		150,000		148,823
SLC Student Loan Trust (06-1-A6)
0.99% (3 mo. USD LIBOR + 0.160%) (3)		03/15/55		100,000		96,074
SLM Student Loan Trust (08-5-B)
3.03% (3 mo. USD LIBOR + 1.850%) (3)		07/25/73		50,000		49,932
SLM Student Loan Trust (08-8-B)
3.43% (3 mo. USD LIBOR + 2.250%) (3)		10/25/75		57,000		57,124
SLM Student Loan Trust (08-9-B)
3.43% (3 mo. USD LIBOR + 2.250%) (3)		10/25/83		57,000		57,237

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (Continued)
Student Loan Consolidation Center (02-2-B2)
1.65% (28-Day Auction Rate) (2)(3)		07/01/42	$	50,000	$	46,113
Total Asset-backed Securities
(Cost: $1,317,625)						1,316,505
COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY — 1.0%
Fannie Mae (16-M2-X3) (I/O)
2.12% (7)		04/25/36		277,493		2,815
Fannie Mae (16-M4-X2) (I/O)
2.69% (7)		01/25/39		707,474		17,177
Fannie Mae, Pool #BL6060
2.46%		04/01/40		145,000		121,748
Freddie Mac Multifamily Structured Pass Through Certificates (K028-X1) (I/O)
0.34% (7)		02/25/23		3,265,189		4,238
Freddie Mac Multifamily Structured Pass-Through Certificates (K022-X3) (I/O)
1.86% (7)		08/25/40		800,000		3,519
Freddie Mac Multifamily Structured Pass-Through Certificates (K025-X3) (I/O)
1.81% (7)		11/25/40		2,850,000		21,173
Ginnie Mae (11-147-IO) (I/O)
0.00% (7)		10/16/44		928,982		9
Ginnie Mae (12-144-IO) (I/O)
0.33% (7)		01/16/53		1,694,164		17,584
Total Commercial Mortgage-Backed Securities — Agency
(Cost: $267,310)						188,263
COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 1.9%
Bank of America-First Union NB Commercial Mortgage (01-3-XC) (I/O)
1.55% (2)(5)(7)		04/11/37		1,035,545		9,317
COMM Mortgage Trust (13-CR7-XA) (I/O)
1.30% (7)		03/10/46		648,333		4,521
COMM Mortgage Trust (12-CR4-XA) (I/O)
1.84% (7)		10/15/45		740,877		2,006
GS Mortgage Securities Trust (10-C1-X) (I/O)
0.59% (2)(7)		08/10/43		990,222		7,433
GS Mortgage Securities Trust (11-GC3-X) (I/O)
0.00% (2)(7)		03/10/44		198,430		2
GS Mortgage Securities Trust (13-GC12-XA) (I/O)
1.52% (7)		06/10/46		4,638,020		40,849
GS Mortgage Securities Trust (14-GC20-XA) (I/O)
1.19% (7)		04/10/47		1,056,405		15,266
Hudson Yards Mortgage Trust (19-55HY-A)
3.04% (2)(7)		12/10/41		35,000		32,485

See accompanying Notes to Financial Statements.

47

TCW Global Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
JPMorgan Chase Commercial Mortgage Securities Trust (11-C3-XB) (I/O)
0.51% (2)(7)		02/15/46	$	6,280,382	$	49,330
JPMorgan Chase Commercial Mortgage Securities Trust (14-C19-XA) (I/O)
0.80% (7)		04/15/47		2,408,037		21,019
Morgan Stanley Bank of America Merrill Lynch Trust (13-C7-XA) (I/O)
1.40% (7)		02/15/46		1,929,854		9,294
One Bryant Park Trust (19-OBP-A)
2.52% (2)		09/15/54		40,000		35,503
Taurus CMBS (21-UK4A-B)
1.66% (SONIA3M IR + 1.500%) (2)(3)		08/17/31		97,305		120,714
WFRBS Commercial Mortgage Trust (12-C9-XA) (I/O)
2.00% (2)(7)		11/15/45		2,257,088		5,217
Total Commercial Mortgage-Backed Securities — Non-Agency
(Cost: $265,886)						352,956
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY — 17.4%
Fannie Mae, Pool #MA4152
2.00%		10/01/40		75,810		68,073
Fannie Mae
2.00%		12/01/51		98,331		86,914
Fannie Mae (07-52-LS) (I/O) (I/F)
5.38% (-1 mo. USD LIBOR + 6.050%) (3)		06/25/37		43,063		4,095
Fannie Mae (08-18-SM) (I/O) (I/F)
6.33% (-1 mo. USD LIBOR + 7.000%) (3)		03/25/38		45,546		4,001
Fannie Mae (09-115-SB) (I/O) (I/F)
5.58% (-1 mo. USD LIBOR + 6.250%) (3)		01/25/40		27,013		3,421
Fannie Mae (10-116-SE) (I/O) (I/F)
5.93% (-1 mo. USD LIBOR + 6.600%) (3)		10/25/40		51,339		7,520
Fannie Mae, Pool #AB3679
3.50%		10/01/41		51,146		50,577
Fannie Mae, Pool #AB4045
3.50%		12/01/41		74,230		73,616
Fannie Mae, Pool #AT5914
3.50%		06/01/43		23,946		23,735
Fannie Mae, Pool #BD7081
4.00%		03/01/47		18,212		18,358
Fannie Mae, Pool #CA0996
3.50%		01/01/48		55,065		54,104
Fannie Mae, Pool #CA2208
4.50%		08/01/48		1,819		1,861

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Fannie Mae, Pool #CB2610
2.00%		01/01/52	$	73,794	$	65,226
Fannie Mae, Pool #FM2870
3.00%		03/01/50		142,817		136,238
Fannie Mae, Pool #MA1527
3.00%		08/01/33		13,773		13,547
Fannie Mae, Pool #MA1652
3.50%		11/01/33		22,398		22,413
Fannie Mae, Pool #MA2705
3.00%		08/01/46		67,348		64,526
Fannie Mae, Pool #MA4204
2.00%		12/01/40		62,269		55,912
Freddie Mac, Pool #SD0231
3.00%		01/01/50		107,492		102,541
Freddie Mac (3439-SC) (I/O) (I/F)
5.35% (-1 mo. USD LIBOR + 5.900%)(3)		04/15/38		43,088		4,474
Freddie Mac, Pool #G08681
3.50%		12/01/45		19,226		18,972
Freddie Mac, Pool #G08698
3.50%		03/01/46		17,872		17,642
Freddie Mac, Pool #G08716
3.50%		08/01/46		18,773		18,469
Freddie Mac, Pool #G08721
3.00%		09/01/46		3,660		3,509
Freddie Mac, Pool #G08722
3.50%		09/01/46		1,896		1,865
Freddie Mac, Pool #G08732
3.00%		11/01/46		5,118		4,908
Freddie Mac, Pool #G08762
4.00%		05/01/47		16,829		16,943
Freddie Mac, Pool #G08833
5.00%		07/01/48		2,742		2,849
Freddie Mac, Pool #G18592
3.00%		03/01/31		3,354		3,338
Freddie Mac, Pool #ZT1703
4.00%		01/01/49		46,041		46,308
Ginnie Mae (11-146-EI) (I/O) (PAC)
5.00%		11/16/41		41,702		7,277
Ginnie Mae II, Pool #MA3597
3.50%		04/20/46		11,951		11,873
Ginnie Mae II, Pool #MA3662
3.00%		05/20/46		32,670		31,685
Ginnie Mae II, Pool #MA3663
3.50%		05/20/46		1,731		1,720
Ginnie Mae II, Pool #MA3803
3.50%		07/20/46		8,013		7,924

See accompanying Notes to Financial Statements.

48

TCW Global Bond Fund

April 30, 2022

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Ginnie Mae II, Pool #MA4454
5.00%		05/20/47	$	8,802	$	9,361
Ginnie Mae II, Pool #MA4900
3.50%		12/20/47		36,729		36,351
Ginnie Mae II, Pool #MA5399
4.50%		08/20/48		15,972		16,344
Ginnie Mae II TBA, 30 Year
2.00% (7)		05/19/52		25,000		22,653
2.50% (7)		12/01/51		150,000		139,175
Uniform Mortgage-Backed Securities TBA, 30 Year
2.00% (8)		12/01/51		200,000		176,401
2.00% (8)		12/01/51		325,000		285,982
2.50% (8)		01/01/52		50,000		45,507
2.50% (8)		01/01/52		650,000		592,994
3.00% (8)		02/01/52		600,000		565,734
3.50% (8)		03/01/52		150,000		145,443
4.00% (8)		04/01/52		75,000		74,554
Total Residential Mortgage-Backed Securities — Agency
(Cost: $3,193,297)						3,166,933
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 7.5%
Banc of America Funding Trust (05-C-A3)
0.89% (1 mo. USD LIBOR + 0.300%) (3)		05/20/35		13,250		13,232
BCMSC Trust (00-A-A4)
8.29% (7)		06/15/30		189,525		39,954
Bear Stearns ALT-A Trust (04-8-M2)
2.39% (1 mo. USD LIBOR + 1.725%) (3)		09/25/34		102,093		100,659
Bear Stearns ALT-A Trust (05-8-11A1)
1.21% (1 mo. USD LIBOR + 0.540%) (3)		10/25/35		28,622		27,955
Carrington Mortgage Loan Trust (06-RFC1-A4)
1.15% (1 mo. USD LIBOR + 0.480%) (3)		03/25/36		8,262		8,269
DSLA Mortgage Loan Trust (04-AR1-A1A)
1.39% (1 mo. USD LIBOR + 0.840%) (3)		09/19/44		69,846		68,370
First Horizon Mortgage Pass-Through Trust (05-AR4-2A1)
2.92% (7)(9)		10/25/35		18,794		18,600
HSI Asset Securitization Corp. (06-WMC1-A3)
0.97% (1 mo. USD LIBOR + 0.300%) (3)		07/25/36		284,283		153,138
IndyMac INDX Mortgage Loan Trust (05-AR15-A2)
2.92% (7)		09/25/35		48,845		42,123
JPMorgan Mortgage Acquisition Trust (06-CH2-AF3)
5.46%		09/25/29		191,848		136,597

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
JPMorgan Mortgage Trust (05-A6-7A1)
2.91% (7)(9)		08/25/35	$	12,478	$	11,450
Lehman XS Trust (06-9-A1B)
0.34% (1 mo. USD LIBOR + 0.320%) (3)(4)		05/25/46		105		—
Long Beach Mortgage Loan Trust (06-WL1-2A4)
1.35% (1 mo. USD LIBOR + 0.680%) (3)		01/25/46		4,645		4,643
Merrill Lynch Alternative Note Asset Trust (07-A1-A2B)
0.97% (1 mo. USD LIBOR + 0.150%) (3)		01/25/37		292,206		108,486
Merrill Lynch Alternative Note Asset Trust (07-A3-A2D)
1.33% (1 mo. USD LIBOR + 0.330%) (3)(4)		04/25/37		1,251,739		61,202
Morgan Stanley ABS Capital I, Inc. Trust (06-HE4-A4)
1.15% (1 mo. USD LIBOR + 0.480%) (3)		06/25/36		251,659		154,419
MortgageIT Trust (05-1-1A1)
1.31% (1 mo. USD LIBOR + 0.640%) (3)		02/25/35		16,699		16,630
Ownit Mortgage Loan Asset-Backed Certificates (06-3-A2D)
1.21% (1 mo. USD LIBOR + 0.540%) (3)		03/25/37		78,247		76,962
RESIMAC Premier Series 2021-1 (21-1A-A1)
1.19% (1 mo. USD LIBOR + 0.700%) (2)(3)(9)		07/10/52		193,569		192,842
Structured Adjustable Rate Mortgage Loan Trust (04-18-4A1)
2.39% (7)		12/25/34		19,299		19,244
Structured Asset Mortgage Investments II Trust (05-AR6-2A1)
1.29% (1 mo. USD LIBOR + 0.620%) (3)		09/25/45		25,035		23,612
Structured Asset Mortgage Investments, Inc. (06-AR3-22A1)
2.57% (7)(9)		05/25/36		133,568		83,437
Total Residential Mortgage-Backed Securities — Non-Agency
(Cost: $1,655,719)						1,361,824
U.S. TREASURY SECURITIES — 1.8%
U.S. Treasury Bond
2.25%		02/15/52		89,000		76,443
U.S. Treasury Note
1.88%		02/15/32		106,000		96,799
2.50%		03/31/27		83,000		81,346
2.75%		04/30/27		76,000		75,321
Total U.S. Treasury Securities
(Cost: $332,589)						329,909
Total Fixed Income Securities
(Cost: $21,328,775)						19,512,613

See accompanying Notes to Financial Statements.

49

TCW Global Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Shares		Value
MONEY MARKET INVESTMENTS — 1.7%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.29% (10)		303,045	$	303,045
Total Money Market Investments
(Cost: $303,045)				303,045
INVESTMENT COMPANIES — 3.3%
TCW Emerging Markets Income Fund — I Class (11)		89,949		595,461
Total Investment Companies
(Cost: $714,537)				595,461
COMMON STOCK — 0.1%
TELECOMMUNICATIONS — 0.1%
Intelsat S.A. (4)(12)		344		11,159
Total Common Stock
(Cost: $32,007)				11,159

Issues	Shares		Value
RIGHTS — 0.0%
Intelsat S.A. (4)(12)		35	$	—
Intelsat S.A. (4)(12)		35		—
Total Rights
(Cost: $—)				—
Total Investments (112.4%)
(Cost: $22,378,364)				20,422,278
Liabilities In Excess Of Other Assets (-12.4%)				(2,256,696	)
Net Assets (100.0%)			$	18,165,582

Forward Currency Exchange Contracts
Counterparty	Contracts to Deliver	Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
BUY (13)
State Street Bank & Trust Co.	AUD		19,000		07/08/22	$	14,267	$	13,518	$	(749	)
Goldman Sachs & Co.	BRL		881,796		07/08/22		172,374		174,570		2,196
State Street Bank & Trust Co.	CAD		212,232		07/08/22		167,559		166,023		(1,536	)
State Street Bank & Trust Co.	CHF		59,000		07/08/22		62,169		61,000		(1,169	)
Goldman Sachs & Co.	CLP		7,500,000		07/08/22		9,059		8,681		(378	)
State Street Bank & Trust Co.	CNY		550,000		07/08/22		83,002		83,342		340
State Street Bank & Trust Co.	CNY		4,226,744		02/21/23		655,675		638,008		(17,667	)
State Street Bank & Trust Co.	CZK		1,183,484		07/08/22		51,945		50,371		(1,574	)
State Street Bank & Trust Co.	EUR		1,933,624		07/08/22		2,127,546		2,046,533		(81,013	)
State Street Bank & Trust Co.	GBP		91,562		07/08/22		119,826		114,977		(4,849	)
Citibank N.A.	GBP		14,000		07/08/22		18,014		17,580		(434	)
State Street Bank & Trust Co.	HUF		9,250,701		07/08/22		26,387		25,569		(818	)
State Street Bank & Trust Co.	JPY		234,929,000		07/08/22		1,878,025		1,817,760		(60,265	)
Citibank N.A.	JPY		1,188,000		07/08/22		9,257		9,192		(65	)
Goldman Sachs & Co.	KRW		160,260,384		02/21/23		130,346		128,445		(1,901	)
State Street Bank & Trust Co.	NOK		283,000		07/08/22		30,261		30,385		124
State Street Bank & Trust Co.	NZD		47,000		07/08/22		32,083		30,493		(1,590	)
State Street Bank & Trust Co.	PLN		195,521		07/08/22		45,466		43,686		(1,780	)
State Street Bank & Trust Co.	SEK		1,229,000		07/08/22		128,670		125,741		(2,929	)
Goldman Sachs & Co.	SGD		73,470		02/21/23		54,172		53,470		(702	)
Goldman Sachs & Co.	THB		862,268		07/08/22		25,757		25,206		(551	)
						$	5,841,860	$	5,664,550	$	(177,310	)

See accompanying Notes to Financial Statements.

50

TCW Global Bond Fund

April 30, 2022

Counterparty	Contracts to Deliver	Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value			Unrealized Appreciation (Depreciation)
SELL (14)
State Street Bank & Trust Co.	AUD		75,000		07/08/22	$	56,231	$	53,362		$	2,869
Goldman Sachs & Co.	AUD		225,299		07/08/22		168,717		160,300			8,417
Goldman Sachs & Co.	BRL		881,796		07/08/22		183,588		174,570			9,018
Goldman Sachs & Co.	CAD		36,000		07/08/22		28,519		28,162			357
Goldman Sachs & Co.	CNH		544,460		02/21/23		81,711		81,120			591
State Street Bank & Trust Co.	CNY		1,144,000		07/08/22		176,478		173,352			3,126
State Street Bank & Trust Co.	CNY		4,226,744		02/21/23		655,615		638,007			17,608
Goldman Sachs & Co.	COP		4,853,486		07/08/22		1,284		1,207			77
Goldman Sachs & Co.	EUR		161,283		07/08/22		177,253		170,701			6,552
State Street Bank & Trust Co.	EUR		156,000		07/08/22		168,079		165,110			2,969
Citibank N.A.	EUR		179,000		07/08/22		195,248		189,452			5,796
Goldman Sachs & Co.	EUR		128,979		07/11/22		140,805		136,535			4,270
State Street Bank & Trust Co.	GBP		8,000		07/08/22		10,434		10,046	��		388
Goldman Sachs & Co.	GBP		30,804		07/08/22		39,994		38,681			1,313
State Street Bank & Trust Co.	HUF		6,730,000		07/08/22		19,223		18,602			621
Goldman Sachs & Co.	IDR		731,897,000		07/08/22		50,844		50,307			537
Goldman Sachs & Co.	ILS		13,674		07/08/22		4,255		4,107			148
State Street Bank & Trust Co.	JPY		28,042,000		07/08/22		226,774		216,974			9,800
Goldman Sachs & Co.	KRW		25,997,000		07/08/22		21,167		20,706			461
Citibank N.A.	KRW		114,550,618		02/21/23		91,450		91,809			(359	)
Goldman Sachs & Co.	KRW		113,499,151		02/21/23		94,709		90,967			3,742
State Street Bank & Trust Co.	MXN		1,337,082		07/08/22		66,664		64,696			1,968
Goldman Sachs & Co.	MYR		245,905		07/08/22		58,092		56,436			1,656
State Street Bank & Trust Co.	NOK		4,910,000		07/08/22		555,960		527,168			28,792
State Street Bank & Trust Co.	NZD		819,000		07/08/22		555,588		531,357			24,231
Goldman Sachs & Co.	PEN		389,466		07/08/22		103,366		100,656			2,710
State Street Bank & Trust Co.	PLN		201,000		07/08/22		44,568		44,910			(342	)
Goldman Sachs & Co.	RON		251,071		07/08/22		54,854		53,043			1,811
State Street Bank & Trust Co.	SGD		13,000		07/08/22		9,503		9,414			89
Goldman Sachs & Co.	SGD		180,000		02/21/23		134,489		131,000			3,489
Goldman Sachs & Co.	THB		1,310,000		07/08/22		38,839		38,294			545
Goldman Sachs & Co.	ZAR		953,792		07/08/22		64,898		59,882			5,016
						$	4,279,199	$	4,130,933		$	148,266

See accompanying Notes to Financial Statements.

51

TCW Global Bond Fund

Schedule of Investments (Unaudited) (Continued)

Futures Contracts
Number of Contracts	Type	Expiration Date		Notional			Market Value			Net Unrealized Appreciation (Depreciation)
Long Futures
3	2-Year U.S. Treasury Note Futures		06/30/22	$	642,100		$	632,438		$	(9,662	)
3	Bank Acceptance Future		12/19/22		574,984			567,290			(7,694	)
1	U.S. Ultra Long Bond Futures		06/21/22		162,846			160,437			(2,409	)
				$	1,379,930		$	1,360,165		$	(19,765	)
Short Futures
5	10-Year U.S. Treasury Note Futures		06/21/22	$	(702,747	)	$	(645,000	)	$	57,747
2	5-Year U.S. Treasury Note Futures		06/30/22		(226,840	)		(225,344	)		1,496
1	Long Gilt Future		06/28/22		(154,412	)		(148,701	)		5,711
				$	(1,083,999	)	$	(1,019,045	)	$	64,954

Written Swaptions — OTC
Description	Counterparty		Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation (Depreciation)
Put
3-Month 2-Year Interest Rate Swap		Citibank	$	1.95		6/8/22		(1,460,000	)	$	(1,460,000	)	$	(34,719	)	$	(4,380	)	$	(30,339	)

See accompanying Notes to Financial Statements.

52

TCW Global Bond Fund

April 30, 2022

Notes to the Schedule of Investments:

ABS Asset-Backed Securities.

CLO Collateralized Loan Obligation.

EETC Enhanced Equipment Trust Certificate.

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

I/O Interest Only Security.

PAC Planned Amortization Class.

REIT Real Estate Investment Trust.

SOFR Secured Overnight Financing Rate.

TBA To Be Announced.

AUD Australian Dollar.

BRL Brazilian Real.

CAD Canadian Dollar.

CHF Swiss Franc.

CLP Chilean Peso.

CNH Chinese Yuan Renminbi.

CNY Chinese Yuan.

COP Colombian Peso.

CZK Czech Koruna.

EUR Euro Currency.

GBP British Pound Sterling.

HUF Hungarian Forint.

IDR Indonesian Rupiah.

ILS Israeli Shekel.

JPY Japanese Yen.

KRW South Korean Won.

MXN Mexican Peso.

MYR Malaysian Ringgit.

NOK Norwegian Krona.

NZD New Zealand Dollar.

PEN Peruvian Nuevo Sol.

PLN Polish Zloty.

RON Romanian New Leu.

SEK Swedish Krona.

SGD Singapore Dollar.

ZAR South African Rand.

(1) Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United States except under special exemptions. At April 30, 2022, the value of these securities amounted to $3,798,169 or 20.9% of net assets.

(2) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2022, the value of these securities amounted to $3,287,139 or 18.1% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors.

(3) Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2022.

(4) For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.

(5) Restricted security (Note 11).

(6) Security is not accruing interest.

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

(8) 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.

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

(10) Rate disclosed is the 7-day net yield as of April 30, 2022.

(11) Affiliated issuer.

(12) Non-income producing security.

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

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

See accompanying Notes to Financial Statements.

53

TCW Global Bond Fund

Schedule of Investments (Unaudited) (Continued)

The summary of the TCW Global Bond Fund transactions in the affiliated fund for the period ended April 30, 2022 is as follows:

Name of Affiliated Fund	Value at October 31, 2021		Purchases at Cost		Proceeds from Sales		Number of Shares Held April 30, 2022		Value at April 30, 2022		Dividends and Interest Income Received		Distributions Received from Net Realized Gain		Net Realized Gain (Loss) on Investments			Net change in Unrealized Gain (Loss) on Investments
TCW Emerging Markets Income Fund — I Class
	$	1,142,121	$	23,790	$	415,000		89,949	$	595,461	$	19,530	$	—	$	(75,539	)	$	(79,911	)
Total									$	595,461	$	19,530	$	—	$	(75,539	)	$	(79,911	)

See accompanying Notes to Financial Statements.

54

TCW Global Bond Fund

Investments by Sector (Unaudited) April 30, 2022

Sector	Percentage of Net Assets
Foreign Government Bonds		39.7	%
Corporate Bonds		29.7
Residential Mortgage-Backed Securities — Agency		17.4
Residential Mortgage-Backed Securities — Non-Agency		7.5
Asset-Backed Securities		7.3
Investment Companies		3.3
Commercial Mortgage-Backed Securities — Non-Agency		1.9
U.S. Treasury Securities		1.8
Money Market Investments		1.7
Commercial Mortgage-Backed Securities — Agency		1.0
Municipal Bonds		1.0
Common Stock		0.1
Rights		0.0
Other*		(12.4	)
Total		100.0	%

* Includes capstock, futures, pending trades, written swaptions, interest receivable and accrued expenses payable.

See accompanying Notes to Financial Statements.

55

TCW Global Bond Fund

Investments by Country (Unaudited) April 30, 2022

Country	Percentage of Net Assets
Australia		4.0	%
Bermuda		0.1
Canada		2.5
Cayman Islands		6.6
China		8.8
France		1.4
Germany		0.5
Great Britain		5.1
Hungary		0.0
Indonesia		0.7
Ireland		1.7
Israel		0.7
Italy		2.3
Japan		3.0
Jersey		0.5
Luxembourg		1.2
Malaysia		0.6
Mexico		1.2
Netherlands		0.5
New Zealand		2.9
Norway		2.8
Panama		1.0
Peru		0.4
Poland		0.2
Portugal		0.7
Romania		0.4
Saudi Arabia		1.0
Singapore		0.9
South Africa		0.3
South Korea		1.6
Spain		2.0
Supranational		0.4
Switzerland		0.6
Thailand		0.3
United States		55.5
Total		112.4	%

See accompanying Notes to Financial Statements.

56

TCW Global Bond Fund

Fair Valuation Summary (Unaudited) April 30, 2022

The following is a summary of the fair valuations according to the inputs used as of April 30, 2022 in valuing the Fund’s investments:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Corporate Bonds	$	—		$	5,400,853		$	—	$	5,400,853
Municipal Bonds		—			179,520			—		179,520
Foreign Government Bonds		—			7,215,850			—		7,215,850
Asset-Backed Securities		—			1,316,505			—		1,316,505
Commercial Mortgage-Backed Securities — Agency		—			188,263			—		188,263
Commercial Mortgage-Backed Securities — Non-Agency		—			352,956			—		352,956
Residential Mortgage-Backed Securities — Agency		—			3,166,933			—		3,166,933
Residential Mortgage-Backed Securities — Non-Agency		—			1,300,622			61,202		1,361,824
U.S. Treasury Securities		329,909			—			—		329,909
Total Fixed Income Securities		329,909			19,121,502			61,202		19,512,613
Money Market Investments		303,045			—			—		303,045
Investment Companies		595,461			—			—		595,461
Common Stock		—			—			11,159		11,159
Rights		—			—			—		—
Total Investments	$	1,228,415		$	19,121,502		$	72,361	$	20,422,278
Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—			151,627			—		151,627
Futures Contracts
Interest Rate Risk		64,954			—			—		64,954
Total	$	1,293,369		$	19,273,129		$	72,361	$	20,638,859
Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—		$	(180,671	)	$	—	$	(180,671	)
Futures Contracts
Interest Rate Risk		(19,765	)		—			—		(19,765	)
Written Options
Interest Rate Risk		—			(34,719	)		—		(34,719	)
Total	$	(19,765	)	$	(215,390	)	$	—	$	(235,155	)

See accompanying Notes to Financial Statements.

57

TCW High Yield Bond Fund

Schedule of Investments (Unaudited)

Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES — 94.0% of Net Assets
BANK LOANS — 8.3%
Airlines — 0.1%
AAdvantage Loyalty IP Ltd. 2021 Term Loan
5.81% (3 mo. USD LIBOR + 4.750%) (1)		04/20/28	$	70,000	$	71,352
Chemicals — 0.3%
Zep, Inc. 2017 1st Lien Term Loan
5.00% (3 mo. USD LIBOR + 4.000%) (1)		08/12/24		257,087		239,091
Commercial Services — 0.6%
Spin Holdco, Inc. 2021 Term Loan
4.75% (3 mo. USD LIBOR + 4.000%) (1)		03/04/28		420,750		419,540
Computers — 0.3%
TierPoint, LLC 2021 Term Loan
4.51% (1 mo. USD LIBOR + 3.750%) (1)		05/05/26		193,123		191,950
Electric — 0.1%
Vistra Operations Co. LLC 1st Lien Term Loan B3
2.19% (1 mo. USD LIBOR + 1.750%) (1)		12/31/25		66,746		65,972
Entertainment — 1.1%
Crown Finance US, Inc. 2018 USD Term Loan
4.00% (3 mo. USD LIBOR + 2.500%) (1)		02/28/25		756,626		579,545
Crown Finance US, Inc. 2020 Term Loan B1
7.00% (3 mo. USD LIBOR +7.000%) (1)		05/23/24		219,153		254,595
Golden Nugget, Inc. 2020 Initial Term Loan
13.00% (1 mo. USD LIBOR + 12.000%) (1)		10/04/23		3,020		3,231
						837,371
Environmental Control — 0.1%
GFL Environmental, Inc. 2020 Term Loan
4.24% (3 mo. USD LIBOR + 3.000%) (1)		05/30/25		48,995		48,961
Food — 0.7%
Dhanani Group, Inc. 2018 Term Loan B
4.51% (1 mo. USD LIBOR + 3.750%) (1)		07/20/25		552,338		527,483
Health Care-Products — 0.0%
Auris Luxembourg III Sarl
0.00% (2)		02/27/26		16,005		15,685
Avantor, Inc. 2021 Term Loan B5
2.75% (1 mo. USD LIBOR + 2.250%) (1)		11/08/27		577		574
						16,259

Issues	Maturity Date		Principal Amount		Value
Health Care-Services — 0.5%
ADMI Corp. 2021 Term Loan B2
4.14% (1 mo. USD LIBOR + 3.375%) (1)		12/23/27	$	272,250	$	268,409
eResearchTechnology, Inc. 2020 1st Lien Term Loan
5.50% (1 mo. USD LIBOR + 4.500%) (1)		02/04/27		128,367		128,100
						396,509
Machinery-Diversified — 1.0%
ASP Blade Holdings, Inc. Initial Term Loan
4.76% (1 mo. USD LIBOR + 4.000%) (1)		10/13/28		558,682		549,604
Titan Acquisition Ltd. 2018 Term Loan B
4.01% (3 mo. USD LIBOR + 3.000%) (1)		03/28/25		197,573		193,435
						743,039
Media — 0.2%
DirecTV Financing, LLC Term Loan
5.76% (1 mo. USD LIBOR + 5.000%) (1)		08/02/27		159,485		159,020
Sinclair Television Group, Inc. Term Loan B2B
3.27% (1 mo. USD LIBOR + 2.500%) (1)		09/30/26		19,500		18,858
						177,878
Packaging & Containers — 1.2%
Clydesdale Acquisition Holdings, Inc. Term Loan B
4.78% (SOFR + 4.250%) (1)		04/13/29		300,000		296,457
Plaze, Inc. 2020 Incremental Term Loan
4.76% (1 mo. USD LIBOR + 3.750%) (1)		08/03/26		211,782		204,634
Proampac PG Borrower LLC 2020 Term Loan
4.50% (1 mo. USD LIBOR + 3.750%) (1)		11/03/25		377,155		372,128
						873,219
Pharmaceuticals — 0.4%
Elanco Animal Health, Inc. Term Loan B
2.21% (1 mo. USD LIBOR + 1.750%) (1)		08/01/27		271,079		266,018
Endo Luxembourg Finance Company I Sarl 2021 Term Loan
5.81% (1 mo. USD LIBOR + 5.000%) (1)		03/27/28		37,166		34,583
						300,601
Retail — 0.1%
1011778 B.C. Unlimited Liability Co. Term Loan B4
2.51% (1 mo. USD LIBOR + 1.750%) (1)		11/19/26		78,815		77,460

See accompanying Notes to Financial Statements.

58

TCW High Yield Bond Fund

April 30, 2022

Issues	Maturity Date		Principal Amount		Value
Software — 0.2%
CT Technologies Intermediate Holdings, Inc. 2021 Term Loan B
5.01% (1 mo. USD LIBOR + 4.250%) (1)		12/16/25	$	143,550	$	142,507
Telecommunications — 1.4%
CenturyLink, Inc. 2020 Term Loan B
3.01% (1 mo. USD LIBOR + 2.250%) (1)		03/15/27		68,425		65,617
Frontier Communications Corp. 2021 DIP Term Loan B
4.81% (3 mo. USD LIBOR + 3.750%) (1)		05/01/28		544,500		536,673
GTT Communications, Inc. 2018 USD Term Loan B
7.25% (3 mo. USD LIBOR + 2.750%) (1)		05/31/25		49,797		40,870
Level 3 Financing, Inc. 2019 Term Loan B
2.51% (1 mo. USD LIBOR + 1.750%) (1)		03/01/27		138,304		133,861
SBA Senior Finance II LLC 2018 Term Loan B
2.52% (1 mo. USD LIBOR + 1.750%) (1)		04/11/25		262,116		258,213
						1,035,234
Total Bank Loans
(Cost: $6,176,988)						6,164,426
CORPORATE BONDS — 85.7%
Advertising — 1.2%
National CineMedia LLC
5.88% (3)		04/15/28		1,050,000		904,218
Aerospace/Defense — 0.2%
TransDigm, Inc.
4.63%		01/15/29		195,000		169,315
Agriculture — 0.5%
BAT Capital Corp.
5.28%		04/02/50		401,000		357,198
Airlines — 0.6%
American Airlines, Inc./AAdvantage Loyalty IP, Ltd.
5.75% (3)		04/20/29		112,000		108,243
Delta Air Lines, Inc. / SkyMiles IP, Ltd.
4.75% (3)		10/20/28		222,000		219,726
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets, Ltd.
6.50% (3)		06/20/27		130,000		133,849
						461,818
Auto Manufacturers — 0.5%
Ford Motor Credit Co. LLC
2.90%		02/16/28		391,000		335,775

Issues	Maturity Date		Principal Amount		Value
Banks — 1.3%
Bank of America Corp.
4.38% (U.S. 5 year Treasury Constant Maturity Rate + 2.760%) (1)(4)		12/31/99	$	225,000	$	200,144
Bank of New York Mellon Corp. (The)
3.75% (U.S. 5 year Treasury Constant Maturity Rate + 2.630%) (1)(4)		12/31/99		285,000		255,075
Citigroup, Inc.
3.79% (SOFR + 1.939%) (1)		03/17/33		215,000		199,165
JPMorgan Chase & Co.
3.65% (U.S. 5 year Treasury Constant Maturity Rate + 2.850%) (1)(4)		12/31/99		95,000		85,500
US Bancorp
3.70% (U.S. 5 year Treasury Constant Maturity Rate + 2.541%) (1)(4)		12/31/99		300,000		258,966
						998,850
Beverages — 0.4%
Primo Water Holdings, Inc.
4.38% (3)		04/30/29		300,000		261,495
Biotechnology — 0.6%
Grifols Escrow Issuer SA
4.75% (3)		10/15/28		467,000		427,375
Chemicals — 3.9%
Axalta Coating Systems LLC
3.38% (3)		02/15/29		250,000		217,167
EverArc Escrow Sarl
5.00% (3)		10/30/29		722,000		634,010
Herens Holdco Sarl
4.75% (3)		05/15/28		575,000		512,296
SCIL IV LLC / SCIL USA Holdings LLC
5.38% (3)		11/01/26		64,000		58,494
Unifrax Escrow Issuer Corp.
5.25% (3)		09/30/28		1,187,000		1,047,979
Valvoline, Inc.
3.63% (3)		06/15/31		485,000		394,960
						2,864,906
Commercial Services — 3.6%
Adtalem Global Education, Inc.
5.50% (3)		03/01/28		198,000		181,887
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl
4.63% (3)		06/01/28		250,000		221,682
Carriage Services, Inc.
4.25% (3)		05/15/29		277,000		243,688

See accompanying Notes to Financial Statements.

59

TCW High Yield Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
Commercial Services (Continued)
Gartner, Inc.
3.75% (3)		10/01/30	$	80,000	$	71,588
4.50% (3)		07/01/28		296,000		284,101
Prime Security Services Borrower LLC / Prime Finance, Inc.
3.38% (3)		08/31/27		787,000		675,356
Rent-A-Center, Inc./TX
6.38% (3)		02/15/29		640,000		559,200
WASH Multifamily Acquisition, Inc.
5.75% (3)		04/15/26		115,000		112,055
WW International, Inc.
4.50% (3)		04/15/29		365,000		289,836
						2,639,393
Computers — 1.7%
Booz Allen Hamilton, Inc.
3.88% (3)		09/01/28		468,000		431,709
NCR Corp.
5.13% (3)		04/15/29		125,000		118,503
5.25% (3)		10/01/30		476,000		450,382
Science Applications International Corp.
4.88% (3)		04/01/28		275,000		263,477
						1,264,071
Distribution & Wholesale — 0.2%
Ritchie Bros Holdings, Inc.
4.75% (3)		12/15/31		118,000		118,084
Diversified Financial Services — 1.5%
American Express Co.
3.55% (U.S. 5 year Treasury Constant Maturity Rate + 2.854%) (1)(4)		12/31/99		230,000		198,136
Charles Schwab Corp. (The)
5.00% (U.S. 5 year Treasury Constant Maturity Rate + 3.256%) (1)(4)		12/31/99		265,000		255,982
Jane Street Group / JSG Finance, Inc.
4.50% (3)		11/15/29		475,000		438,382
Park Aerospace Holdings, Ltd.
4.50% (3)		03/15/23		251,000		251,822
						1,144,322
Electric — 1.7%
FirstEnergy Corp.
2.65%		03/01/30		395,000		335,608
5.35%		07/15/47		280,000		263,116
Pike Corp.
5.50% (3)		09/01/28		400,000		363,558
Vistra Operations Co. LLC
3.55% (3)		07/15/24		309,000		305,153
						1,267,435

Issues	Maturity Date		Principal Amount		Value
Electrical Components & Equipment — 0.5%
Energizer Holdings, Inc.
4.38% (3)		03/31/29	$	465,000	$	388,363
Engineering & Construction — 1.0%
PowerTeam Services LLC
9.03% (3)		12/04/25		795,000		753,167
Entertainment — 1.9%
Caesars Entertainment, Inc.
4.63% (3)		10/15/29		305,000		263,657
Cinemark USA, Inc.
5.25% (3)		07/15/28		70,000		62,038
5.88% (3)		03/15/26		105,000		98,875
Magallanes, Inc.
5.14% (3)		03/15/52		850,000		761,158
Penn National Gaming, Inc.
4.13% (3)		07/01/29		255,000		218,025
						1,403,753
Environmental Control — 0.9%
Clean Harbors, Inc.
5.13% (3)		07/15/29		224,000		220,080
GFL Environmental, Inc. (Canada)
4.00% (3)		08/01/28		200,000		177,000
4.38% (3)		08/15/29		345,000		306,505
						703,585
Food — 7.5%
Chobani LLC / Chobani Finance Corp, Inc.
4.63% (3)		11/15/28		185,000		166,735
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.
3.75% (3)		12/01/31		365,000		323,083
4.38% (3)		02/02/52		1,070,000		876,073
5.50% (3)		01/15/30		795,000		786,100
Kraft Heinz Foods Co.
4.38%		06/01/46		200,000		175,412
5.00%		06/04/42		90,000		86,778
5.20%		07/15/45		725,000		710,705
Nathan’s Famous, Inc.
6.63% (3)		11/01/25		11,000		11,055
Pilgrim’s Pride Corp.
3.50% (3)		03/01/32		1,225,000		1,039,682
Post Holdings, Inc.
4.50% (3)		09/15/31		490,000		409,459
4.63% (3)		04/15/30		665,000		569,366
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed
4.63% (3)		03/01/29		195,000		176,062
Smithfield Foods, Inc.
5.20% (3)		04/01/29		217,000		218,204
						5,548,714

See accompanying Notes to Financial Statements.

60

TCW High Yield Bond Fund

April 30, 2022

Issues	Maturity Date		Principal Amount		Value
Forest Products & Paper — 0.4%
Clearwater Paper Corp.
4.75% (3)		08/15/28	$	364,000	$	321,947
Health Care-Products — 1.1%
Hologic, Inc.
3.25% (3)		02/15/29		55,000		49,071
Mozart Debt Merger Sub, Inc.
3.88% (3)		04/01/29		175,000		153,155
Teleflex, Inc.
4.25% (3)		06/01/28		687,000		648,500
						850,726
Health Care-Services — 7.0%
Centene Corp.
2.45%		07/15/28		855,000		747,048
2.63%		08/01/31		110,000		92,263
Encompass Health Corp.
4.63%		04/01/31		200,000		177,128
4.75%		02/01/30		266,000		240,750
HCA, Inc.
4.63% (3)		03/15/52		440,000		385,224
5.63%		09/01/28		95,000		98,444
5.88%		02/01/29		615,000		642,266
IQVIA, Inc.
5.00% (3)		05/15/27		228,000		226,438
ModivCare Escrow Issuer, Inc.
5.00% (3)		10/01/29		545,000		477,818
Molina Healthcare, Inc.
3.88% (3)		11/15/30		1,399,000		1,269,509
3.88% (3)		05/15/32		565,000		498,499
Prime Healthcare Services, Inc.
7.25% (3)		11/01/25		340,000		342,550
						5,197,937
Household Products/Wares — 0.6%
Central Garden & Pet Co.
4.13%		10/15/30		240,000		208,255
Spectrum Brands, Inc.
3.88% (3)		03/15/31		85,000		71,602
5.50% (3)		07/15/30		215,000		200,756
						480,613
Housewares — 0.6%
Newell Brands, Inc.
4.10%		04/01/23		85,000		85,153
4.88%		06/01/25		355,000		359,437
						444,590
Insurance — 1.5%
Acrisure LLC / Acrisure Finance, Inc.
4.25% (3)		02/15/29		495,000		433,120

Issues	Maturity Date		Principal Amount		Value
Insurance (Continued)
AmWINS Group, Inc.
4.88% (3)		06/30/29	$	325,000	$	297,560
AssuredPartners, Inc.
5.63% (3)		01/15/29		200,000		176,142
Berkshire Hathaway Finance Corp.
3.85%		03/15/52		215,000		191,754
						1,098,576
Internet — 0.4%
Cogent Communications Group, Inc.
3.50% (3)		05/01/26		348,000		331,460
Iron & Steel — 0.1%
Allegheny Technologies, Inc.
5.13%		10/01/31		95,000		86,094
Lodging — 0.4%
Boyd Gaming Corp.
4.75% (3)		06/15/31		95,000		86,141
Wyndham Hotels & Resorts, Inc.
4.38% (3)		08/15/28		212,000		198,002
						284,143
Machinery-Construction & Mining — 0.4%
BWX Technologies, Inc.
4.13% (3)		06/30/28		330,000		308,147
Media — 10.7%
Block Communications, Inc.
4.88% (3)		03/01/28		355,000		333,700
Cable One, Inc.
4.00% (3)		11/15/30		565,000		486,606
CCO Holdings LLC / CCO Holdings Capital Corp.
4.25% (3)		01/15/34		265,000		211,127
Charter Communications Operating LLC / Charter Communications Operating Capital
5.25%		04/01/53		130,000		113,631
CSC Holdings LLC
3.38% (3)		02/15/31		547,000		427,995
4.13% (3)		12/01/30		190,000		157,502
4.50% (3)		11/15/31		275,000		226,740
6.50% (3)		02/01/29		1,104,000		1,050,644
Diamond Sports Group LLC / Diamond Sports Finance Co.
5.38% (3)		08/15/26		1,430,000		530,873
DirecTV Financing LLC / DirecTV Financing Co-Obligor Inc.
5.88% (3)		08/15/27		400,000		377,500
DISH DBS Corp.
5.25% (3)		12/01/26		550,000		506,014
7.38%		07/01/28		607,000		536,248
7.75%		07/01/26		30,000		28,313

See accompanying Notes to Financial Statements.

61

TCW High Yield Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
Media (Continued)
Gray Escrow II, Inc.
5.38% (3)		11/15/31	$	550,000	$	482,405
Sinclair Television Group, Inc.
4.13% (3)		12/01/30		987,000		819,876
Sirius XM Radio, Inc.
3.88% (3)		09/01/31		275,000		232,651
5.50% (3)		07/01/29		280,000		270,292
Virgin Media Secured Finance PLC (United Kingdom)
4.50% (3)		08/15/30		400,000		347,736
5.50% (3)		05/15/29		393,000		364,174
Vz Secured Financing BV
5.00% (3)		01/15/32		550,000		481,305
						7,985,332
Miscellaneous Manufacturers — 0.1%
General Electric Co.
0.99% (3 mo. USD LIBOR + 0.480%) (1)		08/15/36		52,000		43,279
Oil & Gas — 2.9%
Hess Corp.
5.60%		02/15/41		92,000		94,098
Occidental Petroleum Corp.
0.00% (5)		10/10/36		3,025,000		1,562,895
4.40%		08/15/49		175,000		148,076
Petroleos Mexicanos
7.69%		01/23/50		65,000		50,895
SM Energy Co.
6.50%		07/15/28		330,000		327,819
Valaris, Ltd.
8.25%		04/30/28		5,000		5,131
						2,188,914
Oil & Gas Services — 1.4%
Archrock Partners LP / Archrock Partners Finance Corp.
6.25% (3)		04/01/28		492,000		479,700
USA Compression Partners LP / USA Compression Finance Corp.
6.88%		09/01/27		534,000		522,599
						1,002,299
Packaging & Containers — 2.7%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
5.25% (3)		08/15/27		805,000		693,548
5.25% (3)		08/15/27		190,000		163,525
Ball Corp.
3.13%		09/15/31		360,000		302,144
Sealed Air Corp.
4.00% (3)		12/01/27		362,000		341,185

Issues	Maturity Date		Principal Amount		Value
Packaging & Containers (Continued)
Silgan Holdings, Inc.
4.13%		02/01/28	$	125,000	$	116,751
Trivium Packaging Finance BV (Netherlands)
5.50% (3)		08/15/26		410,000		396,733
						2,013,886
Pharmaceuticals — 1.4%
180 Medical, Inc.
3.88% (3)		10/15/29		500,000		445,000
Bausch Health Cos, Inc. (Canada)
5.75% (3)		08/15/27		18,000		16,875
Embecta Corp.
6.75% (3)		02/15/30		500,000		485,555
Prestige Brands, Inc.
3.75% (3)		04/01/31		85,000		72,185
						1,019,615
						��
Pipelines — 6.0%
DCP Midstream Operating LP
5.60%		04/01/44		136,000		130,307
Energy Transfer LP
5.00%		05/15/50		135,000		120,428
5.35%		05/15/45		126,000		115,461
5.40%		10/01/47		40,000		36,837
6.63% (3 mo. USD LIBOR + 4.155%) (1)(4)		12/31/99		897,000		779,269
Global Partners LP / GLP Finance Corp.
6.88%		01/15/29		540,000		527,149
NGL Energy Operating LLC / NGL Energy Finance Corp.
7.50% (3)		02/01/26		725,000		683,936
Rockies Express Pipeline LLC
4.80% (3)		05/15/30		30,000		27,450
6.88% (3)		04/15/40		541,000		513,950
Ruby Pipeline LLC
8.00% (3)(6)(7)(8)		04/01/22		210,152		187,035
TransMontaigne Partners LP / TLP Finance Corp.
6.13%		02/15/26		712,000		689,750
Venture Global Calcasieu Pass LLC
4.13% (3)		08/15/31		680,000		621,262
						4,432,834
REIT — 2.9%
American Assets Trust LP
3.38%		02/01/31		475,000		422,498
GLP Capital LP / GLP Financing II, Inc.
5.75%		06/01/28		473,000		497,246
Iron Mountain, Inc.
4.50% (3)		02/15/31		100,000		86,065
5.25% (3)		07/15/30		125,000		115,000

See accompanying Notes to Financial Statements.

62

TCW High Yield Bond Fund

April 30, 2022

Issues	Maturity Date		Principal Amount		Value
REIT (Continued)
VICI Properties LP
5.63%		05/15/52	$	380,000	$	379,145
VICI Properties LP / VICI Note Co., Inc.
4.50% (3)		01/15/28		40,000		39,627
4.63% (3)		06/15/25		512,000		510,505
5.63% (3)		05/01/24		106,000		107,505
						2,157,591
Retail — 4.2%
1011778 BC ULC / New Red Finance, Inc.
4.00% (3)		10/15/30		475,000		406,719
Asbury Automotive Group, Inc.
4.63% (3)		11/15/29		350,000		315,875
Fertitta Entertainment
4.63% (3)		01/15/29		325,000		295,003
FirstCash, Inc.
4.63% (3)		09/01/28		175,000		160,125
5.63% (3)		01/01/30		575,000		535,164
Michaels Cos, Inc. (The)
5.25% (3)		05/01/28		855,000		736,318
7.88% (3)		05/01/29		125,000		98,578
Sonic Automotive, Inc.
4.88% (3)		11/15/31		525,000		448,817
Yum! Brands, Inc.
3.63%		03/15/31		75,000		64,563
4.63%		01/31/32		85,000		77,371
						3,138,533
Telecommunications — 11.2%
Altice France SA
5.13% (3)		01/15/29		200,000		170,250
5.50% (3)		10/15/29		700,000		603,267
AT&T, Inc.
3.55%		09/15/55		768,000		592,515
4.50%		05/15/35		305,000		301,027
CommScope, Inc.
4.75% (3)		09/01/29		795,000		667,323
Intelsat Jackson Holdings S. A.
6.50% (3)(7)		03/15/30		1,729,000		1,631,588
Level 3 Financing, Inc.
3.63% (3)		01/15/29		260,000		211,788
3.88% (3)		11/15/29		1,000,000		883,810
Lumen Technologies, Inc.
4.00% (3)		02/15/27		711,000		633,074
5.38% (3)		06/15/29		740,000		603,903
SES Global Americas Holdings GP
5.30% (3)		03/25/44		559,000		499,323
T-Mobile USA, Inc.
2.25% (3)		02/15/26		600,000		553,812
2.63%		02/15/29		370,000		320,426

Issues	Maturity Date		Principal Amount		Value
Telecommunications (Continued)
Zayo Group Holdings, Inc.
4.00% (3)		03/01/27	$	780,000	$	679,946
						8,352,052
Total Corporate Bonds
(Cost: $70,401,276)						63,750,405
Total Fixed Income Securities
(Cost: $76,578,264)						69,914,831
			Shares
COMMON STOCK — 0.0%
Electric — 0.0%
Homer City Holdings LLC — Series A (6)(9)				5,610		—
Oil & Gas — 0.0%
Valaris, Ltd. (9)				668		33,901
Total Common Stock
(Cost: $340,348)						33,901
MONEY MARKET INVESTMENTS — 1.0%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.29% (10)				714,402		714,402
Total Money Market Investments
(Cost: $714,402)						714,402
WARRANTS — 0.0%
Entertainment — 0.0%
Cineworld Group PLC (9)				42,717		7,048
Total Warrants
(Cost: $—)						7,048
Total Investments (95.0%)
(Cost: $77,633,014)						70,670,182
Excess Of Other Assets Over Liabilities (5.0%)						3,716,799
Net Assets (100.0%)					$	74,386,981

See accompanying Notes to Financial Statements.

63

TCW High Yield Bond Fund

Schedule of Investments (Unaudited) (Continued)

Futures Contracts
Number of Contracts	Type	Expiration Date		Notional			Market Value			Net Unrealized Appreciation (Depreciation)
Long Futures
13	5-Year U.S. Treasury Note Futures		06/30/22	$	1,463,042		$	1,464,734		$	1,692
				$	1,463,042		$	1,464,734		$	1,692
Short Futures
20	10-Year U.S. Treasury Note Futures		06/21/22	$	(2,777,512	)	$	(2,580,000	)	$	197,512
19	U.S. Ultra Long Bond Futures		06/21/22		(3,427,775	)		(3,048,312	)		379,463
				$	(6,205,287	)	$	(5,628,312	)	$	576,975

Forward Currency Exchange Contracts
Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
BUY (11)
Goldman Sachs & Co.		EUR		269,000		07/08/22	$	293,880	$	284,707	$	(9,173	)
							$	293,880	$	284,707	$	(9,173	)
SELL (12)
Goldman Sachs & Co.		EUR		260,000		07/08/22	$	287,158	$	275,181	$	11,977
							$	287,158	$	275,181	$	11,977

Notes to the Schedule of Investments:

EETC Enhanced Equipment Trust Certificate.

REIT Real Estate Investment Trust.

EUR Euro Currency.

(1) Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2022.

(2) This position represents an unsettled bank loan at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.

(3) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2022, the value of these securities amounted to $48,029,067 or 64.6% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors.

(4) Perpetual maturity.

(5) Security is not accruing interest.

(6) For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.

(7) Restricted security (Note 11).

(8) 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.

(9) Non-income producing security.

(10) Rate disclosed is the 7-day net yield as of April 30, 2022.

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

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

See accompanying Notes to Financial Statements.

64

TCW High Yield Bond Fund

Investments by Sector (Unaudited) April 30, 2022

Sector	Percentage of Net Assets
Corporate Bonds		85.7	%
Bank Loans		8.3
Money Market Investments		1.0
Common Stock		0.0	**
Warrants		0.0	**
Other*		5.0
Total		100.0	%

* Includes capstock, futures, pending trades, interest receivable and accrued expenses payable.

** Amount rounds to less than 0.1%.

See accompanying Notes to Financial Statements.

65

TCW High Yield Bond Fund

Fair Valuation Summary (Unaudited) April 30, 2022

The following is a summary of the fair valuations according to the inputs used as of April 30, 2022 in valuing the Fund’s investments:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Bank Loans*	$	—	$	6,164,426		$	—	$	6,164,426
Corporate Bonds*		—		63,563,370			187,035		63,750,405
Total Fixed Income Securities		—		69,727,796			187,035		69,914,831
Common Stock*		33,901		—			—		33,901
Warrants		—		7,048			—		7,048
Money Market Investments		714,402		—			—		714,402
Total Investments	$	748,303	$	69,734,844		$	187,035	$	70,670,182
Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—		11,977			—		11,977
Futures Contracts
Interest Rate Risk		578,667		—			—		578,667
Total Investments	$	1,326,970	$	69,746,821		$	187,035	$	71,260,826
Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—	$	(9,173	)	$	—	$	(9,173	)
Total	$	—	$	(9,173	)	$	—	$	(9,173	)

* See Schedule of Investments for corresponding industries.

See accompanying Notes to Financial Statements.

66

TCW Short Term Bond Fund

Schedule of Investments (Unaudited) April 30, 2022

Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES — 107.9% of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY — 4.6%
Fannie Mae, Pool #AM4580
3.43%		10/01/23	$	39,501	$	39,640
Freddie Mac Multifamily Structured Pass Through Certificates (K024-X3) (I/O)
1.71% (1)		11/25/40		2,500,000		13,475
Freddie Mac Multifamily Structured Pass Through Certificates (K030-X1) (I/O)
0.26% (1)		04/25/23		18,795,613		25,076
Freddie Mac Multifamily Structured Pass Through Certificates (KF68-A)
0.94% (1 mo. USD LIBOR + 0.490%) (2)		07/25/26		51,204		51,310
Freddie Mac Multifamily Structured Pass Through Certificates (KJ28-A1)
1.77%		02/25/25		33,521		32,890
Freddie Mac Multifamily Structured Pass Through Certificates (KJ34-A1)
0.68%		06/25/26		22,660		21,067
Freddie Mac Multifamily Structured Pass Through Certificates (KL05-X1HG) (I/O)
1.37% (1)		12/25/27		500,000		26,879
Freddie Mac Multifamily Structured Pass Through Certificates (KS06-X) (I/O)
1.18% (1)		08/25/26		562,629		17,461
Freddie Mac Multifamily Structured Pass Through Certificates (KJ24-A1)
2.28%		05/25/26		5,127		5,110
Freddie Mac Multifamily Structured Pass Through Certificates (KJ27-A1)
2.09%		07/25/24		11,217		11,147
Freddie Mac Multifamily Structured Pass Through Certificates (KJ29-A1)
0.74%		01/25/26		51,284		48,682
Freddie Mac Multifamily Structured Pass-Through Certificates (KC01-X1) (I/O)
0.54% (1)		12/25/22		2,812,444		11,502
Freddie Mac Multifamily Structured Pass-Through Certificates (K024-X1) (I/O)
0.89% (1)		09/25/22		320,605		618
Freddie Mac Multifamily Structured Pass-Through Certificates (K025-X3) (I/O)
1.81% (1)		11/25/40		150,000		1,114
Freddie Mac Multifamily Structured Pass-Through Certificates (K031-X1) (I/O)
0.30% (1)		04/25/23		812,470		1,314
Freddie Mac Multifamily Structured Pass-Through Certificates (K722-X1) (I/O)
1.45% (1)		03/25/23		708,969		5,016
Freddie Mac Multifamily Structured Pass-Through Certificates (KJ26-A1)
2.14%		07/25/25		30,186		30,034

Issues	Maturity Date		Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Freddie Mac Multifamily Structured Pass-Through Certificates (KJ31-A1)
0.57%		05/25/26	$	52,424	$	49,778
Freddie Mac Multifamily Structured Pass-Through Certificates (KJ32-A1)
0.52%		06/25/25		47,479		45,285
Freddie Mac Multifamily Structured Pass-Through Certificates (KS07-X) (I/O)
0.76% (1)		09/25/25		243,454		5,192
FRESB Mortgage Trust (15-SB3-A3)
1.00% (1 mo. USD LIBOR + 0.550%) (2)		01/25/43		2,275		2,270
Ginnie Mae (07-12-C)
5.28% (1)		04/16/41		2,895		2,901
Ginnie Mae (08-92-E)
5.56% (1)		03/16/44		6,057		6,091
Ginnie Mae (10-159-D)
4.56% (1)		09/16/44		13,455		13,358
Ginnie Mae (11-165-IO) (I/O)
0.00% (1)		10/16/51		274,720		10
Total Commercial Mortgage-Backed Securities — Agency
(Cost: $578,342)						467,220
COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 7.3%
BBCMS Mortgage Trust (17-C1-A2)
3.19%		02/15/50		10,933		10,915
BBCMS Trust (15-SRCH-XB) (I/O)
0.30% (1)(3)		08/10/35		2,000,000		20,499
BFLD Trust (20-OBRK-A)
2.60% (1 mo. USD LIBOR + 2.050%) (2)(3)		11/15/28		100,000		99,283
Citigroup Commercial Mortgage Trust (13-GC11-XA) (I/O)
1.49% (1)		04/10/46		1,127,686		9,909
Citigroup Commercial Mortgage Trust (14-GC23-XB) (I/O)
0.30% (1)		07/10/47		3,784,000		17,468
COMM Mortgage Trust (12-CR2-XA) (I/O)
1.68% (1)		08/15/45		843,259		337
COMM Mortgage Trust (12-CR3-XA) (I/O)
1.99% (1)		10/15/45		1,730,894		3,403
COMM Mortgage Trust (12-CR4-XA) (I/O)
1.84% (1)		10/15/45		887,184		2,402
COMM Mortgage Trust (13-CR6-XA) (I/O)
1.13% (1)		03/10/46		2,575,571		8,143
COMM Mortgage Trust (13-CR9-ASB)
3.83%		07/10/45		13,412		13,468
COMM Mortgage Trust (13-LC6-XA) (I/O)
1.40% (1)		01/10/46		393,147		1,712

See accompanying Notes to Financial Statements.

67

TCW Short Term Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
COMM Mortgage Trust (14-CR14-A2)
3.15%		02/10/47	$	64,991	$	64,149
COMM Mortgage Trust (14-CR19-XA) (I/O)
1.10% (1)		08/10/47		79,353		1,364
COMM Mortgage Trust (14-CR20-A3)
3.33%		11/10/47		16,291		16,122
COMM Mortgage Trust (15-CR23-A2)
2.85%		05/10/48		22,791		22,693
COMM Mortgage Trust (16-DC2-XA) (I/O)
1.10% (1)		02/10/49		769,648		21,451
GS Mortgage Securities Trust (13-GC14-A4)
3.96%		08/10/46		25,078		24,891
GS Mortgage Securities Trust (15-GC32-A2)
3.06%		07/10/48		38,232		38,147
JPMBB Commercial Mortgage Securities Trust (14-C18-XA) (I/O)
0.92% (1)		02/15/47		1,045,189		10,897
JPMorgan Chase Commercial Mortgage Securities Trust (12-C8-XA) (I/O)
1.94% (1)		10/15/45		828,500		596
LoanCore Issuer, Ltd. (19-CRE3-A)
1.60% (1 mo. USD LIBOR + 1.050%) (2)(3)		04/15/34		49,728		49,190
LoanCore Issuer, Ltd. (19-CRE3-AS)
1.92% (1 mo. USD LIBOR + 1.370%) (2)(3)		04/15/34		37,800		37,512
Morgan Stanley Bank of America Merrill Lynch Trust (12-C5-XA) (I/O)
1.45% (1)(3)		08/15/45		487,227		25
Morgan Stanley Bank of America Merrill Lynch Trust (13-C12-XA) (I/O)
0.73% (1)		10/15/46		334,122		1,894
Morgan Stanley Bank of America Merrill Lynch Trust (13-C7-XA) (I/O)
1.40% (1)		02/15/46		2,048,614		9,866
Morgan Stanley Bank of America Merrill Lynch Trust (14-C15-A3)
3.77%		04/15/47		11,257		11,223
PFP, Ltd. (19-6-A)
1.60% (1 mo. USD LIBOR + 1.050%) (2)(3)		04/14/37		23,641		23,474
SREIT Trust (21-MFP-A)
1.28% (1 mo. USD LIBOR + 0.731%) (2)(3)		11/15/38		100,000		98,060
UBS-Barclays Commercial Mortgage Trust (12-C3-XA) (I/O)
1.95% (1)(3)		08/10/49		906,023		2,073
UBS-Barclays Commercial Mortgage Trust (12-C4-XA) (I/O)
1.71% (1)(3)		12/10/45		1,558,100		4,007

Issues	Maturity Date		Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Wells Fargo Commercial Mortgage Trust (15-NXS2-XA) (I/O)
0.79% (1)		07/15/58	$	1,498,755	$	25,012
WFRBS Commercial Mortgage Trust (12-C7-A2)
3.43%		06/15/45		3,554		3,550
WFRBS Commercial Mortgage Trust (12-C7-XA) (I/O)
1.14% (1)(3)		06/15/45		190,969		59
WFRBS Commercial Mortgage Trust (12-C8-A3)
3.00%		08/15/45		5,529		5,525
WFRBS Commercial Mortgage Trust (12-C8-XA) (I/O)
1.81% (1)(3)(4)		08/15/45		155,804		12
WFRBS Commercial Mortgage Trust (12-C9-XA) (I/O)
2.00% (1)(3)		11/15/45		1,888,968		4,366
WFRBS Commercial Mortgage Trust (12-C9-XB) (I/O)
0.88% (1)(3)		11/15/45		3,224,000		8,870
WFRBS Commercial Mortgage Trust (14-C21-XA) (I/O)
1.17% (1)		08/15/47		1,546,353		27,943
WFRBS Commercial Mortgage Trust (14-C24-A3)
3.43%		11/15/47		37,918		37,123
Total Commercial Mortgage-Backed Securities — Non-Agency
(Cost: $1,059,843)						737,633
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY — 22.3%
Fannie Mae (03-11-FA)
1.67% (1 mo. USD LIBOR + 1.000%) (2)		09/25/32		7,967		7,962
Fannie Mae (06-23-FP) (PAC)
0.97% (1 mo. USD LIBOR + 0.300%) (2)		04/25/36		11,501		11,503
Fannie Mae (07-64-FA)
1.14% (1 mo. USD LIBOR + 0.470%) (2)		07/25/37		17,690		17,758
Fannie Mae (08-24-PF) (PAC)
1.32% (1 mo. USD LIBOR + 0.650%) (2)		02/25/38		9,051		9,120
Fannie Mae (10-118-GF) (PAC)
1.22% (1 mo. USD LIBOR + 0.550%) (2)		10/25/39		12,585		12,614
Fannie Mae (11-75-HP) (PAC)
2.50%		07/25/40		4,130		4,126
Fannie Mae (12-19-FG) (PAC)
1.17% (1 mo. USD LIBOR + 0.500%) (2)		12/25/39		19,637		19,641
Fannie Mae (12-93-GF) (PAC)
0.92% (1 mo. USD LIBOR + 0.250%) (2)		07/25/40		3,900		3,901
Fannie Mae (20-10-FA)
1.17% (1 mo. USD LIBOR + 0.500%) (2)		03/25/50		19,160		19,247

See accompanying Notes to Financial Statements.

68

TCW Short Term Bond Fund

April 30, 2022

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Fannie Mae (17-10-FA)
1.07% (1 mo. USD LIBOR + 0.400%) (2)		03/25/47	$	43,222	$	43,393
Fannie Mae, Pool #254548
5.50%		12/01/32		6,177		6,576
Fannie Mae, Pool #600187
7.00%		07/01/31		12,824		13,517
Fannie Mae, Pool #995364
6.00%		10/01/38		4,667		5,066
Fannie Mae, Pool #AL0851
6.00%		10/01/40		3,710		4,048
Freddie Mac (3071-TF) (PAC)
0.85% (1 mo. USD LIBOR + 0.300%) (2)		04/15/35		12,036		12,045
Freddie Mac (3300-FA)
0.85% (1 mo. USD LIBOR + 0.300%) (2)		08/15/35		19,053		19,092
Freddie Mac (3318-F)
0.80% (1 mo. USD LIBOR + 0.250%) (2)		05/15/37		23,335		23,168
Freddie Mac (3946-FG) (PAC)
0.90% (1 mo. USD LIBOR + 0.350%) (2)		10/15/39		2,600		2,602
Freddie Mac (4231-FD)
0.90% (1 mo. USD LIBOR + 0.350%) (2)		10/15/32		27,322		27,310
Freddie Mac (263-F5)
1.05% (1 mo. USD LIBOR + 0.500%) (2)		06/15/42		16,830		16,852
Ginnie Mae II, Pool #80022
1.75% (1-year Treasury Constant Maturity Rate + 1.500%) (2)		12/20/26		6,083		6,164
Ginnie Mae II, Pool #80636
1.63% (1-year Treasury Constant Maturity Rate + 1.500%) (2)		09/20/32		3,957		3,991
Ginnie Mae II, Pool #80757
1.63% (1-year Treasury Constant Maturity Rate + 1.500%) (2)		10/20/33		3,158		3,156
Ginnie Mae II, Pool #80797
2.00% (1-year Treasury Constant Maturity Rate + 1.500%) (2)		01/20/34		17,718		17,866
Ginnie Mae II, Pool #80937
1.88% (1-year Treasury Constant Maturity Rate + 1.500%) (2)		06/20/34		8,422		8,629
Ginnie Mae II TBA, 30 Year
2.50% (5)		11/30/51		400,000		371,134

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Uniform Mortgage-Backed Securities TBA, 30 Year
2.00% (5)		11/30/51	$	250,000	$	219,986
2.00% (5)		11/30/51		225,000		198,452
3.00% (5)		01/30/52		700,000		660,023
3.50% (5)		03/01/52		50,000		48,481
2.50% (5)		12/30/51		425,000		387,727
4.00% (5)		03/30/52		50,000		49,703
Total Residential Mortgage-Backed Securities — Agency
(Cost: $2,301,631)						2,254,853
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 9.6%
ABFC Trust (02-WF2-A2)
1.79% (1 mo. USD LIBOR + 1.125%) (2)		05/25/32		27,998		27,656
Accredited Mortgage Loan Trust (05-1-M2)
1.70% (1 mo. USD LIBOR + 1.035%) (2)		04/25/35		33,950		34,118
BNC Mortgage Loan Trust (06-2-A4)
0.99% (1 mo. USD LIBOR + 0.320%) (2)		11/25/36		33,443		32,649
Credit Suisse First Boston Mortgage Securities Corp. (02-AR31-6A1)
2.15% (1)		11/25/32		7,869		7,694
CWABS Asset-Backed Certificates Trust (05-11-MV3)
1.46% (1 mo. USD LIBOR + 0.795%) (2)		02/25/36		11,167		11,165
First Franklin Mortgage Loan Asset-Backed Certificates (04-FF5-A3C)
1.67% (1 mo. USD LIBOR + 1.000%) (2)		08/25/34		9,761		9,709
JPMorgan Mortgage Acquisition Trust (06-ACC1-M1)
1.07% (1 mo. USD LIBOR + 0.405%) (2)		05/25/36		64,558		65,153
JPMorgan Mortgage Acquisition Trust (07-CH4-A5)
0.91% (1 mo. USD LIBOR + 0.240%) (2)		05/25/37		69,925		69,421
JPMorgan Mortgage Trust (18-8-A3)
4.00% (1)(3)		01/25/49		61,920		61,282
Morgan Stanley Capital I, Inc. Trust (06-NC2-A2D)
1.25% (1 mo. USD LIBOR + 0.580%) (2)		02/25/36		38,212		37,906
New Century Home Equity Loan Trust (05-1-M1)
1.34% (1 mo. USD LIBOR + 0.675%) (2)		03/25/35		70,660		70,628
NovaStar Mortgage Funding Trust Series (05-1-M5)
1.75% (1 mo. USD LIBOR + 1.080%) (2)		06/25/35		31,753		32,087

See accompanying Notes to Financial Statements.

69

TCW Short Term Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates 2005-2 (05-2-M5)
1.64% (1 mo. USD LIBOR + 0.975%) (2)		04/25/35	$	90,000	$	89,020
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates (04-WHQ2-M4)
2.24% (1 mo. USD LIBOR + 1.575%) (2)		02/25/35		38,940		38,909
RASC Series Trust (05-EMX1-M1)
1.31% (1 mo. USD LIBOR + 0.645%) (2)		03/25/35		39,294		39,145
RASC Series Trust (06-KS3-M1)
1.16% (1 mo. USD LIBOR + 0.330%) (2)		04/25/36		41,553		41,581
Residential Accredit Loans, Inc. (02-QS16-A2)
1.22% (1 mo. USD LIBOR + 0.550%) (2)(6)		10/25/17		68		36
Soundview Home Loan Trust (05-OPT1-M2)
1.34% (1 mo. USD LIBOR + 0.675%) (2)		06/25/35		24,988		24,861
Structured Asset Investment Loan Trust (05-11-A3)
1.27% (1 mo. USD LIBOR + 0.600%) (2)		01/25/36		18,366		18,270
Structured Asset Investment Loan Trust (05-HE3-M1)
1.39% (1 mo. USD LIBOR + 0.720%) (2)		09/25/35		28,902		28,717
VOLT XCIV LLC (21-NPL3-A1)
2.24% (3)		02/27/51		139,738		134,044
Wells Fargo Home Equity Asset-Backed Securities Trust (05-4-M3)
1.42% (1 mo. USD LIBOR + 0.750%) (2)		12/25/35		100,000		99,289
Total Residential Mortgage-Backed Securities — Non-Agency
(Cost: $937,224)						973,340
CORPORATE BONDS — 20.4%
Aerospace & Defense — 0.3%
BAE Systems Holdings, Inc.
3.85% (3)		12/15/25		20,000		19,766
Boeing Co. (The)
1.43%		02/04/24		15,000		14,422
						34,188
Agriculture — 0.5%
Imperial Brands Finance PLC
3.75% (3)		07/21/22		30,000		30,017
4.25% (3)		07/21/25		20,000		19,875
						49,892

Issues	Maturity Date		Principal Amount		Value
Auto Manufacturers — 0.3%
Daimler Finance North America LLC
1.75% (3)		03/10/23	$	25,000	$	24,784
Ford Motor Credit Co. LLC
2.37% (3 mo. USD LIBOR + 1.080%) (2)		08/03/22		5,000		4,994
						29,778
Banks — 10.3%
Bank of America Corp.
1.73% (SOFR + 0.960%) (2)		07/22/27		100,000		89,785
3.46% (3 mo. USD LIBOR + 0.970%) (2)		03/15/25		20,000		19,848
3.84% (SOFR + 1.110%)(2)		04/25/25		30,000		29,977
Citigroup, Inc.
1.28% (SOFR + 0.528%) (2)		11/03/25		30,000		28,091
2.01% (SOFR+ 0.694%) (2)		01/25/26		30,000		28,394
Credit Suisse Group AG
2.59% (SOFR + 1.560%) (2)(3)		09/11/25		10,000		9,540
3.80%		06/09/23		20,000		20,075
DNB Bank ASA
0.86% (1 year Treasury Constant Maturity Rate + 0.330%) (2)(3)		09/30/25		30,000		28,130
Goldman Sachs Group, Inc. (The)
0.93% (SOFR + 0.486%) (2)		10/21/24		10,000		9,615
1.22%		12/06/23		95,000		92,382
HSBC Holdings PLC
0.98% (SOFR + 0.708%) (2)		05/24/25		35,000		32,878
3.00% (SOFR+ 1.430%) (2)		03/10/26		45,000		43,403
JPMorgan Chase & Co.
0.77% (SOFR + 0.490%) (2)		08/09/25		10,000		9,345
0.97% (SOFR + 0.580%) (2)		06/23/25		55,000		51,752
4.02% (3 mo. USD LIBOR +1.000%) (2)		12/05/24		55,000		55,284
Lloyds Banking Group PLC (United Kingdom)
2.91% (3 mo. USD LIBOR +0.810%) (2)		11/07/23		15,000		14,991
3.87% (1-year Treasury Constant Maturity Rate + 3.500%) (2)		07/09/25		40,000		39,964
Macquarie Group, Ltd. (Australia)
1.20% (SOFR + 0.694%) (2)(3)		10/14/25		15,000		14,022
3.19% (3 mo. USD LIBOR + 1.023%) (2)(3)		11/28/23		45,000		45,019
Morgan Stanley
0.53% (SOFR + 0.455%) (2)		01/25/24		35,000		34,286
1.16% (SOFR + 0.560%) (2)		10/21/25		75,000		70,096
4.21% (SOFR+ 1.610%) (2)		04/20/28		25,000		24,818

See accompanying Notes to Financial Statements.

70

TCW Short Term Bond Fund

April 30, 2022

Issues	Maturity Date		Principal Amount		Value
Banks (Continued)
NatWest Group PLC
3.50% (3 mo. USD LIBOR + 1.480%) (2)		05/15/23	$	30,000	$	30,002
4.52% (3 mo. USD LIBOR + 1.550%) (2)		06/25/24		25,000		25,215
Santander UK Group Holdings PLC (United Kingdom)
3.37% (3 mo. USD LIBOR + 1.080%) (2)		01/05/24		85,000		84,857
UBS Group AG (Switzerland)
2.86% (3 mo. USD LIBOR + 0.954%) (2)(3)		08/15/23		30,000		29,944
Wells Fargo & Co.
3.53% (SOFR + 1.510%) (2)		03/24/28		15,000		14,443
3.91% (SOFR+ 1.320%) (2)		04/25/26		65,000		64,579
						1,040,735
Biotechnology — 0.1%
Royalty Pharma PLC
0.75%		09/02/23		10,000		9,670
Chemicals — 0.1%
International Flavors & Fragrances, Inc.
0.70% (3)		09/15/22		10,000		9,944
Diversified Financial Services — 0.5%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)
4.88%		01/16/24		10,000		10,061
American Express Co.
2.25%		03/04/25		20,000		19,311
Capital One Financial Corp.
1.34% (SOFR + 0.690%) (2)		12/06/24		20,000		19,246
Park Aerospace Holdings, Ltd.
4.50% (3)		03/15/23		5,000		5,016
						53,634
Electric — 0.9%
American Electric Power
2.03%		03/15/24		30,000		29,221
Dominion Energy, Inc.
3.30%		03/15/25		25,000		24,809
Nextera Energy Capital Co.
2.94%		03/21/24		40,000		39,694
						93,724
Health Care-Products — 0.6%
Baxter International, Inc.
0.87% (3)		12/01/23		25,000		24,055
Fresenius US Finance II, Inc.
4.50% (3)		01/15/23		15,000		15,107

Issues	Maturity Date		Principal Amount		Value
Health Care-Products (Continued)
Thermo Fisher Scientific, Inc.
1.22%		10/18/24	$	25,000	$	23,725
						62,887
Health Care-Services — 0.9%
CommonSpirit Health
2.76%		10/01/24		10,000		9,783
Dignity Health
3.13%		11/01/22		10,000		10,042
HCA, Inc.
5.25%		06/15/26		45,000		46,318
Humana, Inc.
0.65%		08/03/23		30,000		29,146
						95,289
Insurance — 0.9%
Athene Global Funding
0.92% (SOFR + 0.700%) (2)(3)		05/24/24		30,000		29,651
Metropolitan Life Global Funding I
3.00% (3)		01/10/23		20,000		20,088
Trinity Acquisition PLC
4.63%		08/15/23		35,000		35,566
						85,305
Miscellaneous Manufacturers — 0.1%
General Electric Co.
0.70% (3 mo. USD LIBOR + 0.380%) (2)		05/05/26		5,000		4,875
Oil & Gas — 0.1%
Petroleos Mexicanos Co.
6.70%		02/16/32		13,000		11,234
Packaging & Containers — 0.1%
Berry Global, Inc.
0.95%		02/15/24		15,000		14,340
Pharmaceuticals — 1.2%
AbbVie, Inc.
3.25%		10/01/22		40,000		40,106
Bayer US Finance II LLC
4.25% (3)		12/15/25		30,000		30,134
Bayer US Finance LLC
3.38% (3)		07/15/24		10,000		9,956
Becton Dickinson and Co.
3.73%		12/15/24		20,000		20,032
CVS Health Corp.
2.75%		12/01/22		25,000		25,073
						125,301

See accompanying Notes to Financial Statements.

71

TCW Short Term Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
REIT — 1.7%
American Campus Communities Operating Partnership LP
3.75%		04/15/23	$	30,000	$	30,104
Camden Property Trust
2.95%		12/15/22		25,000		25,085
GLP Capital LP / GLP Financing II, Inc.
5.38%		11/01/23		25,000		25,364
Kilroy Realty LP
3.45%		12/15/24		40,000		39,439
Piedmont Operating Partnership LP
3.40%		06/01/23		30,000		29,967
VICI Properties LP
4.38%		05/15/25		10,000		9,991
4.75%		02/15/28		10,000		9,963
						169,913
Semiconductors — 0.2%
NXP BV / NXP Funding LLC
4.63% (3)		06/01/23		15,000		15,181
Software — 0.3%
Take-Two Interactive Software, Inc.
3.30%		03/28/24		25,000		24,869
Telecommunications — 1.3%
SES SA
3.60% (3)		04/04/23		35,000		35,035
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC
4.74% (3)		03/20/25		75,000		75,621
T-Mobile USA, Inc.
3.88%		04/15/30		25,000		23,706
						134,362
Total Corporate Bonds
(Cost: $2,142,618)						2,065,121
MUNICIPAL BONDS — 2.6%
City and County of Denver Co. Airport System Revenue, Revenue Bond
1.12%		11/15/24		10,000		9,451
City of Baltimore MD, General Obligation Unlimited
5.00%		10/15/25		50,000		51,659
City of New York NY, General Obligation Unltd
0.43%		08/01/22		75,000		74,849
County of Miami-Dade FL Aviation Revenue
2.32%		10/01/22		15,000		15,016
New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bond
2.31%		11/01/26		25,000		23,588
New York State Dormitory Authority, Revenue Bond
5.00%		03/15/24		15,000		15,502

Issues	Maturity Date		Principal Amount		Value
MUNICIPAL BONDS (Continued)
State of California
2.50%		10/01/22	$	75,000	$	75,321
Total Municipal Bonds
(Cost: $274,594)						265,386
U.S. TREASURY SECURITIES — 28.0%
U.S. Treasury Note
1.75%		03/15/25		1,650,000		1,597,611
2.50%		03/31/27		45,000		44,104
2.63%		04/15/25		1,184,000		1,175,582
2.88%		04/30/27		17,000		16,848
Total U.S. Treasury Securities
(Cost: $2,854,843)						2,834,145
ASSET-BACKED SECURITIES — 6.4%
BSPRT Issuer, Ltd. (19-FL5-A)
1.70% (1 mo. USD LIBOR + 1.150%) (2)(3)		05/15/29		68,415		68,044
CoreVest American Finance Trust (19-1-XA) (I/O)
2.33% (1)(3)		03/15/52		265,022		10,650
FS Rialto (19-FL1-A)
1.75% (1 mo. USD LIBOR + 1.200%) (2)(3)		12/16/36		149,052		146,986
Magnetite XVIII, Ltd. (16-18A-AR2)
1.39% (3 mo. USD LIBOR + 0.880%) (2)(3)		11/15/28		94,429		93,809
MF1, Ltd. (20-FL4-A)
2.32% (SOFR + 1.814) (2)(3)		11/15/35		18,000		17,869
Navient Private Education Refi Loan Trust (20-BA-A2)
2.12% (3)		01/15/69		63,573		62,263
Navient Private Education Refi Loan Trust (21-BA-A)
0.94% (3)		07/15/69		74,082		69,180
Navient Private Education Refi Loan Trust (21-CA-A)
1.06% (3)		10/15/69		80,641		75,902
Tricon American Homes Trust (17-SFR2-A)
2.93% (3)		01/17/36		37,934		37,507
Tricon American Homes Trust (17-SFR2-B)
3.28% (3)		01/17/36		39,000		38,349
United States Small Business Administration (02-20I-1)
4.89%		09/01/22		1,097		1,100
United States Small Business Administration (05-20B-1)
4.63%		02/01/25		21,496		21,503
Total Asset-backed Securities
(Cost: $671,551)						643,162
U.S. GOVERNMENT AGENCY OBLIGATIONS — 6.7%
Federal Home Loan Banks
1.04%		06/14/24		185,000		177,540
1.20%		12/23/24		285,000		272,275

See accompanying Notes to Financial Statements.

72

TCW Short Term Bond Fund

April 30, 2022

Issues	Maturity Date		Principal Amount		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
1.61%		09/04/24	$	45,000	$	43,693
1.61%		09/04/24		40,000		39,123
United States International Development Finance Corp.
1.49%		08/15/31		160,000		147,116
Total U.S. Government Agency Obligations
(Cost: $715,970)						679,747
Total Fixed Income Securities
(Cost: $11,536,616)						10,920,607
			Shares
MONEY MARKET INVESTMENTS — 2.8%
State Street Institutional U.S. Government Money Market Fund — Premier Class
0.29% (7)				285,626		285,626
Total Money Market Investments
(Cost: $285,626)						285,626
	Maturity Date		Principal Amount
SHORT TERM INVESTMENTS — 11.9%
U.S. Treasury Securities — 10.7%
U.S. Treasury Bill
1.10% (8)		09/22/22	$	257,000		255,877
1.05% (8)		09/08/22		143,000		142,459
1.27% (8)		10/13/22		207,000		205,804
1.17% (8)		10/06/22		205,000		203,956
1.09% (8)		09/01/22		70,000		69,739
1.17% (8)		10/06/22		210,000		208,931
Total U.S. Treasury Securities
(Cost: $1,087,268)						1,086,766

Issues	Maturity Date		Principal Amount		Value
Foreign Government Bonds — 1.2%
Japan Treasury Bill
0.00% (9)		08/01/22		JPY 15,000,000	$	115,846
Total Foreign Government Bonds
(Cost: $115,848						115,846
Total Short Term Investments
(Cost: $1,203,116)						1,202,612
Total Investments (122.6%)
(Cost: $13,025,358)						12,408,845
Liabilities In Excess Of Other Assets (-22.6%)						(2,290,849	)
Net Assets (100.0%)					$	10,117,996

Forward Currency Exchange Contracts
Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
BUY (10)
Citibank N.A.		JPY		15,009,300		05/06/22	$	115,270	$	115,848	$	578
SELL (11)
Citibank N.A.		JPY		15,000,000		08/01/22	$	115,622	$	116,213	$	(591	)

See accompanying Notes to Financial Statements.

73

TCW Short Term Bond Fund

Schedule of Investments (Unaudited) (Continued)

Futures Contracts
Number of Contracts	Type	Expiration Date		Notional Contract Value			Value			Net Unrealized Appreciation (Depreciation)
Long Futures
2	2-Year U.S. Treasury Note Futures		06/30/22	$	422,785		$	421,625		$	(1,160	)
Short Futures
4	10-Year U.S. Treasury Note Futures		06/21/22	$	(554,226	)	$	(516,000	)	$	38,226
15	5-Year U.S. Treasury Note Futures		06/30/22		(1,761,509	)		(1,690,078	)		71,431
1	U.S. Ultra Long Bond Futures		06/21/22		(184,045	)		(160,438	)		23,607
				$	(2,499,780	)	$	2,366,516		$	133,264

Notes to the Schedule of Investments:

ABS Asset-Backed Securities.

I/O Interest Only Security.

PAC Planned Amortization Class.

REIT Real Estate Investment Trust.

SOFR Secured Overnight Financing Rate.

TBA To Be Announced.

JPY Japanese Yen.

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

(2) Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2022.

(3) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2022, the value of these securities amounted to $1,654,200 or 16.4% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors.

(4) Restricted security (Note 11).

(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) The maturity date of the security has been extended past the date disclosed. The new maturity date is not known as of April 30, 2022.

(7) Rate disclosed is the 7-day net yield as of April 30, 2022.

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

(9) Security is not accruing interest.

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

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

See accompanying Notes to Financial Statements.

74

TCW Short Term Bond Fund

Investments by Sector (Unaudited) April 30, 2022

Sector	Percentage of Net Assets
U.S. Treasury Securities		38.7	%
Residential Mortgage-Backed Securities — Agency		22.3
Corporate Bonds		20.4
Residential Mortgage-Backed Securities — Non-Agency		9.6
Commercial Mortgage-Backed Securities — Non-Agency		7.3
U.S. Government Agency Obligations		6.7
Asset-Backed Securities		6.4
Commercial Mortgage-Backed Securities — Agency		4.6
Money Market Investments		2.8
Municipal Bonds		2.6
Foreign Government Bonds		1.2
Other*		(22.6	)
Total		100.0	%

* Includes futures, pending trades, interest receivable and accrued expenses payable.

See accompanying Notes to Financial Statements.

75

TCW Short Term Bond Fund

Fair Valuation Summary (Unaudited) April 30, 2022

The following is a summary of the fair valuations according to the inputs used as of April 30, 2022 in valuing the Fund’s investments:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Commercial Mortgage-Backed Securities — Agency	$	—		$	467,220		$	—	$	467,220
Commercial Mortgage-Backed Securities — Non-Agency		—			737,633			—		737,633
Residential Mortgage-Backed Securities — Agency		—			2,254,853			—		2,254,853
Residential Mortgage-Backed Securities — Non-Agency		—			973,340			—		973,340
Corporate Bonds*		—			2,065,121			—		2,065,121
Municipal Bonds		—			265,386			—		265,386
U.S. Treasury Securities		2,834,145			—			—		2,834,145
Asset-Backed Securities		—			643,162			—		643,162
U.S. Government Agency Obligations		—			679,747			—		679,747
Total Fixed Income Securities		2,834,145			8,086,462			—		10,920,607
Money Market Investments		285,626			—			—		285,626
Short-Term Investments		1,086,766			115,846			—		1,202,612
Total Investments	$	4,206,537		$	8,202,308		$	—	$	12,408,845
Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—			578			—		578
Futures Contracts
Interest Rate Risk		133,264			—			—		133,264
Total Investments	$	4,339,801		$	8,202,886		$	—	$	12,542,687
Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—		$	(591	)	$	—	$	(591	)
Futures Contracts
Interest Rate Risk		(1,160	)		—			—		(1,160	)
Total	$	(1,160	)	$	(591	)	$	—	$	(1,751	)

* See Schedule of Investments for corresponding industries.

See accompanying Notes to Financial Statements.

76

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) April 30, 2022

Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES — 122.5% of Net Assets
ASSET-BACKED SECURITIES — 11.7%
321 Henderson Receivables I LLC (13-3A-A)
4.08% (1)		01/17/73	$	5,783,832	$	5,824,118
AGL CLO, Ltd. (21-13A-B)
2.71% (3 mo. USD LIBOR + 1.650%) (1)(2)		10/20/34		16,585,000		16,329,591
Allegro CLO XII, Ltd. (20-1A-A1)
2.35% (3 mo. USD LIBOR + 1.250%) (1)(2)		01/21/32		17,125,000		17,063,864
Amsr Trust
4.99% (1)		09/17/37		9,512,000		9,148,834
Apidos CLO (21-37A-B)
2.74% (3 mo. USD LIBOR + 1.600%) (1)(2)		10/22/34		17,000,000		16,709,300
Barings CLO, Ltd. (20-4A-A)
2.28% (3 mo. USD LIBOR + 1.220%) (1)(2)		01/20/32		18,500,000		18,391,775
Blackrock DLF VIII-L CLO Trust (21-1A-A)
2.39% (3 mo. USD LIBOR + 1.350%) (1)(2)		04/17/32		3,861,628		3,863,343
Carvana Auto Receivables Trust (21-N3)
2.53% (1)		06/12/28		1,897,089		1,895,696
CIFC Funding, Ltd. (22-2A-INCB)
1.00% (1)(3)		04/19/35		3,300,000		3,000,116
Cologix Data Centers US Issuer LLC (21-1A-A2)
3.30% (1)		12/26/51		12,065,000		11,411,176
CoreVest American Finance Trust (20-1-XA) (I/O)
2.82% (1)(3)		03/15/50		48,751,778		4,178,327
CoreVest American Finance Trust (20-1-XB) (I/O)
2.22% (1)(3)		03/15/50		38,948,500		4,095,334
CoreVest American Finance Trust (20-4-XA) (I/O)
3.87% (1)(3)		12/15/52		53,775,078		5,589,169
CoreVest American Finance Trust (20-4-XB) (I/O)
2.83% (1)(3)		12/15/52		27,500,000		2,945,099
CoreVest American Finance Trust (21-1-XA) (I/O)
3.10% (1)(3)		04/15/53		73,593,868		6,677,047
Dryden CLO, Ltd. (20-83A-A)
2.26% (3 mo. USD LIBOR + 1.220%) (1)(2)		01/18/32		18,000,000		17,908,200
EFS Volunteer No 2 LLC (12-1-A2)
2.02% (1 mo. USD LIBOR + 1.350%) (1)(2)		03/25/36		4,116,660		4,145,180
EFS Volunteer No 3 LLC (12-1-A3)
1.67% (1 mo. USD LIBOR + 1.000%) (1)(2)		04/25/33		8,964,704		8,913,473
Flatiron RR CLO, LLC (21-2A-B)
2.64% (3 mo. USD LIBOR + 1.600%) (1)(2)		10/15/34		15,600,000		15,291,120
Flexential Issuer 2021-1 (21-1A-A2)
3.25% (1)		11/27/51		10,950,000		10,392,447

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (Continued)
GCI Funding I LLC (21-1-A)
2.38% (1)		06/18/46	$	25,833,907	$	23,435,786
Global SC Finance (14-1A-A2)
3.09% (1)		07/17/29		3,663,251		3,589,635
GoldenTree Loan Management US CLO, Ltd. (19-4A-AR)
2.29% (3 mo. USD LIBOR + 1.110%) (1)(2)		04/24/31		15,800,000		15,699,670
Higher Education Funding I (14-1-A)
1.55% (3 mo. USD LIBOR + 1.050%) (1)(2)		05/25/34		7,374		7,383
HPS Loan Management, Ltd. (0A-16-A2RR)
2.71% (3 mo. USD LIBOR + 1.650%) (1)(2)		04/20/34		20,000,000		19,623,760
LCM XXIV, Ltd. (24A-AR)
2.04% (3 mo. USD LIBOR + 0.980%) (1)(2)		03/20/30		10,000,000		9,934,460
Lucali CLO, Ltd. (20-1A-A)
2.25% (3 mo. USD LIBOR + 1.210%) (1)(2)		01/15/33		18,000,000		17,912,700
Madison Park Funding XLVIII, Ltd. (21-48A-A)
2.19% (3 mo. USD LIBOR + 1.150%) (1)(2)		04/19/33		18,000,000		17,887,500
Madison Park Funding XXXVIII, Ltd. (21-38A-B)
2.69% (3 mo. USD LIBOR + 1.650%) (1)(2)		07/17/34		10,000,000		9,946,000
Navient Student Loan Trust (14-3-A)
1.29% (1 mo. USD LIBOR + 0.620%) (2)		03/25/83		19,330,262		18,935,858
Navient Student Loan Trust (14-4-A)
1.08% (1 mo. USD LIBOR + 0.620%) (2)		03/25/83		10,480,123		10,267,508
Navient Student Loan Trust (16-5A-A)
1.92% (1 mo. USD LIBOR + 1.250%) (1)(2)		06/25/65		14,052,901		14,288,822
Neuberger Berman Loan Advisers CLO, Ltd. (20-36A-A1R)
2.31% (3 mo. USD LIBOR + 1.250%) (1)(2)		04/20/33		18,750,000		18,645,562
OHA Credit Funding 3, Ltd. (19-3A-BR)
2.71% (3 mo. USD LIBOR + 1.650%) (1)(2)		07/02/35		13,000,000		12,820,964
OHA Credit Funding, Ltd. (21-9A-B)
2.74% (3 mo. USD LIBOR + 1.700%) (1)(2)		07/19/35		17,500,000		17,301,602
Palmer Square CLO, Ltd. (14-1A-A1R2)
2.17% (3 mo. USD LIBOR + 1.130%) (1)(2)		01/17/31		10,000,000		9,956,500
Palmer Square Loan Funding Ltd. (20-2A-A2)
2.61% (3 mo. USD LIBOR + 1.550%) (1)(2)		04/20/28		7,750,000		7,752,960

See accompanying Notes to Financial Statements.

77

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (Continued)
Park Avenue Institutional Advisers CLO, Ltd. (21-1A-A1A)
2.45% (3 mo. USD LIBOR + 1.390%) (1)(2)		01/20/34	$	19,000,000	$	18,936,806
Progress Residential Trust (21-SFR2-G)
4.25% (1)		04/19/38		5,236,000		4,752,077
Rockford Tower CLO, Ltd. (18-1A-A)
1.58% (1 X 3 mo. USD LIBOR + 1.100%) (1)(2)		05/20/31		4,750,000		4,719,077
Sixth Street CLO XVII, Ltd. (21-17A-A)
2.30% (3 mo. USD LIBOR + 1.240%) (1)(2)		01/20/34		18,000,000		17,858,700
SLM Student Loan Trust (08-5-A4)
2.88% (3 mo. USD LIBOR + 1.700%) (2)		07/25/23		1,655,328		1,657,481
SLM Student Loan Trust (08-8-B)
3.43% (3 mo. USD LIBOR + 2.250%) (2)		10/25/75		5,706,000		5,718,428
Total Asset-backed Securities
(Cost: $483,945,522)						465,422,448
COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY — 0.5%
Freddie Mac Multifamily Structured Pass-Through Certificates (K038-X3) (I/O)
2.57% (3)		06/25/42		78,039,937		3,503,771
Freddie Mac Multifamily Structured Pass-Through Certificates (K040-X3) (I/O)
2.11% (3)		11/25/42		77,991,835		3,571,901
Freddie Mac Multifamily Structured Pass-Through Certificates (K042-X3) (I/O)
1.66% (3)		01/25/43		76,625,000		2,925,286
Freddie Mac Multifamily Structured Pass-Through Certificates (K045-X3) (I/O)
1.55% (3)		04/25/43		126,630,757		4,915,704
Freddie Mac Multifamily Structured Pass-Through Certificates (K046-X3) (I/O)
1.56% (3)		04/25/43		94,964,072		3,862,469
Total Commercial Mortgage-Backed Securities — Agency
(Cost: $35,285,763)						18,779,131
COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 10.5%
1345 Avenue of the Americas & Park Avenue Plaza Trust (05-1-A3)
5.28% (1)		08/10/35		10,063,279		10,109,153
Arbor Realty Commercial Real Estate Note 2021-FL4, Ltd. (21-FL4-AS)
2.25% (1 mo. USD LIBOR + 1.700%) (1)(2)		11/15/36		11,800,000		11,674,447
BAMLL Commercial Mortgage Securities Trust (20-BOC-A)
2.63% (1)		01/15/32		14,275,000		13,422,217

Issues	Maturity Date		Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
BDS, Ltd. (20-FL5-A)
1.77% (SOFR + 1.264%) (1)(2)		02/16/37	$	12,585,649	$	12,482,249
BDS, Ltd. (20-FL6-C)
2.63% (SOFR30A + 2.364%) (1)(2)		09/15/35		21,477,000		21,099,497
Benchmark Mortgage Trust (19-B14-225C)
3.40% (1)(3)		12/15/62		8,734,000		7,781,067
Benchmark Mortgage Trust (19-B14-225D)
3.40% (1)(3)		12/15/62		20,303,000		17,814,423
BFLD Trust (20-OBRK-A)
2.60% (1 mo. USD LIBOR + 2.050%) (1)(2)		11/15/28		17,940,000		17,811,383
BPR Trust (21-WILL-A)
2.30% (1 mo. USD LIBOR + 1.750%) (1)(2)		06/15/38		4,876,376		4,807,248
BX Commercial Mortgage Trust (20-VIV4-A)
2.84% (1)		03/09/44		15,285,000		13,857,765
BX Trust (19-OC11-A)
3.20% (1)		12/09/41		8,270,000		7,707,698
BX Trust (21-SDMF-J)
4.59% (1 mo. USD LIBOR + 4.033%) (1)(2)		09/15/34		13,000,000		12,456,263
CAMB Commercial Mortgage Trust (19-LIFE-D)
2.30% (1 mo. USD LIBOR + 1.750%) (1)(2)		12/15/37		14,425,000		14,180,471
Capital Funding Multifamily Mortgage Trust (22-PM01-A)
2.50% (SOFR + 2.310%) (1)(2)		02/27/25		10,000,000		10,005,909
Credit Suisse Mortgage Trust
1.00%		02/27/62		15,010,000		14,656,677
Credit Suisse Mortgage Trust
4.27% (1 mo. USD LIBOR + 3.714%) (1)(2)		08/15/23		19,780,000		19,506,994
CSMCM Trust Certificates
3.78%		02/27/62		630,000		615,170
DBGS Mortgage Trust (18-BIOD-E)
2.19% (1 mo. USD LIBOR + 1.700%) (1)(2)		05/15/35		9,137,627		8,898,235
DBWF Mortgage Trust (16-85T-A)
3.79% (1)		12/10/36		6,385,000		6,268,352
DC Office Trust (19-MTC-A)
2.97% (1)		09/15/45		5,750,000		5,254,988
European Loan Conduit Euro
3.35% (3 mo. EURIBOR + 3.350%) (1)(2)		02/17/30		9,393,795		9,773,263
Grace Trust (20-GRCE-A)
2.35% (1)		12/10/40		10,000,000		8,592,691

See accompanying Notes to Financial Statements.

78

TCW Total Return Bond Fund

April 30, 2022

Issues	Maturity Date		Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Houston Galleria Mall Trust (15-HGLR-D)
3.98% (1)		03/05/37	$	9,500,000	$	8,786,403
Hudson Yards Mortgage Trust (19-55HY-A)
3.04% (1)(3)		12/10/41		5,750,000		5,336,851
JPMorgan Chase Commercial Mortgage Securities Trust (19-OSB-A)
3.40% (1)		06/05/39		13,765,000		13,094,492
Life Mortgage Trust (21-BMR-G)
3.50% (1 mo. USD LIBOR + 2.950%) (1)(2)		03/15/38		21,126,977		20,279,572
M360, Ltd. (21-CRE3-A)
2.13% (1 mo. USD LIBOR + 1.500%) (1)(2)		11/22/38		10,000,000		9,884,987
MF1, Ltd. (20-FL3-C)
5.12% (SOFR + 4.614%) (1)(2)		07/15/35		22,100,000		21,962,202
MFT Trust (20-ABC-D)
3.59% (1)(3)		02/10/42		3,245,000		2,620,743
Morgan Stanley Capital I Trust (18-MP-A)
4.42% (1)(3)		07/11/40		18,650,000		18,522,841
Morgan Stanley Capital I Trust (20-CNP-A)
2.51% (1)(3)		04/05/42		18,000,000		15,821,516
One Bryant Park Trust (19-OBP-A)
2.52% (1)		09/15/54		13,570,000		12,044,599
One Market Plaza Trust (17-1MKT-A)
3.61% (1)		02/10/32		9,690,000		9,648,498
SFAVE Commercial Mortgage Securities Trust (15-5AVE-A2A)
3.66% (1)(3)		01/05/43		20,935,000		18,844,841
SFAVE Commercial Mortgage Securities Trust (15-5AVE-A2B)
4.14% (1)(3)		01/05/43		340,000		307,733
SLG Office Trust (21-OVA-G)
2.85% (1)		07/15/41		16,460,000		11,885,256
Total Commercial Mortgage-Backed Securities — Non-Agency
(Cost: $450,014,554)						417,816,694
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY — 59.1%
Fannie Mae, Pool #MA4152
2.00%		10/01/40		54,280,621		48,740,508
Fannie Mae , Pool #BM5979
3.50%		09/01/45		6,905,092		6,868,727
Fannie Mae , Pool #FM2342
3.50%		12/01/46		4,129,402		4,108,946
Fannie Mae
2.00%		12/01/51		22,542,331		19,925,110
2.50%		03/01/52		14,130,843		12,915,329
2.50%		04/01/52		27,464,677		25,070,596
2.50%		01/01/52		30,409,585		27,799,612

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Fannie Mae (01-40-Z)
6.00%		08/25/31	$	71,146	$	74,975
Fannie Mae (03-117-TG) (PAC)
4.75% (4)		08/25/33		133,016		135,894
Fannie Mae (04-52-SW) (I/O) (I/F)
6.43% (-1 x 1 mo. USD LIBOR + 7.100%) (2)		07/25/34		363,025		22,221
Fannie Mae (04-65-LT)
4.50%		08/25/24		246,003		248,824
Fannie Mae (04-68-LC)
5.00%		09/25/29		753,169		778,843
Fannie Mae (05-117-LC) (PAC)
5.50%		11/25/35		472,074		474,106
Fannie Mae (05-74-CP) (I/F) (PAC)
22.30% (-1 x 1 mo. USD LIBOR + 24.750%) (2)		05/25/35		81,203		92,313
Fannie Mae (07-103-AI) (I/O) (I/F)
5.83% (-1 x 1 mo. USD LIBOR + 6.500%) (2)		03/25/37		2,625,258		272,851
Fannie Mae (07-20-SI) (I/O) (I/F)
5.78% (-1 x 1 mo. USD LIBOR + 6.450%) (2)		03/25/37		716,519		71,616
Fannie Mae (07-21-SE) (I/O) (I/F)
5.77% (-1 x 1 mo. USD LIBOR + 6.440%) (2)		03/25/37		429,680		55,052
Fannie Mae (07-56-SG) (I/O) (I/F)
5.74% (-1 x 1 mo. USD LIBOR + 6.410%) (2)		06/25/37		645,294		39,391
Fannie Mae (07-58-SV) (I/O) (I/F)
6.08% (-1 x 1 mo. USD LIBOR + 6.750%) (2)		06/25/37		3,026,872		340,855
Fannie Mae (07-65-S) (I/O) (I/F)
5.93% (-1 x 1 mo. USD LIBOR + 6.600%) (2)		07/25/37		356,838		35,914
Fannie Mae (07-88-FY)
1.13% (1 mo. USD LIBOR + 0.460%) (2)		09/25/37		370,108		371,158
Fannie Mae (07-B2-ZA)
5.50%		06/25/37		6,140,583		6,589,224
Fannie Mae (08-1-AI) (I/O) (I/F)
5.58% (-1 x 1 mo. USD LIBOR + 6.250%) (2)		05/25/37		2,596,868		151,520
Fannie Mae (08-13-SB) (I/O) (I/F)
5.57% (-1 x 1 mo. USD LIBOR + 6.240%) (2)		03/25/38		2,580,385		369,207
Fannie Mae (08-23-SB) (I/O) (I/F)
6.18% (-1 x 1 mo. USD LIBOR + 6.850%) (2)		04/25/38		3,721,403		367,074
Fannie Mae (08-35-SD) (I/O) (I/F)
5.78% (-1 x 1 mo. USD LIBOR + 6.450%) (2)		05/25/38		229,611		9,530

See accompanying Notes to Financial Statements.

79

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Fannie Mae (08-66-SG) (I/O) (I/F)
5.40% (-1 x 1 mo. USD LIBOR + 6.070%) (2)		08/25/38	$	5,831,233	$	723,552
Fannie Mae (08-68-SA) (I/O) (I/F)
5.30% (-1 x 1 mo. USD LIBOR + 5.970%) (2)		08/25/38		1,815,165		133,008
Fannie Mae (09-3-SH) (I/O) (I/F)
4.78% (-1 x 1 mo. USD LIBOR + 5.450%) (2)		06/25/37		643,623		51,886
Fannie Mae (09-47-SV) (I/O) (I/F)
6.08% (-1 x 1 mo. USD LIBOR + 6.750%) (2)		07/25/39		350,647		28,417
Fannie Mae (09-51-SA) (I/O) (I/F)
6.08% (-1 x 1 mo. USD LIBOR + 6.750%) (2)		07/25/39		2,290,945		225,782
Fannie Mae (09-6-SD) (I/O) (I/F)
4.88% (-1 x 1 mo. USD LIBOR + 5.550%) (2)		02/25/39		496,114		53,904
Fannie Mae (09-68-KB)
4.00%		09/25/24		885,768		891,279
Fannie Mae (09-71-LB)
4.00%		09/25/29		5,216,904		5,269,229
Fannie Mae (09-72-AC)
4.00%		09/25/29		6,815,964		6,870,030
Fannie Mae (09-72-JS) (I/O) (I/F)
6.58% (-1 x 1 mo. USD LIBOR + 7.250%) (2)		09/25/39		441,303		67,022
Fannie Mae (10-136-CX) (PAC)
4.00%		08/25/39		6,626,169		6,673,765
Fannie Mae (11-111-DB)
4.00%		11/25/41		8,440,880		8,566,692
Fannie Mae (12-128-UY) (PAC)
2.50%		11/25/42		11,738,000		10,727,631
Fannie Mae (12-133-GC) (PAC)
2.50%		08/25/41		6,526,042		6,385,692
Fannie Mae (12-153-PC) (PAC)
2.00%		05/25/42		2,003,906		1,921,398
Fannie Mae (13-101-BO) (P/O)
0.00% (5)		10/25/43		3,612,316		2,807,435
Fannie Mae (13-101-CO) (P/O)
0.00% (5)		10/25/43		8,095,066		6,994,955
Fannie Mae (13-95-PN) (PAC)
3.00%		01/25/43		20,403,038		19,796,002
Fannie Mae (16-106-EF)
1.17% (1 mo. USD LIBOR + 0.500%) (2)		01/25/47		13,039,488		13,068,059
Fannie Mae (16-63-AF)
1.17% (1 mo. USD LIBOR + 0.500%) (2)		09/25/46		8,050,932		8,067,969

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Fannie Mae (18-25-FA)
0.97% (1 mo. USD LIBOR + 0.300%) (2)		04/25/48	$	14,657,497	$	14,563,568
Fannie Mae (18-52 PZ) (PAC)
4.00%		07/25/48		2,136,062		2,123,090
Fannie Mae (18-55 PA) (PAC)
3.50%		01/25/47		3,028,537		3,037,329
Fannie Mae (19-57)
2.50%		10/25/49		8,894,777		8,351,973
Fannie Mae (20-10-FA)
1.17% (1 mo. USD LIBOR + 0.500%) (2)		03/25/50		7,683,715		7,718,441
Fannie Mae (20-12-FL)
1.12% (1 mo. USD LIBOR + 0.450%) (2)		03/25/50		17,017,407		17,034,386
Fannie Mae (93-202-SZ) (I/F) (PAC)
10.00% (Prime + 4 4.286) (2)		11/25/23		8,127		8,341
Fannie Mae (95-21-C) (P/O)
0.00% (5)		05/25/24		60,019		58,755
Fannie Mae, Pool #254634
5.50%		02/01/23		6,385		6,449
Fannie Mae, Pool #257536
5.00%		01/01/29		601,520		623,344
Fannie Mae, Pool #310033
6.00%		07/01/47		375,191		404,326
Fannie Mae, Pool #555424
5.50%		05/01/33		1,576,753		1,669,730
Fannie Mae, Pool #661856
1.87% (12 mo. USD LIBOR + 1.623%) (2)		10/01/32		22,977		23,355
Fannie Mae, Pool #671133
1.66% (6 mo. USD LIBOR + 1.413%) (2)		02/01/33		61,372		62,176
Fannie Mae, Pool #687847
2.14% (12 mo. USD LIBOR + 1.614%) (2)		02/01/33		17,669		17,586
Fannie Mae, Pool #692104
1.79% (6 mo. USD LIBOR + 1.413%) (2)		02/01/33		332,599		339,520
Fannie Mae, Pool #699866
2.08% (12 mo. USD LIBOR + 1.545%) (2)		04/01/33		135,652		139,922
Fannie Mae, Pool #704454
1.94% (12 mo. USD LIBOR + 1.684%) (2)		05/01/33		22,156		22,539
Fannie Mae, Pool #728824
1.87% (12 mo. USD LIBOR + 1.621%) (2)		07/01/33		49,166		49,030
Fannie Mae, Pool #734384
5.50%		07/01/33		235,729		245,996

See accompanying Notes to Financial Statements.

80

TCW Total Return Bond Fund

April 30, 2022

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Fannie Mae, Pool #888593
7.00%		06/01/37	$	223,837	$	255,133
Fannie Mae, Pool #934103
5.00%		07/01/38		140,191		140,148
Fannie Mae, Pool #979563
5.00%		04/01/28		353,552		366,380
Fannie Mae, Pool #995040
5.00%		06/01/23		36,736		37,452
Fannie Mae, Pool #995425
6.00%		01/01/24		147,364		150,162
Fannie Mae, Pool #995573
6.00%		01/01/49		1,129,580		1,201,926
Fannie Mae, Pool #995953
6.00%		11/01/28		1,712,342		1,809,256
Fannie Mae, Pool #995954
6.00%		03/01/29		906,202		957,591
Fannie Mae, Pool #AA3303
5.50%		06/01/38		1,911,656		2,068,560
Fannie Mae, Pool #AB6210
3.00%		09/01/42		20,154,598		19,442,129
Fannie Mae, Pool #AE0588
6.00%		08/01/37		3,741,981		4,102,666
Fannie Mae, Pool #AL0851
6.00%		10/01/40		2,338,874		2,552,155
Fannie Mae, Pool #AL1594
6.00%		07/01/40		1,837,547		2,003,671
Fannie Mae, Pool #AL9106
4.50%		02/01/46		9,130,862		9,482,310
Fannie Mae, Pool #AS7241
3.50%		05/01/46		7,289,442		7,189,548
Fannie Mae, Pool #AS9454
4.00%		04/01/47		980,119		984,736
Fannie Mae, Pool #BN4316
4.00%		01/01/49		145,519		146,711
Fannie Mae, Pool #BN6264
4.00%		04/01/49		3,298,162		3,300,169
Fannie Mae, Pool #BQ7056
2.00%		01/01/52		48,403,562		42,786,263
Fannie Mae, Pool #CA1540
4.00%		04/01/48		13,690,312		13,809,277
Fannie Mae, Pool #CA1710
4.50%		05/01/48		6,683,462		6,832,723
Fannie Mae, Pool #CA1711
4.50%		05/01/48		5,982,566		6,127,498
Fannie Mae, Pool #CA2208
4.50%		08/01/48		6,608,241		6,758,716
Fannie Mae, Pool #CA5689
3.00%		05/01/50		40,295,437		38,414,059

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Fannie Mae, Pool #CB3151
2.00%		03/01/52	$	45,963,163	$	40,560,122
Fannie Mae, Pool #MA1561
3.00%		09/01/33		19,968,526		19,641,574
Fannie Mae, Pool #MA1584
3.50%		09/01/33		12,867,439		12,896,180
Fannie Mae, Pool #MA2995
4.00%		05/01/47		3,792,363		3,820,419
Freddie Mac (4896-DA)
3.00%		01/15/49		1,866,402		1,828,184
Freddie Mac (4648-FA)
1.05% (1 mo. USD LIBOR + 0.500%) (2)		01/15/47		7,632,090		7,648,728
Freddie Mac (4929-FB)
1.12% (1 mo. USD LIBOR + 0.450%) (2)		09/25/49		15,494,137		15,504,845
Freddie Mac (1829-ZB)
6.50%		03/15/26		19,064		19,581
Freddie Mac (2367-ZK)
6.00%		10/15/31		58,373		62,150
Freddie Mac (2514-PZ) (PAC)
5.50%		10/15/32		1,134,043		1,204,819
Freddie Mac (2571-PZ) (PAC)
5.50%		02/15/33		2,560,037		2,689,476
Freddie Mac (2642-AR)
4.50%		07/15/23		53,961		54,318
Freddie Mac (2647-OV) (P/O)
0.00% (5)		07/15/33		521,817		407,554
Freddie Mac (2662-MT) (TAC)
4.50%		08/15/33		789,458		802,532
Freddie Mac (2666-BD)
4.50%		08/15/23		136,714		137,734
Freddie Mac (2700-B)
4.50%		11/15/23		233,955		236,616
Freddie Mac (277-30)
3.00%		09/15/42		10,522,136		10,290,944
Freddie Mac (2903-PO) (P/O)
0.00% (5)		11/15/23		46,606		45,809
Freddie Mac (3045-HZ)
4.50%		10/15/35		661,945		656,289
Freddie Mac (3063-YG) (PAC)
5.50%		11/15/35		10,806,250		11,439,585
Freddie Mac (3114-KZ)
5.00%		02/15/36		7,964,894		8,365,195
Freddie Mac (3146-GE)
5.50%		04/15/26		1,546,763		1,600,344
Freddie Mac (3149-OD) (P/O) (PAC)
0.00% (5)		05/15/36		2,822,745		2,387,479

See accompanying Notes to Financial Statements.

81

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Freddie Mac (3315-S) (I/O) (I/F)
5.86% (-1 x 1 mo. USD LIBOR + 6.410%) (2)		05/15/37	$	442,750	$	49,263
Freddie Mac (3376-SX) (I/O) (I/F)
5.49% (-1 x 1 mo. USD LIBOR + 6.040%) (2)		10/15/37		1,654,827		161,304
Freddie Mac (3410-IS) (I/O) (I/F)
5.72% (-1 x 1 mo. USD LIBOR + 6.270%) (2)		02/15/38		2,104,916		210,365
Freddie Mac (3424-BI) (I/O) (I/F)
6.25% (-1 x 1 mo. USD LIBOR + 6.800%) (2)		04/15/38		2,722,194		417,083
Freddie Mac (3519-SH) (I/O) (I/F)
4.95% (-1 x 1 mo. USD LIBOR + 5.500%) (2)		07/15/37		177,027		17,894
Freddie Mac (3531-SC) (I/O) (I/F)
5.75% (-1 x 1 mo. USD LIBOR + 6.300%) (2)		05/15/39		3,569,188		169,818
Freddie Mac (3541-SA) (I/O) (I/F)
6.20% (-1 x 1 mo. USD LIBOR + 6.750%) (2)		06/15/39		1,172,612		169,008
Freddie Mac (3550-GS) (I/O) (I/F)
6.20% (-1 x 1 mo. USD LIBOR + 6.750%) (2)		07/15/39		3,246,113		526,919
Freddie Mac (3551-VZ)
5.50%		12/15/32		1,300,898		1,375,758
Freddie Mac (3557-KB)
4.50%		07/15/29		2,338,302		2,392,574
Freddie Mac (3557-NB)
4.50%		07/15/29		5,401,347		5,433,959
Freddie Mac (3558-KB)
4.00%		08/15/29		2,445,556		2,472,784
Freddie Mac (3565-XB)
4.00%		08/15/24		1,790,787		1,807,770
Freddie Mac (3575-D)
4.50%		03/15/37		305,027		303,742
Freddie Mac (3788-SB) (I/O) (I/F)
5.93% (-1 x 1 mo. USD LIBOR + 6.480%) (2)		01/15/41		4,633,496		728,502
Freddie Mac (3885-PO) (P/O) (PAC)
0.00% (5)		11/15/33		1,005,541		868,015
Freddie Mac (3930-KE) (PAC)
4.00%		09/15/41		10,470,000		10,776,810
Freddie Mac (4030-HS) (I/O) (I/F)
6.06% (-1 x 1 mo. USD LIBOR + 6.610%) (2)		04/15/42		1,689,746		268,212
Freddie Mac (4604-PB) (PAC)
3.00%		01/15/46		2,201,517		2,121,085
Freddie Mac (4846-PA)
4.00%		06/15/47		1,140,779		1,144,054

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Freddie Mac (5210-LB)
3.00%		08/25/50	$	16,601,979	$	14,994,076
Freddie Mac (R002-ZA)
5.50%		06/15/35		2,346,251		2,496,788
Freddie Mac, Pool #A91162
5.00%		02/01/40		11,692,976		12,512,930
Freddie Mac, Pool #A92195
5.00%		05/01/40		2,825,843		2,991,706
Freddie Mac, Pool #C90552
6.00%		06/01/22		197		207
Freddie Mac, Pool #G01959
5.00%		12/01/35		59,039		62,544
Freddie Mac, Pool #G06173
4.00%		11/01/40		14,096,541		14,431,357
Freddie Mac, Pool #G07556
4.00%		11/01/43		4,238,993		4,339,961
Freddie Mac, Pool #G07786
4.00%		08/01/44		13,973,224		14,215,128
Freddie Mac, Pool #G07848
3.50%		04/01/44		36,501,534		36,328,283
Freddie Mac, Pool #G08710
3.00%		06/01/46		1,125,602		1,079,399
Freddie Mac, Pool #G08833
5.00%		07/01/48		3,065,600		3,185,935
Freddie Mac, Pool #G08840
5.00%		08/01/48		503,036		523,586
Freddie Mac, Pool #G08843
4.50%		10/01/48		4,203,547		4,306,695
Freddie Mac, Pool #G08848
4.50%		11/01/48		2,072,198		2,120,385
Freddie Mac, Pool #G08849
5.00%		11/01/48		3,784,369		3,943,546
Freddie Mac, Pool #G13390
6.00%		01/01/24		18,521		18,755
Freddie Mac, Pool #G16085
2.50%		02/01/32		3,636,332		3,570,302
Freddie Mac, Pool #G16598
2.50%		12/01/31		3,215,997		3,129,688
Freddie Mac, Pool #G30450
6.00%		01/01/29		631,709		668,026
Freddie Mac, Pool #G30452
6.00%		10/01/28		638,826		675,516
Freddie Mac, Pool #G30454
5.00%		05/01/29		714,677		741,184
Freddie Mac, Pool #G60238
3.50%		10/01/45		3,865,360		3,820,439
Freddie Mac, Pool #G60440
3.50%		03/01/46		27,506,990		27,178,724

See accompanying Notes to Financial Statements.

82

TCW Total Return Bond Fund

April 30, 2022

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Freddie Mac, Pool #G67700
3.50%		08/01/46	$	25,376,328	$	25,033,838
Freddie Mac, Pool #G67703
3.50%		04/01/47		41,431,992		40,833,967
Freddie Mac, Pool #G67707
3.50%		01/01/48		15,142,256		14,959,370
Freddie Mac, Pool #G67709
3.50%		03/01/48		22,188,703		21,828,094
Freddie Mac, Pool #G67717
4.00%		11/01/48		32,087,519		32,393,283
Freddie Mac, Pool #N70081
5.50%		07/01/38		1,842,400		1,896,599
Freddie Mac, Pool #P51350
5.00%		03/01/36		1,547,335		1,638,759
Freddie Mac, Pool #SD7513
3.50%		04/01/50		16,746,107		16,396,592
Freddie Mac, Pool #ZT1491
3.50%		11/01/48		9,238,048		9,097,016
Ginnie Mae (11-70-BO) (P/O)
0.00% (5)		05/20/41		4,155,961		3,556,747
Ginnie Mae (15-42-ZB)
3.00%		03/20/45		19,726,705		18,899,473
Ginnie Mae (15-43-DM)
2.50%		03/20/45		20,000,000		18,972,774
Ginnie Mae (15-44-Z)
3.00%		03/20/45		13,349,236		12,496,690
Ginnie Mae II, Pool #80963
1.63% (1-year Treasury Constant Maturity Rate + 1.500%) (2)		07/20/34		66,850		67,540
Ginnie Mae II, Pool #MA2374
5.00%		11/20/44		244,605		259,975
Ginnie Mae II, Pool #MA2828
4.50%		05/20/45		169,224		178,284
Ginnie Mae II, Pool #MA3456
4.50%		02/20/46		890,919		938,618
Ginnie Mae II, Pool #MA3521
3.50%		03/20/46		22,128,999		21,909,536
Ginnie Mae II, Pool #MA3662
3.00%		05/20/46		6,468,937		6,273,913
Ginnie Mae II, Pool #MA3663
3.50%		05/20/46		10,568,155		10,498,596
Ginnie Mae II, Pool #MA3665
4.50%		05/20/46		1,417,930		1,484,494
Ginnie Mae II, Pool #MA3735
3.00%		06/20/46		82,026		79,374
Ginnie Mae II, Pool #MA3739
5.00%		06/20/46		2,871,629		3,077,901

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Ginnie Mae II, Pool #MA3876
4.50%		08/20/46	$	92,800	$	97,157
Ginnie Mae II, Pool #MA3877
5.00%		08/20/46		1,321,044		1,404,053
Ginnie Mae II, Pool #MA4006
4.50%		10/20/46		43,121		45,145
Ginnie Mae II, Pool #MA4007
5.00%		10/20/46		2,563,648		2,743,074
Ginnie Mae II, Pool #MA4071
4.50%		11/20/46		186,724		197,748
Ginnie Mae II, Pool #MA4129
4.50%		12/20/46		64,740		67,941
Ginnie Mae II, Pool #MA4199
5.00%		01/20/47		2,544,687		2,723,905
Ginnie Mae II, Pool #MA4264
4.50%		02/20/47		6,550,385		6,825,137
Ginnie Mae II, Pool #MA4265
5.00%		02/20/47		2,298,153		2,452,113
Ginnie Mae II, Pool #MA4324
5.00%		03/20/47		2,617,091		2,814,145
Ginnie Mae II, Pool #MA4385
5.00%		04/20/47		534,941		567,886
Ginnie Mae II, Pool #MA4454
5.00%		05/20/47		398,173		423,430
Ginnie Mae II, Pool #MA4513
5.00%		06/20/47		1,489,119		1,558,766
Ginnie Mae II, Pool #MA4781
5.00%		10/20/47		1,599,641		1,694,158
Ginnie Mae II, Pool #MA4836
3.00%		11/20/47		8,525,831		8,193,840
Ginnie Mae II, Pool #MA4838
4.00%		11/20/47		8,336,117		8,421,494
Ginnie Mae II, Pool #MA4900
3.50%		12/20/47		6,121,505		6,058,493
Ginnie Mae II, Pool #MA4901
4.00%		12/20/47		564,535		570,317
Ginnie Mae II, Pool #MA5467
4.50%		09/20/48		541,657		555,997
Ginnie Mae II, Pool #MA6080
3.00%		08/20/49		214,973		203,075
Ginnie Mae II, Pool #MA6209
3.00%		10/20/49		3,352,575		3,162,834
Ginnie Mae II TBA, 30 Year
2.50% (6)		12/01/51		110,825,000		102,827,222
Uniform Mortgage-Backed Securities TBA, 30 Year
2.00% (6)		12/01/51		174,700,000		153,726,318
2.00% (6)		12/01/51		193,250,000		170,448,056
2.50% (6)		01/01/52		12,175,000		11,080,868

See accompanying Notes to Financial Statements.

83

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
2.50% (6)		01/01/52	$	339,300,000	$	309,542,827
3.00% (6)		02/01/52		302,500,000		285,224,149
3.50% (6)		03/01/52		107,600,000		104,330,990
4.00% (6)		04/01/52		87,975,000		87,451,924
Total Residential Mortgage-Backed Securities — Agency
(Cost: $2,411,730,780)						2,351,907,249
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 29.8%
ACE Securities Corp. (07-ASP1-A2C)
0.93% (1 mo. USD LIBOR + 0.260%) (2)		03/25/37		11,321,735		5,960,777
ACE Securities Corp. (07-ASP1-A2D)
1.05% (1 mo. USD LIBOR + 0.380%) (2)		03/25/37		6,085,312		3,207,132
ACE Securities Corp. (07-HE1-A1)
0.97% (1 mo. USD LIBOR + 0.300%) (2)		01/25/37		29,020,229		18,327,540
Argent Securities Trust (06-M1-A2C)
0.97% (1 mo. USD LIBOR + 0.300%) (2)		07/25/36		47,514,067		17,716,556
Argent Securities Trust (06-W4-A2C)
0.99% (1 mo. USD LIBOR + 0.320%) (2)		05/25/36		17,481,850		5,344,195
Argent Securities, Inc. Asset-Backed Pass-Through Certificates (05-W3-M2)
1.36% (1 mo. USD LIBOR + 0.690%) (2)		11/25/35		29,183,398		26,273,936
Asset-Backed Funding Certificates (07-NC1-A2)
0.97% (1 mo. USD LIBOR + 0.300%) (1)(2)		05/25/37		5,168,716		4,862,792
Asset-Backed Funding Certificates (07-WMC1-A2A)
1.42% (1 mo. USD LIBOR + 0.750%) (2)		06/25/37		10,106,199		9,369,420
Banc of America Funding Corp. (04-B-3A1)
2.41% (3)(4)		12/20/34		151,481		133,660
Banc of America Funding Corp. (06-D-2A1)
3.50% (3)(4)		05/20/36		49,460		47,801
Banc of America Funding Corp. (06-D-3A1)
3.04% (3)(4)		05/20/36		1,498,229		1,372,188
Banc of America Funding Corp. (15-R8-1A1)
0.98% (1)(3)		11/26/46		455,738		457,643
Banc of America Funding Trust (06-3-4A14)
6.00%		03/25/36		288,686		264,208
Banc of America Funding Trust (06-3-5A3)
5.50% (4)		03/25/36		1,418,711		1,313,084
BCAP LLC Trust (06-AA2-A1)
1.01% (1 mo. USD LIBOR + 0.340%) (2)		01/25/37		12,266,871		11,550,325

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Bear Stearns Alt-A Trust (05-2-2A4)
2.86% (3)		04/25/35	$	1,673	$	1,633
Bear Stearns Alt-A Trust (05-4-23A1)
2.67% (3)		05/25/35		2,451,646		2,426,099
Bear Stearns Alt-A Trust (06-4-32A1)
2.96% (3)(4)		07/25/36		332,141		192,179
Bear Stearns ARM Trust (04-12-1A1)
2.92% (3)		02/25/35		365,734		365,130
Bear Stearns ARM Trust (05-10-A3)
2.70% (3)		10/25/35		1,627,909		1,566,809
Bear Stearns ARM Trust (06-2-2A1)
2.97% (3)(4)		07/25/36		811,396		720,971
Bear Stearns ARM Trust (07-1-1A1)
3.07% (3)		02/25/47		9,463,143		8,800,298
Bear Stearns ARM Trust (07-1-2A1)
2.72% (3)(4)		02/25/47		120,436		115,908
Bear Stearns ARM Trust (07-5-3A1)
3.08% (3)(4)		08/25/47		494,860		483,946
Bear Stearns Asset-Backed Securities I Trust (05-AC6-1A3)
5.50% (3)		09/25/35		998,861		958,585
Bear Stearns Asset-Backed Securities I Trust (05-AC6-1A4)
5.40% (3)		09/25/35		2,135,735		2,043,861
Bear Stearns Mortgage Funding Trust (06-AR1-2A1)
1.11% (1 mo. USD LIBOR + 0.440%) (2)		08/25/36		9,375,502		8,997,183
Bear Stearns Mortgage Funding Trust (06-AR3-1A1)
0.85% (1 mo. USD LIBOR + 0.180%) (2)		10/25/36		304,663		279,609
BNC Mortgage Loan Trust (07-1-A4)
0.83% (1 mo. USD LIBOR + 0.160%) (2)		03/25/37		4,874,644		4,733,962
Chase Mortgage Finance Corp. (06-A1-2A1)
2.83% (3)(4)		09/25/36		380,827		352,892
Chase Mortgage Finance Corp. (07-A1-8A1)
2.40% (3)		02/25/37		1,475,844		1,505,761
Chaseflex Trust (05-1-1A5)
6.50% (4)		02/25/35		2,273,879		2,050,378
CIM Trust (18-R5-A1)
3.75% (1)(3)		07/25/58		10,857,571		10,667,297
CIM Trust (18-R6-A1)
1.53% (1 mo. USD LIBOR + 1.076%) (1)(2)		09/25/58		9,250,450		9,061,679
CIM Trust (19-R3-A)
2.63% (1)(3)		06/25/58		13,662,512		12,654,115
CIM Trust (20-NR1-A)
3.45% (1)		06/26/62		28,548,411		27,607,158

See accompanying Notes to Financial Statements.

84

TCW Total Return Bond Fund

April 30, 2022

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
CIM Trust (20-R1-A1)
2.85% (1)(3)		10/27/59	$	22,766,090	$	21,089,681
CIM Trust (20-R3-A1A)
4.00% (1)(3)		01/26/60		17,408,827		16,785,795
CIM Trust (20-R4-A1A)
3.30% (1)(3)		06/25/60		21,072,186		19,578,333
CIM Trust (20-R6-A1A)
2.25% (1)(3)		12/25/60		13,920,685		12,834,128
CIM Trust (20-R7-A1A)
2.25% (1)(3)		12/27/61		23,429,500		21,702,146
CIM Trust (21-NR2-A1)
2.57% (1)		07/25/59		14,732,493		14,210,792
CIM Trust (21-NR3-A1)
2.57% (1)		06/25/57		10,439,222		10,050,624
CIM Trust (21-R3-A1A)
1.95% (1)(3)		06/25/57		25,537,856		24,633,484
Citigroup Mortgage Loan Trust (06-HE3-A1)
0.95% (1 mo. USD LIBOR + 0.280%) (1)(2)		12/25/36		8,763,952		8,556,246
Citigroup Mortgage Loan Trust, Inc. (06-AR5-1A1A)
2.48% (3)(4)		07/25/36		1,903,534		1,479,745
Citigroup Mortgage Loan Trust, Inc. (07-12-2A1)
6.50% (1)(3)(4)		10/25/36		2,356,462		1,463,262
CitiMortgage Alternative Loan Trust (07-A5-1A6)
6.00% (4)		05/25/37		9,668,629		9,224,759
Conseco Finance Securitizations Corp. (00-4-A5)
7.97%		05/01/32		45,277,023		11,539,361
Conseco Financial Corp. (99-2-A7)
6.44%		12/01/30		1,478,675		1,561,486
Countrywide Alternative Loan Trust (05-20CB-4A1)
5.25%		07/25/20		1,164		1,146
Countrywide Alternative Loan Trust (05-84-1A1)
2.13% (3)(4)		02/25/36		96,161		90,860
Countrywide Alternative Loan Trust (05-J1-2A1)
5.50%		02/25/25		152,911		149,850
Countrywide Alternative Loan Trust (06-HY12-A5)
3.07% (3)		08/25/36		5,432,828		5,343,043
Countrywide Alternative Loan Trust (07-19-1A34)
6.00% (4)		08/25/37		11,616,337		7,436,311
Countrywide Home Loans Mortgage Pass-Through Trust (04-13-1A3)
5.50%		08/25/34		3,281,216		3,208,669
Countrywide Home Loans Mortgage Pass-Through Trust (05-9-1A1)
1.27% (1 mo. USD LIBOR + 0.600%) (2)		05/25/35		6,650,729		5,759,407
Countrywide Home Loans Mortgage Pass-Through Trust (05-HYB5-4A1)
2.30% (3)(4)		09/20/35		12,662		11,023

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Countrywide Home Loans Mortgage Pass-Through Trust (07-HY5-1A1)
3.16% (3)(4)		09/25/47	$	3,586	$	3,273
Countrywide Home Loans Mortgage Pass-Through Trust (07-HYB1-1A1)
3.32% (3)(4)		03/25/37		32,664		28,702
Credit Suisse First Boston Mortgage Securities Corp. (03-8-4PPA)
5.75%		04/22/33		14,102		13,701
Credit Suisse First Boston Mortgage Securities Corp. (05-11-1A1)
6.50% (4)		12/25/35		1,635,980		1,054,672
Credit Suisse First Boston Mortgage Securities Corp. (05-12-1A1)
6.50%		01/25/36		6,027,666		1,951,048
Credit Suisse Mortgage Trust
3.77% (1)(3)(4)		10/25/61		14,706,374		14,511,697
Credit-Based Asset Servicing and Securitization LLC (06-CB1-AF2)
2.89%		01/25/36		2,961,046		2,418,846
Credit-Based Asset Servicing and Securitization LLC (06-CB7-A4)
0.99% (1 mo. USD LIBOR + 0.160%) (2)		10/25/36		18,800,691		15,035,326
Credit-Based Asset Servicing and Securitization LLC (06-CB9-A4)
0.90% (1 mo. USD LIBOR + 0.230%) (2)		11/25/36		12,680,337		6,976,150
Credit-Based Asset Servicing and Securitization LLC (07-CB2-A2B)
3.60%		02/25/37		2,533,953		1,794,305
Credit-Based Asset Servicing and Securitization LLC (07-CB2-A2C)
3.60%		02/25/37		8,716,309		6,058,864
CSMC Mortgage-Backed Trust (06-8-3A1)
6.00%		10/25/21		756,851		409,839
CSMC Mortgage-Backed Trust (06-9-5A1)
5.50%		11/25/36		820,554		755,353
CSMC Mortgage-Backed Trust (07-2-3A4)
5.50% (4)		03/25/37		4,307,156		2,818,352
CSMCM Trust Certificates
3.78% (1)		10/27/61		622,340		612,600
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust (05-1-1A3)
1.17% (1 mo. USD LIBOR + 0.500%) (2)		02/25/35		4,091,056		4,099,378
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust (06-AR6-A6)
1.05% (1 mo. USD LIBOR + 0.380%) (2)		02/25/37		188,303		183,512

See accompanying Notes to Financial Statements.

85

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
DSLA Mortgage Loan Trust (05-AR6-2A1A)
1.13% (1 mo. USD LIBOR + 0.580%) (2)		10/19/45	$	1,714,512	$	1,659,564
DSLA Mortgage Loan Trust (06-AR2-2A1A)
0.75% (1 mo. USD LIBOR + 0.200%) (2)		10/19/36		20,529,834		15,730,109
DSLA Mortgage Loan Trust (07-AR1-2A1A)
0.69% (1 mo. USD LIBOR + 0.140%) (2)		03/19/37		4,631,901		4,161,615
Fieldstone Mortgage Investment Corp. (07-1-2A2)
0.94% (1 mo. USD LIBOR + 0.270%) (2)		04/25/47		2,834,800		2,309,372
First Franklin Mortgage Loan Asset-Backed Certificates (06-FF18-A2C)
0.83% (1 mo. USD LIBOR + 0.160%) (2)		12/25/37		10,835,431		10,122,815
First Franklin Mortgage Loan Asset-Backed Certificates (06-FF18-A2D)
0.88% (1 mo. USD LIBOR + 0.210%) (2)		12/25/37		6,358,600		5,961,175
First Franklin Mortgage Loan Asset-Backed Certificates (07-FF1-A2C)
0.81% (1 mo. USD LIBOR + 0.140%) (2)		01/25/38		3,432,121		2,173,009
First Franklin Mortgage Loan Asset-Backed Certificates (07-FF1-A2D)
0.89% (1 mo. USD LIBOR + 0.220%) (2)		01/25/38		16,798,843		10,719,748
First Franklin Mortgage Loan Trust (06-FF12-A1)
0.77% (1 mo. USD LIBOR + 0.105%) (2)		09/25/36		6,147,037		5,855,992
First Franklin Mortgage Loan Trust (06-FF9-2A4)
1.17% (1 mo. USD LIBOR + 0.500%) (2)		06/25/36		5,068,000		4,601,812
First Franklin Mortgage Loan Trust (07-FF2-A1)
0.81% (1 mo. USD LIBOR + 0.140%) (2)		03/25/37		35,351,803		22,244,993
First Franklin Mortgage Loan Trust (07-FF2-A2C)
0.82% (1 mo. USD LIBOR + 0.150%) (2)		03/25/37		38,046,546		21,722,843
First Horizon Alternative Mortgage Securities Trust (05-AA3-3A1)
2.46% (3)(4)		05/25/35		1,466,256		1,399,024
First Horizon Alternative Mortgage Securities Trust (05-AA7-1A1)
2.76% (3)(4)		09/25/35		1,597,813		1,520,384
First Horizon Alternative Mortgage Securities Trust (05-AA7-2A1)
2.45% (3)(4)		09/25/35		1,023,387		981,566
First Horizon Alternative Mortgage Securities Trust (06-AA7-A1)
2.72% (3)(4)		01/25/37		5,066,639		4,301,777

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Fremont Home Loan Trust (05-E-2A4)
1.33% (1 mo. USD LIBOR + 0.660%) (2)		01/25/36	$	10,117,927	$	9,928,727
GMAC Mortgage Loan Trust (05-AR5-2A1)
2.76% (3)		09/19/35		1,781,947		1,399,747
GreenPoint Mortgage Funding Trust (05-AR3-1A1)
1.15% (1 mo. USD LIBOR + 0.480%) (2)		08/25/45		224,968		208,522
GSAA Home Equity Trust (05-7-AF5)
5.11%		05/25/35		115,022		112,111
GSR Mortgage Loan Trust (04-9-3A1)
2.59% (3)		08/25/34		1,215,395		1,168,210
GSR Mortgage Loan Trust (06-OA1-2A2)
1.19% (1 mo. USD LIBOR + 0.520%) (2)		08/25/46		43,963,595		17,403,811
GSR Mortgage Loan Trust (07-3F-3A7)
6.00% (4)		05/25/37		4,992,591		4,008,202
GSR Mortgage Loan Trust (07-AR2-2A1)
2.77% (3)		05/25/37		1,660,429		1,166,720
GSR Mortgage Loan Trust (07-AR2-5A1A)
3.08% (3)(4)		05/25/37		806,649		752,990
HarborView Mortgage Loan Trust (06-1-1A1A)
1.07% (1 mo. USD LIBOR + 0.520%) (2)(4)		03/19/36		24,114,498		16,361,248
HarborView Mortgage Loan Trust (07-3-1A1A)
0.75% (1 mo. USD LIBOR + 0.200%) (2)		05/19/47		10,121,438		9,471,223
HSI Asset Loan Obligation Trust (07-2-2A12)
6.00%		09/25/37		597,835		514,090
HSI Asset Securitization Corp. (06-HE2-1A)
0.93% (1 mo. USD LIBOR + 0.260%) (2)		12/25/36		37,138,235		18,329,847
HSI Asset Securitization Corp. (06-WMC1-A3)
0.97% (1 mo. USD LIBOR + 0.300%) (2)		07/25/36		25,000,321		13,467,163
Impac CMB Trust (05-1-1A1)
1.19% (1 mo. USD LIBOR + 0.520%) (2)		04/25/35		495,814		479,227
Impac CMB Trust (05-5-A2)
1.11% (1 mo. USD LIBOR + 0.220%) (2)		08/25/35		2,407,316		2,306,913
Impac Secured Assets Trust (06-3-A1)
1.01% (1 mo. USD LIBOR + 0.340%) (2)(4)		11/25/36		4,271,828		4,114,157
IndyMac Index Mortgage Loan Trust (04-AR4-2A)
2.95% (3)		08/25/34		2,797,706		2,890,761
IndyMac Index Mortgage Loan Trust (04-AR9-4A)
3.07% (3)		11/25/34		315,690		297,780
IndyMac Index Mortgage Loan Trust (05-AR17-3A1)
2.77% (3)		09/25/35		2,717,229		2,116,670

See accompanying Notes to Financial Statements.

86

TCW Total Return Bond Fund

April 30, 2022

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
IndyMac Index Mortgage Loan Trust (05-AR23-2A1)
2.74% (3)		11/25/35	$	1,702,987	$	1,554,693
IndyMac Index Mortgage Loan Trust (05-AR23-6A1)
2.91% (3)		11/25/35		2,561,015		2,240,484
IndyMac Index Mortgage Loan Trust (05-AR25-2A1)
2.95% (3)		12/25/35		1,304,653		1,281,568
IndyMac Index Mortgage Loan Trust (05-AR7-2A1)
2.52% (3)(4)		06/25/35		791,531		692,743
IndyMac Index Mortgage Loan Trust (06-AR39-A1)
0.85% (1 mo. USD LIBOR + 0.180%) (2)		02/25/37		4,683,133		4,572,979
IndyMac Index Mortgage Loan Trust (07-AR11-1A1)
2.80% (3)		06/25/37		12,376		11,211
IndyMac Index Mortgage Loan Trust (07-AR5-2A1)
2.96% (3)(4)		05/25/37		8,792,200		8,057,820
IndyMac Index Mortgage Loan Trust (07-AR7-1A1)
2.60% (3)		11/25/37		1,811,146		1,619,346
IndyMac INDX Mortgage Loan Trust (06-AR6-2A1A)
1.07% (1 mo. USD LIBOR + 0.400%) (2)		06/25/46		8,061,398		7,714,150
JPMorgan Alternative Loan Trust (06-A2-5A1)
3.27% (3)(4)		05/25/36		3,404,098		2,222,628
JPMorgan Alternative Loan Trust (06-A4-A8)
2.94% (3)		09/25/36		310,075		335,019
JPMorgan Mortgage Acquisition Corp. (06-CH2-AF4)
5.76%		10/25/36		4,262,266		3,033,774
JPMorgan Mortgage Acquisition Trust (06-WMC4-A3)
0.79% (1 mo. USD LIBOR + 0.120%) (2)		12/25/36		27,054,407		16,133,387
JPMorgan Mortgage Trust (05-A6-7A1)
2.91% (3)(4)		08/25/35		123,290		113,134
JPMorgan Mortgage Trust (06-A2-5A3)
2.28% (3)		11/25/33		651,597		634,520
JPMorgan Mortgage Trust (06-A4-1A4)
2.91% (3)(4)		06/25/36		215,266		177,114
JPMorgan Mortgage Trust (06-A7-2A4R)
3.10% (3)(4)		01/25/37		9,421		8,605
JPMorgan Mortgage Trust (06-S2-2A2)
5.88% (4)		06/25/21		9,119		9,172
Lehman Mortgage Trust (06-4-4A1)
6.00%		08/25/21		523,475		458,573
Lehman XS Trust (06-10N-1A3A)
1.09% (1 mo. USD LIBOR + 0.420%) (2)		07/25/46		7,189,107		7,269,324
Lehman XS Trust (06-12N-A31A)
1.07% (1 mo. USD LIBOR + 0.400%) (2)		08/25/46		2,317,277		2,341,140
Lehman XS Trust (06-13-1A2)
0.45% (1 mo. USD LIBOR + 0.340%) (2)(7)		09/25/36		3,412		2,028

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Lehman XS Trust (06-9-A1B)
0.41% (1 mo. USD LIBOR + 0.320%) (2)(7)		05/25/46	$	12,062	$	—
Lehman XS Trust (06-GP2-3A1)
1.07% (1 mo. USD LIBOR + 0.400%) (2)		06/25/46		12,320,536		11,556,539
Lehman XS Trust (06-GP4-3A5)
1.12% (1 mo. USD LIBOR + 0.450%) (2)		08/25/46		8,004,031		7,812,602
LHOME Mortgage Trust (21-RTL3-A1)
2.36% (1)		09/25/26		18,725,000		18,204,576
MASTR Alternative Loans Trust (05-4-1A1)
6.50%		05/25/35		4,411,564		4,169,815
MASTR Alternative Loans Trust (06-2-2A1)
1.07% (1 mo. USD LIBOR + 0.400%) (2)(4)(7)		03/25/36		65,634		6,196
MASTR Asset Securitization Trust (06-3-2A1)
1.12% (1 mo. USD LIBOR + 0.450%) (2)		10/25/36		29,068		5,251
MASTR Asset-Backed Securities Trust (06-AB1-A4)
6.22%		02/25/36		253,920		221,897
MASTR Asset-Backed Securities Trust (06-HE5-A3)
0.83% (1 mo. USD LIBOR + 0.160%) (2)		11/25/36		15,508,859		11,007,925
MASTR Seasoned Securitization Trust (04-1-4A1)
2.41% (3)		10/25/32		3,722		3,808
Merrill Lynch Alternative Note Asset Trust (07-A1-A2C)
1.13% (1 mo. USD LIBOR + 0.460%) (2)		01/25/37		1,571,036		586,886
Merrill Lynch Alternative Note Asset Trust (07-A1-A3)
0.99% (1 mo. USD LIBOR + 0.320%) (2)		01/25/37		808,141		303,745
Merrill Lynch First Franklin Mortgage Loan Trust (07-1-A2B)
1.01% (1 mo. USD LIBOR + 0.170%) (2)		04/25/37		36,672,146		18,544,107
Merrill Lynch First Franklin Mortgage Loan Trust (07-1-A2C)
1.17% (1 mo. USD LIBOR + 0.250%) (2)		04/25/37		20,464,806		9,100,260
Merrill Lynch First Franklin Mortgage Loan Trust (07-1-A2D)
1.35% (1 mo. USD LIBOR + 0.340%) (2)		04/25/37		5,225,148		2,709,639
Merrill Lynch First Franklin Mortgage Loan Trust (07-2-A2C)
0.91% (1 mo. USD LIBOR + 0.240%) (2)		05/25/37		4,575,898		2,254,458

See accompanying Notes to Financial Statements.

87

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Merrill Lynch First Franklin Mortgage Loan Trust (07-3-A2B)
0.80% (1 mo. USD LIBOR + 0.130%) (2)		06/25/37	$	1,992,283	$	1,802,913
Merrill Lynch First Franklin Mortgage Loan Trust (07-4-2A3)
0.83% (1 mo. USD LIBOR + 0.160%) (2)		07/25/37		26,559,512		21,108,613
Merrill Lynch Mortgage-Backed Securities Trust (07-2-1A1)
4.04% (1-year Treasury Constant Maturity Rate + 2.400%) (2)(4)		08/25/36		645,738		612,651
Mid-State Trust (05-1-A)
5.75%		01/15/40		1,616,095		1,616,036
Morgan Stanley ABS Capital I, Inc. Trust (04-NC8-M2)
1.63% (1 mo. USD LIBOR + 0.960%) (2)		09/25/34		450,104		443,059
Morgan Stanley Home Equity Loan Trust (06-2-A4)
1.23% (1 mo. USD LIBOR + 0.560%) (2)		02/25/36		875,342		875,426
Morgan Stanley Mortgage Loan Trust (07-3XS-2A6)
5.76%		01/25/47		2,183,119		831,121
Morgan Stanley Mortgage Loan Trust (07-7AX-2A1)
0.91% (1 mo. USD LIBOR + 0.240%) (2)		04/25/37		2,828,291		1,030,756
Morgan Stanley Resecuritization Trust (14-R2-2A)
2.71% (1)(3)		12/26/46		33,089		33,246
MortgageIT Trust (05-4-A1)
1.23% (1 mo. USD LIBOR + 0.560%) (2)		10/25/35		751,803		745,171
New Century Home Equity Loan Trust (06-1-A2B)
1.03% (1 mo. USD LIBOR + 0.180%) (2)		05/25/36		15,311,357		15,019,798
Oakwood Mortgage Investors, Inc. (02-A-A4)
6.97% (3)		03/15/32		560,372		562,888
Oakwood Mortgage Investors, Inc. (99-E-A1)
7.61% (3)		03/15/30		3,049,276		2,225,021
Ownit Mortgage Loan Asset-Backed Certificates (06-3-A2D)
1.21% (1 mo. USD LIBOR + 0.540%) (2)		03/25/37		10,067,727		9,902,433
Ownit Mortgage Loan Asset-Backed Certificates (06-6-A2C)
0.99% (1 mo. USD LIBOR + 0.320%) (2)		09/25/37		16,381,444		8,688,226
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates (05-WCW2-M3)
1.49% (1 mo. USD LIBOR + 0.825%) (2)		07/25/35		10,000,000		9,822,247

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
PRET LLC (22-RN1-A1)
3.72% (1)		07/25/51	$	19,471,935	$	18,974,645
Prime Mortgage Trust (06-1-1A1)
5.50% (4)		06/25/36		103,531		102,780
PRPM 2021-10 LLC (21-10-A1)
2.49% (1)		10/25/26		16,790,762		16,048,877
PRPM 2021-9 LLC (21-9-A1)
2.36% (1)		10/25/26		9,298,674		8,873,537
PRPM 2022-1 LLC (22-1-A1)
3.72% (1)		02/25/27		15,241,794		14,896,761
PRPM 2022-1 LLC (22-2-A1)
5.00% (1)		03/25/27		14,435,032		14,411,270
RAAC Series Trust (05-SP1-4A1)
7.00%		09/25/34		1,459,917		1,375,173
RALI Trust (05-QA13-2A1)
3.98% (3)(4)		12/25/35		427,462		392,496
RALI Trust (05-QA7-A21)
3.01% (3)(4)		07/25/35		1,208,080		1,171,076
Residential Accredit Loans, Inc. (05-QA8-CB21)
3.50% (3)(4)		07/25/35		2,979,493		1,956,505
Residential Accredit Loans, Inc. (06-QA1-A21)
4.37% (3)(4)		01/25/36		9,906		8,484
Residential Accredit Loans, Inc. (06-QA10-A2)
1.03% (1 mo. USD LIBOR + 0.360%) (2)		12/25/36		8,224,094		8,210,369
Residential Accredit Loans, Inc. (06-QA2-1A1)
0.92% (1 mo. USD LIBOR + 0.250%) (2)(4)		02/25/36		12,791		9,171
Residential Accredit Loans, Inc. (06-QS10-AV) (I/O)
0.58% (3)(7)		08/25/36		22,174,625		417,269
Residential Accredit Loans, Inc. (06-QS5-A5)
6.00% (4)		05/25/36		2,546,347		2,328,454
Residential Accredit Loans, Inc. (06-QS6-1AV) (I/O)
0.77% (3)(7)		06/25/36		28,269,618		608,741
Residential Accredit Loans, Inc. (06-QS7-AV) (I/O)
0.70% (3)(7)		06/25/36		5,782,048		68,631
Residential Accredit Loans, Inc. (07-QS1-2AV) (I/O)
0.17% (3)(7)		01/25/37		1,523,227		8,834
Residential Accredit Loans, Inc. (07-QS2-AV) (I/O)
0.32% (3)(7)		01/25/37		10,857,299		115,446
Residential Accredit Loans, Inc. (07-QS3-AV) (I/O)
0.36% (3)(7)		02/25/37		47,430,840		548,220
Residential Accredit Loans, Inc. (07-QS4-3AV) (I/O)
0.36% (3)(7)		03/25/37		5,733,332		65,448
Residential Accredit Loans, Inc. (07-QS5-AV) (I/O)
0.28% (3)(7)		03/25/37		7,080,002		56,205
Residential Accredit Loans, Inc. (07-QS6-A45)
5.75% (4)		04/25/37		1,585,945		1,458,310

See accompanying Notes to Financial Statements.

88

TCW Total Return Bond Fund

April 30, 2022

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Residential Accredit Loans, Inc. (07-QS8-AV) (I/O)
0.42% (3)(7)		06/25/37	$	11,214,845	$	174,234
Residential Asset Securitization Trust (07-A3-1A4)
5.75% (4)		04/25/37		2,353,482		1,461,286
Residential Funding Mortgage Securities I (05-SA5-2A)
3.57% (3)(4)		11/25/35		9,507		8,241
Residential Funding Mortgage Securities I (06-S9-A3) (PAC)
5.75% (4)		09/25/36		340,036		298,206
Residential Funding Mortgage Securities I (07-S2-A9)
6.00% (4)		02/25/37		3,356,739		2,936,369
Residential Funding Mortgage Securities I (07-SA2-2A2)
3.40% (3)(4)		04/25/37		10,536		9,546
Roc Mortgage Trust (21-RTL1-A1)
2.49% (1)(3)		08/25/26		16,300,000		15,902,379
Saxon Asset Securities Trust (06-3-A3)
0.84% (1 mo. USD LIBOR + 0.170%)(2)		10/25/46		4,751,101		4,676,077
Saxon Asset Securities Trust (07-2-A2C)
0.91% (1 mo. USD LIBOR + 0.240%) (2)		05/25/47		11,344,657		9,300,940
Saxon Asset Securities Trust (07-2-A2D)
0.97% (1 mo. USD LIBOR + 0.300%) (2)		05/25/47		13,196,577		10,823,885
Securitized Asset Backed Receivables LLC Trust (06-WM4-A1)
1.05% (1 mo. USD LIBOR + 0.380%) (1)(2)		11/25/36		28,515,313		15,409,572
Securitized Asset Backed Receivables LLC Trust (07-BR2-A1)
0.85% (1 mo. USD LIBOR + 0.180%) (1)(2)		02/25/37		19,832,509		18,125,194
Securitized Asset-Backed Receivables LLC Trust (07-BR1-A2C)
1.01% (1 mo. USD LIBOR + 0.340%) (2)		02/25/37		2,617,335		1,290,032
Securitized Asset-Backed Receivables LLC Trust (07-BR2-A2)
0.90% (1 mo. USD LIBOR + 0.230%) (2)		02/25/37		27,334,454		13,793,493
Securitized Asset-Backed Receivables LLC Trust (07-NC2-A2B)
0.81% (1 mo. USD LIBOR + 0.140%) (2)		01/25/37		13,070,222		11,767,009
Sequoia Mortgage Trust (03-8-A1)
1.23% (1 mo. USD LIBOR + 0.640%) (2)		01/20/34		462,669		452,963
SG Mortgage Securities Trust (07-NC1-A2)
0.91% (1 mo. USD LIBOR + 0.240%) (1)(2)		12/25/36		16,244,322		11,111,829

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Soundview Home Equity Loan Trust (07-OPT3-2A4)
0.92% (1 mo. USD LIBOR + 0.250%) (2)		08/25/37	$	4,000,000	$	3,669,826
Structured Adjustable Rate Mortgage Loan Trust (04-12-2A)
2.70% (3)		09/25/34		600,197		600,705
Structured Adjustable Rate Mortgage Loan Trust (04-14-2A)
2.60% (3)		10/25/34		1,156,788		1,160,874
Structured Adjustable Rate Mortgage Loan Trust (06-2-3A1)
2.96% (3)(4)		03/25/36		10,652,902		10,427,714
Structured Adjustable Rate Mortgage Loan Trust (06-2-5A1)
3.00% (3)(4)		03/25/36		242,899		215,465
Structured Adjustable Rate Mortgage Loan Trust (06-4-5A1)
2.99% (3)(4)		05/25/36		1,403,383		1,196,985
Structured Adjustable Rate Mortgage Loan Trust (06-5-1A1)
2.96% (3)(4)		06/25/36		1,681,535		1,560,645
Structured Adjustable Rate Mortgage Loan Trust (07-1-1A1)
2.30% (3)		02/25/37		1,519,328		974,138
Structured Asset Mortgage Investments II Trust (07-AR4-A5)
0.89% (1 mo. USD LIBOR + 0.220%) (2)		09/25/47		14,867,404		14,204,685
Structured Asset Securities Corp. (05-2XS-1A5B)
5.15%		02/25/35		52		57
SunTrust Adjustable Rate Mortgage Loan Trust (07-2-2A1)
2.68% (3)		04/25/37		106,728		76,695
SunTrust Adjustable Rate Mortgage Loan Trust (07-3-1A1)
2.64% (3)		06/25/37		2,868		2,201
SunTrust Adjustable Rate Mortgage Loan Trust (07-S1-2A1)
2.52% (3)		01/25/37		272,859		279,637
Wachovia Mortgage Loan Trust LLC (06-AMN1-A3)
1.15% (1 mo. USD LIBOR + 0.480%) (2)		08/25/36		5,911,282		2,667,354
WaMu Mortgage Pass-Through Certificates (04-AR14-A1)
2.76% (3)		01/25/35		2,721,846		2,700,654
WaMu Mortgage Pass-Through Certificates (05-AR14-2A1)
2.86% (3)		12/25/35		694,515		692,498
WaMu Mortgage Pass-Through Certificates (05-AR18-1A1)
2.82% (3)		01/25/36		933,412		908,287

See accompanying Notes to Financial Statements.

89

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
WaMu Mortgage Pass-Through Certificates (06-AR1-2A1A)
1.29% (12 mo. Monthly Treasury Average Index + 1.070%) (2)		01/25/46	$	7,054,579	$	6,848,578
WaMu Mortgage Pass-Through Certificates (06-AR11-1A)
1.18% (12 mo. Monthly Treasury Average Index + 0.960%) (2)(4)		09/25/46		2,240,512		2,048,809
WaMu Mortgage Pass-Through Certificates (06-AR17-1A1A)
0.95% (12 mo. Monthly Treasury Average Index + 0.810%) (2)		12/25/46		2,524,472		2,387,722
Washington Mutual Alternative Mortgage Pass-Through Certificates (02-AR1-1A1)
2.52% (3)		11/25/30		32,665		32,880
Washington Mutual Alternative Mortgage Pass-Through Certificates (06-1-3A2)
5.75% (4)		02/25/36		608,744		570,640
Washington Mutual Alternative Mortgage Pass-Through Certificates (06-5-1A1)
1.27% (1 mo. USD LIBOR + 0.600%) (2)(4)		07/25/36		1,251,810		847,363
Washington Mutual Alternative Mortgage Pass-Through Certificates (06-AR10-A2A)
1.01% (1 mo. USD LIBOR + 0.340%) (2)		12/25/36		1,891,151		1,823,315
Washington Mutual Alternative Mortgage Pass-Through Certificates (07-OA3-5A)
1.47% (11th District Cost of Funds + 1.250%) (2)(4)		04/25/47		965,648		917,629
Washington Mutual Alternative Mortgage Pass-Through Certificates (07-OC2-A3)
0.98% (1 mo. USD LIBOR + 0.310%) (2)		06/25/37		2,813,211		2,739,741
Washington Mutual Asset-Backed Certificates (06-HE1-2A4)
1.23% (1 mo. USD LIBOR + 0.560%) (2)		04/25/36		2,413,664		2,334,342
Washington Mutual Asset-Backed Certificates (07-HE2-2A1)
0.77% (1 mo. USD LIBOR + 0.100%) (2)		02/25/37		16,004,841		5,707,760
Wells Fargo Home Equity Asset-Backed Securities (07-1-A3)
1.31% (1 mo. USD LIBOR + 0.640%) (2)		03/25/37		5,521,000		5,079,340
Wells Fargo Mortgage-Backed Securities Trust (06-AR11-A6)
2.84% (3)(4)		08/25/36		1,153,167		1,077,277

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Wells Fargo Mortgage-Backed Securities Trust (07-AR4-A1)
2.83% (3)(4)		08/25/37	$	49,562	$	47,430
Total Residential Mortgage-Backed Securities — Non-Agency
(Cost: $1,164,008,636)						1,184,926,320
U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.6%
Federal Home Loan Banks
1.61%		09/04/24		11,720,000		11,379,651
1.61%		09/04/24		11,720,000		11,463,138
Total U.S. Government Agency Obligations
(Cost: $23,440,000)						22,842,789
U.S. TREASURY SECURITIES — 10.3%
U.S. Treasury Bond
2.00%		11/15/41		7,140,000		5,902,841
2.38%		02/15/42		23,050,000		20,375,840
U.S. Treasury Note
1.75%		03/15/25		111,472,000		107,932,630
1.88%		02/28/27		25,455,000		24,225,534
1.88%		02/15/32		14,405,000		13,154,691
2.50%		03/31/27		73,565,000		72,099,448
2.63%		04/15/25		103,535,000		102,798,931
2.88%		04/30/27		66,005,000		65,414,981
Total U.S. Treasury Securities
(Cost: $417,578,961)						411,904,896
Total Fixed Income Securities
(Cost: $4,986,004,216)						4,873,599,527
			Shares
MONEY MARKET INVESTMENTS — 3.4%
State Street Institutional U.S. Government Money Market Fund — Premier Class (8)				134,512,234		134,512,234
Total Money Market Investments
(Cost: $134,512,234)						134,512,234
	Maturity Date		Principal Amount
SHORT TERM INVESTMENTS — 9.2%
Foreign Government Bonds — 0.5%
Japan Treasury Bill
0.00% (5)		08/01/22		JPY 2,740,000,000		21,161,192
Total Foreign Government Bonds
(Cost: $21,161,615)						21,161,192

See accompanying Notes to Financial Statements.

90

TCW Total Return Bond Fund

April 30, 2022

Issues	Maturity Date		Principal Amount		Value
U.S. Government Agency Obligations — 1.2%
Federal Home Loan Banks
0.45% (9)		10/05/22	$	50,000,000	$	49,710,300
Total U.S. Government Agency Obligations
(Cost: $49,735,945)						49,710,300
U.S. Treasury Securities — 7.5%
U.S. Treasury Bill
0.97% (9)		08/11/22		28,860,000		28,780,651
1.05% (9)		08/25/22		50,127,000		49,957,265
1.09% (9)		07/28/22		16,190,000		16,157,917
0.81% (9)		08/18/22		162,480,000		161,992,560
0.99% (9)		09/01/22		40,328,000		40,177,665
Total U.S. Treasury Securities
(Cost: $297,403,848)						297,066,058
Total Short Term Investments
(Cost: $368,301,408)						367,937,550
Total Investments (135.1%)
(Cost: $5,488,817,858)						5,376,049,311
Liabilities In Excess Of Other Assets (-35.1%)						(1,395,568,875	)
Net Assets (100.0%)					$	3,980,480,436

Futures Contracts

Number of Contracts	Type	Expiration Date		Notional		Market Value		Net Unrealized Appreciation (Depreciation)
Long Futures
2,066	5-Year U.S. Treasury Note Futures		06/30/22	$	243,759,892	$	232,780,094	$	(10,979,798	)
144	10-Year U.S. Treasury Note Futures		06/21/22		20,093,930		18,576,000		(1,517,930	)
2,375	U.S. Ultra Long Bond Futures		06/21/22		435,166,144		381,039,062		(54,127,082	)
1,752	2-Year U.S. Treasury Note Futures		06/30/22		374,802,668		369,343,500		(5,459,168	)
				$	1,073,822,634	$	1,001,738,656	$	(72,083,978	)

Forward Currency Exchange Contracts
Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
SELL
BUY (10)
Citibank N.A.		JPY		2,741,698,800		05/06/22	$	21,055,978	$	21,161,615	$	105,637
SELL (11)
Citibank N.A.		EUR		9,430,000		07/08/22		10,410,824		9,980,637		430,187
Citibank N.A.		JPY		2,740,000,000		08/01/22		21,120,301		21,228,301		(108,000	)
							$	31,531,125	$	31,208,938	$	322,187

See accompanying Notes to Financial Statements.

91

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)

Notes to the Schedule of Investments:

ABS Asset-Backed Securities.

ARM Adjustable Rate Mortgage.

CLO Collateralized Loan Obligation.

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

I/O Interest Only Security.

JPY Japanese Yen.

PAC Planned Amortization Class.

P/O Principal Only Security.

SOFR Secured Overnight Financing Rate.

TAC Target Amortization Class.

TBA To Be Announced.

EUR Euro Currency.

JPY Japanese Yen.

(1) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2022, the value of these securities amounted to $1,214,719,378 or 30.5% of net assets. These securities are determined to be liquid by the Fund’s investment 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, 2022.

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

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

(5) Security is not accruing interest.

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

(7) For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.

(8) Rate disclosed is the 7-day net yield as of April 30, 2022.

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

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

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

See accompanying Notes to Financial Statements.

92

TCW Total Return Bond Fund

Investments by Sector (Unaudited) April 30, 2022

Sector	Percentage of Net Assets
Residential Mortgage-Backed Securities — Agency		59.1	%
Residential Mortgage-Backed Securities — Non-Agency		29.8
U.S. Treasury Securities		17.8
Asset-Backed Securities		11.7
Commercial Mortgage-Backed Securities — Non-Agency		10.5
Money Market Investments		3.4
U.S. Government Agency Obligations		1.8
Foreign Government Bonds		0.5
Commercial Mortgage-Backed Securities — Agency		0.5
Other*		(35.1	)
Total		100.0	%

* Includes capstock, futures, pending trades, interest receivable and accrued expenses payable.

See accompanying Notes to Financial Statements.

93

TCW Total Return Bond Fund

Fair Valuation Summary (Unaudited) April 30, 2022

The following is a summary of the fair valuations according to the inputs used as of April 30, 2022 in valuing the Fund’s investments:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Asset-Backed Securities	$	—		$	465,422,448		$	—	$	465,422,448
Commercial Mortgage-Backed Securities — Agency		—			18,779,131			—		18,779,131
Commercial Mortgage-Backed Securities — Non-Agency		—			417,816,694			—		417,816,694
Residential Mortgage-Backed Securities — Agency		—			2,351,907,249			—		2,351,907,249
Residential Mortgage-Backed Securities — Non-Agency		—			1,182,855,068			2,071,252		1,184,926,320
U.S. Government Agency Obligations		—			22,842,789			—		22,842,789
U.S. Treasury Securities		411,904,896			—			—		411,904,896
Total Fixed Income Securities		411,904,896			4,459,623,379			2,071,252		4,873,599,527
Money Market Investments		134,512,234			—			—		134,512,234
Short-Term Investments		297,066,058			70,871,492			—		367,937,550
Total Investments	$	843,483,188		$	4,530,494,871		$	2,071,252	$	5,376,049,311
Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—			535,824			—		535,824
Total Investments	$	843,483,188		$	4,531,030,695		$	2,071,252	$	5,376,585,135
Liability Derivatives
Futures Contracts
Interest Rate Risk	$	(72,083,978	)	$	—		$	—	$	(72,083,978	)
Forward Currency Contracts
Foreign Currency Risk		—			(108,000	)		—		(108,000	)
Total	$	(72,083,978	)	$	(108,000	)	$	—	$	(72,191,978	)

See accompanying Notes to Financial Statements.

94

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited) April 30, 2022

	TCW Core Fixed Income Fund			TCW Enhanced Commodity Strategy Fund (1)		TCW Global Bond Fund
ASSETS
Investments, at Value (2)	$	1,976,443,101		$	31,840,558	$	19,826,817
Investment in Affiliated Issuers, at Value		—			—		595,461	(3)
Foreign Currency, at Value		—			—		554	(4)
Cash		194,981			667,951		3,833
Receivable for Securities Sold		9,093,133			—		36,434
Receivable for Sale of When-Issued Securities		108,641,502			—		724,859
Receivable for Fund Shares Sold		18,480,509			1,162,613		17
Interest and Dividends Receivable		6,253,333			107,686		160,691
Receivable from Investment Advisor		62,695			19,274		20,048
Open Swap Agreements, at Value		—			6,766		—
Unrealized Appreciation on Open Forward Foreign Currency Contracts		74,987			—		151,627
Receivable for Daily Variation Margin on Open Financial Futures Contracts		—			—		172
Cash Collateral Held for Brokers		18,560,489			760,000		93,000
Prepaid Expenses		45,959			16,061		18,006
Total Assets		2,137,850,689			34,580,909		21,631,519
LIABILITIES
Distributions Payable		105,221			—		217
Payable for Securities Purchased		158,940,155			437,237		77,867
Payable for Purchase of When-Issued Securities		449,454,883			—		3,016,378
Payable for Fund Shares Redeemed		1,688,891			19,471		478
Accrued Directors’ Fees and Expenses		9,182			9,182		9,182
Deferred Accrued Directors’ Fees and Expenses		1,247			1,247		1,247
Accrued Management Fees		500,506			11,120		7,783
Accrued Distribution Fees		41,889			1,648		1,929
Interest Payable on Swap Agreements		—			9,478		—
Payable for Daily Variation Margin on Open Financial Futures Contracts		39,190			—		—
Payable for Daily Variation Margin on Open Centrally Cleared Swap Contracts		50,392			—		—
Options Written, at Value		3,631,853	(5)		—		34,719	(5)
Open Swap Agreements, at Value		—			677,484		—
Unrealized Depreciation on Open Forward Foreign Currency Contracts		76,664			—		180,671
Transfer Agent Fees Payable		278,146			9,559		3,228
Administration Fee Payable		225,802			58,642		24,258
Audit Fees Payable		51,339			21,219		32,876
Accounting Fees Payable		136,514			52,312		4,447
Custodian Fees Payable		78,507			19,308		67,730
Legal Fees Payable		4,262			—		271
Other Accrued Expenses		50,261			8,994		2,656
Total Liabilities		615,364,904			1,336,901		3,465,937
NET ASSETS	$	1,522,485,785		$	33,244,008	$	18,165,582
NET ASSETS CONSIST OF:
Paid-in Capital	$	1,674,520,400		$	29,344,261	$	22,251,433
Accumulated Earnings (Loss)		(152,034,615	)		3,899,747		(4,085,851	)
NET ASSETS	$	1,522,485,785		$	33,244,008	$	18,165,582
NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	1,270,756,243		$	22,275,081	$	9,263,359
N Class Share	$	199,476,227		$	10,968,927	$	8,902,223
Plan Class Share	$	52,253,315		$	—	$	—
CAPITAL SHARES OUTSTANDING: (6)
I Class Share		123,013,808			2,984,695		1,043,721
N Class Share		19,349,493			1,470,361		1,003,268
Plan Class Share		5,034,348			—		—
NET ASSET VALUE PER SHARE: (7)
I Class Share	$	10.33		$	7.46	$	8.88
N Class Share	$	10.31		$	7.46	$	8.87
Plan Class Share	$	10.38		$	—	$	—

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

(2) The identified cost for the TCW Core Fixed Income Fund, the TCW Enhanced Commodity Strategy Fund and the TCW Global Bond Fund at April 30, 2022 was $2,054,819,594, $32,188,210 and $21,663,827, respectively.

(3) The identified cost for the TCW Global Bond Fund at April 30, 2022 was $714,537.

(4) The identified cost for the TCW Global Bond Fund at April 30, 2022 was $566.

(5) Premium received for the TCW Core Fixed Income Fund and the TCW Global Bond Fund was $1,828,411 and $4,380, respectively.

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

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

See accompanying Notes to Financial Statements.

95

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited) April 30, 2022

	TCW High Yield Bond Fund			TCW Short Term Bond Fund			TCW Total Return Bond Fund
ASSETS
Investments, at Value (1)	$	70,670,182		$	12,408,845		$	5,376,049,311
Cash		1,645			31			17,627,783
Receivable for Securities Sold		3,158,934			—			7,314,106
Receivable for Sale of When-Issued Securities		—			1,366,052			536,014,662
Receivable for Fund Shares Sold		63,535			62			4,392,236
Interest and Dividends Receivable		851,009			65,748			8,166,972
Receivable from Investment Advisor		22,149			20,498			293,722
Unrealized Appreciation on Open Forward Foreign Currency Contracts		11,977			578			535,824
Receivable for Daily Variation Margin on Open Financial Futures Contracts		21,172			4,000			—
Cash Collateral Held for Brokers		289,000			68,000			69,332,197
Prepaid Expenses		23,424			8,581			100,192
Total Assets		75,113,027			13,942,395			6,019,827,005
LIABILITIES
Distributions Payable		17,382			631			2,248,753
Payable for Securities Purchased		351,018			313,706			125,574,504
Payable for Purchase of When-Issued Securities		—			3,375,523			1,896,818,503
Payable for Fund Shares Redeemed		117,818			4,143			5,915,873
Accrued Directors’ Fees and Expenses		9,182			9,182			9,182
Deferred Accrued Directors’ Fees and Expenses		1,247			1,247			1,247
Accrued Management Fees		28,884			3,039			1,355,202
Accrued Distribution Fees		2,486			—			137,789
Payable for Daily Variation Margin on Open Financial Futures Contracts		—			—			2,660,297
Collateral Pledged by Brokers		—			—			270,000
Unrealized Depreciation on Open Forward Foreign Currency Contracts		9,173			591			108,000
Transfer Agent Fees Payable		22,452			915			1,898,551
Administration Fee Payable		35,288			22,361			986,203
Audit Fees Payable		22,136			54,664			153,281
Accounting Fees Payable		42,678			3,245			632,531
Custodian Fees Payable		56,614			28,377			106,111
Legal Fees Payable		495			182			26,430
Other Accrued Expenses		9,193			6,593			444,112
Total Liabilities		726,046			3,824,399			2,039,346,569
NET ASSETS	$	74,386,981		$	10,117,996		$	3,980,480,436
NET ASSETS CONSIST OF:
Paid-in Capital	$	81,085,755		$	10,871,333		$	4,374,262,444
Accumulated Earnings (Loss)		(6,698,774	)		(753,337	)		(393,782,008	)
NET ASSETS	$	74,386,981		$	10,117,996		$	3,980,480,436
NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	62,942,482		$	10,117,996		$	3,324,783,276
N Class Share	$	11,444,499		$	—		$	654,675,582
Plan Class Share	$	—		$	—		$	1,021,578
CAPITAL SHARES OUTSTANDING: (2)
I Class Share		10,201,686			1,214,349			368,258,968
N Class Share		1,843,427			—			70,290,936
Plan Class Share		—			—			112,551
NET ASSET VALUE PER SHARE: (3)
I Class Share	$	6.17		$	8.33		$	9.03
N Class Share	$	6.21		$	—		$	9.31
Plan Class Share	$	—		$	—		$	9.08

(1) The identified cost for the TCW High Yield Bond Fund, the TCW Short Term Bond Fund and the TCW Total Return Bond Fund at April 30, 2022 was $77,633,014, $13,025,358 and $5,488,817,858, respectively.

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

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

See accompanying Notes to Financial Statements.

96

TCW Funds, Inc.

Statements of Operations (Unaudited) Six Months Ended April 30, 2022

	TCW Core Fixed Income Fund			TCW Enhanced Commodity Strategy Fund (1)			TCW Global Bond Fund
INVESTMENT INCOME
Income:
Dividends from Investment in Affiliated Issuers	$	—		$	—		$	19,530
Interest		14,420,502			115,456			413,494
Total		14,420,502			115,456			433,024
Expenses:
Management Fees		3,203,908			43,823			69,252
Accounting Services Fees		47,885			18,349			1,560
Administration Fees		78,757			19,161			8,461
Transfer Agent Fees:
I Class		514,375			5,327			4,563
N Class		111,500			3,500			4,253
Plan Class		3,091			—			—
Custodian Fees		27,538			6,772			23,758
Professional Fees		45,673			24,561			30,979
Directors’ Fees and Expenses		20,820			20,820			20,820
Registration Fees:
I Class		20,615			11,888			10,293
N Class		11,228			12,399			9,793
Plan Class		9,512			—			—
Distribution Fees:
N Class		266,578			3,697			12,707
Compliance Expense		5,606			5,606			5,606
Other		55,135			4,449			5,173
Total		4,422,221			180,352			207,218
Less Expenses Borne by Investment Advisor:
I Class		157,542			90,742			64,796
N Class		166,285			35,621			51,479
Plan Class		12,145			—			—
Net Expenses		4,086,249			53,989			90,943
Net Investment Income		10,334,253			61,467			342,081
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		(58,286,352	)		(14,609	)		(1,171,547	)
Investments in Affiliated Issuers		—			—			(75,539	)
Foreign Currency		(236,580	)		—			(10,714	)
Foreign Currency Forward Contracts		322,923			—			(455,734	)
Futures Contracts		804,550			—			(67,401	)
Options Written		(4,574,050	)		—			—
Swap Agreements		131,101			4,551,634			—
Change in Unrealized Appreciation (Depreciation) on:
Investments		(110,349,635	)		(362,252	)		(1,716,215	)
Foreign Currency		—			—			(2,155	)
Foreign Currency Forward Contracts		(1,677	)		—			(28,102	)
Futures contracts		(183,277	)		—			67,136
Investments in Affiliated Issuers		—			—			(79,911	)
Options Written		(817,370	)		—			(30,339	)
Swap Agreements		(2,752,133	)		(660,329	)		—
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		(175,942,500	)		3,514,444			(3,570,521	)
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(165,608,247	)	$	3,575,911		$	(3,228,440	)

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

See accompanying Notes to Financial Statements.

97

TCW Funds, Inc.

Statements of Operations (Unaudited) Six Months Ended April 30, 2022

	TCW High Yield Bond Fund			TCW Short Term Bond Fund			TCW Total Return Bond Fund
INVESTMENT INCOME
Income:
Interest	$	2,167,949		$	241,938		$	82,693,809
Total		2,167,949			241,938			82,693,809
Expenses:
Management Fees		219,133			28,157			9,211,169
Accounting Services Fees		14,971			1,138			221,876
Administration Fees		12,308			7,799			343,976
Transfer Agent Fees:
I Class		41,817			9,726			2,233,477
N Class		10,328			—			466,800
Plan Class		—			—			2,898
Custodian Fees		19,858			9,954			37,221
Professional Fees		22,201			44,323			133,543
Directors’ Fees and Expenses		20,820			20,820			20,820
Registration Fees:
I Class		13,200			12,343			35,680
N Class		10,503			—			19,809
Plan Class		—			—			10,381
Distribution Fees:
N Class		16,966			—			933,254
Compliance Expense		5,606			5,606			5,606
Other		8,094			3,539			338,989
Total		415,805			143,405			14,015,499
Less Expenses Borne by Investment Advisor:
I Class		101,977			108,008			1,465,199
N Class		29,032			—			470,061
Plan Class		—			—			13,305
Net Expenses		284,796			35,397			12,066,934
Net Investment Income		1,883,153			206,541			70,626,875
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized (Loss) on:
Investments		(315,638	)		(347,511	)		(140,809,920	)
Foreign Currency		(924	)		(5,530	)		(2,133	)
Foreign Currency Forward Contracts		9,913			7,549			348,548
Futures Contracts		162,991			135,819			(57,037,229	)
Change in Unrealized Appreciation (Depreciation) on:
Investments		(8,434,313	)		(363,043	)		(267,656,775	)
Foreign Currency		—			—			(2,799	)
Foreign Currency Forward Contracts		2,804			(13	)		427,824
Futures contracts		576,587			108,716			(71,090,253	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		(7,998,580	)		(464,013	)		(535,822,737	)
DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(6,115,427	)	$	(257,472	)	$	(465,195,862	)

See accompanying Notes to Financial Statements.

98

TCW Funds, Inc.

Statements of Changes in Net Assets (Unaudited)

	TCW Core Fixed Income Fund						TCW Enhanced Commodity Strategy Fund (1)
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
OPERATIONS
Net Investment Income	$	10,334,253		$	15,183,912		$	61,467		$	12,917
Net Realized Gain (Loss) on Investments, Futures Contracts, Options Written, Swap Contracts and Foreign Currency Transactions		(61,838,408	)		(817,901	)		4,537,025			563,271
Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Options Written and Swap Contracts		(114,104,092	)		(12,278,658	)		(1,022,581	)		13,182
Increase (Decrease) in Net Assets Resulting from Operations		(165,608,247	)		2,087,353			3,575,911			589,370
DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(11,367,151	)		(54,874,147	)		(603,416	)		(31,504	)
Return of Capital		—			(6,135,591	)		—			—
Total Distributions to Shareholders		(11,367,151	)		(61,009,738	)		(603,416	)		(31,504	)
NET CAPITAL SHARE TRANSACTIONS
I Class		(50,555,684	)		176,664,657			17,932,283			952,173
N Class		(434,428	)		(9,836,433	)		9,445,341			218,346
Plan Class		54,949,372			870,109			—			—
Increase in Net Assets Resulting from Net Capital Shares Transactions		3,959,260			167,698,333			27,377,624			1,170,519
Increase (Decrease) in Net Assets		(173,016,138	)		108,775,948			30,350,119			1,728,385
NET ASSETS
Beginning of period		1,695,501,923			1,586,725,975			2,893,889			1,165,504
End of period	$	1,522,485,785		$	1,695,501,923		$	33,244,008		$	2,893,889

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

See accompanying Notes to Financial Statements.

99

TCW Funds, Inc.

Statements of Changes in Net Assets (Unaudited)

	TCW Global Bond Fund						TCW High Yield Bond Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
OPERATIONS
Net Investment Income	$	342,081		$	646,393		$	1,883,153		$	3,905,918
Net Realized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions		(1,780,935	)		(314,696	)		(143,658	)		3,161,035
Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Options Written and Foreign Currency Transactions		(1,789,586	)		(960,771	)		(7,854,922	)		784,193
Increase (Decrease) in Net Assets Resulting from Operations		(3,228,440	)		(629,074	)		(6,115,427	)		7,851,146
DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(233,058	)		(1,403,091	)		(4,186,779	)		(4,114,958	)
Return of Capital		—			(207,034	)		—			—
Total Distributions to Shareholders		(233,058	)		(1,610,125	)		(4,186,779	)		(4,114,958	)
NET CAPITAL SHARE TRANSACTIONS
I Class		(12,954,740	)		15,202,934			(24,446,221	)		7,118,045
N Class		(492,408	)		316,428			(2,135,596	)		(3,378,540	)
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		(13,447,148	)		15,519,362			(26,581,817	)		3,739,505
Increase (Decrease) in Net Assets		(16,908,646	)		13,280,163			(36,884,023	)		7,475,693
NET ASSETS
Beginning of period		35,074,228			21,794,065			111,271,004			103,795,311
End of period	$	18,165,582		$	35,074,228		$	74,386,981		$	111,271,004

See accompanying Notes to Financial Statements.

100

TCW Funds, Inc.

Statements of Changes in Net Assets (Unaudited)

	TCW Short Term Bond Fund						TCW Total Return Bond Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
OPERATIONS
Net Investment Income	$	206,541		$	309,248		$	70,626,875		$	144,428,513
Net Realized Loss on Investments, Futures Contracts and Foreign Currency Transactions		(209,673	)		(6,742	)		(197,500,734	)		(99,687,888	)
Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts and Foreign Currency Transactions		(254,340	)		(229,234	)		(338,322,003	)		(89,012,024	)
Increase (Decrease) in Net Assets Resulting from Operations		(257,472	)		73,272			(465,195,862	)		(44,271,399	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(222,253	)		(116,060	)		(48,159,374	)		(180,514,941	)
Return of Capital		—			—			—			(7,936,807	)
NET CAPITAL SHARE TRANSACTIONS
I Class		(7,463,727	)		10,406,189			(509,657,604	)		(1,286,832,084	)
N Class		—			—			(80,843,375	)		(979,184,016	)
Plan Class		—			—			574,687			595,978
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		(7,463,727	)		10,406,189			(589,926,292	)		(2,265,420,122	)
Increase (Decrease) in Net Assets		(7,943,452	)		10,363,401			(1,103,281,528	)		(2,498,143,269	)
NET ASSETS
Beginning of period		18,061,448			7,698,047			5,083,761,964			7,581,905,233
End of period	$	10,117,996		$	18,061,448		$	3,980,480,436		$	5,083,761,964

See accompanying Notes to Financial Statements.

101

TCW Funds, Inc.

Notes to Financial Statements (Unaudited)

Note 1 — Organization

TCW Funds, Inc. (the “Company”), a Maryland corporation, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), that currently offers 18 no-load mutual funds (each series a “Fund” and collectively the “Funds”). TCW Investment Management Company LLC (the “Advisor”) is the investment advisor to and an affiliate of the Funds and is registered under the Investment Advisers Act of 1940, as amended. Each Fund has its own investment objective and strategies. The following is a brief description of the investment objectives and principal investment strategies for the Funds that are covered in this report:

TCW Fund	Investment Objectives and Principal Investment Strategies
Diversified Fixed Income Funds
TCW Core Fixed Income Fund	Seeks to maximize current income and achieve above average total return consistent with prudent investment management over a full market cycle by investing at least 80% of the value of its net assets, plus any borrowings for investment purposes, in debt securities. The Fund may also invest up to 5% of its net assets in below investment grade bonds (commonly known as “junk bonds”).
TCW Enhanced Commodity Strategy Fund	Seeks total return which exceeds that of its commodity benchmark by investing primarily in commodity-linked derivative instruments backed by a portfolio of Fixed Income Instruments. The average duration of the Fixed Income Instruments held by the Fund is not expected to exceed 3 years, under normal market conditions. The Fund may invest up to 5% of its net assets in below investment grade bonds (commonly known as “junk bonds”). The Fund may invest up to 15% of its assets in foreign securities that are denominated in U.S. dollars. The Fund may invest up to 5% of its assets in securities of foreign issuers that are not denominated in U.S. dollars. The Fund may invest up to 5% of its assets in emerging market securities.
TCW Global Bond Fund	Seeks total return by investing at least 80% of the value of its net assets, plus any borrowings for investment purposes, in debt securities. Under normal market conditions, the Fund invests in securities of issuers located in at least three different countries (one of which may be the United States) and invests at least 30% of its net assets in securities of issuers located outside the United States. The Fund does not limit its investments to a particular credit or ratings category and may invest up to 35% of its net assets in below investment grade bonds (commonly known as “junk bonds”).

102

TCW Funds, Inc.

April 30, 2022

Note 1 — Organization (Continued)

TCW Fund	Investment Objectives and Principal Investment Strategies
TCW High Yield Bond Fund	Seeks to maximize income and achieve above average total return consistent with reasonable risk over a full market cycle by investing at least 80% of the value of its net assets, plus any borrowings for investment purposes, in high yield/below investment grade bonds (commonly known as “junk bonds”). The Fund may invest up to 20% of its net assets in equity securities (including common stock and convertible and non-convertible preferred stocks) and bank loans of companies in the high yield universe.
TCW Short Term Bond Fund	Seeks to maximize current income by investing at least 80% of the value of its net assets, plus any borrowings for investment purposes, in a diversified portfolio of debt securities of varying maturities, including bonds, notes and other similar fixed income instruments issued by governmental or private sector issuers. The Fund may invest up to 10% of its net assets in below investment grade bonds (commonly known as “junk bonds”). Under normal market conditions, the portfolio managers seek to construct an investment portfolio with a dollar-weighted average duration of no more than two years.
TCW Total Return Bond Fund	Seeks to maximize current income and achieve above average total return consistent with prudent investment management over a full market cycle by investing at least 80% of the value of its net assets, plus any borrowings for investment purposes, in debt securities. At least 50% of the Fund’s net assets will be invested in securitized obligations guaranteed by the U.S. government or its agencies, instrumentalities or sponsored corporations; privately issued mortgage-backed and asset-backed securities rated at time of investment Aa3 or higher by Moody’s Investors Service, Inc., AA- or higher by S&P Global Ratings or the equivalent by any other nationally recognized statistical organization; other obligations of the U.S. government or its agencies, instrumentalities or sponsored corporations; and money market instruments. Under normal market conditions, the portfolio managers seek to construct an investment portfolio with a weighted average duration of no more than eight years.

All of the Funds currently offer two classes of shares: I Class and N Class, except for the TCW Short Term Bond Fund, which only offers I Class shares, and the TCW Core Fixed Income Fund and TCW Total Return Bond Fund, which also offer Plan Class shares. The three classes of a Fund are substantially the same except that the N Class shares are subject to a distribution fee (see Note 7).

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Note 2 — Significant Accounting Policies

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

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

Principles of Consolidation:    The TCW Cayman Enhanced Commodity Fund, Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated as a wholly owned subsidiary acting as an investment vehicle for the TCW Enhanced Commodity Strategy Fund (the “Parent”) in order to effect certain investments for the Parent consistent with the Parent’s investment objectives and policies as specified in its prospectus and statement of additional information. The accompanying financial statements are consolidated and include the accounts of the Subsidiary. The Parent’s investment in the Subsidiary will normally not exceed 25% of the value of the Parent’s total assets tested at the time of making an investment. The net assets of the Subsidiary at April 30, 2022 were $5,237,185 or 15.75% of the Parent’s consolidated net assets. Intercompany balances and transactions have been eliminated in consolidation.

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

Security Valuations:    Securities listed or traded on the NYSE and other stock exchanges are valued at the latest sale price on the exchange. Securities traded on the NASDAQ stock market (“NASDAQ”) are valued using official closing prices as reported by NASDAQ, which may not be the last sale price. Investments in open-end mutual funds including money market funds are valued based on the NAV per share as reported by the investment companies. All other securities for which over-the-counter (“OTC”) market quotations are readily available, including short-term securities, swap agreements and forward currency contracts, are valued with prices furnished by independent pricing services or by broker-dealers.

Securities for which market quotations are not readily available, including in circumstances under which it is determined by the Advisor that prices received are not reflective of their market values, are valued by the Advisor’s Pricing Committee in accordance with the guidelines established by the Valuation Committee of the Company’s Board of Directors (the “Board,” and each member thereof, a “Director”) and under the general oversight of the Board.

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

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Note 2 — Significant Accounting Policies (Continued)

developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the inputs market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances.

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

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

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

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

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

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

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

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

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Note 2 — Significant Accounting Policies (Continued)

Corporate bonds.    The fair value of corporate bonds is estimated using recently executed transactions, market price quotations (where observable), bond spreads, or credit default swap spreads adjusted for any basis difference between cash and derivative instruments. Corporate bonds are generally categorized as 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 as Level 3 of the hierarchy.

Foreign currency contracts.    The fair values of foreign currency contracts are derived from indices, reference rates, and other inputs or a combination of these factors. To the extent that these factors can be observed, foreign currency contracts are categorized as 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. They are categorized as Level 1.

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

Money market funds.    Money market funds are open-end mutual funds that invest in short-term debt securities. To the extent that these funds are valued based upon the reported NAV, they are categorized as 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-wanted 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 are categorized as Level 2; otherwise, the fair values are categorized as Level 3.

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

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

Short-term investments.    Short-term investments are valued using market price quotations, and are categorized as Level 1 or Level 2 of the fair value hierarchy.

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Note 2 — Significant Accounting Policies (Continued)

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 credit default swaps would be categorized as Level 2; otherwise, the fair values would be categorized as Level 3.

Warrants.    Warrants are generally valued based on quoted prices from the applicable exchange. To the extent these securities are actively traded, and valuation adjustments are not applied, they are generally categorized as Level 1 of the fair value hierarchy.

The summary of the inputs used as of April 30, 2022 in valuing the Funds’ investments is listed after the Schedule of Investments for each Fund.

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

	TCW Core Fixed Income Fund			TCW Global Bond Fund			TCW High Yield Bond Fund			TCW Total Return Bond Fund
Balance as of October 31, 2021	$	6,041,024		$	65,382		$	198,068		$	2,751,676
Accrued Discounts (Premiums)		137,819			11,589			(10,072	)		(284,989	)
Realized Gain (Loss)		—			206			—			(68,777	)
Change in Unrealized Appreciation (Depreciation)		(516,567	)		(36,722	)		(961	)		(69,204	)
Purchases		—			32,703			—			136,326
Sales		(139,294	)		(797	)		—			(393,780	)
Transfers in to Level 3		—			—			—			—
Transfers out of Level 3		—			—			—			—
Balance as of April 30, 2022	$	5,522,982		$	72,361		$	187,035		$	2,071,252
Change in Unrealized Appreciation (Depreciation) from Investments Still Held at April 30, 2022	$	(516,567	)	$	(36,722	)	$	(961	)	$	(69,204	)

(1) Financial assets transferred between Level 2 and Level 3 were due to a change in observable and/or unobservable inputs.

Significant unobservable valuation inputs for Level 3 investments as of April 30, 2022 are as follows:

Description	Fair Value at 4/30/2022		Valuation Techniques	Unobservable Input	Price or Price Range		Average Weighted Price		Input to Valuation If Input Increases
TCW Core Fixed Income Fund
Asset-backed Securities	$	4,318,785	Third-party Vendor	Vendor Prices		$92.313		$92.313		Increase
Corporate Bonds	$	1,204,197	Third-party Vendor	Vendor Prices		$89.000		$89.000		Increase
TCW Global Bond Fund
Common Stock	$	11,159	Third-party Vendor	Vendor Prices		$32.438		$32.438		Increase
Residential Mortgage-Backed Securities — Non-Agency	$	61,202	Third-party Vendor	Vendor Prices		$4.889		$4.889		Increase
Rights	$	0	Third-party Vendor	Vendor Prices		$0		$0		Increase
TCW High Yield Bond Fund
Common Stock	$	0	Third-party Vendor	Vendor Prices		$0		$0		Increase
Corporate Bonds	$	187,035	Third-party Vendor	Vendor Prices		$89.000		$89.000		Increase
TCW Total Return Bond Fund
Residential Mortgage-Backed Securities — Non- Agency	$	8,224	Third-party Vendor	Vendor Prices		$9.441-59.436		$53.151		Increase
Residential Mortgage-Backed Securities — Non-Agency (Interest Only, Collateral Strip Rate Securities)	$	2,063,028	Third-party Vendor	Vendor Prices		$0.580-2.153		$1.473		Increase

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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.

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

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. Capital gains realized by a Fund will be distributed at least annually.

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

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.

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

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

Derivative Instruments:    Derivatives are financial instruments which are valued based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. A derivative contract may result in a mark-to-market

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Note 2 — Significant Accounting Policies (Continued)

loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. It is possible that a derivative transaction will result in a loss greater than the principal amount invested. The Funds may not be able to close out a derivative transaction at a favorable time or price.

For the period ended April 30, 2022, the following Funds had derivatives and transactions in derivatives, grouped in the following risk categories:

TCW Core Fixed Income Fund

	Commodity Risk		Foreign Currency Risk			Interest Rate Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Investments (1)	$	—	$	—		$	28,388		$	28,388
Swap Agreements		—		—			2,748,280			2,748,280
Futures Contracts (2)		—		—			373,950			373,950
Forward Contracts		—		74,987			—			74,987
Total Value	$	—	$	74,987		$	3,150,618		$	3,225,605
Liability Derivatives
Forward Contracts	$	—	$	(76,664	)	$	—		$	(76,664	)
Written Options		—		—			(3,631,853	)		(3,631,853	)
Swap Agreements		—		—			(6,437,845	)		(6,437,845	)
Futures Contracts (2)		—		—			(353,843	)		(353,843	)
Total Value	$	—	$	(76,664	)	$	(10,423,541	)	$	(10,500,205	)
Statement of Operations:
Net Realized Gain (Loss)
Forward Contracts	$	—	$	322,923		$	—		$	322,923
Futures Contracts		—		—			804,550			804,550
Investments (3)		—		—			784,387			784,387
Options Written		—		—			(4,574,050	)		(4,574,050	)
Swap Agreements		—		—			131,101			131,101
Net Realized Gain (Loss)	$	—	$	322,923		$	(2,854,012	)	$	(2,531,089	)
Net Change in Appreciation (Depreciation)
Forward Contracts	$	—	$	(1,677	)	$	—		$	(1,677	)
Futures Contracts		—		—			(183,277	)		(183,277	)
Investments (4)		—		—			(1,192,109	)		(1,192,109	)
Options Written		—		—			(817,370	)		(817,370	)
Swap Agreements		—		—			(2,752,133	)		(2,752,133	)
Net Change in Appreciation (Depreciation)	$	—	$	(1,677	)	$	(4,944,889	)	$	(4,946,566	)
Number of Contracts or Notional Amounts (5)
Forward Currency Contracts		$ —		$20,150,390			$ —			$20,150,390
Options Purchased		—		—			5,858			5,858
Options Written		—		—			980			980
Futures Contracts		—		—			161			161
Written Swaption		$ —		$ —			$79,680,000			$79,680,000
Swap Agreements		$ —		$ —			$183,331,667			$183,331,667

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Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

TCW Enhanced Commodity Strategy Fund

	Commodity Risk			Foreign Currency Risk		Interest Rate Risk		Total
Statement of Assets and Liabilities:
Asset Derivatives
Swap Agreements	$	6,7666		$	—	$	—	$	6,7666
Total Value	$	6,7666		$	—	$	—	$	6,7666
Liability Derivatives
Swap Agreements	$	(677,484	)	$	—	$	—	$	(677,484	)
Total Value	$	(677,484	)	$	—	$	—	$	(677,484	)
Statement of Operations:
Net Realized Gain (Loss)
Swap Agreements	$	4,551,634		$	—	$	—	$	4,551,634
Net Realized Gain (Loss)	$	4,551,634		$	—	$	—	$	4,551,634
Net Change in Appreciation (Depreciation)
Swap Agreements	$	(660,329	)	$	—	$	—	$	(660,329	)
Net Change in Appreciation (Depreciation)	$	(660,329	)	$	—	$	—	$	(660,329	)
Notional Amounts (5)
Swap Agreements		$18,757,175			$ —		$ —		$18,757,175

TCW Global Bond Fund

	Commodity Risk		Foreign Currency Risk			Interest Rate Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Futures Contracts (2)	$	—	$	—		$	64,954		$	64,954
Forward Contracts		—		151,627			—			151,627
Total Value	$	—	$	151,627		$	64,954		$	216,581
Liability Derivatives
Forward Contracts	$	—	$	(180,671	)	$	—		$	(180,671	)
Options Written		—		—			(34,719	)		(34,719	)
Futures Contracts (2)		—		—			(19,765	)		(19,765	)
Total Value	$	—	$	(180,671	)	$	(54,484	)	$	(235,155	)
Statement of Operations:
Net Realized Gain (Loss)
Forward Contracts	$	—	$	(455,734	)	$	—		$	(455,734	)
Futures Contracts		—		—			(67,401	)		(67,401	)
Net Realized Gain (Loss)	$	—	$	(455,734	)	$	(67,401	)	$	(523,135	)
Net Change in Appreciation (Depreciation)
Forward Contracts	$	—	$	(28,102	)	$	—		$	(28,102	)
Futures Contracts		—		—			67,136			67,136
Options Written		—		—			(30,339	)		(30,339	)
Net Change in Appreciation (Depreciation)	$	—	$	(28,102	)	$	36,797		$	8,695
Number of Contracts or Notional Amounts (5)
Forward Currency Contracts		$ —		$22,706,910			$ —			$22,706,910
Futures Contracts		—		—			33			33
Swaptions Written		$ —		$ —			$1,460,000			$1,460,000

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TCW High Yield Bond Fund

	Commodity Risk		Foreign Currency Risk			Interest Rate Risk		Total
Statement of Assets and Liabilities:
Asset Derivatives
Futures Contracts (2)	$	—	$	—		$	578,667	$	578,667
Forward Contracts		—		11,977			—		11,977
Total Value	$	—	$	11,977		$	578,667	$	590,644
Liability Derivatives
Forward Contracts	$	—	$	(9,173	)	$	—	$	(9,173	)
Total Value	$	—	$	(9,173	)	$	—	$	(9,173	)
Statement of Operations:
Net Realized Gain (Loss)
Forward Contracts	$	—	$	9,913		$	—	$	9,913
Futures Contracts		—		—			162,991		162,991
Net Realized Gain (Loss)	$	—	$	9,913		$	162,991	$	172,904
Net Change in Appreciation (Depreciation)
Forward Contracts	$	—	$	2,804		$	—	$	2,804
Futures Contracts		—		—			576,587		576,587
Net Change in Appreciation (Depreciation)	$	—	$	2,804		$	576,587	$	579,391
Number of Contracts or Notional Amounts (5)
Forward Currency Contracts		$ —		$537,600			$ —		$537,600
Futures Contracts		—		—			53		53

TCW Short Term Bond Fund

	Foreign Currency Risk		Interest Rate Risk			Equity Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Forward Contracts	$	—	$	578		$	—		$	578
Futures Contracts (2)		—		—			133,264			133,264
Total Value	$	—	$	578		$	133,264		$	133,842
Liability Derivatives
Forward Contracts	$	—	$	(591	)	$	—		$	(591	)
Futures Contracts (2)		—		—			(1,160	)		(1,160	)
Total Value	$	—	$	(591	)	$	(1,160	)	$	(1,751	)
Statement of Operations:
Net Realized Gain (Loss)
Forward Contracts	$	—	$	7,549		$	—		$	7,549
Futures Contracts		—		—			135,819			135,819
Net Realized Gain (Loss)	$	—	$	7,549		$	135,819		$	143,368
Net Change in Appreciation (Depreciation)
Forward Contracts	$	—	$	(13	)	$	—		$	(13	)
Futures Contracts		—		—			108,716			108,716
Net Change in Appreciation (Depreciation)	$	—	$	(13	)	$	108,716		$	108,703
Number of Contracts or Notional Amounts (5)
Forward Currency Contracts		$ —		$353,803			$ —			$353,803
Futures Contracts		—		—			21			21

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Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

TCW Total Return Bond Fund

	Commodity Risk		Foreign Currency Risk			Interest Rate Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Forward Contracts	$	—	$	535,824		$	—		$	535,824
Total Value	$	—	$	535,824		$	—		$	535,824
Liability Derivatives
Forward Contracts	$	—	$	(108,000	)	$	—		$	(108,000	)
Futures Contracts (2)		—		—			(72,083,978	)		(72,083,978	)
Total Value	$	—	$	(108,000	)	$	(72,083,978	)	$	(72,191,978	)
Statement of Operations:
Net Realized Gain (Loss)
Forward Contracts	$	—	$	348,548		$	—		$	348,548
Futures Contracts		—		—			(57,037,229	)		(57,037,229	)
Net Realized Gain (Loss)	$	—	$	348,548		$	(57,037,229	)	$	(56,688,681	)
Net Change in Appreciation (Depreciation)
Forward Contracts	$	—	$	427,824		$	—		$	427,824
Futures Contracts		—		—			(71,090,253	)		(71,090,253	)
Net Change in Appreciation (Depreciation)	$	—	$	427,824		$	(71,090,253	)	$	(70,662,429	)
Number of Contracts or Notional Amounts (5)
Forward Currency Contracts		$ —		$26,381,981			$ —			$26,381,981
Futures Contracts		—		—			5,741			5,741

(1) Represents purchased options, at value.

(2) Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only variation margin on April 30, 2022 is reported within the Statement of Assets and Liabilities

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

(4) Represents change in unrealized appreciation (depreciation) for purchased options during the year.

(5) Amount disclosed represents average number of contracts or notional amounts, which are representative of the volume traded for the period ended April 30, 2022.

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

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

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

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

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

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

Master Agreements and Netting Arrangements.    Certain Funds are parties to various agreements, including but not limited to International Swaps and Derivatives Association Agreements and related Credit Support Annex, Master Repurchase Agreements, and Master Securities Forward Transactions Agreements (collectively “Master Agreements”), which govern the terms of certain transactions with select counterparties. These Master Agreements generally include provisions for general obligations, representations, agreements, collateral, and certain events of default or termination. These Master Agreements also include provisions for netting arrangements that help reduce credit and counterparty risk associated with relevant transactions (“netting arrangements”). The netting arrangements are generally tied to credit-related events that, if triggered, would cause an event of default or termination giving a Fund

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or counterparty the right to terminate early and cause settlement, on a net basis, of all transactions under the applicable Master Agreement. In the event of an early termination as a result of an event of default under the Master Agreement, the total value exposure of all transactions will be offset against collateral exchanged to date, which would result in a net receivable or payable that would be due from or to the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in the event of a bankruptcy or insolvency of the counterparty. Credit related events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/moratorium. Any election made by a counterparty to early terminate the transactions under a Master Agreement could have a material adverse impact on a Fund’s financial statements. A Fund’s overall exposure to credit risk, subject to netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions under the relevant Master Agreement with a counterparty in a given Fund exceeds a specified threshold, net of collateral already in place, typically $250,000 or $500,000 depending on the counterparty and the type of Master Agreement. Collateral under the Master Agreements is usually in the form of cash or U.S. Treasury Bills but could include other types of securities. If permitted under the Master Agreement, certain funds may rehypothecate cash collateral received from a counterparty. The value of all derivative transactions outstanding under a Master Agreement is calculated daily to determine the amount of collateral to be received or pledged by the counterparty. Posting of collateral for OTC derivative transactions are covered under tri-party collateral agreements between the Fund, the Fund’s custodian, and each counterparty. Collateral for centrally cleared derivatives transactions are posted with the applicable derivatives clearing organization.

The following table presents the Funds’ OTC derivatives assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement and net of the related collateral received by the Funds as of April 30, 2022:

TCW Core Fixed Income Fund

Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements			Net Assets (Liabilities) Subject to Master Agreements			Collateral Pledged (Received)		Net Amount (1)
Citibank N.A.	$	74,987	$	(1,971,454	)	$	(1,896,467	)	$	1,220,000	$	(676,467	)
Total	$	74,987	$	(1,971,454	)	$	(1,896,467	)	$	1,220,000	$	(676,467	)

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

TCW Enhanced Commodity Strategy Fund

Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements			Net Assets (Liabilities) Subject to Master Agreements			Collateral Pledged (Received)			Net Amount (1)
Credit Suisse International	$	6,766	$	(677,484	)	$	(670,718	)	$	670,718	(2)	$	—
Total	$	6,766	$	(677,484	)	$	(670,718	)	$	670,718	(2)	$	—

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

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

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TCW Global Bond Fund

Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements			Net Assets (Liabilities) Subject to Master Agreements			Collateral Pledged (Received)			Net Amount (1)
Citibank N.A.	$	5,796	$	(35,577	)	$	(29,781	)	$	29,781	(2)	$	—
Goldman Sachs & Co		52,906		(3,532	)		49,374			—			49,374
State Street Bank & Trust Co.		92,925		(176,281	)		(83,356	)		—			(83,356	)
Total	$	151,627	$	(215,390	)	$	(63,763	)	$	29,781	(2)	$	(33,982	)

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

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

TCW High Yield Bond Fund

Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements			Net Assets (Liabilities) Subject to Master Agreements		Collateral Pledged (Received)		Net Amount (1)
Goldman Sachs & Co.	$	11,977	$	(9,173	)	$	2,804	$	—	$	2,804
Total	$	11,977	$	(9,173	)	$	2,804	$	—	$	2,804

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

TCW Short Term Bond Fund

Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements			Net Assets (Liabilities) Subject to Master Agreements			Collateral Pledged (Received)		Net Amount (1)
Citibank N.A.	$	578	$	(591	)	$	(13	)	$	—	$	(13	)
Total	$	578	$	(591	)	$	(13	)	$	—	$	(13	)

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

TCW Total Return Bond Fund

Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements			Net Assets (Liabilities) Subject to Master Agreements		Collateral Pledged (Received)			Net Amount (1)
Citibank N.A.	$	535,824	$	(108,000	)	$	427,824	$	(270,000	)	$	157,824
Total	$	535,824	$	(108,000	)	$	427,824	$	(270,000	)	$	157,824

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

Note 3 — Portfolio Investments

Mortgage-Backed Securities:    The Funds may invest in MBS which represent interests in pools of mortgages in which payments of both principal and interest on the securities are generally made monthly, in effect “passing through” monthly payments made by borrowers on the residential or commercial mortgage loans which underlie the securities (net of any fees paid to the issuer or guarantor of the securities). Mortgage pass-through securities differ from other forms of debt securities which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates. The Funds may also invest in Collateralized Mortgage Obligations (“CMOs”). CMOs are debt obligations collateralized by residential or commercial mortgage loans or residential or commercial

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mortgage pass-through securities. Interest and principal are generally paid monthly. CMOs may be collateralized by whole mortgage loans or private mortgage pass-through securities but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by Ginnie Mae, Freddie Mac or Fannie Mae. The issuer of a series of CMOs may elect to be treated for tax purposes as a Real Estate Mortgage Investment Conduit. CMOs are structured into multiple classes, each bearing a different stated maturity. Monthly payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to investors holding the shortest maturity class. Investors holding the longer maturity classes usually receive principal only after shorter classes have been retired. An investor may be partially protected against a sooner than desired return of principal because of the sequential payments. The Funds may invest in stripped MBS. Stripped MBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. In certain cases, one class will receive all of the interest (the interest only or “IO” class), while the other class will receive all of the principal (the principal only or “PO” class). The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying mortgage assets, and principal payments may have a material effect on yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may not fully recoup its initial investment in IOs.

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

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

If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate. The Funds may also invest in other inflation-related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

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

While the values of these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to declines in values. If interest rates rise due to reasons other than

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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 each Fund’s existing portfolio. In when-issued, delayed-delivery, TBA 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 the Fund may have missed an opportunity to make an alternative investment.

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

Dollar Roll Transactions:    The Funds may enter into dollar roll transactions with financial institutions to take advantage of opportunities in the MBS market. A dollar roll transaction involves a simultaneous sale of securities by a Fund with an agreement to repurchase substantially similar securities at an agreed upon price and date, but generally will be collateralized at time of delivery by different pools of mortgages with different prepayment histories than those securities sold. These transactions are accounted for as financing transactions as opposed to sales and purchases. The differential between the sale price and the repurchase price is recorded as deferred income and recognized between the settlement dates of the sale and repurchase. During the period between the sale and repurchase, a Fund will not be entitled to receive interest and principal payments on the securities sold. Dollar roll transactions involve risk that the market value of the security sold by a Fund may decline below the repurchase price of the security and the counterparties may potentially be unable to complete the transaction. There were no such transactions by the Funds for the period ended April 30, 2022.

Repurchase Agreements:    The Funds may enter into repurchase agreements under the terms of a Master Repurchase Agreement (“MRA”). In a repurchase agreement, the Funds purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. The MRA permits each Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from each Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, each Fund receives securities as collateral with a market value in excess of the repurchase price. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund recognizes a liability with respect to such excess collateral to reflect the Fund’s obligation under bankruptcy law to return the excess to the counterparty. There were no repurchase agreements outstanding as of April 30, 2022.

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Reverse Repurchase Agreements:    The Funds may enter into reverse repurchase agreements. Under a reverse repurchase agreement, a Fund sells portfolio assets subject to an agreement by the Fund to repurchase the same assets at an agreed upon price and date. The Funds may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. During the term of the reverse repurchase agreement, the Funds continue to receive the principal and interest payments on the securities sold. There were no reverse repurchase agreements outstanding during the period ended April 30, 2022.

Securities 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, 2022.

Derivatives:

Forward Foreign Currency Contracts:    The Funds enter into forward foreign currency contracts as a hedge against fluctuations in foreign exchange rates. Forward foreign currency contracts are marked-to-market daily and the change in market value is recorded by the Funds as unrealized gains or losses in the Statement of Assets and Liabilities. When a contract is closed or delivery is taken, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of the foreign currency relative to the U.S. dollar. The TCW Core Fixed Income Fund, the TCW Global Bond Fund, the TCW Short Term Bond Fund, and the TCW Total Return Bond Fund entered into forward foreign currency contracts during the period ended April 30, 2022 to hedge against the foreign currency exposure within the Funds. Outstanding foreign currency forward contracts at April 30, 2022 are disclosed in the Schedule of Investments.

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

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

When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The TCW Core Fixed Income Fund, the TCW Global Bond Fund, the TCW High Yield Bond Fund, the TCW Short Term Bond Fund, and the TCW Total Return Bond Fund utilized futures during the period ended April 30, 2022 to help manage interest rate duration of those Funds. Futures contracts outstanding at April 30, 2022 are listed on the Schedule of Investments.

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

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

Purchasing foreign currency options gives a Fund the right, but not the obligation, to buy or sell specified amounts of currency at a rate of exchange that may be exercised by a certain date. These currency options may be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

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

Options purchased or sold by a Fund may be traded on a securities or options exchange. Such options typically have minimal exposure to counterparty risk. However, an exchange or market may at times find it necessary to impose restrictions on particular types of options transactions, such as opening transactions. If an underlying security ceases to meet qualifications imposed by an exchange or the Options Clearing

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

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

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

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

Interest rate swaps are agreements in which one party pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, a party may pay a fixed rate and receive a floating rate. In more complex swaps, the notional principal amount may decline (or amortize) over time. A Fund’s maximum risk of loss due to counterparty default is the discounted NAV of the cash flows paid to/received from the counterparty over the interest rate swap’s remaining life.

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

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underlying agreement. During the period ended April 30, 2022, the TCW Core Fixed Income Fund and the TCW Global Bond Fund held written swaptions.

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

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

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

During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Funds are recorded as realized gains and losses, respectively. During the period ended April 30, 2022, the TCW Core Fixed Income Fund entered into interest rate swaps to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed rate bonds which may decrease when interest rates rise

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Note 3 — Portfolio Investments (Continued)

(interest rate risk); the TCW Enhanced Commodity Strategy Fund used total return swap agreements to gain exposure to the commodity market.

Note 4 — Risk Considerations

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

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

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

Mortgage-Backed Securities Risk:    Each Fund may invest in mortgage-backed securities. The values of some mortgage-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. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

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

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

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Note 4 — Risk Considerations (Continued)

in the market’s perception of credit quality on securities backed by commercial and residential mortgage loans and other financial assets may result in increased volatility of market price and periods of illiquidity that can negatively impact the valuation of certain issuers held by the Funds.

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

Counterparty Risk:    The Funds may be exposed to counterparty risk, the risk that an entity with which the Funds have unsettled or open transactions may not fulfill its obligations.

Commodities Risk:    The TCW Enhanced Commodity Strategy Fund has exposure to commodity markets through its investments in total return swap agreements. Therefore, the price of its shares is affected by factors particular to the commodity markets and may decline and fluctuate more than the price of shares of a fund with a broader range of investments. Commodity prices can be extremely volatile and are affected by many factors, including changes in overall market movements, real or perceived inflationary trends, commodity index volatility, changes in interest rates or currency exchange rates, population growth and changing demographics, nationalization, expropriation, or other confiscation, international regulatory, political and economic developments (e.g., regime changes and changes in economic activity levels), and developments affecting a particular industry or commodity, such as drought, floods or other weather conditions, livestock disease, trade embargoes, competition from substitute products, transportation bottlenecks or shortages, fluctuations in supply and demand, and tariffs.

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

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

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

LIBOR Risk:    The London Interbank Offer Rate (“LIBOR”) historically has been and currently is used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate and municipal bonds, bank loans, asset-backed and mortgage-related securities, interest rate swaps and other derivatives. For example, debt securities in which a Fund invests may pay interest at floating rates based on LIBOR or may be subject to interest caps or floors based

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Notes to Financial Statements (Unaudited) (Continued)

Note 4 — Risk Considerations (Continued)

on LIBOR. A Fund’s derivative investments may also reference LIBOR. In July 2017, the head of the United Kingdom Financial Conduct Authority announced the intention to phase out the use of LIBOR by the end of 2021. However, the ICE Benchmark Administration, in its capacity as administrator of USD LIBOR, announced it would extend publication of 1-month, 3-month, and 6-month USD LIBOR by 19 months to June 2023. It is expected that market participants will transition to the use of different alternative reference or benchmark rates. However, although regulators have encouraged the development and adoption of alternative rates such as the Secured Overnight Financing Rate (“SOFR”), there is currently no definitive information regarding the future utilization of LIBOR or of any particular replacement reference rate. Abandonment of or modifications to LIBOR could have adverse impacts on newly issued financial instruments and existing financial instruments that reference LIBOR. The expected discontinuation of LIBOR could have a significant impact on the financial markets and may present a material risk for certain market participants, including investment companies such as the Funds. Abandonment of or modifications to LIBOR could lead to significant short- and long-term uncertainty and market instability. The risks associated with this discontinuation and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. It remains uncertain how such changes would be implemented and the effects such changes would have on the Funds, issuers of instruments in which the Funds invest, and the financial markets generally.

Public Health Emergencies Risk and Impact of the Coronavirus (COVID-19):    Pandemics and other local, national, and international public health emergencies, including outbreaks of infectious diseases such as SARS, H1N1/09 Flu, the Avian Flu, Ebola and the current outbreak of the novel coronavirus (“COVID-19”), can result, and in the case of COVID-19 is resulting, in market volatility and disruption, and any similar future emergencies may materially and adversely impact economic production and activity in ways that cannot be predicted, all of which could result in substantial investment losses.

The COVID-19 outbreak has caused a worldwide public health emergency, straining healthcare resources and resulting in extensive and growing numbers of infections, hospitalizations and deaths. In an effort to contain COVID-19, local, regional, and national governments, as well as private businesses and other organizations, imposed and in some cases continue to impose severely restrictive measures, including instituting local and regional quarantines, restricting travel (including closing certain international borders), prohibiting public activity (including “stay-at-home,” “shelter-in-place,” and similar orders), and ordering the closure of a wide range of offices, businesses, schools, and other public venues. Consequently, COVID-19 has significantly diminished and disrupted global economic production and activity of all kinds and has contributed to both volatility and a severe decline in financial markets.

The ultimate impact of COVID-19 (and of the resulting precipitous decline and disruption in economic and commercial activity across many of the world’s economies) on global economic conditions, and on the operations, financial condition, and performance of any particular market, industry or business, is impossible to predict. However, ongoing and potential additional materially adverse effects, including further global, regional and local economic downturns (including recessions) of indeterminate duration and severity, are possible. It is difficult to assess what the longer-term impacts of an extended period of unprecedented economic dislocation and disruption will be on future economic developments, the health of certain markets, industries and businesses, and commercial and consumer behavior. The ongoing COVID-19 crisis and any other public health emergency that may arise in the future could have a significant adverse impact on the Funds’ investments and result in significant investment losses.

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Note 4 — Risk Considerations (Continued)

Bank Loan Risk:    There is a risk of investing in corporate loans made by commercial banks and other financial institutions or institutional investors to companies that need capital to grow or restructure, which includes interest rate risk, liquidity risk and prepayment risk. A Fund may also be subject to the credit risk of other financial institutions and the risks associated with insufficient collateral securing a bank loan, limited available public information about a bank loan, delayed settlement, and less protection for holders of bank loans as compared to holders of registered securities. Bank loans are not registered and otherwise may not be treated as securities under the federal securities laws, meaning investors in loans have less protection against improper practices than investors in securities that are registered under or are otherwise subject to the protections of the securities laws.

For more information on risks related to investing in the Funds, please refer to the Funds’ prospectus and the Statement of Additional Information which can be obtained on the Funds’ website (www.tcw.com) or by calling customer service at 800-FUND-TCW (800-386-3829).

Note 5 — 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, 2022, net unrealized appreciation (depreciation) on investments for federal income tax purposes was as follows:

	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost of Investments for Federal Income Tax Purposes
TCW Core Fixed Income Fund	$	4,716,180	$	(94,648,977	)	$	(89,932,797	)	$	2,067,313,330
TCW Enhanced Commodity Strategy Fund		58,738		(406,851	)		(348,113	)		32,188,671
TCW Global Bond Fund		272,971		(2,654,248	)		(2,381,277	)		22,804,206
TCW High Yield Bond Fund		402,464		(7,574,080)			(7,171,616	)		77,841,798
TCW Short Term Bond Fund		289,488		(714,221	)		(424,733	)		12,833,578
TCW Total Return Bond Fund		196,081,758		(276,095,427	)		(80,013,669	)		5,456,062,980

At October 31, 2021, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Gain		Total Distributable Earnings
TCW Enhanced Commodity Strategy Fund	$	562,329	$	—	$	562,329
TCW High Yield Bond Fund		2,254,610		406,774		2,661,384
TCW Short Term Bond Fund		43,732		—		43,732

During the year ended October 31, 2021, the tax character of distributions paid was as follows:

	Ordinary Income		Long-Term Capital Gain		Return of Capital		Total Distributions
TCW Core Fixed Income Fund	$	44,348,481	$	10,525,666	$	6,135,591	$	61,009,738
TCW Enhanced Commodity Strategy Fund		29,411		2,093		—		31,504
TCW Global Bond Fund		1,103,630		299,461		207,034		1,610,125
TCW High Yield Bond Fund		4,114,958		—		—		4,114,958
TCW Short Term Bond Fund		116,060		—		—		116,060
TCW Total Return Bond Fund		143,133,613		37,381,328		7,936,807		188,451,748

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Notes to Financial Statements (Unaudited) (Continued)

Note 5 — Federal Income Taxes (Continued)

At October 31, 2021, the following Funds had net realized loss carryforwards for federal income tax purposes:

	No Expiration
	Short-Term Capital Losses		Long-Term Capital Losses		Total
TCW Short Term Bond Fund	$	55,095	$	213,354	$	268,449
TCW Total Return Bond Fund		75,452,721		—		75,452,721

The Funds did not have any unrecognized tax benefits at April 30, 2022, nor were there any increases or decreases in unrecognized tax benefits for the period ended April 30, 2022. The Funds are subject to examination by the U.S. Federal and state tax authorities for returns filed for the prior three and four fiscal years, respectively.

Note 6 — Fund Management Fees and Other Expenses

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

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

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

TCW Core Fixed Income Fund
I Class	0.49	% (1)
N Class	0.70	% (1)
P Class	0.44	% (1)
TCW Enhanced Commodity Strategy Fund
I Class	0.70	% (1)
N Class	0.75	% (1)
TCW Global Bond Fund
I Class	0.60	% (1)
N Class	0.70	% (1)
TCW High Yield Bond Fund
I Class	0.55	% (1)
N Class	0.80	% (1)
TCW Short Term Bond Fund
I Class	0.44	% (1)
TCW Total Return Bond Fund
I Class	0.49	% (1)
N Class	0.70	% (1)
P Class	0.44	% (1)

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

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

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Note 6 — Fund Management Fees and Other Expenses (Continued)

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

Note 7 — Distribution Plan

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

Note 8 — Purchases and Sales of Securities

Investment transactions (excluding short-term investments) for the period ended April 30, 2022 were as follows:

	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	$	213,989,073	$	106,201,877	$	3,766,596,362	$	3,895,717,411
TCW Enhanced Commodity Strategy Fund		16,203,381		2,914,459		2,356,693		257,425
TCW Global Bond Fund		8,670,164		20,972,436		18,945,726		21,378,380
TCW High Yield Bond Fund		41,679,160		68,790,937		—		—
TCW Short Term Bond Fund		3,591,362		4,491,050		29,721,764		28,891,347
TCW Total Return Bond Fund		167,974,705		348,529,592		10,591,757,142		11,491,863,086

Note 9 — Capital Share Transactions

Transactions in each Fund’s shares were as follows:

TCW Core Fixed Income Fund	Six Months Ended April 30, 2022 (Unaudited)						Year Ended October 31, 2021
I Class	Shares			Amount			Shares			Amount
Shares Sold		19,925,780		$	217,635,022			40,059,152		$	468,851,971
Shares Issued upon Reinvestment of Dividends		1,005,551			11,239,628			4,179,662			49,203,339
Shares Redeemed		(25,177,416	)		(279,430,334	)		(29,229,681	)		(341,390,653	)
Net Increase (Decrease)		(4,246,085	)	$	(50,555,684	)		15,009,133		$	176,664,657
N Class	Shares			Amount			Shares			Amount
Shares Sold		2,662,851		$	29,783,883			3,576,675		$	41,843,125
Shares Issued upon Reinvestment of Dividends		110,741			1,234,454			568,214			6,678,123
Shares Redeemed		(2,806,778	)		(31,452,765	)		(5,004,587	)		(58,357,681	)
Net Decrease		(33,186	)	$	(434,428	)		(859,698	)	$	(9,836,433	)
Plan Class	Shares			Amount			Shares			Amount
Shares Sold		5,014,163		$	55,541,516			75,065		$	874,695
Shares Issued upon Reinvestment of Dividends		16,501			177,798			337			3,924
Shares Redeemed		(70,997	)		(769,942	)		(730	)		(8,510	)
Net Increase		4,959,667		$	54,949,372			74,672		$	870,109

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Notes to Financial Statements (Unaudited) (Continued)

Note 9 — Capital Share Transactions (Continued)

TCW Enhanced Commodity Strategy Fund	Six Months Ended April 30, 2022 (Unaudited)						Year Ended October 31, 2021
I Class	Shares			Amount			Shares			Amount
Shares Sold		2,703,481		$	18,272,590			153,532		$	947,024
Shares Issued upon Reinvestment of Dividends		91,628			541,285			3,538			18,500
Shares Redeemed		(124,360	)		(881,592	)		(2,235	)		(13,351	)
Net Increase		2,670,749		$	17,932,283			154,835		$	952,173
N Class	Shares			Amount			Shares			Amount
Shares Sold		1,493,470		$	10,636,096			73,674		$	461,830
Shares Issued upon Reinvestment of Dividends		10,374			61,953			2,470			13,004
Shares Redeemed		(177,864	)		(1,252,708	)		(40,284	)		(256,488	)
Net Increase		1,325,980		$	9,445,341			35,860		$	218,346
TCW Global Bond Fund	Six Months Ended April 30, 2022 (Unaudited)						Year Ended October 31, 2021
I Class	Shares			Amount			Shares			Amount
Shares Sold		57,085		$	571,369			1,544,800		$	16,933,404
Shares Issued upon Reinvestment of Dividends		18,751			184,994			103,067			1,097,918
Shares Redeemed		(1,423,284	)		(13,711,103	)		(271,622	)		(2,828,388	)
Net Increase (Decrease)		(1,347,448	)	$	(12,954,740	)		1,376,245		$	15,202,934
N Class	Shares			Amount			Shares			Amount
Shares Sold		26,795		$	266,894			245,971		$	2,628,308
Shares Issued upon Reinvestment of Dividends		10,150			99,016			45,955			489,935
Shares Redeemed		(89,782	)		(858,318	)		(265,154	)		(2,801,815	)
Net Increase (Decrease)		(52,837	)	$	(492,408	)		26,772		$	316,428
TCW High Yield Bond Fund	Six Months Ended April 30, 2022 (Unaudited)						Year Ended October 31, 2021
I Class	Shares			Amount			Shares			Amount
Shares Sold		2,375,464		$	15,873,916			7,898,749		$	54,409,602
Shares Issued upon Reinvestment of Dividends		548,688			3,661,672			483,371			3,322,825
Shares Redeemed		(6,683,157	)		(43,981,809	)		(7,331,570	)		(50,614,382	)
Net Increase (Decrease)		(3,759,005	)	$	(24,446,221	)		1,050,550		$	7,118,045
N Class	Shares			Amount			Shares			Amount
Shares Sold		179,087		$	1,190,867			1,243,245		$	8,611,914
Shares Issued upon Reinvestment of Dividends		84,949			569,450			86,314			596,820
Shares Redeemed		(590,563	)		(3,895,913	)		(1,816,274	)		(12,587,274	)
Net Decrease		(326,527	)	$	(2,135,596	)		(486,715	)	$	(3,378,540	)
TCW Short Term Bond Fund	Six Months Ended April 30, 2022 (Unaudited)						Year Ended October 31, 2021
I Class	Shares			Amount			Shares			Amount
Shares Sold		243,204		$	2,073,218			1,738,075		$	14,995,761
Shares Issued upon Reinvestment of Dividends		27,977			238,006			11,244			96,996
Shares Redeemed		(1,157,678	)		(9,774,951	)		(543,340	)		(4,686,568	)
Net Increase (Decrease)		(886,497	)	$	(7,463,727	)		1,205,979		$	10,406,189

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Note 9 — Capital Share Transactions (Continued)

TCW Total Return Bond Fund	Six Months Ended April 30, 2022 (Unaudited)						Year Ended October 31, 2021
I Class	Shares			Amount			Shares			Amount
Shares Sold		48,467,873		$	475,878,945			188,016,709		$	1,933,064,305
Shares Issued upon Reinvestment of Dividends		3,307,796			32,366,085			8,526,674			87,801,346
Shares Redeemed		(104,161,648	)		(1,017,902,634	)		(324,676,223	)		(3,307,697,735	)
Net Decrease		(52,385,979	)	$	(509,657,604	)		(128,132,840	)	$	(1,286,832,084	)
N Class	Shares			Amount			Shares			Amount
Shares Sold		5,047,527		$	50,698,482			28,822,122		$	305,072,756
Shares Issued upon Reinvestment of Dividends		769,887			7,767,986			3,127,881			33,277,305
Shares Redeemed		(13,815,688	)		(139,309,843	)		(124,781,438	)		(1,317,534,077	)
Net Decrease		(7,998,274	)	$	(80,843,375	)		(92,831,435	)	$	(979,184,016	)
Plan Class	Shares			Amount			Shares			Amount
Shares Sold		75,973		$	768,722			122,910		$	1,278,533
Shares Issued upon Reinvestment of Dividends		600			5,848			1,263			13,045
Shares Redeemed		(20,019	)		(199,883	)		(68,186	)		(695,600	)
Net Increase		56,554		$	574,687			55,987		$	595,978

Note 10 — Affiliate Ownership

As of April 30, 2022, affiliates of the Funds and Advisor owned 40.22%, and 88.92% of the net assets of the TCW Enhanced Commodity Strategy Fund and the TCW Global Bond Fund, respectively.

Note 11 — Restricted Securities

The Funds are permitted to invest in securities that have legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered before being sold to the public (exemption rules apply). Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”). However, the Company considers 144A securities to be restricted if those securities have been deemed illiquid. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Restricted securities held by the Funds at April 30, 2022 are listed below.

TCW Core Fixed Income Fund
Issuer Description	Acquisition Date		Acquisition Cost		Aggregate Value		Percentage of Net Assets
Ruby Pipeline LLC, 8.00%, due 04/01/22		4/4/13	$	1,499,659	$	1,204,197		0.08	%
TCW Enhanced Commodity Strategy Fund
Issuer Description	Acquisition Date		Acquisition Cost		Aggregate Value		Percentage of Net Assets
LB-UBS Commercial Mortgage Trust (06-C6 XCL) (I/O), 0.43%, due 09/15/39		7/15/16	$	543	$	42		0.00	%
TCW Global Bond Fund
Issuer Description	Acquisition Date		Acquisition Cost		Aggregate Value		Percentage of Net Assets
Bank of America-First Union NB Commercial Mortgage (01-3-XC) (I/O), 1.30%, due 04/11/37		3/26/15	$	0	$	9,317		0.05	%
Intelsat Jackson Holdings S. A., 6.50%, due 03/15/30		1/27/22		101,462		98,141		0.54	%
			$	101,462	$	107,458		0.59	%

129

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 11 — Restricted Securities (Continued)

TCW High Yield Bond Fund
Issuer Description	Acquisition Date	Acquisition Cost		Aggregate Value		Percentage of Net Assets
Intelsat Jackson Holdings S. A., 6.50%, due 03/15/30	1/27/22	$	1,686,812	$	1,631,588		2.19	%
Ruby Pipeline LLC, 8.00%, due 04/01/22	2/11/21-2/17/21		207,687		187,035		0.25	%
		$	1,894,499	$	1,818,623		2.44	%
TCW Short Term Bond Fund
Issuer Description	Acquisition Date	Acquisition Cost		Aggregate Value		Percentage of Net Assets
WFRBS Commercial Mortgage Trust (12-C8-XA) (I/O), 1.81%, due 08/15/45	3/31/21	$	2,385	$	12		0.00	%

Note 12 — Committed Line Of Credit

The Funds have entered into a $100,000,000 committed revolving line of credit agreement with State Street Bank and Trust Company (the “Bank”) for temporary borrowing purposes, renewable annually. The interest rate on borrowing is the higher of the Federal Funds rate plus 0.10% plus 1.25% or the Overnight Bank Funding rate plus 0.10% plus 1.25%. There were no borrowings from the line of credit as of or during the period ended April 30, 2022. The Funds pay the Bank a commitment fee equal to 0.25% per annum on the daily unused portion of the committed line amount. The commitment fees incurred by the Funds are presented in the Statements of Operations. The commitment fees are allocated to each applicable portfolio in proportion to its relative average daily net assets and the interest expenses are charged directly to the applicable portfolio.

Note 13 — Liquidity Risk Management Program

Rule 22e-4 under the 1940 Act (the “Liquidity Rule”) requires that all registered open-end management investment companies, including the Funds, establish a written liquidity risk management program (a “Liquidity Program”). Under a fund’s Liquidity Program, a fund must assess, manage and periodically review the fund’s liquidity risk, classify the liquidity of each of the fund’s portfolio investments, determine whether to specify highly liquid investment minimum (and, if so, at what level), limit illiquid investments to 15% of fund investments, and establish policies and procedures regarding how and when a fund will engage in redemptions in-kind. Consistent with the Liquidity Rule, the Board has approved the written Liquidity Program for the Funds and has designated a committee of professionals associated with the Advisor to administer the Funds’ Liquidity Program (the “Program Administrator”).

On March 14, 2022, the Board reviewed the Program Administrator’s written annual report (the “Report”) concerning the operation of the Funds’ Liquidity Program for the calendar year ended December 31, 2021 (the “Reporting Period”). The Report addressed the operation of the Liquidity Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s Highly Liquid Investment Minimum (“HLIM”). The Report discussed, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s liquidity risk and the results of this assessment; (2) the methodology and inputs for classifying each of the Fund’s investments into liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule) and the operation and monitoring of the HLIM assigned to a Fund, as applicable; (4) whether a Fund invested

130

TCW Funds, Inc.

April 30, 2022

Note 13 — Liquidity Risk Management Program (Continued)

more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; and (5) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions. The Report concluded that the Liquidity Program was reasonably designed to assess and manage each Fund’s liquidity risk and was adequately and effectively implemented with respect to each Fund during the Reporting Period.

There can be no assurance that the Liquidity Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

Note 14 — Indemnifications

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

Note 15 — New Accounting Pronouncement

In January 2021, the Financial Accounting Standards Board issued Accounting Standards Update No. 2021-01 (“ASU 2021-01”), “Reference Rate Reform (Topic 848)”. ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR; regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately through December 31, 2022, for all entities. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Funds’ financial statements.

131

TCW Core Fixed Income Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	11.56		$	11.98		$	11.41		$	10.52		$	10.99		$	11.28
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.07			0.11			0.20			0.30			0.25			0.22
Net Realized and Unrealized Gain (Loss) on Investments		(1.22	)		(0.09	)		0.61			0.89			(0.45	)		(0.15	)
Total from Investment Operations		(1.15	)		0.02			0.81			1.19			(0.20	)		0.07
Less Distributions:
Distributions from Net Investment Income		(0.08	)		(0.14	)		(0.24	)		(0.30	)		(0.27	)		(0.23	)
Distributions from Net Realized Gain		(0.00	) (2)		(0.26	)		—			—			—			(0.13	)
Distributions from Return of Capital		—			(0.04	)		—			—			—			—
Total Distributions		(0.08	)		(0.44	)		(0.24	)		(0.30	)		(0.27	)		(0.36	)
Net Asset Value per Share, End of period	$	10.33		$	11.56		$	11.98		$	11.41		$	10.52		$	10.99
Total Return		(9.99	)% (3)		0.19	%		7.14	%		11.48	%		(1.87	)%		0.68	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	1,270,756		$	1,471,072		$	1,344,787		$	946,896		$	975,741		$	1,379,196
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.51	% (4)		0.51	%		0.51	%		0.51	%		0.51	%		0.51	%
After Expense Reimbursement		0.49	% (4)		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Ratio of Net Investment Income to Average Net Assets		1.30	% (4)		0.94	%		1.66	%		2.69	%		2.34	%		1.96	%
Portfolio Turnover Rate		226.68	% (3)		469.87	%		371.22	%		214.76	%		267.96	%		287.39	%

(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, 2022 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying Notes to Financial Statements.

132

TCW Core Fixed Income Fund

Financial Highlights — N Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	11.53		$	11.95		$	11.38		$	10.49		$	10.96		$	11.25
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.06			0.09			0.18			0.27			0.23			0.19
Net Realized and Unrealized Gain (Loss) on Investments		(1.21	)		(0.09	)		0.60			0.90			(0.46	)		(0.15	)
Total from Investment Operations		(1.15	)		0.00			0.78			1.17			(0.23	)		0.04
Less Distributions:
Distributions from Net Investment Income		(0.07	)		(0.12	)		(0.21	)		(0.28	)		(0.24	)		(0.20	)
Distributions from Net Realized Gain		(0.00	) (2)		(0.26	)		—			—			—			(0.13	)
Distributions from Return of Capital		—			(0.04	)		—			—			—			—
Total Distributions		(0.07	)		(0.42	)		(0.21	)		(0.28	)		(0.24	)		(0.33	)
Net Asset Value per Share, End of period	$	10.31		$	11.53		$	11.95		$	11.38		$	10.49		$	10.96
Total Return		(10.02	)% (3)		0.00	%		6.92	%		11.27	%		(2.10	)%		0.41	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	199,476		$	223,562		$	241,938		$	240,107		$	270,477		$	356,930
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.80	% (4)		0.80	%		0.80	%		0.81	%		0.81	%		0.79	%
After Expense Reimbursement		0.65	% (4)		0.65	%		0.67	%		0.70	%		0.72	%		0.75	%
Ratio of Net Investment Income to Average Net Assets		1.16	% (4)		0.78	%		1.53	%		2.48	%		2.12	%		1.69	%
Portfolio Turnover Rate		226.68	% (3)		469.87	%		371.22	%		214.76	%		267.96	%		287.39	%

(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, 2022 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying Notes to Financial Statements.

133

TCW Core Fixed Income Fund

Financial Highlights — Plan Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			February 28, 2020 (Commencement of Operations) through October 31, 2020
Net Asset Value per Share, Beginning of period	$	11.61		$	12.06		$	11.72
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.09			0.11			0.18
Net Realized and Unrealized Gain (Loss) on Investments		(1.24	)		(0.11	)		0.29
Total from Investment Operations		(1.15	)		0.00			0.47
Less Distributions:
Distributions from Net Investment Income		(0.08	)		(0.14	)		(0.13	)
Distributions from Net Realized Gain		(0.00	) (2)		(0.26	)		—
Return of capital		—			(0.05	)		—
Total distributions		(0.08	)		(0.45	)		(0.13	)
Net Asset Value per Share, End of period	$	10.38		$	11.61		$	12.06
Total Return		(9.93	)% (4)		(0.01	)%		3.98	% (3)
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	52,253		$	867		$	0.00(5	)
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.57	% (6)		7.54	%		14,703.31	% (6)
After Expense Reimbursement		0.44	% (6)		0.44	%		0.44	% (6)
Ratio of Net Investment Income to Average Net Assets		1.78	% (6)		0.97	%		2.20	% (6)
Portfolio Turnover Rate		226.68	% (4)		469.87	%		371.22	% (3)

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

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

(3) For the period February 28, 2020 (Commencement of Operations) through October 31, 2020.

(4) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(5) Amount Rounds to less than $1,000.

(6) Annualized.

See accompanying Notes to Financial Statements.

134

TCW Enhanced Commodity Strategy Fund

Consolidated Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	6.32		$	4.36		$	4.84		$	5.01		$	5.20		$	5.15
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.03			0.05			0.10			0.17			0.11			0.12
Net Realized and Unrealized Gain (Loss) on Investments		1.42			2.02			(0.41	)		(0.20	)		(0.20	)		0.10
Total from Investment Operations		1.45			2.07			(0.31	)		(0.03	)		(0.09	)		0.22
Less Distributions:
Distributions from Net Investment Income		(0.31	)		(0.09	)		(0.15	)		(0.14	)		(0.10	)		(0.11	)
Distributions from Net Realized Gain		—			(0.02	)		(0.02	)		—			—			(0.06	)
Total Distributions		(0.31	)		(0.11	)		(0.17	)		(0.14	)		(0.10	)		(0.17	)
Net Asset Value per Share, End of period	$	7.46		$	6.32		$	4.36		$	4.84		$	5.01		$	5.20
Total Return		24.33	% (2)		48.18	%		(5.82	)%		(0.96	)%		(1.96	)%		4.55	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	22,275		$	1,983		$	693		$	740		$	1,208		$	758
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		2.16	% (3)		15.84	%		16.92	%		17.82	%		11.53	%		16.65	%
After Expense Reimbursement		0.70	% (3)		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Ratio of Net Investment Income to Average Net Assets		0.77	% (3)		0.84	%		2.29	%		3.45	%		2.06	%		2.31	%
Portfolio Turnover Rate		35.55	% (2)		32.09	%		54.50	%		122.23	%		75.52	%		0.00	%

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

(2) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

135

TCW Enhanced Commodity Strategy Fund

Consolidated Financial Highlights — N Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	6.31		$	4.35		$	4.84		$	5.01		$	5.21		$	5.15
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.03			0.04			0.10			0.17			0.11			0.12
Net Realized and Unrealized Gain (Loss) on Investments		1.43			2.03			(0.42	)		(0.20	)		(0.21	)		0.11
Total from Investment Operations		1.46			2.07			(0.32	)		(0.03	)		(0.10	)		0.23
Less Distributions:
Distributions from Net Investment Income		(0.31	)		(0.09	)		(0.15	)		(0.14	)		(0.10	)		(0.11	)
Distributions from Net Realized Gain		—			(0.02	)		(0.02	)		—			—			(0.06	)
Total Distributions		(0.31	)		(0.11	)		(0.17	)		(0.14	)		(0.10	)		(0.17	)
Net Asset Value per Share, End of period	$	7.46		$	6.31		$	4.35		$	4.84		$	5.01		$	5.21
Total Return		24.49	% (2)		48.21	%		(5.90	)%		(1.16	)%		(1.96	)%		4.55	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	10,969		$	911		$	472		$	504		$	507		$	517
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		3.24	% (3)		16.76	%		17.60	%		19.14	%		12.59	%		18.01	%
After Expense Reimbursement		0.75	% (3)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Ratio of Net Investment Income to Average Net Assets		0.95	% (3)		0.82	%		2.24	%		3.57	%		2.02	%		2.26	%
Portfolio Turnover Rate		35.55	% (2)		32.09	%		54.50	%		122.23	%		75.52	%		0.00	%

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

(2) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

136

TCW Global Bond Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	10.18		$	10.66		$	10.26		$	9.45		$	9.75		$	9.88
					��
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.12			0.20			0.25			0.24			0.19			0.17
Net Realized and Unrealized Gain (Loss) on Investments		(1.33	)		(0.20	)		0.54			0.73			(0.43	)		(0.07	)
Total from Investment Operations		(1.21	)		0.00			0.79			0.97			(0.24	)		0.10
Less Distributions:
Distributions from Net Investment Income		(0.08	)		(0.20	)		(0.15	)		(0.16	)		(0.05	)		(0.16	)
Distributions from Net Realized Gain		(0.01	)		(0.22	)		(0.24	)		—			(0.01	)		(0.07	)
Distributions from Return of Capital		—			(0.06	)		—			—			—			—
Total Distributions		(0.09	)		(0.48	)		(0.39	)		(0.16	)		(0.06	)		(0.23	)
Net Asset Value per Share, End of period	$	8.88		$	10.18		$	10.66		$	10.26		$	9.45		$	9.75
Total Return		(12.00	)% (2)		(0.18	)%		7.99	%		10.42	%		(2.54	)%		1.07	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	9,263		$	24,332		$	10,822		$	9,384		$	8,505		$	8,714
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.30	% (3)		1.15	%		1.66	%		1.79	%		1.63	%		1.60	%
After Expense Reimbursement		0.60	% (3)		0.60	%		0.60	%		0.66	%		1.00	%		1.04	%
Ratio of Net Investment Income to Average Net Assets		2.39	% (3)		1.87	%		2.40	%		2.48	%		1.99	%		1.75	%
Portfolio Turnover Rate		92.58	% (2)		245.94	%		228.14	%		83.18	%		102.42	%		90.08	%

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

(2) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

137

TCW Global Bond Fund

Financial Highlights — N Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	10.17		$	10.66		$	10.26		$	9.45		$	9.75		$	9.88
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.12			0.19			0.24			0.24			0.19			0.17
Net Realized and Unrealized Gain (Loss) on Investments		(1.34	)		(0.21	)		0.55			0.72			(0.43	)		(0.07	)
Total from Investment Operations		(1.22	)		(0.02	)		0.79			0.96			(0.24	)		0.10
Less Distributions:
Distributions from Net Investment Income		(0.07	)		(0.19	)		(0.15	)		(0.15	)		(0.05	)		(0.16	)
Distributions from Net Realized Gain		(0.01	)		(0.22	)		(0.24	)		—			(0.01	)		(0.07	)
Distributions from Return of Capital		—			(0.06	)		—			—			—			—
Total Distributions		(0.08	)		(0.47	)		(0.39	)		(0.15	)		(0.06	)		(0.23	)
Net Asset Value per Share, End of period	$	8.87		$	10.17		$	10.66		$	10.26		$	9.45		$	9.75
Total Return		(12.06	)% (2)		(0.38	)%		7.93	%		10.32	%		(2.54	)%		1.07	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	8,902		$	10,742		$	10,972		$	8,282		$	7,476		$	7,679
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.71	% (3)		1.53	%		1.94	%		2.09	%		1.92	%		1.89	%
After Expense Reimbursement		0.70	% (3)		0.70	%		0.70	%		0.74	%		1.00	%		1.04	%
Ratio of Net Investment Income to Average Net Assets		2.40	% (3)		1.77	%		2.29	%		2.39	%		1.99	%		1.75	%
Portfolio Turnover Rate		92.58	% (2)		245.94	%		228.14	%		83.18	%		102.42	%		90.08	%

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

(2) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

138

TCW High Yield Bond Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	6.89		$	6.66		$	6.49		$	6.15		$	6.37		$	6.23
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.13			0.23			0.24			0.27			0.26			0.24
Net Realized and Unrealized Gain (Loss) on Investments		(0.57	)		0.24			0.19			0.36			(0.17	)		0.18
Total from Investment Operations		(0.44	)		0.47			0.43			0.63			0.09			0.42
Less Distributions:
Distributions from Net Investment Income		(0.15	)		(0.24	)		(0.26	)		(0.29	)		(0.31	)		(0.28	)
Distributions from Net Realized Gain		(0.13	)		—			—			—			—			—
Total Distributions		(0.28	)		(0.24	)		(0.26	)		(0.29	)		(0.31	)		(0.28	)
Net Asset Value per Share, End of period	$	6.17		$	6.89		$	6.66		$	6.49		$	6.15		$	6.37
Total Return		(6.70	)% (2)		7.18	%		6.88	%		10.44	%		1.40	%		6.80	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	62,942		$	96,223		$	85,990		$	19,563		$	7,749		$	14,195
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.79	% (3)		0.76	%		0.97	%		1.68	%		1.50	%		1.22	%
After Expense Reimbursement		0.55	% (3)		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Ratio of Net Investment Income to Average Net Assets		3.90	% (3)		3.36	%		3.67	%		4.18	%		4.13	%		3.85	%
Portfolio Turnover Rate		45.56	% (2)		82.13	%		111.34	%		121.56	%		104.21	%		179.87	%

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

(2) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

139

TCW High Yield Bond Fund

Financial Highlights — N Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	6.93		$	6.70		$	6.54		$	6.19		$	6.42		$	6.28
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.12			0.22			0.23			0.25			0.25			0.23
Net Realized and Unrealized Gain (Loss) on Investments		(0.57	)		0.23			0.18			0.38			(0.18	)		0.18
Total from Investment Operations		(0.45	)		0.45			0.41			0.63			0.07			0.41
Less Distributions:
Distributions from Net Investment Income		(0.14	)		(0.22	)		(0.25	)		(0.28	)		(0.30	)		(0.27	)
Distributions from Net Realized Gain		(0.13	)		—			—			—			—			—
Total Distributions		(0.27	)		(0.22	)		(0.25	)		(0.28	)		(0.30	)		(0.27	)
Net Asset Value per Share, End of period	$	6.21		$	6.93		$	6.70		$	6.54		$	6.19		$	6.42
Total Return		(6.90	)% (2)		7.05	%		6.61	%		10.16	%		1.04	%		6.59	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	11,444		$	15,048		$	17,805		$	9,923		$	5,041		$	6,934
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.23	% (3)		1.14	%		1.47	%		2.05	%		1.98	%		1.65	%
After Expense Reimbursement		0.80	% (3)		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Ratio of Net Investment Income to Average Net Assets		3.67	% (3)		3.11	%		3.46	%		3.96	%		3.90	%		3.60	%
Portfolio Turnover Rate		45.56	% (2)		82.13	%		111.34	%		121.56	%		104.21	%		179.87	%

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

(2) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

140

TCW Short Term Bond Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	8.60		$	8.60		$	8.59		$	8.54		$	8.62		$	8.70
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.11			0.29			0.16			0.25			0.15			0.08
Net Realized and Unrealized Gain (Loss) on Investments		(0.27	)		(0.19	)		(0.01	)		0.07			(0.04	)		(0.01	)
Total from Investment Operations		(0.16	)		0.10			0.15			0.32			0.11			0.07
Less Distributions:
Distributions from Net Investment Income		(0.11	)		(0.10	)		(0.11	)		(0.27	)		(0.19	)		(0.15	)
Distributions from Return of Capital		—			—			(0.03	)		—			—			—
Total Distributions		(0.11	)		(0.10	)		(0.14	)		(0.27	)		(0.19	)		(0.15	)
Net Asset Value per Share, End of period	$	8.33		$	8.60		$	8.60		$	8.59		$	8.54		$	8.62
Total Return		(1.83	)% (2)		1.16	%		1.70	%		3.83	%		1.26	%		0.75	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	10,118		$	18,061		$	7,698		$	5,644		$	7,280		$	7,951
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.78	% (3)		2.77	%		2.77	%		3.37	%		2.28	%		1.65	%
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		2.57	% (3)		3.35	%		1.83	%		2.94	%		1.70	%		0.96	%
Portfolio Turnover Rate		252.25	% (2)		369.54	%		191.22	%		248.19	%		199.55	%		131.31	%

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

(2) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

141

TCW Total Return Bond Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	10.14		$	10.46		$	10.07		$	9.46		$	9.98		$	10.33
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.15			0.21			0.26			0.34			0.31			0.27
Net Realized and Unrealized Gain (Loss) on Investments		(1.15	)		(0.25	)		0.44			0.68			(0.48	)		(0.20	)
Total from Investment Operations		(1.00	)		(0.04	)		0.70			1.02			(0.17	)		0.07
Less Distributions:
Distributions from Net Investment Income		(0.11	)		(0.20	)		(0.31	)		(0.41	)		(0.35	)		(0.26	)
Distributions from Net Realized Gain		—			(0.07	)		—			—			—			(0.16	)
Distributions from Return of Capital		—			(0.01	)		—			—			—			—
Total Distributions		(0.11	)		(0.28	)		(0.31	)		(0.41	)		(0.35	)		(0.42	)
Net Asset Value per Share, End of period	$	9.03		$	10.14		$	10.46		$	10.07		$	9.46		$	9.98
Total Return		(9.98	)% (2)		(0.40	)%		7.08	%		10.82	%		(1.67	)%		0.72	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	3,324,783		$	4,264,583		$	5,737,736		$	4,898,103		$	5,587,668		$	7,103,832
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.57	% (3)		0.52	%		0.55	%		0.62	%		0.62	%		0.61	%
After Expense Reimbursement		0.49	% (3)		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Ratio of Net Investment Income to Average Net Assets		3.10	% (3)		2.07	%		2.50	%		3.47	%		3.20	%		2.73	%
Portfolio Turnover Rate		193.45	% (2)		493.39	%		269.04	%		177.80	%		241.76	%		287.55	%

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

(2) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

142

TCW Total Return Bond Fund

Financial Highlights — N Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	10.46		$	10.78		$	10.37		$	9.76		$	10.29		$	10.65
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.15			0.19			0.23			0.32			0.29			0.25
Net Realized and Unrealized Gain (Loss) on Investments		(1.20	)		(0.25	)		0.47			0.69			(0.49	)		(0.21	)
Total from Investment Operations		(1.05	)		(0.06	)		0.70			1.01			(0.20	)		0.04
Less Distributions:
Distributions from Net Investment Income		(0.10	)		(0.18	)		(0.29	)		(0.40	)		(0.33	)		(0.24	)
Distributions from Net Realized Gain		—			(0.07	)		—			—			—			(0.16	)
Distributions from Return of Capital		—			(0.01	)		—			—			—			—
Total Distributions		(0.10	)		(0.26	)		(0.29	)		(0.40	)		(0.33	)		(0.40	)
Net Asset Value per Share, End of period	$	9.31		$	10.46		$	10.78		$	10.37		$	9.76		$	10.29
Total Return		(10.14	)% (2)		(0.58	)%		6.86	%		10.46	%		(1.96	)%		0.41	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	654,676		$	818,608		$	1,844,170		$	963,512		$	1,121,741		$	1,902,308
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.83	% (3)		0.81	%		0.79	%		0.88	%		0.88	%		0.88	%
After Expense Reimbursement		0.70	% (3)		0.70	%		0.73	%		0.79	%		0.79	%		0.79	%
Ratio of Net Investment Income to Average Net Assets		2.89	% (3)		1.83	%		2.21	%		3.16	%		2.89	%		2.42	%
Portfolio Turnover Rate		193.45	% (2)		493.39	%		269.04	%		177.80	%		241.76	%		287.55	%

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

(2) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

143

TCW Total Return Bond Fund

Financial Highlights — Plan Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			February 28, 2020 (Commencement of Operations) through October 31, 2020
Net Asset Value per Share, Beginning of period	$	10.19		$	10.50		$	10.33
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.16			0.22			0.20
Net Realized and Unrealized Gain (Loss) on Investments		(1.16	)		(0.24	)		0.13
Total from Investment Operations		(1.00	)		(0.02	)		0.33
Less Distributions:
Distributions from Net Investment Income		(0.11	)		(0.21	)		(0.16	)
Distributions from Net Realized Gain		—			(0.07	)		—
Return of capital		—			(0.01	)		—
Total distributions		(0.11	)		(0.29	)		(0.16	)
Net Asset Value per Share, End of period	$	9.08		$	10.19		$	10.50
Total Return		(9.90	)% (3)		(0.25	)%		3.22	% (2)
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	1,022		$	571		$	0	(4)
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		3.23	% (5)		6.69	%		14,761.71	% (5)
After Expense Reimbursement		0.44	% (5)		0.44	%		0.44	% (5)
Ratio of Net Investment Income to Average Net Assets		3.23	% (5)		2.13	%		2.84	% (5)
Portfolio Turnover Rate		193.45	% (3)		493.39	%		269.04	% (2)

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

(2) For the period February 28, 2020 (Commencement of Operations) through October 31, 2020.

(3) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(4) Amount Rounds to less than $1,000.

(5) Annualized.

See accompanying Notes to Financial Statements.

144

TCW Funds, Inc.

Shareholder Expenses (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2021 to April 30, 2022 (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, 2021		Ending Account Value April 30, 2022		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2021 to April 30, 2022)
TCW Core Fixed Income Fund
I Class Shares
Actual	$	1,000.00	$	900.10		0.49	%	$	2.31
Hypothetical (5% return before expenses)		1,000.00		1,022.37		0.49	%		2.46
N Class Shares
Actual	$	1,000.00	$	899.80		0.65	%	$	3.06
Hypothetical (5% return before expenses)		1,000.00		1,021.57		0.65	%		3.26
Plan Class Shares
Actual	$	1,000.00	$	900.70		0.44	%	$	2.07
Hypothetical (5% return before expenses)		1,000.00		1,022.60		0.44	%		2.21
TCW Enhanced Commodity Strategy Fund
I Class Shares
Actual	$	1,000.00	$	1,243.30		0.70	%	$	3.89
Hypothetical (5% return before expenses)		1,000.00		1,028.27		0.70	%		3.52
N Class Shares
Actual	$	1,000.00	$	1,244.90		0.75	%	$	4.17
Hypothetical (5% return before expenses)		1,000.00		1,028.51		0.75	%		3.77

145

TCW Funds, Inc.

Shareholder Expenses (Unaudited) (Continued)

TCW Funds, Inc.	Beginning Account Value November 1, 2021		Ending Account Value April 30, 2022		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2021 to April 30, 2022)
TCW Global Bond Fund
I Class Shares
Actual	$	1,000.00	$	880.00		0.60	% (1)	$	2.80	(1)
Hypothetical (5% return before expenses)		1,000.00		1,021.82		0.60	% (1)		3.01	(1)
N Class Shares
Actual	$	1,000.00	$	879.40		0.70	% (1)	$	3.26	(1)
Hypothetical (5% return before expenses)		1,000.00		1,021.32		0.70	% (1)		3.51	(1)
TCW High Yield Bond Fund
I Class Shares
Actual	$	1,000.00	$	933.00		0.55	%	$	2.64
Hypothetical (5% return before expenses)		1,000.00		1,022.07		0.55	%		2.76
N Class Shares
Actual	$	1,000.00	$	931.00		0.80	%	$	3.83
Hypothetical (5% return before expenses)		1,000.00		1,020.83		0.80	%		4.01
TCW Short Term Bond Fund
I Class Shares
Actual	$	1,000.00	$	981.70		0.44	%	$	2.16
Hypothetical (5% return before expenses)		1,000.00		1,022.61		0.44	%		2.21
TCW Total Return Bond Fund
I Class Shares
Actual	$	1,000.00	$	900.20		0.49	%	$	2.31
Hypothetical (5% return before expenses)		1,000.00		1,022.37		0.49	%		2.46
N Class Shares
Actual	$	1,000.00	$	898.60		0.70	%	$	3.30
Hypothetical (5% return before expenses)		1,000.00		1,021.32		0.70	%		3.51
Plan Class Shares
Actual	$	1,000.00	$	901.00		0.44	%	$	2.07
Hypothetical (5% return before expenses)		1,000.00		1,022.60		0.44	%		2.21

(1) Does not include expenses of the underlying affiliated investments.

146

TCW Funds, Inc.

Supplemental Information

Proxy Voting Guidelines

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

Disclosure of Proxy Voting Guidelines

The proxy voting guidelines of the Advisor are available:

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 NPORT-P. Such filings occur no later than 60 days after the end of the Funds’ first and third quarters and are available on the SEC’s website at www.sec.gov.

147

TCW Funds, Inc.

865 South Figueroa Street, Suite 1800

Los Angeles, California 90017

800 FUND TCW

(800 386 3829)

www.TCW.com

INVESTMENT ADVISOR

TCW Investment Management Company LLC

865 South Figueroa Street, Suite 1800

Los Angeles, California 90017

TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

615 E. Michigan Street

Milwaukee, Wisconsin 53202

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Deloitte & Touche LLP

555 West 5th Street

Los Angeles, California 90013

CUSTODIAN & ADMINISTRATOR

State Street Bank & Trust Company

One Lincoln Street

Boston, Massachusetts 02111

DISTRIBUTOR

TCW Funds Distributors LLC

865 South Figueroa Street, Suite 1800

Los Angeles, California 90017

DIRECTORS

Patrick C. Haden

Director and Chairman of the Board

Samuel P. Bell

Director

Peter McMillan

Director

Victoria B. Rogers

Director

Marc I. Stern

Director

Andrew Tarica

Director

OFFICERS

David Lippman

President and Chief Executive Officer

Meredith S. Jackson

Senior Vice President,

General Counsel and Secretary

Richard M. Villa

Treasurer and Principal Financial and Accounting Officer

Gladys Xiques

Chief Compliance Officer and Anti-Money Laundering Officer

Lisa Eisen

Tax Officer

Eric W. Chan

Assistant Treasurer

TCW FAMILY OF FUNDS

EQUITY FUNDS

TCW Artificial Intelligence Equity Fund

TCW Global Real Estate Fund

TCW New America Premier Equities Fund

TCW Relative Value Dividend Appreciation Fund

TCW Relative Value Large Cap Fund

TCW Relative Value Mid Cap Fund

TCW Select Equities Fund

ASSET ALLOCATION FUND

TCW Conservative Allocation Fund

FIXED INCOME FUNDS

TCW Core Fixed Income Fund

TCW Enhanced Commodity Strategy Fund

TCW Global Bond Fund

TCW High Yield Bond Fund

TCW Short Term Bond Fund

TCW Total Return Bond Fund

INTERNATIONAL FUNDS

TCW Developing Markets Equity Fund

TCW Emerging Markets Income Fund

TCW Emerging Markets Local Currency Income Fund

TCW Emerging Markets Multi-Asset Opportunities Fund

TO COME

INTERNATIONAL FUNDS

TCW Developing Markets Equity Fund

TCW Emerging Markets Income Fund

TCW Emerging Markets Local Currency Income Fund

TCW Emerging Markets Multi-Asset Opportunities Fund

Paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (www.tcw.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. You can call 1-800-FUND-TCW (1-800-386-3829), if you invest directly with the Funds, or contact your financial intermediary, if you invest though a financial intermediary, to inform the Funds or the financial intermediary that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held directly with TCW or through your financial intermediary.

TCW Funds, Inc.

Table of Contents

Letter to Shareholders	1
Performance Summary (Unaudited)	3
Schedules of Investments (Unaudited)	4
TCW Developing Markets Equity Fund	4
TCW Emerging Markets Income Fund	8
TCW Emerging Markets Local Currency Income Fund	17
TCW Emerging Markets Multi-Asset Opportunities Fund	23
Statements of Assets and Liabilities (Unaudited)	35
Statements of Operations (Unaudited)	37
Statements of Changes in Net Assets (Unaudited)	38
Notes to Financial Statements (Unaudited)	40
Financial Highlights (Unaudited)	63
Shareholder Expenses (Unaudited)	72
Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule	74

To Our Valued Shareholders

David B. Lippman President, Chief Executive Officer and Director

Dear Valued Investors,

I am pleased to present the semi-annual report for the TCW Funds, Inc. covering the six-month period ended April 30, 2022. I would like to express our appreciation for your continued investment in the TCW Funds as well as welcome new shareholders to our Fund family. As of April 30, 2022, the TCW Funds held total assets of approximately $12.6 billion.

This report contains information outlining the performance and a list of portfolio holdings as of April 30, 2022 for the TCW Funds’ International fixed income and equity funds.

The International Markets

Emerging Markets (EM) has been under pressure since the beginning of the fiscal year for a number of reasons, including inflationary pressures and rising U.S. rates, the global growth slowdown, particularly with respect to China’s zero-COVID policies, and the ongoing Russia/Ukraine war and its impact on commodity price inflation and growth in Europe.

We believe these concerns are likely to persist in the near term. Inflation appears to be approaching peak levels in both emerging market countries and advanced economies (AE), but in our view, will remain sticky for a prolonged period of time. While there may be some reprieve in inflation in the near term due to the gradual normalization of supply chains, the war in Ukraine could still bring additional inflationary pressures that will have varying impacts depending on domestic monetary conditions. Additional Russia sanctions are also possible, putting upside pressure on energy prices, with continued constraints on fertilizer supply likely to result in additional food inflation.

In addition, rising U.S. inflation and the Fed’s hawkish stance has raised concerns about a potential recession. In our view, the Fed will continue to more aggressively

remove excess monetary liquidity until the challenging inflation dynamics move lower.

As for China, short-term headwinds to growth are rising. Some are external (weaker global demand due to the Russia/Ukraine war, higher commodity prices). However, many of the growth headwinds are policy-induced, as officials maintain widespread lockdowns to contain COVID and remain determined to shift investment away from, and promote consolidation in, the property sector. Lockdowns and weak credit demand also impair the transmission of monetary and fiscal stimulus. In our base case, we forecast Chinese growth of 4.25%, with continued COVID lockdowns and weak property investment offset by greater fiscal and monetary support. In addition, we anticipate some easing of regulations on tech and property to help cushion the downturn in the latter. However, in the near term, we do not anticipate a material loosening of China’s zero-COVID policy, particularly not before the fall’s Party Congress, which continues to present downside risks to growth in the near term.

As for Russia/Ukraine, in our base case, the war rages on with multiple points of escalation as various third party-led diplomatic efforts fail to achieve tangible results. The absence of an internationally recognized peace agreement means that all main international sanctions against Russia are likely to remain in place indefinitely, deepening Russia’s economic isolation, and perpetuating global supply disruption for key sectors such as agriculture and metals.

While we see value in emerging markets relative to history and relative to developed markets, we believe that concerns about growth, inflation and the Russia/Ukraine war are likely to persist in the near term. As such, opportunities to add risk in a meaningful way may not present until the second half of the calendar year, as we watch for signs of stabilization in growth and a peak in inflation.

1

Letter to Shareholders (Continued)

We truly value our relationship with you and thank you for making the TCW Funds part of your long-term investment plan. If you have any questions or require further information, I invite you to visit our website at www.tcw.com, or call our shareholder services department at 800-386-3829.

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

Sincerely,

David Lippman

President, Chief Executive Officer and Director

2

TCW Funds, Inc.

Performance Summary (Unaudited)

	NAV		Six Months Return as of April 30, 2022			Total Return Annualized as of April 30, 2022(1)									Since Inception			Inception Date
						1-Year			5-Year			10-Year
TCW Developing Markets Equity Fund
I Class	$	9.50		(27.61	)%		(28.32	)%		1.35	%		N/A			0.65	%		06/30/15
N Class	$	9.49		(27.69	)%		(28.45	)%		1.30	%		N/A			0.61	%		06/30/15
TCW Emerging Markets Income Fund
I Class	$	6.62		(13.96	)%		(14.99	)%		(0.22	)%		2.37	%		7.70	%(2)		09/04/96
N Class	$	8.54		(14.08	)%		(15.15	)%		(0.39	)%		2.15	%		5.85	%		02/27/04
Plan Class	$	6.61		(14.05	)%		(15.05	)%		N/A			N/A			(6.12	)%		02/28/20
TCW Emerging Markets Local Currency Income Fund
I Class	$	7.20		(13.23	)%		(15.99	)%		(1.97	)%		(1.35	)%		(0.35	)%		12/14/10
N Class	$	7.18		(13.17	)%		(15.95	)%		(1.98	)%		(1.37	)%		(0.37	)%		12/14/10
TCW Emerging Markets Multi-Asset Opportunities Fund
I Class	$	9.93		(21.89	)%		(22.13	)%		1.58	%		N/A			2.50	%		06/28/13
N Class	$	9.88		(22.01	)%		(22.36	)%		1.42	%		N/A			2.36	%		06/28/13

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

(2) Performance data includes the performance of the predecessor limited partnership for periods before the Fund’s registration became effective. The limited partnership was not registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and therefore was not 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 the predecessor entity.

3

TCW Developing Markets Equity Fund

Schedule of Investments (Unaudited)

Issues	Shares		Value
COMMON STOCK — 91.2% of Net Assets
Argentina — 2.4% (Cost: $93,268)
MercadoLibre, Inc. (1)		130	$	126,572
Brazil — 9.9%
BB Seguridade Participacoes S.A.		32,000		164,323
Gerdau S.A. (SP ADR)		4,700		26,649
JBS S.A.		6,400		48,916
Pet Center Comercio e Participacoes S.A.		22,000		67,659
Petroleo Brasileiro S.A. (SP ADR)		3,800		51,566
Raia Drogasil S.A.		26,300		111,154
Transmissora Alianca de Energia Eletrica S.A.		6,400		56,838
Total Brazil
(Cost: $519,817)				527,105
China — 21.5%
Alibaba Group Holding, Ltd. (1)		6,365		77,647
Aluminum Corp. of China, Ltd. — Class H (1)		112,000		53,530
BYD Co., Ltd.		2,300		66,941
China Coal Energy Co., Ltd. — Class H		100,200		84,364
China National Nuclear Power Co., Ltd.		48,600		52,606
Contemporary Amperex Technology Co., Ltd.		2,300		140,608
COSCO Shipping Holdings Co., Ltd. — Class H (1)		36,000		56,014
Country Garden Services Holdings Co., Ltd.		14,000		59,013
Dongyue Group, Ltd.		46,000		55,403
Galaxy Entertainment Group, Ltd. (1)		8,000		45,654
GD Power Development Co., Ltd.		116,300		53,321
Kingsoft Corp., Ltd.		9,000		27,644
Orient Overseas International, Ltd.		3,000		82,791
Ping An Insurance Group Co. of China, Ltd. — Class H		27,990		176,936
Sichuan Road & Bridge Co., Ltd.		35,600		56,147
Zhejiang Xinan Chemical Industrial Group Co., Ltd. — Class A		20,500		53,717
Total China
(Cost: $1,112,201)				1,142,336
Colombia — 0.7% (Cost: $41,527)
Bancolombia S.A. (SP ADR)		1,000		38,770
France — 2.2% (Cost: $80,645)
Hermes International		95		117,140
Great Britain — 1.0% (Cost: $53,394)
Mediclinic International PLC (1)		11,300		52,691
Hungary — 0.5% (Cost: $33,612)
OTP Bank PLC (1)		900		26,843
India — 9.7%
Adani Power, Ltd. (1)		7,200		26,406
Adani Wilmar, Ltd.		2,500		25,522
Apollo Hospitals Enterprise, Ltd.		1,900		109,668
Avenue Supermarts, Ltd. (1)		3,570		182,294

Issues	Shares		Value
India (Continued)
KPIT Technologies, Ltd.		6,900	$	49,384
Persistent Systems, Ltd.		1,000		56,091
Tata Power Co., Ltd. (The)		21,400		67,051
Total India
(Cost: $423,982)				516,416
Indonesia — 3.1%
Adaro Energy Tbk PT		480,800		109,851
Bank Negara Indonesia Persero Tbk PT		81,000		51,163
Total Indonesia
(Cost: $136,458)				161,014
Malaysia — 1.1% (Cost: $56,978)
Public Bank BHD		54,200		58,257
Mexico — 2.2%
America Movil S.A.B. de C.V. — Class L		2,100		40,803
Banco del Bajio S.A.		12,100		29,763
Gentera S.A.B. de CV (1)		39,000		30,423
Regional SAB de CV		2,300		13,881
Total Mexico
(Cost: $118,826)				114,870
Philippines — 1.0% (Cost: $54,015)
Wilcon Depot, Inc.		100,000		53,635
Poland — 2.4%
Dino Polska S.A. (1)		700		45,227
PGE Polska Grupa Energetyczna S.A. (1)		24,000		53,445
Santander Bank Polska S.A.		500		30,410
Total Poland
(Cost: $133,677)				129,082
Qatar — 1.0% (Cost: $52,243)
Qatar Islamic Bank SAQ		8,100		54,471
Russia — 0.0%
Magnitogorsk Iron & Steel Works PJSC (2)		79,000		102
Yandex N.V. (1)(2)		3,100		140
Total Russia
(Cost: $225,147)				242
Saudi Arabia — 4.2%
Al Rajhi Bank		2,300		107,746
Rabigh Refining & Petrochemical Co. (1)		8,000		60,867
Saudi British Bank (The)		4,700		55,799
Total Saudi Arabia
(Cost: $209,763)				224,412
Singapore — 1.0% (Cost: $55,110)
Sembcorp Industries, Ltd.		25,500		54,475
South Africa — 5.9%
Clicks Group, Ltd.		4,900		96,294

See accompanying Notes to Financial Statements.

4

TCW Developing Markets Equity Fund

April 30, 2022

Issues	Shares		Value
South Africa (Continued)
Discovery, Ltd. (1)		6,000	$	57,523
MultiChoice Group		6,500		53,138
Nedbank Group, Ltd.		7,500		104,576
Total South Africa
(Cost: $313,646)				311,531
South Korea — 3.3%
GS Holdings Corp.		1,300		44,906
Hyundai Steel Co.		1,100		38,097
KT Corp. (SP ADR) (1)		3,800		52,934
POSCO Holdings, Inc.		175		40,267
Total South Korea
(Cost: $176,531)				176,204
Taiwan — 12.4%
Alchip Technologies, Ltd.		1,900		55,661
Cathay Financial Holding Co., Ltd.		27,000		56,769
eMemory Technology, Inc.		1,000		42,027
Evergreen Marine Corp. Taiwan, Ltd.		11,000		52,876
Mega Financial Holding Co., Ltd.		75,000		105,435
Taiwan Semiconductor Manufacturing Co., Ltd.		14,400		260,390
Walsin Lihwa Corp.		16,000		24,319
Yang Ming Marine Transport Corp. (1)		13,800		57,573
Total Taiwan
(Cost: $499,903)				655,050
Turkey — 3.3%
Arcelik A.S. (1)		8,800		39,895
Eregli Demir ve Celik Fabrikalari TAS		15,500		35,015
Turk Hava Yollari AO (1)		13,600		37,772
Turkcell Iletisim Hizmetleri A.S.		17,100		24,909
Turkiye Sise ve Cam Fabrikalari A.S.		29,000		35,371
Total Turkey
(Cost: $158,460)				172,962
United Arab Emirates — 2.4%
Abu Dhabi Commercial Bank PJSC		19,100		52,798
First Abu Dhabi Bank PJSC		12,241		74,785
Total United Arab Emirates
(Cost: $122,699)				127,583
Total Common Stock
(Cost: $4,671,902)				4,841,661
PREFERRED STOCK — 2.5%
Brazil — 1.5% (Cost: $75,896)
Itau Unibanco Holding S.A., 4.44% (ADR)		16,300		78,077
South Korea — 1.0% (Cost: $53,283)
Hyundai Motor Co. 2.16%		700		53,002
Total Preferred Stock
(Cost: $129,179)				131,079

Issues	Shares		Value
MONEY MARKET INVESTMENTS — 16.1%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.29% (3)		855,254	$	855,254
Total Money Market Investments
(Cost: $855,254)				855,254
Total Investments (109.8%)
(Cost: $5,656,335)				5,827,994
Liabilities In Excess Of Other Assets (-9.8%)				(520,564	)
Total Net Assets (100.0%)			$	5,307,430

Notes to the Schedule of Investments:

ADR American Depositary Receipt. ADRs are receipts typically issued by a U.S. bank or trust company, evidencing ownership of underlying securities issued by a foreign corporation.

PJSC Private Joint-Stock Company.

SP ADR Sponsored American Depositary Receipt. ADRs are receipts, typically issued by a U.S. bank or trust company, evidencing ownership of underlying securities issued by a foreign corporation. Sponsored ADRs are ADRs issued with the cooperation of the foreign corporation.

(1) Non-income producing security.

(2) For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.

(3) Rate disclosed is the 7-day net yield as of April 30, 2022.

See accompanying Notes to Financial Statements.

5

TCW Developing Markets Equity Fund

Investments by Sector (Unaudited) April 30, 2022

Sector	Percentage of Net Assets
Airlines		0.7	%
Automobiles		2.3
Banks		16.7
Chemicals		2.0
Construction & Engineering		1.1
Consumer Finance		0.6
Diversified Telecommunication Services		1.0
Electric Utilities		3.3
Electrical Equipment		3.1
Entertainment		0.5
Food & Staples Retailing		8.1
Food Products		1.4
Health Care Providers & Services		3.1
Hotels, Restaurants & Leisure		0.9
Household Durables		0.7
IT Services		1.0
Independent Power and Renewable Electricity Producers		2.5
Industrial Conglomerates		1.5
Insurance		8.6
Interactive Media & Services		0.0
Internet & Direct Marketing Retail		3.9
Marine		4.7
Media		1.0
Metals & Mining		3.7
Multi-Utilities		1.0
Oil, Gas & Consumable Fuels		5.8
Real Estate Management & Development		1.1
Semiconductors & Semiconductor Equipment		6.7
Software		0.9
Specialty Retail		2.3
Textiles, Apparel & Luxury Goods		2.2
Wireless Telecommunication Services		1.3
Money Market Investments		16.1
Total		109.8	%

See accompanying Notes to Financial Statements.

6

TCW Developing Markets Equity Fund

Fair Valuation Summary (Unaudited) April 30, 2022

The following is a summary of the fair valuations according to the inputs used as of April 30, 2022 in valuing the Fund’s investments:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stock
Airlines	$	37,772	$	—	$	—	$	37,772
Automobiles		—		66,941		—		66,941
Banks		211,670		593,028		—		804,698
Chemicals		109,119		—		—		109,119
Construction & Engineering		—		56,147		—		56,147
Consumer Finance		30,423		—		—		30,423
Diversified Telecommunication Services		52,934		—		—		52,934
Electric Utilities		110,283		67,051		—		177,334
Electrical Equipment		24,319		140,608		—		164,927
Entertainment		27,644		—		—		27,644
Food & Staples Retailing		207,449		227,521		—		434,970
Food Products		74,438		—		—		74,438
Health Care Providers & Services		52,691		109,668		—		162,359
Hotels, Restaurants & Leisure		—		45,654		—		45,654
Household Durables		39,895		—		—		39,895
IT Services		—		56,091		—		56,091
Independent Power and Renewable Electricity Producers		132,333		—		—		132,333
Industrial Conglomerates		35,371		44,907		—		80,278
Insurance		164,323		291,228		—		455,551
Interactive Media & Services		—		—		140		140
Internet & Direct Marketing Retail		126,572		77,647		—		204,219
Marine		—		249,254		—		249,254
Media		53,138		—		—		53,138
Metals & Mining		193,557		—		102		193,659
Multi-Utilities		54,475		—		—		54,475
Oil, Gas & Consumable Fuels		51,566		255,081		—		306,647
Real Estate Management & Development		—		59,013		—		59,013
Semiconductors & Semiconductor Equipment		—		358,078		—		358,078
Software		—		49,384		—		49,384
Specialty Retail		121,294		—		—		121,294
Textiles, Apparel & Luxury Goods		—		117,140		—		117,140
Wireless Telecommunication Services		65,712		—		—		65,712
Total Common Stock		1,976,978		2,864,441		242		4,841,661
Preferred Stock
Automobiles		53,002		—		—		53,002
Banks		78,077		—		—		78,077
Total Preferred Stock		131,079		—		—		131,079
Money Market Investments		855,254		—		—		855,254
Total Investments	$	2,963,311	$	2,864,441	$	242	$	5,827,994

See accompanying Notes to Financial Statements.

7

TCW Emerging Markets Income Fund

Schedule of Investments (Unaudited)

Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES — 94.7% of Net Assets
Angola — 1.7%
Angolan Government International Bond
8.25% (1)		05/09/28	$	34,379,000	$	33,158,546
8.75% (1)		04/14/32		48,645,000		46,154,376
9.13% (1)		11/26/49		13,690,000		12,144,125
Total Angola
(Cost: $89,255,561)						91,457,047
Argentina — 1.5%
Argentine Republic Government International Bond
1.13%		07/09/35		53,642,216		15,373,859
2.00%		01/09/38		96,632,818		34,937,596
2.50%		07/09/41		81,565,456		27,434,541
Total Argentina
(Cost: $91,493,074)						77,745,996
Bahrain — 3.4%
Bahrain Government International Bond
5.25% (1)		01/25/33		85,410,000		75,512,177
5.45% (2)		09/16/32		19,675,000		17,768,355
5.63% (1)		09/30/31		48,818,000		45,205,224
Oil and Gas Holding Co. BSCC (The)
7.50% (2)		10/25/27		28,425,000		30,031,012
8.38% (2)		11/07/28		8,594,000		9,469,333
Total Bahrain
(Cost: $189,789,312)						177,986,101
Brazil — 3.5%
Acu Petroleo Luxembourg Sarl
7.50% (1)		07/13/35		13,600,000		12,349,412
Brazilian Government International Bond
3.75%		09/12/31		19,500,000		16,832,400
4.50%		05/30/29		29,290,000		27,687,837
4.63%		01/13/28		26,225,000		25,592,846
CSN Resources S.A.
4.63% (1)		06/10/31		16,849,000		14,297,177
5.88% (1)		04/08/32		27,000,000		24,097,500
Globo Communicacoes Part
5.50% (1)		01/14/32		9,420,000		8,195,400
MC Brazil Downstream Trading Sarl
7.25% (1)		06/30/31		41,083,000		35,947,625
MV24 Capital B.V.
6.75% (1)		06/01/34		23,068,923		22,048,700
Total Brazil
(Cost: $204,648,582)						187,048,897
Chile — 3.5%
AES Andes S.A.
7.13% (USD 5-year Swap rate + 4.644%)(1)(3)		03/26/79		36,101,000		35,193,466

Issues	Maturity Date		Principal Amount		Value
Chile (Continued)
Chile Government International Bond
2.55%		01/27/32	$	141,830,000	$	123,704,126
2.55%		07/27/33		15,597,000		13,078,084
3.50%		01/31/34		15,250,000		13,901,900
Total Chile
(Cost: $209,953,496)						185,877,576
Colombia — 2.8%
AI Candelaria Spain S.A.
5.75% (1)		06/15/33		21,485,000		18,047,400
Banco Davivienda S.A.
6.65% (U.S. 10-year Treasury Constant Maturity Rate + 5.097%) (1)(3)(4)		04/23/31		5,201,000		4,682,148
Banco GNB Sudameris S.A.
7.50% (U.S. 5-year Treasury Constant Maturity Rate + 6.660%) (1)(3)		04/16/31		19,750,000		18,322,075
Colombia Government International Bond
3.13%		04/15/31		27,685,000		21,708,639
4.13%		02/22/42		33,065,000		23,178,565
Ecopetrol S.A.
5.88%		11/02/51		23,492,000		17,927,685
Gran Tierra Energy International Holdings, Ltd.
6.25% (2)		02/15/25		14,397,000		13,353,217
Gran Tierra Energy, Inc.
7.75% (2)		05/23/27		13,143,000		12,155,961
Millicom International Cellular S.A.
4.50% (2)		04/27/31		16,160,000		13,959,008
5.13% (2)		01/15/28		8,235,000		7,796,075
Total Colombia
(Cost: $169,112,818)						151,130,773
Costa Rica — 0.5% (Cost: $24,884,498)
Instituto Costarricense de Electricidad
6.75% (1)		10/07/31		25,074,000		25,091,673
Dominican Republic — 3.3%
Dominican Republic International Bond
4.50% (1)		01/30/30		42,801,000		36,958,235
4.88% (1)		09/23/32		100,989,000		85,065,878
5.50% (1)		02/22/29		19,025,000		17,822,620
6.00% (1)		02/22/33		36,650,000		33,331,251
Total Dominican Republic
(Cost: $191,951,249)						173,177,984
Ecuador — 1.6%
Ecuador Government International Bond
1.00% (1)		07/31/35		78,484,289		49,131,950
5.00% (2)		07/31/30		45,640,094		37,147,385
Total Ecuador
(Cost: $84,576,939)					$	86,279,335

See accompanying Notes to Financial Statements.

8

TCW Emerging Markets Income Fund

April 30, 2022

Issues	Maturity Date		Principal Amount		Value
Egypt — 3.1%
Egypt Government International Bond
6.59% (2)		02/21/28	$	18,175,000	$	15,221,563
7.05% (1)		01/15/32		65,322,000		50,624,550
7.30% (2)		09/30/33		27,479,000		20,712,296
7.60% (2)		03/01/29		42,705,000		36,512,775
7.63% (1)		05/29/32		32,774,000		25,686,622
Energean PLC
6.50% (1)		04/30/27		14,275,000		13,509,860
Total Egypt
(Cost: $193,929,561)						162,267,666
El Salvador — 0.5%
El Salvador Government International Bond
5.88% (2)		01/30/25		2,160,000		1,041,858
6.38% (2)		01/18/27		40,314,000		16,931,880
8.25% (2)		04/10/32		18,820,000		7,763,250
Total El Salvador
(Cost: $60,290,261)						25,736,988
Gabon — 0.6% (Cost: $35,521,369)
Gabon Government International Bond
6.63% (2)		02/06/31		36,213,000		32,778,469
Ghana — 0.9%
Ghana Government International Bond
7.88% (2)		02/11/35		46,967,000		27,898,398
8.88% (2)		05/07/42		31,940,000		18,924,450
Total Ghana
(Cost: $70,977,659)						46,822,848
Guatemala — 1.5%
Banco Industrial S.A.
4.88% (U.S. 5-year Treasury Constant Maturity Rate + 4.442%)(1)(3)		01/29/31		13,195,000		12,564,213
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL
5.25% (1)		04/27/29		14,685,000		13,969,840
CT Trust
5.13% (1)		02/03/32		10,295,000		9,606,625
Guatemala Government Bond
3.70% (1)		10/07/33		28,470,000		24,602,564
4.65% (1)		10/07/41		21,150,000		18,183,237
Total Guatemala
(Cost: $86,739,533)						78,926,479
Hungary — 0.6%
Hungary Government International Bond
2.13% (1)		09/22/31		15,646,000		12,578,641

Issues	Maturity Date		Principal Amount		Value
Hungary (Continued)
3.13% (1)		09/21/51	$	31,450,000	$	21,893,131
Total Hungary
(Cost: $44,616,740)						34,471,772
India — 1.1%
Greenko Power II, Ltd.
4.30% (1)		12/13/28		12,835,000		11,330,738
India Airport Infra
6.25% (1)		10/25/25		12,475,000		11,913,625
India Green Power Holdings
4.00% (1)		02/22/27		8,920,000		7,745,236
JSW Steel, Ltd.
3.95% (1)		04/05/27		9,486,000		8,512,736
5.05% (1)		04/05/32		4,801,000		4,144,703
ReNew Wind Energy AP2 / ReNew Power Pvt, Ltd. other 9 Subsidiaries
4.50% (1)		07/14/28		14,082,000		12,304,148
Total India
(Cost: $62,101,080)						55,951,186
Indonesia — 5.3%
Freeport Indonesia PT
4.76% (1)		04/14/27		17,872,000		17,848,230
5.32% (1)		04/14/32		14,508,000		14,109,030
6.20% (1)		04/14/52		19,355,000		18,593,574
Indonesia Asahan Aluminium Persero PT
4.75% (1)		05/15/25		39,540,000		39,603,264
5.45% (1)		05/15/30		45,856,000		46,025,667
6.53% (1)		11/15/28		37,763,000		41,186,216
Perusahaan Penerbit SBSN Indonesia III
2.55% (2)		06/09/31		21,378,000		19,238,062
3.55% (1)		06/09/51		48,525,000		40,607,661
3.80% (1)		06/23/50		31,499,000		27,394,681
4.15% (2)		03/29/27		16,375,000		16,665,861
Total Indonesia
(Cost: $317,051,799)						281,272,246
Iraq — 1.6% (Cost: $83,263,082)
Iraq International Bond
5.80% (2)		01/15/28		86,641,750		83,948,058
Israel — 1.7%
Energean Israel Finance, Ltd.
5.88% (1)		03/30/31		57,882,700		52,253,608
Leviathan Bond, Ltd.
6.50% (1)		06/30/27		14,036,594		13,878,682
6.75% (1)		06/30/30		24,384,240		24,107,625
Total Israel
(Cost: $99,111,631)						90,239,915

See accompanying Notes to Financial Statements.

9

TCW Emerging Markets Income Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
Ivory Coast — 0.4%
Ivory Coast Government International Bond
4.88% (1)		01/30/32	EUR	10,295,000	$	9,142,657
6.88% (1)		10/17/40	EUR	15,332,000		13,714,356
Total Ivory Coast
(Cost: $27,274,406)						22,857,013
Kazakhstan — 1.6%
KazMunayGas National Co. JSC
3.50% (1)		04/14/33	$	76,045,000		63,497,575
5.38% (2)		04/24/30		22,665,000		21,900,895
Total Kazakhstan
(Cost: $100,093,582)						85,398,470
Lebanon — 0.3% (Cost: $37,706,706)
Lebanon Government International Bond
8.25% (5)(6)		05/17/34		136,488,000		15,813,500
Mexico — 8.6%
America Movil SAB de CV
5.38% (1)		04/04/32		25,800,000		23,534,760
Banco Mercantil del Norte S.A.
5.88% (U.S. 5 year Treasury Constant Maturity Rate + 4.643%) (1)(3)(4)		12/31/99		19,250,000		17,279,762
7.50% (U.S. 10-year Treasury Constant Maturity Rate + 5.470%) (1)(3)(4)		06/27/29		34,094,000		32,723,421
BBVA Bancomer S.A.
5.13% (U.S. 5-year Treasury Constant Maturity Rate + 2.650%) (2)		01/18/33		11,061,000		10,318,807
Braskem Idesa SAPI
6.99% (1)		02/20/32		19,220,000		17,201,900
Cemex SAB de CV
5.13% (U.S. 5-year Treasury Constant Maturity Rate + 4.534%) (1)(3)(4)		06/08/26		20,140,000		18,573,108
Comision Federal de Electricidad
4.69% (1)		05/15/29		44,825,000		41,439,054
Electricidad Firme de Mexico Holdings SA de CV
4.90% (1)		11/20/26		24,805,000		22,155,826
Mexico Government International Bond
4.28%		08/14/41		42,256,000		35,313,339
Nemak SAB de CV
3.63% (1)		06/28/31		9,378,000		7,711,060
Petroleos Mexicanos
5.95%		01/28/31		84,560,000		71,287,040
6.50%		01/23/29		20,915,000		19,278,820

Issues	Maturity Date		Principal Amount		Value
Mexico (Continued)
6.63%		06/15/35	$	97,401,000	$	79,357,465
7.69%		01/23/50		39,750,000		31,124,250
United Mexican States
3.50%		02/12/34		22,350,000		18,950,565
4.40%		02/12/52		14,915,000		12,006,575
Total Mexico
(Cost: $516,085,385)						458,255,752
Morocco — 0.3% (Cost: $16,592,821)
OCP S.A.
3.75% (2)		06/23/31		18,688,000		15,882,931
Nigeria — 2.3%
Nigeria Government International Bond
6.13% (1)		09/28/28		45,476,000		38,982,027
7.38% (2)		09/28/33		39,555,000		31,572,801
7.63% (2)		11/28/47		13,565,000		9,665,063
7.70% (1)		02/23/38		54,570,000		41,132,137
Total Nigeria
(Cost: $144,401,237)						121,352,028
Oman — 3.6%
Oman Government International Bond
4.75% (2)		06/15/26		17,218,000		16,976,707
5.63% (2)		01/17/28		24,429,000		24,537,709
6.00% (2)		08/01/29		38,660,000		39,191,575
6.25% (1)		01/25/31		40,354,000		41,190,821
OQ SAOC
5.13% (2)		05/06/28		71,226,000		69,345,633
Total Oman
(Cost: $193,250,175)						191,242,445
Pakistan — 0.8%
Pakistan Government International Bond
6.00% (1)		04/08/26		25,615,000		21,014,546
6.88% (2)		12/05/27		28,043,000		23,028,379
Total Pakistan
(Cost: $53,561,837)						44,042,925
Panama — 3.8%
C&W Senior Financing DAC
6.88% (1)		09/15/27		23,362,000		22,719,545
Panama Government International Bond
2.25%		09/29/32		119,451,000		96,343,801
3.16%		01/23/30		50,284,000		45,836,255
3.87%		07/23/60		30,025,000		22,609,350
4.50%		01/19/63		18,125,000		15,084,310
Total Panama
(Cost: $235,948,287)						202,593,261

See accompanying Notes to Financial Statements.

10

TCW Emerging Markets Income Fund

April 30, 2022

Issues	Maturity Date		Principal Amount			Value
Paraguay — 1.0%
Paraguay Government International Bond
2.74% (2)		01/29/33	$	14,530,000		$	11,868,013
3.85% (1)		06/28/33		14,550,000			12,937,860
5.60% (2)		03/13/48		33,757,000			30,644,690
Total Paraguay
(Cost: $63,444,320)							55,450,563
Peru — 3.0%
Cia de Minas Buenaventura SAA
5.50% (1)		07/23/26		13,598,000			12,499,112
Nexa Resources S.A.
5.38% (2)		05/04/27		11,138,000			10,748,170
6.50% (2)		01/18/28		5,786,000			5,803,937
Peruvian Government International Bond
2.78%		01/23/31		41,465,000			36,027,694
3.00%		01/15/34		68,451,000			57,276,374
3.30%		03/11/41		43,835,000			34,524,446
Total Peru
(Cost: $182,626,226)							156,879,733
					��
Philippines — 1.6%
Philippine Government International Bond
1.95%		01/06/32		49,665,000			41,897,117
3.20%		07/06/46		52,255,000			41,252,782
Total Philippines
(Cost: $99,692,436)							83,149,899
Qatar — 5.4%
Qatar Energy
1.38% (2)		09/12/26		25,975,000			23,567,923
2.25% (1)		07/12/31		117,775,000			103,100,235
3.13% (1)		07/12/41		93,550,000			78,415,013
3.30% (1)		07/12/51		20,015,000			16,621,907
Qatar Government International Bond
3.75% (1)		04/16/30		65,144,000			65,953,154
Total Qatar
(Cost: $335,943,274)							287,658,232
Romania — 1.3%
Romanian Government International Bond
3.00% (1)		02/27/27		44,478,000			41,482,140
3.00% (1)		02/14/31		32,080,000			27,455,700
Total Romania
(Cost: $76,053,309)							68,937,840
Saudi Arabia — 6.4%
KSA Sukuk, Ltd.
2.25% (2)		05/17/31		19,175,000			17,113,688
SA Global Sukuk, Ltd.
1.60% (2)		06/17/26		49,724,000			45,751,052

Issues	Maturity Date		Principal Amount		Value
Saudi Arabia (Continued)
Saudi Arabian Oil Co.
2.88% (2)		04/16/24	$	72,807,000	$	72,006,123
4.25% (2)		04/16/39		19,225,000		18,379,100
Saudi Government International Bond
2.25% (1)		02/02/33		110,263,000		95,465,705
3.25% (2)		10/26/26		67,255,000		66,965,804
3.45% (2)		02/02/61		27,295,000		21,920,287
Total Saudi Arabia
(Cost: $364,328,070)						337,601,759
Senegal — 0.3% (Cost: $22,068,276)
Senegal Government International Bond
5.38% (1)		06/08/37	EUR	19,235,000		15,726,275
South Africa — 3.8%
Eskom Holdings SOC, Ltd.
4.31% (2)		07/23/27	$	35,720,000		32,394,468
6.35% (2)		08/10/28		49,522,000		48,774,218
7.13% (2)		02/11/25		26,245,000		25,146,646
8.45% (2)		08/10/28		20,478,000		19,759,120
Prosus N.V.
4.19% (1)		01/19/32		14,485,000		12,280,383
Republic of South Africa Government International Bond
4.85%		09/30/29		24,700,000		22,714,120
7.30%		04/20/52		25,500,000		23,941,440
Sasol Financing USA LLC
5.50%		03/18/31		20,195,000		18,216,597
Total South Africa
(Cost: $220,497,206)						203,226,992
Sri Lanka — 0.4%
Sri Lanka Government International Bond
6.20% (2)		05/11/27		14,675,000		6,330,795
6.75% (2)		04/18/28		36,568,000		15,815,660
Total Sri Lanka
(Cost: $36,927,349)						22,146,455
Thailand — 0.9%
GC Treasury Centre Co.
5.20% (1)		03/30/52		20,375,000		19,225,768
Krung Thai Bank PCL
4.40% (U.S. 5-year Treasury Constant Maturity Rate + 3.530%) (2)(3)(4)		03/25/26		33,236,000		30,683,475
Total Thailand
(Cost: $53,618,732)						49,909,243
Turkey — 3.2%
Turkey Government International Bond
5.88%		06/26/31		58,013,000		48,286,976
6.13%		10/24/28		53,253,000		47,655,364

See accompanying Notes to Financial Statements.

11

TCW Emerging Markets Income Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
Turkey (Continued)
8.60%		09/24/27	$	73,035,000	$	74,057,636
Total Turkey
(Cost: $173,936,391)						169,999,976
Ukraine — 0.8%
NPC Ukrenergo
6.88% (1)		11/09/26		30,065,000		9,771,125
Ukraine Government International Bond
7.25% (2)		03/15/33		21,228,000		6,888,486
7.38% (2)		09/25/32		14,545,000		4,702,399
7.75% (2)		09/01/27		69,805,000		23,559,187
Total Ukraine
(Cost: $134,705,269)						44,921,197
United Arab Emirates — 3.5%
Abu Dhabi Government International Bond
3.13% (2)		09/30/49		24,165,000		19,861,214
DP World Salaam
6.00% (U.S. 5-year Treasury Constant Maturity Rate + 5.750%) (2)(3)(4)		10/01/25		32,624,000		33,170,941
Galaxy Pipeline Assets Bidco, Ltd.
2.63% (1)		03/31/36		82,565,000		69,296,569
2.94% (1)		09/30/40		30,573,910		25,617,963
UAE International Government Bond
2.88% (1)		10/19/41		44,290,000		37,070,730
Total United Arab Emirates
(Cost: $210,834,997)						185,017,417
Uruguay — 1.8%
Uruguay Government International Bond
4.38%		01/23/31		64,105,534		66,018,443
4.98%		04/20/55		28,289,527		29,275,771
Total Uruguay
(Cost: $99,980,497)						95,294,214
Venezuela — 0.3%
Venezuela Government International Bond
8.25% (2)(5)(6)		10/13/24		60,057,200		5,104,862
9.25% (5)(6)		09/15/27		60,955,000		5,181,175
9.25% (2)(5)(6)		05/07/28		49,048,000		4,169,080
Total Venezuela
(Cost: $55,533,009)						14,455,117
Vietnam — 0.2% (Cost: $10,790,000)
Mong Duong Finance Holdings B.V.
5.13% (1)		05/07/29		11,070,000		9,873,333

Issues	Maturity Date		Principal Amount		Value
Zambia — 0.4% (Cost: $18,906,488)
Zambia Government International Bond
5.38% (2)		09/20/22	$	25,975,000	$	18,608,490
Total Fixed Income Securities
(Cost: $5,794,068,529)						5,024,506,069
PURCHASED OPTIONS (0.0%) (Cost: $5,796,107)					741,844
MONEY MARKET INVESTMENTS (4.1% )
State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.29% (7)				215,870,073		215,870,073
Total Money Market Investments
(Cost: $215,870,073)						215,870,073
Total Investments (98.8%)
(Cost: $6,015,734,709)						5,241,117,986
Excess Of Other Assets Over Liabilities (1.2%)					65,148,262
Total Net Assets (100.0%)					$5,306,266,248

See accompanying Notes to Financial Statements.

12

TCW Emerging Markets Income Fund

April 30, 2022

Purchased Options — Exchange Traded
Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation (Depreciation)
CALL
U.S. Treasury 10-Year Future Option	124		5/20/22	$	4,542,000		4,542,000	$	283,875	$	2,881,081	$	(2,597,206	)
U.S. Treasury 10-Year Future Option	127		5/20/22		14,655,000		14,655,000		457,969		2,915,026		(2,457,057	)
								$	741,844	$	5,796,107	$	(5,054,263	)

Forward Currency Exchange Contracts
Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
BUY (8)
Standard Chartered Bank		IDR		442,867,413,098		05/17/22	$	30,818,887	$	30,535,104	$	(283,783	)
SELL (9)
Bank of America, N.A.		IDR		133,317,427,298		05/17/22	$	9,280,712	$	9,192,055	$	88,657
Goldman Sachs & Co.		EUR		36,438,332		07/01/22		40,800,000		38,550,480		2,249,520
Morgan Stanley & Co.		EUR		3,615,000		07/01/22		3,956,047		3,824,543		131,504
Standard Chartered Bank		IDR		309,549,985,800		05/17/22		21,559,408		21,343,050		216,358
							$	75,596,167	$	72,910,128	$	2,686,039

Credit Default Swaps — Buy Protection
Notional Amount (10)		Expiration Date		Counterparty	Reference Entity	Fixed Deal Pay Rate			Payment Frequency	Unrealized Appreciation (Depreciation)		Premium (Received)		Value (11)
	OTC Swaps
$	42,527,114		6/20/27	Morgan Stanley & Co.	Chile Government International Bond 3.24 2/06/2028		1.0	%	Quarterly	$	297,714		$(213,855)		$83,859
	34,309,662		6/20/27	Barclays Capital Inc.	United Mexican States 4.15 3/28/2027		1.0	%	Quarterly		263,961		334,818		598,779
										$	561,675		$  120,963		$  682,638

See accompanying Notes to Financial Statements.

13

TCW Emerging Markets Income Fund

Schedule of Investments (Unaudited) (Continued)

Notes to the Schedule of Investments:

EUR Euro Currency.

IDR Indonesian Rupiah.

USD U.S. Dollar.

(1) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2022, the value of these securities amounted to $2,332,341,192 or 44.0% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors.

(2) Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United States except under special exemptions. At April 30, 2022, the value of these securities amounted to $1,321,475,594 or 24.9% of net assets.

(3) Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2022.

(4) Perpetual maturity.

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

(6) For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.

(7) Rate disclosed is the 7-day net yield as of April 30, 2022.

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

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

(10) The value of a credit default swap agreement serves as an indicator of the current status of the payments/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing 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.

(11) 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.

See accompanying Notes to Financial Statements.

14

TCW Emerging Markets Income Fund

Investments by Sector (Unaudited) April 30, 2022

Sector	Percentage of Net Assets
Auto Parts & Equipment		0.1	%
Banks		2.4
Beverages		0.3
Building Materials		0.3
Chemicals		1.3
Commercial Services		0.6
Electric		5.7
Engineering & Construction		0.2
Foreign Government Bonds		56.6
Internet		0.2
Iron & Steel		1.0
Media		0.2
Mining		3.9
Oil & Gas		17.6
Pipelines		2.4
Purchased Options		0.0	*
Telecommunications		1.5
Transportation		0.4
Money Market Investments		4.1
Total		98.8	%

* Amount rounds to less than 0.1%.

See accompanying Notes to Financial Statements.

15

TCW Emerging Markets Income Fund

Fair Valuation Summary (Unaudited) April 30, 2022

The following is a summary of the fair valuations according to the inputs used as of April 30, 2022 in valuing the Fund’s investments:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Auto Parts & Equipment	$	—	$	7,711,061		$	—	$	7,711,061
Banks		—		126,573,902			—		126,573,902
Beverages		—		13,969,840			—		13,969,840
Building Materials		—		18,573,108			—		18,573,108
Chemicals		—		70,527,196			—		70,527,196
Commercial Services		—		33,170,941			—		33,170,941
Electric		—		300,979,051		��	—		300,979,051
Engineering & Construction		—		11,913,625			—		11,913,625
Foreign Government Bonds		—		2,971,629,931			30,268,617		3,001,898,548
Internet		—		12,280,383			—		12,280,383
Iron & Steel		—		51,052,117			—		51,052,117
Media		—		8,195,400			—		8,195,400
Mining		—		206,417,200			—		206,417,200
Oil & Gas		—		936,267,640			—		936,267,640
Pipelines		—		125,311,345			—		125,311,345
Telecommunications		—		77,616,012			—		77,616,012
Transportation		—		22,048,700			—		22,048,700
Total Fixed Income Securities		—		4,994,237,452			30,268,617		5,024,506,069
Purchased Options		741,844		—			—		741,844
Money Market Investments		215,870,073		—			—		215,870,073
Total Investments	$	216,611,917	$	4,994,237,452		$	30,268,617	$	5,241,117,986
Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—		2,686,039			—		2,686,039
Swap Agreements
Credit Risk		—		682,638			—		682,638
Total	$	216,611,917	$	4,997,606,129		$	30,268,617	$	5,244,486,663
Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—	$	(283,783	)	$	—	$	(283,783	)
Total	$	—	$	(283,783	)	$	—	$	(283,783	)

See accompanying Notes to Financial Statements.

16

TCW Emerging Markets Local Currency Income Fund

Schedule of Investments (Unaudited) April 30, 2022

Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES — 90.6% of Net Assets
Brazil — 8.4%
Brazil Notas do Tesouro Nacional, Series F
10.00%		01/01/23	BRL	21,839,000	$	4,327,410
10.00%		01/01/25	BRL	21,053,000		4,177,090
10.00%		01/01/27	BRL	11,000,000		2,065,610
10.00%		01/01/29	BRL	17,265,000		3,160,358
10.00%		01/01/31	BRL	5,730,000		932,997
Total Brazil
(Cost: $14,142,542)						14,663,465
Chile — 1.6%
Bonos de la Tesoreria de la Republica
1.50%		03/01/26	CLP	948,611,145		1,110,466
2.00%		03/01/35	CLP	112,547,085		130,461
Bonos de la Tesoreria de la Republica en pesos
2.50%		03/01/25	CLP	245,000,000		254,435
5.00%		03/01/35	CLP	295,000,000		300,371
5.00% (1)		10/01/28	CLP	510,000,000		544,116
5.80% (1)		06/01/24	CLP	430,000,000		502,100
Total Chile
(Cost: $3,418,173)						2,841,949
China — 8.2%
Agricultural Development Bank of China
2.25%		04/22/25	CNY	23,590,000		3,539,181
China Development Bank
4.88%		02/09/28	CNY	7,450,000		1,242,132
China Government Bond
2.85%		06/04/27	CNY	1,700,000		260,172
2.89%		11/18/31	CNY	10,700,000		1,628,784
3.27%		11/19/30	CNY	35,750,000		5,605,252
3.28%		12/03/27	CNY	13,100,000		2,050,436
Total China
(Cost: $14,454,106)						14,325,957
Colombia — 4.3%
Colombian TES (Treasury) Bond, Series B
6.00%		04/28/28	COP	5,734,600,000		1,187,215
7.00%		06/30/32	COP	13,851,900,000		2,783,845
7.50%		08/26/26	COP	12,237,400,000		2,840,681
7.75%		09/18/30	COP	2,880,000,000		628,957
Total Colombia
(Cost: $8,677,364)						7,440,698
Czech Republic — 3.6%
Czech Republic Government Bond
0.95% (1)		05/15/30	CZK	19,490,000		650,742
1.00% (1)		06/26/26	CZK	47,750,000		1,763,211
1.25%		02/14/25	CZK	14,220,000		550,557
1.75%		06/23/32	CZK	24,700,000		848,101

Issues	Maturity Date		Principal Amount		Value
Czech Republic (Continued)
2.00%		10/13/33	CZK	53,120,000	$	1,827,577
2.40% (1)		09/17/25	CZK	15,880,000		628,329
Total Czech Republic
(Cost: $7,842,440)						6,268,517
Egypt — 0.9%
Egypt Government Bond
14.06%		01/12/26	EGP	12,043,000		627,142
14.48%		04/06/26	EGP	18,800,000		1,010,091
Total Egypt
(Cost: $1,958,626)						1,637,233
Hungary — 3.2%
Hungary Government Bond
1.00%		11/26/25	HUF	623,520,000		1,415,595
2.50%		10/24/24	HUF	340,000,000		855,077
2.75%		12/22/26	HUF	261,000,000		604,422
3.00%		10/27/27	HUF	76,840,000		175,829
3.00%		10/27/38	HUF	108,420,000		191,900
3.25%		10/22/31	HUF	435,450,000		915,137
6.00%		11/24/23	HUF	477,780,000		1,320,157
Total Hungary
(Cost: $7,476,255)						5,478,117
Indonesia — 10.0%
Indonesia Treasury Bond
6.13%		05/15/28	IDR	21,800,000,000		1,463,904
6.50%		06/15/25	IDR	24,183,000,000		1,704,003
6.50%		02/15/31	IDR	27,730,000,000		1,846,818
7.00%		09/15/30	IDR	12,873,000,000		887,089
7.50%		08/15/32	IDR	28,026,000,000		1,991,418
7.50%		06/15/35	IDR	33,870,000,000		2,373,639
8.38%		03/15/24	IDR	14,903,000,000		1,083,518
8.38%		09/15/26	IDR	25,594,000,000		1,900,527
8.38%		03/15/34	IDR	15,833,000,000		1,189,577
9.00%		03/15/29	IDR	38,822,000,000		2,992,323
Total Indonesia
(Cost: $16,992,623)						17,432,816
Malaysia — 7.7%
Malaysia Government Bond
3.48%		03/15/23	MYR	1,890,000		437,780
3.73%		06/15/28	MYR	9,636,000		2,151,417
3.76%		05/22/40	MYR	3,750,000		739,491
3.89%		08/15/29	MYR	6,750,000		1,491,558
3.90%		11/16/27	MYR	14,540,000		3,303,103
3.90%		11/30/26	MYR	4,400,000		1,010,242
3.96%		09/15/25	MYR	7,577,000		1,751,752
4.18%		07/15/24	MYR	5,630,000		1,312,436

See accompanying Notes to Financial Statements.

17

TCW Emerging Markets Local Currency Income Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
Malaysia (Continued)
Malaysia Government Investment Issue
3.47%		10/15/30	MYR	5,670,000	$	1,203,743
Total Malaysia
(Cost: $14,666,614)						13,401,522
Mexico — 10.2%
Mexican Udibonos
4.50%		12/04/25	MXN	37,868,395		1,888,899
Mexico Government Bond (BONOS)
5.75%		03/05/26	MXN	52,945,900		2,319,310
7.50%		06/03/27	MXN	46,275,500		2,128,013
7.75%		05/29/31	MXN	68,676,400		3,088,141
8.50%		05/31/29	MXN	58,044,300		2,762,355
8.50%		11/18/38	MXN	48,784,800		2,262,529
10.00%		12/05/24	MXN	54,349,800		2,721,951
10.00%		11/20/36	MXN	12,770,500		669,046
Total Mexico
(Cost: $19,258,550)						17,840,244
Peru — 2.3%
Peru Government Bond
5.35%		08/12/40	PEN	3,885,000		743,613
Peruvian Government International Bond
5.94%		02/12/29	PEN	1,570,000		370,839
6.15%		08/12/32	PEN	4,567,000		1,042,417
6.35% (1)		08/12/28	PEN	2,110,000		515,168
6.90% (1)		08/12/37	PEN	3,200,000		741,974
6.95% (1)		08/12/31	PEN	2,136,000		524,179
Total Peru
(Cost: $4,807,644)						3,938,190
Poland — 6.5%
Republic of Poland Government Bond
1.25%		10/25/30	PLN	14,080,000		2,151,217
2.50%		07/25/27	PLN	14,243,000		2,630,362
2.50%		07/25/26	PLN	14,614,000		2,777,668
2.50%		04/25/24	PLN	9,688,000		2,023,573
2.75%		10/25/29	PLN	4,301,000		763,598
4.00%		10/25/23	PLN	4,800,000		1,046,511
Total Poland
(Cost: $14,816,297)						11,392,929
Romania — 3.1%
Romania Government Bond
3.25%		06/24/26	RON	5,400,000		1,008,206
3.25%		04/29/24	RON	4,165,000		838,999
4.15%		01/26/28	RON	3,355,000		623,004
4.25%		06/28/23	RON	1,415,000		295,997
4.75%		02/24/25	RON	2,275,000		464,110
5.00%		02/12/29	RON	4,070,000		775,049

Issues	Maturity Date		Principal Amount		Value
Romania (Continued)
5.85%		04/26/23	RON	6,340,000	$	1,352,724
Total Romania
(Cost: $6,326,856)						5,358,089
South Africa — 11.6%
South Africa Government Bond
6.25%		03/31/36	ZAR	71,377,526		3,075,966
7.00%		02/28/31	ZAR	43,100,000		2,225,476
8.00%		01/31/30	ZAR	103,321,003		5,855,635
8.25%		03/31/32	ZAR	83,135,000		4,580,868
8.50%		01/31/37	ZAR	42,311,852		2,211,733
8.88%		02/28/35	ZAR	17,802,065		981,473
10.50%		12/21/26	ZAR	18,000,000		1,231,961
Total South Africa
(Cost: $22,380,572)						20,163,112
Thailand — 8.5%
Thailand Government Bond
0.75%		06/17/24	THB	53,328,000		1,533,395
1.00%		06/17/27	THB	136,553,000		3,738,088
1.59%		12/17/35	THB	23,500,000		559,852
1.60%		12/17/29	THB	51,440,000		1,394,512
2.00%		12/17/31	THB	83,473,000		2,291,566
2.13%		12/17/26	THB	17,700,000		514,751
2.88%		12/17/28	THB	128,920,000		3,843,920
3.30%		06/17/38	THB	31,910,000		899,350
Total Thailand
(Cost: $16,560,315)						14,775,434
Uruguay — 0.5% (Cost: $913,585)
Uruguay Government International Bond
3.88%		07/02/40	UYU	32,636,187		896,737
Total Fixed Income Securities
(Cost: $174,692,562)						157,855,009
			Shares
MONEY MARKET INVESTMENTS — 4.4%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.29% (2)				7,627,979		7,627,979
Total Money Market Investments
(Cost: $7,627,979)						7,627,979

See accompanying Notes to Financial Statements.

18

TCW Emerging Markets Local Currency Income Fund

April 30, 2022

Issues	Maturity Date		Principal Amount		Value
SHORT TERM INVESTMENTS — 2.2%
FOREIGN GOVERNMENT BONDS — 2.2%
Brazil — 2.0% (Cost: $3,307,703)
Brazil Letras do Tesouro Nacional Bills
0.00% (3)		01/01/23	BRL	18,541,000	$	3,446,532
Egypt — 0.2% (Cost: $330,079)
Egypt Treasury Bills
0.00% (3)		09/27/22	EGP	6,350,000		326,704
Total Short Term Investments
(Cost: $3,637,782)						3,773,236
Total Investments (97.2%)
(Cost: $185,958,323)						169,256,224
Excess Of Other Assets Over Liabilities (2.8%)						4,895,564
Total Net Assets (100.0%)					$	174,151,788

Forward Currency Contracts
Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
BUY (4)
Bank of America, N.A.		HUF		72,930,000		05/31/22	$	214,059	$	202,607	$	(11,452	)
Bank of America, N.A.		MXN		9,698,488		05/24/22		470,000		473,286		3,286
Bank of America, N.A.		RON		3,122,000		06/03/22		696,875		662,718		(34,157	)
Barclays Capital		MYR		14,228,250		07/21/22		3,335,111		3,265,420		(69,691	)
Barclays Capital		PLN		5,348,205		05/09/22		1,334,000		1,204,505		(129,495	)
Barclays Capital		THB		102,761,241		07/18/22		3,046,291		3,004,832		(41,459	)
BNP Paribas S.A.		CZK		19,204,851		06/10/22		809,000		819,878		10,878
BNP Paribas S.A.		EUR		1,814,000		06/06/22		2,000,743		1,916,497		(84,246	)
BNP Paribas S.A.		HUF		419,690,550		05/31/22		1,250,504		1,165,946		(84,558	)
BNP Paribas S.A.		PLN		4,124,385		05/09/22		998,660		928,881		(69,779	)
JP Morgan Chase Bank		BRL		4,399,272		06/06/22		837,000		878,791		41,791
JP Morgan Chase Bank		CZK		19,794,474		06/10/22		876,521		845,050		(31,471	)
JP Morgan Chase Bank		EUR		295,000		06/06/22		323,137		311,669		(11,468	)
Morgan Stanley & Co.		CLP		1,310,000,000		05/24/22		1,631,992		1,529,152		(102,840	)
Morgan Stanley & Co.		PLN		12,587,000		05/09/22		3,147,183		2,834,804		(312,379	)
							$	20,971,076	$	20,044,036	$	(927,040	)
SELL (5)
Bank of America, N.A.		PLN		6,380,000		05/09/22	$	1,567,760	$	1,436,884	$	130,876
Bank of America, N.A.		RON		1,772,000		06/03/22		393,899		376,149		17,750
Bank of America, N.A.		ZAR		54,665,700		07/20/22		3,525,000		3,427,816		97,184
Barclays Capital		EUR		3,512,750		06/06/22		3,889,919		3,711,232		178,687
Barclays Capital		PLN		2,807,000		05/09/22		656,168		632,184		23,984
Barclays Capital		THB		14,105,811		07/18/22		416,000		412,467		3,533
BNP Paribas S.A.		BRL		1,517,250		06/06/22		312,581		303,083		9,498
BNP Paribas S.A.		MXN		9,698,488		05/24/22		466,075		473,286		(7,211	)
BNP Paribas S.A.		PLN		11,951,893		05/09/22		2,790,827		2,691,767		99,060

See accompanying Notes to Financial Statements.

19

TCW Emerging Markets Local Currency Income Fund

Schedule of Investments (Unaudited) (Continued)

Forward Currency Contracts (Continued)
Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
SELL (Continued)
Goldman Sachs & Co.		HUF		176,932,800		05/31/22	$	528,000	$	491,539	$	36,461
JP Morgan Chase Bank		BRL		2,882,022		06/06/22		572,000		575,708		(3,708	)
JP Morgan Chase Bank		EUR		1,650,000		06/06/22		1,734,374		1,743,231		(8,857	)
JP Morgan Chase Bank		HUF		119,976,000		05/31/22		345,312		333,306		12,006
JP Morgan Chase Bank		MXN		34,622,250		07/26/22		1,675,000		1,669,328		5,672
JP Morgan Chase Bank		PLN		2,057,489		05/09/22		475,500		463,381		12,119
JP Morgan Chase Bank		RON		1,350,000		06/03/22		296,307		286,569		9,738
JP Morgan Chase Bank		ZAR		7,129,176		07/20/22		481,701		447,035		34,666
Morgan Stanley & Co.		EUR		928,000		06/06/22		1,014,061		980,435		33,626
Morgan Stanley & Co.		HUF		195,711,750		05/31/22		585,000		543,708		41,292
Morgan Stanley & Co.		PLN		2,053,209		05/09/22		475,500		462,417		13,083
Standard Chartered Bank		CLP		385,731,500		05/24/22		473,000		450,261		22,739
Standard Chartered Bank		ZAR		4,910,612		07/20/22		332,000		307,920		24,080
							$	23,005,984	$	22,219,706	$	786,278

Notes to the Schedule of Investments:

BRL Brazilian Real.

CLP Chilean Peso.

CNY Chinese Yuan.

COP Colombian Peso.

CZK Czech Koruna.

EGP Egyptian Pound.

EUR Euro Currency.

HUF Hungarian Forint.

IDR Indonesian Rupiah.

MXN Mexican Peso.

MYR Malaysian Ringgit.

PEN Peruvian Nuevo Sol.

PLN Polish Zloty.

RON Romanian New Leu.

THB Thai Baht.

UYU Uruguayan Peso.

ZAR South African Rand.

(1) Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United States except under special exemptions. At April 30, 2022, the value of these securities amounted to $5,869,819 or 3.4% of net assets.

(2) Rate disclosed is the 7-day net yield as of April 30, 2022.

(3) Security is not accruing interest.

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

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

See accompanying Notes to Financial Statements.

20

TCW Emerging Markets Local Currency Income Fund

Investments by Sector (Unaudited) April 30, 2022

Sector	Percentage of Net Assets
Banks		2.7	%
Foreign Government Bonds		87.9
Short Term Investments		2.2
Money Market Investments		4.4
Total		97.2	%

See accompanying Notes to Financial Statements.

21

TCW Emerging Markets Local Currency Income Fund

Fair Valuation Summary (Unaudited) April 30, 2022

The following is a summary of the fair valuations according to the inputs used as of April 30, 2022 in valuing the Fund’s investments:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Banks	$	—	$	4,781,313		$	—	$	4,781,313
Foreign Government Bonds		—		153,073,696			—		153,073,696
Total Fixed Income Securities		—		157,855,009			—		157,855,009
Money Market Investments		7,627,979		—			—		7,627,979
Short Term Investments		—		3,773,236			—		3,773,236
Total Investments	$	7,627,979	$	161,628,245		$	—	$	169,256,224
Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—		862,009			—		862,009
Total	$	7,627,979	$	162,490,254		$	—	$	170,118,233
Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—	$	(1,002,771	)	$	—	$	(1,002,771	)
Total	$	—	$	(1,002,771	)	$	—	$	(1,002,771	)

See accompanying Notes to Financial Statements.

22

TCW Emerging Markets Multi-Asset Opportunities Fund

Schedule of Investments (Unaudited) April 30, 2022

Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES — 45.1% of Net Assets
Angola — 1.0%
Angolan Government International Bond
8.25% (1)		05/09/28	$	275,000	$	265,238
8.75% (1)		04/14/32		300,000		284,640
Total Angola
(Cost: $577,915)						549,878
Argentina — 0.5%
Argentine Republic Government International Bond
2.00%		01/09/38		466,364		168,614
2.50%		07/09/41		421,094		141,635
Total Argentina
(Cost: $328,077)						310,249
Bahrain — 1.7%
Bahrain Government International Bond
5.25% (1)		01/25/33		400,000		353,645
5.45% (2)		09/16/32		200,000		180,619
5.63% (1)		09/30/31		200,000		185,199
Oil and Gas Holding Co. BSCC (The)
7.50% (2)		10/25/27		250,000		264,125
Total Bahrain
(Cost: $1,017,413)						983,588
Brazil — 2.0%
Acu Petroleo Luxembourg Sarl
7.50% (1)		07/13/35		250,000		227,011
Brazilian Government International Bond
4.50%		05/30/29		200,000		189,060
CSN Resources S.A.
4.63% (1)		06/10/31		200,000		169,710
5.88% (1)		04/08/32		200,000		178,500
Globo Communicacoes Part
5.50% (1)		01/14/32		200,000		174,000
MV24 Capital B.V.
6.75% (1)		06/01/34		180,614		172,626
Total Brazil
(Cost: $1,238,635)						1,110,907
Chile — 1.5%
AES Andes S.A.
7.13% (USD 5-Year Swap rate + 4.644%) (1)(3)		03/26/79		200,000		194,972
Chile Government International Bond
2.55%		01/27/32		325,000		283,465
2.55%		07/27/33		250,000		209,625
3.50%		01/31/34		200,000		182,320
Total Chile
(Cost: $966,398)						870,382

Issues	Maturity Date		Principal Amount		Value
Colombia — 1.5%
Banco GNB Sudameris S.A.
7.50% (U.S. 5-year Treasury Constant Maturity Rate + 6.660%) (1)(3)		04/16/31	$	150,000	$	139,155
Colombia Government International Bond
3.13%		04/15/31		350,000		274,445
Ecopetrol S.A.
5.88%		11/02/51		120,000		91,577
Gran Tierra Energy, Inc.
7.75% (2)		05/23/27		200,000		184,980
Millicom International Cellular S.A.
4.50% (2)		04/27/31		200,000		172,760
Total Colombia
(Cost: $944,744)						862,917
Costa Rica — 0.4% (Cost: $198,214)
Instituto Costarricense de Electricidad
6.75% (1)		10/07/31		200,000		200,141
Dominican Republic — 1.4%
Dominican Republic International Bond
4.88% (1)		09/23/32		595,000		501,185
5.50% (1)		02/22/29		150,000		140,520
6.00% (1)		02/22/33		150,000		136,417
Total Dominican Republic
(Cost: $885,906)						778,122
Ecuador — 0.7%
Ecuador Government International Bond
1.00% (1)		07/31/35		559,964		350,543
5.00% (2)		07/31/30		82,233		66,931
Total Ecuador
(Cost: $428,166)						417,474
Egypt — 1.3%
Egypt Government International Bond
6.59% (2)		02/21/28		200,000		167,500
7.05% (1)		01/15/32		200,000		155,000
7.30% (2)		09/30/33		275,000		207,281
Energean PLC
6.50% (1)		04/30/27		200,000		189,280
Total Egypt
(Cost: $836,866)						719,061
El Salvador — 0.2%
El Salvador Government International Bond
5.88% (2)		01/30/25		35,000		16,882
6.38% (2)		01/18/27		135,000		56,700
8.25% (2)		04/10/32		95,000		39,188
Total El Salvador
(Cost: $251,904)						112,770

See accompanying Notes to Financial Statements.

23

TCW Emerging Markets Multi-Asset Opportunities Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
Gabon — 0.3% (Cost: $184,207)
Gabon Government International Bond
6.63% (2)		02/06/31	$	200,000	$	181,032
Ghana — 0.2% (Cost: $117,059)
Ghana Government International Bond
7.88% (2)		02/11/35		200,000		118,800
Guatemala — 0.4%
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL
5.25% (1)		04/27/29		40,000		38,052
Guatemala Government Bond
4.65% (1)		10/07/41		200,000		171,946
Total Guatemala
(Cost: $234,622)						209,998
Hungary — 0.3% (Cost: $196,000)
Hungary Government International Bond
2.13% (1)		09/22/31		200,000		160,791
India — 1.3%
Greenko Power II, Ltd.
4.30% (1)		12/13/28		200,000		176,560
India Airport Infra
6.25% (1)		10/25/25		250,000		238,750
JSW Steel, Ltd.
5.05% (1)		04/05/32		200,000		172,660
ReNew Wind Energy AP2 / ReNew Power Pvt, Ltd. other 9 Subsidiaries
4.50% (1)		07/14/28		200,000		174,750
Total India
(Cost: $853,542)						762,720
Indonesia — 2.6%
Freeport Indonesia PT
5.32% (1)		04/14/32		200,000		194,500
Indonesia Asahan Aluminium Persero PT
4.75% (1)		05/15/25		225,000		225,360
5.45% (1)		05/15/30		200,000		200,740
6.53% (1)		11/15/28		250,000		272,663
Perusahaan Penerbit SBSN Indonesia III
2.55% (2)		06/09/31		200,000		179,980
3.55% (1)		06/09/51		200,000		167,368
3.80% (1)		06/23/50		250,000		217,425
Total Indonesia
(Cost: $1,614,046)						1,458,036
Iraq — 0.6% (Cost: $360,998)
Iraq International Bond
5.80% (2)		01/15/28		375,000		363,341
Israel — 0.8%
Energean Israel Finance, Ltd.
5.88% (1)		03/30/31		309,300		279,220

Issues	Maturity Date		Principal Amount		Value
Israel (Continued)
Leviathan Bond, Ltd.
6.75% (1)		06/30/30	$	164,000	$	162,140
Total Israel
(Cost: $488,420)						441,360
Ivory Coast — 0.2% (Cost: $131,398)
Ivory Coast Government International Bond
6.88% (1)		10/17/40	EUR	100,000		89,449
Kazakhstan — 0.6% (Cost: $399,000)
KazMunayGas National Co. JSC
3.50% (1)		04/14/33	$	400,000		334,000
Lebanon — 0.2% (Cost: $231,890)
Lebanon Government International Bond
8.25% (4),(5)		05/17/34		848,000		98,249
Mexico — 4.1%
America Movil SAB de CV
5.38% (1)		04/04/32		200,000		182,440
Banco Mercantil del Norte S.A.
5.88% (U.S. 5- year Treasury Constant Maturity Rate + 4.643%) (1)(3)(6)		12/31/99		200,000		179,530
7.50% (U.S. 10-year Treasury Constant Maturity Rate + 5.470%) (1)(3)(6)		06/27/29		200,000		191,960
Comision Federal de Electricidad
4.69% (1)		05/15/29		200,000		184,893
Electricidad Firme de Mexico Holdings SA de CV
4.90% (1)		11/20/26		200,000		178,640
Mexico Government International Bond
4.28%		08/14/41		400,000		334,280
Petroleos Mexicanos
5.95%		01/28/31		255,000		214,974
6.50%		01/23/29		225,000		207,398
6.63%		06/15/35		434,000		353,601
7.69%		01/23/50		185,000		144,855
United Mexican States
3.50%		02/12/34		200,000		169,580
Total Mexico
(Cost: $2,604,148)						2,342,151
Nigeria — 1.1%
Nigeria Government International Bond
6.13% (1)		09/28/28		400,000		342,880
7.70% (1)		02/23/38		350,000		263,813
Total Nigeria
(Cost: $753,271)						606,693

See accompanying Notes to Financial Statements.

24

TCW Emerging Markets Multi-Asset Opportunities Fund

April 30, 2022

Issues	Maturity Date		Principal Amount		Value
Oman — 1.6%
Oman Government International Bond
6.00% (2)		08/01/29	$	200,000	$	202,750
6.25% (1)		01/25/31		300,000		306,221
OQ SAOC
5.13% (2)		05/06/28		400,000		389,440
Total Oman
(Cost: $933,060)						898,411
Pakistan — 0.3% (Cost: $241,445)
Pakistan Government International Bond
6.88% (2)		12/05/27		235,000		192,978
Panama — 1.6%
C&W Senior Financing DAC
6.88% (1)		09/15/27		200,000		194,500
Panama Government International Bond
2.25%		09/29/32		400,000		322,622
3.16%		01/23/30		400,000		364,619
Total Panama
(Cost: $1,030,051)						881,741
Paraguay — 0.3% (Cost: $183,284)
Republic Of Paraguay
2.74%		01/29/33		200,000		163,359
Peru — 1.7%
Cia de Minas Buenaventura SAA
5.50% (1)		07/23/26		200,000		183,838
Nexa Resources S.A.
5.38% (2)		05/04/27		200,000		193,000
Peruvian Government International Bond
2.78%		01/23/31		75,000		65,165
3.00%		01/15/34		430,000		359,802
3.30%		03/11/41		240,000		189,024
Total Peru
(Cost: $1,140,062)						990,829
Philippines — 0.9%
Philippine Government International Bond
1.95%		01/06/32		200,000		168,719
3.20%		07/06/46		400,000		315,780
Total Philippines
(Cost: $583,928)						484,499
Qatar — 2.5%
Qatar Energy
1.38% (2)		09/12/26		200,000		181,466
2.25% (1)		07/12/31		200,000		175,080
3.13% (1)		07/12/41		525,000		440,063
Qatar Government International Bond
3.75% (1)		04/16/30		600,000		607,453
Total Qatar
(Cost: $1,596,442)						1,404,062

Issues	Maturity Date		Principal Amount		Value
Romania — 0.6% (Cost: $384,167)
Romanian Government International Bond
3.00% (1)		02/27/27	$	388,000	$	361,866
Saudi Arabia — 3.4%
KSA Sukuk, Ltd.
2.25% (2)		05/17/31		200,000		178,500
SA Global Sukuk, Ltd.
1.60% (2)		06/17/26		400,000		368,040
Saudi Arabian Oil Co.
2.88% (2)		04/16/24		400,000		395,600
4.25% (2)		04/16/39		200,000		191,200
Saudi Government International Bond
2.25% (1)		02/02/33		300,000		259,740
3.25% (2)		10/26/26		200,000		199,140
3.45% (2)		02/02/61		425,000		341,312
Total Saudi Arabia
(Cost: $2,044,551)						1,933,532
Senegal —0.1% (Cost: $94,170)
Senegal Government International Bond
5.38% (1)		06/08/37	EUR	100,000		81,759
South Africa — 2.3%
Eskom Holdings SOC, Ltd.
4.31% (2)		07/23/27	$	200,000		181,380
6.35% (2)		08/10/28		200,000		196,980
8.45% (2)		08/10/28		200,000		192,979
Prosus N.V.
4.19% (1)		01/19/32		200,000		169,560
Republic of South Africa Government International Bond
4.85%		09/30/29		200,000		183,920
7.30%		04/20/52		200,000		187,776
Sasol Financing USA LLC
5.50%		03/18/31		200,000		180,407
Total South Africa
(Cost: $1,423,760)						1,293,002
Sri Lanka — 0.1% (Cost: $119,250)
Sri Lanka Government International Bond
6.20% (2)		05/11/27		200,000		86,280
					��
Thailand — 0.7%
GC Treasury Centre Co.
5.20% (1)		03/30/52		200,000		188,719
Krung Thai Bank PCL
4.40% (U.S. 5-year Treasury Constant Maturity Rate + 3.530%) (2)(3)(6)		03/25/26		200,000		184,640
Total Thailand
(Cost: $406,174)						373,359

See accompanying Notes to Financial Statements.

25

TCW Emerging Markets Multi-Asset Opportunities Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
Turkey — 1.1%
Turkey Government International Bond
5.88%		06/26/31	$	400,000	$	332,939
6.13%		10/24/28		325,000		290,838
Total Turkey
(Cost: $644,704)						623,777
Ukraine — 0.3%
NPC Ukrenergo
6.88% (1)		11/09/26		200,000		65,000
Ukraine Government International Bond
7.38% (2)		09/25/32		220,000		71,126
7.75% (2)		09/01/27		100,000		33,750
Total Ukraine
(Cost: $533,776)						169,876
United Arab Emirates — 1.5%
Abu Dhabi Government International Bond
1.63% (2)		06/02/28		400,000		362,240
Galaxy Pipeline Assets Bidco, Ltd.
2.63% (1)		03/31/36		400,000		335,719
2.94% (1)		09/30/40		196,522		164,666
Total United Arab Emirates
(Cost: $981,531)						862,625
Uruguay — 0.8%
Uruguay Government International Bond
4.38%		01/23/31		180,829		186,225
4.98%		04/20/55		265,830		275,097
Total Uruguay
(Cost: $515,158)						461,322
Venezuela — 0.2%
Venezuela Government International Bond
9.25% (4)(5)		09/15/27		550,000		46,750
9.25% (2)(4)(5)		05/07/28		787,000		66,895
Total Venezuela
(Cost: $413,470)						113,645
Zambia — 0.2% (Cost: $145,800)
Zambia Government International Bond
5.38% (2)		09/20/22		200,000		143,280
Total Fixed Income Securities
(Cost: $29,257,622)						25,602,311
			Shares
COMMON STOCK—49.3%
Argentina — 1.3% (Cost: $390,051)
MercadoLibre, Inc. (7)				750		730,222

Issues	Shares		Value
Brazil — 5.6%
BB Seguridade Participacoes S.A.		199,500	$	1,024,451
Gerdau S.A.		2,900		16,443
JBS S.A.		42,900		327,887
Pet Center Comercio e Participacoes S.A. (7)		162,000		498,215
Petroleo Brasileiro S.A. (SP ADR)		26,100		354,177
Raia Drogasil S.A.		138,500		585,357
Transmissora Alianca de Energia Eletrica S.A.		39,000		346,355
Total Brazil
(Cost: $3,082,870)				3,152,885
China — 11.3%
Alibaba Group Holding, Ltd. (7)		29,400		358,651
Aluminum Corp. of China, Ltd. — Class H (7)		648,000		309,706
BYD Co., Ltd.		13,000		378,363
China Coal Energy Co., Ltd. — Class H		581,900		489,935
China National Nuclear Power Co., Ltd.		282,800		306,113
Contemporary Amperex Technology Co., Ltd.		13,384		818,218
COSCO Shipping Holdings Co., Ltd. — Class H (7)		264,500		411,543
Country Garden Services Holdings Co., Ltd.		67,000		282,421
Dongyue Group, Ltd.		272,000		327,600
Galaxy Entertainment Group, Ltd. (7)		37,000		211,151
GD Power Development Co., Ltd.		675,900		309,886
Kingsoft Corp., Ltd.		53,000		162,793
Orient Overseas International, Ltd.		17,200		474,670
Ping An Insurance Group Co. of China, Ltd. — Class H		145,700		921,028
Sichuan Road & Bridge Co., Ltd.		200,000		315,434
Zhejiang Xinan Chemical Industrial Group Co., Ltd. — Class A		119,460		313,022
Total China
(Cost: $6,177,084)				6,390,534
Colombia — 0.4% (Cost: $269,927)
Bancolombia S.A. (SP ADR)		6,500		252,005
France — 1.3% (Cost: $399,975)
Hermes International		600		739,834
Great Britain — 0.5% (Cost: $307,130)
Mediclinic International PLC (7)		65,000		303,090

See accompanying Notes to Financial Statements.

26

TCW Emerging Markets Multi-Asset Opportunities Fund

April 30, 2022

Issues	Shares		Value
Hungary — 0.3% (Cost: $194,949)
OTP Bank PLC (7)		5,220	$	155,687
India — 4.9%
Adani Power, Ltd. (7)		41,600		152,566
Adani Wilmar, Ltd.		14,800		151,093
Apollo Hospitals Enterprise, Ltd.		18,200		1,050,507
Avenue Supermarts, Ltd. (7)		20,405		1,041,937
Tata Power Co., Ltd. (The)		124,300		389,458
Total India
(Cost: $2,117,318)				2,785,561
Indonesia — 1.7%
Adaro Energy Tbk PT		2,939,800		671,671
Bank Negara Indonesia Persero Tbk PT		471,000		297,507
Total Indonesia
(Cost: $801,388)				969,178
Malaysia —0.6% (Cost: $361,434)
Public Bank BHD		344,100		369,855
Mexico — 0.9%
America Movil SAB de CV — Class L		12,500		242,875
Banco del Bajio S.A. (7)		48,500		119,298
Gentera S.A.B. de CV (7)		110,000		85,808
Regional SAB de CV		14,700		88,718
Total Mexico
(Cost: $560,515)				536,699
Poland — 1.4%
Dino Polska S.A. (7)		4,700		303,668
PGE Polska Grupa Energetyczna S.A. (7)		140,000		311,763
Santander Bank Polska S.A.		2,500		152,051
Total Poland
(Cost: $788,509)				767,482
Qatar — 0.6% (Cost: $299,191)
Qatar Islamic Bank SAQ		47,000		316,065
Russia — 0.0%
Magnitogorsk Iron & Steel Works PJSC (5)		580,000		747
Yandex NV (5), (7)		24,400		1,100
Total Russia
(Cost: $1,370,247)				1,847
Saudi Arabia — 2.3%
Al Rajhi Bank		13,700		641,792
Rabigh Refining & Petrochemical Co.(7)		48,000		365,198
Saudi British Bank (The)		25,000		296,805
Total Saudi Arabia
(Cost: $1,211,048)				1,303,795
Singapore — 0.6% (Cost: $321,368)
Sembcorp Industries, Ltd.		148,700		317,666

Issues	Shares		Value
South Africa — 3.7%
Clicks Group, Ltd.		34,500	$	677,992
Discovery, Ltd. (7)		41,000		393,076
MultiChoice Group		38,000		310,655
Nedbank Group, Ltd.		53,000		739,000
Total South Africa
(Cost: $2,132,598)				2,120,723
South Korea — 1.9%
GS Holdings Corp.		9,300		321,255
Hyundai Steel Co.		6,600		228,583
KT Corp. (SP ADR) (7)		22,300		310,639
POSCO Holdings, Inc.		1,000		230,096
Total South Korea
(Cost: $1,092,062)				1,090,573
Taiwan — 6.8%
Alchip Technologies, Ltd.		14,900		436,501
Cathay Financial Holding Co., Ltd.		200,000		420,512
eMemory Technology, Inc.		5,700		239,553
Evergreen Marine Corp. Taiwan, Ltd.		90,000		432,624
Mega Financial Holding Co., Ltd.		498,000		700,092
Taiwan Semiconductor Manufacturing Co., Ltd.		60,990		1,102,861
Walsin Lihwa Corp.		97,000		147,431
Yang Ming Marine Transport Corp. (7)		84,800		353,779
Total Taiwan
(Cost: $3,144,888)				3,833,353
Turkey — 1.9%
Arcelik A.S.		51,200		232,116
Eregli Demir ve Celik Fabrikalari TAS		110,000		248,492
Turk Hava Yollari AO (7)		83,000		230,518
Turkcell Iletisim Hizmetleri A.S.		100,000		145,665
Turkiye Sise ve Cam Fabrikalari A.S.		177,000		215,889
Total Turkey
(Cost: $981,024)				1,072,680
United Arab Emirates — 1.3%
Abu Dhabi Commercial Bank PJSC		121,000		334,484
First Abu Dhabi Bank PJSC		67,277		411,020
Total United Arab Emirates
(Cost: $721,739)				745,504
Total Common Stock
(Cost: $26,725,315)				27,955,238
PREFERRED STOCK — 1.3%
Brazil — 0.8% (Cost: $424,271)
Itau Unibanco Holding S.A., 3.19% (ADR)		91,700		439,243

See accompanying Notes to Financial Statements.

27

TCW Emerging Markets Multi-Asset Opportunities Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Shares		Value
South Korea — 0.5% (Cost: $312,085)
Hyundai Motor Co. 2.16%		4,100	$	310,438
Total Preferred Stock
(Cost: $736,356)				749,681
MONEY MARKET INVESTMENTS — 7.4%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.29%(8)		4,224,179		4,224,179
Total Money Market Investments
(Cost: $4,224,179)				4,224,179
Purchased Options(9) (0.0%) (Cost: $27,046)				3,469
Total Investments (103.1%) (Cost: $60,970,518)				58,534,878
Liabilities In Excess Of Other Assets (-3.1%)				(1,763,832	)
Total Net Assets (100.0%)			$	56,771,046

Purchased Options — Exchange Traded
Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation (Depreciation)
CALL
U.S. Treasury 10-Year Future Option	$	127		5/20/22		69,000	$	69,000	$	2,156	$	13,725	$	(11,569	)
U.S. Treasury 10-Year Future Option	$	124		5/20/22		21,000		21,000		1,313		13,321		(12,008	)
									$	3,469	$	27,046	$	(23,577	)

Forward Currency Contracts
Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
BUY (10)
Standard Chartered Bank		IDR		2,836,281,600		05/17/22	$	197,376	$	195,558	$	(1,818	)
State Street Bank and Trust		IDR		4,486,506,587		05/09/22		310,638		309,478		(1,160	)
							$	508,014	$	505,036	$	(2,978	)
SELL (11)
Bank of America, N.A.		IDR		811,093,600		05/17/22	$	56,463		55,924	$	539
Goldman Sachs & Co.		EUR		178,619		07/01/22		200,000		188,973		11,027
Standard Chartered Bank		IDR		2,025,188,000		05/17/22		141,050		139,634		1,416
							$	397,513	$	384,531	$	12,982

See accompanying Notes to Financial Statements.

28

TCW Emerging Markets Multi-Asset Opportunities Fund

April 30, 2022

Credit Default Swaps — Buy Protection
Notional Amount (12)		Expiration Date		Counterparty & Reference Entity			Fixed Deal Pay Rate			Payment Frequency	Unrealized Appreciation/ (Depreciation)		Premium Paid (Received)			Value (13)
	OTC Swaps
$	185,654		6/20/27		Morgan Stanley	Chile Government International Bond 3.24 2/06/2028		1.0	%	Quarterly	$	1,278	$	(912	)	$	366
	134,000		6/20/27		Barclays Capital Inc.	United Mexican States 4.15 3/28/2027		1.0	%	Quarterly		1,061		1,278			2,339
											$	2,339	$	366		$	2,705

Notes to the Schedule of Investments:

ADR American Depositary Receipt. ADRs are receipts typically issued by a U.S. bank or trust company, evidencing ownership of underlying securities issued by a foreign corporation.

PJSC Private Joint-Stock Company.

EUR Euro Currency.

IDR Indonesian Rupiah.

USD U.S. Dollar.

(1) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2022, the value of these securities amounted to $12,352,496 or 21.8% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors.

(2) Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United States except under special exemptions. At April 30, 2022, the value of these securities amounted to $6,553,095 or 11.5% of net assets.

(3) Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2022.

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

(5) For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.

(6) Perpetual maturity.

(7) Non-income producing security.

(8) Rate disclosed is the 7-day net yield as of April 30, 2022.

(9) See options table for description of purchased options.

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

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

(12) 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.

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

See accompanying Notes to Financial Statements.

29

TCW Emerging Markets Multi-Asset Opportunities Fund

Investments by Sector (Unaudited) April 30, 2022

Sector	Percentage of Net Assets
Airlines		0.4	%
Apparel		1.3
Auto Manufacturers		1.2
Auto Parts & Equipment		1.4
Banks		9.5
Beverages		0.1
Chemicals		2.4
Coal		2.0
Diversified Financial Services		1.2
Electric		6.8
Electrical Components & Equipment		0.3
Engineering & Construction		1.0
Entertainment		0.5
Food		3.8
Foreign Government Bonds		25.3
Health Care-Services		2.4
Home Furnishings		0.4
Housewares		0.4
Insurance		4.9
Internet		2.2
Iron & Steel		2.2
Lodging		0.4
Media		0.3
Mining		2.8
Oil & Gas		8.7
Pipelines		1.3
Purchased Options		0.0	*
Real Estate		0.5
Retail		3.1
Semiconductors		3.1
Software		0.3
Telecommunications		2.2
Transportation		3.3
Money Market Investments		7.4
Total		103.1	%

* Amount rounds to less than 0.1%.

See accompanying Notes to Financial Statements.

30

TCW Emerging Markets Multi-Asset Opportunities Fund

Investments by Country (Unaudited) April 30, 2022

Country	Percentage of Net Assets
Angola		1.0	%
Argentina		1.8
Bahrain		1.7
Brazil		8.4
Chile		1.5
China		11.3
Colombia		1.9
Costa Rica		0.4
Dominican Republic		1.4
Ecuador		0.7
Egypt		1.3
El Salvador		0.2
France		1.3
Gabon		0.3
Ghana		0.2
Great Britain		0.5
Guatemala		0.4
Hungary		0.6
India		6.2
Indonesia		4.3
Iraq		0.6
Israel		0.8
Ivory Coast		0.2
Kazakhstan		0.6
Lebanon		0.2
Malaysia		0.6
Mexico		5.0
Nigeria		1.1
Oman		1.6
Pakistan		0.3
Panama		1.6
Paraguay		0.3
Peru		1.7
Philippines		0.9
Poland		1.4
Qatar		3.1
Romania		0.6
Russia		0.0
Saudi Arabia		5.7
Senegal		0.1
Singapore		0.6
South Africa		6.0
South Korea		2.4
Sri Lanka		0.1
Taiwan		6.8
Thailand		0.7
Turkey		3.0

See accompanying Notes to Financial Statements.

31

TCW Emerging Markets Multi-Asset Opportunities Fund

Investments by Country (Unaudited) (Continued) April 30, 2022

Country	Percentage of Net Assets
Ukraine		0.3	%
United Arab Emirates		2.8
United States		7.4
Uruguay		0.8
Venezuela		0.2
Zambia		0.2
Total		103.1	%

See accompanying Notes to Financial Statements.

32

TCW Emerging Markets Multi-Asset Opportunities Fund

Fair Valuation Summary (Unaudited) April 30, 2022

The following is a summary of the fair valuations according to the inputs used as of April 30, 2022 in valuing the Fund’s investments:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Banks	$	—	$	695,285	$	—	$	695,285
Beverages		—		38,052		—		38,052
Chemicals		—		369,126		—		369,126
Electric		—		1,746,295		—		1,746,295
Engineering & Construction		—		238,750		—		238,750
Foreign Government Bonds		—		14,151,617		211,894		14,363,511
Internet		—		169,560		—		169,560
Iron & Steel		—		520,870		—		520,870
Media		—		174,000		—		174,000
Mining		—		1,270,100		—		1,270,100
Oil & Gas		—		4,567,040		—		4,567,040
Pipelines		—		727,396		—		727,396
Telecommunications		—		549,700		—		549,700
Transportation		—		172,626		—		172,626
Total Fixed Income Securities		—		25,390,417		211,894		25,602,311
Preferred Stock
Auto Manufacturers		310,438		—		—		310,438
Banks		439,243		—		—		439,243
Total Preferred Stock		749,681		—		—		749,681
Common Stock
Airlines		230,518		—		—		230,518
Apparel		—		739,834		—		739,834
Auto Manufacturers		—		378,363		—		378,363
Auto Parts & Equipment		—		818,218		—		818,218
Banks		1,272,913		2,987,181		—		4,260,094
Chemicals		640,623		365,198		—		1,005,821
Coal		—		1,161,605		—		1,161,605
Diversified Financial Services		—		700,092		—		700,092
Electric		1,744,349		389,458		—		2,133,807
Electrical Components & Equipment		147,431		—		—		147,431
Engineering & Construction		—		315,434		—		315,434
Entertainment		310,655		—		—		310,655
Food		478,981		1,666,860		—		2,145,841
Health Care-Services		303,090		1,050,507		—		1,353,597
Home Furnishings		232,116		—		—		232,116
Housewares		215,889		—		—		215,889
Insurance		1,024,451		1,734,616		—		2,759,067
Internet		730,223		358,651		1,100		1,089,974
Iron & Steel		723,613		—		747		724,360
Lodging		—		211,151		—		211,151
Mining		309,706		—		—		309,706
Oil & Gas		354,177		—		—		354,177
Real Estate		—		282,421		—		282,421
Retail		1,761,564		—		—		1,761,564

See accompanying Notes to Financial Statements.

33

TCW Emerging Markets Multi-Asset Opportunities Fund

Fair Valuation Summary (Unaudited) (Continued) April 30, 2022

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Semiconductors	$	—	$	1,778,915		$	—	$	1,778,915
Software		162,793		—			—		162,793
Telecommunications		699,179		—			—		699,179
Transportation		—		1,672,616			—		1,672,616
Total Common Stock		11,342,271		16,611,120			1,847		27,955,238
Money Market Investments		4,224,179		—			—		4,224,179
Purchased Options		3,469		—			—		3,469
Total Investments	$	16,319,600	$	42,001,537		$	213,741	$	58,534,878
Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—		12,982			—		12,982
Swap Agreements
Credit Risk		—		2,705			—		2,705
Total	$	16,319,600	$	42,017,224		$	213,741	$	58,550,565
Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—	$	(2,978	)	$	—	$	(2,978	)
Total	$	—	$	(2,978	)	$	—	$	(2,978	)

See accompanying Notes to Financial Statements.

34

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited) April 30, 2022

	TCW Developing Markets Equity Fund		TCW Emerging Markets Income Fund		TCW Emerging Markets Local Currency Income Fund		TCW Emerging Markets Multi-Asset Opportunities Fund
ASSETS
Investments, at Value (1)	$	5,827,994	$	5,241,117,986	$	169,256,224	$	58,534,878
Foreign Currency, at Value (2)		1,803		7,393,614		2,024,980		10,870
Cash		—		1,382,948		—		—
Receivable for Securities Sold		675,825		50,307,679		485,670		4,431,389
Receivable for Fund Shares Sold		—		9,943,374		381,888		5,000
Interest and Dividends Receivable		10,312		67,211,613		3,254,854		396,426
Foreign Tax Reclaims Receivable		256		—		—		3,008
Receivable from Investment Advisor		14,890		289,407		36,119		23,909
Unrealized Appreciation on Open Forward Foreign Currency Contracts		—		2,686,039		862,009		12,982
Receivable for Daily Variation Margin on Open Financial Futures Contracts		—		—		—		5
Cash Collateral Held for Brokers		—		2,780,000		120,000		—
Open Swap Agreements, at Value		—		682,638		—		2,705
Prepaid Expenses		9,675		88,743		45,960		9,010
Total Assets		6,540,755		5,383,884,041		176,467,704		63,430,182
LIABILITIES
Distributions Payable		—		5,660,511		9,537		—
Payable for Securities Purchased		1,082,241		40,485,593		470,192		6,085,621
Payable for Fund Shares Redeemed		12,533		21,282,681		263,839		168,697
Accrued Capital Gain Withholding Taxes		10,474		—		8,422		74,555
Accrued Directors’ Fees and Expenses		9,182		9,182		9,182		9,182
Deferred Accrued Directors’ Fees and Expenses		1,247		1,247		1,247		1,247
Accrued Management Fees		3,733		3,446,993		112,575		44,638
Accrued Distribution Fees		353		98,505		7,603		1,117
Interest Payable on Swap Agreements		—		87,509		—		364
Payable for Daily Variation Margin on Open Financial Futures Contracts		—		3		—		—
Collateral Pledged by Brokers		—		2,780,000		30,000		—
Unrealized Depreciation on Open Forward Foreign Currency Contracts		—		283,783		1,002,771		2,978
Transfer Agent Fees Payable		1,656		999,025		29,342		16,844
Administration Fee Payable		20,126		912,004		50,732		33,863
Audit Fees Payable		22,672		38,435		23,854		30,544
Accounting Fees Payable		3,124		579,738		21,713		10,701
Custodian Fees Payable		57,777		382,784		254,887		164,211
Legal Fees Payable		209		20,969		876		499
Other Accrued Expenses		7,998		548,831		19,144		14,075
Total Liabilities		1,233,325		77,617,793		2,315,916		6,659,136
NET ASSETS	$	5,307,430	$	5,306,266,248	$	174,151,788	$	56,771,046

See accompanying Notes to Financial Statements.

35

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited) (Continued) April 30, 2022

	TCW Developing Markets Equity Fund			TCW Emerging Markets Income Fund			TCW Emerging Markets Local Currency Income Fund			TCW Emerging Markets Multi-Asset Opportunities Fund
NET ASSETS CONSIST OF:
Paid-in Capital	$	5,653,190		$	7,398,107,519		$	248,650,450		$	60,409,210
Accumulated Earnings (Loss)		(345,760	)		(2,091,841,271	)		(74,498,662	)		(3,638,164	)
NET ASSETS	$	5,307,430		$	5,306,266,248		$	174,151,788		$	56,771,046
NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	3,710,474		$	3,453,824,458		$	138,585,305		$	51,656,231
N Class Share	$	1,596,956		$	481,365,639		$	35,566,483		$	5,114,815
Plan Class Share	$	—		$	1,371,076,151		$	—		$	—
CAPITAL SHARES OUTSTANDING: (3)
I Class Share		390,720			521,924,809			19,256,203			5,200,057
N Class Share		168,333			56,352,216			4,953,894			517,726
Plan Class Share		—			207,341,579			—			—
NET ASSET VALUE PER SHARE: (4)
I Class Share	$	9.50		$	6.62		$	7.20		$	9.93
N Class Share	$	9.49		$	8.54		$	7.18		$	9.88
Plan Class Share	$	—		$	6.61		$	—		$	—

(1) The identified cost for the TCW Developing Markets Equity Fund, the TCW Emerging Markets Income Fund, the TCW Emerging Markets Local Currency Income Fund and the TCW Emerging Markets Multi-Asset Opportunities Fund at April 30, 2022 was $5,656,335, $6,015,734,709, $185,958,323 and $60,970,518, respectively.

(2) The identified cost for the TCW Developing Markets Equity Fund, the TCW Emerging Markets Income Fund, the TCW Emerging Markets Local Currency Income Fund and the TCW Emerging Markets Multi-Asset Opportunities Fund at April 30, 2022 was $1,795, $7,610,679, $2,046,173 and $10,809, respectively.

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

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

See accompanying Notes to Financial Statements.

36

TCW Funds, Inc.

Statements of Operations (Unaudited) Six Months Ended April 30, 2022

	TCW Developing Markets Equity Fund			TCW Emerging Markets Income Fund			TCW Emerging Markets Local Currency Income Fund			TCW Emerging Markets Multi-Asset Opportunities Fund
INVESTMENT INCOME
Income:
Dividends	$	83,430	(1)	$	—		$	—		$	560,742	(1)
Interest		—			195,094,576	(2)		5,549,721	(2)		708,507	(2)
Total		83,430			195,094,576			5,549,721			1,269,249
Expenses:
Management Fees		25,629			23,503,481			813,157			321,665
Accounting Services Fees		1,096			203,358			7,616			3,754
Administration Fees		7,020			317,050			17,695			11,811
Transfer Agent Fees:
I Class		2,915			1,995,710			53,417			25,446
N Class		2,910			254,146			21,485			6,997
Plan Class		—			115,141			—			—
Custodian Fees		20,267			134,271			89,413			57,600
Professional Fees		14,595			68,346			22,111			22,224
Directors’ Fees and Expenses		20,820			20,820			20,820			20,820
Registration Fees:
I Class		9,052			29,684			13,414			9,523
N Class		9,052			14,568			12,288			9,524
Plan Class		—			27,276			—			—
Distribution Fees:
N Class		2,440			635,076			49,599			7,948
Compliance Expense		5,606			5,606			5,606			5,606
Other		5,982			353,921			14,734			9,727
Total		127,384			27,678,454			1,141,355			512,645
Less Expenses Borne by Investment Advisor:
I Class		61,053			735,369			123,510			122,049
N Class		33,945			485,767			86,347			26,845
Plan Class		—			253,470			—			—
Net Expenses		32,386			26,203,848			931,498			363,751
Net Investment Income		51,044			168,890,728			4,618,223			905,498
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized (Loss) on:
Investments		(440,689	) (3)		(441,761,001	)		(23,325,789	) (3)		(484,671	) (3)
Foreign Currency		(12,169	)		(212,047	)		(397,904	)		(91,987	)
Foreign Currency Forward Contracts		—			505,728			(2,487,168	)		3,816
Futures Contracts		—			223,046			—			898
Swap Agreements		—			1,385,468			—			4,743
Change in Unrealized (Depreciation) on:
Investments		(1,625,317	) (4)		(639,793,986	)		(8,127,717	) (4)		(17,555,671	) (4)
Foreign Currency		(317	)		121,710			(74,423	)		76
Foreign Currency Forward Contracts		—			(277,851	)		281,271			(2,082	)
Futures contracts		—			(767,718	)		—			(3,089	)
Swap Agreements		—			(2,045,935	)		—			(7,236	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		(2,078,492	)		(1,082,622,586	)		(34,131,730	)		(18,135,203	)
DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,027,448	)	$	(913,731,858	)	$	(29,513,507	)	$	(17,229,705	)

(1) Net of foreign taxes withheld. Total amounts withheld for the TCW Developing Markets Equity Fund and the TCW Emerging Markets Multi-Asset Opportunities Fund were $7,367 and $47,627.

(2) Net of foreign taxes withheld of $16,472, $33,572 and $910 for the TCW Emerging Markets Income Fund, the TCW Emerging Markets Local Currency Income Fund and the TCW Emerging Markets Multi-Asset Opportunities Fund.

(3) Net of capital gain withholding taxes of $6,848, $11,575 and $99,430 for the TCW Developing Markets Equity Fund, the TCW Emerging Markets Local Currency Income Fund and the TCW Emerging Markets Multi-Asset Opportunities Fund, respectively.

(4) Net of capital gain withholding taxes of $11,559, $8,215 and $78,602 for the TCW Developing Markets Equity Fund, the TCW Emerging Markets Local Currency Income Fund and the TCW Emerging Markets Multi-Asset Opportunities Fund, respectively.

See accompanying Notes to Financial Statements.

37

TCW Funds, Inc.

Statements of Changes in Net Assets (Unaudited)

	TCW Developing Markets Equity Fund						TCW Emerging Markets Income Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
OPERATIONS
Net Investment Income	$	51,044		$	39,189		$	168,890,728		$	324,179,008
Net Realized Gain (Loss) on Investments, Futures Contracts, Swap Contracts, Options Written and Foreign Currency Transactions		(452,858	)		1,058,929			(439,858,806	)		94,738,229
Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Foreign Currency Transactions, Options Written and Swap Contracts		(1,625,634	)		27,753			(642,763,780	)		(160,381,400	)
Increase (Decrease) in Net Assets Resulting from Operations		(2,027,448	)		1,125,871			(913,731,858	)		258,535,837
DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(449,659	)		(8,519	)		(139,162,945	)		(343,231,435	)
Return of Capital		—			—			—			(15,575,053	)
Total Distributions to Shareholders		(449,659	)		(8,519	)		(139,162,945	)		(358,806,488	)
NET CAPITAL SHARE TRANSACTIONS
I Class		301,058			33,504			(587,041,463	)		(1,136,294,277	)
N Class		56,815			100,948			20,972,518			298,150,055
Plan Class		—			—			(338,248,925	)		1,573,919,777
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		357,873			134,452			(904,317,870	)		735,775,555
Increase (Decrease) in Net Assets		(2,119,234	)		1,251,804			(1,957,212,673	)		635,504,904
NET ASSETS
Beginning of period		7,426,664			6,174,860			7,263,478,921			6,627,974,017
End of period	$	5,307,430		$	7,426,664		$	5,306,266,248		$	7,263,478,921

See accompanying Notes to Financial Statements.

38

TCW Funds, Inc.

Statements of Changes in Net Assets (Unaudited)

	TCW Emerging Markets Local Currency Income Fund						TCW Emerging Markets Multi-Asset Opportunities Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
OPERATIONS
Net Investment Income	$	4,618,223		$	10,335,450		$	905,498		$	1,567,643
Net Realized Gain (Loss) on Investments, Futures Contracts, Swap Contracts, Options Written and Foreign Currency Transactions		(26,210,861	)		(5,019,467	)		(567,201	)		13,265,988
Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Foreign Currency Transactions, Options Written and Swap Contracts		(7,920,869	)		(3,804,860	)		(17,568,002	)		(3,357,968	)
Increase (Decrease) in Net Assets Resulting from Operations		(29,513,507	)		1,511,123			(17,229,705	)		11,475,663
DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(4,826,354	)		(6,333,475	)		(3,961,910	)		(1,350,163	)
NET CAPITAL SHARE TRANSACTIONS
I Class		(33,652,243	)		10,863,518			(4,824,320	)		(17,784,910	)
N Class		2,578,567			15,515,390			(568,861	)		(2,174,933	)
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		(31,073,676	)		26,378,908			(5,393,181	)		(19,959,843	)
Increase (Decrease) in Net Assets		(65,413,537	)		21,556,556			(26,584,796	)		(9,834,343	)
NET ASSETS
Beginning of period		239,565,325			218,008,769			83,355,842			93,190,185
End of period	$	174,151,788		$	239,565,325		$	56,771,046		$	83,355,842

See accompanying Notes to Financial Statements.

39

TCW Funds, Inc.

Notes to Financial Statements (Unaudited)

Note 1 — Organization

TCW Funds, Inc., a Maryland corporation (the “Company”), is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), that currently offers 18 no-load mutual funds (each series, a “Fund” and collectively, the “Funds”). TCW Investment Management Company LLC (the “Advisor”) is the investment advisor to and an affiliate of the Funds and is registered under the Investment Advisers Act of 1940, as amended. Each Fund has its own investment objective and strategies. The following is a brief description of the investment objectives and principal investment strategies for the Funds that are covered in this report:

TCW Fund	Investment Objectives and Principal Investment Strategies
Diversified Fixed Income Fund
TCW Emerging Markets Income Fund	Seeks high total return from current income and capital appreciation by investing at least 80% of the value of its net assets, plus any borrowings for investment purposes, in debt securities issued or guaranteed by companies, financial institutions and government entities in emerging market countries. The Fund generally invests in at least four emerging market countries.
Non-Diversified Fixed Income Fund
TCW Emerging Markets Local Currency Income Fund	Seeks to provide high total return from current income and capital appreciation through investment in debt securities denominated in the local currencies of various emerging market countries; invests at least 80% of the value of its net assets, plus any borrowings for investment purposes, in debt securities issued or guaranteed by non-financial companies, financial institutions and government entities in emerging market countries denominated in the local currencies of an issuer, and in derivative instruments that provide investment exposure to such securities.
Diversified International Equity Fund
TCW Developing Markets Equity Fund	Seeks long-term capital appreciation by investing at least 80% of the value of its net assets, plus any borrowings for investment purposes, in equity securities of companies or financial institutions domiciled or with primary business operations in, or with the majority of their net assets in or revenues or net income deriving from, a developing market country. The Fund may invest up to 20% of its net assets, plus any borrowings for investment purposes, in derivative instruments.
Diversified Balanced Fund
TCW Emerging Markets Multi-Asset Opportunities Fund	Seeks current income and long-term capital appreciation by investing at least 80% of the value of its net assets, plus any borrowings for investment purposes, in debt and equity securities issued or guaranteed by companies, financial institutions and government entities in emerging market countries.

40

TCW Funds, Inc.

April 30, 2022

Note 1 — Organization (Continued)

All of the Funds currently offer two classes of shares: I Class and N Class, except for the TCW Emerging Markets Income Fund, which also offers Plan Class shares. The three classes of a Fund are substantially the same except that the Class N shares are subject to a distribution fee (see Note 7).

Note 2 — Significant Accounting Policies

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

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

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

Security Valuations:    Securities listed or traded on the NYSE and other stock exchanges are valued at the latest sale price on the exchange. Securities traded on the NASDAQ stock market (“NASDAQ”) are valued using official closing prices as reported by NASDAQ, which may not be the last sale price. Investments in open-end mutual funds including money market funds are valued based on the NAV per share as reported by the investment companies. All other securities for which over-the-counter (“OTC”) market quotations are readily available, including short-term securities, swap agreements and forward currency contracts, are valued with prices furnished by independent pricing services or by broker-dealers.

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

Securities for which market quotations are not readily available, including in circumstances under which it is determined by the Advisor that prices received are not reflective of their market values, are valued by the Advisor’s Pricing Committee in accordance with the guidelines established by the Valuation Committee of the Board and under the general oversight of the Board.

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

41

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

are inputs that reflect the assumptions market participants would use in pricing the asset or liability, developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the inputs market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances.

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

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

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

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

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

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

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

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

42

TCW Funds, Inc.

April 30, 2022

Note 2 — Significant Accounting Policies (Continued)

Equity securities.    Securities are generally valued based on quoted prices from the applicable exchange. To the extent these securities are actively traded and valuation adjustments are not applied, they are generally categorized as Level 1 of the fair value hierarchy. Restricted securities issued by publicly held companies are generally categorized as Level 2 of the fair value hierarchy; if a discount is applied and significant, they are categorized as Level 3. Restricted securities held in non-public entities are categorized as Level 3 of the fair value hierarchy because they trade infrequently, and therefore the inputs are unobservable. Certain foreign securities that are fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets are categorized as Level 2 of the fair value hierarchy.

Foreign currency contracts.    The fair values of foreign currency contracts are derived from indices, reference rates, and other inputs or a combination of these factors. To the extent that these factors can be observed, foreign currency contracts are categorized as 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. They are categorized as Level 1.

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

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

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

Short-term investments.    Short-term investments are valued using market price quotations, and are categorized as Level 1 or Level 2 of the fair value hierarchy.

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

The summary of the inputs used as of April 30, 2022 in valuing the Funds’ investments is listed after the Schedule of Investments for each Fund.

43

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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

	TCW Developing Markets Equity Fund			TCW Emerging Markets Income Fund			TCW Emerging Markets Multi-Asset Opportunities Fund
Balance as of October 31, 2021	$	—		$	17,917,631		$	141,369
Accrued Discounts (Premiums)		—			—			—
Realized Gain (Loss)		—			(800,674	)		(5,078	)
Change in Unrealized Appreciation (Depreciation)		(320,305	)		(8,140,532	)		(2,617,080	)
Purchases		39,769			—			—
Sales		—			(400,988	)		(2,545	)
Transfers in to Level 3		280,778	(1)		21,693,180	(1)		2,697,075	(1)
Transfers out of Level 3		—			—			—
Balance as of April 30, 2022	$	242		$	30,268,617		$	213,741
Change in Unrealized Appreciation (Depreciation) from Investments Still Held at April 30, 2022		(320,305	)		(8,140,532	)	$	(2,617,080	)

(1) Financial assets transferred between Level 2 and Level 3 were due to a change in observable and/or unobservable inputs.

Significant unobservable valuation inputs for Level 3 investments as of April 30, 2022 are as follows:

Description	Fair Value at 4/30/2022		Valuation Techniques	Unobservable Input	Price or Price Range	Average Weighted Price	Input to Valuation If Input Increases
TCW Developing Markets Equity
Common Stock		$              242	Third-party Vendor	Vendor Prices	$0.001–$0.045	$0.003		Increase
TCW Emerging Markets Income Fund
Government Issues		$  30,268,617	Third-party Vendor	Vendor Prices	$8.500–$11.586	$9.874		Increase
TCW Emerging Markets Multi-Asset Opportunities Fund
Common Stock		$          1,847	Third-party Vendor	Vendor Prices	$0.001–$0.045	$0.003		Increase
Government Issues		$      211,894	Third-party Vendor	Vendor Prices	$8.500–$11.586	$9.698		Increase

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.

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

Dividends and Distributions:    Dividends and distributions to shareholders are recorded on the ex-dividend date. The TCW Emerging Markets Income Fund and the TCW Emerging Markets Local Currency Income Fund declare and pay, or reinvest, dividends from net investment income monthly. The other International Funds declare and pay, or reinvest, dividends from net investment income annually. Capital gains realized by a Fund will be distributed at least annually.

44

TCW Funds, Inc.

April 30, 2022

Note 2 — Significant Accounting Policies (Continued)

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

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.

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

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

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

45

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

For the period ended April 30, 2022, the following Funds had derivatives and transactions in derivatives, grouped in the following risk categories:

TCW Emerging Markets Income Fund

	Credit Risk			Foreign Currency Risk			Interest Rate Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Investments (1)	$	—		$	—		$	741,844		$	741,844
Swap Agreements		682,638			—			—			682,638
Forward Contracts		—			2,686,039			—			2,686,039
Total Value	$	682,638		$	2,686,039		$	741,844		$	4,110,521
Liability Derivatives
Forward Contracts	$	—		$	(283,783	)	$	—		$	(283,783	)
Total Value	$	—		$	(283,783	)	$	—		$	(283,783	)
Statement of Operations:
Net Realized Gain (Loss)
Forward Contracts	$	—		$	505,728		$	—		$	505,728
Futures Contracts		—			—			223,046			223,046
Swap Agreements		1,385,468			—			—			1,385,468
Net Realized Gain (Loss)	$	1,385,468		$	505,728		$	223,046		$	2,114,242
Net Change in Appreciation (Depreciation)
Forward Contracts	$	—		$	(277,851	)	$	—		$	(277,851	)
Futures Contracts		—			—			(767,718	)		(767,718	)
Investments (2)		—			—			(5,054,263	)		(5,054,263	)
Swap Agreements		(2,045,935	)		—			—			(2,045,935	)
Net Change in Appreciation (Depreciation)	$	(2,045,935	)	$	(277,851	)	$	(5,821,981	)	$	(8,145,767	)
Notional Amounts (3)
Forward Currency Contracts		$ —			$154,099,887			$ —			$154,099,887
Options Purchased		$ —			$ —			$3,519,046			$3,519,046
Swap Agreements		$160,743,388			$ —			$ —			$160,743,388

46

TCW Funds, Inc.

April 30, 2022

Note 2 — Significant Accounting Policies (Continued)

TCW Emerging Markets Local Currency Income Fund

	Credit Risk		Foreign Currency Risk			Interest Rate Risk		Total
Statement of Assets and Liabilities:
Asset Derivatives
Forward Contracts	$	—	$	862,009		$	—	$	862,009
Total Value	$	—	$	862,009		$	—	$	862,009
Liability Derivatives
Forward Contracts	$	—	$	(1,002,771	)	$	—	$	(1,002,771	)
Total Value	$	—	$	(1,002,771	)	$	—	$	(1,002,771	)
Statement of Operations:
Net Realized Gain (Loss)
Forward Contracts	$	—	$	(2,487,168	)	$	—	$	(2,487,168	)
Net Realized Gain (Loss)	$	—	$	(2,487,168	)	$	—	$	(2,487,168	)
Net Change in Appreciation (Depreciation)
Forward Contracts	$	—	$	281,271		$	—	$	281,271
Net Change in Appreciation (Depreciation)	$	—	$	281,271		$	—	$	281,271
Notional Amounts (3)
Forward Currency Contracts		$ —		$67,758,206			$ —		$67,758,206

TCW Emerging Markets Multi-Asset Opportunities Fund

	Credit Risk			Foreign Currency Risk			Interest Rate Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Investments (1)	$	—		$	—		$	3,469		$	3,469
Swap Agreements		2,705			—			—			2,705
Forward Contracts		—			12,982			—			12,982
Total Value	$	2,705		$	12,982		$	3,469		$	19,156
Liability Derivatives
Forward Contracts	$	—		$	(2,978	)	$	—		$	(2,978	)
Total Value	$	—		$	(2,978	)	$	—		$	(2,978	)
Statement of Operations:
Net Realized Gain (Loss)
Forward Contracts	$	—		$	3,816		$	—		$	3,816
Futures Contracts		—			—			898			898
Swap Agreements		4,743			—			—			4,743
Net Realized Gain (Loss)	$	4,743		$	3,816		$	898		$	9,457
Net Change in Appreciation (Depreciation)
Forward Contracts	$	—		$	(2,082	)	$	—		$	(2,082	)
Futures Contracts		—			—			(3,089	)		(3,089	)
Investments (2)		—			—			(23,577	)		(23,577	)
Swap Agreements		(7,236	)		—			—			(7,236	)
Net Change in Appreciation (Depreciation)	$	(7,236	)	$	(2,082	)	$	(26,666	)	$	(35,984	)
Notional Amounts (3)
Forward Currency Contracts		$ —			$724,812			$ —			$724,812
Options Purchased		$ —			$ —			$90,000			$90,000
Swap Agreements		$647,327			$ —			$ —			$647,327

(1) Represents purchased options, at value.

(2) Represents change in unrealized appreciation (depreciation) for purchased options during the year.

(3) Amount disclosed represents average number of contracts or notional amounts, which are representative of the volume traded for the period ended April 30, 2022.

47

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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

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

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

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

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

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

48

TCW Funds, Inc.

April 30, 2022

Note 2 — Significant Accounting Policies (Continued)

mitigate counterparty risk by entering into agreements only with counterparties that the Advisor believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities. The Funds have implemented the disclosure requirements pursuant to FASB Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities that requires disclosures to make financial statements that are prepared under GAAP more comparable to those prepared under International Financial Reporting Standards.

Master Agreements and Netting Arrangements.    Certain Funds are parties to various agreements, including but not limited to International Swaps and Derivatives Association Agreements and related Credit Support Annex, Master Repurchase Agreements, and Master Securities Forward Transactions Agreements (collectively “Master Agreements”), which govern the terms of certain transactions with select counterparties. These Master Agreements generally include provisions for general obligations, representations, agreements, collateral, and certain events of default or termination. These Master Agreements also include provisions for netting arrangements that help reduce credit and counterparty risk associated with relevant transactions (“netting arrangements”). The netting arrangements are generally tied to credit-related events that, if triggered, would cause an event of default or termination giving a Fund or counterparty the right to terminate early and cause settlement, on a net basis, of all transactions under the applicable Master Agreement. In the event of an early termination as a result of an event of default under the Master Agreement, the total value exposure of all transactions will be offset against collateral exchanged to date, which would result in a net receivable or payable that would be due from or to the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in the event of a bankruptcy or insolvency of the counterparty. Credit related events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/moratorium. Any election made by a counterparty to early terminate the transactions under a Master Agreement could have a material adverse impact on a Fund’s financial statements. A Fund’s overall exposure to credit risk, subject to netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions under the relevant Master Agreement with a counterparty in a given Fund exceeds a specified threshold, net of collateral already in place, typically $250,000 or $500,000 depending on the counterparty and the type of Master Agreement. Collateral under the Master Agreements is usually in the form of cash or U.S. Treasury Bills but could include other types of securities. If permitted under the Master Agreement, certain funds may rehypothecate cash collateral received from a counterparty. The value of all derivative transactions outstanding under a Master Agreement is calculated daily to determine the amount of collateral to be received or pledged by the counterparty. Posting of collateral for OTC derivative transactions are covered under tri-party collateral agreements between the Fund, the Fund’s custodian, and each counterparty. Collateral for centrally cleared derivatives transactions are posted with the applicable derivatives clearing organization.

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TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

The following table presents the Funds’ OTC derivatives assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement and net of the related collateral received by the Funds as of April 30, 2022:

TCW Emerging Markets Income Fund

Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements			Net Assets (Liabilities) Subject to Master Agreements			Collateral Pledged (Received)			Net Amount (1)
Bank of America, N.A.	$	88,657	$	—		$	88,657		$	—		$	88,657
Barclays Capital		598,779		—			598,779			(570,000	)		28,779
Goldman Sachs & Co.		2,249,520		—			2,249,520			(2,210,000	)		39,520
Morgan Stanley & Co.		215,363		—			215,363			—			215,363
Standard Chartered Bank		216,358		(283,783	)		(67,425	)		—			(67,425	)
Total	$	3,368,677	$	(283,783	)	$	3,084,894		$	(2,780,000	)	$	304,894

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

TCW Emerging Markets Local Currency Income Fund

Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements			Net Assets (Liabilities) Subject to Master Agreements			Collateral Pledged (Received)			Net Amount (1)
Bank of America, N.A.	$	249,096	$	(45,609	)	$	203,487		$	—		$	203,487
Barclays Capital		206,204		(240,645	)		(34,441	)		34,441	(2)		—
BNP Paribas S.A.		119,436		(245,794	)		(126,358	)		—			(126,358	)
Goldman Sachs & Co.		36,461		—			36,461			—			36,461
JP Morgan Chase Bank		115,992		(55,504	)		60,488			(30,000	)		30,488
Morgan Stanley & Co.		88,001		(415,219	)		(327,218	)		—			(327,218	)
Standard Chartered Bank		46,819		—			46,819			—			46,819
Total	$	862,009	$	(1,002,771	)	$	(140,762	)	$	4,441		$	(136,321	)

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

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

TCW Emerging Markets Multi-Asset Opportunities Fund

Counterparty	Gross Assets Subject to Master Agreements		Gross Liabilities Subject to Master Agreements			Net Assets (Liabilities) Subject to Master Agreements			Collateral Pledged (Received)		Net Amount (1)
Bank of America, N.A.	$	539	$	—		$	539		$	—	$	539
Barclays Capital		2,339					2,339					2,339
Goldman Sachs & Co.		11,027		—			11,027			—		11,027
Morgan Stanley & Co.		366		—			366			—		366
Standard Chartered Bank		1,416		(1,818	)		(402	)		—		(402	)
State Street Bank and Trust		—		(1,160	)		(1,160	)		—		(1,160	)
Total	$	15,687	$	(2,978	)	$	12,709		$	—	$	12,709

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

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TCW Funds, Inc.

April 30, 2022

Note 3 — Portfolio Investments

When-Issued, Delayed-Delivery, and Forward Commitment Transactions:    The Funds may enter into when-issued, delayed-delivery, or forward commitment transactions in order to lock in the purchase price of the underlying security or to adjust the interest rate exposure of each Fund’s existing portfolio. In when-issued, delayed-delivery, or forward commitment transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. Although the Fund does not pay for the securities or start earning interest on them until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. If a Fund’s counterparty fails to deliver a security purchased on a when-issued, delayed-delivery, or forward commitment basis, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

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

Repurchase Agreements:    The Funds may enter into repurchase agreements under the terms of a Master Repurchase Agreement (“MRA”). In a repurchase agreement, the Funds purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. The MRA permits each Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from each Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, each Fund receives securities as collateral with a market value in excess of the repurchase price. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund recognizes a liability with respect to such excess collateral to reflect the Fund’s obligation under bankruptcy law to return the excess to the counterparty. There were no repurchase agreements outstanding as of April 30, 2022.

Participation Notes:    The Funds may invest in participation notes of equity-linked instruments (collectively, participation notes), through which a counterparty provides exposure to common stock, in the form of an unsecured interest, in markets where direct investment by a Fund is not possible. Participation notes provide the economic benefit of common stock ownership to a Fund, while legal ownership and voting rights are retained by the counterparty. Although participation notes are usually structured with a defined maturity or termination date, early redemption may be possible. Risks associated with participation notes include possible failure of the counterparty to perform in accordance with the terms of the agreement, inability to transfer or liquidate the notes, potential delays or an inability to redeem before maturity under certain market conditions, and limited legal recourse against the issuer of the underlying common stock. None of the Funds held participation notes as of April 30, 2022.

Securities 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

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TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 3 — Portfolio Investments (Continued)

their securities by investing the cash collateral in short-term investments. The Funds did not lend any securities during the period ended April 30, 2022.

Derivatives:

Forward Foreign Currency Contracts:    The Funds enter into forward foreign currency contracts as a hedge against fluctuations in foreign exchange rates. Forward foreign currency contracts are marked-to market daily and the change in market value is recorded by the Funds as unrealized gains or losses in the Statement of Assets and Liabilities. When a contract is closed or delivery is taken, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of the foreign currency relative to the U.S. dollar. Outstanding foreign currency forward contracts at April 30, 2022 are disclosed in the Schedule of Investments.

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

When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. There were no futures contracts outstanding at April 30, 2022.

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

A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the strike price at any time before the expiration date. A put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price at any time before the expiration date. A Fund may purchase put options to protect portfolio holdings against a decline in market value of a security or securities held by

52

TCW Funds, Inc.

April 30, 2022

Note 3 — Portfolio Investments (Continued)

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

Purchasing foreign currency options gives a Fund the right, but not the obligation, to buy or sell specified amounts of currency at a rate of exchange that may be exercised by a certain date. These currency options may be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

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

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

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

During the period ended April 30, 2022, the TCW Emerging Markets Income Fund and the TCW Emerging Markets Multi-Asset Opportunities Fund entered into options to hedge the currency exposure of the Funds.

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

53

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 3 — Portfolio Investments (Continued)

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

Interest rate swaps are agreements in which one party pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, a party may pay a fixed rate and receive a floating rate. In more complex swaps, the notional principal amount may decline (or amortize) over time. A Fund’s maximum risk of loss due to counterparty default is the discounted NAV of the cash flows paid to/received from the counterparty over the interest rate swap’s remaining life.

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

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

During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking-to-market to reflect the market value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost

54

TCW Funds, Inc.

April 30, 2022

Note 3 — Portfolio Investments (Continued)

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

During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Funds are recorded as realized gains and losses, respectively. During the period ended April 30, 2022, the TCW Emerging Markets Income Fund and the TCW Emerging Markets Multi-Asset Opportunities Fund used credit default swaps to limit certain credit exposure within each Fund.

Note 4 — Risk Considerations

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

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

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

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

LIBOR Risk:    The London Interbank Offer Rate (“LIBOR”) historically has been and currently is used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate and municipal bonds, bank loans, asset-backed and mortgage related securities, interest rate swaps and other derivatives. For example, debt securities in which a Fund invests may pay interest at floating rates based on LIBOR or may be subject to interest caps or floors based on LIBOR. A Fund’s derivative investments may also reference LIBOR. In July 2017, the head of the United Kingdom Financial Conduct Authority announced the intention to phase out the use of LIBOR by the end of 2021. Most LIBOR settings were published for the final time on December 31, 2021, although the publication of 1-month, 3-month, and 6-month USD LIBOR was extended until June 2023. It is expected that market participants will transition to the use of different alternative reference or benchmark rates. However, although regulators have encouraged the development and adoption of alternative rates such as the Secured Overnight Financing Rate

55

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 4 — Risk Considerations (Continued)

(“SOFR”), there is currently no definitive information regarding the future utilization of LIBOR or of any particular replacement reference rate. Abandonment of or modifications to LIBOR could have adverse impacts on newly issued financial instruments and existing financial instruments that reference LIBOR. The expected discontinuation of LIBOR could have a significant impact on the financial markets and may present a material risk for certain market participants, including investment companies such as the Funds. Abandonment of or modifications to LIBOR could lead to significant short- and long-term uncertainty and market instability. The risks associated with this discontinuation and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. It remains uncertain how such changes would be implemented and the effects such changes would have on the Funds, issuers of instruments in which the Funds invest, and the financial markets generally.

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

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

Counterparty Risk:    The Funds may be exposed to counterparty risk, the risk that an entity with which the Funds have unsettled or open transactions may not fulfill its obligations.

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

Foreign and Developing/Emerging Markets Investing Risk:    The Funds may be exposed to the risk that the Funds’ share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates in countries where the Funds invest. The Funds are also subject to risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, and political changes or diplomatic developments, which can all negatively impact the securities markets and cause a Fund to lose value. As one current example, Russia’s recent military incursions in Ukraine have led to sanctions being levied against Russia by the United States, European Union and other countries, which has adversely affected European and global energy and financial markets and thus could affect the value of a Fund’s investments.

Public Health Emergencies Risk and Impact of the Coronavirus (COVID-19):    Pandemics and other local, national, and international public health emergencies, including outbreaks of infectious diseases such as SARS, H1N1/09 Flu, the Avian Flu, Ebola and the current outbreak of the novel coronavirus (“COVID-19”), can result, and in the case of COVID-19 is resulting, in market volatility and disruption, and any similar future emergencies may materially and adversely impact economic production and activity in ways that cannot be predicted, all of which could result in substantial investment losses.

The COVID-19 outbreak has caused a worldwide public health emergency, straining healthcare resources and resulting in extensive and growing numbers of infections, hospitalizations and deaths. In an effort to

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TCW Funds, Inc.

April 30, 2022

Note 4 — Risk Considerations (Continued)

contain COVID-19, local, regional, and national governments, as well as private businesses and other organizations, imposed and in some cases continue to impose severely restrictive measures, including instituting local and regional quarantines, restricting travel (including closing certain international borders), prohibiting public activity (including “stay-at-home,” “shelter-in-place,” and similar orders), and ordering the closure of a wide range of offices, businesses, schools, and other public venues. Consequently, COVID-19 has significantly diminished and disrupted global economic production and activity of all kinds and has contributed to both volatility and a severe decline in financial markets.

The ultimate impact of COVID-19 (and of the resulting precipitous decline and disruption in economic and commercial activity across many of the world’s economies) on global economic conditions, and on the operations, financial condition, and performance of any particular market, industry or business, is impossible to predict. However, ongoing and potential additional materially adverse effects, including further global, regional and local economic downturns (including recessions) of indeterminate duration and severity, are possible. It is difficult to assess what the longer-term impacts of an extended period of unprecedented economic dislocation and disruption will be on future economic developments, the health of certain markets, industries and businesses, and commercial and consumer behavior. The ongoing COVID-19 crisis and any other public health emergency that may arise in the future could have a significant adverse impact on our investments and result in significant investment losses.

For more information on risks related to investing in the Funds, please refer to the Funds’ prospectus and the Statement of Additional Information which can be obtained on the Funds’ website (www.tcw.com) or by calling customer service at 800-FUND-TCW (800-386-3829).

Note 5 — 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, 2022, net unrealized appreciation (depreciation) on investments for federal income tax purposes was as follows:

	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost of Investments for Federal Income Tax Purposes
TCW Developing Markets Equity Fund	$	436,339	$	(389,054	)	$	47,285		$	5,780,709
TCW Emerging Markets Income Fund		24,552,104		(826,681,120	)		(802,129,016	)		6,043,247,002
TCW Emerging Markets Local Currency Income Fund		1,239,185		(24,336,556	)		(23,097,371	)		192,353,595
TCW Emerging Markets Multi-Asset Opportunities Fund		3,583,589		(6,988,113	)		(3,404,524	)		61,939,402

At October 31, 2021, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Gain		Total Distributable Earnings
TCW Developing Markets Equity Fund	$	257,955	$	173,036	$	430,991
TCW Emerging Markets Local Currency Income Fund		2,194,800		—		2,194,800
TCW Emerging Markets Multi-Asset Opportunities Fund		3,715,182		—		3,715,182

57

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 5 — Federal Income Taxes (Continued)

During the year ended October 31, 2021, the tax character of distributions paid was as follows:

	Ordinary Income		Long-Term Capital Gain		Return of Capital		Total Distributions
TCW Developing Markets Equity Fund	$	8,519	$	—		—	$	8,519
TCW Emerging Markets Income Fund		343,231,435		—		15,575,053		358,806,488
TCW Emerging Markets Local Currency Income Fund		6,333,475		—		—		6,333,475
TCW Emerging Markets Multi-Asset Opportunities Fund		1,350,163		—		—		1,350,163

At October 31, 2021, the following Funds had net realized loss carry forwards for federal income tax purposes:

	Short-Term Capital Losses		Long-Term Capital Losses		Total
TCW Emerging Markets Income Fund	$	619,871,302	$	249,351,683	$	869,222,985
TCW Emerging Markets Local Currency Income Fund		16,455,568		11,909,838		28,365,406
TCW Emerging Markets Multi-Asset Opportunities Fund		334,987		—		334,987

The Funds did not have any unrecognized tax benefits at April 30, 2022, nor were there any increases or decreases in unrecognized tax benefits for the period ended April 30, 2022. The Funds are subject to examination by the U.S. Federal and state tax authorities for returns filed for the prior three and four fiscal years, respectively.

Note 6 — Fund Management Fees and Other Expenses

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

TCW Developing Markets Equity Fund	0.80	%
TCW Emerging Markets Income Fund	0.75	%
TCW Emerging Markets Local Currency Income Fund	0.75	%
TCW Emerging Markets Multi-Asset Opportunities Fund	0.90	%

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

TCW Developing Markets Equity Fund
I Class	0.95	% (1)
N Class	1.15	% (1)
TCW Emerging Markets Income Fund
I Class	0.85	% (1)
N Class	0.95	% (1)
Plan Class	0.77	% (1)
TCW Emerging Markets Local Currency Income Fund
I Class	0.85	% (1)
N Class	0.90	% (1)
TCW Emerging Markets Multi-Asset Opportunities Fund
I Class	1.00	% (1)
N Class	1.20	% (1)

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

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

58

TCW Funds, Inc.

April 30, 2022

Note 6 — Fund Management Fees and Other Expenses (Continued)

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

Note 7 — Distribution Plan

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

Note 8 — Purchases and Sales of Securities

Investment transactions (excluding short-term investments) for the period ended April 30, 2022 were as follows:

	Purchases at Cost		Sales or Maturity Proceeds		U.S. Government Purchases at Cost		U.S. Government Sales or Maturity Proceeds
TCW Developing Markets Equity Fund	$	7,747,758	$	8,015,242	$	—	$	—
TCW Emerging Markets Income Fund		3,113,124,079		4,086,300,602		—		—
TCW Emerging Markets Local Currency Income Fund		125,980,547		163,846,370		—		—
TCW Emerging Markets Multi-Asset Opportunities Fund		69,993,688		79,896,751		—		—

Note 9 — Capital Share Transactions

Transactions in each Fund’s shares were as follows:

TCW Developing Markets Equity Fund	Six Months Ended April 30, 2022 (Unaudited)						Year Ended October 31, 2021
I Class	Shares			Amount			Shares			Amount
Shares Sold		—		$	—			1,862		$	27,500
Shares Issued upon Reinvestment of Dividends		25,395			313,375			459			6,004
Shares Redeemed		(879	)		(12,317	)		—			—
Net Increase		24,516		$	301,058			2,321		$	33,504
N Class	Shares			Amount			Shares			Amount
Shares Sold		115		$	1,360			7,241		$	106,426
Shares Issued upon Reinvestment of Dividends		11,044			136,284			192			2,515
Shares Redeemed		(6,696	)		(80,829	)		(576	)		(7,993	)
Net Increase		4,463		$	56,815			6,857		$	100,948

59

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 9 — Capital Share Transactions (Continued)

TCW Emerging Markets Income Fund	Six Months Ended April 30, 2022 (Unaudited)						Year Ended October 31, 2021
I Class	Shares			Amount			Shares			Amount
Shares Sold		115,457,011		$	847,306,498			254,514,594		$	2,100,119,594
Shares Issued upon Reinvestment of Dividends		11,509,570			84,666,866			23,224,316			190,016,307
Shares Redeemed		(204,842,105	)		(1,519,014,827	)		(418,769,744	)		(3,426,430,178	)
Net Decrease		(77,875,524	)	$	(587,041,463	)		(141,030,834	)	$	(1,136,294,277	)
N Class	Shares			Amount			Shares			Amount
Shares Sold		11,916,681		$	111,629,916			36,286,835		$	382,971,050
Shares Issued upon Reinvestment of Dividends		1,372,682			13,009,295			1,636,920			17,253,734
Shares Redeemed		(10,783,064	)		(103,666,693	)		(9,637,238	)		(102,074,729	)
Net Increase		2,506,299		$	20,972,518			28,286,517		$	298,150,055
Plan Class	Shares			Amount			Shares			Amount
Shares Sold		26,486,752		$	195,209,447			236,700,946		$	1,937,124,302
Shares Issued upon Reinvestment of Dividends		2,500,013			18,299,114			3,381,925			27,630,384
Shares Redeemed		(75,459,777	)		(551,757,486	)		(47,977,217	)		(390,834,909	)
Net Decrease		(46,473,012	)	$	(338,248,925	)		192,105,654		$	1,573,919,777
TCW Emerging Markets Local Currency Income Fund	Six Months Ended April 30, 2022 (Unaudited)						Year Ended October 31, 2021
I Class	Shares			Amount			Shares			Amount
Shares Sold		3,255,184		$	26,415,988			8,138,840		$	73,470,198
Shares Issued upon Reinvestment of Dividends		536,283			4,329,544			537,045			4,790,678
Shares Redeemed		(8,163,590	)		(64,397,775	)		(7,538,724	)		(67,397,358	)
Net Increase (Decrease)		(4,372,123	)	$	(33,652,243	)		1,137,161		$	10,863,518
N Class	Shares			Amount			Shares			Amount
Shares Sold		1,581,047		$	12,810,024			2,843,918		$	25,653,168
Shares Issued upon Reinvestment of Dividends		119,269			956,844			88,058			782,686
Shares Redeemed		(1,429,514	)		(11,188,301	)		(1,212,557	)		(10,920,464	)
Net Increase		270,802		$	2,578,567			1,719,419		$	15,515,390
TCW Emerging Markets Multi-Asset Opportunities Fund	Six Months Ended April 30, 2022 (Unaudited)						Year Ended October 31, 2021
I Class	Shares			Amount			Shares			Amount
Shares Sold		50,144		$	622,950			378,772		$	5,137,434
Shares Issued upon Reinvestment of Dividends		297,095			3,618,612			94,826			1,236,530
Shares Redeemed		(808,718	)		(9,065,882	)		(1,789,062	)		(24,158,874	)
Net Decrease		(461,479	)	$	(4,824,320	)		(1,315,464	)	$	(17,784,910	)
N Class	Shares			Amount			Shares			Amount
Shares Sold		12,662		$	148,417			151,065		$	2,009,132
Shares Issued upon Reinvestment of Dividends		28,325			343,298			8,747			113,452
Shares Redeemed		(91,923	)		(1,060,576	)		(323,857	)		(4,297,517	)
Net Decrease		(50,936	)	$	(568,861	)		(164,045	)	$	(2,174,933	)

Note 10 — Affiliate Ownership

As of April 30, 2022, affiliates of the Funds and Advisor owned 99.11% and 10.29% of the net assets of the TCW Developing Markets Equity Fund and the TCW Emerging Markets Multi-Asset Opportunities Fund, respectively.

60

TCW Funds, Inc.

April 30, 2022

Note 11 — Restricted Securities

The Funds are permitted to invest in securities that have legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered before being sold to the public (exemption rules apply). Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”). However, the Company considers 144A securities to be restricted if those securities have been deemed illiquid. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. There were no restricted securities held by the Funds at April 30, 2022.

Note 12 — Committed Line Of Credit

The Funds have entered into a $100,000,000 committed revolving line of credit agreement with State Street Bank and Trust Company (the “Bank”) for temporary borrowing purposes, renewable annually. The interest rate on borrowing is the higher of the Federal Funds rate plus 0.10% plus 1.25% or the Overnight Bank Funding rate plus 0.10% plus 1.25%. There were no borrowings from the line of credit as of or during the period ended April 30, 2022. The Funds pay the Bank a commitment fee equal to 0.25% per annum on the daily unused portion of the committed line amount. The commitment fees incurred by the Funds are presented in the Statements of Operations. The commitment fees are allocated to each applicable portfolio in proportion to its relative average daily net assets and the interest expenses are charged directly to the applicable portfolio.

Note 13 — Liquidity Risk Management Program

Rule 22e-4 under the 1940 Act (the “Liquidity Rule”) requires that all registered open-end management investment companies, including the Funds, establish a written liquidity risk management program (a “Liquidity Program”). Under a fund’s Liquidity Program, a fund must assess, manage and periodically review the fund’s liquidity risk, classify the liquidity of each of the fund’s portfolio investments, determine whether to specify highly liquid investment minimum (and, if so, at what level), limit illiquid investments to 15% of fund investments, and establish policies and procedures regarding how and when a fund will engage in redemptions in-kind. Consistent with the Liquidity Rule, the Board has approved the written Liquidity Program for the Funds and has designated a committee of professionals associated with the Advisor to administer the Funds’ Liquidity Program (the “Program Administrator”).

On March 14, 2022, the Board reviewed the Program Administrator’s written annual report (the “Report”) concerning the operation of the Funds’ Liquidity Program for the calendar year ended December 31, 2021 (the “Reporting Period”). The Report addressed the operation of the Liquidity Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s Highly Liquid Investment Minimum (“HLIM”). The Report discussed, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s liquidity risk and the results of this assessment; (2) the methodology and inputs for classifying each of the Fund’s investments into liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule) and the operation and monitoring of the HLIM assigned to a Fund, as applicable; (4) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; and (5) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions. The Report concluded that the

61

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 13 — Liquidity Risk Management Program (Continued)

Liquidity Program was reasonably designed to assess and manage each Fund’s liquidity risk and was adequately and effectively implemented with respect to each Fund during the Reporting Period.

There can be no assurance that the Liquidity Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

Note 14 — Indemnifications

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

Note 15 — New Accounting Pronouncement

In January 2021, the Financial Accounting Standards Board issued Accounting Standards Update No. 2021-01 (“ASU 2021-01”), “Reference Rate Reform (Topic 848).” ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR; regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately through December 31, 2022, for all entities. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Funds’ financial statements.

62

TCW Developing Markets Equity Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	14.02		$	11.86		$	10.14		$	9.39		$	11.17		$	9.10
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.10			0.08			0.02			0.10			0.06			0.07
Net Realized and Unrealized Gain (Loss) on Investments		(3.76	)		2.10			1.79			0.69			(1.78	)		2.09
Total from Investment Operations		(3.66	)		2.18			1.81			0.79			(1.72	)		2.16
Less Distributions:
Distributions from Net Investment Income		(0.53	)		(0.02	)		(0.09	)		(0.04	)		(0.06	)		(0.09	)
Distributions from Net Realized Gain		(0.33	)		—			—			—			—			—
Total Distributions		(0.86	)		(0.02	)		(0.09	)		(0.04	)		(0.06	)		(0.09	)
Net Asset Value per Share, End of period	$	9.50		$	14.02		$	11.86		$	10.14		$	9.39		$	11.17
Total Return		(27.61	%) (2)		18.36	%		17.90	%		8.46	%		(15.51	%)		23.96	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	3,710		$	5,133		$	4,314		$	4,071		$	3,750		$	4,433
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		3.69	% (3)		3.57	%		4.06	%		4.88	%		3.45	%		3.94	%
After Expense Reimbursement		0.95	% (3)		1.04	%		1.25	%		1.25	%		1.25	%		1.25	%
Ratio of Net Investment Income to Average Net Assets		1.66	% (3)		0.57	%		0.15	%		1.03	%		0.49	%		0.77	%
Portfolio Turnover Rate		123.52	% (2)		175.10	%		148.22	%		207.48	%		163.33	%		194.58	%

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

(2) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

63

TCW Developing Markets Equity Fund

Financial Highlights — N Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	14.00		$	11.85		$	10.14		$	9.39		$	11.17		$	9.10
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.08			0.06			0.02			0.10			0.06			0.07
Net Realized and Unrealized Gain (Loss) on Investments		(3.75	)		2.11			1.78			0.69			(1.78	)		2.09
Total from Investment Operations		(3.67	)		2.17			1.80			0.79			(1.72	)		2.16
Less Distributions:
Distributions from Net Investment Income		(0.51	)		(0.02	)		(0.09	)		(0.04	)		(0.06	)		(0.09	)
Distributions from Net Realized Gain		(0.33	)		—			—			—			—			—
Total Distributions		(0.84	)		(0.02	)		(0.09	)		(0.04	)		(0.06	)		(0.09	)
Net Asset Value per Share, End of period	$	9.49		$	14.00		$	11.85		$	10.14		$	9.39		$	11.17
Total Return		(27.69	)% (2)		18.29	%		17.80	%		8.46	%		(15.51	)%		23.96	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	1,597		$	2,293		$	1,861		$	1,575		$	1,468		$	1,722
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		4.63	% (3)		4.39	%		5.17	%		6.11	%		4.51	%		5.08	%
After Expense Reimbursement		1.15	% (3)		1.18	%		1.25	%		1.25	%		1.25	%		1.25	%
Ratio of Net Investment Income to Average Net Assets		1.45	% (3)		0.45	%		0.16	%		1.03	%		0.49	%		0.77	%
Portfolio Turnover Rate		123.52	% (2)		175.10	%		148.22	%		207.48	%		163.33	%		194.58	%

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

(2) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

64

TCW Emerging Markets Income Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	7.87		$	7.93		$	8.33		$	7.77		$	8.54		$	8.34
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.20			0.35			0.39			0.46			0.43			0.55
Net Realized and Unrealized Gain (Loss) on Investments		(1.29	)		(0.02	)		(0.46	)		0.54			(0.83	)		0.09
Total from Investment Operations		(1.09	)		0.33			(0.07	)		1.00			(0.40	)		0.64
Less Distributions:
Distributions from Net Investment Income		(0.16	)		(0.37	)		(0.33	)		(0.44	)		(0.37	)		(0.44	)
Distributions from Return of Capital		—			(0.02	)		—			—			—			—
Total Distributions		(0.16	)		(0.39	)		(0.33	)		(0.44	)		(0.37	)		(0.44	)
Net Asset Value per Share, End of period	$	6.62		$	7.87		$	7.93		$	8.33		$	7.77		$	8.54
Total Return		(13.96	%) (2)		4.04	%		(0.69	%)		13.13	%		(4.85	%)		7.95	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	3,453,824		$	4,720,489		$	5,877,348		$	5,668,552		$	4,365,456		$	3,039,671
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.89	% (3)		0.85	%		0.85	%		0.84	%		0.86	%		0.87	%
After Expense Reimbursement		0.85	% (3)		N/A			N/A			N/A			N/A			N/A
Ratio of Net Investment Income to Average Net Assets		5.38	% (3)		4.23	%		4.95	%		5.62	%		5.33	%		6.56	%
Portfolio Turnover Rate		51.56	% (2)		150.31	%		135.46	%		136.47	%		149.50	%		212.16	%

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

(2) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

65

TCW Emerging Markets Income Fund

Financial Highlights — N Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	10.16		$	10.23		$	10.72		$	10.00		$	11.00		$	10.75
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.25			0.44			0.49			0.57			0.53			0.68
Net Realized and Unrealized Gain (Loss) on Investments		(1.66	)		(0.03	)		(0.57	)		0.69			(1.08	)		0.12
									��
Total from Investment Operations		(1.41	)		0.41			(0.08	)		1.26			(0.55	)		0.80
Less Distributions:
Distributions from Net Investment Income		(0.21	)		(0.46	)		(0.41	)		(0.54	)		(0.45	)		(0.55	)
Distributions from Return of Capital		—			(0.02	)		—			—			—			—
Total Distributions		(0.21	)		(0.48	)		(0.41	)		(0.54	)		(0.45	)		(0.55	)
Net Asset Value per Share, End of period	$	8.54		$	10.16		$	10.23		$	10.72		$	10.00		$	11.00
Total Return		(14.08	)% (2)		3.97	%		(0.69	)%		12.85	%		(5.16	)%		7.67	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	481,366		$	546,887		$	261,520		$	320,492		$	342,660		$	510,877
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.14	% (3)		1.13	%		1.14	%		1.14	%		1.16	%		1.15	%
After Expense Reimbursement		0.95	% (3)		0.95	%		0.98	%		1.05	%		1.10	%		1.13	%
Ratio of Net Investment Income to Average Net Assets		5.28	% (3)		4.20	%		4.82	%		5.41	%		5.03	%		6.30	%
Portfolio Turnover Rate		51.56	% (2)		150.31	%		135.46	%		136.47	%		149.50	%		212.16	%

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

(2) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

66

TCW Emerging Markets Income Fund

Financial Highlights — Plan Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			March 2, 2020 (Commencement of Operations) through October 31, 2020
Net Asset Value per Share, Beginning of period	$	7.86		$	7.93		$	8.34
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.20			0.36			0.26
Net Realized and Unrealized Loss on Investments		(1.28	)		(0.04	)		(0.48	)
Total from Investment Operations		(1.08	)		0.32			(0.22	)
Less Distributions:
Distributions from Net Investment Income		(0.17	)		(0.37	)		(0.19	)
Return of capital		—			(0.02	)		—
Total distributions		(0.17	)		(0.39	)		(0.19	)
Net Asset Value per Share, End of period	$	6.61		$	7.86		$	7.93
Total Return		(14.05	%) (2)		4.12	%		(2.59	%) (3)
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	1,371,076		$	1,996,103		$	489,106
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.80	% (4)		0.80	%		0.79	% (4)
After Expense Reimbursement		0.77	% (4)		0.77	%		0.77	% (4)
Ratio of Net Investment Income to Average Net Assets		5.45	% (4)		4.43	%		4.96	% (4)
Portfolio Turnover Rate		51.56	% (2)		150.31	%		135.46	% (3)

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

(3) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(2) For the period March 2, 2020 (Commencement of Operations) through October 31, 2020.

(4) Annualized.

See accompanying Notes to Financial Statements.

67

TCW Emerging Markets Local Currency Income Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	8.47		$	8.57		$	9.17		$	8.14		$	9.30		$	9.13
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.17			0.37			0.42			0.58			0.53			0.64
Net Realized and Unrealized Gain (Loss) on Investments		(1.26	)		(0.25	)		(0.89	)		0.57			(1.19	)		(0.06	)
Total from Investment Operations		(1.09	)		0.12			(0.47	)		1.15			(0.66	)		0.58
Less Distributions:
Distributions from Net Investment Income		(0.18	)		(0.22	)		(0.09	)		(0.12	)		(0.23	)		(0.41	)
Distributions from Return of Capital		—			—			(0.04	)		—			(0.27	)		—
Total Distributions		(0.18	)		(0.22	)		(0.13	)		(0.12	)		(0.50	)		(0.41	)
Net Asset Value per Share, End of period	$	7.20		$	8.47		$	8.57		$	9.17		$	8.14		$	9.30
Total Return		(13.23	%) (2)		1.34	%		(5.26	%)		14.26	%		(7.74	%)		6.33	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	138,585		$	200,019		$	192,679		$	220,968		$	264,754		$	138,068
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.99	% (3)		0.96	%		0.97	%		1.03	%		0.95	%		1.03	%
After Expense Reimbursement		0.85	% (3)		0.85	%		0.85	%		0.88	%		N/A			0.99	%
Ratio of Net Investment Income to Average Net Assets		4.29	% (3)		4.14	%		4.90	%		6.66	%		5.90	%		6.83	%
Portfolio Turnover Rate		61.15	% (2)		117.18	%		135.99	%		127.74	%		185.72	%		137.44	%

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

(2) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

68

TCW Emerging Markets Local Currency Income Fund

Financial Highlights — N Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	8.44		$	8.55		$	9.15		$	8.13		$	9.29		$	9.12
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.16			0.36			0.42			0.57			0.51			0.64
Net Realized and Unrealized Gain (Loss) on Investments		(1.25	)		(0.25	)		(0.89	)		0.57			(1.17	)		(0.06	)
Total from Investment Operations		(1.09	)		0.11			(0.47	)		1.14			(0.66	)		0.58
Less Distributions:
Distributions from Net Investment Income		(0.17	)		(0.22	)		(0.09	)		(0.12	)		(0.23	)		(0.41	)
Distributions from Return of Capital		—			—			(0.04	)		—			(0.27	)		—
Total Distributions		(0.17	)		(0.22	)		(0.13	)		(0.12	)		(0.50	)		(0.41	)
Net Asset Value per Share, End of period	$	7.18		$	8.44		$	8.55		$	9.15		$	8.13		$	9.29
Total Return		(13.17	)% (2)		1.30	%		(5.28	)%		14.14	%		(7.75	)%		6.33	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	35,566		$	39,546		$	25,329		$	28,011		$	47,664		$	34,807
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.34	% (3)		1.32	%		1.35	%		1.40	%		1.32	%		1.35	%
After Expense Reimbursement		0.90	% (3)		0.90	%		0.90	%		0.92	%		0.99	%		0.99	%
Ratio of Net Investment Income to Average Net Assets		4.11	% (3)		4.05	%		4.84	%		6.63	%		5.78	%		6.88	%
Portfolio Turnover Rate		61.15	% (2)		117.18	%		135.99	%		127.74	%		185.72	%		137.44	%

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

(2) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

69

TCW Emerging Markets Multi-Asset Opportunities Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	13.39		$	12.09		$	11.31		$	10.39		$	11.70		$	10.39
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.15			0.22			0.22			0.38			0.25			0.31
Net Realized and Unrealized Gain (Loss) on Investments		(2.96	)		1.26			0.93			0.69			(1.30	)		1.38
Total from Investment Operations		(2.81	)		1.48			1.15			1.07			(1.05	)		1.69
Less Distributions:
Distributions from Net Investment Income		(0.65	)		(0.18	)		(0.37	)		(0.15	)		(0.26	)		(0.38	)
Net Asset Value per Share, End of period	$	9.93		$	13.39		$	12.09		$	11.31		$	10.39		$	11.70
Total Return		(21.89	%) (2)		12.30	%		10.34	%		10.50	%		(9.23	%)		17.05	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	51,656		$	75,793		$	84,387		$	87,430		$	43,338		$	42,041
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.37	% (3)		1.29	%		1.28	%		1.31	%		1.34	%		1.54	%
After Expense Reimbursement		1.00	% (3)		1.00	%		1.00	%		1.02	%		1.23	%		1.23	%
Ratio of Net Investment Income to Average Net Assets		2.55	% (3)		1.67	%		2.01	%		3.51	%		2.13	%		2.95	%
Portfolio Turnover Rate		100.41	% (2)		165.68	%		164.55	%		188.64	%		160.85	%		197.48	%

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

(2) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

70

TCW Emerging Markets Multi-Asset Opportunities Fund

Financial Highlights — N Class (Unaudited)

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value per Share, Beginning of period	$	13.30		$	12.01		$	11.24		$	10.35		$	11.66		$	10.35
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.14			0.20			0.20			0.28			0.26			0.32
Net Realized and Unrealized Gain (Loss) on Investments		(2.94	)		1.25			0.92			0.76			(1.31	)		1.37
Total from Investment Operations		(2.80	)		1.45			1.12			1.04			(1.05	)		1.69
												��
Less Distributions:
Distributions from Net Investment Income		(0.62	)		(0.16	)		(0.35	)		(0.15	)		(0.26	)		(0.38	)
Net Asset Value per Share, End of period	$	9.88		$	13.30		$	12.01		$	11.24		$	10.35		$	11.66
Total Return		(22.01	)% (2)		12.06	%		10.08	%		10.25	%		(9.26	)%		17.10	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	5,115		$	7,562		$	8,803		$	11,784		$	74,677		$	40,064
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		2.04	% (3)		1.83	%		1.80	%		1.65	%		1.67	%		1.96	%
After Expense Reimbursement		1.20	% (3)		1.20	%		1.20	%		1.21	%		1.23	%		1.23	%
Ratio of Net Investment Income to Average Net Assets		2.35	% (3)		1.47	%		1.80	%		2.64	%		2.25	%		2.95	%
Portfolio Turnover Rate		100.41	% (2)		165.68	%		164.55	%		188.64	%		160.85	%		197.48	%

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

(2) For the six months ended April 30, 2022 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

71

TCW Funds, Inc.

Shareholder Expenses (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2021 to April 30, 2022 (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, 2021		Ending Account Value April 30, 2022		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2021 to April 30, 2022)
TCW Developing Markets Equity Fund
I Class Shares
Actual	$	1,000.00	$	723.90		0.95	%	$	4.06
Hypothetical (5% return before expenses)		1,000.00		1,020.08		0.95	%		4.76
N Class Shares
Actual	$	1,000.00	$	723.10		1.15	%	$	4.91
Hypothetical (5% return before expenses)		1,000.00		1,019.09		1.15	%		5.76
TCW Emerging Markets Income Fund
I Class Shares
Actual	$	1,000.00	$	860.40		0.85	%	$	3.92
Hypothetical (5% return before expenses)		1,000.00		1,020.58		0.85	%		4.26
N Class Shares
Actual	$	1,000.00	$	859.20		0.95	%	$	4.38
Hypothetical (5% return before expenses)		1,000.00		1,020.08		0.95	%		4.76
Plan Class Shares
Actual	$	1,000.00	$	859.50		0.77	%	$	3.55
Hypothetical (5% return before expenses)		1,000.00		1,021.00		0.77	%		3.86

72

TCW Funds, Inc.

TCW Funds, Inc.	Beginning Account Value November 1, 2021		Ending Account Value April 30, 2022		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2021 to April 30, 2022)
TCW Emerging Markets Local Currency Income Fund
I Class Shares
Actual	$	1,000.00	$	867.70		0.85	%	$	3.94
Hypothetical (5% return before expenses)		1,000.00		1,020.58		0.85	%		4.26
N Class Shares
Actual	$	1,000.00	$	868.30		0.90	%	$	4.17
Hypothetical (5% return before expenses)		1,000.00		1,020.33		0.90	%		4.51
TCW Emerging Markets Multi-Asset Opportunities Fund
I Class Shares
Actual	$	1,000.00	$	781.10		1.00	%	$	4.42
Hypothetical (5% return before expenses)		1,000.00		1,019.84		1.00	%		5.01
N Class Shares
Actual	$	1,000.00	$	779.90		1.20	%	$	5.30
Hypothetical (5% return before expenses)		1,000.00		1,018.84		1.20	%		6.01

73

TCW Funds, Inc.

Supplemental Information

Proxy Voting Guidelines

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

Disclosure of Proxy Voting Guidelines

The proxy voting guidelines of the Advisor are available:

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 NPORT-P. Such filings occur no later than 60 days after the end of the Funds’ first and third quarters and are available on the SEC’s website at www.sec.gov.

74

TCW Funds, Inc.

865 South Figueroa Street, Suite 1800

Los Angeles, California 90017

800 FUND TCW

(800 386 3829)

www.TCW.com

INVESTMENT ADVISOR

TCW Investment Management Company LLC

865 South Figueroa Street, Suite 1800

Los Angeles, California 90017

TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

615 E. Michigan Street

Milwaukee, Wisconsin 53202

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Deloitte & Touche LLP

555 West 5th Street

Los Angeles, California 90013

CUSTODIAN & ADMINISTRATOR

State Street Bank & Trust Company

One Lincoln Street

Boston, Massachusetts 02111

DISTRIBUTOR

TCW Funds Distributors LLC

865 South Figueroa Street, Suite 1800

Los Angeles, California 90017

DIRECTORS

Patrick C. Haden

Director and Chairman of the Board

Samuel P. Bell

Director

Peter McMillan

Director

Victoria B. Rogers

Director

Marc I. Stern

Director

Andrew Tarica

Director

OFFICERS

David Lippman

President and Chief Executive Officer

Meredith S. Jackson

Senior Vice President,

General Counsel and Secretary

Richard M. Villa

Treasurer and Principal Financial and Accounting Officer

Gladys Xiques

Chief Compliance Officer and Anti-Money Laundering Officer

Lisa Eisen

Tax Officer

Eric W. Chan

Assistant Treasurer

TCW FAMILY OF FUNDS

EQUITY FUNDS

TCW Artificial Intelligence Equity Fund

TCW Global Real Estate Fund

TCW New America Premier Equities Fund

TCW Relative Value Dividend Appreciation Fund

TCW Relative Value Large Cap Fund

TCW Relative Value Mid Cap Fund

TCW Select Equities Fund

ASSET ALLOCATION FUND

TCW Conservative Allocation Fund

FIXED INCOME FUNDS

TCW Core Fixed Income Fund

TCW Enhanced Commodity Strategy Fund

TCW Global Bond Fund

TCW High Yield Bond Fund

TCW Short Term Bond Fund

TCW Total Return Bond Fund

INTERNATIONAL FUNDS

TCW Developing Markets Equity Fund

TCW Emerging Markets Income Fund

TCW Emerging Markets Local Currency Income Fund

TCW Emerging Markets Multi-Asset Opportunities Fund

TO COME

(b) Not applicable.

Item 2. Code of Ethics.

Not required for this filing.

Item 3. Audit Committee Financial Expert.

Not required for this filing.

Item 4. Principal Accountant Fees and Services.

Not required for this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

(a) The Chief Executive Officer and Principal Financial and Accounting Officer have concluded, as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective, as of such date, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Not required for this filing.

(a)(2) EX-99.CERT – The certifications required by Rule 30a-2(a) of the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”) are filed herewith.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) EX-99.906CERT – The certifications required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, 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)
	David B. Lippman
	President and Chief Executive Officer
Date	June 30, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, 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)
	David B. Lippman
	President and Chief Executive Officer
Date	June 30, 2022
By (Signature and Title)
	Richard M. Villa
	Treasurer and Principal Financial and Accounting Officer
Date	June 30, 2022