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)

515 South Flower Street, Los Angeles, CA 90071

(Address of principal executive offices)

Peter Davidson, Esq.

Vice President and Secretary

515 South Flower Street

Los Angeles, CA 90071

(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, 2024

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

 

TCW Funds, Inc.

Table of Contents

Letter to Shareholders	1
Performance Summary (Unaudited)	3
Schedules of Investments (Unaudited)	4
TCW Artificial Intelligence Equity Fund	5
TCW Conservative Allocation Fund	7
TCW Global Real Estate Fund	11
TCW New America Premier Equities Fund	15
TCW Relative Value Dividend Appreciation Fund	18
TCW Relative Value Large Cap Fund	22
TCW Relative Value Mid Cap Fund	26
TCW Select Equities Fund	30
Statements of Assets and Liabilities (Unaudited)	33
Statements of Operations (Unaudited)	35
Statements of Changes in Net Assets (Unaudited)	37
Notes to Financial Statements (Unaudited)	41
Financial Highlights (Unaudited)	61
Shareholder Expenses (Unaudited)	75
Special Meeting of Shareholders to Approve Directors — Voting Results (Unaudited)	77
Special Meetings of Shareholders to Approve Reorganization of Certain Funds into ETFs —Voting Results (Unaudited)	78
Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule	79

To Our Valued Shareholders

Megan McClellan President, Principal 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, 2024. I would like to express our appreciation for your continued investment in the TCW Funds as well as to welcome new shareholders to our Fund family. As of April 30, 2024, the TCW Funds held total assets of approximately $8.1 billion.

This report contains information highlighting fund performance and listing portfolio holdings as of April 30, 2024 for the TCW Funds’ Equity Funds and the TCW Conservative Allocation Fund.

The U.S. Stock Market

U.S. stocks advanced 21.0% (S&P 500 Total Return Index) during the 6-month period under review, fueled by the prospect that a “soft landing” of the U.S. economy might be achievable with inflation, growth, and jobs data all contributing to the favorable backdrop. In November, when Fed Chair Powell’s favored “super-core inflation” (excludes food, energy, and shelter) gauge increased just 2.1%, the 10-year U.S. Treasury note yield plunged from its most recent peak of 4.99% in late October to 3.79% by the end of the year. Powell suggested that a continued decline in inflation would allow the Fed to pivot to interest rate cuts, and investors quickly imputed the possibility of up to six cuts during the course of 2024. At the same time, other macroeconomic data remained impressively resilient, with fourth quarter GDP growing at a 3.2% annual pace. However, the timing of the Fed’s prospective interest rate cuts was called into question by stickier than expected March inflation data, with both the Core Consumer Price Index (CPI) (3.8% year-over-year) and personal consumption expenditures price index (PCE) (2.8% year-over-year) remaining at elevated levels, and investors worried that the Fed would be forced to keep interest rates “higher for longer.” Yet, stock prices were supported by the strongest quarterly earnings per share growth in two years, with first-quarter EPS (earnings per share) growth

up just over 5% (year-over-year), fueled in large part by the impact of spending related to the promise of generative AI fueling the “Magnificent 7” names.

Looking forward, there remains a substantial chance that inflation resumes its downward trajectory, thereby allowing the Fed to pursue interest rate cuts in the second half of the year. A key question, of course, is whether the economy is already starting to show signs of weakness. Indeed, the more recent April labor market report showed that job creation slowed markedly during the month, with 175,000 jobs created versus an expectation for 240,000 new jobs. And, despite generally solid earnings reports, a number of companies (e.g., McDonalds and Starbucks) called out weaker consumer demand, so it bears watching the degree to which the consumer is challenged. Stocks are presently trading at an elevated valuation of around 21 times forward earnings (based on Bloomberg consensus earnings estimates), so the health of the consumer and the implications for corporate earnings will be critical to the equity market’s trajectory, especially since consensus earnings estimates are still looking for high single-digit EPS growth this year. While we believe that there are many attractive secular trends and investment opportunities even in the midst of an indeterminate macroeconomic backdrop, we continue to think that some caution is warranted in the near term. Longer term, we believe investors are best served by focusing on those all-weather businesses which exhibit proven management skill, low levels of indebtedness, strong free cash flow generation, and secular advantages which represent compelling investment opportunities and a measure of resilience in the face of a slowing economy.

Fund Performance

During the period under review, our equity fund performance excelled, with nearly all funds outperforming their respective benchmarks. Our more growth-oriented funds were boosted by their exposure to technology names, including many of those where generative AI’s

1

Letter to Shareholders (Continued)

growth prospects served as an important catalyst for revenues and earnings. The Relative Value suite of funds benefitted from their broad sector diversification and exposure to a wide cross-section of the economy. While the economic growth outlook for both the U.S. and global economies remains uncertain, we think that our fund participants will continue to be well served over the longer term by our emphasis on rigorous bottom-up stock research. Our research effort remains focused on identifying those companies which we believe possess the resilience to profitably grow in an economic environment likely to be characterized by structurally lower growth. As always, we remain committed to our aim of achieving compelling risk-adjusted returns over the long-term 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,

Megan McClellan

President, Principal Executive Officer and Director

2

TCW Funds, Inc.

Performance Summary (Unaudited)

						Total Return Annualized as of April 30,  2024(1)(2)
	NAV		Six Months Return as of April 30, 2024			1-Year			5-Year			10-Year			Since Inception			Inception Date
TCW Artificial Intelligence Equity Fund
I Class	$	24.24		30.96	%		47.90	%		14.35	%		N/A			14.96	%		08/31/17
TCW Conservative Allocation Fund
I Class	$	11.31		11.26	%		6.98	%		4.54	%		4.60	%		4.97	%		11/16/06
N Class	$	11.33		11.10	%		6.72	%		4.24	%		4.21	%		4.69	%		11/16/06
TCW Global Real Estate Fund
I Class	$	11.20		17.73	%		2.43	%		5.64	%		N/A			4.42	%		11/28/14
N Class	$	11.19		17.82	%		2.42	%		5.51	%		N/A			4.33	%		11/28/14
TCW New America Premier Equities Fund
I Class	$	31.43		22.21	%		23.75	%		13.42	%		N/A			17.69	%		01/29/16
TCW Relative Value Dividend Appreciation Fund
I Class	$	22.33		23.23	%		19.71	%		12.15	%		9.01	%		8.28	%		10/29/04
N Class	$	22.85		23.08	%		19.54	%		11.93	%		8.77	%		9.33	% (3)		09/19/86	(4)
TCW Relative Value Large Cap Fund
I Class	$	14.85		22.88	%		20.13	%		11.21	%		8.56	%		8.25	%		12/31/03
N Class	$	14.80		22.81	%		19.96	%		11.01	%		8.34	%		7.13	% (3)		12/31/97	(4)
TCW Relative Value Mid Cap Fund
I Class	$	27.85		22.63	%		20.56	%		9.68	%		7.32	%		9.95	% (5)		11/01/96	(4)
N Class	$	26.91		22.55	%		20.46	%		9.57	%		7.17	%		8.00	%		10/31/00
TCW Select Equities Fund
I Class	$	28.83		27.55	%		34.38	%		13.39	%		14.00	%		11.01	% (5)		07/01/91	(4)
N Class	$	22.89		27.44	%		34.17	%		13.20	%		13.76	%		8.25	%		02/26/99

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

(2) The Funds’ Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

(3) Performance data includes the performance of the predecessor SG Cowen Fund. The predecessor SG Cowen Fund was an investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”).

(4) Inception date of the predecessor entity.

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

3

TCW Artificial Intelligence Equity Fund

Schedule of Investments (Unaudited)

Issues	Shares		Value
COMMON STOCK — 96.6% of Net Assets
Advertising — 2.0%
Trade Desk, Inc. (1)		14,276	$	1,182,767
Agricultural & Farm Machinery — 1.5%
Deere & Co.		2,224		870,496
Application Software — 4.5%
Datadog, Inc. (1)		10,646		1,336,073
Salesforce, Inc.		5,018		1,349,541
				2,685,614
Automobile Manufacturers — 1.3%
Tesla, Inc. (1)		4,123		755,663
Automotive Parts & Equipment — 1.1%
Mobileye Global, Inc. (1)		23,037		634,669
Broadline Retail — 5.2%
Amazon.com, Inc. (1)		17,516		3,065,300
Communications Equipment — 7.7%
Arista Networks, Inc. (1)		11,714		3,005,344
Motorola Solutions, Inc.		4,603		1,561,107
				4,566,451
Electrical Components & Equipment — 4.4%
Eaton Corp. PLC		4,214		1,341,148
Vertiv Holdings Co.		13,689		1,273,077
				2,614,225
Electronic Equipment & Instruments — 1.6%
Cognex Corp.		23,056		957,746
Industrial Machinery & Supplies & Components — 1.4%
Symbotic, Inc. (1)		21,536		830,644
Interactive Media & Services — 12.8%
Alphabet, Inc. (1)		18,596		3,027,057
Meta Platforms, Inc.		8,014		3,447,382
Pinterest, Inc. (1)		33,285		1,113,383
				7,587,822
Internet Services & Infrastructure — 1.2%
Snowflake, Inc. (1)		4,646		721,059
IT Consulting & Other Services — 1.5%
International Business Machines Corp.		5,130		852,606
Semiconductor Materials & Equipment — 6.0%
ASML Holding NV (Netherlands)		2,100		1,832,187
Lam Research Corp.		1,890		1,690,435
				3,522,622

Issues	Shares		Value
Semiconductors — 19.7%
Advanced Micro Devices, Inc. (1)		3,863	$	611,822
Marvell Technology, Inc.		13,390		882,535
Micron Technology, Inc.		24,334		2,748,769
NVIDIA Corp.		4,457		3,850,937
ON Semiconductor Corp. (1)		16,205		1,136,943
QUALCOMM, Inc.		7,131		1,182,676
Taiwan Semiconductor Manufacturing Co., Ltd. (SP ADR) (Taiwan)		8,764		1,203,648
				11,617,330
Systems Software — 19.5%
Crowdstrike Holdings, Inc. (1)		9,975		2,918,086
CyberArk Software Ltd. (1)		6,553		1,567,805
Microsoft Corp.		6,717		2,615,130
Palo Alto Networks, Inc. (1)		8,507		2,474,601
ServiceNow, Inc. (1)		2,847		1,973,911
				11,549,533
Technology Hardware, Storage & Peripherals — 5.2%
Apple, Inc.		7,798		1,328,233
Samsung Electronics Co. Ltd. (GDR) (South Korea)		850		1,186,137
Super Micro Computer, Inc. (1)		681		584,843
				3,099,213
Total Common Stock
(Cost: $45,167,563)				57,113,760
MONEY MARKET INVESTMENTS — 3.5%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 5.25% (2)		2,076,227		2,076,227
Total Money Market Investments
(Cost: $2,076,227)				2,076,227
Total Investments (100.1%)
(Cost: $47,243,790)				59,189,987
Liabilities In Excess Of Other Assets (-0.1%)				(47,455	)
Net Assets (100.0%)			$	59,142,532

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, 2024.

See accompanying Notes to Financial Statements.

4

TCW Artificial Intelligence Equity Fund

Investments by Sector (Unaudited) April 30, 2024

Sector	Percentage of Net Assets
Semiconductors		19.7	%
Systems Software		19.5
Interactive Media & Services		12.8
Communications Equipment		7.7
Semiconductor Materials & Equipment		6.0
Broadline Retail		5.2
Technology Hardware, Storage & Peripherals		5.2
Application Software		4.5
Electrical Components & Equipment		4.4
Money Market Investments		3.5
Advertising		2.0
Electronic Equipment & Instruments		1.6
Agricultural & Farm Machinery		1.5
IT Consulting & Other Services		1.5
Industrial Machinery & Supplies & Components		1.4
Automobile Manufacturers		1.3
Internet Services & Infrastructure		1.2
Automotive Parts & Equipment		1.1
Total		100.1	%

See accompanying Notes to Financial Statements.

5

TCW Artificial Intelligence Equity Fund

Fair Valuation Summary (Unaudited) April 30, 2024

The following is a summary of the fair valuations according to the inputs used as of April 30, 2024 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
Semiconductors	$	11,617,330	$	—	$	—	$	11,617,330
Systems Software		11,549,533		—		—		11,549,533
Interactive Media & Services		7,587,822		—		—		7,587,822
Communications Equipment		4,566,451		—		—		4,566,451
Semiconductor Materials & Equipment		3,522,622		—		—		3,522,622
Technology Hardware, Storage & Peripherals		1,913,076		1,186,137		—		3,099,213
Broadline Retail		3,065,300		—		—		3,065,300
Application Software		2,685,614		—		—		2,685,614
Electrical Components & Equipment		2,614,225		—		—		2,614,225
Advertising		1,182,767		—		—		1,182,767
Electronic Equipment & Instruments		957,746		—		—		957,746
Agricultural & Farm Machinery		870,496		—		—		870,496
IT Consulting & Other Services		852,606		—		—		852,606
Industrial Machinery & Supplies & Components		830,644		—		—		830,644
Automobile Manufacturers		755,663		—		—		755,663
Internet Services & Infrastructure		721,059		—		—		721,059
Automotive Parts & Equipment		634,669		—		—		634,669
Total Common Stock		55,927,623		1,186,137		—		57,113,760
Money Market Investments		2,076,227		—		—		2,076,227
Total Investments	$	58,003,850	$	1,186,137	$	—	$	59,189,987

See accompanying Notes to Financial Statements.

6

TCW Conservative Allocation Fund

Schedule of Investments (Unaudited) April 30, 2024

Issues	Shares		Value
EXCHANGE-TRADED FUNDS — 4.7% of Net Assets
iShares Gold Trust (1)		12,525	$	542,332
iShares MSCI EAFE ETF		11,810		912,559
Total Exchange-Traded Funds
(Cost: $1,220,032)				1,454,891
INVESTMENT COMPANIES — 95.0%
Diversified Equity Funds — 32.9%
TCW Artificial Intelligence Equity Fund — I Class (1),(2)		15,412		373,594
TCW Global Real Estate Fund — I Class (2)		134,932		1,511,243
TCW New America Premier Equities Fund — I Class (2)		63,364		1,991,543
TCW Relative Value Large Cap Fund — I Class (2)		217,248		3,226,137
TCW Relative Value Mid Cap Fund — I Class (2)		27,798		774,172
TCW Select Equities Fund — I Class (2)		79,477		2,291,334
				10,168,023
Diversified Fixed Income Funds — 62.1%
Metropolitan West High Yield Bond Fund — I Class (2)		17,239		157,396
Metropolitan West Low Duration Bond Fund — I Class (2)		230,570		1,886,063

Issues	Shares		Value
Diversified Fixed Income Funds (Continued)
Metropolitan West Total Return Bond Fund — I Class (2)		745,560	$	6,501,282
Metropolitan West Unconstrained Bond Fund — I Class (2)		123,685		1,250,458
TCW Emerging Markets Income Fund — I Class (2)		63,882		405,652
TCW Enhanced Commodity Strategy Fund — I Class (2)		84,462		497,483
TCW Global Bond Fund — I Class (2)		136,591		1,081,803
TCW Total Return Bond Fund — I Class (2)		976,912		7,414,762
				19,194,899
Total Investment Companies
(Cost: $28,390,236)				29,362,922
Total Investments (99.7%)
(Cost: $29,610,268)				30,817,813
Excess Of Other Assets Over Liabilities (0.3%)				100,286
Net Assets (100.0%)			$	30,918,099

Notes to the Schedule of Investments:

ETF Exchange-Traded Fund.

(1) Non-income producing security.

(2) Affiliated issuer.

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, 2024 is as follows:

Name of Affiliated Fund	Value at October 31, 2023		Purchases at Cost		Proceeds from Sales		Number of Shares Held April 30, 2024		Value at April 30, 2024		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
	$	292,786	$	8,993	$	159,576		17,239	$	157,396	$	8,909	$	—	$	(2,762	)	$	17,955
Metropolitan West Low Duration Bond Fund—I Class
		1,696,769		205,553		39,403		230,570		1,886,063		39,394		—		(3,021	)		26,165
Metropolitan West Total Return Bond Fund—I Class
		5,502,102		1,008,581		165,499		745,560		6,501,282		131,000		—		(41,313	)		197,411
Metropolitan West Unconstrained Bond Fund—I Class
		2,593,970		76,133		1,506,442		123,685		1,250,458		75,217		—		(228,793	)		315,590
TCW Artificial Intelligence Fund—I Class
		288,774		—		4,208		15,412		373,594		—		—		755			88,273
TCW Emerging Markets Income Fund—I Class
		365,767		12,678		4,921		63,882		405,652		11,005		—		(948	)		33,076
TCW Enhanced Commodity Strategy Fund—I Class
		683,702		14,384		188,791		84,462		497,483		14,384		—		(16,497	)		4,685
TCW Global Bond Fund—I Class
		958,033		115,616		23,323		136,591		1,081,803		16,514		—		(5,291	)		36,768
TCW Global Real Estate Fund—I Class
		1,149,963		207,107		31,516		134,932		1,511,243		14,684		—		800			184,889
TCW New America Premier Equities Fund—I Class
		2,780,908		3,805		1,352,990		63,364		1,991,543		3,805		—		619,035			(59,215	)
TCW Relative Value Large Cap Fund—I Class
		2,197,046		690,877		65,800		217,248		3,226,137		37,293		90,114		1,021			402,993
TCW Relative Value Mid Cap Fund—I Class
		372,130		502,532		169,533		27,798		774,172		4,335		8,585		5,971			63,072
TCW Select Equities Fund—I Class
		2,201,355		248,194		495,965		79,477		2,291,334		—		248,194		99,425			238,325
TCW Total Return Bond Fund—I Class
		5,181,172		2,484,296		286,970		976,912		7,414,762		218,389		—		(71,548	)		107,812
Total									$	29,362,922	$	574,929	$	346,893	$	356,834		$	1,657,799

See accompanying Notes to Financial Statements.

8

TCW Conservative Allocation Fund

Investments by Sector (Unaudited) April 30, 2024

Sector	Percentage of Net Assets
Diversified Fixed Income Funds		62.1	%
Diversified Equity Funds		32.9
Exchange-Traded Funds		4.7
Total		99.7	%

See accompanying Notes to Financial Statements.

9

TCW Conservative Allocation Fund

Fair Valuation Summary (Unaudited) April 30, 2024

The following is a summary of the fair valuations according to the inputs used as of April 30, 2024 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
Investment Companies	$	29,362,922	$	—	$	—	$	29,362,922
Exchange-Traded Funds		1,454,891		—		—		1,454,891
Total Investments	$	30,817,813	$	—	$	—	$	30,817,813

See accompanying Notes to Financial Statements.

10

TCW Global Real Estate Fund

Schedule of Investments (Unaudited) April 30, 2024

Issues	Shares		Value
COMMON STOCK — 96.7% of Net Assets
Australia — 4.4% (Cost: $932,879)
Goodman Group		60,528	$	1,225,568
Canada — 7.1%
BSR Real Estate Investment Trust		21,367		226,490
Killam Apartment Real Estate Investment Trust		62,923		787,311
Minto Apartment Real Estate Investment Trust		92,557		977,546
Total Canada
(Cost: $2,462,558)				1,991,347
Germany — 4.9% (Cost: $923,892)
Stroeer SE & Co. KGaA		21,089		1,354,948
Japan — 7.0%
Mitsubishi Estate Co. Ltd.		50,200		921,946
Mitsui Fudosan Co. Ltd.		69,900		712,959
Nippon Prologis REIT, Inc.		190		329,133
Total Japan
(Cost: $1,658,718)				1,964,038
Singapore — 1.6% (Cost: $674,107)
CapitaLand Investment Ltd. (1)		231,100		447,339
Spain — 4.4% (Cost: $1,396,100)
Cellnex Telecom SA		37,440		1,239,944
United Kingdom — 2.7% (Cost: $803,549)
Segro PLC		70,545		743,545
United States — 64.6%
American Tower Corp.		11,385		1,953,211
Brixmor Property Group, Inc.		15,676		346,440
Crown Castle, Inc.		5,827		546,456
Elme Communities		42,747		648,045
Equinix, Inc.		1,136		807,821
Gaming & Leisure Properties, Inc.		21,324		911,174
Hilton Grand Vacations, Inc. (1)		6,375		265,455
Invitation Homes, Inc.		24,821		848,878
Kite Realty Group Trust		24,669		537,784
LXP Industrial Trust		68,035		568,092
Mid-America Apartment Communities, Inc.		8,333		1,083,290
NET Lease Office Properties		32,319		738,812

Issues	Shares		Value
United States (Continued)
NexPoint Residential Trust, Inc.		24,064	$	823,951
Prologis, Inc.		9,667		986,517
Public Storage		3,900		1,011,855
Simon Property Group, Inc.		3,323		466,981
Sun Communities, Inc.		3,180		353,998
Taylor Morrison Home Corp. (1)		26,270		1,471,383
TPG RE Finance Trust, Inc.		59,684		437,484
Travel & Leisure Co.		14,730		641,344
Ventas, Inc.		19,760		874,973
VICI Properties, Inc.		33,098		944,948
Wyndham Hotels & Resorts, Inc.		9,920		729,219
Total United States
(Cost: $17,057,849)				17,998,111
Total Common Stock
(Cost: $25,909,652)				26,964,840
MONEY MARKET INVESTMENTS — 3.7%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 5.25% (2)		1,021,702		1,021,702
Total Money Market Investments
(Cost: $1,021,702)				1,021,702
Total Investments (100.4%)
(Cost: $26,931,354)				27,986,542
Liabilities In Excess Of Other Assets (-0.4%)				(103,950	)
Net Assets (100.0%)			$	27,882,592

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, 2024.

See accompanying Notes to Financial Statements.

11

TCW Global Real Estate Fund

Investments by Sector (Unaudited) April 30, 2024

Sector	Percentage of Net Assets
Specialized REITs		22.2	%
Industrial REITs		13.8
Multi-Family Residential REITs		13.3
Single-Family Residential REITs		7.3
Diversified Real Estate Activities		5.8
Homebuilding		5.3
Advertising		4.9
Retail REITs		4.8
Wireless Telecommunication Services		4.4
Money Market Investments		3.7
Hotels, Resorts & Cruise Lines		3.3
Health Care REITs		3.1
Office REITs		2.7
Hotel & Resort REITs		2.6
Mortgage REITs		1.6
Real Estate Operating Companies		1.6
Total		100.4	%

See accompanying Notes to Financial Statements.

12

TCW Global Real Estate Fund

Investments by Country (Unaudited) April 30, 2024

Country	Percentage of Net Assets
United States		68.3	%
Canada		7.1
Japan		7.0
Germany		4.9
Australia		4.4
Spain		4.4
United Kingdom		2.7
Singapore		1.6
Total		100.4	%

See accompanying Notes to Financial Statements.

13

TCW Global Real Estate Fund

Fair Valuation Summary (Unaudited) April 30, 2024

The following is a summary of the fair valuations according to the inputs used as of April 30, 2024 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
Specialized REITs	$	6,175,465	$	—	$	—	$	6,175,465
Industrial REITs		1,883,742		1,969,113		—		3,852,855
Multi-Family Residential REITs		3,496,192		226,490		—		3,722,682
Single-Family Residential REITs		2,026,827		—		—		2,026,827
Diversified Real Estate Activities		—		1,634,905		—		1,634,905
Homebuilding		1,471,383		—		—		1,471,383
Advertising		—		1,354,948		—		1,354,948
Retail REITs		1,351,205		—		—		1,351,205
Wireless Telecommunication Services		—		1,239,944		—		1,239,944
Hotels, Resorts & Cruise Lines		906,799		—		—		906,799
Health Care REITs		874,973		—		—		874,973
Office REITs		738,812		—		—		738,812
Hotel & Resort REITs		729,219		—		—		729,219
Real Estate Operating Companies		—		447,339		—		447,339
Mortgage REITs		437,484		—		—		437,484
Total Common Stock		20,092,101		6,872,739		—		26,964,840
Money Market Investments		1,021,702		—		—		1,021,702
Total Investments	$	21,113,803	$	6,872,739	$	—	$	27,986,542

See accompanying Notes to Financial Statements.

14

TCW New America Premier Equities Fund

Schedule of Investments (Unaudited) April 30, 2024

Issues	Shares		Value
COMMON STOCK — 99.8% of Net Assets
Advertising — 1.9%
Trade Desk, Inc. (1)		41,979	$	3,477,960
Aerospace & Defense — 16.1%
HEICO Corp.		64,681		13,414,839
Loar Holdings, Inc. (1)		125,361		6,558,888
TransDigm Group, Inc.		7,205		8,992,056
				28,965,783
Application Software — 25.3%
Constellation Software, Inc.		13,693		35,325,419
Fair Isaac Corp. (1)		2,992		3,390,923
Roper Technologies, Inc.		13,689		7,001,376
				45,717,718
Electrical Components & Equipment — 4.2%
AMETEK, Inc.		43,409		7,581,816
Environmental & Facilities Services — 5.8%
Waste Connections, Inc. (Canada)		64,574		10,466,800
Financial Exchanges & Data — 5.7%
MSCI, Inc.		11,754		5,474,896
S&P Global, Inc.		11,370		4,727,987
				10,202,883
Food Retail — 1.6%
Alimentation Couche-Tard, Inc.		52,352		2,907,492
Industrial Gases — 4.0%
Linde PLC		16,543		7,294,801
Life Sciences Tools & Services — 2.1%
Danaher Corp.		15,301		3,773,532
Research & Consulting Services — 4.6%
Wolters Kluwer NV (Netherlands)		55,631		8,344,315

Issues	Shares		Value
Semiconductors — 8.2%
Broadcom, Inc.		11,324	$	14,724,257
Systems Software — 10.0%
Microsoft Corp.		46,243		18,003,787
Transaction & Payment Processing Services — 10.3%
Fiserv, Inc. (1)		68,035		10,386,903
Visa, Inc.		30,773		8,265,936
				18,652,839
Total Common Stock
(Cost: $95,271,588)				180,113,983
WARRANTS — 0.0%
Application Software — 0.0%
Constellation Software, Inc. (1) (2)		14,592		1
Total Warrants
(Cost: $0)				1
EXCHANGE-TRADED FUNDS — 0.3%
iShares Russell 1000 ETF		2,012		555,272
Total Exchange-Traded Funds
(Cost: $559,628)				555,272
Total Investments (100.1%)
(Cost: $95,831,216)				180,669,256
Liabilities In Excess Of Other Assets (-0.1%)				(132,775	)
Net Assets (100.0%)			$	180,536,481

Notes to the Schedule of Investments:

ETF Exchange-Traded Fund.

(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.

See accompanying Notes to Financial Statements.

15

TCW New America Premier Equities Fund

Investments by Sector (Unaudited) April 30, 2024

Sector	Percentage of Net Assets
Application Software		25.3	%
Aerospace & Defense		16.1
Transaction & Payment Processing Services		10.3
Systems Software		10.0
Semiconductors		8.2
Environmental & Facilities Services		5.8
Financial Exchanges & Data		5.7
Research & Consulting Services		4.6
Electrical Components & Equipment		4.2
Industrial Gases		4.0
Life Sciences Tools & Services		2.1
Advertising		1.9
Food Retail		1.6
Exchange-Traded Funds		0.3
Total		100.1	%

See accompanying Notes to Financial Statements.

16

TCW New America Premier Equities Fund

Fair Valuation Summary (Unaudited) April 30, 2024

The following is a summary of the fair valuations according to the inputs used as of April 30, 2024 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
Application Software	$	45,717,718	$	—	$	—	$	45,717,718
Aerospace & Defense		28,965,783		—		—		28,965,783
Transaction & Payment Processing Services		18,652,839		—		—		18,652,839
Systems Software		18,003,787		—		—		18,003,787
Semiconductors		14,724,257		—		—		14,724,257
Environmental & Facilities Services		10,466,800		—		—		10,466,800
Financial Exchanges & Data		10,202,883		—		—		10,202,883
Research & Consulting Services		—		8,344,315		—		8,344,315
Electrical Components & Equipment		7,581,816		—		—		7,581,816
Industrial Gases		7,294,801		—		—		7,294,801
Life Sciences Tools & Services		3,773,532		—		—		3,773,532
Advertising		3,477,960		—		—		3,477,960
Food Retail		2,907,492		—		—		2,907,492
Total Common Stock		171,769,668		8,344,315		—		180,113,983
Exchange-Traded Funds		555,272		—		—		555,272
Warrants		—		—		1		1
Total Investments	$	172,324,940	$	8,344,315	$	1	$	180,669,256

See accompanying Notes to Financial Statements.

17

TCW Relative Value Dividend Appreciation Fund

Schedule of Investments (Unaudited)

Issues	Shares		Value
COMMON STOCK — 98.8% of Net Assets
Aerospace & Defense — 5.2%
General Electric Co.		72,825	$	11,784,541
Textron, Inc.		35,674		3,017,664
				14,802,205
Air Freight & Logistics — 2.0%
United Parcel Service, Inc. — Class B		39,163		5,775,759
Banks — 8.7%
JPMorgan Chase & Co.		61,263		11,746,568
Wells Fargo & Co.		225,010		13,347,593
				25,094,161
Beverages — 2.6%
PepsiCo, Inc.		42,719		7,514,699
Biotechnology — 6.4%
AbbVie, Inc.		44,512		7,239,432
Amgen, Inc.		24,577		6,732,623
Gilead Sciences, Inc.		66,260		4,320,152
				18,292,207
Building Products — 3.8%
Carlisle Cos., Inc.		15,627		6,067,183
Johnson Controls International PLC (Ireland)		74,084		4,820,646
				10,887,829
Capital Markets — 12.2%
Ameriprise Financial, Inc.		22,115		9,106,736
Bank of New York Mellon Corp.		110,985		6,269,543
Blackstone, Inc.		44,527		5,192,294
Intercontinental Exchange, Inc.		56,511		7,276,356
Morgan Stanley		79,266		7,200,523
				35,045,452
Chemicals — 2.5%
Corteva, Inc.		35,974		1,947,273
DuPont de Nemours, Inc.		73,667		5,340,857
				7,288,130
Consumer Staples Distribution & Retail — 1.3%
Target Corp.		23,808		3,832,612
Electrical Equipment — 4.5%
GE Vernova, Inc. (1)		18,206		2,798,444
nVent Electric PLC (Ireland)		139,612		10,061,837
				12,860,281
Energy Equipment & Services — 2.5%
Baker Hughes Co.		217,052		7,080,236
Entertainment — 0.7%
Walt Disney Co.		16,835		1,870,369

Issues	Shares		Value
Health Care Equipment & Supplies — 1.4%
GE HealthCare Technologies, Inc.		50,897	$	3,880,387
Health Care Providers & Services — 6.4%
Elevance Health, Inc.		15,799		8,351,035
McKesson Corp.		18,685		10,037,769
				18,388,804
Hotels, Restaurants & Leisure — 1.3%
Darden Restaurants, Inc.		24,340		3,733,999
Household Durables — 3.3%
Lennar Corp.		63,062		9,561,461
Independent Power and Renewable Electricity Producers — 1.6%
AES Corp.		263,088		4,709,275
Insurance — 2.4%
MetLife, Inc.		98,673		7,013,677
IT Services — 3.4%
International Business Machines Corp.		58,425		9,710,235
Machinery — 1.1%
Xylem, Inc.		24,689		3,226,852
Media — 1.8%
Comcast Corp.		135,446		5,161,847
Metals & Mining — 1.4%
Freeport-McMoRan, Inc.		80,925		4,041,395
Multi-Utilities — 0.8%
NiSource, Inc.		77,000		2,145,220
Oil, Gas & Consumable Fuels — 5.0%
Chevron Corp.		25,836		4,166,572
Exxon Mobil Corp.		66,360		7,848,397
Marathon Petroleum Corp.		12,604		2,290,399
				14,305,368
Pharmaceuticals — 4.7%
Johnson & Johnson		21,718		3,140,205
Merck & Co., Inc.		21,835		2,821,519
Novartis AG (SP ADR) (Switzerland)		73,639		7,152,556
Sandoz Group AG (ADR) (Switzerland) (1)		14,460		489,905
				13,604,185
Retail REITs — 2.5%
Simon Property Group, Inc.		50,249		7,061,492
Semiconductors & Semiconductor Equipment — 4.2%
Broadcom, Inc.		9,201		11,963,784
Software — 1.5%
Salesforce, Inc.		15,771		4,241,453
Specialty Retail — 2.4%
Dick’s Sporting Goods, Inc.		34,330		6,898,270

See accompanying Notes to Financial Statements.

18

TCW Relative Value Dividend Appreciation Fund

April 30, 2024

Issues	Shares		Value
Technology Hardware, Storage & Peripherals — 1.2%
Seagate Technology Holdings PLC		40,737	$	3,499,716
Total Common Stock
(Cost: $163,693,692)				283,491,360
MONEY MARKET INVESTMENTS— 0.2%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 5.25% (2)		575,567		575,567
Total Money Market Investments
(Cost: $575,567)				575,567
Total Investments (99.0%)
(Cost: $164,269,259)				284,066,927
Excess Of Other Assets Over Liabilities (1.0%)				2,941,288
Net Assets (100.0%)			$	287,008,215

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, 2024.

 

See accompanying Notes to Financial Statements.

19

TCW Relative Value Dividend Appreciation Fund

Investments by Sector (Unaudited) April 30, 2024

Sector	Percentage of Net Assets
Capital Markets		12.2	%
Banks		8.7
Biotechnology		6.4
Health Care Providers & Services		6.4
Aerospace & Defense		5.2
Oil, Gas & Consumable Fuels		5.0
Pharmaceuticals		4.7
Electrical Equipment		4.5
Semiconductors & Semiconductor Equipment		4.2
Building Products		3.8
IT Services		3.4
Household Durables		3.3
Beverages		2.6
Chemicals		2.5
Energy Equipment & Services		2.5
Retail REITs		2.5
Insurance		2.4
Specialty Retail		2.4
Air Freight & Logistics		2.0
Media		1.8
Independent Power and Renewable Electricity Producers		1.6
Software		1.5
Health Care Equipment & Supplies		1.4
Metals & Mining		1.4
Consumer Staples Distribution & Retail		1.3
Hotels, Restaurants & Leisure		1.3
Technology Hardware, Storage & Peripherals		1.2
Machinery		1.1
Multi-Utilities		0.8
Entertainment		0.7
Money Market Investments		0.2
Total		99.0	%

See accompanying Notes to Financial Statements.

20

TCW Relative Value Dividend Appreciation Fund

Fair Valuation Summary (Unaudited) April 30, 2024

The following is a summary of the fair valuations according to the inputs used as of April 30, 2024 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	$	35,045,452	$	—	$	—	$	35,045,452
Banks		25,094,161		—		—		25,094,161
Health Care Providers & Services		18,388,804		—		—		18,388,804
Biotechnology		18,292,207		—		—		18,292,207
Aerospace & Defense		14,802,205		—		—		14,802,205
Oil, Gas & Consumable Fuels		14,305,368		—		—		14,305,368
Pharmaceuticals		13,604,185		—		—		13,604,185
Electrical Equipment		12,860,281		—		—		12,860,281
Semiconductors & Semiconductor Equipment		11,963,784		—		—		11,963,784
Building Products		10,887,829		—		—		10,887,829
IT Services		9,710,235		—		—		9,710,235
Household Durables		9,561,461		—		—		9,561,461
Beverages		7,514,699		—		—		7,514,699
Chemicals		7,288,130		—		—		7,288,130
Energy Equipment & Services		7,080,236		—		—		7,080,236
Retail REITs		7,061,492		—		—		7,061,492
Insurance		7,013,677		—		—		7,013,677
Specialty Retail		6,898,270		—		—		6,898,270
Air Freight & Logistics		5,775,759		—		—		5,775,759
Media		5,161,847		—		—		5,161,847
Independent Power and Renewable Electricity Producers		4,709,275		—		—		4,709,275
Software		4,241,453		—		—		4,241,453
Metals & Mining		4,041,395		—		—		4,041,395
Health Care Equipment & Supplies		3,880,387		—		—		3,880,387
Consumer Staples Distribution & Retail		3,832,612		—		—		3,832,612
Hotels, Restaurants & Leisure		3,733,999		—		—		3,733,999
Technology Hardware, Storage & Peripherals		3,499,716		—		—		3,499,716
Machinery		3,226,852		—		—		3,226,852
Multi-Utilities		2,145,220		—		—		2,145,220
Entertainment		1,870,369		—		—		1,870,369
Total Common Stock		283,491,360		—		—		283,491,360
Money Market Investments		575,567		—		—		575,567
Total Investments	$	284,066,927	$	—	$	—	$	284,066,927

See accompanying Notes to Financial Statements.

21

TCW Relative Value Large Cap Fund

Schedule of Investments (Unaudited)

Issues	Shares		Value
COMMON STOCK — 99.9% of Net Assets
Aerospace & Defense — 6.6%
General Electric Co.		32,064	$	5,188,596
Textron, Inc.		43,262		3,659,533
				8,848,129
Air Freight & Logistics — 1.9%
United Parcel Service, Inc. — Class B		17,548		2,587,979
Automobiles — 1.9%
General Motors Co.		58,572		2,608,211
Banks — 4.3%
JPMorgan Chase & Co.		30,085		5,768,498
Beverages — 2.2%
PepsiCo, Inc.		17,113		3,010,348
Biotechnology — 5.1%
AbbVie, Inc.		18,623		3,028,844
Amgen, Inc.		9,738		2,667,628
Gilead Sciences, Inc.		18,844		1,228,629
				6,925,101
Building Products — 2.0%
Johnson Controls International PLC (Ireland)		40,614		2,642,753
Capital Markets — 9.9%
Ameriprise Financial, Inc.		9,093		3,744,406
Bank of New York Mellon Corp.		46,138		2,606,336
Intercontinental Exchange, Inc.		31,569		4,064,824
Morgan Stanley		32,552		2,957,024
				13,372,590
Chemicals — 1.6%
DuPont de Nemours, Inc.		29,266		2,121,785
Consumer Staples Distribution & Retail — 1.3%
Target Corp.		10,573		1,702,042
Electrical Equipment — 0.9%
GE Vernova, Inc. (1)		8,016		1,232,139
Electronic Equipment, Instruments & Components — 3.0%
Flex Ltd. (1)		143,661		4,115,888
Energy Equipment & Services — 2.1%
Baker Hughes Co.		85,764		2,797,622
Entertainment — 2.4%
Walt Disney Co.		29,266		3,251,453
Financial Services — 7.1%
Apollo Global Management, Inc.		39,155		4,243,619
Fiserv, Inc. (1)		35,161		5,368,030
				9,611,649
Health Care Equipment & Supplies — 1.5%
GE HealthCare Technologies, Inc.		26,118		1,991,236

Issues	Shares		Value
Health Care Providers & Services — 7.9%
Centene Corp. (1)		50,507	$	3,690,042
McKesson Corp.		9,632		5,174,407
Molina Healthcare, Inc. (1)		5,154		1,763,183
				10,627,632
Hotels, Restaurants & Leisure — 1.4%
Darden Restaurants, Inc.		11,900		1,825,579
Household Durables — 3.9%
Lennar Corp.		34,889		5,289,870
Independent Power and Renewable Electricity Producers — 1.5%
AES Corp.		116,927		2,092,993
Insurance — 2.4%
MetLife, Inc.		46,482		3,303,941
IT Services — 3.1%
International Business Machines Corp.		24,891		4,136,884
Machinery — 1.1%
Xylem, Inc.		11,733		1,533,503
Media — 1.9%
Comcast Corp.		67,367		2,567,356
Metals & Mining — 2.2%
Freeport-McMoRan, Inc.		58,644		2,928,681
Multi-Utilities — 1.4%
NiSource, Inc.		69,483		1,935,796
Oil, Gas & Consumable Fuels — 2.8%
Exxon Mobil Corp.		31,700		3,749,159
Personal Care Products — 0.5%
Coty, Inc. (1)		54,822		627,164
Pharmaceuticals — 1.0%
Merck & Co., Inc.		10,313		1,332,646
Real Estate Management & Development — 1.9%
Jones Lang LaSalle, Inc. (1)		14,452		2,611,476
Retail REITs — 1.4%
Simon Property Group, Inc.		13,722		1,928,353
Semiconductors & Semiconductor Equipment — 4.5%
Broadcom, Inc.		4,327		5,626,268
ON Semiconductor Corp. (1)		5,474		384,056
				6,010,324
Software — 1.8%
Salesforce, Inc.		9,239		2,484,737
Specialized REITs — 1.0%
Weyerhaeuser Co.		42,955		1,295,952
Specialty Retail — 2.6%
Dick’s Sporting Goods, Inc.		17,300		3,476,262

See accompanying Notes to Financial Statements.

22

TCW Relative Value Large Cap Fund

April 30, 2024

Issues	Shares		Value
Technology Hardware, Storage & Peripherals — 1.1%
NetApp, Inc.		14,150	$	1,446,271
Textiles, Apparel & Luxury Goods — 0.7%
Tapestry, Inc.		25,214		1,006,543
Total Common Stock
(Cost: $75,039,094)				134,798,545
MONEY MARKET INVESTMENTS — 0.2%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 5.25% (2)		329,477		329,477
Total Money Market Investments
(Cost: $329,477)
Total Investments (100.1%)
(Cost: $75,368,571)				135,128,022
Liabilities In Excess Of Other Assets (-0.1%)				(152,084	)
Net Assets (100.0%)			$	134,975,938

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, 2024.

 

See accompanying Notes to Financial Statements.

23

TCW Relative Value Large Cap Fund

Investments by Sector (Unaudited) April 30, 2024

Sector	Percentage of Net Assets
Capital Markets		9.9	%
Health Care Providers & Services		7.9
Financial Services		7.1
Aerospace & Defense		6.6
Biotechnology		5.1
Semiconductors & Semiconductor Equipment		4.5
Banks		4.3
Household Durables		3.9
IT Services		3.1
Electronic Equipment, Instruments & Components		3.0
Oil, Gas & Consumable Fuels		2.8
Specialty Retail		2.6
Entertainment		2.4
Insurance		2.4
Beverages		2.2
Metals & Mining		2.2
Energy Equipment & Services		2.1
Building Products		2.0
Air Freight & Logistics		1.9
Automobiles		1.9
Media		1.9
Real Estate Management & Development		1.9
Software		1.8
Chemicals		1.6
Health Care Equipment & Supplies		1.5
Independent Power and Renewable Electricity Producers		1.5
Hotels, Restaurants & Leisure		1.4
Multi-Utilities		1.4
Retail REITs		1.4
Consumer Staples Distribution & Retail		1.3
Machinery		1.1
Technology Hardware, Storage & Peripherals		1.1
Pharmaceuticals		1.0
Specialized REITs		1.0
Electrical Equipment		0.9
Textiles, Apparel & Luxury Goods		0.7
Personal Care Products		0.5
Money Market Investments		0.2
Total		100.1	%

See accompanying Notes to Financial Statements.

24

TCW Relative Value Large Cap Fund

Fair Valuation Summary (Unaudited) April 30, 2024

The following is a summary of the fair valuations according to the inputs used as of April 30, 2024 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	$	13,372,590	$	—	$	—	$	13,372,590
Health Care Providers & Services		10,627,632		—		—		10,627,632
Financial Services		9,611,649		—		—		9,611,649
Aerospace & Defense		8,848,129		—		—		8,848,129
Biotechnology		6,925,101		—		—		6,925,101
Semiconductors & Semiconductor Equipment		6,010,324		—		—		6,010,324
Banks		5,768,498		—		—		5,768,498
Household Durables		5,289,870		—		—		5,289,870
IT Services		4,136,884		—		—		4,136,884
Electronic Equipment, Instruments & Components		4,115,888		—		—		4,115,888
Oil, Gas & Consumable Fuels		3,749,159		—		—		3,749,159
Specialty Retail		3,476,262		—		—		3,476,262
Insurance		3,303,941		—		—		3,303,941
Entertainment		3,251,453		—		—		3,251,453
Beverages		3,010,348		—		—		3,010,348
Metals & Mining		2,928,681		—		—		2,928,681
Energy Equipment & Services		2,797,622		—		—		2,797,622
Building Products		2,642,753		—		—		2,642,753
Real Estate Management & Development		2,611,476		—		—		2,611,476
Automobiles		2,608,211		—		—		2,608,211
Air Freight & Logistics		2,587,979		—		—		2,587,979
Media		2,567,356		—		—		2,567,356
Software		2,484,737		—		—		2,484,737
Chemicals		2,121,785		—		—		2,121,785
Independent Power and Renewable Electricity Producers		2,092,993		—		—		2,092,993
Health Care Equipment & Supplies		1,991,236		—		—		1,991,236
Multi-Utilities		1,935,796		—		—		1,935,796
Retail REITs		1,928,353		—		—		1,928,353
Hotels, Restaurants & Leisure		1,825,579		—		—		1,825,579
Consumer Staples Distribution & Retail		1,702,042		—		—		1,702,042
Machinery		1,533,503		—		—		1,533,503
Technology Hardware, Storage & Peripherals		1,446,271		—		—		1,446,271
Pharmaceuticals		1,332,646		—		—		1,332,646
Specialized REITs		1,295,952		—		—		1,295,952
Electrical Equipment		1,232,139		—		—		1,232,139
Textiles, Apparel & Luxury Goods		1,006,543		—		—		1,006,543
Personal Care Products		627,164		—		—		627,164
Total Common Stock		134,798,545		—		—		134,798,545
Money Market Investments		329,477		—		—		329,477
Total Investments	$	135,128,022	$	—	$	—	$	135,128,022

See accompanying Notes to Financial Statements.

25

TCW Relative Value Mid Cap Fund

Schedule of Investments (Unaudited)

Issues	Shares		Value
COMMON STOCK — 96.8% of Net Assets
Aerospace & Defense — 3.1%
Textron, Inc.		31,588	$	2,672,029
Air Freight & Logistics — 2.9%
CH Robinson Worldwide, Inc.		9,648		685,008
FedEx Corp.		7,060		1,848,167
				2,533,175
Banks — 5.6%
First Citizens BancShares, Inc.		796		1,342,661
Popular, Inc.		41,197		3,501,333
				4,843,994
Broadline Retail — 0.4%
eBay, Inc.		6,847		352,894
Building Products — 1.1%
Carlisle Cos., Inc.		2,429		943,059
Capital Markets — 2.8%
Evercore, Inc.		5,665		1,028,198
Interactive Brokers Group, Inc.		12,260		1,411,371
				2,439,569
Chemicals — 2.1%
Corteva, Inc.		15,520		840,098
DuPont de Nemours, Inc.		13,562		983,245
				1,823,343
Construction & Engineering — 1.8%
Arcosa, Inc.		20,430		1,553,089
Consumer Finance — 1.3%
OneMain Holdings, Inc.		21,603		1,125,732
Consumer Staples Distribution & Retail — 2.5%
Dollar Tree, Inc. (1)		10,423		1,232,520
Sprouts Farmers Market, Inc. (1)		13,683		903,488
				2,136,008
Electronic Equipment, Instruments & Components — 5.0%
Avnet, Inc.		29,445		1,438,977
Flex Ltd. (1)		101,606		2,911,012
				4,349,989
Energy Equipment & Services — 2.9%
Baker Hughes Co.		46,421		1,514,253
NOV, Inc.		55,896		1,033,517
				2,547,770
Financial Services — 9.1%
Apollo Global Management, Inc.		30,320		3,286,082
Corpay, Inc. (1)		7,849		2,371,497
Equitable Holdings, Inc.		59,476		2,195,259
				7,852,838

Issues	Shares		Value
Health Care Providers & Services — 7.5%
Acadia Healthcare Co., Inc. (1)		31,379	$	2,320,163
Centene Corp. (1)		32,572		2,379,710
Henry Schein, Inc. (1)		12,345		855,262
Molina Healthcare, Inc. (1)		2,884		986,617
				6,541,752
Health Care REITs — 1.6%
Welltower, Inc.		14,609		1,391,945
Hotels, Restaurants & Leisure — 2.4%
Darden Restaurants, Inc.		7,849		1,204,115
Travel & Leisure Co.		20,976		913,295
				2,117,410
Household Durables — 4.6%
Lennar Corp.		8,184		1,240,858
Toll Brothers, Inc.		23,365		2,783,005
				4,023,863
Independent Power and Renewable Electricity Producers — 1.6%
AES Corp.		79,070		1,415,353
Insurance — 4.5%
Arch Capital Group Ltd. (1)		36,536		3,417,577
Assured Guaranty Ltd.		6,018		461,581
				3,879,158
Machinery — 5.6%
AGCO Corp.		7,970		910,094
Manitowoc Co., Inc. (1)		81,097		981,274
Terex Corp.		5,774		323,633
Westinghouse Air Brake Technologies Corp.		16,216		2,612,073
				4,827,074
Marine Transportation — 1.5%
Kirby Corp. (1)		11,569		1,262,525
Media — 1.6%
Interpublic Group of Cos., Inc.		44,768		1,362,738
Metals & Mining — 2.0%
Freeport-McMoRan, Inc.		35,585		1,777,115
Multi-Utilities — 2.7%
NiSource, Inc.		45,607		1,270,611
Sempra		15,580		1,115,995
				2,386,606
Oil, Gas & Consumable Fuels — 3.9%
ConocoPhillips		6,671		838,011
Marathon Petroleum Corp.		6,535		1,187,540
Range Resources Corp.		23,267		835,518
Southwestern Energy Co. (1)		68,000		509,320
				3,370,389

See accompanying Notes to Financial Statements.

26

TCW Relative Value Mid Cap Fund

April 30, 2024

Issues	Shares		Value
Passenger Airlines — 1.2%
United Airlines Holdings, Inc. (1)		20,771	$	1,068,876
Personal Care Products — 1.8%
Coty, Inc. (1)		138,785		1,587,700
Professional Services — 0.8%
Jacobs Solutions, Inc.		4,704		675,165
Real Estate Management & Development — 2.6%
Jones Lang LaSalle, Inc. (1)		12,257		2,214,840
Retail REITs — 1.7%
SITE Centers Corp.		106,920		1,442,351
Semiconductors & Semiconductor Equipment — 0.6%
Analog Devices, Inc.		2,652		532,018
Specialized REITs — 0.7%
Weyerhaeuser Co.		19,145		577,605
Specialty Retail — 4.8%
Dick’s Sporting Goods, Inc.		8,311		1,670,012
Gap, Inc.		35,014		718,487
Guess?, Inc.		37,748		1,010,892
National Vision Holdings, Inc. (1)		9,439		164,427
Williams-Sonoma, Inc.		2,206		632,637
				4,196,455

Issues	Shares		Value
Technology Hardware, Storage & Peripherals — 1.5%
Seagate Technology Holdings PLC		14,751	$	1,267,258
Textiles, Apparel & Luxury Goods — 1.0%
Tapestry, Inc.		21,131		843,550
Total Common Stock
(Cost: $51,005,273)				83,935,235
MONEY MARKET INVESTMENTS — 3.1%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 5.25% (2)		2,667,729		2,667,729
Total Money Market Investments
(Cost: $2,667,729)				2,667,729
Total Investments (99.9%)
(Cost: $53,673,002)				86,602,964
Excess Of Other Assets Over Liabilities (0.1%)				48,898
Net Assets (100.0%)			$	86,651,862

Notes to the Schedule of Investments:

(1) Non-income producing security.

(2) Rate disclosed is the 7-day net yield as of April 30, 2024.

See accompanying Notes to Financial Statements.

27

TCW Relative Value Mid Cap Fund

Investments by Sector (Unaudited) April 30, 2024

Sector	Percentage of Net Assets
Financial Services		9.1	%
Health Care Providers & Services		7.5
Banks		5.6
Machinery		5.6
Electronic Equipment, Instruments & Components		5.0
Specialty Retail		4.8
Household Durables		4.6
Insurance		4.5
Oil, Gas & Consumable Fuels		3.9
Aerospace & Defense		3.1
Money Market Investments		3.1
Air Freight & Logistics		2.9
Energy Equipment & Services		2.9
Capital Markets		2.8
Multi-Utilities		2.7
Real Estate Management & Development		2.6
Consumer Staples Distribution & Retail		2.5
Hotels, Restaurants & Leisure		2.4
Chemicals		2.1
Metals & Mining		2.0
Construction & Engineering		1.8
Personal Care Products		1.8
Retail REITs		1.7
Health Care REITs		1.6
Independent Power and Renewable Electricity Producers		1.6
Media		1.6
Marine Transportation		1.5
Technology Hardware, Storage & Peripherals		1.5
Consumer Finance		1.3
Passenger Airlines		1.2
Building Products		1.1
Textiles, Apparel & Luxury Goods		1.0
Professional Services		0.8
Specialized REITs		0.7
Semiconductors & Semiconductor Equipment		0.6
Broadline Retail		0.4
Total		99.9	%

See accompanying Notes to Financial Statements.

28

TCW Relative Value Mid Cap Fund

Fair Valuation Summary (Unaudited) April 30, 2024

The following is a summary of the fair valuations according to the inputs used as of April 30, 2024 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
Financial Services	$	7,852,838	$	—	$	—	$	7,852,838
Health Care Providers & Services		6,541,752		—		—		6,541,752
Banks		4,843,994		—		—		4,843,994
Machinery		4,827,074		—		—		4,827,074
Electronic Equipment, Instruments & Components		4,349,989		—		—		4,349,989
Specialty Retail		4,196,455		—		—		4,196,455
Household Durables		4,023,863		—		—		4,023,863
Insurance		3,879,158		—		—		3,879,158
Oil, Gas & Consumable Fuels		3,370,389		—		—		3,370,389
Aerospace & Defense		2,672,029		—		—		2,672,029
Energy Equipment & Services		2,547,770		—		—		2,547,770
Air Freight & Logistics		2,533,175		—		—		2,533,175
Capital Markets		2,439,569		—		—		2,439,569
Multi-Utilities		2,386,606		—		—		2,386,606
Real Estate Management & Development		2,214,840		—		—		2,214,840
Consumer Staples Distribution & Retail		2,136,008		—		—		2,136,008
Hotels, Restaurants & Leisure		2,117,410		—		—		2,117,410
Chemicals		1,823,343		—		—		1,823,343
Metals & Mining		1,777,115		—		—		1,777,115
Personal Care Products		1,587,700		—		—		1,587,700
Construction & Engineering		1,553,089		—		—		1,553,089
Retail REITs		1,442,351		—		—		1,442,351
Independent Power and Renewable Electricity Producers		1,415,353		—		—		1,415,353
Health Care REITs		1,391,945		—		—		1,391,945
Media		1,362,738		—		—		1,362,738
Technology Hardware, Storage & Peripherals		1,267,258		—		—		1,267,258
Marine Transportation		1,262,525		—		—		1,262,525
Consumer Finance		1,125,732		—		—		1,125,732
Passenger Airlines		1,068,876		—		—		1,068,876
Building Products		943,059		—		—		943,059
Textiles, Apparel & Luxury Goods		843,550		—		—		843,550
Professional Services		675,165		—		—		675,165
Specialized REITs		577,605		—		—		577,605
Semiconductors & Semiconductor Equipment		532,018		—		—		532,018
Broadline Retail		352,894		—		—		352,894
Total Common Stock		83,935,235		—		—		83,935,235
Money Market Investments		2,667,729		—		—		2,667,729
Total Investments	$	86,602,964	$	—	$	—	$	86,602,964

See accompanying Notes to Financial Statements.

29

TCW Select Equities Fund

Schedule of Investments (Unaudited)

Issues	Shares		Value
COMMON STOCK — 98.3% of Net Assets
Broadline Retail — 6.5%
Amazon.com, Inc. (1)		234,633	$	41,060,775
Capital Markets — 3.1%
S&P Global, Inc.		46,645		19,396,390
Commercial Services & Supplies — 2.0%
Waste Connections, Inc. (Canada)		77,449		12,553,708
Consumer Staples Distribution & Retail — 3.4%
Costco Wholesale Corp.		29,930		21,636,397
Financial Services — 8.1%
Mastercard, Inc.		48,849		22,040,669
Visa, Inc.		108,592		29,168,897
				51,209,566
Health Care Equipment & Supplies — 7.3%
Boston Scientific Corp. (1)		239,402		17,205,822
Dexcom, Inc. (1)		108,626		13,837,866
Intuitive Surgical, Inc. (1)		40,468		14,998,250
				46,041,938
Health Care Providers & Services — 2.6%
UnitedHealth Group, Inc.		33,445		16,177,346
Interactive Media & Services — 10.3%
Alphabet, Inc. — Class C (1)		276,595		45,538,601
Meta Platforms, Inc.		45,857		19,726,305
				65,264,906
IT Services — 4.3%
Gartner, Inc. (1)		28,791		11,878,879
Shopify, Inc. (1)		140,467		9,860,783
Snowflake, Inc. (1)		34,705		5,386,216
				27,125,878
Media — 1.9%
Trade Desk, Inc. (1)		142,310		11,790,384
Pharmaceuticals — 2.3%
Zoetis, Inc.		91,574		14,582,244
Semiconductors & Semiconductor Equipment — 14.6%
ASML Holding NV (Netherlands)		20,523		17,905,702
NVIDIA Corp.		85,888		74,208,950
				92,114,652
Software — 24.7%
Adobe, Inc. (1)		29,684		13,738,646
Cadence Design Systems, Inc. (1)		27,984		7,713,230
Crowdstrike Holdings, Inc. (1)		66,590		19,480,238
Microsoft Corp.		112,399		43,760,303
Palo Alto Networks, Inc. (1)		50,750		14,762,667
Salesforce, Inc.		68,588		18,446,057
ServiceNow, Inc. (1)		54,689		37,917,524
				155,818,665

Issues	Shares		Value
Specialized REITs — 1.9%
American Tower Corp.		69,435	$	11,912,269
Specialty Retail — 5.3%
Home Depot, Inc.		41,180		13,763,180
O’Reilly Automotive, Inc. (1)		10,728		10,870,253
Ulta Beauty, Inc. (1)		21,627		8,755,475
				33,388,908
Total Common Stock
(Cost: $218,902,536)				620,074,026
MONEY MARKET INVESTMENTS — 1.9%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 5.25% (2)		12,025,115		12,025,115
Total Money Market Investments
(Cost: $12,025,115)				12,025,115
Total Investments (100.2%)
(Cost: $230,927,651)				632,099,141
Liabilities In Excess Of Other Assets (-0.2%)				(1,012,016	)
Net Assets (100.0%)			$	631,087,125

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, 2024.

See accompanying Notes to Financial Statements.

30

TCW Select Equities Fund

Investments by Sector (Unaudited) April 30, 2024

Sector	Percentage of Net Assets
Software		24.7	%
Semiconductors & Semiconductor Equipment		14.6
Interactive Media & Services		10.3
Financial Services		8.1
Health Care Equipment & Supplies		7.3
Broadline Retail		6.5
Specialty Retail		5.3
IT Services		4.3
Consumer Staples Distribution & Retail		3.4
Capital Markets		3.1
Health Care Providers & Services		2.6
Pharmaceuticals		2.3
Commercial Services & Supplies		2.0
Media		1.9
Specialized REITs		1.9
Money Market Investments		1.9
Total		100.2	%

See accompanying Notes to Financial Statements.

31

TCW Select Equities Fund

Fair Valuation Summary (Unaudited) April 30, 2024

The following is a summary of the fair valuations according to the inputs used as of April 30, 2024 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
Software	$	155,818,665	$	—	$	—	$	155,818,665
Semiconductors & Semiconductor Equipment		92,114,652		—		—		92,114,652
Interactive Media & Services		65,264,906		—		—		65,264,906
Financial Services		51,209,566		—		—		51,209,566
Health Care Equipment & Supplies		46,041,938		—		—		46,041,938
Broadline Retail		41,060,775		—		—		41,060,775
Specialty Retail		33,388,908		—		—		33,388,908
IT Services		27,125,878		—		—		27,125,878
Consumer Staples Distribution & Retail		21,636,397		—		—		21,636,397
Capital Markets		19,396,390		—		—		19,396,390
Health Care Providers & Services		16,177,346		—		—		16,177,346
Pharmaceuticals		14,582,244		—		—		14,582,244
Commercial Services & Supplies		12,553,708		—		—		12,553,708
Specialized REITs		11,912,269		—		—		11,912,269
Media		11,790,384		—		—		11,790,384
Total Common Stock		620,074,026		—		—		620,074,026
Money Market Investments		12,025,115		—		—		12,025,115
Total Investments	$	632,099,141	$	—	$	—	$	632,099,141

See accompanying Notes to Financial Statements.

32

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited) April 30, 2024

	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)	$	59,189,987	$	1,454,891		$	27,986,542		$	180,669,256
Investment in Affiliated Issuers, at Value		—		29,362,922	(2)		—			—
Foreign Currency, at Value (3)		—		—			—			143
Receivable for Securities Sold		—		300,377			—			4,558,295
Receivable for Fund Shares Sold		87,913		—			120			18,864
Dividends Receivable		19,988		896			35,982			474
Foreign Tax Reclaims Receivable		—		—			14,716			—
Receivable from Investment Advisor		19,720		2,172			11,485			—
Cash Collateral Held for Brokers		—		—			—			3
Prepaid Expenses		3,382		21,694			22,511			3,452
Total Assets		59,320,990		31,142,952			28,071,356			185,250,487
LIABILITIES
Payable for Securities Purchased		92,305		—			—			—
Payable for Fund Shares Redeemed		—		—			107,380			19,448
Disbursements in Excess of Available Cash		—		171,277			—			4,505,855
Accrued Directors’ Fees and Expenses		16,054		16,954			16,954			16,025
Deferred Accrued Directors’ Fees and Expenses		259		761			761			260
Accrued Management Fees		37,099		—			19,843			110,421
Accrued Distribution Fees		—		116			1,721			—
Transfer Agent Fees Payable		4,557		3,622			7,645			15,022
Administration Fee Payable		14,455		—			—			24,315
Audit Fees Payable		1,951		13,120			17,201			2,405
Accounting Fees Payable		4,221		1,036			1,800			9,690
Custodian Fees Payable		5,319		6,041			8,655			8,136
Legal Fees Payable		—		—			59			—
Other Accrued Expenses		2,238		11,926			6,745			2,429
Total Liabilities		178,458		224,853			188,764			4,714,006
NET ASSETS	$	59,142,532	$	30,918,099		$	27,882,592		$	180,536,481
NET ASSETS CONSIST OF:
Paid-in Capital	$	49,774,928	$	29,171,845		$	36,853,190		$	88,873,744
Accumulated Earnings (Loss)		9,367,604		1,746,254			(8,970,598	)		91,662,737
NET ASSETS	$	59,142,532	$	30,918,099		$	27,882,592		$	180,536,481
NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	59,142,532	$	30,392,699		$	20,234,814		$	180,536,481
N Class Share	$	—	$	525,400		$	7,647,778		$	—
CAPITAL SHARES OUTSTANDING: (4)
I Class Share		2,439,763		2,686,757			1,806,854			5,744,552
N Class Share		—		46,358			683,723			—
NET ASSET VALUE PER SHARE: (5)
I Class Share	$	24.24	$	11.31		$	11.20		$	31.43
N Class Share	$	—	$	11.33		$	11.19		$	—

(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, 2024 was $47,243,790, $1,220,032, $26,931,354 and $95,831,216, respectively.

(2) The identified cost for the TCW Conservative Allocation Fund at April 30, 2024 was $28,390,236.

(3) The identified cost for the TCW New America Premier Equities Fund at April 30, 2024 was $144.

(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.

33

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited) April 30, 2024

	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)	$	284,066,927	$	135,128,022	$	86,602,964	$	632,099,141
Receivable for Securities Sold		2,847,036		1,425,884		—		—
Receivable for Fund Shares Sold		638,680		17,048		293		1,114,468
Dividends Receivable		399,068		162,896		163,731		170,319
Foreign Tax Reclaims Receivable		258,326		—		—		—
Receivable from Investment Advisor		29,899		7,074		9,309		14,953
Prepaid Expenses		26,712		23,212		20,704		36,183
Total Assets		288,266,648		136,764,136		86,797,001		633,435,064
LIABILITIES
Payable for Securities Purchased		780,892		1,515,430		—		1,289,123
Payable for Fund Shares Redeemed		133,550		70,361		7,581		325,561
Accrued Directors’ Fees and Expenses		16,908		16,936		16,944		16,843
Deferred Accrued Directors’ Fees and Expenses		761		761		761		761
Accrued Management Fees		152,807		72,646		53,605		370,289
Accrued Distribution Fees		43,840		2,200		2,996		29,086
Transfer Agent Fees Payable		39,480		17,785		14,714		95,819
Administration Fee Payable		18,111		4,205		523		47,321
Audit Fees Payable		19,127		52,376		19,025		20,413
Accounting Fees Payable		22,310		8,866		5,247		72,530
Custodian Fees Payable		25,043		14,684		13,250		60,636
Other Accrued Expenses		5,604		11,948		10,493		19,557
Total Liabilities		1,258,433		1,788,198		145,139		2,347,939
NET ASSETS	$	287,008,215	$	134,975,938	$	86,651,862	$	631,087,125
NET ASSETS CONSIST OF:
Paid-in Capital	$	164,733,597	$	71,681,847	$	49,619,417	$	174,164,303
Accumulated Earnings (Loss)		122,274,618		63,294,091		37,032,445		456,922,822
NET ASSETS	$	287,008,215	$	134,975,938	$	86,651,862	$	631,087,125
NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	90,201,877	$	125,503,394	$	73,139,178	$	502,628,514
N Class Share	$	196,806,338	$	9,472,544	$	13,512,684	$	128,458,611
CAPITAL SHARES OUTSTANDING: (2)
I Class Share		4,039,817		8,450,051		2,626,513		17,434,288
N Class Share		8,613,806		640,075		502,157		5,612,952
NET ASSET VALUE PER SHARE: (3)
I Class Share	$	22.33	$	14.85	$	27.85	$	28.83
N Class Share	$	22.85	$	14.80	$	26.91	$	22.89

(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, 2024 was $164,269,259, $75,368,571, $53,673,002 and $230,927,651, 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.

34

TCW Funds, Inc.

Statements of Operations (Unaudited) Six Months Ended April 30, 2024

	TCW Artificial Intelligence Equity Fund			TCW Conservative Allocation Fund			TCW Global Real Estate Fund			TCW New America Premier Equities Fund
INVESTMENT INCOME
Income:
Dividends	$	127,635	(1)	$	16,798		$	439,551	(1)	$	751,152	(1)
Dividends from Investment in Affiliated Issuers		—			574,929			—			—
Total		127,635			591,727			439,551			751,152
Expenses:
Management Fees		150,987			—			108,816			622,766
Accounting Services Fees		477			1,148			1,518			645
Administration Fees		23,121			1,170			1,264			22,830
Transfer Agent Fees:
I Class		12,594			5,164			6,439			33,657
N Class		4,330			3,723			5,888			11,618
Custodian Fees		—			2,473			4,254			—
Professional Fees		1,084			9,771			12,869			4,091
Directors’ Fees and Expenses		21,796			23,198			23,198			21,796
Registration Fees:
I Class		24,194			7,747			7,090			20,538
N Class		20,761			7,747			7,016			22,240
Distribution Fees:
N Class		6,439			591			10,126			25,608
Compliance Expense		—			582			582			—
Shareholder Reporting Expense		3,477			1,014			1,294			5,570
Other		5,574			1,871			1,961			7,033
Total		274,834			66,199			192,315			798,392
Less Expenses Borne by Investment Advisor:
I Class		(45,990	)		—			(36,620	)		—
N Class		(33,478	)		(11,127	)		(29,229	)		(25,482	)
Net Expenses		195,366			55,072			126,466			772,910
Net Investment Income (Loss)		(67,731	)		536,655			313,085			(21,758	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		(346,315	)		—			(38,063	)		8,757,305
Investments in Affiliated Issuers		—			356,834			—			—
Realized Gain Received as Distribution from Affiliated Issuers		—			346,893			—			—
Foreign Currency		(726	)		—			(5,893	)		7,351
Options Written		—			—			31,939			—
Change in Unrealized Appreciation on:
Investments		8,585,146			191,410			3,817,417			28,612,160
Foreign Currency		3			—			(362	)		(1	)
Investments in Affiliated Issuers		—			1,657,799			—			—
Options Written		—			—			(18,742	)		—
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		8,238,108			2,552,936			3,786,296			37,376,815
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,170,377		$	3,089,591		$	4,099,381		$	37,355,057

(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 $4,344, $11,770 and $14,892, respectively.

See accompanying Notes to Financial Statements.

35

TCW Funds, Inc.

Statements of Operations (Unaudited) Six Months Ended April 30, 2024

	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	$	3,474,189	(1)	$	1,260,013		$	744,251	(1)	$	2,407,283	(1)
Total		3,474,189			1,260,013			744,251			2,407,283
Expenses:
Management Fees		817,152			378,132			287,128			2,042,326
Accounting Services Fees		9,350			4,214			2,913			26,989
Administration Fees		10,634			4,722			3,174			22,822
Transfer Agent Fees:
I Class		21,901			34,665			27,895			180,450
N Class		87,089			6,595			8,045			56,894
Custodian Fees		8,969			5,444			4,982			20,829
Professional Fees		20,025			9,825			15,975			28,205
Directors’ Fees and Expenses		23,198			23,198			23,198			23,198
Registration Fees:
I Class		8,461			8,649			7,702			12,649
N Class		8,201			7,158			7,710			8,242
Distribution Fees:
N Class		237,790			11,892			16,483			158,655
Compliance Expense		582			582			582			582
Shareholder Reporting Expense		2,994			2,695			2,717			3,532
Other		9,203			3,157			2,517			23,943
Total		1,265,549			500,928			411,021			2,609,316
Less Expenses Borne by Investment Advisor:
I Class		(14,537	)		(34,523	)		(30,659	)		—
N Class		(120,651	)		(16,406	)		(25,121	)		(77,268	)
Net Expenses		1,130,361			449,999			355,241			2,532,048
Net Investment Income (Loss)		2,343,828			810,014			389,010			(124,765	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		5,513,221			4,011,016			4,885,417			57,173,467
Foreign Currency		—			—			—			(145	)
Change in Unrealized Appreciation (Depreciation) on:
Investments		46,963,700			19,552,756			10,728,173			88,074,829
Net Realized and Unrealized Gain (Loss) on Investments		52,476,921			23,563,772			15,613,590			145,248,151
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	54,820,749		$	24,373,786		$	16,002,600		$	145,123,386

(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 $41,306, $5,276 and $22,828, respectively.

See accompanying Notes to Financial Statements.

36

TCW Funds, Inc.

Statements of Changes in Net Assets (Unaudited)

	TCW Artificial Intelligence Equity Fund						TCW Conservative Allocation Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023
OPERATIONS
Net Investment Income (Loss)	$	(67,731	)	$	(37,745	)	$	536,655		$	862,451
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(347,041	)		(505,919	)		703,727			(250,522	)
Change in Unrealized Appreciation on Investments and Foreign Currency Transactions		8,585,149			2,670,335			1,849,209			528,793
Increase in Net Assets Resulting from Operations		8,170,377			2,126,671			3,089,591			1,140,722
DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		—			—			(911,222	)		(1,303,274	)
NET CAPITAL SHARE TRANSACTIONS
I Class		31,539,054			11,306,051			1,069,813			(297,406	)
N Class		(5,279,776	)		306,020			187,132			(28,153	)
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		26,259,278			11,612,071			1,256,945			(325,559	)
Increase (Decrease) in Net Assets		34,429,655			13,738,742			3,435,314			(488,111	)
NET ASSETS
Beginning of period		24,712,877			10,974,135			27,482,785			27,970,896
End of period	$	59,142,532		$	24,712,877		$	30,918,099		$	27,482,785

See accompanying Notes to Financial Statements.

37

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, 2024 (Unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023
OPERATIONS
Net Investment Income (Loss)	$	313,085		$	733,837		$	(21,758	)	$	371,160
Net Realized Gain (Loss) on Investments, Options Written and Foreign Currency Transactions		(12,017	)		(2,539,961	)		8,764,656			4,389,252
Change in Unrealized Appreciation on Investments, Options Written and Foreign Currency Transactions		3,798,313			701,592			28,612,159			19,815,695
Increase (Decrease) in Net Assets Resulting from Operations		4,099,381			(1,104,532	)		37,355,057			24,576,107
DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(285,181	)		(424,761	)		(295,115	)		(6,701	)
NET CAPITAL SHARE TRANSACTIONS
I Class		1,661,448			(609,032	)		2,428,632			(3,710,481	)
N Class		(1,189,582	)		(3,614,047	)		(26,383,814	)		(1,294,103	)
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		471,866			(4,223,079	)		(23,955,182	)		(5,004,584	)
Increase (Decrease) in Net Assets		4,286,066			(5,752,372	)		13,104,760			19,564,822
NET ASSETS
Beginning of period		23,596,526			29,348,898			167,431,721			147,866,899
End of period	$	27,882,592		$	23,596,526		$	180,536,481		$	167,431,721

See accompanying Notes to Financial Statements.

38

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, 2024 (Unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023
OPERATIONS
Net Investment Income	$	2,343,828		$	4,601,801		$	810,014		$	1,701,291
Net Realized Gain on Investments		5,513,221			7,879,414			4,011,016			4,506,070
Change in Unrealized Appreciation (Depreciation) on Investments		46,963,700			(3,259,810	)		19,552,756			(1,916,031	)
Increase in Net Assets Resulting from Operations		54,820,749			9,221,405			24,373,786			4,291,330
DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(9,571,258	)		(15,095,694	)		(5,565,055	)		(7,648,805	)
NET CAPITAL SHARE TRANSACTIONS
I Class		6,496,485			1,735,314			10,990,975			(825,922	)
N Class		(4,915,375	)		(5,460,294	)		(330,074	)		(405,636	)
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		1,581,110			(3,724,980	)		10,660,901			(1,231,558	)
Increase (Decrease) in Net Assets		46,830,601			(9,599,269	)		29,469,632			(4,589,033	)
NET ASSETS
Beginning of period		240,177,614			249,776,883			105,506,306			110,095,339
End of period	$	287,008,215		$	240,177,614		$	134,975,938		$	105,506,306

See accompanying Notes to Financial Statements.

39

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, 2024 (Unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023
OPERATIONS
Net Investment Income (Loss)	$	389,010		$	648,412		$	(124,765	)	$	(1,062,270	)
Net Realized Gain on Investments and Foreign Currency Transactions		4,885,417			1,275,486			57,173,322			79,884,872
Change in Unrealized Appreciation (Depreciation) on Investments		10,728,173			(941,368	)		88,074,829			15,375,183
Increase in Net Assets Resulting from Operations		16,002,600			982,530			145,123,386			94,197,785
DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(1,888,880	)		(1,893,519	)		(71,728,688	)		(90,886,566	)
NET CAPITAL SHARE TRANSACTIONS
I Class		1,685,647			(2,312,629	)		12,285,416			(38,612,039	)
N Class		(595,112	)		(1,236,101	)		9,878,856			3,302,527
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		1,090,535			(3,548,730	)		22,164,272			(35,309,512	)
Increase (Decrease) in Net Assets		15,204,255			(4,459,719	)		95,558,970			(31,998,293	)
NET ASSETS
Beginning of period		71,447,607			75,907,326			535,528,155			567,526,448
End of period	$	86,651,862		$	71,447,607		$	631,087,125		$	535,528,155

See accompanying Notes to Financial Statements.

40

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) April 30, 2024

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”). As of April 30, 2024, the Company consisted of 16 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 Funds
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. Effective May 6, 2024, the Fund was reorganized into the TCW Artificial Intelligence ETF, a newly-created series of TCW ETF Trust.
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. Effective May 6, 2024, the Fund was reorganized into the TCW Compounders ETF, a newly-created series of the TCW ETF Trust.

41

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

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. Effective June 14, 2024, the Fund was reorganized into the TCW Relative Value Large Cap Fund, a series of the Trust.
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. During the reporting period, the Fund defined large-capitalization companies as those with a market capitalization of greater than $1 billion at the time of purchase. Effective May 1, 2024, the Fund’s definition of large-capitalization companies changed to those with market capitalizations, at the time of acquisition, within the capitalization range of the companies comprising the Russell 1000® Value Index, the Fund’s benchmark index. As of December 31, 2023, the market capitalization of companies included the Russell 1000® Value Index was between $270 million and $774 billion.
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.

42

TCW Funds, Inc.

April 30, 2024

Note 1 — Organization (Continued)

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 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 were valued at the latest sale price on the exchange. Securities traded on the NASDAQ stock market (“NASDAQ”) were valued during the period using official closing prices as reported by NASDAQ, which may not have been the last sale price. Options on equity securities and options on indexes were 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 were valued based on the NAV per share as reported by the investment companies. All other securities for which over-the-counter (“OTC”) market quotations were readily available, including short-term securities, swap agreements and forward currency exchange contracts, were valued with prices furnished by independent pricing services or by broker-dealers.

Pursuant to Rule 2a-5 under the 1940 Act, the Company’s Board of Directors (the “Board”, and each member thereof, a “Director”) has designated the Advisor as the “valuation designee” with respect to the fair valuation of the Fund’s portfolio securities, subject to oversight by and periodic reporting to the Board. Fair valued securities are those for which market quotations were not readily available, including in circumstances under which it was determined by the Advisor that prices received were not reflective of their market values.

The Advisor, as the valuation designee, uses a fair valuation methodology for foreign equity securities (exclusive of certain Latin American and Canadian equity securities). This methodology is designed to address the effect of movements in the U.S. market on the securities traded on foreign exchanges that have been closed for a period of time due to time zone 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 was utilized each trading day and was not dependent on certain thresholds or triggers.

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

43

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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.

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

44

TCW Funds, Inc.

April 30, 2024

Note 2 — Significant Accounting Policies (Continued)

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-the-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.

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, 2024 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 NEW AMERICA PREMIER EQUITIES FUND	WARRANTS	TOTAL
Balance as of October 31, 2023	$ 1	$	1
Accrued Discounts (Premiums)	—		—
Realized Gain (Loss)	—		—
Change in Unrealized Appreciation (Depreciation)*	—		—
Purchases	—		—
Sales	—		—
Transfers in to Level 3	—		—
Transfers out of Level 3	—		—
Balance as of April 30, 2024	$ 1	$	1

* The change in unrealized appreciation (depreciation) on securities still held at April 30, 2024 was $0 and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.

Significant unobservable valuation inputs for Level 3 investments as of April 30, 2024 are as follows:

Description

Fair Value at April 30, 2024

Valuation Techniques

Unobservable Input

Price or Price Range

Average Weighted Price

Impact to Valuation If Input Increases

TCW New America Premier Equities Fund

Warrants

$

1

Broker Quote

Offered Quote

$

0.000

*

$

0.000

*

Increase

* Amount rounds to less than $0.0005.

45

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

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 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.

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.

46

TCW Funds, Inc.

April 30, 2024

Note 2 — Significant Accounting Policies (Continued)

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, 2024, the TCW Global Real Estate Fund had derivatives and transactions in derivatives, grouped in the following risk category:

TCW Global Real Estate Fund	Equity Risk
Statement of Operations:
Net Realized Gain (Loss)
Investments (1)	$	121,035
Options Written		31,939
Net Realized Gain (Loss)	$	152,974
Net Change in Appreciation (Depreciation)
Investments (2)		(20,923	)
Options Written		(18,742	)
Net Change in Appreciation (Depreciation)	$	(39,665	)
Number of Contracts or Notional Amounts (3)
Options Purchased		356
Options Written		135

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

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

(3) Amount disclosed represents average notional amounts which are representative of the volume traded for the period ended April 30, 2024.

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

47

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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 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

48

TCW Funds, Inc.

April 30, 2024

Note 2 — Significant Accounting Policies (Continued)

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, 2024.

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, 2024.

49

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 3 — Portfolio Investments (Continued)

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, 2024.

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, 2024.

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 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.

50

TCW Funds, Inc.

April 30, 2024

Note 3 — Portfolio Investments (Continued)

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, 2024, 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 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.

51

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 4 — Risk Considerations (Continued)

Concentration Risk: Although the TCW New America Premier Equities Fund and TCW Select Equities Fund technically remain diversified funds, as of the end of the reporting period, the relative increase in the market value of certain holdings has made each Fund’s portfolio sufficiently concentrated that investors in the Fund are subject to the same risks as investing in a non-diversified mutual fund. Non-diversification risk is the risk that the Fund may be more susceptible to any single economic, political or regulatory event than a diversified fund because a higher percentage of the Fund’s assets may be invested in the securities of a limited number of issuers. There can be no assurances as to when or whether each Fund will become less concentrated.

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, 2024, 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	$	12,438,467	$	(953,809	)	$	11,484,658	$	47,705,329
TCW Conservative Allocation Fund		3,396,225		(2,701,812	)		694,413		30,123,400
TCW Global Real Estate Fund		2,988,128		(2,397,272	)		590,856		27,395,686
TCW New America Premier Equities Fund		85,174,039		(490,279	)		84,683,760		95,985,496
TCW Relative Value Dividend Appreciation Fund		120,289,988		(3,136,349	)		117,153,639		166,913,288
TCW Relative Value Large Cap Fund		60,218,091		(1,230,460	)		58,987,631		76,140,391
TCW Relative Value Mid Cap Fund		33,398,569		(749,263	)		32,649,306		53,953,658
TCW Select Equities Fund		404,675,750		(4,922,846	)		399,752,904		232,346,237

At October 31, 2023, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Gain		Total Distributable Earnings
TCW Conservative Allocation Fund	$	673,081	$	—	$	673,081
TCW New America Premier Equities Fund		120,742		—		120,742
TCW Global Real Estate Fund		96,484		—		96,484
TCW Relative Value Dividend Appreciation Fund		354,565		7,477,960		7,832,525
TCW Relative Value Large Cap Fund		1,311,495		3,949,839		5,261,334
TCW Relative Value Mid Cap Fund		114,490		1,266,145		1,380,635
TCW Select Equities Fund		—		71,729,770		71,729,770

52

TCW Funds, Inc.

April 30, 2024

Note 5 — Federal Income Taxes (Continued)

For the fiscal year ended October 31, 2023, the tax character of distributions paid was as follows :

	Ordinary Income		Long-Term Capital Gain		Total Distributions
TCW Conservative Allocation Fund	$	569,886	$	733,388	$	1,303,274
TCW Global Real Estate Fund		424,761		—		424,761
TCW New America Premier Equities Fund		6,701		—		6,701
TCW Relative Value Dividend Appreciation Fund		4,343,754		10,751,940		15,095,694
TCW Relative Value Large Cap Fund		1,637,144		6,011,662		7,648,806
TCW Relative Value Mid Cap Fund		634,208		1,259,311		1,893,519
TCW Select Equities Fund		—		90,886,566		90,886,566

At October 31, 2023, the following Funds had net realized losses that will be carried forward indefinitely for federal income tax purposes:

	Short-Term Capital Losses		Long-Term Capital Losses		Total
TCW Artificial Intelligence Equity Fund	$	918,550	$	1,045,926	$	1,964,476
TCW Conservative Allocation Fund		—		72,358		72,358
TCW Global Real Estate Fund		8,247,454		1,304,928		9,552,382
TCW New America Premier Equities Fund		1,448,978		—		1,448,978

The Funds did not have any unrecognized tax benefits at April 30, 2024, nor were there any increases or decreases in unrecognized tax benefits for the period ended April 30, 2024. 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 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)
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	1.06	% (2)

53

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

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

TCW Relative Value Dividend Appreciation Fund
I Class	0.70	% (1)
N Class	0.85	% (1)
TCW Relative Value Large Cap Fund
I Class	0.70	% (1)
N Class	0.85	% (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, 2024. These limitations are voluntary and terminable in a six months’ notice.

Any advisory fee reduced or withheld, or expense reimbursement paid, pursuant to the Expense Limitation Agreement will be reimbursed by the appropriate Fund to the Advisor in the first, second or third fiscal year after the fiscal year of the reduction or reimbursement. The Advisor may not receive reimbursement for previous reductions or reimbursements before payment of a Fund’s operating expenses for the current year, and cannot cause a Fund to exceed the expense limitation in effect for that Fund (i) at the time the fees and expenses would have been incurred or (ii) at the time the Advisor would recoup that reduction or reimbursement. In addition, any recoupment may not exceed any more restrictive limitation to which the Advisor has agreed.

At April 30, 2024, the balance of recoupable expenses with expiration dates for the Funds were as follows:

Fund	Expires 10/31/2027		Expires 10/31/2026
TCW Artificial Intelligence Equity Fund	$	74,122	$	70,312
TCW Conservative Allocation Fund		11,127		21,985
TCW Global Real Estate Fund		34,250		78,729
TCW New America Premier Equities Fund		25,482		30,770
TCW Relative Value Dividend Appreciation Fund		135,188		246,331
TCW Relative Value Large Cap Fund		62,390		110,649
TCW Relative Value Mid Cap Fund		63,925		120,182
TCW Select Equities Fund		77,268		139,470
Total	$	483,752	$	818,428

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.

54

TCW Funds, Inc.

April 30, 2024

Note 8 — Transactions with Affiliates

The ownership percentage of the TCW Conservative Allocation Fund in each of the affiliated underlying funds at April 30, 2024 is as follows:

Name of Affiliated Fund	Ownership Percentage (1)
Metropolitan West High Yield Bond Fund		0.03	%
Metropolitan West Low Duration Bond Fund		0.15	%
Metropolitan West Total Return Bond Fund		0.01	%
Metropolitan West Unconstrained Bond Fund		0.05	%
TCW Artificial Intelligence Equity Fund		0.63	%
TCW Emerging Markets Income Fund		0.01	%
TCW Enhanced Commodity Strategy Fund		4.32	%
TCW Global Bond Fund		5.68	%
TCW Global Real Estate Fund		5.42	%
TCW New America Premier Equities Fund		1.10	%
TCW Relative Value Large Cap Fund		2.39	%
TCW Relative Value Mid Cap Fund		0.89	%
TCW Select Equities Fund		0.36	%
TCW Total Return Bond Fund		0.40	%

(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.

Note 9 — Purchases and Sales of Securities

Investment transactions (excluding short-term investments) for the six months ended April 30, 2024 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	$	32,778,530	$	7,898,806	$	—	$	—
TCW Conservative Allocation Fund		5,686,343		4,494,937		—		—
TCW Global Real Estate Fund		5,199,082		4,150,659		—		—
TCW New America Premier Equities Fund		24,062,766		46,540,590		—		—
TCW Relative Value Dividend Appreciation Fund		32,547,047		40,074,561		—		—
TCW Relative Value Large Cap Fund		25,734,384		19,440,580		—		—
TCW Relative Value Mid Cap Fund		14,687,967		16,917,722		—		—
TCW Select Equities Fund		52,232,470		104,608,107		—		—

55

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 10 — Capital Share Transactions

Transactions in each Fund’s shares were as follows:

TCW Artificial Intelligence Equity Fund	Six Months Ended April 30, 2024 (Unaudited)						Year Ended October 31, 2023
I Class	Shares			Amount			Shares			Amount
Shares Sold		1,390,305		$	33,213,356			1,045,470		$	19,419,928
Shares Sold — shares converted from N Class (1)		335,598			7,898,270			—			—
Shares Redeemed		(399,813	)		(9,572,572	)		(454,533	)		(8,113,877	)
Net Increase		1,326,090		$	31,539,054			590,937		$	11,306,051
N Class	Shares			Amount			Shares			Amount
Shares Sold		208,726		$	4,819,182			183,641		$	3,284,464
Shares Redeemed		(94,137	)		(2,200,688	)		(176,269	)		(2,978,444	)
Shares Redeemed — shares converted to I Class (1)		(337,456	)		(7,898,270	)		—			—
Net Decrease		(222,867	)	$	(5,279,776	)		7,372		$	306,020

⁽¹⁾ N Class shares were converted into I Class shares at the close of business on April 19, 2024.

TCW Conservative Allocation Fund	Six Months Ended April 30, 2024 (Unaudited)						Year Ended October 31, 2023
I Class	Shares			Amount			Shares			Amount
Shares Sold		135,222		$	1,543,615			60,434		$	653,546
Shares Issued upon Reinvestment of Dividends		78,306			887,216			122,846			1,271,450
Shares Redeemed		(119,237	)		(1,361,018	)		(205,301	)		(2,222,402	)
Net Increase		94,291		$	1,069,813			(22,021	)	$	(297,406	)
N Class	Shares			Amount			Shares			Amount
Shares Sold		15,417		$	179,424			2,051		$	22,475
Shares Issued upon Reinvestment of Dividends		1,242			14,107			1,353			14,048
Shares Redeemed		(563	)		(6,399	)		(5,993	)		(64,676	)
Net Increase		16,096		$	187,132			(2,589	)	$	(28,153	)
TCW Global Real Estate Fund	Six Months Ended April 30, 2024 (Unaudited)						Year Ended October 31, 2023
I Class	Shares			Amount			Shares			Amount
Shares Sold		302,407		$	3,469,491			484,788		$	5,181,030
Shares Issued upon Reinvestment of Dividends		15,915			186,016			24,560			259,411
Shares Redeemed		(177,620	)		(1,994,059	)		(563,913	)		(6,049,473	)
Net Increase		140,702		$	1,661,448			(54,565	)	$	(609,032	)
N Class	Shares			Amount			Shares			Amount
Shares Sold		36,786		$	418,323			134,772		$	1,495,099
Shares Issued upon Reinvestment of Dividends		7,121			83,056			13,699			144,573
Shares Redeemed		(152,044	)		(1,690,961	)		(483,858	)		(5,253,719	)
Net Decrease		(108,137	)	$	(1,189,582	)		(335,387	)	$	(3,614,047	)

56

TCW Funds, Inc.

April 30, 2024

Note 10 — Capital Share Transactions (Continued)

TCW New America Premier Equities Fund	Six Months Ended April 30, 2024 (Unaudited)						Year Ended October 31, 2023
I Class	Shares			Amount			Shares			Amount
Shares Sold		343,807		$	10,550,543			1,054,217		$	26,274,178
Shares Sold — shares converted from N Class (1)		826,378			25,868,131			—			—
Shares Issued upon Reinvestment of Dividends		7,525			225,005			243			5,457
Shares Redeemed		(1,090,479	)		(34,215,047	)		(1,204,249	)		(29,990,116	)
Net Increase		87,231		$	2,428,632			(149,789	)	$	(3,710,481	)
N Class	Shares			Amount			Shares			Amount
Shares Sold		35,868		$	1,108,449			94,467		$	2,371,333
Shares Issued upon Reinvestment of Dividends		785			23,219			40			888
Shares Redeemed		(53,723	)		(1,647,351	)		(146,033	)		(3,666,324	)
Shares Redeemed — shares converted to I Class (1)		(835,796	)		(25,868,131	)		—			—
Net Decrease		(852,866	)	$	(26,383,814	)		(51,526	)	$	(1,294,103	)

⁽¹⁾ N Class shares were converted into I Class shares at the close of business on April 19, 2024.

TCW Relative Value Dividend Appreciation Fund	Six Months Ended April 30, 2024 (Unaudited)						Year Ended October 31, 2023
I Class	Shares			Amount			Shares			Amount
Shares Sold		323,848		$	7,093,388			292,316		$	5,755,665
Shares Issued upon Reinvestment of Dividends		130,411			2,770,708			217,906			4,121,241
Shares Redeemed		(156,957	)		(3,367,611	)		(417,017	)		(8,141,592	)
Net Increase		297,302		$	6,496,485			93,205		$	1,735,314
N Class	Shares			Amount			Shares			Amount
Shares Sold		58,676		$	1,323,427			671,198		$	13,451,783
Shares Issued upon Reinvestment of Dividends		300,976			6,539,645			548,000			10,600,521
Shares Redeemed		(584,354	)		(12,778,447	)		(1,474,846	)		(29,512,598	)
Net Decrease		(224,702	)	$	(4,915,375	)		(255,648	)	$	(5,460,294	)
TCW Relative Value Large Cap Fund	Six Months Ended April 30, 2024 (Unaudited)						Year Ended October 31, 2023
I Class	Shares			Amount			Shares			Amount
Shares Sold		949,430		$	13,637,980			888,849		$	11,933,526
Shares Issued upon Reinvestment of Dividends		359,478			5,032,694			554,769			6,906,873
Shares Redeemed		(534,794	)		(7,679,699	)		(1,485,040	)		(19,666,321	)
Net Increase		774,114		$	10,990,975			(41,422	)	$	(825,922	)
N Class	Shares			Amount			Shares			Amount
Shares Sold		24,269		$	352,911			58,321		$	772,836
Shares Issued upon Reinvestment of Dividends		27,896			389,431			47,736			592,398
Shares Redeemed		(73,726	)		(1,072,416	)		(135,143	)		(1,770,870	)
Net Decrease		(21,561	)	$	(330,074	)		(29,086	)	$	(405,636	)

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, 2024 (Unaudited)						Year Ended October 31, 2023
I Class	Shares			Amount			Shares			Amount
Shares Sold		71,179		$	1,963,382			52,011		$	1,283,356
Shares Issued upon Reinvestment of Dividends		58,706			1,557,469			67,268			1,543,805
Shares Redeemed		(69,651	)		(1,835,204	)		(214,215	)		(5,139,790	)
Net Increase		60,234		$	1,685,647			(94,936	)	$	(2,312,629	)
N Class	Shares			Amount			Shares			Amount
Shares Sold		2,937		$	76,025			6,703		$	152,630
Shares Issued upon Reinvestment of Dividends		11,479			294,319			14,014			311,117
Shares Redeemed		(37,641	)		(965,456	)		(73,691	)		(1,699,848	)
Net Decrease		(23,225	)	$	(595,112	)		(52,974	)	$	(1,236,101	)
TCW Select Equities Fund	Six Months Ended April 30, 2024 (Unaudited)						Year Ended October 31, 2023
I Class	Shares			Amount			Shares			Amount
Shares Sold		1,425,975		$	40,943,593			2,779,100		$	66,010,765
Shares Issued upon Reinvestment of Dividends		1,442,118			38,648,774			2,479,457			50,630,514
Shares Redeemed		(2,350,918	)		(67,306,951	)		(6,279,122	)		(155,253,318	)
Net Increase		517,175		$	12,285,416			(1,020,565	)	$	(38,612,039	)
N Class	Shares			Amount			Shares			Amount
Shares Sold		246,127		$	5,681,425			223,311		$	4,640,869
Shares Issued upon Reinvestment of Dividends		758,599			16,150,575			1,132,993			18,932,316
Shares Redeemed		(519,956	)		(11,953,144	)		(1,017,188	)		(20,270,658	)
Net Increase		484,770		$	9,878,856			339,116		$	3,302,527

Note 11 — Affiliate Ownership

As of April 30, 2024, affiliates of the Funds and Advisor owned 34.37% and 5.48% of the net assets of 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, 2024.

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 Effective 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, 2024. The Funds pay the Bank a commitment fee equal to 0.25% per annum on any unused portion of the committed line amount. The commitment fees incurred by the

58

TCW Funds, Inc.

April 30, 2024

Note 13 — Committed Line Of Credit (Continued)

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 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 4, 2024, 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, 2023 (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.

Note 16 — New Accounting Pronouncement

In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 (1) clarifies the guidance in ASC 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and (2) requires specific disclosures related to such an equity security. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and interim periods within that fiscal year, with early adoption permitted. There have been no impacts to date.

Note 17 — Subsequent Events

Effective May 6, 2024, the TCW Artificial Intelligence Equity Fund and the TCW New America Premier Equities Fund, each a series of the Trust, were reorganized into the TCW Artificial Intelligence ETF and the TCW Compounders ETF, respectively, each a newly-created series of TCW ETF Trust.

Effective June 16, 2024, the TCW Relative Value Dividend Appreciation Fund, a series of the Trust, was reorganized into the TCW Relative Value Large Cap Fund, also a series of the Trust.

60

TCW Artificial Intelligence Equity Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net Asset Value per Share, Beginning of period	$	18.51		$	14.88		$	24.99		$	18.31		$	12.70		$	11.18
Income (Loss) from Investment Operations:
Net Investment Loss (1)		(0.04	)		(0.04	)		(0.07	)		(0.11	)		(0.06	)		(0.02	)
Net Realized and Unrealized Gain (Loss) on Investments		5.77			3.67			(8.97	)		6.79			5.67			1.54
Total from Investment Operations		5.73			3.63			(9.04	)		6.68			5.61			1.52
Less Distributions:
Distributions from Net Realized Gain		—			—			(1.07	)		—			—			—
Net Asset Value per Share, End of period	$	24.24		$	18.51		$	14.88		$	24.99		$	18.31		$	12.70
Total Return		30.96	% (2)		24.40	%		(37.81	%)		36.48	%		44.17	%		13.60	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	59,143		$	20,609		$	7,780		$	13,452		$	6,826		$	2,940
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.15	% (3)		1.57	%		1.78	%		1.66	%		2.81	%		6.36	%
After Expense Reimbursement		0.89	% (3)		0.90	%		0.90	%		0.90	%		0.90	%		0.92	%
Ratio of Net Investment Loss to Average Net Assets		(0.30	%) (3)		(0.21	%)		(0.38	%)		(0.51	%)		(0.41	%)		(0.17	%)
Portfolio Turnover Rate		19.03	% (2)		32.46	%		46.67	%		87.71	%		24.16	%		61.09	%

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

(2) For the six months ended April 30, 2024 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

61

TCW Conservative Allocation Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net Asset Value per Share, Beginning of period	$	10.48		$	10.57		$	13.96		$	12.22		$	12.09		$	11.68
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.20			0.32			0.23			0.13			0.18			0.24
Net Realized and Unrealized Gain (Loss) on Investments		0.98			0.09			(2.35	)		1.80			0.76			0.89
Total from Investment Operations		1.18			0.41			(2.12	)		1.93			0.94			1.13
Less Distributions:
Distributions from Net Investment Income		(0.35	)		(0.22	)		(0.30	)		(0.12	)		(0.71	)		(0.21	)
Distributions from Net Realized Gain		—			(0.28	)		(0.97	)		(0.07	)		(0.10	)		(0.51	)
Total Distributions		(0.35	)		(0.50	)		(1.27	)		(0.19	)		(0.81	)		(0.72	)
Net Asset Value per Share, End of period	$	11.31		$	10.48		$	10.57		$	13.96		$	12.22		$	12.09
Total Return		11.26	% (2)		3.97	%		(16.80	%)		15.92	%		8.19	%		10.46	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	30,393		$	27,165		$	27,624		$	35,264		$	36,714		$	29,565
Ratio of Expenses to Average Net Assets: (3)
Before Expense Reimbursement		0.36	% (4)		0.44	%		0.41	%		0.44	%		0.39	%		0.44	%
After Expense Reimbursement		N/A			N/A			0.41	%		N/A			N/A			N/A
Ratio of Net Investment Income to Average Net Assets		3.54	% (4)		3.00	%		1.96	%		0.94	%		1.56	%		2.03	%
Portfolio Turnover Rate		14.86	% (2)		23.57	%		16.20	%		26.34	%		26.22	%		21.66	%

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

(2) For the six months ended April 30, 2024 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.

62

TCW Conservative Allocation Fund

Financial Highlights — N Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net Asset Value per Share, Beginning of period	$	10.49		$	10.57		$	13.97		$	12.22		$	12.09		$	11.67
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.19			0.30			0.17			0.09			0.15			0.20
Net Realized and Unrealized Gain (Loss) on Investments		0.98			0.09			(2.34	)		1.81			0.75			0.90
Total from Investment Operations		1.17			0.39			(2.17	)		1.90			0.90			1.10
Less Distributions:
Distributions from Net Investment Income		(0.33	)		(0.19	)		(0.26	)		(0.08	)		(0.67	)		(0.17	)
Distributions from Net Realized Gain		—			(0.28	)		(0.97	)		(0.07	)		(0.10	)		(0.51	)
Total Distributions		(0.33	)		(0.47	)		(1.23	)		(0.15	)		(0.77	)		(0.68	)
Net Asset Value per Share, End of period	$	11.33		$	10.49		$	10.57		$	13.97		$	12.22		$	12.09
Total Return		11.10	% (2)		3.78	%		(17.08	%)		15.64	%		7.85	%		10.16	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	525		$	317		$	347		$	736		$	452		$	350
Ratio of Expenses to Average Net Assets: (3)
Before Expense Reimbursement		5.38	% (4)		7.18	%		4.18	%		3.73	%		6.06	%		6.89	%
After Expense Reimbursement		0.68	% (4)		0.67	%		0.67	%		0.68	%		0.70	%		0.74	%
Ratio of Net Investment Income to Average Net Assets		3.32	% (4)		2.75	%		1.41	%		0.70	%		1.23	%		1.75	%
Portfolio Turnover Rate		14.86	% (2)		23.57	%		16.20	%		26.34	%		26.22	%		21.66	%

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

(2) For the six months ended April 30, 2024 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 Global Real Estate Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net Asset Value per Share, Beginning of period	$	9.60		$	10.31		$	15.45		$	11.07		$	11.16		$	9.30
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.13			0.28			0.27			0.36			0.17			0.33
Net Realized and Unrealized Gain (Loss) on Investments		1.59			(0.83	)		(3.98	)		4.30			(0.05	)		1.78
Total from Investment Operations		1.72			(0.55	)		(3.71	)		4.66			0.12			2.11
Less Distributions:
Distributions from Net Investment Income		(0.12	)		(0.16	)		(0.45	)		(0.28	)		(0.16	)		(0.25	)
Distributions from Return of Capital		—			—			(0.13	)		—			(0.05	)		—
Distributions from Net Realized Gain		—			—			(0.85	)		—			—			—
Total Distributions		(0.12	)		(0.16	)		(1.43	)		(0.28	)		(0.21	)		(0.25	)
Net Asset Value per Share, End of period	$	11.20		$	9.60		$	10.31		$	15.45		$	11.07		$	11.16
Total Return		17.73	% (2)		(5.34	%)		(26.38	%)		42.32	%		1.15	%		23.17	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	20,235		$	16,001		$	17,741		$	24,949		$	9,175		$	6,518
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.28	% (3)		1.34	%		1.32	%		1.45	%		2.80	%		3.15	%
After Expense Reimbursement		0.90	% (3)		0.90	%		0.90	%		0.92	%		1.00	%		1.00	%
Ratio of Net Investment Income to Average Net Assets		2.34	% (3)		2.57	%		2.12	%		2.50	%		1.59	%		3.25	%
Portfolio Turnover Rate		16.08	% (2)		65.26	%		167.41	%		164.29	%		136.71	%		85.18	%

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

(2) For the six months ended April 30, 2024 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

64

TCW Global Real Estate Fund

Financial Highlights — N Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net Asset Value per Share, Beginning of period	$	9.59		$	10.30		$	15.43		$	11.06		$	11.16		$	9.30
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.12			0.26			0.25			0.33			0.13			0.39
Net Realized and Unrealized Gain (Loss) on Investments		1.59			(0.82	)		(3.97	)		4.30			(0.03	)		1.71
Total from Investment Operations		1.71			(0.56	)		(3.72	)		4.63			0.10			2.10
Less Distributions:
Distributions from Net Investment Income		(0.11	)		(0.15	)		(0.44	)		(0.26	)		(0.15	)		(0.24	)
Distributions from Net Realized Gain		—			—			(0.85	)		—			—			—
Distributions from Return of Capital		—			—			(0.12	)		—			(0.05	)		—
Total Distributions		(0.11	)		(0.15	)		(1.41	)		(0.26	)		(0.20	)		(0.24	)
Net Asset Value per Share, End of period	$	11.19		$	9.59		$	10.30		$	15.43		$	11.06		$	11.16
Total Return		17.82	% (2)		(5.54	%)		(26.43	%)		42.10	%		0.94	%		22.99	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	7,648		$	7,595		$	11,608		$	14,634		$	4,370		$	658
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.72	% (3)		1.71	%		1.64	%		1.90	%		5.14	%		7.17	%
After Expense Reimbursement		1.00	% (3)		1.00	%		1.00	%		1.03	%		1.15	%		1.15	%
Ratio of Net Investment Income to Average Net Assets		2.22	% (3)		2.42	%		1.95	%		2.36	%		1.21	%		3.88	%
Portfolio Turnover Rate		16.08	% (2)		65.26	%		167.41	%		164.29	%		136.71	%		85.18	%

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

(2) For the six months ended April 30, 2024 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

65

TCW New America Premier Equities Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net Asset Value per Share, Beginning of period	$	25.76		$	22.06		$	31.80		$	22.64		$	20.34		$	16.27
Income (Loss) from Investment Operations:
Net Investment Income (Loss) (1)		0.00	(2)		0.06			(0.05	)		0.11			0.01			0.11
Net Realized and Unrealized Gain (Loss) on Investments		5.72			3.64			(6.03	)		9.05			2.48			4.18
Total from Investment Operations		5.72			3.70			(6.08	)		9.16			2.49			4.29
Less Distributions:
Distributions from Net Investment Income		(0.05	)		(0.00	) (2)		—			(0.00	)		(0.10	)		(0.01	)
Distributions from Net Realized Gain		—			—			(3.66	)		—			(0.09	)		(0.21	)
Total Distributions		(0.05	)		(0.00	) (2)		(3.66	)		(0.00	)		(0.19	)		(0.22	)
Net Asset Value per Share, End of period	$	31.43		$	25.76		$	22.06		$	31.80		$	22.64		$	20.34
Total Return		22.21	% (3)		16.78	%		(21.95	%)		40.46	%		12.31	%		26.79	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	180,536		$	145,705		$	128,086		$	201,523		$	153,647		$	103,442
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.77	% (4)		0.79	%		0.81	%		0.80	%		0.83	%		0.93	%
After Expense Reimbursement		N/A			N/A			N/A			N/A			N/A			0.82	%
Ratio of Net Investment Income (Loss) to Average Net Assets		0.01	% (4)		0.25	%		(0.19	%)		0.37	%		0.03	%		0.56	%
Portfolio Turnover Rate		12.78	% (3)		33.77	%		52.08	%		135.09	%		88.08	%		105.28	%

(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, 2024 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying Notes to Financial Statements.

66

TCW Relative Value Dividend Appreciation Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net Asset Value per Share, Beginning of period	$	18.79		$	19.30		$	22.12		$	14.91		$	17.92		$	17.47
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.20			0.38			0.38			0.37			0.40			0.39
Net Realized and Unrealized Gain (Loss) on Investments		4.12			0.31			(0.79	)		7.22			(1.81	)		1.37
Total from Investment Operations		4.32			0.69			(0.41	)		7.59			(1.41	)		1.76
Less Distributions:
Distributions from Net Investment Income		(0.18	)		(0.36	)		(0.39	)		(0.38	)		(0.41	)		(0.39	)
Distributions from Net Realized Gain		(0.60	)		(0.84	)		(2.02	)		—			(1.19	)		(0.92	)
Total Distributions		(0.78	)		(1.20	)		(2.41	)		(0.38	)		(1.60	)		(1.31	)
Net Asset Value per Share, End of period	$	22.33		$	18.79		$	19.30		$	22.12		$	14.91		$	17.92
Total Return		23.23	% (2)		3.61	%		(2.36	%)		51.22	%		(8.71	%)		11.27	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	90,202		$	70,332		$	70,448		$	78,001		$	55,326		$	88,314
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.74	% (3)		0.74	%		0.76	%		0.75	%		0.75	%		0.75	%
After Expense Reimbursement		0.70	% (3)		0.70	%		0.70	%		0.70	%		0.71	%		0.74	%
Ratio of Net Investment Income to Average Net Assets		1.85	% (3)		1.91	%		1.91	%		1.86	%		2.53	%		2.28	%
Portfolio Turnover Rate		12.06	% (2)		18.44	%		14.76	%		17.00	%		19.68	%		17.71	%

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

(2) For the six months ended April 30, 2024 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

67

TCW Relative Value Dividend Appreciation Fund

Financial Highlights — N Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net Asset Value per Share, Beginning of period	$	19.22		$	19.72		$	22.55		$	15.20		$	18.24		$	17.77
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.18			0.34			0.35			0.34			0.37			0.37
Net Realized and Unrealized Gain (Loss) on Investments		4.21			0.33			(0.80	)		7.35			(1.84	)		1.38
Total from Investment Operations		4.39			0.67			(0.45	)		7.69			(1.47	)		1.75
Less Distributions:
Distributions from Net Investment Income		(0.16	)		(0.33	)		(0.36	)		(0.34	)		(0.38	)		(0.36	)
Distributions from Net Realized Gain		(0.60	)		(0.84	)		(2.02	)		—			(1.19	)		(0.92	)
Total Distributions		(0.76	)		(1.17	)		(2.38	)		(0.34	)		(1.57	)		(1.28	)
Net Asset Value per Share, End of period	$	22.85		$	19.22		$	19.72		$	22.55		$	15.20		$	18.24
Total Return		23.08	% (2)		3.40	%		(2.52	%)		50.90	%		(8.88	%)		11.02	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	196,806		$	169,845		$	179,329		$	202,187		$	152,934		$	223,322
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.01	% (3)		1.01	%		1.05	%		1.04	%		1.02	%		1.04	%
After Expense Reimbursement		0.89	% (3)		0.90	%		0.90	%		0.90	%		0.92	%		0.96	%
Ratio of Net Investment Income to Average Net Assets		1.67	% (3)		1.71	%		1.71	%		1.66	%		2.32	%		2.10	%
Portfolio Turnover Rate		12.06	% (2)		18.44	%		14.76	%		17.00	%		19.68	%		17.71	%

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

(2) For the six months ended April 30, 2024 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

68

TCW Relative Value Large Cap Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net Asset Value per Share, Beginning of period	$	12.66		$	13.10		$	15.04		$	10.84		$	18.69		$	19.82
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.09			0.20			0.19			0.18			0.22			0.33
Net Realized and Unrealized Gain (Loss) on Investments		2.77			0.26			(0.90	)		5.07			(0.57	)		0.84
Total from Investment Operations		2.86			0.46			(0.71	)		5.25			(0.35	)		1.17
Less Distributions:
Distributions from Net Investment Income		(0.20	)		(0.20	)		(0.19	)		(0.22	)		(0.49	)		(0.31	)
Distributions from Net Realized Gain		(0.47	)		(0.70	)		(1.04	)		(0.83	)		(7.01	)		(1.99	)
Total Distributions		(0.67	)		(0.90	)		(1.23	)		(1.05	)		(7.50	)		(2.30	)
Net Asset Value per Share, End of period	$	14.85		$	12.66		$	13.10		$	15.04		$	10.84		$	18.69
Total Return		22.88	% (2)		3.61	%		(5.56	%)		50.84	%		(7.02	%)		8.13	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	125,503		$	97,169		$	101,088		$	117,205		$	83,765		$	136,917
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.76	% (3)		0.82	%		0.83	%		0.80	%		0.80	%		0.78	%
After Expense Reimbursement		0.70	% (3)		0.70	%		0.70	%		0.70	%		0.71	%		0.74	%
Ratio of Net Investment Income to Average Net Assets		1.30	% (3)		1.49	%		1.43	%		1.31	%		1.88	%		1.79	%
Portfolio Turnover Rate		15.52	% (2)		19.65	%		17.81	%		17.16	%		31.17	%		19.47	%

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

(2) For the six months ended April 30, 2024 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

69

TCW Relative Value Large Cap Fund

Financial Highlights — N Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net Asset Value per Share, Beginning of period	$	12.60		$	13.04		$	14.97		$	10.79		$	18.62		$	19.74
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.08			0.17			0.17			0.15			0.19			0.28
Net Realized and Unrealized Gain (Loss) on Investments		2.76			0.26			(0.91	)		5.05			(0.56	)		0.86
Total from Investment Operations		2.84			0.43			(0.74	)		5.20			(0.37	)		1.14
Less Distributions:
Distributions from Net Investment Income		(0.17	)		(0.17	)		(0.15	)		(0.19	)		(0.45	)		(0.27	)
Distributions from Net Realized Gain		(0.47	)		(0.70	)		(1.04	)		(0.83	)		(7.01	)		(1.99	)
Total Distributions		(0.64	)		(0.87	)		(1.19	)		(1.02	)		(7.46	)		(2.26	)
Net Asset Value per Share, End of period	$	14.80		$	12.60		$	13.04		$	14.97		$	10.79		$	18.62
Total Return		22.81	% (2)		3.41	%		(5.72	%)		50.56	%		(7.17	%)		7.92	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	9,473		$	8,337		$	9,007		$	10,506		$	9,277		$	11,535
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.23	% (3)		1.32	%		1.34	%		1.30	%		1.32	%		1.24	%
After Expense Reimbursement		0.89	% (3)		0.90	%		0.90	%		0.90	%		0.91	%		0.95	%
Ratio of Net Investment Income to Average Net Assets		1.11	% (3)		1.29	%		1.23	%		1.11	%		1.67	%		1.52	%
Portfolio Turnover Rate		15.52	% (2)		19.65	%		17.81	%		17.16	%		31.17	%		19.47	%

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

(2) For the six months ended April 30, 2024 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

70

TCW Relative Value Mid Cap Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net Asset Value per Share, Beginning of period	$	23.24		$	23.57		$	29.62		$	18.90		$	21.06		$	22.44
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.13			0.21			0.19			0.17			0.17			0.18
Net Realized and Unrealized Gain (Loss) on Investments		5.10			0.05			(2.80	)		10.72			(1.78	)		0.21
Total from Investment Operations		5.23			0.26			(2.61	)		10.89			(1.61	)		0.39
Less Distributions:
Distributions from Net Investment Income		(0.21	)		(0.20	)		(0.16	)		(0.17	)		(0.18	)		(0.15	)
Distributions from Net Realized Gain		(0.41	)		(0.39	)		(3.28	)		—			(0.37	)		(1.62	)
Total Distributions		(0.62	)		(0.59	)		(3.44	)		(0.17	)		(0.55	)		(1.77	)
Net Asset Value per Share, End of period	$	27.85		$	23.24		$	23.57		$	29.62		$	18.90		$	21.06
Total Return		22.63	% (2)		1.15	%		(10.35	%)		57.90	%		(8.07	%)		3.18	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	73,139		$	59,647		$	62,726		$	72,545		$	51,021		$	63,957
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.94	% (3)		0.97	%		1.01	%		0.97	%		0.97	%		0.95	%
After Expense Reimbursement		0.85	% (3)		0.85	%		0.85	%		0.85	%		0.87	%		0.90	%
Ratio of Net Investment Income to Average Net Assets		0.97	% (3)		0.86	%		0.75	%		0.63	%		0.90	%		0.86	%
Portfolio Turnover Rate		18.37	% (2)		27.55	%		28.82	%		44.33	%		42.07	%		25.89	%

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

(2) For the six months ended April 30, 2024 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

71

TCW Relative Value Mid Cap Fund

Financial Highlights — N Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net Asset Value per Share, Beginning of period	$	22.46		$	22.79		$	28.75		$	18.34		$	20.45		$	21.82
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.11			0.18			0.16			0.14			0.15			0.15
Net Realized and Unrealized Gain (Loss) on Investments		4.93			0.05			(2.71	)		10.42			(1.74	)		0.21
Total from Investment Operations		5.04			0.23			(2.55	)		10.56			(1.59	)		0.36
Less Distributions:
Distributions from Net Investment Income		(0.18	)		(0.17	)		(0.13	)		(0.15	)		(0.15	)		(0.11	)
Distributions from Net Realized Gain		(0.41	)		(0.39	)		(3.28	)		—			(0.37	)		(1.62	)
Total Distributions		(0.59	)		(0.56	)		(3.41	)		(0.15	)		(0.52	)		(1.73	)
Net Asset Value per Share, End of period	$	26.91		$	22.46		$	22.79		$	28.75		$	18.34		$	20.45
Total Return		22.55	% (2)		1.05	%		(10.45	%)		57.78	%		(8.18	%)		3.12	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	13,513		$	11,801		$	13,181		$	16,708		$	10,902		$	14,448
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.33	% (3)		1.36	%		1.39	%		1.37	%		1.42	%		1.37	%
After Expense Reimbursement		0.95	% (3)		0.95	%		0.95	%		0.95	%		0.97	%		1.00	%
Ratio of Net Investment Income to Average Net Assets		0.86	% (3)		0.76	%		0.65	%		0.54	%		0.81	%		0.76	%
Portfolio Turnover Rate		18.37	% (2)		27.55	%		28.82	%		44.33	%		42.07	%		25.89	%

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

(2) For the six months ended April 30, 2024 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

72

TCW Select Equities Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net Asset Value per Share, Beginning of period	$	25.37		$	25.79		$	44.70		$	34.13		$	27.64		$	27.13
Income (Loss) from Investment Operations:
Net Investment Income (Loss) (1)		(0.00	) (2)		(0.04	)		(0.12	)		(0.14	)		(0.08	)		(0.06	)
Net Realized and Unrealized Gain (Loss) on Investments		6.74			3.82			(13.71	)		13.23			9.04			4.21
Total from Investment Operations		6.74			3.78			(13.83	)		13.09			8.96			4.15
Less Distributions:
Distributions from Net Realized Gain		(3.28	)		(4.20	)		(5.08	)		(2.52	)		(2.47	)		(3.64	)
Net Asset Value per Share, End of period	$	28.83		$	25.37		$	25.79		$	44.70		$	34.13		$	27.64
Total Return		27.55	% (3)		18.60	%		(34.93	%)		40.32	%		34.59	%		18.98	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	502,629		$	429,236		$	462,670		$	801,597		$	633,683		$	770,079
Ratio of Expenses to Average Net Assets		0.77	% (4)		0.77	%		0.79	%		0.77	%		0.76	%		0.80	%
Ratio of Net Investment Loss to Average Net Assets		(0.01	%) (4)		(0.16	%)		(0.38	%)		(0.37	%)		(0.28	%)		(0.25	%)
Portfolio Turnover Rate		8.61	% (3)		10.42	%		12.12	%		8.17	%		4.09	%		6.41	%

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

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

(2) For the six months ended April 30, 2024 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

73

TCW Select Equities Fund

Financial Highlights — N Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net Asset Value per Share, Beginning of period	$	20.73		$	21.89		$	38.76		$	29.95		$	24.59		$	24.61
Income (Loss) from Investment Operations:
Net Investment Loss (1)		(0.02	)		(0.06	)		(0.15	)		(0.19	)		(0.13	)		(0.11	)
Net Realized and Unrealized Gain (Loss) on Investments		5.46			3.10			(11.64	)		11.52			7.96			3.73
Total from Investment Operations		5.44			3.04			(11.79	)		11.33			7.83			3.62
Less Distributions:
Distributions from Net Realized Gain		(3.28	)		(4.20	)		(5.08	)		(2.52	)		(2.47	)		(3.64	)
Net Asset Value per Share, End of period	$	22.89		$	20.73		$	21.89		$	38.76		$	29.95		$	24.59
Total Return		27.44	% (2)		18.50	%		(35.03	%)		40.06	%		34.26	%		18.74	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	128,459		$	106,292		$	104,856		$	193,727		$	161,625		$	132,332
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.05	% (3)		1.06	%		1.08	%		1.04	%		1.06	%		1.08	%
After Expense Reimbursement		0.93	% (3)		0.93	%		0.94	%		0.96	%		0.99	%		1.01	%
Ratio of Net Investment Loss to Average Net Assets		(0.17	%) (3)		(0.32	%)		(0.53	%)		(0.56	%)		(0.51	%)		(0.45	%)
Portfolio Turnover Rate		8.61	% (2)		10.42	%		12.12	%		8.17	%		4.09	%		6.41	%

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

(2) For the six months ended April 30, 2024 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

74

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, 2023 to April 30, 2024 (182 days).

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

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

TCW Funds, Inc.	Beginning Account Value November 1, 2023		Ending Account Value April 30, 2024		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2023 to April 30, 2024)
TCW Artificial Intelligence Equity Fund
I Class Shares
Actual	$	1,000.00	$	1,309.60		0.89	%	$	5.11
Hypothetical (5% return before expenses)		1,000.00		1,020.44		0.89	%		4.47
TCW Conservative Allocation Fund
I Class Shares
Actual	$	1,000.00	$	1,112.60		0.36	% (1)	$	1.89	(1)
Hypothetical (5% return before expenses)		1,000.00		1,023.07		0.36	% (1)		1.81	(1)
N Class Shares
Actual	$	1,000.00	$	1,111.00		0.68	% (1)	$	3.57	(1)
Hypothetical (5% return before expenses)		1,000.00		1,021.48		0.68	% (1)		3.42	(1)
TCW Global Real Estate Fund
I Class Shares
Actual	$	1,000.00	$	1,177.30		0.90	%	$	4.87
Hypothetical (5% return before expenses)		1,000.00		1,020.39		0.90	%		4.52
N Class Shares
Actual	$	1,000.00	$	1,178.20		1.00	%	$	5.42
Hypothetical (5% return before expenses)		1,000.00		1,019.89		1.00	%		5.02
TCW New America Premier Equities Fund
I Class Shares
Actual	$	1,000.00	$	1,222.10		0.77	%	$	4.25
Hypothetical (5% return before expenses)		1,000.00		1,021.03		0.77	%		3.87

75

TCW Funds, Inc.

Shareholder Expenses (Unaudited) (Continued)

TCW Funds, Inc.	Beginning Account Value November 1, 2023		Ending Account Value April 30, 2024		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2023 to April 30, 2024)
TCW Relative Value Dividend Appreciation Fund
I Class Shares
Actual	$	1,000.00	$	1,232.30		0.70	%	$	3.89
Hypothetical (5% return before expenses)		1,000.00		1,021.38		0.70	%		3.52
N Class Shares
Actual	$	1,000.00	$	1,230.80		0.89	%	$	4.94
Hypothetical (5% return before expenses)		1,000.00		1,020.44		0.89	%		4.47
TCW Relative Value Large Cap Fund
I Class Shares
Actual	$	1,000.00	$	1,228.80		0.70	%	$	3.88
Hypothetical (5% return before expenses)		1,000.00		1,021.38		0.70	%		3.52
N Class Shares
Actual	$	1,000.00	$	1,228.10		0.89	%	$	4.93
Hypothetical (5% return before expenses)		1,000.00		1,020.44		0.89	%		4.47
TCW Relative Value Mid Cap Fund
I Class Shares
Actual	$	1,000.00	$	1,226.30		0.85	%	$	4.71
Hypothetical (5% return before expenses)		1,000.00		1,020.64		0.85	%		4.27
N Class Shares
Actual	$	1,000.00	$	1,225.50		0.95	%	$	5.26
Hypothetical (5% return before expenses)		1,000.00		1,020.14		0.95	%		4.77
TCW Select Equities Fund
I Class Shares
Actual	$	1,000.00	$	1,275.50		0.77	%	$	4.36
Hypothetical (5% return before expenses)		1,000.00		1,021.03		0.77	%		3.87
N Class Shares
Actual	$	1,000.00	$	1,274.40		0.93	%	$	5.26
Hypothetical (5% return before expenses)		1,000.00		1,020.24		0.93	%		4.67

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

76

TCW Funds, Inc.

Special Meeting of Shareholders to Approve Directors — Voting Results (Unaudited)

On February 15, 2024, the Corporation held a Special Meeting of Shareholders to elect nine Directors of the Corporation. Shareholders of record on January 5, 2024 were entitled to vote on the proposal to elect Directors. All Funds voted together. Each nominee for Director named below was elected and will hold office until his or her successor has been duly elected and qualified. The following votes were recorded:

PROPOSAL: Election of Directors.

Director Nominee	Shares Voted For		Shares Withheld
Patrick C. Haden		778,061,060		5,620,273
Martin Luther King III		778,550,805		6,106,575
Megan McClellan		779,047,346		5,392,670
Peter McMillan		777,261,038		5,676,943
Patrick Moore		779,274,376		5,718,850
Victoria B. Rogers		778,911,008		5,469,537
Robert G. Rooney		780,047,992		5,788,337
Michael Swell		780,102,419		5,562,293
Andrew Tarica		778,119,775		5,585,230

77

TCW Funds, Inc.

Special Meetings of Shareholders to Approve Reorganization of Certain Funds into ETFs — Voting Results (Unaudited)

TCW New America Premier Equities Fund

On March 22, 2024, the Corporation held a Special Meeting of the Shareholders to vote on the reorganization of this Fund into an exchange-traded fund designated as the TCW Compounders ETF, a series of TCW ETF Trust. Shareholders of record on February 12, 2024 were entitled to vote on the proposal. Shareholders approved the reorganization. The following votes were recorded:

Reorganization of the TCW New America Premier Equities Fund into the TCW Compounders ETF Trust
For		Against		Abstain
Shares	%	Shares	%	Shares	%
3,712,526	97.29%	12,305	0.32%	91,055	2.39%

TCW Artificial Intelligence Equity Fund

On April 18, 2024, the Corporation held a Special Meeting of the Shareholders to vote on the reorganization of this Fund into an exchange-traded fund designated as the TCW Artificial Intelligence ETF, a series of TCW ETF Trust. Shareholders of record on February 12, 2024 were entitled to vote on the proposal. Shareholders approved the reorganization. The following votes were recorded:

Reorganization of the TCW Artificial Intelligence Fund into the TCW Artificial Intelligence ETF Trust
For		Against		Abstain
Shares	%	Shares	%	Shares	%
749,918	77.24%	51,425	5.30%	169,539	17.46%

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.

515 South Flower Street

Los Angeles, CA 90071

800 FUND TCW

(800 386 3829)

www.TCW.com

INVESTMENT ADVISOR

TCW Investment Management Company LLC

515 South Flower Street

Los Angeles, CA 90071

TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, WI 53201

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Deloitte & Touche LLP

555 West 5th Street

Los Angeles, California 90013

CUSTODIAN & ADMINISTRATOR

State Street Bank & Trust Company

One Congress Street, Suite 1

Boston, MA 02114-2016

DISTRIBUTOR

TCW Funds Distributors LLC

515 South Flower Street

Los Angeles, CA 90071

DIRECTORS

Patrick C. Haden

Director and Vice Chairman of the Board

Martin Luther King III

Director

Peter McMillan

Director

Victoria B. Rogers

Director

Robert Rooney

Director

Michael Swell

Director

Andrew Tarica

Director and Chairman of the Board

Megan McClellan

Director

Patrick Moore

Director

OFFICERS

Megan McClellan

President and Principal Executive Officer

Drew Bowden

Executive Vice President

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

Peter Davidson

Vice President and Secretary

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 Emerging Markets Income Fund

TCW Emerging Markets Local Currency Income Fund

FUNDarFI1021

FIXED INCOME FUNDS

TCW Core Fixed Income Fund

TCW Enhanced Commodity Strategy Fund

TCW Global Bond Fund

TCW High Yield Bond Fund

TCW Short Term Bond Fund

TCW Total Return Bond Fund

TCW Funds, Inc.

Table of Contents

Letter to Shareholders	1
Performance Summary (Unaudited)	3
Schedules of Investments (Unaudited)	4
TCW Core Fixed Income Fund	4
TCW Enhanced Commodity Strategy Fund (Consolidated)	19
TCW Global Bond Fund	30
TCW High Yield Bond Fund	45
TCW Short Term Bond Fund	55
TCW Total Return Bond Fund	64
Statements of Assets and Liabilities (Unaudited)	81
Statements of Operations (Unaudited)	83
Statements of Changes in Net Assets (Unaudited)	85
Notes to Financial Statements (Unaudited)	88
Financial Highlights (Unaudited)	122
Shareholder Expenses (Unaudited)	135
Special Meeting of Shareholders to Approve Directors — Voting Results (Unaudited)	137
Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule	138

To Our Valued Shareholders

Megan McClellan President, Principal 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, 2024. Following the final interest rate hike of the Federal Reserve’s (Fed) current tightening cycle in July, capping the Fed Fund’s rate increase at 525 basis points (bps), the past six months have notably included a dovish pivot late in 2023, and a significant rate sell-off to start 2024 amid better-than-expected growth, price, and employment data that suggested no urgency to the Fed for a cut. This data did, however, help bolster positive investor sentiment that had been building throughout the period, resulting in outperformance of higher risk segments of the market. Against this backdrop, performance across TCW Funds was positive and generally ahead of benchmark results. AUM (Assets Under Management) across the TCW Fund complex ended the period at $8.1 billion. Looking forward, the return outlook benefits from the higher yield profile of the Funds, the prospect for interest rate cuts (and thus rising price levels for fixed income assets), and the attendant volatility that will likely present opportunities 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, 2024 for the TCW Funds’ Fixed Income Funds.

Economic Review and Market Environment

Spurred by moderating inflation reports, stable employment figures, and a consensus that the FOMC (Federal Open Market Committee) had concluded their hiking cycle, the six-month period began with a vigorous rally that saw Treasury yields finish the calendar year 2023 anywhere from 90 to 115 bps lower from the highs in October. Alongside this significant decline in yields, positive investor sentiment and exuberant market pricing also drove credit spreads tighter across fixed income sectors as the “soft-landing” narrative firmly took hold into year-end. However, three

above-consensus inflation reports to start 2024, and upside surprises to U.S. payrolls data, led market participants to reassess expectations for the future path of interest rates and Fed policy. The six cuts that were priced in for 2024 at the start of the year turned to just one by the end of April, while Treasury yields climbed across the curve, highlighted by the 10-Year up 80 bps from start of year levels. These developments did little to deter investors’ seemingly insatiable demand for risk, however, with credit spreads tightening significantly late in the reporting period (investment grade +82 bps over Treasuries, high yield +292 bps) and valuations suggesting market confidence in the FOMC’s ability to deftly navigate the macroeconomic backdrop. Equity markets also seemed unfazed by the potential postponement of a return to an accommodative Fed with the S&P 500 notching a 10%-plus gain for the first quarter of 2024, bringing the total return for the full period to over 20%.

Though rates have increased year-to-date through April, the net result for the reporting period was still one of lower yields across the curve given the magnitude of the 4Q23 rally, with the 2-Year finishing the period 5 bps lower and the 10-Year 25 bps lower. When combined with the significant compression of credit spreads, fixed income markets posted broadly positive total and excess returns over the period, with the Bloomberg U.S. Aggregate Bond Index advancing 5.0% and finishing ahead of duration-matched Treasuries by nearly 130 bps. Optimistic market pricing and strong demand for risk drove even better performance for the Bloomberg U.S. Corporate High Yield Index over the period, with the Index notching a 9.0% gain to finish 611 bps ahead of comparable Treasuries, while the Bloomberg U.S. Investment Grade Corporate Index gained 7.3%, with 355 bps of excess return over Treasuries. Among corporates, financials led, boosted by strong returns from insurance companies, REITs, brokers, and banks, though returns were solid across industrial and utility sectors as well. In the securitized markets, private

1

Letter to Shareholders (Continued)

label (non-agency) commercial mortgage-backed securities (CMBS) outperformed, gaining 5.9%, while non-agency residential MBS backed by legacy (pre-Global Financial Crisis) collateral gained more than 5.3% amid sustained demand and resilient home prices. Agency residential MBS gained 5.3%, buoyed by strong performance in late 2023, though year-to-date the sector has been weighed down by rate volatility. Finally, asset-backed securities (ABS) were up 3.7% for the period, with the sector benefitting from short durations and strong new-issue sponsorship on attractive yields.

A Disciplined Value Philosophy

Difficult economic and market conditions, no doubt, test the patience of investors and the discipline of asset managers. The upside, if we can cite one, is that cheaper prices create opportunities for better entry points, and a tendency for excessive risk aversion, that is, panic selling, which amplifies mispricing. This remains especially true in fixed income, as the size, structure and segmentation of the market continue to be a place where active strategy and

disciplined implementation can generate outperformance and moderate risk under a value-oriented approach. The Funds and the management team are unwavering in that commitment and have been for more than 25 years.

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,

Megan McClellan

President, Principal Executive Officer and Director

2

TCW Funds, Inc.

Performance Summary (Unaudited)

	NAV		Six Months Return as of April 30, 2024			Total Return Annualized as of April 30, 2024 (1)(2)											Inception Date
						1-Year		5-Year			10-Year			Since Inception
TCW Core Fixed Income Fund
I Class	$	9.33		5.11	%		(2.60)%		(0.27	)%		1.01	%		4.95	% (3)		01/01/90	(4)
N Class	$	9.31		5.16	%		(2.76)%		(0.44	)%		0.78	%		3.81	%		02/26/99
Plan Class	$	9.38		5.13	%		(2.51)%		N/A			N/A			(2.35	)%		02/28/20
TCW Enhanced Commodity Strategy Fund
I Class	$	5.89		1.84	%		1.53%		7.91	%		(0.62	)%		(1.28	)%		03/31/11
N Class	$	5.89		1.74	%		1.41%		7.84	%		(0.66	)%		(1.31	)%		03/31/11
TCW Global Bond Fund
I Class	$	7.92		5.18	%		(2.63)%		(1.09	)%		(0.29	)%		0.84	%		11/30/11
N Class	$	7.91		5.00	%		(2.85)%		(1.21	)%		(0.35	)%		0.79	%		11/30/11
TCW High Yield Bond Fund
I Class	$	5.98		7.52	%		6.95%		3.94	%		4.16	%		6.67	% (3)		02/01/89	(4)
N Class	$	6.01		7.54	%		6.67%		3.66	%		3.90	%		4.96	%		02/26/99
TCW Short Term Bond Fund
I Class	$	8.21		3.36	%		3.58%		1.65	%		1.36	%		3.55	% (3)		02/01/90	(4)
TCW Total Return Bond Fund
I Class	$	7.59		6.14	%		(3.42)%		(1.12	)%		0.67	%		5.00	%		06/17/93
N Class	$	7.83		5.94	%		(3.68)%		(1.35	)%		0.40	%		4.23	%		02/26/99
Plan Class	$	7.63		6.16	%		(3.44)%		N/A			N/A			(3.39	)%		02/28/20

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

(2) The Funds’ Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

(3) 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.

(4) 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 — 106.4% of Net Assets
CORPORATE BONDS — 18.1%
Aerospace & Defense — 0.5%
Boeing Co.
4.88%		05/01/25	$		560,000	$	553,106
5.81%		05/01/50			1,025,000		907,815
6.53% (1)		05/01/34			470,000		473,718
General Electric Co.
6.05% (3 mo. USD Term SOFR + 0.742%) (2)		08/15/36			3,045,000		2,851,104
							4,785,743
Agriculture — 0.7%
BAT Capital Corp. (United Kingdom)
4.54%		08/15/47			230,000		172,220
5.28%		04/02/50			1,285,000		1,068,415
Imperial Brands Finance PLC (United Kingdom)
3.13% (1)		07/26/24			2,300,000		2,284,475
3.88% (1)		07/26/29			35,000		32,097
Philip Morris International, Inc.
1.45%		08/01/39	EUR		310,000		220,772
1.88%		11/06/37	EUR		380,000		302,703
Reynolds American, Inc. (United Kingdom)
5.85%		08/15/45	$		2,270,000		2,047,903
							6,128,585
Airlines — 0.3%
U.S. Airways Pass-Through Trust Series 2012-2, Class A (EETC)
4.63%		12/03/26			355,414		349,027
United Airlines Pass-Through Trust Series 2023-1, Class A
5.80%		07/15/37			2,300,000		2,285,211
							2,634,238
Banks — 5.1%
Bank of America Corp.
1.66% (Secured Overnight Financing Rate + 0.910%) (2)		03/11/27			4,455,000		4,131,771
1.73% (Secured Overnight Financing Rate + 0.960%) (2)		07/22/27			1,485,000		1,362,369
1.92% (Secured Overnight Financing Rate + 1.370%) (2)		10/24/31			345,000		274,541
2.09% (Secured Overnight Financing Rate + 1.060%) (2)		06/14/29			2,155,000		1,875,884

Issues	Maturity Date			Principal Amount		Value
Banks (Continued)
2.30% (Secured Overnight Financing Rate + 1.220%) (2)		07/21/32	$		1,835,000	$	1,463,724
2.50% (3 mo. USD Term SOFR + 1.252%) (2)		02/13/31			635,000		534,603
2.59% (Secured Overnight Financing Rate + 2.150%) (2)		04/29/31			135,000		113,635
Citigroup, Inc.
2.56% (Secured Overnight Financing Rate + 1.167%) (2)		05/01/32			35,000		28,506
2.98% (Secured Overnight Financing Rate + 1.422%) (2)		11/05/30			1,395,000		1,215,938
3.06% (Secured Overnight Financing Rate + 1.351%) (2)		01/25/33			260,000		215,449
3.89% (3 mo. USD Term SOFR + 1.825%) (2)		01/10/28			45,000		43,029
Goldman Sachs Group, Inc.
1.43% (Secured Overnight Financing Rate + 0.798%) (2)		03/09/27			4,260,000		3,937,901
1.95% (Secured Overnight Financing Rate + 0.913%) (2)		10/21/27			1,000,000		912,900
HSBC Holdings PLC (United Kingdom)
1.59% (Secured Overnight Financing Rate + 1.290%) (2)		05/24/27			1,195,000		1,095,111
2.21% (Secured Overnight Financing Rate + 1.285%) (2)		08/17/29			1,330,000		1,147,590
2.36% (Secured Overnight Financing Rate + 1.947%) (2)		08/18/31			930,000		756,787
JPMorgan Chase & Co.
0.97% (3 mo. USD Term SOFR + 0.580%) (2)		06/23/25			6,265,000		6,217,135
1.56% (Secured Overnight Financing Rate + 0.605%) (2)		12/10/25			2,080,000		2,026,232
1.95% (Secured Overnight Financing Rate + 1.065%) (2)		02/04/32			1,545,000		1,226,455
2.18% (Secured Overnight Financing Rate + 1.890%) (2)		06/01/28			905,000		818,347
2.58% (3 mo. USD Term SOFR + 1.250%) (2)		04/22/32			80,000		65,931
2.74% (3 mo. USD Term SOFR + 1.510%) (2)		10/15/30			1,070,000		928,230

See accompanying Notes to Financial Statements.

4

TCW Core Fixed Income Fund

April 30, 2024

Issues	Maturity Date			Principal Amount		Value
Banks (Continued)
Lloyds Banking Group PLC (United Kingdom)
3.87% (1 yr. CMT + 3.500%) (2)		07/09/25	$		1,600,000	$	1,593,328
Morgan Stanley
1.51% (Secured Overnight Financing Rate + 0.858%) (2)		07/20/27			1,145,000		1,045,671
1.93% (Secured Overnight Financing Rate + 1.020%) (2)		04/28/32			1,035,000		809,964
3.77% (3 mo. USD Term SOFR + 1.402%) (2)		01/24/29			2,190,000		2,056,388
PNC Financial Services Group, Inc.
5.07% (Secured Overnight Financing Rate + 1.933%) (2)		01/24/34			1,500,000		1,413,810
5.68% (Secured Overnight Financing Rate + 1.902%) (2)		01/22/35			455,000		446,114
6.88% (Secured Overnight Financing Rate + 2.284%) (2)		10/20/34			65,000		69,076
Santander U.K. Group Holdings PLC (United Kingdom)
1.67% (Secured Overnight Financing Rate + 0.989%) (2)		06/14/27			1,531,000		1,397,681
2.47% (Secured Overnight Financing Rate + 1.220%) (2)		01/11/28			465,000		423,569
U.S. Bancorp
4.84% (Secured Overnight Financing Rate + 1.600%) (2)		02/01/34			1,215,000		1,122,113
5.68% (Secured Overnight Financing Rate + 1.860%) (2)		01/23/35			355,000		347,194
5.84% (Secured Overnight Financing Rate + 2.260%) (2)		06/12/34			175,000		173,017
5.85% (Secured Overnight Financing Rate + 2.090%) (2)		10/21/33			420,000		416,926
Wells Fargo & Co.
2.16% (3 mo. USD Term SOFR + 1.012%) (2)		02/11/26			355,000		344,977
2.88% (3 mo. USD Term SOFR + 1.432%) (2)		10/30/30			150,000		130,278
3.35% (Secured Overnight Financing Rate + 1.500%) (2)		03/02/33			1,955,000		1,650,743
3.53% (Secured Overnight Financing Rate + 1.510%) (2)		03/24/28			2,245,000		2,118,921

Issues	Maturity Date			Principal Amount		Value
Banks (Continued)
3.58% (3 mo. USD Term SOFR + 1.572%) (2)		05/22/28	$		260,000	$	244,792
4.90% (Secured Overnight Financing Rate + 2.100%) (2)		07/25/33			1,045,000		981,534
5.39% (Secured Overnight Financing Rate + 2.020%) (2)		04/24/34			550,000		530,789
							47,708,953
Beverages — 0.2%
Bacardi Ltd.
2.75% (1)		07/15/26			750,000		702,840
4.45% (1)		05/15/25			1,095,000		1,080,522
							1,783,362
Chemicals — 0.3%
International Flavors & Fragrances, Inc.
2.30% (1)		11/01/30			1,185,000		961,631
3.27% (1)		11/15/40			235,000		160,038
3.47% (1)		12/01/50			125,000		79,103
4.38%		06/01/47			370,000		273,175
5.00%		09/26/48			2,040,000		1,684,509
							3,158,456
Commercial Services — 0.1%
Global Payments, Inc.
4.88%		03/17/31			225,000		247,994
Worldline SA (France)
4.13% (3)		09/12/28	EUR		300,000		314,187
							562,181
Diversified Financial Services — 0.9%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
3.00%		10/29/28	$		3,225,000		2,877,379
Air Lease Corp.
3.25%		03/01/25			1,300,000		1,272,084
3.63%		12/01/27			400,000		373,190
4.63%		10/01/28			1,500,000		1,438,050
Avolon Holdings Funding Ltd. (Ireland)
2.53% (1)		11/18/27			884,000		779,270
2.88% (1)		02/15/25			1,550,000		1,510,010
3.95% (1)		07/01/24			405,000		403,538
							8,653,521
Electric — 1.4%
American Electric Power Co., Inc.
5.95%		11/01/32			450,000		454,054

See accompanying Notes to Financial Statements.

5

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date			Principal Amount		Value
Electric (Continued)
Appalachian Power Co.
4.45%		06/01/45	$		690,000	$	541,551
5.65%		04/01/34			1,025,000		996,433
Arizona Public Service Co.
3.35%		05/15/50			1,675,000		1,095,684
Duke Energy Corp.
3.85%		06/15/34	EUR		800,000		826,718
Duke Energy Florida LLC
5.88%		11/15/33	$		190,000		194,404
Duke Energy Progress LLC
3.70%		10/15/46			1,325,000		960,771
5.10%		03/15/34			825,000		797,684
Indiana Michigan Power Co.
4.55%		03/15/46			420,000		343,818
ITC Holdings Corp.
2.95% (1)		05/14/30			1,000,000		861,535
Jersey Central Power & Light Co.
2.75% (1)		03/01/32			2,575,000		2,096,642
Public Service Co. of Colorado
5.25%		04/01/53			1,215,000		1,090,669
TenneT Holding BV (Netherlands)
2.75% (3)		05/17/42	EUR		775,000		752,614
4.50% (3)		10/28/34	EUR		410,000		470,666
4.75% (3)		10/28/42	EUR		1,015,000		1,210,753
							12,693,996
Electronics — 0.1%
Honeywell International, Inc.
3.75%		03/01/36	EUR		550,000		578,602
Entertainment — 0.5%
WarnerMedia Holdings, Inc.
4.28%		03/15/32	$		200,000		172,450
5.05%		03/15/42			3,135,000		2,515,649
5.14%		03/15/52			2,834,000		2,171,213
							4,859,312
Food — 0.9%
ELO SACA (France)
6.00% (3)		03/22/29	EUR		700,000		743,872
JBS USA Holding Lux SARL/ JBS USA Food Co./ JBS Lux Co. SARL
3.00%		02/02/29	$		1,445,000		1,258,494
3.00%		05/15/32			1,875,000		1,482,085
6.50%		12/01/52			1,000,000		948,500
6.75% (1)		03/15/34			1,740,000		1,774,539
Pilgrim’s Pride Corp.
6.25%		07/01/33			545,000		542,215
Smithfield Foods, Inc.
2.63% (1)		09/13/31			2,565,000		1,986,515
							8,736,220

Issues	Maturity Date			Principal Amount		Value
Gas — 0.4%
East Ohio Gas Co.
2.00% (1)		06/15/30	$		830,000	$	666,845
KeySpan Gas East Corp.
3.59% (1)		01/18/52			1,150,000		736,081
5.82% (1)		04/01/41			1,551,000		1,461,631
5.99% (1)		03/06/33			530,000		523,947
National Gas Transmission PLC (United Kingdom)
4.25% (3)		04/05/30	EUR		560,000		606,840
							3,995,344
Health Care-Services — 0.5%
Centene Corp.
3.00%		10/15/30			1,683,000		1,412,255
CommonSpirit Health
2.78%		10/01/30			875,000		742,385
Fresenius Finance Ireland PLC
0.88% (3)		10/01/31			920,000		787,903
Fresenius Medical Care U.S. Finance III, Inc.
1.88% (1)		12/01/26			1,650,000		1,485,445
							4,427,988
Insurance — 1.2%
Aon Corp./Aon Global Holdings PLC
2.60%		12/02/31			940,000		768,121
Athene Global Funding
1.99% (1)		08/19/28			1,690,000		1,442,483
2.72% (1)		01/07/29			240,000		209,359
3.21% (1)		03/08/27			815,000		750,990
Farmers Exchange Capital
7.20% (1)		07/15/48			1,495,000		1,396,332
Farmers Exchange Capital II
6.15% (3 mo. USD LIBOR + 3.744%) (1),(2)		11/01/53			2,065,000		1,812,444
Nationwide Mutual Insurance Co.
7.88% (3 mo. USD LIBOR + 2.290%) (1),(2)		12/15/24			3,000,000		3,000,146
New York Life Insurance Co.
3.75% (1)		05/15/50			70,000		50,707
Teachers Insurance & Annuity Association of America
3.30% (1)		05/15/50			430,000		285,159
4.27% (1)		05/15/47			130,000		101,893
Willis North America, Inc.
4.50%		09/15/28			1,445,000		1,381,351
							11,198,985
Media — 0.6%
Charter Communications Operating LLC/Charter Communications Operating Capital
3.90%		06/01/52			1,000,000		608,020

See accompanying Notes to Financial Statements.

6

TCW Core Fixed Income Fund

April 30, 2024

Issues	Maturity Date		Principal Amount		Value
Media (Continued)
4.80%		03/01/50	EUR	495,000	$	346,547
5.13%		07/01/49		580,000		428,347
5.38%		04/01/38		1,475,000		1,220,917
5.38%		05/01/47		2,755,000		2,111,101
5.75%		04/01/48		1,028,000		829,000
						5,543,932
Oil & Gas — 0.1%
Petroleos Mexicanos
6.35%		02/12/48		145,000		89,878
6.63%		06/15/35		332,000		246,460
6.75%		09/21/47	$	321,000		205,140
						541,478
Packaging & Containers — 0.4%
Berry Global, Inc.
1.57%		01/15/26		1,584,000		1,475,448
1.65%		01/15/27		1,716,000		1,548,010
4.88% (1)		07/15/26		580,000		568,141
						3,591,599
Pharmaceuticals — 0.5%
Bayer U.S. Finance II LLC
4.38% (1)		12/15/28		2,023,000		1,882,789
4.63% (1)		06/25/38		500,000		400,384
4.88% (1)		06/25/48		1,930,000		1,498,337
Bayer U.S. Finance LLC
6.50% (1)		11/21/33		1,010,000		1,006,717
						4,788,227
Pipelines — 0.5%
Energy Transfer LP
5.95%		10/01/43		630,000		596,851
Rockies Express Pipeline LLC
4.95% (1)		07/15/29		980,000		900,669
Southern Natural Gas Co. LLC
7.35%		02/15/31		2,380,000		2,465,092
TC PipeLines LP
4.38%		03/13/25		710,000		700,875
TransCanada PipeLines Ltd.
4.63%		03/01/34		125,000		113,569
6.10%		06/01/40		375,000		369,435
						5,146,491
Real Estate — 0.3%
Annington Funding PLC (United Kingdom)
2.31% (3)		10/06/32	GBP	720,000		688,666
3.18% (3)		07/12/29	GBP	325,000		358,721
Blackstone Property Partners Europe Holdings SARL (Luxembourg)
1.00% (3)		05/04/28		425,000		395,337

Issues	Maturity Date		Principal Amount		Value
Real Estate (Continued)
1.63% (3)		04/20/30	EUR	325,000	$	291,266
1.75% (3)		03/12/29	EUR	550,000		513,392
LEG Immobilien SE (Germany)
1.50% (3)		01/17/34	EUR	100,000		82,588
Vonovia SE (Germany)
0.75% (3)		09/01/32	EUR	300,000		242,163
1.00% (3)		06/16/33	EUR	300,000		240,636
2.25% (3)		04/07/30	EUR	100,000		96,117
5.00% (3)		11/23/30	EUR	100,000		110,771
						3,019,657
REIT — 1.9%
American Assets Trust LP
3.38%		02/01/31		1,655,000		1,325,341
American Homes 4 Rent LP
3.38%		07/15/51		730,000		460,564
American Tower Corp.
1.00%		01/15/32	EUR	500,000		426,891
2.70%		04/15/31	$	310,000		256,193
CubeSmart LP
3.00%		02/15/30		317,000		273,824
Digital Dutch Finco BV
1.25% (3)		02/01/31	EUR	1,830,000		1,602,540
Digital Intrepid Holding BV
1.38% (3)		07/18/32	EUR	105,000		90,585
Extra Space Storage LP
2.40%		10/15/31	$	2,000,000		1,591,600
3.90%		04/01/29		250,000		230,545
GLP Capital LP/GLP Financing II, Inc.
4.00%		01/15/30		528,000		474,001
4.00%		01/15/31		170,000		148,825
5.75%		06/01/28		1,600,000		1,581,637
Healthcare Realty Holdings LP
2.00%		03/15/31		1,915,000		1,479,737
2.05%		03/15/31		164,000		124,266
3.10%		02/15/30		250,000		213,007
Hudson Pacific Properties LP
3.25%		01/15/30		1,752,000		1,331,520
4.65%		04/01/29		100,000		84,352
Invitation Homes Operating Partnership LP
2.00%		08/15/31		1,776,000		1,373,416
5.50%		08/15/33		215,000		207,939
Kilroy Realty LP
2.65%		11/15/33		521,000		372,804
LXP Industrial Trust
2.38%		10/01/31		1,592,000		1,240,677
Prologis Euro Finance LLC
4.25%		01/31/43		450,000		467,736

See accompanying Notes to Financial Statements.

7

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
REIT (Continued)
Realty Income Corp.
5.13%		07/06/34	EUR	830,000	$	945,314
Rexford Industrial Realty LP
2.15%		09/01/31	$	25,000		19,578
VICI Properties LP
4.95%		02/15/30		185,000		175,880
5.13%		05/15/32		572,000		532,046
VICI Properties LP/VICI Note Co., Inc.
3.88% (1)		02/15/29		325,000		295,106
4.13% (1)		08/15/30		41,000		36,473
4.50% (1)		01/15/28		192,000		182,409
4.63% (1)		06/15/25		160,000		157,626
						17,702,432
Savings & Loans — 0.1%
Nationwide Building Society (United Kingdom)
2.97% (Secured Overnight Financing Rate + 1.290%) (1),(2)		02/16/28		1,460,000		1,349,989
Telecommunications — 0.5%
Global Switch Finance BV (United Kingdom)
1.38% (3)		10/07/30	EUR	695,000		676,941
Qwest Corp.
7.25%		09/15/25		580,000		577,100
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC
4.74% (1)		09/20/29		1,536,250		1,527,355
5.15% (1)		09/20/29		2,004,000		1,991,553
TDC Net AS (Denmark)
6.50% (3)		06/01/31		200,000		227,545
						5,000,494
Water — 0.1%
Thames Water Utilities Finance PLC (United Kingdom)
4.38% (3)		01/18/31	EUR	610,000		567,369
Total Corporate Bonds
(Cost: $183,073,033)						169,157,154
MUNICIPAL BONDS — 0.6%
California Health Facilities Financing Authority, Revenue Bond
3.00%		08/15/51	$	690,000		526,845
City of New York, General Obligation Unlimited
3.00%		08/01/34		380,000		311,396
New York City Transitional Finance Authority Future Tax Secured Revenue
2.00%		08/01/35		1,000,000		713,119
2.45%		11/01/34		2,485,000		1,950,186

Issues	Maturity Date		Principal Amount		Value
MUNICIPAL BONDS (Continued)
Regents of the University of California Medical Center Pooled Revenue, Revenue Bond
3.26%		05/15/60	$	3,060,000	$	1,972,274
Total Municipal Bonds
(Cost: $7,474,217)						5,473,820
ASSET-BACKED SECURITIES — 7.9%
AGL CLO 7 Ltd. Series 2020-7A, Class BR
7.29% (3 mo. USD Term SOFR + 1.962%) (1),(2)		07/15/34		4,235,000		4,240,031
Aligned Data Centers Issuer LLC Series 2021-1A, Class A2
1.94% (1)		08/15/46		3,372,000		3,055,902
Apidos CLO XXV Ltd. Series 2016-25A, Class A1R2
6.47% (3 mo. USD Term SOFR + 1.150%) (1),(2)		10/20/31		2,436,229		2,437,788
ARES LXII CLO Ltd. Series 2021-62A, Class B
7.24% (3 mo. USD Term SOFR + 1.912%) (1),(2)		01/25/34		4,000,000		4,006,276
Barings CLO Ltd. Series 2018-4A, Class A1R
6.48% (3 mo. USD Term SOFR + 1.150%) (1),(2)		10/15/30		2,500,000		2,500,638
Brazos Education Loan Authority, Inc. Series 2012-1, Class A1
6.14% (30 day USD SOFR Average + 0.814%) (2)		12/26/35		161,000		160,827
CIFC Funding Ltd. Series 2021-7A, Class A1
6.72% (3 mo. USD Term SOFR + 1.392%) (1),(2)		01/23/35		4,300,000		4,305,117
Clover CLO LLC Series 2018-1A, Class A1RR
6.85% (3 mo. USD Term SOFR + 1.530%) (1),(2)		04/20/37		4,190,000		4,195,330
Dryden XXVI Senior Loan Fund Series 2013-26A, Class AR
6.49% (3 mo. USD Term SOFR + 1.162%) (1),(2)		04/15/29		1,459,696		1,461,593
Global SC Finance II SRL Series 2014-1A, Class A2
3.09% (1)		07/17/29		76,714		75,992
JGWPT XXX LLC Series 2013-3A, Class A
4.08% (1)		01/17/73		984,249		901,649
JGWPT XXXII LLC Series 2014-2A, Class A
3.61% (1)		01/17/73		1,132,211		989,880
LCM Loan Income Fund I Ltd. Series 1A, Class B
7.04% (3 mo. USD Term SOFR + 1.712%) (1),(2)		04/20/31		50,000		50,050
Madison Park Funding XLVIII Ltd. Series 2021-48A, Class A
6.74% (3 mo. USD Term SOFR + 1.412%) (1),(2)		04/19/33		4,317,519		4,321,836
Navient Private Education Refi Loan Trust Series 2021-GA, Class A
1.58% (1)		04/15/70		2,587,138		2,231,925

See accompanying Notes to Financial Statements.

8

TCW Core Fixed Income Fund

April 30, 2024

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (Continued)
Nelnet Student Loan Trust Series 2014-4A, Class A2
6.39% (30 day USD SOFR Average + 1.064%) (1),(2)		11/25/48	$	2,331,725	$	2,325,937
New Economy Assets Phase 1 Sponsor LLC Series 2021-1, Class B1
2.41% (1)		10/20/61		987,360		840,926
OCP CLO Ltd. Series 2020-19A, Class AR
6.74% (3 mo. USD Term SOFR + 1.412%) (1),(2)		10/20/34		3,600,000		3,606,160
Octagon Investment Partners XIV Ltd. Series 2012-1A, Class AARR
6.54% (3 mo. USD Term SOFR + 1.212%) (1),(2)		07/15/29		1,381,046		1,381,115
SBNA Auto Receivables Trust Series 2024-A, Class A3
5.32% (1)		12/15/28		2,440,000		2,427,321
Skyline Aviation, Inc. Series 2004-1, Class A
3.23% (4)		07/03/38		4,098,252		3,606,782
SLM Student Loan Trust Series 2003-7A, Class A5A
6.82% (90 day USD SOFR Average + 1.462%) (1),(2)		12/15/33		1,361,977		1,353,730
SLM Student Loan Trust Series 2008-2, Class B
6.81% (90 day USD SOFR Average + 1.462%) (2)		01/25/83		710,000		713,312
SLM Student Loan Trust Series 2008-3, Class B
6.81% (90 day USD SOFR Average + 1.462%) (2)		04/26/83		710,000		731,023
SLM Student Loan Trust Series 2008-4, Class A4
7.26% (90 day USD SOFR Average + 1.912%) (2)		07/25/22		1,892,354		1,895,452
SLM Student Loan Trust Series 2008-4, Class B
7.46% (90 day USD SOFR Average + 2.112%) (2)		04/25/73		710,000		721,669
SLM Student Loan Trust Series 2008-5, Class B
7.46% (90 day USD SOFR Average + 2.112%) (2)		07/25/73		710,000		710,118
SLM Student Loan Trust Series 2008-6, Class A4
6.71% (90 day USD SOFR Average + 1.362%) (2)		07/25/23		1,781,612		1,773,763
SLM Student Loan Trust Series 2008-6, Class B
7.46% (90 day USD SOFR Average + 2.112%) (2)		07/26/83		710,000		742,532
SLM Student Loan Trust Series 2008-7, Class B
7.46% (90 day USD SOFR Average + 2.112%) (2)		07/26/83		710,000		730,246

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (Continued)
SLM Student Loan Trust Series 2012-7, Class A3
6.09% (30 day USD SOFR Average + 0.764%) (2)		05/26/26	$	1,120,497	$	1,099,398
Stack Infrastructure Issuer LLC Series 2024-1A, Class A2
5.90% (1)		03/25/49		2,200,000		2,196,468
U.S. Small Business Administration Series 2022-25G, Class 1
3.93%		07/01/47		5,862,003		5,310,617
U.S. Small Business Administration Series 2022-25H, Class 1
3.80%		08/01/47		3,302,716		2,946,119
U.S. Small Business Administration Series 2022-25J, Class 1
5.04%		10/01/47		3,308,271		3,215,175
Total Asset-Backed Securities
(Cost: $75,120,206)						73,262,697
COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY — 0.7%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K155, Class A3
3.75%		04/25/33		4,045,000		3,647,913
Federal National Mortgage Association, Pool #AN0245
3.42%		11/01/35		1,698,350		1,544,446
Federal National Mortgage Association, Pool #BL6060
2.46%		04/01/40		1,840,000		1,261,229
Total Commercial Mortgage-Backed Securities — Agency
(Cost: $7,687,980)						6,453,588
COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 3.5%
Arbor Realty Commercial Real Estate Notes Ltd. Series 2021-FL3, Class A
6.51% (1 mo. USD Term SOFR + 1.184%) (1),(2)		08/15/34		3,432,879		3,413,176
BAMLL Commercial Mortgage Securities Trust Series 2018-PARK, Class A
4.23% (1),(5)		08/10/38		1,930,000		1,760,173
Bank Series 2022-BNK42, Class A5
4.49% (5)		06/15/55		3,593,000		3,316,197
BPR Trust Series 2022-OANA, Class A
7.22% (1 mo. USD Term SOFR + 1.898%) (1),(2)		04/15/37		3,678,000		3,692,156
BX Commercial Mortgage Trust Series 2020-VIV4, Class A
2.84% (1)		03/09/44		2,415,000		2,043,354
BX Trust Series 2019-OC11, Class A
3.20% (1)		12/09/41		1,485,000		1,295,964

See accompanying Notes to Financial Statements.

9

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
BXHPP Trust Series 2021-FILM, Class A
6.09% (1 mo. USD Term SOFR + 0.764%) (1),(2)		08/15/36	$	3,000,000	$	2,878,439
COMM Mortgage Trust Series 2015-CR27, Class A3
3.35%		10/10/48		1,840,022		1,780,177
CSAIL Commercial Mortgage Trust Series 2020-C19, Class A3
2.56%		03/15/53		3,004,000		2,472,111
Hudson Yards Mortgage Trust Series 2019-30HY, Class A
3.23% (1)		07/10/39		2,185,000		1,909,145
Hudson Yards Mortgage Trust Series 2019-55HY, Class A
3.04% (1),(5)		12/10/41		1,180,000		1,007,670
JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class A
3.40% (1)		06/05/39		1,160,000		1,018,914
Manhattan West Mortgage Trust Series 2020-1MW, Class A
2.13% (1)		09/10/39		1,720,000		1,502,975
One Bryant Park Trust Series 2019-OBP, Class A
2.52% (1)		09/15/54		1,495,000		1,240,930
SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A1
3.87% (1),(5)		01/05/43		1,710,000		1,446,401
SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2B
4.14% (1),(5)		01/05/43		70,000		56,109
Wells Fargo Commercial Mortgage Trust Series 2015-C26, Class AS
3.58%		02/15/48		2,100,000		2,050,711
Total Commercial Mortgage-Backed Securities — Non-Agency
(Cost: $35,438,434)						32,884,602
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY — 38.1%
Federal Home Loan Mortgage Corp., Pool #A97179
4.50%		03/01/41		871,092		829,523
Federal Home Loan Mortgage Corp., Pool #G06360
4.00%		03/01/41		1,042,152		963,350
Federal Home Loan Mortgage Corp., Pool #G06498
4.00%		04/01/41		717,271		660,824
Federal Home Loan Mortgage Corp., Pool #G06499
4.00%		03/01/41		466,579		434,150
Federal Home Loan Mortgage Corp., Pool #G07849
3.50%		05/01/44		602,552		544,474
Federal Home Loan Mortgage Corp., Pool #G07924
3.50%		01/01/45		897,189		799,510
Federal Home Loan Mortgage Corp., Pool #G08710
3.00%		06/01/46		1,103,369		941,631

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Federal Home Loan Mortgage Corp., Pool #G08711
3.50%		06/01/46	$	1,776,506	$	1,568,083
Federal Home Loan Mortgage Corp., Pool #G08715
3.00%		08/01/46		2,135,015		1,822,051
Federal Home Loan Mortgage Corp., Pool #G08716
3.50%		08/01/46		1,204,874		1,063,515
Federal Home Loan Mortgage Corp., Pool #G08721
3.00%		09/01/46		1,715,646		1,463,677
Federal Home Loan Mortgage Corp., Pool #G08722
3.50%		09/01/46		484,144		427,343
Federal Home Loan Mortgage Corp., Pool #G08726
3.00%		10/01/46		1,646,460		1,404,652
Federal Home Loan Mortgage Corp., Pool #G08732
3.00%		11/01/46		1,657,618		1,410,545
Federal Home Loan Mortgage Corp., Pool #G08792
3.50%		12/01/47		1,316,914		1,161,116
Federal Home Loan Mortgage Corp., Pool #G08816
3.50%		06/01/48		245,878		216,552
Federal Home Loan Mortgage Corp., Pool #G08826
5.00%		06/01/48		226,324		218,259
Federal Home Loan Mortgage Corp., Pool #G08843
4.50%		10/01/48		875,991		821,896
Federal Home Loan Mortgage Corp., Pool #G60038
3.50%		01/01/44		862,001		779,381
Federal Home Loan Mortgage Corp., Pool #G60344
4.00%		12/01/45		437,262		402,625
Federal Home Loan Mortgage Corp., Pool #G67700
3.50%		08/01/46		707,583		630,160
Federal Home Loan Mortgage Corp., Pool #G67706
3.50%		12/01/47		505,568		449,885
Federal Home Loan Mortgage Corp., Pool #G67707
3.50%		01/01/48		5,591,277		4,954,115
Federal Home Loan Mortgage Corp., Pool #G67711
4.00%		03/01/48		1,391,331		1,276,335
Federal Home Loan Mortgage Corp., Pool #G67718
4.00%		01/01/49		1,278,358		1,169,018
Federal Home Loan Mortgage Corp., Pool #Q05261
3.50%		12/01/41		917,997		824,642
Federal Home Loan Mortgage Corp., Pool #Q20178
3.50%		07/01/43		1,742,676		1,566,531
Federal Home Loan Mortgage Corp., Pool #QE0312
2.00%		04/01/52		5,115,815		3,866,494
Federal Home Loan Mortgage Corp., Pool #RA8693
4.50%		04/01/53		7,079,635		6,528,489
Federal Home Loan Mortgage Corp., Pool #SD0231
3.00%		01/01/50		3,931,434		3,319,799
Federal Home Loan Mortgage Corp., Pool #SD7513
3.50%		04/01/50		486,969		430,170

See accompanying Notes to Financial Statements.

10

TCW Core Fixed Income Fund

April 30, 2024

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Federal Home Loan Mortgage Corp., Pool #SD8178
2.50%		11/01/51	$	5,123,818	$	4,071,626
Federal Home Loan Mortgage Corp., Pool #SD8193
2.00%		02/01/52		7,634,246		5,777,212
Federal Home Loan Mortgage Corp., Pool #SD8194
2.50%		02/01/52		7,002,996		5,558,395
Federal Home Loan Mortgage Corp., Pool #SD8205
2.50%		04/01/52		2,055,734		1,629,778
Federal Home Loan Mortgage Corp., Pool #ZM1779
3.00%		09/01/46		1,039,970		885,976
Federal Home Loan Mortgage Corp., Pool #ZT1703
4.00%		01/01/49		870,371		794,886
Federal Home Loan Mortgage Corp. REMICS Series 2439, Class KZ
6.50%		04/15/32		48,639		49,434
Federal Home Loan Mortgage Corp. REMICS Series 2575, Class FD (PAC)
5.89% (30 day USD SOFR Average + 0.564%) (2)		02/15/33		131,402		130,272
Federal Home Loan Mortgage Corp. REMICS Series 2662, Class MT (TAC)
4.50%		08/15/33		37,025		35,858
Federal Home Loan Mortgage Corp. REMICS Series 3315, Class S (I/O) (I/F)
0.97% (-30 day USD SOFR Average + 6.296%) (2)		05/15/37		5,655		348
Federal Home Loan Mortgage Corp. REMICS Series 3339, Class JS (I/F)
7.45% (-30 day USD SOFR Average + 42.091%) (2)		07/15/37		161,591		193,772
Federal Home Loan Mortgage Corp. REMICS Series 3351, Class ZC
5.50%		07/15/37		131,861		132,441
Federal Home Loan Mortgage Corp. REMICS Series 3380, Class SM (I/O) (I/F)
0.97% (-30 day USD SOFR Average + 6.296%) (2)		10/15/37		196,735		15,694
Federal Home Loan Mortgage Corp. REMICS Series 3382, Class FL
6.14% (30 day USD SOFR Average + 0.814%) (2)		11/15/37		51,094		51,031
Federal Home Loan Mortgage Corp. REMICS Series 3439, Class SC (I/O) (I/F)
0.46% (-30 day USD SOFR Average + 5.786%) (2)		04/15/38		827,955		37,339

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Federal Home Loan Mortgage Corp. REMICS Series 3578, Class DI (I/O) (I/F)
1.21% (-30 day USD SOFR Average + 6.536%) (2)		04/15/36	$	290,362	$	16,150
Federal Home Loan Mortgage Corp. REMICS Series 4818, Class CA
3.00%		04/15/48		414,910		352,135
Federal National Mortgage Association, Pool #596686
6.50%		11/01/31		5,900		5,918
Federal National Mortgage Association, Pool #727575
5.00%		06/01/33		10,976		10,720
Federal National Mortgage Association, Pool #748751
5.50%		10/01/33		31,229		30,781
Federal National Mortgage Association, Pool #AL0209
4.50%		05/01/41		270,321		258,634
Federal National Mortgage Association, Pool #AL0851
6.00%		10/01/40		238,119		244,637
Federal National Mortgage Association, Pool #AS9830
4.00%		06/01/47		477,096		436,335
Federal National Mortgage Association, Pool #BN7755
3.00%		09/01/49		2,536,103		2,143,133
Federal National Mortgage Association, Pool #BQ6913
2.00%		12/01/51		8,398,847		6,359,562
Federal National Mortgage Association, Pool #BQ7006
2.00%		01/01/52		6,915,963		5,236,730
Federal National Mortgage Association, Pool #BV8464
3.00%		04/01/52		3,819,132		3,159,382
Federal National Mortgage Association, Pool #BX8625
5.00%		04/01/53		8,053,544		7,635,714
Federal National Mortgage Association, Pool #CA1710
4.50%		05/01/48		1,187,798		1,114,315
Federal National Mortgage Association, Pool #CA1711
4.50%		05/01/48		823,842		772,875
Federal National Mortgage Association, Pool #CA2208
4.50%		08/01/48		663,283		622,249
Federal National Mortgage Association, Pool #CA2327
4.00%		09/01/48		413,588		378,880

See accompanying Notes to Financial Statements.

11

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Federal National Mortgage Association, Pool #CB0290
2.00%		04/01/51	$	6,962,510	$	5,300,358
Federal National Mortgage Association, Pool #CB0610
2.50%		05/01/51		6,625,038		5,313,094
Federal National Mortgage Association, Pool #CB2313
2.50%		12/01/51		7,194,915		5,752,647
Federal National Mortgage Association, Pool #CB3289
2.00%		04/01/52		9,311,735		7,108,994
Federal National Mortgage Association, Pool #FM2318
3.50%		09/01/49		251,620		221,209
Federal National Mortgage Association, Pool #FM2870
3.00%		03/01/50		1,672,273		1,412,108
Federal National Mortgage Association, Pool #FS1598
2.00%		04/01/52		7,690,577		5,812,479
Federal National Mortgage Association, Pool #FS4233
4.50%		12/01/52		6,315,895		5,824,937
Federal National Mortgage Association, Pool #FS4701
4.50%		04/01/53		7,485,341		6,902,610
Federal National Mortgage Association, Pool #MA1146
4.00%		08/01/42		542,478		498,586
Federal National Mortgage Association, Pool #MA1561
3.00%		09/01/33		1,036,792		957,438
Federal National Mortgage Association, Pool #MA1584
3.50%		09/01/33		1,513,992		1,422,700
Federal National Mortgage Association, Pool #MA3182
3.50%		11/01/47		284,131		250,166
Federal National Mortgage Association, Pool #MA4093
2.00%		08/01/40		3,861,043		3,173,323
Federal National Mortgage Association, Pool #MA4281
2.00%		03/01/51		7,050,727		5,360,807
Federal National Mortgage Association, Pool #MA4387
2.00%		07/01/41		554,063		451,911
Federal National Mortgage Association, Pool #MA4465
2.00%		11/01/51		2,081,251		1,576,923

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Federal National Mortgage Association, Pool #MA4512
2.50%		01/01/52	$	7,627,922	$	6,044,505
Federal National Mortgage Association, Pool #MA4548
2.50%		02/01/52		7,021,229		5,572,867
Federal National Mortgage Association, Pool #MA4579
3.00%		04/01/52		6,941,486		5,742,891
Federal National Mortgage Association REMICS Series 2001-14, Class SH (I/F)
8.77% (-30 day USD SOFR Average + 27.424%) (2)		03/25/30		30,221		32,605
Federal National Mortgage Association REMICS Series 2001-34, Class FV
5.94% (30 day USD SOFR Average + 0.614%) (2)		08/25/31		46,708		46,514
Federal National Mortgage Association REMICS Series 2007-89, Class GF
5.96% (30 day USD SOFR Average + 0.634%) (2)		09/25/37		227,138		226,120
Federal National Mortgage Association REMICS Series 2008-30, Class SA (I/O) (I/F)
1.41% (-30 day USD SOFR Average + 6.736%) (2)		04/25/38		39,074		3,485
Federal National Mortgage Association REMICS Series 2008-62, Class SN (I/O) (I/F)
0.76% (-30 day USD SOFR Average + 6.086%) (2)		07/25/38		44,132		2,107
Federal National Mortgage Association REMICS Series 2009-64, Class TB
4.00%		08/25/29		383,804		371,473
Federal National Mortgage Association REMICS Series 2009-68, Class SA (I/O) (I/F)
1.31% (-30 day USD SOFR Average + 6.636%) (2)		09/25/39		33,310		3,370
Federal National Mortgage Association REMICS Series 2010-26, Class AS (I/O) (I/F)
0.89% (-30 day USD SOFR Average + 6.216%) (2)		03/25/40		481,451		25,142
Federal National Mortgage Association REMICS Series 2011-111, Class DB
4.00%		11/25/41		1,051,982		976,106
Federal National Mortgage Association REMICS Series 2018-38, Class LA
3.00%		06/25/48		794,920		678,654
Federal National Mortgage Association REMICS Series 2018-43, Class CT
3.00%		06/25/48		590,172		503,968

See accompanying Notes to Financial Statements.

12

TCW Core Fixed Income Fund

April 30, 2024

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Federal National Mortgage Association REMICS Series 2019-79, Class FA
5.94% (30 day USD SOFR Average + 0.614%) (2)		01/25/50	$	1,418,371	$	1,408,534
Federal National Mortgage Association REMICS Trust Series 2004-W10, Class A6 (PAC)
5.75%		08/25/34		566,049		556,731
Government National Mortgage Association, Pool #608259
4.50%		08/15/33		12,877		12,244
Government National Mortgage Association, Pool #782114
5.00%		09/15/36		50,664		49,975
Government National Mortgage Association, Pool #MA3521
3.50%		03/20/46		802,325		717,958
Government National Mortgage Association, Pool #MA3597
3.50%		04/20/46		776,754		695,889
Government National Mortgage Association, Pool #MA3662
3.00%		05/20/46		346,365		299,559
Government National Mortgage Association, Pool #MA3663
3.50%		05/20/46		761,376		682,056
Government National Mortgage Association, Pool #MA4126
3.00%		12/20/46		2,082,194		1,800,816
Government National Mortgage Association, Pool #MA4127
3.50%		12/20/46		1,090,914		975,234
Government National Mortgage Association, Pool #MA4196
3.50%		01/20/47		640,644		572,514
Government National Mortgage Association, Pool #MA4454
5.00%		05/20/47		260,850		256,029
Government National Mortgage Association, Pool #MA4510
3.50%		06/20/47		308,428		275,321
Government National Mortgage Association, Pool #MA4589
5.00%		07/20/47		614,463		602,530
Government National Mortgage Association, Pool #MA4722
5.00%		09/20/47		201,008		196,979
Government National Mortgage Association, Pool #MA4777
3.00%		10/20/47		248,914		214,968
Government National Mortgage Association, Pool #MA4836
3.00%		11/20/47		970,795		838,401

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Government National Mortgage Association, Pool #MA4837
3.50%		11/20/47	$	2,000,243	$	1,784,366
Government National Mortgage Association, Pool #MA4838
4.00%		11/20/47		572,780		527,342
Government National Mortgage Association, Pool #MA4901
4.00%		12/20/47		978,244		900,641
Government National Mortgage Association, Pool #MA5078
4.00%		03/20/48		693,771		637,678
Government National Mortgage Association, Pool #MA5399
4.50%		08/20/48		1,375,743		1,299,593
Government National Mortgage Association, Pool #MA5466
4.00%		09/20/48		47,596		43,641
Government National Mortgage Association, Pool #MA5467
4.50%		09/20/48		83,624		78,953
Government National Mortgage Association, Pool #MA6030
3.50%		07/20/49		71,426		62,000
Government National Mortgage Association, Pool #MA6209
3.00%		10/20/49		533,470		445,192
Government National Mortgage Association REMICS Series 2008-27, Class SI (I/O) (I/F)
1.04% (-1 mo. USD Term SOFR + 6.356%) (2)		03/20/38		132,332		11,604
Government National Mortgage Association REMICS Series 2008-81, Class S (I/O) (I/F)
0.77% (-1 mo. USD Term SOFR + 6.086%) (2)		09/20/38		514,793		41,641
Government National Mortgage Association REMICS Series 2010-1, Class S (I/O) (I/F)
0.32% (- 1 mo. USD Term SOFR + 5.636%) (2)		01/20/40		765,497		47,117
Government National Mortgage Association REMICS Series 2018-124, Class NW
3.50%		09/20/48		689,937		597,943
Government National Mortgage Association REMICS Series 2023-134, Class F
6.33% (30 day USD SOFR Average + 1.000%) (2)		08/20/53		1,051,473		1,046,914
Government National Mortgage Association REMICS Series 2024-30, Class CF
6.50% (30 day USD SOFR Average + 1.250%) (2)		02/20/54		1,084,502		1,075,514

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)
Government National Mortgage Association, TBA
2.50% (6)		12/01/51	$	17,100,000	$	14,024,267
4.50% (6)		05/01/53		13,975,000		13,021,991
5.00% (6)		06/01/53		13,450,000		12,876,371
5.50% (6)		07/01/53		900,000		882,908
5.50% (6)		07/01/53		7,025,000		6,876,932
Uniform Mortgage-Backed Security, TBA
2.00% (6)		12/01/51		16,700,000		12,612,062
2.50% (6)		12/01/51		4,150,000		3,283,906
3.00% (6)		02/01/52		12,950,000		10,696,997
3.50% (6)		03/01/52		15,800,000		13,617,966
4.00% (6)		05/01/52		40,150,000		35,898,787
4.50% (6)		03/01/53		20,000,000		18,435,830
5.00% (6)		02/01/53		11,675,000		11,068,908
5.50% (6)		02/01/54		15,550,000		15,096,624
Total Residential Mortgage-Backed Securities — Agency
(Cost: $381,373,753)						355,810,530
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 7.7%
Ajax Mortgage Loan Trust Series 2019-F, Class A1
2.86% (1)		07/25/59		1,626,944		1,522,941
Bayview MSR Opportunity Master Fund Trust Series 2021-5, Class A5
2.50% (1),(5)		11/25/51		3,718,498		3,180,930
CIM Trust Series 2021-J1, Class A1
2.50% (1),(5)		03/25/51		9,196,269		7,099,448
Citigroup Mortgage Loan Trust, Inc. Series 2005-5, Class 2A2
5.75% (7)		08/25/35		121,566		98,913
Citigroup Mortgage Loan Trust, Inc. Series 2006-AMC1, Class A1
5.72% (1 mo. USD Term SOFR + 0.404%)(1),(2)		09/25/36		5,747,582		5,452,306
CSMC Trust Series 2018-RPL9, Class A
3.85% (1),(5)		09/25/57		2,072,488		1,936,343
CSMC Trust Series 2022-ATH2, Class A1
4.55% (1),(5)		05/25/67		3,214,997		3,086,577
Fremont Home Loan Trust Series 2005-E, Class 2A4
6.09% (1 mo. USD Term SOFR + 0.774%)(2)		01/25/36		4,129,042		3,898,103
GS Mortgage-Backed Securities Trust Series 2018-RPL1, Class A1A
3.75% (1)		10/25/57		1,636,693		1,563,247
GS Mortgage-Backed Securities Trust Series 2021-INV1, Class A6
2.50% (1),(5)		12/25/51		3,507,794		3,000,451

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
GSAA Home Equity Trust Series 2005-11, Class 2A2
6.07% (1 mo. USD Term SOFR + 0.754%) (2)		10/25/35	$	619,918	$	617,724
IndyMac INDX Mortgage Loan Trust Series 2005-AR6, Class 2A1
5.91% (1 mo. USD Term SOFR + 0.594%) (2)		04/25/35		425,462		320,931
JPMorgan Mortgage Trust Series 2021-14, Class A3
2.50% (1),(5)		05/25/52		4,663,992		3,607,853
JPMorgan Mortgage Trust Series 2021-INV3, Class A3
2.50% (1),(5)		12/25/51		6,825,299		5,847,401
JPMorgan Mortgage Trust Series 2021-INV5, Class A3
3.00% (1),(5)		12/25/51		5,273,035		4,615,463
JPMorgan Mortgage Trust Series 2022-1, Class A3
2.50% (1),(5)		07/25/52		8,209,640		6,350,605
Morgan Stanley ABS Capital I, Inc. Trust Series 2004-WMC2, Class M1
6.35% (1 mo. USD Term SOFR + 1.029%) (2)		07/25/34		469,336		466,373
Morgan Stanley Mortgage Loan Trust Series 2004-3, Class 4A
5.65% (5)		04/25/34		66,095		63,751
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-WCW2, Class M3
6.26% (1 mo. USD Term SOFR + 0.939%) (2)		07/25/35		10,000,000		9,167,620
Starwood Mortgage Residential Trust Series 2021-3, Class A1
1.13% (1),(5)		06/25/56		2,232,504		1,789,370
Structured Asset Investment Loan Trust Series 2004-6, Class A3
6.23% (1 mo. USD Term SOFR + 0.914%) (2)		07/25/34		1,523,158		1,515,560
WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR15, Class A1A1
5.95% (1 mo. USD Term SOFR + 0.634%) (2)		11/25/45		3,829,659		3,360,525
WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR3, Class A2
5.15% (5)		03/25/35		415,874		403,643
Wells Fargo Alternative Loan Trust Series 2007-PA3, Class 2A1
6.00% (7)		07/25/37		40,114		33,752
Wells Fargo Home Equity Asset-Backed Securities Trust Series 2004-2, Class A33
5.93% (1 mo. USD Term SOFR + 1.114%) (2)		10/25/34		2,486,195		2,465,057
Total Residential Mortgage-Backed Securities — Non-Agency
(Cost: $77,355,364)						71,464,887

See accompanying Notes to Financial Statements.

14

TCW Core Fixed Income Fund

April 30, 2024

Issues	Maturity Date			Principal Amount		Value
U.S. TREASURY SECURITIES — 29.8%
U.S. Treasury Bonds
4.25%		02/15/54	$		29,189,000	$	26,719,508
4.50%		02/15/44			75,770,000		71,943,009
U.S. Treasury Notes
4.00%		02/15/34			48,213,000		45,655,520
4.50%		04/15/27			12,025,000		11,904,280
4.63%		04/30/29			119,970,000		119,515,427
4.88%		04/30/26			2,272,000		2,265,299
Total U.S. Treasury Securities
(Cost: $285,463,632)							278,003,043
Total Fixed Income Securities
(Cost: $1,052,986,619)							992,510,321
				Shares
MONEY MARKET INVESTMENTS — 4.7%
State Street Institutional U.S. Government Money Market Fund — Premier Class,
5.25% (8)					44,187,076		44,187,076
Total Money Market Investments
(Cost: $44,187,076)							44,187,076

Issues	Maturity Date			Principal Amount		Value
SHORT TERM INVESTMENTS — 5.3%
U.S. TREASURY SECURITIES — 5.3%
U.S. Treasury Bills
5.21% (9)		07/11/24	$		25,000,000	$	24,740,954
5.26% (9)		07/16/24			25,000,000		24,723,507
Total U.S. Treasury Securities
(Cost: $49,471,403)							49,464,461
Total Short Term Investments
(Cost: $49,471,403)							49,464,461
Total Investments (116.4%)
(Cost: $1,146,645,098)							1,086,161,858
Liabilities In Excess Of Other Assets (-16.4%)							(152,757,509	)
Net Assets (100.0%)						$	933,404,349

Futures Contracts
Number of Contracts	Type	Expiration Date		Notional			Market Value			Net Unrealized Appreciation (Depreciation)
Long Futures
1,381	2-Year U.S. Treasury Note Futures		06/28/24	$	282,609,825		$	279,868,281		$	(2,741,544	)
477	5-Year U.S. Treasury Note Futures		06/28/24		50,997,537			49,962,024			(1,035,513	)
1	Euro SCHWATZ Futures		06/06/24		112,994			112,389			(605	)
				$	333,720,356		$	329,942,694		$	(3,777,662	)
Short Futures
65	10-Year U.S. Treasury Note Futures		06/18/24	$	(7,402,546	)	$	(7,164,219	)	$	238,327
12	30-Year Euro-Buxl Future		06/06/24		(1,707,278	)		(1,654,172	)		53,106
21	Euro-Bobl Future		06/06/24		(2,643,289	)		(2,614,349	)		28,940
56	Euro-Bund Future		06/06/24		(7,930,770	)		(7,788,930	)		141,840
				$	(19,683,883	)	$	(19,221,670	)	$	462,213

See accompanying Notes to Financial Statements.

15

TCW Core Fixed Income Fund

Schedule of Investments (Unaudited) (Continued)

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)
Goldman Sachs & Co.		EUR		758,000		07/12/24	$	825,900	$	812,911	$	(12,989	)
							$	825,900	$	812,911	$	(12,989	)
SELL (11)
Citibank N.A.		GBP		858,000		07/12/24	$	1,090,080		1,074,761		15,319
Citibank N.A.		EUR		14,386,000		07/12/24		15,712,965		15,428,140		284,825
							$	16,803,045	$	16,502,901	$	300,144

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

$8,888,000 (12)

12/20/53

Annual

3.520

%

Annual

12-Month SOFR

$

771,044

$

—

$

771,044

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.

JPY Japanese Yen.

PAC Planned Amortization Class.

REIT Real Estate Investment Trust.

SOFR Secured Overnight Financing Rate.

TAC Target Amortization Class.

TBA To Be Announced.

EUR Euro Currency.

GBP British Pound Sterling.

(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, 2024, the value of these securities amounted to $162,131,488 or 17.4% 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.

(2) Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2024.

(3) 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, 2024, the value of these securities amounted to $11,071,472 or 1.2% of net assets.

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

(5) 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.

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

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

(8) Rate disclosed is the 7-day net yield as of April 30, 2024.

(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.

(12) This instrument has a forward starting effective date. See Note 3, Portfolio Investments in the Notes to Financial Statements for further information.

See accompanying Notes to Financial Statements.

16

TCW Core Fixed Income Fund

Investments by Sector (Unaudited)

Sector	Percentage of Net Assets
Residential Mortgage-Backed Securities — Agency		38.1	%
U.S. Treasury Securities		35.1
Corporate Bonds		18.1
Asset-Backed Securities		7.9
Residential Mortgage-Backed Securities — Non-Agency		7.7
Money Market Investments		4.7
Commercial Mortgage-Backed Securities — Non-Agency		3.5
Commercial Mortgage-Backed Securities — Agency		0.7
Municipal Bonds		0.6
Other*		(16.4	)
Total		100.0	%

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

See accompanying Notes to Financial Statements.

17

TCW Core Fixed Income Fund

Fair Valuation Summary (Unaudited)

April 30, 2024

The following is a summary of the fair valuations according to the inputs used as of April 30, 2024 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
Residential Mortgage-Backed Securities — Agency	$	—		$	355,810,530		$	—	$	355,810,530
U.S. Treasury Securities		278,003,043			—			—		278,003,043
Corporate Bonds*		—			169,157,154			—		169,157,154
Asset-Backed Securities		—			69,655,915			3,606,782		73,262,697
Residential Mortgage-Backed Securities — Non-Agency		—			71,464,887			—		71,464,887
Commercial Mortgage-Backed Securities — Non-Agency		—			32,884,602			—		32,884,602
Commercial Mortgage-Backed Securities — Agency		—			6,453,588			—		6,453,588
Municipal Bonds		—			5,473,820			—		5,473,820
Total Fixed Income Securities		278,003,043			710,900,496			3,606,782		992,510,321
Short Term Investments		49,464,461			—			—		49,464,461
Money Market Investments		44,187,076			—			—		44,187,076
Total Investments	$	371,654,580		$	710,900,496		$	3,606,782	$	1,086,161,858
Asset Derivatives
Swap Agreements
Interest Rate Risk		—			771,044			—		771,044
Futures Contracts
Interest Rate Risk		462,213			—			—		462,213
Forward Currency Exchange Contracts
Foreign Currency Risk		—			300,144			—		300,144
Total	$	372,116,793		$	711,971,684		$	3,606,782	$	1,087,695,259
Liability Derivatives
Futures Contracts
Interest Rate Risk	$	(3,777,662	)	$	—		$	—	$	(3,777,662	)
Forward Currency Exchange Contracts
Foreign Currency Risk		—			(12,989	)		—		(12,989	)
Total	$	(3,777,662	)	$	(12,989	)	$	—	$	(3,790,651	)

* See Schedule of Investments for corresponding industries.

See accompanying Notes to Financial Statements.

18

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited) April 30, 2024

Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES — 61.6%
ASSET-BACKED SECURITIES — 11.2%
Barings CLO Ltd. Series 2018-4A, Class A1R
6.48% (3 mo. USD Term SOFR + 1.150%) (1),(2)		10/15/30	$	55,000	$	55,014
Global SC Finance II SRL Series 2014-1A, Class A2
3.09% (1)		07/17/29		2,188		2,168
GoldenTree Loan Management U.S. CLO 4 Ltd. Series 2019-4A, Class ARR
6.47% (3 mo. USD Term SOFR + 1.150%) (1),(2)		04/24/31		55,000		55,134
Navient Private Education Refi Loan Trust Series 2020-BA, Class A2
2.12% (1)		01/15/69		13,991		12,780
Navient Private Education Refi Loan Trust Series 2021-BA, Class A
0.94% (1)		07/15/69		174,515		150,791
Navient Private Education Refi Loan Trust Series 2021-CA, Class A
1.06% (1)		10/15/69		86,141		74,808
NYACK Park CLO Ltd. Series 2021-1A, Class X
6.24% (3 mo. USD Term SOFR + 0.912%) (1),(2)		10/20/34		1,339		1,338
OCP CLO Ltd. Series 2014-6A, Class A1R2
6.47% (3 mo. USD Term SOFR + 1.150%) (1),(2)		10/17/30		60,000		60,028
Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR
6.73% (3 mo. USD Term SOFR + 1.400%) (1),(2)		04/15/31		50,000		50,018
Progress Residential Trust Series 2021-SFR1, Class C
1.56% (1)		04/17/38		252,000		230,501
ReadyCap Commercial Mortgage Trust Series 2018-4, Class A
3.39% (1)		02/27/51		58,135		55,939
SLM Student Loan Trust Series 2008-3, Class A3
6.61% (90 day USD SOFR Average + 1.262%) (2)		10/25/21		4,080		4,044
SLM Student Loan Trust Series 2008-3, Class B
6.81% (90 day USD SOFR Average + 1.462%) (2)		04/26/83		10,000		10,296
SoFi Professional Loan Program LLC Series 2017-F, Class A2FX
2.84% (1)		01/25/41		68,165		66,468
SoFi Professional Loan Program LLC Series 2019-A, Class A2FX
3.69% (1)		06/15/48		90,363		87,197
SoFi Professional Loan Program LLC Series 2021-B, Class AFX
1.14% (1)		02/15/47		153,039		128,101
Stack Infrastructure Issuer LLC Series 2020-1A, Class A2
1.89% (1)		08/25/45		200,000		188,026

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (Continued)
U.S. Small Business Administration Series 2009-20G, Class 1
4.30%		07/01/29	$	34,165	$	33,342
U.S. Small Business Administration Series 2010-20E, Class 1
4.11%		05/01/30		19,126		18,442
Total Asset-Backed Securities
(Cost: $1,318,354)						1,284,435
COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY — 2.2%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KS07, Class X (I/O)
0.73% (3)		09/25/25		469,172		3,760
Government National Mortgage Association, Pool #776870
4.90%		12/15/52		38,256		38,037
Government National Mortgage Association, Pool #767414
5.55%		02/15/26		6,273		6,248
Government National Mortgage Association, Pool #669551
5.75%		10/15/32		32,113		31,834
Government National Mortgage Association, Pool #625835
6.00%		11/15/34		23,411		23,503
Government National Mortgage Association, Pool #669522
6.00%		07/15/43		25,206		25,158
Government National Mortgage Association, Pool #749547
6.00%		04/15/53		51,968		51,790
Government National Mortgage Association Series 2012-123, Class IO (I/O)
0.62% (3)		12/16/51		82,589		974
Government National Mortgage Association Series 2013-1, Class IO (I/O)
0.58% (3)		02/16/54		37,805		427
Government National Mortgage Association Series 2014-157, Class C
3.15% (3)		10/16/54		70,398		67,304
Total Commercial Mortgage-Backed Securities — Agency
(Cost: $259,461)						249,035
COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 6.2%
Bank Series 2018-BN14, Class A2
4.13%		09/15/60		1,568		1,527
BB-UBS Trust Series 2012-SHOW, Class XA (I/O)
0.73% (1),(3)		11/05/36		6,396,000		10,682

See accompanying Notes to Financial Statements.

19

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Benchmark Mortgage Trust Series 2018-B6, Class A2
4.20%		10/10/51	$	5,354	$	5,278
BX Commercial Mortgage Trust Series 2021-CIP, Class A
6.36% (1 mo. USD Term SOFR + 1.035%) (1),(2)		12/15/38		110,000		108,881
BX Trust Series 2021-MFM1, Class A
6.14% (1 mo. USD Term SOFR + 0.814%) (1),(2)		01/15/34		15,325		15,208
BXHPP Trust Series 2021-FILM, Class A
6.09% (1 mo. USD Term SOFR + 0.764%) (1),(2)		08/15/36		100,000		95,948
Citigroup Commercial Mortgage Trust Series 2014-GC21, Class XA (I/O)
1.11% (3)		05/10/47		606,220		479
Citigroup Commercial Mortgage Trust Series 2015-GC27, Class XA (I/O)
1.45% (3)		02/10/48		1,790,392		7,239
COMM Mortgage Trust Series 2012-CR4, Class A3
2.85%		10/15/45		62,633		57,841
COMM Mortgage Trust Series 2012-CR4, Class XA (I/O)
1.29% (3)		10/15/45		140,668		1,020
COMM Mortgage Trust Series 2014-CR17, Class XA (I/O)
0.87% (3)		05/10/47	$	1,628,888	$	1,924
COMM Mortgage Trust Series 2015-PC1, Class A4
3.62%		07/10/50		38,610		38,037
FS Rialto Issuer LLC Series 2019-FL1, Class A
6.63% (1 mo. USD Term SOFR + 1.314%) (1),(2)		12/16/36		32,996		33,003
GS Mortgage Securities Trust Series 2011-GC5, Class XA (I/O)
0.09% (1),(3)		08/10/44		129,141		1
Houston Galleria Mall Trust Series 2015-HGLR, Class A1A1
3.09% (1)		03/05/37		250,000		242,729
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11, Class XA (I/O)
1.08% (3)		04/15/46		356,259		14
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class XCL (I/O)
0.43% (1),(3),(4)		09/15/39		289,760		1,073
MF1 Ltd. Series 2020-FL4, Class A
7.13% (1 mo. USD Term SOFR + 1.814%) (1),(2)		11/15/35		44,514		44,599
Morgan Stanley Capital I Trust Series 2015-MS1, Class ASB
3.46%		05/15/48		2,155		2,123
Wells Fargo Commercial Mortgage Trust Series 2020-C55, Class A1
1.86%		02/15/53		43,352		42,619

Issues	Maturity Date		Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
WFRBS Commercial Mortgage Trust Series 2013-C14, Class XA (I/O)
0.48% (3)		06/15/46	$	27,060	$	56
WFRBS Commercial Mortgage Trust Series 2014-C20, Class XA (I/O)
0.89% (3)		05/15/47		109,416		57
WFRBS Commercial Mortgage Trust Series 2014-C21, Class XA (I/O)
1.11% (3)		08/15/47		2,771,113		2,975
Total Commercial Mortgage-Backed Securities — Non-Agency
(Cost: $793,951)						713,313
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY — 4.4%
Federal Home Loan Mortgage Corp. REMICS Series 3016, Class GF
5.79% (30 day USD SOFR Average + 0.464%) (2)		08/15/25		4,571		4,570
Federal Home Loan Mortgage Corp. REMICS Series 3954, Class PF (PAC)
5.94% (30 day USD SOFR Average + 0.614%) (2)		07/15/41		192,091		190,898
Federal Home Loan Mortgage Corp. REMICS Series 3738, Class FD
5.74% (30 day USD SOFR Average + 0.414%) (2)		08/15/40		98,990		98,626
Federal National Mortgage Association REMICS Series 2002-41, Class F
5.99% (30 day USD SOFR Average + 0.664%) (2)		07/25/32		8,711		8,705
Federal National Mortgage Association REMICS Series 2011-110, Class FE (PAC)
5.84% (30 day USD SOFR Average + 0.514%) (2)		04/25/41		7,220		7,197
Federal National Mortgage Association REMICS Series 2018-94, Class KD (PAC)
3.50%		12/25/48		39,502		34,525
Federal National Mortgage Association Trust Series 2005-W3, Class 2AF
5.66% (30 day USD SOFR Average + 0.334%) (2)		03/25/45		4,238		4,200
Government National Mortgage Association, Pool #MA6081
3.50%		08/20/49		45,610		39,590
Government National Mortgage Association REMICS Series 2023-116, Class FL
6.48% (30 day USD SOFR Average + 1.150%) (2)		08/20/53		118,849		119,090
Total Residential Mortgage-backed Securities — Agency
(Cost: $518,983)						507,401

See accompanying Notes to Financial Statements.

20

TCW Enhanced Commodity Strategy Fund

April 30, 2024

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 10.3%
American Home Mortgage Investment Trust Series 2004-3, Class 4A
4.69% (6 mo. USD Term SOFR + 1.928%) (2)		10/25/34	$	8,415	$	8,428
Angel Oak Mortgage Trust Series 2022-2, Class A1
3.35% (1),(3)		01/25/67		117,599		105,520
Bear Stearns Asset-Backed Securities I Trust Series 2006-HE9, Class 3A
5.71% (1 mo. USD Term SOFR + 0.394%) (2)		11/25/36		73,128		71,205
Bear Stearns Asset-Backed Securities Trust Series 2004-AC1, Class A2
5.93% (1 mo. USD Term SOFR + 0.614%) (2)		03/25/34		22,415		23,083
BNC Mortgage Loan Trust Series 2006-2, Class A4
5.75% (1 mo. USD Term SOFR + 0.434%) (2)		11/25/36		27,515		26,345
Centex Home Equity Loan Trust Series 2005-A, Class M1
6.15% (1 mo. USD Term SOFR + 0.834%) (2)		01/25/35		18,284		18,171
Centex Home Equity Loan Trust Series 2005-B, Class M3
6.12% (1 mo. USD Term SOFR + 0.804%) (2)		03/25/35		54,563		53,051
CHL Mortgage Pass-Through Trust Series 2004-25, Class 1A1
6.09% (1 mo. USD Term SOFR + 0.774%) (2)		02/25/35		76,630		73,313
Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates Series 2004-OPT1, Class M3
6.38% (1 mo. USD Term SOFR + 1.059%) (2)		10/25/34		56,085		53,730
Citigroup Mortgage Loan Trust, Inc. Series 2006-WFH3, Class M2
5.88% (1 mo. USD Term SOFR + 0.564%) (2)		10/25/36		11,717		11,686
COLT Mortgage Loan Trust Series 2021-2, Class A1
0.92% (1),(3)		08/25/66		137,803		109,948
Countrywide Alternative Loan Trust Series 2005-56, Class 4A1
6.05% (1 mo. USD Term SOFR + 0.734%) (2)		11/25/35		19,797		17,824
Countrywide Asset-Backed Certificates Trust Series 2004-7, Class MV4
3.96% (1 mo. USD Term SOFR + 1.764%) (2)		12/25/34		44,367		43,616
DSLA Mortgage Loan Trust Series 2005-AR1, Class 2A1A
5.93% (1 mo. USD Term SOFR + 0.614%) (2)		02/19/45		63,507		61,258
Encore Credit Receivables Trust Series 2005-3, Class M4
6.33% (1 mo. USD Term SOFR + 1.014%) (2)		10/25/35		11,735		11,483

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
First Franklin Mortgage Loan Trust Series 2004-FF5, Class A3C
6.43% (1 mo. USD Term SOFR + 1.114%) (2)		08/25/34	$	3,447	$	3,075
Impac CMB Trust Series 2004-6, Class 1A1
6.23% (1 mo. USD Term SOFR + 0.914%) (2)		10/25/34		34,805		33,907
JPMorgan Alternative Loan Trust Series 2007-S1, Class A1
5.99% (1 mo. USD Term SOFR + 0.674%) (2)		04/25/47		58,592		54,159
JPMorgan Mortgage Trust Series 2005-A5, Class TA1
5.93% (3)		08/25/35		337		312
JPMorgan Mortgage Trust Series 2005-A6, Class 7A1
5.04% (3)		08/25/35		4,806		3,904
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 3A1
5.37% (3)		11/21/34		9,638		9,027
MASTR Adjustable Rate Mortgages Trust Series 2007-1, Class I2A1
5.75% (1 mo. USD Term SOFR + 0.434%) (2)		01/25/47		6,017		6,006
MASTR Seasoned Securitization Trust Series 2005-1, Class 4A1
6.27% (3)		10/25/32		4,389		4,127
Morgan Stanley ABS Capital I, Inc. Trust Series 2005-HE1, Class M1
6.11% (1 mo. USD Term SOFR + 0.789%) (2)		12/25/34		21,687		20,868
MortgageIT Trust Series 2005-3, Class A1
6.03% (1 mo. USD Term SOFR + 0.714%) (2)		08/25/35		2,255		2,131
MortgageIT Trust Series 2005-3, Class A2
6.13% (1 mo. USD Term SOFR + 0.814%) (2)		08/25/35		11,273		10,654
MortgageIT Trust Series 2005-5, Class A1
5.95% (1 mo. USD Term SOFR + 0.634%) (2)		12/25/35		10,381		10,004
Nationstar Home Equity Loan Trust Series 2007-C, Class 1AV1
5.61% (1 mo. USD Term SOFR + 0.289%) (2)		06/25/37		29,650		28,427
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-WHQ2, Class M3
6.15% (1 mo. USD Term SOFR + 0.834%) (2)		05/25/35		29,156		28,419
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB5, Class A3
5.71% (1 mo. USD Term SOFR + 0.394%) (2)		06/25/36		62,692		40,939

See accompanying Notes to Financial Statements.

21

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Structured Adjustable Rate Mortgage Loan Trust Series 2005-17, Class 3A1
4.74% (3)		08/25/35	$	9,234	$	7,760
Structured Asset Investment Loan Trust Series 2005-HE2, Class M2
6.18% (1 mo. USD Term SOFR + 0.864%) (2)		07/25/35		97,668		90,196
WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR13, Class A1A1
6.01% (1 mo. USD Term SOFR + 0.694%) (2)		10/25/45		36,265		34,679
WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR2, Class 2A1B
6.17% (1 mo. USD Term SOFR + 0.854%) (2)		01/25/45		78,643		78,351
Wells Fargo Home Equity Asset-Backed Securities Trust Series 2007-2, Class A3
5.89% (1 mo. USD Term SOFR + 0.574%) (2)		04/25/37		32,177		31,047
Total Residential Mortgage-Backed Securities — Non-Agency
(Cost: $1,214,728)						1,186,653
CORPORATE BONDS — 27.2%
Aerospace & Defense — 0.3%
Boeing Co.
6.26% (1)		05/01/27		25,000		25,079
General Electric Co.
6.05% (3 mo. USD Term SOFR + 0.742%) (2)		08/15/36		10,000		9,363
						34,442
Agriculture — 0.7%
BAT Capital Corp. (United Kingdom)
3.56%		08/15/27		48,000		45,058
Imperial Brands Finance PLC (United Kingdom)
3.13% (1)		07/26/24		40,000		39,730
						84,788
Airlines — 0.0%
U.S. Airways Pass-Through Trust Series 2012-1, Class A (EETC)
5.90%		04/01/26		3,758		3,758
Banks — 9.8%
Bank of America Corp.
1.73% (Secured Overnight Financing Rate + 0.960%) (2)		07/22/27		100,000		91,742
2.55% (Secured Overnight Financing Rate + 1.050%) (2)		02/04/28		85,000		78,291

Issues	Maturity Date		Principal Amount		Value
Banks (Continued)
4.38% (5 yr. CMT + 2.760%) (2),(5)		01/27/27	$	10,000	$	9,209
Citigroup, Inc.
3.07% (Secured Overnight Financing Rate + 1.280%) (2)		02/24/28		110,000		102,643
Goldman Sachs Group, Inc.
3.81% (3 mo. USD Term SOFR + 1.420%) (2)		04/23/29		170,000		158,908
HSBC Holdings PLC (United Kingdom)
2.21% (Secured Overnight Financing Rate + 1.285%) (2)		08/17/29		55,000		47,457
2.80% (Secured Overnight Financing Rate + 1.187%) (2)		05/24/32		110,000		89,854
ING Groep NV (Netherlands)
3.87% (Secured Overnight Financing Rate + 1.640%) (2)		03/28/26		80,000		78,542
JPMorgan Chase & Co.
1.95% (Secured Overnight Financing Rate + 1.065%) (2)		02/04/32		35,000		27,784
2.07% (Secured Overnight Financing Rate + 1.015%) (2)		06/01/29		150,000		130,924
2.55% (Secured Overnight Financing Rate + 1.180%) (2)		11/08/32		20,000		16,228
Morgan Stanley
1.51% (Secured Overnight Financing Rate + 0.858%) (2)		07/20/27		130,000		118,722
PNC Financial Services Group, Inc.
5.58% (Secured Overnight Financing Rate + 1.841%) (2)		06/12/29		10,000		9,959
Santander U.K. Group Holdings PLC (United Kingdom)
1.67% (Secured Overnight Financing Rate + 0.989%) (2)		06/14/27		20,000		18,258
U.S. Bancorp
5.84% (Secured Overnight Financing Rate + 2.260%) (2)		06/12/34		5,000		4,943
Wells Fargo & Co.
2.57% (3 mo. USD Term SOFR + 1.262%) (2)		02/11/31		5,000		4,231
5.57% (Secured Overnight Financing Rate + 1.740%) (2)		07/25/29		140,000		139,713
						1,127,408

See accompanying Notes to Financial Statements.

22

TCW Enhanced Commodity Strategy Fund

April 30, 2024

Issues	Maturity Date		Principal Amount		Value
Beverages — 0.4%
Bacardi Ltd.
4.45% (1)		05/15/25	$	40,000	$	39,471
Biotechnology — 0.4%
Amgen, Inc.
5.15%		03/02/28		50,000		49,570
Chemicals — 0.5%
International Flavors & Fragrances, Inc.
1.23% (1)		10/01/25		65,000		60,875
Commercial Services — 0.5%
Global Payments, Inc.
4.45%		06/01/28		55,000		52,457
Diversified Financial Services — 1.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
2.45%		10/29/26		55,000		50,839
Air Lease Corp.
2.88%		01/15/26		30,000		28,560
3.25%		03/01/25		35,000		34,249
Avolon Holdings Funding Ltd. (Ireland)
2.53% (1)		11/18/27		25,000		22,038
						135,686
Electric — 2.8%
Alliant Energy Finance LLC
1.40% (1)		03/15/26		175,000		159,963
Eversource Energy
2.90%		03/01/27		50,000		46,433
ITC Holdings Corp.
4.95% (1)		09/22/27		50,000		48,982
Jersey Central Power & Light Co.
4.30% (1)		01/15/26		70,000		68,133
						323,511
Entertainment — 0.6%
WarnerMedia Holdings, Inc.
3.76%		03/15/27		25,000		23,562
4.28%		03/15/32		10,000		8,623
5.05%		03/15/42		45,000		36,110
						68,295
Food — 1.2%
JBS USA Holding Lux SARL/ JBS USA Food Co./ JBS Lux Co. SARL
3.00%		05/15/32		95,000		75,092
Smithfield Foods, Inc.
4.25% (1)		02/01/27		65,000		61,874
						136,966

Issues	Maturity Date		Principal Amount		Value
Health Care-Services — 2.6%
Fresenius Medical Care U.S. Finance III, Inc.
1.88% (1)		12/01/26	$	60,000	$	54,016
HCA, Inc.
3.13%		03/15/27		85,000		79,517
Premier Health Partners
2.91%		11/15/26		125,000		114,485
Universal Health Services, Inc.
1.65%		09/01/26		50,000		45,429
						293,447
Insurance — 1.2%
Athene Global Funding
3.21% (1)		03/08/27		60,000		55,288
Nationwide Mutual Insurance Co.
7.88% (3 mo. USD LIBOR + 2.290%) (1),(2)		12/15/24		70,000		70,003
Willis North America, Inc.
2.95%		09/15/29		20,000		17,523
						142,814
Packaging & Containers — 0.3%
Berry Global, Inc.
4.88% (1)		07/15/26		30,000		29,387
Pharmaceuticals — 0.8%
Bayer U.S. Finance II LLC
4.38% (1)		12/15/28		100,000		93,069
Pipelines — 0.5%
Energy Transfer LP
4.95%		06/15/28		60,000		58,447
REIT — 1.8%
American Assets Trust LP
3.38%		02/01/31		10,000		8,008
Crown Castle, Inc.
3.80%		02/15/28		30,000		28,011
Extra Space Storage LP
2.20%		10/15/30		8,000		6,459
2.40%		10/15/31		5,000		3,979
GLP Capital LP/GLP Financing II, Inc.
3.25%		01/15/32		26,000		21,374
5.25%		06/01/25		15,000		14,823
Healthcare Realty Holdings LP
3.50%		08/01/26		10,000		9,492
3.63%		01/15/28		55,000		50,085
Hudson Pacific Properties LP
3.95%		11/01/27		21,000		18,570
Ventas Realty LP
2.65%		01/15/25		5,000		4,886

See accompanying Notes to Financial Statements.

23

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
REIT (Continued)
VICI Properties LP/VICI Note Co., Inc.
5.75% (1)		02/01/27	$	45,000	$	44,652
						210,339
Savings & Loans — 0.1%
EverBank Financial Corp.
5.75%		07/02/25		10,000		9,386
Software — 0.7%
Open Text Corp. (Canada)
6.90% (1)		12/01/27		25,000		25,594
Oracle Corp.
2.80%		04/01/27		60,000		55,780
						81,374
Telecommunications — 0.8%
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC
5.15% (1)		09/20/29		52,000		51,677
T-Mobile USA, Inc.
3.75%		04/15/27		40,000		38,113
						89,790
Total Corporate Bonds
(Cost: $3,224,586)						3,125,280
MUNICIPAL BONDS — 0.1%
City of Baltimore, General Obligation Unlimited
5.00%		10/15/25		5,000		4,963
New York State Urban Development Corp., Revenue Bond
2.54%		03/15/34		5,000		4,074
2.54%		03/15/34		10,000		7,923
Total Municipal Bonds
(Cost: $19,583)						16,960
Total Fixed Income Securities
(Cost: $7,349,646)						7,083,077

Issues	Maturity Date		Principal Amount		Value
SHORT TERM INVESTMENTS — 27.3%
Money Market Investments — 14.8%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 5.25% (6),(7)			$	1,701,943	$	1,701,943
Total Money Market Investments
(Cost: $1,701,943)						1,701,943
U.S. Treasury Securities — 12.5%
U.S. Treasury Bills
5.16% (8)		05/30/24		500,000		497,874
5.31% (8)		07/18/24		950,000		939,189
Total U.S. Treasury Securities
(Cost: $1,437,092)						1,437,063
Total Investments (88.9%)
(Cost: $10,488,681)						10,222,083
Excess Of Other Assets Over Liabilities (11.1%)						1,282,528
Net Assets (100.0%)					$	11,504,611

See accompanying Notes to Financial Statements.

24

TCW Enhanced Commodity Strategy Fund

April 30, 2024

Futures Contracts
Number of Contracts	Type	Expiration Date		Notional		Market Value		Net Unrealized Appreciation (Depreciation)
Long Futures
25	Bloomberg Commodity Index Future (7)		06/18/24	$	253,389	$	254,175	$	786

Total Return Swaps (7)
Notional Amount		Expiration Date	Counterparty	Payment Made by Fund	Payment Received by Fund	Payment Frequency		Unrealized Appreciation (Depreciation)			Premium Paid		Value
	OTC Swaps
$	8,438,169	5/21/24	Citigroup	0.14%	Citigroup Commodity Total Return Index (9)		Monthly	$	(107,871	)	$	—	$	(107,871	)
	2,950,509	5/21/24	Citigroup	0.18%	Citigroup Commodity Total Return Index (9)		Monthly		(30,124	)		—		(30,124	)
								$	(137,995	)	$	—	$	(137,995	)

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, 2024, the value of these securities amounted to $2,935,734 or 25.5% 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, 2024.

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

(4) Restricted security (Note 11).

(5) Perpetual maturity.

(6) Rate disclosed is the 7-day net yield as of April 30, 2024.

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

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

(9) Custom Index has exposure to the following commodities as shown on the two pages.

See accompanying Notes to Financial Statements.

25

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited)

Components of Total Return Swap

Description (1)	Notional Amount		Weight %			Unrealized Appreciation (Depreciation)
Gold	$	1,295,259		15.35	%	$	(61,244	)
Brent Crude Oil		672,522		7.97	%		(511	)
WTI Crude Oil		662,396		7.85	%		(2,413	)
Copper High Grade		507,978		6.02	%		4,232
Corn		450,598		5.34	%		3,742
Soybeans		448,911		5.32	%		(1,049	)
Natural Gas		419,377		4.97	%		917
Silver		399,125		4.73	%		(36,548	)
Aluminium Primary		373,811		4.43	%		(11,674	)
Live Cattle		297,867		3.53	%		(1,100	)
Soybean Meal		280,991		3.33	%		6,852
Coffee ‘C’ Arabica		276,772		3.28	%		(19,141	)
Nickel Primary		243,019		2.88	%		(1,271	)
Soybean Oil		241,332		2.86	%		(10,700	)
Gasoil		231,206		2.74	%		(1,982	)
RBOB Gasoline		227,831		2.70	%		1,145
Zinc High Grade		226,987		2.69	%		5,541
SRW Wheat		225,299		2.67	%		13,445
Sugar #11		216,017		2.56	%		(989	)
Lean Hogs		211,798		2.51	%		(2,390	)
Heating Oil		169,607		2.01	%		(1,317	)
HRW Wheat		157,794		1.87	%		12,836
Cotton		124,885		1.48	%		(4,083	)
Lead Standard		76,787		0.91	%		(169	)
	$	$8,438,169		100.00	%	$	(107,871	)

(1) Commodity Exposures of the Citigroup Commodity Total Return Index.

See accompanying Notes to Financial Statements.

26

TCW Enhanced Commodity Strategy Fund

Consolidated Schedule of Investments (Unaudited) April 30, 2024

Components of Total Return Swap

Description (1)	Notional Amount		Weight %			Unrealized Appreciation (Depreciation)
Gold	$	451,723		15.31	%	$	(21,119	)
Brent Crude Oil		236,336		8.01	%		56
WTI Crude Oil		232,500		7.88	%		(179	)
Copper High Grade		176,735		5.99	%		1,567
Soybeans		157,557		5.34	%		(201	)
Corn		155,787		5.28	%		1,212
Natural Gas		149,001		5.05	%		2,367
Silver		139,264		4.72	%		(12,567	)
Aluminium Primary		129,822		4.40	%		(3,679	)
Live Cattle		105,038		3.56	%		176
Soybean Meal		96,777		3.28	%		2,349
Coffee ‘C’ Arabica		95,892		3.25	%		(6,839	)
Soybean Oil		86,450		2.93	%		(2,487	)
Nickel Primary		84,385		2.86	%		(450	)
Gasoil		81,729		2.77	%		(406	)
RBOB Gasoline		79,369		2.69	%		153
SRW Wheat		78,779		2.67	%		4,906
Zinc High Grade		78,483		2.66	%		1,940
Sugar #11		75,533		2.56	%		(385	)
Lean Hogs		71,402		2.42	%		(538	)
Heating Oil		59,895		2.03	%		(204	)
HRW Wheat		54,879		1.86	%		4,625
Cotton		46,618		1.58	%		(432	)
Lead Standard		26,555		0.90	%		11
	$	2,950,509		100.00	%	$	(30,124	)

(1) Commodity Exposures of the Citigroup Commodity Total Return Index.

See accompanying Notes to Financial Statements.

27

TCW Enhanced Commodity Strategy Fund

Consolidated Investments by Sector (Unaudited) April 30, 2024

Sector	Percentage of Net Assets
Corporate Bonds		27.2	%
Money Market Investments		14.8
U.S. Treasury Securities		12.5
Asset-Backed Securities		11.2
Residential Mortgage-Backed Securities — Non-Agency		10.3
Commercial Mortgage-Backed Securities — Non-Agency		6.2
Residential Mortgage-Backed Securities — Agency		4.4
Commercial Mortgage-Backed Securities — Agency		2.2
Municipal Bonds		0.1
Other*		11.1
Total		100.0	%

* Includes swaps, futures, interest receivable and accrued expenses payable.

See accompanying Notes to Financial Statements.

28

TCW Enhanced Commodity Strategy Fund

Fair Valuation Summary (Unaudited) April 30, 2024

The following is a summary of the fair valuations according to the inputs used as of April 30, 2024 in valuing the Fund’s investments:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Corporate Bonds	$	—	$	3,125,280		$	—	$	3,125,280
Asset-Backed Securities		—		1,284,435			—		1,284,435
Residential Mortgage-Backed Securities — Non-Agency		—		1,186,653			—		1,186,653
Commercial Mortgage-Backed Securities — Non-Agency		—		713,313			—		713,313
Residential Mortgage-Backed Securities — Agency		—		507,401			—		507,401
Commercial Mortgage-Backed Securities — Agency		—		249,035			—		249,035
Municipal Bonds		—		16,960			—		16,960
Total Fixed Income Securities		—		7,083,077			—		7,083,077
Money Market Investments		1,701,943		—			—		1,701,943
Short Term Investments		1,437,063		—			—		1,437,063
Total Investments	$	3,139,006	$	7,083,077		$	—	$	10,222,083
Asset Derivatives
Futures Contracts
Commodity Risk		786		—			—		786
Total	$	3,139,792	$	7,083,077		$	—	$	10,222,869
Liability Derivatives
Swap Agreements
Commodity Risk	$	—	$	(137,995	)	$	—	$	(137,995	)
Total	$	—	$	(137,995	)	$	—	$	(137,995	)

* See Schedule of Investments for corresponding industries.

See accompanying Notes to Financial Statements.

29

TCW Global Bond Fund

Schedule of Investments (Unaudited)

Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES — 109.7% of Net Assets
CORPORATE BONDS — 19.3%
Aerospace & Defense — 0.6%
Boeing Co.
6.53% (1)		05/01/34	$	10,000	$	10,079
General Electric Co.
6.05% (3 mo. USD Term SOFR + 0.742%) (2)		08/15/36		100,000		93,632
						103,711
Agriculture — 0.5%
BAT International Finance PLC (United Kingdom)
2.25% (3)		01/16/30		100,000		96,820
Airlines — 0.3%
Delta Air Lines Pass-Through Trust Series 2020-1, Class AA
2.00%		12/10/29		71,165		63,693
Banks — 4.6%
Bank of America Corp.
2.30% (Secured Overnight Financing Rate + 1.220%) (2)		07/21/32		75,000		59,825
China Development Bank
2.77%		10/24/32	CNY	410,000		58,040
3.09%		06/18/30	CNY	1,290,000		185,569
3.48%		01/08/29	CNY	200,000		29,084
Citigroup, Inc.
3.06% (Secured Overnight Financing Rate + 1.351%) (2)		01/25/33		5,000		4,143
HSBC Holdings PLC (United Kingdom)
1.75% (Sterling Overnight Index Average + 1.307%) (2)		07/24/27		100,000		114,930
JPMorgan Chase & Co.
2.55% (Secured Overnight Financing Rate + 1.180%) (2)		11/08/32		20,000		16,228
Kreditanstalt fuer Wiederaufbau (Germany)
0.63%		01/07/28		181,000		177,605
Morgan Stanley
2.24% (Secured Overnight Financing Rate + 1.178%) (2)		07/21/32	$	5,000		3,978
3.96% (3 mo. EUR EURIBOR + 1.242%) (2)		03/21/35	EUR	100,000		106,185
PNC Financial Services Group, Inc.
6.88% (Secured Overnight Financing Rate + 2.284%) (2)		10/20/34		30,000		31,881

Issues	Maturity Date		Principal Amount		Value
Banks (Continued)
U.S. Bancorp
4.84% (Secured Overnight Financing Rate + 1.600%) (2)		02/01/34	EUR	30,000	$	27,706
5.84% (Secured Overnight Financing Rate + 2.260%) (2)		06/12/34		10,000		9,887
Wells Fargo & Co.
2.57% (3 mo. USD LIBOR + 1.000%) (2)		02/11/31		5,000		4,231
3.35% (Secured Overnight Financing Rate + 1.500%) (2)		03/02/33		65,000		54,884
						884,176
Beverages — 0.1%
Triton Water Holdings, Inc.
6.25% (1)		04/01/29		15,000		13,469
Building Materials — 1.1%
Cemex SAB de CV (Mexico)
9.13% (5 yr. CMT + 5.157%) (1),(2),(4)		03/14/28		200,000		214,580
Chemicals — 0.5%
International Flavors & Fragrances, Inc.
1.80%		09/25/26		100,000		101,360
Commercial Services — 0.1%
Valvoline, Inc.
3.63% (1)		06/15/31		10,000		8,421
WASH Multifamily Acquisition, Inc.
5.75% (1)		04/15/26		4,000		3,884
						12,305
Diversified Financial Services — 0.6%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
2.45%		10/29/26		20,000		18,487
3.88%		01/23/28		10,000		9,354
Air Lease Corp.
5.85%		12/15/27		20,000		20,068
Avolon Holdings Funding Ltd. (Ireland)
2.53% (1)		11/18/27		24,000		21,157
2.88% (1)		02/15/25		30,000		29,226
GGAM Finance Ltd. (Ireland)
8.00% (1)		02/15/27		15,000		15,384
						113,676
Electric — 0.6%
Duke Energy Corp.
3.75%		04/01/31		100,000		104,996

See accompanying Notes to Financial Statements.

30

TCW Global Bond Fund

April 30, 2024

Issues	Maturity Date		Principal Amount		Value
Engineering & Construction — 0.0%
Artera Services LLC
8.50% (1)		02/15/31	$	5,000	$	5,120
Entertainment — 0.4%
WarnerMedia Holdings, Inc.
5.05%		03/15/42		10,000		8,024
5.14%		03/15/52		85,000		65,121
						73,145
Environmental Control — 0.0%
GFL Environmental, Inc. (Canada)
3.75% (1)		08/01/25		7,000		6,815
Food — 0.4%
JBS USA Holding Lux SARL/ JBS USA Food Co./ JBS Lux Co. SARL
4.38%		02/02/52		20,000		13,897
6.50%		12/01/52		25,000		23,713
Pilgrim’s Pride Corp.
4.25%		04/15/31		37,000		32,768
Post Holdings, Inc.
4.63% (1)		04/15/30		12,000		10,845
						81,223
Health Care-Services — 0.2%
Catalent Pharma Solutions, Inc.
3.50% (1)		04/01/30		10,000		9,523
Fortrea Holdings, Inc.
7.50% (1)		07/01/30		3,000		3,041
Kedrion SpA (Italy)
6.50% (1)		09/01/29		11,000		9,950
ModivCare Escrow Issuer, Inc.
5.00% (1)		10/01/29		16,000		11,212
ModivCare, Inc.
5.88% (1)		11/15/25		5,000		4,882
						38,608
Household Products/Wares — 0.1%
Central Garden & Pet Co.
4.13%		10/15/30		6,000		5,262
Spectrum Brands, Inc.
3.88% (1)		03/15/31		5,000		4,693
5.50% (1)		07/15/30		10,000		9,750
						19,705
Insurance — 0.4%
Acrisure LLC/Acrisure Finance, Inc.
4.25% (1)		02/15/29		9,000		8,086
Athene Global Funding
1.99% (1)		08/19/28		55,000		46,945

Issues	Maturity Date		Principal Amount		Value
Insurance (Continued)
Farmers Exchange Capital II
6.15% (3 mo. USD LIBOR + 3.744%) (1),(2)		11/01/53	$	30,000	$	26,331
						81,362
Internet — 0.2%
Alibaba Group Holding Ltd. (China)
2.13%		02/09/31		50,000		40,431
Investment Companies — 0.1%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
5.25%		05/15/27		9,000		8,265
9.75% (1)		01/15/29		5,000		5,184
						13,449
Media — 0.6%
Charter Communications Operating LLC/Charter Communications Operating Capital
5.38%		05/01/47		81,000		62,069
CSC Holdings LLC
6.50% (1)		02/01/29		45,000		33,603
Sirius XM Radio, Inc.
3.88% (1)		09/01/31		7,000		5,636
VZ Secured Financing BV (Netherlands)
5.00% (1)		01/15/32		23,000		19,437
						120,745
Oil & Gas — 2.1%
Empresa Nacional del Petroleo (Chile)
6.15% (1)		05/10/33		200,000		198,600
KazMunayGas National Co. JSC
4.75% (3)		04/19/27		200,000		192,073
						390,673
Packaging & Containers — 0.6%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
4.13% (1)		08/15/26		5,000		4,177
Ball Corp.
6.88%		03/15/28		8,000		8,152
Berry Global, Inc.
1.00% (3)		01/15/25		100,000		104,612
Trivium Packaging Finance BV (Netherlands)
8.50% (1)		08/15/27		2,000		1,990
						118,931
Pharmaceuticals — 0.5%
1375209 BC Ltd. (Canada)
9.00% (1)		01/30/28		15,000		14,742
Bayer U.S. Finance II LLC
4.63% (1)		06/25/38		51,000		40,839
4.88% (1)		06/25/48		10,000		7,764

See accompanying Notes to Financial Statements.

31

TCW Global Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
Pharmaceuticals (Continued)
Grifols SA (Spain)
4.75% (1)		10/15/28	$	15,000	$	12,071
Prestige Brands, Inc.
3.75% (1)		04/01/31		22,000		18,737
						94,153
Pipelines — 1.1%
Energy Transfer LP
6.55%		12/01/33		3,000		3,125
Greensaif Pipelines Bidco SARL
6.13% (1)		02/23/38		200,000		197,500
Venture Global LNG, Inc.
9.50% (1)		02/01/29		9,000		9,681
						210,306
Real Estate — 0.5%
Blackstone Property Partners Europe Holdings SARL (Luxembourg)
1.75% (3)		03/12/29		100,000		93,344
REIT — 1.4%
American Assets Trust LP
3.38%		02/01/31		40,000		32,032
American Homes 4 Rent LP
3.38%		07/15/51		35,000		22,082
4.30%		04/15/52		10,000		7,504
American Tower Corp.
2.70%		04/15/31		20,000		16,529
GLP Capital LP/GLP Financing II, Inc.
3.35%		09/01/24		15,000		14,925
4.00%		01/15/30		15,000		13,466
5.38%		04/15/26		10,000		9,879
5.75%		06/01/28		5,000		4,943
Healthcare Realty Holdings LP
3.10%		02/15/30		50,000		42,601
Hudson Pacific Properties LP
3.25%		01/15/30		30,000		22,800
3.95%		11/01/27		1,000		884
4.65%		04/01/29		5,000		4,218
Kilroy Realty LP
2.65%		11/15/33		10,000		7,155
LXP Industrial Trust
2.70%		09/15/30		20,000		16,409
VICI Properties LP
5.13%		05/15/32		2,000		1,860
VICI Properties LP/VICI Note Co., Inc.
5.75% (1)		02/01/27		50,000		49,613
						266,900
Retail — 0.1%
Ferrellgas LP/Ferrellgas Finance Corp.
5.88% (1)		04/01/29		7,000		6,668

Issues	Maturity Date		Principal Amount		Value
Retail (Continued)
Michaels Cos., Inc.
5.25% (1)		05/01/28	$	20,000	$	16,950
						23,618
Semiconductors — 1.1%
SK Hynix, Inc.
6.38% (3)		01/17/28		200,000		202,733
Software — 0.0%
Open Text Corp. (Canada)
6.90% (1)		12/01/27		5,000		5,119
Telecommunications — 0.5%
Frontier Communications Holdings LLC
5.00% (1)		05/01/28		6,000		5,525
8.63% (1)		03/15/31		10,000		10,110
Qwest Corp.
7.25%		09/15/25		8,000		7,960
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC
4.74% (1)		09/20/29		17,500		17,399
T-Mobile USA, Inc.
2.63%		04/15/26		55,000		52,009
						93,003
Total Corporate Bonds
(Cost: $3,881,137)						3,688,169
MUNICIPAL BONDS — 0.4%
Alabama Economic Settlement Authority, Revenue Bond
4.26%		09/15/32		40,000		37,784
County of Miami-Dade Aviation Revenue, Revenue Bond
2.86%		10/01/35		50,000		39,414
Total Municipal Bonds
(Cost: $90,781)						77,198
FOREIGN GOVERNMENT BONDS — 46.5%
Australia Government Bonds
3.00% (3)		11/21/33	AUD	203,000		117,473
4.75% (3)		04/21/27	AUD	93,000		61,590
4.75% (3)		06/21/54	AUD	25,000		16,293
Brazil Notas do Tesouro Nacional Series F
10.00%		01/01/27	BRL	1,490,000		281,708
Bundesobligation
2.10% (3)		04/12/29	EUR	78,000		81,436
Bundesrepublik Deutschland Bundesanleihe
0.00% (3),(5)		08/15/52	EUR	67,000		34,169
2.20% (3)		02/15/34	EUR	57,000		58,948
2.50% (3)		08/15/54	EUR	118,000		121,301
Canada Government Bonds
1.25%		03/01/27	CAD	293,000		197,114

See accompanying Notes to Financial Statements.

32

TCW Global Bond Fund

April 30, 2024

Issues	Maturity Date		Principal Amount		Value
FOREIGN GOVERNMENT BONDS (Continued)
China Government Bonds
2.85%		06/04/27	CNY	810,000	$	114,653
3.02%		05/27/31	CNY	200,000		28,943
3.13%		11/21/29	CNY	2,530,000		367,151
3.72%		04/12/51	CNY	980,000		163,504
Colombia TES Series B
7.00%		06/30/32	COP	105,300,000		22,064
European Union
0.00% (3),(5)		06/02/28	EUR	129,000		122,249
0.00% (3),(5)		07/04/29	EUR	150,000		137,749
0.20% (3)		06/04/36	EUR	223,000		168,384
2.75% (3)		02/04/33	EUR	102,000		106,958
French Republic Government Bonds OAT
0.00% (3),(5)		11/25/29	EUR	56,000		51,114
0.50% (3)		06/25/44	EUR	55,000		34,465
0.75% (3)		05/25/52	EUR	85,000		47,707
0.75% (3)		05/25/53	EUR	53,000		29,074
1.00% (3)		05/25/27	EUR	395,000		398,123
3.50% (3)		11/25/33	EUR	115,000		127,462
Hungary Government Bonds
3.00%		08/21/30	HUF	2,250,000		4,888
Indonesia Treasury Bonds
6.63%		05/15/33	IDR	1,520,000,000		91,560
International Bank for Reconstruction & Development
1.75% (3)		03/13/25	NOK	650,000		57,256
Israel Government Bonds — Fixed
1.30%		04/30/32	ILS$	116,000		24,243
Italy Buoni Poliennali Del Tesoro
0.50% (3)		02/01/26	EUR	245,000		248,999
1.10% (3)		04/01/27	EUR	20,000		20,048
4.40% (3)		05/01/33	EUR	165,000		185,175
Japan Government Thirty Year Bonds
0.40%		03/20/50	JPY	45,350,000		203,172
Korea Treasury Bonds
1.88%		03/10/51	KRW	81,510,000		42,725
2.00%		06/10/31	KRW	376,090,000		244,250
2.38%		03/10/27	KRW	63,350,000		44,274
Magyar Export-Import Bank Zrt
6.13% (1)		12/04/27	$	200,000		200,625
Malaysia Government Bonds
4.64%		11/07/33	MYR	562,000		123,940
Mexico Bonos
8.00%		07/31/53	MXN	400,000		18,994
Netherlands Government Bonds
0.50% (3)		07/15/32	EUR	76,000		67,758
New Zealand Government Bonds
0.50%		05/15/26	NZD	794,000		430,138
1.75%		05/15/41	NZD	180,000		65,685
2.00%		05/15/32	NZD	71,000		34,175

Issues	Maturity Date		Principal Amount		Value
FOREIGN GOVERNMENT BONDS (Continued)
3.00%		04/20/29	NZD	73,000	$	39,951
3.50% (3)		04/14/33	NZD	273,000		145,790
4.50% (3)		04/15/27	NZD	845,000		496,325
Portugal Obrigacoes do Tesouro OT
1.65% (3)		07/16/32	EUR	95,000		91,866
Province of Ontario
4.05%		02/02/32	CAD	209,000		148,800
Republic of Poland Government Bonds
1.75%		04/25/32	PLN	165,000		30,703
Republic of South Africa Government Bonds
8.88%		02/28/35	ZAR	570,000		24,358
Romania Government Bonds
6.70%		02/25/32	RON	300,000		64,156
Singapore Government Bonds
1.63%		07/01/31	SGD	75,000		48,709
Spain Government Bonds
0.70% (3)		04/30/32	EUR	24,000		21,239
0.80% (3)		07/30/27	EUR	42,000		41,800
1.00% (3)		07/30/42	EUR	32,000		22,069
1.85% (3)		07/30/35	EUR	98,000		89,651
1.90% (3)		10/31/52	EUR	26,000		18,532
Sweden Government Bonds
0.75% (3)		05/12/28	SEK	690,000		58,441
Thailand Government Bonds
1.59%		12/17/35	THB	1,298,000		30,640
U.K. Gilts
0.50% (3)		01/31/29	GBP	39,000		41,034
1.25% (3)		10/22/41	GBP	99,000		73,664
1.25% (3)		07/31/51	GBP	80,000		46,931
1.63% (3)		10/22/28	GBP	1,040,000		1,165,762
1.75% (3)		09/07/37	GBP	95,000		86,074
3.50% (3)		10/22/25	GBP	700,000		859,826
4.63% (3)		01/31/34	GBP	168,000		214,968
Total Foreign Government Bonds
(Cost: $9,614,459)						8,858,826
ASSET-BACKED SECURITIES — 6.7%
Arbour CLO II DAC Series 2014-2X, Class ARR
4.77% (3 mo. EUR EURIBOR + 0.860%) (2),(3)		04/15/34		100,000		105,786
Arbour CLO III DAC Series 3X, Class B1RR
5.56% (3 mo. EUR EURIBOR + 1.650%) (2),(3)		07/15/34	$	100,000		105,631
Aurium CLO IX DAC Series 9X, Class A
4.81% (3 mo. EUR EURIBOR + 0.950%) (2),(3)		10/28/34		100,000		105,936

See accompanying Notes to Financial Statements.

33

TCW Global Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (Continued)
Aurium CLO V DAC Series 5X, Class AR
4.68% (3 mo. EUR EURIBOR + 0.790%) (2),(3)		04/17/34	$	100,000	$	105,722
Bayview Opportunity Master Fund VII LLC Series 2024-EDU1, Class D
8.83% (30 day USD SOFR Average + 2.750%) (1),(2)		06/25/47		100,000		100,228
Contego CLO VI DAC Series 6X, Class AR
4.70% (3 mo. EUR EURIBOR + 0.790%) (2),(3)		04/15/34		100,000		105,776
Henley CLO VI DAC Series 6X, Class A
4.88% (3 mo. EUR EURIBOR + 1.000%) (2),(3)		06/10/34		100,000		106,128
Rockford Tower Europe CLO DAC Series 2021-2X, Class A
4.85% (3 mo. EUR EURIBOR + 0.960%) (2),(3)		01/24/35		100,000		105,880
RRE 2 Loan Management DAC Series 2X, Class A2R
5.36% (3 mo. EUR EURIBOR + 1.450%) (2),(3)		07/15/35		100,000		105,550
Segovia European CLO DAC Series 2018-5X, Class B1
5.38% (3 mo. EUR EURIBOR + 1.480%) (2),(3)		10/18/31		100,000		106,937
SLM Student Loan Trust Series 2008-5, Class B
7.46% (90 day USD SOFR Average + 2.112%) (2)		07/25/73		50,000		50,008
Student Loan Consolidation Center Student Loan Trust I Series 2002-2, Class B2
1.65% (28 day ARS) (1),(2)		07/01/42		50,000		46,208
TAL Advantage VII LLC Series 2020-1A, Class A
2.05% (1)		09/20/45		62,375		56,378
Textainer Marine Containers VII Ltd. Series 2021-2A, Class A
2.23% (1)		04/20/46		87,400		77,360
Total Asset-Backed Securities
(Cost: $1,273,653)						1,283,528
COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY — 0.1%
Federal National Mortgage Association-Aces Series 2016-M2, Class X3 (I/O)
2.04% (6)		04/25/36		125,524		1,101
Federal National Mortgage Association-Aces Series 2016-M4, Class X2 (I/O)
2.71% (6)		01/25/39		423,714		5,077
Government National Mortgage Association Series 2011-147, Class IO (I/O)
0.00% (6)		10/16/44		34,807		—
Government National Mortgage Association Series 2012-144, Class IO (I/O)
0.33% (6)		01/16/53		1,425,965		9,745
Total Commercial Mortgage-Backed Securities — Agency
(Cost: $35,939)						15,923

Issues	Maturity Date		Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 2.0%
BHMS Mortgage Trust Series 2018-ATLS, Class C
7.52% (1 mo. USD Term SOFR + 2.197%) (1),(2)		07/15/35	$	100,000	$	98,599
BX Mortgage Trust Series 2021-PAC, Class E
7.38% (1 mo. USD Term SOFR + 2.062%) (1),(2)		10/15/36		100,000		98,401
BXHPP Trust Series 2021-FILM, Class C
6.54% (1 mo. USD Term SOFR + 1.214%) (1),(2)		08/15/36		89,000		82,932
COMM Mortgage Trust Series 2012-CR4, Class XA (I/O)
1.29% (6)		10/15/45		167,201		1,212
COMM Mortgage Trust Series 2017-PANW, Class D
4.34% (1),(6)		10/10/29		100,000		89,807
GS Mortgage Securities Trust Series 2010-C1, Class X (I/O)
0.55% (1),(6)		08/10/43		950,869		447
JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C3, Class XB (I/O)
0.50% (1),(6)		02/15/46		5,945,933		14,313
Total Commercial Mortgage-Backed Securities — Non-Agency
(Cost: $356,617)						385,711
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY — 21.8%
Federal Home Loan Mortgage Corp., Pool #G08681
3.50%		12/01/45		15,159		13,449
Federal Home Loan Mortgage Corp., Pool #G08698
3.50%		03/01/46		14,225		12,618
Federal Home Loan Mortgage Corp., Pool #G08716
3.50%		08/01/46		14,499		12,798
Federal Home Loan Mortgage Corp., Pool #G08721
3.00%		09/01/46		2,948		2,515
Federal Home Loan Mortgage Corp., Pool #G08722
3.50%		09/01/46		1,490		1,315
Federal Home Loan Mortgage Corp., Pool #G08732
3.00%		11/01/46		4,167		3,546
Federal Home Loan Mortgage Corp., Pool #G08762
4.00%		05/01/47		13,026		11,937
Federal Home Loan Mortgage Corp., Pool #G08833
5.00%		07/01/48		1,817		1,753
Federal Home Loan Mortgage Corp., Pool #QD7360
2.50%		02/01/52		44,573		35,345
Federal Home Loan Mortgage Corp., Pool #SD0231
3.00%		01/01/50		87,365		73,773
Federal Home Loan Mortgage Corp., Pool #SD8189
2.50%		01/01/52		42,851		34,044
Federal Home Loan Mortgage Corp., Pool #SD8199
2.00%		03/01/52		129,954		98,218

See accompanying Notes to Financial Statements.

34

TCW Global Bond Fund

April 30, 2024

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Federal Home Loan Mortgage Corp., Pool #SD8245
4.50%		09/01/52	$	163,478	$	150,770
Federal Home Loan Mortgage Corp., Pool #ZT1703
4.00%		01/01/49		34,815		31,795
Federal Home Loan Mortgage Corp. REMICS Series 3439, Class SC (I/O) (I/F)
0.46% (-30 day USD SOFR Average + 5.786%) (2)		04/15/38		31,616		1,426
Federal National Mortgage Association, Pool #AB3679
3.50%		10/01/41		39,959		35,844
Federal National Mortgage Association, Pool #AB4045
3.50%		12/01/41		56,521		50,870
Federal National Mortgage Association, Pool #AT5914
3.50%		06/01/43		17,679		15,796
Federal National Mortgage Association, Pool #BD7081
4.00%		03/01/47		14,059		12,835
Federal National Mortgage Association, Pool #BV2994
2.50%		04/01/52		89,489		70,985
Federal National Mortgage Association, Pool #CA0996
3.50%		01/01/48		44,718		39,487
Federal National Mortgage Association, Pool #CA2208
4.50%		08/01/48		1,288		1,208
Federal National Mortgage Association, Pool #CB2610
2.00%		01/01/52		66,433		50,361
Federal National Mortgage Association, Pool #CB3347
2.00%		01/01/52		177,714		134,540
Federal National Mortgage Association, Pool #FM2870
3.00%		03/01/50		114,834		96,969
Federal National Mortgage Association, Pool #MA1527
3.00%		08/01/33		9,927		9,170
Federal National Mortgage Association, Pool #MA1652
3.50%		11/01/33		16,027		15,055
Federal National Mortgage Association, Pool #MA2705
3.00%		08/01/46		54,209		46,198
Federal National Mortgage Association, Pool #MA4204
2.00%		12/01/40		52,142		42,741
Federal National Mortgage Association, Pool #MA4563
2.50%		03/01/52		87,882		69,673
Federal National Mortgage Association, Pool #MA4733
4.50%		09/01/52		40,670		37,568
Federal National Mortgage Association, Pool #MA5008
4.50%		05/01/53		28,465		26,252
Federal National Mortgage Association REMICS Series 2007-52, Class LS (I/O) (I/F)
0.61% (-30 day USD SOFR Average + 5.936%) (2)		06/25/37		31,922		1,366
Federal National Mortgage Association REMICS Series 2008-18, Class SM (I/O) (I/F)
1.56% (-30 day USD SOFR Average + 6.886%) (2)		03/25/38		37,358		3,271

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Federal National Mortgage Association REMICS Series 2009-115, Class SB (I/O) (I/F)
0.81% (-30 day USD SOFR Average + 6.136%) (2)		01/25/40	$	19,310	$	1,277
Federal National Mortgage Association REMICS Series 2010-116, Class SE (I/O) (I/F)
1.16% (-30 day USD SOFR Average + 6.486%) (2)		10/25/40		36,627		3,080
Government National Mortgage Association, Pool #MA3597
3.50%		04/20/46		9,138		8,187
Government National Mortgage Association, Pool #MA3662
3.00%		05/20/46		24,995		21,618
Government National Mortgage Association, Pool #MA3663
3.50%		05/20/46		1,317		1,180
Government National Mortgage Association, Pool #MA3803
3.50%		07/20/46		6,126		5,486
Government National Mortgage Association, Pool #MA4454
5.00%		05/20/47		6,428		6,309
Government National Mortgage Association, Pool #MA4900
3.50%		12/20/47		27,784		24,769
Government National Mortgage Association, Pool #MA5399
4.50%		08/20/48		11,480		10,845
Government National Mortgage Association REMICS Series 2011-146, Class EI (I/O) (PAC)
5.00%		11/16/41		30,888		5,368
Government National Mortgage Association, TBA
2.50% (7)		03/01/54		150,000		123,020
5.00% (7)		05/01/54		225,000		215,404
5.50% (7)		04/01/54		25,000		24,525
5.50% (7)		04/01/54		25,000		24,473
4.50% (7)		05/01/54		275,000		256,247
Uniform Mortgage-Backed Security, TBA
2.00% (7)		04/01/54		275,000		207,684
2.50% (7)		04/01/54		250,000		197,826
3.00% (7)		04/01/54		475,000		392,361
3.50% (7)		05/01/54		125,000		107,737
4.00% (7)		05/01/54		525,000		469,411
4.50% (7)		05/01/54		375,000		345,672
5.00% (7)		05/01/54		300,000		284,426
5.50% (7)		05/01/54		175,000		169,898
Total Residential Mortgage-Backed Securities — Agency
(Cost: $4,304,751)						4,152,294

See accompanying Notes to Financial Statements.

35

TCW Global Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 7.3%
Banc of America Funding Trust Series 2005-C, Class A3
5.73% (1 mo. USD Term SOFR + 0.414%) (2)		05/20/35	$	222	$	222
BCMSC Trust Series 2000-A, Class A4
8.29% (6)		06/15/30		189,525		21,475
Bear Stearns ALT-A Trust Series 2004-8, Class M2
7.16% (1 mo. USD Term SOFR + 1.839%) (2)		09/25/34		102,093		95,454
Bear Stearns ALT-A Trust Series 2005-8, Class 11A1
5.97% (1 mo. USD Term SOFR + 0.654%) (2)		10/25/35		23,219		20,825
Deephaven Residential Mortgage Trust Series 2021-3, Class A1
1.19% (1),(6)		08/25/66		87,863		73,824
DSLA Mortgage Loan Trust Series 2004-AR1, Class A1A
6.27% (1 mo. USD Term SOFR + 0.954%) (2)		09/19/44		56,255		52,595
First Horizon Mortgage Pass-Through Trust Series 2005-AR4, Class 2A1
4.93% (6),(8)		10/25/35		13,262		12,231
GS Mortgage-Backed Securities Corp. Trust Series 2021-PJ5, Class A1
2.00% (1),(6)		10/25/51		80,297		60,265
GS Mortgage-Backed Securities Corp. Trust Series 2022-PJ2, Class A4
2.50% (1),(6)		06/25/52		85,015		65,631
HSI Asset Securitization Corp. Trust Series 2006-WMC1, Class A3
5.73% (1 mo. USD Term SOFR + 0.414%) (2)		07/25/36		264,194		104,088
IndyMac INDX Mortgage Loan Trust Series 2005-AR15, Class A2
3.99% (6)		09/25/35		41,791		33,252
IndyMac INDX Mortgage Loan Trust Series 2006-AR4, Class A1A
5.85% (1 mo. USD Term SOFR + 0.534%) (2),(8)		05/25/46		116,216		102,447
JPMorgan Mortgage Acquisition Trust Series 2006-CH2, Class AF3
5.46%		09/25/29		160,101		95,307
JPMorgan Mortgage Trust Series 2005-A6, Class 7A1
5.04% (6)		08/25/35		8,521		6,922
JPMorgan Mortgage Trust Series 2021-8, Class A3
2.50% (1),(6)		12/25/51		98,848		76,252
Merrill Lynch Alternative Note Asset Trust Series 2007-A1, Class A2B
5.73% (1 mo. USD Term SOFR + 0.414%) (2)		01/25/37		272,607		84,509
Merrill Lynch Alternative Note Asset Trust Series 2007-A3, Class A2D
6.09% (1 mo. USD Term SOFR + 0.774%) (2),(9)		04/25/37		1,251,739		57,432

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
MFA Trust Series 2021-RPL1, Class A2
2.07% (1),(6)		07/25/60	$	100,000	$	78,364
Morgan Stanley ABS Capital I, Inc. Trust Series 2006-HE4, Class A4
5.91% (1 mo. USD Term SOFR + 0.594%) (2)		06/25/36		225,489		115,105
Morgan Stanley ABS Capital I, Inc. Trust Series 2007-HE2, Class A2B
5.52% (1 mo. USD Term SOFR + 0.204%) (2)		01/25/37		140,059		64,778
MortgageIT Trust Series 2005-1, Class 1A1
6.07% (1 mo. USD Term SOFR + 0.754%) (2)		02/25/35		9,521		9,478
Ownit Mortgage Loan Trust Series 2006-3, Class A2D
5.97% (1 mo. USD Term SOFR + 0.654%) (2)		03/25/37		39,924		37,659
RESIMAC Premier Series 2021-1A, Class A1
6.13% (1 mo. USD Term SOFR + 0.814%) (1),(2)		07/10/52		50,125		50,121
Structured Adjustable Rate Mortgage Loan Trust Series 2004-18, Class 4A1
7.04% (6)		12/25/34		8,494		8,279
Structured Asset Mortgage Investments II Trust Series 2005-AR6, Class 2A1
6.05% (1 mo. USD Term SOFR + 0.734%) (2)		09/25/45		20,608		17,918
Structured Asset Mortgage Investments II Trust Series 2006-AR3, Class 22A1
4.62% (6),(8)		05/25/36		106,087		52,364
Total Residential Mortgage-Backed Securities — Non-Agency
(Cost: $1,980,819)						1,396,797
U.S. TREASURY SECURITIES — 5.6%
U.S. Treasury Bonds
4.25%		02/15/54		495,000		453,121
U.S. Treasury Notes
4.00%		02/15/34		629,000		595,634
4.88%		04/30/26		14,000		13,959
Total U.S. Treasury Securities
(Cost: $1,111,767)						1,062,714
Total Fixed Income Securities
(Cost: $22,649,923)						20,921,160
CONVERTIBLE SECURITIES (0.1% )
CONVERTIBLE CORPORATE BONDS — 0.1%
Commercial Services — 0.1%
Worldline SA (France)
0.00% (3),(5)		07/30/26		20,640		19,990
Total Convertible Securities
(Cost: $19,920)						19,990

See accompanying Notes to Financial Statements.

36

TCW Global Bond Fund

April 30, 2024

Issues	Shares		Value
INVESTMENT COMPANIES — 1.7%
TCW Emerging Markets Income Fund — I Class (11)		51,928	$	329,741
Total Investment Companies
(Cost: $369,648)				329,741
COMMON STOCK — 0.1%
TELECOMMUNICATIONS — 0.1%
Intelsat SA (9),(12)		344		12,599
Total Common Stock
(Cost: $31,880)				12,599
MONEY MARKET INVESTMENTS — 3.4%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 5.25% (10)		640,142		640,142
Total Money Market Investments
(Cost: $640,142)				640,142
Total Investments (115.0%)
(Cost: $23,711,513)				21,923,632
Liabilities In Excess Of Other Assets (-15.0%)				(2,866,222	)
Net Assets (100.0%)			$	19,057,410

 

See accompanying Notes to Financial Statements.

37

TCW Global Bond Fund

Schedule of Investments (Unaudited) (Continued)

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.		AUD		114,701		07/12/24	$	75,974	$	74,635	$	(1,339	)
Goldman Sachs & Co.		BRL		381		07/12/24		75		73		(2	)
Citibank N.A.		CAD		218,232		07/12/24		160,967		159,038		(1,929	)
Goldman Sachs & Co.		CHF		90,000		07/12/24		100,411		98,912		(1,499	)
Goldman Sachs & Co.		CLP		9,441,000		07/12/24		9,937		9,870		(67	)
Goldman Sachs & Co.		CNH		5,885,201		07/12/24		816,470		814,154		(2,316	)
Citibank N.A.		CZK		595,280		07/12/24		25,496		25,294		(202	)
Goldman Sachs & Co.		DKK		250,000		07/12/24		36,544		35,975		(569	)
Citibank N.A.		EUR		20,000		07/12/24		21,678		21,449		(229	)
Citibank N.A.		GBP		23,000		07/12/24		28,610		28,811		201
Goldman Sachs & Co.		INR		12,222,000		07/12/24		146,378		146,127		(251	)
State Street Bank & Trust Co.		JPY		311,537,000		07/12/24		2,081,670		2,001,083		(80,587	)
Goldman Sachs & Co.		KRW		95,930,749		07/12/24		71,086		69,667		(1,419	)
Goldman Sachs & Co.		MXN		769,000		07/12/24		46,381		44,635		(1,746	)
Citibank N.A.		MXN		161,000		11/19/24		8,796		9,155		359
Goldman Sachs & Co.		MXN		3,826,000		11/19/24		207,921		217,558		9,637
Citibank N.A.		NOK		1,683,000		07/12/24		157,658		152,244		(5,414	)
Goldman Sachs & Co.		NZD		39,000		07/12/24		23,053		23,078		25
Goldman Sachs & Co.		PEN		35,516		07/12/24		9,663		9,470		(193	)
Goldman Sachs & Co.		PLN		20,273		07/12/24		5,148		5,006		(142	)
Goldman Sachs & Co.		SEK		105,000		07/12/24		9,981		9,598		(383	)
Citibank N.A.		THB		855,818		07/12/24		23,441		23,221		(220	)
							$	4,067,338	$	3,979,053	$	(88,285	)
SELL (14)
Goldman Sachs & Co.		BRL		1,000,000		07/12/24		191,762		191,615		147
Goldman Sachs & Co.		COP		4,853,486		07/12/24		1,274		1,233		41
Bank of New York		EUR		176,000		07/12/24		190,724		188,750		1,974
Citibank N.A.		EUR		17,000		07/12/24		18,149		18,231		(82	)
Goldman Sachs & Co.		EUR		52,676		07/12/24		57,513		56,492		1,021
Citibank N.A.		GBP		1,476,242		07/12/24		1,872,733		1,849,193		23,540
Bank of New York		GBP		33,000		07/12/24		41,759		41,337		422
Goldman Sachs & Co.		ILS		13,674		07/12/24		3,731		3,675		56
Citibank N.A.		JPY		3,060,000		07/12/24		19,880		19,655		225
State Street Bank & Trust Co.		JPY		4,423,000		07/12/24		29,553		28,410		1,143
Citibank N.A.		MXN		3,987,000		11/19/24		216,884		226,713		(9,829	)
Goldman Sachs & Co.		MYR		298,804		07/12/24		62,959		62,889		70
Goldman Sachs & Co.		NZD		2,038,000		07/12/24		1,228,884		1,205,977		22,907
Goldman Sachs & Co.		RON		244,539		07/12/24		53,380		52,499		881
Goldman Sachs & Co.		SGD		14,327		07/12/24		10,675		10,540		135
Citibank N.A.		ZAR		552,501		07/12/24		29,435		29,168		267
							$	4,029,295	$	3,986,377	$	42,918

See accompanying Notes to Financial Statements.

38

TCW Global Bond Fund

April 30, 2024

Futures Contracts
Number of Contracts	Type	Expiration Date		Notional			Market Value			Net Unrealized Appreciation (Depreciation)
Long Futures
12	2-Year Canadian Bond Futures		06/19/24	$	900,553		$	895,600		$	(4,953	)
22	2-Year U.S. Treasury Note Futures		06/28/24		4,502,122			4,458,437			(43,685	)
2	5-Year Canadian Bond Futures		06/19/24		162,470			159,552			(2,918	)
19	5-Year U.S. Treasury Note Futures		06/28/24		2,016,032			1,990,101			(25,931	)
17	Euro SCHWATZ Futures		06/06/24		1,921,810			1,910,611			(11,199	)
12	Euro-Bobl Future		06/06/24		1,514,670			1,493,913			(20,757	)
				$	11,017,657		$	10,908,214		$	(109,443	)
Short Futures
10	10-Year U.S. Treasury Note Futures		06/18/24	$	(1,138,974	)	$	(1,102,187	)	$	36,787
1	Euro-Bund Future		06/06/24		(140,755	)		(139,088	)		1,667
1	Long Gilt Futures		06/26/24		(121,933	)		(119,931	)		2,002
				$	(1,401,662	)	$	(1,361,206	)	$	40,456

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
	GBP 400,000		02/27/26	Annual	12- Month Sterling Overnight Index Average		Annual	4.538%	$	(2,080	)	$	(267	)	$	(2,347	)

See accompanying Notes to Financial Statements.

39

TCW Global Bond Fund

Schedule of Investments (Unaudited) (Continued)

Notes to the Schedule of Investments:

ABS Asset-Backed Securities.

ACES Alternative Credit Enhancement Securities.

CLO Collateralized Loan Obligation.

EETC Enhanced Equipment Trust Certificate.

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

I/O Interest Only Security.

PAC Planned Amortization Class.

REIT Real Estate Investment Trust.

REMIC Real Estate Mortgage Investment Conduit.

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.

DKK Danish Krone.

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) 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, 2024, the value of these securities amounted to $2,424,493 or 12.7% 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, 2024.

(3) 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, 2024, the value of these securities amounted to $7,430,620 or 39.0% of net assets.

(4) Perpetual maturity.

(5) Security is not accruing interest.

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

(10) Rate disclosed is the 7-day net yield as of April 30, 2024.

(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.

40

TCW Global Bond Fund

April 30, 2024

The summary of the TCW Global Bond Fund transactions in affiliated funds for the period ended April 30, 2024 is as follows:

Name of Affiliated Fund	Value at October 31, 2023		Purchases at Cost		Proceeds from Sales		Number of Shares Held April 30, 2024		Value at April 30, 2024		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
	$	564,812	$	12,818	$	288,097		51,928	$	329,741	$	10,879	$	—	$	(91,281	)	$	131,489
Total									$	329,741	$	10,879	$	—	$	(91,281	)	$	131,489

See accompanying Notes to Financial Statements.

41

TCW Global Bond Fund

Investments by Sector (Unaudited) April 30, 2024

Sector	Percentage of Net Assets
Foreign Government Bonds		46.5	%
Residential Mortgage-Backed Securities — Agency		21.8
Corporate Bonds		19.3
Residential Mortgage-Backed Securities — Non-Agency		7.3
Asset-Backed Securities		6.7
U.S. Treasury Securities		5.6
Money Market Investments		3.4
Commercial Mortgage-Backed Securities — Non-Agency		2.0
Investment Companies		1.7
Municipal Bonds		0.4
Convertible Corporate Bonds		0.1
Commercial Mortgage-Backed Securities — Agency		0.1
Common Stock		0.1
Other*		(15.0	)
Total		100.0	%

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

See accompanying Notes to Financial Statements.

42

TCW Global Bond Fund

Investments by Country (Unaudited) April 30, 2024

Country	Percentage of Net Assets
United States		53.3	%
Great Britain		14.2
New Zealand		6.4
Ireland		5.2
China		5.0
France		3.7
South Korea		2.8
Germany		2.5
Italy		2.4
Canada		2.0
Supranational		1.9
Brazil		1.5
Australia		1.3
Mexico		1.2
Hungary		1.1
Japan		1.1
Spain		1.1
Chile		1.0
Kazakhstan		1.0
Saudi Arabia		1.0
Malaysia		0.7
Luxembourg		0.6
Cayman Islands		0.5
Indonesia		0.5
Netherlands		0.5
Portugal		0.5
Bermuda		0.4
Romania		0.3
Singapore		0.3
Sweden		0.3
Poland		0.2
Thailand		0.2
Colombia		0.1
Israel		0.1
South Africa		0.1
Total		115.0	%

See accompanying Notes to Financial Statements.

43

TCW Global Bond Fund

Fair Valuation Summary (Unaudited) April 30, 2024

The following is a summary of the fair valuations according to the inputs used as of April 30, 2024 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
Foreign Government Bonds	$	—		$	8,858,826		$	—	$	8,858,826
Residential Mortgage-Backed Securities — Agency		—			4,152,294			—		4,152,294
Corporate Bonds *		—			3,688,169			—		3,688,169
Residential Mortgage-Backed Securities — Non-Agency		—			1,339,365			57,432		1,396,797
Asset-Backed Securities		—			1,283,528			—		1,283,528
U.S. Treasury Securities		1,062,714			—			—		1,062,714
Commercial Mortgage-Backed Securities — Non-Agency		—			385,711			—		385,711
Municipal Bonds		—			77,198			—		77,198
Commercial Mortgage-Backed Securities — Agency		—			15,923			—		15,923
Total Fixed Income Securities		1,062,714			19,801,014			57,432		20,921,160
Money Market Investments		640,142			—			—		640,142
Investment Companies		329,741			—			—		329,741
Convertible Securities *		—			19,990			—		19,990
Common Stock *		—			—			12,599		12,599
Total Investments	$	2,032,597		$	19,821,004		$	70,031	$	21,923,632
Asset Derivatives
Forward Currency Exchange Contracts
Foreign Currency Risk		—			63,051			—		63,051
Futures Contracts
Interest Rate Risk		40,456			—			—		40,456
Total	$	2,073,053		$	19,884,055		$	70,031	$	22,027,139
Liability Derivatives
Forward Currency Exchange Contracts
Foreign Currency Risk	$	(109,443	)	$	—		$	—	$	(109,443	)
Futures Contracts
Interest Rate Risk		—			(108,418	)		—		(108,418	)
Swap Agreements
Interest Rate Risk		—			(2,347	)		—		(2,347	)
Total	$	(109,443	)	$	(110,765	)	$	—	$	(220,208	)

See accompanying Notes to Financial Statements.

44

TCW High Yield Bond Fund

Schedule of Investments (Unaudited) April 30, 2024

Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES — 93.2% of Net Assets
BANK LOANS — 13.9%
Auto Parts & Equipment — 0.4%
First Brands Group LLC 2021 Term Loan
10.59% (3 mo. USD Term SOFR + 5.000%) (1)		03/30/27	$	195,496	$	187,383
Beverages — 0.2%
Pegasus BidCo BV 2024 USD Term Loan
9.06% (3 mo. USD Term SOFR + 3.750%) (1)		07/12/29		83,790		84,157
Chemicals — 0.2%
Chemours Co. 2023 USD Term Loan B
8.82% (1 mo. USD Term SOFR + 3.500%) (1)		08/18/28		84,575		84,655
Commercial Services — 0.7%
Neptune Bidco U.S., Inc. 2022 USD Term Loan B
10.41% (3 mo. USD Term SOFR + 5.000%) (1)		04/11/29		90,594		85,278
Nielsen Consumer, Inc. 2023 USD Fifth Amendment Incremental Term Loan
11.57% (1 mo. USD Term SOFR + 6.250%) (1)		03/06/28		64,837		64,776
Ryan LLC Delayed Draw Term Loan
4.50% (1),(2)		11/14/30		9,524		9,601
Ryan LLC Term Loan
9.82% (1 mo. USD Term SOFR + 4.500%) (1)		11/14/30		90,476		91,211
VT Topco, Inc. 2024 Term Loan B
8.82% (1 mo. USD Term SOFR + 3.500%) (1)		08/09/30		74,813		75,195
						326,061
Distribution & Wholesale — 0.4%
Patriot Container Corp. 2018 2nd Lien Term Loan
13.17% (1 mo. USD Term SOFR + 7.750%) (1)		03/20/26		28,000		24,337
Veritiv Corp. Term Loan B
10.31% (3 mo. USD Term SOFR + 5.000%) (1)		11/30/30		150,000		150,206
						174,543
Diversified Financial Services — 0.4%
Jane Street Group LLC 2024 Term Loan B
7.93% (1 mo. USD Term SOFR + 2.500%) (1)		01/26/28		195,495		195,884
Engineering & Construction — 0.3%
Artera Services LLC 2024 Term Loan
9.81% (3 mo. USD Term SOFR + 4.500%) (1)		02/15/31		140,000		141,386

Issues	Maturity Date		Principal Amount		Value
Entertainment — 1.4%
Caesars Entertainment, Inc. 2024 Term Loan B1
8.07% (1 mo. USD Term SOFR + 2.750%) (1)		02/06/31	$	280,000	$	280,735
Light & Wonder International, Inc. 2024 Term Loan
8.07% (1 mo. USD Term SOFR + 2.750%) (1)		04/14/29		140,000		140,486
Ontario Gaming GTA LP Term Loan B
9.56% (3 mo. USD Term SOFR + 4.250%) (1)		08/01/30		207,480		208,863
						630,084
Food — 1.3%
B&G Foods, Inc. 2019 Term Loan B4
7.82% (1 mo. USD Term SOFR + 2.500%) (1)		10/10/26		82,920		82,964
Chobani LLC 2023 Incremental Term Loan
9.07% (1 mo. USD Term SOFR + 3.750%) (1)		10/25/27		124,688		125,525
Fiesta Purchaser, Inc. 2024 Term Loan B
9.32% (1 mo. USD Term SOFR + 4.000%) (1)		02/12/31		140,000		140,727
United Natural Foods, Inc. Term Loan B
0.00% (3)		10/22/25		230,000		227,988
						577,204
Gas — 0.3%
NGL Energy Partners LP 2024 Term Loan B
9.82% (1 mo. USD Term SOFR + 4.500%) (1)		02/02/31		140,000		140,752
Health Care-Products — 0.2%
Auris Luxembourg III SARL 2024 USD Term Loan B2
0.00% (3)		02/27/29		94,083		94,632
Health Care-Services — 0.3%
eResearchTechnology, Inc. 2020 1st Lien Term Loan
9.93% (1 mo. USD Term SOFR + 4.500%) (1)		02/04/27		125,754		126,339
Home Furnishings — 0.3%
AI Aqua Merger Sub, Inc. 2023 Incremental Term Loan
9.57% (1 mo. USD Term SOFR + 4.250%) (1),(2)		07/31/28		150,000		150,937
Insurance — 0.7%
Acrisure LLC 2021 Incremental Term Loan B
9.18% (1 mo. USD LIBOR + 3.750%) (1)		02/15/27		83,785		83,995
Asurion LLC 2020 Term Loan B8
8.68% (1 mo. USD Term SOFR + 3.250%) (1)		12/23/26		99,742		97,713

See accompanying Notes to Financial Statements.

45

TCW High Yield Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
Insurance (Continued)
HUB International Ltd. 2024 Term Loan B
8.58% (3 mo. USD Term SOFR + 3.250%) (1)		06/20/30	$	140,000	$	140,866
						322,574
Internet — 1.1%
Magnite, Inc. 2024 Term Loan B
9.79% (3 mo. USD Term SOFR + 4.500%) (1)		02/06/31		392,000		393,838
MH Sub I LLC 2023 Term Loan
9.57% (1 mo. USD Term SOFR + 4.250%) (1)		05/03/28		88,688		88,507
						482,345
Machinery-Diversified — 1.0%
ASP Blade Holdings, Inc. Initial Term Loan
9.56% (3 mo. USD Term SOFR + 4.000%) (1)		10/13/28		548,141		479,560
Mining — 0.2%
Arsenal AIC Parent LLC 2024 Term Loan B
9.07% (1 mo. USD Term SOFR + 3.750%) (1)		08/18/30		99,501		100,371
Office/Business Equipment — 0.3%
Xerox Holdings Corp. 2023 Term Loan B
9.32% (1 mo. USD Term SOFR + 4.000%) (1)		11/17/29		148,125		148,532
Packaging & Containers — 1.3%
Plaze, Inc. 2020 Incremental Term Loan
11.25% (3 mo. USD Term SOFR + 2.750%) (1)		08/03/26		207,492		206,325
Proampac PG Borrower LLC 2023 Term Loan
9.33% (3 mo. USD Term SOFR + 4.500%) (1)		09/15/28		374,063		377,023
						583,348
Pharmaceuticals — 0.9%
Elanco Animal Health, Inc. Term Loan B
7.18% (1 mo. USD Term SOFR + 1.750%) (1)		08/01/27		256,947		256,808
Jazz Financing Lux SARL 2024 Term Loan B
8.43% (1 mo. USD Term SOFR + 3.000%) (1)		05/05/28		139,601		140,584
						397,392
Real Estate — 0.2%
Greystar Real Estate Partners LLC 2024 Term Loan B
8.58% (3 mo. USD Term SOFR + 3.250%) (1)		08/21/30		99,501		99,874

Issues	Maturity Date		Principal Amount		Value
Retail — 0.3%
Tacala LLC 2024 Term Loan
9.32% (1 mo. USD Term SOFR + 4.000%) (1)		01/31/31	$	140,000	$	140,778
Software — 0.7%
CT Technologies Intermediate Holdings, Inc. 2021 Term Loan B
9.68% (1 mo. USD Term SOFR + 4.250%) (1)		12/16/25		140,650		140,606
EagleView Technology Corp. 2018 Add On Term Loan B
9.06% (3 mo. USD Term SOFR + 3.500%) (1)		08/14/25		191,490		187,345
						327,951
Telecommunications — 0.6%
SBA Senior Finance II LLC 2024 Term Loan B
7.32% (1 mo. USD Term SOFR + 2.000%) (1)		01/25/31		257,351		258,476
Transportation — 0.2%
Genesee & Wyoming, Inc. 2024 Term Loan B
0.00% (3)		04/10/31		100,000		100,149
Total Bank Loans
(Cost: $6,371,898)						6,355,367
CORPORATE BONDS — 79.3%
Aerospace & Defense — 2.1%
Boeing Co.
6.53% (4)		05/01/34		160,000		161,266
General Electric Co.
6.05% (3 mo. USD Term SOFR + 0.742%) (1)		08/15/36		52,000		48,689
TransDigm, Inc.
4.63%		01/15/29		135,000		123,802
TransDigm, Inc.
6.38% (4)		03/01/29		547,000		543,986
TransDigm, Inc.
6.75% (4)		08/15/28		18,000		18,086
TransDigm, Inc.
6.88% (4)		12/15/30		70,000		70,531
						966,360
Agriculture — 0.9%
BAT Capital Corp. (United Kingdom)
5.28%		04/02/50		401,000		333,412
Imperial Brands Finance Netherlands BV (United Kingdom)
1.75% (5)		03/18/33	EUR	120,000		101,790
						435,202

See accompanying Notes to Financial Statements.

46

TCW High Yield Bond Fund

April 30, 2024

Issues	Maturity Date		Principal Amount		Value
Auto Manufacturers — 3.1%
Allison Transmission, Inc.
3.75% (4)		01/30/31	$	100,000	$	86,000
Ford Motor Credit Co. LLC
2.30%		02/10/25		315,000		307,727
3.66%		09/08/24		300,000		298,995
4.06%		11/01/24		755,000		747,895
						1,440,617
Banks — 2.0%
Bank of America Corp.
4.38% (5 yr. CMT + 2.760%) (1),(6)		01/27/27		225,000		207,209
Bank of New York Mellon Corp.
3.75% (5 yr. CMT + 2.630%) (1),(6)		12/20/26		285,000		255,431
JPMorgan Chase & Co.
3.65% (5 yr. CMT + 2.850%) (1),(6)		06/01/26		95,000		89,119
U.S. Bancorp
3.70% (5 yr. CMT + 2.541%) (1),(6)		01/15/27		400,000		344,152
						895,911
Beverages — 0.6%
Primo Water Holdings, Inc.
4.38% (4)		04/30/29		300,000		274,106
Chemicals — 1.6%
Axalta Coating Systems Dutch Holding B BV
7.25% (4)		02/15/31		150,000		153,764
Herens Holdco SARL(Luxembourg)
4.75% (4)		05/15/28		280,000		244,236
International Flavors & Fragrances, Inc.
5.00%		09/26/48		25,000		20,643
Olympus Water U.S. Holding Corp.
7.13% (4)		10/01/27		125,000		126,666
SCIH Salt Holdings, Inc.
4.88% (4)		05/01/28		70,000		65,450
SK Invictus Intermediate II SARL
5.00% (4)		10/30/29		136,000		118,682
						729,441
Commercial Services — 3.7%
Adtalem Global Education, Inc.
5.50% (4)		03/01/28		238,000		226,595
Block, Inc.
3.50%		06/01/31		125,000		105,938
Carriage Services, Inc.
4.25% (4)		05/15/29		277,000		244,236
Gartner, Inc.
3.75% (4)		10/01/30		80,000		69,784
4.50% (4)		07/01/28		296,000		278,621

Issues	Maturity Date		Principal Amount		Value
Commercial Services (Continued)
Prime Security Services Borrower LLC/Prime Finance, Inc., (144A)
3.38% (4)		08/31/27	$	100,000	$	91,320
5.75% (4)		04/15/26		270,000		266,846
Upbound Group, Inc.
6.38% (4)		02/15/29		205,000		197,825
Valvoline, Inc.
3.63% (4)		06/15/31		230,000		193,681
VT Topco, Inc.
8.50% (4)		08/15/30		40,000		41,448
						1,716,294
Computers — 1.2%
NCR Voyix Corp.
5.25% (4)		10/01/30		300,000		267,523
Science Applications International Corp.
4.88% (4)		04/01/28		275,000		260,023
						527,546
Diversified Financial Services — 1.7%
American Express Co.
3.55% (5 yr. CMT + 2.854%) (1),(6)		09/15/26		230,000		211,169
Charles Schwab Corp.
5.00% (5 yr. CMT + 3.256%) (1),(6)		06/01/27		265,000		248,304
GGAM Finance Ltd. (Ireland)
8.00% (4)		02/15/27		115,000		117,948
Jane Street Group/JSG Finance, Inc.
4.50% (4)		11/15/29		90,000		81,978
Macquarie Airfinance Holdings Ltd. (United Kingdom)
6.40% (4)		03/26/29		125,000		124,775
						784,174
Electric — 0.9%
FirstEnergy Corp.
2.65%		03/01/30		395,000		333,296
5.10%		07/15/47		96,000		80,315
						413,611
Electrical Components & Equipment — 0.2%
Energizer Holdings, Inc.
4.38% (4)		03/31/29		125,000		110,706
Electronics — 0.1%
Coherent Corp.
5.00% (4)		12/15/29		65,000		60,035
Engineering & Construction — 0.3%
Artera Services LLC
8.50% (4)		02/15/31		140,000		143,365

See accompanying Notes to Financial Statements.

47

TCW High Yield Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
Entertainment — 2.8%
Banijay Entertainment SASU (France)
8.13% (4)		05/01/29	$	110,000	$	112,647
Churchill Downs, Inc.
4.75% (4)		01/15/28		70,000		66,184
Churchill Downs, Inc.
5.75% (4)		04/01/30		57,000		54,393
Everi Holdings, Inc.
5.00% (4)		07/15/29		200,000		196,652
Live Nation Entertainment, Inc., (144A)
4.75% (4)		10/15/27		115,000		108,991
5.63% (4)		03/15/26		55,000		54,077
Penn Entertainment, Inc.
5.63% (4)		01/15/27		65,000		61,822
WarnerMedia Holdings, Inc.
5.14%		03/15/52		850,000		651,211
						1,305,977
Environmental Control — 0.6%
Madison IAQ LLC
4.13% (4)		06/30/28		150,000		139,875
Paprec Holding SA (France)
7.25% (4)		11/17/29	EUR	100,000		114,095
						253,970
Food — 3.3%
ELO SACA (France)
6.00% (5)		03/22/29	EUR	200,000		212,535
Nathan’s Famous, Inc.
6.63% (4)		11/01/25	$	6,000		6,000
Pilgrim’s Pride Corp.
3.50%		03/01/32		875,000		723,074
Post Holdings, Inc.
5.63% (4)		01/15/28		205,000		199,137
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed
4.63% (4)		03/01/29		200,000		173,000
Smithfield Foods, Inc.
5.20% (4)		04/01/29		217,000		205,836
						1,519,582
Health Care-Products — 0.9%
Embecta Corp.
6.75% (4)		02/15/30		125,000		107,516
Hologic, Inc.
3.25% (4)		02/15/29		55,000		48,632
Teleflex, Inc.
4.25% (4)		06/01/28		260,000		240,523
						396,671

Issues	Maturity Date		Principal Amount		Value
Health Care-Services — 9.5%
CAB SELAS (France)
3.38% (5)		02/01/28	EUR	100,000	$	94,463
Catalent Pharma Solutions, Inc.
3.50% (4)		04/01/30	$	325,000		309,511
Centene Corp.
2.45%		07/15/28		185,000		161,583
2.63%		08/01/31		250,000		201,050
3.00%		10/15/30		75,000		62,935
4.25%		12/15/27		1,020,000		962,784
Ephios Subco 3 SARL (Luxembourg)
7.88% (4)		01/31/31	EUR	100,000		110,179
Fortrea Holdings, Inc.
7.50% (4)		07/01/30	$	50,000		50,688
HealthEquity, Inc.
4.50% (4)		10/01/29		170,000		155,235
Heartland Dental LLC/Heartland Dental Finance Corp.
10.50% (4)		04/30/28		75,000		79,414
IQVIA, Inc.
5.00% (4)		05/15/27		228,000		221,231
Kedrion SpA (Italy)
6.50% (4)		09/01/29		135,000		122,107
ModivCare Escrow Issuer, Inc.
5.00% (4)		10/01/29		500,000		350,375
ModivCare, Inc.
5.88% (4)		11/15/25		160,000		156,217
Star Parent, Inc.
9.00% (4)		10/01/30		155,000		162,502
Tenet Healthcare Corp.
4.63%		06/15/28		290,000		273,438
5.13%		11/01/27		920,000		890,873
						4,364,585
Household Products/Wares — 0.8%
Central Garden & Pet Co.
4.13%		10/15/30		105,000		92,086
Spectrum Brands, Inc., (144A)
3.88% (4)		03/15/31		205,000		192,407
5.00% (4)		10/01/29		65,000		63,507
						348,000
Housewares — 0.8%
Newell Brands, Inc.
4.88%		06/01/25		349,000		343,887
Insurance — 1.3%
Acrisure LLC/Acrisure Finance, Inc.
4.25% (4)		02/15/29		155,000		139,271
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, (144A)
4.25% (4)		10/15/27		165,000		154,128
7.00% (4)		01/15/31		100,000		100,612

See accompanying Notes to Financial Statements.

48

TCW High Yield Bond Fund

April 30, 2024

Issues	Maturity Date		Principal Amount		Value
Insurance (Continued)
HUB International Ltd.
7.25% (4)		06/15/30	$	115,000	$	116,952
Panther Escrow Issuer LLC
7.13% (4)		06/01/31		70,000		70,409
						581,372
Internet — 1.7%
Cogent Communications Group, Inc.
7.00% (4)		06/15/27		100,000		98,825
Uber Technologies, Inc., (144A)
7.50% (4)		09/15/27		475,000		484,025
8.00% (4)		11/01/26		190,000		192,869
						775,719
Investment Companies — 0.9%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.38%		02/01/29		256,000		216,320
5.25%		05/15/27		45,000		41,322
9.75% (4)		01/15/29		135,000		139,970
						397,612
Iron & Steel — 0.3%
ATI, Inc.
5.13%		10/01/31		130,000		119,275
7.25%		08/15/30		30,000		30,750
						150,025
Lodging — 2.2%
Hilton Domestic Operating Co., Inc.
3.63% (4)		02/15/32		147,000		123,637
Wyndham Hotels & Resorts, Inc.
4.38% (4)		08/15/28		387,000		355,784
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.25% (4)		05/15/27		540,000		526,527
						1,005,948
Machinery-Construction & Mining — 0.4%
BWX Technologies, Inc.
4.13% (4)		06/30/28		185,000		169,131
Media — 8.2%
Cable One, Inc.
4.00% (4)		11/15/30		500,000		384,375
CCO Holdings LLC/CCO Holdings Capital Corp., (144A)
4.25% (4)		02/01/31		155,000		121,425
4.50% (4)		08/15/30		65,000		52,912
CCO Holdings LLC/CCO Holdings Capital Corp.
4.75% (4)		03/01/30		170,000		141,532
CCO Holdings LLC/CCO Holdings Capital Corp.
5.13% (4)		05/01/27		355,000		333,395

Issues	Maturity Date		Principal Amount		Value
Media (Continued)
CCO Holdings LLC/CCO Holdings Capital Corp.
5.50% (4)		05/01/26	$	692,000	$	679,025
CSC Holdings LLC
6.50% (4)		02/01/29		735,000		548,854
7.50% (4)		04/01/28		385,000		208,632
CSC Holdings LLC
11.75% (4)		01/31/29		4,000		3,545
DISH DBS Corp.
5.25% (4)		12/01/26		350,000		275,890
7.38%		07/01/28		132,000		59,252
7.75%		07/01/26		30,000		19,012
Gray Television, Inc.
5.38% (4)		11/15/31		120,000		72,490
Nexstar Media, Inc.
4.75% (4)		11/01/28		140,000		124,509
Sirius XM Radio, Inc.
5.50% (4)		07/01/29		100,000		93,254
Tele Columbus AG (Germany)
10.00% (4)		03/19/29	EUR	202,781		138,333
VZ Secured Financing BV (Netherlands)
3.50% (5)		01/15/32	EUR	190,000		177,623
5.00% (4)		01/15/32	$	410,000		346,487
						3,780,545
Oil & Gas — 0.5%
Sunoco LP
7.00% (4)		05/01/29		120,000		121,888
Transocean Titan Financing Ltd.
8.38% (4)		02/01/28		120,000		123,112
						245,000
Oil & Gas Services — 0.4%
USA Compression Partners LP/USA Compression Finance Corp.
7.13% (4)		03/15/29		200,000		198,854
Packaging & Containers — 5.0%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
5.25% (4)		08/15/27		320,000		164,000
5.25% (4)		08/15/27		55,000		28,107
Ball Corp.
6.88%		03/15/28		300,000		305,703
Berry Global, Inc.
4.88% (4)		07/15/26		60,000		58,773
Berry Global, Inc.
5.65% (4)		01/15/34		275,000		266,120
Clearwater Paper Corp.
4.75% (4)		08/15/28		264,000		240,095
Graphic Packaging International LLC
4.13%		08/15/24		725,000		719,512

See accompanying Notes to Financial Statements.

49

TCW High Yield Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
Packaging & Containers (Continued)
Sealed Air Corp.
4.00% (4)		12/01/27	$	362,000	$	335,089
Silgan Holdings, Inc.
4.13%		02/01/28		125,000		116,833
Trivium Packaging Finance BV (Netherlands)
5.50% (4)		08/15/26		55,000		54,106
						2,288,338
Pharmaceuticals — 3.4%
1375209 BC Ltd. (Canada)
9.00% (4)		01/30/28		390,000		383,302
180 Medical, Inc. (United Kingdom)
3.88% (4)		10/15/29		138,000		123,165
Bausch Health Cos., Inc. (Canada)
5.75% (4)		08/15/27		18,000		12,510
Bayer U.S. Finance LLC
6.50% (4)		11/21/33		220,000		219,285
Grifols SA (Spain)
3.20% (5)		05/01/25	EUR	100,000		106,642
3.88% (5)		10/15/28	EUR	100,000		84,847
Grifols SA (Spain)
4.75% (4)		10/15/28	$	275,000		221,303
Option Care Health, Inc.
4.38% (4)		10/31/29		50,000		44,940
Prestige Brands, Inc.
3.75% (4)		04/01/31		215,000		183,108
Teva Pharmaceutical Finance Netherlands III BV
8.13%		09/15/31		150,000		162,219
						1,541,321
Pipelines — 3.3%
Energy Transfer LP
6.63% (3 mo. USD LIBOR + 4.155%) (1),(6)		02/15/28		240,000		221,358
Global Partners LP/GLP Finance Corp.
6.88%		01/15/29		125,000		122,440
NGL Energy Operating LLC/NGL Energy Finance Corp.
8.38% (4)		02/15/32		20,000		20,334
Rockies Express Pipeline LLC
6.88% (4)		04/15/40		142,000		135,752
TransMontaigne Partners LP/TLP Finance Corp.
6.13%		02/15/26		362,000		348,425
Venture Global Calcasieu Pass LLC
4.13% (4)		08/15/31		285,000		249,637
Venture Global LNG, Inc.
9.50% (4)		02/01/29		240,000		258,173
9.88% (4)		02/01/32		160,000		170,750
						1,526,869

Issues	Maturity Date		Principal Amount		Value
Real Estate — 0.4%
Blackstone Property Partners Europe Holdings SARL (Luxembourg)
1.00% (5)		05/04/28	EUR	100,000	$	93,021
Cushman & Wakefield U.S. Borrower LLC
8.88% (4)		09/01/31	$	95,000		98,852
						191,873
REIT — 5.3%
American Assets Trust LP
3.38%		02/01/31		475,000		380,385
GLP Capital LP/GLP Financing II, Inc.
5.25%		06/01/25		230,000		227,284
5.75%		06/01/28		473,000		467,571
Hudson Pacific Properties LP
3.25%		01/15/30		132,000		100,320
4.65%		04/01/29		140,000		118,093
Piedmont Operating Partnership LP
2.75%		04/01/32		50,000		35,284
VICI Properties LP
4.95%		02/15/30		600,000		570,420
VICI Properties LP/VICI Note Co., Inc.
3.88% (4)		02/15/29		24,000		21,792
4.63% (4)		06/15/25		512,000		504,402
						2,425,551
Retail — 3.7%
Ferrellgas LP/Ferrellgas Finance Corp.
5.88% (4)		04/01/29		368,000		350,520
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.
4.63% (4)		01/15/29		325,000		294,235
FirstCash, Inc.
5.63% (4)		01/01/30		165,000		155,917
LCM Investments Holdings II LLC
8.25% (4)		08/01/31		120,000		124,840
Lithia Motors, Inc.
3.88% (4)		06/01/29		95,000		84,047
Michaels Cos., Inc.
5.25% (4)		05/01/28		480,000		406,808
7.88% (4)		05/01/29		125,000		91,692
Papa John’s International, Inc.
3.88% (4)		09/15/29		194,000		169,129
						1,677,188
Software — 1.1%
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL
8.75% (4)		05/01/29		115,000		115,309
Open Text Corp. (Canada)
6.90% (4)		12/01/27		85,000		87,019

See accompanying Notes to Financial Statements.

50

TCW High Yield Bond Fund

April 30, 2024

Issues	Maturity Date		Principal Amount		Value
Software (Continued)
RingCentral, Inc.
8.50% (4)		08/15/30	$	165,000	$	168,065
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.
3.88% (4)		02/01/29		165,000		146,149
						516,542
Telecommunications — 4.1%
Altice France SA
5.13% (4)		01/15/29		200,000		132,000
5.50% (4)		10/15/29		450,000		295,200
8.13% (4)		02/01/27		125,000		94,687
CommScope, Inc.
4.75% (4)		09/01/29		100,000		70,354
Consolidated Communications, Inc.
6.50% (4)		10/01/28		95,000		82,558
Frontier Communications Holdings LLC
5.00% (4)		05/01/28		192,000		176,809
8.63% (4)		03/15/31		100,000		101,095
Global Switch Finance BV (United Kingdom)
1.38% (5)		10/07/30	EUR	115,000		112,012
SES GLOBAL Americas Holdings, Inc. (Luxembourg)
5.30% (4)		03/25/44	EUR	559,000		408,665
Zayo Group Holdings, Inc.
4.00% (4)		03/01/27	$	525,000		418,398
						1,891,778
Total Corporate Bonds
(Cost: $38,470,033)						36,393,706
Total Fixed Income Securities
(Cost: $44,841,931)						42,749,073
CONVERTIBLE SECURITIES (0.1%)
CONVERTIBLE CORPORATE BONDS — 0.1%
Commercial Services — 0.1%
Worldline SA (France)
0.00% (5),(7)		07/30/26	EUR	61,920		59,968
Total Convertible Corporate Bonds
(Cost: $59,956)						59,968
			Shares
WARRANTS — 0.0%
Entertainment — 0.0%
Cineworld Group PLC (8),(9)				42,717		—
Total Warrants
(Cost: $—)						—

Issues			Shares		Value
MONEY MARKET INVESTMENTS — 0.9%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 5.25% (10)				419,106	$	419,106
Total Money Market Investments
(Cost: $419,106)						419,106
	Maturity Date		Principal Amount
Short Term Investments (5.4%)
U.S. TREASURY SECURITY — 5.4% (Cost: $2,475,095)
U.S. Treasury Bills
5.25% (11)		07/09/24	$	2,500,000		2,474,770
Total Investments (99.6%)
(Cost: $47,796,088)						45,702,917
Excess Of Other Assets Over Liabilities (0.4%)						164,683
Net Assets (100.0%)					$	45,867,600

See accompanying Notes to Financial Statements.

51

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
32	2-Year U.S. Treasury Note Futures		06/28/24	$	6,553,748		$	6,485,000		$	(68,748	)
46	5-Year U.S. Treasury Note Futures		06/28/24		4,905,546			4,818,141			(87,405	)
				$	11,459,294		$	11,303,141		$	(156,153	)
Short Futures
4	10-Year U.S. Treasury Note Futures		06/18/24		(445,641	)	$	(440,875	)	$	4,766
2	Euro SCHWATZ Futures		06/06/24		(225,998	)		(224,778	)		1,220
8	Euro-Bobl Future		06/06/24		(1,007,470	)		(995,942	)		11,528
4	U.S. Ultra Long Bond Futures		06/18/24		(510,902	)		(478,250	)		32,652
				$	(2,190,011	)	$	(2,139,845	)	$	50,166

Forward Currency Exchange Contracts

Counterparty

Contracts to Deliver

Units of Currency

Settlement Date

In Exchange for U.S. Dollars

Contracts at Value

Unrealized Appreciation (Depreciation)

SELL (12)

Citibank N.A.

EUR

1,326,000

07/12/24

$

1,448,310

$

1,422,057

$

26,253

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, 2024.

(2) All or a portion is an unfunded loan commitment.

(3) 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.

(4) 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, 2024, the value of these securities amounted to $22,909,978 or 50.0% 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.

(5) 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, 2024, the value of these securities amounted to $1,042,901 or 2.3% of net assets.

(6) Perpetual maturity.

(7) Security is not accruing interest.

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

(9) Non-income producing security.

(10) Rate disclosed is the 7-day net yield as of April 30, 2024.

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

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

See accompanying Notes to Financial Statements.

52

TCW High Yield Bond Fund

Investments by Sector (Unaudited) April 30, 2024

Sector	Percentage of Net Assets
Corporate Bonds		79.3	%
Bank Loans		13.9
U.S. Treasury Securities		5.4
Money Market Investments		0.9
Convertible Corporate Bonds		0.1
Warrants		0.0	**
Other*		0.4
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.

53

TCW High Yield Bond Fund

Fair Valuation Summary (Unaudited) April 30, 2024

The following is a summary of the fair valuations according to the inputs used as of April 30, 2024 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*	$	—		$	36,393,706	$	—	$	36,393,706
Bank Loans*		—			6,355,367		—		6,355,367
Total Fixed Income Securities		—			42,749,073		—		42,749,073
Short-Term Investments		2,474,770			—		—		2,474,770
Money Market Investments		419,106			—		—		419,106
Convertible Corporate Bonds*		—			59,968		—		59,968
Warrants*		—			—		—		—
Total Investments	$	2,893,876		$	42,809,041	$	—	$	45,702,917
Asset Derivatives
Futures Contracts
Interest Rate Risk		50,166			—		—		50,166
Forward Currency Exchange Contracts
Foreign Currency Risk		—			26,253		—		26,253
Total Investments	$	2,944,042		$	42,835,294	$	—	$	45,779,336
Liability Derivatives
Futures Contracts
Interest Rate Risk	$	(156,153	)	$	—	$	—	$	(156,153	)
Total	$	(156,153	)	$	—	$	—	$	(156,153	)

* See Schedule of Investments for corresponding industries.

See accompanying Notes to Financial Statements.

54

TCW Short Term Bond Fund

Schedule of Investments (Unaudited) April 30, 2024

Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES — 119.8% of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY — 1.2%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF68, Class A
5.93% (30 day USD SOFR Average + 0.604%) (1)		07/25/26	$	35,224	$	35,175
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KJ34, Class A1
0.68%		06/25/26		4,840		4,641
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KL05, Class X1HG (I/O)
1.37% (2)		12/25/27		500,000		15,530
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KS06, Class X (I/O)
1.18% (2)		08/25/26		542,389		7,514
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KS07, Class X (I/O)
0.73% (2)		09/25/25		234,586		1,880
Federal National Mortgage Association-Aces Series 2014-M11, Class 1A
3.18% (2)		08/25/24		12,015		11,890
Government National Mortgage Association Series 2008-92, Class E
5.56% (2)		03/16/44		3,485		3,462
Government National Mortgage Association Series 2010-159, Class D
4.56% (2)		09/16/44		5,261		5,178
Government National Mortgage Association Series 2011-165, Class IO (I/O)
0.00% (2)		10/16/51		205,953		2
Total Commercial Mortgage-Backed Securities — Agency
(Cost: $126,012)						85,272
COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 7.3%
BBCMS Trust Series 2015-SRCH, Class XB (I/O)
0.30% (2),(3)		08/10/35		2,000,000		12,027
BPR Trust Series 2022-OANA, Class A
7.22% (1 mo. USD Term SOFR + 1.898%)(1),(3)		04/15/37		25,000		25,096
BX Commercial Mortgage Trust Series 2021-VINO, Class A
6.09% (1 mo. USD Term SOFR + 0.767%)(1),(3)		05/15/38		29,559		29,382
BX Commercial Mortgage Trust Series 2021-XL2, Class A
6.12% (1 mo. USD Term SOFR + 0.803%)(1),(3)		10/15/38		22,271		22,071

Issues	Maturity Date		Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Citigroup Commercial Mortgage Trust Series 2014-GC23, Class XB (I/O)
0.28% (2)		07/10/47	$	3,784,000	$	331
Citigroup Commercial Mortgage Trust Series 2021-PRM2, Class A
6.39% (1 mo. USD Term SOFR + 1.064%)(1),(3)		10/15/38		23,000		22,799
COMM Mortgage Trust Series 2012-CR4, Class XA (I/O)
1.29% (2)		10/15/45		200,220		1,452
COMM Mortgage Trust Series 2014-CR19, Class XA (I/O)
0.92% (2)		08/10/47		48,647		49
COMM Mortgage Trust Series 2014-CR20, Class A3
3.33%		11/10/47		14,611		14,520
COMM Mortgage Trust Series 2016-DC2, Class XA (I/O)
1.07% (2)		02/10/49		690,987		7,927
FS Rialto Issuer LLC Series 2019-FL1, Class A
6.63% (1 mo. USD Term SOFR + 1.314%) (1),(3)		12/16/36		58,377		58,389
Great Wolf Trust Series 2024-WOLF, Class A
6.86% (1 mo. USD Term SOFR + 1.542%) (1),(3)		03/15/39		23,000		23,044
GS Mortgage Securities Corp. Trust Series 2023-FUN, Class A
7.41% (1 mo. USD Term SOFR + 2.091%) (1),(3)		03/15/28		20,000		20,060
INTOWN Mortgage Trust Series 2022-STAY, Class A
7.81% (1 mo. USD Term SOFR + 2.489%) (1),(3)		08/15/39		23,000		23,105
JPMBB Commercial Mortgage Securities Trust Series 2014-C18, Class XA (I/O)
0.47% (2)		02/15/47		170,185		7
JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-NINE, Class A
2.95% (3),(2)		09/06/38		25,000		23,182
Manhattan West Mortgage Trust Series 2020-1MW, Class A
2.13% (3)		09/10/39		25,000		21,846
MF1 Ltd. Series 2020-FL4, Class A
7.13% (1 mo. USD Term SOFR + 1.814%) (1),(3)		11/15/35		6,462		6,474
NRTH Mortgage Trust Series 2024-PARK, Class A
6.97% (1 mo. USD Term SOFR + 1.641%) (1),(3)		03/15/41		23,000		23,065
SREIT Trust Series 2021-MFP, Class A
6.17% (1 mo. USD Term SOFR + 0.845%) (1),(3)		11/15/38		95,686		95,053
Wells Fargo Commercial Mortgage Trust Series 2015-NXS2, Class XA (I/O)
0.73% (2)		07/15/58		1,355,869		5,939

See accompanying Notes to Financial Statements.

55

TCW Short Term Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Westlake Automobile Receivables Trust Series 2022-2A, Class C
4.85% (3)		09/15/27	$	50,000	$	49,461
WFRBS Commercial Mortgage Trust Series 2014-C21, Class XA (I/O)
1.11% (2)		08/15/47		1,115,312		1,197
WFRBS Commercial Mortgage Trust Series 2014-C24, Class A3
3.43%		11/15/47		34,532		34,292
Total Commercial Mortgage-Backed Securities — Non-Agency
(Cost: $635,628)						520,768
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY — 33.8%
Federal Home Loan Mortgage Corp. REMICS Series 3071, Class TF (PAC)
5.74% (30 day USD SOFR Average + 0.414%) (1)		04/15/35		3,074		3,070
Federal Home Loan Mortgage Corp. REMICS Series 3300, Class FA
5.74% (30 day USD SOFR Average + 0.414%) (1)		08/15/35		13,614		13,386
Federal Home Loan Mortgage Corp. REMICS Series 3318, Class F
5.69% (30 day USD SOFR Average + 0.364%) (1)		05/15/37		16,994		16,660
Federal Home Loan Mortgage Corp. REMICS Series 4231, Class FD
5.79% (30 day USD SOFR Average + 0.464%) (1)		10/15/32		15,887		15,736
Federal Home Loan Mortgage Corp. STRIPS Series 263, Class F5
5.94% (30 day USD SOFR Average + 0.614%) (1)		06/15/42		13,506		13,371
Federal National Mortgage Association, Pool #254548
5.50%		12/01/32		4,105		4,131
Federal National Mortgage Association, Pool #600187
7.00%		07/01/31		8,757		8,826
Federal National Mortgage Association, Pool #995364
6.00%		10/01/38		3,992		4,039
Federal National Mortgage Association, Pool #AL0851
6.00%		10/01/40		2,701		2,775
Federal National Mortgage Association REMICS Series 2003-11, Class FA
6.44% (30 day USD SOFR Average + 1.114%) (1)		09/25/32		5,207		5,258
Federal National Mortgage Association REMICS Series 2006-23, Class FP (PAC)
5.74% (30 day USD SOFR Average + 0.414%) (1)		04/25/36		8,453		8,284

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Federal National Mortgage Association REMICS Series 2007-64, Class FA
5.91% (30 day USD SOFR Average + 0.584%) (1)		07/25/37	$	11,510	$	11,442
Federal National Mortgage Association REMICS Series 2008-24, Class PF (PAC)
6.09% (30 day USD SOFR Average + 0.764%) (1)		02/25/38		2,586		2,597
Federal National Mortgage Association REMICS Series 2020-10, Class FA
5.94% (30 day USD SOFR Average + 0.614%) (1)		03/25/50		13,857		13,552
Federal National Mortgage Association REMICS Series 2017-10, Class FA
5.84% (30 day USD SOFR Average + 0.514%) (1)		03/25/47		29,727		29,492
Government National Mortgage Association, Pool #80022
3.75% (1 yr. CMT + 1.500%) (1)		12/20/26		2,436		2,405
Government National Mortgage Association, Pool #80636
3.63% (1 yr. CMT + 1.500%) (1)		09/20/32		2,646		2,599
Government National Mortgage Association, Pool #80757
3.63% (1 yr. CMT + 1.500%) (1)		10/20/33		1,139		1,110
Government National Mortgage Association, Pool #80797
3.63% (1 yr. CMT + 1.500%) (1)		01/20/34		12,609		12,284
Government National Mortgage Association, Pool #80937
3.88% (1 yr. CMT + 1.500%) (1)		06/20/34		5,668		5,636
Government National Mortgage Association REMICS Series 2024-51, Class F
6.33% (30 day USD SOFR Average + 1.000%) (1)		03/20/54		124,865		124,663
Government National Mortgage Association REMICS Series 2023-113, Class FD
6.50% (30 day USD SOFR Average + 1.350%) (1)		08/20/53		46,845		46,841
Government National Mortgage Association REMICS Series 2023-116, Class FL
6.48% (30 day USD SOFR Average + 1.150%) (1)		08/20/53		47,540		47,636
Government National Mortgage Association REMICS Series 2024-51, Class PF
6.33% (30 day USD SOFR Average + 1.000%) (1)		03/20/54		124,885		124,544
Government National Mortgage Association REMICS Series 2024-51, Class TF
6.33% (30 day USD SOFR Average + 1.000%) (1)		03/20/54		74,932		74,727
Government National Mortgage Association, TBA
5.00% (4)		02/01/54		100,000		95,735

See accompanying Notes to Financial Statements.

56

TCW Short Term Bond Fund

April 30, 2024

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
5.50% (4)		02/01/54	$	50,000	$	48,946
4.50% (4)		04/01/53		125,000		116,476
Uniform Mortgage-Backed Security, TBA
4.00% (4)		11/01/37		275,000		261,255
4.50% (4)		09/01/37		350,000		338,761
5.00% (4)		11/01/37		350,000		343,841
4.00% (4)		03/01/52		175,000		156,470
4.50% (4)		02/01/53		150,000		138,269
5.00% (4)		01/01/54		100,000		94,809
5.50% (4)		01/01/54		75,000		72,813
3.50% (4)		02/01/37		175,000		162,627
Total Residential Mortgage-Backed Securities — Agency
(Cost: $2,440,353)						2,425,066
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 7.4%
ABFC Trust Series 2002-WF2, Class A2
6.56% (1 mo. USD Term SOFR + 1.239%) (1)		05/25/32		7,920		7,893
BNC Mortgage Loan Trust Series 2006-2, Class A4
5.75% (1 mo. USD Term SOFR + 0.434%) (1)		11/25/36		19,435		18,609
Credit Suisse First Boston Mortgage Securities Corp. Series 2002-AR31, Class 6A1
6.25% (2)		11/25/32		6,609		6,440
Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R08, Class 1M1
6.83% (30 day USD SOFR Average + 1.500%) (1),(3)		10/25/43		35,318		35,439
First Franklin Mortgage Loan Trust Series 2004-FF5, Class A3C
6.43% (1 mo. USD Term SOFR + 1.114%) (1)		08/25/34		6,893		6,149
JPMorgan Mortgage Acquisition Trust Series 2007-CH4, Class A5
5.67% (1 mo. USD Term SOFR + 0.354%) (1)		05/25/37		22,905		22,613
JPMorgan Mortgage Trust Series 2018-8, Class A3
4.00% (2),(3)		01/25/49		38,265		34,152
Morgan Stanley Capital I, Inc. Trust Series 2006-NC2, Class A2D
6.01% (1 mo. USD Term SOFR + 0.694%) (1)		02/25/36		17,693		17,483
Nationstar Home Equity Loan Trust Series 2007-A, Class M1
5.70% (1 mo. USD Term SOFR + 0.384%) (1)		03/25/37		45,558		44,690
New Century Home Equity Loan Trust Series 2005-1, Class M1
6.11% (1 mo. USD Term SOFR + 0.789%) (1)		03/25/35		20,309		20,465

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
NovaStar Mortgage Funding Trust Series 2005-1, Class M5
6.51% (1 mo. USD Term SOFR + 1.194%) (1)		06/25/35	$	10,210	$	10,135
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates Series 2005-2, Class M5
6.41% (1 mo. USD Term SOFR + 1.089%) (1)		04/25/35		7,854		7,883
Ownit Mortgage Loan Trust Series 2006-3, Class A2D
5.97% (1 mo. USD Term SOFR + 0.654%) (1)		03/25/37		24,753		23,349
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2004-WHQ2, Class M4
7.01% (1 mo. USD Term SOFR + 1.689%) (1)		02/25/35		24,225		23,483
PRPM LLC Series 2021-6, Class A1
1.79% (3)		07/25/26		25,772		24,874
Residential Accredit Loans, Inc. Trust Series 2002-QS16, Class A2
5.98% (1 mo. USD Term SOFR + 0.664%) (1),(5)		10/25/17		20		2
Residential Asset Securities Corporation Trust Series 2005-EMX1, Class M1
6.08% (1 mo. USD Term SOFR + 0.759%) (1)		03/25/35		719		718
Residential Asset Securities Corporation Trust Series 2006-KS3, Class M1
5.93% (1 mo. USD Term SOFR + 0.444%) (1)		04/25/36		19,158		18,857
Soundview Home Loan Trust Series 2005-OPT1, Class M2
6.11% (1 mo. USD Term SOFR + 0.789%) (1)		06/25/35		10,955		10,688
Structured Asset Investment Loan Trust Series 2005-11, Class A3
6.03% (1 mo. USD Term SOFR + 0.714%) (1)		01/25/36		9,909		9,565
Structured Asset Investment Loan Trust Series 2005-HE3, Class M1
6.15% (1 mo. USD Term SOFR + 0.834%) (1)		09/25/35		22,513		22,138
VOLT XCIV LLC Series 2021-NPL3, Class A1
5.24% (3)		02/27/51		76,145		74,804
Wells Fargo Home Equity Asset-Backed Securities Trust Series 2005-4, Class M3
6.18% (1 mo. USD Term SOFR + 0.864%) (1)		12/25/35		94,402		92,816
Total Residential Mortgage-Backed Securities — Non-Agency
(Cost: $537,814)						533,245

See accompanying Notes to Financial Statements.

57

TCW Short Term Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
CORPORATE BONDS — 23.4%
Aerospace & Defense — 0.3%
BAE Systems Holdings, Inc. (United Kingdom)
3.85% (3)		12/15/25	$	20,000	$	19,434
General Electric Co.
5.91% (3 mo. USD Term SOFR + 0.642%) (1)		05/05/26		5,000		5,009
						24,443
Agriculture — 0.7%
BAT Capital Corp. (United Kingdom)
3.56%		08/15/27		35,000		32,854
Imperial Brands Finance PLC (United Kingdom)
4.25% (3)		07/21/25		20,000		19,601
						52,455
Banks — 11.9%
Bank of America Corp.
1.73% (Secured Overnight Financing Rate + 0.960%) (1)		07/22/27		95,000		87,155
2.55% (Secured Overnight Financing Rate + 1.050%) (1)		02/04/28		45,000		41,448
3.42% (3 mo. USD Term SOFR + 1.302%) (1)		12/20/28		5,000		4,636
Citigroup, Inc.
1.46% (Secured Overnight Financing Rate + 0.770%) (1)		06/09/27		70,000		64,109
3.52% (3 mo. USD Term SOFR + 1.413%) (1)		10/27/28		10,000		9,332
DNB Bank ASA (Norway)
0.86% (1 yr. CMT + 0.330%) (1),(3)		09/30/25		30,000		29,361
Goldman Sachs Group, Inc.
1.95% (Secured Overnight Financing Rate + 0.913%) (1)		10/21/27		50,000		45,645
5.84% (Secured Overnight Financing Rate + 0.486%) (1)		10/21/24		10,000		10,008
HSBC Holdings PLC (United Kingdom)
1.59% (SOFR + 1.290%) (1)		05/24/27		25,000		22,910
2.25% (Secured Overnight Financing Rate + 1.100%) (1)		11/22/27		75,000		68,626
JPMorgan Chase & Co.
1.04% (3 mo. USD Term SOFR + 0.695%) (1)		02/04/27		75,000		69,161
2.07% (Secured Overnight Financing Rate + 1.015%) (1)		06/01/29		5,000		4,364
2.08% (Secured Overnight Financing Rate + 1.850%) (1)		04/22/26		40,000		38,575
Lloyds Banking Group PLC (United Kingdom)
1.63% (1 yr. CMT + 0.850%) (1)		05/11/27		30,000		27,553
3.57% (3 mo. USD LIBOR + 1.205%) (1)		11/07/28		20,000		18,541

Issues	Maturity Date		Principal Amount		Value
Banks (Continued)
Morgan Stanley
0.79% (Secured Overnight Financing Rate + 0.525%) (1)		05/30/25	$	75,000	$	74,650
1.51% (SOFR + 0.858%) (1)		07/20/27		20,000		18,265
PNC Financial Services Group, Inc.
5.58% (Secured Overnight Financing Rate + 1.841%) (1)		06/12/29		5,000		4,979
6.62% (Secured Overnight Financing Rate Index + 1.730%) (1)		10/20/27		30,000		30,664
U.S. Bancorp
4.65% (Secured Overnight Financing Rate + 1.230%) (1)		02/01/29		20,000		19,295
6.79% (Secured Overnight Financing Rate + 1.880%) (1)		10/26/27		45,000		46,187
Wells Fargo & Co.
2.16% (3 mo. USD Term SOFR + 1.012%) (1)		02/11/26		80,000		77,741
2.39% (Secured Overnight Financing Rate + 2.100%) (1)		06/02/28		35,000		31,828
5.57% (Secured Overnight Financing Rate + 1.740%) (1)		07/25/29		10,000		9,980
						855,013
Biotechnology — 0.4%
Amgen, Inc.
5.15%		03/02/28		30,000		29,742
Chemicals — 0.5%
International Flavors & Fragrances, Inc.
1.83% (3)		10/15/27		35,000		30,713
3.47% (3)		12/01/50		5,000		3,164
						33,877
Commercial Services — 0.4%
Global Payments, Inc.
4.45%		06/01/28		30,000		28,613
Diversified Financial Services — 0.3%
American Express Co.
2.25%		03/04/25		20,000		19,461
Electric — 0.8%
Alliant Energy Finance LLC
5.95% (3)		03/30/29		25,000		25,293
FirstEnergy Pennsylvania Electric Co.
4.00% (3)		04/15/25		30,000		29,437
						54,730
Food — 0.4%
JBS USA Holding Lux SARL/ JBS USA Food Co./ JBS Lux Co. SARL
5.13%		02/01/28		30,000		29,171

See accompanying Notes to Financial Statements.

58

TCW Short Term Bond Fund

April 30, 2024

Issues	Maturity Date		Principal Amount		Value
Health Care-Products — 0.4%
Thermo Fisher Scientific, Inc.
1.22%		10/18/24	$	25,000	$	24,507
Health Care-Services — 0.6%
HCA, Inc.
5.25%		04/15/25		10,000		9,949
5.25%		06/15/26		35,000		34,647
						44,596
Insurance — 1.9%
Athene Global Funding
6.05% (Secured Overnight Financing Rate Index + 0.700%) (1),(3)		05/24/24		30,000		30,017
Guardian Life Global Funding
5.74% (3)		10/02/28		35,000		35,614
Metropolitan Life Global Funding I
3.45% (3)		12/18/26		30,000		28,579
Willis North America, Inc.
4.65%		06/15/27		45,000		43,760
						137,970
Packaging & Containers — 0.3%
Amcor Flexibles North America, Inc.
4.00%		05/17/25		25,000		24,504
Pharmaceuticals — 0.8%
Bayer U.S. Finance II LLC
3.38% (3)		07/15/24		10,000		9,943
4.25% (3)		12/15/25		30,000		29,157
Becton Dickinson & Co.
3.73%		12/15/24		20,000		19,739
						58,839
REIT — 2.7%
American Tower Corp.
3.60%		01/15/28		35,000		32,639
Crown Castle, Inc.
3.80%		02/15/28		20,000		18,674
Extra Space Storage LP
3.88%		12/15/27		15,000		14,096
5.70%		04/01/28		15,000		15,001
GLP Capital LP/GLP Financing II, Inc.
5.75%		06/01/28		35,000		34,598
Healthcare Realty Holdings LP
3.63%		01/15/28		15,000		13,660
Kilroy Realty LP
3.45%		12/15/24		40,000		39,394
LXP Industrial Trust
6.75%		11/15/28		5,000		5,135

Issues	Maturity Date		Principal Amount		Value
REIT (Continued)
VICI Properties LP/VICI Note Co., Inc.
5.75% (3)		02/01/27	$	20,000	$	19,845
						193,042
Savings & Loans — 0.7%
Nationwide Building Society (United Kingdom)
2.97% (Secured Overnight Financing Rate + 1.290%) (1),(3)		02/16/28		50,000		46,232
Software — 0.3%
Open Text Corp. (Canada)
6.90% (3)		12/01/27		20,000		20,475
Total Corporate Bonds
(Cost: $1,685,178)						1,677,670
MUNICIPAL BONDS — 1.0%
City & County of Denver Airport System Revenue, Revenue Bond
1.12%		11/15/24		10,000		9,773
City of Baltimore, General Obligation Unlimited
5.00%		10/15/25		25,000		24,815
Commonwealth of Massachusetts, Revenue Bond
4.11%		07/15/31		16,486		15,775
New York City Transitional Finance Authority Future Tax Secured Revenue
2.31%		11/01/26		25,000		23,361
Total Municipal Bonds
(Cost: $77,085)						73,724
U.S. TREASURY SECURITIES — 34.2%
U.S. Treasury Notes
4.50%		04/15/27		376,000		372,225
4.63%		04/30/29		250,000		249,053
4.88%		04/30/26		1,842,000		1,836,568
Total U.S. Treasury Securities
(Cost: $2,465,027)						2,457,846
ASSET-BACKED SECURITIES — 9.9%
AMMC CLO XI Ltd. Series 2012-11A, Class A1R2
6.60% (3 mo. USD Term SOFR + 1.272%) (1),(3)		04/30/31		23,977		24,012
Apidos CLO XXII Ltd. Series 2015-22A, Class A1R
6.65% (3 mo. USD Term SOFR + 1.322%) (1),(3)		04/20/31		33,835		33,850
Barings CLO Ltd. Series 2018-4A, Class A1R
6.48% (3 mo. USD Term SOFR + 1.150%) (1),(3)		10/15/30		40,000		40,010
Carvana Auto Receivables Trust Series 2022-P3, Class A3
4.61%		11/10/27		50,000		49,433

See accompanying Notes to Financial Statements.

59

TCW Short Term Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (Continued)
Dryden 58 CLO Ltd. Series 2018-58A, Class A1
6.58% (3 mo. USD Term SOFR + 1.262%) (1),(3)		07/17/31	$	42,462	$	42,515
Exeter Automobile Receivables Trust Series 2021-1A, Class D
1.08%		11/16/26		30,010		29,303
Flatiron CLO 17 Ltd. Series 2017-1A, Class AR
6.55% (3 mo. USD Term SOFR + 1.242%) (1),(3)		05/15/30		12,228		12,237
GoldenTree Loan Management U.S. CLO 4 Ltd. Series 2019-4A, Class ARR
6.47% (3 mo. USD Term SOFR + 1.150%) (1),(3)		04/24/31		40,000		40,097
LCM XXIV Ltd. Series 24A, Class AR
6.57% (3 mo. USD Term SOFR + 1.242%) (1),(3)		03/20/30		11,850		11,860
Madison Park Funding XVII Ltd. Series 2015-17A, Class AR2
6.59% (3 mo. USD Term SOFR + 1.262%) (1),(3)		07/21/30		24,634		24,671
Navient Private Education Refi Loan Trust Series 2020-BA, Class A2
2.12% (3)		01/15/69		91,943		83,985
Navient Private Education Refi Loan Trust Series 2021-BA, Class A
0.94% (3)		07/15/69		49,861		43,083
Navient Private Education Refi Loan Trust Series 2021-CA, Class A
1.06% (3)		10/15/69		55,738		48,405
Octagon Investment Partners 35 Ltd. Series 2018-1A, Class A1A
6.65% (3 mo. USD Term SOFR + 1.322%) (1),(3)		01/20/31		35,757		35,801
Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR
6.73% (3 mo. USD Term SOFR + 1.400%) (1),(3)		04/15/31		40,000		40,014
Rockford Tower CLO Ltd. Series 2018-2A, Class A
6.75% (3 mo. USD Term SOFR + 1.422%) (1),(3)		10/20/31		37,631		37,722
Santander Drive Auto Receivables Trust Series 2022-2, Class C
3.76%		07/16/29		45,000		43,559
SoFi Professional Loan Program LLC Series 2017-F, Class A2FX
2.84% (3)		01/25/41		31,461		30,677
SoFi Professional Loan Program LLC Series 2019-A, Class A2FX
3.69% (3)		06/15/48		35,207		33,973

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (Continued)
U.S. Small Business Administration Series 2005-20B, Class 1
4.63%		02/01/25	$	5,959	$	5,919
Total Asset-Backed Securities
(Cost: $721,514)						711,126
U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.6% (Cost: $130,323)
U.S. International Development Finance Corp.
1.49%		08/15/31		129,730		113,956
Total Fixed Income Securities
(Cost: $8,818,934)						8,598,673
CONVERTIBLE SECURITIES (0.1% )
CONVERTIBLE CORPORATE BONDS — 0.1%
Commercial Services — 0.1%
Worldline SA (France)
0.00% (6),(7)		07/30/25	EUR	4,778		5,684
Total Convertible Securities
(Cost: $4,891)						5,684
			Shares
MONEY MARKET INVESTMENTS — 3.5%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 5.25% (8)				254,258		254,258
Total Money Market Investments
(Cost: $254,258)						254,258
	Maturity Date		Principal Amount
SHORT TERM INVESTMENTS — 2.1%
U.S. Treasury Securities — 2.1% (Cost: $149,367)
U.S. Treasury Bills
5.16% (9)		05/30/24	$	150,000		149,362
Total Investments (125.5%)
(Cost: $9,227,450)						9,007,977
Liabilities In Excess Of Other Assets (-25.5%)						(1,828,279	)
Net Assets (100.0%)					$	7,179,698

See accompanying Notes to Financial Statements.

60

TCW Short Term Bond Fund

April 30, 2024

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 (10)

BANK OF AMERICA

EUR

4,400

07/12/24

$

4,805

$

4,719

$

86

Futures Contracts
Number of Contracts	Type	Expiration Date		Notional Contract Value			Value			Net Unrealized Appreciation (Depreciation)
Long Futures
11	2-Year U.S. Treasury Note Futures		06/28/24	$	2,251,210		$	2,229,219		$	(21,991	)
12	5-Year U.S. Treasury Note Futures		06/28/24		(1,280,739	)		(1,256,906	)		23,833
				$	970,471		$	972,313		$	1,842
Short Futures
5	10-Year U.S. Treasury Note Futures		06/18/24	$	(569,541	)	$	(551,094	)	$	18,447

Notes to the Schedule of Investments:

ABS Asset-Backed Securities.

ACES Alternative Credit Enhancement Securities.

CLO Collateralized Loan Obligation.

I/O Interest Only Security.

PAC Planned Amortization Class.

REIT Real Estate Investment Trust.

REMIC Real Estate Mortgage Investment Conduit.

SOFR Secured Overnight Financing Rate.

STRIPS Separate Trading of Registered Interest and Principal Securities.

TBA To Be Announced.

EUR Euro Currency.

(1) Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2024.

(2) 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.

(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, 2024, the value of these securities amounted to $1,584,100 or 22.1% 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.

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

(5) The maturity date of the security has been extended past the date disclosed. The new maturity date is not known as of April 30, 2024.

(6) 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, 2024, the value of these securities amounted to $5,684 or 0.1% of net assets.

(7) Security is not accruing interest.

(8) Rate disclosed is the 7-day net yield as of April 30, 2024.

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

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

See accompanying Notes to Financial Statements.

61

TCW Short Term Bond Fund

Investments by Sector (Unaudited) April 30, 2024

Sector	Percentage of Net Assets
U.S. Treasury Securities		36.3	%
Residential Mortgage-Backed Securities — Agency		33.8
Corporate Bonds		23.4
Asset-Backed Securities		9.9
Residential Mortgage-Backed Securities — Non-Agency		7.4
Commercial Mortgage-Backed Securities — Non-Agency		7.3
Money Market Investments		3.5
U.S. Government Agency Obligations		1.6
Commercial Mortgage-Backed Securities — Agency		1.2
Municipal Bonds		1.0
Convertible Corporate Bonds		0.1
Other*		(25.5	)
Total		100.0	%

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

See accompanying Notes to Financial Statements.

62

TCW Short Term Bond Fund

Fair Valuation Summary (Unaudited) April 30, 2024

The following is a summary of the fair valuations according to the inputs used as of April 30, 2024 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
U.S. Treasury Securities	$	2,457,846		$	—	$	—	$	2,457,846
Residential Mortgage-Backed Securities — Agency		—			2,425,066		—		2,425,066
Corporate Bonds*		—			1,677,670		—		1,677,670
Asset-Backed Securities		—			711,126		—		711,126
Residential Mortgage-Backed Securities — Non-Agency		—			533,245		—		533,245
Commercial Mortgage-Backed Securities — Non-Agency		—			520,768		—		520,768
U.S. Government Agency Obligations		—			113,956		—		113,956
Commercial Mortgage-Backed Securities — Agency		—			85,272		—		85,272
Municipal Bonds		—			73,724		—		73,724
Total Fixed Income Securities		2,457,846			6,140,827		—		8,598,673
Money Market Investments		254,258			—		—		254,258
Short-Term Investments		149,362			—		—		149,362
Convertible Securities		—			5,684		—		5,684
Total Investments	$	2,861,466		$	6,146,511	$	—	$	9,007,977
Asset Derivatives
Futures Contracts
Interest Rate Risk		42,280			—		—		42,280
Forward Currency Exchange Contracts
Foreign Currency Risk		—			86		—		86
Total Investments	$	2,903,746		$	6,146,597	$	—	$	9,050,343
Liability Derivatives
Futures Contracts
Interest Rate Risk	$	(21,991	)	$	—	$	—	$	(21,991	)
Total	$	(21,991	)	$	—	$	—	$	(21,991	)

* See Schedule of Investments for corresponding industries.

See accompanying Notes to Financial Statements.

63

TCW Total Return Bond Fund

Schedule of Investments (Unaudited)

Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES — 121.7% of Net Assets
ASSET-BACKED SECURITIES — 9.6%
AMSR Trust Series 2020-SFR2, Class E2
4.28% (1)		07/17/37	$	7,713,000	$	7,462,577
AMSR Trust Series 2020-SFR3, Class F
3.55% (1)		09/17/37		2,682,000		2,549,715
AMSR Trust Series 2020-SFR3, Class G
4.99% (1)		09/17/37		6,402,000		6,178,485
Apidos CLO XXXVII Ltd. Series 2021-37A, Class B
7.19% (3 mo. USD Term SOFR + 1.862%) (1),(2)		10/22/34		6,795,000		6,801,795
Carvana Auto Receivables Trust Series 2021-N3, Class R
0.00% (1),(3)		06/12/28		25,650		2,613,773
Carvana Auto Receivables Trust Series 2023-P1, Class R
0.00% (1),(3)		03/11/30		2,950		435,897
CIFC Funding Ltd. Series 2022-2A, Class INCB
0.00% (1),(4),(5)		04/19/35		3,300,000		2,494,216
Cologix Data Centers U.S. Issuer LLC Series 2021-1A, Class A2
3.30% (1)		12/26/51		4,000,000		3,632,830
CoreVest American Finance Ltd. Series 2020-1, Class XA (I/O)
2.66% (1),(4)		03/15/50		27,308,861		847,085
CoreVest American Finance Ltd. Series 2020-1, Class XB (I/O)
2.20% (1),(4)		03/15/50		38,948,500		3,026,820
CoreVest American Finance Ltd. Series 2020-4, Class XA (I/O)
4.01% (1),(4)		12/15/52		35,746,366		1,750,725
CoreVest American Finance Ltd. Series 2020-4, Class XB (I/O)
2.97% (1),(4)		12/15/52		27,500,000		1,792,401
CoreVest American Finance Ltd. Series 2021-1, Class XA (I/O)
3.04% (1),(4)		04/15/53		56,550,730		2,496,653
FirstKey Homes Trust Series 2021-SFR3, Class E1
2.99% (1)		12/17/38		5,500,000		4,960,684
FirstKey Homes Trust Series 2022-SFR3, Class E1
3.50% (1)		07/17/38		8,950,000		8,207,715
Flexential Issuer Series 2021-1A, Class A2
3.25% (1)		11/27/51		7,580,000		6,909,651
GCI Funding I LLC Series 2021-1, Class A
2.38% (1)		06/18/46		20,865,284		18,267,583
Global SC Finance II SRL Series 2014-1A, Class A2
3.09% (1)		07/17/29		406,943		403,116
HOA Funding LLC Series 2021-1A, Class A2
4.72% (1)		08/20/51		6,171,750		4,822,618
HPS Loan Management Ltd. Series 10A-16, Class A2RR
7.24% (3 mo. USD Term SOFR + 1.912%) (1),(2)		04/20/34		8,000,000		8,008,160

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (Continued)
JGWPT XXX LLC Series 2013-3A, Class A
4.08% (1)		01/17/73	$	4,799,063	$	4,396,316
Madison Park Funding XXXVIII Ltd. Series 2021-38A, Class B
7.23% (3 mo. USD Term SOFR + 1.912%) (1),(2)		07/17/34		10,000,000		10,019,410
New Residential Mortgage Loan Trust Series 2022-SFR2, Class E1
4.00% (1)		09/04/39		5,750,000		5,064,204
OHA Credit Funding 3 Ltd. Series 2019-3A, Class BR
7.24% (3 mo. USD Term SOFR + 1.912%) (1),(2)		07/02/35		6,000,000		6,007,200
OHA Credit Funding 9 Ltd. Series 2021-9A, Class B
7.29% (3 mo. USD Term SOFR + 1.962%) (1),(2)		07/19/35		7,500,000		7,509,750
Progress Residential Trust Series 2020-SFR2, Class F
6.15% (1)		06/17/37		9,332,000		9,210,506
Progress Residential Trust Series 2020-SFR3, Class F
2.80% (1)		10/17/27		3,299,000		3,094,376
Progress Residential Trust Series 2021-SFR1, Class H
5.00% (1)		04/17/38		4,890,000		4,419,624
Progress Residential Trust Series 2021-SFR11, Class F
4.42% (1)		01/17/39		2,874,000		2,482,547
Progress Residential Trust Series 2021-SFR2, Class G
4.25% (1)		04/19/38		8,369,000		7,659,898
Progress Residential Trust Series 2021-SFR3, Class G
4.25% (1)		05/17/26		3,400,000		3,106,279
Progress Residential Trust Series 2021-SFR7, Class F
3.83% (1)		08/17/40		8,970,000		7,626,009
Stack Infrastructure Issuer LLC Series 2023-2A, Class A2
5.90% (1)		07/25/48		5,400,000		5,289,280
Vantage Data Centers Issuer LLC Series 2020-1A, Class A2
1.65% (1)		09/15/45		8,800,000		8,232,073
Total Asset-Backed Securities
(Cost: $205,109,488)						177,779,971
COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY — 0.2%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K038, Class X3 (I/O)
2.66% (4)		06/25/42		69,731,081		105
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K040, Class X3 (I/O)
2.09% (4)		11/25/42		77,991,835		554,275

See accompanying Notes to Financial Statements.

64

TCW Total Return Bond Fund

April 30, 2024

Issues	Maturity Date		Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K042, Class X3 (I/O)
1.66% (4)		01/25/43	$	76,625,000	$	671,564
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K045, Class X3 (I/O)
1.55% (4)		04/25/43		126,630,757		1,431,390
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K046, Class X3 (I/O)
1.56% (4)		04/25/43		94,964,072		1,248,469
Total Commercial Mortgage-Backed Securities — Agency
(Cost: $34,475,649)						3,905,803
COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 13.2%
1345 Avenue of the Americas & Park Avenue Plaza Trust Series 2005-1, Class A3
5.28% (1)		08/10/35		9,834,081		9,368,838
Arbor Realty Commercial Real Estate Notes Ltd. Series 2021-FL4, Class AS
7.14% (1 mo. USD Term SOFR + 1.814%) (1),(2)		11/15/36		11,800,000		11,676,767
BAMLL Commercial Mortgage Securities Trust Series 2015-200P, Class F
3.72% (1),(4)		04/14/33		4,500,000		4,206,693
BBCMS Mortgage Trust Series 2024-5C25, Class B
6.15% (4)		03/15/57		5,625,000		5,572,124
BBCMS Mortgage Trust Series 2024-C24, Class AS
5.87%		02/15/57		6,000,000		5,953,800
Benchmark Mortgage Trust Series 2019-B13, Class AM
3.18%		08/15/57		5,000,000		4,248,701
Benchmark Mortgage Trust Series 2019-B14, Class 225C
3.40% (1),(4)		12/15/62		8,734,000		516,517
Benchmark Mortgage Trust Series 2019-B14, Class 225D
3.40% (1),(4)		12/15/62		20,303,000		373,388
BMO Mortgage Trust Series 2024-5C3, Class AS
6.29% (4)		02/15/57		4,540,000		4,563,275
BMO Mortgage Trust Series 2024-C8, Class AS
5.91% (4)		03/15/57		4,011,000		3,966,323
BPR Trust Series 2021-WILL, Class A
7.19% (1 mo. USD Term SOFR + 1.864%) (1),(2)		06/15/38		4,559,549		4,561,603

Issues	Maturity Date		Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
BX Commercial Mortgage Trust Series 2020-VIV4, Class A
2.84% (1)		03/09/44	$	15,285,000	$	12,932,780
BX Trust Series 2019-OC11, Class A
3.20% (1)		12/09/41		8,000,000		6,981,622
BX Trust Series 2019-OC11, Class B
3.61% (1)		12/09/41		1,196,000		1,040,249
BX Trust Series 2019-OC11, Class C
3.86% (1)		12/09/41		1,080,000		938,502
CAMB Commercial Mortgage Trust Series 2019-LIFE, Class D
7.37% (1 mo. USD Term SOFR + 2.047%) (1),(2)		12/15/37		6,425,000		6,418,170
CAMB Commercial Mortgage Trust Series 2021-CX2, Class C
2.86% (1),(4)		11/10/46		5,000,000		3,829,956
Citigroup Commercial Mortgage Trust Series 2020-555, Class A
2.65% (1)		12/10/41		9,400,000		7,864,710
COMM Mortgage Trust Series 2020-CX, Class B
2.45% (1)		11/10/46		6,000,000		4,700,126
CSMC Trust Series 2021-B33, Class A2
3.17% (1)		10/10/43		5,140,000		4,210,898
CSMC Trust Series 2021-BPNY, Class A
9.15% (1 mo. USD Term SOFR + 3.829%) (1),(2)		08/15/26		18,864,000		16,525,419
DBGS Mortgage Trust Series 2018-BIOD, Class E
7.32% (1 mo. USD Term SOFR + 1.996%) (1),(2)		05/15/35		9,137,627		9,013,609
DBGS Mortgage Trust Series 2018-C1, Class AM
4.78% (4)		10/15/51		5,136,000		4,652,150
DOLP Trust Series 2021-NYC, Class A
2.96% (1)		05/10/41		14,175,000		11,520,864
Grace Trust Series 2020-GRCE, Class A
2.35% (1)		12/10/40		13,360,000		10,635,976
Houston Galleria Mall Trust Series 2015-HGLR, Class D
3.98% (1)		03/05/37		9,500,000		8,966,884
Hudson Yards Mortgage Trust Series 2019-55HY, Class A
3.04% (1),(4)		12/10/41		1,750,000		1,494,426
JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class A
3.40% (1)		06/05/39		6,865,000		6,030,040
Life Mortgage Trust Series 2021-BMR, Class G
8.39% (1 mo. USD Term SOFR + 3.064%) (1),(2)		03/15/38		7,863,761		7,654,805
MKT Mortgage Trust Series 2020-525M, Class C
3.04% (1),(4)		02/12/40		4,900,000		3,255,664

See accompanying Notes to Financial Statements.

65

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
MKT Mortgage Trust Series 2020-525M, Class D
3.04% (1),(4)		02/12/40	$	7,500,000	$	4,674,080
Morgan Stanley Capital I Trust Series 2019-H7, Class C
4.13%		07/15/52		4,000,000		3,387,372
Morgan Stanley Capital I Trust Series 2020-CNP, Class A
2.51% (1),(4)		04/05/42		18,000,000		14,281,736
One Bryant Park Trust Series 2019-OBP, Class A
2.52% (1)		09/15/54		6,870,000		5,702,467
SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2A
3.66% (1),(4)		01/05/43		18,047,000		14,656,685
SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2B
4.14% (1),(4)		01/05/43		1,370,000		1,098,137
SLG Office Trust Series 2021-OVA, Class E
2.85% (1)		07/15/41		4,800,000		3,545,251
SLG Office Trust Series 2021-OVA, Class G
2.85% (1)		07/15/41		16,460,000		10,902,049
Taurus U.K. DAC Series 2021-UK4X, Class C
6.97% (Sterling Overnight Index Average + 1.750%) (2),(6)		08/17/31	GBP	824,919		1,028,132
Wells Fargo Commercial Mortgage Trust Series 2016-NXS6, Class XB
0.68% (4)		11/15/49	$	106,409,000		1,312,055
Total Commercial Mortgage-Backed Securities — Non-Agency
(Cost: $295,611,692)						244,262,843
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY — 67.7%
Federal Home Loan Mortgage Corp., Pool #A91162
5.00%		02/01/40		8,497,358		8,260,085
Federal Home Loan Mortgage Corp., Pool #A92195
5.00%		05/01/40		2,291,827		2,227,589
Federal Home Loan Mortgage Corp., Pool #G01959
5.00%		12/01/35		42,108		41,191
Federal Home Loan Mortgage Corp., Pool #G08710
3.00%		06/01/46		905,219		772,526
Federal Home Loan Mortgage Corp., Pool #G08833
5.00%		07/01/48		2,031,682		1,960,573
Federal Home Loan Mortgage Corp., Pool #G08840
5.00%		08/01/48		341,035		329,703
Federal Home Loan Mortgage Corp., Pool #G08848
4.50%		11/01/48		1,390,870		1,306,686
Federal Home Loan Mortgage Corp., Pool #G08849
5.00%		11/01/48		2,314,477		2,233,667

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Federal Home Loan Mortgage Corp., Pool #G60238
3.50%		10/01/45	$	3,030,666	$	2,698,362
Federal Home Loan Mortgage Corp., Pool #G60440
3.50%		03/01/46		21,524,254		19,169,297
Federal Home Loan Mortgage Corp., Pool #G67709
3.50%		03/01/48		6,632,298		5,877,063
Federal Home Loan Mortgage Corp., Pool #G67717
4.00%		11/01/48		24,773,812		22,718,461
Federal Home Loan Mortgage Corp., Pool #N70081
5.50%		07/01/38		1,328,468		1,284,389
Federal Home Loan Mortgage Corp., Pool #P51350
5.00%		03/01/36		1,151,702		1,133,878
Federal Home Loan Mortgage Corp., Pool #QD7213
2.00%		02/01/52		5,457,258		4,124,554
Federal Home Loan Mortgage Corp., Pool #QE0312
2.00%		04/01/52		11,340,812		8,571,299
Federal Home Loan Mortgage Corp., Pool #QG0601
4.50%		04/01/53		19,241,296		17,756,374
Federal Home Loan Mortgage Corp., Pool #RA8693
4.50%		04/01/53		9,273,223		8,551,307
Federal Home Loan Mortgage Corp., Pool #SD7513
3.50%		04/01/50		13,092,563		11,565,490
Federal Home Loan Mortgage Corp., Pool #SD8147
2.50%		05/01/51		14,275,706		11,390,171
Federal Home Loan Mortgage Corp., Pool #SD8194
2.50%		02/01/52		2,617,942		2,077,904
Federal Home Loan Mortgage Corp., Pool #SD8199
2.00%		03/01/52		7,214,713		5,452,825
Federal Home Loan Mortgage Corp., Pool #SD8211
2.00%		05/01/52		24,114,159		18,244,041
Federal Home Loan Mortgage Corp., Pool #SD8245
4.50%		09/01/52		17,215,132		15,876,951
Federal Home Loan Mortgage Corp., Pool #SD8328
4.50%		06/01/53		10,277,390		9,474,924
Federal Home Loan Mortgage Corp., Pool #ZT1491
3.50%		11/01/48		7,342,086		6,483,179
Federal Home Loan Mortgage Corp. REMICS Series 2647, Class OV (P/O)
0.00% (5)		07/15/33		430,813		330,416
Federal Home Loan Mortgage Corp. REMICS Series 3149, Class OD (P/O) (PAC)
0.00% (5)		05/15/36		2,003,604		1,604,703
Federal Home Loan Mortgage Corp. REMICS Series 3315, Class S (I/O) (I/F)
0.97% (-30 day USD SOFR Average + 6.296%) (2)		05/15/37		277,586		17,085

See accompanying Notes to Financial Statements.

66

TCW Total Return Bond Fund

April 30, 2024

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Federal Home Loan Mortgage Corp. REMICS Series 3376, Class SX (I/O) (I/F)
0.60% (-30 day USD SOFR Average + 5.926%) (2)		10/15/37	$	1,187,924	$	55,661
Federal Home Loan Mortgage Corp. REMICS Series 3410, Class IS (I/O) (I/F)
0.83% (-30 day USD SOFR Average + 6.156%) (2)		02/15/38		1,606,225		80,867
Federal Home Loan Mortgage Corp. REMICS Series 3424, Class BI (I/O) (I/F)
1.36% (-30 day USD SOFR Average + 6.686%) (2)		04/15/38		1,875,733		159,849
Federal Home Loan Mortgage Corp. REMICS Series 3519, Class SH (I/O) (I/F)
0.06% (-30 day USD SOFR Average + 5.386%) (2)		07/15/37		137,327		7,233
Federal Home Loan Mortgage Corp. REMICS Series 3531, Class SC (I/O) (I/F)
0.86% (-30 day USD SOFR Average + 6.186%) (2)		05/15/39		2,495,580		54,491
Federal Home Loan Mortgage Corp. REMICS Series 3541, Class SA (I/O) (I/F)
1.31% (-30 day USD SOFR Average + 6.636%) (2)		06/15/39		976,769		84,758
Federal Home Loan Mortgage Corp. REMICS Series 3550, Class GS (I/O) (I/F)
1.31% (-30 day USD SOFR Average + 6.636%) (2)		07/15/39		2,240,145		191,409
Federal Home Loan Mortgage Corp. REMICS Series 3788, Class SB (I/O) (I/F)
1.04% (-30 day USD SOFR Average + 6.366%) (2)		01/15/41		3,284,633		302,788
Federal Home Loan Mortgage Corp. REMICS Series 3885, Class PO (P/O) (PAC)
0.00% (5)		11/15/33		699,252		580,599
Federal Home Loan Mortgage Corp. REMICS Series 4030, Class HS (I/O) (I/F)
1.17% (-30 day USD SOFR Average + 6.496%) (2)		04/15/42		1,215,105		100,471
Federal Home Loan Mortgage Corp. REMICS Series 4135, Class DZ
3.00%		11/15/42		4,395,986		3,720,413

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Federal Home Loan Mortgage Corp. REMICS Series 4351, Class MB (PAC)
4.00%		04/15/44	$	16,805,054	$	15,345,340
Federal Home Loan Mortgage Corp. REMICS Series 4604, Class PB (PAC)
3.00%		01/15/46		2,149,709		1,887,811
Federal Home Loan Mortgage Corp. REMICS Series 4772, Class ZA
4.00%		07/15/47		5,522,426		4,838,396
Federal Home Loan Mortgage Corp. REMICS Series 4896, Class DA
3.00%		01/15/49		1,048,809		891,974
Federal Home Loan Mortgage Corp. REMICS Series 5210, Class LB
3.00%		08/25/50		16,601,979		12,081,881
Federal Home Loan Mortgage Corp. REMICS Series 5224, Class DZ
4.00%		04/25/52		6,845,464		5,760,527
Federal Home Loan Mortgage Corp. STRIPS Series 277, Class 30
3.00%		09/15/42		8,244,615		7,219,571
Federal National Mortgage Association, Pool #310033
6.00%		07/01/47		362,454		365,895
Federal National Mortgage Association, Pool #555424
5.50%		05/01/33		1,082,362		1,087,417
Federal National Mortgage Association, Pool #734384
5.50%		07/01/33		137,435		135,470
Federal National Mortgage Association, Pool #934103
5.00%		07/01/38		122,388		115,461
Federal National Mortgage Association, Pool #995573
6.00%		01/01/49		937,787		934,361
Federal National Mortgage Association, Pool #AA3303
5.50%		06/01/38		1,507,932		1,506,585
Federal National Mortgage Association, Pool #AB6210
3.00%		09/01/42		17,080,300		14,719,478
Federal National Mortgage Association, Pool #AS7241
3.50%		05/01/46		5,594,060		4,955,377
Federal National Mortgage Association, Pool #AS9454
4.00%		04/01/47		679,249		618,649
Federal National Mortgage Association, Pool #BM5979
3.50%		09/01/45		5,620,522		5,077,061

See accompanying Notes to Financial Statements.

67

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Federal National Mortgage Association, Pool #BQ6913
2.00%		12/01/51	$	20,214,548	$	15,306,347
Federal National Mortgage Association, Pool #BQ7056
2.00%		01/01/52		43,321,078		32,802,489
Federal National Mortgage Association, Pool #BU7102
2.50%		12/01/51		10,629,132		8,445,180
Federal National Mortgage Association, Pool #BV4119
2.50%		03/01/52		15,159,442		12,018,347
Federal National Mortgage Association, Pool #BV7761
2.50%		03/01/52		13,070,865		10,398,079
Federal National Mortgage Association, Pool #BV8459
3.00%		04/01/52		18,042,649		14,925,803
Federal National Mortgage Association, Pool #BV8464
3.00%		04/01/52		18,511,559		15,313,709
Federal National Mortgage Association, Pool #BV8515
3.00%		05/01/52		14,667,356		12,151,716
Federal National Mortgage Association, Pool #BW9886
4.50%		10/01/52		17,978,231		16,591,289
Federal National Mortgage Association, Pool #CA1540
4.00%		04/01/48		10,594,052		9,701,716
Federal National Mortgage Association, Pool #CA1710
4.50%		05/01/48		4,898,881		4,595,811
Federal National Mortgage Association, Pool #CA1711
4.50%		05/01/48		4,488,880		4,211,175
Federal National Mortgage Association, Pool #CA2208
4.50%		08/01/48		4,678,402		4,388,972
Federal National Mortgage Association, Pool #CB0610
2.50%		05/01/51		15,907,908		12,757,694
Federal National Mortgage Association, Pool #CB3151
2.00%		03/01/52		40,611,610		30,883,468
Federal National Mortgage Association, Pool #FM2342
3.50%		12/01/46		3,368,035		3,045,775
Federal National Mortgage Association, Pool #FM9515
2.50%		11/01/51		19,765,195		15,659,685

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Federal National Mortgage Association, Pool #FS0139
2.50%		01/01/52	$	26,458,070	$	21,195,156
Federal National Mortgage Association, Pool #FS6925
2.50%		12/01/51		23,453,998		18,592,880
Federal National Mortgage Association, Pool #MA2995
4.00%		05/01/47		2,877,451		2,624,293
Federal National Mortgage Association, Pool #MA4152
2.00%		10/01/40		10,255,734		8,429,005
Federal National Mortgage Association, Pool #MA4547
2.00%		02/01/52		11,167,030		8,450,645
Federal National Mortgage Association, Pool #MA4579
3.00%		04/01/52		33,642,922		27,833,756
Federal National Mortgage Association, Pool #MA4933
3.50%		02/01/53		19,484,150		16,813,609
Federal National Mortgage Association, Pool #MA5071
5.00%		07/01/53		2,891,948		2,742,735
Federal National Mortgage Association, Pool #MA5107
5.50%		08/01/53		15,789,648		15,337,630
Federal National Mortgage Association REMICS Series 1995-21, Class C (P/O)
0.00% (5)		05/25/24		219		219
Federal National Mortgage Association REMICS Series 2004-52, Class SW (I/O) (I/F)
1.66% (-30 day USD SOFR Average + 6.986%) (2)		07/25/34		253,403		5,934
Federal National Mortgage Association REMICS Series 2005-74, Class CP (I/F) (PAC)
4.79% (-30 day USD SOFR Average + 24.330%) (2)		05/25/35		18,045		17,856
Federal National Mortgage Association REMICS Series 2007-103, Class AI (I/O) (I/F)
1.06% (-30 day USD SOFR Average + 6.386%) (2)		03/25/37		2,278,371		127,114
Federal National Mortgage Association REMICS Series 2007-20, Class SI (I/O) (I/F)
1.01% (-30 day USD SOFR Average + 6.336%) (2)		03/25/37		504,598		27,834

See accompanying Notes to Financial Statements.

68

TCW Total Return Bond Fund

April 30, 2024

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Federal National Mortgage Association REMICS Series 2007-21, Class SE (I/O) (I/F)
1.00% (-30 day USD SOFR Average + 6.326%) (2)		03/25/37	$	347,167	$	19,618
Federal National Mortgage Association REMICS Series 2007-56, Class SG (I/O) (I/F)
0.97% (-30 day USD SOFR Average + 6.296%) (2)		06/25/37		469,343		13,536
Federal National Mortgage Association REMICS Series 2007-58, Class SV (I/O) (I/F)
1.31% (-30 day USD SOFR Average + 6.636%) (2)		06/25/37		2,403,581		142,177
Federal National Mortgage Association REMICS Series 2007-65, Class S (I/O) (I/F)
1.16% (-30 day USD SOFR Average + 6.486%) (2)		07/25/37		225,992		13,184
Federal National Mortgage Association REMICS Series 2008-1, Class AI (I/O) (I/F)
0.81% (-30 day USD SOFR Average + 6.136%) (2)		05/25/37		1,889,688		71,581
Federal National Mortgage Association REMICS Series 2008-13, Class SB (I/O) (I/F)
0.80% (-30 day USD SOFR Average + 6.126%) (2)		03/25/38		1,970,503		153,895
Federal National Mortgage Association REMICS Series 2008-23, Class SB (I/O) (I/F)
1.41% (-30 day USD SOFR Average + 6.736%) (2)		04/25/38		2,030,998		71,449
Federal National Mortgage Association REMICS Series 2008-35, Class SD (I/O) (I/F)
1.01% (-30 day USD SOFR Average + 6.336%) (2)		05/25/38		205,752		2,001
Federal National Mortgage Association REMICS Series 2008-66, Class SG (I/O) (I/F)
0.63% (-30 day USD SOFR Average + 5.956%) (2)		08/25/38		4,404,939		284,651
Federal National Mortgage Association REMICS Series 2008-68, Class SA (I/O) (I/F)
0.53% (-30 day USD SOFR Average + 5.856%) (2)		08/25/38		1,357,619		40,740
Federal National Mortgage Association REMICS Series 2009-3, Class SH (I/O) (I/F)
0.01% (-30 day USD SOFR Average + 5.336%) (2)		06/25/37		485,206		17,590

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Federal National Mortgage Association REMICS Series 2009-47, Class SV (I/O) (I/F)
1.31% (-30 day USD SOFR Average + 6.636%) (2)		07/25/39	$	282,139	$	10,683
Federal National Mortgage Association REMICS Series 2009-51, Class SA (I/O) (I/F)
1.31% (-30 day USD SOFR Average + 6.636%) (2)		07/25/39		1,602,773		82,160
Federal National Mortgage Association REMICS Series 2009-6, Class SD (I/O) (I/F)
0.11% (-30 day USD SOFR Average + 5.436%) (2)		02/25/39		338,365		6,802
Federal National Mortgage Association REMICS Series 2009-72, Class JS (I/O) (I/F)
1.81% (-30 day USD SOFR Average + 7.136%) (2)		09/25/39		257,751		22,543
Federal National Mortgage Association REMICS Series 2011-131, Class ST (I/O)
1.10% (-30 day USD SOFR Average + 6.426%) (2)		12/25/41		12,713,974		1,190,722
Federal National Mortgage Association REMICS Series 2011-149, Class Z
4.50%		01/25/42		1,928,789		1,825,678
Federal National Mortgage Association REMICS Series 2012-128, Class UY (PAC)
2.50%		11/25/42		11,738,000		9,595,327
Federal National Mortgage Association REMICS Series 2012-19, Class ZN
3.50%		01/25/42		2,957,706		2,568,572
Federal National Mortgage Association REMICS Series 2012-34, Class EB
4.00%		04/25/42		2,000,000		1,788,162
Federal National Mortgage Association REMICS Series 2013-101, Class BO (P/O)
0.00% (5)		10/25/43		2,877,156		2,065,337
Federal National Mortgage Association REMICS Series 2013-101, Class CO (P/O)
0.00% (5)		10/25/43		6,257,706		4,486,348
Federal National Mortgage Association REMICS Series 2015-65, Class LZ
3.50%		09/25/45		1,624,522		1,313,434
Federal National Mortgage Association REMICS Series 2018-52, Class PZ (PAC)
4.00%		07/25/48		1,528,058		1,374,936
Federal National Mortgage Association REMICS Series 2018-54, Class KY (PAC)
3.50%		08/25/48		1,550,000		1,321,132

See accompanying Notes to Financial Statements.

69

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Federal National Mortgage Association REMICS Series 2019-57, Class LT
2.50%		10/25/49	$	6,928,235	$	5,669,627
Government National Mortgage Association, Pool #MA6080
3.00%		08/20/49		180,480		150,615
Government National Mortgage Association, Pool #MA6209
3.00%		10/20/49		2,629,343		2,194,243
Government National Mortgage Association, Pool #MA7418
2.50%		06/20/51		32,416,069		26,638,988
Government National Mortgage Association, Pool #MA7589
2.50%		09/20/51		15,828,658		12,999,439
Government National Mortgage Association REMICS Series 2011-70, Class BO (P/O)
0.00% (5)		05/20/41		3,306,702		2,490,656
Government National Mortgage Association REMICS Series 2014-57, Class PS
0.77% (-1 mo. USD Term SOFR + 6.086%) (2)		04/20/44		12,482,830		1,021,969
Government National Mortgage Association REMICS Series 2015-162, Class ZG
4.00%		11/20/45		3,998,183		3,483,061
Government National Mortgage Association REMICS Series 2015-42, Class ZB
3.00%		03/20/45		20,944,968		17,950,963
Government National Mortgage Association REMICS Series 2015-43, Class DM
2.50%		03/20/45		16,508,572		13,851,641
Government National Mortgage Association REMICS Series 2015-44, Class Z
3.00%		03/20/45		14,173,645		11,615,240
Government National Mortgage Association REMICS Series 2015-92, Class MT
3.00%		01/20/45		3,760,000		3,067,928
Government National Mortgage Association REMICS Series 2016-51, Class DZ
3.00%		04/20/46		11,551,766		9,016,878
Government National Mortgage Association REMICS Series 2017-116, Class ZL
3.00%		06/20/47		10,295,493		7,490,948
Government National Mortgage Association REMICS Series 2017-117, Class ZN
3.00%		08/20/47		1,125,518		833,117
Government National Mortgage Association REMICS Series 2017-14, Class Z
3.00%		01/20/47		1,553,285		1,134,819

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)
Government National Mortgage Association REMICS Series 2017-57, Class Z
4.00%		04/20/47	$	5,317,828	$	4,230,374
Government National Mortgage Association REMICS Series 2018-113, Class GZ
3.00%		05/20/47		9,587,190		7,925,047
Government National Mortgage Association REMICS Series 2018-153, Class ZG
3.50%		11/20/48		4,924,373		4,103,328
Government National Mortgage Association REMICS Series 2018-77, Class JY
3.50%		06/20/48		1,996,184		1,724,456
Government National Mortgage Association REMICS Series 2018-78, Class NZ
3.50%		06/20/48		5,824,156		4,930,533
Government National Mortgage Association REMICS Series 2018-97, Class DZ
3.50%		07/20/48		2,824,142		2,334,552
Government National Mortgage Association REMICS Series 2019-90, Class SJ (I/O)
0.67% (-1 mo. USD Term SOFR + 5.986%) (2)		07/20/49		9,526,065		789,023
Government National Mortgage Association, TBA
2.50% (7)		12/01/51		20,050,000		16,443,658
5.00% (7)		06/01/53		39,400,000		37,719,628
5.50% (7)		07/01/53		3,900,000		3,825,934
5.50% (7)		07/01/53		11,725,000		11,477,869
4.50% (7)		05/01/53		40,300,000		37,551,789
Uniform Mortgage-Backed Security, TBA
2.00% (7)		12/01/51		95,975,000		72,481,597
2.50% (7)		12/01/51		46,775,000		37,013,179
3.00% (7)		02/01/52		42,375,000		35,002,722
3.50% (7)		03/01/52		21,350,000		18,401,493
4.00% (7)		05/01/52		107,875,000		96,452,842
4.50% (7)		03/01/53		51,225,000		47,218,771
5.00% (7)		02/01/53		29,375,000		27,850,037
5.50% (7)		02/01/54		18,675,000		18,130,511
Total Residential Mortgage-Backed Securities — Agency
(Cost: $1,397,828,284)						1,253,510,140
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 28.4%
ABFC Trust Series 2007-WMC1, Class A2A
6.18% (1 mo. USD Term SOFR + 0.864%) (2)		06/25/37		9,029,415		6,989,135

See accompanying Notes to Financial Statements.

70

TCW Total Return Bond Fund

April 30, 2024

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP1, Class A2C
5.95% (1 mo. USD Term SOFR + 0.634%) (2)		03/25/37	$	10,630,441	$	4,258,021
ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP1, Class A2D
6.19% (1 mo. USD Term SOFR + 0.874%) (2)		03/25/37		5,713,749		2,175,088
Argent Securities Trust Series 2006-W4, Class A2C
5.75% (1 mo. USD Term SOFR + 0.434%) (2)		05/25/36		16,561,858		4,018,230
Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-W3, Class M2
6.12% (1 mo. USD Term SOFR + 0.804%) (2)		11/25/35		7,603,398		6,340,111
Banc of America Funding Trust Series 2004-B, Class 3A1
4.39% (4),(8)		12/20/34		138,800		109,643
Banc of America Funding Trust Series 2006-3, Class 4A14
6.00% (8)		03/25/36		240,381		187,004
Banc of America Funding Trust Series 2006-3, Class 5A3
5.50% (8)		03/25/36		976,400		832,773
Banc of America Funding Trust Series 2006-D, Class 2A1
3.50% (4),(8)		05/20/36		43,929		38,205
Banc of America Funding Trust Series 2006-D, Class 3A1
4.56% (4),(8)		05/20/36		1,257,027		1,148,109
Bear Stearns ALT-A Trust Series 2005-2, Class 2A4
4.12% (4)		04/25/35		1,051		939
Bear Stearns ALT-A Trust Series 2005-4, Class 23A1
5.26% (4)		05/25/35		1,846,382		1,766,658
Bear Stearns ALT-A Trust Series 2006-4, Class 32A1
4.27% (4),(8)		07/25/36		291,293		139,222
Bear Stearns ARM Trust Series 2004-12, Class 1A1
5.55% (4)		02/25/35		174,596		158,726
Bear Stearns ARM Trust Series 2005-10, Class A3
5.97% (4)		10/25/35		1,203,381		1,123,702
Bear Stearns ARM Trust Series 2006-2, Class 2A1
4.18% (4),(8)		07/25/36		611,726		514,677
Bear Stearns ARM Trust Series 2007-1, Class 2A1
5.70% (4),(8)		02/25/47		97,775		81,689
Bear Stearns Asset-Backed Securities I Trust Series 2005-AC6, Class 1A3
5.50% (4)		09/25/35		677,518		610,487
Bear Stearns Asset-Backed Securities I Trust Series 2005-AC6, Class 1A4
5.40% (4)		09/25/35		1,448,649		1,304,112

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Bear Stearns Mortgage Funding Trust Series 2006-AR1, Class 2A1
5.87% (1 mo. USD Term SOFR + 0.554%) (2)		08/25/36	$	8,255,956	$	7,410,478
Bear Stearns Mortgage Funding Trust Series 2006-AR3, Class 1A1
5.79% (1 mo. USD Term SOFR + 0.474%) (2)		10/25/36		246,778		211,891
C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2B
3.56%		02/25/37		2,163,142		1,276,620
C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2C
3.56%		02/25/37		7,440,792		4,272,598
C-BASS Trust Series 2006-CB9, Class A4
5.89% (1 mo. USD Term SOFR + 0.574%) (2)		11/25/36		11,386,150		5,094,010
Chase Mortgage Finance Trust Series 2006-A1, Class 2A1
5.12% (4),(8)		09/25/36		286,280		243,834
Chase Mortgage Finance Trust Series 2007-A1, Class 8A1
5.78% (4)		02/25/37		974,940		935,549
ChaseFlex Trust Series 2005-1, Class 1A5
6.50%		02/25/35		2,085,842		1,592,098
CHL Mortgage Pass-Through Trust Series 2005-HYB5, Class 4A1
5.66% (4)		09/20/35		8,420		7,219
CHL Mortgage Pass-Through Trust Series 2007-HY5, Class 1A1
4.75% (4)		09/25/47		3,300		2,475
CHL Mortgage Pass-Through Trust Series 2007-HYB1, Class 1A1
3.73% (4),(8)		03/25/37		29,398		22,746
CIM Trust Series 2019-R3, Class A
2.63% (1),(4)		06/25/58		9,086,064		8,098,282
CIM Trust Series 2020-R1, Class A1
2.85% (1),(4)		10/27/59		17,792,601		15,259,664
CIM Trust Series 2020-R3, Class A1A
4.00% (1),(4)		01/26/60		12,096,619		11,200,096
CIM Trust Series 2020-R6, Class A1A
2.25% (1),(4)		12/25/60		10,306,105		8,878,269
CIM Trust Series 2020-R7, Class A1A
2.25% (1),(4)		12/27/61		16,118,025		13,898,190
CIM Trust Series 2021-NR2, Class A1
5.57% (1)		07/25/59		10,259,592		10,118,513
CIM Trust Series 2021-NR3, Class A1
5.57% (1)		06/25/57		4,618,633		4,557,626
CIM Trust Series 2021-R3, Class A1A
1.95% (1),(4)		06/25/57		12,087,410		10,583,844

See accompanying Notes to Financial Statements.

71

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Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
CIM Trust Series 2023-NR1, Class A1
6.00% (1)		06/25/62	$	11,887,509	$	11,668,981
CIM Trust Series 2023-NR2, Class A1
6.00% (1)		06/25/62		7,889,849		7,710,805
CIM Trust Series 2023-R1, Class A1A
5.40% (1),(4)		04/25/62		7,349,131		6,951,464
CIM Trust Series 2023-R1, Class A1B
5.40% (1),(4)		04/25/62		13,400,000		11,336,314
Citigroup Mortgage Loan Trust, Inc. Series 2006-AR5, Class 1A1A
5.64% (4),(8)		07/25/36		1,534,991		1,091,592
Citigroup Mortgage Loan Trust, Inc. Series 2007-12, Class 2A1
6.50% (1),(4),(8)		10/25/36		2,162,804		1,103,759
CitiMortgage Alternative Loan Trust Series 2007-A5, Class 1A6
6.00% (8)		05/25/37		7,373,996		6,469,477
Conseco Finance Corp. Series 1999-2, Class A7
6.44%		12/01/30		667,160		665,778
Conseco Finance Securitizations Corp. Series 2000-4, Class A5
7.97%		05/01/32		45,277,023		7,950,478
Countrywide Alternative Loan Trust Series 2005-84, Class 1A1
4.76% (4)		02/25/36		82,613		76,046
Countrywide Alternative Loan Trust Series 2005-J1, Class 2A1
5.50%		02/25/25		610		610
Countrywide Alternative Loan Trust Series 2007-19, Class 1A34
6.00%		08/25/37		11,221,649		5,386,715
Credit Suisse First Boston Mortgage Securities Corp. Series 2005-11, Class 1A1
6.50% (8)		12/25/35		1,451,547		690,031
Credit Suisse First Boston Mortgage Securities Corp. Series 2005-12, Class 1A1
6.50%		01/25/36		6,002,942		1,423,920
CSMC Mortgage-Backed Trust Series 2006-8, Class 3A1
6.00%		10/25/21		609,368		166,059
CSMC Mortgage-Backed Trust Series 2006-9, Class 5A1
5.50%		11/25/36		64,637		1
CSMC Trust Series 2021-NQM5, Class A1
0.94% (1),(4)		05/25/66		3,988,359		3,123,460
CSMC Trust Series 2021-RP11, Class A1 (I/O)
1.51% (1),(4),(9),(10)		10/25/61		11,076,607		621,588
CSMC Trust Series 2021-RP11, Class B1
3.76% (1),(4)		10/25/61		2,355,654		1,179,367

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
CSMC Trust Series 2022-RPL1, Class A1 (I/O)
0.49% (1),(4),(9),(10)		04/25/61	$	9,978,902	$	166,566
CSMC Trust Series 2022-RPL1, Class B1
4.64% (1),(4)		04/25/61		2,117,379		1,266,270
CSMCM Trust Series 2021-RP11, Class CERT
3.78% (1)		10/27/61		533,678		409,632
CSMCM Trust Series 2022-RPL1, Class CERT
4.23% (1)		04/25/61		510,878		425,658
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR6, Class A6
5.81% (1 mo. USD Term SOFR + 0.494%) (2)		02/25/37		147,063		124,323
DSLA Mortgage Loan Trust Series 2005-AR6, Class 2A1A
6.01% (1 mo. USD Term SOFR + 0.694%) (2)		10/19/45		1,551,285		1,357,800
DSLA Mortgage Loan Trust Series 2007-AR1, Class 2A1A
5.57% (1 mo. USD Term SOFR + 0.254%) (2)		03/19/37		3,900,090		3,191,486
Fieldstone Mortgage Investment Trust Series 2007-1, Class 2A2
5.98% (1 mo. USD Term SOFR + 0.384%) (2)		04/25/47		2,383,555		1,695,514
First Franklin Mortgage Loan Trust Series 2006-FF18, Class A2C
5.75% (1 mo. USD Term SOFR + 0.434%) (2)		12/25/37		8,999,987		7,946,182
First Franklin Mortgage Loan Trust Series 2007-FF1, Class A2C
5.71% (1 mo. USD Term SOFR + 0.394%) (2)		01/25/38		3,055,564		1,579,628
First Franklin Mortgage Loan Trust Series 2007-FF1, Class A2D
5.87% (1 mo. USD Term SOFR + 0.554%) (2)		01/25/38		14,955,747		7,731,637
First Franklin Mortgage Loan Trust Series 2007-FF2, Class A1
5.71% (1 mo. USD Term SOFR + 0.394%) (2)		03/25/37		31,587,370		15,840,709
First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2C
5.73% (1 mo. USD Term SOFR + 0.414%) (2)		03/25/37	$	34,083,649	$	16,471,414
GS Mortgage-Backed Securities Trust Series 2022-PJ6, Class A3
2.50% (1),(4)		01/25/53		5,478,148		4,229,088
GSAA Trust Series 2005-7, Class AF5
5.11%		05/25/35		41,138		39,040
GSR Mortgage Loan Trust Series 2004-9, Class 3A1
4.94% (4)		08/25/34		960,040		883,487

See accompanying Notes to Financial Statements.

72

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April 30, 2024

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
GSR Mortgage Loan Trust Series 2006-OA1, Class 2A2
5.95% (1 mo. USD Term SOFR + 0.634%) (2)		08/25/46	$	42,649,434	$	10,285,325
GSR Mortgage Loan Trust Series 2007-AR2, Class 2A1
5.03% (4)		05/25/37		1,459,889		814,905
HSI Asset Loan Obligation Trust Series 2007-2, Class 2A12
6.00% (8)		09/25/37		494,488		365,981
Impac CMB Trust Series 2005-1, Class 1A1
5.95% (1 mo. USD Term SOFR + 0.634%) (2),(8)		04/25/35		332,652		313,348
Impac CMB Trust Series 2005-5, Class A2
5.87% (1 mo. USD Term SOFR + 0.334%) (2),(8)		08/25/35		1,776,123		1,613,209
Impac Secured Assets Trust Series 2006-3, Class A1
5.77% (1 mo. USD Term SOFR + 0.454%) (2)		11/25/36		3,046,800		2,711,825
IndyMac INDA Mortgage Loan Trust Series 2007-AR7, Class 1A1
3.42% (4)		11/25/37		1,471,328		1,193,476
IndyMac INDX Mortgage Loan Trust Series 2004-AR9, Class 4A
5.02% (4)		11/25/34		144,943		131,105
IndyMac INDX Mortgage Loan Trust Series 2005-AR23, Class 2A1
4.56% (4)		11/25/35		1,509,182		1,187,581
IndyMac INDX Mortgage Loan Trust Series 2005-AR25, Class 2A1
3.68% (4)		12/25/35		1,136,635		918,047
IndyMac INDX Mortgage Loan Trust Series 2005-AR7, Class 2A1
3.29% (4)		06/25/35		749,352		599,585
IndyMac INDX Mortgage Loan Trust Series 2006-AR39, Class A1
5.79% (1 mo. USD Term SOFR + 0.474%) (2)		02/25/37		4,074,900		3,403,144
IndyMac INDX Mortgage Loan Trust Series 2006-AR6, Class 2A1A
5.83% (1 mo. USD Term SOFR + 0.514%) (2)		06/25/46		6,507,228		5,260,179
IndyMac INDX Mortgage Loan Trust Series 2007-AR11, Class 1A1
3.11% (4)		06/25/37		11,229		9,509
JPMorgan Alternative Loan Trust Series 2006-A2, Class 5A1
4.41% (4)		05/25/36		2,950,002		1,704,723

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
JPMorgan Alternative Loan Trust Series 2006-A4, Class A8
4.07% (4),(8)		09/25/36	$	184,029	$	204,157
JPMorgan Mortgage Acquisition Trust Series 2006-CH2, Class AF4
5.76%		10/25/36		3,556,931		2,116,565
JPMorgan Mortgage Acquisition Trust Series 2006-WMC4, Class A3
5.55% (1 mo. USD Term SOFR + 0.234%) (2)		12/25/36		24,410,972		12,326,023
JPMorgan Mortgage Trust Series 2005-A6, Class 7A1
5.04% (4)		08/25/35		84,192		68,391
JPMorgan Mortgage Trust Series 2006-A2, Class 5A3
6.09% (4)		11/25/33		271,766		265,148
JPMorgan Mortgage Trust Series 2006-A4, Class 1A4
4.66% (4)		06/25/36		175,502		127,149
JPMorgan Mortgage Trust Series 2006-A7, Class 2A4R
4.37% (4),(8)		01/25/37		7,123		5,357
JPMorgan Mortgage Trust Series 2006-S2, Class 2A2
5.88%		06/25/21		26,498		—
JPMorgan Mortgage Trust Series 2022-INV1, Class A8
3.00% (1),(4)		03/25/52		6,674,888		5,041,593
JPMorgan Mortgage Trust Series 2024-3, Class A8
3.00% (1),(4)		05/25/54		10,800,000		8,140,156
JPMortgage Trust Series 2021-4, Class A8
2.50% (1),(4)		08/25/51		10,544,878		7,909,102
Lehman Mortgage Trust Series 2006-4, Class 4A1
6.00%		08/25/21		518,790		347,214
Lehman XS Trust Series 2006-10N, Class 1A3A
5.85% (1 mo. USD Term SOFR + 0.534%) (2)		07/25/46		5,866,404		5,273,881
Lehman XS Trust Series 2006-12N, Class A31A
5.83% (1 mo. USD Term SOFR + 0.514%) (2)		08/25/46		1,714,509		1,638,895
LHOME Mortgage Trust Series 2021-RTL3, Class A1
3.36% (1)		09/25/26		6,137,373		6,099,992
MASTR Alternative Loan Trust Series 2005-4, Class 1A1
6.50%		05/25/35		3,959,294		3,205,666
MASTR Alternative Loan Trust Series 2006-2, Class 2A1
5.83% (1 mo. USD Term SOFR + 0.514%) (2),(9)		03/25/36		65,446		6,999
MASTR Asset Securitization Trust Series 2006-3, Class 2A1
5.88% (1 mo. USD Term SOFR + 0.564%) (2)		10/25/36		28,197		5,287
MASTR Asset-Backed Securities Trust Series 2006-AB1, Class A4
6.22%		02/25/36		179,481		145,777
MASTR Seasoned Securitization Trust Series 2004-1, Class 4A1
6.22% (4)		10/25/32		3,071		2,961

See accompanying Notes to Financial Statements.

73

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 Alternative Note Asset Trust Series 2007-A1, Class A2C
5.89% (1 mo. USD Term SOFR + 0.574%) (2)		01/25/37	$	1,465,664	$	446,413
Merrill Lynch Alternative Note Asset Trust Series 2007-A1, Class A3
5.75% (1 mo. USD Term SOFR + 0.434%) (2)		01/25/37		753,937		233,721
Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A2B
5.77% (1 mo. USD Term SOFR + 0.454%) (2)		04/25/37		32,545,465		12,770,453
Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A2C
5.93% (1 mo. USD Term SOFR + 0.614%) (2)		04/25/37		18,161,921		7,164,851
Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A2D
6.11% (1 mo. USD Term SOFR + 0.794%) (2)		04/25/37		4,637,168		1,836,337
Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-2, Class A2C
5.91% (1 mo. USD Term SOFR + 0.594%) (2)		05/25/37		4,103,838		3,022,555
Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2B
5.69% (1 mo. USD Term SOFR + 0.374%) (2)		06/25/37		781,577		769,236
Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-4, Class 2A3
5.75% (1 mo. USD Term SOFR + 0.434%) (2)		07/25/37		11,165,649		9,841,330
Merrill Lynch Mortgage-Backed Securities Trust Series 2007-2, Class 1A1
7.43% (1 yr. CMT + 2.400%) (2),(8)		08/25/36		444,501		382,760
Mid-State Capital Corp. Trust Series 2005-1, Class A
5.75%		01/15/40		831,767		817,228
Morgan Stanley ABS Capital I, Inc. Trust Series 2004-NC8, Class M2
6.39% (1 mo. USD Term SOFR + 1.074%) (2)		09/25/34		366,485		360,744
Morgan Stanley Home Equity Loan Trust Series 2006-2, Class A4
5.99% (1 mo. USD Term SOFR + 0.674%) (2)		02/25/36		197,133		195,012
Morgan Stanley Mortgage Loan Trust Series 2007-3XS, Class 2A6
6.26%		01/25/47		2,057,895		608,030
Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 2A1
5.67% (1 mo. USD Term SOFR + 0.354%) (2)		04/25/37		2,623,962		713,324

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
MortgageIT Trust Series 2005-4, Class A1
5.99% (1 mo. USD Term SOFR + 0.674%) (2)		10/25/35	$	420,111	$	417,253
Oakwood Mortgage Investors, Inc. Series 1999-E, Class A1
7.61% (4)		03/15/30		4,970,077		2,647,871
Ownit Mortgage Loan Trust Series 2006-6, Class A2C
5.75% (1 mo. USD Term SOFR + 0.434%) (2)		09/25/37		13,916,718		5,799,601
PRET LLC Series 2022-RN1, Class A1
3.72% (1)		07/25/51		7,455,404		7,300,171
PRKCM Trust Series 2021-AFC2, Class A1
2.07% (1),(4)		11/25/56		5,477,092		4,566,743
PRPM LLC Series 2021-9, Class A1
2.36% (1)		10/25/26		6,296,552		6,090,599
PRPM LLC Series 2022-1, Class A1
3.72% (1)		02/25/27		11,508,287		11,268,128
PRPM LLC Series 2022-3, Class A1
5.56% (1)		06/25/27		14,392,324		14,216,330
RAAC Trust Series 2005-SP1, Class 4A1
7.00%		09/25/34		750,112		581,574
Residential Accredit Loans, Inc. Trust Series 2005-QA13, Class 2A1
5.30% (4),(8)		12/25/35		353,317		301,615
Residential Accredit Loans, Inc. Trust Series 2005-QA7, Class A21
5.15% (4),(8)		07/25/35		860,342		804,100
Residential Accredit Loans, Inc. Trust Series 2005-QA8, Class CB21
5.20% (4),(8)		07/25/35		2,430,975		1,344,526
Residential Accredit Loans, Inc. Trust Series 2006-QA1, Class A21
5.25% (4),(8)		01/25/36		8,933		6,398
Residential Accredit Loans, Inc. Trust Series 2006-QA2, Class 1A1
5.68% (1 mo. USD Term SOFR + 0.364%) (2),(8)		02/25/36		10,421		7,073
Residential Accredit Loans, Inc. Trust Series 2006-QS10, Class AV (I/O)
0.55% (4),(9)		08/25/36		16,872,103		295,171
Residential Accredit Loans, Inc. Trust Series 2006-QS5, Class A5
6.00% (8)		05/25/36		1,934,356		1,521,656
Residential Accredit Loans, Inc. Trust Series 2006-QS6, Class 1AV (I/O)
0.77% (4),(9)		06/25/36		23,041,747		471,784
Residential Accredit Loans, Inc. Trust Series 2006-QS7, Class AV (I/O)
0.72% (4),(9)		06/25/36		4,638,150		78,742

See accompanying Notes to Financial Statements.

74

TCW Total Return Bond Fund

April 30, 2024

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Residential Accredit Loans, Inc. Trust Series 2007-QS1, Class 2AV (I/O)
0.17% (4),(9)		01/25/37	$	1,189,265	$	5,868
Residential Accredit Loans, Inc. Trust Series 2007-QS2, Class AV (I/O)
0.30% (4),(9)		01/25/37		8,125,549		76,027
Residential Accredit Loans, Inc. Trust Series 2007-QS3, Class AV (I/O)
0.35% (4),(9)		02/25/37		37,757,244		468,711
Residential Accredit Loans, Inc. Trust Series 2007-QS4, Class 3AV (I/O)
0.36% (4),(9)		03/25/37		4,443,455		48,806
Residential Accredit Loans, Inc. Trust Series 2007-QS5, Class AV (I/O)
0.28% (4),(9)		03/25/37		5,614,387		65,613
Residential Accredit Loans, Inc. Trust Series 2007-QS6, Class A45
5.75% (8)		04/25/37		1,282,910		989,407
Residential Accredit Loans, Inc. Trust Series 2007-QS8, Class AV (I/O)
0.43% (4),(9)		06/25/37		9,187,154		158,557
Residential Asset Securitization Trust Series 2007-A3, Class 1A4
5.75%		04/25/37		2,282,003		1,011,414
RFMSI Trust Series 2005-SA5, Class 2A
5.07% (4),(8)		11/25/35		7,027		5,944
RFMSI Trust Series 2006-S9, Class A3 (PAC)
5.75% (8)		09/25/36		287,912		209,966
RFMSI Trust Series 2007-S2, Class A9
6.00% (8)		02/25/37		2,845,178		2,116,676
RFMSI Trust Series 2007-SA2, Class 2A2
5.39% (4),(8)		04/25/37		8,375		6,789
Roc Mortgage Trust Series 2021-RTL1, Class A1
3.49% (1),(4)		08/25/26		9,249,130		9,222,073
Saxon Asset Securities Trust Series 2007-2, Class A2C
5.67% (1 mo. USD Term SOFR + 0.354%) (2)		05/25/47		10,013,031		6,880,364
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2
2.85%		01/25/36		2,665,061		2,108,052
Securitized Asset-Backed Receivables LLC Trust Series 2007-BR1, Class A2C
6.11% (1 mo. USD Term SOFR + 0.794%) (2)		02/25/37		7,338,295		3,010,161
Securitized Asset-Backed Receivables LLC Trust Series 2007-NC2, Class A2B
5.71% (1 mo. USD Term SOFR + 0.394%) (2)		01/25/37		11,022,119		9,247,215
Sequoia Mortgage Trust Series 2003-8, Class A1
6.07% (1 mo. USD Term SOFR + 0.754%) (2)		01/20/34		226,863		217,868

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Soundview Home Loan Trust Series 2007-OPT3, Class 2A4
5.68% (1 mo. USD Term SOFR + 0.364%) (2)		08/25/37	$	4,000,000	$	3,526,564
STARM Mortgage Loan Trust Series 2007-1, Class 1A1
6.18% (4)		02/25/37		1,336,110		644,253
STARM Mortgage Loan Trust Series 2007-2, Class 2A1
5.57% (4)		04/25/37		86,685		49,786
STARM Mortgage Loan Trust Series 2007-3, Class 1A1
5.68% (4)		06/25/37		2,271		1,412
Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 2A
5.58% (4)		09/25/34		341,236		327,825
Structured Adjustable Rate Mortgage Loan Trust Series 2004-14, Class 2A
6.37% (4)		10/25/34		761,810		740,806
Structured Adjustable Rate Mortgage Loan Trust Series 2006-2, Class 5A1
5.22% (4),(8)		03/25/36		195,214		145,920
Structured Adjustable Rate Mortgage Loan Trust Series 2006-5, Class 1A1
5.19% (4),(8)		06/25/36		1,322,287		1,186,710
Structured Asset Mortgage Investments II Trust Series 2007-AR4, Class A5
5.87% (1 mo. USD Term SOFR + 0.554%) (2)		09/25/47		11,665,755		9,960,648
Towd Point Mortgage Trust Series 2018-2, Class B1
3.76% (1),(4)		03/25/58		13,050,000		10,681,924
WaMu Mortgage Pass-Through Certificates Trust Series 2004-AR14, Class A1
5.34% (4)		01/25/35		2,005,563		1,890,184
WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR14, Class 2A1
4.72% (4)		12/25/35		333,777		295,717
WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR18, Class 1A1
5.02% (4)		01/25/36		724,515		636,953
WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR11, Class 1A
6.05% (1 yr. MTA + 0.960%) (2),(8)		09/25/46		1,829,541		1,417,970
WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR17, Class 1A1A
4.39% (1 yr. MTA + 0.810%) (2)		12/25/46		1,850,770		1,530,331
Washington Mutual Asset-Backed Certificates WMABS Trust Series 2006-HE1, Class 2A4
5.99% (1 mo. USD Term SOFR + 0.674%) (2)		04/25/36		283,980		282,962

See accompanying Notes to Financial Statements.

75

TCW Total Return Bond Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)
Washington Mutual Asset-Backed Certificates WMABS Trust Series 2007-HE2, Class 2A1
5.53% (1 mo. USD Term SOFR + 0.214%) (2)		02/25/37	$	15,285,132	$	4,412,800
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-1, Class 3A2
5.75% (8)		02/25/36		458,555		400,018
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-5, Class 1A1
6.00% (1 mo. USD Term SOFR + 0.714%) (2),(8)		07/25/36		998,315		661,223
Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2002-AR1, Class 1A1
6.58% (4)		11/25/30		15,256		15,167
Wells Fargo Home Equity Asset-Backed Securities Trust Series 2007-1, Class A3
6.07% (1 mo. USD Term SOFR + 0.754%) (2)		03/25/37		5,521,000		4,908,738
Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR11, Class A6
5.71% (4),(8)		08/25/36		811,249		739,736
Total Residential Mortgage-Backed Securities — Non-Agency
(Cost: $578,598,278)						527,066,154
U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.6% (Cost: $32,115,563)
Federal National Mortgage Association
1.55%		08/24/35		43,500,000		29,830,734
U.S. TREASURY SECURITIES — 1.0%
U.S. Treasury Bonds
4.25%		02/15/54		2,150,000		1,968,102
U.S. Treasury Notes
4.00%		02/15/34		5,695,000		5,392,906
4.63%		04/30/29		10,575,000		10,534,931
Total U.S. Treasury Securities
(Cost: $17,917,428)						17,895,939
Total Fixed Income Securities
(Cost: $2,561,656,382)						2,254,251,584
			Shares
MONEY MARKET INVESTMENTS — 3.1%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 5.25% (11)				57,710,482		57,710,482
Total Money Market Investments
(Cost: $57,710,482)						57,710,482

Issues	Maturity Date		Principal Amount		Value
SHORT TERM INVESTMENTS — 1.3%
U.S. Treasury Securities — 1.3% (Cost: $23,760,915)
U.S. Treasury Bills
5.25% (12)		07/09/24	$	24,000,000	$	23,757,790
Total Investments (126.1%)
(Cost: $2,643,127,779)						2,335,719,856
Liabilities In Excess Of Other Assets (-26.1%)						(482,709,893	)
Net Assets (100.0%)					$	1,853,009,963

See accompanying Notes to Financial Statements.

76

TCW Total Return Bond Fund

April 30, 2024

Futures Contracts
Number of Contracts	Type	Expiration Date		Notional			Market Value			Net Unrealized Appreciation (Depreciation)
Long Futures
993	U.S. Ultra Long Bond Futures		06/18/24	$	125,792,100		$	118,725,562		$	(7,066,538	)
1,246	5-Year U.S. Treasury Note Futures		06/28/24		132,722,774			130,508,766			(2,214,008	)
927	2-Year U.S. Treasury Note Futures		06/28/24		189,625,496			187,862,344			(1,763,152	)
				$	448,140,370		$	437,096,672		$	(11,043,698	)
Short Futures
852	10-Year U.S. Treasury Note Futures		06/18/24		(96,861,037	)	$	(93,906,375	)	$	2,954,662

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 (13)

Citibank N.A.

GBP

817,000

07/12/24

$

1,037,990

$

1,023,403

$

14,587

See accompanying Notes to Financial Statements.

77

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.

PAC Planned Amortization Class.

P/O Principal Only Security.

SOFR Secured Overnight Financing Rate.

STRIPS Separate Trading of Registered Interest and Principal Securities.

TAC Target Amortization Class.

TBA To Be Announced.

GBP British Pound Sterling.

(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, 2024, the value of these securities amounted to $610,683,129 or 33.0% 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) Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2024.

(3) This security is a residual or equity position that does not have a stated interest rate. This residual or equity position is entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debtholders and fund expenses.

(4) 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.

(5) Security is not accruing interest.

(6) 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, 2024, the value of these securities amounted to $1,028,132 or 0.1% of net assets.

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

(10) Restricted security (Note 11).

(11) Rate disclosed is the 7-day net yield as of April 30, 2024.

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

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

See accompanying Notes to Financial Statements.

78

TCW Total Return Bond Fund

Investments by Sector (Unaudited) April 30, 2024

Sector	Percentage of Net Assets
Residential Mortgage-Backed Securities — Agency		67.7	%
Residential Mortgage-Backed Securities — Non-Agency		28.4
Commercial Mortgage-Backed Securities — Non-Agency		13.2
Asset-Backed Securities		9.6
Money Market Investments		3.1
U.S. Treasury Securities		2.3
U.S. Government Agency Obligations		1.6
Commercial Mortgage-Backed Securities — Agency		0.2
Other*		(26.1	)
Total		100.0	%

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

See accompanying Notes to Financial Statements.

79

TCW Total Return Bond Fund

Fair Valuation Summary (Unaudited) April 30, 2024

The following is a summary of the fair valuations according to the inputs used as of April 30, 2024 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
Residential Mortgage-Backed Securities — Agency	$	—		$	1,253,510,140	$	—	$	1,253,510,140
Residential Mortgage-Backed Securities — Non-Agency		—			524,601,722		2,464,432		527,066,154
Commercial Mortgage-Backed Securities — Non-Agency		—			244,262,843		—		244,262,843
Asset-Backed Securities		—			177,779,971		—		177,779,971
U.S. Government Agency Obligations		—			29,830,734		—		29,830,734
U.S. Treasury Securities		17,895,939			—		—		17,895,939
Commercial Mortgage-Backed Securities — Agency		—			3,905,803		—		3,905,803
Total Fixed Income Securities		17,895,939			2,233,891,213		2,464,432		2,254,251,584
Money Market Investments		57,710,482			—		—		57,710,482
Short-Term Investments		23,757,790			—		—		23,757,790
Total Investments	$	99,364,211		$	2,233,891,213	$	2,464,432	$	2,335,719,856
Asset Derivatives
Futures Contracts
Interest Rate Risk		2,954,662			—		—		2,954,662
Forward Currency Exchange Contracts
Foreign Currency Risk		—			14,587		—		14,587
Total Investments	$	102,318,873		$	2,233,905,800	$	2,464,432	$	2,338,689,105
Liability Derivatives
Futures Contracts
Interest Rate Risk	$	(11,043,698	)	$	—	$	—	$	(11,043,698	)
Total	$	(11,043,698	)	$	—	$	—	$	(11,043,698	)

See accompanying Notes to Financial Statements.

80

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited) April 30, 2024

	TCW Core Fixed Income Fund			TCW Enhanced Commodity Strategy Fund (1)			TCW Global Bond Fund
ASSETS
Investments, at Value (2)	$	1,086,161,858		$	10,222,083		$	21,593,891
Investment in Affiliated Issuers, at Value		—			—			329,741	(3)
Foreign Currency, at Value		794			—			1,704	(4)
Cash		14,870,000			—			—
Receivable for Sale of When-Issued Securities		26,010,094			—			26,586
Receivable for Fund Shares Sold		634,976			2,752			142
Interest and Dividends Receivable		4,705,197			55,541			154,205
Receivable from Investment Advisor		54,194			22,726			17,557
Unrealized Appreciation on Forward Currency Exchange Contracts		300,144			—			63,051
Cash Collateral Held for Brokers		7,054,682			—			96,604
Receivable for Daily Variation Margin on Open Centrally Cleared Swap Contracts		80,905			—			—
Cash Collateral on Deposit		—			1,586,000			—
Prepaid Expenses		56,781			29,186			23,343
Total Assets		1,139,929,625			11,918,288			22,306,824
LIABILITIES
Distributions Payable		161,680			—			1,460
Payable for Securities Purchased		16,804,595			25,000			110,049
Payable for Purchase of When-Issued Securities		186,297,595			—			2,910,828
Payable for Fund Shares Redeemed		1,495,901			—			11,785
Disbursements in Excess of Available Cash		—			—			236
Accrued Directors’ Fees and Expenses		16,750			16,955			16,956
Deferred Accrued Directors’ Fees and Expenses		761			761			761
Accrued Management Fees		335,002			4,942			8,433
Accrued Distribution Fees		31,231			936			1,876
Interest Payable on Swap Agreements		—			571			—
Payable for Daily Variation Margin on Open Futures Contracts		444,566			4,104			14,245
Payable for Daily Variation Margin on Open Centrally Cleared Swap Contracts		—			—			531
Open Swap Agreements, at Value		—			137,995			—
Collateral Pledged by Brokers		310,000			—			—
Unrealized Depreciation on Forward Currency Exchange Contracts		12,989			—			108,418
Transfer Agent Fees Payable		181,565			18,530			4,943
Administration Fee Payable		107,552			13,987			—
Audit Fees Payable		53,975			23,987			42,928
Accounting Fees Payable		144,046			54,885			—
Custodian Fees Payable		108,693			87,714			6,802
Legal Fees Payable		—			360			25
Other Accrued Expenses		18,375			22,950			9,138
Total Liabilities		206,525,276			413,677			3,249,414
NET ASSETS	$	933,404,349		$	11,504,611		$	19,057,410
NET ASSETS CONSIST OF:
Paid-in Capital	$	1,217,851,537		$	17,442,557		$	23,601,941
Accumulated Earnings (Loss)		(284,447,188	)		(5,937,946	)		(4,544,531	)
NET ASSETS	$	933,404,349		$	11,504,611		$	19,057,410
NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	661,832,776		$	7,324,546		$	10,581,957
N Class Share	$	139,939,056		$	4,180,065		$	8,475,453
Plan Class Share	$	131,632,517		$	—		$	—
CAPITAL SHARES OUTSTANDING: (5)
I Class Share		70,904,027			1,243,653			1,336,749
N Class Share		15,028,506			709,377			1,070,827
Plan Class Share		14,029,668			—			—
NET ASSET VALUE PER SHARE: (6)
I Class Share	$	9.33		$	5.89		$	7.92
N Class Share	$	9.31		$	5.89		$	7.91
Plan Class Share	$	9.38		$	—		$	—

(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, 2024 was $1,146,645,098, $10,488,681 and $23,341,865, respectively.

(3) The identified cost for the TCW Global Bond Fund at April 30, 2024 was $369,648.

(4) The identified cost for the TCW Core Fixed Income Fund and the TCW Global Bond Fund at April 30, 2024 was $47 and $1,752, respectively.

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

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

See accompanying Notes to Financial Statements.

81

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited) April 30, 2024

	TCW High Yield Bond Fund			TCW Short Term Bond Fund			TCW Total Return Bond Fund
ASSETS
Investments, at Value (1)	$	45,702,917		$	9,007,977		$	2,335,719,856
Cash		—			78,425			8,502
Receivable for Securities Sold		295,906			59,876			20,757
Receivable for Sale of When-Issued Securities		—			120,670			51,268,808
Receivable for Fund Shares Sold		7,335			50			2,612,424
Interest and Dividends Receivable		594,070			29,067			8,279,686
Receivable from Investment Advisor		12,415			15,324			184,309
Unrealized Appreciation on Forward Currency Exchange Contracts		26,253			86			14,587
Receivable for Daily Variation Margin on Open Financial Futures Contracts		—			4,260			—
Cash Collateral Held for Brokers		130,000			68,000			16,379,798
Prepaid Expenses		24,936			14,453			59,537
Total Assets		46,793,832			9,398,188			2,414,548,264
LIABILITIES
Distributions Payable		4,109			541			2,893,622
Payable for Securities Purchased		693,763			137,538			18,979,148
Payable for Purchase of When-Issued Securities		—			1,979,418			530,409,894
Unfunded Loan Payable		9,524			—			—
Payable for Fund Shares Redeemed		84,535			2,007			5,350,030
Accrued Directors’ Fees and Expenses		16,948			16,958			16,457
Deferred Accrued Directors’ Fees and Expenses		761			761			761
Accrued Management Fees		18,439			2,287			666,173
Accrued Distribution Fees		1,560			—			77,134
Payable for Daily Variation Margin on Open Futures Contracts		13,229			—			1,197,642
Collateral Pledged by Brokers		—			—			30,000
Transfer Agent Fees Payable		13,751			3,700			506,745
Administration Fee Payable		—			—			295,862
Audit Fees Payable		49,748			71,445			163,411
Accounting Fees Payable		1,196			—			407,670
Custodian Fees Payable		12,880			—			296,021
Legal Fees Payable		—			94			—
Other Accrued Expenses		5,789			3,741			247,731
Total Liabilities		926,232			2,218,490			561,538,301
NET ASSETS	$	45,867,600		$	7,179,698		$	1,853,009,963
NET ASSETS CONSIST OF:
Paid-in Capital	$	54,884,773		$	7,973,456		$	2,772,999,797
Accumulated Earnings (Loss)		(9,017,173	)		(793,758	)		(919,989,834	)
NET ASSETS	$	45,867,600		$	7,179,698		$	1,853,009,963
NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	39,348,835		$	7,179,698		$	1,504,691,523
N Class Share	$	6,518,765		$	—		$	344,220,783
Plan Class Share	$	—		$	—		$	4,097,657
CAPITAL SHARES OUTSTANDING: (2)
I Class Share		6,583,359			874,856			198,235,846
N Class Share		1,083,800			—			43,953,588
Plan Class Share		—			—			537,141
NET ASSET VALUE PER SHARE: (3)
I Class Share	$	5.98		$	8.21		$	7.59
N Class Share	$	6.01		$	—		$	7.83
Plan Class Share	$	—		$	—		$	7.63

(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, 2024 was $47,796,088, $9,227,450 and $2,643,127,779, 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.

82

TCW Funds, Inc.

Statements of Operations (Unaudited) Six Months Ended April 30, 2024

	TCW Core Fixed Income Fund			TCW Enhanced Commodity Strategy Fund (1)			TCW Global Bond Fund
INVESTMENT INCOME
Income:
Dividends	$	841,600		$	50,575		$	8,226
Dividends from Investment in Affiliated Issuers		—			—			10,879
Interest		21,532,971			326,405			466,589	(2)
Total		22,374,571			376,980			485,694
Expenses:
Management Fees		2,012,283			66,076			47,026
Accounting Services Fees		54,703			18,447			836
Administration Fees		48,631			4,831			710
Transfer Agent Fees:
I Class		236,454			10,817			3,764
N Class		87,925			7,097			4,301
Plan Class		7,540			—			—
Custodian Fees		52,926			35,694			13,267
Professional Fees		65,620			21,063			33,734
Directors’ Fees and Expenses		23,198			23,198			23,198
Registration Fees:
I Class		13,953			7,696			7,205
N Class		8,719			7,723			7,192
Plan Class		8,616			—			—
Distribution Fees:
N Class		186,514			6,117			10,738
Compliance Expense		582			582			582
Shareholder Reporting Expense		3,940			1,383			954
Other		41,807			3,857			2,826
Total		2,853,411			214,581			156,333
Less Expenses Borne by Investment Advisor:
I Class		(135,036	)		(99,970	)		(47,167	)
N Class		(157,368	)		(62,371	)		(47,336	)
Plan Class		(31,883	)		—			—
Net Expenses		2,529,124			52,240			61,830
Net Investment Income		19,845,447			324,740			423,864
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		2,877,009			(131,921	)		(160,866	)
Investments in Affiliated Issuers		—			—			(91,281	)
Foreign Currency		14,095			—			6,591
Forward Currency Exchange Contracts		(461,963	)		—			(135,517	)
Futures Contracts		(803,755	)		(51,387	)		(30,949	)
Options Written		—			—			593
Swap Agreements		75,005			(878,505	)		(2,742	)
Change in Unrealized Appreciation (Depreciation) on:
Investments		38,228,122			426,179			895,524
Foreign Currency		4,489			—			1,521
Forward Currency Exchange Contracts		329,800			—			(36,675	)
Futures Contracts		(1,797,846	)		14,684			(99,245	)
Investments in Affiliated Issuers		—			—			131,489
Options Written		—			—			(948	)
Swap Agreements		(337,564	)		134,995			9,448
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		38,127,392			(485,955	)		486,943
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	57,972,839		$	(161,215	)	$	910,807

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

(2) Net of foreign taxes withheld of $134 for the TCW Global Bond Fund.

See accompanying Notes to Financial Statements.

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TCW Funds, Inc.

Statements of Operations (Unaudited) Six Months Ended April 30, 2024

	TCW High Yield Bond Fund			TCW Short Term Bond Fund			TCW Total Return Bond Fund
INVESTMENT INCOME
Income:
Dividends	$	20,050		$	14,190		$	1,051,329
Interest		1,793,317			203,761			69,789,370
Total		1,813,367			217,951			70,840,699
Expenses:
Management Fees		118,545			14,874			4,506,176
Accounting Services Fees		5,840			461			148,592
Administration Fees		2,480			203			127,006
Transfer Agent Fees:
I Class		25,733			6,656			995,156
N Class		6,701			—			204,924
Plan Class		—			—			3,169
Custodian Fees		7,157			5,122			115,807
Professional Fees		11,474			42,550			167,721
Directors’ Fees and Expenses		23,198			23,198			23,198
Registration Fees:
I Class		7,599			9,023			15,556
N Class		7,557			—			12,378
Plan Class		—			—			7,374
Distribution Fees:
N Class		9,119			—			472,041
Compliance Expense		582			582			582
Shareholder Reporting Expense		2,617			—			8,277
Other		3,547			1,375			106,686
Total		232,149			104,044			6,914,643
Less Expenses Borne by Investment Advisor:
I Class		(59,754	)		(85,345	)		(733,796	)
N Class		(18,399	)		—			(254,313	)
Plan Class		—			—			(10,909	)
Net Expenses		153,996			18,699			5,915,625
Net Investment Income		1,659,371			199,252			64,925,074
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		(886,363	)		90,939			(20,157,936	)
Foreign Currency		(240	)		2			41,884
Forward Currency Exchange Contracts		(4,420	)		56			(410,803	)
Futures Contracts		(47,035	)		3,669			340,344
Change in Unrealized Appreciation (Depreciation) on:
Investments		3,508,320			32,905			101,451,244
Foreign Currency		(177	)		—			2,788
Forward Currency Exchange Contracts		27,363			86			13,430
Futures Contracts		(108,293	)		(24,084	)		20,489,249
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		2,489,155			103,573			101,770,200
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,148,526		$	302,825		$	166,695,274

See accompanying Notes to Financial Statements.

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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, 2024 (Unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023
OPERATIONS
Net Investment Income	$	19,845,447		$	43,975,538		$	324,740		$	1,008,447
Net Realized Gain (Loss) on Investments, Futures Contracts, Swap Contracts and Foreign Currency Transactions		1,700,391			(89,866,308	)		(1,061,813	)		(1,852,542	)
Change in Unrealized Appreciation on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts		36,427,001			43,978,185			575,858			(243,982	)
Increase (Decrease) in Net Assets Resulting from Operations		57,972,839			(1,912,585	)		(161,215	)		(1,088,077	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(22,961,486	)		(37,334,973	)		(360,367	)		(881,140	)
NET CAPITAL SHARE TRANSACTIONS
I Class		(48,463,402	)		(199,744,870	)		(8,290,314	)		(12,030,846	)
N Class		(16,993,006	)		(12,226,897	)		(1,749,369	)		(4,625,785	)
Plan Class		(70,841,142	)		122,792,145			—			—
Decrease in Net Assets Resulting from Net Capital Shares Transactions		(136,297,550	)		(89,179,622	)		(10,039,683	)		(16,656,631	)
Decrease in Net Assets		(101,286,197	)		(128,427,180	)		(10,561,265	)		(18,625,848	)
NET ASSETS
Beginning of period		1,034,690,546			1,163,117,726			22,065,876			40,691,724
End of period	$	933,404,349		$	1,034,690,546		$	11,504,611		$	22,065,876

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

See accompanying Notes to Financial Statements.

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TCW Funds, Inc.

Statements of Changes in Net Assets (Unaudited)

	TCW Global Bond Fund						TCW High Yield Bond Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023
OPERATIONS
Net Investment Income	$	423,864		$	788,506		$	1,659,371		$	3,456,716
Net Realized Loss on Investments, Futures Contracts, Options Written, Swap Contracts and Foreign Currency Transactions		(414,171	)		(918,473	)		(938,058	)		(2,916,003	)
Change in Unrealized Appreciation on Investments, Futures Contracts, Options Written, Foreign Currency Transactions and Swap Contracts		901,114			417,168			3,427,213			2,391,711
Increase in Net Assets Resulting from Operations		910,807			287,201			4,148,526			2,932,424
DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(302,771	)		(482,626	)		(1,553,914	)		(3,588,507	)
Return of Capital		—			(143,424	)		—			—
Total Distributions to Shareholders		(302,771	)		(626,050	)		(1,553,914	)		(3,588,507	)
NET CAPITAL SHARE TRANSACTIONS
I Class		415,224			1,381,823			(10,213,466	)		(3,103,885	)
N Class		232,540			378,629			(177,139	)		(2,611,642	)
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		647,764			1,760,452			(10,390,605	)		(5,715,527	)
Increase (Decrease) in Net Assets		1,255,800			1,421,603			(7,795,993	)		(6,371,610	)
NET ASSETS
Beginning of period		17,801,610			16,380,007			53,663,593			60,035,203
End of period	$	19,057,410		$	17,801,610		$	45,867,600		$	53,663,593

See accompanying Notes to Financial Statements.

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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, 2024 (Unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023
OPERATIONS
Net Investment Income	$	199,252		$	239,423		$	64,925,074		$	151,304,125
Net Realized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions		94,666			(147,073	)		(20,186,511	)		(151,179,049	)
Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts and Foreign Currency Transactions		8,907			223,360			121,956,711			(19,667,214	)
Increase (Decrease) in Net Assets Resulting from Operations		302,825			315,710			166,695,274			(19,542,138	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(218,510	)		(255,948	)		(73,220,381	)		(162,939,921	)
NET CAPITAL SHARE TRANSACTIONS
I Class		(1,857,078	)		623,198			(725,617,365	)		(291,133,572	)
N Class		—			—			(57,839,881	)		(90,384,369	)
Plan Class		—			—			1,582,640			1,155,401
Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		(1,857,078	)		623,198			(781,874,606	)		(380,362,540	)
Increase (Decrease) in Net Assets		(1,772,763	)		682,960			(688,399,713	)		(562,844,599	)
NET ASSETS
Beginning of period		8,952,461			8,269,501			2,541,409,676			3,104,254,275
End of period	$	7,179,698		$	8,952,461		$	1,853,009,963		$	2,541,409,676

See accompanying Notes to Financial Statements.

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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”). As of April 30, 2024, the Company consisted of 16 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”).

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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. The Fund is expected to be reorganized into the TCW High Yield Bond ETF, a newly-created series of TCW ETF Trust, in September 2024.
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.

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TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 1 — Organization (Continued)

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).

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, 2024 were $2,553,801 or 22.20% 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 were valued at the latest sale price on the exchange. Securities traded on the NASDAQ stock market (“NASDAQ”) were valued during the period using official closing prices as reported by NASDAQ, which may not have been the last sale price. Investments in open-end mutual funds including money market funds were valued based on the NAV per share as reported by the investment companies. All other securities for which over-the-counter (“OTC”) market quotations were readily available, including short-term securities, swap agreements and forward currency exchange contracts, were valued with prices furnished by independent pricing services or by broker-dealers.

Pursuant to Rule 2a-5 under the 1940 Act, the Company’s Board of Directors (the “Board”, and each member thereof, a “Director”) has designated the Advisor as the “valuation designee” with respect to the fair valuation of the Fund’s portfolio securities, subject to oversight by and periodic reporting to the Board. Fair valued securities are those for which market quotations were not readily available, including in circumstances under which it was determined by the Advisor that prices received were not reflective of their market values.

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Note 2 — Significant Accounting Policies (Continued)

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.

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

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Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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.

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.

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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.

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.

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, 2024 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	ASSET-BACKED SECURITIES			TOTAL
Balance as of October 31, 2023	$	3,702,701		$	3,702,701
Accrued Discounts (Premiums)		—			—
Realized Gain (Loss)		—			—
Change in Unrealized Appreciation (Depreciation)*		52,654			52,654
Purchases		—			—
Sales		(148,573	)		(148,573	)
Transfers in to Level 3		—			—
Transfers out of Level 3		—			—
Balance as of April 30, 2024	$	3,606,782		$	3,606,782

* The change in unrealized appreciation (depreciation) on securities still held at April 30, 2024 was $52,654 and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.

TCW GLOBAL BOND FUND	COMMON STOCK			RESIDENTIAL MORTGAGE-BACKED SECURITIES —  NON-AGENCY			TOTAL
Balance as of October 31, 2023	$	8,462		$	53,009		$	61,471
Accrued Discounts (Premiums)		—			14,943			14,943
Realized Gain (Loss)		(95	)		—			(95	)
Change in Unrealized Appreciation (Depreciation)*		4,233			(10,520	)		(6,287	)
Purchases		—			—			—
Sales		(1	)		—			(1	)
Transfers in to Level 3		—			—			—
Transfers out of Level 3		—			—			—
Balance as of April 30, 2024	$	12,599		$	57,432		$	70,031

* The change in unrealized appreciation (depreciation) on securities still held at April 30, 2024 was $(6,287) and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.

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Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

TCW TOTAL RETURN BOND FUND	RESIDENTIAL MORTGAGE-BACKED SECURITIES —  NON-AGENCY			TOTAL
Balance as of October 31, 2023	$	1,717,528			1,717,528
Accrued Discounts (Premiums)		(99,315	)		(99,315	)
Realized Gain (Loss)		9,038			9,038
Change in Unrealized Appreciation (Depreciation)*		97,951			97,951
Purchases		792,304			792,304
Sales		(53,074	)		(53,074	)
Transfers in to Level 3		—			—
Transfers out of Level 3		—			—
Balance as of April 30, 2024	$	2,464,432			2,464,432

* The change in unrealized appreciation (depreciation) on securities still held at April 30, 2024 was $97,951 and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.

Significant unobservable valuation inputs for Level 3 investments as of April 30, 2024 are as follows:

Description	Fair Value at 4/30/2024		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	$	3,606,782	Broker Quote	Offered Quote	$ 88.008	$88.008		Increase
TCW Global Bond Fund
Common Stock	$	12,599	Third-Party Vendor	Vendor Prices	$ 36.626	$36.626		Increase
Residential Mortgage-Backed Securities — Non-Agency	$	57,432	Third-Party Vendor	Vendor Prices	$ 4.588	$ 4.588		Increase
TCW High Yield Bond Fund
Common Stock	$	0	Broker Quote	Offered Quote	$ 0.000	$ 0.000		Increase
TCW Total Return Bond Fund
Residential Mortgage-Backed Securities — Non-Agency	$	2,464,432	Third-Party Vendor	Vendor Prices	$ 0.493 – $10.695	$ 1.867		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.

94

TCW Funds, Inc.

April 30, 2024

Note 2 — Significant Accounting Policies (Continued)

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 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.

95

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

For the period ended April 30, 2024, the following Funds had derivatives and transactions in derivatives, grouped in the following risk categories:

TCW Core Fixed Income Fund

	Credit Risk		Commodity Risk		Foreign Currency Risk			Interest Rate Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Swap Agreements (1)	$	—	$	—	$	—		$	771,044		$	771,044
Futures Contracts (2)		—		—		—			462,213			462,213
Forward Currency Exchange Contracts		—		—		300,144			—			300,144
Total Value	$	—	$	—	$	300,144		$	1,233,257		$	1,533,401
Liability Derivatives
Forward Currency Exchange Contracts	$	—	$	—	$	(12,989	)	$	—		$	(12,989	)
Futures Contracts (2)		—		—		—			(3,777,662	)		(3,777,662	)
Total Value	$	—	$	—	$	(12,989	)	$	(3,777,662	)	$	(3,790,651	)
Statement of Operations:
Net Realized Gain (Loss)
Forward Currency Exchange Contracts	$	—	$	—	$	(461,963	)	$	—		$	(461,963	)
Futures Contracts		—		—		—			(803,755	)		(803,755	)
Swap Agreements		—		—		—			75,005			75,005
Net Realized Gain (Loss)	$	—	$	—	$	(461,963	)	$	(728,750	)	$	(1,190,713	)
Net Change in Appreciation (Depreciation)
Forward Currency Exchange Contracts	$	—	$	—	$	329,800		$	—		$	329,800
Futures Contracts		—		—		—			(1,797,846	)		(1,797,846	)
Swap Agreements		—		—		—			(337,564	)		(337,564	)
Net Change in Appreciation (Depreciation)	$	—	$	—	$	329,800		$	(2,135,410	)	$	(1,805,610	)
Number of Contracts or Notional Amounts (5)
Forward Currency Exchange Contracts		$ —		$ —		$22,029,834			$ —			$22,029,834
Futures Contracts		—		—		—			2,152			2,152
Swap Agreements		$ —		$ —		$ —			$8,888,000			$8,888,000

96

TCW Funds, Inc.

April 30, 2024

Note 2 — Significant Accounting Policies (Continued)

TCW Enhanced Commodity Strategy Fund

	Credit Risk		Commodity Risk			Foreign Currency Risk		Interest Rate Risk		Total
Statement of Assets and Liabilities:
Asset Derivatives
Futures Contracts (2)	$	—	$	786		$	—	$	—	$	786
Total Value	$	—	$	786		$	—	$	—	$	786
Liability Derivatives
Swap Agreements	$	—	$	(137,995	)	$	—	$	—	$	(137,995	)
Total Value	$	—	$	(137,995	)	$	—	$	—	$	(137,995	)
Statement of Operations:
Net Realized Gain (Loss)
Futures Contracts	$	—	$	(51,387	)	$	—	$	—	$	(51,387	)
Swap Agreements		—		(878,505	)		—		—		(878,505	)
Net Realized Gain (Loss)	$	—	$	(929,892	)	$	—	$	—	$	(929,892	)
Net Change in Appreciation (Depreciation)
Futures Contracts		—		(14,684	)		—		—		(14,684	)
Swap Agreements		—		134,995			—		—		134,995
Net Change in Appreciation (Depreciation)	$	—	$	120,311		$	—	$	—	$	120,311
Number of Contracts or Notional Amounts (5)
Futures Contracts		—		25			—		—		25
Swap Agreements		$ —		$ 14,018,714			$ —		$ —		$14,018,714

97

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

TCW Global Bond Fund

	Credit Risk		Commodity Risk		Foreign Currency Risk			Interest Rate Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Futures Contracts (2)	$	—	$	—	$	—		$	40,456		$	40,456
Forward Currency Exchange Contracts		—		—		63,051			—			63,051
Total Value	$	—	$	—	$	63,051		$	40,456		$	103,507
Liability Derivatives
Forward Currency Exchange Contracts	$	—	$	—	$	(108,418	)	$	—		$	(108,418	)
Swap Agreements (1)		—		—		—			(2,347	)		(2,347	)
Futures Contracts (2)		—		—		—			(109,443	)		(109,443	)
Total Value	$	—	$	—	$	(108,418	)	$	(111,790	)	$	(220,208	)
Statement of Operations:
Net Realized Gain (Loss)
Forward Currency Exchange Contracts	$	—	$	—	$	(135,517	)	$	—		$	(135,517	)
Futures Contracts (2)		—		—		—			(30,949	)		(30,949	)
Investments (3)		—		—		(385	)		—			(385	)
Options Written		—		—		593			—			593
Swap Agreements		—		—		—			(2,742	)		(2,742	)
Net Realized Gain (Loss)	$	—	$	—	$	(135,309	)	$	(33,691	)	$	(169,000	)
Net Change in Appreciation (Depreciation)
Forward Currency Exchange Contracts	$	—	$	—	$	(36,675	)	$	—		$	(36,675	)
Futures Contracts		—		—		—			(99,245	)		(99,245	)
Investments (4)		—		—		2,349			—			2,349
Options Written		—		—		(948	)		—			(948	)
Swap Agreements		—		—		—			9,448			9,448
Net Change in Appreciation (Depreciation)	$	—	$	—	$	(35,274	)	$	(89,797	)	$	(125,071	)
Number of Contracts or Notional Amounts (5)
Forward Currency Exchange Contracts		$ —		$ —		$9,303,485			$ —			$9,303,485
Options Purchased		$ —		$ —		$190,000			$ —			$190,000
Options Written		$ —		$ —		$190,000			$ —			$190,000
Futures Contracts		—		—		—			80			80
Swap Agreements		$ —		$ —		$ —			$440,000			$440,000

98

TCW Funds, Inc.

April 30, 2024

Note 2 — Significant Accounting Policies (Continued)

TCW High Yield Bond Fund

	Credit Risk		Commodity Risk		Foreign Currency Risk			Interest Rate Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Futures Contracts (2)	$	—	$	—	$	—		$	50,166		$	50,166
Forward Currency Exchange Contracts		—		—		26,253			—			26,253
Total Value	$	—	$	—	$	26,253		$	50,166		$	76,419
Liability Derivatives
Futures Contracts (2)	$	—	$	—	$	—		$	(156,153	)	$	(156,153	)
Total Value	$	—	$	—	$	—		$	(156,153	)	$	(156,153	)
Statement of Operations:
Net Realized Gain (Loss)
Forward Currency Exchange Contracts	$	—	$	—	$	(4,420	)	$	—		$	(4,420	)
Futures Contracts		—		—		—			(47,035	)		(47,035	)
Net Realized Gain (Loss)	$	—	$	—	$	(4,420	)	$	(47,035	)	$	(51,455	)
Net Change in Appreciation (Depreciation)
Forward Currency Exchange Contracts	$	—	$	—	$	27,363		$	—		$	27,363
Futures Contracts		—		—		—			(108,293	)		(108,293	)
Net Change in Appreciation (Depreciation)	$	—	$	—	$	27,363		$	(108,293	)	$	(80,930	)
Number of Contracts or Notional Amounts (5)
Forward Currency Exchange Contracts		$ —		$ —		$1,317,510			$ —			$1,317,510
Futures Contracts		—		—		—			75			75

TCW Short Term Bond Fund

	Credit Risk		Commodity Risk		Foreign Currency Risk		Interest Rate Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Futures Contracts (2)	$	—	$	—	$	—	$	42,280		$	42,280
Forward Currency Exchange Contracts		—		—		86		—			86
Total Value	$	—	$	—	$	86	$	42,280		$	42,366
Liability Derivatives
Futures Contracts (2)	$	—	$	—	$	—	$	(21,991	)	$	(21,991	)
Total Value	$	—	$	—	$	—	$	(21,991	)	$	(21,991	)
Statement of Operations:
Net Realized Gain (Loss)
Forward Currency Exchange Contracts	$	—	$	—	$	56	$	—		$	56
Futures Contracts		—		—		—		3,669			3,669
Net Realized Gain (Loss)	$	—	$	—	$	56	$	3,669		$	3,725
Net Change in Appreciation (Depreciation)
Forward Currency Exchange Contracts	$	—	$	—	$	86	$	—		$	86
Futures Contracts		—		—		—		(24,084	)		(24,084	)
Net Change in Appreciation (Depreciation)	$	—	$	—	$	86	$	(24,084	)	$	(23,998	)
Number of Contracts or Notional Amounts (5)
Forward Currency Exchange Contracts		$ —		$ —		$4,832		$ —			$4,832
Futures Contracts		—		—		—		27			27

99

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

TCW Total Return Bond Fund

	Credit Risk		Commodity Risk		Foreign Currency Risk			Interest Rate Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Futures Contracts (2)	$	—	$	—	$	—		$	2,954,662		$	2,954,662
Forward Currency Exchange Contracts		—		—		14,587			—			14,587
Total Value	$	—	$	—	$	14,587		$	2,954,662		$	2,969,249
Liability Derivatives
Futures Contracts (2)	$	—	$	—	$	—		$	(11,043,698	)	$	(11,043,698	)
Total Value	$	—	$	—	$	—		$	(11,043,698	)	$	(11,043,698	)
Statement of Operations:
Net Realized Gain (Loss)
Forward Currency Exchange Contracts	$	—	$	—	$	(410,803	)	$	—		$	(410,803	)
Futures Contracts		—		—		—			340,344			340,344
Net Realized Gain (Loss)	$	—	$	—	$	(410,803	)	$	340,344		$	(70,459	)
Net Change in Appreciation (Depreciation)
Forward Currency Exchange Contracts	$	—	$	—	$	13,430		$	—		$	13,430
Futures Contracts		—		—		—			20,489,249			20,489,249
Net Change in Appreciation (Depreciation)	$	—	$	—	$	13,430		$	20,489,249		$	20,502,679
Number of Contracts or Notional Amounts (5)
Forward Currency Exchange Contracts		$ —		$ —		$17,973,418			$ —			$17,973,418
Futures Contracts		—		—		—			4,853			4,853

(1) Includes cumulative appreciation (depreciation) of swap agreements as reported in the Schedule of Investments. Only variation margin on April 30, 2024 is reported within the Statement of Assets and Liabilities.

(2) Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only variation margin on April 30, 2024 is reported within the Statement of Assets and Liabilities.

(3) Represents realized loss for purchased options during the period.

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

(5) Amount disclosed represents average number of contracts or notional amounts, which are representative of the volume traded for the period ended on April 30, 2024.

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

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April 30, 2024

Note 2 — Significant Accounting Policies (Continued)

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 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

101

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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 following table presents TCW Core Fixed Income Fund’s OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of April 30, 2024:

Counterparty	Gross Derivative Assets in the Statement of Assets and Liabilities		Collateral Received (1)			Derivative Assets (Liabilities) Available for Offset		Net Amount of Derivative Assets (2)
Citibank N.A.
Foreign Currency Exchange Contracts	$	300,144	$	(300,144	)	$	—	$	—
Total	$	300,144	$	(300,144	)	$	—	$	—

⁽¹⁾  Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

⁽²⁾  Represents the net amount receivable from the counterparty in the event of default.

102

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April 30, 2024

Note 2 — Significant Accounting Policies (Continued)

The following table presents TCW Core Fixed Income Fund’s OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of April 30, 2024:

Counterparty	Gross Derivative Liabilities in the Statement of Assets and Liabilities		Collateral Pledged (1)		Derivative (Assets) Liabilities Available for Offset		Net Amount of Derivative Liabilities (2)
Goldman Sachs & Co.
Foreign Currency Exchange Contracts		12,989		—		—		12,989
Total	$	12,989	$	—	$	—	$	12,989

⁽¹⁾  Excess of collateral pledged for individual counterparty may not be shown for financial reporting purposes.

⁽²⁾  Represents the net amount payable to the counterparty in the event of default.

The following table presents TCW Enhanced Commodity Strategy Fund’s OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of April 30, 2024:

Counterparty	Gross Derivative Liabilities in the Statement of Assets and Liabilities		Collateral Pledged (1)			Derivative (Assets) Liabilities Available for Offset		Net Amount of Derivative Liabilities (2)
Citigroup
Total Return Swaps	$	137,995	$	(137,995	)	$	—	$	—
Total	$	137,995	$	(137,995	)	$	—	$	—

⁽¹⁾  Excess of collateral pledged for individual counterparty may not be shown for financial reporting purposes.

⁽²⁾  Represents the net amount payable to the counterparty in the event of default.

The following table presents TCW Global Bond Fund’s OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of April 30, 2024:

Counterparty	Gross Derivative Assets in the Statement of Assets and Liabilities		Collateral Received (1)		Derivative Assets (Liabilities) Available for Offset			Net Amount of Derivative Assets (2)
Bank of New York Mellon
Foreign Currency Exchange Contracts	$	2,396	$		$			$	2,396
Citibank N.A.
Foreign Currency Exchange Contracts		24,592		—		(19,244	)		5,348
Goldman Sachs & Co.
Foreign Currency Exchange Contracts		34,920		—		(8,587	)		26,333
State Street Bank & Trust Co.
Foreign Currency Exchange Contracts		1,143		—		(1,143	)		—
Total	$	63,051	$	—	$	(28,974	)	$	34,077

⁽¹⁾  Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

⁽²⁾  Represents the net amount receivable from the counterparty in the event of default.

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Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

The following table presents TCW Global Bond Fund’s OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of April 30, 2024:

Counterparty	Gross Derivative Liabilities in the Statement of Assets and Liabilities		Collateral Received (1)		Derivative (Assets) Liabilities Available for Offset			Net Amount of Derivative Assets (2)
Citibank N.A.
Foreign Currency Exchange Contracts	$	19,244	$	—	$	(19,244	)	$	—
Goldman Sachs & Co.
Foreign Currency Exchange Contracts		8,587		—		(8,587	)		—
State Street Bank & Trust Co.
Foreign Currency Exchange Contracts		80,587		—		(1,143	)		79,444
Total	$	108,418	$	—	$	(28,974	)	$	79,444

⁽¹⁾  Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

⁽²⁾  Represents the net amount receivable from the counterparty in the event of default.

The following table presents TCW High Yield Bond Fund’s OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of April 30, 2024:

Counterparty	Gross Derivative Assets in the Statement of Assets and Liabilities		Collateral Received (1)		Derivative Assets (Liabilities) Available for Offset		Net Amount of Derivative Assets (2)
Citibank N.A.
Foreign Currency Exchange Contracts	$	26,253	$	—	$	—	$	26,253
Total	$	26,253	$	—	$	—	$	26,253

⁽¹⁾  Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

⁽²⁾  Represents the net amount receivable from the counterparty in the event of default.

The following table presents TCW Short Term Bond Fund’s OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of April 30, 2024:

Counterparty	Gross Derivative Assets in the Statement of Assets and Liabilities		Collateral Received (1)		Derivative Assets (Liabilities) Available for Offset		Net Amount of Derivative Assets (2)
Bank of America
Foreign Currency Exchange Contracts	$	86	$	—	$	—	$	86
Total	$	86	$	—	$	—	$	86

⁽¹⁾  Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

⁽²⁾  Represents the net amount receivable from the counterparty in the event of default.

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The following table presents TCW Total Return Bond Fund’s OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of April 30, 2024:

Counterparty	Gross Derivative Assets in the Statement of Assets and Liabilities		Collateral Received (1)		Derivative Assets (Liabilities) Available for Offset		Net Amount of Derivative Assets (2)
Citibank N.A.
Foreign Currency Exchange Contracts	$	14,587	$	—	$	—	$	14,587
Total	$	14,587	$	—	$	—	$	14,587

⁽¹⁾  Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

⁽²⁾  Represents the net amount receivable from 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 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.

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

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

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

While the values of these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to declines in values. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond’s inflation measure.

When-Issued, Delayed-Delivery, To Be Announced (“TBA”) and Forward Commitment Transactions: The Funds may enter into when-issued, delayed-delivery, TBA or forward commitment transactions in order to lock in the purchase price of the underlying security or to adjust the interest rate exposure of 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

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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, 2024.

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, 2024.

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, 2024.

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, 2024.

Derivatives:

Forward Currency Exchange Contracts: The Funds enter into forward currency exchange contracts as a hedge against fluctuations in foreign exchange rates. Forward currency exchange 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

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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 currency exchange contracts during the period ended April 30, 2024 to hedge against the foreign currency exposure within the Funds. Outstanding forward currency exchange contracts at April 30, 2024 are disclosed in the Schedule of Investments.

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

When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The TCW Core Fixed Income Fund, the TCW Global Bond Fund, 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, 2024 to help manage interest rate duration of those Funds. Futures contracts outstanding at April 30, 2024 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

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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.

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

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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 underlying agreement. During the period ended April 30, 2024, none of the Funds 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

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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, 2024, the TCW Core Fixed Income Fund and the TCW Global Bond 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 (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

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may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

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

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

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

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

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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 Offered Rate (“LIBOR”) was a leading 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. In July 2017, the United Kingdom’s Financial Conduct Authority (FCA), which regulates LIBOR, announced the gradual phase out of the LIBOR rate, with nearly all LIBOR rate publications having ceased as of June 30, 2023 (some LIBOR rates continue to be published, but only on a temporary and synthetic basis). Alternatives to LIBOR have been established and others may be developed. The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, has identified the Secured Overnight Financing Rate (SOFR) as the preferred alternative rate to LIBOR. SOFR is a relatively new index calculated by short-term repurchase agreements, backed by Treasury securities. There remains uncertainty surrounding the nature of any replacement rates. The transition to a new reference rate may result in (i) increased volatility or illiquidity in markets for instruments or contracts that previously relied on or still rely on LIBOR, (ii) a reduction in the value of certain instruments or contracts held by a Fund, (iii) reduced effectiveness of related Fund transactions, such as hedging, (iv) additional tax, accounting and regulatory risks, or (v) costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund’s investments resulting from a substitute reference rate may also adversely affect a Fund’s performance and/or NAV. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments or contracts using an alternative rate will have the same volume or liquidity.

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.

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Notes to Financial Statements (Unaudited) (Continued)

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, 2024, 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	$	2,692,627	$	(68,187,659	)	$	(65,495,032	)	$	1,151,656,890
TCW Enhanced Commodity Strategy Fund		45,433		(1,145,095	)		(1,099,662	)		11,321,745
TCW Global Bond Fund		296,832		(2,058,393	)		(1,761,561	)		23,685,193
TCW High Yield Bond Fund		716,408		(2,690,831	)		(1,974,423	)		47,677,340
TCW Short Term Bond Fund		148,171		(271,143	)		(122,972	)		9,130,949
TCW Total Return Bond Fund		92,655,923		(345,427,088	)		(252,771,165	)		2,588,491,021

At October 31, 2023, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Gain		Total Distributable Earnings
TCW Core Fixed Income Fund	$	10,087,880	$	—	$	10,087,880
TCW Enhanced Commodity Strategy Fund		102,686		—		102,686
TCW Global Bond Fund		—		—		—
TCW High Yield Bond Fund		410,784		—		410,784
TCW Short Term Bond Fund		92,917		—		92,917
TCW Total Return Bond Fund		39,003,960		—		39,003,960

During the year ended October 31, 2023, 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	$	37,334,974	$	—	$	—	$	37,334,974
TCW Enhanced Commodity Strategy Fund		881,140		—		—		881,140
TCW Global Bond Fund		482,626		—		143,424		626,050
TCW High Yield Bond Fund		3,588,507		—		—		3,588,507
TCW Short Term Bond Fund		255,948		—		—		255,948
TCW Total Return Bond Fund		162,939,921		—		—		162,939,921

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Note 5 — Federal Income Taxes (Continued)

At October 31, 2023, the following Funds had net realized losses that will be carried forward indefinitely for federal income tax purposes:

	No Expiration Short-Term Capital Losses		No Expiration Long-Term Capital Losses		Total
TCW Core Fixed Income Fund	$	167,486,537	$	51,454,479	$	218,941,016
TCW Enhanced Commodity Strategy Fund		273,525		235,319		508,844
TCW Global Bond Fund		1,222,502		1,034,200		2,256,702
TCW High Yield Bond Fund		2,738,705		3,497,076		6,235,781
TCW Short Term Bond Fund		703,223		80,659		783,882
TCW Total Return Bond Fund		497,984,987		188,619,639		686,604,626

The Funds did not have any unrecognized tax benefits at April 30, 2024, nor were there any increases or decreases in unrecognized tax benefits for the period ended April 30, 2024. 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.

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Notes to Financial Statements (Unaudited) (Continued)

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

Any advisory fee reduced or withheld, or expense reimbursement paid, pursuant to the Expense Limitation Agreement will be reimbursed by the appropriate Fund to the Advisor in the first, second or third fiscal year after the fiscal year of the reduction or reimbursement. The Advisory may not receive reimbursement for previous reductions or reimbursements before payment of a Fund’s operating expenses for the current year, and cannot cause a Fund to exceed the expense limitation in effect for that Fund (i) at the time the fees and expenses would have been incurred or (ii) at the time the Advisor would recoup that reduction or reimbursement. In addition, any recoupment may not exceed any more restrictive limitation to which the Advisor has agreed.

At April 30, 2024, the balance of recoupable expenses with expiration dates for the Funds were as follows:

Fund	Expires 10/31/2027		Expires 10/31/2026
TCW Core Fixed Income Fund	$	249,536	$	366,979
TCW Enhanced Commodity Strategy		37,471		95,294
TCW Global Bond Fund		29,749		61,859
TCW High Yield Bond Fund		51,977		97,660
TCW Total Return Bond Fund		791,593		491,126
Total		1,160,326		1,112,918

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, 2024 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	$	32,284,887	$	165,821,293	$	2,420,539,470	$	2,484,009,547
TCW Enhanced Commodity Strategy Fund		598,109		8,127,202		—		1,095,003
TCW Global Bond Fund		5,754,156		5,943,718		26,083,192		25,478,028
TCW High Yield Bond Fund		17,594,259		25,959,686		1,946,611		2,366,494
TCW Short Term Bond Fund		772,327		1,003,626		33,743,431		34,509,112
TCW Total Return Bond Fund		148,763,874		547,330,409		4,737,427,277		5,398,958,747

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Note 9 — Capital Share Transactions

Transactions in each Fund’s shares were as follows:

TCW Core Fixed Income Fund	Six Months Ended April 30, 2024 (Unaudited)						Year Ended October 31, 2023
I Class	Shares			Amount			Shares			Amount
Shares Sold		7,130,864		$	68,413,743			28,990,684		$	282,929,164
Shares Issued upon Reinvestment of Dividends		1,873,424			17,997,871			2,768,894			26,888,376
Shares Redeemed		(14,043,542	)		(134,875,016	)		(52,807,381	)		(509,562,410	)
Net Decrease		(5,039,254	)	$	(48,463,402	)		(21,047,803	)	$	(199,744,870	)
N Class	Shares			Amount			Shares			Amount
Shares Sold		1,694,331		$	16,291,899			4,704,564		$	46,067,032
Shares Issued upon Reinvestment of Dividends		300,528			2,878,960			424,979			4,116,606
Shares Redeemed		(3,785,889	)		(36,163,865	)		(6,490,795	)		(62,410,535	)
Net Decrease		(1,791,030	)	$	(16,993,006	)		(1,361,252	)	$	(12,226,897	)
Plan Class	Shares			Amount			Shares			Amount
Shares Sold		3,174,619		$	30,764,614			13,818,064		$	135,059,962
Shares Issued upon Reinvestment of Dividends		432,433			4,169,641			399,058			3,876,958
Shares Redeemed		(10,750,942	)		(105,775,397	)		(1,666,445	)		(16,144,775	)
Net Decrease		(7,143,890	)	$	(70,841,142	)		12,550,677		$	122,792,145
TCW Enhanced Commodity Strategy Fund	Six Months Ended April 30, 2024 (Unaudited)						Year Ended October 31, 2023
I Class	Shares			Amount			Shares			Amount
Shares Sold		227,264		$	1,340,168			1,049,472		$	6,520,090
Shares Issued upon Reinvestment of Dividends		41,087			237,077			104,547			632,883
Shares Redeemed		(1,729,509	)		(9,867,559	)		(3,101,352	)		(19,183,819	)
Net Decrease		(1,461,158	)	$	(8,290,314	)		(1,947,333	)	$	(12,030,846	)
N Class	Shares			Amount			Shares			Amount
Shares Sold		43,595		$	250,447			327,975		$	2,032,850
Shares Issued upon Reinvestment of Dividends		20,564			118,734			39,750			240,597
Shares Redeemed		(371,073	)		(2,118,550	)		(1,114,734	)		(6,899,232	)
Net Decrease		(306,914	)	$	(1,749,369	)		(747,009	)	$	(4,625,785	)
TCW Global Bond Fund	Six Months Ended April 30, 2024 (Unaudited)						Year Ended October 31, 2023
I Class	Shares			Amount			Shares			Amount
Shares Sold		57,692		$	472,446			146,270		$	1,191,951
Shares Issued upon Reinvestment of Dividends		23,432			190,212			37,595			307,452
Shares Redeemed		(29,581	)		(247,434	)		(14,400	)		(117,580	)
Net Increase		51,543		$	415,224			169,465		$	1,381,823
N Class	Shares			Amount			Shares			Amount
Shares Sold		18,155		$	149,019			69,280		$	569,669
Shares Issued upon Reinvestment of Dividends		19,515			158,339			33,676			275,386
Shares Redeemed		(9,202	)		(74,818	)		(57,900	)		(466,426	)
Net Increase		28,468		$	232,540			45,056		$	378,629

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Notes to Financial Statements (Unaudited) (Continued)

Note 9 — Capital Share Transactions (Continued)

TCW High Yield Bond Fund	Six Months Ended April 30, 2024 (Unaudited)						Year Ended October 31, 2023
I Class	Shares			Amount			Shares			Amount
Shares Sold		612,948		$	3,693,450			2,443,292		$	14,436,986
Shares Issued upon Reinvestment of Dividends		261,764			1,566,817			513,380			3,021,019
Shares Redeemed		(2,561,715	)		(15,473,733	)		(3,478,640	)		(20,561,890	)
Net Decrease		(1,687,003	)	$	(10,213,466	)		(521,968	)	$	(3,103,885	)
N Class	Shares			Amount			Shares			Amount
Shares Sold		283,838		$	1,695,990			297,220		$	1,769,166
Shares Issued upon Reinvestment of Dividends		38,588			232,748			74,380			440,416
Shares Redeemed		(350,132	)		(2,105,877	)		(809,680	)		(4,821,224	)
Net Decrease		(27,706	)	$	(177,139	)		(438,080	)	$	(2,611,642	)
TCW Short Term Bond Fund	Six Months Ended April 30, 2024 (Unaudited)						Year Ended October 31, 2023
I Class	Shares			Amount			Shares			Amount
Shares Sold		54,845		$	452,744			515,161		$	4,241,328
Shares Issued upon Reinvestment of Dividends		29,592			244,476			27,821			228,485
Shares Redeemed		(308,366	)		(2,554,298	)		(467,308	)		(3,846,615	)
Net Increase (Decrease)		(223,929	)	$	(1,857,078	)		75,674		$	623,198
TCW Total Return Bond Fund	Six Months Ended April 30, 2024 (Unaudited)						Year Ended October 31, 2023
I Class	Shares			Amount			Shares			Amount
Shares Sold		35,658,508		$	279,972,135			117,980,752		$	957,348,605
Shares Issued upon Reinvestment of Dividends		5,709,493			44,571,853			10,300,195			83,844,031
Shares Redeemed		(134,025,257	)		(1,050,161,353	)		(163,662,241	)		(1,332,326,208	)
Net Decrease		(92,657,256	)	$	(725,617,365	)		(35,381,294	)	$	(291,133,572	)
N Class	Shares			Amount			Shares			Amount
Shares Sold		2,458,994		$	19,781,032			9,841,693		$	80,908,674
Shares Issued upon Reinvestment of Dividends		1,643,725			13,251,812			2,719,199			22,844,296
Shares Redeemed		(11,225,941	)		(90,872,725	)		(23,227,636	)		(194,137,339	)
Net Decrease		(7,123,222	)	$	(57,839,881	)		(10,666,744	)	$	(90,384,369	)
Plan Class	Shares			Amount			Shares			Amount
Shares Sold		356,755		$	2,797,074			455,426		$	3,710,979
Shares Issued upon Reinvestment of Dividends		2,031			15,955			9,716			80,407
Shares Redeemed		(155,253	)		(1,230,389	)		(321,785	)		(2,635,985	)
Net Increase		203,533		$	1,582,640			143,357		$	1,155,401

Note 10 — Affiliate Ownership

As of April 30, 2024, affiliates of the Funds and Advisor owned 47.20% and 82.70% of the net assets of the TCW Enhanced Commodity Strategy Fund and the TCW Global Bond Fund, respectively.

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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, 2024 are listed below.

TCW Enhanced Commodity Strategy Fund
Issuer Description	Acquisition Date		Acquisition Cost		Aggregate Value		Percentage of Net Assets
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class XCL (I/O), 0.43%, due 09/15/39		7/15/16	$	543	$	1,073		0.01	%
TCW Total Return Bond Fund
Issuer Description	Acquisition Date		Acquisition Cost		Aggregate Value		Percentage of Net Assets
CSMC Trust Series 2021-RP11, Class A1, 1.51%, due 10/25/1961		2/16/24		609,213		621,588		0.03	%
CSMC Trust Series 2022-RPL1, Class A1,0.49%, due, 4/25/1961		2/16/24		159,662		166,566		0.01	%
			$	768,875	$	788,154		0.04	%

Note 12 — Commitments and Contingencies

The TCW High Yield Bond Fund had the following unfunded commitments and unrealized gain by investment as of April 30, 2024:

TCW High Yield Bond Fund
Unfunded Commitments	Maturity		Amount		Unrealized Gain
AI Aqua Merger Sub, Inc. 2023 Incremental Term Loan		07/31/28	$	150,937	$	938
Ryan, LLC Delayed Draw Term Loan		11/14/30		9,601		2,460
				160,538		3,398

In the normal course of business, the Trust enters into contracts which provide a variety of representations and warranties, and that provide general indemnifications. Such contracts include those with certain service providers, brokers and trading counterparties. Any exposure to the Trust under these arrangements is unknown as it would involve future claims that may be made against the Trust; however, based on the Trust’s experience, the risk of loss is remote and no such claims are expected to occur. As such, the Trust has not accrued any liability in connection with such indemnifications.

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 Effective 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, 2024. The Funds pay the Bank a commitment fee equal to 0.25%

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Notes to Financial Statements (Unaudited) (Continued)

Note 13 — Committed Line Of Credit (Continued)

per annum on any 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 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 4, 2024, 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, 2023 (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

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Note 15 — Indemnifications (Continued)

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 16 — New Accounting Pronouncements

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. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Funds’ financial statements.

In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 (1) clarifies the guidance in ASC 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and (2) requires specific disclosures related to such an equity security. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and interim periods within that fiscal year, with early adoption permitted. There have been no impacts to date.

Note 17 — Subsequent Events

As approved by the Board on April 8, 2024, the TCW High Yield Bond Fund, a series of the Trust, is expected to be reorganized into the TCW High Yield Bond ETF, a newly-created series of TCW ETF Trust, in September 2024.

121

TCW Core Fixed Income Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net Asset Value per Share, Beginning of period	$	9.08		$	9.39		$	11.56		$	11.98		$	11.41		$	10.52
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.19			0.36			0.20			0.11			0.20			0.30
Net Realized and Unrealized Gain (Loss) on Investments		0.28			(0.36	)		(2.17	)		(0.09	)		0.61			0.89
Total from Investment Operations		0.47			—			(1.97	)		0.02			0.81			1.19
Less Distributions:
Distributions from Net Investment Income		(0.22	)		(0.31	)		(0.17	)		(0.14	)		(0.24	)		(0.30	)
Distributions from Return of Capital		—			—			(0.03	)		(0.04	)		—			—
Distributions from Net Realized Gain		—			—			(0.00	) (2)		(0.26	)		—			—
Total Distributions		(0.22	)		(0.31	)		(0.20	)		(0.44	)		(0.24	)		(0.30	)
Net Asset Value per Share, End of period	$	9.33		$	9.08		$	9.39		$	11.56		$	11.98		$	11.41
Total Return		5.11	% (3)		(0.29	%)		(17.10	%)		0.19	%		7.14	%		11.48	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	661,833		$	689,215		$	911,213		$	1,471,072		$	1,344,787		$	946,896
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.53	% (4)		0.50	%		0.53	%		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		3.96	% (4)		3.69	%		1.90	%		0.94	%		1.66	%		2.69	%
Portfolio Turnover Rate		225.52	% (3)		442.34	%		473.72	%		469.87	%		371.22	%		214.76	%

(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, 2024 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying Notes to Financial Statements.

122

TCW Core Fixed Income Fund

Financial Highlights — N Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net Asset Value per Share, Beginning of period	$	9.05		$	9.38		$	11.53		$	11.95		$	11.38		$	10.49
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.18			0.35			0.19			0.09			0.18			0.27
Net Realized and Unrealized Gain (Loss) on Investments		0.29			(0.39	)		(2.16	)		(0.09	)		0.60			0.90
Total from Investment Operations		0.47			(0.04	)		(1.97	)		0.00			0.78			1.17
Less Distributions:
Distributions from Net Investment Income		(0.21	)		(0.29	)		(0.15	)		(0.12	)		(0.21	)		(0.28	)
Distributions from Net Realized Gain		—			—			(0.00	) (2)		(0.26	)		—			—
Distributions from Return of Capital		—			—			(0.03	)		(0.04	)		—			—
Total Distributions		(0.21	)		(0.29	)		(0.18	)		(0.42	)		(0.21	)		(0.28	)
Net Asset Value per Share, End of period	$	9.31		$	9.05		$	9.38		$	11.53		$	11.95		$	11.38
Total Return		5.16	% (3)		(0.56	%)		(17.22	%)		0.00	%		6.92	%		11.27	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	139,939		$	152,264		$	170,497		$	223,562		$	241,938		$	240,107
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.84	% (4)		0.80	%		0.82	%		0.80	%		0.80	%		0.81	%
After Expense Reimbursement		0.63	% (4)		0.64	%		0.64	%		0.65	%		0.67	%		0.70	%
Ratio of Net Investment Income to Average Net Assets		3.82	% (4)		3.56	%		1.77	%		0.78	%		1.53	%		2.48	%
Portfolio Turnover Rate		225.52	% (3)		442.34	%		473.72	%		469.87	%		371.22	%		214.76	%

(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, 2024 and is not indicative of a full year’s operating results.

(4) Annualized.

See accompanying Notes to Financial Statements.

123

TCW Core Fixed Income Fund

Financial Highlights — Plan Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,									February 28, 2020 (Commencement of Operations) through October 31, 2020
				2023			2022			2021
Net Asset Value per Share, Beginning of period	$	9.13		$	9.44		$	11.61		$	12.06		$	11.72
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.19			0.37			0.25			0.11			0.18
Net Realized and Unrealized Gain (Loss) on Investments		0.28			(0.37	)		(2.21	)		(0.11	)		0.29
Total from Investment Operations		0.47			(0,00	) (2)		(1.96	)		0.00			0.47
Less Distributions:
Distributions from Net Investment Income		(0.22	)		(0.31	)		(0.18	)		(0.14	)		(0.13	)
Distributions from Net Realized Gain		—			—			(0.00	) (2)		(0.26	)		N/A
Return of capital		—			—			(0.03	)		(0.05	)		N/A
Total distributions		(0.22	)		(0.31	)		(0.21	)		(0.45	)		(0.13	)
Net Asset Value per Share, End of period	$	9.38		$	9.13		$	9.44		$	11.61		$	12.06
Total Return		5.13	% (3)		(0.11	%)		(17.07	%)		(0.01	%)		3.98	% (4)
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	131,633		$	193,212		$	81,408		$	867		$	0.00	(5)
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.48	% (6)		0.48	%		0.51	%		7.54	%		14,703.31	% (6)
After Expense Reimbursement		0.44	% (6)		0.44	%		0.44	%		0.44	%		0.44	% (6)
Ratio of Net Investment Income to Average Net Assets		4.00	% (6)		3.83	%		2.46	%		0.97	%		2.20	% (6)
Portfolio Turnover Rate		225.52	% (3)		442.34	%		473.72	%		469.87	%		371.22	% (4)

(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, 2024 and is not indicative of a full year’s operating results.

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

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

(6) Annualized.

See accompanying Notes to Financial Statements.

124

TCW Enhanced Commodity Strategy Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net Asset Value per Share, Beginning of period	$	5.93		$	6.34		$	6.32		$	4.36		$	4.84		$	5.01
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.13			0.21			0.12			0.05			0.10			0.17
Net Realized and Unrealized Gain (Loss) on Investments		(0.02	)		(0.42	)		0.28			2.02			(0.41	)		(0.20	)
Total from Investment Operations		0.11			(0.21	)		0.40			2.07			(0.31	)		(0.03	)
Less Distributions:
Distributions from Net Investment Income		(0.15	)		(0.20	)		(0.38	)		(0.09	)		(0.15	)		(0.14	)
Distributions from Net Realized Gain		—			—			—			(0.02	)		(0.02	)		—
Total Distributions		(0.15	)		(0.20	)		(0.38	)		(0.11	)		(0.17	)		(0.14	)
Net Asset Value per Share, End of period	$	5.89		$	5.93		$	6.34		$	6.32		$	4.36		$	4.84
Total Return		1.84	% (2)		(3.32	%)		6.82	%		48.18	%		(5.82	%)		(0.96	%)
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	7,325		$	16,040		$	29,511		$	1,983		$	693		$	740
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		2.77	% (3)		1.59	%		1.73	%		15.84	%		16.92	%		17.82	%
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		4.47	% (3)		3.37	%		1.70	%		0.84	%		2.29	%		3.45	%
Portfolio Turnover Rate		5.76	% (2)		13.65	%		53.15	%		32.09	%		54.50	%		122.23	%

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

(2) For the six months ended April 30, 2024 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

125

TCW Enhanced Commodity Strategy Fund

Financial Highlights — N Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net Asset Value per Share, Beginning of period	$	5.93		$	6.34		$	6.31		$	4.35		$	4.84		$	5.01
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.13			0.20			0.12			0.04			0.10			0.17
Net Realized and Unrealized Gain (Loss) on Investments		(0.03	)		(0.41	)		0.29			2.03			(0.42	)		(0.20	)
Total from Investment Operations		0.10			(0.21	)		0.41			2.07			(0.32	)		(0.03	)
Less Distributions:
Distributions from Net Investment Income		(0.14	)		(0.20	)		(0.38	)		(0.09	)		(0.15	)		(0.14	)
Distributions from Net Realized Gain		—			—			—			(0.02	)		(0.02	)		—
Total Distributions		(0.14	)		(0.20	)		(0.38	)		(0.11	)		(0.17	)		(0.14	)
Net Asset Value per Share, End of period	$	5.89		$	5.93		$	6.34		$	6.31		$	4.35		$	4.84
Total Return		1.74	% (2)		(3.37	%)		6.93	%		48.21	%		(5.90	%)		(1.16	%)
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	4,180		$	6,026		$	11,181		$	911		$	472		$	504
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		3.30	% (3)		2.09	%		2.26	%		16.76	%		17.60	%		19.14	%
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		4.43	% (3)		3.31	%		1.79	%		0.82	%		2.24	%		3.57	%
Portfolio Turnover Rate		5.76	% (2)		13.65	%		53.15	%		32.09	%		54.50	%		122.23	%

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

(2) For the six months ended April 30, 2024 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

126

TCW Global Bond Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net Asset Value per Share, Beginning of period	$	7.65		$	7.75		$	10.18		$	10.66		$	10.26		$	9.45
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.18			0.36			0.24			0.20			0.25			0.24
Net Realized and Unrealized Gain (Loss) on Investments		0.22			(0.17	)		(2.50	)		(0.20	)		0.54			0.73
Total from Investment Operations		0.40			0.19			(2.26	)		—			0.79			0.97
Less Distributions:
Distributions from Net Investment Income		(0.13	)		(0.22	)		(0.03	)		(0.20	)		(0.15	)		(0.16	)
Distributions from Return of Capital		—			(0.07	)		(0.13	)		(0.06	)		—			—
Distributions from Net Realized Gain		—			—			(0.01	)		(0.22	)		(0.24	)		—
Total Distributions		(0.13	)		(0.29	)		(0.17	)		(0.48	)		(0.39	)		(0.16	)
Net Asset Value per Share, End of period	$	7.92		$	7.65		$	7.75		$	10.18		$	10.66		$	10.26
Total Return		5.18	% (2)		2.22	%		(22.45	%)		(0.18	%)		7.99	%		10.42	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	10,582		$	9,830		$	8,650		$	24,332		$	10,822		$	9,384
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.49	% (3)		1.66	%		1.67	%		1.15	%		1.66	%		1.79	%
After Expense Reimbursement		0.60	% (3)		0.60	%		0.60	%		0.60	%		0.60	%		0.66	%
Ratio of Net Investment Income to Average Net Assets		4.47	% (3)		4.40	%		2.59	%		1.87	%		2.40	%		2.48	%
Portfolio Turnover Rate		148.26	% (2)		221.66	%		208.60	%		245.94	%		228.14	%		83.18	%

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

(2) For the six months ended April 30, 2024 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

127

TCW Global Bond Fund

Financial Highlights — N Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net Asset Value per Share, Beginning of period	$	7.65		$	7.75		$	10.17		$	10.66		$	10.26		$	9.45
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.18			0.35			0.26			0.19			0.24			0.24
Net Realized and Unrealized Gain (Loss) on Investments		0.21			(0.17	)		(2.52	)		(0.21	)		0.55			0.72
Total from Investment Operations		0.39			0.18			(2.26	)		(0.02	)		0.79			0.96
Less Distributions:
Distributions from Net Investment Income		(0.13	)		(0.22	)		(0.03	)		(0.19	)		(0.15	)		(0.15	)
Distributions from Net Realized Gain		—			—			(0.01	)		(0.22	)		(0.24	)		—
Distributions from Return of Capital		—			(0.06	)		(0.12	)		(0.06	)		—			—
Total Distributions		(0.13	)		(0.28	)		(0.16	)		(0.47	)		(0.39	)		(0.15	)
Net Asset Value per Share, End of period	$	7.91		$	7.65		$	7.75		$	10.17		$	10.66		$	10.26
Total Return		5.00	% (2)		2.12	%		(22.45	%)		(0.38	%)		7.93	%		10.32	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	8,475		$	7,971		$	7,730		$	10,742		$	10,972		$	8,282
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.80	% (3)		1.95	%		2.15	%		1.53	%		1.94	%		2.09	%
After Expense Reimbursement		0.70	% (3)		0.70	%		0.70	%		0.70	%		0.70	%		0.74	%
Ratio of Net Investment Income to Average Net Assets		4.37	% (3)		4.29	%		2.80	%		1.77	%		2.29	%		2.39	%
Portfolio Turnover Rate		148.26	% (2)		221.66	%		208.60	%		245.94	%		228.14	%		83.18	%

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

(2) For the six months ended April 30, 2024 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

128

TCW High Yield Bond Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net Asset Value per Share, Beginning of period	$	5.72		$	5.80		$	6.89		$	6.66		$	6.49		$	6.15
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.19			0.35			0.28			0.23			0.24			0.27
Net Realized and Unrealized Gain (Loss) on Investments		0.25			(0.06	)		(0.94	)		0.24			0.19			0.36
Total from Investment Operations		0.44			0.29			(0.66	)		0.47			0.43			0.63
Less Distributions:
Distributions from Net Investment Income		(0.18	)		(0.37	)		(0.30	)		(0.24	)		(0.26	)		(0.29	)
Distributions from Net Realized Gain		—			—			(0.13	)		—			—			—
Total Distributions		(0.18	)		(0.37	)		(0.43	)		(0.24	)		(0.26	)		(0.29	)
Net Asset Value per Share, End of period	$	5.98		$	5.72		$	5.80		$	6.89		$	6.66		$	6.49
Total Return		7.52	% (2)		4.95	%		(9.97	%)		7.18	%		6.88	%		10.44	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	39,349		$	47,270		$	50,992		$	96,223		$	85,990		$	19,563
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.81	% (3)		0.88	%		0.84	%		0.76	%		0.97	%		1.68	%
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		6.33	% (3)		5.95	%		4.46	%		3.36	%		3.67	%		4.18	%
Portfolio Turnover Rate		41.14	% (2)		62.85	%		94.04	%		82.13	%		111.34	%		121.56	%

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

(2) For the six months ended April 30, 2024 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

129

TCW High Yield Bond Fund

Financial Highlights — N Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net Asset Value per Share, Beginning of period	$	5.75		$	5.84		$	6.93		$	6.70		$	6.54		$	6.19
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.18			0.34			0.27			0.22			0.23			0.25
Net Realized and Unrealized Gain (Loss) on Investments		0.25			(0.08	)		(0.94	)		0.23			0.18			0.38
Total from Investment Operations		0.43			0.26			(0.67	)		0.45			0.41			0.63
Less Distributions:
Distributions from Net Investment Income		(0.17	)		(0.35	)		(0.29	)		(0.22	)		(0.25	)		(0.28	)
Distributions from Net Realized Gain		—			—			(0.13	)		—			—			—
Total Distributions		(0.17	)		(0.35	)		(0.42	)		(0.22	)		(0.25	)		(0.28	)
Net Asset Value per Share, End of period	$	6.01		$	5.75		$	5.84		$	6.93		$	6.70		$	6.54
Total Return		7.54	% (2)		4.51	%		(10.24	%)		7.05	%		6.61	%		10.16	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	6,519		$	6,393		$	9,043		$	15,048		$	17,805		$	9,923
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.30	% (3)		1.37	%		1.27	%		1.14	%		1.47	%		2.05	%
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		6.10	% (3)		5.67	%		4.25	%		3.11	%		3.46	%		3.96	%
Portfolio Turnover Rate		41.14	% (2)		62.85	%		94.04	%		82.13	%		111.34	%		121.56	%

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

(2) For the six months ended April 30, 2024 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

130

TCW Short Term Bond Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net Asset Value per Share, Beginning of period	$	8.15		$	8.08		$	8.60		$	8.60		$	8.59		$	8.54
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.19			0.24			0.10			0.29			0.16			0.25
Net Realized and Unrealized Gain (Loss) on Investments		0.08			0.08			(0.41	)		(0.19	)		(0.01	)		0.07
Total from Investment Operations		0.27			0.32			(0.31	)		0.10			0.15			0.32
Less Distributions:
Distributions from Net Investment Income		(0.21	)		(0.25	)		(0.15	)		(0.10	)		(0.11	)		(0.27	)
Distributions from Return of Capital		—			—			(0.06	)		—			(0.03	)		—
Total Distributions		(0.21	)		(0.25	)		(0.21	)		(0.10	)		(0.14	)		(0.27	)
Net Asset Value per Share, End of period	$	8.21		$	8.15		$	8.08		$	8.60		$	8.60		$	8.59
Total Return		3.36	% (2)		4.01	%		(3.61	%)		1.16	%		1.70	%		3.83	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	7,180		$	8,952		$	8,270		$	18,061		$	7,698		$	5,644
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		2.45	% (3)		2.63	%		2.40	%		2.77	%		2.77	%		3.37	%
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		4.69	% (3)		2.91	%		1.21	%		3.35	%		1.83	%		2.94	%
Portfolio Turnover Rate		368.27	% (2)		632.23	%		542.69	%		369.54	%		191.22	%		248.19	%

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

(2) For the six months ended April 30, 2024 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

131

TCW Total Return Bond Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net Asset Value per Share, Beginning of period	$	7.39		$	7.96		$	10.14		$	10.46		$	10.07		$	9.46
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.23			0.43			0.33			0.21			0.26			0.34
Net Realized and Unrealized Gain (Loss) on Investments		0.23			(0.53	)		(2.28	)		(0.25	)		0.44			0.68
Total from Investment Operations		0.46			(0.10	)		(1.95	)		(0.04	)		0.70			1.02
Less Distributions:
Distributions from Net Investment Income		(0.26	)		(0.47	)		(0.23	)		(0.20	)		(0.31	)		(0.41	)
Distributions from Return of Capital		—			—			—			(0.01	)		—			—
Distributions from Net Realized Gain		—			—			—			(0.07	)		—			—
Total Distributions		(0.26	)		(0.47	)		(0.23	)		(0.28	)		(0.31	)		(0.41	)
Net Asset Value per Share, End of period	$	7.59		$	7.39		$	7.96		$	10.14		$	10.46		$	10.07
Total Return		6.14	% (2)		(1.51	%)		(19.58	%)		(0.40	%)		7.08	%		10.82	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	1,504,692		$	2,149,490		$	2,595,866		$	4,264,583		$	5,737,736		$	4,898,103
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.57	% (3)		0.50	%		0.55	%		0.52	%		0.55	%		0.62	%
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		5.80	% (3)		5.28	%		3.59	%		2.07	%		2.50	%		3.47	%
Portfolio Turnover Rate		175.61	% (2)		303.12	%		386.85	%		493.39	%		269.04	%		177.80	%

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

(2) For the six months ended April 30, 2024 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

132

TCW Total Return Bond Fund

Financial Highlights — N Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net Asset Value per Share, Beginning of period	$	7.62		$	8.21		$	10.46		$	10.78		$	10.37		$	9.76
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.22			0.43			0.33			0.19			0.23			0.32
Net Realized and Unrealized Gain (Loss) on Investments		0.25			(0.56	)		(2.37	)		(0.25	)		0.47			0.69
Total from Investment Operations		0.47			(0.13	)		(2.04	)		(0.06	)		0.70			1.01
Less Distributions:
Distributions from Net Investment Income		(0.26	)		(0.46	)		(0.21	)		(0.18	)		(0.29	)		(0.40	)
Distributions from Net Realized Gain		—			—			—			(0.07	)		—			—
Distributions from Return of Capital		—			—			—			(0.01	)		—			—
Total Distributions		(0.26	)		(0.46	)		(0.21	)		(0.26	)		(0.29	)		(0.40	)
Net Asset Value per Share, End of period	$	7.83		$	7.62		$	8.21		$	10.46		$	10.78		$	10.37
Total Return		5.94	% (2)		(1.75	%)		(19.70	%)		(0.58	%)		6.86	%		10.46	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	344,221		$	389,444		$	506,866		$	818,608		$	1,844,170		$	963,512
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.83	% (3)		0.77	%		0.79	%		0.81	%		0.79	%		0.88	%
After Expense Reimbursement		0.70	% (3)		0.70	%		0.70	%		0.70	%		0.73	%		0.79	%
Ratio of Net Investment Income to Average Net Assets		5.58	% (3)		5.07	%		3.40	%		1.83	%		2.21	%		3.16	%
Portfolio Turnover Rate		175.61	% (2)		303.12	%		386.85	%		493.39	%		269.04	%		177.80	%

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

(2) For the six months ended April 30, 2024 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

133

TCW Total Return Bond Fund

Financial Highlights — Plan Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,									February 28, 2020 (Commencement of  Operations) through October 31, 2020
				2023			2022			2021
Net Asset Value per Share, Beginning of period	$	7.42		$	8.00		$	10.19		$	10.50		$	10.33
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.23			0.44			0.36			0.22			0.20
Net Realized and Unrealized Gain (Loss) on Investments		0.23			(0.55	)		(2.31	)		(0.24	)		0.13
Total from Investment Operations		0.46			(0.11	)		(1.95	)		(0.02	)		0.33
Less Distributions:
Distributions from Net Investment Income		(0.25	)		(0.47	)		(0.24	)		(0.21	)		(0.16	)
Distributions from Net Realized Gain		—			—			—			(0.07	)		N/A
Return of capital		—			—			—			(0.01	)		N/A
Total distributions		(0.25	)		(0.47	)		(0.24	)		(0.29	)		(0.16	)
Net Asset Value per Share, End of period	$	7.63		$	7.42		$	8.00		$	10.19		$	10.50
Total Return		6.16	% (2)		(1.68	%)		(19.43	%)		(0.25	%)		3.22	% (3)
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	4,098		$	2,476		$	1,522		$	571		$	0	(4)
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.27	% (5)		1.32	%		2.98	%		6.69	%		14,761.71	% (5)
After Expense Reimbursement		0.44	% (5)		0.44	%		0.44	%		0.44	%		0.44	% (5)
Ratio of Net Investment Income to Average Net Assets		5.90	% (5)		5.31	%		3.88	%		2.13	%		2.84	% (5)
Portfolio Turnover Rate		175.61	% (2)		303.12	%		386.85	%		493.39	%		269.04	% (3)

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

(2) For the six months ended April 30, 2024 and is not indicative of a full year’s operating results.

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

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

(5) Annualized.

See accompanying Notes to Financial Statements.

134

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, 2023 to April 30, 2024 (182 days).

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

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

TCW Funds, Inc.	Beginning Account Value November 1, 2023		Ending Account Value April 30, 2024		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2023 to April 30, 2024)
TCW Core Fixed Income Fund
I Class Shares
Actual	$	1,000.00	$	1,051.10		0.49	%	$	2.50
Hypothetical (5% return before expenses)		1,000.00		1,022.43		0.49	%		2.46
N Class Shares
Actual	$	1,000.00	$	1,051.60		0.63	%	$	3.21
Hypothetical (5% return before expenses)		1,000.00		1,021.73		0.63	%		3.17
Plan Class Shares
Actual	$	1,000.00	$	1,051.30		0.44	%	$	2.24
Hypothetical (5% return before expenses)		1,000.00		1,022.70		0.44	%		2.21
TCW Enhanced Commodity Strategy Fund
I Class Shares
Actual	$	1,000.00	$	1,018.40		0.70	%	$	3.51
Hypothetical (5% return before expenses)		1,000.00		1,021.38		0.70	%		3.52
N Class Shares
Actual	$	1,000.00	$	1,017.40		0.75	%	$	3.76
Hypothetical (5% return before expenses)		1,000.00		1,021.13		0.75	%		3.77

135

TCW Funds, Inc.

Shareholder Expenses (Unaudited) (Continued)

TCW Funds, Inc.	Beginning Account Value November 1, 2023		Ending Account Value April 30, 2024		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2023 to April 30, 2024)
TCW Global Bond Fund
I Class Shares
Actual	$	1,000.00	$	1,051.80		0.60	%	$	3.06
Hypothetical (5% return before expenses)		1,000.00		1,021.88		0.60	%		3.02
N Class Shares
Actual	$	1,000.00	$	1,050.00		0.70	%	$	3.57
Hypothetical (5% return before expenses)		1,000.00		1,021.38		0.70	%		3.52
TCW High Yield Bond Fund
I Class Shares
Actual	$	1,000.00	$	1,075.20		0.55	%	$	2.84
Hypothetical (5% return before expenses)		1,000.00		1,022.13		0.55	%		2.77
N Class Shares
Actual	$	1,000.00	$	1,075.40		0.80	%	$	4.13
Hypothetical (5% return before expenses)		1,000.00		1,020.89		0.80	%		4.02
TCW Short Term Bond Fund
I Class Shares
Actual	$	1,000.00	$	1,033.60		0.44	%	$	2.22
Hypothetical (5% return before expenses)		1,000.00		1,022.68		0.44	%		2.21
TCW Total Return Bond Fund
I Class Shares
Actual	$	1,000.00	$	1,061.40		0.49	%	$	2.51
Hypothetical (5% return before expenses)		1,000.00		1,022.43		0.49	%		2.46
N Class Shares
Actual	$	1,000.00	$	1,059.40		0.70	%	$	3.58
Hypothetical (5% return before expenses)		1,000.00		1,021.38		0.70	%		3.52
Plan Class Shares
Actual	$	1,000.00	$	1,061.60		0.44	%	$	2.26
Hypothetical (5% return before expenses)		1,000.00		1,022.70		0.44	%		2.21

136

TCW Funds, Inc.

Special Meeting of Shareholders to Approve Directors — Voting Results (Unaudited)

On February 15, 2024, the Corporation held a Special Meeting of Shareholders to elect nine Directors of the Corporation. Shareholders of record on January 5, 2024 were entitled to vote on the proposal to elect Directors. All Funds voted together. Each nominee for Director named below was elected and will hold office until his or her successor has been duly elected and qualified. The following votes were recorded:

PROPOSAL: Election of Directors.

Director Nominee	Shares Voted For		Shares Withheld
Patrick C. Haden		778,061,060		5,620,273
Martin Luther King III		778,550,805		6,106,575
Megan McClellan		779,047,346		5,392,670
Peter McMillan		777,261,038		5,676,943
Patrick Moore		779,274,376		5,718,850
Victoria B. Rogers		778,911,008		5,469,537
Robert G. Rooney		780,047,992		5,788,337
Michael Swell		780,102,419		5,562,293
Andrew Tarica		778,119,775		5,585,230

137

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.

138

TCW Funds, Inc.

515 South Flower Street

Los Angeles, California 90071

800 FUND TCW

(800 386 3829)

www.TCW.com

INVESTMENT ADVISOR

TCW Investment Management Company LLC

515 South Flower Street

Los Angeles, California 90071

TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, WI 53201

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Deloitte & Touche LLP

555 West 5th Street

Los Angeles, California 90013

CUSTODIAN & ADMINISTRATOR

State Street Bank & Trust Company

One Congress Street, Suite 1

Boston, Massachusetts 02114-2016

DISTRIBUTOR

TCW Funds Distributors LLC

515 South Flower Street

Los Angeles, California 90071

DIRECTORS

Patrick C. Haden

Director and Vice Chairman of the Board

Martin Luther King III

Director

Peter McMillan

Director

Victoria B. Rogers

Director

Robert Rooney

Director

Michael Swell

Director

Andrew Tarica

Director and Chairman of the Board

Megan McClellan

Director

Patrick Moore

Director

OFFICERS

Megan McClellan

President and Principal Executive Officer

Drew Bowden

Executive Vice President

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

Peter Davidson

Vice President and Secretary

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 Emerging Markets Income Fund

TCW Emerging Markets Local Currency Income Fund

FUNDarEQ1022

INTERNATIONAL FUNDS

TCW Emerging Markets Income Fund

TCW Emerging Markets Local Currency Income Fund

TCW Funds, Inc.

Table of Contents

Letter to Shareholders	1
Performance Summary (Unaudited)	2
Schedules of Investments (Unaudited)	3
TCW Emerging Markets Income Fund	3
TCW Emerging Markets Local Currency Income Fund	12
Statements of Assets and Liabilities (Unaudited)	18
Statements of Operations (Unaudited)	20
Statements of Changes in Net Assets (Unaudited)	22
Notes to Financial Statements (Unaudited)	23
Financial Highlights (Unaudited)	46
Shareholder Expenses (Unaudited)	51
Special Meeting of Shareholders to Approve Directors — Voting Results (Unaudited)	52
Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule	53

To Our Valued Shareholders

Megan McClellan President, Principal 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, 2024. 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, 2024, the TCW Funds held total assets of approximately $8.1 billion.

This report contains information outlining the performance and a list of portfolio holdings as of April 30, 2024 for the TCW Funds’ International fixed income funds.

The International Markets

The economic and inflation outlook in Emerging Markets (EM) remains benign as global growth continues to exhibit unexpected resilience, China’s unbalanced recovery gains steam, and EM inflation gradually decelerates. Several large EM countries, such as India and Brazil, are still growing at a robust pace, while others are beginning to turn after brief economic slowdowns or shallow recessions. In our view, Emerging Markets is heading into a more supportive medium-term environment due to looser monetary policies in major economies, a potentially weaker U.S. dollar, and the return of large EM economies to trend growth and inflation targets.

Further, while debt/GDP and deficit levels continue to rise in developed markets, many EM countries have established a track record of more prudent macro policies including more conservative fiscal management, gradual reduction of subsidies, and a growing commitment to monetary orthodoxy via inflation targeting. Many countries have established or are in ongoing programs with the IMF (International Monetary Fund), some have obtained substantial financial support from regional peers, and others have instituted more orthodox policies post elections to tackle macroeconomic imbalances. As such, EM ratings upgrades are forecast to outpace downgrades for the first time in a decade; countries such as Argentina, Benin, Brazil, Ivory Coast, Jamaica, Qatar, Turkey and Uruguay are among those recently upgraded.

In addition, as global economic risks have risen, EM’s strategic importance to the developed world has also increased. The de-risking of supply chains and the resulting regionalization of trade; the strategic demand for base metals to fuel the climate transition and the growth of AI; the structural growth of the EM middle class; and the demographic challenges facing the developed world are all making the DM world more dependent on alliances with EM countries. Credit metrics in the emerging world, both sovereign and corporate, have improved relative to the developed economies. Further, dominant positioning in commodities and a demographic advantage relative to DM are enabling EM partners to play a more prominent role in this world of shifting alliances.

In our view, these factors have transformed the EM opportunity from one of convergence with the developed world to one of strategic opportunity and diversification. The role for Emerging Markets in the global economy is increasing, and thus the asset class can serve as an important source of diversification in a fixed income portfolio. The broad nature of an index with more than 70 countries enables an investor to construct a portfolio to take advantage of select themes and benefit from the rising importance of the Emerging Markets in a multi-polar world.

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,

Megan McClellan

President, Principal Executive Officer and Director

1

TCW Funds, Inc.

Performance Summary (Unaudited)

	NAV		Six Months Return as of April 30, 2024			Total Return Annualized as of April 30, 2024(1)(2)												Inception Date
						1-Year			5-Year			10-Year			Since Inception
TCW Emerging Markets Income Fund
I Class	$	6.35		11.76	%		9.80	%		(0.12	)%		2.05	%		7.37	%(3)		09/04/96	(4)
N Class	$	8.20		11.87	%		9.69	%		(0.21	)%		1.86	%		5.59	%		02/27/04
Plan Class	$	6.35		11.99	%		9.88	%		N/A			N/A			(1.66	)%		02/28/20
TCW Emerging Markets Local Currency Income Fund
I Class	$	7.16		4.77	%		1.59	%		(0.79	)%		(0.67	)%		0.23	%		12/14/10
N Class	$	7.15		4.90	%		1.67	%		(0.80	)%		(0.68	)%		0.20	%		12/14/10

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

(2) The Funds’ Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

(3) 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.

(4) Inception date of the predecessor entity.

2

TCW Emerging Markets Income Fund

Schedule of Investments (Unaudited) April 30, 2024

Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES — 97.3% of Net Assets
Angola — 2.2%
Angola Government International Bonds
8.00% (1)		11/26/29	$	9,730,000	$	8,869,868
8.25% (2)		05/09/28		33,245,000		31,468,470
8.75% (2)		04/14/32		17,435,000		15,814,364
9.13% (1)		11/26/49		29,419,000		24,561,041
Total Angola
(Cost: $75,898,424)						80,713,743
Argentina — 2.4%
Argentina Republic Government International Bonds
0.75%		07/09/30		42,584,288		24,707,404
3.50%		07/09/41		65,354,176		28,700,871
3.63%		07/09/35		38,076,132		17,563,756
4.25%		01/09/38		36,873,346		18,794,345
Total Argentina
(Cost: $69,118,544)						89,766,376
Azerbaijan — 0.2% (Cost: $8,775,162)
Republic of Azerbaijan International Bonds
3.50% (1)		09/01/32		10,405,000		8,619,892
Bahamas — 1.0%
Bahamas Government International Bonds
6.00% (1)		11/21/28		9,377,000		8,361,471
8.95% (1)		10/15/32		31,029,000		29,934,455
Total Bahamas
(Cost: $36,722,449)						38,295,926
Bahrain — 2.7%
Bahrain Government International Bonds
5.63% (1)		05/18/34		30,422,000		26,818,894
6.75% (1)		09/20/29		34,614,000		34,534,388
7.50% (2)		02/12/36		11,400,000		11,361,525
7.75% (2)		04/18/35		16,799,000		17,140,020
CBB International Sukuk Programme Co. WLL
6.00% (2)		02/12/31		12,025,000		11,923,539
Total Bahrain
(Cost: $99,871,227)						101,778,366
Benin — 0.3% (Cost: $12,591,219)
Benin Government International Bonds
7.96% (2)		02/13/38		13,010,000		12,339,985
Brazil — 3.3%
Acu Petroleo Luxembourg SARL
7.50% (2)		07/13/35		21,688,311		20,841,111
Aegea Finance SARL
9.00% (2)		01/20/31		13,675,000		14,319,969
Banco BTG Pactual SA
6.25% (2)		04/08/29		3,760,000		3,732,947
Brazil Government International Bonds
5.00%		01/27/45		19,110,000		14,451,938
7.13%		05/13/54		8,514,000		8,149,565

Issues	Maturity Date		Principal Amount		Value
Brazil (Continued)
CSN Resources SA
4.63% (2)		06/10/31	$	2,647,000	$	2,083,384
8.88% (2)		12/05/30		8,928,000		8,927,107
Minerva Luxembourg SA
8.88% (2)		09/13/33		10,000,000		10,296,250
Nexa Resources SA
6.75% (2)		04/09/34		2,300,000		2,310,810
Samarco Mineracao SA
9.50% (2)		06/30/31		41,868,698		38,288,296
Total Brazil
(Cost: $118,067,742)						123,401,377
Chile — 3.4%
AES Andes SA
6.30% (2)		03/15/29		10,765,000		10,640,880
7.13% (5 yr. USD Swap + 4.644%) (2),(3)		03/26/79		19,856,000		19,762,925
Corp. Nacional del Cobre de Chile
3.00% (1)		09/30/29		15,025,000		13,014,655
3.70% (1)		01/30/50		5,320,000		3,478,048
5.13% (1)		02/02/33		17,562,000		16,257,143
6.30% (1)		09/08/53		30,568,000		29,057,941
6.44% (1)		01/26/36		28,576,000		28,430,262
Engie Energia Chile SA
6.38% (2)		04/17/34		6,175,000		6,108,464
Total Chile
(Cost: $128,329,001)						126,750,318
China — 1.0%
Fortune Star BVI Ltd.
5.00% (1)		05/18/26		18,199,000		16,219,859
5.05% (1)		01/27/27		2,810,000		2,400,126
Melco Resorts Finance Ltd.
5.38% (1)		12/04/29		20,605,000		18,410,567
Total China
(Cost: $37,034,107)						37,030,552
Colombia — 3.8%
Colombia Government International Bonds
7.38%		09/18/37		25,325,000		24,172,712
7.50%		02/02/34		20,540,000		20,188,766
8.00%		11/14/35		16,785,000		16,960,370
8.75%		11/14/53		23,375,000		24,172,821
Ecopetrol SA
5.88%		05/28/45		7,700,000		5,500,996
8.38%		01/19/36		27,480,000		26,731,762
Gran Tierra Energy, Inc.
9.50% (2)		10/15/29		24,801,000		23,352,622
Total Colombia
(Cost: $141,398,832)						141,080,049

See accompanying Notes to Financial Statements.

3

TCW Emerging Markets Income Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
Costa Rica — 1.0%
Costa Rica Government International Bonds
6.13% (1)		02/19/31	$	8,000,000	$	7,970,400
6.55% (2)		04/03/34		8,900,000		9,037,060
7.30% (2)		11/13/54		17,800,000		18,578,750
Total Costa Rica
(Cost: $33,708,640)						35,586,210
Dominican Republic — 2.8%
Dominican Republic International Bonds
4.50% (2)		01/30/30		21,011,000		18,815,351
4.88% (2)		09/23/32		25,189,000		22,115,932
5.50% (2)		02/22/29		32,515,000		31,016,342
6.40% (1)		06/05/49		13,761,000		12,470,218
6.85% (1)		01/27/45		21,715,000		20,716,110
Total Dominican Republic
(Cost: $102,095,070)						105,133,953
Ecuador — 1.7%
Ecuador Government International Bonds
0.00% (1),(4)		07/31/30		8,264,000		4,517,929
2.50% (1)		07/31/40		35,604,553		17,820,079
3.50% (1)		07/31/35		3,717,000		2,040,633
3.50% (2)		07/31/35		44,320,699		24,332,063
6.00% (1)		07/31/30		19,690,489		13,852,259
Total Ecuador
(Cost: $46,164,455)						62,562,963
Egypt — 2.9%
Egypt Government International Bonds
5.88% (1)		02/16/31		27,212,000		21,365,502
7.05% (2)		01/15/32		30,455,000		24,845,189
7.30% (1)		09/30/33		30,725,000		24,724,023
7.50% (1)		02/16/61		18,886,000		12,867,032
8.50% (1)		01/31/47		31,961,000		24,555,636
Total Egypt
(Cost: $83,815,155)						108,357,382
El Salvador — 1.3%
El Salvador Government International Bonds
0.25% (2)		04/17/30		14,295,000		428,850
6.38% (1)		01/18/27		3,244,000		2,883,916
7.12% (1)		01/20/50		8,644,000		5,596,990
7.65% (1)		06/15/35		7,578,000		5,491,945
8.25% (1)		04/10/32		19,051,000		15,250,326
8.63% (1)		02/28/29		1,836,000		1,614,762
9.25% (2)		04/17/30		14,295,000		12,803,125
9.50% (1)		07/15/52		5,750,000		4,553,257
Total El Salvador
(Cost: $51,287,910)						48,623,171

Issues	Maturity Date		Principal Amount		Value
Ethiopia — 0.2% (Cost: $7,698,000)
Ethiopia International Bonds
6.63% (1),(5)		12/11/24	$	10,775,000	$	7,633,010
Gabon — 0.7%
Gabon Government International Bonds
6.63% (1)		02/06/31		22,201,000		17,538,790
6.95% (1)		06/16/25		10,042,000		9,699,944
Total Gabon
(Cost: $27,117,844)						27,238,734
Ghana — 1.2%
Ghana Government International Bonds
0.00% (1),(4),(5)		04/07/25		16,293,000		6,572,596
6.38% (1),(5)		02/11/27		17,400,000		8,416,380
7.63% (1),(5)		05/16/29		25,718,000		12,521,451
7.75% (1),(5)		04/07/29		14,812,000		7,228,256
8.13% (1),(5)		03/26/32		11,386,000		5,544,982
8.63% (1),(5)		04/07/34		8,146,000		3,973,619
Total Ghana
(Cost: $41,484,298)						44,257,284
Guatemala — 1.0%
Guatemala Government Bonds
3.70% (2)		10/07/33		11,900,000		9,427,031
4.90% (1)		06/01/30		5,831,000		5,435,585
5.38% (1)		04/24/32		10,000,000		9,321,000
6.60% (2)		06/13/36		12,917,000		12,693,552
Total Guatemala
(Cost: $37,381,943)						36,877,168
Hungary — 2.2%
Hungary Government International Bonds
5.50% (1)		06/16/34		15,750,000		15,016,050
5.50% (2)		03/26/36		11,335,000		10,614,094
6.75% (2)		09/25/52		16,390,000		16,912,431
Magyar Export-Import Bank Zrt
6.13% (2)		12/04/27		10,617,000		10,650,178
MVM Energetika Zrt
7.50% (1)		06/09/28		28,075,000		28,915,510
Total Hungary
(Cost: $81,767,809)						82,108,263
India — 0.3% (Cost: $11,440,887)
Indiabulls Housing Finance Ltd.
9.70% (2)		07/03/27		11,448,000		11,082,809
Indonesia — 3.0%
Freeport Indonesia PT
5.32% (2)		04/14/32		24,445,000		23,105,414
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT
5.45% (2)		05/15/30		12,436,000		12,055,259

See accompanying Notes to Financial Statements.

4

TCW Emerging Markets Income Fund

April 30, 2024

Issues	Maturity Date		Principal Amount		Value
Indonesia (Continued)
Indonesia Government International Bonds
2.85%		02/14/30	$	12,250,000	$	10,688,125
4.40%		03/10/29		10,025,000		9,624,000
4.70%		02/10/34		19,420,000		18,329,538
Perusahaan Penerbit SBSN Indonesia III
5.60% (2)		11/15/33		27,900,000		28,231,313
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
4.88% (1)		07/17/49		13,023,000		10,391,721
Total Indonesia
(Cost: $111,138,064)						112,425,370
Israel — 1.9%
Energean Israel Finance Ltd.
4.88% (1)		03/30/26		28,037,112		26,427,782
Israel Government International Bonds
5.38%		03/12/29		11,131,000		10,908,937
5.50%		03/12/34		13,309,000		12,720,742
5.75%		03/12/54		13,310,000		12,035,740
Leviathan Bond Ltd.
6.75% (1)		06/30/30		10,972,000		9,824,614
Total Israel
(Cost: $72,798,871)						71,917,815
Ivory Coast — 0.7%
Ivory Coast Government International Bonds
6.13% (1)		06/15/33		11,952,000		10,388,368
7.63% (2)		01/30/33		11,075,000		10,632,000
8.25% (2)		01/30/37		4,525,000		4,338,117
Total Ivory Coast
(Cost: $26,134,977)						25,358,485
Jamaica — 0.4%
Jamaica Government International Bonds
7.88%		07/28/45		4,300,000		4,939,609
8.00%		03/15/39		7,240,000		8,387,540
Total Jamaica
(Cost: $13,695,594)						13,327,149
Jordan — 1.4%
Jordan Government International Bonds
7.38% (1)		10/10/47		13,380,000		11,473,350
7.50% (2)		01/13/29		14,100,000		13,959,000
7.75% (2)		01/15/28		25,320,000		25,351,650
Total Jordan
(Cost: $50,367,442)						50,784,000
Kazakhstan — 1.4%
KazMunayGas National Co. JSC
4.75% (1)		04/19/27		22,805,000		21,901,101
5.38% (1)		04/24/30		4,910,000		4,688,456
5.75% (1)		04/19/47		28,525,000		23,764,891
Total Kazakhstan
(Cost: $48,734,990)						50,354,448

Issues	Maturity Date		Principal Amount		Value
Kenya — 1.4%
Republic of Kenya Government International Bonds
6.30% (1)		01/23/34	$	19,916,000	$	15,787,413
7.00% (1)		05/22/27		20,557,000		19,864,229
8.25% (1)		02/28/48		5,700,000		4,812,510
9.75% (2)		02/16/31		10,450,000		10,518,578
Total Kenya
(Cost: $47,589,643)						50,982,730
Lebanon — 0.2%
Lebanon Government International Bonds
6.00% (1),(5)		01/27/23		19,185,000		1,266,210
6.10% (1),(5)		10/04/22		16,000,000		1,049,600
6.20% (1),(5)		02/26/25		6,110,000		400,816
6.60% (1),(5)		11/27/26		9,575,000		630,035
6.65% (1),(5)		04/22/24		12,700,000		838,200
8.25% (5),(6)		05/17/34		22,875,000		1,498,313
Total Lebanon
(Cost: $5,791,625)						5,683,174
Mexico — 6.8%
BBVA Bancomer SA
5.13% (5 yr. CMT + 2.650%) (1),(3)		01/18/33		11,061,000		10,126,346
Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy
7.88% (2)		02/15/39		8,000,000		8,384,800
Cemex SAB de CV
5.13% (5 yr. CMT + 4.534%) (2),(3),(7)		06/08/26		16,993,000		16,347,266
Mexico Government International Bonds
6.34%		05/04/53		24,080,000		22,514,800
6.35%		02/09/35		50,015,000		49,889,962
Petroleos Mexicanos
5.95%		01/28/31		50,688,000		40,048,589
6.38%		01/23/45		10,692,000		6,686,616
6.50%		03/13/27		14,260,000		13,364,200
6.63%		06/15/35		37,188,000		27,606,512
6.70%		02/16/32		40,365,000		33,163,884
6.75%		09/21/47		20,280,000		12,960,246
7.69%		01/23/50		15,818,000		11,078,927
Total Mexico
(Cost: $251,782,488)						252,172,148
Montenegro — 0.1% (Cost: $3,650,000)
Montenegro Government International Bonds
7.25% (2)		03/12/31		3,650,000		3,664,828
Morocco — 1.1%
Morocco Government International Bonds
5.95% (2)		03/08/28		10,506,000		10,449,362
6.50% (2)		09/08/33		7,969,000		7,992,540

See accompanying Notes to Financial Statements.

5

TCW Emerging Markets Income Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
Morocco (Continued)
OCP SA
6.75% (2)		05/02/34	$	12,430,000	$	12,258,342
7.50% (2)		05/02/54		10,630,000		10,344,053
Total Morocco
(Cost: $40,904,490)						41,044,297
Mozambique — 0.3% (Cost: $11,512,482)
Mozambique International Bonds
9.00% (1)		09/15/31		15,380,000		12,902,282
Nigeria — 2.9%
Nigeria Government International Bonds
6.13% (2)		09/28/28		28,851,000		25,567,756
7.14% (1)		02/23/30		15,425,000		13,578,967
7.38% (1)		09/28/33		7,790,000		6,476,606
7.63% (1)		11/28/47		14,940,000		11,140,086
7.70% (2)		02/23/38		24,804,000		19,626,165
8.25% (1)		09/28/51		13,300,000		10,463,176
8.38% (1)		03/24/29		23,100,000		21,979,650
Total Nigeria
(Cost: $109,494,068)						108,832,406
Oman — 3.2%
Mazoon Assets Co. SAOC
5.50% (2)		02/14/29		15,200,000		14,973,368
Oman Government International Bonds
6.00% (1)		08/01/29		59,535,000		59,669,787
6.25% (2)		01/25/31		43,875,000		44,464,571
Total Oman
(Cost: $118,742,762)						119,107,726
Pakistan — 1.3%
Pakistan Government International Bonds
6.00% (2)		04/08/26		24,338,000		21,974,293
6.88% (1)		12/05/27		12,960,000		11,160,504
7.38% (1)		04/08/31		10,185,000		8,108,065
8.88% (1)		04/08/51		10,800,000		8,287,920
Total Pakistan
(Cost: $35,681,609)						49,530,782
Panama — 3.7%
Panama Government International Bonds
3.16%		01/23/30		46,328,000		37,853,440
4.50%		04/16/50		47,489,000		30,649,401
6.40%		02/14/35		33,904,000		31,188,289
7.50%		03/01/31		10,100,000		10,249,480
7.88%		03/01/57		15,200,000		14,908,160
8.00%		03/01/38		12,188,000		12,473,656
Total Panama
(Cost: $147,303,539)						137,322,426

Issues	Maturity Date		Principal Amount		Value
Paraguay — 0.7%
Paraguay Government International Bonds
4.95% (1)		04/28/31	$	7,975,000	$	7,500,488
6.00% (2)		02/09/36		9,640,000		9,417,075
6.10% (1)		08/11/44		10,748,000		9,962,052
Total Paraguay
(Cost: $26,875,508)						26,879,615
Peru — 1.2%
Cia de Minas Buenaventura SAA
5.50% (1)		07/23/26		19,230,000		18,474,261
Peru Government International Bonds
2.78%		01/23/31		32,407,000		27,059,845
Total Peru
(Cost: $46,395,446)						45,534,106
Philippines — 1.6%
Philippines Government International Bonds
2.95%		05/05/45		11,583,000		7,649,731
3.20%		07/06/46		30,289,000		20,622,231
3.56%		09/29/32		34,245,000		29,800,902
Total Philippines
(Cost: $64,678,273)						58,072,864
Poland — 2.4%
Republic of Poland Government International Bonds
4.63%		03/18/29		24,213,000		23,581,041
4.88%		10/04/33		49,174,000		46,995,592
5.50%		04/04/53		4,061,000		3,861,142
5.50%		03/18/54		15,889,000		14,949,960
Total Poland
(Cost: $92,153,015)						89,387,735
Qatar — 1.3%
QatarEnergy
2.25% (1)		07/12/31		34,162,000		27,848,862
3.30% (1)		07/12/51		33,400,000		22,264,440
Total Qatar
(Cost: $53,517,988)						50,113,302
Romania — 2.3%
Romania Government International Bonds
5.88% (2)		01/30/29		24,950,000		24,475,950
6.00% (2)		05/25/34		12,066,000		11,571,294
6.38% (2)		01/30/34		16,550,000		16,214,697
7.13% (2)		01/17/33		18,160,000		18,789,970
7.63% (2)		01/17/53		15,248,000		16,295,538
Total Romania
(Cost: $85,945,947)						87,347,449
Saudi Arabia — 4.5%
Greensaif Pipelines Bidco SARL
6.13% (2)		02/23/38		62,260,000		61,481,750

See accompanying Notes to Financial Statements.

6

TCW Emerging Markets Income Fund

April 30, 2024

Issues	Maturity Date		Principal Amount		Value
Saudi Arabia (Continued)
Saudi Government International Bonds
4.75% (2)		01/16/30	$	47,111,000	$	45,513,937
5.75% (2)		01/16/54		30,067,000		28,124,672
TMS Issuer SARL
5.78% (1)		08/23/32		31,300,000		31,573,875
Total Saudi Arabia
(Cost: $171,200,513)						166,694,234
Senegal — 0.7%
Senegal Government International Bonds
6.25% (1)		05/23/33		15,285,000		12,944,866
6.75% (1)		03/13/48		16,250,000		11,976,965
Total Senegal
(Cost: $25,071,667)						24,921,831
South Africa — 2.8%
Eskom Holdings SOC Ltd.
8.45% (1)		08/10/28		29,778,000		29,442,998
Republic of South Africa Government International Bonds
4.85%		09/30/29		30,179,000		26,923,078
5.00%		10/12/46		21,800,000		14,384,621
5.65%		09/27/47		12,310,000		8,743,793
5.88%		06/22/30		7,079,000		6,539,226
Sasol Financing USA LLC
8.75% (2)		05/03/29		8,010,000		8,102,616
Stillwater Mining Co.
4.50% (1)		11/16/29		11,640,000		9,179,653
Total South Africa
(Cost: $103,941,194)						103,315,985
Sri Lanka — 1.0%
Sri Lanka Government International Bonds
6.20% (1),(5)		05/11/27		8,600,000		4,903,439
6.75% (1),(5)		04/18/28		30,528,000		17,400,960
7.55% (1),(5)		03/28/30		24,110,000		13,599,845
Total Sri Lanka
(Cost: $38,014,616)						35,904,244
Turkey — 5.7%
Akbank TAS
9.37% (5 yr. CMT + 5.270%) (2),(3),(7)		03/14/29		24,525,000		24,364,055
Hazine Mustesarligi Varlik Kiralama AS
8.51% (2)		01/14/29		46,775,000		49,376,859
Istanbul Metropolitan Municipality
10.50% (2)		12/06/28		17,015,000		18,268,155
Sisecam U.K. PLC
8.63% (2)		05/02/32		8,700,000		8,829,326
Turkiye Government International Bonds
5.75%		05/11/47		9,953,000		7,391,595
9.13%		07/13/30		41,825,000		45,157,930
9.38%		03/14/29		16,925,000		18,373,272

Issues	Maturity Date		Principal Amount		Value
Turkey (Continued)
Turkiye Vakiflar Bankasi TAO
10.12% (5 yr. CMT + 5.493%) (2),(3),(7)		04/24/29	$	17,400,000	$	17,476,299
Yapi ve Kredi Bankasi AS
9.25% (5 yr. CMT + 5.278%) (2),(3)		01/17/34		10,935,000		11,225,461
9.74% (5 yr. CMT + 5.499%) (2),(3),(7)		04/04/29		13,420,000		13,440,130
Total Turkey
(Cost: $205,791,613)						213,903,082
Ukraine — 1.4%
NAK Naftogaz Ukraine via Kondor Finance PLC
7.13% (1),(5)		07/19/26	EUR	2,780,000		1,976,723
7.63% (1),(5)		11/08/28	$	7,242,000		4,779,720
Ukraine Government International Bonds
6.88% (1),(5)		05/21/31		21,983,000		5,570,492
7.25% (1),(5)		03/15/35		58,686,000		14,665,631
7.38% (1),(5)		09/25/34		8,850,000		2,221,350
7.75% (1),(5)		09/01/27		27,243,000		7,818,741
7.75% (1),(5)		09/01/28		11,500,000		3,282,675
7.75% (1),(5)		09/01/29		17,950,000		5,097,800
7.75% (1),(5)		08/01/41		14,662,000		7,908,683
Total Ukraine
(Cost: $58,296,813)						53,321,815
United Arab Emirates — 3.4%
Abu Dhabi Government International Bonds
3.13% (1)		09/30/49		14,995,000		9,899,699
Finance Department Government of Sharjah
4.00% (1)		07/28/50		14,200,000		8,879,438
6.13% (2)		03/06/36		11,200,000		10,920,762
6.50% (2)		11/23/32		37,035,000		37,475,716
Galaxy Pipeline Assets Bidco Ltd.
2.63% (2)		03/31/36		19,706,000		15,526,357
2.94% (2)		09/30/40		22,839,554		17,595,592
MDGH GMTN RSC Ltd.
4.38% (1)		11/22/33		12,475,000		11,464,525
5.50% (1)		04/28/33		5,900,000		5,924,874
5.88% (1)		05/01/34		7,105,000		7,301,276
Total United Arab Emirates
(Cost: $131,040,886)						124,988,239
Uruguay — 0.4%
Uruguay Government International Bonds
4.98%		04/20/55		10,880,000		9,626,624
5.10%		06/18/50		4,655,000		4,257,929
Total Uruguay
(Cost: $13,836,426)						13,884,553

See accompanying Notes to Financial Statements.

7

TCW Emerging Markets Income Fund

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
Uzbekistan — 0.4%
Republic of Uzbekistan International Bonds
3.70% (1)		11/25/30	$	6,875,000	$	5,575,625
3.90% (1)		10/19/31		6,450,000		5,156,743
5.38% (1)		02/20/29		6,600,000		6,061,687
Total Uzbekistan
(Cost: $17,144,224)						16,794,055
Venezuela — 0.7%
Venezuela Government International Bonds
8.25% (1),(5),(6)		10/13/24		24,647,300		4,436,514
9.25% (5),(6)		09/15/27		60,955,000		13,093,133
9.25% (1),(5),(6)		05/07/28		49,048,000		9,628,123
Total Venezuela
(Cost: $43,831,351)						27,157,770
Zambia — 1.4%
First Quantum Minerals Ltd.
8.63% (2)		06/01/31		38,075,000		36,900,322
Zambia Government International Bonds
5.38% (1),(5)		09/20/49		25,550,000		16,827,230
Total Zambia
(Cost: $50,889,826)						53,727,552
Total Fixed Income Securities
(Cost: $3,575,716,668)						3,626,596,028
PURCHASED OPTIONS (8) (0.1%)
(Cost: $7,627,698)						3,630,419

Issues	Maturity Date		Shares		Value
MONEY MARKET INVESTMENTS (1.6% )
State Street Institutional U.S. Government Money Market Fund — Premier Class, 5.25% (9)				61,156,860	$	61,156,860
Total Money Market Investments
(Cost: $61,156,860)						61,156,860
			Principal Amount
SHORT-TERM INVESTMENT — 0.9%
Egypt Treasury Bills
0.00% (4)		12/10/24	EGP	224,725,000		4,046,929
0.00% (4)		12/17/24	EGP	355,450,000		6,369,463
0.00% (4)		03/11/25	EGP	1,230,000,000		21,045,210
Total Short-term Investment
(Cost: $30,326,529)						31,461,602
Total Investments (99.9%)
(Cost: $3,674,827,755)						3,722,844,909
Excess Of Other Assets Over Liabilities (0.1%)						3,654,063
Net Assets (100.0%)					$	3,726,498,972

Purchased Options — OTC
Description	Counterparty		Exercise Price			Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation (Depreciation)
BRL Call / USD Put		Bank of America		BRL	4.87		12/20/24		43,930,000	$	43,930,000	$	305,972	$	1,549,982	$	(1,244,010	)
COP Call / USD Put		Bank of America		COP	3,933		12/20/24		43,930,000		43,930,000		1,069,037		1,597,735		(528,698	)
HUF Call / USD Put		BNP Paribas S.A.		HUF	346.4		12/20/24		43,930,000		43,930,000		371,252		1,645,178		(1,273,926	)
MXN Call / USD Put		Goldman Sachs International		MXN	16.83		12/20/24		43,930,000		43,930,000		550,004		972,171		(422,167	)
ZAR Call / USD Put		JP Morgan Chase Bank		ZAR	18.61		12/20/24		43,930,000		43,930,000		1,334,154		1,862,632		(528,478	)
												$	3,630,419	$	7,627,698	$	(3,997,279	)

See accompanying Notes to Financial Statements.

8

TCW Emerging Markets Income Fund

April 30, 2024

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)
Goldman Sachs & Co.		KRW		95,970,287,760		07/16/24	$	73,520,000	$	69,711,613	$	(3,808,387	)
JP Morgan Chase Bank		PLN		292,467,907		07/16/24		73,470,000		72,220,474		(1,249,526	)
							$	146,990,000	$	141,932,087	$	(5,057,913	)
SELL (11)
Bank of America		KRW		36,598,712,980		07/16/24	$	26,881,170	$	26,584,846	$	296,324
BNP Paribas S.A.		PLN		292,467,907		07/16/24		72,031,108		72,220,474		(189,366	)
Deutsche Bank AG		KRW		59,371,574,780		07/16/24		43,569,072		43,126,767		442,305
							$	142,481,350	$	141,932,087	$	549,263

Futures Contracts
Number of Contracts	Type	Expiration Date		Notional			Market Value			Net Unrealized Appreciation (Depreciation)
Short Futures
650	10-Year U.S. Treasury Note Futures		06/18/24	$	(71,529,367	)	$	(69,834,375	)	$	1,694,992

Notes to the Schedule of Investments:

BRL Brazilian Real.

COP Colombian Peso.

HUF Hungarian Forint.

EGP Egyptian Pound.

EUR Euro Currency.

KRW South Korean Won.

MXN Mexican Peso.

PLN Polish Zloty.

USD U.S. 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, 2024, the value of these securities amounted to $1,304,029,738 or 35.0% 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, 2024, the value of these securities amounted to $1,319,690,633 or 35.4% 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.

(3) Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2024.

(4) Security is not accruing interest.

(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) Perpetual maturity.

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

(9) Rate disclosed is the 7-day net yield as of April 30, 2024.

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

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

See accompanying Notes to Financial Statements.

9

TCW Emerging Markets Income Fund

Investments by Sector (Unaudited) April 30, 2024

Sector	Percentage of Net Assets
Foreign Government Bonds		67.4	%
Oil & Gas		9.2
Mining		5.2
Pipelines		3.9
Electric		3.5
Banks		2.1
Money Market Investments		1.6
Iron & Steel		1.3
Chemicals		0.8
Short-Term Investments		0.8
Building Materials		0.7
Investment Companies		0.7
Entertainment		0.5
Lodging		0.5
Municipal Bonds		0.5
Diversified Financial Services		0.4
Water		0.4
Food		0.3
Purchased Options		0.1
Total		99.9	%

See accompanying Notes to Financial Statements.

10

TCW Emerging Markets Income Fund

Fair Valuation Summary (Unaudited) April 30, 2024

The following is a summary of the fair valuations according to the inputs used as of April 30, 2024 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
Foreign Government Bonds	$	—	$	2,484,831,849		$	28,656,082	$	2,513,487,931
Oil & Gas		—		343,970,942			—		343,970,942
Mining		—		192,263,768			—		192,263,768
Pipelines		—		147,018,686			—		147,018,686
Electric		—		128,620,665			—		128,620,665
Banks		—		76,632,290			—		76,632,290
Iron & Steel		—		49,298,788			—		49,298,788
Chemicals		—		30,705,010			—		30,705,010
Building Materials		—		25,176,591			—		25,176,591
Investment Companies		—		24,690,675			—		24,690,675
Lodging		—		18,619,984			—		18,619,984
Entertainment		—		18,410,568			—		18,410,568
Government Regional/Local		—		18,268,155			—		18,268,155
Diversified Financial Services		—		14,815,756			—		14,815,756
Water		—		14,319,969			—		14,319,969
Food		—		10,296,250			—		10,296,250
Total Fixed Income Securities		—		3,597,939,946			28,656,082		3,626,596,028
Money Markets Investments		61,156,860		—			—		61,156,860
Short Term Investments		—		31,461,602			—		31,461,602
Purchased Options		—		3,630,419			—		3,630,419
Total Investments	$	61,156,860	$	3,633,031,967		$	28,656,082	$	3,722,844,909
Asset Derivatives
Futures Contracts
Interest Rate Risk		1,694,992		—			—		1,694,992
Forward Currency Exchange Contracts
Foreign Currency Risk		—		738,629			—		738,629
Total	$	62,851,852	$	3,633,770,596		$	28,656,082	$	3,725,278,530
Liability Derivatives
Forward Currency Exchange Contracts
Foreign Currency Risk	$	—	$	(5,247,279	)	$	—	$	(5,247,279	)
Total	$	—	$	(5,247,279	)	$	—	$	(5,247,279	)

See accompanying Notes to Financial Statements.

11

TCW Emerging Markets Local Currency Income Fund

Schedule of Investments (Unaudited)

Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES — 91.1% of Net Assets
Brazil — 14.3%
Brazil Notas do Tesouro Nacional Series F
10.00%		01/01/25	BRL	9,626,000	$	1,853,333
10.00%		01/01/27	BRL	12,171,000		2,301,111
10.00%		01/01/29	BRL	12,647,000		2,325,176
10.00%		01/01/31	BRL	15,881,000		2,841,008
Total Brazil
(Cost: $9,342,615)						9,320,628
Chile — 0.8%
Bonos de la Tesoreria de la Republica en pesos
5.00% (1)		10/01/28	CLP	185,000,000		187,219
5.00%		03/01/35	CLP	225,000,000		217,755
6.00% (1)		04/01/33	CLP	115,000,000		118,683
Total Chile
(Cost: $661,753)						523,657
Colombia — 5.3%
Colombia TES Series B
6.25%		07/09/36	COP	1,032,300,000		184,684
7.00%		06/30/32	COP	4,219,700,000		884,183
7.75%		09/18/30	COP	3,405,000,000		778,368
Colombia TES
7.25%		10/18/34	COP	2,414,100,000		492,810
13.25%		02/09/33	COP	3,875,700,000		1,142,703
Total Colombia
(Cost: $3,268,953)						3,482,748
Czech Republic — 5.4%
Czech Republic Government Bonds
0.95% (1)		05/15/30	CZK	8,260,000		290,420
1.75%		06/23/32	CZK	12,650,000		445,395
2.00%		10/13/33	CZK	14,540,000		508,942
2.50% (1)		08/25/28	CZK	12,710,000		504,156
3.50%		05/30/35	CZK	33,590,000		1,324,338
5.00%		09/30/30	CZK	9,940,000		440,323
Total Czech Republic
(Cost: $3,607,800)						3,513,574
Hungary — 3.0%
Hungary Government Bonds
2.25%		04/20/33	HUF	515,190,000		965,701
3.00%		10/27/27	HUF	139,470,000		333,416
4.75%		11/24/32	HUF	113,730,000		264,642
5.50%		06/24/25	HUF	144,230,000		387,168
Total Hungary
(Cost: $2,126,197)						1,950,927

Issues	Maturity Date		Principal Amount		Value
India — 3.1%
India Government Bonds
7.17%		04/17/30	INR	5,000,000	$	59,769
7.18%		08/14/33	INR	162,000,000		1,939,175
Total India
(Cost: $2,029,868)						1,998,944
Indonesia — 11.4%
Indonesia Treasury Bonds
6.38%		04/15/32	IDR	10,683,000,000		625,672
6.63%		02/15/34	IDR	34,107,000,000		2,009,922
6.88%		04/15/29	IDR	14,516,000,000		882,593
7.00%		09/15/30	IDR	7,675,000,000		469,327
7.00%		02/15/33	IDR	11,241,000,000		682,166
7.50%		08/15/32	IDR	13,628,000,000		853,803
7.50%		06/15/35	IDR	5,097,000,000		320,322
8.38%		09/15/26	IDR	9,076,000,000		572,032
8.38%		03/15/34	IDR	2,788,000,000		185,352
8.38%		04/15/39	IDR	3,673,000,000		250,156
9.00%		03/15/29	IDR	8,841,000,000		584,234
Total Indonesia
(Cost: $7,953,217)						7,435,579
Malaysia — 9.4%
Malaysia Government Bonds
2.63%		04/15/31	MYR	6,372,000		1,232,209
3.52%		04/20/28	MYR	4,811,000		999,612
3.58%		07/15/32	MYR	1,641,000		334,664
3.76%		05/22/40	MYR	1,670,000		334,315
3.88%		03/14/25	MYR	4,898,000		1,030,672
3.91%		07/15/26	MYR	2,368,000		499,897
4.76%		04/07/37	MYR	4,135,000		924,299
4.89%		06/08/38	MYR	3,505,000		794,859
Total Malaysia
(Cost: $6,263,296)						6,150,527
Mexico — 8.8%
Mexico Bonos
5.00%		03/06/25	MXN	5,545,700		310,224
7.00%		09/03/26	MXN	18,700,000		1,015,201
7.75%		05/29/31	MXN	19,913,900		1,036,572
7.75%		11/13/42	MXN	15,714,700		745,020
8.00%		05/24/35	MXN	3,049,800		155,493
8.50%		03/01/29	MXN	12,872,800		709,237
8.50%		05/31/29	MXN	11,295,400		622,561
8.50%		11/18/38	MXN	15,963,000		830,601
10.00%		11/20/36	MXN	5,370,000		316,745
Total Mexico
(Cost: $5,780,844)						5,741,654

See accompanying Notes to Financial Statements.

12

TCW Emerging Markets Local Currency Income Fund

April 30, 2024

Issues	Maturity Date		Principal Amount		Value
Peru — 1.9%
Peru Government Bonds
5.40%		08/12/34	PEN	1,518,000	$	350,871
6.15%		08/12/32	PEN	1,013,000		255,828
7.30% (1)		08/12/33	PEN	1,046,000		281,971
Peru Government International Bonds
6.90% (1)		08/12/37	PEN	1,341,000		339,902
Total Peru
(Cost: $1,211,515)						1,228,572
Poland — 5.9%
Republic of Poland Government Bonds
0.75%		04/25/25	PLN	2,235,000		530,097
1.25%		10/25/30	PLN	5,070,000		964,431
1.75%		04/25/32	PLN	3,847,000		715,854
2.50%		07/25/27	PLN	1,924,000		435,697
2.75%		10/25/29	PLN	2,036,000		438,093
3.25%		07/25/25	PLN	2,265,000		546,717
6.00%		10/25/33	PLN	901,000		227,237
Total Poland
(Cost: $3,727,796)						3,858,126
Romania — 4.2%
Romania Government Bonds
3.25%		06/24/26	RON	1,800,000		366,014
4.15%		01/26/28	RON	2,715,000		543,047
4.75%		02/24/25	RON	1,065,000		226,634
5.80%		07/26/27	RON	2,130,000		451,038
6.70%		02/25/32	RON	5,490,000		1,174,061
Total Romania
(Cost: $2,672,176)						2,760,794
South Africa — 8.5%
Republic of South Africa Government Bonds
6.25%		03/31/36	ZAR	17,391,184		581,133
8.25%		03/31/32	ZAR	25,407,410		1,122,824
8.50%		01/31/37	ZAR	20,692,338		821,513
8.75%		01/31/44	ZAR	36,929,555		1,391,648
8.88%		02/28/35	ZAR	8,436,303		360,507
9.00%		01/31/40	ZAR	20,774,186		824,321
10.50%		12/21/26	ZAR	7,549,440		410,445
Total South Africa
(Cost: $6,129,825)						5,512,391
Supranational — 2.0% (Cost: $1,292,110)
International Bank for Reconstruction & Development
6.85%		04/24/28	INR	108,500,000		1,282,650
Thailand — 7.1%
Thailand Government Bonds
1.59%		12/17/35	THB	9,353,000		220,783
1.60%		12/17/29	THB	36,345,000		930,299

Issues	Maturity Date		Principal Amount		Value
Thailand (Continued)
2.00%		12/17/31	THB	15,198,000	$	390,766
2.25%		03/17/27	THB	33,777,000		907,389
3.30%		06/17/38	THB	22,106,000		613,075
3.35%		06/17/33	THB	28,729,000		809,776
3.45%		06/17/43	THB	28,127,000		776,338
Total Thailand
(Cost: $4,911,439)						4,648,426
Total Fixed Income Securities
(Cost: $60,979,405)						59,409,197
PURCHASED OPTIONS (2) (0.1%)
(Cost: $45,363)						51,535
			Shares
MONEY MARKET INVESTMENTS — 2.2%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 5.25% (3)				1,426,685		1,426,685
Total Money Market Investments
(Cost: $1,426,685)						1,426,685
			Principal Amount
SHORT TERM INVESTMENTS — 4.0%
Short-Term Investment — 4.0%
Egypt — 4.0%
Egypt Treasury Bills
0.00% (4)		06/11/24	EGP	36,800,000		747,536
0.00% (4)		09/10/24	EGP	39,200,000		747,991
0.00% (4)		09/17/24	EGP	35,750,000		679,213
0.00% (4)		12/10/24	EGP	8,925,000		160,724
0.00% (4)		12/17/24	EGP	14,100,000		252,664
Total Egypt
(Cost: $2,534,560)						2,588,128
Nigeria — 0.1% (Cost: $35,669)
Nigeria Treasury Bills
0.00% (4)		03/27/25	NGN	51,000,000		30,641
Total Short Term Investments
(Cost: $2,570,229)						2,618,769
Total Investments (97.4%)
(Cost: $65,021,681)						63,506,186
Excess Of Other Assets Over Liabilities (2.6%)						1,677,924
Net Assets (100.0%)					$	65,184,110

See accompanying Notes to Financial Statements.

13

TCW Emerging Markets Local Currency Income Fund

Schedule of Investments (Unaudited) (Continued)

Purchased Options — OTC
Description	Counterparty	Exercise Price			Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation (Depreciation)
EUR Put / USD Call	Barclays Capital		EUR	1.04		7/11/24	$	5,050,000	$	5,050,000	$	51,535	$	45,362	$	6,173

Written Options — OTC
Description	Counterparty	Exercise Price			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation (Depreciation)
EUR Put / USD Call	Barclays Capital		EUR	1.07		7/11/24	$	(5,050,000	)	$	(5,050,000	)	$	(12,989	)	$	(12,763	)	$	(226	)

Forward Currency Contracts
Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
BUY (5)
Bank of America		CZK		14,646,701		09/18/24	$	626,865	$	623,269	$	(3,596	)
Bank of America		EGP		14,048,834		12/11/24		291,288		274,279		(17,009	)
Bank of America		KRW		1,965,000,000		06/07/24		1,501,089		1,424,319		(76,770	)
Bank of America		MXN		9,691,192		07/15/24		571,600		562,238		(9,362	)
Bank of America		THB		62,167,070		07/11/24		1,706,035		1,686,625		(19,410	)
Bank of America		ZAR		8,614,671		07/15/24		450,735		454,678		3,943
BNP Paribas S.A.		BRL		3,450,425		06/12/24		687,500		663,327		(24,173	)
BNP Paribas S.A.		TRY		16,728,407		03/03/25		348,557		377,456		28,899
Citibank N.A.		CLP		627,527,127		07/22/24		647,803		656,020		8,217
Deutsche Bank AG		PLN		3,496,690		09/18/24		888,861		862,740		(26,121	)
Deutsche Bank AG		TRY		16,834,081		10/28/24		402,200		428,663		26,463
ING Baring U.S. Capital Markets		PLN		1,952,711		06/11/24		498,593		482,378		(16,215	)
JP Morgan Chase Bank		CLP		1,328,525,000		06/13/24		1,375,000		1,389,065		14,065
JP Morgan Chase Bank		EGP		25,537,845		12/11/24		524,319		498,583		(25,736	)
JP Morgan Chase Bank		KRW		1,061,499,961		06/07/24		798,408		769,422		(28,986	)
JP Morgan Chase Bank		THB		242,357,400		05/02/24		6,640,656		6,539,595		(101,061	)
JP Morgan Chase Bank		TRY		36,520,000		09/18/24		1,000,000		971,906		(28,094	)
JP Morgan Chase Bank		TRY		48,770,298		10/28/24		1,229,400		1,241,888		12,488
JP Morgan Chase Bank		TRY		9,810,949		03/03/25		206,459		221,371		14,912
JP Morgan Chase Bank		ZAR		28,979,512		07/15/24		1,511,660		1,529,525		17,865
Morgan Stanley & Co.		MYR		2,415,096		06/20/24		517,817		507,590		(10,227	)
Morgan Stanley & Co.		TRY		23,342,580		09/18/24		640,400		621,216		(19,184	)
							$	23,065,245	$	22,786,153	$	(279,092	)

See accompanying Notes to Financial Statements.

14

TCW Emerging Markets Local Currency Income Fund

April 30, 2024

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 (6)
Bank of America		THB		124,317,214		05/20/24	$	3,387,390	$	3,358,937	$	28,453
Barclays Capital		MYR		594,449		06/20/24		124,900		124,938		(38	)
Barclays Capital		THB		37,609,348		05/20/24		1,026,176		1,016,170		10,006
BNP Paribas S.A.		EUR		625,819		06/12/24		687,500		670,251		17,249
BNP Paribas S.A.		TRY		10,395,713		09/18/24		269,278		276,661		(7,383	)
Goldman Sachs & Co.		BRL		3,450,425		06/12/24		669,725		663,327		6,398
JP Morgan Chase Bank		EGP		39,586,680		12/11/24		785,998		772,862		13,136
JP Morgan Chase Bank		KRW		3,026,499,961		06/07/24		2,217,541		2,193,741		23,800
JP Morgan Chase Bank		PEN		5,070,313		06/13/24		1,375,000		1,352,258		22,742
JP Morgan Chase Bank		THB		37,292,614		05/20/24		1,016,217		1,007,612		8,605
Morgan Stanley & Co.		THB		242,357,400		05/02/24		6,660,000		6,539,595		120,405
Morgan Stanley & Co.		THB		37,259,597		05/20/24		1,016,217		1,006,720		9,497
Standard Chartered Bank		PEN		3,841,649		05/17/24		1,030,900		1,024,899		6,001
Standard Chartered Bank		ZAR		37,594,183		07/15/24		1,985,329		1,984,203		1,126
							$	22,252,171	$	21,992,174	$	259,997

Notes to the Schedule of Investments:

BRL Brazilian Real.

CLP Chilean Peso.

COP Colombian Peso.

CZK Czech Koruna.

EGP Egyptian Pound.

EUR Euro Currency.

HUF Hungarian Forint.

IDR Indonesian Rupiah.

INR Indian Rupee.

MXN Mexican Peso.

MYR Malaysian Ringgit.

NGN Nigeria Naira.

PEN Peruvian Nuevo Sol.

PLN Polish Zloty.

RON Romanian New Leu.

THB Thai Baht.

TRY Turkish New Lira.

TWD Taiwan 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, 2024, the value of these securities amounted to $1,722,351 or 2.6% of net assets.

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

(3) Rate disclosed is the 7-day net yield as of April 30, 2024.

(4) Security is not accruing interest.

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

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

See accompanying Notes to Financial Statements.

15

TCW Emerging Markets Local Currency Income Fund

Investments by Sector (Unaudited) April 30, 2024

Sector	Percentage of Net Assets
Foreign Government Bonds		89.2	%
Short-Term Investments		4.0
Money Market Investments		2.2
Multi-National		1.9
Purchased Options		0.1
Total		97.4	%

See accompanying Notes to Financial Statements.

16

TCW Emerging Markets Local Currency Income Fund

Fair Valuation Summary (Unaudited) April 30, 2024

The following is a summary of the fair valuations according to the inputs used as of April 30, 2024 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
Foreign Government Bonds	$	—	$	58,126,547		$	—	$	58,126,547
Multi-National		—		1,282,650			—		1,282,650
Total Fixed Income Securities		—		59,409,197			—		59,409,197
Short Term Investments				2,618,769					2,618,769
Money Market Fund		1,426,685		—			—		1,426,685
Purchased Options		—		51,535			—		51,535
Total Investments	$	1,426,685	$	62,079,501		$	—	$	63,506,186
Asset Derivatives
Forward Currency Exchange Contracts
Foreign Currency Risk		—		394,270			—		394,270
Total	$	1,426,685	$	62,473,771		$	—	$	63,900,456
Liability Derivatives
Forward Currency Exchange Contracts
Foreign Currency Risk	$	—	$	(413,365	)	$	—	$	(413,365	)
Written Options
Foreign Currency Risk		—		(12,989	)		—		(12,989	)
Total	$	—	$	(426,354	)	$	—	$	(426,354	)

See accompanying Notes to Financial Statements.

17

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited) April 30, 2024

	TCW Emerging Markets Income Fund			TCW Emerging Markets Local Currency Income Fund
ASSETS
Investments, at Value (1)	$	3,722,844,909		$	63,506,186
Foreign Currency, at Value (2)		3,422			188,770
Cash		805			—
Receivable for Fund Shares Sold		5,382,296			130,364
Interest and Dividends Receivable		56,858,942			1,416,635
Receivable from Investment Advisor		175,887			19,404
Unrealized Appreciation on Forward Currency Exchange Contracts		738,629			394,270
Receivable for Daily Variation Margin on Open Financial Futures Contracts		335,114			—
Cash Collateral Held for Brokers		6,680,000			440,000
Prepaid Expenses		79,046			49,317
Total Assets		3,793,099,050			66,144,946
LIABILITIES
Distributions Payable		3,892,572			2,358
Payable for Securities Purchased		44,046,789			—
Payable for Fund Shares Redeemed		6,830,935			172,291
Accrued Capital Gain Withholding Taxes		—			1,524
Accrued Directors’ Fees and Expenses		16,221			16,939
Deferred Accrued Directors’ Fees and Expenses		761			761
Accrued Management Fees		2,471,509			43,765
Accrued Distribution Fees		103,031			2,906
Options Written, at Value		—			12,989	(3)
Collateral Pledged by Brokers		2,000,000			140,000
Unrealized Depreciation on Forward Currency Exchange Contracts		5,247,279			413,365
Transfer Agent Fees Payable		492,419			41,328
Administration Fee Payable		386,240			6,802
Audit Fees Payable		41,426			25,087
Accounting Fees Payable		545,351			15,726
Custodian Fees Payable		456,472			41,544
Legal Fees Payable		—			538
Other Accrued Expenses		69,073			22,913
Total Liabilities		66,600,078			960,836
NET ASSETS	$	3,726,498,972		$	65,184,110
NET ASSETS CONSIST OF:
Paid-in Capital	$	6,084,741,821		$	125,202,790
Accumulated Earnings (Loss)		(2,358,242,849	)		(60,018,680	)
NET ASSETS	$	3,726,498,972		$	65,184,110
NET ASSETS ATTRIBUTABLE TO:
I Class Share	$	2,120,093,170		$	52,427,564
N Class Share	$	461,340,874		$	12,756,546
Plan Class Share	$	1,145,064,928		$	—

See accompanying Notes to Financial Statements.

18

TCW Funds, Inc.

Statements of Assets and Liabilities (Unaudited) (Continued) April 30, 2024

	TCW Emerging Markets Income Fund		TCW Emerging Markets Local Currency Income Fund
CAPITAL SHARES OUTSTANDING: (4)
I Class Share		333,667,368		7,318,134
N Class Share		56,248,489		1,784,965
Plan Class Share		180,368,681		—
NET ASSET VALUE PER SHARE: (5)
I Class Share	$	6.35	$	7.16
N Class Share	$	8.20	$	7.15
Plan Class Share	$	6.35	$	—

(1) The identified cost for the TCW Emerging Markets Income Fund and the TCW Emerging Markets Local Currency Income Fund at April 30, 2024 was $3,674,827,755 and $65,021,681, respectively.

(2) The identified cost for the TCW Emerging Markets Income Fund and the TCW Emerging Markets Local Currency Income Fund at April 30, 2024 was $3,426 and $193,041, respectively.

(3) Premium received $12,763.

(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, N Class and Plan Class shares.

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

See accompanying Notes to Financial Statements.

19

TCW Funds, Inc.

Statements of Operations (Unaudited) Six Months Ended April 30, 2024

	TCW Emerging Markets Income Fund			TCW Emerging Markets Local Currency Income Fund
INVESTMENT INCOME
Income:
Dividends	$	1,855,273		$	55,501
Interest		148,776,250	(1)		3,043,590	(1)
Total		150,631,523			3,099,091
Expenses:
Management Fees		13,826,550			318,274
Accounting Services Fees		198,249			6,729
Administration Fees		164,922			5,891
Transfer Agent Fees:
I Class		969,507			39,401
N Class		236,585			11,298
Plan Class		69,123			—
Custodian Fees		167,284			18,250
Professional Fees		112,615			22,141
Directors’ Fees and Expenses		23,198			23,198
Registration Fees:
I Class		30,643			7,031
N Class		9,879			7,771
Plan Class		17,019			—
Distribution Fees:
N Class		593,919			17,687
Compliance Expense		582			582
Shareholder Reporting Expense		8,153			2,442
Other		159,987			6,033
Total		16,588,215			486,728
Less Expenses Borne by Investment Advisor:
I Class		(383,547	)		(79,847	)
N Class		(468,118	)		(41,499	)
Plan Class		(265,205	)		—
Net Expenses		15,471,345			365,382
Net Investment Income		135,160,178			2,733,709

See accompanying Notes to Financial Statements.

20

TCW Funds, Inc.

Statements of Operations (Unaudited) (Continued) Six Months Ended April 30, 2024

	TCW Emerging Markets Income Fund			TCW Emerging Markets Local Currency Income Fund
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized (Loss) on:
Investments	$	(27,278,818	) (2)	$	(2,210,749	) (2)
Foreign Currency		16,873			(81,391	)
Forward Currency Exchange Contracts		88,397			217,440
Futures Contracts		107,507			—
Options Written		—			45,356
Change in Unrealized Appreciation on:
Investments		304,287,812			5,593,183	(3)
Foreign Currency		(72	)		43,196
Forward Currency Exchange Contracts		(4,508,650	)		369,626
Futures Contracts		1,694,992			—
Options Written		—			(37,188	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		274,408,041			3,939,473
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	409,568,219		$	6,673,182

(1) Net of foreign taxes withheld of $233,183 and $36,428 for the TCW Emerging Markets Income Fund and the TCW Emerging Markets Local Currency Income Fund, respectively.

(2) Net of capital gain withholding taxes of $4,284 and $4,524 for the TCW Emerging Markets Income Fund and the TCW Emerging Markets Local Currency Income Fund, respectively.

(3) Net of capital gain withholding taxes of $1,524 for the TCW Emerging Markets Local Currency Income Fund.

See accompanying Notes to Financial Statements.

21

TCW Funds, Inc.

Statements of Changes in Net Assets (Unaudited)

	TCW Emerging Markets Income Fund						TCW Emerging Markets Local Currency Income Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023
OPERATIONS
Net Investment Income	$	135,160,178		$	263,440,484		$	2,733,709		$	8,380,169
Net Realized Loss on Investments, Futures Contracts, Options Written and Foreign Currency Transactions		(27,066,041	)		(351,637,357	)		(2,029,344	)		(5,266,985	)
Change in Unrealized Appreciation on Investments, Futures Contracts, Options Written and Foreign Currency Transactions		301,474,082			419,836,488			5,968,817			14,295,354
Increase in Net Assets Resulting from Operations		409,568,219			331,639,615			6,673,182			17,408,538
DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(102,515,405	)		(208,679,952	)		(2,282,886	)		(4,696,848	)
NET CAPITAL SHARE TRANSACTIONS
I Class		(156,451,115	)		(488,084,644	)		(58,398,942	)		(2,663,384	)
N Class		(21,460,591	)		43,962,199			(1,496,018	)		(30,598,395	)
Plan Class		57,921,333			(66,215,732	)		—			—
Decrease in Net Assets Resulting from Net Capital Shares Transactions		(119,990,373	)		(510,338,177	)		(59,894,960	)		(33,261,779	)
Increase (Decrease) in Net Assets		187,062,441			(387,378,514	)		(55,504,664	)		(20,550,089	)
NET ASSETS
Beginning of period		3,539,436,531			3,926,815,045			120,688,774			141,238,863
End of period	$	3,726,498,972		$	3,539,436,531		$	65,184,110		$	120,688,774

See accompanying Notes to Financial Statements.

22

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) April 30, 2024

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”). As of April 30, 2024, the Company consisted of 16 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.

The TCW Emerging Markets Local Currency Income Fund currently offers two classes of shares: I Class and N Class. The TCW Emerging Markets Income Fund offers I Class, N Class and 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.

23

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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

Pursuant to Rule 2a-5 under the 1940 Act, the Company’s Board of Directors (the “Board”, and each member thereof, a “Director”) has designated the Advisor as the “valuation designee” with respect to the fair valuation of the Fund’s portfolio securities, subject to oversight by and periodic reporting to the Board. Fair valued securities are those for which market quotations were not readily available, including in circumstances under which it was determined by the Advisor that prices received were not reflective of their market values.

The Advisor, as the valuation designee, uses a fair valuation methodology for foreign equity securities (exclusive of certain Latin American and Canadian equity securities). This methodology is designed to address the effect of movements in the U.S. market on the securities traded on foreign exchanges that have been closed for a period of time due to time zone 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 was utilized each trading day and was not dependent on certain thresholds or triggers.

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.

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

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TCW Funds, Inc.

April 30, 2024

Note 2 — Significant Accounting Policies (Continued)

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.

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.

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TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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, 2024 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 EMERGING MARKETS INCOME FUND	FOREIGN GOVERNMENT BONDS			TOTAL
Balance as of October 31, 2023	$	31,765,863		$	31,765,863
Accrued Discounts (Premiums)		—			—
Realized Gain (Loss)		(6,739,613	)		(6,739,613	)
Change in Unrealized Appreciation (Depreciation)*		7,059,252			7,059,252
Purchases		1,532,625			1,532,625
Sales		(4,962,045	)		(4,962,045	)
Transfers in to Level 3		—			—
Transfers out of Level 3		—			—
Balance as of April 30, 2024	$	28,656,082		$	28,656,082

* The change in unrealized appreciation (depreciation) on securities still held at April 30, 2024 was $7,059,252 and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.

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April 30, 2024

Note 2 — Significant Accounting Policies (Continued)

Significant unobservable valuation inputs for Level 3 investments as of April 30, 2024 are as follows:

Description	Fair Value at 4/30/2024		Valuation Techniques	Unobservable Input	Price or Price Range	Average Weighted Price	Input to Valuation If Input Increases
TCW Emerging Markets Income Fund
Sovereign	$	28,656,082	Third-Party Vendor	Vendor Prices	$6.550–$21.479	$18.191		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. 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.

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TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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

Derivative Instruments: Derivatives are financial instruments which are valued based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. 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, 2024, the following Funds had derivatives and transactions in derivatives, grouped in the following risk categories:

TCW Emerging Markets Income Fund

	Equity Risk		Commodity Risk		Foreign Currency Risk			Interest Rate Risk		Total
Statement of Assets and Liabilities:
Asset Derivatives
Futures Contracts (1)	$	—	$	—	$	—		$	1,694,992	$	1,694,992
Forward Currency Exchange Contracts		—		—		738,629			—		738,629
Investments (2)		—		—		3,630,419			—		3,630,419
Total Value	$	—	$	—	$	4,369,048		$	1,694,992	$	6,064,040
Liability Derivatives
Forward Currency Exchange Contracts	$	—	$	—	$	(5,247,279	)	$	—	$	(5,247,279	)
Total Value	$	—	$	—	$	(5,247,279	)	$	—	$	(5,247,279	)
Statement of Operations:
Net Realized Gain (Loss)
Forward Currency Exchange Contracts	$	—	$	—	$	88,397		$	—	$	88,397
Futures Contracts		—		—		—			107,507		107,507
Net Realized Gain (Loss)	$	—	$	—	$	88,397		$	107,507	$	195,904
Net Change in Appreciation (Depreciation)
Forward Currency Exchange Contracts	$	—	$	—	$	(4,508,650	)	$	—	$	(4,508,650	)
Futures Contracts		—		—		—			1,694,992		1,694,992
Investments (4)		—		—		(3,997,279	)		—		(3,997,279	)
Net Change in Appreciation (Depreciation)	$	—	$	—	$	(8,505,929	)	$	1,694,992	$	(6,810,937	)
Number of Contracts or Notional Amounts (5)
Forward Currency Exchange Contracts		$ —		$ —		$151,624,601			$ —		$151,624,601
Options Purchased		$ —		$ —		$219,650,000			$ —		$219,650,000
Futures Contracts		—		—		—			650		650

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April 30, 2024

Note 2 — Significant Accounting Policies (Continued)

TCW Emerging Markets Local Currency Income Fund

	Equity Risk		Commodity Risk		Foreign Currency Risk			Interest Rate Risk		Total
Statement of Assets and Liabilities:
Asset Derivatives
Forward Currency Exchange Contracts	$	—	$	—	$	394,270		$	—	$	394,270
Investments (2)		—		—		51,535			—		51,535
Total Value	$	—	$	—	$	445,805		$	—	$	445,805
Liability Derivatives
Forward Currency Exchange Contracts	$	—	$	—	$	(413,365	)	$	—	$	(413,365	)
Options Written		—		—		(12,989	)		—		(12,989	)
Total Value	$	—	$	—	$	(426,354	)	$	—	$	(426,354	)
Statement of Operations:
Net Realized Gain (Loss)
Forward Currency Exchange Contracts	$	—	$	—	$	217,440		$	—	$	217,440
Investments (3)		—		—		(125,819	)		—		(125,819	)
Options Written		—		—		45,356			—		45,356
Net Realized Gain (Loss)	$	—	$	—	$	136,977		$	—	$	136,977
Net Change in Appreciation (Depreciation)
Forward Currency Exchange Contracts	$	—	$	—	$	369,626		$	—	$	369,626
Investments (4)		—		—		90,165			—		90,165
Options Written		—		—		(37,188	)		—		(37,188	)
Net Change in Appreciation (Depreciation)	$	—	$	—	$	422,603		$	—	$	422,603
Number of Contracts or Notional Amounts (5)
Forward Currency Exchange Contracts		$ —		$ —		$45,949,959			$ —		$45,949,959
Options Purchased		$ —		$ —		$4,327,333			$ —		$4,327,333
Options Written		$ —		$ —		$5,116,000			$ —		$5,116,000

(1) Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only variation margin on April 30, 2024 is reported within the Statement of Assets and Liabilities.

(2) Represents purchased options, at value.

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

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

(5) Amount disclosed represents average number of contracts or notional amounts, which are representative of the volume traded for the period ended April 30, 2024.

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

29

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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 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,

30

TCW Funds, Inc.

April 30, 2024

Note 2 — Significant Accounting Policies (Continued)

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.

31

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

The following table presents TCW Emerging Markets Income Fund’s OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of April 30, 2024:

Counterparty	Gross Derivative Assets in the Statement of Assets and Liabilities		Collateral Received (1)			Derivative Assets (Liabilities) Available for Offset			Net Amount of Derivative Assets (2)
Bank of America Foreign Currency Exchange Contracts	$	296,324	$	(296,324	)	$	—		$	—
Bank of America Purchased Options		1,375,009		(1,375,009	)		—			—
BNP Paribas S.A Purchased Options		371,252		—			(189,366	)		181,886
Deutsche Bank AG Foreign Currency Exchange Contracts		442,305		—			—			442,305
Goldman Sachs & Co. Purchased Options		550,004		—			(550,004	)		—
JPMorgan Chase Bank Purchased Options		1,334,154					(1,249,526	)		84,628
Total	$	4,369,048	$	(1,671,333	)	$	(1,988,896	)	$	708,819

(1) Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

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

The following table presents TCW Emerging Markets Income Fund’s OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of April 30, 2024:

Counterparty	Gross Derivative Liabilities in the Statement of Assets and Liabilities		Collateral Received (1)			Derivative (Assets) Liabilities Available for Offset			Net Amount of Derivative Liabilities (2)
BNP Paribas S.A. Foreign Currency Exchange Contracts	$	189,366	$	—		$	(189,366	)	$	—
Goldman Sachs & Co. Foreign Currency Exchange Contracts		3,808,387		(3,258,383	)		(550,004	)		—
JPMorgan Chase Bank Foreign Currency Exchange Contracts		1,249,526		—			(1,249,526	)		—
Total	$	5,247,279	$	(3,258,383	)	$	(1,988,896	)	$	—

(1) Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

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

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TCW Funds, Inc.

April 30, 2024

Note 2 — Significant Accounting Policies (Continued)

The following table presents TCW Emerging Markets Local Currency Income Fund’s OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of April 30, 2024:

Counterparty	Gross Derivative Assets in the Statement of Assets and Liabilities		Collateral Received (1)			Derivative Assets (Liabilities) Available for Offset			Net Amount of Derivative Assets (2)
Bank of America Foreign Currency Exchange Contracts	$	32,396	$	—		$	(32,396	)	$	—
Barclays Capital Purchased Options		51,535		—			(12,989	)		38,546
Barclays Capital Foreign Currency Exchange Contracts		10,006		—			(38	)		9,968
BNP Paribas S.A. Foreign Currency Exchange Contracts		46,148		—			(31,556	)		14,592
Citibank N.A. Foreign Currency Exchange Contracts		8,217		—			—			8,217
Deutsche Bank AG Foreign Currency Exchange Contracts		26,463		—			(26,121	)		342
Goldman Sachs & Co. Foreign Currency Exchange Contracts		6,398		—			—			6,398
JPMorgan Chase Bank Foreign Currency Exchange Contracts		127,613		—			(127,613	)		—
Morgan Stanley & Co. Foreign Currency Exchange Contracts		129,902		(100,491	)		(29,411	)		—
Standard Chartered Foreign Currency Exchange Contracts		7,127		—			—			7,127
Total	$	445,805	$	(100,491	)	$	(260,124	)	$	85,190

(1) Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

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

33

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

The following table presents TCW Emerging Markets Local Currency Income Fund’s OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of April 30, 2024:

Counterparty	Gross Derivative Liabilities in the Statement of Assets and Liabilities		Collateral Received (1)			Derivative (Assets) Liabilities Available for Offset			Net Amount of Derivative Liabilities (2)
Bank of America Foreign Currency Exchange Contracts	$	126,147	$	—		$	(32,396	)	$	93,751
Barclays Capital Written Options		12,989		—			(12,989	)		—
Barclays Capital Foreign Currency Exchange Contracts		38		—			(38	)		—
BNP Paribas S.A. Foreign Currency Exchange Contracts		31,556		—			(31,556	)		—
Deutsche Bank AG Foreign Currency Exchange Contracts		26,121		—			(26,121	)		—
ING Baring U.S. Capital Markets Foreign Currency Exchange Contracts		16,215		—			(16,215	)		—
JPMorgan Chase Bank Foreign Currency Exchange Contracts		183,877		(56,264	)		(127,613	)		—
Morgan Stanley & Co. Foreign Currency Exchange Contracts		29,411		—			(29,411	)		—
Total	$	426,354	$	(56,264	)	$	(276,339	)	$	93,751

(1) Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

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

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

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Note 3 — Portfolio Investments (Continued)

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, 2024.

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, 2024.

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, 2024.

Derivatives:

Forward Currency Exchange Contracts: The Funds enter into forward currency exchange contracts as a hedge against fluctuations in foreign exchange rates. Forward currency exchange 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 forward currency exchange contracts at April 30, 2024 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

35

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 3 — Portfolio Investments (Continued)

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. Futures contracts outstanding at April 30, 2024, 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

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April 30, 2024

Note 3 — Portfolio Investments (Continued)

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, 2024, the TCW Emerging Markets Income Fund and the TCW Emerging Markets Local Currency Income 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).

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.

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TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 3 — Portfolio Investments (Continued)

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. There were no swap agreements outstanding at April 30, 2024.

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.

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TCW Funds, Inc.

April 30, 2024

Note 4 — Risk Considerations (Continued)

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 Offered Rate (“LIBOR”) was a leading 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. In July 2017, the United Kingdom’s Financial Conduct Authority (FCA), which regulates LIBOR, announced the gradual phase out of the LIBOR rate, with nearly all LIBOR rate publications having ceased as of June 30, 2023 (some LIBOR rates continue to be published, but only on a temporary and synthetic basis). Alternatives to LIBOR have been established and others may be developed. The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, has identified the Secured Overnight Financing Rate (SOFR) as the preferred alternative rate to LIBOR. SOFR is a relatively new index calculated by short-term repurchase agreements, backed by Treasury securities. There remains uncertainty surrounding the nature of any replacement rates. The transition to a new reference rate may result in (i) increased volatility or illiquidity in markets for instruments or contracts that previously relied on or still rely on LIBOR, (ii) a reduction in the value of certain instruments or contracts held by a Fund, (iii) reduced effectiveness of related Fund transactions, such as hedging, (iv) additional tax, accounting and regulatory risks, or (v) costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund’s investments resulting from a substitute reference rate may also adversely affect a Fund’s performance and/or NAV. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments or contracts using an alternative rate will have the same volume or liquidity.

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.

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TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 4 — Risk Considerations (Continued)

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.

Non-U.S. Sovereign Debt Risk: Each Fund may invest a significant portion of its assets in non-U.S. sovereign debt. These investments can involve a high degree of risk. Legal protections available with respect to corporate issuers (e.g., bankruptcy, liquidation and reorganization laws) do not generally apply to governmental entities or sovereign debt. Accordingly, creditor seniority rights, claims to collateral and similar rights may provide limited protection and may be unenforceable. The governmental entity that controls the repayment of a non-U.S. sovereign debt may not be able or willing to repay the principal and/or interest when due in accordance with the terms of such debt. A Fund may have limited recourse to compel payment in the event of a default. Changes to the financial condition or credit rating of a non-U.S. government may cause the value of a non-U.S. sovereign debt obligation to decline. During periods of economic uncertainty, the market prices of non-U.S. sovereign debt may be more volatile than prices of corporate debt obligations. Investing in non-U.S. sovereign debt obligations is generally subject to heightened risk as compared to investing in U.S. government debt obligations. Several countries have defaulted on their sovereign debt obligations in the past or encountered downgrades of their sovereign debt obligations, and those and other countries may also default on or experience downgrades or further downgrades of their sovereign debt obligations in the future.

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.

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TCW Funds, Inc.

April 30, 2024

Note 5 — Federal Income Taxes (Continued)

At April 30, 2024, 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 Emerging Markets Income Fund	$	167,695,627	$	(126,997,469	)	$	40,698,158		$	3,682,146,751
TCW Emerging Markets Local Currency Income Fund		1,172,952		(3,856,206	)		(2,683,254	)		66,189,440

At October 31, 2023, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Gain		Total Distributable Earnings
TCW Emerging Markets Income Fund	$	1,802,569	$	—	$	1,802,569
TCW Emerging Markets Local Currency Income Fund		1,177,419		—		1,177,419

During the year ended October 31, 2023, the tax character of distributions paid was as follows:

	Ordinary Income		Long-Term Capital Gain		Return of Capital gain		Total Distributions
TCW Emerging Markets Income Fund	$	208,679,952	$	—		—	$	208,679,952
TCW Emerging Markets Local Currency Income Fund		4,696,848		—		—		4,696,848

At October 31, 2023, the following Funds had net realized losses that will be carried forward indefinitely for federal income tax purposes:

	Short-Term Capital Losses		Long-Term Capital Losses		Total
TCW Emerging Markets Income Fund	$	1,404,547,010	$	970,359,821	$	2,374,906,831
TCW Emerging Markets Local Currency Income Fund		32,156,015		22,653,190		54,809,205

The Funds did not have any unrecognized tax benefits at April 30, 2024, nor were there any increases or decreases in unrecognized tax benefits for the period ended April 30, 2024. 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 Emerging Markets Income Fund	0.75	%
TCW Emerging Markets Local Currency Income Fund	0.75	%

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

TCW 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)

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

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TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

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

Any advisory fee reduced or withheld, or expense reimbursement paid, pursuant to the Expense Limitation Agreement will be reimbursed by the appropriate Fund to the Advisor in the first, second or third fiscal year after the fiscal year of the reduction or reimbursement. The Advisor may not receive reimbursement for previous reductions or reimbursements before payment of a Fund’s operating expenses for the current year, and cannot cause a Fund to exceed the expense limitation in effect for that Fund (i) at the time the fees and expenses would have been incurred or (ii) at the time the Advisor would recoup that reduction or reimbursement. In addition, any recoupment may not exceed any more restrictive limitation to which the Advisor has agreed.

At April 30, 2024, the balance of recoupable expenses with expiration dates for the Funds were as follows:

Fund	Expires 10/31/2027		Expires 10/31/2026
TCW Emerging Markets Income Fund	$	726,152	$	1,030,033
TCW Emerging Markets Local Currency Income Fund		82,191		225,798
Total		808,343		1,255,831

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, 2024 were as follows:

	Purchases at Cost		Sales or Maturity Proceeds		U.S. Government Purchases at Cost		U.S. Government Sales or Maturity Proceeds
TCW Emerging Markets Income Fund	$	2,361,954,646	$	2,459,149,829	$	—	$	—
TCW Emerging Markets Local Currency Income Fund		46,252,961		104,798,825		—		—

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TCW Funds, Inc.

April 30, 2024

Note 9 — Capital Share Transactions

Transactions in each Fund’s shares were as follows:

TCW Emerging Markets Income Fund	Six Months Ended April 30, 2024 (Unaudited)						Year Ended October 31, 2023
I Class	Shares			Amount			Shares			Amount
Shares Sold		44,887,299		$	283,349,416			155,379,245		$	946,777,138
Shares Issued upon Reinvestment of Dividends		8,361,598			52,499,239			16,484,865			99,967,408
Shares Redeemed		(78,950,687	)		(492,299,770	)		(253,454,288	)		(1,534,829,190	)
Net Decrease		(25,701,790	)	$	(156,451,115	)		(81,590,178	)	$	(488,084,644	)
N Class	Shares			Amount			Shares			Amount
Shares Sold		4,307,948		$	35,078,130			15,090,614		$	119,272,021
Shares Issued upon Reinvestment of Dividends		1,829,880			14,839,799			2,938,551			23,013,683
Shares Redeemed		(8,715,373	)		(71,378,520	)		(12,491,675	)		(98,323,505	)
Net Increase (Decrease)		(2,577,545	)	$	(21,460,591	)		5,537,490		$	43,962,199
Plan Class	Shares			Amount			Shares			Amount
Shares Sold		21,521,962		$	136,214,282			38,757,199		$	235,169,525
Shares Issued upon Reinvestment of Dividends		3,795,494			23,839,366			5,624,869			34,094,725
Shares Redeemed		(16,236,669	)		(102,132,315	)		(55,895,176	)		(335,479,982	)
Net Decrease		9,080,787		$	57,921,333			(11,513,108	)	$	(66,215,732	)
TCW Emerging Markets Local Currency Income Fund	Six Months Ended April 30, 2024 (Unaudited)						Year Ended October 31, 2023
I Class	Shares			Amount			Shares			Amount
Shares Sold		1,043,036		$	7,758,030			3,211,839		$	23,179,638
Shares Issued upon Reinvestment of Dividends		328,802			2,413,375			471,364			3,408,057
Shares Redeemed		(9,242,335	)		(68,570,347	)		(4,123,910	)		(29,251,079	)
Net Decrease		(7,870,497	)	$	(58,398,942	)		(440,707	)	$	(2,663,384	)
N Class	Shares			Amount			Shares			Amount
Shares Sold		55,435		$	410,088			749,949		$	5,375,271
Shares Issued upon Reinvestment of Dividends		63,103			463,266			132,939			952,940
Shares Redeemed		(323,340	)		(2,369,372	)		(5,020,848	)		(36,926,606	)
Net Decrease		(204,802	)	$	(1,496,018	)		(4,137,960	)	$	(30,598,395	)

Note 10 — Affiliate Ownership

As of April 30, 2024, affiliates of the Fund and Advisor owned 5.67% of the net assets of the TCW Emerging Markets Local Currency Income Fund.

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, 2024.

43

TCW Funds, Inc.

Notes to Financial Statements (Unaudited) (Continued)

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 Effective 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, 2024. The Funds pay the Bank a commitment fee equal to 0.25% per annum on any 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 4, 2024, 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, 2023 (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 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

44

TCW Funds, Inc.

April 30, 2024

Note 14 — Indemnifications (Continued)

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 Pronouncements

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. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Funds’ financial statements.

In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 (1) clarifies the guidance in ASC 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and (2) requires specific disclosures related to such an equity security. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and interim periods within that fiscal year, with early adoption permitted. There have been no impacts to date.

45

TCW Emerging Markets Income Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net Asset Value per Share, Beginning of period	$	5.84		$	5.67		$	7.87		$	7.93		$	8.33		$	7.77
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.23			0.41			0.33			0.35			0.39			0.46
Net Realized and Unrealized Gain (Loss) on Investments		0.45			0.09			(2.22	)		(0.02	)		(0.46	)		0.54
Total from Investment Operations		0.68			0.50			(1.89	)		0.33			(0.07	)		1.00
Less Distributions:
Distributions from Net Investment Income		(0.17	)		(0.33	)		(0.28	)		(0.37	)		(0.33	)		(0.44	)
Distributions from Return of Capital		—			—			(0.03	)		(0.02	)		—			—
Total Distributions		(0.17	)		(0.33	)		(0.31	)		(0.39	)		(0.33	)		(0.44	)
Net Asset Value per Share, End of period	$	6.35		$	5.84		$	5.67		$	7.87		$	7.93		$	8.33
Total Return		11.76	% (2)		8.72	%		(24.47	%)		4.04	%		(0.69	%)		13.13	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	2,120,093		$	2,097,432		$	2,500,689		$	4,720,489		$	5,877,348		$	5,668,552
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.89	% (3)		0.85	%		0.90	%		0.85	%		0.85	%		0.84	%
After Expense Reimbursement		0.85	% (3)		0.82	%		0.85	%		N/A			N/A			N/A
Ratio of Net Investment Income to Average Net Assets		7.32	% (3)		6.80	%		4.79	%		4.23	%		4.95	%		5.62	%
Portfolio Turnover Rate		65.51	% (2)		152.31	%		119.10	%		150.31	%		135.46	%		136.47	%

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

(2) For the six months ended April 30, 2024 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

46

TCW Emerging Markets Income Fund

Financial Highlights — N Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net Asset Value per Share, Beginning of period	$	7.53		$	7.32		$	10.16		$	10.23		$	10.72		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.29			0.53			0.41			0.44			0.49			0.57
Net Realized and Unrealized Gain (Loss) on Investments		0.60			0.10			(2.86	)		(0.03	)		(0.57	)		0.69
Total from Investment Operations		0.89			0.63			(2.45	)		0.41			(0.08	)		1.26
Less Distributions:
Distributions from Net Investment Income		(0.22	)		(0.42	)		(0.36	)		(0.46	)		(0.41	)		(0.54	)
Distributions from Return of Capital		—			—			(0.03	)		(0.02	)		—			—
Total Distributions		(0.22	)		(0.42	)		(0.39	)		(0.48	)		(0.41	)		(0.54	)
Net Asset Value per Share, End of period	$	8.20		$	7.53		$	7.32		$	10.16		$	10.23		$	10.72
Total Return		11.87	% (2)		8.48	%		(24.57	%)		3.97	%		(0.69	%)		12.85	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	461,341		$	443,173		$	390,155		$	546,887		$	261,520		$	320,492
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.15	% (3)		1.15	%		1.17	%		1.13	%		1.14	%		1.14	%
After Expense Reimbursement		0.95	% (3)		0.95	%		0.95	%		0.95	%		0.98	%		1.05	%
Ratio of Net Investment Income to Average Net Assets		7.22	% (3)		6.70	%		4.72	%		4.20	%		4.82	%		5.41	%
Portfolio Turnover Rate		65.51	% (2)		152.31	%		119.10	%		150.31	%		135.46	%		136.47	%

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

(2) For the six months ended April 30, 2024 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

47

TCW Emerging Markets Income Fund

Financial Highlights — Plan Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,									March 2, 2020 (Commencement of Operations) through October 31, 2020
				2023			2022			2021
Net Asset Value per Share, Beginning of period	$	5.83		$	5.67		$	7.86		$	7.93		$	8.34
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.23			0.42			0.33			0.36			0.26
Net Realized and Unrealized Gain (Loss) on Investments		0.47			0.07			(2.20	)		(0.04	)		(0.48	)
Total from Investment Operations		0.70			0.49			(1.87	)		0.32			(0.22	)
Less Distributions:
Distributions from Net Investment Income		(0.18	)		(0.33	)		(0.29	)		(0.37	)		(0.19	)
Return of capital		—			—			(0.03	)		(0.02	)		—
Total distributions		(0.18	)		(0.33	)		(0.32	)		(0.39	)		(0.19	)
Net Asset Value per Share, End of period	$	6.35		$	5.83		$	5.67		$	7.86		$	7.93
Total Return		11.99	% (2)		8.63	%		(24.41	%)		4.12	%		(2.59	%) (3)
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	1,145,065		$	998,832		$	1,035,971		$	1,996,103		$	489,106
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		0.82	% (4)		0.82	%		0.81	%		0.80	%		0.79	% (4)
After Expense Reimbursement		0.77	% (4)		0.77	%		0.77	%		0.77	%		0.77	% (4)
Ratio of Net Investment Income to Average Net Assets		7.41	% (4)		6.87	%		4.86	%		4.43	%		4.96	% (4)
Portfolio Turnover Rate		65.51	% (2)		152.31	%		119.10	%		150.31	%		135.46	% (3)

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

(2) For the six months ended April 30, 2024 and is not indicative of a full year’s operating results.

(3) For the period March 2, 2020 (Commencement of Operations) through October 31, 2020.

(4) Annualized.

See accompanying Notes to Financial Statements.

48

TCW Emerging Markets Local Currency Income Fund

Financial Highlights — I Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net Asset Value per Share, Beginning of period	$	7.03		$	6.50		$	8.47		$	8.57		$	9.17		$	8.14
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.24			0.43			0.35			0.37			0.42			0.58
Net Realized and Unrealized Gain (Loss) on Investments		0.10			0.35			(2.06	)		(0.25	)		(0.89	)		0.57
Total from Investment Operations		0.34			0.78			(1.71	)		0.12			(0.47	)		1.15
Less Distributions:
Distributions from Net Investment Income		(0.21	)		(0.25	)		(0.10	)		(0.22	)		(0.09	)		(0.12	)
Distributions from Return of Capital		—			—			(0.16	)		—			(0.04	)		—
Total Distributions		(0.21	)		(0.25	)		(0.26	)		(0.22	)		(0.13	)		(0.12	)
Net Asset Value per Share, End of period	$	7.16		$	7.03		$	6.50		$	8.47		$	8.57		$	9.17
Total Return		4.77	% (2)		11.92	%		(20.57	%)		1.34	%		(5.26	%)		14.26	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	52,428		$	106,740		$	101,530		$	200,019		$	192,679		$	220,968
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.08	% (3)		0.97	%		1.02	%		0.96	%		0.97	%		1.03	%
After Expense Reimbursement		0.85	% (3)		0.85	%		0.85	%		0.85	%		0.85	%		0.88	%
Ratio of Net Investment Income to Average Net Assets		6.48	% (3)		5.90	%		4.65	%		4.14	%		4.90	%		6.66	%
Portfolio Turnover Rate		57.23	% (2)		123.83	%		122.49	%		117.18	%		135.99	%		127.74	%

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

(2) For the six months ended April 30, 2024 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

49

TCW Emerging Markets Local Currency Income Fund

Financial Highlights — N Class (Unaudited)

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net Asset Value per Share, Beginning of period	$	7.01		$	6.48		$	8.44		$	8.55		$	9.15		$	8.13
Income (Loss) from Investment Operations:
Net Investment Income (1)		0.23			0.42			0.34			0.36			0.42			0.57
Net Realized and Unrealized Gain (Loss) on Investments		0.12			0.35			(2.04	)		(0.25	)		(0.89	)		0.57
Total from Investment Operations		0.35			0.77			(1.70	)		0.11			(0.47	)		1.14
Less Distributions:
Distributions from Net Investment Income		(0.21	)		(0.24	)		(0.10	)		(0.22	)		(0.09	)		(0.12	)
Distributions from Return of Capital		—			—			(0.16	)		—			(0.04	)		—
Total Distributions		(0.21	)		(0.24	)		(0.26	)		(0.22	)		(0.13	)		(0.12	)
Net Asset Value per Share, End of period	$	7.15		$	7.01		$	6.48		$	8.44		$	8.55		$	9.15
Total Return		4.90	% (2)		11.89	%		(20.66	%)		1.30	%		(5.28	%)		14.14	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	12,757		$	13,949		$	39,709		$	39,546		$	25,329		$	28,011
Ratio of Expenses to Average Net Assets:
Before Expense Reimbursement		1.49	% (3)		1.31	%		1.38	%		1.32	%		1.35	%		1.40	%
After Expense Reimbursement		0.90	% (3)		0.90	%		0.90	%		0.90	%		0.90	%		0.92	%
Ratio of Net Investment Income to Average Net Assets		6.23	% (3)		5.83	%		4.64	%		4.05	%		4.84	%		6.63	%
Portfolio Turnover Rate		57.23	% (2)		123.83	%		122.49	%		117.18	%		135.99	%		127.74	%

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

(2) For the six months ended April 30, 2024 and is not indicative of a full year’s operating results.

(3) Annualized.

See accompanying Notes to Financial Statements.

50

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, 2023 to April 30, 2024 (182 days).

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

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

TCW Funds, Inc.	Beginning Account Value November 1, 2023		Ending Account Value April 30, 2024		Annualized Expense Ratio			Expenses Paid During Period (November 1, 2023 to April 30, 2024)
TCW Emerging Markets Income Fund
I Class Shares
Actual	$	1,000.00	$	1,117.60		0.85	%	$	4.48
Hypothetical (5% return before expenses)		1,000.00		1,020.64		0.85	%		4.27
N Class Shares
Actual	$	1,000.00	$	1,118.70		0.95	%	$	5.00
Hypothetical (5% return before expenses)		1,000.00		1,020.14		0.95	%		4.77
Plan Class Shares
Actual	$	1,000.00	$	1,119.90		0.77	%	$	4.06
Hypothetical (5% return before expenses)		1,000.00		1,021.00		0.77	%		3.87
TCW Emerging Markets Local Currency Income Fund
I Class Shares
Actual	$	1,000.00	$	1,047.70		0.85	%	$	4.33
Hypothetical (5% return before expenses)		1,000.00		1,020.64		0.85	%		4.27
N Class Shares
Actual	$	1,000.00	$	1,049.00		0.90	%	$	4.59
Hypothetical (5% return before expenses)		1,000.00		1,020.39		0.90	%		4.52

51

TCW Funds, Inc.

Special Meeting of Shareholders to Approve Directors — Voting Results (Unaudited)

On February 15, 2024, the Corporation held a Special Meeting of Shareholders to elect nine Directors of the Corporation. Shareholders of record on January 5, 2024 were entitled to vote on the proposal to elect Directors. All Funds voted together. Each nominee for Director named below was elected and will hold office until his or her successor has been duly elected and qualified. The following votes were recorded:

PROPOSAL: Election of Directors.

Director Nominee	Shares Voted For		Shares Withheld
Patrick C. Haden		778,061,060		5,620,273
Martin Luther King III		778,550,805		6,106,575
Megan McClellan		779,047,346		5,392,670
Peter McMillan		777,261,038		5,676,943
Patrick Moore		779,274,376		5,718,850
Victoria B. Rogers		778,911,008		5,469,537
Robert G. Rooney		780,047,992		5,788,337
Michael Swell		780,102,419		5,562,293
Andrew Tarica		778,119,775		5,585,230

52

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.

53

TCW Funds, Inc.

515 South Flower Street

Los Angeles, California 90071

800 FUND TCW

(800 386 3829)

www.TCW.com

INVESTMENT ADVISOR

TCW Investment Management Company LLC

515 South Flower Street

Los Angeles, California 90071

TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, WI 53201

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Deloitte & Touche LLP

555 West 5th Street

Los Angeles, California 90013

CUSTODIAN & ADMINISTRATOR

State Street Bank & Trust Company

One Congress Street, Suite 1

Boston, MA 02114-2016

DISTRIBUTOR

TCW Funds Distributors LLC

515 South Flower Street

Los Angeles, California 90071

DIRECTORS

Patrick C. Haden

Director and Vice Chairman of the Board

Martin Luther King III

Director

Peter McMillan

Director

Victoria B. Rogers

Director

Robert Rooney

Director

Michael Swell

Director

Andrew Tarica

Director and Chairman of the Board

Megan McClellan

Director

Patrick Moore

Director

OFFICERS

Megan McClellan

President and Principal Executive Officer

Drew Bowden

Executive Vice President

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

Peter Davidson

Vice President and Secretary

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 Emerging Markets Income Fund

TCW Emerging Markets Local Currency Income 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 Principal 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)
	/s/ Megan McClellan
	Megan McClellan
	President and Principal Executive Officer
Date	June 27, 2024

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)
	/s/ Megan McClellan
	Megan McClellan
	President and Principal Executive Officer
Date	June 27, 2024
By (Signature and Title)
	/s/ Richard M. Villa
	Richard M. Villa
	Treasurer and Principal Financial and Accounting Officer
Date	June 27, 2024