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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07170

 

 

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, 2025

 

 
 


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”):

TCW Central Cash Fund

Image

Ticker: TGCXX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW Central Cash Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
TCW Central Cash Fund
$1
0.01%Footnote Reference*
Footnote Description
Footnote*
Annualized.

Key Fund Statistics

  • Total Net Assets$2,596,065,367
  • # of Portfolio Holdings22

What did the Fund invest in? 

Asset Allocation (as a % of Net Assets)

U.S. Treasury Securities
41.9%
Repurchase Agreement
30.9%
U.S. Government Agency Obligations
26.9%
Money Market Investments
0.2%
Other Assets in Excess of Liabilities
0.1%

Top Ten Holdings (as a % of Net Assets)

JP Morgan Securities, 4.37%, due 05/01/25
11.6%
Barclays Capital, Inc., 4.37%, due 05/01/25
11.6%
U.S. Treasury Bills, 4.29%, due 07/08/25
11.5%
U.S. Treasury Bills, 4.26%, due 05/27/25
8.8%
Bank of America NA, 4.35%, due 05/01/25
7.7%
U.S. Treasury Bills, 4.28%, due 06/17/25
6.9%
Federal Home Loan Banks, 4.36%, due 12/17/25
3.9%
Federal Home Loan Banks, 4.38%, due 05/16/25
3.9%
Federal Home Loan Banks, 4.38%, due 05/06/25
3.9%
Federal Home Loan Banks, 4.36%, due 12/08/25
3.9%

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

Additional Information 

If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

Phone: 800-FUND-TCW (800-386-3829)

 

Image

TCW Central Cash Fund

Semi-Annual Shareholder Report — April 30, 2025

Ticker: TGCXX

TSR TGCXX-0425

TCW Concentrated Large Cap Growth Fund

Image

Class I: TGCEX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW Concentrated Large Cap Growth Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). This report contains material fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Class I
$38
0.78%Footnote Reference*
Footnote Description
Footnote*
Annualized.

Key Fund Statistics

  • Total Net Assets$639,395,769
  • # of Portfolio Holdings30
  • Portfolio Turnover Rate8%

What did the Fund invest in? 

Sector Allocation (as a % of Net Assets)

Information Technology
47.7%
Communication Services
12.0%
Financials
11.1%
Health Care
10.8%
Consumer Discretionary
9.1%
Industrials
4.4%
Consumer Staples
3.9%
Short-Term Investments
1.0%

Top Ten Holdings (as a % of Net Assets)

NVIDIA Corp.
12.2%
Microsoft Corp.
6.9%
ServiceNow, Inc.
6.6%
Alphabet, Inc., Class C
6.5%
Amazon.com, Inc.
6.3%
Visa, Inc., Class A
4.4%
Meta Platforms, Inc., Class A
4.4%
Mastercard, Inc., Class A
3.9%
Costco Wholesale Corp.
3.8%
Broadcom, Inc.
3.6%

Material Fund Changes 

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after October 31, 2025 at www.tcw.com/Literature/Fund-Literature or upon request by contacting us at 800-FUND-TCW (800-386-3829).

The TCW Select Equities Fund was renamed the TCW Concentrated Large Cap Growth Fund on February 28, 2025. Please see the Fund's prospectus for further information on investment objectives and strategies.

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

Additional Information 

If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

Phone: 800-FUND-TCW (800-386-3829)

 

Image

TCW Concentrated Large Cap Growth Fund

Semi-Annual Shareholder Report — April 30, 2025

Class I: TGCEX

TSR TGCEX-0425

TCW Concentrated Large Cap Growth Fund

Image

Class N: TGCNX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW Concentrated Large Cap Growth Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). This report contains material fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Class N
$45
0.91%Footnote Reference*
Footnote Description
Footnote*
Annualized.

Key Fund Statistics

  • Total Net Assets$639,395,769
  • # of Portfolio Holdings30
  • Portfolio Turnover Rate8%

What did the Fund invest in? 

Sector Allocation (as a % of Net Assets)

Information Technology
47.7%
Communication Services
12.0%
Financials
11.1%
Health Care
10.8%
Consumer Discretionary
9.1%
Industrials
4.4%
Consumer Staples
3.9%
Short-Term Investments
1.0%

Top Ten Holdings (as a % of Net Assets)

NVIDIA Corp.
12.2%
Microsoft Corp.
6.9%
ServiceNow, Inc.
6.6%
Alphabet, Inc., Class C
6.5%
Amazon.com, Inc.
6.3%
Visa, Inc., Class A
4.4%
Meta Platforms, Inc., Class A
4.4%
Mastercard, Inc., Class A
3.9%
Costco Wholesale Corp.
3.8%
Broadcom, Inc.
3.6%

Material Fund Changes 

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after October 31, 2025 at www.tcw.com/Literature/Fund-Literature or upon request by contacting us at 800-FUND-TCW (800-386-3829).

The TCW Select Equities Fund was renamed the TCW Concentrated Large Cap Growth Fund on February 28, 2025. Please see the Fund's prospectus for further information on investment objectives and strategies.

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

Additional Information 

If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

Phone: 800-FUND-TCW (800-386-3829)

 

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TCW Concentrated Large Cap Growth Fund

Semi-Annual Shareholder Report — April 30, 2025

Class N: TGCNX

TSR TGCNX-0425

TCW Conservative Allocation Fund

Image

Class I: TGPCX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW Conservative Allocation Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Class I
$26
0.52%Footnote Reference*
Footnote Description
Footnote*
Annualized.

Key Fund Statistics

  • Total Net Assets$32,393,584
  • # of Portfolio Holdings19
  • Portfolio Turnover Rate12%

What did the Fund invest in? 

Sector Allocation (as a % of Net Assets)

Diversified Fixed Income Funds
65.3%
Diversified Equity Funds
17.4%
Exchange-Traded Funds
16.2%
Exchange-Traded Notes
0.7%
Short-Term Investments
0.6%
Liabilities in Excess of Other Assets
(0.2%)

Top Ten Holdings (as a % of Net Assets)

TCW MetWest Total Return Bond Fund, Class I
25.0%
TCW Securitized Bond Fund, Class I
22.8%
TCW Compounders ETF
11.5%
TCW MetWest Unconstrained Bond Fund, Class I
10.4%
TCW Relative Value Large Cap Fund, Class I
8.6%
TCW Concentrated Large Cap Growth Fund (formerly TCW Select Equities Fund), Class I
4.6%
TCW Global Real Estate Fund, Class I
3.8%
TCW Global Bond Fund, Class I
3.0%
iShares MSCI EAFE ETF
2.1%
TCW Metropolitan West Low Duration Bond Fund, Class I
1.9%

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

Additional Information 

If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

Phone: 800-FUND-TCW (800-386-3829)

 

Image

TCW Conservative Allocation Fund

Semi-Annual Shareholder Report — April 30, 2025

Class I: TGPCX

TSR TGPCX-0425

TCW Conservative Allocation Fund

Image

Class N: TGPNX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW Conservative Allocation Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Class N
$34
0.68%Footnote Reference*
Footnote Description
Footnote*
Annualized.

Key Fund Statistics

  • Total Net Assets$32,393,584
  • # of Portfolio Holdings19
  • Portfolio Turnover Rate12%

What did the Fund invest in? 

Sector Allocation (as a % of Net Assets)

Diversified Fixed Income Funds
65.3%
Diversified Equity Funds
17.4%
Exchange-Traded Funds
16.2%
Exchange-Traded Notes
0.7%
Short-Term Investments
0.6%
Liabilities in Excess of Other Assets
(0.2%)

Top Ten Holdings (as a % of Net Assets)

TCW MetWest Total Return Bond Fund, Class I
25.0%
TCW Securitized Bond Fund, Class I
22.8%
TCW Compounders ETF
11.5%
TCW MetWest Unconstrained Bond Fund, Class I
10.4%
TCW Relative Value Large Cap Fund, Class I
8.6%
TCW Concentrated Large Cap Growth Fund (formerly TCW Select Equities Fund), Class I
4.6%
TCW Global Real Estate Fund, Class I
3.8%
TCW Global Bond Fund, Class I
3.0%
iShares MSCI EAFE ETF
2.1%
TCW Metropolitan West Low Duration Bond Fund, Class I
1.9%

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

Additional Information 

If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

Phone: 800-FUND-TCW (800-386-3829)

 

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TCW Conservative Allocation Fund

Semi-Annual Shareholder Report — April 30, 2025

Class N: TGPNX

TSR TGPNX-0425

TCW Core Fixed Income Fund

Image

Class I: TGCFX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW Core Fixed Income Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Class I
$25
0.49%Footnote Reference*
Footnote Description
Footnote*
Annualized.

Key Fund Statistics

  • Total Net Assets$556,249,587
  • # of Portfolio Holdings400
  • Portfolio Turnover Rate224%

What did the Fund invest in? 

Asset Allocation (as a % of Net Assets)

Residential Mortgage-Backed Securities - Agency
37.2%
U.S. Treasury Securities
20.3%
Corporate Bonds
19.3%
Short-Term Investments
12.5%
Residential Mortgage-Backed Securities - Non-Agency
9.8%
Asset-Backed Securities
6.9%
Commercial Mortgage-Backed Securities - Non-Agency
3.0%
Municipal Bonds
0.5%
Other Security TypesFootnote Reference*
0.5%
Liabilities in Excess of Other Assets
(10.0%)
Footnote Description
Footnote*
Please refer to the Fund’s Semi-Annual Financial Statements which are available on the Fund’s website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories.

Top Ten Holdings (as a % of Net Assets)

U.S. Treasury Bonds, 4.75%, due 02/15/45
6.3%
U.S. Treasury Notes, 3.88%, due 04/30/30
5.6%
U.S. Treasury Notes, 4.00%, due 04/30/32
3.4%
U.S. Treasury Notes, 4.63%, due 02/15/35
1.9%
U.S. Treasury Inflation-Indexed Notes, 2.13%, due 01/15/35
1.6%
Uniform Mortgage-Backed Security, TBA, 3.50%, due 03/01/52
1.3%
Federal National Mortgage Association, 2.00%, due 04/01/52
1.2%
Government National Mortgage Association, TBA, 2.50%, due 05/20/55
1.2%
Government National Mortgage Association, TBA, 5.00%, due 05/20/54
1.2%
Federal National Mortgage Association, 2.00%, due 12/01/51
1.1%

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

Additional Information 

If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

Phone: 800-FUND-TCW (800-386-3829)

 

Image

TCW Core Fixed Income Fund

Semi-Annual Shareholder Report — April 30, 2025

Class I: TGCFX

TSR TGCFX-0425

TCW Core Fixed Income Fund

Image

Class N: TGFNX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW Core Fixed Income Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Class N
$31
0.61%Footnote Reference*
Footnote Description
Footnote*
Annualized.

Key Fund Statistics

  • Total Net Assets$556,249,587
  • # of Portfolio Holdings400
  • Portfolio Turnover Rate224%

What did the Fund invest in? 

Asset Allocation (as a % of Net Assets)

Residential Mortgage-Backed Securities - Agency
37.2%
U.S. Treasury Securities
20.3%
Corporate Bonds
19.3%
Short-Term Investments
12.5%
Residential Mortgage-Backed Securities - Non-Agency
9.8%
Asset-Backed Securities
6.9%
Commercial Mortgage-Backed Securities - Non-Agency
3.0%
Municipal Bonds
0.5%
Other Security TypesFootnote Reference*
0.5%
Liabilities in Excess of Other Assets
(10.0%)
Footnote Description
Footnote*
Please refer to the Fund’s Semi-Annual Financial Statements which are available on the Fund’s website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories.

Top Ten Holdings (as a % of Net Assets)

U.S. Treasury Bonds, 4.75%, due 02/15/45
6.3%
U.S. Treasury Notes, 3.88%, due 04/30/30
5.6%
U.S. Treasury Notes, 4.00%, due 04/30/32
3.4%
U.S. Treasury Notes, 4.63%, due 02/15/35
1.9%
U.S. Treasury Inflation-Indexed Notes, 2.13%, due 01/15/35
1.6%
Uniform Mortgage-Backed Security, TBA, 3.50%, due 03/01/52
1.3%
Federal National Mortgage Association, 2.00%, due 04/01/52
1.2%
Government National Mortgage Association, TBA, 2.50%, due 05/20/55
1.2%
Government National Mortgage Association, TBA, 5.00%, due 05/20/54
1.2%
Federal National Mortgage Association, 2.00%, due 12/01/51
1.1%

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

Additional Information 

If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

Phone: 800-FUND-TCW (800-386-3829)

 

Image

TCW Core Fixed Income Fund

Semi-Annual Shareholder Report — April 30, 2025

Class N: TGFNX

TSR TGFNX-0425

TCW Core Fixed Income Fund

Image

Class P: TGCPX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW Core Fixed Income Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Class P
$22
0.44%Footnote Reference*
Footnote Description
Footnote*
Annualized.

Key Fund Statistics

  • Total Net Assets$556,249,587
  • # of Portfolio Holdings400
  • Portfolio Turnover Rate224%

What did the Fund invest in? 

Asset Allocation (as a % of Net Assets)

Residential Mortgage-Backed Securities - Agency
37.2%
U.S. Treasury Securities
20.3%
Corporate Bonds
19.3%
Short-Term Investments
12.5%
Residential Mortgage-Backed Securities - Non-Agency
9.8%
Asset-Backed Securities
6.9%
Commercial Mortgage-Backed Securities - Non-Agency
3.0%
Municipal Bonds
0.5%
Other Security TypesFootnote Reference*
0.5%
Liabilities in Excess of Other Assets
(10.0%)
Footnote Description
Footnote*
Please refer to the Fund’s Semi-Annual Financial Statements which are available on the Fund’s website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories.

Top Ten Holdings (as a % of Net Assets)

U.S. Treasury Bonds, 4.75%, due 02/15/45
6.3%
U.S. Treasury Notes, 3.88%, due 04/30/30
5.6%
U.S. Treasury Notes, 4.00%, due 04/30/32
3.4%
U.S. Treasury Notes, 4.63%, due 02/15/35
1.9%
U.S. Treasury Inflation-Indexed Notes, 2.13%, due 01/15/35
1.6%
Uniform Mortgage-Backed Security, TBA, 3.50%, due 03/01/52
1.3%
Federal National Mortgage Association, 2.00%, due 04/01/52
1.2%
Government National Mortgage Association, TBA, 2.50%, due 05/20/55
1.2%
Government National Mortgage Association, TBA, 5.00%, due 05/20/54
1.2%
Federal National Mortgage Association, 2.00%, due 12/01/51
1.1%

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

Additional Information 

If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

Phone: 800-FUND-TCW (800-386-3829)

 

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TCW Core Fixed Income Fund

Semi-Annual Shareholder Report — April 30, 2025

Class P: TGCPX

TSR TGCPX-0425

TCW Emerging Markets Income Fund

Image

Class I: TGEIX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW Emerging Markets Income Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Class I
$42
0.85%Footnote Reference*
Footnote Description
Footnote*
Annualized.

Key Fund Statistics

  • Total Net Assets$3,479,407,945
  • # of Portfolio Holdings265
  • Portfolio Turnover Rate36%

What did the Fund invest in? 

Sector Allocation (as a % of Net Assets)

Government
65.0%
Energy
11.3%
Utilities
6.1%
Basic Materials
5.9%
Short-Term Investments
5.4%
Financial
5.2%
Industrial
0.6%
Communications
0.4%
OtherFootnote Reference*
0.6%
Liabilities in Excess of Other Assets
(0.5%)
Footnote Description
Footnote*
Please refer to the Fund’s Semi-Annual Financial Statements which are available on the Fund’s website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories.

Top Ten Holdings (as a % of Net Assets)

Greensaif Pipelines Bidco SARL, 6.13%, due 02/23/38
1.8%
Senegal Government International Bonds, 6.25%, due 05/23/33
1.6%
Mexico Government International Bonds, 6.35%, due 02/09/35
1.4%
Senegal Government International Bonds, 7.75%, due 06/10/31
1.4%
Gabon Government International Bonds, 6.63%, due 02/06/31
1.3%
Oman Government International Bonds, 6.25%, due 01/25/31
1.2%
Saudi Arabian Oil Co., 5.25%, due 07/17/34
1.1%
Oman Government International Bonds, 6.00%, due 08/01/29
1.1%
Galaxy Pipeline Assets Bidco Ltd., 2.63%, due 03/31/36
1.0%
Istanbul Metropolitan Municipality, 10.50%, due 12/06/28
1.0%

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

Additional Information 

If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

Phone: 800-FUND-TCW (800-386-3829)

 

Image

TCW Emerging Markets Income Fund

Semi-Annual Shareholder Report — April 30, 2025

Class I: TGEIX

TSR TGEIX-0425

TCW Emerging Markets Income Fund

Image

Class N: TGINX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW Emerging Markets Income Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Class N
$47
0.95%Footnote Reference*
Footnote Description
Footnote*
Annualized.

Key Fund Statistics

  • Total Net Assets$3,479,407,945
  • # of Portfolio Holdings265
  • Portfolio Turnover Rate36%

What did the Fund invest in? 

Sector Allocation (as a % of Net Assets)

Government
65.0%
Energy
11.3%
Utilities
6.1%
Basic Materials
5.9%
Short-Term Investments
5.4%
Financial
5.2%
Industrial
0.6%
Communications
0.4%
OtherFootnote Reference*
0.6%
Liabilities in Excess of Other Assets
(0.5%)
Footnote Description
Footnote*
Please refer to the Fund’s Semi-Annual Financial Statements which are available on the Fund’s website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories.

Top Ten Holdings (as a % of Net Assets)

Greensaif Pipelines Bidco SARL, 6.13%, due 02/23/38
1.8%
Senegal Government International Bonds, 6.25%, due 05/23/33
1.6%
Mexico Government International Bonds, 6.35%, due 02/09/35
1.4%
Senegal Government International Bonds, 7.75%, due 06/10/31
1.4%
Gabon Government International Bonds, 6.63%, due 02/06/31
1.3%
Oman Government International Bonds, 6.25%, due 01/25/31
1.2%
Saudi Arabian Oil Co., 5.25%, due 07/17/34
1.1%
Oman Government International Bonds, 6.00%, due 08/01/29
1.1%
Galaxy Pipeline Assets Bidco Ltd., 2.63%, due 03/31/36
1.0%
Istanbul Metropolitan Municipality, 10.50%, due 12/06/28
1.0%

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

Additional Information 

If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

Phone: 800-FUND-TCW (800-386-3829)

 

Image

TCW Emerging Markets Income Fund

Semi-Annual Shareholder Report — April 30, 2025

Class N: TGINX

TSR TGINX-0425

TCW Emerging Markets Income Fund

Image

Class P: TGEPX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW Emerging Markets Income Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Class P
$38
0.77%Footnote Reference*
Footnote Description
Footnote*
Annualized.

Key Fund Statistics

  • Total Net Assets$3,479,407,945
  • # of Portfolio Holdings265
  • Portfolio Turnover Rate36%

What did the Fund invest in? 

Sector Allocation (as a % of Net Assets)

Government
65.0%
Energy
11.3%
Utilities
6.1%
Basic Materials
5.9%
Short-Term Investments
5.4%
Financial
5.2%
Industrial
0.6%
Communications
0.4%
OtherFootnote Reference*
0.6%
Liabilities in Excess of Other Assets
(0.5%)
Footnote Description
Footnote*
Please refer to the Fund’s Semi-Annual Financial Statements which are available on the Fund’s website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories.

Top Ten Holdings (as a % of Net Assets)

Greensaif Pipelines Bidco SARL, 6.13%, due 02/23/38
1.8%
Senegal Government International Bonds, 6.25%, due 05/23/33
1.6%
Mexico Government International Bonds, 6.35%, due 02/09/35
1.4%
Senegal Government International Bonds, 7.75%, due 06/10/31
1.4%
Gabon Government International Bonds, 6.63%, due 02/06/31
1.3%
Oman Government International Bonds, 6.25%, due 01/25/31
1.2%
Saudi Arabian Oil Co., 5.25%, due 07/17/34
1.1%
Oman Government International Bonds, 6.00%, due 08/01/29
1.1%
Galaxy Pipeline Assets Bidco Ltd., 2.63%, due 03/31/36
1.0%
Istanbul Metropolitan Municipality, 10.50%, due 12/06/28
1.0%

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

Additional Information 

If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

Phone: 800-FUND-TCW (800-386-3829)

 

Image

TCW Emerging Markets Income Fund

Semi-Annual Shareholder Report — April 30, 2025

Class P: TGEPX

TSR TGEPX-0425

TCW Emerging Markets Local Currency Income Fund

Image

Class I: TGWIX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW Emerging Markets Local Currency Income Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Class I
$43
0.85%Footnote Reference*
Footnote Description
Footnote*
Annualized.

Key Fund Statistics

  • Total Net Assets$54,108,631
  • # of Portfolio Holdings134
  • Portfolio Turnover Rate69%

What did the Fund invest in? 

Country Composition (as a % of Net Assets)

Short-Term Investments
13.2%
India
10.1%
Indonesia
9.7%
Brazil
9.5%
Malaysia
8.2%
Mexico
7.2%
South Africa
6.9%
Poland
5.5%
Thailand
5.3%
OtherFootnote Reference*
21.2%
Other Assets in Excess of Liabilities
3.2%
Footnote Description
Footnote*
Please refer to the Fund’s Semi-Annual Financial Statements which are available on the Fund’s website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories.

Top Ten Holdings (as a % of Net Assets)

Brazil Notas do Tesouro Nacional, 10.00%, due 01/01/31
7.3%
Indonesia Treasury Bonds, 6.88%, due 04/15/29
6.6%
India Government Bonds, 7.18%, due 08/14/33
3.7%
India Government Bonds, 7.10%, due 04/08/34
3.6%
Thailand Government Bonds, 3.45%, due 06/17/43
3.1%
India Government Bonds, 6.75%, due 12/23/29
2.7%
China Government Bonds, 2.11%, due 08/25/34
2.4%
China Government Bonds, 2.57%, due 05/20/54
2.1%
Republic of Poland Government Bonds, 1.75%, due 04/25/32
1.9%
Malaysia Government Bonds, 4.76%, due 04/07/37
1.9%

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

Additional Information 

If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

Phone: 800-FUND-TCW (800-386-3829)

 

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TCW Emerging Markets Local Currency Income Fund

Semi-Annual Shareholder Report — April 30, 2025

Class I: TGWIX

TSR TGWIX-0425

TCW Emerging Markets Local Currency Income Fund

Image

Class N: TGWNX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW Emerging Markets Local Currency Income Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Class N
$46
0.90%Footnote Reference*
Footnote Description
Footnote*
Annualized.

Key Fund Statistics

  • Total Net Assets$54,108,631
  • # of Portfolio Holdings134
  • Portfolio Turnover Rate69%

What did the Fund invest in? 

Country Composition (as a % of Net Assets)

Short-Term Investments
13.2%
India
10.1%
Indonesia
9.7%
Brazil
9.5%
Malaysia
8.2%
Mexico
7.2%
South Africa
6.9%
Poland
5.5%
Thailand
5.3%
OtherFootnote Reference*
21.2%
Other Assets in Excess of Liabilities
3.2%
Footnote Description
Footnote*
Please refer to the Fund’s Semi-Annual Financial Statements which are available on the Fund’s website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories.

Top Ten Holdings (as a % of Net Assets)

Brazil Notas do Tesouro Nacional, 10.00%, due 01/01/31
7.3%
Indonesia Treasury Bonds, 6.88%, due 04/15/29
6.6%
India Government Bonds, 7.18%, due 08/14/33
3.7%
India Government Bonds, 7.10%, due 04/08/34
3.6%
Thailand Government Bonds, 3.45%, due 06/17/43
3.1%
India Government Bonds, 6.75%, due 12/23/29
2.7%
China Government Bonds, 2.11%, due 08/25/34
2.4%
China Government Bonds, 2.57%, due 05/20/54
2.1%
Republic of Poland Government Bonds, 1.75%, due 04/25/32
1.9%
Malaysia Government Bonds, 4.76%, due 04/07/37
1.9%

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

Additional Information 

If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

Phone: 800-FUND-TCW (800-386-3829)

 

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TCW Emerging Markets Local Currency Income Fund

Semi-Annual Shareholder Report — April 30, 2025

Class N: TGWNX

TSR TGWNX-0425

TCW Global Bond Fund

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Class I: TGGBX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW Global Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Class I
$31
0.60%Footnote Reference*
Footnote Description
Footnote*
Annualized.

Key Fund Statistics

  • Total Net Assets$20,167,473
  • # of Portfolio Holdings408
  • Portfolio Turnover Rate156%

What did the Fund invest in? 

Asset Allocation (as a % of Net Assets)

Foreign Government Bonds
44.4%
Residential Mortgage-Backed Securities - Agency
21.8%
Corporate Bonds
16.2%
Asset-Backed Securities
6.6%
Residential Mortgage-Backed Securities - Non-Agency
5.8%
Short-Term Investments
5.6%
U.S. Treasury Securities
5.4%
Commercial Mortgage-Backed Securities - Non-Agency
4.9%
Other Security TypesFootnote Reference*
1.5%
Liabilities in Excess of Other Assets
(12.2%)
Footnote Description
Footnote*
Please refer to the Fund’s Semi-Annual Financial Statements which are available on the Fund’s website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories.

Top Ten Holdings (as a % of Net Assets)

U.K. Gilts, 4.38%, due 03/07/30
7.0%
U.S. Treasury Notes, 4.00%, due 04/30/32
3.3%
U.K. Gilts, 3.75%, due 03/07/27
2.6%
Japan Government Ten Year Bonds, 1.20%, due 12/20/34
2.6%
French Republic Government Bonds OAT, 1.00%, due 05/25/27
2.2%
U.K. Gilts, 4.13%, due 01/29/27
2.0%
U.K. Gilts, 4.25%, due 07/31/34
2.0%
China Government Bonds, 3.13%, due 11/21/29
1.9%
Uniform Mortgage-Backed Security, TBA, 4.50%, due 05/01/55
1.7%
Brazil Notas do Tesouro Nacional, 10.00%, due 01/01/31
1.6%

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

Additional Information 

If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

Phone: 800-FUND-TCW (800-386-3829)

 

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TCW Global Bond Fund

Semi-Annual Shareholder Report — April 30, 2025

Class I: TGGBX

TSR TGGBX-0425

TCW Global Bond Fund

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Class N: TGGFX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW Global Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Class N
$36
0.70%Footnote Reference*
Footnote Description
Footnote*
Annualized.

Key Fund Statistics

  • Total Net Assets$20,167,473
  • # of Portfolio Holdings408
  • Portfolio Turnover Rate156%

What did the Fund invest in? 

Asset Allocation (as a % of Net Assets)

Foreign Government Bonds
44.4%
Residential Mortgage-Backed Securities - Agency
21.8%
Corporate Bonds
16.2%
Asset-Backed Securities
6.6%
Residential Mortgage-Backed Securities - Non-Agency
5.8%
Short-Term Investments
5.6%
U.S. Treasury Securities
5.4%
Commercial Mortgage-Backed Securities - Non-Agency
4.9%
Other Security TypesFootnote Reference*
1.5%
Liabilities in Excess of Other Assets
(12.2%)
Footnote Description
Footnote*
Please refer to the Fund’s Semi-Annual Financial Statements which are available on the Fund’s website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories.

Top Ten Holdings (as a % of Net Assets)

U.K. Gilts, 4.38%, due 03/07/30
7.0%
U.S. Treasury Notes, 4.00%, due 04/30/32
3.3%
U.K. Gilts, 3.75%, due 03/07/27
2.6%
Japan Government Ten Year Bonds, 1.20%, due 12/20/34
2.6%
French Republic Government Bonds OAT, 1.00%, due 05/25/27
2.2%
U.K. Gilts, 4.13%, due 01/29/27
2.0%
U.K. Gilts, 4.25%, due 07/31/34
2.0%
China Government Bonds, 3.13%, due 11/21/29
1.9%
Uniform Mortgage-Backed Security, TBA, 4.50%, due 05/01/55
1.7%
Brazil Notas do Tesouro Nacional, 10.00%, due 01/01/31
1.6%

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

Additional Information 

If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

Phone: 800-FUND-TCW (800-386-3829)

 

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TCW Global Bond Fund

Semi-Annual Shareholder Report — April 30, 2025

Class N: TGGFX

TSR TGGFX-0425

TCW Global Real Estate Fund

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Class I: TGREX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW Global Real Estate Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Class I
$44
0.90%Footnote Reference*
Footnote Description
Footnote*
Annualized.

Key Fund Statistics

  • Total Net Assets$41,299,442
  • # of Portfolio Holdings42
  • Portfolio Turnover Rate29%

What did the Fund invest in? 

Sector Allocation (as a % of Net Assets)

Specialized REITs
25.7%
Industrial REITs
17.3%
Real Estate Management & Development
10.3%
Diversified REITs
9.4%
Residential REITs
8.5%
Office REITs
5.9%
Hotels, Restaurants & Leisure
4.8%
Diversified Telecommunication Services
3.7%
OtherFootnote Reference*
14.5%
Liabilities in Excess of Other Assets
(0.1%)
Footnote Description
Footnote*
Please refer to the Fund’s Semi-Annual Financial Statements which are available on the Fund’s website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories.

Top Ten Holdings (as a % of Net Assets)

Digital Realty Trust, Inc.
4.2%
American Tower Corp.
4.0%
CBRE Group, Inc., Class A
3.7%
Cellnex Telecom SA
3.7%
Travel & Leisure Co.
3.3%
Welltower, Inc.
3.2%
Prologis, Inc.
3.2%
SBA Communications Corp.
3.1%
Merlin Properties Socimi SA
3.1%
Dexus
3.1%

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

Additional Information 

If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

Phone: 800-FUND-TCW (800-386-3829)

 

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TCW Global Real Estate Fund

Semi-Annual Shareholder Report — April 30, 2025

Class I: TGREX

TSR TGREX-0425

TCW Global Real Estate Fund

Image

Class N: TGRYX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW Global Real Estate Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Class N
$48
1.00%Footnote Reference*
Footnote Description
Footnote*
Annualized.

Key Fund Statistics

  • Total Net Assets$41,299,442
  • # of Portfolio Holdings42
  • Portfolio Turnover Rate29%

What did the Fund invest in? 

Sector Allocation (as a % of Net Assets)

Specialized REITs
25.7%
Industrial REITs
17.3%
Real Estate Management & Development
10.3%
Diversified REITs
9.4%
Residential REITs
8.5%
Office REITs
5.9%
Hotels, Restaurants & Leisure
4.8%
Diversified Telecommunication Services
3.7%
OtherFootnote Reference*
14.5%
Liabilities in Excess of Other Assets
(0.1%)
Footnote Description
Footnote*
Please refer to the Fund’s Semi-Annual Financial Statements which are available on the Fund’s website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories.

Top Ten Holdings (as a % of Net Assets)

Digital Realty Trust, Inc.
4.2%
American Tower Corp.
4.0%
CBRE Group, Inc., Class A
3.7%
Cellnex Telecom SA
3.7%
Travel & Leisure Co.
3.3%
Welltower, Inc.
3.2%
Prologis, Inc.
3.2%
SBA Communications Corp.
3.1%
Merlin Properties Socimi SA
3.1%
Dexus
3.1%

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

Additional Information 

If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

Phone: 800-FUND-TCW (800-386-3829)

 

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TCW Global Real Estate Fund

Semi-Annual Shareholder Report — April 30, 2025

Class N: TGRYX

TSR TGRYX-0425

TCW Relative Value Large Cap Fund

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Class I: TGDIX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW Relative Value Large Cap Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Class I
$34
0.70%Footnote Reference*
Footnote Description
Footnote*
Annualized.

Key Fund Statistics

  • Total Net Assets$420,577,000
  • # of Portfolio Holdings49
  • Portfolio Turnover Rate20%

What did the Fund invest in? 

Sector Allocation (as a % of Net Assets)

Financials
27.1%
Health Care
14.2%
Information Technology
14.1%
Industrials
11.5%
Consumer Discretionary
8.4%
Communication Services
6.4%
Energy
4.5%
Real Estate
4.2%
OtherFootnote Reference*
9.9%
Liabilities in Excess of Other Assets
(0.3%)
Footnote Description
Footnote*
Please refer to the Fund’s Semi-Annual Financial Statements which are available on the Fund’s website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories.

Top Ten Holdings (as a % of Net Assets)

International Business Machines Corp.
4.8%
McKesson Corp.
4.4%
JPMorgan Chase & Co.
4.4%
Fiserv, Inc.
4.0%
Intercontinental Exchange, Inc.
3.9%
Bank of New York Mellon Corp.
3.3%
General Electric Co.
3.3%
AbbVie, Inc.
2.8%
NiSource, Inc.
2.8%
Johnson Controls International PLC
2.7%

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

Additional Information 

If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

Phone: 800-FUND-TCW (800-386-3829)

 

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TCW Relative Value Large Cap Fund

Semi-Annual Shareholder Report — April 30, 2025

Class I: TGDIX

TSR TGDIX-0425

TCW Relative Value Large Cap Fund

Image

Class N: TGDVX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW Relative Value Large Cap Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Class N
$41
0.85%Footnote Reference*
Footnote Description
Footnote*
Annualized.

Key Fund Statistics

  • Total Net Assets$420,577,000
  • # of Portfolio Holdings49
  • Portfolio Turnover Rate20%

What did the Fund invest in? 

Sector Allocation (as a % of Net Assets)

Financials
27.1%
Health Care
14.2%
Information Technology
14.1%
Industrials
11.5%
Consumer Discretionary
8.4%
Communication Services
6.4%
Energy
4.5%
Real Estate
4.2%
OtherFootnote Reference*
9.9%
Liabilities in Excess of Other Assets
(0.3%)
Footnote Description
Footnote*
Please refer to the Fund’s Semi-Annual Financial Statements which are available on the Fund’s website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories.

Top Ten Holdings (as a % of Net Assets)

International Business Machines Corp.
4.8%
McKesson Corp.
4.4%
JPMorgan Chase & Co.
4.4%
Fiserv, Inc.
4.0%
Intercontinental Exchange, Inc.
3.9%
Bank of New York Mellon Corp.
3.3%
General Electric Co.
3.3%
AbbVie, Inc.
2.8%
NiSource, Inc.
2.8%
Johnson Controls International PLC
2.7%

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

Additional Information 

If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

Phone: 800-FUND-TCW (800-386-3829)

 

Image

TCW Relative Value Large Cap Fund

Semi-Annual Shareholder Report — April 30, 2025

Class N: TGDVX

TSR TGDVX-0425

TCW Relative Value Mid Cap Fund

Image

Class I: TGVOX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW Relative Value Mid Cap Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Class I
$41
0.85%Footnote Reference*
Footnote Description
Footnote*
Annualized.

Key Fund Statistics

  • Total Net Assets$85,737,353
  • # of Portfolio Holdings59
  • Portfolio Turnover Rate21%

What did the Fund invest in? 

Sector Allocation (as a % of Net Assets)

Financials
26.4%
Consumer Discretionary
14.4%
Industrials
14.1%
Real Estate
7.7%
Energy
7.1%
Information Technology
6.5%
Health Care
6.0%
Utilities
5.2%
OtherFootnote Reference*
12.8%
Liabilities in Excess of Other Assets
(0.2%)
Footnote Description
Footnote*
Please refer to the Fund’s Semi-Annual Financial Statements which are available on the Fund’s website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories.

Top Ten Holdings (as a % of Net Assets)

Equitable Holdings, Inc.
4.2%
Popular, Inc.
4.2%
Jones Lang LaSalle, Inc.
3.5%
Corpay, Inc.
3.5%
Arch Capital Group Ltd.
3.3%
Sprouts Farmers Market, Inc.
3.2%
NiSource, Inc.
3.1%
Westinghouse Air Brake Technologies Corp.
3.1%
Toll Brothers, Inc.
2.7%
eBay, Inc.
2.7%

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

Additional Information 

If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

Phone: 800-FUND-TCW (800-386-3829)

 

Image

TCW Relative Value Mid Cap Fund

Semi-Annual Shareholder Report — April 30, 2025

Class I: TGVOX

TSR TGVOX-0425

TCW Relative Value Mid Cap Fund

Image

Class N: TGVNX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW Relative Value Mid Cap Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Class N
$46
0.95%Footnote Reference*
Footnote Description
Footnote*
Annualized.

Key Fund Statistics

  • Total Net Assets$85,737,353
  • # of Portfolio Holdings59
  • Portfolio Turnover Rate21%

What did the Fund invest in? 

Sector Allocation (as a % of Net Assets)

Financials
26.4%
Consumer Discretionary
14.4%
Industrials
14.1%
Real Estate
7.7%
Energy
7.1%
Information Technology
6.5%
Health Care
6.0%
Utilities
5.2%
OtherFootnote Reference*
12.8%
Liabilities in Excess of Other Assets
(0.2%)
Footnote Description
Footnote*
Please refer to the Fund’s Semi-Annual Financial Statements which are available on the Fund’s website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories.

Top Ten Holdings (as a % of Net Assets)

Equitable Holdings, Inc.
4.2%
Popular, Inc.
4.2%
Jones Lang LaSalle, Inc.
3.5%
Corpay, Inc.
3.5%
Arch Capital Group Ltd.
3.3%
Sprouts Farmers Market, Inc.
3.2%
NiSource, Inc.
3.1%
Westinghouse Air Brake Technologies Corp.
3.1%
Toll Brothers, Inc.
2.7%
eBay, Inc.
2.7%

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

Additional Information 

If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

Phone: 800-FUND-TCW (800-386-3829)

 

Image

TCW Relative Value Mid Cap Fund

Semi-Annual Shareholder Report — April 30, 2025

Class N: TGVNX

TSR TGVNX-0425

TCW Securitized Bond Fund

Image

Class I: TGLMX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW Securitized Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Class I
$25
0.49%Footnote Reference*
Footnote Description
Footnote*
Annualized.

Key Fund Statistics

  • Total Net Assets$1,843,660,978
  • # of Portfolio Holdings422
  • Portfolio Turnover Rate144%

What did the Fund invest in? 

Asset Allocation (as a % of Net Assets)

Residential Mortgage-Backed Securities - Agency
68.0%
Residential Mortgage-Backed Securities - Non-Agency
22.6%
Commercial Mortgage-Backed Securities - Non-Agency
15.3%
Short-Term Investments
7.8%
Asset-Backed Securities
6.2%
U.S. Treasury Securities
3.6%
Investment Companies
0.4%
Commercial Mortgage-Backed Securities - Agency
0.0%
Liabilities in Excess of Other Assets
(23.9%)

Top Ten Holdings (as a % of Net Assets)

Uniform Mortgage-Backed Security, TBA, 4.00%, due 06/01/52
3.6%
Uniform Mortgage-Backed Security, TBA, 3.50%, due 03/01/52
2.8%
U.S. Treasury Notes, 3.75%, due 04/30/27
2.4%
Uniform Mortgage-Backed Security, TBA, 2.00%, due 05/01/55
2.3%
Government National Mortgage Association, TBA, 5.00%, due 05/20/54
2.2%
Uniform Mortgage-Backed Security, TBA, 5.00%, due 05/01/54
2.0%
Uniform Mortgage-Backed Security, TBA, 5.50%, due 05/01/54
1.7%
Government National Mortgage Association, TBA, 2.50%, due 05/20/55
1.7%
Federal National Mortgage Association, 2.00%, due 03/01/52
1.7%
Government National Mortgage Association, TBA, 5.50%, due 05/20/54
1.5%

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

Additional Information 

If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

Phone: 800-FUND-TCW (800-386-3829)

 

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TCW Securitized Bond Fund

Semi-Annual Shareholder Report — April 30, 2025

Class I: TGLMX

TSR TGLMX-0425

TCW Securitized Bond Fund

Image

Class N: TGMNX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW Securitized Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Class N
$35
0.70%Footnote Reference*
Footnote Description
Footnote*
Annualized.

Key Fund Statistics

  • Total Net Assets$1,843,660,978
  • # of Portfolio Holdings422
  • Portfolio Turnover Rate144%

What did the Fund invest in? 

Asset Allocation (as a % of Net Assets)

Residential Mortgage-Backed Securities - Agency
68.0%
Residential Mortgage-Backed Securities - Non-Agency
22.6%
Commercial Mortgage-Backed Securities - Non-Agency
15.3%
Short-Term Investments
7.8%
Asset-Backed Securities
6.2%
U.S. Treasury Securities
3.6%
Investment Companies
0.4%
Commercial Mortgage-Backed Securities - Agency
0.0%
Liabilities in Excess of Other Assets
(23.9%)

Top Ten Holdings (as a % of Net Assets)

Uniform Mortgage-Backed Security, TBA, 4.00%, due 06/01/52
3.6%
Uniform Mortgage-Backed Security, TBA, 3.50%, due 03/01/52
2.8%
U.S. Treasury Notes, 3.75%, due 04/30/27
2.4%
Uniform Mortgage-Backed Security, TBA, 2.00%, due 05/01/55
2.3%
Government National Mortgage Association, TBA, 5.00%, due 05/20/54
2.2%
Uniform Mortgage-Backed Security, TBA, 5.00%, due 05/01/54
2.0%
Uniform Mortgage-Backed Security, TBA, 5.50%, due 05/01/54
1.7%
Government National Mortgage Association, TBA, 2.50%, due 05/20/55
1.7%
Federal National Mortgage Association, 2.00%, due 03/01/52
1.7%
Government National Mortgage Association, TBA, 5.50%, due 05/20/54
1.5%

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

Additional Information 

If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

Phone: 800-FUND-TCW (800-386-3829)

 

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TCW Securitized Bond Fund

Semi-Annual Shareholder Report — April 30, 2025

Class N: TGMNX

TSR TGMNX-0425

TCW Securitized Bond Fund

Image

Class P: TGLSX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW Securitized Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Class P
$22
0.44%Footnote Reference*
Footnote Description
Footnote*
Annualized.

Key Fund Statistics

  • Total Net Assets$1,843,660,978
  • # of Portfolio Holdings422
  • Portfolio Turnover Rate144%

What did the Fund invest in? 

Asset Allocation (as a % of Net Assets)

Residential Mortgage-Backed Securities - Agency
68.0%
Residential Mortgage-Backed Securities - Non-Agency
22.6%
Commercial Mortgage-Backed Securities - Non-Agency
15.3%
Short-Term Investments
7.8%
Asset-Backed Securities
6.2%
U.S. Treasury Securities
3.6%
Investment Companies
0.4%
Commercial Mortgage-Backed Securities - Agency
0.0%
Liabilities in Excess of Other Assets
(23.9%)

Top Ten Holdings (as a % of Net Assets)

Uniform Mortgage-Backed Security, TBA, 4.00%, due 06/01/52
3.6%
Uniform Mortgage-Backed Security, TBA, 3.50%, due 03/01/52
2.8%
U.S. Treasury Notes, 3.75%, due 04/30/27
2.4%
Uniform Mortgage-Backed Security, TBA, 2.00%, due 05/01/55
2.3%
Government National Mortgage Association, TBA, 5.00%, due 05/20/54
2.2%
Uniform Mortgage-Backed Security, TBA, 5.00%, due 05/01/54
2.0%
Uniform Mortgage-Backed Security, TBA, 5.50%, due 05/01/54
1.7%
Government National Mortgage Association, TBA, 2.50%, due 05/20/55
1.7%
Federal National Mortgage Association, 2.00%, due 03/01/52
1.7%
Government National Mortgage Association, TBA, 5.50%, due 05/20/54
1.5%

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

Additional Information 

If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

Phone: 800-FUND-TCW (800-386-3829)

 

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TCW Securitized Bond Fund

Semi-Annual Shareholder Report — April 30, 2025

Class P: TGLSX

TSR TGLSX-0425

TCW White Oak Emerging Markets Equity Fund

Image

Class I: TWOEX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW White Oak Emerging Markets Equity Fund for the period of March 3, 2025 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Class I
$16Footnote Reference+
0.98%Footnote Reference*
Footnote Description
Footnote*
Annualized.
Footnote+
The dollar amounts above reflect expenses paid since the commencement of operations. Expenses for the full reporting period would be higher.

Key Fund Statistics

  • Total Net Assets$10,250,599
  • # of Portfolio Holdings130
  • Portfolio Turnover Rate14%

What did the Fund invest in? 

Sector Allocation (as a % of Net Assets)

Information Technology
22.4%
Consumer Discretionary
19.8%
Financials
19.8%
Industrials
11.2%
Communication Services
8.6%
Health Care
6.2%
Materials
5.3%
Consumer Staples
4.1%
OtherFootnote Reference*
1.5%
Other Assets in Excess of Liabilities
1.1%
Footnote Description
Footnote*
Please refer to the Fund’s Semi-Annual Financial Statements which are available on the Fund’s website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories.

Top Ten Holdings (as a % of Net Assets)

Taiwan Semiconductor Manufacturing Co. Ltd.
9.9%
Tencent Holdings Ltd.
4.3%
Alibaba Group Holding Ltd.
4.0%
Samsung Electronics Co. Ltd.
2.1%
HDFC Bank Ltd.
2.0%
ICICI Bank Ltd.
2.0%
Naspers Ltd., Class N
1.8%
Kweichow Moutai Co. Ltd., Class A
1.7%
Cie Financiere Richemont SA, Class A
1.4%
Hong Kong Exchanges & Clearing Ltd.
1.4%

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

Additional Information 

If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

Phone: 800-FUND-TCW (800-386-3829)

 

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TCW White Oak Emerging Markets Equity Fund

Semi-Annual Shareholder Report — April 30, 2025

Class I: TWOEX

TSR TWOEX-0425

TCW White Oak Emerging Markets Equity Fund

Image

Class N: TWEMX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW White Oak Emerging Markets Equity Fund for the period of March 3, 2025 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Class N
$20Footnote Reference+
1.23%Footnote Reference*
Footnote Description
Footnote*
Annualized.
Footnote+
The dollar amounts above reflect expenses paid since the commencement of operations. Expenses for the full reporting period would be higher.

Key Fund Statistics

  • Total Net Assets$10,250,599
  • # of Portfolio Holdings130
  • Portfolio Turnover Rate14%

What did the Fund invest in? 

Sector Allocation (as a % of Net Assets)

Information Technology
22.4%
Consumer Discretionary
19.8%
Financials
19.8%
Industrials
11.2%
Communication Services
8.6%
Health Care
6.2%
Materials
5.3%
Consumer Staples
4.1%
OtherFootnote Reference*
1.5%
Other Assets in Excess of Liabilities
1.1%
Footnote Description
Footnote*
Please refer to the Fund’s Semi-Annual Financial Statements which are available on the Fund’s website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories.

Top Ten Holdings (as a % of Net Assets)

Taiwan Semiconductor Manufacturing Co. Ltd.
9.9%
Tencent Holdings Ltd.
4.3%
Alibaba Group Holding Ltd.
4.0%
Samsung Electronics Co. Ltd.
2.1%
HDFC Bank Ltd.
2.0%
ICICI Bank Ltd.
2.0%
Naspers Ltd., Class N
1.8%
Kweichow Moutai Co. Ltd., Class A
1.7%
Cie Financiere Richemont SA, Class A
1.4%
Hong Kong Exchanges & Clearing Ltd.
1.4%

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

Additional Information 

If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

Phone: 800-FUND-TCW (800-386-3829)

 

Image

TCW White Oak Emerging Markets Equity Fund

Semi-Annual Shareholder Report — April 30, 2025

Class N: TWEMX

TSR TWEMX-0425


(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 7(a) of this Form N-CSR.

 

(b)

Not applicable.

 

Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies.

 

(a)

The Registrant’s Financial Statements are attached herewith.


LOGO

 

LOGO

 

EQUITY FUNDS

TCW Concentrated Large Cap Growth Fund

TCW Global Real Estate Fund

TCW Relative Value Large Cap Fund

TCW Relative Value Mid Cap Fund

ASSET ALLOCATION FUND

TCW Conservative Allocation Fund


TCW Funds, Inc.

 

Table of Contents

 

Schedules of Investments (Unaudited)

     1  

TCW Concentrated Large Cap Growth Fund

     1  

TCW Conservative Allocation Fund

     4  

TCW Global Real Estate Fund

     7  

TCW Relative Value Large Cap Fund

     10  

TCW Relative Value Mid Cap Fund

     14  

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)

     25  

Financial Highlights (Unaudited)

     41  

Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule

     51  


TCW Concentrated Large Cap Growth Fund

 

Schedule of Investments (Unaudited)

April 30, 2025

 

Issues   Shares      Value  

COMMON STOCK — 99.0% of Net Assets

 

Aerospace & Defense — 2.1%  

General Electric Co.

    64,783      $ 13,056,366  
    

 

 

 
Broadline Retail — 6.3%  

Amazon.com, Inc. (1)

    219,298        40,442,937  
    

 

 

 
Capital Markets — 2.8%  

S&P Global, Inc.

    36,122        18,062,806  
    

 

 

 
Commercial Services & Supplies — 2.3%  

Waste Connections, Inc. (Canada)

    75,012        14,824,622  
    

 

 

 
Consumer Staples Distribution & Retail — 3.9%  

Costco Wholesale Corp.

    24,727        24,591,002  
    

 

 

 
Financial Services — 8.3%  

Mastercard, Inc.

    45,105        24,720,246  

Visa, Inc.

    82,255        28,419,103  
    

 

 

 
       53,139,349  
    

 

 

 
Health Care Equipment & Supplies — 7.3%  

Boston Scientific Corp. (1)

    180,903        18,609,492  

Dexcom, Inc. (1)

    126,670        9,041,704  

Intuitive Surgical, Inc. (1)

    37,126        19,149,591  
    

 

 

 
       46,800,787  
    

 

 

 
Health Care Providers & Services — 1.8%  

UnitedHealth Group, Inc.

    28,280        11,635,523  
    

 

 

 
Interactive Media & Services — 10.9%  

Alphabet, Inc.

    258,871        41,649,755  

Meta Platforms, Inc.

    51,272        28,148,328  
    

 

 

 
       69,798,083  
    

 

 

 
IT Services — 4.2%  

Gartner, Inc. (1)

    26,665        11,228,098  

Shopify, Inc. (1)

    163,276        15,511,220  
    

 

 

 
       26,739,318  
    

 

 

 
Media — 1.1%  

Trade Desk, Inc. (1)

    132,994        7,132,468  
    

 

 

 
Pharmaceuticals — 1.7%  

Zoetis, Inc.

    68,874        10,771,894  
    

 

 

 
Issues   Shares      Value  
Semiconductors & Semiconductor Equipment — 17.9%  

ASML Holding NV (Netherlands)

    20,459      $ 13,668,248  

Broadcom, Inc.

    118,819        22,869,093  

NVIDIA Corp.

    716,403        78,030,615  
    

 

 

 
       114,567,956  
    

 

 

 
Software — 25.6%  

Adobe, Inc. (1)

    20,976        7,865,581  

Cadence Design Systems, Inc. (1)

    51,144        15,227,615  

Crowdstrike Holdings, Inc. (1)

    52,512        22,520,821  

Microsoft Corp.

    112,399        44,426,829  

Palo Alto Networks, Inc. (1)

    93,443        17,467,300  

ServiceNow, Inc. (1)

    44,045        42,063,415  

Tyler Technologies, Inc. (1)

    25,844        14,041,045  
    

 

 

 
       163,612,606  
    

 

 

 
Specialty Retail — 2.8%  

O’Reilly Automotive, Inc. (1)

    12,729        18,014,081  
    

 

 

 

Total Common Stock

    

(Cost: $249,862,210)

       633,189,798  
    

 

 

 

MONEY MARKET INVESTMENTS — 1.0%

 

State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.29% (2)

    4,715,540        4,715,540  

TCW Central Cash Fund, 4.34% (2)(3)

    1,630,000        1,630,000  
    

 

 

 

Total Money Market Investments

    

(Cost: $6,345,540)

       6,345,540  
    

 

 

 

Total Investments (100.0%)

    

(Cost: $256,207,750)

       639,535,338  

Liabilities In Excess Of Other Assets (0.0%)

 

     (139,569
    

 

 

 

Net Assets (100.0%)

 

   $ 639,395,769  
    

 

 

 

Notes to the Schedule of Investments:

(1)

Non-income producing security.

(2)

Rate disclosed is the 7-day net yield as of April 30, 2025.

(3)

Affiliated issuer.

 

 

See accompanying Notes to Financial Statements.

 

1


TCW Concentrated Large Cap Growth Fund

 

Schedule of Investments (Unaudited) (Continued)

 

The summary of the TCW Concentrated Large Cap Growth Fund transactions in the affiliated funds for the period ended April 30, 2025 is as follows:

 

Name of

Affiliated

Fund

  Value at
October 31,
2024
    Purchases
at Cost
    Proceeds
from Sales
    Number
of Shares
Held
April 30,
2025
    Value at
April 30,
2025
    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 Central Cash Fund

 

  $  —     $  46,110,000     $  44,480,000       1,630,000     $ 1,630,000     $ 126,943     $     $     $  
         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

          $  1,630,000     $  126,943     $  —     $  —     $  —  
         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

See accompanying Notes to Financial Statements.

 

2


TCW Concentrated Large Cap Growth Fund

 

Fair Valuation Summary (Unaudited)

April 30, 2025

 

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 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

   $ 163,612,606      $      $      $ 163,612,606  

Semiconductors & Semiconductor Equipment

     114,567,956                      114,567,956  

Interactive Media & Services

     69,798,083                      69,798,083  

Financial Services

     53,139,349                      53,139,349  

Health Care Equipment & Supplies

     46,800,787                      46,800,787  

Broadline Retail

     40,442,937                      40,442,937  

IT Services

     26,739,318                      26,739,318  

Consumer Staples Distribution & Retail

     24,591,002                      24,591,002  

Capital Markets

     18,062,806                      18,062,806  

Specialty Retail

     18,014,081                      18,014,081  

Commercial Services & Supplies

     14,824,622                      14,824,622  

Aerospace & Defense

     13,056,366                      13,056,366  

Health Care Providers & Services

     11,635,523                      11,635,523  

Pharmaceuticals

     10,771,894                      10,771,894  

Media

     7,132,468                      7,132,468  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Common Stock

     633,189,798                      633,189,798  
  

 

 

    

 

 

    

 

 

    

 

 

 

Money Market Investments

     6,345,540                      6,345,540  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $  639,535,338      $  —      $  —      $  639,535,338  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

See accompanying Notes to Financial Statements.

 

3


TCW Conservative Allocation Fund

 

Schedule of Investments (Unaudited)

 

Issues   Shares      Value  

INVESTMENT COMPANIES — 99.6%

 

Diversified Equity Funds — 17.4%  

TCW Concentrated Large Cap Growth Fund (formerly TCW Select Equities Fund) — I Class (1)

    52,200      $ 1,479,343  

TCW Global Real Estate Fund — I Class (1)

    103,010        1,219,632  

TCW Relative Value Large Cap Fund —I Class (1)

    187,241        2,776,788  

TCW Relative Value Mid Cap Fund — I Class (1)

    5,797        153,725  
    

 

 

 
       5,629,488  
    

 

 

 
Diversified Fixed Income Funds — 65.3%  

TCW Emerging Markets Income Fund —I Class (1)

    32,565        209,395  

TCW Global Bond Fund — I Class (1)

    114,052        972,863  

TCW MetWest High Yield Bond Fund —I Class (1)

    52,619        483,044  

TCW MetWest Low Duration Bond Fund — I Class (1)

    73,019        614,821  

TCW MetWest Total Return Bond Fund — I Class (1)

    892,036        8,099,688  

TCW MetWest Unconstrained Bond Fund — I Class (1)

    324,860        3,359,049  

TCW Securitized Bond Fund — I Class (1)

    946,137        7,398,795  
    

 

 

 
       21,137,655  
    

 

 

 
Exchange-Traded Funds — 16.2%  

iShares Gold Trust (2)

    4,395        273,237  

iShares MSCI EAFE ETF

    7,880        667,830  

TCW Artificial Intelligence ETF (1),(2)

    5,732        141,064  

TCW Compounders ETF (1)

    111,234        3,715,594  

TCW Transform Supply Chain ETF (1)

    4,830        286,514  

TCW Transform Systems ETF (1)

    2,340        168,714  
    

 

 

 
       5,252,953  
    

 

 

 
Issues   Shares      Value  
Exchange-Traded Notes — 0.7%  

iPath Bloomberg Commodity Index Total Return ETN (2)

    7,060      $ 234,957  
    

 

 

 

Total Exchange-traded Notes

    

(Cost: $224,122)

       234,957  
    

 

 

 

Total Investment Companies

    

(Cost: $29,586,072)

       32,255,053  
    

 

 

 
MONEY MARKET INVESTMENTS — 0.6%  

State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.29% (3)

    202,673        202,673  
    

 

 

 

Total Money Market Investments

    

(Cost: $202,673)

       202,673  
    

 

 

 

Total Investments (100.2%)

    

(Cost: $29,788,745)

       32,457,726  

Liabilities In Excess Of Other Assets (-0.2%)

       (64,142
    

 

 

 

Net Assets (100.0%)

     $ 32,393,584  
    

 

 

 

Notes to the Schedule of Investments:

ETF   Exchange-Traded Fund.
ETN   Exchange Traded Note.
(1)   Affiliated issuer.
(2)   Non-income producing security.
(3)   Rate disclosed is the 7-day net yield as of April 30, 2025.
 

 

See accompanying Notes to Financial Statements.

 

4


TCW Conservative Allocation Fund

 

Schedule of Investments (Unaudited) (Continued)

April 30, 2025

 

The summary of the TCW Conservative Allocation Fund transactions in the affiliated funds for the period ended April 30, 2025 is as follows:

 

Name of

Affiliated

Fund

  Value at
October 31,
2024
    Purchases
at Cost
    Proceeds
from Sales
    Number
of Shares
Held
April 30,
2025
    Value at
April 30,
2025
    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 Artificial Intelligence ETF

 

  $ 157,796     $     $ 2,331       5,732     $ 141,064     $     $     $ 1,598     $ (15,999

TCW Central Cash Fund

 

          900,000       900,000                   1,823                    

TCW Compounders ETF

 

    3,184,346       938,307       243,873       111,234       3,715,594       301,879             10,877       (174,063

TCW Concentrated Large Cap Growth Fund

 

    1,732,949       233,094       235,862       52,200       1,479,343             233,094       46,021       (296,859

TCW Emerging Markets Income Fund—I Class

 

    208,039       9,338       2,890       32,565       209,395       8,290             (243     (4,849

TCW Global Bond Fund—I Class

 

    1,123,044       18,542       202,458       114,052       972,863       15,816             (43,223     76,958  

TCW Global Real Estate Fund—I Class

 

    1,299,842       13,784       17,887       103,010       1,219,632       13,784             3,835       (79,942

TCW MetWest High Yield Bond Fund—I Class

 

    164,199       318,396       2,256       52,619       483,044       7,315             (19     2,724  

TCW MetWest Low Duration Bond Fund—I Class

 

    1,343,078       28,068       766,554       73,019       614,821       28,112             (24,234     34,463  

TCW MetWest Total Return Bond Fund—I Class

 

    7,140,535       1,165,993       260,241       892,036       8,099,688       156,352             (52,945     106,346  

TCW MetWest Unconstrained Bond Fund—I Class

 

    3,347,535       193,944       192,180       324,860       3,359,049       96,365             (25,856     35,606  

TCW Relative Value Large Cap Fund—I Class

 

    3,136,088       192,699       255,640       187,241       2,776,788       23,413       169,286       28,749       (325,108

TCW Relative Value Mid Cap Fund—I Class

 

    163,066       14,309       2,363       5,797       153,725       1,536       12,773       1,001       (22,288

TCW Securitized Bond Fund—I Class

 

    8,410,602       332,868       1,319,160       946,137       7,398,795       284,654             (318,176     292,661  

TCW Transform Supply Chain ETF

 

    161,305       163,224             4,830       286,514       1,167                   (38,015

TCW Transform Systems ETF

 

    172,891             2,317       2,340       168,714       259             254       (2,114
         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

          $  31,079,029     $  940,765     $  415,153     $  (372,361   $  (410,479
         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

See accompanying Notes to Financial Statements.

 

5


TCW Conservative Allocation Fund

 

Fair Valuation Summary (Unaudited)

April 30, 2025

 

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 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

   $ 32,255,053      $      $      $ 32,255,053  

Money Market Investments

     202,673                      202,673  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $  32,457,726      $  —      $  —      $  32,457,726  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

See accompanying Notes to Financial Statements.

 

6


TCW Global Real Estate Fund

 

Schedule of Investments (Unaudited)

April 30, 2025

 

Issues   Shares      Value  

COMMON STOCK — 97.2% of Net Assets

 

Australia — 9.2%  

Charter Hall Group

    48,727      $ 526,258  

Dexus

    267,766        1,287,516  

Goodman Group

    61,353        1,173,248  

Mirvac Group

    562,707        819,896  
    

 

 

 

Total Australia

    

(Cost: $3,614,368)

       3,806,918  
    

 

 

 
Belgium — 2.9% (Cost: $1,258,835)  

Shurgard Self Storage Ltd.

    28,849        1,201,096  
    

 

 

 
Canada — 5.5%  

Brookfield Corp.

    13,696        734,327  

BSR Real Estate Investment Trust

    29,274        365,632  

Killam Apartment Real Estate Investment Trust

    91,983        1,160,026  
    

 

 

 

Total Canada

 

(Cost: $2,550,835)

       2,259,985  
    

 

 

 
France — 1.3% (Cost: $531,919)  

Covivio SA

    9,713        546,530  
    

 

 

 

Total France

 

(Cost: $531,919)

       546,530  
    

 

 

 
Japan — 5.1%  

Mitsubishi Estate Co. Ltd.

    61,400        1,081,122  

Mitsui Fudosan Co. Ltd.

    103,900        1,032,171  
    

 

 

 

Total Japan

 

(Cost: $1,716,088)

       2,113,293  
    

 

 

 
Singapore — 2.3% (Cost: $1,007,023)  

CapitaLand Ascendas REIT

    457,000        931,495  
    

 

 

 
Spain — 6.8%  

Cellnex Telecom SA (1)

    37,215        1,511,251  

Merlin Properties Socimi SA

    113,345        1,289,787  
    

 

 

 

Total Spain

 

(Cost: $2,762,555)

       2,801,038  
    

 

 

 
United Kingdom — 2.6% (Cost: $1,360,254)  

Segro PLC

    118,481        1,080,207  
    

 

 

 
United States — 61.5%  

American Tower Corp.

    7,315        1,648,874  

Americold Realty Trust, Inc.

    42,747        826,727  

CBRE Group, Inc. (1)

    12,399        1,514,910  

Cousins Properties, Inc.

    41,172        1,133,877  

Digital Realty Trust, Inc.

    10,773        1,729,497  
Issues   Shares      Value  
United States (Continued)  

EastGroup Properties, Inc.

    6,483      $ 1,059,452  

Equinix, Inc.

    1,179        1,014,824  

Essential Properties Realty Trust, Inc.

    22,105        711,118  

Gaming & Leisure Properties, Inc.

    17,555        840,182  

Jones Lang LaSalle, Inc. (1)

    2,740        623,103  

Lennar Corp.

    8,000        868,880  

Mid-America Apartment Communities, Inc.

    6,558        1,046,985  

NexPoint Residential Trust, Inc.

    25,392        946,614  

Phillips Edison & Co., Inc.

    18,244        633,067  

PotlatchDeltic Corp.

    21,451        823,504  

Prologis, Inc.

    12,801        1,308,262  

Public Storage

    2,758        828,586  

SBA Communications Corp.

    5,315        1,293,671  

Simon Property Group, Inc.

    4,150        653,127  

STAG Industrial, Inc.

    23,689        782,448  

Toll Brothers, Inc.

    5,311        535,721  

Travel & Leisure Co.

    30,966        1,360,336  

VICI Properties, Inc.

    39,075        1,251,182  

Welltower, Inc.

    8,793        1,341,724  

Wyndham Hotels & Resorts, Inc.

    7,208        614,842  
    

 

 

 

Total United States

 

(Cost: $24,983,526)

       25,391,513  
    

 

 

 

Total Common Stock

 

(Cost: $39,785,403)

       40,132,075  
    

 

 

 
MONEY MARKET INVESTMENTS — 2.9%  

State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.29% (2)

    225,873        225,873  

TCW Central Cash Fund, 4.34% (2)(3)

    970,000        970,000  
    

 

 

 

Total Money Market Investments

    

(Cost: $1,195,873)

       1,195,873  
    

 

 

 

Total Investments (100.1%)

    

(Cost: $40,981,276)

       41,327,948  
    

 

 

 

Liabilities In Excess Of Other Assets (-0.1%)

       (28,506
    

 

 

 

Net Assets (100.0%)

     $ 41,299,442  
    

 

 

 

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, 2025.
(3)   Affiliated issuer.
 

 

See accompanying Notes to Financial Statements.

 

7


TCW Global Real Estate Fund

 

Schedule of Investments (Unaudited) (Continued)

 

The summary of the TCW Global Real Estate Fund transactions in the affiliated funds for the period ended April 30, 2025 is as follows:

 

Name of

Affiliated

Fund

  Value at
October 31,
2024
    Purchases at
Cost
    Proceeds
from Sales
    Number
of Shares
Held
April 30,
2025
    Value at
April 30,
2025
    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 Central Cash Fund

 

  $  —     $  5,570,000     $  4,600,000       970,000     $ 970,000     $ 31,154     $     $     $  
         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

          $  970,000     $  31,154     $  —     $  —     $  —  
         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

See accompanying Notes to Financial Statements.

 

8


TCW Global Real Estate Fund

 

Fair Valuation Summary (Unaudited)

April 30, 2025

 

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 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

           

Industrial REITs

   $ 3,976,889      $ 3,184,950      $      $ 7,161,839  

Specialized REITs

     5,583,648                      5,583,648  

Diversified REITs

     2,004,789        3,182,471               5,187,260  

Multi-Family Residential REITs

     2,572,643                      2,572,643  

Office REITs

     1,133,877        1,287,516               2,421,393  

Real Estate Services

     2,138,013                      2,138,013  

Diversified Real Estate Activities

            2,113,293               2,113,293  

Data Center REITs

     1,729,497                      1,729,497  

Wireless Telecommunication Services

            1,511,251               1,511,251  

Homebuilding

     1,404,601                      1,404,601  

Hotels, Resorts & Cruise Lines

     1,360,336                      1,360,336  

Health Care REITs

     1,341,724                      1,341,724  

Retail REITs

     1,286,194                      1,286,194  

Self-Storage REITs

            1,201,096               1,201,096  

Single-Family Residential REITs

     946,614                      946,614  

Timber REITs

     823,504                      823,504  

Asset Management & Custody Banks

     734,327                      734,327  

Hotel & Resort REITs

     614,842                      614,842  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Common Stock

     27,651,498        12,480,577               40,132,075  
  

 

 

    

 

 

    

 

 

    

 

 

 

Money Market Investments

     1,195,873                      1,195,873  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $  28,847,371      $  12,480,577      $  —      $  41,327,948  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

See accompanying Notes to Financial Statements.

 

9


TCW Relative Value Large Cap Fund

 

Schedule of Investments (Unaudited)

 

Issues   Shares      Value  

COMMON STOCK — 99.3% of Net Assets

 

Aerospace & Defense — 4.6%  

General Electric Co.

    68,434      $ 13,792,189  

Textron, Inc.

    78,936        5,554,726  
    

 

 

 
       19,346,915  
    

 

 

 
Air Freight & Logistics — 0.8%  

United Parcel Service, Inc. — Class B

    35,246        3,358,944  
    

 

 

 
Automobiles — 1.9%  

General Motors Co.

    173,267        7,838,599  
    

 

 

 
Banks — 6.3%  

JPMorgan Chase & Co.

    75,270        18,412,547  

Wells Fargo & Co.

    113,682        8,072,559  
    

 

 

 
     26,485,106  
    

 

 

 
Beverages — 2.4%  

PepsiCo, Inc.

    75,128        10,185,854  
    

 

 

 
Biotechnology — 4.7%  

AbbVie, Inc.

    59,975        11,701,123  

Amgen, Inc.

    28,472        8,283,074  
    

 

 

 
     19,984,197  
    

 

 

 
Building Products — 2.7%  

Johnson Controls International PLC (Ireland)

    135,736        11,388,250  
    

 

 

 
Capital Markets — 11.5%  

Ameriprise Financial, Inc.

    17,148        8,077,051  

Bank of New York Mellon Corp.

    173,091        13,918,247  

Intercontinental Exchange, Inc.

    97,168        16,321,309  

Morgan Stanley

    85,576        9,877,182  
    

 

 

 
     48,193,789  
    

 

 

 
Chemicals — 1.3%  

DuPont de Nemours, Inc.

    83,687        5,522,505  
    

 

 

 
Diversified Telecommunication Services — 2.1%  

AT&T, Inc.

    312,319        8,651,236  
    

 

 

 
Electrical Equipment — 1.7%  

GE Vernova, Inc.

    19,077        7,074,133  
    

 

 

 
Electronic Equipment, Instruments & Components — 2.1%  

Flex Ltd. (1)

    258,979        8,893,339  
    

 

 

 
Energy Equipment & Services — 1.9%  

Baker Hughes Co.

    226,654        8,023,552  
    

 

 

 
Entertainment — 2.6%  

Walt Disney Co.

    119,787        10,894,628  
    

 

 

 
Financial Services — 7.0%  

Apollo Global Management, Inc.

    60,958        8,319,548  

Equitable Holdings, Inc.

    90,005        4,450,747  

Fiserv, Inc. (1)

    90,385        16,682,360  
    

 

 

 
     29,452,655  
    

 

 

 
Issues   Shares      Value  
Health Care Equipment & Supplies — 3.2%  

GE HealthCare Technologies, Inc.

    116,677      $ 8,205,893  

Medtronic PLC

    60,713        5,146,034  
    

 

 

 
     13,351,927  
    

 

 

 
Health Care Providers & Services — 5.5%  

McKesson Corp.

    26,169        18,653,002  

UnitedHealth Group, Inc.

    11,378        4,681,364  
    

 

 

 
     23,334,366  
    

 

 

 
Household Durables — 2.2%  

Lennar Corp.

    85,201        9,253,681  
    

 

 

 
Household Products — 1.5%  

Procter & Gamble Co.

    39,454        6,414,037  
    

 

 

 
Insurance — 2.4%  

MetLife, Inc.

    133,217        10,040,565  
    

 

 

 
IT Services — 4.8%  

International Business Machines Corp.

    83,545        20,202,852  
    

 

 

 
Machinery — 1.7%  

Xylem, Inc.

    59,138        7,130,269  
    

 

 

 
Media — 1.8%  

Comcast Corp.

    219,806        7,517,365  
    

 

 

 
Metals & Mining — 0.7%  

Freeport-McMoRan, Inc.

    82,161        2,960,261  
    

 

 

 
Multi-Utilities — 2.8%  

NiSource, Inc.

    299,180        11,700,930  
    

 

 

 
Oil, Gas & Consumable Fuels — 2.5%  

Exxon Mobil Corp.

    101,711        10,743,733  
    

 

 

 
Pharmaceuticals — 0.8%  

Merck & Co., Inc.

    38,221        3,256,429  
    

 

 

 
Real Estate Management & Development — 2.2%  

Jones Lang LaSalle, Inc. (1)

    41,052        9,335,635  
    

 

 

 
Retail REITs — 2.0%  

Simon Property Group, Inc.

    53,128        8,361,285  
    

 

 

 
Semiconductors & Semiconductor Equipment — 2.9%  

Intel Corp.

    273,323        5,493,792  

Texas Instruments, Inc.

    42,687        6,832,055  
    

 

 

 
     12,325,847  
    

 

 

 
Software — 1.7%  

Salesforce, Inc.

    26,012        6,989,684  
    

 

 

 
Specialty Retail — 2.4%  

Best Buy Co., Inc.

    59,325        3,956,384  

Dick’s Sporting Goods, Inc.

    31,808        5,971,634  
    

 

 

 
     9,928,018  
    

 

 

 
 

 

See accompanying Notes to Financial Statements.

 

10


TCW Relative Value Large Cap Fund

 

April 30, 2025

 

Issues   Shares      Value  

Technology Hardware, Storage & Peripherals — 2.6%

 

NetApp, Inc.

    68,472      $ 6,145,362  

Seagate Technology Holdings PLC

    50,811        4,625,325  
    

 

 

 
     10,770,687  
    

 

 

 
Textiles, Apparel & Luxury Goods — 2.0%  

Tapestry, Inc.

    120,125        8,486,831  
    

 

 

 

Total Common Stock

 

(Cost: $274,155,667)

 

     417,398,104  
    

 

 

 
MONEY MARKET INVESTMENTS — 1.0%  

State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.29% (2)

    1,965,379        1,965,379  

TCW Central Cash Fund, 4.34% (2)(3)

    2,400,000        2,400,000  
    

 

 

 
Total Money Market Investments  

(Cost: $4,365,379)

 

     4,365,379  
    

 

 

 

Total Investments (100.3%)

    

(Cost: $278,521,046)

 

     421,763,483  

Liabilities In Excess Of Other Assets (-0.3%)

 

     (1,186,483
    

 

 

 

Net Assets (100.0%)

 

   $ 420,577,000  
    

 

 

 

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, 2025.
(3)   Affiliated issuer.

 

 

See accompanying Notes to Financial Statements.

 

11


TCW Relative Value Large Cap Fund

 

Schedule of Investments (Unaudited) (Continued)

 

The summary of the TCW Relative Value Large Cap Fund transactions in the affiliated funds for the period ended April 30, 2025 is as follows:

 

Name of
Affiliated
Fund

  Value at
October 31,
2024
    Purchases
at Cost
    Proceeds
from Sales
    Number
of Shares
Held
April 30,
2025
    Value at
April 30,

2025
    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 Central Cash Fund

 

 
  $  —     $  27,200,000     $  24,800,000       2,400,000     $  2,400,000     $  91,001     $     $     $  
         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

          $  2,400,000     $  91,001     $  —     $  —     $  —  
         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

See accompanying Notes to Financial Statements.

 

12


TCW Relative Value Large Cap Fund

 

Fair Valuation Summary (Unaudited)

April 30, 2025

 

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 in valuing the Fund’s investments:

 

Description

   Quoted Prices
in Active
Markets for
Identical

Assets
(Level 1)
     Other
Significant
Observable
Inputs

(Level 2)
     Significant
Unobservable
Inputs

(Level 3)
     Total  

Common Stock

           

Capital Markets

   $ 48,193,789      $      $      $ 48,193,789  

Financial Services

     29,452,655                      29,452,655  

Banks

     26,485,106                      26,485,106  

Health Care Providers & Services

     23,334,366                      23,334,366  

IT Services

     20,202,852                      20,202,852  

Biotechnology

     19,984,197                      19,984,197  

Aerospace & Defense

     19,346,915                      19,346,915  

Health Care Equipment & Supplies

     13,351,927                      13,351,927  

Semiconductors & Semiconductor Equipment

     12,325,847                      12,325,847  

Multi-Utilities

     11,700,930                      11,700,930  

Building Products

     11,388,250                      11,388,250  

Entertainment

     10,894,628                      10,894,628  

Technology Hardware, Storage & Peripherals

     10,770,687                      10,770,687  

Oil, Gas & Consumable Fuels

     10,743,733                      10,743,733  

Beverages

     10,185,854                      10,185,854  

Insurance

     10,040,565                      10,040,565  

Specialty Retail

     9,928,018                      9,928,018  

Real Estate Management & Development

     9,335,635                      9,335,635  

Household Durables

     9,253,681                      9,253,681  

Electronic Equipment, Instruments & Components

     8,893,339                      8,893,339  

Diversified Telecommunication Services

     8,651,236                      8,651,236  

Textiles, Apparel & Luxury Goods

     8,486,831                      8,486,831  

Retail REITs

     8,361,285                      8,361,285  

Energy Equipment & Services

     8,023,552                      8,023,552  

Automobiles

     7,838,599                      7,838,599  

Media

     7,517,365                      7,517,365  

Machinery

     7,130,269                      7,130,269  

Electrical Equipment

     7,074,133                      7,074,133  

Software

     6,989,684                      6,989,684  

Household Products

     6,414,037                      6,414,037  

Chemicals

     5,522,505                      5,522,505  

Air Freight & Logistics

     3,358,944                      3,358,944  

Pharmaceuticals

     3,256,429                      3,256,429  

Metals & Mining

     2,960,261                      2,960,261  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Common Stock

     417,398,104                      417,398,104  
  

 

 

    

 

 

    

 

 

    

 

 

 

Money Market Investments

     4,365,379                      4,365,379  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $  421,763,483      $  —      $  —      $  421,763,483  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

See accompanying Notes to Financial Statements.

 

13


TCW Relative Value Mid Cap Fund

 

Schedule of Investments (Unaudited)

 

Issues   Shares      Value  

COMMON STOCK — 97.2% of Net Assets

 

Aerospace & Defense — 1.9%  

Textron, Inc.

    22,650      $ 1,593,881  
    

 

 

 
Air Freight & Logistics — 3.2%  

CH Robinson Worldwide, Inc.

    16,384        1,461,780  

FedEx Corp.

    5,933        1,247,888  
    

 

 

 
     2,709,668  
    

 

 

 
Banks — 7.2%  

First Citizens BancShares, Inc.

    490        871,779  

Popular, Inc.

    37,552        3,583,212  

Western Alliance Bancorp

    24,881        1,734,454  
    

 

 

 
     6,189,445  
    

 

 

 
Broadline Retail — 2.7%  

eBay, Inc.

    33,669        2,294,879  
    

 

 

 
Capital Markets — 4.5%  

ARES Management Corp.

    14,563        2,221,294  

Interactive Brokers Group, Inc.

    9,348        1,606,454  
    

 

 

 
     3,827,748  
    

 

 

 
Chemicals — 3.0%  

Corteva, Inc.

    23,937        1,483,855  

DuPont de Nemours, Inc.

    16,650        1,098,733  
    

 

 

 
     2,582,588  
    

 

 

 
Construction & Engineering — 2.5%  

Arcosa, Inc.

    26,931        2,156,365  
    

 

 

 
Construction Materials — 0.7%  

CRH PLC

    6,000        572,520  
    

 

 

 
Consumer Finance — 1.7%  

OneMain Holdings, Inc.

    30,340        1,428,104  
    

 

 

 
Consumer Staples Distribution & Retail — 3.7%  

Dollar Tree, Inc. (1)

    6,011        491,520  

Sprouts Farmers Market, Inc. (1)

    15,870        2,713,770  
    

 

 

 
     3,205,290  
    

 

 

 
Electronic Equipment, Instruments & Components — 4.1%  

Avnet, Inc.

    30,769        1,445,836  

Flex Ltd. (1)

    61,233        2,102,741  
    

 

 

 
     3,548,577  
    

 

 

 
Energy Equipment & Services — 3.1%  

Baker Hughes Co.

    48,065        1,701,501  

TechnipFMC PLC

    35,105        988,908  
    

 

 

 
     2,690,409  
    

 

 

 
Financial Services — 7.7%  

Corpay, Inc. (1)

    9,189        2,989,825  

Equitable Holdings, Inc.

    72,809        3,600,405  
    

 

 

 
     6,590,230  
    

 

 

 
Issues   Shares      Value  
Health Care Providers & Services — 4.8%  

Centene Corp. (1)

    19,476      $ 1,165,639  

Henry Schein, Inc. (1)

    18,597        1,208,247  

Quest Diagnostics, Inc.

    9,729        1,733,902  
    

 

 

 
     4,107,788  
    

 

 

 
Health Care REITs — 2.5%  

Welltower, Inc.

    13,996        2,135,650  
    

 

 

 
Hotels, Restaurants & Leisure — 2.1%  

Darden Restaurants, Inc.

    3,117        625,395  

Travel & Leisure Co.

    25,793        1,133,086  
    

 

 

 
     1,758,481  
    

 

 

 
Household Durables — 3.8%  

Lennar Corp.

    8,544        927,964  

Toll Brothers, Inc.

    23,101        2,330,198  
    

 

 

 
     3,258,162  
    

 

 

 
Insurance — 5.4%  

Arch Capital Group Ltd.

    31,519        2,858,143  

Assured Guaranty Ltd.

    9,702        851,157  

RenaissanceRe Holdings Ltd.

    3,827        925,866  
    

 

 

 
     4,635,166  
    

 

 

 
Machinery — 3.7%  

AGCO Corp.

    1,994        169,151  

Manitowoc Co., Inc. (1)

    43,834        345,412  

Westinghouse Air Brake Technologies Corp.

    14,261        2,634,577  
    

 

 

 
     3,149,140  
    

 

 

 
Marine Transportation — 1.6%  

Kirby Corp. (1)

    14,155        1,364,117  
    

 

 

 
Media — 1.9%  

Interpublic Group of Cos., Inc.

    29,944        752,193  

Omnicom Group, Inc.

    11,430        870,509  
    

 

 

 
     1,622,702  
    

 

 

 
Metals & Mining — 0.4%  

Freeport-McMoRan, Inc.

    10,603        382,026  
    

 

 

 
Multi-Utilities — 5.2%  

NiSource, Inc.

    67,946        2,657,368  

Sempra

    24,038        1,785,302  
    

 

 

 
     4,442,670  
    

 

 

 
Oil, Gas & Consumable Fuels — 4.0%  

ConocoPhillips

    9,561        852,076  

Expand Energy Corp.

    7,119        739,664  

Marathon Petroleum Corp.

    5,586        767,572  

Range Resources Corp.

    30,889        1,048,064  
    

 

 

 
     3,407,376  
    

 

 

 
 

 

See accompanying Notes to Financial Statements.

 

14


TCW Relative Value Mid Cap Fund

 

April 30, 2025

 

Issues   Shares      Value  

Pharmaceuticals — 1.2%

 

Teva Pharmaceutical Industries, Ltd. (SP ADR) (Israel) (1)

    68,329      $ 1,059,783  
    

 

 

 
Professional Services — 1.3%  

Jacobs Solutions, Inc.

    8,848        1,095,382  
    

 

 

 
Real Estate Management & Development — 3.5%  

Jones Lang LaSalle, Inc. (1)

    13,350        3,035,924  
    

 

 

 
Retail REITs — 1.7%  

Curbline Properties Corp.

    63,897        1,462,602  
    

 

 

 
Semiconductors & Semiconductor Equipment — 1.1%  

Analog Devices, Inc.

    5,052        984,736  
    

 

 

 
Specialty Retail — 3.5%  

Advance Auto Parts, Inc.

    12,556        410,832  

Dick’s Sporting Goods, Inc.

    6,024        1,130,946  

Gap, Inc.

    39,186        858,174  

Williams-Sonoma, Inc.

    3,881        599,498  
    

 

 

 
     2,999,450  
    

 

 

 
Technology Hardware, Storage & Peripherals — 1.2%  

Seagate Technology Holdings PLC

    11,506        1,047,391  
    

 

 

 
Textiles, Apparel & Luxury Goods — 2.3%  

Tapestry, Inc.

    28,516        2,014,654  
    

 

 

 

Total Common Stock

 

(Cost: $57,219,417)

 

     83,352,904  
    

 

 

 
Issues   Shares      Value  
Money Market Investments — 3.0%  

State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.29% (2)

    344,707      $ 344,707  

TCW Central Cash Fund, 4.34% (2)(3)

    2,210,000        2,210,000  
    

 

 

 
     2,554,707  
    

 

 

 

Total Money Market Investments

 

(Cost: $2,554,707)

 

     2,554,707  
    

 

 

 

Total Investments (100.2%)

    

(Cost: $59,774,124)

 

     85,907,611  

Liabilities In Excess Of Other Assets (-0.2%)

 

     (170,258
    

 

 

 

Net Assets (100.0%)

 

   $ 85,737,353  
    

 

 

 

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, 2025.
(3)   Affiliated issuer.
 

 

See accompanying Notes to Financial Statements.

 

15


TCW Relative Value Mid Cap Fund

 

Schedule of Investments (Unaudited) (Continued)

 

The summary of the TCW Relative Value Mid Cap Fund transactions in the affiliated funds for the period ended April 30, 2025 is as follows:

 

Name of

Affiliated

Fund

  Value at
October 31,
2024
    Purchases
at Cost
    Proceeds
from Sales
    Number
of Shares
Held
April 30,
2025
    Value at
April 30,

2025
    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 Central Cash Fund

 

  $  —     $  8,510,000     $  6,300,000       2,210,000     $ 2,210,000     $  31,130     $  —     $  —     $  —  
         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

          $  2,210,000     $ 31,130     $     $     $  
         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

See accompanying Notes to Financial Statements.

 

16


TCW Relative Value Mid Cap Fund

 

Fair Valuation Summary (Unaudited)

April 30, 2025

 

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 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

   $ 6,590,230      $      $      $ 6,590,230  

Banks

     6,189,445                      6,189,445  

Insurance

     4,635,166                      4,635,166  

Multi-Utilities

     4,442,670                      4,442,670  

Health Care Providers & Services

     4,107,788                      4,107,788  

Capital Markets

     3,827,748                      3,827,748  

Electronic Equipment, Instruments & Components

     3,548,577                      3,548,577  

Oil, Gas & Consumable Fuels

     3,407,376                      3,407,376  

Household Durables

     3,258,162                      3,258,162  

Consumer Staples Distribution & Retail

     3,205,290                      3,205,290  

Machinery

     3,149,140                      3,149,140  

Real Estate Management & Development

     3,035,924                      3,035,924  

Specialty Retail

     2,999,450                      2,999,450  

Air Freight & Logistics

     2,709,668                      2,709,668  

Energy Equipment & Services

     2,690,409                      2,690,409  

Chemicals

     2,582,588                      2,582,588  

Broadline Retail

     2,294,879                      2,294,879  

Construction & Engineering

     2,156,365                      2,156,365  

Health Care REITs

     2,135,650                      2,135,650  

Textiles, Apparel & Luxury Goods

     2,014,654                      2,014,654  

Hotels, Restaurants & Leisure

     1,758,481                      1,758,481  

Media

     1,622,702                      1,622,702  

Aerospace & Defense

     1,593,881                      1,593,881  

Retail REITs

     1,462,602                      1,462,602  

Consumer Finance

     1,428,104                      1,428,104  

Marine Transportation

     1,364,117                      1,364,117  

Professional Services

     1,095,382                      1,095,382  

Pharmaceuticals

     1,059,783                      1,059,783  

Technology Hardware, Storage & Peripherals

     1,047,391                      1,047,391  

Semiconductors & Semiconductor Equipment

     984,736                      984,736  

Construction Materials

     572,520                      572,520  

Metals & Mining

     382,026                      382,026  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Common Stock

     83,352,904                      83,352,904  
  

 

 

    

 

 

    

 

 

    

 

 

 

Money Market Investments

     2,554,707                      2,554,707  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $  85,907,611      $  —      $  —      $  85,907,611  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

See accompanying Notes to Financial Statements.

 

17


TCW Funds, Inc.

 

Statements of Assets and Liabilities (Unaudited)

April 30, 2025

 

     TCW
Concentrated
Large Cap
Growth
Fund
     TCW
Conservative
Allocation

Fund
     TCW
Global Real
Estate

Fund
 

ASSETS

 

Investments, at Value (1)

   $ 637,905,338      $ 1,378,697      $ 40,357,948  

Investment in Affiliated Issuers, at Value (2)

     1,630,000        31,079,029        970,000  

Receivable for Securities Sold

                   1,367  

Receivable for Fund Shares Sold

     549,807               35  

Interest and Dividends Receivable

     128,378        98,844        97,550  

Foreign Tax Reclaims Receivable

                   19,166  

Receivable from Investment Advisor

     17,794        2,140        16,688  

Prepaid Expenses

     31,261        19,388        21,541  
  

 

 

    

 

 

    

 

 

 

Total Assets

     640,262,578        32,578,098        41,484,295  
  

 

 

    

 

 

    

 

 

 

LIABILITIES

 

Payable for Securities Purchased

            100,982         

Payable for Fund Shares Redeemed

     119,431               77,514  

Accrued Directors’ Fees and Expenses

     20,007        20,459        20,459  

Deferred Accrued Directors’ Fees and Expenses

     5,631        5,631        5,631  

Accrued Management Fees

     324,484               26,400  

Accrued Distribution Fees

     23,852        111        1,775  

Transfer Agent Fees Payable

     173,243        10,622        11,694  

Administration Fee Payable

     20,103        5,741        5,499  

Audit Fees Payable

     17,430        11,250        13,977  

Accounting Fees Payable

     40,165        1,919        2,228  

Custodian Fees Payable

     48,370        6,040        2,929  

Legal Fees Payable

     21,302        1,035        893  

Other Accrued Expenses

     52,791        20,724        15,854  
  

 

 

    

 

 

    

 

 

 

Total Liabilities

     866,809        184,514        184,853  
  

 

 

    

 

 

    

 

 

 

NET ASSETS

   $ 639,395,769      $ 32,393,584      $ 41,299,442  
  

 

 

    

 

 

    

 

 

 

NET ASSETS CONSIST OF:

 

Paid-in Capital

   $ 206,268,257      $ 29,841,625      $ 49,584,313  

Accumulated Earnings (Loss)

     433,127,512        2,551,959        (8,284,871
  

 

 

    

 

 

    

 

 

 

NET ASSETS

   $ 639,395,769      $ 32,393,584      $ 41,299,442  
  

 

 

    

 

 

    

 

 

 

NET ASSETS ATTRIBUTABLE TO:

 

I Class Share

   $ 517,675,871      $  31,843,072      $  32,364,691  
  

 

 

    

 

 

    

 

 

 

N Class Share

   $  121,719,898      $ 550,512      $ 8,934,751  
  

 

 

    

 

 

    

 

 

 

CAPITAL SHARES OUTSTANDING: (3)

 

I Class Share

     18,267,289        2,747,421        2,733,113  
  

 

 

    

 

 

    

 

 

 

N Class Share

     5,641,477        47,437        754,602  
  

 

 

    

 

 

    

 

 

 

NET ASSET VALUE PER SHARE: (4)

 

I Class Share

   $ 28.34      $ 11.59      $ 11.84  
  

 

 

    

 

 

    

 

 

 

N Class Share

   $ 21.58      $ 11.61      $ 11.84  
  

 

 

    

 

 

    

 

 

 

 

(1)

The identified cost for the TCW Concentrated Large Cap Growth Fund, the TCW Conservative Allocation Fund and the TCW Global Real Estate Fund at April 30, 2025 was $254,577,750, $1,135,031 and $40,011,276, respectively.

(2)

The identified cost for the TCW Concentrated Large Cap Growth Fund, the TCW Conservative Allocation Fund and the TCW Global Real Estate Fund at April 30, 2025 was $1,630,000, $28,653,714 and $970,000, respectively.

(3)

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

(4)

Represents offering price and redemption price per share.

 

See accompanying Notes to Financial Statements.

 

18


TCW Funds, Inc.

 

Statements of Assets and Liabilities (Unaudited)

April 30, 2025

 

     TCW
Relative Value
Large Cap

Fund
     TCW
Relative Value
Mid Cap

Fund
 

ASSETS

 

Investments, at Value (1)

   $  419,363,483      $  83,697,611  

Investment in Affiliated Issuers, at Value (2)

     2,400,000        2,210,000  

Receivable for Securities Sold

     1,091,134        264,671  

Receivable for Fund Shares Sold

     51,227         

Interest and Dividends Receivable

     605,206        41,444  

Foreign Tax Reclaims Receivable

     258,326         

Receivable from Investment Advisor

     45,196        16,506  

Prepaid Expenses

     25,738        18,731  
  

 

 

    

 

 

 

Total Assets

     423,840,310        86,248,963  
  

 

 

    

 

 

 

LIABILITIES

 

Payable for Securities Purchased

     2,699,201        341,538  

Payable for Fund Shares Redeemed

     55,494        6,677  

Accrued Directors’ Fees and Expenses

     22,691        20,423  

Deferred Accrued Directors’ Fees and Expenses

     5,631        5,631  

Accrued Management Fees

     202,850        47,600  

Accrued Distribution Fees

     39,378        2,644  

Transfer Agent Fees Payable

     56,668        28,716  

Administration Fee Payable

     23,707        7,938  

Audit Fees Payable

     25,425        15,941  

Accounting Fees Payable

     11,778        3,124  

Custodian Fees Payable

     20,960        9,694  

Legal Fees Payable

     66,719        2,791  

Other Accrued Expenses

     32,808        18,893  
  

 

 

    

 

 

 

Total Liabilities

     3,263,310        511,610  
  

 

 

    

 

 

 

NET ASSETS

   $ 420,577,000      $ 85,737,353  
  

 

 

    

 

 

 

NET ASSETS CONSIST OF:

 

Paid-in Capital

   $ 245,205,838      $ 53,297,048  

Accumulated Earnings (Loss)

     175,371,162        32,440,305  
  

 

 

    

 

 

 

NET ASSETS

   $ 420,577,000      $ 85,737,353  
  

 

 

    

 

 

 

NET ASSETS ATTRIBUTABLE TO:

 

I Class Share

   $ 225,751,621      $ 72,293,475  
  

 

 

    

 

 

 

N Class Share

   $ 194,825,379      $ 13,443,878  
  

 

 

    

 

 

 

CAPITAL SHARES OUTSTANDING: (3)

 

I Class Share

     15,218,011        2,726,360  
  

 

 

    

 

 

 

N Class Share

     13,202,559        526,594  
  

 

 

    

 

 

 

NET ASSET VALUE PER SHARE: (4)

 

I Class Share

   $ 14.83      $ 26.52  
  

 

 

    

 

 

 

N Class Share

   $ 14.76      $ 25.53  
  

 

 

    

 

 

 

 

(1)

The identified cost for the TCW Relative Value Large Cap Fund and the TCW Relative Value Mid Cap Fund at April 30, 2025 was $276,121,046 and $57,564,124, respectively.

(2)

The identified cost for the TCW Relative Value Large Cap Fund and the TCW Relative Value Mid Cap Fund at April 30, 2025 was $2,400,000 and $2,210,000, respectively.

(3)

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

(4)

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, 2025

 

     TCW
Concentrated
Large Cap Growth

Fund
     TCW
Conservative
Allocation
Fund
    TCW
Global Real
Estate

Fund
 

INVESTMENT INCOME

 

Income:

 

Dividends

   $ 1,218,352  (1)     $ 7,390     $ 599,632  (1) 

Dividends from Investment in Affiliated Issuers

     126,943        940,765       31,154  

Non-Cash Dividend Income

                  44,240  
  

 

 

    

 

 

   

 

 

 

Total

     1,345,295        948,155       675,026  
  

 

 

    

 

 

   

 

 

 

Expenses:

 

Management Fees

     2,209,697              162,418  

Accounting Services Fees

     6,651        2,647       3,198  

Administration Fees

     25,257        6,882       6,804  

Transfer Agent Fees:

 

I Class

     209,678        5,018       8,770  

N Class

     67,692        3,234       5,702  

Custodian Fees

     2,489        1,411       3,443  

Professional Fees

     28,879        7,811       10,662  

Directors’ Fees and Expenses

     46,169        46,169       46,169  

Registration Fees:

 

I Class

     11,087        8,400       7,850  

N Class

     8,102        8,400       7,754  

Distribution Fees:

 

N Class

     167,692        674       11,471  

Compliance Expense

     1,703        1,703       1,703  

Shareholder Reporting Expense

     3,605        1,068       1,469  

Other

     34,947        2,887       5,132  
  

 

 

    

 

 

   

 

 

 

Total

     2,823,648        96,304       282,545  
  

 

 

    

 

 

   

 

 

 

Less Expenses Borne by Investment Advisor:

 

I Class

     2,861              (61,380

N Class

     (99,548      (12,110     (33,855
  

 

 

    

 

 

   

 

 

 

Net Expenses

     2,726,961        84,194       187,310  
  

 

 

    

 

 

   

 

 

 

Net Investment Income (Loss)

     (1,381,666      863,961       487,716  
  

 

 

    

 

 

   

 

 

 

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

       

Net Realized Gain (Loss) on:

       

Investments

     53,334,214        54,340       (975,192

Investments in Affiliated Issuers

            (372,361      

Realized Gain Received as Distribution from Affiliated Issuers

            415,153        

Foreign Currency

     7              2,865  

Change in Unrealized Appreciation (Depreciation) on:

       

Investments

     (62,890,505      50,933       (1,608,154

Foreign Currency

                  3,591  

Investments in Affiliated Issuers

            (410,479      
  

 

 

    

 

 

   

 

 

 

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions

     (9,556,284       (262,414     (2,576,890
  

 

 

    

 

 

   

 

 

 

INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

   $  (10,937,950    $ 601,547     $  (2,089,174
  

 

 

    

 

 

   

 

 

 

 

(1)

Net of foreign taxes withheld of $18,499 and $26,770 for the TCW Concentrated Large Cap Growth Fund and the TCW Global Real Estate Fund, respectively.

 

See accompanying Notes to Financial Statements.

 

20


TCW Funds, Inc.

 

Statements of Operations (Unaudited)

Six Months Ended April 30, 2025

 

     TCW
Relative Value
Large Cap

Fund
     TCW
Relative Value
Mid Cap
Fund
 

INVESTMENT INCOME

 

Income:

 

Dividends

   $ 4,661,475 (1)     $ 904,310 (1) 

Dividends from Investment in Affiliated Issuers

     91,001        31,130  

Non-Cash Dividend Income

     504,037        47,248  
  

 

 

    

 

 

 

Total

     5,256,513        982,688  
  

 

 

    

 

 

 

Expenses:

 

Management Fees

     1,359,867        321,279  

Accounting Services Fees

     12,473        4,430  

Administration Fees

     23,460        8,516  

Transfer Agent Fees:

 

I Class

     65,450        33,134  

N Class

     86,489        8,782  

Custodian Fees

     3,402        2,089  

Professional Fees

     32,255        13,064  

Directors’ Fees and Expenses

     45,037        46,169  

Registration Fees:

 

I Class

     12,102        8,270  

N Class

     8,943        8,270  

Distribution Fees:

 

N Class

     267,747        17,899  

Compliance Expense

     1,703        1,703  

Shareholder Reporting Expense

     2,710        2,686  

Other

     23,343        7,115  
  

 

 

    

 

 

 

Total

     1,944,981        483,406  
  

 

 

    

 

 

 

Less Expenses Borne by Investment Advisor:

 

I Class

     (32,527      (55,144

N Class

     (165,293      (30,979
  

 

 

    

 

 

 

Net Expenses

     1,747,161        397,283  
  

 

 

    

 

 

 

Net Investment Income

     3,509,352        585,405  
  

 

 

    

 

 

 

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

     

Net Realized Gain (Loss) on:

     

Investments

     32,573,320        5,715,956  

Change in Unrealized Appreciation (Depreciation) on:

     

Investments

     (53,580,609      (10,268,997
  

 

 

    

 

 

 

Net Realized and Unrealized Gain (Loss) on Investments

     (21,007,289      (4,553,041
  

 

 

    

 

 

 

DECREASE IN NET ASSETS RESULTING FROM OPERATIONS

   $  (17,497,937    $   (3,967,636
  

 

 

    

 

 

 

 

(1)

Net of foreign taxes withheld of $24,287 and $5,511 for the TCW Relative Value Large Cap Fund and the TCW Relative Value Mid Cap Fund, respectively.

 

See accompanying Notes to Financial Statements.

 

21


TCW Funds, Inc.

 

Statements of Changes in Net Assets (Unaudited)

 

     TCW
Concentrated Large Cap Growth
Fund
    TCW
Conservative Allocation
Fund
 
     Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended
October 31,
2024
    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended
October 31,
2024
 

OPERATIONS

 

Net Investment Income (Loss)

   $ (1,381,666   $ (1,334,065   $ 863,961     $ 1,019,580  

Net Realized Gain on Investments and Foreign Currency Transactions

     53,334,221       112,120,784       97,132       863,080  

Change in Unrealized Appreciation (Depreciation) on Investments

     (62,890,505     133,121,432       (359,546     3,670,191  
  

 

 

   

 

 

   

 

 

   

 

 

 

Increase (Decrease) in Net Assets Resulting from Operations

     (10,937,950     243,908,151       601,547       5,552,851  
  

 

 

   

 

 

   

 

 

   

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS

        

Distributions to Shareholders

     (101,404,869     (71,728,687     (2,211,908     (911,223
  

 

 

   

 

 

   

 

 

   

 

 

 

NET CAPITAL SHARE TRANSACTIONS

        

I Class

     57,074,593       (22,666,924     1,013,913       668,211  

N Class

     11,427,236       (1,803,936     39,340       158,068  
  

 

 

   

 

 

   

 

 

   

 

 

 

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions

     68,501,829       (24,470,860     1,053,253       826,279  
  

 

 

   

 

 

   

 

 

   

 

 

 

Increase (Decrease) in Net Assets

     (43,840,990     147,708,604       (557,108     5,467,907  

NET ASSETS

        

Beginning of period

     683,236,759       535,528,155       32,950,692       27,482,785  
  

 

 

   

 

 

   

 

 

   

 

 

 

End of period

   $  639,395,769     $  683,236,759     $  32,393,584     $  32,950,692  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

See accompanying Notes to Financial Statements.

 

22


TCW Funds, Inc.

 

Statements of Changes in Net Assets (Unaudited)

 

     TCW
Global Real Estate
Fund
    TCW
Relative Value Large Cap
Fund
 
     Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended
October 31,
2024
    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended
October 31,
2024
 

OPERATIONS

        

Net Investment Income

   $ 487,716     $ 673,197     $ 3,509,352     $ 2,892,116  

Net Realized Gain (Loss) on Investments and Foreign Currency Transactions

     (972,327     2,229,521       32,573,320       27,791,035  

Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions

     (1,604,563     4,697,955       (53,580,609     31,869,036  
  

 

 

   

 

 

   

 

 

   

 

 

 

Increase (Decrease) in Net Assets Resulting from Operations

     (2,089,174     7,600,673       (17,497,937     62,552,187  
  

 

 

   

 

 

   

 

 

   

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS

        

Distributions to Shareholders

     (451,503     (560,069     (29,049,858     (5,565,055
  

 

 

   

 

 

   

 

 

   

 

 

 

NET CAPITAL SHARE TRANSACTIONS

        

I Class

     3,236,996       10,222,474       11,508,901       103,089,129  

N Class

     (565,733     309,252       (2,569,745     192,603,072  
  

 

 

   

 

 

   

 

 

   

 

 

 

Increase in Net Assets Resulting from Net Capital Shares Transactions

     2,671,263       10,531,726       8,939,156       295,692,201  
  

 

 

   

 

 

   

 

 

   

 

 

 

Increase (Decrease) in Net Assets

     130,586       17,572,330       (37,608,639     352,679,333  

NET ASSETS

        

Beginning of period

     41,168,856       23,596,526       458,185,639       105,506,306  
  

 

 

   

 

 

   

 

 

   

 

 

 

End of period

   $  41,299,442     $  41,168,856     $  420,577,000     $  458,185,639  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

See accompanying Notes to Financial Statements.

 

23


TCW Funds, Inc.

 

Statements of Changes in Net Assets (Unaudited)

 

     TCW
Relative Value Mid Cap

Fund
 
     Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended
October 31,
2024
 

OPERATIONS

 

Net Investment Income

   $ 585,405     $ 1,866,346  

Net Realized Gain on Investments

     5,715,956       7,724,279  

Change in Unrealized Appreciation (Depreciation) on Investments

     (10,268,997     14,200,695  
  

 

 

   

 

 

 

Increase (Decrease) in Net Assets Resulting from Operations

     (3,967,636     23,791,320  
  

 

 

   

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS

 

Distributions to Shareholders

     (8,139,385     (1,888,881
  

 

 

   

 

 

 

NET CAPITAL SHARE TRANSACTIONS

 

I Class

     5,279,458       (822,564

N Class

     928,094       (890,660
  

 

 

   

 

 

 

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions

     6,207,552       (1,713,224
  

 

 

   

 

 

 

Increase (Decrease) in Net Assets

     (5,899,469     20,189,215  

NET ASSETS

    

Beginning of period

     91,636,822       71,447,607  
  

 

 

   

 

 

 

End of period

   $  85,737,353     $  91,636,822  
  

 

 

   

 

 

 

 

See accompanying Notes to Financial Statements.

 

24


TCW Funds, Inc.

 

Notes to Financial Statements (Unaudited)

April 30, 2025

 

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, 2025, the Company consisted of 12 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 Concentrated Large Cap Growth Fund

(Formerly, 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 a concentrated portfolio of equity securities of large-capitalization companies (i.e., companies with market capitalizations, at the time of acquisition, within the capitalization range of the Russell 1000® Growth Index).
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 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, meaning those with market capitalizations, at the time of acquisition, within the capitalization range of the companies comprising the Russell 1000® Index.
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).

 

25


TCW Funds, Inc.

 

Notes to Financial Statements (Continued)

 

Note 1 — Organization (Continued)

 

TCW Fund

 

Investment Objectives and Principal Investment
Strategies

Fund of Funds
TCW Conservative Allocation Fund   Seeks to provide current income, and secondarily, long-term capital appreciation by investing in a combination of (i) fixed income funds, (ii) equity funds that utilize diverse investment styles, such as growth and/or value investing, and (iii) alternative funds investing in asset classes other than equity and fixed income such as commodities or currencies.

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.

 

26


TCW Funds, Inc.

 

April 30, 2025

 

Note 2 — Significant Accounting Policies (Continued)

 

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 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.

 

27


TCW Funds, Inc.

 

Notes to Financial Statements (Continued)

 

Note 2 — Significant Accounting Policies (Continued)

 

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

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

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

Options contracts. Options contracts traded on securities exchanges are fair valued using market mid prices; as such, they are categorized as Level 1. Option contracts traded OTC are fair valued based on pricing models and incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-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 fair valuations according to the inputs used as of April 30, 2025 in valuing the Funds’ investments is listed after the Schedule of Investments for each Fund.

Security Transactions and Related Investment Income: 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 declares and pays, or reinvests, dividends from net investment income quarterly. The other Equity Funds and TCW Conservative Allocation Fund declare and pay, or

 

28


TCW Funds, Inc.

 

April 30, 2025

 

Note 2 — Significant Accounting Policies (Continued)

 

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.

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, 2025, none of the Funds had derivatives and transactions in derivatives.

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.

 

29


TCW Funds, Inc.

 

Notes to Financial Statements (Continued)

 

Note 2 — Significant Accounting Policies (Continued)

 

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

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

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

Cash collateral that has been pledged to cover obligations of a Fund is reported separately on the Statement of Assets and Liabilities. Non-cash collateral pledged by a Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold, typically $250,000 or $500,000, before a transfer is required, which is determined at the close of each business day and the collateral is transferred on the next business day. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds attempt to 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 ASC 210 Balance Sheet (“ASC 210”), Disclosures about Offsetting Assets and Liabilities that requires disclosures to make financial statements

 

30


TCW Funds, Inc.

 

April 30, 2025

 

Note 2 — Significant Accounting Policies (Continued)

 

that are prepared under GAAP more comparable to those prepared under International Financial Reporting Standards.

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

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

The Funds had no OTC derivatives for offset under an ISDA Master Agreement or similar agreements as of April 30, 2025.

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

 

31


TCW Funds, Inc.

 

Notes to Financial Statements (Continued)

 

Note 3 — Portfolio Investments (Continued)

 

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, 2025.

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, 2025.

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, 2025.

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

 

32


TCW Funds, Inc.

 

April 30, 2025

 

Note 3 — Portfolio Investments (Continued)

 

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

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

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

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

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

During the period ended April 30, 2025, none of the Funds entered into option contracts.

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

 

33


TCW Funds, Inc.

 

Notes to Financial Statements (Continued)

 

Note 4 — Risk Considerations (Continued)

 

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.

Concentration Risk: Although the TCW Concentrated Large Cap Growth Fund technically remains a diversified fund, as of the end of the reporting period, the relative increase in the market value of certain holdings has made the Fund’s portfolio sufficiently concentrated that investors in the Fund are now 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 the Fund will become less concentrated.

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, 2025, 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 Concentrated Large Cap Growth Fund

   $  392,576,738      $ (10,809,241   $  381,767,497      $  257,767,841  

TCW Conservative Allocation Fund

     3,642,118        (1,570,566     2,071,552        30,386,174  

TCW Global Real Estate Fund

     2,901,473        (2,630,782     270,691        41,057,257  

TCW Relative Value Large Cap Fund

     154,302,282         (13,942,648     140,359,634        281,403,849  

TCW Relative Value Mid Cap Fund

     27,765,297        (1,806,718     25,958,579        59,949,032  

At October 31, 2024, the components of distributable earnings on a tax basis were as follows:

 

     Undistributed
Ordinary
Income
     Undistributed
Long-Term
Gain
     Total
Distributable
Earnings
 

TCW Concentrated Large Cap Growth Fund

   $      $  101,403,990      $  101,403,990  

TCW Conservative Allocation Fund

     899,653        774,287        1,673,940  

TCW Global Real Estate Fund

     81,689               81,689  

TCW Relative Value Large Cap Fund

      2,524,140        25,541,989        28,066,129  

TCW Relative Value Mid Cap Fund

     1,309,323        7,025,819        8,335,142  

 

34


TCW Funds, Inc.

 

April 30, 2025

 

Note 5 — Federal Income Taxes (Continued)

 

For the fiscal year ended October 31, 2024, the tax character of distributions paid was as follows :

 

     Ordinary
Income
     Long-Term
Capital Gain
     Total
Distributions
 

TCW Concentrated Large Cap Growth Fund

             71,728,687         71,728,687  

TCW Conservative Allocation Fund

     911,223               911,223  

TCW Global Real Estate Fund

     560,069               560,069  

TCW Relative Value Large Cap Fund

      1,615,006        3,950,049        5,565,055  

TCW Relative Value Mid Cap Fund

     622,705        1,266,176        1,888,881  

At October 31, 2024, 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 Global Real Estate Fund

   $  7,402,955      $  319,754      $  7,722,709  

The Funds did not have any unrecognized tax benefits at April 30, 2025, nor were there any increases or decreases in unrecognized tax benefits for the period ended April 30, 2025. 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 Concentrated Large Cap Growth Fund

     0.65

TCW Global Real Estate Fund

     0.80

TCW Relative Value Large Cap Fund

     0.60

TCW Relative Value Mid Cap Fund

     0.70

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 Concentrated Large Cap Growth Fund

  

I Class

     0.80 (1) 

N Class

     1.00 (1) 

TCW Conservative Allocation Fund

  

I Class

     0.85 (1) 

N Class

     0.85 (1) 

TCW Global Real Estate Fund

  

I Class

     0.90 (1) 

N Class

     1.00 (1) 

TCW 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) 

 

(1)

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

 

 

35


TCW Funds, Inc.

 

Notes to Financial Statements (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, 2025, the balance of recoupable expenses with expiration dates for the Funds were as follows:

 

Fund

   Expires
10/31/2026
     Expires
10/31/2027
     Expires
10/31/2028
     Total  

TCW Concentrated Large Cap Growth Fund

   $  139,470      $  183,540      $ 99,548      $ 422,558  

TCW Conservative Allocation Fund

     21,985        27,624        12,110        61,719  

TCW Global Real Estate Fund

     78,729        75,928        39,016        193,673  

TCW Relative Value Large Cap Fund

     110,649        302,845        261,478        674,972  

TCW Relative Value Mid Cap Fund

     120,182        139,689        72,966        332,837  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 471,015      $ 729,626      $  485,118      $  1,685,759  
  

 

 

    

 

 

    

 

 

    

 

 

 

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.

 

36


TCW Funds, Inc.

 

April 30, 2025

 

Note 8 — Transactions with Affiliates

The ownership percentage of the TCW Conservative Allocation Fund in each of the affiliated underlying funds at April 30, 2025 is as follows:

 

Name of Affiliated Fund

   Ownership
Percentage 
(1)
 

TCW Artificial Intelligence ETF

     0.27

TCW Compounders ETF

     2.74

TCW Concentrated Large Cap Growth Fund — I Class

     0.23

TCW Emerging Markets Income Fund — I Class

     0.01

TCW Global Bond Fund — I Class

     4.82

TCW Global Real Estate Fund — I Class

     2.95

TCW MetWest High Yield Bond Fund — I Class

     0.11

TCW MetWest Low Duration Bond Fund — I Class

     0.07

TCW MetWest Total Return Bond Fund — I Class

     0.02

TCW MetWest Unconstrained Bond Fund — I Class

     0.12

TCW Relative Value Large Cap Fund — I Class

     0.66

TCW Relative Value Mid Cap Fund — I Class

     0.18

TCW Securitized Bond Fund — I Class

     0.40

TCW Transform Supply Chain ETF

     3.22

TCW Transform Systems ETF

     0.05

 

(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, 2025 were as follows:

 

     Purchases
at Cost
     Sales or Maturity
Proceeds
     U.S. Government
Purchases at Cost
     U.S. Government
Sales or Maturity
Proceeds
 

TCW Concentrated Large Cap Growth Fund

   $  53,909,841      $ 81,469,702      $      $  

TCW Conservative Allocation Fund

     3,840,291        3,771,006                

TCW Global Real Estate Fund

     14,436,339        11,675,212                

TCW Relative Value Large Cap Fund

     91,468,467         101,980,998         —         —  

TCW Relative Value Mid Cap Fund

     18,699,872        19,603,262                

Note 10 — Capital Share Transactions

Transactions in each Fund’s shares were as follows:

 

TCW Concentrated Large Cap Growth Fund    Six Months Ended
April 30, 2025 (Unaudited)
    Year Ended
October 31, 2024
 
I Class    Shares     Amount     Shares     Amount  

Shares Sold

     2,031,150     $ 60,931,750       2,174,544     $ 64,903,907  

Shares Issued upon Reinvestment of Dividends

     1,832,528       56,771,727       1,442,118       38,648,774  

Shares Redeemed

     (1,954,174     (60,628,884     (4,175,990     (126,219,605
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Increase (Decrease)

     1,909,504     $ 57,074,593       (559,328   $ (22,666,924
  

 

 

   

 

 

   

 

 

   

 

 

 
N Class    Shares     Amount     Shares     Amount  

Shares Sold

     113,791     $ 2,673,325       340,520     $ 8,119,727  

Shares Issued upon Reinvestment of Dividends

     989,781       23,358,824       758,599       16,150,575  

Shares Redeemed

     (609,670     (14,604,913     (1,079,726     (26,074,238
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Increase

     493,902     $ 11,427,236       19,393     $ (1,803,936
  

 

 

   

 

 

   

 

 

   

 

 

 

 

37


TCW Funds, Inc.

 

Notes to Financial Statements (Continued)

 

Note 10 — Capital Share Transactions (Continued)

 

TCW Conservative Allocation Fund    Six Months Ended
April 30, 2025 (Unaudited)
    Year Ended
October 31, 2024
 
I Class    Shares     Amount     Shares     Amount  

Shares Sold

     93,426     $ 1,102,088       179,137     $ 2,091,148  

Shares Issued upon Reinvestment of Dividends

     189,882       2,153,256       78,307       887,216  

Shares Redeemed

     (187,689     (2,241,431     (198,108     (2,310,153
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Increase

     95,619     $ 1,013,913       59,336     $ 668,211  
  

 

 

   

 

 

   

 

 

   

 

 

 
N Class    Shares     Amount     Shares     Amount  

Shares Sold

     1,023     $ 11,959       15,934     $ 185,450  

Shares Issued upon Reinvestment of Dividends

     3,227       36,660       1,242       14,106  

Shares Redeemed

     (810     (9,279     (3,441     (41,488
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Increase

     3,440     $ 39,340       13,735     $ 158,068  
  

 

 

   

 

 

   

 

 

   

 

 

 
TCW Global Real Estate Fund    Six Months Ended
April 30, 2025 (Unaudited)
    Year Ended
October 31, 2024
 
I Class    Shares     Amount     Shares     Amount  

Shares Sold

     388,569     $ 4,706,127       1,111,042     $ 13,854,352  

Shares Issued upon Reinvestment of Dividends

     29,094       339,696       31,123       376,746  

Shares Redeemed

     (153,460     (1,808,827     (339,407     (4,008,624
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Increase

     264,203     $ 3,236,996       802,758     $ 10,222,474  
  

 

 

   

 

 

   

 

 

   

 

 

 
N Class    Shares     Amount     Shares     Amount  

Shares Sold

     32,422     $ 392,323       210,139     $ 2,598,491  

Shares Issued upon Reinvestment of Dividends

     7,695       89,669       12,757       153,570  

Shares Redeemed

     (87,844     (1,047,725     (212,427     (2,442,809
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Increase (Decrease)

     (47,727   $ (565,733     10,469     $ 309,252  
  

 

 

   

 

 

   

 

 

   

 

 

 
TCW Relative Value Large Cap Fund    Six Months Ended
April 30, 2025 (Unaudited)
    Year Ended
October 31, 2024
 
I Class    Shares     Amount     Shares     Amount  

Shares Sold

     832,817     $ 13,287,272       2,100,549     $ 31,664,195  

Issued in connection with the merger of TCW Relative Value Dividend Appreciation Fund

                 5,918,912       90,272,293  

Shares Issued upon Reinvestment of Dividends

     945,026       14,846,351       359,478       5,032,693  

Shares Redeemed

     (1,054,335     (16,624,722     (1,560,373     (23,880,052
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Increase

     723,508     $ 11,508,901       6,818,566     $ 103,089,129  
  

 

 

   

 

 

   

 

 

   

 

 

 
N Class    Shares     Amount     Shares     Amount  

Shares Sold

     240,263     $ 3,769,086       337,487     $ 5,253,600  

Issued in connection with the merger of TCW Relative Value Dividend Appreciation Fund

                 13,107,953       199,159,616  

Shares Issued upon Reinvestment of Dividends

     867,665       13,570,275       27,896       389,432  

Shares Redeemed

     (1,268,244     (19,909,106     (772,097     (12,199,576
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Increase (Decrease)

     (160,316   $ (2,569,745     12,701,239     $ 192,603,072  
  

 

 

   

 

 

   

 

 

   

 

 

 
TCW Relative Value Mid Cap Fund    Six Months Ended
April 30, 2025 (Unaudited)
    Year Ended
October 31, 2024
 
I Class    Shares     Amount     Shares     Amount  

Shares Sold

     17,768     $ 527,655       94,043     $ 2,662,072  

Shares Issued upon Reinvestment of Dividends

     236,486       6,742,225       58,706       1,557,469  

Shares Redeemed

     (68,685     (1,990,422     (178,237     (5,042,105
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Increase (Decrease)

     185,569     $ 5,279,458       (25,488   $ (822,564
  

 

 

   

 

 

   

 

 

   

 

 

 
N Class    Shares     Amount     Shares     Amount  

Shares Sold

     20,865     $ 527,234       6,514     $ 179,387  

Shares Issued upon Reinvestment of Dividends

     46,871       1,287,073       11,479       294,319  

Shares Redeemed

     (33,110     (886,213     (51,407     (1,364,366
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Increase (Decrease)

     34,626     $ 928,094       (33,414   $ (890,660
  

 

 

   

 

 

   

 

 

   

 

 

 

 

38


TCW Funds, Inc.

 

April 30, 2025

 

Note 11 — Affiliate Ownership

As of April 30, 2025, affiliates of the Funds and Advisor owned 23.98% of the net assets of the TCW Global Real Estate Fund.

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, 2025.

Note 13 — Committed Line Of Credit

The Funds, together with the TCW Metropolitan West Funds and TCW ETF Trust, have entered into a $250,000,000 committed revolving line of credit agreement with State Street Bank and Trust Company (the “Bank”) for temporary borrowing purposes, with an expiration date of December 18, 2025. 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, 2025. 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 14 — Indemnifications

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

Note 15 — New Accounting Pronouncements

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

 

39


TCW Funds, Inc.

 

Notes to Financial Statements (Continued)

 

Note 15 — New Accounting Pronouncements (Continued)

 

after December 15, 2023 and interim periods within that fiscal year, with early adoption permitted. The Company early adopted and there have been no impacts to date.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). This change is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity’s segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds’ prospectus. A senior executive team comprised of the Funds’ Principal Executive Officer and Principal Financial Officer, serves as the Funds’ CODM, who act in accordance with Board of Trustee reviews and approvals. The CODM monitors and actively manages the operating results of each Fund. There have been no impacts to date.

Note 16 — Subsequent Events

Management has evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that there are no material events that would require recognition or disclosure in the Funds’ financial statements.

 

40


TCW Concentrated Large Cap Growth Fund

 

Financial Highlights — I Class

 

     Six Months
Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
     2024     2023     2022     2021     2020  

Net Asset Value per Share, Beginning of period

   $ 33.42     $ 25.37     $ 25.79     $ 44.70     $ 34.13     $ 27.64  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (Loss) from Investment Operations:

 

Net Investment Loss (1)

     (0.06     (0.05     (0.04     (0.12     (0.14     (0.08

Net Realized and Unrealized Gain (Loss) on Investments

     (0.24     11.38       3.82       (13.71     13.23       9.04  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from Investment Operations

     (0.30     11.33       3.78       (13.83     13.09       8.96  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less Distributions:

 

Distributions from Net Realized Gain

     (4.78     (3.28     (4.20     (5.08     (2.52     (2.47
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value per Share, End of period

   $ 28.34     $ 33.42     $ 25.37     $ 25.79     $ 44.70     $ 34.13  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return

     (2.16 )% (2)      47.90     18.60     (34.93 )%      40.32     34.59

Ratios/Supplemental Data:

 

Net Assets, End of period (in thousands)

   $  517,676     $  546,751     $  429,236     $  462,670     $  801,597     $  633,683  

Ratio of Expenses to Average Net Assets:

 

Before Expense Reimbursement

     0.77 (3)      0.78     0.77     0.79     0.77     0.76

After Expense Reimbursement

     0.78 (3)      0.78     N/A       N/A       N/A       N/A  

Ratio of Net Investment Loss to Average Net Assets

     (0.38 )% (3)      (0.17 )%      (0.16 )%      (0.38 )%      (0.37 )%      (0.28 )% 

Portfolio Turnover Rate

     8.01 (2)      12.77     10.42     12.12     8.17     4.09

 

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2025 and is not indicative of a full year’s operating results.

(3)

Annualized.

 

See accompanying Notes to Financial Statements.

 

41


TCW Concentrated Large Cap Growth Fund

 

Financial Highlights — N Class

 

     Six Months
Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
     2024     2023     2022     2021     2020  

Net Asset Value per Share, Beginning of period

   $ 26.51     $ 20.73     $ 21.89     $ 38.76     $ 29.95     $ 24.59  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (Loss) from Investment Operations:

 

Net Investment Loss (1)

     (0.06     (0.08     (0.06     (0.15     (0.19     (0.13

Net Realized and Unrealized Gain (Loss) on Investments

     (0.09     9.14       3.10       (11.64     11.52       7.96  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from Investment Operations

     (0.15     9.06       3.04       (11.79     11.33       7.83  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less Distributions:

 

Distributions from Net Realized Gain

     (4.78     (3.28     (4.20     (5.08     (2.52     (2.47
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value per Share, End of period

   $ 21.58     $ 26.51     $ 20.73     $ 21.89     $ 38.76     $ 29.95  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return

     (2.16 )% (2)      47.65     18.50     (35.03 )%      40.06     34.26

Ratios/Supplemental Data:

 

Net Assets, End of period (in thousands)

   $  121,720     $  136,486     $  106,292     $  104,856     $  193,727     $  161,625  

Ratio of Expenses to Average Net Assets:

 

Before Expense Reimbursement

     1.06 (3)      1.06     1.06     1.08     1.04     1.06

After Expense Reimbursement

     0.91 (3)      0.93     0.93     0.94     0.96     0.99

Ratio of Net Investment Loss to Average Net Assets

     (0.52 )% (3)      (0.33 )%      (0.32 )%      (0.53 )%      (0.56 )%      (0.51 )% 

Portfolio Turnover Rate

     8.01 (2)      12.77     10.42     12.12     8.17     4.09

 

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2025 and is not indicative of a full year’s operating results.

(3)

Annualized.

 

See accompanying Notes to Financial Statements.

 

42


TCW Conservative Allocation Fund

 

Financial Highlights — I Class

 

     Six Months
Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
     2024     2023     2022     2021     2020  

Net Asset Value per Share, Beginning of period

   $ 12.22     $ 10.48     $ 10.57     $ 13.96     $ 12.22     $ 12.09  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (Loss) from Investment Operations:

 

Net Investment Income (1)

     0.32       0.38       0.32       0.23       0.13       0.18  

Net Realized and Unrealized Gain (Loss) on Investments

     (0.11     1.71       0.09       (2.35     1.80       0.76  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from Investment Operations

     0.21       2.09       0.41       (2.12     1.93       0.94  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less Distributions:

 

Distributions from Net Investment Income

     (0.50     (0.35     (0.22     (0.30     (0.12     (0.71

Distributions from Net Realized Gain

     (0.34           (0.28     (0.97     (0.07     (0.10
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Distributions

     (0.84     (0.35     (0.50     (1.27     (0.19     (0.81
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value per Share, End of period

   $ 11.59     $ 12.22     $ 10.48     $ 10.57     $ 13.96     $ 12.22  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return

     1.88 (2)      20.22     3.97     (16.80 )%      15.92     8.19

Ratios/Supplemental Data:

 

Net Assets, End of period (in thousands)

   $  31,843     $  32,412     $  27,165     $  27,624     $  35,264     $  36,714  

Ratio of Expenses to Average Net Assets: (4)

 

Before Expense Reimbursement

     0.52 (3)      0.52     0.44     0.41     0.44     0.39

After Expense Reimbursement

     N/A       N/A       N/A       0.41     N/A       N/A  

Ratio of Net Investment Income to Average Net Assets

     5.41 (3)      3.23     3.00     1.96     0.94     1.56

Portfolio Turnover Rate

     11.69 (2)      31.18     23.57     16.20     26.34     26.22

 

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2025 and is not indicative of a full year’s operating results.

(3)

Annualized.

(4)

Does not include expenses of the underlying affiliated funds.

 

See accompanying Notes to Financial Statements.

 

43


TCW Conservative Allocation Fund

 

Financial Highlights — N Class

 

     Six Months
Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
     2024     2023     2022     2021     2020  

Net Asset Value per Share, Beginning of period

   $ 12.25     $ 10.49     $ 10.57     $ 13.97     $ 12.22     $ 12.09  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (Loss) from Investment Operations:

 

Net Investment Income (1)

     0.31       0.37       0.30       0.17       0.09       0.15  

Net Realized and Unrealized Gain (Loss) on Investments

     (0.11     1.72       0.09       (2.34     1.81       0.75  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from Investment Operations

     0.20       2.09       0.39       (2.17     1.90       0.90  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less Distributions:

 

Distributions from Net Investment Income

     (0.50     (0.33     (0.19     (0.26     (0.08     (0.67

Distributions from Net Realized Gain

     (0.34           (0.28     (0.97     (0.07     (0.10
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Distributions

     (0.84     (0.33     (0.47     (1.23     (0.15     (0.77
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value per Share, End of period

   $ 11.61     $ 12.25     $ 10.49     $ 10.57     $ 13.97     $ 12.22  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return

     1.87 (2)      20.02     3.78     (17.08 )%      15.64     7.85

Ratios/Supplemental Data:

 

Net Assets, End of period (in thousands)

   $  551     $  539     $  317     $  347     $  736     $  452  

Ratio of Expenses to Average Net Assets: (3)

 

Before Expense Reimbursement

     5.17 (4)      6.08     7.18     4.18     3.73     6.06

After Expense Reimbursement

     0.68 (4)      0.68     0.67     0.67     0.68     0.70

Ratio of Net Investment Income to Average Net Assets

     5.23 (4)      3.11     2.75     1.41     0.70     1.23

Portfolio Turnover Rate

     11.69 (2)      31.18     23.57     16.20     26.34     26.22

 

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2025 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.

 

44


TCW Global Real Estate Fund

 

Financial Highlights — I Class

 

     Six Months
Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
     2024     2023     2022     2021     2020  

Net Asset Value per Share, Beginning of period

   $ 12.59     $ 9.60     $ 10.31     $ 15.45     $ 11.07     $ 11.16  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (Loss) from Investment Operations:

 

Net Investment Income (1)

     0.14       0.27       0.28       0.27       0.36       0.17  

Net Realized and Unrealized Gain (Loss) on Investments

     (0.75     2.94       (0.83     (3.98     4.30       (0.05
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from Investment Operations

     (0.61     3.21       (0.55     (3.71     4.66       0.12  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less Distributions:

 

Distributions from Net Investment Income

     (0.14     (0.22     (0.16     (0.45     (0.28     (0.16

Distributions from Return of Capital

                       (0.13           (0.05

Distributions from Net Realized Gain

                       (0.85            
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Distributions

     (0.14     (0.22     (0.16     (1.43     (0.28     (0.21
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value per Share, End of period

   $ 11.84     $ 12.59     $ 9.60     $ 10.31     $ 15.45     $ 11.07  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return

     (4.87 )% (2)      33.41     (5.34 )%      (26.38 )%      42.32     1.15

Ratios/Supplemental Data:

 

Net Assets, End of period (in thousands)

   $  32,365     $  31,081     $  16,001     $  17,741     $  24,949     $  9,175  

Ratio of Expenses to Average Net Assets:

 

Before Expense Reimbursement

     1.29 (3)      1.42     1.34     1.32     1.45     2.80

After Expense Reimbursement

     0.90 (3)      0.90     0.90     0.90     0.92     1.00

Ratio of Net Investment Income to Average Net Assets

     2.43 (3)      2.24     2.57     2.12     2.50     1.59

Portfolio Turnover Rate

     29.35 (2)      71.48     65.26     167.41     164.29     136.71

 

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2025 and is not indicative of a full year’s operating results.

(3)

Annualized.

 

See accompanying Notes to Financial Statements.

 

45


TCW Global Real Estate Fund

 

Financial Highlights — N Class

 

     Six Months
Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
     2024     2023     2022     2021     2020  

Net Asset Value per Share, Beginning of period

   $ 12.57     $ 9.59     $ 10.30     $ 15.43     $ 11.06     $ 11.16  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (Loss) from Investment Operations:

 

Net Investment Income (1)

     0.14       0.25       0.26       0.25       0.33       0.13  

Net Realized and Unrealized Gain (Loss) on Investments

     (0.75     2.94       (0.82     (3.97     4.30       (0.03
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from Investment Operations

     (0.61     3.19       (0.56     (3.72     4.63       0.10  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less Distributions:

 

Distributions from Net Investment Income

     (0.12     (0.21     (0.15     (0.44     (0.26     (0.15

Distributions from Net Realized Gain

                       (0.85            

Distributions from Return of Capital

                       (0.12           (0.05
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Distributions

     (0.12     (0.21     (0.15     (1.41     (0.26     (0.20
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value per Share, End of period

   $ 11.84     $ 12.57     $ 9.59     $ 10.30     $ 15.43     $ 11.06  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return

     (4.87 )% (2)      33.35     (5.54 )%      (26.43 )%      42.10     0.94

Ratios/Supplemental Data:

 

Net Assets, End of period (in thousands)

   $  8,935     $  10,088     $  7,595     $  11,608     $  14,634     $  4,370  

Ratio of Expenses to Average Net Assets:

 

Before Expense Reimbursement

     1.74 (3)      1.85     1.71     1.64     1.90     5.14

After Expense Reimbursement

     1.00 (3)      1.00     1.00     1.00     1.03     1.15

Ratio of Net Investment Income to Average Net Assets

     2.29 (3)      2.14     2.42     1.95     2.36     1.21

Portfolio Turnover Rate

     29.35 (2)      71.48     65.26     167.41     164.29     136.71

 

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2025 and is not indicative of a full year’s operating results.

(3)

Annualized.

 

See accompanying Notes to Financial Statements.

 

46


TCW Relative Value Large Cap Fund

 

Financial Highlights — I Class

 

     Six Months
Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
     2024     2023     2022     2021     2020  

Net Asset Value per Share, Beginning of period

   $ 16.48     $ 12.66     $ 13.10     $ 15.04     $ 10.84     $ 18.69  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (Loss) from Investment Operations:

 

Net Investment Income (1)

     0.13       0.19       0.20       0.19       0.18       0.22  

Net Realized and Unrealized Gain (Loss) on Investments

     (0.72     4.30       0.26       (0.90     5.07       (0.57
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from Investment Operations

     (0.59     4.49       0.46       (0.71     5.25       (0.35
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less Distributions:

 

Distributions from Net Investment Income

     (0.13     (0.20     (0.20     (0.19     (0.22     (0.49

Distributions from Net Realized Gain

     (0.93     (0.47     (0.70     (1.04     (0.83     (7.01
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Distributions

     (1.06     (0.67     (0.90     (1.23     (1.05     (7.50
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value per Share, End of period

   $ 14.83     $ 16.48     $ 12.66     $ 13.10     $ 15.04     $ 10.84  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return

     (3.98 )% (2)      36.37     3.61     (5.56 )%      50.84     (7.02 )% 

Ratios/Supplemental Data:

 

Net Assets, End of period (in thousands)

   $  225,752     $  238,897     $  97,169     $  101,088     $  117,205     $  83,765  

Ratio of Expenses to Average Net Assets:

 

Before Expense Reimbursement

     0.73 (3)      0.77     0.82     0.83     0.80     0.80

After Expense Reimbursement

     0.70 (3)      0.70     0.70     0.70     0.70     0.71

Ratio of Net Investment Income to Average Net Assets

     1.62 (3)      1.23     1.49     1.43     1.31     1.88

Portfolio Turnover Rate

     20.26 (2)      38.69 (4)      19.65     17.81     17.16     31.17

 

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2025 and is not indicative of a full year’s operating results.

(3)

Annualized.

(4)

The portfolio turnover calculation was adjusted to exclude the value of securities acquired in connection with the Fund’s acquisition of the assets of the TCW Relative Value Dividend Appreciation Fund on June 17, 2024. The portfolio turnover rate would have been 39.50% without the adjustment.

 

See accompanying Notes to Financial Statements.

 

47


TCW Relative Value Large Cap Fund

 

Financial Highlights — N Class

 

     Six Months
Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
     2024     2023     2022     2021     2020  

Net Asset Value per Share, Beginning of period

   $ 16.41     $ 12.60     $ 13.04     $ 14.97     $ 10.79     $ 18.62  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (Loss) from Investment Operations:

 

Net Investment Income (1)

     0.12       0.16       0.17       0.17       0.15       0.19  

Net Realized and Unrealized Gain (Loss) on Investments

     (0.71     4.29       0.26       (0.91     5.05       (0.56
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from Investment Operations

     (0.59     4.45       0.43       (0.74     5.20       (0.37
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less Distributions:

 

Distributions from Net Investment Income

     (0.13     (0.17     (0.17     (0.15     (0.19     (0.45

Distributions from Net Realized Gain

     (0.93     (0.47     (0.70     (1.04     (0.83     (7.01
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Distributions

     (1.06     (0.64     (0.87     (1.19     (1.02     (7.46
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value per Share, End of period

   $ 14.76     $ 16.41     $ 12.60     $ 13.04     $ 14.97     $ 10.79  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return

     (4.01 )% (2)      36.17     3.41     (5.72 )%      50.56     (7.17 )% 

Ratios/Supplemental Data:

 

Net Assets, End of period (in thousands)

   $  194,825     $  219,289     $  8,337     $  9,007     $  10,506     $  9,277  

Ratio of Expenses to Average Net Assets:

 

Before Expense Reimbursement

     1.00 (3)      1.05     1.32     1.34     1.30     1.32

After Expense Reimbursement

     0.85 (3)      0.85     0.90     0.90     0.90     0.91

Ratio of Net Investment Income to Average Net Assets

     1.47 (3)      1.01     1.29     1.23     1.11     1.67

Portfolio Turnover Rate

     20.26 (2)      38.69 (4)      19.65     17.81     17.16     31.17

 

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2025 and is not indicative of a full year’s operating results.

(3)

Annualized.

(4)

The portfolio turnover calculation was adjusted to exclude the value of securities acquired in connection with the Fund’s acquisition of the assets of the TCW Relative Value Dividend Appreciation Fund on June 17, 2024. The portfolio turnover rate would have been 39.50% without the adjustment.

 

See accompanying Notes to Financial Statements.

 

48


TCW Relative Value Mid Cap Fund

 

Financial Highlights — I Class

 

     Six Months
Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
     2024     2023     2022     2021     2020  

Net Asset Value per Share, Beginning of period

   $ 30.38     $ 23.24     $ 23.57     $ 29.62     $ 18.90     $ 21.06  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (Loss) from Investment Operations:

 

Net Investment Income (1)

     0.19       0.61       0.21       0.19       0.17       0.17  

Net Realized and Unrealized Gain (Loss) on Investments

     (1.35     7.15       0.05       (2.80     10.72       (1.78
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from Investment Operations

     (1.16     7.76       0.26       (2.61     10.89       (1.61
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less Distributions:

 

Distributions from Net Investment Income

     (0.29     (0.21     (0.20     (0.16     (0.17     (0.18

Distributions from Net Realized Gain

     (2.41     (0.41     (0.39     (3.28           (0.37
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Distributions

     (2.70     (0.62     (0.59     (3.44     (0.17     (0.55
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value per Share, End of period

   $ 26.52     $ 30.38     $ 23.24     $ 23.57     $ 29.62     $ 18.90  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return

     (4.43 )% (2)      33.77     1.15     (10.35 )%      57.90     (8.07 )% 

Ratios/Supplemental Data:

 

Net Assets, End of period (in thousands)

   $  72,293     $  77,197     $  59,647     $  62,726     $  72,545     $  51,021  

Ratio of Expenses to Average Net Assets:

 

Before Expense Reimbursement

     0.99 (3)      0.99     0.97     1.01     0.97     0.97

After Expense Reimbursement

     0.85 (3)      0.85     0.85     0.85     0.85     0.87

Ratio of Net Investment Income to Average Net Assets

     1.29 (3)      2.18     0.86     0.75     0.63     0.90

Portfolio Turnover Rate

     20.57 (2)      38.54     27.55     28.82     44.33     42.07

 

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2025 and is not indicative of a full year’s operating results.

(3)

Annualized.

 

See accompanying Notes to Financial Statements.

 

49


TCW Relative Value Mid Cap Fund

 

Financial Highlights — N Class

 

     Six Months
Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
     2024     2023     2022     2021     2020  

Net Asset Value per Share, Beginning of period

   $ 29.35     $ 22.46     $ 22.79     $ 28.75     $ 18.34     $ 20.45  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (Loss) from Investment Operations:

 

Net Investment Income (1)

     0.17       0.56       0.18       0.16       0.14       0.15  

Net Realized and Unrealized Gain (Loss) on Investments

     (1.30     6.92       0.05       (2.71     10.42       (1.74
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from Investment Operations

     (1.13     7.48       0.23       (2.55     10.56       (1.59
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less Distributions:

 

Distributions from Net Investment Income

     (0.28     (0.18     (0.17     (0.13     (0.15     (0.15

Distributions from Net Realized Gain

     (2.41     (0.41     (0.39     (3.28           (0.37
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Distributions

     (2.69     (0.59     (0.56     (3.41     (0.15     (0.52
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value per Share, End of period

   $ 25.53     $ 29.35     $ 22.46     $ 22.79     $ 28.75     $ 18.34  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return

     (4.49 )% (2)      33.66     1.05     (10.45 )%      57.78     (8.18 )% 

Ratios/Supplemental Data:

 

Net Assets, End of period (in thousands)

   $  13,444     $  14,440     $  11,801     $  13,181     $  16,708     $  10,902  

Ratio of Expenses to Average Net Assets:

 

Before Expense Reimbursement

     1.38 (3)      1.39     1.36     1.39     1.37     1.42

After Expense Reimbursement

     0.95 (3)      0.95     0.95     0.95     0.95     0.97

Ratio of Net Investment Income to Average Net Assets

     1.20 (3)      2.08     0.76     0.65     0.54     0.81

Portfolio Turnover Rate

     20.57 (2)      38.54     27.55     28.82     44.33     42.07

 

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2025 and is not indicative of a full year’s operating results.

(3)

Annualized.

 

See accompanying Notes to Financial Statements.

 

50


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 TCW website at https://www.tcw.com/Global-Proxy-Voting-Policy; or

 

  3.

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 at https://www.tcw.com/Literature/Proxy-Voting.

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.

 

51


LOGO

 

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. Bank Global Fund Services

P.O Box 219252

Kansas City, MO 64121-9252

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

Megan McClellan

Director

Peter McMillan

Director

Patrick Moore

Director

Victoria B. Rogers

Director

Robert G. Rooney

Director

Michael Swell

Director

Andrew Tarica

Director and Chairman of the Board

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 Concentrated Large Cap Growth Fund

TCW Global Real Estate Fund

TCW Relative Value Large Cap Fund

TCW Relative Value Mid Cap Fund

ASSET ALLOCATION FUND

TCW Conservative Allocation Fund

FIXED INCOME FUNDS

TCW Central Cash Fund

TCW Core Fixed Income Fund

TCW Global Bond Fund

TCW Securitized Bond Fund

INTERNATIONAL FUNDS

TCW Emerging Markets Income Fund

TCW Emerging Markets Local Currency Income Fund

TCW White Oak Emerging Markets Equity Fund

 

 

FUNDsar0425


LOGO

 

LOGO

 

FIXED INCOME FUNDS

TCW Central Cash Fund

TCW Core Fixed Income Fund

TCW Global Bond Fund

TCW Securitized Bond Fund


TCW Funds, Inc.

Table of Contents

 

Schedules of Investments (Unaudited)

     1  

TCW Central Cash Fund

     1  

TCW Core Fixed Income Fund

     3  

TCW Global Bond Fund

     17  

TCW Securitized Bond Fund

     31  

Statements of Assets and Liabilities (Unaudited)

     47  

Statements of Operations (Unaudited)

     49  

Statements of Changes in Net Assets (Unaudited)

     50  

Notes to Financial Statements (Unaudited)

     52  

Financial Highlights (Unaudited)

     80  

Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule

     89  


TCW Central Cash Fund

 

Schedule of Investments

April 30, 2025

 

Issues   Maturity
Date
     Principal
Amount
    Value  
SHORT TERM INVESTMENTS — 99.9%  

MONEY MARKET INVESTMENTS — 0.2%

 

State Street Institutional U.S. Government Money Market Fund — Premier Class,

 

 

4.29% (1)

    05/01/25      $ 4,678,427     $ 4,678,427  
REPURCHASE AGREEMENT — 30.8%  

Barclays Capital, Inc. Issued 04/30/25, repurchase date 05/01/25 (Collateralized by U.S. Treasury Securities valued at $306,000,008, 1.38% — 4.88%, due 11/30/25 — 08/15/53)

 

 

4.37%

    05/01/25         300,000,000       300,000,000  

Bank of America NA Issued 04/30/25, repurchase date 05/01/25 (Collateralized by U.S. Treasury Securities valued at $204,000,000, 0.00% — 4.38%, due 03/31/30 — 08/15/50)

 

 

4.35%

    05/01/25        200,000,000       200,000,000  

JP Morgan Securities Issued 04/30/25, repurchase date 05/01/25 (Collateralized by U.S. Treasury Securities valued at $306,000,078, 4.13%, due 10/31/31)

 

 

4.37%

    05/01/25        300,000,000       300,000,000  
      

 

 

 

Total Repurchase Agreement

 

(Cost: $800,000,000)

 

    800,000,000  
      

 

 

 
U.S. GOVERNMENT AGENCY OBLIGATIONS — 26.9%  

Federal Home Loan Banks

 

4.36% (2)

    12/08/25        100,000,000       100,000,000  

4.36% (2)

    12/17/25        100,000,000       100,000,000  

4.37% (1 day USD SOFR + 0.005%) (3)

    01/12/26        100,000,000       100,000,000  

4.38% (1 day USD SOFR + 0.015%) (3)

    05/16/25        100,000,000       100,000,000  

4.37% (1 day USD SOFR + 0.005%) (3)

    10/17/25        100,000,000       100,000,000  

4.38% (1 day USD SOFR + 0.015%) (3)

    05/06/25        100,000,000       100,000,000  

4.30%

    07/17/25        100,000,000       99,101,667  
      

 

 

 

Total U.S. Government Agency Obligations

 

(Cost: $699,101,667)

           699,101,667  
      

 

 

 
Issues   Maturity
Date
     Principal
Amount
    Value  
U.S. TREASURY SECURITIES — 42.0%  

U.S. Treasury Bills

 

4.30% (4)

    05/06/25      $ 17,000,000     $ 16,990,046  

4.26% (4)

    07/24/25        15,825,000       15,672,851  

4.30% (4)

    05/01/25        36,000,000       36,000,000  

4.31% (4)

    05/08/25        81,000,000       80,933,377  

4.30% (4)

    05/22/25        6,000,000       5,985,232  

4.33% (4)

    05/22/25        91,000,000       90,774,529  

4.30% (4)

    06/26/25        98,000,000       97,358,056  

4.26% (4)

    05/27/25        230,000,000       229,303,994  

4.31% (4)

    05/27/25        40,000,000       39,877,944  

4.28% (4)

    06/17/25         180,000,000       179,014,175  

4.29% (4)

    07/08/25        300,000,000       297,625,667  
      

 

 

 

Total U.S. Treasury Securities

 

(Cost: $1,089,535,871)

 

    1,089,535,871  
      

 

 

 

Total Short Term Investments

 

(Cost: $2,588,637,538)

 

    2,588,637,538  
      

 

 

 

Total Investments (99.9%)

 

(Cost: $2,593,315,965)

 

    2,593,315,965  
      

 

 

 

Excess Of Other Assets Over Liabilities (0.1%)

 

    2,749,402  
      

 

 

 

Net Assets (100.0%)

 

  $ 2,596,065,367  
      

 

 

 

Notes to the Schedule of Investments:

SOFR   Secured Overnight Financing Rate.
(1)   Rate disclosed is the 7-day net yield as of April 30, 2025.
(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)   Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2025.
(4)   Rate shown represents yield-to-maturity.
 

 

See accompanying Notes to Financial Statements.

 

1


TCW Central Cash Fund

 

Fair Valuation Summary

April 30, 2025

 

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 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  

Short Term Investments

           

U.S. Treasury Securities

   $ 1,089,535,871      $      $      $  1,089,535,871  

Repurchase Agreement

            800,000,000               800,000,000  

U.S. Government Agency Obligations

            699,101,667               699,101,667  

Money Market Investments

     4,678,427                      4,678,427  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Short Term Investments

     1,089,535,871        1,499,101,667               2,588,637,538  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $  1,094,214,298      $  1,499,101,667      $  —      $  2,593,315,965  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

See accompanying Notes to Financial Statements.

 

2


TCW Core Fixed Income Fund

 

Schedule of Investments

April 30, 2025

 

Issues   Maturity
Date
    Principal
Amount
    Value  

FIXED INCOME SECURITIES — 97.4% of Net Assets

 

CORPORATE BONDS — 19.3%

 

Aerospace & Defense — 0.7%  

Boeing Co.

 

 

5.81%

    05/01/50     $ 345,000     $ 323,900  

6.53%

    05/01/34       680,000       732,149  

General Electric Co.

 

 

5.06% (3 mo. USD Term SOFR + 0.742%) (1)

    08/15/36       3,045,000       2,829,688  

Lockheed Martin Corp.

 

 

4.80%

    08/15/34       55,000       54,502  

Northrop Grumman Corp.

 

 

5.20%

    06/01/54       75,000       68,950  
     

 

 

 
    4,009,189  
     

 

 

 
Agriculture — 0.2%  

Imperial Brands Finance PLC (United Kingdom)

 

 

3.88% (2)

    07/26/29       35,000       33,776  

Japan Tobacco, Inc.

 

 

5.25% (2)

    06/15/30       1,110,000       1,148,317  
     

 

 

 
    1,182,093  
     

 

 

 
Airlines — 0.2%  

United Airlines Pass-Through Trust Series 2023-1, Class A

 

 

5.80%

    07/15/37       1,112,941       1,104,794  
     

 

 

 
Auto Manufacturers — 0.3%  

Volkswagen Financial Services AG (Germany)

 

 

3.88% (3)

    11/19/31     EUR  1,000,000       1,135,602  

Volkswagen Group of America Finance LLC (Germany)

 

 

5.65% (2)

    03/25/32     EUR 15,000       15,007  

5.80% (2)

    03/27/35       280,000       278,818  

Volkswagen International Finance NV (Germany)

 

 

7.88% (9 yr. EUR Swap + 4.783%) (3),(4),(1)

    09/06/32       EUR 300,000       380,574  
     

 

 

 
    1,810,001  
     

 

 

 
Banks — 5.6%  

Bank of America Corp.

 

 

1.66% (1 day USD SOFR + 0.910%) (1)

    03/11/27     $ 3,625,000       3,536,840  

1.73% (1 day USD SOFR + 0.960%) (1)

    07/22/27       1,130,000       1,092,846  

1.92% (1 day USD SOFR + 1.370%) (1)

    10/24/31       345,000       297,683  

2.50% (3 mo. USD Term SOFR + 1.252%) (1)

    02/13/31       635,000       574,929  

2.59% (1 day USD SOFR + 2.150%) (1)

    04/29/31       135,000       121,955  

2.69% (1 day USD SOFR + 1.320%) (1)

    04/22/32       335,000       296,388  
Issues   Maturity
Date
    Principal
Amount
    Value  
Banks (Continued)  

2.97% (1 day USD SOFR + 1.330%) (1)

    02/04/33     $ 425,000     $ 373,936  

5.47% (1 day USD SOFR + 1.650%) (1)

    01/23/35       225,000       228,224  

5.51% (1 day USD SOFR + 1.310%) (1)

    01/24/36       365,000       370,249  

Citigroup, Inc.

 

 

2.56% (1 day USD SOFR + 1.167%) (1)

    05/01/32       35,000       30,593  

3.06% (1 day USD SOFR + 1.351%) (1)

    01/25/33       180,000       158,373  

3.89% (3 mo. USD Term SOFR + 1.825%) (1)

    01/10/28       45,000       44,545  

5.33% (1 day USD SOFR + 1.465%) (1)

    03/27/36       1,695,000       1,684,135  

5.45% (1 day USD SOFR + 1.447%) (1)

    06/11/35       630,000       631,468  

Goldman Sachs Group, Inc.

 

 

1.43% (1 day USD SOFR + 0.798%) (1)

    03/09/27       4,260,000       4,147,238  

5.02% (1 day USD SOFR + 1.420%) (1)

    10/23/35       1,375,000       1,332,334  

5.54% (1 day USD SOFR + 1.380%) (1)

    01/28/36       150,000       151,598  

HSBC Holdings PLC (United Kingdom)

 

 

2.36% (1 day USD SOFR + 1.947%) (1)

    08/18/31       930,000       817,135  

JPMorgan Chase & Co.

 

 

1.05% (1 day USD SOFR + 0.800%) (1)

    11/19/26       260,000       254,940  

1.95% (1 day USD SOFR + 1.065%) (1)

    02/04/32       1,540,000       1,322,567  

2.74% (3 mo. USD Term SOFR + 1.510%) (1)

    10/15/30       1,070,000       990,713  

4.20% (3 mo. USD Term SOFR + 1.522%) (1)

    07/23/29       935,000       927,997  

4.95% (1 day USD SOFR + 1.340%) (1)

    10/22/35       250,000       244,325  

5.50% (1 day USD SOFR + 1.315%) (1)

    01/24/36       385,000       391,814  

Morgan Stanley

 

 

1.51% (1 day USD SOFR + 0.858%) (1)

    07/20/27       1,145,000       1,105,715  

1.93% (1 day USD SOFR + 1.020%) (1)

    04/28/32       180,000       151,715  

2.51% (1 day USD SOFR + 1.200%) (1)

    10/20/32       225,000       194,308  

2.94% (1 day USD SOFR + 1.290%) (1)

    01/21/33       225,000       197,512  

3.77% (3 mo. USD Term SOFR + 1.402%) (1)

    01/24/29       1,255,000       1,232,736  

5.32% (1 day USD SOFR + 1.555%) (1)

    07/19/35       40,000       39,850  
 

 

See accompanying Notes to Financial Statements.

 

3


TCW Core Fixed Income Fund

 

Schedule of Investments (Continued)

 

Issues   Maturity
Date
    Principal
Amount
    Value  
Banks (Continued)  

5.59% (1 day USD SOFR + 1.418%) (1)

    01/18/36     $ 925,000     $ 939,319  

5.83% (1 day USD SOFR + 1.580%) (1)

    04/19/35       220,000       227,467  

PNC Financial Services Group, Inc.

 

 

5.68% (1 day USD SOFR + 1.902%) (1)

    01/22/35       455,000       464,182  

Santander U.K. Group Holdings PLC (United Kingdom)

 

 

1.67% (1 day USD SOFR + 0.989%) (1)

    06/14/27       491,000       474,036  

2.47% (1 day USD SOFR + 1.220%) (1)

    01/11/28       30,000       28,852  

U.S. Bancorp

 

 

4.84% (1 day USD SOFR + 1.600%) (1)

    02/01/34       400,000       388,760  

5.68% (1 day USD SOFR + 1.860%) (1)

    01/23/35       255,000       260,067  

Wells Fargo & Co.

 

 

2.88% (3 mo. USD Term SOFR + 1.432%) (1)

    10/30/30       150,000       139,077  

3.35% (1 day USD SOFR + 1.500%) (1)

    03/02/33       875,000       786,502  

3.53% (1 day USD SOFR + 1.510%) (1)

    03/24/28       2,245,000       2,207,464  

3.58% (3 mo. USD Term SOFR + 1.572%) (1)

    05/22/28       260,000       255,343  

4.90% (1 day USD SOFR + 2.100%) (1)

    07/25/33       1,045,000       1,027,005  

5.21% (1 day USD SOFR + 1.380%) (1)

    12/03/35       270,000       266,717  

5.24% (1 day USD SOFR + 1.110%) (1)

    01/24/31       770,000       786,085  
     

 

 

 
    31,195,537  
     

 

 

 
Beverages — 0.2%  

Anheuser-Busch InBev SA (Belgium)

 

 

3.95% (3)

    03/22/44     EUR  915,000       1,018,512  
     

 

 

 
Chemicals — 0.2%  

International Flavors & Fragrances, Inc.

 

 

2.30% (2)

    11/01/30     $ 1,185,000       1,031,270  

3.27% (2)

    11/15/40       235,000       169,111  
     

 

 

 
    1,200,381  
     

 

 

 
Commercial Services — 0.1%  

AA Bond Co. Ltd. (United Kingdom)

 

 

8.45% (3)

    07/31/50     GBP 215,000       305,529  
     

 

 

 
Computers — 0.1%  

Dell International LLC/EMC Corp.

 

 

5.00%

    04/01/30       745,000       749,835  
     

 

 

 
Issues   Maturity
Date
    Principal
Amount
    Value  
Diversified Financial Services — 1.0%  

AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)

 

 

3.00%

    10/29/28     $ 2,785,000     $ 2,630,070  

Air Lease Corp.

 

 

3.63%

    12/01/27       400,000       390,652  

4.63%

    10/01/28       1,500,000       1,500,075  

Avolon Holdings Funding Ltd. (Ireland)

 

 

2.53% (2)

    11/18/27       884,000       829,687  

Blackrock, Inc.

 

 

3.75%

    07/18/35       345,000       402,203  
     

 

 

 
    5,752,687  
     

 

 

 
Electric — 1.4%  

Amprion GmbH (Germany)

 

 

0.63% (3)

    09/23/33     EUR 300,000       270,566  

4.00% (3)

    05/21/44     EUR 200,000       223,367  

Appalachian Power Co.

 

 

4.45%

    06/01/45     $ 690,000       553,173  

5.65%

    04/01/34       1,025,000       1,041,031  

Duke Energy Progress LLC

 

 

3.70%

    10/15/46       1,000,000       747,800  

5.05%

    03/15/35       500,000       498,335  

E.ON SE (Germany)

 

 

3.50% (3)

    04/16/33     EUR 365,000       418,988  

3.75% (3)

    01/15/36     EUR 100,000       114,564  

3.88% (3)

    09/05/38     EUR 300,000       339,930  

Elia Group SA (Belgium)

 

 

3.88% (3)

    06/11/31     EUR 200,000       232,229  

Eurogrid GmbH (Germany)

 

 

0.74% (3)

    04/21/33     EUR 200,000       186,570  

1.11% (3)

    05/15/32     $ 200,000       196,564  

Florida Power & Light Co.

 

 

5.70%

    03/15/55       580,000       582,378  

National Grid Electricity Transmission PLC (United Kingdom)

 

 

0.82% (3)

    07/07/32     EUR 435,000       417,816  

Scottish Hydro Electric Transmission PLC (United Kingdom)

 

 

3.38% (3)

    09/04/32     EUR 100,000       114,096  

Southern Co.

 

 

6.38% (5 yr. CMT + 2.069%)(1)

    03/15/55     $ 1,100,000       1,122,132  

TenneT Holding BV (Netherlands)

 

 

2.75% (3)

    05/17/42     EUR 295,000       313,115  

4.75% (3)

    10/28/42     EUR 415,000       516,907  
     

 

 

 
    7,889,561  
     

 

 

 
 

 

See accompanying Notes to Financial Statements.

 

4


TCW Core Fixed Income Fund

 

April 30, 2025

 

Issues   Maturity
Date
    Principal
Amount
    Value  
Engineering & Construction — 0.2%  

Cellnex Finance Co. SA (Spain)

 

 

2.00% (3)

    09/15/32     EUR 100,000     $ 102,260  

Heathrow Funding Ltd. (United Kingdom)

 

 

1.13% (3)

    10/08/32     EUR 485,000       495,298  

3.88% (3)

    01/16/38     EUR 280,000       317,590  
     

 

 

 
    915,148  
     

 

 

 
Entertainment — 0.5%  

La Francaise des Jeux SACA (France)

 

 

3.38% (3)

    11/21/33     EUR 300,000       334,832  

WarnerMedia Holdings, Inc.

 

 

4.28%

    03/15/32     $ 200,000       171,334  

5.05%

    03/15/42       2,635,000       1,985,051  

5.14%

    03/15/52       509,000       349,851  
     

 

 

 
    2,841,068  
     

 

 

 
Food — 0.6%  

ELO SACA (France)

 

 

6.00% (3)

    03/22/29     EUR 300,000       316,853  

JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL

 

 

3.00%

    02/02/29     $ 240,000       225,864  

6.50%

    12/01/52       600,000       616,692  

6.75%

    03/15/34       882,000       957,711  

Smithfield Foods, Inc.

 

 

2.63% (2)

    09/13/31       1,565,000       1,328,935  
     

 

 

 
    3,446,055  
     

 

 

 
Gas — 0.2%  

KeySpan Gas East Corp.

 

 

3.59% (2)

    01/18/52       650,000       425,776  

National Gas Transmission PLC (United Kingdom)

 

 

4.25% (3)

    04/05/30     EUR 540,000       643,917  
     

 

 

 
    1,069,693  
     

 

 

 
Health Care-Products — 0.4%  

American Medical Systems Europe BV

 

 

3.00%

    03/08/31     EUR 780,000       881,753  

Medtronic Global Holdings SCA

 

 

1.00%

    07/02/31     EUR 495,000       500,187  

1.75%

    07/02/49     EUR 100,000       72,845  

Medtronic, Inc.

 

 

3.65%

    10/15/29     $ 185,000       217,617  

Sartorius Finance BV (Germany)

 

 

4.50% (3)

    09/14/32       100,000       118,896  

Thermo Fisher Scientific Finance I BV

 

 

1.63%

    10/18/41     EUR 110,000       89,522  

Thermo Fisher Scientific, Inc.

 

 

1.88%

    10/01/49       420,000       310,338  
     

 

 

 
        2,191,158  
     

 

 

 
Issues   Maturity
Date
    Principal
Amount
    Value  
Health Care-Services — 1.1%  

Centene Corp.

     

3.00%

    10/15/30     $ 1,683,000     $ 1,477,943  

Elevance Health, Inc.

     

5.20%

    02/15/35       380,000       380,661  

5.38%

    06/15/34       435,000       441,382  

Fresenius Medical Care U.S. Finance III, Inc.

 

1.88% (2)

    12/01/26       1,000,000       958,300  

HCA, Inc.

     

5.75%

    03/01/35       740,000       747,496  

Humana, Inc.

     

5.55%

    05/01/35       1,125,000       1,116,754  

UnitedHealth Group, Inc.

 

5.63%

    07/15/54       745,000       717,338  
     

 

 

 
        5,839,874  
     

 

 

 
Insurance — 0.5%  

Athene Global Funding

     

3.21% (2)

    03/08/27       815,000       790,142  

Farmers Exchange Capital II

 

 

6.15% (3 mo. USD Term SOFR + 4.006%) (1),(2)

    11/01/53       2,065,000       1,990,268  

New York Life Insurance Co.

 

 

3.75% (2)

    05/15/50       70,000       50,738  

Teachers Insurance & Annuity Association of America

 

 

4.27% (2)

    05/15/47       130,000       104,659  
     

 

 

 
        2,935,807  
     

 

 

 
Lodging — 0.1%  

Las Vegas Sands Corp.

     

6.00%

    06/14/30       555,000       557,181  
     

 

 

 
Media — 0.5%  

Charter Communications Operating LLC/Charter Communications Operating Capital

 

 

3.90%

    06/01/52       1,250,000       795,388  

Time Warner Cable LLC

     

4.50%

    09/15/42       1,475,000       1,110,999  

5.50%

    09/01/41       1,213,000       1,038,910  
     

 

 

 
        2,945,297  
     

 

 

 
Oil & Gas — 0.0%  

Petroleos Mexicanos

     

6.35%

    02/12/48       145,000       93,474  

6.75%

    09/21/47       181,000       121,386  
     

 

 

 
        214,860  
     

 

 

 
Packaging & Containers — 0.4%  

Amcor Flexibles North America, Inc.

 

5.10% (2)

    03/17/30       235,000       237,286  
 

 

See accompanying Notes to Financial Statements.

 

5


TCW Core Fixed Income Fund

 

Schedule of Investments (Continued)

 

Issues   Maturity
Date
    Principal
Amount
    Value  
Packaging & Containers (Continued)  

Amcor U.K. Finance PLC (Australia)

 

3.95%

    05/29/32     $ 515,000     $ 588,447  

Berry Global, Inc.

     

1.57%

    01/15/26       1,000,000       975,070  

4.88% (2)

    07/15/26       270,000       269,571  
     

 

 

 
        2,070,374  
     

 

 

 
Pharmaceuticals — 0.9%  

Bayer U.S. Finance II LLC (Germany)

 

4.38% (2)

    12/15/28       1,023,000       1,003,829  

4.88% (2)

    06/25/48       1,930,000       1,521,419  

CVS Health Corp.

     

4.78%

    03/25/38       185,000       167,059  

5.05%

    03/25/48       1,115,000       949,144  

5.70%

    06/01/34       125,000       127,039  

Johnson & Johnson

 

3.05%

    02/26/33     EUR 480,000       547,751  

3.55%

    06/01/44     EUR 225,000       249,050  

MSD Netherlands Capital BV

 

   

3.70%

    05/30/44     EUR 480,000       524,223  
     

 

 

 
        5,089,514  
     

 

 

 
Pipelines — 0.4%  

Energy Transfer LP

     

6.20%

    04/01/55     $ 790,000       741,241  

Southern Natural Gas Co. LLC

 

   

7.35%

    02/15/31       1,380,000       1,516,151  
     

 

 

 
        2,257,392  
     

 

 

 
Real Estate — 0.2%  

Blackstone Property Partners Europe Holdings SARL (Luxembourg)

 

 

1.00% (3)

    05/04/28     EUR 315,000       337,394  

LEG Immobilien SE (Germany)

 

   

1.50% (3)

    01/17/34     EUR 100,000       92,279  

Vonovia SE (Germany)

     

0.75% (3)

    09/01/32     EUR 600,000       557,808  
     

 

 

 
        987,481  
     

 

 

 
REIT — 2.0%  

American Assets Trust LP

 

 

3.38%

    02/01/31       1,255,000       1,095,263  

American Homes 4 Rent LP

 

 

3.38%

    07/15/51       730,000       466,098  

American Tower Corp. (REIT)

 

 

2.90%

    01/15/30       750,000       694,620  

CubeSmart LP

 

 

3.00%

    02/15/30       317,000       293,580  

Digital Dutch Finco BV

 

 

1.25% (3)

    02/01/31     EUR  560,000       564,131  
Issues   Maturity
Date
    Principal
Amount
    Value  
REIT (Continued)  

Equinix Europe 2 Financing Corp. LLC (REIT)

 

 

3.63%

    11/22/34     EUR 465,000     $ 516,183  

Extra Space Storage LP

 

 

2.40%

    10/15/31     $ 475,000       406,011  

3.90%

    04/01/29       250,000       242,352  

GLP Capital LP/GLP Financing II, Inc.

 

 

4.00%

    01/15/31       170,000       157,916  

5.75%

    06/01/28       1,600,000       1,624,960  

Healthcare Realty Holdings LP

 

 

2.05%

    03/15/31       164,000       136,825  

Hudson Pacific Properties LP

 

 

3.25%

    01/15/30       1,302,000       863,239  

4.65%

    04/01/29       100,000       71,704  

Invitation Homes Operating Partnership LP

 

 

2.00%

    08/15/31       496,000       416,243  

5.50%

    08/15/33       215,000       215,009  

LXP Industrial Trust

 

 

2.38%

    10/01/31       1,592,000       1,333,316  

Prologis Euro Finance LLC

 

 

4.25%

    01/31/43     EUR 450,000       496,560  

Realty Income Corp. (REIT)

 

 

4.88%

    07/06/30     EUR 690,000       844,086  

Rexford Industrial Realty LP

 

 

2.15%

    09/01/31     $ 25,000       20,894  

VICI Properties LP/VICI Note Co., Inc.

 

 

3.88% (2)

    02/15/29       325,000       311,974  

4.13% (2)

    08/15/30       41,000       38,727  
     

 

 

 
        10,809,691  
     

 

 

 
Semiconductors — 0.2%  

Foundry JV Holdco LLC

     

5.50% (2)

    01/25/31       140,000       141,980  

Intel Corp.

     

3.05%

    08/12/51       392,000       224,788  

3.73%

    12/08/47       800,000       545,632  

5.60%

    02/21/54       280,000       246,918  

5.70%

    02/10/53       160,000       143,349  
     

 

 

 
        1,302,667  
     

 

 

 
Software — 0.2%  

Fiserv Funding ULC

     

4.00%

    06/15/36       110,000       124,340  

Oracle Corp.

     

3.60%

    04/01/50       240,000       163,656  

4.80%

    08/03/28       575,000       582,653  
     

 

 

 
        870,649  
     

 

 

 
 

 

See accompanying Notes to Financial Statements.

 

6


TCW Core Fixed Income Fund

 

April 30, 2025

 

Issues   Maturity
Date
    Principal
Amount
    Value  
Telecommunications — 0.7%        

Global Switch Finance BV (United Kingdom)

 

1.38% (3)

    10/07/30     EUR 695,000     $ 748,138  

Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC

 

 

5.15% (2)

    09/20/29     $ 1,503,000       1,514,693  

T-Mobile USA, Inc.

     

5.05%

    07/15/33       1,495,000       1,485,791  
     

 

 

 
        3,748,622  
     

 

 

 
Water — 0.2%        

Severn Trent Utilities Finance PLC (United Kingdom)

 

 

3.88% (3)

    08/04/35     EUR 415,000       471,010  

Suez SACA (France)

     

2.88% (3)

    05/24/34     EUR 400,000       425,013  

United Utilities Water Finance PLC (United Kingdom)

 

 

3.75% (3)

    05/23/34     EUR 190,000       216,447  
     

 

 

 
        1,112,470  
     

 

 

 

Total Corporate Bonds

 

 

(Cost: $108,735,622)

 

    107,423,120  
     

 

 

 
MUNICIPAL BONDS — 0.5%        

New York City Transitional Finance Authority Future Tax Secured Revenue

 

 

2.00%

    08/01/35       1,000,000       763,777  

Regents of the University of California Medical Center

 

Pooled Revenue, Revenue Bond

 

3.26%

    05/15/60       3,060,000       1,917,099  
     

 

 

 

Total Municipal Bonds

 

 

(Cost: $3,999,058)

 

    2,680,876  
     

 

 

 
ASSET-BACKED SECURITIES — 6.9%        

AGL CLO 7 Ltd. Series 2020-7A, Class BR

 

 

6.22% (3 mo. USD Term SOFR + 1.962%) (1),(2)

    07/15/34       1,500,000       1,501,461  

Aligned Data Centers Issuer LLC Series 2021-1A, Class A2

 

 

1.94% (2)

    08/15/46       1,372,000       1,316,374  

Apidos CLO XXV Ltd. Series 2016-25A, Class A1R3

 

 

5.41% (3 mo. USD Term SOFR + 1.140%) (1),(2)

    01/20/37       1,790,000       1,777,465  

ARES LXII CLO Ltd. Series 2021-62A, Class B

 

 

6.19% (3 mo. USD Term SOFR + 1.912%) (1),(2)

    01/25/34       1,500,000       1,500,963  

Barings CLO Ltd. Series 2018-4A, Class A1R

 

 

5.41% (3 mo. USD Term SOFR + 1.150%) (1),(2)

    10/15/30       1,933,327       1,932,693  
Issues   Maturity
Date
    Principal
Amount
    Value  
ASSET-BACKED SECURITIES (Continued)        

Clover CLO LLC Series 2018- 1A, Class A1RR

 

 

5.80% (3 mo. USD Term SOFR + 1.530%) (1),(2)

    04/20/37     $ 4,190,000     $ 4,195,954  

Dryden 40 Senior Loan Fund Series 2015-40A, Class AR2

 

 

5.47% (3 mo. USD Term SOFR + 1.150%) (1),(2)

    08/15/31       1,636,994       1,636,427  

Dryden XXVI Senior Loan Fund Series 2013-26A, Class AR

 

 

5.42% (3 mo. USD Term SOFR + 1.162%) (1),(2)

    04/15/29       664,532       664,534  

JGWPT XXX LLC Series 2013-3A, Class A

 

 

4.08% (2)

    01/17/73       881,513       835,750  

JGWPT XXXII LLC Series 2014-2A, Class A

 

 

3.61% (2)

    01/17/73       1,022,313       930,068  

LCM 37 Ltd. Series 37A, Class A1R

 

 

5.32% (3 mo. USD Term SOFR + 1.060%) (1),(2)

    04/15/34       2,600,000       2,593,729  

LCM Loan Income Fund I Ltd. Series 1A, Class B

 

 

5.98% (3 mo. USD Term SOFR + 1.712%) (1),(2)

    04/20/31       50,000       50,076  

Madison Park Funding XLVIII Ltd. Series 2021-48A, Class A

 

 

5.68% (3 mo. USD Term SOFR + 1.412%) (1),(2)

    04/19/33       3,922,433       3,925,751  

Navient Private Education Refi Loan Trust Series 2021-GA, Class A

 

 

1.58% (2)

    04/15/70       2,176,083       1,958,553  

Palmer Square CLO Ltd. Series 2019-1A, Class A1R

 

 

5.73% (3 mo. USD Term SOFR + 1.412%) (1),(2)

    11/14/34       1,700,000       1,700,585  

Skyline Aviation, Inc. Class A

 

 

3.23% (5)

    07/03/38       3,793,821       3,538,627  

SLM Student Loan Trust Series 2003-7A, Class A5A

 

 

5.84% (90 day USD SOFR Average + 1.462%) (1),(2)

    12/15/33       1,077,299       1,058,051  

SLM Student Loan Trust Series 2008-2, Class B

 

 

5.82% (90 day USD SOFR Average + 1.462%) (1)

    01/25/83       710,000       739,898  

SLM Student Loan Trust Series 2008-3, Class B

 

 

5.82% (90 day USD SOFR Average + 1.462%) (1)

    04/26/83       710,000       714,935  
 

 

See accompanying Notes to Financial Statements.

 

7


TCW Core Fixed Income Fund

 

Schedule of Investments (Continued)

 

Issues   Maturity
Date
    Principal
Amount
    Value  
ASSET-BACKED SECURITIES (Continued)        

SLM Student Loan Trust Series 2008-4, Class A4

 

 

6.27% (90 day USD SOFR Average + 1.912%) (1)

    07/25/22     $ 1,307,274     $ 1,311,402  

SLM Student Loan Trust Series 2008-4, Class B

 

 

6.47% (90 day USD SOFR Average + 2.112%) (1)

    04/25/73       710,000       751,091  

SLM Student Loan Trust Series 2008-5, Class B

 

 

6.47% (90 day USD SOFR Average + 2.112%) (1)

    07/25/73       710,000       748,531  

SLM Student Loan Trust Series 2008-6, Class B

 

 

6.47% (90 day USD SOFR Average + 2.112%) (1)

    07/26/83       710,000       703,006  

SLM Student Loan Trust Series 2008-7, Class B

 

 

6.47% (90 day USD SOFR Average + 2.112%) (1)

    07/26/83       710,000       718,677  

Voya CLO Ltd. Series 2016-3A, Class A1R2

 

 

5.42% (3 mo. USD Term SOFR + 1.150%) (1),(2)

    10/18/31       1,557,422       1,556,624  
     

 

 

 

Total Asset-Backed Securities

 

(Cost: $38,579,806)

 

    38,361,225  
     

 

 

 
COMMERCIAL MORTGAGE-BACKED SECURITIES —
AGENCY — 0.3%
(Cost: $1,674,741)
 

Federal National Mortgage Association, Pool #AN0245

 

 

3.42%

    11/01/35       1,586,257       1,515,700  
COMMERCIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY — 3.0%
 

Arbor Realty Commercial Real Estate Notes Ltd. Series 2021-FL3, Class A

 

 

5.51% (1 mo. USD Term SOFR + 1.184%) (1),(2)

    08/15/34       956,263       955,423  

BAMLL Commercial Mortgage Securities Trust Series 2018- PARK, Class A

 

 

4.23% (2),(6)

    08/10/38       1,930,000       1,872,524  

BX Trust Series 2019-OC11, Class A

 

 

3.20% (2)

    12/09/41       1,485,000       1,379,614  

BXHPP Trust Series 2021-FILM, Class A

 

 

5.09% (1 mo. USD Term SOFR + 0.764%) (1),(2)

    08/15/36       3,000,000       2,872,393  

CSAIL Commercial Mortgage Trust Series 2020-C19, Class A3

 

 

2.56%

    03/15/53       3,004,000       2,702,715  

Hudson Yards Mortgage Trust Series 2019-30HY, Class A

 

 

3.23% (2)

    07/10/39       2,185,000       2,038,084  
Issues   Maturity
Date
    Principal
Amount
    Value  
COMMERCIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)
 

Hudson Yards Mortgage Trust Series 2019-55HY, Class A

 

 

3.04% (2),(6)

    12/10/41     $ 1,180,000     $ 1,085,732  

JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class A

 

 

3.40% (2)

    06/05/39       1,160,000       1,090,055  

One Bryant Park Trust Series 2019-OBP, Class A

 

 

2.52% (2)

    09/15/54       1,495,000       1,337,443  

SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A1

 

 

3.87% (2),(6)

    01/05/43       1,710,000       1,487,154  

SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2B

 

 

4.14% (2),(6)

    01/05/43       70,000       61,971  
     

 

 

 

Total Commercial Mortgage-Backed Securities — Non-Agency

 

 

(Cost: $17,823,388)

 

    16,883,108  
     

 

 

 
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
AGENCY — 37.2%
 

Federal Home Loan Mortgage Corp., Pool #A97179

 

 

4.50%

    03/01/41       800,257       795,494  

Federal Home Loan Mortgage Corp., Pool #G06360

 

 

4.00%

    03/01/41       922,132       897,090  

Federal Home Loan Mortgage Corp., Pool #G06498

 

 

4.00%

    04/01/41       628,222       611,204  

Federal Home Loan Mortgage Corp., Pool #G06499

 

 

4.00%

    03/01/41       407,204       396,154  

Federal Home Loan Mortgage Corp., Pool #G07849

 

 

3.50%

    05/01/44       541,188       506,715  

Federal Home Loan Mortgage Corp., Pool #G08710

 

 

3.00%

    06/01/46       1,009,296       898,993  

Federal Home Loan Mortgage Corp., Pool #G08711

 

 

3.50%

    06/01/46       1,627,393       1,500,058  

Federal Home Loan Mortgage Corp., Pool #G08715

 

 

3.00%

    08/01/46       1,957,343       1,743,431  

Federal Home Loan Mortgage Corp., Pool #G08716

 

 

3.50%

    08/01/46       1,100,345       1,014,249  

Federal Home Loan Mortgage Corp., Pool #G08721

 

 

3.00%

    09/01/46       1,570,795       1,399,127  

Federal Home Loan Mortgage Corp., Pool #G08722

 

 

3.50%

    09/01/46       438,598       404,280  

Federal Home Loan Mortgage Corp., Pool #G08726

 

 

3.00%

    10/01/46       1,516,168       1,350,471  

Federal Home Loan Mortgage Corp., Pool #G08732

 

 

3.00%

    11/01/46       1,523,097       1,356,642  

Federal Home Loan Mortgage Corp., Pool #G08792

 

 

3.50%

    12/01/47       1,202,954       1,106,688  
 

 

See accompanying Notes to Financial Statements.

 

8


TCW Core Fixed Income Fund

 

April 30, 2025

 

Issues   Maturity
Date
    Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
AGENCY (Continued)
 

Federal Home Loan Mortgage Corp., Pool #G08816

 

 

3.50%

    06/01/48     $ 223,082     $ 204,532  

Federal Home Loan Mortgage Corp., Pool #G08826

 

 

5.00%

    06/01/48       201,765       201,494  

Federal Home Loan Mortgage Corp., Pool #G08843

 

 

4.50%

    10/01/48       788,670       767,025  

Federal Home Loan Mortgage Corp., Pool #G60038

 

 

3.50%

    01/01/44       774,548       726,634  

Federal Home Loan Mortgage Corp., Pool #G60344

 

 

4.00%

    12/01/45       392,480       374,501  

Federal Home Loan Mortgage Corp., Pool #G67706

 

 

3.50%

    12/01/47       457,195       421,367  

Federal Home Loan Mortgage Corp., Pool #G67707

 

 

3.50%

    01/01/48       5,056,858       4,681,736  

Federal Home Loan Mortgage Corp., Pool #G67718

 

 

4.00%

    01/01/49       1,157,365       1,098,474  

Federal Home Loan Mortgage Corp., Pool #Q05261

 

 

3.50%

    12/01/41       781,803       736,155  

Federal Home Loan Mortgage Corp., Pool #Q20178

 

 

3.50%

    07/01/43       1,541,631       1,443,551  

Federal Home Loan Mortgage Corp., Pool #SD0231

 

 

3.00%

    01/01/50       3,535,333       3,127,279  

Federal Home Loan Mortgage Corp., Pool #SD8178

 

 

2.50%

    11/01/51       4,748,343       3,962,485  

Federal Home Loan Mortgage Corp., Pool #SD8238

 

 

4.50%

    08/01/52       2,507,720       2,405,592  

Federal Home Loan Mortgage Corp., Pool #ZM1779

 

 

3.00%

    09/01/46       942,299       838,222  

Federal Home Loan Mortgage Corp., Pool #ZT1703

 

 

4.00%

    01/01/49       787,993       746,988  

Federal Home Loan Mortgage Corp. REMICS Series 2439, Class KZ

 

 

6.50%

    04/15/32       39,231       40,907  

Federal Home Loan Mortgage Corp. REMICS Series 2575, Class FD (PAC)

 

 

4.91% (30 day USD SOFR Average + 0.564%) (1)

    02/15/33       112,863       111,914  

Federal Home Loan Mortgage Corp. REMICS Series 2662, Class MT (TAC)

 

 

4.50%

    08/15/33       32,872       33,015  

Federal Home Loan Mortgage Corp. REMICS Series 3315, Class S (I/O) (I/F)

 

 

1.95% (-30 day USD SOFR Average + 6.296%) (1)

    05/15/37       2,985       177  
Issues   Maturity
Date
    Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
AGENCY (Continued)
 

Federal Home Loan Mortgage Corp. REMICS Series 3339, Class JS (I/F)

 

 

13.85% (-30 day USD SOFR Average + 42.091%) (1)

    07/15/37     $ 133,012     $ 185,268  

Federal Home Loan Mortgage Corp. REMICS Series 3351, Class ZC

 

 

5.50%

    07/15/37       114,531       117,795  

Federal Home Loan Mortgage Corp. REMICS Series 3380, Class SM (I/O) (I/F)

 

 

1.95% (-30 day USD SOFR Average + 6.296%) (1)

    10/15/37       172,062       18,355  

Federal Home Loan Mortgage Corp. REMICS Series 3382, Class FL

 

 

5.16% (30 day USD SOFR Average + 0.814%) (1)

    11/15/37       42,175       41,951  

Federal Home Loan Mortgage Corp. REMICS Series 3439, Class SC (I/O) (I/F)

 

 

1.44% (-30 day USD SOFR Average + 5.786%) (1)

    04/15/38       754,759       48,980  

Federal Home Loan Mortgage Corp. REMICS Series 3578, Class DI (I/O) (I/F)

 

 

2.19% (-30 day USD SOFR Average + 6.536%) (1)

    04/15/36       243,007       22,564  

Federal Home Loan Mortgage Corp. REMICS Series 4818, Class CA

 

 

3.00%

    04/15/48       374,529       331,387  

Federal National Mortgage Association, Pool #596686

 

 

6.50%

    11/01/31       4,720       4,941  

Federal National Mortgage Association, Pool #727575

 

 

5.00%

    06/01/33       9,985       10,191  

Federal National Mortgage Association, Pool #748751

 

 

5.50%

    10/01/33       28,730       29,610  

Federal National Mortgage Association, Pool #AL0209

 

 

4.50%

    05/01/41       228,910       227,270  

Federal National Mortgage Association, Pool #AL0851

 

 

6.00%

    10/01/40       208,227       218,550  

Federal National Mortgage Association, Pool #AS9830

 

 

4.00%

    06/01/47       426,866       404,668  

Federal National Mortgage Association, Pool #BN7755

 

3.00%

    09/01/49       2,274,075       2,011,598  

Federal National Mortgage Association, Pool #BQ6913

 

2.00%

    12/01/51       7,927,580       6,306,957  

Federal National Mortgage Association, Pool #BV7937

 

 

4.00%

    08/01/52       4,574,150       4,271,697  

Federal National Mortgage Association, Pool #BV8464

 

 

3.00%

    04/01/52       3,604,632       3,129,460  
 

 

See accompanying Notes to Financial Statements.

 

9


TCW Core Fixed Income Fund

 

Schedule of Investments (Continued)

 

Issues   Maturity
Date
    Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
AGENCY (Continued)
 

Federal National Mortgage Association, Pool #BX8625

 

 

5.00%

    04/01/53     $ 6,002,895     $ 5,890,672  

Federal National Mortgage Association, Pool #CA1710

 

4.50%

    05/01/48       1,066,617       1,036,070  

Federal National Mortgage Association, Pool #CA1711

 

4.50%

    05/01/48       741,169       719,943  

Federal National Mortgage Association, Pool #CA2208

 

4.50%

    08/01/48       594,602       577,573  

Federal National Mortgage Association, Pool #CB0290

 

2.00%

    04/01/51       6,521,219       5,214,050  

Federal National Mortgage Association, Pool #CB0610

 

2.50%

    05/01/51       6,094,889       5,131,681  

Federal National Mortgage Association, Pool #CB2313

 

2.50%

    12/01/51       6,671,720       5,604,960  

Federal National Mortgage Association, Pool #CB3289

 

2.00%

    04/01/52       8,652,461       6,919,047  

Federal National Mortgage Association, Pool #FM2318

 

 

3.50%

    09/01/49       228,538       209,753  

Federal National Mortgage Association, Pool #FM2870

 

 

3.00%

    03/01/50       1,522,214       1,346,518  

Federal National Mortgage Association, Pool #FS4233

 

 

4.50%

    12/01/52       5,825,735       5,586,679  

Federal National Mortgage Association, Pool #FS4701

 

 

4.50%

    04/01/53       5,808,621       5,562,828  

Federal National Mortgage Association, Pool #FS6953

 

 

4.00%

    02/01/53       4,544,838       4,245,027  

Federal National Mortgage Association, Pool #MA1146

 

 

4.00%

    08/01/42       474,319       457,799  

Federal National Mortgage Association, Pool #MA1561

 

 

3.00%

    09/01/33       855,738       823,223  

Federal National Mortgage Association, Pool #MA1584

 

 

3.50%

    09/01/33       1,255,718       1,224,932  

Federal National Mortgage Association, Pool #MA3182

 

 

3.50%

    11/01/47       260,166       239,029  

Federal National Mortgage Association, Pool #MA4093

 

 

2.00%

    08/01/40       3,531,375       3,057,869  

Federal National Mortgage Association, Pool #MA4281

 

 

2.00%

    03/01/51       6,603,382       5,273,059  

Federal National Mortgage Association, Pool #MA4387

 

 

2.00%

    07/01/41       506,288       434,562  
Issues   Maturity
Date
    Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
AGENCY (Continued)
 

Federal National Mortgage Association, Pool #MA4465

 

 

2.00%

    11/01/51     $ 1,955,607     $ 1,555,641  

Federal National Mortgage Association, Pool #MA4512

 

 

2.50%

    01/01/52       6,162,599       5,138,858  

Federal National Mortgage Association, Pool #MA4655

 

 

4.00%

    07/01/52       4,110,156       3,839,020  

Federal National Mortgage Association, Pool #MA5138

 

 

5.50%

    09/01/53       3,217,460       3,217,829  

Federal National Mortgage Association Interest STRIPS Series 426, Class C39 (I/O)

 

 

2.00%

    09/25/51       2,794,184       367,518  

Federal National Mortgage Association Interest STRIPS Series 426, Class C43 (I/O)

 

 

2.00%

    07/25/50       2,416,740       310,550  

Federal National Mortgage Association Interest STRIPS Series 426, Class C44 (I/O)

 

 

2.00%

    03/25/52       5,926,415       775,235  

Federal National Mortgage Association Interest STRIPS Series 426, Class C45 (I/O)

 

 

2.00%

    07/25/51       7,008,509       910,641  

Federal National Mortgage Association REMICS Series 2001-14, Class SH (I/F)

 

 

12.19% (-30 day USD SOFR Average + 27.424%) (1)

    03/25/30       15,071       15,984  

Federal National Mortgage Association REMICS Series 2001-34, Class FV

 

 

4.97% (30 day USD SOFR Average + 0.614%) (1)

    08/25/31       32,645       32,490  

Federal National Mortgage Association REMICS Series 2007-89, Class GF

 

 

4.99% (30 day USD SOFR Average + 0.634%) (1)

    09/25/37       179,598       178,200  

Federal National Mortgage Association REMICS Series 2008-30, Class SA (I/O) (I/F)

 

 

2.38% (-30 day USD SOFR Average + 6.736%) (1)

    04/25/38       36,274       4,517  

Federal National Mortgage Association REMICS Series 2008-62, Class SN (I/O) (I/F)

 

 

1.73% (-30 day USD SOFR Average + 6.086%) (1)

    07/25/38       42,035       3,131  

Federal National Mortgage Association REMICS Series 2009-64, Class TB

 

 

4.00%

    08/25/29       263,093       260,798  
 

 

See accompanying Notes to Financial Statements.

 

10


TCW Core Fixed Income Fund

 

April 30, 2025

 

Issues   Maturity
Date
    Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
AGENCY (Continued)
 

Federal National Mortgage Association REMICS Series 2009-68, Class SA (I/O) (I/F)

 

 

2.28% (-30 day USD SOFR Average + 6.636%) (1)

    09/25/39     $ 29,244     $ 3,439  

Federal National Mortgage Association REMICS Series 2010-26, Class AS (I/O) (I/F)

 

 

1.86% (-30 day USD SOFR Average + 6.216%) (1)

    03/25/40       415,182       44,279  

Federal National Mortgage Association REMICS Series 2011-111, Class DB

 

 

4.00%

    11/25/41       938,278       912,171  

Federal National Mortgage Association REMICS Series 2018-38, Class LA

 

 

3.00%

    06/25/48       721,550       642,261  

Federal National Mortgage Association REMICS Series 2018-43, Class CT

 

 

3.00%

    06/25/48       536,829       477,849  

Federal National Mortgage Association REMICS Series 2019-79, Class FA

 

 

4.97% (30 day USD SOFR Average + 0.614%) (1)

    01/25/50       1,317,186       1,299,056  

Federal National Mortgage Association REMICS Series 2023-39, Class AI (I/O)

 

 

2.00%

    07/25/52       20,155,438       2,597,383  

Federal National Mortgage Association REMICS Trust Series 2004-W10, Class A6 (PAC)

 

 

5.75% (7)

    08/25/34       475,122       477,597  

Government National Mortgage Association, Pool #608259

 

 

4.50%

    08/15/33       10,915       10,965  

Government National Mortgage Association, Pool #782114

 

 

5.00%

    09/15/36       43,642       44,633  

Government National Mortgage Association, Pool #MA3521

 

 

3.50%

    03/20/46       724,304       668,151  

Government National Mortgage Association, Pool #MA3597

 

 

3.50%

    04/20/46       705,390       647,823  

Government National Mortgage Association, Pool #MA3662

 

 

3.00%

    05/20/46       313,728       281,983  

Government National Mortgage Association, Pool #MA3663

 

 

3.50%

    05/20/46       686,056       630,067  

Government National Mortgage Association, Pool #MA4127

 

 

3.50%

    12/20/46       991,365       910,460  
Issues   Maturity
Date
    Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
AGENCY (Continued)
 

Government National Mortgage Association, Pool #MA4454

 

 

5.00%

    05/20/47     $ 236,945     $ 238,375  

Government National Mortgage Association, Pool #MA4589

 

 

5.00%

    07/20/47       554,517       557,863  

Government National Mortgage Association, Pool #MA4722

 

 

5.00%

    09/20/47       173,401       174,161  

Government National Mortgage Association, Pool #MA4777

 

 

3.00%

    10/20/47       225,680       202,250  

Government National Mortgage Association, Pool #MA4836

 

 

3.00%

    11/20/47       880,229       788,843  

Government National Mortgage Association, Pool #MA4838

 

 

4.00%

    11/20/47       517,713       489,660  

Government National Mortgage Association, Pool #MA4901

 

 

4.00%

    12/20/47       882,442       834,225  

Government National Mortgage Association, Pool #MA5078

 

 

4.00%

    03/20/48       625,052       590,899  

Government National Mortgage Association, Pool #MA5399

 

 

4.50%

    08/20/48       1,233,119       1,204,457  

Government National Mortgage Association, Pool #MA5466

 

 

4.00%

    09/20/48       42,934       40,549  

Government National Mortgage Association, Pool #MA5467

 

 

4.50%

    09/20/48       75,079       73,334  

Government National Mortgage Association, Pool #MA6030

 

 

3.50%

    07/20/49       67,951       61,409  

Government National Mortgage Association, Pool #MA6209

 

 

3.00%

    10/20/49       489,458       427,666  

Government National Mortgage Association, Pool #MA8347

 

 

4.50%

    10/20/52       4,665,173       4,493,402  

Government National Mortgage Association REMICS Series 2008-27, Class SI (I/O) (I/F)

 

 

2.04% (-1 mo. USD Term SOFR + 6.356%) (1)

    03/20/38       119,364       13,171  

Government National Mortgage Association REMICS Series 2008-81, Class S (I/O) (I/F)

 

 

1.77% (-1 mo. USD Term SOFR + 6.086%) (1)

    09/20/38       458,560       46,355  
 

 

See accompanying Notes to Financial Statements.

 

11


TCW Core Fixed Income Fund

 

Schedule of Investments (Continued)

 

Issues   Maturity
Date
    Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
AGENCY (Continued)
 

Government National Mortgage Association REMICS Series 2010-1, Class S (I/O) (I/F)

 

 

1.32% (-1 mo. USD Term SOFR + 5.636%) (1)

    01/20/40     $ 688,766     $ 63,015  

Government National Mortgage Association REMICS Series 2018-124, Class NW

 

 

3.50%

    09/20/48       626,586       572,095  

Government National Mortgage Association REMICS Series 2023-134, Class F

 

 

5.35% (30 day USD SOFR Average + 1.000%) (1)

    08/20/53       674,282       670,287  

Government National Mortgage Association REMICS Series 2024-30, Class CF

 

 

5.60% (30 day USD SOFR Average + 1.250%) (1)

    02/20/54       947,115       945,106  

Government National Mortgage Association REMICS Series 2024-97, Class FW

 

 

5.50% (30 day USD SOFR Average + 1.150%) (1)

    06/20/54       210,786       208,818  

Government National Mortgage Association, TBA

 

 

2.50% (8)

    12/01/51       7,700,000       6,561,828  

4.00% (8)

    05/01/52       4,700,000       4,374,386  

4.50% (8)

    09/01/54       2,825,000       2,703,411  

5.00% (8)

    02/01/55       6,625,000       6,497,889  

5.50% (8)

    02/01/55       4,125,000       4,122,022  

Uniform Mortgage-Backed Security, TBA

 

 

2.00% (8)

    11/01/51       3,225,000       2,558,863  

2.50% (8)

    11/01/51       3,075,000       2,557,072  

3.00% (8)

    01/01/52       2,725,000       2,363,323  

3.50% (8)

    02/01/52       8,100,000       7,309,237  

4.00% (8)

    03/01/52       2,125,000       1,979,974  

4.50% (8)

    07/01/54       5,825,000       5,570,290  

5.00% (8)

    07/01/54       4,325,000       4,234,519  

5.50% (8)

    01/01/55       4,325,000       4,315,411  
     

 

 

 

Total Residential Mortgage-Backed Securities — Agency

 

 

(Cost: $213,888,712)

 

    206,941,854  
     

 

 

 
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY — 9.8%
       

Ajax Mortgage Loan Trust Series 2019-F, Class A1

 

 

2.86% (2)

    07/25/59       1,246,740       1,208,731  

Bayview MSR Opportunity Master Fund Trust Series 2021-5, Class A5

 

 

2.50% (2),(6)

    11/25/51       3,359,331       3,011,347  
Issues   Maturity
Date
    Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)
       

Citigroup Mortgage Loan Trust, Inc. Series 2005-5, Class 2A2

 

 

5.75% (7)

    08/25/35     $ 114,392     $ 97,770  

Citigroup Mortgage Loan Trust, Inc. Series 2006-AMC1, Class A1

 

 

4.73% (1 mo. USD Term SOFR + 0.404%) (1),(2)

    09/25/36       4,678,637       4,502,138  

CSMC Trust Series 2018-RPL9, Class A

 

 

3.85% (2),(6)

    09/25/57       1,851,875       1,791,624  

CSMC Trust Series 2022-ATH2, Class A1

 

 

4.55% (2),(6)

    05/25/67       2,840,658       2,829,203  

Fremont Home Loan Trust Series 2005-E, Class 2A4

 

 

5.10% (1 mo. USD Term SOFR + 0.774%) (1)

    01/25/36       3,322,967       3,188,650  

GS Mortgage-Backed Securities Trust Series 2018-RPL1, Class A1A

 

 

3.75% (2)

    10/25/57       1,339,749       1,312,508  

GS Mortgage-Backed Securities Trust Series 2021-INV1, Class A6

 

 

2.50% (2),(6)

    12/25/51       3,222,664       2,868,430  

GSAA Home Equity Trust Series 2005-11, Class 2A2

 

 

5.08% (1 mo. USD Term SOFR + 0.754%) (1)

    10/25/35       264,182       283,616  

IndyMac INDX Mortgage Loan Trust Series 2005-AR6, Class 2A1

 

 

4.92% (1 mo. USD Term SOFR + 0.594%) (1)

    04/25/35       416,064       330,657  

JPMorgan Mortgage Trust Series 2021-14, Class A3

 

 

2.50% (2),(6)

    05/25/52       4,348,948       3,544,950  

JPMorgan Mortgage Trust Series 2021-INV3, Class A3

 

 

2.50% (2),(6)

    12/25/51       6,141,593       5,462,835  

JPMorgan Mortgage Trust Series 2021-INV5, Class A3

 

 

3.00% (2),(6)

    12/25/51       4,669,981       4,305,610  

JPMorgan Mortgage Trust Series 2022-1, Class A3

 

 

2.50% (2),(6)

    07/25/52       7,655,753       6,246,534  

Morgan Stanley ABS Capital I, Inc. Trust Series 2004-WMC2, Class M1

 

 

5.36% (1 mo. USD Term SOFR + 1.029%) (1)

    07/25/34       393,869       396,028  

Morgan Stanley Mortgage Loan Trust Series 2004-3, Class 4A

 

 

5.64% (6)

    04/25/34       56,225       54,557  

Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-WCW2, Class M3

 

 

5.27% (1 mo. USD Term SOFR + 0.939%) (1)

    07/25/35       5,000,000       4,749,983  
 

 

See accompanying Notes to Financial Statements.

 

12


TCW Core Fixed Income Fund

 

April 30, 2025

 

Issues   Maturity
Date
    Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)
       

Starwood Mortgage Residential Trust Series 2021-3, Class A1

 

 

1.13% (2),(6)

    06/25/56     $ 1,872,422     $ 1,584,633  

Structured Asset Investment Loan Trust Series 2004-6, Class A3

 

 

5.24% (1 mo. USD Term SOFR + 0.914%) (1)

    07/25/34       1,235,541       1,263,740  

WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR15, Class A1A1

 

 

4.96% (1 mo. USD Term SOFR + 0.634%) (1)

    11/25/45       3,386,410       3,173,596  

WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR3, Class A2

 

 

5.07% (6)

    03/25/35       375,671       368,845  

Wells Fargo Alternative Loan Trust Series 2007-PA3, Class 2A1

 

 

6.00% (7)

    07/25/37       36,700       33,815  

Wells Fargo Home Equity Asset-Backed Securities Trust Series 2004-2, Class A33

 

 

5.44% (1 mo. USD Term SOFR + 1.114%) (1)

    10/25/34       1,938,157       1,968,497  
     

 

 

 

Total Residential Mortgage-Backed Securities —
Non-Agency

 

 

(Cost: $56,142,393)

 

    54,578,297  
     

 

 

 
U.S. TREASURY SECURITIES — 20.3%  

U.S. Treasury Bonds

 

 

4.63%

    02/15/55       4,420,000       4,376,836  

4.75%

    02/15/45       34,700,000       34,954,828  

U.S. Treasury Inflation-Indexed Notes

 

 

2.13%

    01/15/35       8,577,741       8,735,726  
Issues   Maturity
Date
    Principal
Amount
    Value  
U.S. TREASURY SECURITIES (Continued)  

U.S. Treasury Notes

 

 

3.75%

    04/30/27     $ 4,629,000     $ 4,643,285  

3.88%

    04/30/30       30,799,000       31,026,383  

4.00%

    04/30/32       18,755,000       18,841,449  

4.63%

    02/15/35       10,240,000       10,626,400  
     

 

 

 

Total U.S. Treasury Securities

 

   

(Cost: $112,371,494)

 

    113,204,907  
     

 

 

 
FOREIGN GOVERNMENT BONDS — 0.1% (Cost: $495,878)  

Israel Government International Bonds

 

5.38%

    02/19/30       500,000       504,945  
     

 

 

 

Total Fixed Income Securities

 

 

(Cost: $553,711,092)

 

      542,094,032  
     

 

 

 

PURCHASED OPTIONS (9) (0.1%)

 

 

(Cost: $224,017)

 

      301,632  
     

 

 

 
     
          Shares        
MONEY MARKET INVESTMENTS — 12.5%  

State Street Institutional U.S. Government Money Market Fund — Premier Class,

 

 

4.29% (10)

      5,983,209       5,983,209  

TCW Central Cash Fund,

 

 

4.34% (10),(11)

      63,600,658       63,600,658  

Total Money Market Investments

 

   

(Cost: $69,583,867)

 

      69,583,867  
     

 

 

 

Total Investments (110.0%)

 

   

(Cost: $623,518,976)

 

      611,979,531  
     

 

 

 

Liabilities In Excess Of Other Assets (-10.0%)

 

    (55,729,944
     

 

 

 

Net Assets (100.0%)

 

  $ 556,249,587  
     

 

 

 
 

 

Futures Contracts  
Number of
Contracts
   Type    Expiration
Date
       Notional        Market
Value
       Net Unrealized
Appreciation
(Depreciation)
 

Long Futures

 

935    2-Year U.S. Treasury Note Futures      06/30/25        $ 192,871,900        $ 194,618,790        $ 1,746,890  
333    5-Year U.S. Treasury Note Futures      06/30/25          35,896,923          36,362,039          465,116  
82    U.S. Ultra Long Bond Futures      06/18/25          9,737,661          9,924,562          186,901  
          

 

 

      

 

 

      

 

 

 
           $  238,506,484        $  240,905,391        $  2,398,907  
          

 

 

      

 

 

      

 

 

 

 

See accompanying Notes to Financial Statements.

 

13


TCW Core Fixed Income Fund

 

Schedule of Investments (Continued)

 

Futures Contracts  
Number of
Contracts
   Type    Expiration
Date
       Notional        Market
Value
       Net Unrealized
Appreciation
(Depreciation)
 

Short Futures

 

11    10-Year U.S. Treasury Note Futures      06/18/25        $ (1,230,433      $ (1,262,078      $ (31,645
16    30-Year Euro-Buxl Future      06/6/25          (2,198,652        (2,257,131        (58,479
27    Euro-Bobl Future      06/6/25          (3,603,886        (3,671,713        (67,827
64    Euro-Bund Future      06/6/25          (9,404,895        (9,587,257        (182,362
          

 

 

      

 

 

      

 

 

 
           $  (16,437,866      $  (16,778,179      $  (340,313
          

 

 

      

 

 

      

 

 

 

 

Forward Currency Exchange Contracts  
Counterparty    Contracts to
Deliver
     Units of
Currency
     Settlement
Date
     In Exchange for
USD
     Contracts at
Value
     Unrealized
Appreciation
(Depreciation)
 

BUY (12)

                 

Goldman Sachs & Co.

     EUR        526,370        07/11/25      $ 598,983      $ 600,838      $ 1,855  

Citibank N.A.

     EUR        734,240        07/11/25        840,678        838,116        (2,562
           

 

 

    

 

 

    

 

 

 
            $  1,439,661      $  1,438,954      $ (707
           

 

 

    

 

 

    

 

 

 

SELL (13)

                 

Goldman Sachs & Co.

     EUR        3,581,000        07/11/25        3,955,120        4,087,622        (132,502

Citibank N.A.

     EUR        13,502,000        07/11/25        14,656,893        15,412,184        (755,291

Goldman Sachs & Co.

     GBP        231,000        07/11/25        299,337        308,627        (9,290
           

 

 

    

 

 

    

 

 

 
            $  18,911,350      $  19,808,433      $  (897,083
           

 

 

    

 

 

    

 

 

 

 

PURCHASED SWAPTIONS — OTC  
Description    Counterparty     

Exercise

Price

   

Expiration

Date

    

Number of

Contracts

    

Notional

Amount

    

Market

Value

    

Premiums

Paid

(Received)
by Fund

    

Unrealized

Appreciation

(Depreciation)

 

1-Year 2-Year Interest Rate Swap

    

Goldman
Sachs
International
 
 
 
     3.57     12/31/25      $  39,390,000      $  39,390,000      $  145,995      $  122,109      $  23,886  

1-Year 5-Year Interest Rate Swap

    
JPMorgan
Chase Bank
 
 
     3.74     12/31/25        16,775,000        16,775,000        155,637        101,908        53,729  
                

 

 

    

 

 

    

 

 

 
                 $ 301,632      $ 224,017      $ 77,615  
                

 

 

    

 

 

    

 

 

 

 

See accompanying Notes to Financial Statements.

 

14


TCW Core Fixed Income Fund

 

April 30, 2025

 

Notes to the Schedule of Investments:

ABS   Asset-Backed Securities.
CLO   Collateralized Loan Obligation.
EETC   Enhanced Equipment Trust Certificate.
I/F   Inverse Floating rate security whose interest rate moves in the opposite direction of prevailing interest rates.
I/O   Interest Only Security.
PAC   Planned Amortization Class.
REIT   Real Estate Investment Trust.
REMICS   Real Estate Mortgage Investment Conduits.
SOFR   Secured Overnight Financing Rate.
STRIPS   Separate Trading of Registered Interest and Principal Securities.
TAC   Target Amortization Class.
TBA   To Be Announced.
EUR   Euro Currency.
GBP   British Pound Sterling.
(1)   Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2025.
(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, 2025, the value of these securities amounted to $96,178,277 or 17.3% 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)   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, 2025, the value of these securities amounted to $11,926,795 or 2.1% of net assets.
(4)   Perpetual maturity.
(5)   For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.
(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)   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)   Security purchased on a forward commitment with an approximate principal amount. The actual principal amount and maturity date will be determined upon settlement when the security is delivered.
(9)   See options table for description of purchased options.
(10)   Rate disclosed is the 7-day net yield as of April 30, 2025.
(11)   Affiliated issuer.
(12)   Fund buys foreign currency, sells USD.
(13)   Fund sells foreign currency, buys USD.

The summary of the TCW Core Fixed Income Fund transactions in the affiliated funds for the period ended April 30, 2025 is as follows:

 

Name of
Affiliated
Fund

  Value at
October 31,
2024
    Purchases
at Cost
    Proceeds
from Sales
    Number
of Shares
Held
April 30,
2025
    Value at
April 30,

2025
    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 Central Cash Fund

 

             
  $  58,589,783     $  904,270,875     $  899,260,000       63,600,658     $  63,600,658     $  1,815,630     $     $     $  
         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

          $ 63,600,658     $ 1,815,630     $  —     $  —     $  —  
         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

See accompanying Notes to Financial Statements.

 

15


TCW Core Fixed Income Fund

 

Fair Valuation Summary

April 30, 2025

 

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 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

   $     $ 204,344,471     $ 2,597,383      $ 206,941,854  

U.S. Treasury Securities

     104,469,181       8,735,726              113,204,907  

Corporate Bonds

           107,423,120              107,423,120  

Residential Mortgage-Backed Securities — Non-Agency

           54,578,297              54,578,297  

Asset-Backed Securities

           34,822,598       3,538,627        38,361,225  

Commercial Mortgage-Backed Securities — Non-Agency

           16,883,108              16,883,108  

Municipal Bonds

           2,680,876              2,680,876  

Commercial Mortgage-Backed Securities — Agency

           1,515,700              1,515,700  

Foreign Government Bonds

           504,945              504,945  
  

 

 

   

 

 

   

 

 

    

 

 

 

Total Fixed Income Securities

     104,469,181       431,488,841       6,136,010        542,094,032  
  

 

 

   

 

 

   

 

 

    

 

 

 

Money Market Investments

     69,583,867                    69,583,867  
  

 

 

   

 

 

   

 

 

    

 

 

 

Purchased Options

           301,632              301,632  
  

 

 

   

 

 

   

 

 

    

 

 

 

Total Investments

   $  174,053,048     $  431,790,473     $  6,136,010      $  611,979,531  
  

 

 

   

 

 

   

 

 

    

 

 

 

Asset Derivatives

         

Forward Currency Contracts

         

Foreign Currency Risk

           1,855              1,855  

Futures Contracts

         

Interest Rate Risk

     2,398,907                    2,398,907  
  

 

 

   

 

 

   

 

 

    

 

 

 

Total

   $ 176,451,955     $ 431,792,328     $ 6,136,010      $ 614,380,293  
  

 

 

   

 

 

   

 

 

    

 

 

 

Liability Derivatives

         

Futures Contracts

         

Interest Rate Risk

   $ (340,313   $     $      $ (340,313

Forward Currency Contracts

         

Foreign Currency Risk

           (899,645            (899,645
  

 

 

   

 

 

   

 

 

    

 

 

 

Total

   $ (340,313   $ (899,645   $      $ (1,239,958
  

 

 

   

 

 

   

 

 

    

 

 

 

 

See accompanying Notes to Financial Statements.

 

16


TCW Global Bond Fund

 

Schedule of Investments

April 30, 2025

 

Issues   Maturity
Date
     Principal
Amount
    Value  

FIXED INCOME SECURITIES — 105.5% of Net Assets

 

CORPORATE BONDS — 16.2%

 

Aerospace & Defense — 0.7%  

Boeing Co.

 

 

6.53%

    05/01/34      $ 10,000     $ 10,767  

General Electric Co.

 

 

5.06% (3 mo. USD Term SOFR + 0.742%) (1)

    08/15/36        100,000       92,929  

TransDigm, Inc.

 

 

6.00% (2)

    01/15/33        41,000       40,958  
      

 

 

 
    144,654  
      

 

 

 
Airlines — 0.3%  

Delta Air Lines Pass-Through Trust Series 2020-1, Class AA

 

 

2.00%

    12/10/29        65,783       61,688  
      

 

 

 
Auto Manufacturers — 0.3%  

Volkswagen Group of America Finance LLC (Germany)

 

 

5.80% (2)

    03/27/35        50,000       49,789  
      

 

 

 
Banks — 3.3%  

Bank of America Corp.

 

 

2.30% (1 day USD SOFR + 1.220%) (1)

    07/21/32        75,000       64,491  

Citigroup, Inc.

 

 

3.06% (1 day USD SOFR + 1.351%) (1)

    01/25/33        5,000       4,399  

5.33% (1 day USD SOFR + 1.465%) (1)

    03/27/36        55,000       54,647  

Goldman Sachs Group, Inc.

 

 

2.65% (1 day USD SOFR + 1.246%) (1)

    10/21/32        20,000       17,363  

5.02% (1 day USD SOFR + 1.420%) (1)

    10/23/35        50,000       48,448  

5.54% (1 day USD SOFR + 1.380%) (1)

    01/28/36        15,000       15,160  

JPMorgan Chase & Co.

 

 

2.07% (1 day USD SOFR + 1.015%) (1)

    06/01/29        20,000       18,663  

2.55% (1 day USD SOFR + 1.180%) (1)

    11/08/32        10,000       8,726  

Kreditanstalt fuer Wiederaufbau (Germany)

 

 

0.63%

    01/07/28        181,000       198,754  

Morgan Stanley

 

 

2.24% (1 day USD SOFR + 1.178%) (1)

    07/21/32        5,000       4,262  

5.32% (1 day USD
SOFR + 1.555%) (1)

    07/19/35        100,000       99,624  
Issues   Maturity
Date
     Principal
Amount
    Value  
Banks (Continued)  

PNC Financial Services Group, Inc.

 

 

5.58% (1 day USD SOFR + 1.841%) (1)

    06/12/29      $ 30,000     $ 30,936  

U.S. Bancorp

 

 

4.65% (1 day USD SOFR + 1.230%) (1)

    02/01/29        30,000       30,105  

Wells Fargo & Co.

 

 

2.39% (1 day USD SOFR + 2.100%) (1)

    06/02/28        60,000       57,529  

2.57% (3 mo. USD LIBOR + 1.000%) (1)

    02/11/31        5,000       4,526  

5.50% (1 day USD SOFR + 1.780%) (1)

    01/23/35        10,000       10,074  
      

 

 

 
    667,707  
      

 

 

 
Chemicals — 0.6%  

International Flavors & Fragrances, Inc.

 

 

1.80%

    09/25/26        100,000       112,069  
      

 

 

 
Commercial Services — 0.2%  

Grand Canyon University

 

 

5.13%

    10/01/28        20,000       18,860  

Upbound Group, Inc.

 

 

6.38% (2)

    02/15/29        15,000       14,178  

Valvoline, Inc.

 

 

3.63% (2)

    06/15/31        10,000       8,765  
      

 

 

 
    41,803  
      

 

 

 
Computers — 0.3%  

Dell International LLC/EMC Corp.

 

 

5.00%

    04/01/30        50,000       50,325  
      

 

 

 
Cosmetics/Personal Care — 0.1%  

Opal Bidco SAS (France)

 

 

6.50% (2)

    03/31/32        5,000       5,009  

Prestige Brands, Inc.

 

 

3.75% (2)

    04/01/31        22,000       19,894  
      

 

 

 
    24,903  
      

 

 

 
Diversified Financial Services — 1.0%  

AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)

 

 

2.45%

    10/29/26        20,000       19,351  

3.88%

    01/23/28        10,000       9,791  

Air Lease Corp.

 

 

5.85%

    12/15/27        20,000       20,609  

Avolon Holdings Funding Ltd. (Ireland)

 

 

2.53% (2)

    11/18/27        24,000       22,525  

Blackrock, Inc.

 

 

3.75%

    07/18/35        100,000       116,581  
 

 

See accompanying Notes to Financial Statements.

 

17


TCW Global Bond Fund

Schedule of Investments (Continued)

 

Issues   Maturity
Date
     Principal
Amount
    Value  
Diversified Financial Services (Continued)  

GGAM Finance Ltd. (Ireland)

 

 

8.00% (2)

    02/15/27      $ 15,000     $ 15,396  
      

 

 

 
    204,253  
      

 

 

 
Electric — 1.4%  

Alabama Power Co.

 

 

5.10%

    04/02/35        20,000       20,093  

Alpha Generation LLC

 

 

6.75% (2)

    10/15/32        5,000       5,110  

Amprion GmbH (Germany)

 

 

0.63% (3)

    09/23/33        100,000       90,188  

E.ON SE (Germany)

 

 

4.00% (3)

    01/16/40        25,000       28,322  

Florida Power & Light Co.

 

 

5.30%

    06/15/34        20,000       20,536  

National Grid Electricity Transmission PLC (United Kingdom)

 

 

0.82% (3)

    07/07/32        100,000       96,050  

Oncor Electric Delivery Co. LLC

 

 

5.35% (2)

    04/01/35        30,000       30,414  
      

 

 

 
    290,713  
      

 

 

 
Engineering & Construction — 0.0%  

Artera Services LLC

 

 

8.50% (2)

    02/15/31        5,000       4,750  
      

 

 

 
Entertainment — 0.4%  

Caesars Entertainment, Inc.

 

 

8.13% (2)

    07/01/27        10,000       10,041  

WarnerMedia Holdings, Inc.

 

 

5.05%

    03/15/42        10,000       7,534  

5.14%

    03/15/52        85,000       58,423  
      

 

 

 
    75,998  
      

 

 

 
Food — 0.4%  

JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL

 

 

4.38%

    02/02/52        20,000       15,413  

6.50%

    12/01/52        25,000       25,695  

Pilgrim’s Pride Corp.

 

 

4.25%

    04/15/31        37,000       35,075  

Post Holdings, Inc.

 

 

4.63% (2)

    04/15/30        12,000       11,339  
      

 

 

 
    87,522  
      

 

 

 
Gas — 0.0%  

Venture Global Plaquemines LNG LLC

 

 

7.50% (2)

    05/01/33        5,000       5,136  
      

 

 

 
Health Care-Products — 0.5%  

Bausch & Lomb Corp.

 

 

8.38% (2)

    10/01/28        8,000       8,360  
Issues   Maturity
Date
     Principal
Amount
    Value  
Health Care-Products (Continued)  

Medline Borrower LP

 

 

5.25% (2)

    10/01/29      $ 10,000     $ 9,510  

Thermo Fisher Scientific Finance I BV

 

 

1.63%

    10/18/41        100,000       81,383  
      

 

 

 
    99,253  
      

 

 

 
Health Care-Services — 0.4%  

HAH Group Holding Co. LLC

 

 

9.75% (2)

    10/01/31        2,000       1,923  

HCA, Inc.

 

 

5.75%

    03/01/35        20,000       20,202  

Humana, Inc.

 

 

5.55%

    05/01/35        10,000       9,927  

Kedrion SpA (Italy)

 

 

6.50% (2)

    09/01/29        11,000       10,547  

ModivCare, Inc.

 

 

5.00% (2),(4)

    10/01/29        22,050       6,835  

Molina Healthcare, Inc.

 

 

6.25% (2)

    01/15/33        5,000       4,971  

Star Parent, Inc.

 

 

9.00% (2)

    10/01/30        5,000       5,062  

Tenet Healthcare Corp.

 

 

4.38%

    01/15/30        5,000       4,745  

UnitedHealth Group, Inc.

 

 

5.15%

    07/15/34        20,000       20,071  
      

 

 

 
    84,283  
      

 

 

 
Household Products/Wares — 0.1%  

Central Garden & Pet Co.

 

 

4.13%

    10/15/30        6,000       5,505  

Spectrum Brands, Inc.

 

 

3.88% (2)

    03/15/31        23,000       18,993  
      

 

 

 
    24,498  
      

 

 

 
Insurance — 0.2%  

Athene Global Funding

 

 

1.99% (2)

    08/19/28        10,000       9,178  

Farmers Exchange Capital II

 

 

6.15% (3 mo. USD Term SOFR + 4.006%) (1),(2)

    11/01/53        30,000       28,914  
      

 

 

 
    38,092  
      

 

 

 
Internet — 0.9%  

Alibaba Group Holding Ltd. (China)

 

 

2.13%

    02/09/31        50,000       43,862  

Alphabet, Inc.

 

 

3.00%

    05/06/33        100,000       113,235  

Snap, Inc.

 

 

6.88% (2)

    03/01/33        20,000       19,982  
      

 

 

 
    177,079  
      

 

 

 
 

 

See accompanying Notes to Financial Statements.

 

18


TCW Global Bond Fund

 

April 30, 2025

 

Issues   Maturity
Date
     Principal
Amount
    Value  
Investment Companies — 0.1%  

Icahn Enterprises LP/Icahn Enterprises Finance Corp.

 

 

9.00%

    06/15/30      $ 9,000     $ 8,484  

9.75%

    01/15/29        5,000       4,939  
      

 

 

 
    13,423  
      

 

 

 
Lodging — 0.0%  

MGM Resorts International

 

 

6.50%

    04/15/32        5,000       4,933  
      

 

 

 
Media — 0.7%  

CCO Holdings LLC/CCO Holdings Capital Corp.

 

 

4.75% (2)

    03/01/30        5,000       4,729  

Charter Communications Operating LLC/Charter Communications Operating Capital

 

 

5.38%

    05/01/47        76,000       61,802  

CSC Holdings LLC

 

 

6.50% (2)

    02/01/29        45,000       36,828  

Sirius XM Radio LLC

 

 

3.88% (2)

    09/01/31        25,000       21,460  

VZ Secured Financing BV (Netherlands)

 

 

5.00% (2)

    01/15/32        23,000       20,082  
      

 

 

 
    144,901  
      

 

 

 
Office/Business Equipment — 0.1%  

Xerox Corp.

 

 

10.25% (2)

    10/15/30        10,000       10,192  
      

 

 

 
Oil & Gas — 0.0%  

Transocean Titan Financing Ltd.

 

 

8.38% (2)

    02/01/28        1,810       1,794  
      

 

 

 
Oil & Gas Services — 0.0%  

USA Compression Partners LP/USA Compression Finance Corp.

 

 

6.88%

    09/01/27        5,000       4,969  
      

 

 

 
Packaging & Containers — 0.3%  

Amcor Flexibles North America, Inc.

 

 

5.50% (2)

    03/17/35        50,000       49,863  

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.

 

4.13% (2)

    08/15/26        5,000       4,421  
      

 

 

 
    54,284  
      

 

 

 
Pharmaceuticals — 1.2%  

1261229 BC Ltd.

 

 

10.00% (2)

    04/15/32        5,000       4,906  

Bayer U.S. Finance II LLC (Germany)

 

 

4.63% (2)

    06/25/38        51,000       43,762  

4.88% (2)

    06/25/48        10,000       7,883  

CVS Health Corp.

      

5.05%

    03/25/48        25,000       21,281  

5.70%

    06/01/34        15,000       15,245  
Issues   Maturity
Date
     Principal
Amount
    Value  
Pharmaceuticals (Continued)  

6.75% (5 yr. CMT + 2.516%) (1)

    12/10/54      $ 20,000     $ 19,920  

Grifols SA (Spain)

      

4.75% (2)

    10/15/28        15,000       13,975  

MSD Netherlands Capital BV

 

    

3.70%

    05/30/44        100,000       109,213  
      

 

 

 
    236,185  
      

 

 

 
Pipelines — 0.1%  

Energy Transfer LP

 

 

6.55%

    12/01/33        3,000       3,160  

Venture Global LNG, Inc.

 

 

7.00% (2)

    01/15/30        4,000       3,773  

8.13% (2)

    06/01/28        2,000       1,989  

9.00% (5 yr. CMT + 5.440%) (1),(2),(5)

    09/30/29        7,000       6,016  

9.88% (2)

    02/01/32        5,000       5,090  
      

 

 

 
    20,028  
      

 

 

 
Real Estate — 0.4%  

Vonovia SE (Germany)

 

 

1.50% (3)

    06/14/41        100,000       74,947  
      

 

 

 
REIT — 1.0%  

American Assets Trust LP

 

 

3.38%

    02/01/31        40,000       34,909  

American Homes 4 Rent LP

 

 

2.38%

    07/15/31        35,000       30,198  

American Tower Corp.

 

 

2.70%

    04/15/31        20,000       17,791  

GLP Capital LP/GLP Financing II, Inc.

 

 

5.38%

    04/15/26        10,000       9,976  

5.75%

    06/01/28        5,000       5,078  

Healthcare Realty Holdings LP

 

 

3.10%

    02/15/30        40,000       36,736  

Hudson Pacific Properties LP

 

 

3.25%

    01/15/30        25,000       16,575  

3.95%

    11/01/27        11,000       9,561  

LXP Industrial Trust

 

 

2.70%

    09/15/30        20,000       17,622  

VICI Properties LP

 

 

5.13%

    05/15/32        2,000       1,963  

VICI Properties LP/VICI Note Co., Inc.

 

 

5.75% (2)

    02/01/27        30,000       30,379  
      

 

 

 
    210,788  
      

 

 

 
Retail — 0.4%  

Ferrellgas LP/Ferrellgas Finance Corp.

 

 

5.38% (2)

    04/01/26        10,000       9,733  

5.88% (2)

    04/01/29        25,000       21,715  
 

 

See accompanying Notes to Financial Statements.

 

19


TCW Global Bond Fund

Schedule of Investments (Continued)

 

Issues   Maturity
Date
     Principal
Amount
    Value  
Retail (Continued)  

McDonald’s Corp.

 

 

4.70%

    12/09/35      $ 30,000     $ 29,182  

Michaels Cos., Inc.

 

 

5.25% (2)

    05/01/28        23,000       12,089  
      

 

 

 
    72,719  
      

 

 

 
Semiconductors — 0.1%  

Intel Corp.

 

 

3.25%

    11/15/49        30,000       18,332  
      

 

 

 
Software — 0.3%  

Cloud Software Group, Inc.

 

 

8.25% (2)

    06/30/32        5,000       5,222  

Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL

 

 

8.75% (2)

    05/01/29        3,000       2,914  

Open Text Corp. (Canada)

 

 

6.90% (2)

    12/01/27        5,000       5,143  

Oracle Corp.

 

 

4.80%

    08/03/28        15,000       15,200  

Paychex, Inc.

 

 

5.35%

    04/15/32        40,000       40,665  
      

 

 

 
    69,144  
      

 

 

 
Telecommunications — 0.4%  

Altice Financing SA (Luxembourg)

 

 

5.75% (2)

    08/15/29        5,000       3,682  

Frontier Communications Holdings LLC

 

 

5.88% (2)

    10/15/27        6,000       5,998  

8.63% (2)

    03/15/31        10,000       10,612  

T-Mobile USA, Inc.

 

 

2.63%

    04/15/26        55,000       54,025  

5.05%

    07/15/33        5,000       4,969  
      

 

 

 
    79,286  
      

 

 

 

Total Corporate Bonds

 

(Cost: $3,307,093)

 

    3,260,440  
      

 

 

 
MUNICIPAL BONDS — 0.2%  

County of Miami-Dade Aviation Revenue, Revenue Bond

 

 

2.86%

    10/01/35        50,000       41,264  
      

 

 

 

Total Municipal Bonds

 

 

(Cost: $50,667)

 

    41,264  
      

 

 

 
FOREIGN GOVERNMENT BONDS — 44.4%  

Australia Government Bonds

 

 

2.75% (3)

    11/21/29      AUD   253,000       157,166  

3.50% (3)

    12/21/34      AUD 151,000       92,012  

4.75% (3)

    04/21/27      AUD 93,000       61,200  

Bonos de la Tesoreria de la Republica en pesos

 

 

5.00% (3)

    10/01/28      CLP 30,000,000       31,146  
Issues   Maturity
Date
     Principal
Amount
    Value  
FOREIGN GOVERNMENT BONDS (Continued)  

Brazil Notas do Tesouro Nacional Series F

 

 

10.00%

    01/01/31      BRL 2,010,000     $ 303,979  

Bundesobligation

 

 

2.40% (3)

    04/18/30      EUR 39,000       45,190  

Bundesrepublik Deutschland Bundesanleihe

 

 

2.50% (3)

    08/15/54      EUR 158,000       166,220  

Canada Government Bonds

 

 

1.25%

    03/01/27      CAD 293,000       207,503  

2.75%

    12/01/55      CAD 84,000       53,106  

China Development Bank

 

 

2.77%

    10/24/32      CNY 410,000       60,464  

3.09%

    06/18/30      CNY 1,530,000       225,179  

3.48%

    01/08/29      CNY 200,000       29,318  

China Government Bonds

 

 

1.92%

    01/15/55      CNY 1,060,000       147,279  

2.35%

    02/25/34      CNY 920,000       133,601  

2.85%

    06/04/27      CNY 810,000       114,783  

3.02%

    05/27/31      CNY 200,000       29,892  

3.13%

    11/21/29      CNY 2,650,000       392,235  

Colombia TES Series B

 

 

7.00%

    06/30/32      COP  105,300,000       19,385  

Czech Republic Government Bonds

 

 

4.50%

    11/11/32      CZK 670,000       31,848  

European Union

 

 

0.00% (3),(6)

    07/04/29      EUR 150,000       155,441  

1.63% (3)

    12/04/29      EUR 87,000       96,056  

2.75% (3)

    02/04/33      EUR 102,000       116,247  

French Republic Government Bonds OAT

 

 

0.50% (3)

    06/25/44      EUR 55,000       35,842  

1.00% (3)

    05/25/27      EUR 395,000       441,226  

2.75% (3)

    02/25/30      EUR 49,000       56,597  

3.00% (3)

    11/25/34      EUR 245,000       276,111  

3.25% (3)

    05/25/55      EUR 95,000       95,845  

Hungary Government Bonds

 

 

3.00%

    08/21/30      HUF 2,250,000       5,393  

Indonesia Treasury Bonds

 

 

6.63%

    05/15/33      IDR 754,000,000       44,905  

6.88%

    04/15/29      IDR 811,000,000       49,434  

Israel Government Bonds — Fixed

 

 

1.30%

    04/30/32      ILS 116,000       26,369  

Italy Buoni Poliennali Del Tesoro

 

 

3.45% (3)

    07/15/27      EUR 128,000       150,080  

3.85% (3)

    02/01/35      EUR 145,000       170,064  

Japan Government Ten Year Bonds

 

 

1.20%

    12/20/34      JPY 74,050,000       515,412  

Japan Government Thirty Year Bonds

 

 

0.40%

    03/20/50      JPY 40,600,000       176,034  

1.80%

    03/20/54      JPY 29,500,000       172,206  
 

 

See accompanying Notes to Financial Statements.

 

20


TCW Global Bond Fund

 

April 30, 2025

 

Issues   Maturity
Date
     Principal
Amount
    Value  
FOREIGN GOVERNMENT BONDS (Continued)  

Korea Treasury Bonds

 

 

1.88%

    03/10/51      KRW 97,920,000     $ 61,107  

2.00%

    06/10/31      KRW  279,800,000       191,381  

Malaysia Government Bonds

 

 

4.64%

    11/07/33      MYR 338,000       84,205  

Mexico Bonos

 

 

8.00%

    07/31/53      MXN 600,000       24,882  

8.50%

    03/01/29      MXN 620,000       31,492  

Netherlands Government Bonds

 

 

2.50% (3)

    07/15/34      EUR 35,000       39,453  

New Zealand Government Bonds

 

 

4.25%

    05/15/34      NZD 46,000       27,114  

4.50%

    05/15/30      NZD 22,000       13,476  

Norway Government Bonds

 

 

3.63% (3)

    04/13/34      NOK 279,000       26,481  

Peru Government International Bonds

 

 

7.30% (3)

    08/12/33      PEN 51,000       14,913  

Portugal Obrigacoes do Tesouro OT

 

 

2.88% (3)

    10/20/34      EUR 72,000       81,632  

Province of Ontario

 

 

4.05%

    02/02/32      CAD 209,000       158,588  

Republic of Poland Government Bonds

 

 

1.75%

    04/25/32      PLN 156,000       33,843  

Romania Government Bonds

 

 

7.10%

    07/31/34      RON 65,000       14,502  

Singapore Government Bonds

 

 

3.00%

    04/01/29      SGD 92,000       72,845  

Spain Government Bonds

 

 

0.80% (3)

    07/30/27      EUR 42,000       46,622  

1.85% (3)

    07/30/35      EUR 98,000       99,126  

1.90% (3)

    10/31/52      EUR 26,000       19,810  

3.45% (3)

    10/31/34      EUR 17,000       19,932  

4.00% (3)

    10/31/54      EUR 18,000       20,655  

Sweden Government Bonds

 

 

0.75% (3)

    11/12/29      SEK 490,000       48,133  

Thailand Government Bonds

 

 

1.59%

    12/17/35      THB 2,372,000       69,060  

U.K. Gilts

 

 

3.75% (3)

    03/07/27      GBP 392,000       523,249  

4.13% (3)

    01/29/27      GBP 304,000       408,319  

4.25% (3)

    07/31/34      GBP 298,000       394,679  

4.38% (3)

    03/07/30      GBP 1,039,000       1,416,381  

4.38% (3)

    07/31/54      GBP 113,000       132,226  
      

 

 

 

Total Foreign Government Bonds

 

 

(Cost: $8,811,312)

 

    8,958,874  
      

 

 

 
Issues   Maturity
Date
     Principal
Amount
    Value  
ASSET-BACKED SECURITIES — 6.6%  

Adagio CLO VIII DAC Series VIII-X, Class B1

 

 

3.93% (3 mo. EUR EURIBOR + 1.650%) (1),(3)

    04/15/32      $  100,000     $ 113,078  

Arbour CLO II DAC Series 2014-2X, Class ARR

 

 

3.14% (3 mo. EUR EURIBOR + 0.860%) (1),(3)

    04/15/34        100,000       112,669  

Arbour CLO III DAC Series 3X, Class B1RR

 

 

3.93% (3 mo. EUR EURIBOR + 1.650%) (1),(3)

    07/15/34        100,000       112,299  

Aurium CLO IX DAC Series 9X, Class A

 

 

3.11% (3 mo. EUR EURIBOR + 0.950%) (1),(3)

    10/28/34        100,000       112,907  

Bayview Opportunity Master Fund VII LLC Series 2024- EDU1, Class D

 

 

7.10% (30 day USD SOFR Average + 2.750%) (1),(2)

    06/25/47        83,704       85,423  

Castlelake Aircraft Structured Trust Series 2019-1A, Class A

 

 

3.97% (2)

    04/15/39        115,045       108,293  

Contego CLO VI DAC Series 6X, Class AR

 

 

3.07% (3 mo. EUR EURIBOR + 0.790%) (1),(3)

    04/15/34        100,000       112,758  

Henley CLO VI DAC Series 6X, Class A

 

 

3.16% (3 mo. EUR EURIBOR + 1.000%) (1),(3)

    06/10/34        100,000       113,228  

MAPS Ltd. Series 2019-1A, Class A

 

 

4.46% (2)

    03/15/44        54,681       52,952  

Rockford Tower Europe CLO DAC Series 2021-2X, Class A

 

 

3.15% (3 mo. EUR EURIBOR + 0.960%) (1),(3)

    01/24/35        100,000       112,795  

RRE 2 Loan Management DAC Series 2X, Class A2R

 

 

3.73% (3 mo. EUR EURIBOR + 1.450%) (1),(3)

    07/15/35        100,000       112,518  

SLM Student Loan Trust Series 2008-5, Class B

 

 

6.47% (90 day USD SOFR Average + 2.112%) (1)

    07/25/73        50,000       52,714  

Vantage Data Centers Jersey Borrower SPV Ltd. Series 2024-1A, Class A2

 

 

6.17% (2)

    05/28/39        100,000       136,297  
      

 

 

 

Total Asset-Backed Securities

 

 

(Cost: $1,264,281)

 

    1,337,931  
      

 

 

 
 

 

See accompanying Notes to Financial Statements.

 

21


TCW Global Bond Fund

Schedule of Investments (Continued)

 

Issues   Maturity
Date
     Principal
Amount
    Value  
COMMERCIAL MORTGAGE-BACKED SECURITIES —
AGENCY — 0.2%
 

Federal National Mortgage Association-Aces Series 2016-M2, Class X3 (I/O)

 

 

2.04% (7)

    04/25/36      $ 117,876     $ 6  

Federal National Mortgage Association-Aces Series 2016- M4, Class X2 (I/O)

 

 

2.72% (7)

    01/25/39        359,919       13,473  

Government National Mortgage Association Series 2012-144, Class IO (I/O)

 

 

0.33% (7)

    01/16/53        1,355,808       15,653  
      

 

 

 

Total Commercial Mortgage-Backed Securities — Agency

 

(Cost: $19,875)

 

    29,132  
      

 

 

 
COMMERCIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY — 4.9%
 

Bank Series 2021-BN35, Class A2

 

 

1.87%

    06/15/64        105,000       98,327  

BHMS Mortgage Trust Series 2018-ATLS, Class C

 

 

6.52% (1 mo. USD Term SOFR + 2.197%) (1),(2)

    07/15/35        100,000       99,757  

BX Mortgage Trust Series 2021-PAC, Class B

 

 

5.34% (1 mo. USD Term SOFR + 1.013%) (1),(2)

    10/15/36        100,000       98,693  

BX Mortgage Trust Series 2021-PAC, Class E

 

 

6.38% (1 mo. USD Term SOFR + 2.062%) (1),(2)

    10/15/36        100,000       98,604  

BX Trust Series 2022-CLS, Class C

 

 

6.79% (2)

    10/13/27        90,000       88,278  

BXHPP Trust Series 2021-FILM, Class C

 

 

5.54% (1 mo. USD Term SOFR + 1.214%) (1),(2)

    08/15/36        89,000       80,522  

COMM Mortgage Trust Series 2012-CR4, Class XA (I/O)

 

 

1.29% (7)

    10/15/45        167,201       2,586  

CRSO Trust Series 2023

 

 

7.12% (7)

    07/10/40        100,000       105,318  

GS Mortgage Securities Trust Series 2010-C1,
Class X (I/O)

 

 

0.54% (2),(7)

    08/10/43        929,157       106  

JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C3, Class XB (I/O)

 

 

0.49% (2),(7)

    02/15/46        5,795,180       46,627  

Last Mile Securities PE DAC Series 2021-1A, Class F

 

 

7.56% (3 mo. EUR EURIBOR + 5.000%) (1),(2)

    08/17/31        99,979       111,390  

UBS Commercial Mortgage Trust Series 2017-C3, Class A4

 

 

3.43%

    08/15/50        60,000       58,080  
Issues   Maturity
Date
     Principal
Amount
    Value  
COMMERCIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)
 

Wells Fargo Commercial Mortgage Trust Series 2024-SVEN, Class A

 

 

6.01% (2)

    06/10/37      $ 100,000     $ 103,310  
      

 

 

 

Total Commercial Mortgage-Backed Securities — Non-Agency

 

 

(Cost: $910,558)

 

    991,598  
      

 

 

 
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
AGENCY — 21.8%
 

Federal Home Loan Mortgage Corp., Pool #G08681

 

 

3.50%

    12/01/45        13,830       12,790  

Federal Home Loan Mortgage Corp., Pool #G08698

 

 

3.50%

    03/01/46        12,922       11,911  

Federal Home Loan Mortgage Corp., Pool #G08716

 

 

3.50%

    08/01/46        13,241       12,205  

Federal Home Loan Mortgage Corp., Pool #G08721

 

 

3.00%

    09/01/46        2,699       2,404  

Federal Home Loan Mortgage Corp., Pool #G08722

 

 

3.50%

    09/01/46        1,350       1,244  

Federal Home Loan Mortgage Corp., Pool #G08732

 

 

3.00%

    11/01/46        3,829       3,411  

Federal Home Loan Mortgage Corp., Pool #G08762

 

 

4.00%

    05/01/47        11,877       11,273  

Federal Home Loan Mortgage Corp., Pool #G08833

 

 

5.00%

    07/01/48        1,622       1,620  

Federal Home Loan Mortgage Corp., Pool #QD7360

 

 

2.50%

    02/01/52        41,811       34,825  

Federal Home Loan Mortgage Corp., Pool #SD0231

 

 

3.00%

    01/01/50        78,563       69,495  

Federal Home Loan Mortgage Corp., Pool #SD8189

 

 

2.50%

    01/01/52        39,716       33,119  

Federal Home Loan Mortgage Corp., Pool #SD8199

 

 

2.00%

    03/01/52        121,968       96,850  

Federal Home Loan Mortgage Corp., Pool #SD8204

 

 

2.00%

    04/01/52        209,160       166,086  

Federal Home Loan Mortgage Corp., Pool #SD8212

 

 

2.50%

    05/01/52        89,478       74,527  

Federal Home Loan Mortgage Corp., Pool #SD8213

 

 

3.00%

    05/01/52        63,185       54,856  

Federal Home Loan Mortgage Corp., Pool #SD8245

 

 

4.50%

    09/01/52        151,257       145,073  

Federal Home Loan Mortgage Corp., Pool #SD8347

 

 

4.50%

    08/01/53        100,941       96,569  

Federal Home Loan Mortgage Corp., Pool #SD8491

 

 

5.00%

    12/01/54        19,429       19,030  

Federal Home Loan Mortgage Corp., Pool #ZT1703

 

 

4.00%

    01/01/49        31,520       29,879  
 

 

See accompanying Notes to Financial Statements.

 

22


TCW Global Bond Fund

 

April 30, 2025

 

Issues   Maturity
Date
     Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
AGENCY (Continued)
 

Federal Home Loan Mortgage Corp. REMICS Series 3439, Class SC (I/O) (I/F)

 

 

1.44% (-30 day USD SOFR Average + 5.786%) (1)

    04/15/38      $ 28,821     $ 1,870  

Federal National Mortgage Association, Pool #AB3679

 

 

3.50%

    10/01/41        35,498       33,378  

Federal National Mortgage Association, Pool #AB4045

 

 

3.50%

    12/01/41        49,541       46,589  

Federal National Mortgage Association, Pool #AT5914

 

 

3.50%

    06/01/43        16,220       15,167  

Federal National Mortgage Association, Pool #BD7081

 

 

4.00%

    03/01/47        12,889       12,218  

Federal National Mortgage Association, Pool #BV2994

 

 

2.50%

    04/01/52        84,269       70,189  

Federal National Mortgage Association, Pool #BV4119

 

 

2.50%

    03/01/52        53,332       44,421  

Federal National Mortgage Association, Pool #CA0996

 

 

3.50%

    01/01/48        40,643       37,359  

Federal National Mortgage Association, Pool #CA2208

 

 

4.50%

    08/01/48        1,155       1,121  

Federal National Mortgage Association, Pool #CB2610

 

 

2.00%

    01/01/52        61,623       49,311  

Federal National Mortgage Association, Pool #CB3347

 

 

2.00%

    01/01/52        164,782       131,138  

Federal National Mortgage Association, Pool #FM2870

 

 

3.00%

    03/01/50        104,530       92,465  

Federal National Mortgage Association, Pool #FS7252

 

 

5.00%

    11/01/53        69,292       68,016  

Federal National Mortgage Association, Pool #MA1527

 

 

3.00%

    08/01/33        8,236       7,922  

Federal National Mortgage Association, Pool #MA1652

 

 

3.50%

    11/01/33        13,392       13,062  

Federal National Mortgage Association, Pool #MA2705

 

 

3.00%

    08/01/46        49,421       43,962  

Federal National Mortgage Association, Pool #MA4204

 

 

2.00%

    12/01/40        47,797       41,311  

Federal National Mortgage Association, Pool #MA4563

 

 

2.50%

    03/01/52        81,641       68,000  

Federal National Mortgage Association, Pool #MA4626

 

 

4.00%

    06/01/52        176,529       164,912  

Federal National Mortgage Association, Pool #MA4733

 

 

4.50%

    09/01/52        37,389       35,861  

Federal National Mortgage Association, Pool #MA5008

 

 

4.50%

    05/01/53        26,541       25,391  

Federal National Mortgage Association, Pool #MA5107

 

 

5.50%

    08/01/53        68,390       68,418  
Issues   Maturity
Date
     Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
AGENCY (Continued)
 

Federal National Mortgage Association REMICS Series 2007-52, Class LS (I/O) (I/F)

 

 

1.58% (-30 day USD SOFR Average + 5.936%) (1)

    06/25/37      $ 28,721     $ 2,716  

Federal National Mortgage Association REMICS Series 2008-18, Class SM (I/O) (I/F)

 

 

2.53% (-30 day USD SOFR Average + 6.886%) (1)

    03/25/38        31,710       3,897  

Federal National Mortgage Association REMICS Series 2009-115, Class SB (I/O) (I/F)

 

 

1.78% (-30 day USD SOFR Average + 6.136%) (1)

    01/25/40        16,652       1,726  

Federal National Mortgage Association REMICS Series 2010-116, Class SE (I/O) (I/F)

 

 

2.13% (-30 day USD SOFR Average + 6.486%) (1)

    10/25/40        30,851       2,812  

Government National Mortgage Association, Pool #MA3597

 

 

3.50%

    04/20/46        8,299       7,621  

Government National Mortgage Association, Pool #MA3662

 

 

3.00%

    05/20/46        22,640       20,349  

Government National Mortgage Association, Pool #MA3663

 

 

3.50%

    05/20/46        1,187       1,090  

Government National Mortgage Association, Pool #MA3803

 

 

3.50%

    07/20/46        5,545       5,092  

Government National Mortgage Association, Pool #MA4454

 

 

5.00%

    05/20/47        5,838       5,874  

Government National Mortgage Association, Pool #MA4900

 

 

3.50%

    12/20/47        25,236       23,116  

Government National Mortgage Association, Pool #MA5399

 

 

4.50%

    08/20/48        10,290       10,051  

Government National Mortgage Association, Pool #MA8347

 

 

4.50%

    10/20/52        104,600       100,749  

Government National Mortgage Association, Pool #MA9963

 

 

4.50%

    10/20/54        74,051       70,890  

Government National Mortgage Association REMICS Series 2011-146, Class EI (I/O) (PAC)

 

 

5.00%

    11/16/41        26,741       5,156  
 

 

See accompanying Notes to Financial Statements.

 

23


TCW Global Bond Fund

Schedule of Investments (Continued)

 

Issues   Maturity
Date
     Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
AGENCY (Continued)
 

Government National Mortgage Association, TBA

 

 

2.50% (8)

    12/01/51      $ 150,000     $ 127,828  

5.00% (8)

    02/01/55        225,000       220,683  

5.50% (8)

    02/01/55        50,000       49,964  

4.00% (8)

    05/01/52        225,000       209,412  

4.50% (8)

    09/01/54        100,000       95,696  

Uniform Mortgage-Backed Security, TBA

 

 

2.00% (8)

    11/01/51        50,000       39,672  

2.50% (8)

    11/01/51        100,000       83,157  

3.00% (8)

    01/01/52        300,000       260,182  

3.50% (8)

    02/01/52        175,000       157,916  

4.00% (8)

    03/01/52        325,000       302,820  

4.50% (8)

    07/01/54        350,000       334,696  

5.00% (8)

    07/01/54        200,000       195,816  

5.50% (8)

    01/01/55        100,000       99,778  
      

 

 

 

Total Residential Mortgage-Backed Securities — Agency

 

 

(Cost: $4,381,578)

 

    4,388,007  
      

 

 

 
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY — 5.8%
 

BCMSC Trust Series 2000-A, Class A4

 

 

8.29% (7)

    06/15/30        189,525       15,595  

Bear Stearns ALT-A Trust Series 2005-8, Class 11A1

 

 

4.98% (1 mo. USD Term SOFR + 0.654%) (1)

    10/25/35        19,397       17,166  

Countrywide Alternative Loan Trust Series 2006-HY12, Class A5

 

 

4.39% (7)

    08/25/36        105,642       96,593  

Countrywide Asset-Backed Certificates Trust Series 2007-13, Class 2A1

 

 

5.34% (1 mo. USD Term SOFR + 1.014%) (1)

    10/25/47        53,389       48,704  

Deephaven Residential Mortgage Trust Series 2021-3, Class A1

 

 

1.19% (2),(7)

    08/25/66        74,709       65,713  

GS Mortgage-Backed Securities Corp. Trust Series 2021- PJ5, Class A1

 

 

2.00% (2),(7)

    10/25/51        74,580       58,256  

GS Mortgage-Backed Securities Corp. Trust Series 2022-PJ2, Class A4

 

 

2.50% (2),(7)

    06/25/52        79,602       64,859  

IndyMac INDX Mortgage Loan Trust Series 2005-AR15, Class A2

 

 

4.08% (7)

    09/25/35        37,310       30,101  

JPMorgan Mortgage Acquisition Trust Series 2006-CH2, Class AF3

 

 

5.46%

    09/25/29        151,310       91,142  

JPMorgan Mortgage Trust Series 2021-8, Class A3

 

 

2.50% (2),(7)

    12/25/51        92,932       75,659  
Issues   Maturity
Date
     Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES
NON-AGENCY — (Continued)
 

Merrill Lynch Alternative Note Asset Trust Series 2007-A1, Class A2B

 

 

4.74% (1 mo. USD Term SOFR + 0.414%) (1)

    01/25/37      $ 265,460     $ 82,509  

MFA Trust Series 2021-RPL1, Class A2

 

 

2.07% (2),(7)

    07/25/60        100,000       83,630  

Morgan Stanley ABS Capital I, Inc. Trust Series 2006-HE4, Class A4

 

 

4.92% (1 mo. USD Term SOFR + 0.594%) (1)

    06/25/36        213,693       106,898  

Morgan Stanley ABS Capital I, Inc. Trust Series 2006-WMC1, Class A2C

 

 

5.06% (1 mo. USD Term SOFR + 0.734%) (1)

    12/25/35        59,766       58,533  

Morgan Stanley ABS Capital I, Inc. Trust Series 2007-HE2, Class A2B

 

 

4.53% (1 mo. USD Term SOFR + 0.204%) (1)

    01/25/37        133,931       60,016  

MortgageIT Trust Series 2005-1, Class 1A1

 

 

5.08% (1 mo. USD Term SOFR + 0.754%) (1)

    02/25/35        6,760       6,783  

Ownit Mortgage Loan Trust Series 2006-3, Class A2D

 

 

4.98% (1 mo. USD Term SOFR + 0.654%) (1)

    03/25/37        31,613       30,317  

Residential Asset Securitization Trust Series 2005-A15, Class 2A11 (I/O)

 

 

1.11% (-1 mo. USD Term SOFR + 5.436%) (1),(9)

    02/25/36        422,092       42,214  

Structured Adjustable Rate Mortgage Loan Trust Series 2004-18, Class 4A1

 

 

6.31% (7)

    12/25/34        5,563       5,424  

Structured Asset Mortgage Investments II Trust Series 2005-AR6, Class 2A1

 

5.06% (1 mo. USD Term SOFR + 0.734%) (1)

    09/25/45        18,209       16,232  

Structured Asset Mortgage Investments II Trust Series 2006-AR8, Class A2

 

 

4.86% (1 mo. USD Term SOFR + 0.534%) (1)

    10/25/36        107,419       87,199  

WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR2, Class 2A1A

 

 

5.06% (1 mo. USD Term SOFR + 0.734%) (1)

    01/25/45        28,225       27,659  
      

 

 

 

Total Residential Mortgage-Backed Securities —
Non-Agency

 

 

(Cost: $1,456,889)

 

       1,171,202  
      

 

 

 
 

 

See accompanying Notes to Financial Statements.

 

24


TCW Global Bond Fund

 

April 30, 2025

 

Issues   Maturity
Date
     Principal
Amount
    Value  
U.S. TREASURY SECURITIES — 5.4%  

U.S. Treasury Bonds

 

4.63%

    02/15/55      $ 64,000     $ 63,375  

U.S. Treasury Inflation-Indexed Notes

 

2.13%

    01/15/35        218,361       222,383  

U.S. Treasury Notes

 

3.75%

    04/30/27        6,000       6,018  

3.88%

    04/30/30         135,000       135,385  

4.00%

    04/30/32        659,000       662,038  
      

 

 

 

Total U.S. Treasury Securities

 

 

(Cost: $1,077,625)

 

       1,089,199  
      

 

 

 

Total Fixed Income Securities

 

 

(Cost: $21,279,878)

 

       21,267,647  
      

 

 

 
CONVERTIBLE SECURITIES (0.1% )  
CONVERTIBLE CORPORATE BONDS — 0.1%
(Cost: $21,007)
 
Commercial Services — 0.1%  

Worldline SA (France) 0.00% (3),(6)

     07/30/26        20,640       22,762  
      

 

 

 

Total Convertible Securities

 

 

(Cost: $21,007)

 

       22,762  
      

 

 

 

Issues

       Shares     Value  
INVESTMENT COMPANIES — 0.9%  

TCW Emerging Markets Income Fund — I Class (10)

     28,855     $ 185,535  
      

 

 

 

Total Investment Companies

    

(Cost: $186,557)

       185,535  
      

 

 

 
COMMON STOCK — 0.1%  
TELECOMMUNICATIONS — 0.1%  

Intelsat SA (9),(11)

     344       13,803  
      

 

 

 

Total Common Stock

    

(Cost: $31,880)

       13,803  
      

 

 

 
MONEY MARKET INVESTMENTS — 5.6%  

State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.29% (12)

     158,964       158,964  

TCW Central Cash Fund, 4.34% (10),(12)

     970,309       970,309  
      

 

 

 

Total Money Market Investments

    

(Cost: $1,129,273)

       1,129,273  
      

 

 

 

Total Investments (112.2%)

    

(Cost: $22,648,595)

       22,619,020  
      

 

 

 

Liabilities In Excess Of Other Assets (-12.2%)

 

    (2,451,547

Net Assets (100.0%)

     $  20,167,473  
      

 

 

 
 

 

Forward Currency Exchange Contracts  
Counterparty    Contracts to
Deliver
     Units of
Currency
     Settlement
Date
     In Exchange for
USD
     Contracts at
Value
    

Unrealized

Appreciation

(Depreciation)

 

BUY (13)

                 

Goldman Sachs & Co.

     AUD        276,701        07/11/25      $ 172,037      $ 177,186      $ 5,149  

Citibank N.A.

     CAD        255,232        07/11/25        179,172        185,435        6,263  

Goldman Sachs & Co.

     CAD        8,442        07/11/25        6,144        6,133        (11

Goldman Sachs & Co.

     CHF        90,000        07/11/25        103,385        110,416        7,031  

Barclays Capital

     CHF        3,329        07/11/25        4,059        4,084        25  

Goldman Sachs & Co.

     CNH        5,377,458        07/11/25        744,543        743,112        (1,431

Citibank N.A.

     CNH        173,768        07/11/25        23,751        24,013        262  

Goldman Sachs & Co.

     DKK        276,000        07/11/25        40,304        42,244        1,940  

Goldman Sachs & Co.

     EUR        822,063        07/11/25        895,062        938,364        43,302  

Goldman Sachs & Co.

     GBP        4,563        07/11/25        6,085        6,096        11  

Goldman Sachs & Co.

     HUF        2,805,000        07/11/25        7,500        7,857        357  

Goldman Sachs & Co.

     JPY        1,380,483        05/07/25        9,683        9,684        1  

Goldman Sachs & Co.

     JPY        4,065,680        07/11/25        28,412        28,727        315  

Citibank N.A.

     JPY        175,921,000        07/11/25        1,186,550        1,243,008        56,458  

Citibank N.A.

     KRW        5,828,592        07/11/25        4,106        4,118        12  

Goldman Sachs & Co.

     MXN        764,953        07/11/25        36,957        38,728        1,771  

Goldman Sachs & Co.

     NOK        275,648        05/06/25        26,501        26,581        80  

Goldman Sachs & Co.

     NOK        665,000        07/11/25        63,263        64,127        864  

Citibank N.A.

     NOK        1,683,000        07/11/25        160,982        162,294        1,312  

Goldman Sachs & Co.

     NZD        401,000        07/11/25        224,776        238,480        13,704  

 

See accompanying Notes to Financial Statements.

 

25


TCW Global Bond Fund

Schedule of Investments (Continued)

 

Forward Currency Exchange Contracts (Continued)  
Counterparty    Contracts to
Deliver
     Units of
Currency
     Settlement
Date
     In Exchange for
USD
     Contracts at
Value
    

Unrealized

Appreciation

(Depreciation)

 

Goldman Sachs & Co.

     PLN        80,048        07/11/25      $ 20,741      $ 21,237      $ 496  

Goldman Sachs & Co.

     RON        92,056        07/11/25        19,946        20,953        1,007  

Goldman Sachs & Co.

     SEK        310,000        07/11/25        31,155        32,272        1,117  

Citibank N.A.

     THB        113,673        07/11/25        3,361        3,420        59  

Goldman Sachs & Co.

     TRY        1,575,980        05/07/25        40,000        40,880        880  
           

 

 

    

 

 

    

 

 

 
            $ 4,038,475      $ 4,179,449      $ 140,974  
           

 

 

    

 

 

    

 

 

 

SELL (14)

                 

Goldman Sachs & Co.

     AUD        84,204        07/11/25      $ 54,039      $ 53,920      $ 119  

Citibank N.A.

     BRL        62,244        07/11/25        10,692        10,834        (142

Goldman Sachs & Co.

     BRL        1,732,741        07/11/25        293,937        301,603        (7,666

Goldman Sachs & Co.

     CAD        94,732        07/11/25        68,659        68,827        (168

Goldman Sachs & Co.

     CLP        20,154,210        07/11/25        21,230        21,064        166  

Goldman Sachs & Co.

     CNH        298,894        07/11/25        41,256        41,304        (48

Citibank N.A.

     CNY        270,968        07/11/25        37,798        37,485        313  

Goldman Sachs & Co.

     COP        4,853,486        07/11/25        1,142        1,139        3  

Goldman Sachs & Co.

     CZK        37,477        07/11/25        1,633        1,711        (78

Goldman Sachs & Co.

     EUR        320,162        07/11/25        357,004        365,456        (8,452

Goldman Sachs & Co.

     GBP        617,354        07/11/25        800,781        824,814        (24,033

Citibank N.A.

     GBP        1,075,242        07/11/25        1,394,315        1,436,575        (42,260

Goldman Sachs & Co.

     IDR        298,408,453        07/11/25        17,903        17,928        (25

Goldman Sachs & Co.

     ILS        2,674        07/11/25        725        736        (11

Goldman Sachs & Co.

     JPY        29,358,616        07/11/25        203,620        207,439        (3,819

State Street Bank & Trust Co.

     KRW        13,431,355        07/11/25        9,449        9,489        (40

Citibank N.A.

     KRW        26,579,221        07/11/25        18,471        18,777        (306

Morgan Stanley & Co.

     MXN        625,149        07/11/25        31,602        31,650        (48

Goldman Sachs & Co.

     MYR        27,297        07/11/25        6,171        6,341        (170

Goldman Sachs & Co.

     NOK        848,648        07/11/25        80,241        81,836        (1,595

Goldman Sachs & Co.

     NZD        365,034        07/11/25        209,833        217,091        (7,258

Barclays Capital

     NZD        46,584        07/11/25        27,701        27,704        (3

Goldman Sachs & Co.

     PEN        18,726        07/11/25        5,116        5,083        33  

ING Baring U.S. Capital Markets

     RON        66,964        07/11/25        15,243        15,242        1  

Goldman Sachs & Co.

     SEK        49,117        07/11/25        5,134        5,113        21  

Goldman Sachs & Co.

     SGD        38,704        07/11/25        29,008        29,753        (745

Citibank N.A.

     ZAR        41,758        07/11/25        2,256        2,233        23  
           

 

 

    

 

 

    

 

 

 
            $  3,744,959      $  3,841,147      $  (96,188
           

 

 

    

 

 

    

 

 

 

 

See accompanying Notes to Financial Statements.

 

26


TCW Global Bond Fund

 

April 30, 2025

 

Futures Contracts  
Number of
Contracts
   Type   

Expiration

Date

       Notional        Market
Value
       Net Unrealized
Appreciation
(Depreciation)
 

Long Futures

 

7    2-Year Canadian Bond Futures      06/19/25        $ 534,450        $ 536,391        $ 1,941  
8    2-Year U.S. Treasury Note Futures      06/30/25          1,650,343          1,665,187          14,844  
2    5-Year Canadian Bond Futures      06/19/25          167,187          167,567          380  
10    5-Year U.S. Treasury Note Futures      06/30/25          1,071,813          1,091,953          20,140  
4    Euro SCHWATZ Futures      06/6/25          485,949          489,121          3,172  
16    Euro-Bobl Future      06/6/25          2,139,310          2,175,830          36,520  
1    Euro-oat Future      06/6/25          138,896          142,821          3,925  
2    U.S. Ultra Long Bond Futures      06/18/25          239,458          242,063          2,605  
          

 

 

      

 

 

      

 

 

 
           $ 6,427,406        $ 6,510,933        $ 83,527  
          

 

 

      

 

 

      

 

 

 

Short Futures

 

6    10-Year U.S. Treasury Note Futures      06/18/25        $ (675,094      $ (688,406      $ (13,312
6    Euro-Bund Future      06/6/25          (884,555        (898,806        (14,251
1    Long Gilt Futures      06/26/25          (124,446        (124,915        (469
          

 

 

      

 

 

      

 

 

 
           $  (1,684,095      $  (1,712,127      $  (28,032
          

 

 

      

 

 

      

 

 

 

 

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 460,000

     07/30/27        Annual      2-Year Sterling
Overnight Index Average
     Annual        4.0000   $  8,412      $  (2,530   $  5,882  
                

 

 

    

 

 

   

 

 

 

 

See accompanying Notes to Financial Statements.

 

27


TCW Global Bond Fund

Schedule of Investments (Continued)

 

Notes to the Schedule of Investments:

ABS   Asset-Backed Securities.
ACES   Alternative Credit Enhancement Securities.
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.
REIT   Real Estate Investment Trust.
REMIC   Real Estate Mortgage Investment Conduits.
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.
THB   Thai Baht.
TRY   Turkish New Lira.
ZAR   South African Rand.
(1)   Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2025.
(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, 2025, the value of these securities amounted to $2,170,198 or 10.8% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors.
(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, 2025, the value of these securities amounted to $6,652,575 or 33.0% of net assets.
(4)   Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer - 5.00% cash or 10.00% PIK interest.
(5)   Perpetual maturity.
(6)   Security is not accruing interest.
(7)   Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(8)   Security purchased on a forward commitment with an approximate principal amount. The actual principal amount and maturity date will be determined upon settlement when the security is delivered.
(9)   For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.
(10)   Affiliated issuer.
(11)   Non-income producing security.
(12)   Rate disclosed is the 7-day net yield as of April 30, 2025.
(13)   Fund buys foreign currency, sells USD.
(14)   Fund sells foreign currency, buys USD.

 

See accompanying Notes to Financial Statements.

 

28


TCW Global Bond Fund

 

April 30, 2025

 

The summary of the TCW Global Bond Fund transactions in the affiliated funds for the period ended April 30, 2025 is as follows:

 

Name of
Affiliated
Fund

  Value at
October 31,
2024
    Purchases at
Cost
    Proceeds
from Sales
    Number
of Shares
Held
April 30,
2025
    Value at
April 30,
2025
    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 Central Cash Fund

 

     
  $  335,391     $  7,334,918     $  6,700,000       970,309     $  970,309     $  27,689     $  —     $  —     $  —  

TCW Emerging Markets Income Fund — I Class

 

     
  $  181,809     $  8,262     $  —       28,855     $  185,535     $  7,346     $  —     $  —     $  (4,536
         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

          $  1,155,844     $  35,035     $  —     $  —     $ (4,536
         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

See accompanying Notes to Financial Statements.

 

29


TCW Global Bond Fund

 

Fair Valuation Summary

April 30, 2025

 

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 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

   $     $ 8,542,822     $      $ 8,542,822  

Residential Mortgage-Backed Securities — Agency

           4,388,007              4,388,007  

Corporate Bonds

           3,676,492              3,676,492  

Asset-Backed Securities

           1,337,931              1,337,931  

Residential Mortgage-Backed Securities — Non-Agency

           1,128,988       42,214        1,171,202  

U.S. Treasury Securities

     866,816       222,383              1,089,199  

Commercial Mortgage-Backed Securities — Non-Agency

           991,598              991,598  

Municipal Bonds

           41,264              41,264  

Commercial Mortgage-Backed Securities — Agency

           29,132              29,132  
  

 

 

   

 

 

   

 

 

    

 

 

 

Total Fixed Income Securities

     866,816       20,358,617       42,214        21,267,647  
  

 

 

   

 

 

   

 

 

    

 

 

 

Money Market Investments

     1,129,273                    1,129,273  

Investment Companies

     185,535                    185,535  

Convertible Corporate Bonds

           22,762              22,762  

Common Stock

                 13,803        13,803  
  

 

 

   

 

 

   

 

 

    

 

 

 

Total Investments

   $ 2,181,624     $ 20,381,379     $ 56,017      $ 22,619,020  
  

 

 

   

 

 

   

 

 

    

 

 

 

Asset Derivatives

         

Forward Currency Contracts

         

Foreign Currency Risk

           143,095              143,095  

Futures Contracts

         

Interest Rate Risk

     83,527                    83,527  

Swap Agreements

         

Commodity Risk

           5,882              5,882  
  

 

 

   

 

 

   

 

 

    

 

 

 

Total

   $  2,265,151     $  20,530,356     $  56,017      $  22,851,524  
  

 

 

   

 

 

   

 

 

    

 

 

 

Liability Derivatives

         

Forward Currency Contracts

         

Foreign Currency Risk

   $     $ (98,309   $      $ (98,309

Futures Contracts

         
     (28,032                  (28,032
  

 

 

   

 

 

   

 

 

    

 

 

 

Total

   $ (28,032   $ (98,309   $      $ (126,341
  

 

 

   

 

 

   

 

 

    

 

 

 

 

See accompanying Notes to Financial Statements.

 

30


TCW Securitized Bond Fund

 

Schedule of Investments

April 30, 2025

 

Issues   Maturity
Date
     Principal
Amount
    Value  

FIXED INCOME SECURITIES — 115.7% of Net Assets

 

ASSET-BACKED SECURITIES — 6.2%  

AMSR Trust Series 2020-SFR3, Class F

 

 

3.55% (1)

    09/17/37      $ 2,682,000     $ 2,646,239  

AMSR Trust Series 2020-SFR3, Class G

 

 

4.99% (1)

    09/17/37        6,402,000       6,329,248  

Apidos CLO XXXVII Ltd. Series 2021-37A, Class B

 

 

6.13% (3 mo. USD Term SOFR + 1.862%) (1),(2)

    10/22/34        6,795,000       6,801,720  

Bayview Opportunity Master Fund VII LLC Series 2024-EDU1, Class E

 

 

8.36% (30 day USD SOFR Average + 3.500%) (1),(2),(3),(4)

    06/25/47        3,532,294       3,592,732  

Carvana Auto Receivables Trust Series 2021-N3, Class R

 

 

0.00% (1),(5)

    06/12/28        25,650       1,636,445  

Carvana Auto Receivables Trust Series 2023-P1, Class R

 

 

0.00% (1),(5)

    03/11/30        2,950       286,201  

CIFC Funding Ltd. Series 2022-2A, Class B

 

 

0.00% (1),(6)

    04/19/35        3,300,000       2,293,500  

Cologix Data Centers U.S. Issuer LLC Series 2021-1A, Class A2

 

 

3.30% (1)

    12/26/51        4,000,000       3,812,874  

CoreVest American Finance Ltd. Series 2020-1, Class XA (I/O)

 

 

2.45% (1),(7)

    03/15/50        10,861,578       432,781  

CoreVest American Finance Ltd. Series 2020-1, Class XB (I/O)

 

 

2.14% (1),(7)

    03/15/50        38,948,500       2,699,649  

CoreVest American Finance Ltd. Series 2020-4, Class XA (I/O)

 

 

3.92% (1),(7)

    12/15/52        22,620,731       387,231  

CoreVest American Finance Ltd. Series 2020-4, Class XB (I/O)

 

 

2.87% (1),(7)

    12/15/52        27,500,000       1,283,359  

CoreVest American Finance Ltd. Series 2021-1, Class XA (I/O)

 

 

3.00% (1),(7)

    04/15/53        46,407,137       1,090,647  

Edgeconnex Data Centers Issuer LLC Series 2022-1, Class A2

 

 

4.25% (1)

    03/25/52        2,381,250       2,283,784  

FirstKey Homes Trust Series 2021-SFR3, Class E1

 

 

2.99% (1)

    12/17/38        5,500,000       5,270,065  

FirstKey Homes Trust Series 2022-SFR3, Class E1

 

 

3.50% (1)

    07/17/38        8,950,000       8,690,421  

Flexential Issuer Series 2021-1A, Class A2

 

 

3.25% (1)

    11/27/51        7,580,000       7,234,401  

HOA Funding LLC Series 2021-1A, Class A2

 

4.72% (1)

    08/20/51        6,136,165       1,840,946  

Hotwire Funding LLC Series 2021-1, Class B

 

 

2.66% (1)

    11/20/51        2,775,000       2,651,663  
Issues   Maturity
Date
     Principal
Amount
    Value  
ASSET-BACKED SECURITIES (Continued)  

Hotwire Funding LLC Series 2024-1A, Class C

 

 

9.19% (1)

    06/20/54      $ 925,000     $ 948,629  

Lehman XS Trust Series 2006-13, Class 1A2

 

 

4.78% (1 mo. USD Term SOFR + 0.454%) (2)

    09/25/36        88        

Madison Park Funding XXXVIII Ltd. Series 2021-38A, Class B

 

 

6.19% (3 mo. USD Term SOFR + 1.912%) (1),(2)

    07/17/34        10,000,000       9,963,640  

NCFA LLC – Loan Participation 1

 

 

2.75% (4)

    06/12/28        1,592,968       1,592,968  

NCFA LLC – Loan Participation 2

 

0.00% (4)

    12/19/27        2,447,455       2,447,455  

New Residential Mortgage Loan Trust Series 2022-SFR2, Class E1

 

 

4.00% (1)

    09/04/39        5,750,000       5,510,948  

Newday Funding Master Issuer PLC Series 2024-2X, Class E

 

8.37% (1 day GBP SONIA +
3.900%) (2),(8)

    07/15/32      GBP  1,500,000       1,995,793  

Progress Residential Trust Series 2021-SFR11, Class F

 

 

4.42% (1)

    01/17/39      $ 2,874,000       2,767,123  

Progress Residential Trust Series 2021-SFR3, Class G

 

4.25% (1)

    05/17/26        3,400,000       3,329,392  

Progress Residential Trust Series 2021-SFR7, Class F

 

 

3.83% (1)

    08/17/40        8,970,000       8,346,375  

Progress Residential Trust Series 2024-SFR5, Class D

 

3.38% (1),(7)

    08/09/29        4,621,000       4,269,881  

Switch ABS Issuer LLC Series 2024-2A, Class C

 

 

10.03% (1)

    06/25/54        3,650,000       3,807,989  

Vantage Data Centers Issuer LLC Series 2020-1A, Class A2

 

1.65% (1)

    09/15/45        8,800,000       8,675,708  
      

 

 

 

Total Asset-Backed Securities

 

 

(Cost: $137,911,481)

 

       114,919,807  
      

 

 

 
COMMERCIAL MORTGAGE-BACKED SECURITIES —
AGENCY — 0.0%
 

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K042, Class X3 (I/O)

 

4.30% (7)

    01/25/43        1,906,166       192  

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K045, Class X3 (I/O)

 

 

3.06% (7)

    04/25/43        759,044       53  

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K046, Class X3 (I/O)

 

2.71% (7)

    04/25/43        26,873,244       2,327  
      

 

 

 

Total Commercial Mortgage-Backed Securities — Agency

 

 

(Cost: $2,083,776)

 

       2,572  
      

 

 

 
 

 

See accompanying Notes to Financial Statements.

 

31


TCW Securitized Bond Fund

Schedule of Investments (Continued)

 

Issues   Maturity
Date
     Principal
Amount
    Value  
COMMERCIAL MORTGAGE-BACKED
SECURITIES — NON-AGENCY — 15.3%
 

1345 Avenue of the Americas & Park Avenue Plaza Trust Series 2005-1, Class A3

 

 

5.28% (1)

    08/10/35      $ 9,834,081     $ 9,792,142  

Arbor Realty Commercial Real Estate Notes Ltd. Series 2021-FL4, Class AS

 

 

6.14% (1 mo. USD Term SOFR + 1.814%) (1),(2)

    11/15/36        11,800,000       11,815,754  

BBCMS Mortgage Trust Series 2024-5C25, Class B

 

6.15% (7)

    03/15/57        5,625,000       5,727,784  

BBCMS Mortgage Trust Series 2024-5C27, Class AS

 

6.41% (7)

    07/15/57        4,725,000       4,948,823  

BBCMS Mortgage Trust Series 2024-5C27, Class B

 

 

6.70% (7)

    07/15/57        4,565,000       4,755,357  

BBCMS Mortgage Trust Series 2024-5C29, Class AS

 

5.63%

    09/15/57        3,000,000       3,057,181  

BBCMS Mortgage Trust Series 2024-C24, Class AS

 

 

5.87%

    02/15/57        6,000,000       6,217,307  

BBCMS Mortgage Trust Series 2024-C26, Class AS

 

6.09% (7)

    05/15/57        6,003,000       6,263,045  

Benchmark Mortgage Trust Series 2019-B13, Class AM

 

 

3.18%

    08/15/57        5,000,000       4,533,151  

Benchmark Mortgage Trust Series 2019-B14, Class 225C

 

3.40% (1),(7)

    12/15/62        8,734,000       460,369  

Benchmark Mortgage Trust Series 2019-B14, Class 225D

 

3.40% (1),(7)

    12/15/62        20,303,000       375,199  

Benchmark Mortgage Trust Series 2024-V10, Class AS

 

5.73% (7)

    09/15/57        4,694,000       4,797,799  

BGME Trust Series 2021-VR, Class C

 

 

3.09% (1),(7)

    01/10/43        3,250,000       2,431,151  

BMO Mortgage Trust Series 2024-5C3, Class AS

 

6.29% (7)

    02/15/57        4,540,000       4,725,831  

BMO Mortgage Trust Series 2024-5C6, Class AS

 

 

5.75% (7)

    09/15/57        2,330,000       2,386,112  

BMO Mortgage Trust Series 2024-C8, Class AS

 

5.91% (7)

    03/15/57        4,011,000       4,196,556  

BPR Trust Series 2021-WILL, Class A

 

6.19% (1 mo. USD Term SOFR + 1.864%) (1),(2)

    06/15/38        4,388,010       4,347,449  

BPR Trust Series 2024-PMDW, Class D

 

 

5.85% (1),(7)

    11/05/41        3,980,000       3,815,360  

BX Commercial Mortgage Trust Series 2020-VIV4, Class A

 

 

2.84% (1)

    03/09/44        7,785,000       7,065,795  

BX Trust Series 2019-OC11, Class A

 

 

3.20% (1)

    12/09/41        8,000,000       7,432,265  

BX Trust Series 2019-OC11, Class B

 

3.61% (1)

    12/09/41        1,196,000       1,116,359  
Issues   Maturity
Date
     Principal
Amount
    Value  
COMMERCIAL MORTGAGE-BACKED
SECURITIES — NON-AGENCY (Continued)
 

BX Trust Series 2019-OC11, Class C

 

3.86% (1)

    12/09/41      $ 1,080,000     $ 1,011,786  

CAMB Commercial Mortgage Trust Series 2019-LIFE, Class D

 

 

6.37% (1 mo. USD Term SOFR + 2.047%) (1),(2)

    12/15/37        6,425,000       6,394,691  

CAMB Commercial Mortgage Trust Series 2021-CX2, Class C

 

 

2.86% (1),(7)

    11/10/46        5,000,000       4,063,725  

CHI Commercial Mortgage Trust Series 2025-SFT, Class D

 

 

7.57% (1),(7)

    04/15/42        4,500,000       4,580,491  

Citigroup Commercial Mortgage Trust Series 2018-C5, Class AS

 

 

4.41% (7)

    06/10/51        5,599,188       5,470,969  

Citigroup Commercial Mortgage Trust Series 2020-555, Class A

 

 

2.65% (1)

    12/10/41        9,400,000       8,377,263  

COMM Mortgage Trust Series 2020-CX, Class B

 

 

2.45% (1)

    11/10/46        6,000,000       5,046,792  

CSMC Trust Series 2021-B33, Class A2

 

3.17% (1)

    10/10/43        5,140,000       4,458,873  

CSMC Trust Series 2021-BPNY, Class A

 

 

8.15% (1 mo. USD Term SOFR + 3.829%) (1),(2)

    08/15/26        18,152,151       16,753,629  

DBGS Mortgage Trust Series 2018-C1, Class AM

 

4.76% (7)

    10/15/51        5,136,000       4,998,106  

DOLP Trust Series 2021-NYC, Class A

 

2.96% (1)

    05/10/41        14,175,000       12,598,739  

Grace Trust Series 2020-GRCE, Class A

 

2.35% (1)

    12/10/40        13,360,000       11,669,205  

Hudson Yards Mortgage Trust Series 2019-55HY, Class A

 

 

3.04% (1),(7)

    12/10/41        1,750,000       1,610,196  

JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class A

 

 

3.40% (1)

    06/05/39        6,865,000       6,451,060  

Life Mortgage Trust Series 2021-BMR, Class G

 

 

7.39% (1 mo. USD Term SOFR + 3.064%) (1),(2)

    03/15/38        2,554,300       2,491,057  

MKT Mortgage Trust Series 2020-525M, Class C

 

 

3.04% (1),(7)

    02/12/40        4,900,000       3,855,950  

MKT Mortgage Trust Series 2020-525M, Class D

 

 

3.04% (1),(7)

    02/12/40        7,500,000       5,664,322  

Morgan Stanley Capital I Trust Series 2019-H7, Class C

 

 

4.13%

    07/15/52        4,000,000       3,585,477  

Morgan Stanley Capital I Trust Series 2020-CNP, Class A

 

 

2.51% (1),(7)

    04/05/42        18,000,000       15,637,756  
 

 

See accompanying Notes to Financial Statements.

 

32


TCW Securitized Bond Fund

 

April 30, 2025

 

Issues   Maturity
Date
     Principal
Amount
    Value  
COMMERCIAL MORTGAGE-BACKED
SECURITIES — NON-AGENCY (Continued)
 

NY Commercial Mortgage Trust Series 2025-299P, Class B

 

 

6.13% (1),(7)

    02/10/47      $ 5,885,000     $ 5,982,869  

One Bryant Park Trust Series 2019-OBP, Class A

 

 

2.52% (1)

    09/15/54        6,870,000       6,145,975  

RIDE Series 2025-SHRE, Class D

 

 

6.97% (1),(7)

    02/14/47        2,500,000       2,532,725  

ROCK Trust Series 2024-CNTR, Class E

 

 

8.82% (1)

    11/13/41        4,000,000       4,196,396  

SFAVE Commercial Mortgage Securities Trust Series 2015- 5AVE, Class A2A

 

 

3.66% (1),(7)

    01/05/43        18,047,000       15,502,965  

SFAVE Commercial Mortgage Securities Trust Series 2015- 5AVE, Class A2B

 

 

4.14% (1),(7)

    01/05/43        1,370,000       1,212,856  

SLG Office Trust Series 2021-OVA, Class E

 

 

2.85% (1)

    07/15/41        4,800,000       3,999,377  

SLG Office Trust Series 2021-OVA, Class G

 

 

2.85% (1)

    07/15/41        16,460,000       12,597,465  

Wells Fargo Commercial Mortgage Trust Series 2016-NXS6, Class XB

 

 

0.69% (7)

    11/15/49        106,409,000       689,169  

Wells Fargo Commercial Mortgage Trust Series 2024-SVEN, Class B

 

 

6.47% (1),(7)

    06/10/37        4,632,000       4,747,361  
      

 

 

 

Total Commercial Mortgage-Backed Securities — Non-Agency

 

 

(Cost: $317,591,458)

 

       282,588,034  
      

 

 

 
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
AGENCY — 68.0%
 

Federal Home Loan Mortgage Corp., Pool #A91162

 

 

5.00%

    02/01/40        7,306,965       7,438,070  

Federal Home Loan Mortgage Corp., Pool #A92195

 

 

5.00%

    05/01/40        1,941,233       1,969,485  

Federal Home Loan Mortgage Corp., Pool #G01959

 

5.00%

    12/01/35        37,119       37,881  

Federal Home Loan Mortgage Corp., Pool #G08710

 

3.00%

    06/01/46        828,040       737,546  

Federal Home Loan Mortgage Corp., Pool #G08833

 

 

5.00%

    07/01/48        1,813,092       1,812,008  

Federal Home Loan Mortgage Corp., Pool #G08840

 

5.00%

    08/01/48        308,124       307,710  

Federal Home Loan Mortgage Corp., Pool #G08848

 

 

4.50%

    11/01/48        1,225,435       1,191,802  

Federal Home Loan Mortgage Corp., Pool #G08849

 

 

5.00%

    11/01/48        2,067,336       2,064,557  

Federal Home Loan Mortgage Corp., Pool #G60238

 

3.50%

    10/01/45        2,706,101       2,505,425  
Issues   Maturity
Date
     Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
AGENCY (Continued)
 

Federal Home Loan Mortgage Corp., Pool #G60440

 

3.50%

    03/01/46      $ 19,340,594     $ 17,907,420  

Federal Home Loan Mortgage Corp., Pool #G67709

 

 

3.50%

    03/01/48        6,008,305       5,537,458  

Federal Home Loan Mortgage Corp., Pool #G67717

 

4.00%

    11/01/48        22,162,960       21,063,719  

Federal Home Loan Mortgage Corp., Pool #N70081

 

 

5.50%

    07/01/38        1,156,646       1,192,112  

Federal Home Loan Mortgage Corp., Pool #P51350

 

5.00%

    03/01/36        943,332       963,426  

Federal Home Loan Mortgage Corp., Pool #QD7213

 

 

2.00%

    02/01/52        5,221,701       4,146,360  

Federal Home Loan Mortgage Corp., Pool #QE0312

 

 

2.00%

    04/01/52        10,619,868       8,432,846  

Federal Home Loan Mortgage Corp., Pool #QG0601

 

 

4.50%

    04/01/53        18,013,289       17,291,029  

Federal Home Loan Mortgage Corp., Pool #SD7513

 

 

3.50%

    04/01/50        11,850,862       10,893,852  

Federal Home Loan Mortgage Corp., Pool #SD8147

 

 

2.50%

    05/01/51        13,236,675       11,070,609  

Federal Home Loan Mortgage Corp., Pool #SD8194

 

 

2.50%

    02/01/52        2,427,215       2,023,249  

Federal Home Loan Mortgage Corp., Pool #SD8212

 

 

2.50%

    05/01/52        10,980,184       9,145,521  

Federal Home Loan Mortgage Corp., Pool #SD8220

 

 

3.00%

    06/01/52        14,360,225       12,465,552  

Federal Home Loan Mortgage Corp., Pool #SD8238

 

 

4.50%

    08/01/52        5,528,571       5,303,418  

Federal Home Loan Mortgage Corp., Pool #SD8245

 

 

4.50%

    09/01/52        16,653,828       15,973,020  

Federal Home Loan Mortgage Corp., Pool #ZT1491

 

 

3.50%

    11/01/48        6,724,778       6,181,425  

Federal Home Loan Mortgage Corp. REMICS Series 2647, Class OV (P/O)

 

 

0.00% (6)

    07/15/33        388,566       302,691  

Federal Home Loan Mortgage Corp. REMICS Series 3149, Class OD (P/O) (PAC)

 

 

0.00% (6)

    05/15/36        1,721,259       1,435,797  

Federal Home Loan Mortgage Corp. REMICS Series 3315, Class S (I/O) (I/F)

 

 

1.95% (-30 day USD SOFR Average + 6.296%) (2)

    05/15/37        146,542       8,702  

Federal Home Loan Mortgage Corp. REMICS Series 3376, Class SX (I/O) (I/F)

 

 

1.58% (-30 day USD SOFR Average + 5.926%) (2)

    10/15/37        997,019       94,514  
 

 

See accompanying Notes to Financial Statements.

 

33


TCW Securitized Bond Fund

Schedule of Investments (Continued)

 

Issues   Maturity
Date
     Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
AGENCY (Continued)
 

Federal Home Loan Mortgage Corp. REMICS Series 3410, Class IS (I/O) (I/F)

 

 

1.81% (-30 day USD SOFR Average + 6.156%) (2)

    02/15/38      $ 1,439,077     $ 144,323  

Federal Home Loan Mortgage Corp. REMICS Series 3424, Class BI (I/O) (I/F)

 

 

2.34% (-30 day USD SOFR Average + 6.686%) (2)

    04/15/38        1,639,013       189,684  

Federal Home Loan Mortgage Corp. REMICS Series 3519, Class SH (I/O) (I/F)

 

 

1.04% (-30 day USD SOFR Average + 5.386%) (2)

    07/15/37        110,609       5,228  

Federal Home Loan Mortgage Corp. REMICS Series 3531, Class SC (I/O) (I/F)

 

 

1.84% (-30 day USD SOFR Average + 6.186%) (2)

    05/15/39        2,104,244       222,837  

Federal Home Loan Mortgage Corp. REMICS Series 3541, Class SA (I/O) (I/F)

 

 

2.29% (-30 day USD SOFR Average + 6.636%) (2)

    06/15/39        882,953       105,628  

Federal Home Loan Mortgage Corp. REMICS Series 3550, Class GS (I/O) (I/F)

 

 

2.29% (-30 day USD SOFR Average + 6.636%) (2)

    07/15/39        1,940,861       223,453  

Federal Home Loan Mortgage Corp. REMICS Series 3788, Class SB (I/O) (I/F)

 

 

2.02% (-30 day USD SOFR Average + 6.366%) (2)

    01/15/41        2,739,775       304,059  

Federal Home Loan Mortgage Corp. REMICS Series 3885, Class PO (P/O) (PAC)

 

 

0.00% (6)

    11/15/33        567,460       457,374  

Federal Home Loan Mortgage Corp. REMICS Series 4030, Class HS (I/O) (I/F)

 

 

2.15% (-30 day USD SOFR Average + 6.496%) (2)

    04/15/42        1,069,131       127,937  

Federal Home Loan Mortgage Corp. REMICS Series 4135, Class DZ

 

 

3.00%

    11/15/42        4,407,467       3,957,454  

Federal Home Loan Mortgage Corp. REMICS Series 4351, Class MB (PAC)

 

 

4.00%

    04/15/44        16,213,407       15,557,923  

Federal Home Loan Mortgage Corp. REMICS Series 4604, Class PB (PAC)

 

 

3.00%

    01/15/46        1,977,000       1,850,920  
Issues   Maturity
Date
     Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
AGENCY (Continued)
 

Federal Home Loan Mortgage Corp. REMICS Series 4772, Class ZA

 

 

4.00%

    07/15/47      $ 5,747,418     $ 5,326,542  

Federal Home Loan Mortgage Corp. REMICS Series 4896, Class DA

 

 

3.00%

    01/15/49        955,192       866,045  

Federal Home Loan Mortgage Corp. REMICS Series 5210, Class LB

 

 

3.00%

    08/25/50        16,601,979       12,648,792  

Federal Home Loan Mortgage Corp. REMICS Series 5224, Class DZ

 

 

4.00%

    04/25/52        7,124,358       6,462,429  

Federal Home Loan Mortgage Corp. STRIPS Series 277, Class 30

 

 

3.00%

    09/15/42        7,376,618       6,764,601  

Federal Home Loan Mortgage Corp. STRIPS Series 377, Class C1

 

 

2.00%

    01/25/51        81,080,884       10,524,677  

Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C2 (I/O)

 

 

2.00%

    02/15/51        131,338,187       17,276,987  

Federal Home Loan Mortgage Corp. STRIPS Series 400, Class C2 (I/O)

 

 

2.00%

    08/25/52        69,626,977       9,093,913  

Federal National Mortgage Association,
Pool #310033

 

 

6.00%

    07/01/47        353,787       376,953  

Federal National Mortgage Association,
Pool #555424

 

 

5.50%

    05/01/33        883,564       910,658  

Federal National Mortgage Association,
Pool #734384

 

 

5.50%

    07/01/33        118,648       122,278  

Federal National Mortgage Association,
Pool #934103

 

 

5.00%

    07/01/38        112,009       113,867  

Federal National Mortgage Association,
Pool #995573

 

 

6.00%

    01/01/49        916,178       977,484  

Federal National Mortgage Association,
Pool #AA3303

 

 

5.50%

    06/01/38        1,225,905       1,261,981  

Federal National Mortgage Association,
Pool #AB6210

 

 

3.00%

    09/01/42        15,511,842       14,117,961  

Federal National Mortgage Association,
Pool #AS7241

 

 

3.50%

    05/01/46        5,059,337       4,663,806  
 

 

See accompanying Notes to Financial Statements.

 

34


TCW Securitized Bond Fund

 

April 30, 2025

 

Issues   Maturity
Date
     Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
AGENCY (Continued)
 

Federal National Mortgage Association,
Pool #AS9454

 

 

4.00%

    04/01/47      $ 587,899     $ 557,328  

Federal National Mortgage Association,
Pool #BM5979

 

 

3.50%

    09/01/45        5,078,789       4,758,495  

Federal National Mortgage Association,
Pool #BQ6913

 

 

2.00%

    12/01/51        19,080,292       15,179,736  

Federal National Mortgage Association,
Pool #BQ7056

 

 

2.00%

    01/01/52        14,710,768       11,684,210  

Federal National Mortgage Association,
Pool #BU7102

 

 

2.50%

    12/01/51        10,051,086       8,384,500  

Federal National Mortgage Association,
Pool #BV4119

 

 

2.50%

    03/01/52        14,215,029       11,839,860  

Federal National Mortgage Association,
Pool #BV4128

 

 

2.00%

    03/01/52        8,531,870       6,774,844  

Federal National Mortgage Association,
Pool #BV7761

 

 

2.50%

    03/01/52        12,203,114       10,183,480  

Federal National Mortgage Association,
Pool #BV8459

 

 

3.00%

    04/01/52        16,891,158       14,664,520  

Federal National Mortgage Association,
Pool #BV8464

 

 

3.00%

    04/01/52        17,471,864       15,168,676  

Federal National Mortgage Association,
Pool #BV8515

 

 

3.00%

    05/01/52        13,658,279       11,856,220  

Federal National Mortgage Association,
Pool #BW9886

 

 

4.50%

    10/01/52        16,385,651       15,713,273  

Federal National Mortgage Association, Pool #BX6752

 

 

5.00%

    03/01/53        4,801,180       4,719,883  

Federal National Mortgage Association, Pool #CA1540

 

 

4.00%

    04/01/48        9,340,642       8,866,003  

Federal National Mortgage Association,
Pool #CA1710

 

 

4.50%

    05/01/48        4,399,091       4,273,104  

Federal National Mortgage Association,
Pool #CA1711

 

 

4.50%

    05/01/48        4,038,423       3,922,765  

Federal National Mortgage Association,
Pool #CA2208

 

 

4.50%

    08/01/48        4,193,967       4,073,854  
Issues   Maturity
Date
     Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
AGENCY (Continued)
 

Federal National Mortgage Association,
Pool #CB0610

 

 

2.50%

    05/01/51      $ 14,634,926     $ 12,322,089  

Federal National Mortgage Association,
Pool #CB3151

 

 

2.00%

    03/01/52        39,275,482       31,326,835  

Federal National Mortgage Association,
Pool #FA0658

 

 

4.50%

    10/01/54        10,868,222       10,397,472  

Federal National Mortgage Association,
Pool #FM2342

 

 

3.50%

    12/01/46        3,041,267       2,849,469  

Federal National Mortgage Association,
Pool #FM9515

 

 

2.50%

    11/01/51        18,615,546       15,495,929  

Federal National Mortgage Association,
Pool #FS0139

 

 

2.50%

    01/01/52        24,377,291       20,496,765  

Federal National Mortgage Association,
Pool #MA2995

 

 

4.00%

    05/01/47        2,613,480       2,477,419  

Federal National Mortgage Association,
Pool #MA4152

 

 

2.00%

    10/01/40        9,395,112       8,127,799  

Federal National Mortgage Association,
Pool #MA4562

 

 

2.00%

    03/01/52        6,374,416       5,061,689  

Federal National Mortgage Association,
Pool #MA4579

 

 

3.00%

    04/01/52        19,494,967       16,927,354  

Federal National Mortgage Association,
Pool #MA4626

 

 

4.00%

    06/01/52        12,303,690       11,493,955  

Federal National Mortgage Association,
Pool #MA4784

 

 

4.50%

    10/01/52        5,765,380       5,528,800  

Federal National Mortgage Association,
Pool #MA5037

 

 

4.50%

    06/01/53        3,560,691       3,406,462  

Federal National Mortgage Association,
Pool #MA5071

 

 

5.00%

    07/01/53        2,696,223       2,647,192  

Federal National Mortgage Association,
Pool #MA5107

 

 

5.50%

    08/01/53        14,314,914       14,320,744  

Federal National Mortgage Association REMICS Series 2004-52, Class SW (I/O) (I/F)

 

 

2.63% (-30 day USD SOFR Average + 6.986%) (2)

    07/25/34        208,493       19,485  
 

 

See accompanying Notes to Financial Statements.

 

35


TCW Securitized Bond Fund

Schedule of Investments (Continued)

 

 

Issues   Maturity
Date
     Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
AGENCY (Continued)
 

Federal National Mortgage Association REMICS Series 2007-103, Class AI (I/O) (I/F)

 

 

2.03% (-30 day USD SOFR Average + 6.386%) (2)

    03/25/37      $ 1,937,270     $ 168,186  

Federal National Mortgage Association REMICS Series 2007-20, Class SI (I/O) (I/F)

 

 

1.98% (-30 day USD SOFR Average + 6.336%) (2)

    03/25/37        474,524       24,341  

Federal National Mortgage Association REMICS Series 2007-21, Class SE (I/O) (I/F)

 

 

1.97% (-30 day USD SOFR Average + 6.326%) (2)

    03/25/37        235,505       13,170  

Federal National Mortgage Association REMICS Series 2007-56, Class SG (I/O) (I/F)

 

 

1.94% (-30 day USD SOFR Average + 6.296%) (2)

    06/25/37        426,093       22,708  

Federal National Mortgage Association REMICS Series 2007-58, Class SV (I/O) (I/F)

 

 

2.28% (-30 day USD SOFR Average + 6.636%) (2)

    06/25/37        1,963,449       225,960  

Federal National Mortgage Association REMICS Series 2007-65, Class S (I/O) (I/F)

 

 

2.13% (-30 day USD SOFR Average + 6.486%) (2)

    07/25/37        209,748       17,651  

Federal National Mortgage Association REMICS Series 2008-1, Class AI (I/O) (I/F)

 

 

1.78% (-30 day USD SOFR Average + 6.136%) (2)

    05/25/37        1,706,205       129,143  

Federal National Mortgage Association REMICS Series 2008-13, Class SB (I/O) (I/F)

 

 

1.77% (-30 day USD SOFR Average + 6.126%) (2)

    03/25/38        1,755,520       124,064  

Federal National Mortgage Association REMICS Series 2008-23, Class SB (I/O) (I/F)

 

 

2.38% (-30 day USD SOFR Average + 6.736%) (2)

    04/25/38        1,411,518       57,107  

Federal National Mortgage Association REMICS Series 2008-35, Class SD (I/O) (I/F)

 

 

1.98% (-30 day USD SOFR Average + 6.336%) (2)

    05/25/38        196,737       3,965  

Federal National Mortgage Association REMICS Series 2008-66, Class SG (I/O) (I/F)

 

 

1.60% (-30 day USD SOFR Average + 5.956%) (2)

    08/25/38        3,722,491       323,712  
Issues   Maturity
Date
     Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
AGENCY (Continued)
 

Federal National Mortgage Association REMICS Series 2008-68, Class SA (I/O) (I/F)

 

 

1.50% (-30 day USD SOFR Average + 5.856%) (2)

    08/25/38      $ 1,233,449     $ 76,409  

Federal National Mortgage Association REMICS Series 2009-3, Class SH (I/O) (I/F)

 

 

0.98% (-30 day USD SOFR Average + 5.336%) (2)

    06/25/37        433,966       27,381  

Federal National Mortgage Association REMICS Series 2009-47, Class SV (I/O) (I/F)

 

 

2.28% (-30 day USD SOFR Average + 6.636%) (2)

    07/25/39        264,493       29,990  

Federal National Mortgage Association REMICS Series 2009-51, Class SA (I/O) (I/F)

 

 

2.28% (-30 day USD SOFR Average + 6.636%) (2)

    07/25/39        1,325,464       134,651  

Federal National Mortgage Association REMICS Series 2009-6, Class SD (I/O) (I/F)

 

 

1.08% (-30 day USD SOFR Average + 5.436%) (2)

    02/25/39        317,529       6,674  

Federal National Mortgage Association REMICS Series 2009-72, Class JS (I/O) (I/F)

 

 

2.78% (-30 day USD SOFR Average + 7.136%) (2)

    09/25/39        232,075       25,334  

Federal National Mortgage Association REMICS Series 2011-131, Class ST (I/O)

 

 

2.07% (-30 day USD SOFR Average + 6.426%) (2)

    12/25/41        10,938,871       1,404,909  

Federal National Mortgage Association REMICS Series 2011-149, Class Z

 

 

4.50%

    01/25/42        2,017,397       2,022,249  

Federal National Mortgage Association REMICS Series 2012-128, Class UY (PAC)

 

 

2.50%

    11/25/42        11,738,000       10,385,333  

Federal National Mortgage Association REMICS Series 2012-19, Class ZN

 

 

3.50%

    01/25/42        2,957,706       2,732,710  

Federal National Mortgage Association REMICS Series 2012-34, Class EB

 

 

4.00%

    04/25/42        2,000,000       1,883,772  

Federal National Mortgage Association REMICS Series 2013-101, Class BO (P/O)

 

 

0.00% (6)

    10/25/43        2,564,952       1,805,493  

Federal National Mortgage Association REMICS Series 2013-101, Class CO (P/O)

 

 

0.00% (6)

    10/25/43        5,680,323       4,017,518  
 

 

See accompanying Notes to Financial Statements.

 

36


TCW Securitized Bond Fund

 

April 30, 2025

 

Issues   Maturity
Date
     Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
AGENCY (Continued)
 

Federal National Mortgage Association REMICS Series 2015-65, Class LZ

 

 

3.50%

    09/25/45      $ 1,682,301     $ 1,472,388  

Federal National Mortgage Association REMICS Series 2018-52, Class PZ (PAC)

 

 

4.00%

    07/25/48        1,322,998       1,234,148  

Federal National Mortgage Association REMICS Series 2018-54, Class KY (PAC)

 

 

3.50%

    08/25/48        1,550,000       1,400,900  

Federal National Mortgage Association REMICS Series 2019-57, Class LT

 

 

2.50%

    10/25/49        6,146,677       5,266,045  

Federal National Mortgage Association REMICS Series 2023-39, Class AI (I/O)

 

 

2.00%

    07/25/52        133,320,524       17,180,697  

Federal National Mortgage Association REMICS Series 2024-81, Class SE (I/O)

 

 

1.00% (-30 day USD SOFR Average + 5.350%) (2)

    07/25/54        45,873,518       2,875,375  

Government National Mortgage Association,
Pool #MA6080

 

 

3.00%

    08/20/49        169,243       147,877  

Government National Mortgage Association,
Pool #MA6209

 

 

3.00%

    10/20/49        2,412,415       2,107,860  

Government National Mortgage Association,
Pool #MA7418

 

 

2.50%

    06/20/51        17,357,029       14,804,561  

Government National Mortgage Association,
Pool #MA7589

 

 

2.50%

    09/20/51        14,424,304       12,299,767  

Government National Mortgage Association,
Pool #MA8347

 

 

4.50%

    10/20/52        9,225,747       8,886,056  

Government National Mortgage Association,
Pool #MA9963

 

 

4.50%

    10/20/54        8,688,610       8,317,726  

Government National Mortgage Association REMICS Series 2011-70, Class BO (P/O)

 

 

0.00% (6)

    05/20/41        2,951,909       2,231,744  

Government National Mortgage Association REMICS Series 2015-162, Class ZG

 

 

4.00%

    11/20/45        4,161,075       3,805,187  

Government National Mortgage Association REMICS Series 2015-42, Class ZB

 

 

3.00%

    03/20/45        19,778,436       17,936,896  

Government National Mortgage Association REMICS Series 2015-43, Class DM

 

 

2.50%

    03/20/45        14,878,176       13,205,842  
Issues   Maturity
Date
     Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
AGENCY (Continued)
 

Government National Mortgage Association REMICS Series 2015-44, Class Z

 

 

3.00%

    03/20/45      $ 14,604,750     $ 12,878,802  

Government National Mortgage Association REMICS Series 2015-92, Class MT

 

 

3.00%

    01/20/45        3,760,000       3,218,764  

Government National Mortgage Association REMICS Series 2016-51, Class DZ

 

 

3.00%

    04/20/46        11,903,124       9,803,039  

Government National Mortgage Association REMICS Series 2017-116, Class ZL

 

 

3.00%

    06/20/47        10,608,640       8,146,406  

Government National Mortgage Association REMICS Series 2017-117, Class ZN

 

 

3.00%

    08/20/47        1,159,751       924,935  

Government National Mortgage Association REMICS Series 2017-14, Class Z

 

 

3.00%

    01/20/47        1,600,530       1,270,505  

Government National Mortgage Association REMICS Series 2017-57, Class Z

 

 

4.00%

    04/20/47        5,534,485       4,686,692  

Government National Mortgage Association REMICS Series 2018-113, Class GZ

 

 

3.00%

    05/20/47        9,878,793       8,614,094  

Government National Mortgage Association REMICS Series 2018-153, Class ZG

 

 

3.50%

    11/20/48        5,099,518       4,463,706  

Government National Mortgage Association REMICS Series 2018-77, Class JY

 

 

3.50%

    06/20/48        1,996,184       1,785,845  

Government National Mortgage Association REMICS Series 2018-78, Class NZ

 

 

3.50%

    06/20/48        6,031,304       5,418,815  

Government National Mortgage Association REMICS Series 2018-97, Class DZ

 

 

3.50%

    07/20/48        2,924,588       2,546,162  

Government National Mortgage Association REMICS Series 2022-128, Class SE (I/O)

 

 

1.61% (-30 day USD SOFR Average + 5.960%) (2)

    07/20/52        32,067,325       3,149,373  

Government National Mortgage Association REMICS Series 2024-159, Class XS (I/O)

 

 

1.15% (-30 day USD SOFR Average + 5.500%) (2)

    10/20/54        28,853,844       2,508,681  

Government National Mortgage Association REMICS Series 2025-41, Class HS

 

 

0.99% (-30 day USD SOFR Average + 5.340%) (2)

    03/20/55        25,083,041       1,976,097  
 

 

See accompanying Notes to Financial Statements.

 

37


TCW Securitized Bond Fund

 

Schedule of Investments (Continued)

 

Issues   Maturity
Date
     Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
AGENCY (Continued)
 

Government National Mortgage Association REMICS Series 2025-45, Class ST (I/O)

 

 

0.95% (-30 day USD SOFR Average + 5.300%) (2)

    03/20/55      $ 13,984,935     $ 906,175  

Government National Mortgage Association, TBA

 

 

2.00%

    11/01/51        13,675,000       11,151,108  

2.50% (9)

    12/01/51        36,925,000       31,466,950  

5.00% (9)

    02/01/55        40,450,000       39,673,906  

5.50% (9)

    02/01/55        27,875,000       27,854,874  

4.00% (9)

    05/01/52        22,975,000       21,383,304  

4.50% (9)

    09/01/54        24,925,000       23,852,216  

Uniform Mortgage-Backed Security, TBA

 

 

2.00% (9)

    11/01/51        53,800,000       42,687,395  

2.50% (9)

    11/01/51        23,150,000       19,250,799  

3.00% (9)

    01/01/52        21,400,000       18,559,674  

3.50% (9)

    02/01/52        57,975,000       52,315,191  

4.00% (9)

    03/01/52        71,550,000       66,666,891  

4.50% (9)

    07/01/54        19,225,000       18,384,348  

5.00% (9)

    07/01/54        37,925,000       37,131,590  

5.50% (9)

    01/01/55        32,150,000       32,078,723  
      

 

 

 

Total Residential Mortgage-Backed Securities —Agency

 

 

(Cost: $1,335,066,167)

 

    1,253,263,766  
      

 

 

 
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY — 22.6%
 

ABFC Trust Series 2007-WMC1, Class A2A

 

 

5.19% (1 mo. USD Term SOFR + 0.864%) (2)

    06/25/37        8,399,672       6,849,729  

ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP1, Class A2C

 

 

4.96% (1 mo. USD Term SOFR + 0.634%) (2)

    03/25/37        10,303,579       4,090,253  

ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP1, Class A2D

 

 

5.20% (1 mo. USD Term SOFR + 0.874%) (2)

    03/25/37        5,538,064       2,198,278  

Argent Securities Trust Series 2006-W4, Class A2C 4.76% (1 mo. USD

 

 

Term SOFR + 0.434%) (2)

    05/25/36        16,262,050       3,870,025  

Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-W3, Class M2

 

 

5.13% (1 mo. USD Term SOFR + 0.804%) (2)

    11/25/35        7,603,398       6,560,559  

Banc of America Funding Trust Series 2004-B, Class 3A1

 

 

4.73% (7),(10)

    12/20/34        132,953       105,322  
Issues   Maturity
Date
     Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)
 

Banc of America Funding Trust Series 2006-3, Class 4A14

 

 

6.00% (10)

    03/25/36      $ 139,437     $ 116,645  

Banc of America Funding Trust Series 2006-3, Class 5A3

 

 

5.50% (10)

    03/25/36        897,394       807,588  

Banc of America Funding Trust Series 2006-D, Class 2A1

 

 

3.50% (7),(10)

    05/20/36        40,877       36,709  

Banc of America Funding Trust Series 2006-D, Class 3A1

 

 

5.22% (7),(10)

    05/20/36        1,090,557       948,552  

Bear Stearns ALT-A Trust Series 2005-2, Class 2A4

 

 

4.17% (7)

    04/25/35        843       753  

Bear Stearns ALT-A Trust Series 2005-4, Class 23A1

 

 

5.49% (7)

    05/25/35        1,242,812       1,163,183  

Bear Stearns ALT-A Trust Series 2006-4, Class 32A1

 

 

4.43% (7)

    07/25/36        281,593       118,831  

Bear Stearns ARM Trust Series 2004-12, Class 1A1

 

 

5.68% (7)

    02/25/35        168,517       155,458  

Bear Stearns ARM Trust Series 2005-10, Class A3

 

 

6.62% (7)

    10/25/35        1,015,006       989,457  

Bear Stearns ARM Trust Series 2006-2, Class 2A1

 

 

4.56% (7),(10)

    07/25/36        528,914       445,753  

Bear Stearns ARM Trust Series 2007-1, Class 2A1

 

 

5.87% (7),(10)

    02/25/47        89,221       76,862  

Bear Stearns Asset-Backed Securities I Trust Series 2005-AC6, Class 1A3

 

 

5.50% (7)

    09/25/35        601,965       574,066  

Bear Stearns Asset-Backed Securities I Trust Series 2005-AC6, Class 1A

 

 

4 5.40% (7)

    09/25/35        1,287,103       1,227,552  

Bear Stearns Mortgage Funding Trust Series 2006-AR1, Class 2A1

 

 

4.88% (1 mo. USD Term SOFR + 0.554%) (2)

    08/25/36        7,594,807       6,953,511  

Bear Stearns Mortgage Funding Trust Series 2006-AR3, Class 1A1

 

 

4.80% (1 mo. USD Term SOFR + 0.474%) (2)

    10/25/36        226,231       195,286  

C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2B

 

 

3.53%

    02/25/37        2,013,937       1,185,802  

C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2C

 

 

3.53%

    02/25/37        6,927,555       4,078,929  
 

 

See accompanying Notes to Financial Statements.

 

38


TCW Securitized Bond Fund

 

April 30, 2025

 

Issues   Maturity
Date
     Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)
 

C-BASS Trust Series 2006-CB9, Class A4

 

 

4.90% (1 mo. USD Term SOFR + 0.574%) (2)

    11/25/36      $ 10,998,390     $ 4,897,511  

Chase Mortgage Finance Trust Series 2006-A1, Class 2A1

 

 

5.70% (7),(10)

    09/25/36        254,008       218,058  

Chase Mortgage Finance Trust Series 2007-A1, Class 8A1

 

 

6.80% (7)

    02/25/37        831,628       796,886  

ChaseFlex Trust Series 2005-1, Class 1A5

 

 

6.50%

    02/25/35        1,988,011       1,388,545  

CHL Mortgage Pass-Through Trust Series 2005-HYB5, Class 4A

 

 

1 6.03% (7)

    09/20/35        7,356       6,272  

CHL Mortgage Pass-Through Trust Series 2007-HY5, Class 1A1

 

 

5.32% (7)

    09/25/47        3,221       2,484  

CHL Mortgage Pass-Through Trust Series 2007-HYB1, Class 1A1

 

 

3.94% (7),(10)

    03/25/37        26,645       21,825  

CIM Trust Series 2019-R3, Class A

 

 

2.63% (1),(7)

    06/25/58        7,571,997       6,947,267  

CIM Trust Series 2020-R1, Class A1

 

 

2.85% (1),(7)

    10/27/59        15,705,541       13,896,112  

CIM Trust Series 2020-R3, Class A1A

 

 

4.00% (1),(7)

    01/26/60        10,119,888       9,653,939  

CIM Trust Series 2020-R6, Class A1A

 

 

2.25% (1),(7)

    12/25/60        8,879,589       8,097,482  

CIM Trust Series 2020-R7, Class A1A

 

 

2.25% (1),(7)

    12/27/61        13,718,732       12,556,106  

CIM Trust Series 2021-R3, Class A1A

 

 

1.95% (1),(7)

    06/25/57        9,790,303       9,030,835  

CIM Trust Series 2023-R1, Class A1A

 

 

5.40% (1),(7)

    04/25/62        6,496,866       6,168,108  

CIM Trust Series 2023-R1, Class A1B

 

 

5.40% (1),(7)

    04/25/62        13,400,000       11,068,744  

Citigroup Mortgage Loan Trust, Inc. Series 2006-AR5, Class 1A1A

 

 

6.26% (7),(10)

    07/25/36        1,463,043       1,049,296  

Citigroup Mortgage Loan Trust, Inc. Series 2007-12, Class 2A1

 

 

6.50% (1),(7),(10)

    10/25/36        2,140,776       1,064,713  

CitiMortgage Alternative Loan Trust Series 2007-A5, Class 1A6

 

 

6.00% (10)

    05/25/37        6,625,604       6,198,491  

Conseco Finance Corp. Series 1999-2, Class A7

 

 

6.44%

    12/01/30        329,210       331,456  

Conseco Finance Securitizations Corp. Series 2000-4, Class A5

 

 

7.97%

    05/01/32        45,277,023       6,381,421  
Issues   Maturity
Date
     Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)
 

Countrywide Alternative Loan Trust Series 2005-84, Class 1A1

 

 

5.28% (7)

    02/25/36      $ 74,724     $ 62,779  

Countrywide Alternative Loan Trust Series 2007-19, Class 1A34

 

 

6.00%

    08/25/37        11,043,794       5,160,160  

Credit Suisse First Boston Mortgage Securities Corp. Series 2005-12, Class 1A1

 

 

6.50%

    01/25/36        6,004,288       1,336,670  

CSMC Mortgage-Backed Trust Series 2006-8, Class 3A1

 

 

6.00%

    10/25/21        607,619       150,856  

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),(7)

    05/25/66        3,633,210       3,080,140  

CSMC Trust Series 2021-RP11, Class A1 (I/O)

 

 

1.48% (1),(7),(3),(4)

    10/25/61        10,177,626       557,384  

CSMC Trust Series 2021-RP11, Class B1

 

 

3.73% (1),(7)

    10/25/61        2,336,437       1,202,884  

CSMC Trust Series 2022-RPL1, Class A1 (I/O)

 

 

0.49% (1),(7),(3),(4)

    04/25/61        8,944,134       104,240  

CSMC Trust Series 2022-RPL1, Class B1

 

 

4.64% (1),(7)

    04/25/61        2,099,786       1,278,298  

CSMCM Trust Series 2021-RP11, Class CERT

 

 

3.78% (1)

    10/27/61        497,197       379,068  

CSMCM Trust Series 2022-RPL1, Class CERT

 

 

4.23% (1)

    04/25/61        466,433       382,059  

Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR6, Class A6

 

 

4.82% (1 mo. USD Term SOFR + 0.494%) (2)

    02/25/37        131,481       111,286  

DSLA Mortgage Loan Trust Series 2005-AR6, Class 2A1A

 

 

5.01% (1 mo. USD Term SOFR + 0.694%) (2)

    10/19/45        1,458,607       1,303,940  

DSLA Mortgage Loan Trust Series 2007-AR1, Class 2A1A

 

 

4.57% (1 mo. USD Term SOFR + 0.254%) (2)

    03/19/37        3,563,085       2,864,573  

Fieldstone Mortgage Investment Trust Series 2007-1, Class 2A2

 

 

4.97% (1 mo. USD Term SOFR + 0.384%) (2)

    04/25/47        2,247,480       1,660,325  
 

 

See accompanying Notes to Financial Statements.

 

39


TCW Securitized Bond Fund

 

Schedule of Investments (Continued)

 

Issues   Maturity
Date
     Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)
 

First Franklin Mortgage Loan Trust Series 2006-FF18, Class A2C

 

 

4.76% (1 mo. USD Term SOFR + 0.434%) (2)

    12/25/37      $ 8,240,005     $ 7,413,191  

First Franklin Mortgage Loan Trust Series 2007-FF1, Class A2C

 

 

4.72% (1 mo. USD Term SOFR + 0.394%) (2)

    01/25/38        2,894,554       1,551,766  

First Franklin Mortgage Loan Trust Series 2007-FF1, Class A2D

 

 

4.88% (1 mo. USD Term SOFR + 0.554%) (2)

    01/25/38        14,167,667       7,599,269  

First Franklin Mortgage Loan Trust Series 2007-FF2, Class A1

 

 

4.72% (1 mo. USD Term SOFR + 0.394%) (2)

    03/25/37        30,072,777       15,407,507  

First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2C

 

 

4.74% (1 mo. USD Term SOFR + 0.414%) (2)

    03/25/37        19,826,731       9,260,910  

GSAA Trust Series 2005-7, Class AF5

 

 

5.11%

    05/25/35        25,477       25,132  

GSR Mortgage Loan Trust Series 2004-9, Class 3A1

 

 

5.44% (7)

    08/25/34        543,207       503,224  

GSR Mortgage Loan Trust Series 2006-OA1, Class 2A2

 

 

4.96% (1 mo. USD Term SOFR + 0.634%) (2)

    08/25/46        42,649,434       9,271,283  

GSR Mortgage Loan Trust Series 2007-AR2, Class 2A1

 

 

5.32% (7)

    05/25/37        1,459,925       756,423  

HSI Asset Loan Obligation Trust Series 2007-2, Class 2A12

 

 

6.00%

    09/25/37        440,418       324,791  

Impac CMB Trust Series 2005-1, Class 1A1

 

 

4.96% (1 mo. USD Term SOFR + 0.634%) (2)

    04/25/35        253,110       240,721  

Impac CMB Trust Series 2005-5, Class A2

 

 

4.88% (1 mo. USD Term SOFR + 0.334%) (2)

    08/25/35        1,552,822       1,428,415  

Impac Secured Assets Trust Series 2006-3, Class A1

 

 

4.78% (1 mo. USD Term SOFR + 0.454%) (2)

    11/25/36        2,702,110       2,424,274  
Issues   Maturity
Date
     Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)
 

IndyMac INDA Mortgage Loan Trust Series 2007-AR7, Class 1A1

 

 

3.50% (7)

    11/25/37      $ 1,201,169     $ 964,841  

IndyMac INDX Mortgage Loan Trust Series 2004-AR9, Class 4A

 

 

5.24% (7)

    11/25/34        131,625       123,458  

IndyMac INDX Mortgage Loan Trust Series 2005-AR23, Class 2A1

 

 

4.74% (7)

    11/25/35        1,407,709       1,098,084  

IndyMac INDX Mortgage Loan Trust Series 2005-AR25, Class 2A1

 

 

3.84% (7)

    12/25/35        1,064,668       872,599  

IndyMac INDX Mortgage Loan Trust Series 2005-AR7, Class 2A1

 

 

3.36% (7)

    06/25/35        729,002       588,925  

IndyMac INDX Mortgage Loan Trust Series 2006-AR39, Class A1

 

 

4.80% (1 mo. USD Term SOFR + 0.474%) (2)

    02/25/37        3,848,344       3,486,975  

IndyMac INDX Mortgage Loan Trust Series 2006-AR6, Class 2A1A

 

 

4.84% (1 mo. USD Term SOFR + 0.514%) (2)

    06/25/46        6,179,294       5,246,539  

IndyMac INDX Mortgage Loan Trust Series 2007-AR11, Class 1A1

 

 

3.36% (7)

    06/25/37        10,055       8,877  

JPMorgan Alternative Loan Trust Series 2006-A2, Class 5A1

 

 

4.45% (7)

    05/25/36        2,867,216       1,601,411  

JPMorgan Alternative Loan Trust Series 2006-A4, Class A8

 

 

4.37% (7)

    09/25/36        133,535       156,013  

JPMorgan Mortgage Acquisition Trust Series 2006-CH2, Class AF4

 

 

5.76%

    10/25/36        3,361,636       2,024,081  

JPMorgan Mortgage Acquisition Trust Series 2006-WMC4, Class A3

 

 

4.68% (1 mo. USD Term SOFR + 0.354%) (2)

    12/25/36        23,569,737       11,132,003  

JPMorgan Mortgage Trust Series 2006-A2, Class 5A3

 

 

7.11% (7)

    11/25/33        213,464       206,439  

JPMorgan Mortgage Trust Series 2006-A4, Class 1A4

 

 

5.46% (7),(10)

    06/25/36        154,165       104,301  

JPMorgan Mortgage Trust Series 2006-A7, Class 2A4R

 

 

4.55% (7)

    01/25/37        6,114       4,669  

JPMorgan Mortgage Trust Series 2006-S2, Class 2A2

 

 

5.88%

    06/25/21        26,027        
 

 

See accompanying Notes to Financial Statements.

 

40


TCW Securitized Bond Fund

 

April 30, 2025

 

Issues   Maturity
Date
     Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)
 

JPMorgan Mortgage Trust Series 2022-INV1, Class A8

 

 

3.00% (1),(7)

    03/25/52      $ 6,674,888     $ 5,494,417  

JPMorgan Mortgage Trust Series 2024-3, Class A8

 

 

3.00% (1),(7)

    05/25/54        10,800,000       8,729,840  

JPMortgage Trust Series 2021-4, Class A8

 

 

2.50% (1),(7)

    08/25/51        10,544,878       8,647,127  

Lehman Mortgage Trust Series 2006-4, Class 4A1

 

 

6.00% (10)

    08/25/21        461,416       308,706  

Lehman XS Trust Series 2006-10N, Class 1A3A

 

 

4.86% (1 mo. USD Term SOFR + 0.534%) (2)

    07/25/46        5,206,083       4,678,586  

Lehman XS Trust Series 2006-12N, Class A31A

 

 

4.84% (1 mo. USD Term SOFR + 0.514%) (2)

    08/25/46        1,517,738       1,517,798  

Lehman XS Trust Series 2006-9, Class A1B

 

 

4.29% (1 mo. USD Term SOFR + 0.434%) (2)

    05/25/46        1        

MASTR Alternative Loan Trust Series 2005-4, Class 1A1

 

 

6.50% (10)

    05/25/35        3,855,017       3,084,531  

MASTR Alternative Loan Trust Series 2006-2, Class 2A1

 

 

4.84% (1 mo. USD Term SOFR + 0.514%) (2),(4)

    03/25/36        65,324       6,232  

MASTR Asset Securitization Trust Series 2006-3, Class 2A1

 

 

4.89% (1 mo. USD Term SOFR + 0.564%) (2)

    10/25/36        28,197       4,636  

MASTR Asset-Backed Securities Trust Series 2006-AB1, Class A4

 

 

6.22%

    02/25/36        150,665       127,483  

MASTR Seasoned Securitization Trust Series 2004-1, Class 4A1

 

 

7.56% (7)

    10/25/32        2,743       2,667  

Merrill Lynch Alternative Note Asset Trust Series 2007-A1, Class A3

 

 

4.76% (1 mo. USD Term SOFR + 0.434%) (2)

    01/25/37        734,171       216,668  

Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A2C

 

 

4.94% (1 mo. USD Term SOFR + 0.614%) (2)

    04/25/37        17,464,146       6,649,311  
Issues   Maturity
Date
     Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)
 

Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A2D

 

 

5.12% (1 mo. USD Term SOFR + 0.794%) (2)

    04/25/37      $ 4,459,009     $ 1,707,672  

Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-2, Class A2C

 

 

4.92% (1 mo. USD Term SOFR + 0.594%) (2)

    05/25/37        2,198,545       1,572,057  

Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2B

 

 

4.70% (1 mo. USD Term SOFR + 0.374%) (2)

    06/25/37        694,822       686,026  

Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-4, Class 2A3

 

 

4.76% (1 mo. USD Term SOFR + 0.434%) (2)

    07/25/37        9,755,185       9,504,603  

Merrill Lynch Mortgage-Backed Securities Trust Series 2007-2, Class 1A1

 

 

6.44% (1 yr. CMT + 2.400%) (2),(10)

    08/25/36        381,367       318,772  

Mid-State Capital Corp. Trust Series 2005-1, Class A

 

 

5.75%

    01/15/40        443,638       443,078  

Morgan Stanley ABS Capital I, Inc. Trust Series 2004-NC8, Class M2

 

 

5.40% (1 mo. USD Term SOFR + 1.074%) (2)

    09/25/34        292,976       301,382  

Morgan Stanley Mortgage Loan Trust Series 2007-3XS, Class 2A6

 

 

6.26%

    01/25/47        2,001,359       585,547  

Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 2A1

 

 

4.68% (1 mo. USD Term SOFR + 0.354%) (2)

    04/25/37        2,549,179       657,237  

Morgan Stanley Residential Mortgage Loan Trust Series 2024-INV3, Class A1

 

 

6.50% (1),(7)

    06/25/54        7,894,635       8,017,114  

MortgageIT Trust Series 2005-4, Class A1 5.00% (1 mo. USD Term SOFR +

 

 

0.674%) (2)

    10/25/35        301,193       296,794  

Oakwood Mortgage Investors, Inc. Series 1999-E, Class A1

 

 

7.61% (7)

    03/15/30        4,494,713       2,043,885  

Ownit Mortgage Loan Trust Series 2006-6, Class A2C 4.76% (1 mo. USD Term SOFR +

 

 

0.434%) (2)

    09/25/37        13,098,069       5,636,191  

PRET LLC Series 2022-RN1, Class A1

 

 

6.72% (1)

    07/25/51        6,656,748       6,664,717  
 

 

See accompanying Notes to Financial Statements.

 

41


TCW Securitized Bond Fund

 

Schedule of Investments (Continued)

 

Issues   Maturity
Date
     Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)
 

PRKCM Trust Series 2021-AFC2, Class A1

 

 

2.07% (1),(7)

    11/25/56      $ 4,930,630     $ 4,293,656  

PRPM LLC Series 2022-3, Class A1

 

 

5.56% (1)

    06/25/27        12,966,581       12,967,447  

RAAC Trust Series 2005-SP1, Class 4A1

 

 

7.00%

    09/25/34        544,729       541,223  

RALI Trust Series 2005-QA13, Class 2A1

 

 

5.34% (7),(10)

    12/25/35        322,816       277,930  

RALI Trust Series 2005-QA7, Class A21

 

 

5.66% (7),(10)

    07/25/35        735,139       685,373  

RALI Trust Series 2005-QA8, Class CB21

 

 

5.30% (7),(10)

    07/25/35        2,218,243       1,136,437  

RALI Trust Series 2006-QA1, Class A21

 

 

5.21% (7),(10)

    01/25/36        8,507       5,600  

RALI Trust Series 2006-QA2, Class 1A1 4.69% (1 mo. USD Term SOFR +

 

 

0.364%) (2),(10)

    02/25/36        9,815       6,199  

RALI Trust Series 2006-QS10, Class AV (I/O)

 

 

0.57% (7),(4)

    08/25/36        14,758,170       278,650  

RALI Trust Series 2006-QS5, Class A5

 

 

6.00% (10)

    05/25/36        1,751,029       1,456,745  

RALI Trust Series 2006-QS6, Class 1AV (I/O)

 

 

0.77% (7),(4)

    06/25/36        20,891,783       554,512  

RALI Trust Series 2006-QS7, Class AV (I/O)

 

 

0.73% (7),(4)

    06/25/36        3,961,416       98,628  

RALI Trust Series 2007-QS1, Class 2AV (I/O)

 

 

0.17% (7),(4)

    01/25/37        1,074,937       5,601  

RALI Trust Series 2007-QS2, Class AV (I/O)

 

 

0.30% (7),(4)

    01/25/37        7,203,351       74,684  

RALI Trust Series 2007-QS3, Class AV (I/O)

 

 

0.36% (7),(4)

    02/25/37        34,670,762       509,452  

RALI Trust Series 2007-QS4, Class 3AV (I/O)

 

 

0.38% (7),(4)

    03/25/37        3,752,921       46,330  

RALI Trust Series 2007-QS5, Class AV (I/O)

 

 

0.28% (7),(4)

    03/25/37        5,033,665       58,344  

RALI Trust Series 2007-QS6, Class A45

 

 

5.75% (10)

    04/25/37        1,182,825       966,694  

RALI Trust Series 2007-QS8, Class AV (I/O)

 

 

0.44% (7),(4)

    06/25/37        8,296,307       143,081  

Residential Asset Securitization Trust Series 2007-A3, Class 1A4

 

 

5.75% (10)

    04/25/37        2,247,987       1,017,490  

RFMSI Trust Series 2005-SA5, Class 2A

 

 

5.36% (7),(10)

    11/25/35        6,558       5,814  

RFMSI Trust Series 2006-S9, Class A3 (PAC)

 

 

5.75% (10)

    09/25/36        255,678       203,162  

RFMSI Trust Series 2007-S2, Class A9

 

 

6.00%

    02/25/37        2,716,029       2,072,661  
Issues   Maturity
Date
     Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)
 

RFMSI Trust Series 2007-SA2, Class 2A2

 

 

5.61% (7),(10)

    04/25/37      $ 7,956     $ 6,734  

Roc Mortgage Trust Series 2021-RTL1, Class A1

 

 

3.49% (1),(7)

    08/25/26        1,469,225       1,467,835  

Saxon Asset Securities Trust Series 2007-2, Class A2C

 

 

4.68% (1 mo. USD Term SOFR + 0.354%) (2)

    05/25/47        9,383,874       6,687,416  

Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2

 

 

2.83%

    01/25/36        2,527,323       2,147,396  

Securitized Asset-Backed Receivables LLC Trust Series 2007-BR1, Class A2C

 

 

5.12% (1 mo. USD Term SOFR + 0.794%) (2)

    02/25/37        7,058,776       2,929,553  

Securitized Asset-Backed Receivables LLC Trust Series 2007-NC2, Class A2B

 

 

4.72% (1 mo. USD Term SOFR + 0.394%) (2)

    01/25/37        10,600,223       8,909,849  

Sequoia Mortgage Trust Series 2003-8, Class A1

 

 

5.07% (1 mo. USD Term SOFR + 0.754%) (2)

    01/20/34        153,888       147,060  

Soundview Home Loan Trust Series 2007-OPT3, Class 2A4

 

 

4.69% (1 mo. USD Term SOFR + 0.364%) (2)

    08/25/37        4,000,000       3,629,505  

STARM Mortgage Loan Trust Series 2007-1, Class 1A1

 

 

6.88% (7)

    02/25/37        1,336,110       728,940  

STARM Mortgage Loan Trust Series 2007-2, Class 2A1

 

 

5.88% (7)

    04/25/37        79,114       43,047  

STARM Mortgage Loan Trust Series 2007-3, Class 1A1

 

 

6.83% (7)

    06/25/37        1,693       793  

Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 2A

 

 

5.06% (7)

    09/25/34        256,344       248,087  

Structured Adjustable Rate Mortgage Loan Trust Series 2004-14, Class 2A

 

 

5.56% (7)

    10/25/34        591,748       578,002  

Structured Adjustable Rate Mortgage Loan Trust Series 2006-5, Class 1A1

 

 

5.07% (7),(10)

    06/25/36        1,202,026       1,085,346  

Structured Asset Mortgage Investments II Trust Series 2007- AR4, Class A5

 

 

4.88% (1 mo. USD Term SOFR + 0.554%) (2)

    09/25/47        10,835,565       9,406,471  
 

 

See accompanying Notes to Financial Statements.

 

42


TCW Securitized Bond Fund

 

April 30, 2025

 

Issues   Maturity
Date
     Principal
Amount
    Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)
 

Towd Point Mortgage Trust Series 2018-2, Class B1

 

 

3.77% (1),(7)

    03/25/58      $ 13,050,000     $ 11,216,770  

WaMu Mortgage Pass-Through Certificates Trust Series 2004-AR14, Class A1

 

 

5.34% (7)

    01/25/35        1,808,718       1,654,028  

WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR14, Class 2A1

 

 

5.13% (7)

    12/25/35        266,319       241,390  

WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR18, Class 1A1

 

 

5.01% (7)

    01/25/36        587,278       555,823  

WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR11, Class 1A

 

 

5.53% (1 yr. MTA + 0.960%) (2),(10)

    09/25/46        1,694,997       1,349,145  

WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR17, Class 1A1A 4.15% (1 yr. MTA +

 

 

0.810%) (2)

    12/25/46        1,755,655       1,492,784  

Washington Mutual Asset-Backed Certificates WMABS Trust Series 2007-HE2, Class 2A1

 

 

4.64% (1 mo. USD Term SOFR + 0.314%) (2)

    02/25/37        15,044,887       4,615,100  

Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-1, Class 3A2

 

 

5.75% (10)

    02/25/36        432,206       403,153  

Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-5, Class 1A1

 

 

5.04% (1 mo. USD Term SOFR + 0.714%) (2),(10)

    07/25/36        938,590       675,596  

Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2002-AR1, Class 1A1

 

 

6.77% (7)

    11/25/30        10,874       10,919  

Wells Fargo Home Equity Asset-Backed Securities Trust Series 2007-1, Class A3

 

 

5.08% (1 mo. USD Term SOFR + 0.754%) (2)

    03/25/37        5,521,000       5,165,793  

Wells Fargo Mortgage-Backed Securities Trust Series 2006- AR11, Class A6

 

 

7.02% (7),(10)

    08/25/36        766,303       685,661  
      

 

 

 

Total Residential Mortgage-Backed Securities —
Non Agency

 

 

(Cost: $454,261,689)

 

    417,376,424  
      

 

 

 
Issues   Maturity
Date
     Principal
Amount
    Value  
U.S. TREASURY SECURITIES — 3.6%  

U.S. Treasury Bonds

 

 

4.63%

    02/15/55      $ 761,000     $ 753,569  

U.S. Treasury Notes

 

 

3.75%

    04/30/27        44,209,000       44,345,426  

3.88%

    04/30/30        7,675,000       7,731,663  

4.63%

    02/15/35        12,043,000       12,497,435  
      

 

 

 

Total U.S. Treasury Securities

 

 

(Cost: $64,968,930)

 

    65,328,093  
      

 

 

 

Total Fixed Income Securities

 

 

(Cost: $2,311,883,502)

 

    2,133,478,696  
      

 

 

 
           Shares        
INVESTMENT COMPANIES — 0.4%  

TCW Private Asset Income Fund — I Class (11)

 

     816,658       8,174,747  
      

 

 

 

Total Investment Companies

 

 

(Cost: $8,166,580)

 

       8,174,747  
      

 

 

 
MONEY MARKET INVESTMENTS — 7.8%  
State Street Institutional U.S. Government Money
Market Fund — Premier Class,
       

4.29% (12)

       19,023,653       19,023,653  

TCW Central Cash Fund,
4.34% (11),(12)

 

     124,249,045       124,249,045  
      

 

 

 

Total Money Market Investments

 

 

(Cost: $143,272,698)

 

       143,272,698  
      

 

 

 

Total Investments (123.9%)

(Cost: $2,463,322,779)

 

 

       2,284,926,141  
      

 

 

 

Liabilities In Excess Of Other Assets (-23.9%)

 

    (441,265,163
      

 

 

 

Net Assets (100.0%)

 

     $ 1,843,660,978  
      

 

 

 
 

 

See accompanying Notes to Financial Statements.

 

43


TCW Securitized Bond Fund

Schedule of Investments (Continued)

 

Futures Contracts  
Number of
Contracts
   Type    Expiration
Date
       Notional        Market
Value
       Net Unrealized
Appreciation
(Depreciation)
 

Long Futures

 

811    U.S. Ultra Long Bond Futures      06/18/25        $ 97,362,703        $ 98,156,344        $ 793,641  
936    5-Year U.S. Treasury Note Futures      06/30/25          100,538,410          102,206,813          1,668,403  
2,010    2-Year U.S. Treasury Note Futures      06/30/25          414,713,507          418,378,360          3,664,853  
          

 

 

      

 

 

      

 

 

 
           $  612,614,620        $  618,741,517        $  6,126,897  
          

 

 

      

 

 

      

 

 

 

Short Futures

 

1,375    10-Year U.S. Treasury Note Futures      06/18/25        $  (155,395,105      $  (157,759,766      $  (2,364,661
          

 

 

      

 

 

      

 

 

 

 

Forward Currency Exchange Contracts  
Counterparty    Contracts to
Deliver
     Units of
Currency
     Settlement
Date
     In Exchange for
USD
     Contracts at
Value
     Unrealized
Appreciation
(Depreciation)
 

SELL (13)

                 

Goldman Sachs & Co.

     GBP        1,501,000        07/11/25      $ 1,921,189      $ 2,005,408      $ (84,219
           

 

 

    

 

 

    

 

 

 
            $  1,921,189      $  2,005,408      $  (84,219
           

 

 

    

 

 

    

 

 

 

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.
REMICS   Real Estate Mortgage Investment Conduits.
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, 2025, the value of these securities amounted to $478,085,260 or 25.9% 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, 2025.
(3)   Restricted security (Note 11).
(4)   For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.
(5)   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.
(6)   Security is not accruing interest.
(7)   Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(8)   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, 2025, the value of these securities amounted to $1,995,793 or 0.1% of net assets.
(9)   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.
(10)   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.
(11)   Affiliated issuer.
(12)   Rate disclosed is the 7-day net yield as of April 30, 2025.
(13)   Fund sells foreign currency, buys USD.

 

See accompanying Notes to Financial Statements.

 

44


TCW Securitized Bond Fund

 

April 30, 2025

 

The summary of the TCW Securitized Bond Fund transactions in the affiliated funds for the period ended April 30, 2025 is as follows:

 

Name of
Affiliated Fund

  Value at
October 31,
2024
    Purchases
at Cost
    Proceeds
from Sales
    Number
of Shares
Held
April 30,
2025
    Value at
April 30, 2025
    Dividends
and
Interest
Income
Received
    Distributions
Receivedfrom
Net Realized
Gain
    Net Realized
Gain (Loss)
on
Investments
    Net change in
Unrealized
Gain (Loss)
on
Investments
 

TCW Central Cash Fund

 

     
  $  28,651,674     $  551,997,371     $  456,400,000       124,249,045     $ 124,249,045     $ 797,869     $  —     $  —     $  

TCW Private Asset Income Fund — Share Class I

 

     
          8,166,580             816,658       8,174,747       28,336                   8,167  
         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

          $  132,423,792     $  826,205     $  —     $     $  8,167  
         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

See accompanying Notes to Financial Statements.

 

45


TCW Securitized Bond Fund

 

Fair Valuation Summary

April 30, 2025

 

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 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

   $     $ 1,209,712,169     $ 43,551,597      $ 1,253,263,766  

Residential Mortgage-Backed Securities — Non-Agency

           414,939,285       2,437,139        417,376,424  

Commercial Mortgage-Backed Securities — Non-Agency

           282,588,034              282,588,034  

Asset-Backed Securities

           107,286,652       7,633,155        114,919,807  

U.S. Treasury Securities

     65,328,093                    65,328,093  

Commercial Mortgage-Backed Securities — Agency

           2,572              2,572  
  

 

 

   

 

 

   

 

 

    

 

 

 

Total Fixed Income Securities

     65,328,093       2,014,528,712       53,621,891        2,133,478,696  
  

 

 

   

 

 

   

 

 

    

 

 

 

Money Market Investments

     143,272,698                    143,272,698  

Investment Companies

                 8,174,747        8,174,747  
  

 

 

   

 

 

   

 

 

    

 

 

 

Total Investments

   $ 208,600,791     $ 2,014,528,712     $ 61,796,638      $ 2,284,926,141  
  

 

 

   

 

 

   

 

 

    

 

 

 

Asset Derivatives

         

Futures Contracts

         

Interest Rate Risk

     6,126,897                    6,126,897  
  

 

 

   

 

 

   

 

 

    

 

 

 

Total

   $ 214,727,688     $ 2,014,528,712     $ 61,796,638      $ 2,291,053,038  
  

 

 

   

 

 

   

 

 

    

 

 

 

Liability Derivatives

         

Futures Contracts

         

Interest Rate Risk

   $ (2,364,661   $     $      $ (2,364,661

Forward Currency Contracts

         

Foreign Currency Risk

           (84,219            (84,219
  

 

 

   

 

 

   

 

 

    

 

 

 

Total

   $ (2,364,661   $ (84,219   $      $ (2,448,880
  

 

 

   

 

 

   

 

 

    

 

 

 

 

See accompanying Notes to Financial Statements.

 

46


TCW Funds, Inc.

 

Statements of Assets and Liabilities

April 30, 2025

 

     TCW
Central Cash

Fund
    TCW
Core Fixed
Income Fund
    TCW
Global

Bond Fund
    TCW
Securitized Bond
Fund
 

ASSETS

 

Investments, at Value (1)

   $ 1,793,315,965     $ 548,378,873     $ 21,463,176     $ 2,152,502,349  

Investment in Affiliated Issuers, at Value

           63,600,658  (2)      1,155,844  (2)      132,423,792  (2) 

Foreign Currency, at Value

           11,938  (3)      1,945  (3)       

Repurchase agreement at value (Cost $)

     800,000,000  (4)                   

Cash

     17,542       359,987             848,167  

Receivable for Securities Sold

           5,975,168       19       13,541,540  

Receivable for Sale of When-Issued Securities

           21,348,259       106,035       50,708,036  

Receivable for Fund Shares Sold

           328,538       2,563       1,084,312  

Interest and Dividends Receivable

     3,215,086       2,763,510       171,083       6,936,007  

Receivable from Investment Advisor

           56,960       24,455       74,168  

Unrealized Appreciation on Forward Currency Exchange Contracts

           1,855       143,095        

Receivable for Daily Variation Margin on Open Financial Futures Contracts

           56,529       3,670        

Cash Collateral Held for Brokers

           3,552,002       144,091       7,925,294  

Prepaid Expenses

           48,977       21,089       61,518  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Assets

     2,596,548,593       646,483,254       23,237,065       2,366,105,183  
  

 

 

   

 

 

   

 

 

   

 

 

 

LIABILITIES

 

Distributions Payable

     521,489       102,866       822       3,060,292  

Payable for Securities Purchased

           11,339,361       465,343        

Payable for Purchase of When-Issued Securities

           75,646,048       2,366,866       511,177,275  

Payable for Fund Shares Redeemed

           1,082,476       1,192       4,793,095  

Accrued Capital Gain Withholding Taxes

                 20        

Disbursements in Excess of Available Cash

                 726        

Accrued Directors’ Fees and Expenses

     20,038       19,674       20,468       18,680  

Deferred Accrued Directors’ Fees and Expenses

           5,631       5,631       5,631  

Accrued Management Fees

           211,196       8,178       591,590  

Accrued Distribution Fees

           22,447       1,818       56,743  

Payable for Daily Variation Margin on Open Centrally Cleared Swap Contracts

                 8,927       183,205  

Collateral Pledged by Brokers

           333,000             685,000  

Unrealized Depreciation on Forward Currency Exchange Contracts

           899,645       98,309       84,219  

Transfer Agent Fees Payable

     4,763       231,227       10,801       708,122  

Administration Fee Payable

     (42,044     35,995       5,482       105,592  

Audit Fees Payable

     (212     44,567       26,647       128,703  

Accounting Fees Payable

     (19,576     82,053       4,103       296,658  

Custodian Fees Payable

     6,903       54,652       25,668       230,119  

Legal Fees Payable

     (232     34,224       653       74,329  

Other Accrued Expenses

     (7,903     88,605       17,938       244,952  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities

     483,226       90,233,667       3,069,592       522,444,205  
  

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETS

   $ 2,596,065,367     $ 556,249,587     $ 20,167,473     $ 1,843,660,978  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

See accompanying Notes to Financial Statements.

 

47


TCW Funds, Inc.

Statements of Assets and Liabilities (Continued)

 

     TCW
Central Cash

Fund
    TCW
Core Fixed
Income Fund
    TCW
Global

Bond Fund
    TCW
Securitized Bond
Fund
 

NET ASSETS CONSIST OF:

 

Paid-in Capital

   $  2,596,135,121     $  807,716,219     $  23,273,713     $  2,712,973,393  

Accumulated Earnings (Loss)

     (69,754     (251,466,632     (3,106,240     (869,312,415
  

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETS

   $ 2,596,065,367     $ 556,249,587     $ 20,167,473     $ 1,843,660,978  
  

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETS ATTRIBUTABLE TO:

 

I Class Share

   $     $ 349,227,650     $ 11,171,805     $ 1,561,024,190  
  

 

 

   

 

 

   

 

 

   

 

 

 

N Class Share

   $     $ 109,703,454     $ 8,995,668     $ 276,144,495  
  

 

 

   

 

 

   

 

 

   

 

 

 

Plan Class Share

   $     $ 97,318,483     $     $ 6,492,293  
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash Management Shares

   $ 2,596,065,367                    
  

 

 

   

 

 

   

 

 

   

 

 

 

CAPITAL SHARES OUTSTANDING: (5)

 

I Class Share

           36,022,162       1,309,930       199,674,531  
  

 

 

   

 

 

   

 

 

   

 

 

 

N Class Share

           11,338,103       1,054,954       34,233,460  
  

 

 

   

 

 

   

 

 

   

 

 

 

Plan Class Share

           9,984,841             826,222  
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash Management Shares

     2,596,135,121                    
  

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSET VALUE PER SHARE: (6)

 

I Class Share

   $     $ 9.69     $ 8.53     $ 7.82  
  

 

 

   

 

 

   

 

 

   

 

 

 

N Class Share

   $     $ 9.68     $ 8.53     $ 8.07  
  

 

 

   

 

 

   

 

 

   

 

 

 

Plan Class Share

   $     $ 9.75     $     $ 7.86  
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash Management Shares

   $ 1.00     $     $     $  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

The identified cost for the TCW Central Cash Fund, the TCW Core Fixed Income Fund, the TCW Global Bond Fund and the TCW Securitized Bond Fund at April 30, 2025 was $1,793,315,965, $559,918,318, $21,491,729 and $2,330,907,154, respectively.

(2)

The identified cost for the TCW Core Fixed Income Fund, the TCW Global Bond Fund and the TCW Securitized Bond Fund at April 30, 2025 was $63,600,658, $1,156,866 and $132,415,625, respectively.

(3)

The identified cost for the TCW Core Fixed Income Fund and the TCW Global Bond Fund at April 30, 2025 was $12,046 and $1,920, respectively.

(4)

The identified cost was $800,000,000.

(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 and Cash Management Shares.

(6)

Represents offering price and redemption price per share.

 

See accompanying Notes to Financial Statements.

 

48


TCW Funds, Inc.

 

Statements of Operations

Six Months Ended April 30, 2025

 

     TCW
Central Cash
Fund
    TCW
Core Fixed
Income Fund
    TCW
Global
Bond Fund
    TCW
Securitized
Bond Fund
 

INVESTMENT INCOME

 

Income:

 

Dividends

   $ 482,145     $ 94,342     $ 2,152     $ 183,874  

Dividends from Investment in Affiliated Issuers

           1,815,631       35,035       826,205  

Interest

     57,403,072       14,541,595       421,043  (1)      27,178,094  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total

     57,885,217       16,451,568       458,230       28,188,173  
  

 

 

   

 

 

   

 

 

   

 

 

 

Expenses:

        

Management Fees

           1,511,590       47,707       3,490,196  

Accounting Services Fees

     20,162       11,278       7,751       20,886  

Administration Fees

     19,836       30,571       6,521       38,721  

Transfer Agent Fees:

        

I Class

     2,976       229,092       3,597       693,779  

N Class

           76,609       4,035       173,259  

Plan Class

           6,565             4,008  

Custodian Fees

     20,136       33,790       32,267       37,512  

Professional Fees

     41,281       54,656       23,361       141,181  

Directors’ Fees and Expenses

     19,836       46,169       46,169       46,169  

Registration Fees:

        

I Class

           11,292       7,787       20,359  

N Class

           8,569       7,627       10,213  

Plan Class

           9,861             8,486  

Distribution Fees:

        

N Class

           141,653       10,661       361,711  

Compliance Expense

           1,703       1,703       1,703  

Shareholder Reporting Expense

           4,223       1,461       7,534  

Other

     3,108       47,832       3,334       194,698  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total

     127,335       2,225,453       203,981       5,250,415  
  

 

 

   

 

 

   

 

 

   

 

 

 

Less Expenses Borne by Investment Advisor:

        

I Class

           (149,930     (74,065     (454,943

N Class

           (146,608     (67,852     (202,090

Plan Class

           (35,753           (12,570
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Expenses

     127,335       1,893,162       62,064       4,580,812  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Investment Income

     57,757,882       14,558,406       396,166       23,607,361  
  

 

 

   

 

 

   

 

 

   

 

 

 

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

 

Net Realized Gain (Loss) on:

 

Investments

     (20,165     (24,246,006     (724,936     (20,111,044

Foreign Currency

           (44,889     (3,070     (30,296

Forward Currency Exchange Contracts

           492,950       59,512       24,055  

Futures Contracts

           (2,280,498     (109,559     (12,802,802

Swap Agreements

           837,433       808        

Change in Unrealized Appreciation (Depreciation) on:

        

Investments

           23,357,130       1,122,059  (2)      54,332,953  

Foreign Currency

           13,205       3,815       30  

Forward Currency Exchange Contracts

           (1,111,511     42,523       (84,219

Futures Contracts

           4,874,157       168,575       11,410,484  

Investments in Affiliated Issuers

                 (4,536     8,167  

Swap Agreements

           (237,905     11,554        
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Realized and Unrealized Gain (Loss) on Investments

     (20,165     1,654,066       566,745       32,747,328  
  

 

 

   

 

 

   

 

 

   

 

 

 

INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

   $  57,737,717     $ 16,212,472     $ 962,911     $ 56,354,689  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

Net of foreign taxes withheld of $429 for the TCW Global Bond Fund

(2)

Net of capital gain withholding taxes of $20 for the TCW Global Bond Fund.

 

See accompanying Notes to Financial Statements.

 

49


TCW Funds, Inc.

 

Statements of Changes in Net Assets

 

     TCW
Central Cash
Fund
    TCW
Core Fixed Income
Fund
 
     Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended
October 31,

2024 (1)
    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended
October 31,

2024
 

OPERATIONS

 

Net Investment Income

   $ 57,757,882     $ 45,240,641     $ 14,558,406     $ 37,632,486  

Net Realized Gain (Loss) on Investments, Futures Contracts, Swap Contracts and Foreign Currency Transactions

     (20,165     (49,588     (25,241,010     12,291,230  

Change in Unrealized Appreciation on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts

                 26,895,076       61,915,545  
  

 

 

   

 

 

   

 

 

   

 

 

 

Increase in Net Assets Resulting from Operations

     57,737,717       45,191,053       16,212,472       111,839,261  
  

 

 

   

 

 

   

 

 

   

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS

 

Distributions to Shareholders

     (57,757,883     (45,240,641     (17,334,332     (42,725,492
  

 

 

   

 

 

   

 

 

   

 

 

 

NET CAPITAL SHARE TRANSACTIONS

 

I Class

     (131,476,769     2,727,611,890        (267,957,134     (113,917,492

N Class

                 (14,038,356     (38,601,564

Plan Class

                 662,439       (112,580,761
  

 

 

   

 

 

   

 

 

   

 

 

 

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions

     (131,476,769     2,727,611,890  (2)      (281,333,051     (265,099,817
  

 

 

   

 

 

   

 

 

   

 

 

 

Increase (Decrease) in Net Assets

     (131,496,935     2,727,562,302       (282,454,911     (195,986,048

NET ASSETS

 

Beginning of period

     2,727,562,302             838,704,498        1,034,690,546  
  

 

 

   

 

 

   

 

 

   

 

 

 

End of period

   $  2,596,065,367     $  2,727,562,302     $ 556,249,587     $ 838,704,498  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

For the period July 15, 2024 (Commencement of Operations) through October 31, 2024.

(2)

All transactions are with other affiliated TCW Funds.

 

See accompanying Notes to Financial Statements.

 

50


TCW Funds, Inc.

 

Statements of Changes in Net Assets

 

     TCW
Global Bond

Fund
    TCW
Securitized Bond

Fund
 
     Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended
October 31,

2024
    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended
October 31,

2024
 

OPERATIONS

 

Net Investment Income

   $ 396,166     $ 840,973     $ 23,607,361     $ 96,762,913  

Net Realized Loss on Investments, Futures Contracts, Swap Contracts and Foreign Currency Transactions

     (777,245     (435,948     (32,920,087     (8,402,149

Change in Unrealized Appreciation on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts

     1,343,990       1,542,347       65,667,415       197,053,185  
  

 

 

   

 

 

   

 

 

   

 

 

 

Increase in Net Assets Resulting from Operations

     962,911       1,947,372       56,354,689       285,413,949  
  

 

 

   

 

 

   

 

 

   

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS

 

Distributions to Shareholders

     (279,746     (581,421     (64,836,858     (132,779,468
  

 

 

   

 

 

   

 

 

   

 

 

 

NET CAPITAL SHARE TRANSACTIONS

 

I Class

     (160,388     361,584       (8,758,481     (700,307,268

N Class

     87,590       27,961       (34,740,424     (101,983,001

Plan Class

                 1,608,719       2,279,445  
  

 

 

   

 

 

   

 

 

   

 

 

 

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions

     (72,798     389,545       (41,890,186     (800,010,824
  

 

 

   

 

 

   

 

 

   

 

 

 

Increase (Decrease) in Net Assets

     610,367       1,755,496       (50,372,355     (647,376,343

NET ASSETS

 

Beginning of period

     19,557,106       17,801,610       1,894,033,333       2,541,409,676  
  

 

 

   

 

 

   

 

 

   

 

 

 

End of period

   $  20,167,473     $  19,557,106     $  1,843,660,978     $  1,894,033,333  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

See accompanying Notes to Financial Statements.

 

51


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, 2025, the Company consisted of 12 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 Central Cash Fund  

The Fund seeks maximum current income, consistent with preservation of capital, daily liquidity and a stable share price of $1.0000. The Fund is a government money market fund.

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 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”).

TCW Securitized 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 issued by securitized vehicles and similar instruments. 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

 

52


TCW Funds, Inc.

 

April 30, 2025

 

Note 1 — Organization (Continued)

TCW Fund

 

Investment Objectives and Principal Investment Strategies

 

Ratings or the equivalent by any other nationally recognized statistical organization; other obligations of the U.S. government or its agencies, instrumentalities or sponsored corporations; and money market instruments. Under normal market conditions, the portfolio managers seek to construct an investment portfolio with a weighted average duration of no more than eight years.

All of the Funds currently offer two classes of shares: I Class and N Class, except for the TCW Central Cash Fund, which only offers Cash Management Shares, and the TCW Core Fixed Income Fund and TCW Securitized Bond Fund, which also offer Plan Class shares. The I Class, N Class, and Plan Class of a Fund are substantially the same except that the N Class shares are subject to a distribution fee (see Note 7). Cash Management Shares are generally available for purchase only by funds, separately managed accounts and other investment vehicles advised or subadvised by the Advisor or its affiliates, and therefore are not available to the public.

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. 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.

 

53


TCW Funds, Inc.

 

Notes to Financial Statements (Unaudited) (Continued)

 

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 issuer, establish a benchmark yield, and develop an estimated tranche-specific spread to the benchmark

 

54


TCW Funds, Inc.

 

April 30, 2025

 

Note 2 — Significant Accounting Policies (Continued)

 

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.

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

 

55


TCW Funds, Inc.

 

Notes to Financial Statements (Unaudited) (Continued)

 

Note 2 — Significant Accounting Policies (Continued)

 

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.

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 fair valuations according to the inputs used as of April 30, 2025 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
    Residential
Mortgage-Backed
Securities —
Agency
    Total  

Balance as of October 31, 2024

   $ 3,596,945     $     $ 3,596,945  

Accrued Discounts (Premiums)

                  

Realized Gain (Loss)

           (52,915     (52,915

Change in Unrealized Appreciation (Depreciation)*

     95,125       (7,386     87,739  

Purchases

            2,657,684        2,657,684  

Sales

     (153,443           (153,443

Transfers in to Level 3

                  

Transfers out of Level 3

                  
  

 

 

   

 

 

   

 

 

 

Balance as of April 30, 2025

   $  3,538,627     $ 2,597,383     $ 6,136,010  
  

 

 

   

 

 

   

 

 

 

 

*

The change in unrealized appreciation (depreciation) on securities still held at April 30, 2025 was $87,739 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, 2024

   $ 10,420      $ 90,758     $ 101,178  

Accrued Discounts (Premiums)

            1,954       1,954  

Realized Gain (Loss)

            (251,639     (251,639

Change in Unrealized Appreciation (Depreciation)*

     3,383         260,710        264,093  

Purchases

            35       35  

Sales

            (59,604     (59,604

Transfers in to Level 3

                   

Transfers out of Level 3

                   
  

 

 

    

 

 

   

 

 

 

Balance as of April 30, 2025

   $  13,803      $ 42,214     $ 56,017  
  

 

 

    

 

 

   

 

 

 

 

*

The change in unrealized appreciation (depreciation) on securities still held at April 30, 2025 was $9,029 and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.

 

56


TCW Funds, Inc.

 

April 30, 2025

 

Note 2 — Significant Accounting Policies (Continued)

 

TCW Securitized Bond Fund

   Asset-Backed
Securities
    Investment
Companies
     Residential
Mortgage-
Backed
Securities —
Agency
    Residential
Mortgage-
Backed
Securities —
Non-Agency
    Total  

Balance as of October 31, 2024

   $     $      $     $  2,287,635     $ 2,287,635  

Accrued Discounts (Premiums)

                        (123,303     (123,303

Realized Gain (Loss)

     (2,453            (1,132,360           (1,134,813

Change in Unrealized Appreciation (Depreciation)*

     17,896       8,167        308,372       273,035       607,470  

Purchases

     8,230,936        8,166,580         24,566,458       4,543        40,968,517  

Sales

     (613,224                  (4,771     (617,995

Transfers in to Level 3

                  19,809,127             19,809,127  

Transfers out of Level 3

                               
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Balance as of April 30, 2025

   $  7,633,155     $ 8,174,747      $ 43,551,597     $ 2,437,139     $ 61,796,638  
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

 

*

The change in unrealized appreciation (depreciation) on securities still held at April 30, 2025 was $607,250 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, 2025 are as follows:

 

Description

  Fair Value at
4/30/2025
   

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

  $  3,538,627     Broker Quote   Offered Quote   $93.273   $93.273     Increase  

Residential Mortgage- Backed Securities — Agency

  $ 2,597,383     Third-Party Vendor   Vendor Prices   $12.887   $12.887     Increase  

TCW Global Bond Fund

 

Common Stock

  $ 13,803     Third-Party Vendor   Vendor Prices   $40.125   $40.125     Increase  

Residential Mortgage-Backed Securities — Non-Agency

  $ 42,214     Third-Party Vendor   Vendor Prices   $10.001   $10.001     Increase  

TCW Securitized Bond Fund

 

Asset-backed Securities

  $ 3,592,732     Third-Party Vendor   Vendor Prices   $101.711   $101.711     Increase  

Asset-backed Securities

  $ 4,040,423     Broker Quote   Offered Quote   $100.000   $100.000     Increase  

Investment Companies

  $ 8,174,747     Third-Party Vendor   Vendor Prices   $10.010   $10.010     Increase  

Residential Mortgage- Backed Securities - Agency

  $  43,551,597     Third-Party Vendor   Vendor Prices   $12.887–$13.155   $13.028     Increase  

Residential Mortgage-Backed Securities - Non- Agency

  $ 2,437,139     Third-Party Vendor   Vendor Prices   $0.001–$9.539   $2.049     Increase  

 

57


TCW Funds, Inc.

 

Notes to Financial Statements (Unaudited) (Continued)

 

Note 2 — Significant Accounting Policies (Continued)

 

Security Transactions and Related Investment Income: 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 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

 

58


TCW Funds, Inc.

 

April 30, 2025

 

Note 2 — Significant Accounting Policies (Continued)

 

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, 2025, 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

 

Futures Contracts(1)

   $     —      $     —      $     $ 2,398,907     $ 2,398,907  

Forward Currency Exchange Contracts

                   1,855             1,855  

Swaptions Purchased

                         301,632       301,632  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Total Value

   $      $      $ 1,855     $ 2,700,539     $ 2,702,394  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Liability Derivatives

            

Forward Currency Exchange Contracts

   $      $      $ (899,645   $     $ (899,645

Futures Contracts(1)

                         (1,032,743     (1,032,743
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Total Value

   $      $      $ (899,645   $ (1,032,743   $ (1,932,388
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Statement of Operations:

 

         

Net Realized Gain (Loss)

            

Forward Currency Exchange Contracts

   $      $      $ 492,950     $     $ 492,950  

Futures Contracts

                         (2,280,498     (2,280,498

Swaptions Purchased

                         (320,023     (320,023

Swap Agreements

                         837,433       837,433  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Net Realized Gain (Loss)

   $      $      $ 492,950     $ (1,763,088   $ (1,270,138
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Net Change in Appreciation (Depreciation)

            

Forward Currency Exchange Contracts

   $      $      $ (1,111,511   $     $ (1,111,511

Futures Contracts

                         4,874,157       4,874,157  

Swaptions Purchased(3)

                         77,615       77,615  

Swap Agreements

                         (237,905     (237,905
     

 

 

    

 

 

   

 

 

   

 

 

 

Net Change in Appreciation (Depreciation)

   $      $      $ (1,111,511   $ 4,713,867     $ 3,602,356  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Number of Contracts or Notional Amounts (4)

            

Forward Currency Exchange Contracts

     $ —        $ —        $24,956,002       $ —       $24,956,002  

Futures Contracts

                         1,971       1,971  

Swaptions Purchased

     $        $        $       $56,165,000       $56,165,000  

Swap Agreements

     $ —        $ —        $ —       $8,888,000       $8,888,000  

 

59


TCW Funds, Inc.

 

Notes to Financial Statements (Unaudited) (Continued)

 

Note 2 — Significant Accounting Policies (Continued)

 

TCW Global Bond Fund (Continued)

 

     Credit Risk      Commodity Risk      Foreign
Currency
Risk
    Interest
Rate
Risk
    Total  

Statement of Assets and Liabilities:

 

         

Asset Derivatives

 

Swap Agreements(2)

   $      $      $     $ 5,882     $ 5,882  

Futures Contracts(1)

                         83,527       83,527  

Forward Currency Exchange Contracts

                   143,095             143,095  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Total Value

   $      $      $ 143,095     $ 89,409     $ 232,504  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Liability Derivatives

 

Forward Currency Exchange Contracts

   $      $      $ (98,309   $     $ (98,309

Futures Contracts(1)

                         (28,032     (28,032
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Total Value

   $      $      $ (98,309   $ (28,032   $ (126,341
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Statement of Operations:

 

Net Realized Gain (Loss)

 

Forward Currency Exchange Contracts

   $      $      $ 59,512     $     $ 59,512  

Futures Contracts

                         (109,559     (109,559

Swap Agreements

                         808       808  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Net Realized Gain (Loss)

   $      $      $ 59,512     $ (108,751   $ (49,239
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Net Change in Appreciation (Depreciation)

 

Forward Currency Exchange Contracts

   $   —      $   —      $ 42,523     $     $ 42,523  

Futures Contracts

                         168,575       168,575  

Swap Agreements

                         11,554       11,554  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Net Change in Appreciation (Depreciation)

   $      $      $ 42,523     $ 180,129     $ 222,652  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Number of Contracts or Notional Amounts (4)

 

Forward Currency Exchange Contracts

     $ —        $ —        $12,112,964       $ —       $12,112,964  

Futures Contracts

                         89       89  

Swap Agreements

     $ —        $ —        $—       $1,153,333       $1,153,333  

TCW Securitized Bond Fund

 

     Credit Risk      Commodity Risk      Foreign
Currency
Risk
    Interest
Rate
Risk
    Total  

Statement of Assets and Liabilities:

            

Asset Derivatives

 

Futures Contracts(1)

   $      $      $     $ 6,126,897     $ 6,126,897  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Total Value

   $      $      $     $ 6,126,897     $ 6,126,897  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Liability Derivatives

            

Forward Currency Exchange Contracts

   $      $      $ (84,219   $     $ (84,219

Futures Contracts(1)

                         (2,364,661     (2,364,661
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Total Value

   $      $      $  (84,219   $ (2,364,661   $ (2,448,880
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Statement of Operations:

            

Net Realized Gain (Loss)

 

Forward Currency Exchange Contracts

   $   —      $   —      $ 24,055     $     $ 24,055  

Futures Contracts

                         (12,802,802      (12,802,802
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Net Realized Gain (Loss)

   $      $      $ 24,055     $  (12,802,802   $ (12,778,747
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

 

60


TCW Funds, Inc.

 

April 30, 2025

 

Note 2 — Significant Accounting Policies (Continued)

TCW Securitized Bond Fund (Continued)

 

     Credit
Risk
     Commodity Risk      Foreign
Currency
Risk
    Interest
Rate
Risk
     Total  

Net Change in Appreciation (Depreciation)

 

Forward Currency Exchange Contracts

   $      $      $ (84,219   $      $ (84,219

Futures Contracts

                         11,410,484        11,410,484  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Net Change in Appreciation
(Depreciation)

   $   —      $   —      $ (84,219   $ 11,410,484      $ 11,326,265  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Number of Contracts or Notional Amounts (4)

 

Forward Currency Exchange Contracts

     $ —        $ —        $1,921,189       $ —        $1,921,189  

Futures Contracts

                         5,616        5,616  

 

(1)

Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only variation margin on April 30, 2025 is reported within the Statement of Assets and Liabilities.

(2)

Includes cumulative appreciation (depreciation) of swap agreements as reported in the Schedule of Investments. Only variation margin on April 30, 2025 is reported within the Statement of Assets and Liabilities.

(3)

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

(4)

Amount disclosed represents average number of contracts or notional amounts, which are representative of the volume traded for the period ended April 30, 2025.

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

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

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

For OTC derivatives, the Funds mitigate their counterparty risk by entering into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with each counterparty. An ISDA Master Agreement is a bilateral agreement between the Funds and a counterparty that governs OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Funds may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of

 

61


TCW Funds, Inc.

 

Notes to Financial Statements (Unaudited) (Continued)

 

Note 2 — Significant Accounting Policies (Continued)

 

offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or 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 ASC 210 Balance Sheet (“ASC 210”), Disclosures about Offsetting Assets and Liabilities that requires disclosures to make financial statements that are prepared under GAAP more comparable to those prepared under International Financial Reporting Standards.

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

 

62


TCW Funds, Inc.

 

April 30, 2025

 

Note 2 — Significant Accounting Policies (Continued)

 

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, 2025:

 

Counterparty

   Gross Derivative Assets
in the Statement of

Assets and
Liabilities
     Collateral
Received 
(1)
     Derivatives
Assets (Liabilities)
Available for Offset
    Net Amount of
Assets
(2)
 

Goldman Sachs & Co.

          

Foreign Currency Exchange Contracts

   $ 1,855      $      $ (1,855   $  

JPMorgan Chase Bank

          

Swaptions

     155,637                     155,637  

Goldman Sachs & Co.

          

Swaptions

     145,995                      145,995  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total

   $  303,487      $  —      $  (1,855   $ 301,632  
  

 

 

    

 

 

    

 

 

   

 

 

 

 

(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 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, 2025:

 

Counterparty

   Gross Derivative
Liabilities in the
Statement of

Assets and
Liabilities
     Collateral
Pledged 
(1)
    Derivatives
(Assets) Liabilities
Available for Offset
    Net Amount of
Derivatives
Liabilities
(2)
 

Citibank N.A.

         

Foreign Currency Exchange Contracts

   $  757,853      $  (303,000   $     $ 454,853  

Goldman Sachs & Co.

         

Foreign Currency Exchange Contracts

     141,792               (1,855     139,937  
  

 

 

    

 

 

   

 

 

   

 

 

 

Total

   $ 899,645      $ (303,000   $ (1,855   $  594,790  
  

 

 

    

 

 

   

 

 

   

 

 

 

 

(1)

Excess of collateral received 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.

 

63


TCW Funds, Inc.

 

Notes to Financial Statements (Unaudited) (Continued)

 

Note 2 — Significant Accounting Policies (Continued)

 

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, 2025:

 

Counterparty

   Gross Derivative Assets
in the Statement of

Assets and
Liabilities
     Collateral
Received
 (1)
     Derivatives
Assets (Liabilities)
Available for Offset
    Net Amount
of Assets
(2)
 

Barclays Capital

          

Foreign Currency Exchange Contracts

   $ 25      $      $ (3   $ 22  

Citibank N.A.

          

Foreign Currency Exchange Contracts

     64,702               (42,708     21,994  

Goldman Sachs & Co.

          

Foreign Currency Exchange Contracts

     78,367                (55,510     22,857  

ING Baring U.S. Capital Markets

          

Foreign Currency Exchange Contracts

     1                     1  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total

   $  143,095      $  —      $ (98,221   $  44,874  
  

 

 

    

 

 

    

 

 

   

 

 

 

 

(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 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, 2025:

 

Counterparty

   Gross Derivative
Liabilities in the
Statement of

Assets and
Liabilities
     Collateral
Pledged 
(1)
     Derivatives
(Assets) Liabilities
Available for Offset
    Net Amount of
Derivatives
Liabilities
(2)
 

Barclays Capital

          

Foreign Currency Exchange Contracts

   $ 3      $      $ (3   $  

Citibank N.A.

          

Foreign Currency Exchange Contracts

      42,708               (42,708      

Goldman Sachs & Co.

          

Foreign Currency Exchange Contracts

     55,510               (55,510      

Morgan Stanley & Co.

          

Foreign Currency Exchange Contracts

     48                     48  

State Street Bank & Trust Co.

          

Foreign Currency Exchange Contracts

     40                     40  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total

   $ 98,309      $  —      $  (98,221   $  88  
  

 

 

    

 

 

    

 

 

   

 

 

 

 

(1)

Excess of collateral received 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.

 

64


TCW Funds, Inc.

 

April 30, 2025

 

Note 2 — Significant Accounting Policies (Continued)

 

The following table presents TCW Securitized 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, 2025:

 

Counterparty

   Gross Derivative
Liabilities in the
Statement of

Assets and
Liabilities
     Collateral
Pledged 
(1)
     Derivatives
(Assets)
Liabilities
Available
for Offset
     Net
Amount of
Derivatives
Liabilities 
(2)
 

Goldman Sachs & Co. Foreign Currency Exchange Contracts

   $ 84,219      $      $      $ 84,219  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $  84,219      $  —      $  —      $  84,219  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

Excess of collateral received 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.

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.

 

65


TCW Funds, Inc.

 

Notes to Financial Statements (Unaudited) (Continued)

 

Note 3 — Portfolio Investments (Continued)

 

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

 

66


TCW Funds, Inc.

 

April 30, 2025

 

Note 3 — Portfolio Investments (Continued)

 

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, 2025.

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. The TCW Central Cash Fund had repurchase agreements outstanding as of April 30, 2025.

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, 2025.

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, 2025.

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

 

67


TCW Funds, Inc.

 

Notes to Financial Statements (Unaudited) (Continued)

 

Note 3 — Portfolio Investments (Continued)

 

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, and the TCW Securitized Bond Fund entered into forward currency exchange contracts during the period ended April 30, 2025 to hedge against the foreign currency exposure within the Funds. Outstanding forward currency exchange contracts at April 30, 2025 are disclosed in the Schedule of Investments.

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

When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The TCW Core Fixed Income Fund, the TCW Global Bond Fund, and the TCW Securitized Bond Fund utilized futures during the period ended April 30, 2025 to help manage interest rate duration of those Funds. Futures contracts outstanding at April 30, 2025 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

 

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TCW Funds, Inc.

 

April 30, 2025

 

Note 3 — Portfolio Investments (Continued)

 

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 amount of the decline. A Fund may take either side of such a swap, and so may take a long or short

 

69


TCW Funds, Inc.

 

Notes to Financial Statements (Unaudited) (Continued)

 

Note 3 — Portfolio Investments (Continued)

 

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, 2025, 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

 

70


TCW Funds, Inc.

 

April 30, 2025

 

Note 3 — Portfolio Investments (Continued)

 

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, 2025, 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).

Note 4 — Risk Considerations

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

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

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

Mortgage-Backed Securities Risk: Each Fund may invest in mortgage-backed securities. The values of some mortgage-backed securities may expose a Fund to a lower rate of return upon reinvestment of principal. When interest rates rise, the value of mortgage-related securities generally will decline; however, when interest rates are declining, the value of mortgage-related securities with prepayment features may not increase as much as other fixed-income securities. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may shorten or extend the effective maturity of the security beyond what was anticipated at the time of purchase. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally,

 

71


TCW Funds, Inc.

 

Notes to Financial Statements (Unaudited) (Continued)

 

Note 4 — Risk Considerations (Continued)

 

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.

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.

 

72


TCW Funds, Inc.

 

April 30, 2025

 

Note 4 — Risk Considerations (Continued)

 

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.

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.

U.S. Trade Policy Risk: There have been significant changes to United States trade policies, treaties and tariffs, and in the future there may be additional significant changes. These and any future developments, and continued uncertainty surrounding trade policies, treaties and tariffs, may have a material adverse effect on global economic conditions, inflation and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. Any of these factors could depress economic activity and restrict the access by issuers of our portfolio securities to suppliers or customers, increase their supply-chain costs and expenses and could have material adverse effects on our portfolio investments.

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, 2025, 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 Central Cash Fund

   $      $     $     $ 2,593,315,965  

TCW Core Fixed Income Fund

     7,687,984        (24,194,084     (16,506,100     628,485,631  

TCW Global Bond Fund

     804,073        (910,649     (106,576     22,725,596  

TCW Securitized Bond Fund

      77,749,767         (234,963,318      (157,213,551      2,442,139,692  

 

73


TCW Funds, Inc.

 

Notes to Financial Statements (Unaudited) (Continued)

 

Note 5 — Federal Income Taxes (Continued)

 

At October 31, 2024 the components of distributable earnings on a tax basis were as follows:

 

     Undistributed
Ordinary
Income
     Undistributed
Long-Term
Gain
     Total
Distributable
Earnings
 

TCW Central Cash Fund

   $      $      $  

TCW Core Fixed Income Fund

     971,238               971,238  

TCW Global Bond Fund

     19,770               19,770  

TCW Securitized Bond Fund

      28,281,308         —         28,281,308  

During the year ended October 31, 2024, the tax character of distributions paid was as follows:

 

     Ordinary
Income
     Long-Term
Capital Gain
     Return of
Capital
     Total
Distributions
 

TCW Central Cash Fund

   $ 45,240,641      $      $      $ 45,240,641  

TCW Core Fixed Income Fund

     42,725,492                      42,725,492  

TCW Global Bond Fund

     581,421                      581,421  

TCW Securitized Bond Fund

      132,779,468         —         —         132,779,468  

At October 31, 2024, the following Funds had net realized losses that will be carried forward indefinitely for federal income tax purposes:

 

     No Expiration  
     Short-Term
Capital

Losses
     Long-Term
Capital

Losses
     Total  

TCW Central Cash Fund

   $ 49,588      $      $ 49,588  

TCW Core Fixed Income Fund

     143,290,530        64,737,234        208,027,764  

TCW Global Bond Fund

     1,079,305        1,414,130        2,493,435  

TCW Securitized Bond Fund

      445,276,571         222,052,228         667,328,799  

The Funds did not have any unrecognized tax benefits at April 30, 2025, nor were there any increases or decreases in unrecognized tax benefits for the period ended April 30, 2025. 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 Global Bond Fund

     0.50

TCW Securitized Bond Fund

     0.40

 

74


TCW Funds, Inc.

 

April 30, 2025

 

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

 

The TCW Central Cash Fund does not pay management fees to the Advisor.

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) 

Plan Class

     0.44 (1) 

TCW Global Bond Fund

  

I Class

     0.60 (1) 

N Class

     0.70 (1) 

TCW Securitized Bond Fund

  

I Class

     0.49 (1) 

N Class

     0.70 (1) 

Plan Class

     0.44 (1) 

 

(1)

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

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, 2025, the balance of recoupable expenses with expiration dates for the Funds were as follows:

 

Fund

   Expires
10/31/2026
     Expires
10/31/2027
     Expires
10/31/2028
     Total  

TCW Core Fixed Income Fund

   $ 366,979      $ 473,555      $ 263,709      $ 1,104,243  

TCW Global Bond Fund

     61,859        66,875        30,753        159,487  

TCW Securitized Bond Fund

     491,126        1,137,578        648,915        2,277,619  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $  919,964      $  1,678,008      $  943,377      $  3,541,349  
  

 

 

    

 

 

    

 

 

    

 

 

 

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.

 

75


TCW Funds, Inc.

 

Notes to Financial Statements (Unaudited) (Continued)

 

Note 8 Purchases and Sales of Securities

Investment transactions (excluding short-term investments) for the period ended April 30, 2025 were as follows:

 

     Purchases
at Cost
     Sales or
Maturity
Proceeds
     U.S.
Government
Purchases at
Cost
     U.S.
Government
Sales or Maturity
Proceeds
 

TCW Central Cash Fund

   $      $      $      $  

TCW Core Fixed Income Fund

     48,030,830        114,188,004        1,662,863,909        1,887,501,139  

TCW Global Bond Fund

     9,985,843        10,950,273        21,435,825        20,424,431  

TCW Securitized Bond Fund

      55,286,255         170,574,025         2,982,822,066         3,003,827,006  

Note 9 — Capital Share Transactions

Transactions in each Fund’s shares were as follows:

 

TCW Central Cash Fund    Six Months Ended
April 30, 2025 (Unaudited)
    Year Ended
October 31, 2024
(1)
 
Cash Management Shares    Shares     Amount     Shares     Amount  

Shares Sold

     24,371,814,377     $ 24,371,814,377       20,636,368,000     $ 20,636,368,000  

Shares Issued upon Reinvestment of Dividends

     56,170,755       56,170,755       44,340,793       44,340,793  

Shares Redeemed

     (24,559,461,901     (24,559,461,901     (17,953,096,903     (17,953,096,903
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Increase (Decrease)

     (131,476,769   $ (131,476,769     2,727,611,890     $ 2,727,611,890  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

For the period July 15, 2024 (Commencement of Operations) through October 31, 2024.

 

TCW Core Fixed Income Fund    Six Months Ended
April 30, 2025 (Unaudited)
    Year Ended
October 31, 2024
 
I Class    Shares     Amount     Shares     Amount  

Shares Sold

     4,473,319     $ 43,052,255       11,613,744     $ 112,200,678  

Shares Issued upon Reinvestment of Dividends

     1,506,400       14,499,813       3,056,608       29,512,430  

Shares Redeemed

     (34,139,565     (325,509,202     (26,431,625     (255,630,600
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Decrease

     (28,159,846   $ (267,957,134     (11,761,273   $ (113,917,492
  

 

 

   

 

 

   

 

 

   

 

 

 
N Class    Shares     Amount     Shares     Amount  

Shares Sold

     811,663     $ 7,768,347       2,484,201     $ 23,968,112  

Shares Issued upon Reinvestment of Dividends

     274,296       2,636,302       495,967       4,776,696  

Shares Redeemed

     (2,541,386     (24,443,005     (7,006,174     (67,346,372
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Decrease

     (1,455,427   $ (14,038,356     (4,026,006   $ (38,601,564
  

 

 

   

 

 

   

 

 

   

 

 

 
Plan Class    Shares     Amount     Shares     Amount  

Shares Sold

     1,683,732     $ 16,252,023       5,348,173     $ 52,094,155  

Shares Issued upon Reinvestment of Dividends

     274,421       2,656,934       672,278       6,513,032  

Shares Redeemed

     (1,889,509     (18,246,518     (17,277,813     (171,187,948
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Decrease

     68,644     $ 662,439       (11,257,362   $ (112,580,761
  

 

 

   

 

 

   

 

 

   

 

 

 

 

76


TCW Funds, Inc.

 

April 30, 2025

 

Note 9 — Capital Share Transactions (Continued)

 

TCW Global Bond Fund    Six Months Ended
April 30, 2025 (Unaudited)
    Year Ended
October 31, 2024
 
I Class    Shares     Amount     Shares     Amount  

Shares Sold

     2,132     $ 17,452       67,681     $ 557,181  

Shares Issued upon Reinvestment of Dividends

     21,568       177,510       38,546       315,445  

Shares Redeemed

     (43,214     (355,350     (61,989     (511,042
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Increase (Decrease)

     (19,514   $ (160,388     44,238     $ 361,584  
  

 

 

   

 

 

   

 

 

   

 

 

 
N Class    Shares     Amount     Shares     Amount  

Shares Sold

     15,755     $ 129,771       34,701     $ 287,863  

Shares Issued upon Reinvestment of Dividends

     17,223       141,723       31,531       257,903  

Shares Redeemed

     (22,816     (183,904     (63,799     (517,805
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Increase

     10,162     $ 87,590       2,433     $ 27,961  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

TCW Securitized Bond Fund    Six Months Ended
April 30, 2025 (Unaudited)
    Year Ended
October 31, 2024
 
I Class    Shares     Amount     Shares     Amount  

Shares Sold

     49,519,530     $ 387,556,031       78,747,377     $ 626,162,709  

Shares Issued upon Reinvestment of Dividends

     5,492,872       42,888,689       9,112,707       71,638,741  

Shares Redeemed

     (56,287,705     (439,203,201     (177,803,352     (1,398,108,718
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Decrease

     (1,275,303   $ (8,758,481     (89,943,268   $ (700,307,268
  

 

 

   

 

 

   

 

 

   

 

 

 
N Class    Shares     Amount     Shares     Amount  

Shares Sold

     1,925,573     $ 15,470,976       4,642,950     $ 37,921,944  

Shares Issued upon Reinvestment of Dividends

     1,403,194       11,300,954       2,597,932       21,068,641  

Shares Redeemed

     (7,649,967     (61,512,354     (19,763,032     (160,973,586
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Decrease

     (4,321,200   $ (34,740,424     (12,522,150   $ (101,983,001
  

 

 

   

 

 

   

 

 

   

 

 

 
Plan Class    Shares     Amount     Shares     Amount  

Shares Sold

     229,489     $ 1,804,774       504,526     $ 3,994,339  

Shares Issued upon Reinvestment of Dividends

     1,586       12,447       3,249       25,642  

Shares Redeemed

     (26,629     (208,502     (219,607     (1,740,536
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Increase

     204,446     $ 1,608,719       288,168     $ 2,279,445  
  

 

 

   

 

 

   

 

 

   

 

 

 

Note 10 — Affiliate Ownership

As of April 30, 2025, affiliates of the Funds and Advisor owned 100.00% and 85.52% of the net assets of the TCW Central Cash Fund and the TCW Global Bond Fund, respectively.

Note 11 — Restricted Securities

The Funds are permitted to invest in securities that have legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered before being sold to the public (exemption rules apply). Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”). However, the Company considers 144A securities

 

77


TCW Funds, Inc.

 

Notes to Financial Statements (Unaudited) (Continued)

 

Note 11 — Restricted Securities (Continued)

 

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, 2025 are listed below.

 

TCW Securitized Bond Fund                          

Issuer Description

   Acquisition
Date
   Acquisition
Cost
     Aggregate
Value
     Percentage
of Net Assets
 

Bayview Opportunity Master Fund VII LLC Series 2024-EDU1, Class E, 8.36%, due 10/22/2034

   11/19/24    $  3,574,836      $  3,592,732        0.19

CSMC Trust Series 2021-RP11, Class A1, 1.48%, due 10/25/2061

   2/16/24      559,769        557,384        0.03

CSMC Trust Series 2022-RPL1, Class A1, 0.49%, due 4/25/2061

   2/16/24      143,106        104,240        0.01
     

 

 

    

 

 

    

 

 

 
      $ 4,277,711      $ 4,254,356        0.23
     

 

 

    

 

 

    

 

 

 

Note 12 — Committed Line Of Credit

The Funds, together with the TCW Metropolitan West Funds and TCW ETF Trust, have entered into a $250,000,000 committed revolving line of credit agreement with State Street Bank and Trust Company (the “Bank”) for temporary borrowing purposes, with an expiration date of December 18, 2025. 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, 2025. 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 Fund in proportion to its relative average daily net assets and the interest expenses are charged directly to the applicable Fund.

Note 13 Indemnifications

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

Note 14 — 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

 

78


TCW Funds, Inc.

 

April 30, 2025

 

Note 14 — New Accounting Pronouncements (Continued)

 

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. We are currently evaluating the impact of the adoption of ASU 2022-03 on our financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). This change is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity’s segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds’ prospectus. A senior executive team comprised of the Funds’ Principal Executive Officer and Principal Financial Officer, serves as the Funds’ CODM, who act in accordance with Board of Trustee reviews and approvals. The CODM monitors and actively manages the operating results of each Fund. There have been no impacts to date.

Note 15 — Subsequent Events

Management has evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that there are no material events that would require recognition or disclosure in the Funds’ financial statements.

 

79


TCW Central Cash Fund

 

Financial Highlights — Cash Management Shares

 

      Six Months
Ended
April 30, 2025
(Unaudited)
    For the period
July 15, 2024
(Commencement
of Operations)
through
October 31, 2024
 

Net Asset Value per Share, Beginning of period

   $ 1.00     $ 1.00  
  

 

 

   

 

 

 

Income (Loss) from Investment Operations:

    

Net Investment Income (1)

     0.02       0.02  
  

 

 

   

 

 

 

Total from Investment Operations

     0.02       0.02  
  

 

 

   

 

 

 

Less Distributions:

    

Distributions from Net Investment Income

     (0.02     (0.02
  

 

 

   

 

 

 

Total Distributions

     (0.02     (0.02
  

 

 

   

 

 

 

Net Asset Value per Share, End of period

   $ 1.00     $ 1.00  
  

 

 

   

 

 

 

Total Return

     2.23 % (2)      1.64 % (3) 

Ratios/Supplemental Data:

 

 

Net Assets, End of period (in thousands)

   $  2,596,065     $  2,727,562  

Ratio of Expenses to Average Net Assets

     0.01 % (4)      0.01 % (4) 

Ratio of Net Investment Income to Average Net Assets

     4.37 % (4)      5.34 % (4) 

 

 

 

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2025 and is not indicative of a full year’s operating results.

(3)

For the period July 15, 2024 (Commencement of Operations) through October 31, 2024.

(4)

Annualized.

 

See accompanying Notes to Financial Statements.

 

80


TCW Core Fixed Income Fund

 

Financial Highlights — I Class

 

     Six Months
Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
     2024     2023     2022     2021     2020  

Net Asset Value per Share, Beginning of period

   $ 9.65     $ 9.08     $ 9.39     $ 11.56     $ 11.98     $ 11.41  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (Loss) from Investment Operations:

 

Net Investment Income (1)

     0.18       0.38       0.36       0.20       0.11       0.20  

Net Realized and Unrealized Gain (Loss) on Investments

     0.09       0.63       (0.36     (2.17     (0.09     0.61  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from Investment Operations

     0.27       1.01             (1.97     0.02       0.81  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less Distributions:

 

Distributions from Net Investment Income

     (0.23     (0.44     (0.31     (0.17     (0.14     (0.24

Distributions from Return of Capital

                       (0.03     (0.04      

Distributions from Net Realized Gain

                       (0.00 ) (2)      (0.26      
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Distributions

     (0.23     (0.44     (0.31     (0.20     (0.44     (0.24
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value per Share, End of period

   $ 9.69     $ 9.65     $ 9.08     $ 9.39     $ 11.56     $ 11.98  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return

     2.78 % (3)      11.15     (0.29 %)      (17.10 %)      0.19     7.14

Ratios/Supplemental Data:

 

Net Assets, End of period (in thousands)

   $  349,228     $  619,344     $  689,215     $  911,213     $  1,471,072     $  1,344,787  

Ratio of Expenses to Average Net Assets:

 

Before Expense Reimbursement

     0.54 % (4)      0.52     0.50     0.53     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

     3.85 % (4)      3.92     3.69     1.90     0.94     1.66

Portfolio Turnover Rate

     224.28 (3)      453.67     442.34     473.72     469.87     371.22

 

 

(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, 2025 and is not indicative of a full year’s operating results.

(4)

Annualized.

 

See accompanying Notes to Financial Statements.

 

81


TCW Core Fixed Income Fund

 

Financial Highlights — N Class

 

     Six Months
Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
     2024     2023     2022     2021     2020  

Net Asset Value per Share, Beginning of period

   $ 9.63     $ 9.05     $ 9.38     $ 11.53     $ 11.95     $ 11.38  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (Loss) from Investment Operations:

 

Net Investment Income (1)

     0.18       0.37       0.35       0.19       0.09       0.18  

Net Realized and Unrealized Gain (Loss) on Investments

     0.09       0.63       (0.39     (2.16     (0.09     0.60  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from Investment Operations

     0.27       1.00       (0.04     (1.97       0.78  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less Distributions:

 

Distributions from Net Investment Income

     (0.22     (0.42     (0.29     (0.15     (0.12     (0.21

Distributions from Net Realized Gain

                       (0.00 ) (2)      (0.26      

Distributions from Return of Capital

                       (0.03     (0.04      
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Distributions

     (0.22     (0.42     (0.29     (0.18     (0.42     (0.21
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value per Share, End of period

   $ 9.68     $ 9.63     $ 9.05     $ 9.38     $ 11.53     $ 11.95  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return

     2.81 % (3)      11.12     (0.56 )%      (17.22 )%      0.00     6.92

Ratios/Supplemental Data:

 

Net Assets, End of period (in thousands)

   $  109,703     $  123,172     $  152,264     $  170,497     $  223,562     $  241,938  

Ratio of Expenses to Average Net Assets:

 

Before Expense Reimbursement

     0.86 % (4)      0.83     0.80     0.82     0.80     0.80

After Expense Reimbursement

     0.61 % (4)      0.62     0.64     0.64     0.65     0.67

Ratio of Net Investment Income to Average Net Assets

     3.77 % (4)      3.79     3.56     1.77     0.78     1.53

Portfolio Turnover Rate

     224.28 % (3)      453.67     442.34     473.72     469.87     371.22

 

 

(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, 2025 and is not indicative of a full year’s operating results.

(4)

Annualized.

 

See accompanying Notes to Financial Statements.

 

82


TCW Core Fixed Income Fund

 

Financial Highlights — Plan Class

 

     Six Months
Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,     February 28, 2020
(Commencement
of Operations)

through
October 31, 2020
 
     2024     2023     2022     2021  

Net Asset Value per Share, Beginning of period

   $ 9.70     $ 9.13     $ 9.44     $ 11.61     $ 12.06     $ 11.72  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (Loss) from Investment Operations:

 

Net Investment Income (1)

     0.19       0.39       0.37       0.25       0.11       0.18  

Net Realized and Unrealized Gain (Loss) on Investments

     0.09       0.62       (0.37     (2.21     (0.11     0.29  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from Investment Operations

     0.28       1.01             (1.96     0.00       0.47  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less Distributions:

 

Distributions from Net Investment Income

     (0.23     (0.44     (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

     (0.23     (0.44     (0.31     (0.21     (0.45     (0.13
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value per Share, End of period

   $ 9.75     $ 9.70     $ 9.13     $ 9.44     $ 11.61     $ 12.06  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return

     2.91 % (4)      11.17     (0.11 %)      (17.07 %)      (0.01 %)      3.98 % (3) 

Ratios/Supplemental Data:

 

Net assets, end of period (in thousands)

   $  97,318     $  96,188     $  193,212     $  81,408     $  867     $  0.00 (5) 

Ratio of Expenses to Average Net Assets:

 

Before Expense Reimbursement

     0.51 % (6)      0.50     0.48     0.51     7.54     14,703.31 % (6) 

After Expense Reimbursement

     0.44 % (6)      0.44     0.44     0.44     0.44     0.44 % (6) 

Ratio of Net Investment Income to Average Net Assets

     3.94 % (6)      3.96     3.83     2.46     0.97     2.20 % (6) 

Portfolio Turnover Rate

     224.28 % (4)      453.67     442.34     473.72     469.87     371.22 % (3) 

 

 

(1)

Computed using average shares outstanding throughout the period.

(2)

Amount rounds to less than $0.01 per share.

(3)

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

(4)

For the six months ended April 30, 2025 and is not indicative of a full year’s operating results.

(5)

Amount Rounds to less than $1,000.

(6)

Annualized.

 

See accompanying Notes to Financial Statements.

 

83


TCW Global Bond Fund

 

Financial Highlights — I Class

 

     Six Months
Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
     2024     2023     2022     2021     2020  

Net Asset Value per Share, Beginning of period

   $ 8.24     $ 7.65     $ 7.75     $ 10.18     $ 10.66     $ 10.26  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (Loss) from Investment Operations:

 

Net Investment Income(1)

     0.17       0.36       0.36       0.24       0.20       0.25  

Net Realized and Unrealized Gain (Loss) on Investments

     0.24       0.48       (0.17     (2.50     (0.20     0.54  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from Investment Operations

     0.41       0.84       0.19       (2.26           0.79  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less Distributions:

 

Distributions from Net Investment Income

     (0.12     (0.25     (0.22     (0.03     (0.20     (0.15

Distributions from Return of Capital

                 (0.07     (0.13     (0.06      

Distributions from Net Realized Gain

                       (0.01     (0.22     (0.24
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Distributions

     (0.12     (0.25     (0.29     (0.17     (0.48     (0.39
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value per Share, End of period

   $ 8.53     $ 8.24     $ 7.65     $ 7.75     $ 10.18     $ 10.66  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return

     5.04 % (2)      11.03     2.22     (22.45 %)      (0.18 %)      7.99

Ratios/Supplemental Data:

 

Net Assets, End of period (in thousands)

   $  11,172     $  10,952     $  9,830     $  8,650     $  24,332     $  10,822  

Ratio of Expenses to Average Net Assets:

 

Before Expense Reimbursement

     1.98 % (3)      2.16     1.66     1.67     1.15     1.66

After Expense Reimbursement

     0.60 % (3)      0.60     0.60     0.60     0.60     0.60

Ratio of Net Investment Income to Average Net Assets

     4.16 % (3)      4.37     4.40     2.59     1.87     2.40

Portfolio Turnover Rate

     155.82 % (2)      266.63     221.66     208.60     245.94     228.14

 

 

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2025 and is not indicative of a full year’s operating results.

(3)

Annualized.

 

See accompanying Notes to Financial Statements.

 

84


TCW Global Bond Fund

Financial Highlights — N Class

 

 

     Six Months
Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
     2024     2023     2022     2021     2020  

Net Asset Value per Share, Beginning of period

   $ 8.24     $ 7.65     $ 7.75     $ 10.17     $ 10.66     $ 10.26  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (Loss) from Investment Operations:

 

Net Investment Income(1)

     0.16       0.35       0.35       0.26       0.19       0.24  

Net Realized and Unrealized Gain (Loss) on Investments

     0.25       0.48       (0.17     (2.52     (0.21     0.55  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from Investment Operations

     0.41       0.83       0.18       (2.26     (0.02     0.79  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less Distributions:

 

Distributions from Net Investment Income

     (0.12     (0.24     (0.22     (0.03     (0.19     (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

     (0.12     (0.24     (0.28     (0.16     (0.47     (0.39
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value per Share, End of period

   $ 8.53     $ 8.24     $ 7.65     $ 7.75     $ 10.17     $ 10.66  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return

     4.98 % (2)      10.91     2.12     (22.45 )%      (0.38 )%      7.93

Ratios/Supplemental Data:

 

Net Assets, End of period (in thousands)

   $ 8,996     $ 8,605     $ 7,971     $ 7,730     $ 10,742     $ 10,972  

Ratio of Expenses to Average Net Assets:

 

Before Expense Reimbursement

     2.29 % (3)      2.47     1.95     2.15     1.53     1.94

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

     4.06 % (3)      4.27     4.29     2.80     1.77     2.29

Portfolio Turnover Rate

      155.82 % (2)       266.63      221.66      208.60      245.94      228.14

 

 

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2025 and is not indicative of a full year’s operating results.

(3)

Annualized.

 

See accompanying Notes to Financial Statements.

 

85


TCW Securitized Bond Fund

 

Financial Highlights — I Class

 

     Six Months
Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
     2024     2023     2022     2021     2020  

Net Asset Value per Share, Beginning of period

   $ 7.85     $ 7.39     $ 7.96     $ 10.14     $ 10.46     $ 10.07  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (Loss) from Investment Operations:

 

Net Investment Income (1)

     0.11       0.37       0.43       0.33       0.21       0.26  

Net Realized and Unrealized Gain (Loss) on Investments

     0.15       0.60       (0.53     (2.28     (0.25     0.44  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from Investment Operations

     0.26       0.97       (0.10     (1.95     (0.04     0.70  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less Distributions:

 

Distributions from Net Investment Income

     (0.29     (0.51     (0.47     (0.23     (0.20     (0.31

Distributions from Return of Capital

                             (0.01      

Distributions from Net Realized Gain

                             (0.07      
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Distributions

     (0.29     (0.51     (0.47     (0.23     (0.28     (0.31
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value per Share, End of period

   $ 7.82     $ 7.85     $ 7.39     $ 7.96     $ 10.14     $ 10.46  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return

     3.38 % (2)      13.32     (1.51 %)      (19.58 %)      (0.40 %)      7.08

Ratios/Supplemental Data:

 

Net Assets, End of period (in thousands)

   $  1,561,024     $  1,576,958     $  2,149,490     $  2,595,866     $  4,264,583     $  5,737,736  

Ratio of Expenses to Average Net Assets:

 

Before Expense Reimbursement

     0.55 % (3)      0.54     0.50     0.55     0.52     0.55

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

     2.74 % (3)      4.69     5.28     3.59     2.07     2.50

Portfolio Turnover Rate

     143.81 % (2)      327.85     303.12     386.85     493.39     269.04

 

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2025 and is not indicative of a full year’s operating results.

(3)

Annualized.

 

See accompanying Notes to Financial Statements.

 

86


TCW Securitized Bond Fund

 

Financial Highlights — N Class

 

     Six Months
Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
     2024     2023     2022     2021     2020  

Net Asset Value per Share, Beginning of period

   $ 8.10     $ 7.62     $ 8.21     $ 10.46     $ 10.78     $ 10.37  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (Loss) from Investment Operations:

 

Net Investment Income(1)

     0.10       0.36       0.43       0.33       0.19       0.23  

Net Realized and Unrealized Gain (Loss) on Investments

     0.16       0.63       (0.56     (2.37     (0.25     0.47  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from Investment Operations

     0.26       0.99       (0.13     (2.04     (0.06     0.70  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less Distributions:

 

Distributions from Net Investment Income

     (0.29     (0.51     (0.46     (0.21     (0.18     (0.29

Distributions from Net Realized Gain

                             (0.07      

Distributions from Return of Capital

                             (0.01      
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Distributions

     (0.29     (0.51     (0.46     (0.21     (0.26     (0.29
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value per Share, End of period

   $ 8.07     $ 8.10     $ 7.62     $ 8.21     $ 10.46     $ 10.78  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return

     3.28 % (2)      13.01     (1.75 )%      (19.70 )%      (0.58 )%      6.86

Ratios/Supplemental Data:

 

Net Assets, End of period (in thousands)

   $  276,144     $  312,171     $  389,444     $  506,866     $  818,608     $  1,844,170  

Ratio of Expenses to Average Net Assets:

 

Before Expense Reimbursement

     0.84 % (3)      0.83     0.77     0.79     0.81     0.79

After Expense Reimbursement

     0.70 % (3)      0.70     0.70     0.70     0.70     0.73

Ratio of Net Investment Income to Average Net Assets

     2.53 % (3)      4.47     5.07     3.40     1.83     2.21

Portfolio Turnover Rate

     143.81 % (2)      327.85     303.12     386.85     493.39     269.04

 

 

 

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2025 and is not indicative of a full year’s operating results.

(3)

Annualized.

 

See accompanying Notes to Financial Statements.

 

87


TCW Securitized Bond Fund

 

Financial Highlights — Plan Class

 

     Six Months
Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,     February 28, 2020
(Commencement
of Operations)
through
October 31, 2020
 
     2024     2023     2022     2021  

Net Asset Value per Share, Beginning of period

   $ 7.89     $ 7.42     $ 8.00     $ 10.19     $ 10.50     $ 10.33  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (Loss) from Investment Operations:

 

Net Investment Income(1)

     0.11       0.37       0.44       0.36       0.22       0.20  

Net Realized and Unrealized Gain (Loss) on Investments

     0.15       0.61       (0.55     (2.31     (0.24     0.13  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from Investment Operations

     0.26       0.98       (0.11     (1.95     (0.02     0.33  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less Distributions:

 

Distributions from Net Investment Income

     (0.29     (0.51     (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

     (0.29     (0.51     (0.47     (0.24     (0.29     (0.16
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value per Share, End of period

   $ 7.86     $ 7.89     $ 7.42     $ 8.00     $ 10.19     $ 10.50  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return

     3.41 % (2)      13.35     (1.68 %)      (19.43 %)      (0.25 %)      3.22 % (3) 

Ratios/Supplemental Data:

 

Net assets, end of period (in thousands)

   $ 6,492     $ 4,904     $ 2,476     $ 1,522     $ 571     $ 0 (4) 

Ratio of Expenses to Average Net Assets:

 

Before Expense Reimbursement

     0.87 % (5)      1.16     1.32     2.98     6.69     14,761.71 % (5) 

After Expense Reimbursement

     0.44 % (5)      0.44     0.44     0.44     0.44     0.44 % (5) 

Ratio of Net Investment Income to Average Net Assets

     2.80 % (5)      4.70     5.31     3.88     2.13     2.84 % (5) 

Portfolio Turnover Rate

      143.81 % (2)       327.85      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, 2025 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.

 

88


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 TCW website at https://www.tcw.com/Global-Proxy-Voting-Policy; or

 

  3.

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 at https://www.tcw.com/Literature/Proxy-Voting.

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.

 

89


LOGO

 

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. Bank Global Fund Services

P.O Box 219252

Kansas City, MO 64121-9252

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

Megan McClellan

Director

Peter McMillan

Director

Patrick Moore

Director

Victoria B. Rogers

Director

Robert G. Rooney

Director

Michael Swell

Director

Andrew Tarica

Director and Chairman of the Board

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 Concentrated Large Cap Growth Fund

TCW Global Real Estate Fund

TCW Relative Value Large Cap Fund

TCW Relative Value Mid Cap Fund

ASSET ALLOCATION FUND

TCW Conservative Allocation Fund

FIXED INCOME FUNDS

TCW Central Cash Fund

TCW Core Fixed Income Fund

TCW Global Bond Fund

TCW Securitized Bond Fund

INTERNATIONAL FUNDS

TCW Emerging Markets Income Fund

TCW Emerging Markets Local Currency Income Fund

TCW White Oak Emerging Markets Equity Fund

 

 

TO COME


LOGO

 

LOGO

 

INTERNATIONAL FUNDS

TCW Emerging Markets Income Fund

TCW Emerging Markets Local Currency Income Fund

TCW White Oak Emerging Markets Equity Fund


TCW Funds, Inc.

 

Table of Contents

 

Schedules of Investments (Unaudited)

     1  

TCW Emerging Markets Income Fund

     1  

TCW Emerging Markets Local Currency Income Fund

     10  

TCW White Oak Emerging Markets Equity Fund

     16  

Statements of Assets and Liabilities (Unaudited)

     21  

Statements of Operations (Unaudited)

     23  

Statements of Changes in Net Assets (Unaudited)

     25  

Notes to Financial Statements (Unaudited)

     27  

Financial Highlights (Unaudited)

     49  

Investment Advisory and Management Agreement Disclosure (Unaudited)

     56  

Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule

     60  


TCW Emerging Markets Income Fund

 

Schedule of Investments (Unaudited)

April 30, 2025

 

Issues   Maturity
Date
     Principal
Amount
    Value  

FIXED INCOME SECURITIES — 95.2% of Net Assets

 

Angola — 1.4%  

Angola Government International Bonds

 

 

8.00% (1)

    11/26/29      $ 16,383,000     $ 13,103,287  

8.25% (1)

    05/09/28        16,998,000       14,357,701  

8.75% (1)

    04/14/32        26,579,000       20,554,869  

9.50% (1)

    11/12/25        2,135,000       2,089,973  
      

 

 

 

Total Angola

 

    

(Cost: $57,718,746)

 

       50,105,830  
      

 

 

 
Argentina — 2.1%  

Argentina Republic Government International Bonds

 

 

0.75%

    07/09/30        30,402,273       23,365,971  

4.13%

    07/09/35        26,076,132       17,326,808  

5.00%

    01/09/38        20,314,606       14,304,124  

Provincia de Buenos Aires/Government Bonds

 

 

6.63% (1)

    09/01/37        25,268,810       16,997,065  
      

 

 

 

Total Argentina

 

    

(Cost: $48,280,015)

 

       71,993,968  
      

 

 

 
Bahrain — 1.4%  

Bahrain Government International Bonds

 

 

5.63% (1)

    05/18/34        19,114,000       17,382,080  

6.75% (1)

    09/20/29        19,232,000       19,579,907  

CBB International Sukuk Programme Co. WLL

 

 

6.00% (2)

    02/12/31        10,553,000       10,659,480  
      

 

 

 

Total Bahrain

 

    

(Cost: $45,458,190)

 

       47,621,467  
      

 

 

 
Brazil — 5.6%  

Aegea Finance SARL

 

 

9.00% (2)

    01/20/31        12,837,000       13,393,869  

Brazil Government International Bonds

 

 

3.75%

    09/12/31        15,200,000       13,679,088  

5.00%

    01/27/45        24,910,000       18,978,680  

6.00%

    10/20/33        22,625,000       22,372,505  

6.13%

    01/22/32        9,000,000       9,165,960  

6.13%

    03/15/34        17,150,000       16,829,295  

6.63%

    03/15/35        10,075,000       10,074,295  

7.13%

    05/13/54        29,486,000       27,949,485  

CSN Resources SA

 

 

4.63% (2)

    06/10/31        2,447,000       1,859,157  

8.88% (2)

    12/05/30        8,378,000       8,035,424  

Minerva Luxembourg SA

 

 

8.88% (2)

    09/13/33        2,104,000       2,246,167  

Nexa Resources SA

 

 

6.60% (2)

    04/08/37        8,900,000       8,777,892  

Samarco Mineracao SA

 

 

9.50% (2),(3)

    06/30/31        24,904,863       23,460,381  
Issues   Maturity
Date
     Principal
Amount
    Value  
Brazil (Continued)  

Yinson Boronia Production BV

 

 

8.95% (2)

    07/31/42      $ 18,217,888     $ 18,711,775  
      

 

 

 

Total Brazil

 

    

(Cost: $194,656,487)

 

       195,533,973  
      

 

 

 
Chile — 4.5%  

AES Andes SA

 

 

6.25% (2)

    03/14/32        9,000,000       9,034,380  

6.30% (2)

    03/15/29        10,103,000       10,295,058  

8.15% (5 yr. CMT + 3.835%) (2),(4)

    06/10/55        18,568,000       18,971,854  

Antofagasta PLC

 

 

6.25% (2)

    05/02/34        12,078,000       12,283,688  

Chile Electricity Lux MPC II SARL

 

 

5.67% (2)

    10/20/35        14,600,000       14,681,030  

Chile Government International Bonds

 

 

3.50%

    01/25/50        9,061,000       6,349,949  

Corp. Nacional del Cobre de Chile

 

 

3.70% (1)

    01/30/50        10,227,000       6,902,714  

5.13% (1)

    02/02/33        18,205,000       17,564,548  

5.95% (1)

    01/08/34        2,738,000       2,775,264  

6.30% (1)

    09/08/53        24,243,000       23,842,991  

6.33% (1)

    01/13/35        8,133,000       8,429,285  

6.44% (1)

    01/26/36        23,833,000       24,679,548  
      

 

 

 

Total Chile

 

    

(Cost: $154,573,393)

 

       155,810,309  
      

 

 

 
Colombia — 5.5%  

Aris Mining Corp.

 

 

8.00% (2)

    10/31/29        8,855,000       8,952,405  

Colombia Government International Bonds

 

 

3.25%

    04/22/32        12,286,000       9,471,032  

7.38%

    04/25/30        9,856,000       10,034,098  

7.50%

    02/02/34        21,832,000       21,321,350  

7.75%

    11/07/36        17,200,000       16,461,948  

8.00%

    04/20/33        2,414,000       2,454,072  

8.00%

    11/14/35        19,655,000       19,365,482  

8.50%

    04/25/35        8,256,000       8,398,994  

8.75%

    11/14/53        24,030,000       23,034,197  

Ecopetrol SA

 

 

5.88%

    05/28/45        20,143,000       13,521,190  

7.75%

    02/01/32        11,075,000       10,566,436  

8.38%

    01/19/36        27,480,000       25,780,087  

Geopark Ltd.

 

 

8.75% (2)

    01/31/30        8,920,000       7,764,592  

Termocandelaria Power SA

 

 

7.75% (2)

    09/17/31        13,740,000       13,617,164  
      

 

 

 

Total Colombia

 

    

(Cost: $198,324,278)

 

       190,743,047  
      

 

 

 
 

 

See accompanying Notes to Financial Statements.

 

1


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      $ 4,686,000     $ 4,798,605  

6.55% (2)

    04/03/34        12,151,000       12,431,931  

7.30% (2)

    11/13/54        18,311,000       18,623,202  
      

 

 

 

Total Costa Rica

 

    

(Cost: $34,394,660)

 

       35,853,738  
      

 

 

 
Dominican Republic — 2.5%  

Dominican Republic International Bonds

 

 

4.50% (2)

    01/30/30        15,112,000       14,106,448  

4.88% (2)

    09/23/32        18,920,000       17,023,459  

5.50% (2)

    02/22/29        12,683,000       12,523,828  

6.40% (1)

    06/05/49        11,519,000       10,518,921  

6.85% (1)

    01/27/45        18,242,000       17,561,391  

6.95% (2)

    03/15/37        14,040,000       13,973,450  
      

 

 

 

Total Dominican Republic

 

    

(Cost: $82,389,184)

 

       85,707,497  
      

 

 

 
Ecuador — 1.7%  

Ecuador Government International Bonds

 

 

0.00% (1),(5)

    07/31/30        11,782,578       7,221,778  

5.00% (1)

    07/31/40        33,526,542       17,560,532  

5.50% (2)

    07/31/35        39,168,229       23,515,821  

6.90% (1)

    07/31/30        15,143,313       11,354,456  
      

 

 

 

Total Ecuador

 

    

(Cost: $43,614,248)

 

       59,652,587  
      

 

 

 
Egypt — 4.0%  

Egypt Government International Bonds

 

 

5.88% (1)

    02/16/31        30,454,000       24,664,086  

7.05% (2)

    01/15/32        27,099,000       22,533,631  

7.30% (1)

    09/30/33        29,836,000       24,191,626  

7.50% (1)

    02/16/61        10,888,000       7,118,574  

7.63% (1)

    05/29/32        37,575,000       31,727,578  

8.50% (1)

    01/31/47        26,514,000       19,371,924  

8.63% (1)

    02/04/30        4,000,000       3,817,000  

8.70% (1)

    03/01/49        3,126,000       2,311,114  

8.88% (1)

    05/29/50        5,968,000       4,464,661  
      

 

 

 

Total Egypt

 

(Cost: $123,722,486)

 

       140,200,194  
      

 

 

 
El Salvador — 0.1%  

El Salvador Government International Bonds

 

 

7.63% (1)

    02/01/41        2,023,000       1,834,841  

8.25% (1)

    04/10/32        3,237,000       3,203,659  
      

 

 

 

Total El Salvador

 

(Cost: $4,778,867)

 

       5,038,500  
      

 

 

 
Gabon — 1.3% (Cost: $50,248,506)  

Gabon Government International Bonds

 

 

6.63% (1)

    02/06/31        62,998,000       44,567,935  
      

 

 

 
Issues   Maturity
Date
     Principal
Amount
    Value  
Ghana — 0.8%  

Ghana Government International Bonds

 

0.00% (2),(5),(6)

    07/03/26      $ 1,664,798     $ 1,574,583  

0.00% (2),(5),(6)

    01/03/30        2,631,293       1,990,100  

5.00% (2),(6)

    07/03/29        11,385,685       9,669,179  

5.00% (2),(6)

    07/03/35        20,500,413       13,749,832  
      

 

 

 

Total Ghana

 

(Cost: $28,874,845)

         26,983,694  
      

 

 

 
Guatemala — 1.8%  

Guatemala Government Bonds

 

3.70% (2)

    10/07/33        11,900,000       9,895,207  

4.90% (1)

    06/01/30        5,831,000       5,645,224  

5.38% (1)

    04/24/32        10,000,000       9,659,200  

6.05% (2)

    08/06/31        7,681,000       7,662,796  

6.55% (2)

    02/06/37        17,046,000       17,007,306  

6.60% (2)

    06/13/36        12,917,000       12,946,063  
      

 

 

 

Total Guatemala

 

(Cost: $62,752,706)

         62,815,796  
      

 

 

 
Honduras — 0.3% (Cost: $9,515,294)  

Honduras Government International Bonds

 

8.63% (2)

    11/27/34        9,500,000       9,445,185  
      

 

 

 

Hungary — 1.7%

 

Hungary Government International Bonds

 

 

3.13% (1)

    09/21/51        5,105,000       2,990,203  

5.50% (1)

    06/16/34        12,155,000       11,724,592  

5.50% (1)

    03/26/36        10,791,000       10,210,552  

6.75% (1)

    09/25/52        2,712,000       2,715,227  

Magyar Export-Import Bank Zrt

 

 

6.13% (2)

    12/04/27        6,393,000       6,517,791  

MVM Energetika Zrt

 

 

6.50% (1)

    03/13/31        10,701,000       10,947,444  

7.50% (1)

    06/09/28        14,622,000       15,322,394  
      

 

 

 

Total Hungary

 

    

(Cost: $60,065,234)

 

       60,428,203  
      

 

 

 
Indonesia — 2.8%  

Freeport Indonesia PT

 

 

5.32% (2)

    04/14/32        11,682,000       11,573,825  

Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT

 

5.45% (2)

    05/15/30        11,675,000       11,789,298  

Indonesia Government International Bonds

 

 

2.85%

    02/14/30        11,499,000       10,626,111  

4.40%

    03/10/29        9,408,000       9,391,536  

4.70%

    02/10/34        12,180,000       11,831,774  

4.75%

    09/10/34        10,382,000       10,090,889  

Perusahaan Penerbit SBSN Indonesia III

 

 

5.60% (2)

    11/15/33        22,819,000       23,537,798  
 

 

See accompanying Notes to Financial Statements.

 

2


TCW Emerging Markets Income Fund

 

April 30, 2025

 

Issues   Maturity
Date
     Principal
Amount
    Value  
Indonesia (Continued)  

Perusahaan Perseroan Persero PT Perusahaan Listrik Negara

 

4.88% (1)

    07/17/49      $ 12,225,000     $ 9,806,161  
      

 

 

 

Total Indonesia

 

    

(Cost: $95,842,382)

 

       98,647,392  
      

 

 

 
Israel — 1.0%  

Israel Government International Bonds

 

 

5.38%

    03/12/29        7,864,000       8,005,630  

5.50%

    03/12/34        21,413,000       21,246,193  

5.75%

    03/12/54        7,018,000       6,304,761  
      

 

 

 

Total Israel

 

    

(Cost: $35,379,892)

 

       35,556,584  
      

 

 

 
Ivory Coast — 1.4%  

Ivory Coast Government International Bonds

 

 

5.75% (1)

    12/31/32        476,945       438,284  

6.13% (1)

    06/15/33        13,553,000       11,646,364  

6.38% (1)

    03/03/28        1,235,000       1,217,142  

7.63% (1)

    01/30/33        10,334,000       9,704,866  

8.08% (2)

    04/01/36        21,457,000       19,777,346  

8.25% (1)

    01/30/37        4,700,000       4,333,212  
      

 

 

 

Total Ivory Coast

 

    

(Cost: $46,261,394)

 

       47,117,214  
      

 

 

 
Jordan — 0.1% (Cost: $3,333,173)  

Jordan Government International Bonds

 

 

7.38% (1)

    10/10/47        3,597,000       3,021,912  
      

 

 

 
Kazakhstan — 1.4%  

Baiterek National Managing Holding JSC

 

 

5.45% (2)

    05/08/28        8,326,000       8,344,733  

ForteBank JSC

 

 

7.75% (2)

    02/04/30        7,250,000       7,072,593  

Kaspi.KZ JSC

 

 

6.25% (2)

    03/26/30        10,065,000       9,886,044  

KazMunayGas National Co. JSC

 

 

5.75% (1)

    04/19/47        26,793,000       22,490,848  
      

 

 

 

Total Kazakhstan

 

    

(Cost: $46,242,895)

 

       47,794,218  
      

 

 

 
Lebanon — 0.4%  

Lebanon Government International Bonds

 

 

5.80% (1),(6),(7)

    04/14/49        39,245,000       6,703,831  

6.00% (1),(6)

    01/27/23        9,185,000       1,577,248  

6.65% (1),(6)

    04/22/24        14,771,000       2,540,612  

8.20% (1),(6)

    05/17/33        8,635,000       1,478,571  
      

 

 

 

Total Lebanon

 

    

(Cost: $4,519,364)

 

       12,300,262  
      

 

 

 
Issues   Maturity
Date
     Principal
Amount
    Value  
Mexico — 6.1%  

Comision Federal de Electricidad

 

 

5.70% (2)

    01/24/30      $ 8,675,000     $ 8,519,023  

6.45% (2)

    01/24/35        8,719,000       8,355,243  

FIEMEX Energia — Banco Actinver SA Institucion de Banca Multiple

 

 

7.25% (2)

    01/31/41        11,961,826       11,880,366  

Mexico Government International Bonds

 

 

4.75%

    04/27/32        5,000,000       4,687,700  

6.34%

    05/04/53        27,209,000       23,909,365  

6.35%

    02/09/35        48,816,000       48,571,920  

6.88%

    05/13/37        24,885,000       25,215,970  

Orbia Advance Corp. SAB de CV

 

 

6.80% (2)

    05/13/30        9,720,000       9,713,488  

7.50% (2)

    05/13/35        7,237,000       7,188,440  

Petroleos Mexicanos

 

 

5.95%

    01/28/31        19,723,000       16,355,692  

6.38%

    01/23/45        7,545,000       4,993,055  

6.50%

    03/13/27        5,549,000       5,427,921  

6.63%

    06/15/35        14,469,000       11,184,682  

6.70%

    02/16/32        18,526,000       15,876,226  

6.75%

    09/21/47        7,890,000       5,291,350  

7.69%

    01/23/50        6,158,000       4,496,879  

8.75%

    06/02/29        718,430       706,892  
      

 

 

 

Total Mexico

 

    

(Cost: $213,165,996)

 

       212,374,212  
      

 

 

 
Mongolia — 0.2%  

Mongolia Government International Bonds

 

 

4.45% (1)

    07/07/31        4,000,000       3,383,600  

8.65% (1)

    01/19/28        2,855,000       2,964,147  
      

 

 

 

Total Mongolia

 

(Cost: $6,534,229)

         6,347,747  
      

 

 

 
Morocco — 1.0%  

Morocco Government International Bonds

 

 

5.95% (2)

    03/08/28        9,861,000       10,042,837  

6.50% (2)

    09/08/33        7,476,000       7,740,052  

OCP SA

 

 

6.10% (2)

    04/30/30        3,069,000       3,074,310  

6.70% (2)

    03/01/36        5,550,000       5,500,272  

7.50% (2)

    05/02/54        9,974,000       9,818,206  
      

 

 

 

Total Morocco

 

(Cost: $35,402,429)

         36,175,677  
      

 

 

 
Oman — 3.0%  

Mazoon Assets Co. SAOC

 

 

5.50% (2)

    02/14/29        10,200,000       10,272,930  

Oman Government International Bonds

 

6.00% (1)

    08/01/29        35,727,000       36,876,695  

6.25% (2)

    01/25/31        41,216,000       43,292,462  
 

 

See accompanying Notes to Financial Statements.

 

3


TCW Emerging Markets Income Fund

 

Schedule of Investments (Unaudited) (Continued)

 

Issues   Maturity
Date
     Principal
Amount
    Value  
Oman (Continued)  

6.50% (1)

    03/08/47      $ 13,706,000     $ 13,613,347  
      

 

 

 

Total Oman

 

(Cost: $101,187,683)

 

       104,055,434  
      

 

 

 
Pakistan — 1.4%  

Pakistan Government International Bonds

 

 

6.88% (1)

    12/05/27        11,370,000       10,000,142  

7.38% (1)

    04/08/31        37,574,000       29,686,842  

8.88% (1)

    04/08/51        12,112,000       8,641,064  
      

 

 

 

Total Pakistan

 

(Cost: $49,035,054)

 

       48,328,048  
      

 

 

 
Panama — 3.0%  

C&W Senior Finance Ltd.

 

 

9.00% (2)

    01/15/33        14,215,000       14,323,887  

Panama Government International Bonds

 

3.16%

    01/23/30        26,671,000       23,441,409  

4.50%

    04/16/50        29,743,000       19,085,191  

6.40%

    02/14/35        21,213,000       20,099,105  

7.50%

    03/01/31        6,314,000       6,592,700  

7.88%

    03/01/57        11,432,000       11,105,273  

8.00%

    03/01/38        7,665,000       7,982,944  
      

 

 

 

Total Panama

 

(Cost: $105,343,990)

 

       102,630,509  
      

 

 

 
Peru — 2.4%  

Banco de Credito del Peru SA

 

 

5.80% (5 yr. CMT + 2.240%) (2),(4)

    03/10/35        6,189,000       6,062,559  

Corp. Financiera de Desarrollo SA

 

5.50% (2)

    05/06/30        12,156,000       12,177,516  

Niagara Energy SAC

 

5.75% (2)

    10/03/34        8,342,000       8,237,642  

Peru Government International Bonds

 

1.86%

    12/01/32        12,616,000       9,968,532  

3.00%

    01/15/34        31,957,000       26,743,535  

5.38%

    02/08/35        13,676,000       13,501,905  

6.55%

    03/14/37        7,242,000       7,709,326  
      

 

 

 

Total Peru

 

(Cost: $84,298,378)

 

       84,401,015  
      

 

 

 
Philippines — 1.9%  

Philippines Government International Bonds

 

 

1.95%

    01/06/32        6,450,000       5,432,319  

3.00%

    02/01/28        8,925,000       8,632,349  

3.20%

    07/06/46        12,051,000       8,430,759  

3.56%

    09/29/32        37,095,000       33,999,423  

5.90%

    02/04/50        10,617,000       10,740,688  
      

 

 

 

Total Philippines

 

(Cost: $68,262,804)

 

       67,235,538  
      

 

 

 
Issues   Maturity
Date
     Principal
Amount
    Value  
Poland — 1.9%  

Bank Gospodarstwa Krajowego

 

 

5.75% (2)

    07/09/34      $ 20,474,000     $ 20,943,469  

Republic of Poland Government International Bonds

 

4.63%

    03/18/29        22,738,000       23,018,359  

4.88%

    10/04/33        9,381,000       9,309,892  

5.50%

    03/18/54        13,039,000       12,154,565  
      

 

 

 

Total Poland

 

(Cost: $65,277,957)

 

       65,426,285  
      

 

 

 
Romania — 3.5%  

Romania Government International Bonds

 

 

5.88% (2)

    01/30/29        26,432,000       26,234,817  

6.00% (2)

    05/25/34        12,760,000       11,791,005  

6.38% (2)

    01/30/34        29,648,000       28,051,159  

7.13% (2)

    01/17/33        34,456,000       34,793,669  

7.63% (2)

    01/17/53        21,350,000       20,580,546  
      

 

 

 

Total Romania

 

(Cost: $124,114,436)

 

       121,451,196  
      

 

 

 
Saudi Arabia — 6.3%  

Greensaif Pipelines Bidco SARL

 

 

6.13% (2)

    02/23/38        62,260,000       63,541,933  

Saudi Arabian Oil Co.

 

5.25% (2)

    07/17/34        37,250,000       37,568,860  

Saudi Government International Bonds

 

3.38% (2)

    03/05/32      EUR 7,660,000       8,709,332  

3.75% (2)

    03/05/37      EUR 13,005,000       14,460,562  

4.75% (2)

    01/16/30      $ 32,111,000       32,306,235  

5.00% (1)

    01/16/34        29,807,000       29,682,407  

5.00% (1)

    01/18/53        4,500,000       3,810,285  

5.75% (2)

    01/16/54        30,067,000       28,359,796  
      

 

 

 

Total Saudi Arabia

 

(Cost: $216,694,953)

 

       218,439,410  
      

 

 

 
Senegal — 2.9%  

Senegal Government International Bonds

 

 

6.25% (1)

    05/23/33        78,606,000       54,596,583  

7.75% (1)

    06/10/31        61,011,000       47,752,090  
      

 

 

 

Total Senegal

 

(Cost: $122,448,356)

 

       102,348,673  
      

 

 

 
Serbia — 0.2% (Cost: $7,565,000)  

Telecommunications Co. Telekom Srbija AD Belgrade

 

 

7.00% (2)

    10/28/29        7,565,000       7,520,593  
      

 

 

 
South Africa — 2.6%  

Eskom Holdings SOC Ltd.

 

 

8.45% (1)

    08/10/28        27,969,000       28,600,820  
 

 

See accompanying Notes to Financial Statements.

 

4


TCW Emerging Markets Income Fund

 

April 30, 2025

 

Issues   Maturity
Date
     Principal
Amount
    Value  
South Africa (Continued)  

Republic of South Africa Government International Bonds

 

4.85%

    09/30/29      $ 9,343,000     $ 8,805,030  

5.00%

    10/12/46        11,089,000       7,373,409  

5.65%

    09/27/47        25,808,000       18,483,431  

5.75%

    09/30/49        10,794,000       7,712,529  

5.88%

    06/22/30        7,910,000       7,673,570  

5.88%

    04/20/32        13,576,000       12,791,986  
      

 

 

 

Total South Africa

 

(Cost: $91,701,591)

 

       91,440,775  
      

 

 

 
Sri Lanka — 1.2%  

Sri Lanka Government International Bonds

 

 

3.10% (2),(6)

    01/15/30        39,292,060       32,153,478  

3.60% (2),(6)

    06/15/35        7,737,529       4,992,563  

3.60% (2),(6)

    05/15/36        5,370,025       3,744,465  
      

 

 

 

Total Sri Lanka

 

(Cost: $42,448,223)

 

       40,890,506  
      

 

 

 
Trinidad And Tobago — 0.5% (Cost: $18,217,908)  

Port of Spain Waterfront Development

 

 

7.88% (2)

    02/19/40        18,345,000       17,254,940  
      

 

 

 
Turkey — 5.5%  

Akbank TAS

 

 

9.37% (5 yr. CMT + 5.270%) (2),(4),(8)

    03/14/29        31,676,000       31,655,094  

Hazine Mustesarligi Varlik Kiralama AS

 

8.51% (2)

    01/14/29        24,393,000       25,924,637  

Istanbul Metropolitan Municipality

 

10.50% (2)

    12/06/28        32,698,000       34,893,017  

Limak Cimento Sanayi ve Ticaret AS

 

9.75% (1)

    07/25/29        11,332,000       11,118,958  

TAV Havalimanlari Holding AS

 

8.50% (1)

    12/07/28        8,538,000       8,754,438  

Turkiye Vakiflar Bankasi TAO

 

8.99% (5 yr. CMT + 4.669%) (2),(4)

    10/05/34        11,386,000       11,562,255  

10.12% (5 yr. CMT + 5.493%) (2),(4),(8)

    04/24/29        16,337,000       16,695,434  

Yapi ve Kredi Bankasi AS

 

9.25% (5 yr. CMT + 5.278%) (2),(4)

    01/17/34        10,263,000       10,489,607  

9.74% (5 yr. CMT + 5.499%) (2),(4),(8)

    04/04/29        21,430,000       21,670,016  

Zorlu Enerji Elektrik Uretim AS

 

11.00% (2)

    04/23/30        21,000,000       19,338,480  
      

 

 

 

Total Turkey

 

    

(Cost: $191,146,947)

 

       192,101,936  
      

 

 

 
Issues   Maturity
Date
     Principal
Amount
    Value  
Ukraine — 1.9%  

NAK Naftogaz Ukraine via Kondor Finance PLC

 

 

7.13% (1),(3),(6)

    07/19/26      EUR 2,780,000     $ 2,746,626  

7.63% (1),(3),(6)

    11/08/28      $ 8,455,469       6,645,153  

Ukraine Government International Bonds

 

0.00% (2),(6)

    02/01/34        11,662,535       4,391,411  

0.00% (2),(6)

    02/01/36        2,369,390       1,182,349  

0.00% (1),(6),(9)

    08/01/41        28,944,000       20,733,166  

1.75% (2),(6)

    02/01/34        14,839,113       7,404,569  

1.75% (2),(6)

    02/01/35        27,380,789       13,507,217  

1.75% (2),(6)

    02/01/36        10,321,116       4,983,964  

3.00% (1),(6)

    02/01/30        5,400,000       2,659,608  
      

 

 

 

Total Ukraine

 

    

(Cost: $57,861,347)

 

       64,254,063  
      

 

 

 
United Arab Emirates — 3.9%  

Abu Dhabi Government International Bonds

 

 

3.13% (1)

    09/30/49        14,995,000       10,144,418  

Adnoc Murban Rsc Ltd.

 

4.50% (2)

    09/11/34        28,185,000       27,241,930  

5.13% (2)

    09/11/54        17,129,000       15,437,511  

Galaxy Pipeline Assets Bidco Ltd.

 

2.63% (2)

    03/31/36        42,830,000       36,151,947  

2.94% (2)

    09/30/40        25,407,282       20,684,830  

MDGH GMTN RSC Ltd.

 

4.38% (1)

    11/22/33        12,475,000       11,945,561  

5.50% (1)

    04/28/33        5,900,000       6,110,394  

5.88% (1)

    05/01/34        7,105,000       7,515,953  
      

 

 

 

Total United Arab Emirates

 

    

(Cost: $140,029,952)

 

       135,232,544  
      

 

 

 
Uruguay — 1.2%  

Uruguay Government International Bonds

 

 

4.38%

    01/23/31        5,622,981       5,575,467  

5.44%

    02/14/37        29,635,115       30,234,040  

5.75%

    10/28/34        4,900,000       5,126,086  
      

 

 

 

Total Uruguay

 

    

(Cost: $40,301,656)

 

       40,935,593  
      

 

 

 
Uzbekistan — 1.0%  

Republic of Uzbekistan International Bonds

 

 

3.70% (1)

    11/25/30        6,875,000       5,935,669  

3.90% (1)

    10/19/31        6,450,000       5,491,078  

5.38% (1)

    02/20/29        6,600,000       6,444,504  

Uzbekneftegaz JSC

 

 

8.75% (2)

    05/07/30        14,506,000       16,231,054  
      

 

 

 

Total Uzbekistan

 

    

(Cost: $31,997,726)

 

       34,102,305  
      

 

 

 
 

 

See accompanying Notes to Financial Statements.

 

5


TCW Emerging Markets Income Fund

 

Schedule of Investments (Unaudited) (Continued)

 

Issues   Maturity
Date
     Principal
Amount
    Value  
Venezuela — 0.6%  

Petroleos de Venezuela SA

 

 

5.38% (1),(6),(7)

    04/12/27      $ 10,102,600     $ 1,180,893  

6.00% (1),(6),(7)

    05/16/24        10,727,497       1,265,094  

9.00% (1),(6),(7)

    11/17/21        18,044,846       2,291,334  

Venezuela Government International Bonds

 

 

7.75% (1),(6)

    10/13/19        6,714,500       960,711  

8.25% (1),(6),(7)

    10/13/24        18,932,000       2,758,582  

9.25% (6),(7)

    09/15/27        36,220,200       6,388,157  

9.25% (1),(6),(7)

    05/07/28        33,003,200       5,382,162  

11.75% (1),(6)

    10/21/26        2,795,600       512,098  

11.95% (1),(6)

    08/05/31        5,587,900       931,223  
      

 

 

 

Total Venezuela

 

    

(Cost: $35,210,261)

 

       21,670,254  
      

 

 

 
Zambia — 0.2%  

Zambia Government International Bonds

 

 

0.50% (1),(6)

    12/31/53        7,400,000       4,163,684  

5.75% (1),(6)

    06/30/33        4,796,460       4,156,420  
      

 

 

 

Total Zambia

 

    

(Cost: $7,889,841)

 

       8,320,104  
      

 

 

 

Total Fixed Income Securities

 

 

(Cost: $3,287,082,956)

 

       3,309,876,862  
      

 

 

 

MONEY MARKET INVESTMENTS — 3.7%

 

State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.29% (10)

 

     41,540,257       41,540,257  

TCW Central Cash Fund, 4.34% (10),(11)

 

     87,790,000       87,790,000  
      

 

 

 

Total Money Market Investments

 

 

(Cost: $129,330,257)

 

       129,330,257  
      

 

 

 
Issues   Maturity
Date
     Principal
Amount
    Value  

SHORT TERM INVESTMENTS — 1.6%

 

Egypt Treasury Bills

 

0.00% (5)

    06/03/25      EGP 40,125,000     $ 772,483  

0.00% (5)

    06/10/25      EGP 359,875,000       6,891,807  

0.00% (5)

    06/17/25      EGP 103,000,000       1,962,243  

0.00% (5)

    05/13/25      EGP 211,850,000       4,145,194  

0.00% (5)

    05/20/25      EGP 103,350,000       2,011,183  

0.00% (5)

    05/06/25      EGP 176,525,000       3,473,170  

Nigeria OMO Bills

 

0.00% (5)

    01/06/26      NGN 8,688,000,000       4,581,487  

0.00% (5)

    12/09/25      NGN 18,771,214,000       10,123,082  

0.00% (5)

    11/25/25      NGN 8,865,072,000       4,914,949  

0.00% (5)

    12/02/25      NGN 15,355,185,000       8,287,965  

0.00% (5)

    10/22/25      NGN  16,700,000,000       9,299,845  
      

 

 

 

Total Short-term Investment

 

 

(Cost: $56,717,536)

 

    56,463,408  
      

 

 

 

Total Investments (100.5%)

 

 

(Cost: $3,473,130,749)

 

    3,495,670,527  

Liabilities In Excess Of Other Assets (-0.5%)

 

    (16,262,582
      

 

 

 

Net Assets (100.0%)

 

  $ 3,479,407,945  
      

 

 

 
 

 

Forward Currency Exchange Contracts  
Counterparty    Contracts to
Deliver
     Units of
Currency
     Settlement
Date
     In Exchange for
U.S. Dollars
     Contracts at
Value
     Unrealized
Appreciation
(Depreciation)
 
BUY (12)                                   

Barclays Capital

     TRY        2,901,306,933        07/16/25      $  69,916,400      $ 69,477,602      $ (438,798

JPMorgan Chase Bank

     TRY        1,478,641,533        07/16/25        35,928,600        35,409,031        (519,569
           

 

 

    

 

 

    

 

 

 
   $  105,845,000      $  104,886,633      $ (958,367
  

 

 

    

 

 

    

 

 

 
SELL (13)                                   

Barclays Capital

     EUR        21,500,000        06/30/25      $ 23,323,161      $ 24,524,634      $  (1,201,473

Morgan Stanley & Co.

     TRY        4,379,948,465        07/16/25        99,990,507        104,886,633        (4,896,126
           

 

 

    

 

 

    

 

 

 
   $  123,313,668      $  129,411,267      $ (6,097,599
  

 

 

    

 

 

    

 

 

 

 

See accompanying Notes to Financial Statements.

 

6


TCW Emerging Markets Income Fund

 

April 30, 2025

 

Notes to the Schedule of Investments:

EGP   Egyptian Pound.
EUR   Euro Currency.
NGN   Nigeria Naira.
TRY   Turkish New Lira.
(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, 2025, the value of these securities amounted to $968,177,549 or 27.8% 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, 2025, the value of these securities amounted to $1,388,567,742 or 39.9% 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)   Payment in kind.
(4)   Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2025.
(5)   Security is not accruing interest.
(6)   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.
(7)   For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.
(8)   Perpetual maturity.
(9)   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.
(10)   Rate disclosed is the 7-day net yield as of April 30, 2025.
(11)   Affiliated issuer.
(12)   Fund buys foreign currency, sells U.S. Dollar.
(13)   Fund sells foreign currency, buys U.S. Dollar.

 

See accompanying Notes to Financial Statements.

 

7


TCW Emerging Markets Income Fund

 

Schedule of Investments (Unaudited) (Continued)

 

The summary of the TCW Emerging Markets Income Fund transactions in the affiliated funds for the period ended April 30, 2025 is as follows:

 

Name of Affiliated Fund

  Value at
October 31,
2024
    Purchases
at Cost
    Proceeds
from Sales
    Number
of Shares
Held
April 30,
2025
    Value at
April 30,
2025
    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 Central Cash Fund

 

 
  $  20,160,000     $  512,500,000     $  444,870,000       87,790,000     $ 87,790,000     $ 1,314,976     $  —     $  —     $  —  
         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

          $  87,790,000     $  1,314,976     $  —     $  —     $  —  
         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

See accompanying Notes to Financial Statements.

 

8


TCW Emerging Markets Income Fund

 

Fair Valuation Summary (Unaudited)

April 30, 2025

 

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 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

   $      $ 2,190,098,786     $ 21,232,732      $ 2,211,331,518  

Oil & Gas

            250,326,983       4,737,322        255,064,305  

Electric

            197,879,990              197,879,990  

Banks

            138,328,542              138,328,542  

Mining

            137,571,458              137,571,458  

Pipelines

            120,378,710              120,378,710  

Chemicals

            35,294,715              35,294,715  

Government Regional/Local

            34,893,017              34,893,017  

Iron & Steel

            33,354,962              33,354,962  

Investment Companies

            25,571,908              25,571,908  

Oil & Gas Services

            18,711,775              18,711,775  

Real Estate

            17,254,940              17,254,940  

Regional (State & Province)

            16,997,065              16,997,065  

Telecommunications

            14,323,887              14,323,887  

Water

            13,393,869              13,393,869  

Building Materials

            11,118,958              11,118,958  

Commercial Services

            9,886,044              9,886,044  

Engineering & Construction

            8,754,438              8,754,438  

Distribution & Wholesale

            7,520,594              7,520,594  

Food

            2,246,167              2,246,167  
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Fixed Income Securities

            3,283,906,808       25,970,054        3,309,876,862  
  

 

 

    

 

 

   

 

 

    

 

 

 

Money Market Investments

     129,330,257                     129,330,257  

Short Term Investments

            56,463,408              56,463,408  
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Investments

   $  129,330,257      $  3,340,370,216     $  25,970,054      $  3,495,670,527  
  

 

 

    

 

 

   

 

 

    

 

 

 

Liability Derivatives

          

Forward Currency Contracts

          

Foreign Currency Risk

   $      $ (7,055,966   $      $ (7,055,966
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $      $ (7,055,966   $      $ (7,055,966
  

 

 

    

 

 

   

 

 

    

 

 

 

 

See accompanying Notes to Financial Statements.

 

9


TCW Emerging Markets Local Currency Income Fund

 

Schedule of Investments (Unaudited)

 

Issues   Maturity
Date
            Principal
Amount
     Value  

FIXED INCOME SECURITIES — 83.6% of Net Assets

 

Brazil — 9.5%         

Brazil Notas do Tesouro Nacional

 

  

6.00%

    05/15/35        BRL        787,000      $ 564,757  

Brazil Notas do Tesouro Nacional Series F

 

  

10.00%

    01/01/29        BRL        24,849,000        3,972,224  

10.00%

    01/01/31        BRL        3,951,000        597,522  
          

 

 

 

Total Brazil

 

        

(Cost: $5,144,591)

 

           5,134,503  
          

 

 

 
Chile — 1.8%         

Bonos de la Tesoreria de la Republica en pesos

 

  

5.00% (1)

    10/01/28        CLP        295,000,000        306,277  

5.00%

    03/01/35        CLP        445,000,000        443,679  

6.00% (1)

    04/01/33        CLP        190,000,000        204,075  
          

 

 

 

Total Chile

 

        

(Cost: $1,048,019)

 

           954,031  
          

 

 

 
China — 4.5%         

China Government Bonds

 

  

2.11%

    08/25/34        CNY        9,250,000        1,320,750  

2.57%

    05/20/54        CNY        7,160,000        1,129,680  
          

 

 

 

Total China

 

        

(Cost: $2,426,073)

 

           2,450,430  
          

 

 

 
Colombia — 3.6%         

Colombia TES Series B

 

  

6.25%

    07/09/36        COP        1,972,000,000        298,430  

7.00%

    06/30/32        COP        1,717,600,000        316,200  

Colombia TES

 

  

7.25%

    10/18/34        COP        606,500,000        105,182  

Colombia TES Series B

 

  

7.75%

    09/18/30        COP        2,265,700,000        466,611  

Colombia TES

 

  

9.25%

    05/28/42        COP        1,425,800,000        257,574  

13.25%

    02/09/33        COP        2,026,900,000        513,696  
          

 

 

 

Total Colombia

 

        

(Cost: $1,989,020)

 

           1,957,693  
          

 

 

 
Czech Republic — 3.4%         

Czech Republic Government Bonds

 

  

0.95% (1)

    05/15/30        CZK        6,730,000        270,458  

1.20%

    03/13/31        CZK        13,800,000        548,737  

1.50%

    04/24/40        CZK        15,930,000        499,319  

1.75%

    06/23/32        CZK        12,650,000        504,035  
          

 

 

 

Total Czech Republic

 

        

(Cost: $1,691,554)

 

           1,822,549  
          

 

 

 
Hungary — 2.6%         

Hungary Government Bonds

 

  

2.25%

    04/20/33        HUF        213,350,000        441,215  

3.00%

    10/27/27        HUF        95,470,000        249,317  
Issues   Maturity
Date
            Principal
Amount
     Value  
Hungary (Continued)         

4.75%

    11/24/32        HUF        63,970,000      $ 160,325  

5.50%

    06/24/25        HUF        199,220,000        559,208  
          

 

 

 

Total Hungary

 

        

(Cost: $1,416,920)

 

           1,410,065  
          

 

 

 
India — 10.1%         

India Government Bonds

 

  

6.75%

    12/23/29        INR        120,350,000        1,463,353  

7.10%

    04/08/34        INR        155,050,000        1,927,780  

7.17%

    04/17/30        INR        5,000,000        61,864  

7.18%

    08/14/33        INR        162,000,000        2,020,481  
          

 

 

 

Total India

 

        

(Cost: $5,325,031)

 

           5,473,478  
          

 

 

 
Indonesia — 9.7%         

Indonesia Treasury Bonds

 

  

6.50%

    07/15/30        IDR        13,482,000,000        809,464  

6.88%

    04/15/29        IDR        58,572,000,000        3,570,246  

7.00%

    09/15/30        IDR        7,675,000,000        470,598  

9.00%

    03/15/29        IDR        5,983,000,000        390,448  
          

 

 

 

Total Indonesia

 

        

(Cost: $5,383,750)

 

           5,240,756  
          

 

 

 
Malaysia — 8.2%         

Malaysia Government Bonds

 

  

2.63%

    04/15/31        MYR        4,345,000        962,808  

3.52%

    04/20/28        MYR        535,000        125,029  

3.58%

    07/15/32        MYR        1,640,000        381,936  

3.73%

    06/15/28        MYR        1,821,000        428,081  

3.76%

    05/22/40        MYR        411,000        94,987  

4.05%

    04/18/39        MYR        2,075,000        495,018  

4.76%

    04/07/37        MYR        4,135,000        1,048,392  

4.89%

    06/08/38        MYR        3,500,000        903,527  
          

 

 

 

Total Malaysia

 

        

(Cost: $4,019,363)

 

           4,439,778  
          

 

 

 
Mexico — 7.2%         

Mexico Bonos

 

  

7.50%

    05/26/33        MXN        19,198,100        884,633  

7.75%

    05/29/31        MXN        13,825,200        667,494  

7.75%

    11/23/34        MXN        19,042,900        875,847  

7.75%

    11/13/42        MXN        9,699,800        405,404  

8.00%

    11/07/47        MXN        4,047,400        169,995  

8.50%

    03/01/29        MXN        2,952,400        149,964  

8.50%

    11/18/38        MXN        15,963,000        740,341  
          

 

 

 

Total Mexico

 

        

(Cost: $3,927,784)

 

           3,893,678  
          

 

 

 
 

 

See accompanying Notes to Financial Statements.

 

10


TCW Emerging Markets Local Currency Income Fund

 

April 30, 2025

 

Issues   Maturity
Date
            Principal
Amount
     Value  
Peru — 1.8%         

Peru Government Bonds

 

  

5.40%

    08/12/34        PEN        564,000      $ 141,520  

6.15%

    08/12/32        PEN        209,000        57,966  

7.30% (1)

    08/12/33        PEN        688,000        200,211  

Peru Government International Bonds

 

  

6.90% (1)

    08/12/37        PEN        1,341,000        360,774  

6.95% (1)

    08/12/31        PEN        764,000        225,812  
          

 

 

 

Total Peru

 

        

(Cost: $908,903)

 

           986,283  
          

 

 

 
Poland — 5.5%         

Republic of Poland Government Bonds

 

  

1.25%

    10/25/30        PLN        3,315,000        737,869  

1.75%

    04/25/32        PLN        4,841,000        1,050,219  

2.50%

    07/25/27        PLN        1,924,000        491,526  

2.50%

    07/25/26        PLN        476,000        123,872  

2.75%

    10/25/29        PLN        1,672,000        412,537  

5.00%

    10/25/34        PLN        614,000        160,723  
          

 

 

 

Total Poland

 

        

(Cost: $2,593,994)

 

           2,976,746  
          

 

 

 
Romania — 3.5%         

Romania Government Bonds

 

  

4.15%

    01/26/28        RON        2,715,000        574,245  

4.75%

    10/11/34        RON        1,030,000        192,855  

5.80%

    07/26/27        RON        1,560,000        346,235  

6.70%

    02/25/32        RON        2,755,000        604,873  

7.20%

    10/30/33        RON        805,000        180,697  
          

 

 

 

Total Romania

 

        

(Cost: $1,771,566)

 

           1,898,905  
          

 

 

 
South Africa — 6.9%         

Republic of South Africa Government Bonds

 

  

6.25%

    03/31/36        ZAR        13,058,199        496,971  

7.00%

    02/28/31        ZAR        6,500,000        314,065  

8.25%

    03/31/32        ZAR        8,651,375        431,624  

8.50%

    01/31/37        ZAR        15,699,928        699,788  

8.75%

    01/31/44        ZAR        6,502,150        270,821  

8.88%

    02/28/35        ZAR        11,559,562        557,499  

9.00%

    01/31/40        ZAR        9,827,499        432,904  

10.50%

    12/21/26        ZAR        9,800,000        546,514  
          

 

 

 

Total South Africa

 

        

(Cost: $3,978,250)

 

           3,750,186  
          

 

 

 
Thailand — 5.3%         

Thailand Government Bonds

 

  

2.80%

    06/17/34        THB        11,480,000        370,075  

3.39%

    06/17/37        THB        15,547,000        533,057  
Issues   Maturity
Date
            Principal
Amount
     Value  
Thailand (Continued)         

3.45%

    06/17/43        THB        49,132,000      $ 1,687,696  

4.00%

    06/17/55        THB        7,000,000        270,375  
          

 

 

 

Total Thailand

 

        

(Cost: $2,507,482)

 

           2,861,203  
          

 

 

 

Total Fixed Income Securities

 

  

(Cost: $44,132,300)

 

           45,250,284  
          

 

 

 
          
       Shares         
MONEY MARKET INVESTMENTS — 2.9%  

State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.29% (2)

 

     529,322        529,322  

TCW Central Cash Fund, 4.34% (2),(3)

 

     1,040,000        1,040,000  
          

 

 

 

Total Money Market Investments

 

(Cost: $1,569,322)

 

     1,569,322  
          

 

 

 
          
                  Principal
Amount
        

SHORT TERM INVESTMENTS — 10.3%

 

Short-Term Investment — 10.3%  
Egypt — 6.9%  

Egypt Treasury Bills

 

0.00% (4)

    05/20/25        EGP        29,700,000        577,960  

0.00% (4)

    06/03/25        EGP        15,300,000        294,554  

0.00% (4)

    06/10/25        EGP        66,525,000        1,273,991  

0.00% (4)

    06/17/25        EGP        26,000,000        495,323  

0.00% (4)

    06/24/25        EGP        30,000,000        568,588  

0.00% (4)

    09/09/25        EGP        28,275,000        508,479  
          

 

 

 

Total Egypt

 

(Cost: $3,720,379)

 

     3,718,895  
          

 

 

 
Nigeria — 3.4%  

Nigeria OMO Bills

 

0.00% (4)

    06/17/25        NGN        1,220,000,000        738,231  

0.00% (4)

    11/04/25        NGN        1,545,000,000        849,726  

0.00% (4)

    12/02/25        NGN        183,014,000        98,782  

0.00% (4)

    12/09/25        NGN        279,445,000        150,701  
          

 

 

 

Total Nigeria

 

(Cost: $1,886,054)

 

     1,837,440  
          

 

 

 

Total Short Term Investments

 

(Cost: $5,606,433)

 

     5,556,335  
          

 

 

 

Total Investments (96.8%)

 

  

(Cost: $51,308,055)

 

     52,375,941  

Excess Of Other Assets Over Liabilities (3.2%)

 

     1,732,690  
          

 

 

 

Net Assets (100.0%)

 

   $ 54,108,631  
          

 

 

 
 

 

See accompanying Notes to Financial Statements.

 

11


TCW Emerging Markets Local Currency Income Fund

 

Schedule of Investments (Unaudited) (Continued)

 

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

     CLP        547,865,580        05/06/25      $ 563,300      $ 572,829      $ 9,529  

Bank of America

     EUR        826,619        07/07/25        919,200        943,327        24,127  

Bank of America

     PEN        2,088,716        05/06/25        576,198        568,417        (7,781

Barclays Capital

     CZK        6,485,642        07/08/25        282,200        296,052        13,852  

Barclays Capital

     MXN        7,701,643        05/07/25        369,199        393,331        24,132  

Barclays Capital

     MYR        2,097,024        06/17/25        474,622        486,719        12,097  

Barclays Capital

     TRY        107,956,373        07/16/25        2,597,100        2,585,232        (11,868

BNP Paribas S.A.

     BRL        3,033,862        05/05/25        538,397        535,886        (2,511

BNP Paribas S.A.

     CZK        7,465,468        07/08/25        340,684        340,779        95  

BNP Paribas S.A.

     EUR        1,300,502        06/16/25        1,426,000        1,482,140        56,140  

BNP Paribas S.A.

     PLN        4,246,905        06/10/25        1,092,854        1,127,529        34,675  

BNP Paribas S.A.

     TRY        98,504,021        05/02/25        2,487,160        2,561,224        74,064  

BNP Paribas S.A.

     TRY        26,539,357        05/27/25        673,896        672,224        (1,672

BNP Paribas S.A.

     TRY        202,867,657        06/02/25        5,087,271        5,102,343        15,072  

BNP Paribas S.A.

     TRY        30,421,621        07/16/25        738,900        728,507        (10,393

Goldman Sachs & Co.

     CZK        24,183,438        07/08/25        1,056,230        1,103,909        47,679  

Goldman Sachs & Co.

     MYR        2,538,624        06/24/25        575,130        589,367        14,237  

JPMorgan Chase Bank

     BRL        10,063,012        10/27/25        1,688,000        1,702,913        14,913  

JPMorgan Chase Bank

     MXN        23,431,555        05/07/25        1,134,700        1,196,675        61,975  

JPMorgan Chase Bank

     TRY        124,392,573        05/02/25        3,143,483        3,234,357        90,874  

Morgan Stanley & Co.

     THB        78,159,295        06/12/25        2,327,555        2,346,183        18,628  

Morgan Stanley & Co.

     TRY        23,988,501        09/08/25        565,900        539,933        (25,967
           

 

 

    

 

 

    

 

 

 
   $  28,657,979      $  29,109,876      $  451,897  
  

 

 

    

 

 

    

 

 

 
SELL (6)                                   

Banco BNP Paribas Brasil S.A.

     BRL        3,033,862        05/05/25      $ 535,942      $ 535,885      $ 57  

Bank of America

     CNH        17,827,843        07/23/25        2,456,878        2,465,830        (8,952

Bank of America

     COP        1,082,328,066        06/26/25        258,662        254,361        4,301  

Bank of America

     HUF        335,979,182        07/07/25        919,200        941,353        (22,153

Bank of America

     THB        5,989,620        06/12/25        175,803        179,796        (3,993

Barclays Capital

     BRL        3,033,862        05/05/25        507,073        535,885        (28,812

Barclays Capital

     COP        1,207,643,766        06/24/25        287,700        283,884        3,816  

BNP Paribas S.A.

     BRL        3,033,900        10/27/25        515,882        513,412        2,470  

BNP Paribas S.A.

     HUF        525,870,868        06/16/25        1,426,001        1,474,937        (48,936

BNP Paribas S.A.

     PLN        797,258        06/10/25        205,300        211,667        (6,367

BNP Paribas S.A.

     TRY        202,867,657        05/02/25        5,272,371        5,274,804        (2,433

BNP Paribas S.A.

     TRY        66,311,741        07/16/25        1,531,272        1,587,967        (56,695

ING Baring U.S. Capital Markets

     TRY        40,057,876        05/02/25        1,028,800        1,041,554        (12,754

JPMorgan Chase Bank

     COP        1,209,801,600        06/25/25        285,600        284,355        1,245  

JPMorgan Chase Bank

     PEN        2,088,716        05/06/25        563,300        568,417        (5,117

JPMorgan Chase Bank

     TRY        72,066,253        07/16/25        1,668,683        1,725,771        (57,088

JPMorgan Chase Bank

     TRY        23,988,501        09/08/25        526,295        539,933        (13,638

Morgan Stanley & Co.

     CLP        547,865,580        05/06/25        596,803        572,829        23,974  

Morgan Stanley & Co.

     MXN        33,886,600        10/27/25        1,688,000        1,692,536        (4,536
           

 

 

    

 

 

    

 

 

 
   $ 20,449,565      $ 20,685,176      $ (235,611
  

 

 

    

 

 

    

 

 

 

 

See accompanying Notes to Financial Statements.

 

12


TCW Emerging Markets Local Currency Income Fund

 

April 30, 2025

 

Notes to the Schedule of Investments:

BRL   Brazilian Real.
CLP   Chilean Peso.
CNH   Chinese Yuan Renminbi.
CNY   Chinese Yuan.
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.
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, 2025, the value of these securities amounted to $1,567,607 or 2.9% of net assets.
(2)   Rate disclosed is the 7-day net yield as of April 30, 2025.
(3)   Affiliated issuer.
(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.

 

13


TCW Emerging Markets Local Currency Income Fund

 

Schedule of Investments (Unaudited) (Continued)

 

The summary of the TCW Emerging Markets Local Currency Income Fund transactions in the affiliated funds for the period ended April 30, 2025 is as follows:

 

Name of Affiliated Fund

  Value at
October 31,
2024
    Purchases
at Cost
    Proceeds
from Sales
    Number
of Shares
Held
April 30,
2025
    Value at
April 30,
2025
    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 Central Cash Fund

 

     
  $  1,580,000     $  32,503,056     $  33,043,056       1,040,000     $ 1,040,000     $ 34,214     $     $     $  
         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

          $  1,040,000     $  34,214     $  —     $  —     $  —  
         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

See accompanying Notes to Financial Statements.

 

14


TCW Emerging Markets Local Currency Income Fund

 

Fair Valuation Summary (Unaudited)

April 30, 2025

 

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 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

   $      $ 45,250,284     $      $ 45,250,284  

Money Market Fund

     1,569,322                     1,569,322  

Short-Term Investments

            5,556,335              5,556,335  
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Investments

   $ 1,569,322      $ 50,806,619     $      $ 52,375,941  
  

 

 

    

 

 

   

 

 

    

 

 

 

Asset Derivatives

          

Forward Currency Contracts

          

Foreign Currency Risk

            547,952              547,952  
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $   1,569,322      $  51,354,571     $      $  52,923,893  
  

 

 

    

 

 

   

 

 

    

 

 

 

Liability Derivatives

          

Forward Currency Contracts

          

Foreign Currency Risk

   $      $ (331,666   $      $ (331,666
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $      $ (331,666   $  —      $ (331,666
  

 

 

    

 

 

   

 

 

    

 

 

 

 

See accompanying Notes to Financial Statements.

 

15


TCW White Oak Emerging Markets Equity Fund

 

Schedule of Investments (Unaudited)

April 30, 2025

 

Issues   Shares      Value  

COMMON STOCK — 98.3%

 

Australia — 0.8% (Cost: $81,031)  

Mader Group Ltd.

    20,800      $ 84,645  
    

 

 

 
Austria — 0.6%  

Erste Group Bank AG

    360        24,464  

Vienna Insurance Group AG Wiener Versicherung Gruppe

    700        33,408  
    

 

 

 
Total Austria  

(Cost: $52,252)

 

     57,872  
    

 

 

 
Brazil — 5.5%  

B3 SA-Brasil Bolsa Balcao

    44,600        106,273  

Itau Unibanco Holding SA

    17,520        96,182  

MercadoLibre, Inc. (1)

    44        102,557  

Raia Drogasil SA

    21,700        76,046  

Rede D’Or Sao Luiz SA

    17,000        96,149  

Vivara Participacoes SA

    21,600        84,357  
    

 

 

 
Total Brazil  

(Cost: $486,687)

 

     561,564  
    

 

 

 
Canada — 2.4%  

Artemis Gold, Inc. (1)

    4,900        70,238  

Dundee Precious Metals, Inc.

    5,820        76,137  

G Mining Ventures Corp. (1)

    4,560        63,120  

Montage Gold Corp. (1)

    15,400        39,690  
    

 

 

 
Total Canada  

(Cost: $215,377)

 

     249,185  
    

 

 

 
Chile — 0.3% (Cost: $36,765)  

Lundin Mining Corp.

    4,200        34,298  
    

 

 

 
China — 21.6%  

Aier Eye Hospital Group Co. Ltd.

    13,000        23,256  

Alibaba Group Holding Ltd.

    27,200        406,144  

BOC Aviation Ltd.

    8,450        63,335  

BYD Co. Ltd.

    1,960        93,103  

Centre Testing International Group Co. Ltd.

    19,400        29,824  

China Merchants Bank Co. Ltd.

    9,300        50,734  

Fuyao Glass Industry Group Co. Ltd.

    9,500        67,192  

Haitian International Holdings Ltd.

    26,900        62,320  

JD.com, Inc.

    4,500        73,275  

Jiangsu Hengli Hydraulic Co. Ltd.

    2,200        22,654  

Kingdee International Software Group Co. Ltd. (1)

    7,300        12,417  

Kweichow Moutai Co. Ltd.

    800        170,440  

Meituan (1)

    6,980        115,584  

NetEase, Inc.

    6,180        132,863  

Prosus NV

    1,420        66,269  

Shenzhen Mindray Bio-Medical Electronics Co. Ltd.

    700        21,171  

Silergy Corp.

    2,200        27,734  

Sinoseal Holding Co. Ltd.

    4,900        24,345  

Sunresin New Materials Co. Ltd.

    11,000        65,887  
Issues   Shares      Value  
China (Continued)  

Tencent Holdings Ltd.

    7,150      $ 437,995  

Tencent Music Entertainment Group (ADR)

    5,660        75,957  

Trip.com Group Ltd.

    1,560        93,987  

Yum China Holdings, Inc.

    1,740        81,298  
    

 

 

 
Total China  

(Cost: $2,398,213)

 

     2,217,784  
    

 

 

 
France — 1.7%  

Hermes International SCA

    52        143,501  

LVMH Moet Hennessy Louis Vuitton SE

    45        25,013  
    

 

 

 
Total France  

(Cost: $174,432)

 

     168,514  
    

 

 

 
Germany — 0.9% (Cost: $93,963)  

Infineon Technologies AG

    2,880        95,723  
    

 

 

 
Great Britain — 1.0%  

HSBC Holdings PLC

    6,000        66,761  

Inchcape PLC

    3,500        31,433  
    

 

 

 
Total Great Britain  

(Cost: $101,613)

 

     98,194  
    

 

 

 
Greece — 0.3% (Cost: $25,370)  

Jumbo SA

    900        28,441  
    

 

 

 
Hong Kong — 2.9%  

AIA Group Ltd.

    4,600        34,471  

Cowell e Holdings, Inc. (1)

    7,000        20,119  

Hong Kong Exchanges & Clearing Ltd.

    3,300        144,193  

Prudential PLC

    3,200        34,101  

Techtronic Industries Co. Ltd.

    6,800        68,443  
    

 

 

 
Total Hong Kong  

(Cost: $330,043)

 

     301,327  
    

 

 

 
India — 17.2%  

Ajax Engineering Ltd. (1)

    13,600        103,831  

Bajaj Finserv Ltd.

    1,470        33,943  

Bharti Airtel Ltd.

    5,980        131,222  

Carraro India Ltd. (1)

    13,700        59,829  

Cigniti Technologies Ltd. (1)

    4,950        78,649  

Computer Age Management Services Ltd.

    2,238        102,744  

Embassy Office Parks REIT

    13,000        58,728  

Firstsource Solutions Ltd.

    15,200        60,556  

HDFC Bank Ltd. (ADR)

    2,880        209,347  

Home First Finance Co. India Ltd.

    2,680        39,423  

ICICI Bank Ltd. (SP ADR) (India)

    6,160        206,730  

Info Edge India Ltd.

    1,260        105,286  

International Gemmological Institute India Ltd.

    11,300        45,904  

Krishna Institute of Medical Sciences Ltd. (1)

    8,300        64,261  

Laxmi Dental Ltd. (1)

    10,600        49,015  

MakeMyTrip Ltd. (1)

    300        31,446  

Mankind Pharma Ltd. (1)

    2,460        71,469  

Nexus Select Trust

    38,700        59,234  
 

 

See accompanying Notes to Financial Statements.

 

16


TCW White Oak Emerging Markets Equity Fund

 

April 30, 2025

 

Issues   Shares      Value  
India (Continued)  

Onesource Specialty Pharma Ltd. (1)

    3,580      $ 68,486  

PB Fintech Ltd. (1)

    4,470        85,962  

Thyrocare Technologies Ltd.

    3,925        40,663  

Torrent Pharmaceuticals Ltd.

    1,460        57,492  
    

 

 

 
Total India  

(Cost: $1,638,949)

 

     1,764,220  
    

 

 

 
Indonesia — 1.4%  

Bank Central Asia Tbk. PT

    185,300        98,522  

Cisarua Mountain Dairy Tbk. PT

    95,400        26,321  

Map Aktif Adiperkasa PT

    514,000        20,112  
    

 

 

 
Total Indonesia  

(Cost: $146,131)

 

     144,955  
    

 

 

 
Italy — 0.3% (Cost: $32,445)  

Moncler SpA

    470        29,109  
    

 

 

 
Japan — 0.2% (Cost: $24,485)  

Disco Corp.

    100        19,394  
    

 

 

 
Malaysia — 0.8% (Cost: $79,259)  

Syarikat Takaful Malaysia Keluarga Bhd.

    98,100        81,035  
    

 

 

 
Mexico — 3.6%  

BBB Foods, Inc. (1)

    2,100        64,176  

Grupo Aeroportuario del Centro Norte SAB de CV

    8,200        90,395  

Grupo Financiero Banorte SAB de CV

    10,600        91,054  

Grupo Mexico SAB de CV

    16,400        85,255  

Qualitas Controladora SAB de CV

    3,400        37,682  
    

 

 

 
Total Mexico  

(Cost: $321,270)

 

     368,562  
    

 

 

 
Netherlands — 2.7%  

ASM International NV

    288        141,255  

ASML Holding NV (Netherlands)

    195        130,276  
    

 

 

 

Total Netherlands

 

(Cost: $276,108)

 

     271,531  
    

 

 

 
Peru — 0.3% (Cost: $29,748)  

Credicorp Ltd.

    163        32,957  
    

 

 

 
Philippines — 0.6%  

Bank of the Philippine Islands

    11,400        28,583  

BDO Unibank, Inc.

    12,300        35,302  
    

 

 

 

Total Philippines

 

(Cost: $59,874)

 

     63,885  
    

 

 

 
Poland — 2.7%  

Allegro.eu SA (1)

    3,500        30,851  

Benefit Systems SA

    77        66,602  

Diagnostyka SA (1)

    2,040        82,328  

InPost SA (1)

    2,000        33,900  

KRUK SA

    620        66,071  
    

 

 

 

Total Poland

 

(Cost: $248,076)

 

     279,752  
    

 

 

 
Issues   Shares      Value  
Portugal — 0.3% (Cost: $25,182)  

Jeronimo Martins SGPS SA

    1,140      $ 27,686  
    

 

 

 
Saudi Arabia — 0.6%  

Saudi Awwal Bank

    3,100        29,008  

Saudi National Bank

    3,215        30,633  
    

 

 

 

Total Saudi Arabia

 

(Cost: $60,190)

 

     59,641  
    

 

 

 
Singapore — 1.6%  

DBS Group Holdings Ltd.

    2,610        84,823  

Oversea-Chinese Banking Corp. Ltd.

    6,030        74,648  
    

 

 

 

Total Singapore

 

(Cost: $165,395)

 

     159,471  
    

 

 

 
South Africa — 2.7%  

Boxer Retail Ltd. (1)

    7,000        26,072  

Clicks Group Ltd.

    1,350        28,704  

Discovery Ltd.

    2,700        29,892  

Naspers Ltd.

    720        189,267  
    

 

 

 

Total South Africa

 

(Cost: $261,031)

 

     273,935  
    

 

 

 
South Korea — 5.0%  

Coupang, Inc. (1)

    1,260        29,446  

Delivery Hero SE (1)

    830        23,539  

HD Hyundai Marine Solution Co. Ltd.

    300        32,402  

KB Financial Group, Inc.

    470        29,703  

NICE Information Service Co. Ltd.

    3,110        28,241  

Samsung Electronics Co. Ltd.

    5,540        216,157  

Samsung Fire & Marine Insurance Co. Ltd.

    100        26,383  

Shinhan Financial Group Co. Ltd.

    800        28,912  

SK Hynix, Inc.

    800        99,818  
    

 

 

 

Total South Korea

 

(Cost: $502,837)

 

     514,601  
    

 

 

 
Switzerland — 1.4% (Cost: $158,482)  

Cie Financiere Richemont SA

    825        146,420  
    

 

 

 
Taiwan — 16.0%  

Advantech Co. Ltd.

    5,600        58,667  

Alchip Technologies Ltd.

    620        41,432  

Delta Electronics, Inc.

    12,600        132,025  

E Ink Holdings, Inc.

    9,000        62,870  

Elite Material Co. Ltd.

    2,960        51,514  

MediaTek, Inc.

    2,200        93,485  

Nien Made Enterprise Co. Ltd.

    2,800        34,288  

Sporton International, Inc.

    5,000        26,222  

Taiwan Semiconductor Manufacturing Co. Ltd.

    35,680        1,010,977  

Universal Vision Biotechnology Co. Ltd.

    10,800        60,434  

Voltronic Power Technology Corp.

    1,460        68,461  
    

 

 

 

Total Taiwan

 

(Cost: $1,752,418)

 

     1,640,375  
    

 

 

 
 

 

See accompanying Notes to Financial Statements.

 

17


TCW White Oak Emerging Markets Equity Fund

 

Schedule of Investments (Unaudited) (Continued)

 

Issues   Shares      Value  
United Arab Emirates — 1.8%  

ADNOC Drilling Co. PJSC

    23,300      $ 31,086  

Emirates NBD Bank PJSC

    10,700        59,882  

Parkin Co. PJSC

    27,500        40,246  

Salik Co. PJSC

    23,600        32,516  

Talabat Holding PLC (1)

    62,000        23,888  
    

 

 

 
Total United Arab Emirates  

(Cost: $182,036)

 

     187,618  
    

 

 

 
United States — 1.1%  

Aura Minerals, Inc.

    12,000        83,047  

Warrior Met Coal, Inc.

    520        24,866  
    

 

 

 

Total United States

 

(Cost: $96,529)

 

     107,913  
    

 

 

 

Total Common Stock

 

(Cost: $10,056,191)

 

     10,070,607  
    

 

 

 
Issues   Shares      Value  
PREFERRED STOCK — 0.6%  
South Korea — 0.6% (Cost: $64,414)  

Hyundai Motor Co.

    588      $ 61,971  
    

 

 

 

Total Preferred Stock

 

(Cost: $64,414)

 

     61,971  
    

 

 

 
MONEY MARKET INVESTMENTS — 0.0%  

TCW Central Cash Fund ,4.34% (2)(3)

    1,009        1,009  
    

 

 

 

Total Money Market Investments

 

(Cost: $1,009)

 

     1,009  
    

 

 

 

Total Investments (98.9%)

 

(Cost: $10,121,614)

 

     10,133,587  

Excess Of Other Assets Over Liabilities (1.1%)

 

     117,012  
    

 

 

 

Total Net Assets (100.0%)

 

   $ 10,250,599  
    

 

 

 
    
 

 

Notes to the Schedule of Investments:

ADR   American Depositary Receipt. ADRs are receipts typically issued by a U.S. bank or trust company, evidencing ownership of underlying securities issued by a foreign corporation.
PJSC   Private Joint-Stock Company.
(1)   Non-income producing security.
(2)   Affiliated issuer.
(3)   Rate disclosed is the 7-day net yield as of April 30, 2025.

 

See accompanying Notes to Financial Statements.

 

18


TCW White Oak Emerging Markets Equity Fund

 

April 30, 2025

 

The summary of the TCW White Oak Emerging Markets Equity Fund transactions in the affiliated funds for the period ended April 30, 2025 is as follows:

 

Name of Affiliated Fund

  Value at
October 31,
2024
    Purchases
at Cost
    Proceeds
from Sales
    Number
of Shares
Held
April 30,
2025
    Value at
April 30,
2025
    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 Central Cash Fund

 

     
  $  —     $  1,009     $  —       1,009     $ 1,009     $ 8     $     $     $  
         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

          $  1,009     $  8     $  —     $  —     $  —  
         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

See accompanying Notes to Financial Statements.

 

19


TCW White Oak Emerging Markets Equity Fund

 

Fair Valuation Summary (Unaudited)

April 30, 2025

 

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 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 & Semiconductor Equipment

   $ 130,275      $ 1,529,818      $      $ 1,660,093  

Banks

     416,077        862,170               1,278,247  

Broadline Retail

     132,003        765,806               897,809  

Interactive Media & Services

            543,281               543,281  

Metals & Mining

     95,104        381,547               476,651  

Textiles, Apparel & Luxury Goods

            428,400               428,400  

Machinery

     103,831        269,993               373,824  

Hotels, Restaurants & Leisure

            369,741               369,741  

Health Care Providers & Services

     64,261        302,830               367,091  

Insurance

            362,935               362,935  

Professional Services

            360,093               360,093  

Technology Hardware, Storage & Peripherals

            274,824               274,824  

Electronic Equipment, Instruments & Components

            266,529               266,529  

Capital Markets

            250,466               250,466  

Consumer Staples Distribution & Retail

     64,176        158,508               222,684  

Entertainment

     75,957        132,863               208,820  

Beverages

            170,440               170,440  

Wireless Telecommunication Services

            131,222               131,222  

Pharmaceuticals

            128,961               128,961  

Commercial Services & Supplies

            124,890               124,890  

Transportation Infrastructure

            122,911               122,911  

Automobiles

            93,103               93,103  

IT Services

            78,649               78,649  

Financial Services

            73,366               73,366  

Health Care Equipment & Supplies

            70,185               70,185  

Life Sciences Tools & Services

            68,486               68,486  

Electrical Equipment

            68,461               68,461  

Automobile Components

            67,192               67,192  

Consumer Finance

            66,071               66,071  

Chemicals

            65,887               65,887  

Trading Companies & Distributors

            63,335               63,335  

Retail REITs

     59,234                      59,234  

Office REITs

            58,728               58,728  

Specialty Retail

            48,553               48,553  

Household Durables

            34,288               34,288  

Air Freight & Logistics

            33,900               33,900  

Distributors

            31,433               31,433  

Energy Equipment & Services

            31,086               31,086  

Food Products

            26,321               26,321  

Software

            12,417               12,417  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Common Stock

     1,140,918        8,929,689               10,070,607  
  

 

 

    

 

 

    

 

 

    

 

 

 

Preferred Stock Automobiles

            61,971               61,971  

Money Market Investments

     1,009                      1,009  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $  1,141,927      $  8,991,660      $  —      $  10,133,587  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

See accompanying Notes to Financial Statements.

 

20


TCW Funds, Inc.

 

Statements of Assets and Liabilities (Unaudited)

April 30, 2025

 

     TCW
Emerging
Markets
Income Fund
    TCW
Emerging
Markets
Local
Currency
Income Fund
    TCW
White Oak
Emerging
Markets
Equity Fund
 

ASSETS

 

Investments, at Value (1)

   $ 3,407,880,527     $ 51,335,941     $ 10,132,578  

Investment in Affiliated Issuers, at Value (2)

     87,790,000       1,040,000       1,009  

Foreign Currency, at Value (3)

     6,870,952       927,572       32,909  

Cash

     644,358             85,472  

Receivable for Securities Sold

     39,630,616             40,674  

Receivable for Fund Shares Sold

     2,315,303       55,965        

Interest and Dividends Receivable

     55,012,007       937,991       8,863  

Foreign Tax Reclaims Receivable

                 49  

Receivable from Investment Advisor

     168,385       24,147       31,670  

Unrealized Appreciation on Forward Currency Exchange Contracts

           547,952        

Cash Collateral Held for Brokers

     7,748,811              

Prepaid Expenses

     86,787       46,166        
  

 

 

   

 

 

   

 

 

 

Total Assets

     3,608,147,746       54,915,734       10,333,224  
  

 

 

   

 

 

   

 

 

 

LIABILITIES

 

Distributions Payable

     4,203,014       5,139        

Payable for Securities Purchased

     106,010,239              

Payable for Fund Shares Redeemed

     6,447,792       102,964        

Accrued Capital Gain Withholding Taxes

           17,318       17,114  

Accrued Directors’ Fees and Expenses

     16,774       20,423       14,568  

Deferred Accrued Directors’ Fees and Expenses

     5,631       5,631        

Accrued Management Fees

     2,134,686       33,821       7,257  

Accrued Distribution Fees

     99,342       2,273       500  

Collateral Pledged by Brokers

     670,000       140,000        

Unrealized Depreciation on Forward Currency Exchange Contracts

     7,055,966       331,666        

Transfer Agent Fees Payable

     899,257       39,695       8,497  

Administration Fee Payable

     123,025       7,040       13,356  

Audit Fees Payable

     33,907       21,072       7,284  

Accounting Fees Payable

     368,207       5,728        

Custodian Fees Payable

     223,479       51,843       6,070  

Legal Fees Payable

     128,226       2,731       2,428  

Other Accrued Expenses

     320,256       19,759       5,551  
  

 

 

   

 

 

   

 

 

 

Total Liabilities

     128,739,801       807,103       82,625  
  

 

 

   

 

 

   

 

 

 

NET ASSETS

   $ 3,479,407,945     $ 54,108,631     $ 10,250,599  
  

 

 

   

 

 

   

 

 

 

NET ASSETS CONSIST OF:

 

Paid-in Capital

   $ 5,785,029,943     $  112,142,478     $  10,201,499  

Accumulated Earnings (Loss)

      (2,305,621,998     (58,033,847     49,100  
  

 

 

   

 

 

   

 

 

 

NET ASSETS

   $ 3,479,407,945     $ 54,108,631     $ 10,250,599  
  

 

 

   

 

 

   

 

 

 

 

See accompanying Notes to Financial Statements.

 

21


TCW Funds, Inc.

 

Statements of Assets and Liabilities (Unaudited) (Continued)

April 30, 2025

 

     TCW
Emerging
Markets
Income Fund
     TCW
Emerging
Markets
Local
Currency
Income Fund
     TCW
White Oak
Emerging
Markets
Equity Fund
 

NET ASSETS ATTRIBUTABLE TO:

 

I Class Share

   $  2,136,456,052      $  42,822,097      $  7,710,696  
  

 

 

    

 

 

    

 

 

 

N Class Share

   $ 487,306,047      $ 11,286,534      $ 2,539,903  
  

 

 

    

 

 

    

 

 

 

Plan Class Share

   $ 855,645,846      $      $  
  

 

 

    

 

 

    

 

 

 

CAPITAL SHARES OUTSTANDING: (4)

 

I Class Share

     332,198,401        5,837,608        758,717  
  

 

 

    

 

 

    

 

 

 

N Class Share

     58,692,793        1,541,892        250,000  
  

 

 

    

 

 

    

 

 

 

Plan Class Share

     133,131,679                
  

 

 

    

 

 

    

 

 

 

NET ASSET VALUE PER SHARE: (5)

 

I Class Share

   $ 6.43      $ 7.34      $ 10.16  
  

 

 

    

 

 

    

 

 

 

N Class Share

   $ 8.30      $ 7.32      $ 10.16  
  

 

 

    

 

 

    

 

 

 

Plan Class Share

   $ 6.43      $      $  
  

 

 

    

 

 

    

 

 

 

 

 

(1)

The identified cost for the TCW Emerging Markets Income Fund, the TCW Emerging Markets Local Currency Income Fund and the TCW White Oak Emerging Markets Equity Fund at April 30, 2025 was $3,385,340,749, $50,268,055 and $10,120,605, respectively.

(2)

The identified cost for the TCW Emerging Markets Income Fund, the TCW Emerging Markets Local Currency Income Fund and the TCW White Oak Emerging Markets Equity Fund at April 30, 2025 was $87,790,000, $1,040,000 and $1,009, respectively.

(3)

The identified cost for the TCW Emerging Markets Income Fund, the TCW Emerging Markets Local Currency Income Fund and the TCW White Oak Emerging Markets Equity Fund at April 30, 2025 was $6,776,556, $920,622 and $32,905, respectively.

(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.

 

22


TCW Funds, Inc.

 

Statements of Operations (Unaudited)

Six Months Ended April 30, 2025

 

     TCW
Emerging
Markets
Income Fund
    TCW
Emerging
Markets Local
Currency
Income Fund
    TCW
White Oak
Emerging
Markets
Equity Fund 
(1)
 

INVESTMENT INCOME

 

Income:

 

Dividends

   $ 445,954     $ 6,006     $ 31,051  (2) 

Dividends from Investment in Affiliated Issuers

     1,314,976       34,214       8  

Interest

      155,234,563  (3)       2,408,273  (3)       (3) 
  

 

 

   

 

 

   

 

 

 

Total

     156,995,493       2,448,493        31,059  
  

 

 

   

 

 

   

 

 

 

Expenses:

 

Management Fees

     13,159,737       210,300       11,985  

Accounting Services Fees

     34,883       4,071        

Administration Fees

     102,136       7,823       13,354  

Transfer Agent Fees:

      

I Class

     976,021       17,807       4,249  

N Class

     247,123       9,881       4,249  

Plan Class

     74,335              

Custodian Fees

     42,216       21,026       6,070  

Professional Fees

     109,606       16,238       9,712  

Directors’ Fees and Expenses

     46,169       46,169       14,568  

Registration Fees:

      

I Class

     37,923       12,671       4,249  

N Class

     11,660       8,723       4,249  

Plan Class

     23,277              

Distribution Fees:

      

N Class

     612,302       14,097       1,006  

Compliance Expense

     1,703       1,703        

Shareholder Reporting Expense

     7,774       1,698        

Other

     415,345       15,192       2,853  
  

 

 

   

 

 

   

 

 

 

Total

     15,902,210       387,399       76,544  
  

 

 

   

 

 

   

 

 

 

Less Expenses Borne by Investment Advisor:

      

I Class

     (307,629     (99,437     (39,514

N Class

     (464,185     (46,801     (22,972

Plan Class

     (316,503            
  

 

 

   

 

 

   

 

 

 

Net Expenses

     14,813,893       241,161       14,058  
  

 

 

   

 

 

   

 

 

 

Net Investment Income

     142,181,600       2,207,332       17,001  
  

 

 

   

 

 

   

 

 

 

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

 

Net Realized Gain (Loss) on:

 

Investments

     33,711,783       (1,790,625 ) (4)      53,476  

Foreign Currency

     128,405       (65,505     (16,342

Forward Currency Exchange Contracts

     971,659       (166,028      

Futures Contracts

     (13,945,175            

Options Written

     484,153              

 

See accompanying Notes to Financial Statements.

 

23


TCW Funds, Inc.

 

Statements of Operations (Unaudited) (Continued)

Six Months Ended April 30, 2025

 

     TCW
Emerging
Markets
Income Fund
    TCW
Emerging
Markets Local
Currency
Income Fund
    TCW
White Oak
Emerging
Markets
Equity Fund(1)
 

Change in Unrealized Appreciation (Depreciation) on:

      

Investments

   $ (111,695,799 ) (5)    $ 2,248,901  (5)    $ (5,141 ) (5) 

Foreign Currency

     106,851       53,920       106  

Forward Currency Exchange Contracts

     (7,744,092     230,298        

Futures Contracts

     10,717,270              

Options Written

     (468,557            
  

 

 

   

 

 

   

 

 

 

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions

     (87,733,502     510,961       32,099  
  

 

 

   

 

 

   

 

 

 

INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

   $  54,448,098     $  2,718,293     $  49,100  
  

 

 

   

 

 

   

 

 

 

 

(1)

For the period March 3, 2025 (Commencement of Operations) through April 30, 2025.

(2)

Net of foreign taxes withheld of $2,652 for the TCW White Oak Emerging Markets Equity Fund.

(3)

Net of foreign taxes withheld of $369,639 and $170,895 for the TCW Emerging Markets Income Fund and the TCW Emerging Markets Local Currency Income Fund, respectively.

(4)

Net of capital gain withholding taxes of $5,721 for the TCW Emerging Markets Local Currency Income Fund.

(5)

Net of capital gain withholding taxes of $17,366 and $17,114 for the TCW Emerging Markets Local Currency Income Fund and the TCW White Oak Emerging Markets Equity Fund, respectively.

 

See accompanying Notes to Financial Statements.

 

24


TCW Funds, Inc.

 

Statements of Changes in Net Assets

 

     TCW
Emerging Markets
Income Fund
    TCW
Emerging Markets Local
Currency Income Fund
 
     Six Months Ended
April 30,
2025
(Unaudited)
    Year Ended
October 31,
2024
    Six Months Ended
April 30,
2025
(Unaudited)
    Year Ended
October 31,

2024
 

OPERATIONS

 

Net Investment Income

   $ 142,181,600     $ 294,867,706     $ 2,207,332     $ 5,078,905  

Net Realized Gain (Loss) on Investments, Futures Contracts, Options Written and Foreign Currency Transactions

     21,350,825       (22,051,773     (2,022,158     (2,458,116

Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Options Written and Foreign Currency Transactions

     (109,084,327     380,936,949       2,533,119       6,279,372  
  

 

 

   

 

 

   

 

 

   

 

 

 

Increase in Net Assets Resulting from Operations

     54,448,098       653,752,882       2,718,293       8,900,161  
  

 

 

   

 

 

   

 

 

   

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS

 

Distributions to Shareholders

     (140,297,509     (208,229,806     (1,683,324     (3,560,001
  

 

 

   

 

 

   

 

 

   

 

 

 

Return of Capital

                       (547,509
  

 

 

   

 

 

   

 

 

   

 

 

 

NET CAPITAL SHARE TRANSACTIONS

 

I Class

     46,365,156       (210,725,709     (3,895,797     (65,285,583

N Class

     6,224,389       (6,120,511     (886,325     (2,340,058

Plan Class

     7,395,061       (262,840,637            
  

 

 

   

 

 

   

 

 

   

 

 

 

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions

     59,984,606       (479,686,857     (4,782,122     (67,625,641
  

 

 

   

 

 

   

 

 

   

 

 

 

Decrease in Net Assets

     (25,864,805     (34,163,781     (3,747,153     (62,832,990

NET ASSETS

 

Beginning of period

     3,505,272,750       3,539,436,531       57,855,784        120,688,774  
  

 

 

   

 

 

   

 

 

   

 

 

 

End of period

   $  3,479,407,945     $  3,505,272,750     $  54,108,631     $ 57,855,784  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

See accompanying Notes to Financial Statements.

 

25


TCW Funds, Inc.

 

Statements of Changes in Net Assets

 

     TCW
White Oak
Emerging Markets
Equity Fund
 
     For the period
March 3, 2025
(Commencement
of Operations)
through
April 30, 2025
(Unaudited)
(1)
 

OPERATIONS

 

Net Investment Income

   $ 17,001  

Net Realized Gain on Investments and Foreign Currency Transactions

     37,134  

Change in Unrealized (Depreciation) on Investments and Foreign Currency Transactions

     (5,035
  

 

 

 

Increase in Net Assets Resulting from Operations

     49,100  
  

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS

 

Distributions to Shareholders

      
  

 

 

 

NET CAPITAL SHARE TRANSACTIONS

 

I Class

     7,701,499  

N Class

     2,500,000  
  

 

 

 

Increase in Net Assets Resulting from Net Capital Shares Transactions

     10,201,499  
  

 

 

 

Increase in Net Assets

     10,250,599  

NET ASSETS

 

Beginning of period

      
  

 

 

 

End of period

   $  10,250,599  
  

 

 

 

 

(1)

For the period March 3, 2025 (Commencement of Operations) through April 30, 2025.

 

See accompanying Notes to Financial Statements.

 

26


TCW Funds, Inc.

Notes to Financial Statements (Unaudited)

 

Note 1 — Organization

TCW Funds, Inc., a Maryland corporation (the “Company”), is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of April 30, 2025, the Company consisted of 12 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 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 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.
Non-Diversified Equity Fund
TCW White Oak Emerging Markets Equity 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 and equity-related transferable securities that provide exposure to companies that are domiciled in, or that derive a predominant proportion of their value from, emerging market countries.

The TCW Emerging Markets Local Currency Income Fund and TCW White Oak Emerging Markets Equity 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).

 

27


TCW Funds, Inc.

 

Notes to Financial Statements (Unaudited) (Continued)

 

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. 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

 

28


TCW Funds, Inc.

 

April 30, 2025

 

Note 2 — Significant Accounting Policies (Continued)

 

would use in pricing the asset or liability, developed based on the best information available in the circumstances.

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

 

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

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

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

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

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

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

Corporate bonds. The fair value of corporate bonds is estimated using recently executed transactions, market price quotations (where observable), bond spreads, or credit default swap spreads adjusted for any basis difference between cash and derivative instruments. Corporate bonds are generally categorized as Level 2 of the fair value hierarchy; in instances where prices, spreads, or any of the other aforementioned key inputs are unobservable, they are categorized as Level 3 of the hierarchy.

Credit default swaps. Credit default swaps are fair valued using pricing models that take into account, among other factors, index spread curves, nominal values, modified duration values and cash flows. To the extent that these inputs are observable and timely, the fair values of credit default swaps would be categorized as Level 2; otherwise, the fair values would be categorized as Level 3.

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

 

29


TCW Funds, Inc.

 

Notes to Financial Statements (Unaudited) (Continued)

 

Note 2 — Significant Accounting Policies (Continued)

 

categorized as Level 1 of the fair value hierarchy. Restricted securities issued by publicly held companies are generally categorized as Level 2 of the fair value hierarchy; if a discount is applied and significant, they are categorized as Level 3. Restricted securities held in non-public entities are categorized as Level 3 of the fair value hierarchy because they trade infrequently, and therefore the inputs are unobservable. Certain foreign securities that are fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets are categorized as Level 2 of the fair value hierarchy.

Foreign currency contracts. The fair values of foreign currency contracts are derived from indices, reference rates, and other inputs or a combination of these factors. To the extent that these factors can be observed, foreign currency contracts are categorized as Level 2 of the fair value hierarchy.

Futures contracts. Futures contracts are generally valued at the settlement price established at the close of business each day by the exchange on which they are traded. They are categorized as Level 1.

Money market funds. Money market funds are open-end mutual funds that invest in short-term debt securities. To the extent that these funds are valued based upon the reported NAV, they are categorized as Level 1 of the fair value hierarchy.

Options and Swaptions contracts. Exchange-listed options contracts are traded on securities exchanges and are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied, they are categorized as Level 1. If valuation adjustments are applied and such adjustments are observable and timely, the fair values of exchange-listed options contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3. Options and swaptions contracts traded over-the-counter (“OTC”) are fair valued based on pricing models and incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-the-money contracts based on a given strike price. To the extent that these inputs are observable and timely, the fair values of OTC options and swaptions contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

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

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

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

The summary of the fair valuations according to the inputs used as of April 30, 2025 in valuing the Funds’ investments is listed after the Schedule of Investments for each Fund.

 

30


TCW Funds, Inc.

 

April 30, 2025

 

Note 2 — Significant Accounting Policies (Continued)

 

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

 

TCW Emerging Markets Income Fund

  Corporate Bonds     Foreign Government Bonds     Total  

Balance as of October 31, 2024

  $     $ 13,045,056     $ 13,045,056  

Accrued Discounts (Premiums)

                 

Realized Gain (Loss)

          2,288,392       2,288,392  

Change in Unrealized Appreciation (Depreciation)*

    795,762       4,313,679       5,109,441  

Purchases

                 

Sales

          (3,440,184     (3,440,184

Transfers in to Level 3

    3,941,560 **      5,025,789 **      8,967,349  

Transfers out of Level 3

                 
 

 

 

   

 

 

   

 

 

 

Balance as of April 30, 2025

  $  4,737,322     $  21,232,732     $  25,970,054  
 

 

 

   

 

 

   

 

 

 

 

*

The change in unrealized appreciation (depreciation) on securities still held at April 30, 2025 was $5,109,441 and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.

**

Transfers into and transfers out of level 3 represent the values as of the end of the reporting period. As of April 30, 2025, the Fund used significant observable inputs in determining the value of certain investments. As of April 30, 2025, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments with an end of period value of $8,967,349 transferred from Level 2 to Level 3 in the disclosure hierarchy.

Significant unobservable valuation inputs for Level 3 investments as of April 30, 2025 are as follows:

 

Description

   Fair Value at
4/30/2025
     Valuation
Techniques
     Unobservable
Input
     Price or Price Range      Average
Weighted
Price
     Input to
Valuation

If Input
Increases
 

TCW Emerging Markets Income Fund

 

Government Issues

   $  21,232,732        Third-party Vendor        Vendor Prices      $ 14.571–$17.637      $ 16.666        Increase  

Corporate Bonds

   $ 4,737,322        Third-party Vendor        Vendor Prices      $ 11.6809–$12.698      $ 12.186        Increase  

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

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

Dividends and Distributions: Dividends and distributions to shareholders are recorded on the ex-dividend date. The TCW Emerging Markets Income Fund and the TCW Emerging Markets Local Currency Income Fund declare and pay, or reinvest, dividends from net investment income monthly. The TCW White Oak Emerging Markets Equity Fund declares and pays, or reinvests, 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

 

31


TCW Funds, Inc.

 

Notes to Financial Statements (Unaudited) (Continued)

 

Note 2 — Significant Accounting Policies (Continued)

 

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 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.

 

32


TCW Funds, Inc.

 

April 30, 2025

 

Note 2 — Significant Accounting Policies (Continued)

 

For the period ended April 30, 2025, the following Funds had derivatives and transactions in derivatives, grouped in the following risk categories:

TCW Emerging Markets Income Fund

 

     Credit Risk      Equity Risk      Foreign
Currency
Risk
    Interest
Rate Risk
    Total  

Statement of Assets and Liabilities:

            

Liability Derivatives

            

Forward Currency Exchange Contracts

   $    —      $    —      $ (7,055,966   $     $ (7,055,966
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Total Value

   $      $      $ (7,055,966   $     $ (7,055,966
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Statement of Operations:

            

Net Realized Gain (Loss)

            

Forward Currency Exchange Contracts

   $      $      $ 971,659     $     $ 971,659  

Futures Contracts (1)

                         (13,945,175     (13,945,175

Investments (2)

                   (5,406,773           (5,406,773

Options Written

                   484,153             484,153  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Net Realized Gain (Loss)

   $      $      $ (3,950,961   $ (13,945,175   $ (17,896,136
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Net Change in Appreciation (Depreciation)

            

Forward Currency Exchange Contracts

   $      $      $ (7,744,092   $     $ (7,744,092

Futures Contracts

                         10,717,270       10,717,270  

Investments (3)

                   4,700,949             4,700,949  

Options Written

                   (468,557           (468,557
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Net Change in Appreciation (Depreciation)

   $      $      $ (3,511,700   $ 10,717,270     $ 7,205,570  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Number of Contracts or Notional Amounts (4)

            

Forward Currency Exchange Contracts

   $      $      $  128,843,085     $     $  128,843,085  

Options Purchased

   $      $      $  219,650,000     $     $  219,650,000  

Options Written

   $  —      $  —      $   43,930,000     $     $   43,930,000  

Futures Contracts

      —         —              1,438       1,438  

TCW Emerging Markets Local Currency Income Fund

 

     Credit Risk      Equity Risk      Foreign
Currency
Risk
    Interest
Rate Risk
     Total  

Statement of Assets and Liabilities:

             

Asset Derivatives

             

Forward Currency Exchange Contracts

   $    —      $    —      $ 547,952     $    —      $ 547,952  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total Value

   $      $      $ 547,952     $      $ 547,952  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Liability Derivatives

             

Forward Currency Exchange Contracts

   $      $      $ (331,666   $      $ (331,666
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total Value

   $      $      $ (331,666   $      $ (331,666
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Statement of Operations:

             

Net Realized Gain (Loss)

             

Forward Currency Exchange Contracts

   $      $      $ (166,028   $      $ (166,028

Investments (2)

                   (56,139            (56,139
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Net Realized Gain (Loss)

   $      $      $ (222,167   $      $ (222,167
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Net Change in Appreciation (Depreciation)

             

Forward Currency Exchange Contracts

   $      $      $ 230,298     $      $ 230,298  

Investments (3)

                   37,093              37,093  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Net Change in Appreciation (Depreciation)

   $      $      $ 267,391     $      $ 267,391  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Number of Contracts or Notional Amounts (4)

             

Forward Currency Exchange Contracts

   $      $      $  35,516,772     $      $  35,516,772  

Options Purchased

   $  —      $  —      $ 1,500,000     $  —      $ 1,500,000  

 

33


TCW Funds, Inc.

 

Notes to Financial Statements (Unaudited) (Continued)

 

Note 2 — Significant Accounting Policies (Continued)

 

(1)

Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only variation margin on April 30, 2025 is reported within the Statement of Assets and Liabilities.

(2)

Represents realized gain (loss) for purchased options.

(3)

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

(4)

Amount disclosed represents average number of contracts or notional amounts, which are representative of the volume traded for the period ended April 30, 2025.

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

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

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

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

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

Cash collateral that has been pledged to cover obligations of a Fund is reported separately on the Statement of Assets and Liabilities. Non-cash collateral pledged by a Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a party has to exceed a minimum

 

34


TCW Funds, Inc.

 

April 30, 2025

 

Note 2 — Significant Accounting Policies (Continued)

 

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 ASC 210 Balance Sheet (“ASC 210”), Disclosures about Offsetting Assets and Liabilities that requires disclosures to make financial statements that are prepared under GAAP more comparable to those prepared under International Financial Reporting Standards.

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

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

 

35


TCW Funds, Inc.

 

Notes to Financial Statements (Unaudited) (Continued)

 

Note 2 — Significant Accounting Policies (Continued)

 

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 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, 2025:

 

Counterparty

  Gross Derivatives
Liabilities

in the Statement of
Assets and
Liabilities
    Collateral
Pledged
 (1)
    Derivatives
(Assets) Liabilities
Available for Offset
     Net Amount
of Derivative
Liabilities (2)
 

Barclays Capital
Foreign Currency Exchange Contracts

  $ 1,640,271     $ (1,640,271   $      $  

JPMorgan Chase Bank
Foreign Currency Exchange Contracts

    519,569       (519,569             

Morgan Stanley & Co.
Foreign Currency Exchange Contracts

    4,896,126       (4,720,000            176,126  
 

 

 

   

 

 

   

 

 

    

 

 

 

Total

  $  7,055,966     $  (6,879,840   $  —      $  176,126  
 

 

 

   

 

 

   

 

 

    

 

 

 

 

(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 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, 2025:

 

Counterparty

  Gross Derivative
Assets
in the Statement of
Assets and
Liabilities
    Collateral
Received
 (1)
    Derivatives
Assets (Liabilities)
Available for Offset
    Net Amount
of Derivative
Assets (2)
 

Banco BNP Paribas Brasil S.A.
Foreign Currency Exchange Contracts

  $ 57     $     $ (57   $  

Bank of America
Foreign Currency Exchange Contracts

    37,957             (37,957      

Barclays Capital
Foreign Currency Exchange Contracts

    53,897             (40,680     13,217  

BNP Paribas S.A.
Foreign Currency Exchange Contracts

    182,516             (129,007     53,509  

Goldman Sachs & Co.
Foreign Currency Exchange Contracts

    61,916             (61,916      

JPMorgan Chase Bank
Foreign Currency Exchange Contracts

    169,007             (75,843     93,164  

Morgan Stanley & Co.
Foreign Currency Exchange Contracts

    42,602       (12,099     (30,503      
 

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $  547,952     $  (12,099   $  (375,963   $  159,890  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

(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.

 

36


TCW Funds, Inc.

 

April 30, 2025

 

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, 2025:

 

Counterparty

  Gross Derivatives
Liabilities
in the Statement of
Assets and
Liabilities
    Collateral
Pledged
    Derivatives
(Assets)Liabilities
Available for Offset
    Net Amount
of Derivative
Liabilities (3)
 

Bank of America
Foreign Currency Exchange Contracts

  $ 42,879     $     $ (37,957   $ 4,922  

Barclays Capital
Foreign Currency Exchange Contracts

    40,680             (40,680      

BNP Paribas S.A.
Foreign Currency Exchange Contracts

    129,007             (129,007      

ING Baring U.S. Capital Markets
Foreign Currency Exchange Contracts

    12,754                   12,754  

JPMorgan Chase Bank
Foreign Currency Exchange Contracts

    75,843             (75,843      

Morgan Stanley & Co.
Foreign Currency Exchange Contracts

    30,503             (30,503      
 

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $  331,666     $  —     $  (313,990   $  17,676  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

(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 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

 

37


TCW Funds, Inc.

 

Notes to Financial Statements (Unaudited) (Continued)

 

Note 3 — Portfolio Investments (Continued)

 

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, 2025.

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, 2025.

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, 2025.

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, 2025 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

 

38


TCW Funds, Inc.

 

April 30, 2025

 

Note 3 — Portfolio Investments (Continued)

 

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, 2025 are disclosed in the Schedule of Investments.

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

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

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

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

 

39


TCW Funds, Inc.

 

Notes to Financial Statements (Unaudited) (Continued)

 

Note 3 — Portfolio Investments (Continued)

 

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, 2025, 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.

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

 

40


TCW Funds, Inc.

 

April 30, 2025

 

Note 3 — Portfolio Investments (Continued)

 

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, 2025.

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-

 

41


TCW Funds, Inc.

 

Notes to Financial Statements (Unaudited) (Continued)

 

Note 4 — Risk Considerations (Continued)

 

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.

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

Credit Risk: The values of any of the Funds’ investments may also decline in response to events affecting the issuer or its credit rating. The lower rated debt securities in which a Fund may invest are considered speculative and are subject to greater volatility and risk of loss than investment-grade securities, particularly in deteriorating economic conditions.

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

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

Foreign and Developing/Emerging Markets Investing Risk: The Funds may be exposed to the risk that the Funds’ share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates in countries where the Funds invest. The Funds are also subject to risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, and political changes or diplomatic developments, which can all negatively impact the securities markets and cause a Fund to lose value. As one current example, Russia’s recent military incursions in Ukraine have led to sanctions being levied against Russia by the United States, European Union and other countries, which has adversely affected European and global energy and financial markets and thus could affect the value of a Fund’s investments.

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

 

42


TCW Funds, Inc.

 

April 30, 2025

 

Note 4 — Risk Considerations (Continued)

 

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.

U.S. Trade Policy Risk: There have been significant changes to United States trade policies, treaties and tariffs, and in the future there may be additional significant changes. These and any future developments, and continued uncertainty surrounding trade policies, treaties and tariffs, may have a material adverse effect on global economic conditions, inflation and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. Any of these factors could depress economic activity and restrict the access by issuers of our portfolio securities to suppliers or customers, increase their supply-chain costs and expenses and could have material adverse effects on our portfolio investments.

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, 2025, 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

   $  143,801,450      $  (115,795,764   $  28,005,686      $  3,467,664,841  

TCW Emerging Markets Local Currency Income Fund

     1,915,348        (1,850,051     65,297        52,310,644  

TCW White Oak Emerging Markets Equity Fund

     421,437        (409,464     11,973        10,121,614  

At October 31, 2024, 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

   $  45,346,663      $  —      $  45,346,663  

During the year ended October 31, 2024, 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

   $  208,229,806      $  —      $      $  208,229,806  

TCW Emerging Markets Local Currency Income Fund

     3,560,001                547,509        4,107,510  

 

43


TCW Funds, Inc.

 

Notes to Financial Statements (Unaudited) (Continued)

 

Note 5 — Federal Income Taxes (Continued)

 

At October 31, 2024, 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

   $  1,365,793,965      $  1,015,820,759      $  2,381,614,724  

TCW Emerging Markets Local Currency Income Fund

     31,833,833        24,435,390        56,269,223  

The Funds did not have any unrecognized tax benefits at April 30, 2025, nor were there any increases or decreases in unrecognized tax benefits for the period ended April 30, 2025. 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

TCW White Oak Emerging Markets Equity Fund

     0.90

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

 

TCW Emerging Markets Income Fund

  

I Class

     0.85 (1) 

N Class

     0.95 (1) 

Plan Class

     0.77 (1) 

TCW Emerging Markets Local Currency Income Fund

  

I Class

     0.85 (1) 

N Class

     0.90 (1) 

TCW White Oak Emerging Markets Equity Fund

  

I Class

     0.98 (1) 

N Class

     1.23 (1) 

 

(1) 

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

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, 2025, the balance of recoupable expenses with expiration dates for the Funds were as follows:

 

Fund

   Expires
10/31/2026
     Expires
10/31/2027
     Expires
10/31/2028
     Total  

TCW Emerging Markets Income Fund

   $  1,030,033      $  1,659,423      $ 958,226      $ 3,647,682  

TCW Emerging Markets Local Currency Income Fund

     225,798        145,939        64,870        436,607  

TCW White Oak Emerging Markets Equity Fund

                   16,995        16,995  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 1,255,831      $ 1,805,362      $  1,040,091      $  4,101,284  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

44


TCW Funds, Inc.

 

April 30, 2025

 

Note 6 Fund Management Fees and Other Expenses (Continued)

 

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

Note 7 Distribution Plan

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

Note 8 Purchases and Sales of Securities

Investment transactions (excluding short-term investments) for the period ended April 30, 2025 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

   $  1,209,124,504      $  1,245,664,967      $  —      $  —  

TCW Emerging Markets Local Currency Income Fund

     32,286,222        37,930,380                

TCW White Oak Emerging Markets Equity Fund

     11,386,178        1,318,039                

Note 9 Capital Share Transactions

Transactions in each Fund’s shares were as follows:

 

TCW Emerging Markets Income Fund    Six Months Ended
April 30, 2025 (Unaudited)
    Year Ended
October 31, 2024
 
I Class    Shares     Amount     Shares     Amount  

Shares Sold

     51,022,306     $ 334,649,294       71,146,477     $ 456,030,183  

Shares Issued upon Reinvestment of Dividends

     11,438,853       74,653,258       14,174,321       90,600,146  

Shares Redeemed

      (55,573,896      (362,937,396      (119,378,818      (757,356,038
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Increase (Decrease)

     6,887,263     $ 46,365,156       (34,058,020   $ (210,725,709
  

 

 

   

 

 

   

 

 

   

 

 

 
N Class    Shares     Amount     Shares     Amount  

Shares Sold

     2,848,132     $ 24,192,135       12,036,924     $ 101,099,811  

Shares Issued upon Reinvestment of Dividends

     2,575,668       21,697,943       3,058,886       25,238,031  

Shares Redeemed

     (4,686,812     (39,665,689     (15,966,039     (132,458,353
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Increase (Decrease)

     736,988     $ 6,224,389       (870,229   $ (6,120,511
  

 

 

   

 

 

   

 

 

   

 

 

 
Plan Class    Shares     Amount     Shares     Amount  

Shares Sold

     13,199,325     $ 86,405,742       41,281,965     $ 265,839,983  

Shares Issued upon Reinvestment of Dividends

     3,683,715       24,014,553       6,840,858       43,788,088  

Shares Redeemed

     (15,759,846     (103,025,234     (87,402,232     (572,468,708
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Decrease

     1,123,194     $ 7,395,061       (39,279,409   $ (262,840,637
  

 

 

   

 

 

   

 

 

   

 

 

 

 

45


TCW Funds, Inc.

 

Notes to Financial Statements (Unaudited) (Continued)

 

Note 9 Capital Share Transactions (Continued)

 

TCW Emerging Markets Local Currency Income
Fund
   Six Months Ended
April 30, 2025 (Unaudited)
    Year Ended
October 31, 2024
 
I Class    Shares     Amount     Shares     Amount  

Shares Sold

     1,180,139     $ 8,369,163       1,776,001     $ 13,142,373  

Shares Issued upon Reinvestment of Dividends

     219,899       1,568,470       497,005       3,647,506  

Shares Redeemed

     (1,938,050     (13,833,430     (11,086,017     (82,075,462
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Decrease

     (538,012   $ (3,895,797     (8,813,011   $ (65,285,583
  

 

 

   

 

 

   

 

 

   

 

 

 
N Class    Shares     Amount     Shares     Amount  

Shares Sold

     74,945     $ 532,435       109,421     $ 816,034  

Shares Issued upon Reinvestment of Dividends

     54,433       387,369       101,794       746,323  

Shares Redeemed

     (254,189     (1,806,129     (534,279     (3,902,415
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Decrease

     (124,811   $ (886,325     (323,064   $ (2,340,058
  

 

 

   

 

 

   

 

 

   

 

 

 

 

TCW White Oak Emerging Markets Equity Fund    Six Months Ended
April 30, 2025
(Unaudited) 
(1)
 
I Class    Shares      Amount  

Shares Sold

     758,717      $ 7,701,499  

Shares Issued upon Reinvestment of Dividends

             

Shares Redeemed

             
  

 

 

    

 

 

 

Net Increase

     758,717      $ 7,701,499  
  

 

 

    

 

 

 
N Class    Shares      Amount  

Shares Sold

     250,000      $ 2,500,000  

Shares Issued upon Reinvestment of Dividends

             

Shares Redeemed

             
  

 

 

    

 

 

 

Net Increase

     250,000      $ 2,500,000  
  

 

 

    

 

 

 

 

(1) 

For the period March 3, 2025 (Commencement of Operations) through April 30, 2025.

Note 10 — Affiliate Ownership

As of April 30, 2025, affiliates of the Funds and Advisor owned 7.47% and 100.00% of the net assets of the TCW Emerging Markets Local Currency Income Fund and the TCW White Oak Emerging Markets Equity Fund, respectively.

Note 11 — Restricted Securities

The Funds are permitted to invest in securities that have legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered before being sold to the public (exemption rules apply). Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”). However, the Company considers 144A securities to be restricted if those securities have been deemed illiquid. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. There were no restricted securities held by the Funds at April 30, 2025.

Note 12 — Committed Line of Credit

The Funds, together with the TCW Metropolitan West Funds and TCW ETF Trust, have entered into a $250,000,000 committed revolving line of credit agreement with State Street Bank and Trust Company (the “Bank”) for temporary borrowing purposes, with an expiration date of December 18, 2025. The interest

 

46


TCW Funds, Inc.

 

April 30, 2025

 

Note 12 — Committed Line of Credit (Continued)

 

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, 2025. 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 Fund in proportion to its relative average daily net assets and the interest expenses are charged directly to the applicable Fund.

Note 13 — Indemnifications

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

Note 14 — 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. The Company early adopted and there have been no impacts to date.

 

47


TCW Funds, Inc.

 

Notes to Financial Statements (Unaudited) (Continued)

 

Note 14 — New Accounting Pronouncements (Continued)

 

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). This change is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity’s segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds’ prospectus. A senior executive team comprised of the Funds’ Principal Executive Officer and Principal Financial Officer, serves as the Funds’ CODM, who act in accordance with Board of Trustee reviews and approvals. The CODM monitors and actively manages the operating results of each Fund. There have been no impacts to date.

Note 15 — Subsequent Events

Management has evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that there are no material events that would require recognition or disclosure in the Funds’ financial statements.

 

48


TCW Emerging Markets Income Fund

Financial Highlights — I Class

 

     Six Months
Ended
April 30, 2025

(Unaudited)
    Year Ended October 31,  
     2024     2023     2022     2021     2020  

Net Asset Value per Share, Beginning of period

   $ 6.59     $ 5.84     $ 5.67     $ 7.87     $ 7.93     $ 8.33  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (Loss) from Investment Operations:

            

Net Investment Income (1)

     0.26       0.50       0.41       0.33       0.35       0.39  

Net Realized and Unrealized Gain (Loss) on Investments

     (0.16     0.61       0.09       (2.22     (0.02     (0.46
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from Investment Operations

     0.10       1.11       0.50       (1.89     0.33       (0.07
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less Distributions:

            

Distributions from Net Investment Income

     (0.26     (0.36     (0.33     (0.28     (0.37     (0.33

Distributions from Return of Capital

                       (0.03     (0.02      
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Distributions

     (0.26     (0.36     (0.33     (0.31     (0.39     (0.33
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value per Share, End of period

   $ 6.43     $ 6.59     $ 5.84     $ 5.67     $ 7.87     $ 7.93  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return

     1.54 (2)      19.27     8.72     (24.47 %)      4.04     (0.69 %) 

Ratios/Supplemental Data:

            

Net Assets, End of period (in thousands)

   $ 2,136,456  (3)    $ 2,143,263     $ 2,097,432     $ 2,500,689     $ 4,720,489     $ 5,877,348  

Ratio of Expenses to Average Net Assets:

            

Before Expense Reimbursement

     0.88 (3)      0.87     0.85     0.90     0.85     0.85

After Expense Reimbursement

     0.85 (3)      0.85     0.82     0.85     0.00     0.00

Ratio of Net Investment Income to Average Net Assets

     8.10 (3)      7.82     6.80     4.79     4.23     4.95

Portfolio Turnover Rate

     35.81 (2)      106.48     152.31     119.10     150.31     135.46

 

 

 

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2025 and is not indicative of a full year’s operating results.

(3)

Annualized.

 

See accompanying Notes to Financial Statements.

 

49


TCW Emerging Markets Income Fund

Financial Highlights — N Class

 

     Six Months
Ended
April 30, 2025

(Unaudited)
    Year Ended October 31,  
     2024     2023     2022     2021     2020  

Net Asset Value per Share, Beginning of period

   $ 8.51     $ 7.53     $ 7.32     $ 10.16     $ 10.23     $ 10.72  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (Loss) from Investment Operations:

            

Net Investment Income (1)

     0.34       0.64       0.53       0.41       0.44       0.49  

Net Realized and Unrealized Gain (Loss) on Investments

     (0.22     0.79       0.10       (2.86     (0.03     (0.57
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from Investment Operations

     0.12       1.43       0.63       (2.45     0.41       (0.08
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less Distributions:

            

Distributions from Net Investment Income

     (0.33     (0.45     (0.42     (0.36     (0.46     (0.41

Distributions from Return of Capital

                       (0.03     (0.02      
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Distributions

     (0.33     (0.45     (0.42     (0.39     (0.48     (0.41
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value per Share, End of period

   $ 8.30     $ 8.51     $ 7.53     $ 7.32     $ 10.16     $ 10.23  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return

     1.44 (2)      19.33     8.48     (24.57 )%      3.97     (0.69 )% 

Ratios/Supplemental Data:

            

Net Assets, End of period (in thousands)

   $ 487,306     $ 492,916     $ 443,173     $ 390,155     $ 546,887     $ 261,520  

Ratio of Expenses to Average Net Assets:

            

Before Expense Reimbursement

     1.14 (3)      1.15     1.15     1.17     1.13     1.14

After Expense Reimbursement

     0.95 (3)      0.95     0.95     0.95     0.95     0.98

Ratio of Net Investment Income to Average Net Assets

     8.00 (3)      7.72     6.70     4.72     4.20     4.82

Portfolio Turnover Rate

     35.81 (2)      106.48     152.31     119.10     150.31     135.46

 

 

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2025 and is not indicative of a full year’s operating results.

(3)

Annualized.

 

See accompanying Notes to Financial Statements.

 

50


TCW Emerging Markets Income Fund

Financial Highlights — Plan Class

 

    

Six Months
Ended
April 30, 2025

(Unaudited)

    Year Ended October 31,     March 2, 2020
(Commencement of
Operations)
through October 31,
2020
 
     2024     2023     2022     2021  

Net Asset Value per Share, Beginning of period

   $ 6.58     $ 5.83     $ 5.67     $ 7.86     $ 7.93     $ 8.34  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (Loss) from Investment Operations:

            

Net Investment Income (1)

     0.27       0.51       0.42       0.33       0.36       0.26  

Net Realized and Unrealized Gain (Loss) on Investments

     (0.16     0.60       0.07       (2.20     (0.04     (0.48
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from Investment Operations

     0.11       1.11       0.49       (1.87     0.32       (0.22
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less Distributions:

            

Distributions from Net Investment Income

     (0.26     (0.36     (0.33     (0.29     (0.37     (0.19

Return of capital

                       (0.03     (0.02      
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

     (0.26     (0.36     (0.33     (0.32     (0.39     (0.19
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value per Share, End of period

   $ 6.43     $ 6.58     $ 5.83     $ 5.67     $ 7.86     $ 7.93  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return

     1.41 (2)      19.57     8.63     (24.41 %)      4.12     (2.59 %) (3) 

Ratios/Supplemental Data:

            

Net assets, end of period (in thousands)

   $ 855,646     $ 869,094     $ 998,832     $ 1,035,971     $ 1,996,103     $ 489,106  

Ratio of Expenses to Average Net Assets:

            

Before Expense Reimbursement

     0.84 (4)      0.83     0.82     0.81     0.80     0.79 (4) 

After Expense Reimbursement

     0.77 (4)      0.77     0.77     0.77     0.77     0.77 (4) 

Ratio of Net Investment Income to Average Net Assets

     8.17 (4)      7.86     6.87     4.86     4.43     4.96 (4) 

Portfolio Turnover Rate

     35.81 (2)      106.48     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, 2025 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.

 

51


TCW Emerging Markets Local Currency Income Fund

Financial Highlights — I Class

 

     Six Months
Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
    2024     2023     2022     2021     2020  

Net Asset Value per Share, Beginning of period

   $ 7.20     $ 7.03     $ 6.50     $ 8.47     $ 8.57     $ 9.17  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (Loss) from Investment Operations:

            

Net Investment Income (1)

     0.28       0.50       0.43       0.35       0.37       0.42  

Net Realized and Unrealized Gain (Loss) on Investments

     0.08       0.09       0.35       (2.06     (0.25     (0.89
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from Investment Operations

     0.36       0.59       0.78       (1.71     0.12       (0.47
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less Distributions:

            

Distributions from Net Investment Income

     (0.22     (0.36     (0.25     (0.10     (0.22     (0.09

Distributions from Return of Capital

           (0.06           (0.16           (0.04
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Distributions

     (0.22     (0.42     (0.25     (0.26     (0.22     (0.13
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value per Share, End of period

   $ 7.34     $ 7.20     $ 7.03     $ 6.50     $ 8.47     $ 8.57  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return

     5.06 (2)      8.40     11.92     (20.57 %)      1.34     (5.26 %) 

Ratios/Supplemental Data:

            

Net Assets, End of period (in thousands)

   $ 42,822     $ 45,886     $ 106,740     $ 101,530     $ 200,019     $ 192,679  

Ratio of Expenses to Average Net Assets:

            

Before Expense Reimbursement

     1.29 (3)      1.19     0.97     1.02     0.96     0.97

After Expense Reimbursement

     0.85 (3)      0.85     0.85     0.85     0.85     0.85

Ratio of Net Investment Income to Average Net Assets

     7.88 (3)      6.78     5.90     4.65     4.14     4.90

Portfolio Turnover Rate

     68.93 (2)      115.86     123.91     122.49     117.18     135.99

 

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2025 and is not indicative of a full year’s operating results.

(3)

Annualized.

 

See accompanying Notes to Financial Statements.

 

52


TCW Emerging Markets Local Currency Income Fund

Financial Highlights — N Class

 

     Six Months
Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
     2024     2023     2022     2021     2020  

Net Asset Value per Share, Beginning of period

   $ 7.18     $ 7.01     $ 6.48     $ 8.44     $ 8.55     $ 9.15  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (Loss) from Investment Operations:

            

Net Investment Income (1)

     0.28       0.49       0.42       0.34       0.36       0.42  

Net Realized and Unrealized Gain (Loss) on Investments

     0.07       0.09       0.35       (2.04     (0.25     (0.89
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from Investment Operations

     0.35       0.58       0.77       (1.70     0.11       (0.47
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less Distributions:

            

Distributions from Net Investment Income

     (0.21     (0.35     (0.24     (0.10     (0.22     (0.09

Distributions from Return of Capital

           (0.06           (0.16           (0.04
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Distributions

     (0.21     (0.41     (0.24     (0.26     (0.22     (0.13
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value per Share, End of period

   $ 7.32     $ 7.18     $ 7.01     $ 6.48     $ 8.44     $ 8.55  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return

     5.04 % (2)      8.32     11.89     (20.66 )%      1.30     (5.28 )% 

Ratios/Supplemental Data:

            

Net Assets, End of period (in thousands)

   $  11,287     $  11,970     $  13,949     $  39,709     $  39,546     $  25,329  

Ratio of Expenses to Average Net Assets:

            

Before Expense Reimbursement

     1.73 % (3)      1.64     1.31     1.38     1.32     1.35

After Expense Reimbursement

     0.90 % (3)      0.90     0.90     0.90     0.90     0.90

Ratio of Net Investment Income to Average Net Assets

     7.83 % (3)      6.64     5.83     4.64     4.05     4.84

Portfolio Turnover Rate

     68.93 % (2)      115.86     123.91     122.49     117.18     135.99

 

 

(1)

Computed using average shares outstanding throughout the period.

(2)

For the six months ended April 30, 2025 and is not indicative of a full year’s operating results.

(3)

Annualized.

 

See accompanying Notes to Financial Statements.

 

53


TCW White Oak Emerging Markets Equity Fund

Financial Highlights — I Class

 

      For the period
March 3, 2025
(Commencement
of Operations)
through
April 30, 2025
(Unaudited)
 

Net Asset Value per Share, Beginning of period

   $ 10.00  
  

 

 

 

Income (Loss) from Investment Operations:

  

Net Investment Income (1)

     0.02  

Net Realized and Unrealized Gain on Investments

     0.14  
  

 

 

 

Total from Investment Operations

     0.16  
  

 

 

 

Net Asset Value per Share, End of period

   $  10.16  
  

 

 

 

Total Return

     1.60 (2) 

Ratios/Supplemental Data:

  

Net Assets, End of period (in thousands)

   $ 7,711  

Ratio of Expenses to Average Net Assets:

  

Before Expense Reimbursement

     5.23 (3) 

After Expense Reimbursement

     0.98 (3) 

Ratio of Net Investment Income to Average Net Assets

     1.32 (3) 

Portfolio Turnover Rate

     13.50

 

 

(1)

Computed using average shares outstanding throughout the period.

(2)

For the period March 3, 2025 (Commencement of Operations) through April 30, 2025.

(3)

Annualized.

 

See accompanying Notes to Financial Statements.

 

54


TCW White Oak Emerging Markets Equity Fund

Financial Highlights — N Class

 

      For the period
March 3, 2025
(Commencement
of Operations)
through
April 30, 2025
(Unaudited)
 

Net Asset Value per Share, Beginning of period

   $ 10.00  
  

 

 

 

Income (Loss) from Investment Operations:

  

Net Investment Income (1)

     0.02  

Net Realized and Unrealized Gain on Investments

     0.14  
  

 

 

 

Total from Investment Operations

     0.16  
  

 

 

 

Net Asset Value per Share, End of period

   $  10.16  
  

 

 

 

Total Return

     1.60 % (2) 

Ratios/Supplemental Data:

  

Net Assets, End of period (in thousands)

   $ 2,540  

Ratio of Expenses to Average Net Assets:

  

Before Expense Reimbursement

     6.94 % (3) 

After Expense Reimbursement

     1.23 % (3) 

Ratio of Net Investment Income to Average Net Assets

     1.17 % (3) 

Portfolio Turnover Rate

     13.50

 

 

(1)

Computed using average shares outstanding throughout the period.

(2)

For the period March 3, 2025 (Commencement of Operations) through April 30, 2025.

(3)

Annualized.

 

See accompanying Notes to Financial Statements.

 

55


TCW Funds, Inc.

Approval of Investment Advisory and Subadvisory Agreements (Unaudited)

 

TCW White Oak Emerging Markets Equity Fund

The Fund named above, which is a series of the Corporation, has retained TCW Investment Management Company LLC (the “Advisor”) to manage its assets pursuant to an Investment Advisory and Management Agreement (the “Advisory Agreement”), which has been approved by the Board of Directors of the Corporation (the “Board”), including all of the Directors who are not “interested persons” (“Independent Directors”), within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”). The Board also approved an Investment Sub-Advisory Agreement (the “Subadvisory Agreement” and, together with the Advisory Agreement, the “Agreements”) with respect to the Fund between the Advisor and White Oak Capital Partners Pte. Ltd. now known as Ashoka WhiteOak Capital Pte. Ltd. (“White Oak” or the “Subadvisor” and, together with the Advisor, the “Advisors”). Following an initial two-year term with respect to the Fund, each Agreement continues in effect from year-to-year provided that the continuance is specifically approved at least annually by the vote of the holders of at least a majority of the outstanding shares of the Fund, or by the Board, and, in either event, by a majority of the Independent Directors of the Corporation casting votes in person at a meeting called for that purpose (the “Annual 15(c) Process”).

At a meeting held on September 9, 2024 (the “Meeting”), the Board, including all of the Independent Directors, approved the Agreements for an initial two-year term with respect to the Fund.

At the Meeting, the Board received and considered information (both written and oral) provided to assist it in the review of the Agreements and made assessments with respect to the Fund. The Independent Directors were advised by independent legal counsel with respect to these matters. The Independent Directors discussed the approval of the Agreements with representatives of the Advisors and among themselves in private sessions on various occasions at which no representatives of the Advisors were present.

In addition, the Board received extensive information at the Meeting in relation to its consideration of the renewal of the Advisory Agreement with respect to the existing series of the Corporation, as well as presentations at previous meetings from management about the Corporation and its other series. That other information considered by the Board addressed many of the factors discussed below, including, but not limited to, information about the services provided by the Advisor, its structure, organization, operations and personnel, the financial condition of the Advisor and the profitability to the Advisor from the Advisory Agreement, compliance procedures and resources, investment performance of other series and any similar strategies, expected expenses of the Fund, planned distribution and marketing of the Fund, and other information considered relevant.

In addition to the information furnished by the Advisors, the Independent Directors were provided with advice from their independent legal counsel discussing their fiduciary duties related to their approval of the Agreements and discussed these matters with their counsel.

The Directors’ determinations were made on the basis of each Director’s business judgment after consideration of all the information presented. In deciding to recommend the approval of the Agreement with respect to the Fund, the Independent Directors did not identify any single piece of information or particular factor that, in isolation, was the controlling factor. Each Independent Director may also have weighed factors differently. This summary describes the most important, but not all, of the factors considered by the Board and the Independent Directors.

 

56


TCW Funds, Inc.

Approval of Investment Advisory and Subadvisory Agreements (Unaudited) (Continued)

 

Nature, Extent and Quality of Services

The Board and the Independent Directors considered the general nature, extent, and quality of services provided to the existing series of the Corporation and expected to be provided to the Fund by the Advisor. The Board and the Independent Directors evaluated the Advisor’s experience in serving as manager of mutual funds and ETFs and considered the benefits to shareholders of investing in a fund complex that is served by a large organization that also serves a variety of other investment advisory clients, including separate accounts, other pooled investment vehicles, registered investment companies and commingled funds.

In making their evaluation, the Board and the Independent Directors considered that the Advisor will act as adviser for the Fund, manage the daily business affairs of the Fund, obtain and evaluate economic, statistical and financial information to formulate and implement the Fund’s investment policies and provide oversight of White Oak with respect to the daily management of the Fund’s assets, subject to the Board’s oversight. It was also noted that the Advisor’s advisory fees will compensate the Advisor for services such as monitoring portfolio performance, selecting and overseeing the Subadvisor, and ensuring that the Subadvisor’s style adheres to the prospectus and statement of additional information as well as other administrative, compliance and legal services or requirements.

The Board and the Independent Directors also considered the nature, extent and quality of services expected to be provided to the Fund by White Oak. The Board and the Independent Directors noted that White Oak would be responsible for providing investment management services on a day-to-day basis, including managing the investment of the Fund’s assets and placing orders for the purchase or sale of portfolio securities for the Fund. The Board and the Independent Directors reviewed White Oak’s history, structure and size, and investment experience. The Board and the Independent Directors considered the personnel of White Oak who would be involved in the investment management, administration, compliance and risk management activities with respect to the Fund. The Board and the Independent Directors were informed that in management’s judgment, White Oak has the size, viability and resources to attract and retain highly qualified investment professionals. The Board and the Independent Directors reviewed the qualifications and background of the staff of White Oak who would be responsible for providing investment management services to the Fund.

The Board and the Independent Directors also considered the breadth of the compliance programs of the Advisors, as well as the compliance operations of the Advisors that would be applicable to the Fund. The Board and the Independent Directors noted the significant role played by the Advisor, as valuation designee, with respect to the valuation of portfolio securities, including research and analysis related to fair valued securities and due diligence and oversight of pricing vendors. The Board and the Independent Directors concluded that it was satisfied with the nature, extent and quality of the services anticipated to be provided to the Fund by the Advisors under the proposed Agreements.

Investment Performance

The Board and the Independent Directors noted that the Advisor does not manage similar portfolios but considered the overall track record of the Advisor. The Board and the Independent Directors also considered the performance of other accounts managed by the Subadvisor with similar strategies, on both an absolute basis and in comparison to appropriate peer funds and benchmark indices, for various periods as applicable. After review, the Board and the Independent Directors concluded that the Fund has the potential to achieve acceptable performance.

 

57


TCW Funds, Inc.

Approval of Investment Advisory and Subadvisory Agreements (Unaudited) (Continued)

 

Advisory Fees, Expenses and Profitability

The Board and the Independent Directors considered information comparing the proposed fees and expenses of the Fund to the fees and expenses of appropriate peer funds identified by the Advisor. The Board and the Independent Directors also considered that the Advisor had agreed to reduce its investment advisory fees or pay the operating expenses of the Fund pursuant to an expense limitation agreement. The Board and the Independent Directors considered that the Fund’s management fee and the total expense ratio as a result of the expense limitation would be competitive with the peer funds.

The Board and the Independent Directors also considered the expected costs of services to be provided and expected profits to be realized by the Advisor, the Subadvisor and their affiliates from their relationship with the Fund, noting the difficulty in evaluating a manager’s projected profitability with respect to a fund that is not yet operational. The Board and the Independent Directors noted that the subadvisory fees to be paid pursuant to the Subadvisory Agreement will be paid by the Advisor out of its advisory fees. The Board and the Independent Directors also relied on the ability of the Advisor to negotiate the Subadvisory Agreement and the fees thereunder at arm’s length. The Board and the Independent Directors determined that the profitability to White Oak in connection with its relationship with the Fund is therefore not a material factor in its consideration of the Subadvisory Agreement.

Based on these various considerations, the Board and the Independent Directors concluded that the proposed contractual advisory and subadvisory fees of the Fund under the proposed Agreements were fair and bore a reasonable relationship to the services to be rendered. The Board and the Independent Directors further concluded that the anticipated expenses were appropriate given the anticipated size and structure of the Fund.

Economies of Scale and Ancillary Benefits

The Board and the Independent Directors considered the potential of the Advisor to achieve economies of scale as the Fund grows in size. The Board and the Independent Directors noted that the Fund will benefit through additional investment in the Corporation’s business and the provision of improved or additional infrastructure and services to the Fund and its shareholders. The Board and the Independent Directors considered the Advisor’s ongoing investment in its technology, systems, staffing and other aspects of its business that can benefit the Fund, noting that all these endeavors are a means by which the Advisor is sharing economies of scale with the Fund and its shareholders through reinvestment in products and services that are designed to benefit the Fund and its shareholders. The Board and the Independent Directors considered the new personnel hired over recent years and the extent to which that hiring could be expected to benefit shareholders.

The Board and the Independent Directors considered ancillary benefits to be received by the Advisor and its affiliates as a result of the relationship of the Advisor with the Fund, including compensation for certain compliance support services. The Board and the Independent Directors concluded that any potential benefits to be derived by the Advisor from its relationship with the Fund were consistent with the services proposed to be provided by the Advisor to the new series.

The Board and the Independent Directors also considered ancillary benefits to be received by the Subadvisor as a result of its relationship with the Fund, which could include research benefits obtained by trading the Fund’s assets, economies of scale, reputational benefits, and the potential for future mandates. For similar reasons as stated above with respect to the Subadvisor’s profitability, the Board and the

 

58


TCW Funds, Inc.

Approval of Investment Advisory and Subadvisory Agreements (Unaudited) (Continued)

 

Independent Directors concluded that the potential for economies of scale and other indirect benefits to the Subadvisor in its management of the Fund are not a material factor in its consideration at this time.

As a result of these considerations, the Board and the Independent Directors were satisfied about the extent to which economies of scale will be shared with the Fund and its shareholders. Based on all the information they reviewed, the Board and the Independent Directors concluded that the proposed fee structure was reasonable and reflected a sharing of any economies of scale.

Conclusions

Based on their overall review, including their consideration of each of the factors referred to above (and others), the Board and the Independent Directors concluded that each Agreement is fair and reasonable to the Fund and its shareholders, that the Fund’s shareholders will receive reasonable value in return for the fees paid to the Advisor by the Fund and to the Subadvisor by the Advisor, and that the approval of the Agreements was in the best interests of the Fund and its shareholders.

 

59


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 TCW website at https://www.tcw.com/Global-Proxy-Voting-Policy; or

 

  3.

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 at https://www.tcw.com/Literature/Proxy-Voting.

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.

 

60


LOGO

 

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. Bank Global Fund Services

P.O Box 219252

Kansas City, MO 64121-9252

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

Megan McClellan

Director

Peter McMillan

Director

Patrick Moore

Director

Victoria B. Rogers

Director

Robert G. Rooney

Director

Michael Swell

Director

Andrew Tarica

Director and Chairman of the Board

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 Concentrated Large Cap Growth Fund

TCW Global Real Estate Fund

TCW Relative Value Large Cap Fund

TCW Relative Value Mid Cap Fund

ASSET ALLOCATION FUND

TCW Conservative Allocation Fund

FIXED INCOME FUNDS

TCW Central Cash Fund

TCW Core Fixed Income Fund

TCW Global Bond Fund

TCW Securitized Bond Fund

INTERNATIONAL FUNDS

TCW Emerging Markets Income Fund

TCW Emerging Markets Local Currency Income Fund

TCW White Oak Emerging Markets Equity Fund

 

 

FUNDarEQ1024


(b)

The Registrant’s Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form N-CSR.

 

Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

 

Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

 

Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form N-CSR.

 

Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract.

The Registrant’s Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form N-CSR.

 

Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

 

Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

 

Item 14.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

 

Item 15.

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 since the Registrant last provided disclosure in response to this Item.

 

Item 16.

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 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

(a)

Not applicable.

 

(b)

Not applicable.

 

Item 18.

Recovery of Erroneously Awarded Compensation.

Not applicable.

 

Item 19.

Exhibits.

 

(a)(1)

Not required for this filing.

 

(a)(2)

Not applicable.

 

(a)(3)

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)(4)

Not applicable.

 

(a)(5)

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.

 

(101)

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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   July 3, 2025

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   July 3, 2025
By (Signature and Title)  
 

/s/ Richard M. Villa

  Richard M. Villa
  Treasurer and Principal Financial and Accounting Officer
Date   July 3, 2025

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

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EX-99.906 CERT

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