# EDGAR Filing Document

**Accession Number:** 0000892071
**File Stem:** 0001193125-25-155192
**Filing Date:** 2025-7
**Character Count:** 1012693
**Document Hash:** b43c2201ae9335120f49b7f0dd0859d2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-155192.hdr.sgml**: 20250703

**ACCESSION NUMBER**: 0001193125-25-155192

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250703

**DATE AS OF CHANGE**: 20250703

**EFFECTIVENESS DATE**: 20250703

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TCW FUNDS INC
- **CENTRAL INDEX KEY:** 0000892071

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07170
- **FILM NUMBER:** 251103705

**BUSINESS ADDRESS:**
- **STREET 1:** 865 SOUTH FIGUEROA STREET
- **STREET 2:** SUITE 1800
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90017
- **BUSINESS PHONE:** 213-244-0000

**MAIL ADDRESS:**
- **STREET 1:** 865 SOUTH FIGUEROA STREET
- **STREET 2:** SUITE 1800
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TCW GALILEO FUNDS INC
- **DATE OF NAME CHANGE:** 19950113

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TCW FUNDS INC
- **DATE OF NAME CHANGE:** 19930714

## Series and Classes Contracts Data

### TCW Concentrated Large Cap Growth Fund (Series ID: S000006325)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017399 | I Class      | TGCEX           |
| C000017400 | N Class      | TGCNX           |

### TCW Securitized Bond Fund (Series ID: S000006330)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017410 | I Class      | TGLMX           |
| C000017411 | N Class      | TGMNX           |
| C000218394 | Plan Class   | TGLSX           |

### TCW Relative Value Mid Cap Fund (Series ID: S000006332)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017415 | I Class      | TGVOX           |
| C000017417 | N Class      | TGVNX           |

### TCW Core Fixed Income Fund (Series ID: S000006334)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017419 | I Class      | TGCFX           |
| C000017420 | N Class      | TGFNX           |
| C000218395 | Plan Class   | TGCPX           |

### TCW Relative Value Large Cap Fund (Series ID: S000006335)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017421 | I Class      | TGDIX           |
| C000017422 | N Class      | TGDVX           |

### TCW Emerging Markets Income Fund (Series ID: S000006338)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017426 | I Class      | TGEIX           |
| C000017427 | N Class      | TGINX           |
| C000218396 | Plan Class   | TGEPX           |

### TCW Conservative Allocation Fund (Series ID: S000013857)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000038019 | Class N Shares | TGPNX           |
| C000039809 | Class I Shares | TGPCX           |

### TCW Emerging Markets Local Currency Income Fund (Series ID: S000030566)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000094780 | Class I      | TGWIX           |
| C000094781 | Class N      | TGWNX           |

### TCW Global Bond Fund (Series ID: S000034415)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000105877 | Class I      | TGGBX           |
| C000105878 | Class N      | TGGFX           |

### TCW Global Real Estate Fund (Series ID: S000047389)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000148757 | Class I      | TGREX           |
| C000148758 | Class N      | TGRYX           |

### TCW Central Cash Fund (Series ID: S000085371)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000250374 | Cash Management Shares |  |

### TCW White Oak Emerging Markets Equity Fund (Series ID: S000090183)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000257108 | Class I      | TWOEX           |
| C000257109 | Class N      | TWEMX           |

?xml version='1.0' encoding='ASCII'? N-CSRS

### 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.** <br>

(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](g934567if945726c2533a20077df.jpg)

#### 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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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](g934567if945726c2533a20077df.jpg)

#### TCW Central Cash Fund

#### Semi-Annual Shareholder Report — April 30, 2025

#### Ticker: TGCXX
TSR TGCXX-0425

#### TCW Concentrated Large Cap Growth Fund
![Image](g934567if945726c2533a20077df.jpg)

#### 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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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](g934567if945726c2533a20077df.jpg)

#### 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](g934567if945726c2533a20077df.jpg)

#### 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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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](g934567if945726c2533a20077df.jpg)

#### TCW Concentrated Large Cap Growth Fund

#### Semi-Annual Shareholder Report — April 30, 2025

#### Class N: TGCNX
TSR TGCNX-0425

#### TCW Conservative Allocation Fund
![Image](g934567if945726c2533a20077df.jpg)

#### 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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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](g934567if945726c2533a20077df.jpg)

#### TCW Conservative Allocation Fund

#### Semi-Annual Shareholder Report — April 30, 2025

#### Class I: TGPCX
TSR TGPCX-0425

#### TCW Conservative Allocation Fund
![Image](g934567if945726c2533a20077df.jpg)

#### 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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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](g934567if945726c2533a20077df.jpg)

#### TCW Conservative Allocation Fund

#### Semi-Annual Shareholder Report — April 30, 2025

#### Class N: TGPNX
TSR TGPNX-0425

#### TCW Core Fixed Income Fund
![Image](g934567if945726c2533a20077df.jpg)

#### 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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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 Types<sup>Footnote Reference\*</sup> | 0.5% |
| Liabilities in Excess of Other Assets | (10.0%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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](g934567if945726c2533a20077df.jpg)

#### TCW Core Fixed Income Fund

#### Semi-Annual Shareholder Report — April 30, 2025

#### Class I: TGCFX
TSR TGCFX-0425

#### TCW Core Fixed Income Fund
![Image](g934567if945726c2533a20077df.jpg)

#### 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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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 Types<sup>Footnote Reference\*</sup> | 0.5% |
| Liabilities in Excess of Other Assets | (10.0%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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](g934567if945726c2533a20077df.jpg)

#### TCW Core Fixed Income Fund

#### Semi-Annual Shareholder Report — April 30, 2025

#### Class N: TGFNX
TSR TGFNX-0425

#### TCW Core Fixed Income Fund
![Image](g934567if945726c2533a20077df.jpg)

#### 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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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 Types<sup>Footnote Reference\*</sup> | 0.5% |
| Liabilities in Excess of Other Assets | (10.0%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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](g934567if945726c2533a20077df.jpg)

#### TCW Core Fixed Income Fund

#### Semi-Annual Shareholder Report — April 30, 2025

#### Class P: TGCPX
TSR TGCPX-0425

#### TCW Emerging Markets Income Fund
![Image](g934567if945726c2533a20077df.jpg)

#### 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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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% |
| Other<sup>Footnote Reference\*</sup> | 0.6% |
| Liabilities in Excess of Other Assets | (0.5%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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](g934567if945726c2533a20077df.jpg)

#### TCW Emerging Markets Income Fund

#### Semi-Annual Shareholder Report — April 30, 2025

#### Class I: TGEIX
TSR TGEIX-0425

#### TCW Emerging Markets Income Fund
![Image](g934567if945726c2533a20077df.jpg)

#### 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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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% |
| Other<sup>Footnote Reference\*</sup> | 0.6% |
| Liabilities in Excess of Other Assets | (0.5%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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](g934567if945726c2533a20077df.jpg)

#### TCW Emerging Markets Income Fund

#### Semi-Annual Shareholder Report — April 30, 2025

#### Class N: TGINX
TSR TGINX-0425

#### TCW Emerging Markets Income Fund
![Image](g934567if945726c2533a20077df.jpg)

#### 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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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% |
| Other<sup>Footnote Reference\*</sup> | 0.6% |
| Liabilities in Excess of Other Assets | (0.5%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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](g934567if945726c2533a20077df.jpg)

#### 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](g934567if945726c2533a20077df.jpg)

#### 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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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% |
| Other<sup>Footnote Reference\*</sup> | 21.2% |
| Other Assets in Excess of Liabilities | 3.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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)

![Image](g934567if945726c2533a20077df.jpg)

#### 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](g934567if945726c2533a20077df.jpg)

#### 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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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% |
| Other<sup>Footnote Reference\*</sup> | 21.2% |
| Other Assets in Excess of Liabilities | 3.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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)

![Image](g934567if945726c2533a20077df.jpg)

#### TCW Emerging Markets Local Currency Income Fund

#### Semi-Annual Shareholder Report — April 30, 2025

#### Class N: TGWNX
TSR TGWNX-0425

#### TCW Global Bond Fund
![Image](g934567if945726c2533a20077df.jpg)

#### 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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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 Types<sup>Footnote Reference\*</sup> | 1.5% |
| Liabilities in Excess of Other Assets | (12.2%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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)

![Image](g934567if945726c2533a20077df.jpg)

#### TCW Global Bond Fund

#### Semi-Annual Shareholder Report — April 30, 2025

#### Class I: TGGBX
TSR TGGBX-0425

#### TCW Global Bond Fund
![Image](g934567if945726c2533a20077df.jpg)

#### 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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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 Types<sup>Footnote Reference\*</sup> | 1.5% |
| Liabilities in Excess of Other Assets | (12.2%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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)

![Image](g934567if945726c2533a20077df.jpg)

#### TCW Global Bond Fund

#### Semi-Annual Shareholder Report — April 30, 2025

#### Class N: TGGFX
TSR TGGFX-0425

#### TCW Global Real Estate Fund
![Image](g934567if945726c2533a20077df.jpg)

#### 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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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% |
| Other<sup>Footnote Reference\*</sup> | 14.5% |
| Liabilities in Excess of Other Assets | (0.1%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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)

![Image](g934567if945726c2533a20077df.jpg)

#### TCW Global Real Estate Fund

#### Semi-Annual Shareholder Report — April 30, 2025

#### Class I: TGREX
TSR TGREX-0425

#### TCW Global Real Estate Fund
![Image](g934567if945726c2533a20077df.jpg)

#### 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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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% |
| Other<sup>Footnote Reference\*</sup> | 14.5% |
| Liabilities in Excess of Other Assets | (0.1%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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)

![Image](g934567if945726c2533a20077df.jpg)

#### TCW Global Real Estate Fund

#### Semi-Annual Shareholder Report — April 30, 2025

#### Class N: TGRYX
TSR TGRYX-0425

#### TCW Relative Value Large Cap Fund
![Image](g934567if945726c2533a20077df.jpg)

#### 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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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% |
| Other<sup>Footnote Reference\*</sup> | 9.9% |
| Liabilities in Excess of Other Assets | (0.3%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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](g934567if945726c2533a20077df.jpg)

#### 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](g934567if945726c2533a20077df.jpg)

#### 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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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% |
| Other<sup>Footnote Reference\*</sup> | 9.9% |
| Liabilities in Excess of Other Assets | (0.3%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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](g934567if945726c2533a20077df.jpg)

#### 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](g934567if945726c2533a20077df.jpg)

#### 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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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% |
| Other<sup>Footnote Reference\*</sup> | 12.8% |
| Liabilities in Excess of Other Assets | (0.2%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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](g934567if945726c2533a20077df.jpg)

#### 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](g934567if945726c2533a20077df.jpg)

#### 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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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% |
| Other<sup>Footnote Reference\*</sup> | 12.8% |
| Liabilities in Excess of Other Assets | (0.2%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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](g934567if945726c2533a20077df.jpg)

#### TCW Relative Value Mid Cap Fund

#### Semi-Annual Shareholder Report — April 30, 2025

#### Class N: TGVNX
TSR TGVNX-0425

#### TCW Securitized Bond Fund
![Image](g934567if945726c2533a20077df.jpg)

#### 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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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)

![Image](g934567if945726c2533a20077df.jpg)

#### TCW Securitized Bond Fund

#### Semi-Annual Shareholder Report — April 30, 2025

#### Class I: TGLMX
TSR TGLMX-0425

#### TCW Securitized Bond Fund
![Image](g934567if945726c2533a20077df.jpg)

#### 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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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)

![Image](g934567if945726c2533a20077df.jpg)

#### TCW Securitized Bond Fund

#### Semi-Annual Shareholder Report — April 30, 2025

#### Class N: TGMNX
TSR TGMNX-0425

#### TCW Securitized Bond Fund
![Image](g934567if945726c2533a20077df.jpg)

#### 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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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)

![Image](g934567if945726c2533a20077df.jpg)

#### 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](g934567if945726c2533a20077df.jpg)

#### 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 | $16<sup>Footnote Reference+</sup> | 0.98%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized. |
| Footnote<sup>+</sup> | 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% |
| Other<sup>Footnote Reference\*</sup> | 1.5% |
| Other Assets in Excess of Liabilities | 1.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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](g934567if945726c2533a20077df.jpg)

#### 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](g934567if945726c2533a20077df.jpg)

#### 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 | $20<sup>Footnote Reference+</sup> | 1.23%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized. |
| Footnote<sup>+</sup> | 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% |
| Other<sup>Footnote Reference\*</sup> | 1.5% |
| Other Assets in Excess of Liabilities | 1.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | 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](g934567if945726c2533a20077df.jpg)

#### 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.** <br>

Not required for this filing.

**Item 3.** **Audit Committee Financial Expert.** <br>

Not required for this filing.

**Item 4.** **Principal Accountant Fees and Services.** <br>

Not required for this filing.

**Item 5.** **Audit Committee of Listed Registrants.** <br>

Not applicable.

**Item 6.** **Investments.** <br>

(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.** <br>

(a) The Registrant's Financial Statements are attached herewith.

------

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)](#toc945686_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW Concentrated Large Cap Growth Fund](#toc945686_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW Conservative Allocation Fund](#toc945686_3) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW Global Real Estate Fund](#toc945686_4) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW Relative Value Large Cap Fund](#toc945686_5) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW Relative Value Mid Cap Fund](#toc945686_6) | 14 |
|  [Statements of Assets and Liabilities (Unaudited)](#toc945686_7) | 18 |
|  [Statements of Operations (Unaudited)](#toc945686_8) | 20 |
|  [Statements of Changes in Net Assets (Unaudited)](#toc945686_9) | 22 |
|  [Notes to Financial Statements (Unaudited)](#toc945686_10) | 25 |
|  [Financial Highlights (Unaudited)](#toc945686_11) | 41 |
|  [Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule](#toc945686_12) | 51 |

---

------

## TCW Concentrated Large Cap Growth Fund
Schedule of Investments (Unaudited) April 30, 2025

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
|  **COMMON STOCK — 99.0% of Net Assets** | **COMMON STOCK — 99.0% of Net Assets** | **COMMON STOCK — 99.0% of Net Assets** |
| **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** |
|  General Electric Co. | 64783 | $13056366 |
| **Broadline Retail — 6.3%** | **Broadline Retail — 6.3%** | **Broadline Retail — 6.3%** |
|  Amazon.com, Inc. *<sup>(1)</sup>* | 219298 | 40442937 |
| **Capital Markets — 2.8%** | **Capital Markets — 2.8%** | **Capital Markets — 2.8%** |
|  S&P Global, Inc. | 36122 | 18062806 |
| **Commercial Services & Supplies — 2.3%** | **Commercial Services & Supplies — 2.3%** | **Commercial Services & Supplies — 2.3%** |
|  Waste Connections, Inc. (Canada) | 75012 | 14824622 |
| **Consumer Staples Distribution & Retail — 3.9%** | **Consumer Staples Distribution & Retail — 3.9%** | **Consumer Staples Distribution & Retail — 3.9%** |
|  Costco Wholesale Corp. | 24727 | 24591002 |
| **Financial Services — 8.3%** | **Financial Services — 8.3%** | **Financial Services — 8.3%** |
|  Mastercard, Inc. | 45105 | 24720246 |
|  Visa, Inc. | 82255 | 28419103 |
|  |  | 53139349 |
| **Health Care Equipment & Supplies — 7.3%** | **Health Care Equipment & Supplies — 7.3%** | **Health Care Equipment & Supplies — 7.3%** |
|  Boston Scientific Corp. *<sup>(1)</sup>* | 180903 | 18609492 |
|  Dexcom, Inc. *<sup>(1)</sup>* | 126670 | 9041704 |
|  Intuitive Surgical, Inc. *<sup>(1)</sup>* | 37126 | 19149591 |
|  |  | 46800787 |
| **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** |
|  UnitedHealth Group, Inc. | 28280 | 11635523 |
| **Interactive Media & Services — 10.9%** | **Interactive Media & Services — 10.9%** | **Interactive Media & Services — 10.9%** |
|  Alphabet, Inc. | 258871 | 41649755 |
|  Meta Platforms, Inc. | 51272 | 28148328 |
|  |  | 69798083 |
| **IT Services — 4.2%** | **IT Services — 4.2%** | **IT Services — 4.2%** |
|  Gartner, Inc. *<sup>(1)</sup>* | 26665 | 11228098 |
|  Shopify, Inc. *<sup>(1)</sup>* | 163276 | 15511220 |
|  |  | 26739318 |
| **Media — 1.1%** | **Media — 1.1%** | **Media — 1.1%** |
|  Trade Desk, Inc. *<sup>(1)</sup>* | 132994 | 7132468 |
| **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** |
|  Zoetis, Inc. | 68874 | 10771894 |

---

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
| **Semiconductors & Semiconductor Equipment — 17.9%** | **Semiconductors & Semiconductor Equipment — 17.9%** | **Semiconductors & Semiconductor Equipment — 17.9%** |
|  ASML Holding NV (Netherlands) | 20459 | $13668248 |
|  Broadcom, Inc. | 118819 | 22869093 |
|  NVIDIA Corp. | 716403 | 78030615 |
|  |  | 114567956 |
| **Software — 25.6%** | **Software — 25.6%** | **Software — 25.6%** |
|  Adobe, Inc. <sup>(1)</sup> | 20976 | 7865581 |
|  Cadence Design Systems, Inc. *<sup>(1)</sup>* | 51144 | 15227615 |
|  Crowdstrike Holdings, Inc. *<sup>(1)</sup>* | 52512 | 22520821 |
|  Microsoft Corp. | 112399 | 44426829 |
|  Palo Alto Networks, Inc. *<sup>(1)</sup>* | 93443 | 17467300 |
|  ServiceNow, Inc. *<sup>(1)</sup>* | 44045 | 42063415 |
|  Tyler Technologies, Inc. *<sup>(1)</sup>* | 25844 | 14041045 |
|  |  | 163612606 |
| **Specialty Retail — 2.8%** | **Specialty Retail — 2.8%** | **Specialty Retail — 2.8%** |
|  O'Reilly Automotive, Inc. *<sup>(1)</sup>* | 12729 | 18014081 |
|  **Total Common Stock** |  |  |
|  (Cost: $249,862,210) |  | 633189798 |
|  **MONEY MARKET INVESTMENTS — 1.0%** | **MONEY MARKET INVESTMENTS — 1.0%** | **MONEY MARKET INVESTMENTS — 1.0%** |
|  State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.29% *<sup>(2)</sup>* | 4715540 | 4715540 |
|  TCW Central Cash Fund, 4.34% *<sup>(2)(3)</sup>* | 1630000 | 1630000 |
|  **Total Money Market Investments** |  |  |
|  (Cost: $6,345,540) |  | 6345540 |
|  **Total Investments (100.0%)** |  |  |
|  (Cost: $256,207,750) |  | 639535338 |
|  **Liabilities In Excess Of Other Assets (0.0%)** | **Liabilities In Excess Of Other Assets (0.0%)** | (139569) |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** | $639395769 |

---

#### Notes to the Schedule of Investments:
&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Non-income producing security.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Rate disclosed is the 7-day net yield as of April 30, 2025.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Affiliated issuer.* 

*See accompanying Notes to Financial Statements.* 

------

## 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**<br> **Affiliated**<br> **Fund** | **Value at**<br>**October 31,**<br>**2024** | **Purchases**<br>**at Cost** | **Proceeds**<br>**from Sales** | **Number**<br>**of Shares**<br>**Held**<br>**April 30,<br>2025** | **Value at**<br>**April 30,**<br>**2025** | **Dividends and**<br>**Interest**<br>**Income**<br>**Received** | **Distributions**<br>**Received from**<br>**Net Realized**<br>**Gain** | **Net Realized**<br>**Gain (Loss)**<br>**on**<br>**Investments** | **Net change in**<br>**Unrealized**<br>**Gain (Loss)**<br>**on**<br>**Investments** |
|  **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** |
|  | $— | $46110000 | $44480000 | 1630000 | $1630000 | $126943 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $1630000 | $126943 | $— | $— | $— |

---

*See accompanying Notes to Financial Statements.* 

------

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**<br>**in Active**<br>**Markets for**<br>**Identical**<br>**Assets**<br>**(Level 1)** | **Other**<br>**Significant**<br>**Observable**<br>**Inputs**<br>**(Level 2)** | **Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** | **Total** |
|  Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | $163612606 | $— | $— | $163612606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 114567956 |  |  | 114567956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 69798083 |  |  | 69798083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 53139349 |  |  | 53139349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 46800787 |  |  | 46800787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 40442937 |  |  | 40442937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 26739318 |  |  | 26739318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 24591002 |  |  | 24591002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 18062806 |  |  | 18062806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 18014081 |  |  | 18014081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 14824622 |  |  | 14824622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | 13056366 |  |  | 13056366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 11635523 |  |  | 11635523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 10771894 |  |  | 10771894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | 7132468 |  |  | 7132468 |
|  Total Common Stock | 633189798 |  |  | 633189798 |
|  Money Market Investments | 6345540 |  |  | 6345540 |
|  Total Investments | $639535338 | $— | $— | $639535338 |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW Conservative Allocation Fund
Schedule of Investments (Unaudited)

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
|  **INVESTMENT COMPANIES — 99.6%** | **INVESTMENT COMPANIES — 99.6%** | **INVESTMENT COMPANIES — 99.6%** |
| **Diversified Equity Funds — 17.4%** | **Diversified Equity Funds — 17.4%** | **Diversified Equity Funds — 17.4%** |
|  TCW Concentrated Large Cap Growth Fund (formerly TCW Select Equities Fund) — I Class *<sup>(1)</sup>* | 52200 | $1479343 |
|  TCW Global Real Estate Fund — I Class *<sup>(1)</sup>* | 103010 | 1219632 |
|  TCW Relative Value Large Cap Fund —I Class *<sup>(1)</sup>* | 187241 | 2776788 |
|  TCW Relative Value Mid Cap Fund — I Class *<sup>(1)</sup>* | 5797 | 153725 |
|  |  | 5629488 |
| **Diversified Fixed Income Funds — 65.3%** | **Diversified Fixed Income Funds — 65.3%** | **Diversified Fixed Income Funds — 65.3%** |
|  TCW Emerging Markets Income Fund —I Class *<sup>(1)</sup>* | 32565 | 209395 |
|  TCW Global Bond Fund — I Class *<sup>(1)</sup>* | 114052 | 972863 |
|  TCW MetWest High Yield Bond Fund —I Class *<sup>(1)</sup>* | 52619 | 483044 |
|  TCW MetWest Low Duration Bond Fund — I Class *<sup>(1)</sup>* | 73019 | 614821 |
|  TCW MetWest Total Return Bond Fund — I Class *<sup>(1)</sup>* | 892036 | 8099688 |
|  TCW MetWest Unconstrained Bond Fund — I Class *<sup>(1)</sup>* | 324860 | 3359049 |
|  TCW Securitized Bond Fund — I Class *<sup>(1)</sup>* | 946137 | 7398795 |
|  |  | 21137655 |
| **Exchange-Traded Funds — 16.2%** | **Exchange-Traded Funds — 16.2%** | **Exchange-Traded Funds — 16.2%** |
|  iShares Gold Trust *<sup>(2)</sup>* | 4395 | 273237 |
|  iShares MSCI EAFE ETF | 7880 | 667830 |
|  TCW Artificial Intelligence ETF *<sup>(1),(2)</sup>* | 5732 | 141064 |
|  TCW Compounders ETF *<sup>(1)</sup>* | 111234 | 3715594 |
|  TCW Transform Supply Chain ETF *<sup>(1)</sup>* | 4830 | 286514 |
|  TCW Transform Systems ETF *<sup>(1)</sup>* | 2340 | 168714 |
|  |  | 5252953 |

---

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
| **Exchange-Traded Notes — 0.7%** | **Exchange-Traded Notes — 0.7%** | **Exchange-Traded Notes — 0.7%** |
|  iPath Bloomberg Commodity Index Total Return ETN *<sup>(2)</sup>* | 7060 | $234957 |
|  **Total Exchange-traded Notes** |  |  |
|  (Cost: $224,122) |  | 234957 |
|  **Total Investment Companies** |  |  |
|  (Cost: $29,586,072) |  | 32255053 |
| **MONEY MARKET INVESTMENTS — 0.6%** | **MONEY MARKET INVESTMENTS — 0.6%** | **MONEY MARKET INVESTMENTS — 0.6%** |
|  State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.29% *<sup>(3)</sup>* | 202673 | 202673 |
|  **Total Money Market Investments** |  |  |
|  (Cost: $202,673) |  | 202673 |
|  **Total Investments (100.2%)** |  |  |
|  (Cost: $29,788,745) |  | 32457726 |
|  **Liabilities In Excess Of Other Assets (-0.2%)** |  | (64142) |
|  **Net Assets (100.0%)** |  | $32393584 |

---

#### Notes to the Schedule of Investments:
*ETF* *Exchange-Traded Fund.* 

*ETN* *Exchange Traded Note.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Affiliated issuer.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Non-income producing security.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Rate disclosed is the 7-day net yield as of April 30, 2025.* 

*See accompanying Notes to Financial Statements.* 

------

## 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**<br> **Affiliated**<br> **Fund** | **Value at**<br>**October 31,**<br>**2024** | **Purchases<br>at Cost** | **Proceeds**<br>**from Sales** | **Number**<br>**of Shares**<br>**Held**<br>**April 30,<br>2025** | **Value at**<br>**April 30,**<br>**2025** | **Dividends and**<br>**Interest**<br>**Income**<br>**Received** | **Distributions**<br>**Received from**<br>**Net Realized**<br>**Gain** | **Net Realized**<br>**Gain (Loss)**<br>**on**<br>**Investments** | **Net change in**<br>**Unrealized**<br>**Gain (Loss)**<br>**on**<br>**Investments** |
|  **TCW Artificial Intelligence ETF** | **TCW Artificial Intelligence ETF** | **TCW Artificial Intelligence ETF** | **TCW Artificial Intelligence ETF** | **TCW Artificial Intelligence ETF** | **TCW Artificial Intelligence ETF** | **TCW Artificial Intelligence ETF** | **TCW Artificial Intelligence ETF** | **TCW Artificial Intelligence ETF** | **TCW Artificial Intelligence ETF** |
|  | $157796 | $— | $2331 | 5732 | $141064 | $— | $— | $1598 | $(15999) |
|  **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** |
|  |  | 900000 | 900000 |  |  | 1823 |  |  |  |
|  **TCW Compounders ETF** | **TCW Compounders ETF** | **TCW Compounders ETF** | **TCW Compounders ETF** | **TCW Compounders ETF** | **TCW Compounders ETF** | **TCW Compounders ETF** | **TCW Compounders ETF** | **TCW Compounders ETF** | **TCW Compounders ETF** |
|  | 3184346 | 938307 | 243873 | 111234 | 3715594 | 301879 |  | 10877 | (174063) |
|  **TCW Concentrated Large Cap Growth Fund** | **TCW Concentrated Large Cap Growth Fund** | **TCW Concentrated Large Cap Growth Fund** | **TCW Concentrated Large Cap Growth Fund** | **TCW Concentrated Large Cap Growth Fund** | **TCW Concentrated Large Cap Growth Fund** | **TCW Concentrated Large Cap Growth Fund** | **TCW Concentrated Large Cap Growth Fund** | **TCW Concentrated Large Cap Growth Fund** | **TCW Concentrated Large Cap Growth Fund** |
|  | 1732949 | 233094 | 235862 | 52200 | 1479343 |  | 233094 | 46021 | (296859) |
|  **TCW Emerging Markets Income Fund—I Class** | **TCW Emerging Markets Income Fund—I Class** | **TCW Emerging Markets Income Fund—I Class** | **TCW Emerging Markets Income Fund—I Class** | **TCW Emerging Markets Income Fund—I Class** | **TCW Emerging Markets Income Fund—I Class** | **TCW Emerging Markets Income Fund—I Class** | **TCW Emerging Markets Income Fund—I Class** | **TCW Emerging Markets Income Fund—I Class** | **TCW Emerging Markets Income Fund—I Class** |
|  | 208039 | 9338 | 2890 | 32565 | 209395 | 8290 |  | (243) | (4849) |
|  **TCW Global Bond Fund—I Class** | **TCW Global Bond Fund—I Class** | **TCW Global Bond Fund—I Class** | **TCW Global Bond Fund—I Class** | **TCW Global Bond Fund—I Class** | **TCW Global Bond Fund—I Class** | **TCW Global Bond Fund—I Class** | **TCW Global Bond Fund—I Class** | **TCW Global Bond Fund—I Class** | **TCW Global Bond Fund—I Class** |
|  | 1123044 | 18542 | 202458 | 114052 | 972863 | 15816 |  | (43223) | 76958 |
|  **TCW Global Real Estate Fund—I Class** | **TCW Global Real Estate Fund—I Class** | **TCW Global Real Estate Fund—I Class** | **TCW Global Real Estate Fund—I Class** | **TCW Global Real Estate Fund—I Class** | **TCW Global Real Estate Fund—I Class** | **TCW Global Real Estate Fund—I Class** | **TCW Global Real Estate Fund—I Class** | **TCW Global Real Estate Fund—I Class** | **TCW Global Real Estate Fund—I Class** |
|  | 1299842 | 13784 | 17887 | 103010 | 1219632 | 13784 |  | 3835 | (79942) |
|  **TCW MetWest High Yield Bond Fund—I Class** | **TCW MetWest High Yield Bond Fund—I Class** | **TCW MetWest High Yield Bond Fund—I Class** | **TCW MetWest High Yield Bond Fund—I Class** | **TCW MetWest High Yield Bond Fund—I Class** | **TCW MetWest High Yield Bond Fund—I Class** | **TCW MetWest High Yield Bond Fund—I Class** | **TCW MetWest High Yield Bond Fund—I Class** | **TCW MetWest High Yield Bond Fund—I Class** | **TCW MetWest High Yield Bond Fund—I Class** |
|  | 164199 | 318396 | 2256 | 52619 | 483044 | 7315 |  | (19) | 2724 |
|  **TCW MetWest Low Duration Bond Fund—I Class** | **TCW MetWest Low Duration Bond Fund—I Class** | **TCW MetWest Low Duration Bond Fund—I Class** | **TCW MetWest Low Duration Bond Fund—I Class** | **TCW MetWest Low Duration Bond Fund—I Class** | **TCW MetWest Low Duration Bond Fund—I Class** | **TCW MetWest Low Duration Bond Fund—I Class** | **TCW MetWest Low Duration Bond Fund—I Class** | **TCW MetWest Low Duration Bond Fund—I Class** | **TCW MetWest Low Duration Bond Fund—I Class** |
|  | 1343078 | 28068 | 766554 | 73019 | 614821 | 28112 |  | (24234) | 34463 |
|  **TCW MetWest Total Return Bond Fund—I Class** | **TCW MetWest Total Return Bond Fund—I Class** | **TCW MetWest Total Return Bond Fund—I Class** | **TCW MetWest Total Return Bond Fund—I Class** | **TCW MetWest Total Return Bond Fund—I Class** | **TCW MetWest Total Return Bond Fund—I Class** | **TCW MetWest Total Return Bond Fund—I Class** | **TCW MetWest Total Return Bond Fund—I Class** | **TCW MetWest Total Return Bond Fund—I Class** | **TCW MetWest Total Return Bond Fund—I Class** |
|  | 7140535 | 1165993 | 260241 | 892036 | 8099688 | 156352 |  | (52945) | 106346 |
|  **TCW MetWest Unconstrained Bond Fund—I Class** | **TCW MetWest Unconstrained Bond Fund—I Class** | **TCW MetWest Unconstrained Bond Fund—I Class** | **TCW MetWest Unconstrained Bond Fund—I Class** | **TCW MetWest Unconstrained Bond Fund—I Class** | **TCW MetWest Unconstrained Bond Fund—I Class** | **TCW MetWest Unconstrained Bond Fund—I Class** | **TCW MetWest Unconstrained Bond Fund—I Class** | **TCW MetWest Unconstrained Bond Fund—I Class** | **TCW MetWest Unconstrained Bond Fund—I Class** |
|  | 3347535 | 193944 | 192180 | 324860 | 3359049 | 96365 |  | (25856) | 35606 |
|  **TCW Relative Value Large Cap Fund—I Class** | **TCW Relative Value Large Cap Fund—I Class** | **TCW Relative Value Large Cap Fund—I Class** | **TCW Relative Value Large Cap Fund—I Class** | **TCW Relative Value Large Cap Fund—I Class** | **TCW Relative Value Large Cap Fund—I Class** | **TCW Relative Value Large Cap Fund—I Class** | **TCW Relative Value Large Cap Fund—I Class** | **TCW Relative Value Large Cap Fund—I Class** | **TCW Relative Value Large Cap Fund—I Class** |
|  | 3136088 | 192699 | 255640 | 187241 | 2776788 | 23413 | 169286 | 28749 | (325108) |
|  **TCW Relative Value Mid Cap Fund—I Class** | **TCW Relative Value Mid Cap Fund—I Class** | **TCW Relative Value Mid Cap Fund—I Class** | **TCW Relative Value Mid Cap Fund—I Class** | **TCW Relative Value Mid Cap Fund—I Class** | **TCW Relative Value Mid Cap Fund—I Class** | **TCW Relative Value Mid Cap Fund—I Class** | **TCW Relative Value Mid Cap Fund—I Class** | **TCW Relative Value Mid Cap Fund—I Class** | **TCW Relative Value Mid Cap Fund—I Class** |
|  | 163066 | 14309 | 2363 | 5797 | 153725 | 1536 | 12773 | 1001 | (22288) |
|  **TCW Securitized Bond Fund—I Class** | **TCW Securitized Bond Fund—I Class** | **TCW Securitized Bond Fund—I Class** | **TCW Securitized Bond Fund—I Class** | **TCW Securitized Bond Fund—I Class** | **TCW Securitized Bond Fund—I Class** | **TCW Securitized Bond Fund—I Class** | **TCW Securitized Bond Fund—I Class** | **TCW Securitized Bond Fund—I Class** | **TCW Securitized Bond Fund—I Class** |
|  | 8410602 | 332868 | 1319160 | 946137 | 7398795 | 284654 |  | (318176) | 292661 |
|  **TCW Transform Supply Chain ETF** | **TCW Transform Supply Chain ETF** | **TCW Transform Supply Chain ETF** | **TCW Transform Supply Chain ETF** | **TCW Transform Supply Chain ETF** | **TCW Transform Supply Chain ETF** | **TCW Transform Supply Chain ETF** | **TCW Transform Supply Chain ETF** | **TCW Transform Supply Chain ETF** | **TCW Transform Supply Chain ETF** |
|  | 161305 | 163224 |  | 4830 | 286514 | 1167 |  |  | (38015) |
|  **TCW Transform Systems ETF** | **TCW Transform Systems ETF** | **TCW Transform Systems ETF** | **TCW Transform Systems ETF** | **TCW Transform Systems ETF** | **TCW Transform Systems ETF** | **TCW Transform Systems ETF** | **TCW Transform Systems ETF** | **TCW Transform Systems ETF** | **TCW Transform Systems ETF** |
|  | 172891 |  | 2317 | 2340 | 168714 | 259 |  | 254 | (2114) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $31079029 | $940765 | $415153 | $(372361) | $(410479) |

---

*See accompanying Notes to Financial Statements.* 

------

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**<br>**in Active**<br>**Markets for**<br>**Identical**<br>**Assets**<br>**(Level 1)** | **Other**<br>**Significant**<br>**Observable**<br>**Inputs**<br>**(Level 2)** | **Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** | **Total** |
|  Investment Companies | $32255053 | $– $|  | $32255053 |
|  Money Market Investments | 202673 | – |  | 202673 |
|  Total Investments | $32457726 | $– $|  | $32457726 |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW Global Real Estate Fund
Schedule of Investments (Unaudited) April 30, 2025

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
|  **COMMON STOCK — 97.2% of Net Assets** | **COMMON STOCK — 97.2% of Net Assets** | **COMMON STOCK — 97.2% of Net Assets** |
| **Australia — 9.2%** | **Australia — 9.2%** | **Australia — 9.2%** |
|  Charter Hall Group | 48727 | $526258 |
|  Dexus | 267766 | 1287516 |
|  Goodman Group | 61353 | 1173248 |
|  Mirvac Group | 562707 | 819896 |
|  **Total Australia** |  |  |
|  (Cost: $3,614,368) |  | 3806918 |
| **Belgium — 2.9%** (Cost: $1,258,835) | **Belgium — 2.9%** (Cost: $1,258,835) | **Belgium — 2.9%** (Cost: $1,258,835) |
|  Shurgard Self Storage Ltd. | 28849 | 1201096 |
| **Canada — 5.5%** | **Canada — 5.5%** | **Canada — 5.5%** |
|  Brookfield Corp. | 13696 | 734327 |
|  BSR Real Estate Investment Trust | 29274 | 365632 |
|  Killam Apartment Real Estate Investment Trust | 91983 | 1160026 |
|  **Total Canada** | **Total Canada** | **Total Canada** |
|  (Cost: $2,550,835) |  | 2259985 |
| **France — 1.3%** (Cost: $531,919) | **France — 1.3%** (Cost: $531,919) | **France — 1.3%** (Cost: $531,919) |
|  Covivio SA | 9713 | 546530 |
|  **Total France** | **Total France** | **Total France** |
|  (Cost: $531,919) |  | 546530 |
| **Japan — 5.1%** | **Japan — 5.1%** | **Japan — 5.1%** |
|  Mitsubishi Estate Co. Ltd. | 61400 | 1081122 |
|  Mitsui Fudosan Co. Ltd. | 103900 | 1032171 |
|  **Total Japan** | **Total Japan** | **Total Japan** |
|  (Cost: $1,716,088) |  | 2113293 |
| **Singapore — 2.3%** (Cost: $1,007,023) | **Singapore — 2.3%** (Cost: $1,007,023) | **Singapore — 2.3%** (Cost: $1,007,023) |
|  CapitaLand Ascendas REIT | 457000 | 931495 |
| **Spain — 6.8%** | **Spain — 6.8%** | **Spain — 6.8%** |
|  Cellnex Telecom SA *<sup>(1)</sup>* | 37215 | 1511251 |
|  Merlin Properties Socimi SA | 113345 | 1289787 |
|  **Total Spain** | **Total Spain** | **Total Spain** |
|  (Cost: $2,762,555) |  | 2801038 |
| **United Kingdom — 2.6%** (Cost: $1,360,254) | **United Kingdom — 2.6%** (Cost: $1,360,254) | **United Kingdom — 2.6%** (Cost: $1,360,254) |
|  Segro PLC | 118481 | 1080207 |
| **United States — 61.5%** | **United States — 61.5%** | **United States — 61.5%** |
|  American Tower Corp. | 7315 | 1648874 |
|  Americold Realty Trust, Inc. | 42747 | 826727 |
|  CBRE Group, Inc. *<sup>(1)</sup>* | 12399 | 1514910 |
|  Cousins Properties, Inc. | 41172 | 1133877 |
|  Digital Realty Trust, Inc. | 10773 | 1729497 |

---

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
| **United States (Continued)** | **United States (Continued)** | **United States (Continued)** |
|  EastGroup Properties, Inc. | 6483 | $1059452 |
|  Equinix, Inc. | 1179 | 1014824 |
|  Essential Properties Realty Trust, Inc. | 22105 | 711118 |
|  Gaming & Leisure Properties, Inc. | 17555 | 840182 |
|  Jones Lang LaSalle, Inc. *<sup>(1)</sup>* | 2740 | 623103 |
|  Lennar Corp. | 8000 | 868880 |
|  Mid-America Apartment Communities, Inc. | 6558 | 1046985 |
|  NexPoint Residential Trust, Inc. | 25392 | 946614 |
|  Phillips Edison & Co., Inc. | 18244 | 633067 |
|  PotlatchDeltic Corp. | 21451 | 823504 |
|  Prologis, Inc. | 12801 | 1308262 |
|  Public Storage | 2758 | 828586 |
|  SBA Communications Corp. | 5315 | 1293671 |
|  Simon Property Group, Inc. | 4150 | 653127 |
|  STAG Industrial, Inc. | 23689 | 782448 |
|  Toll Brothers, Inc. | 5311 | 535721 |
|  Travel & Leisure Co. | 30966 | 1360336 |
|  VICI Properties, Inc. | 39075 | 1251182 |
|  Welltower, Inc. | 8793 | 1341724 |
|  Wyndham Hotels & Resorts, Inc. | 7208 | 614842 |
|  **Total United States** | **Total United States** | **Total United States** |
|  (Cost: $24,983,526) |  | 25391513 |
|  **Total Common Stock** | **Total Common Stock** | **Total Common Stock** |
|  (Cost: $39,785,403) |  | 40132075 |
| **MONEY MARKET INVESTMENTS — 2.9%** | **MONEY MARKET INVESTMENTS — 2.9%** | **MONEY MARKET INVESTMENTS — 2.9%** |
|  State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.29% *<sup>(2)</sup>* | 225873 | 225873 |
|  TCW Central Cash Fund, 4.34% *<sup>(2)(3)</sup>* | 970000 | 970000 |
|  **Total Money Market Investments** |  |  |
|  (Cost: $1,195,873) |  | 1195873 |
|  **Total Investments (100.1%)** |  |  |
|  (Cost: $40,981,276) |  | 41327948 |
|  **Liabilities In Excess Of Other Assets (-0.1%)** |  | (28506) |
|  **Net Assets (100.0%)** |  | $41299442 |

---

#### Notes to the Schedule of Investments:
*REIT* *Real Estate Investment Trust.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Non-income producing security.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Rate disclosed is the 7-day net yield as of April 30, 2025.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Affiliated issuer.* 

*See accompanying Notes to Financial Statements.* 

------

## 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**<br> **Affiliated**<br> **Fund** | **Value at**<br>**October 31,**<br>**2024** | **Purchases at<br>Cost** | **Proceeds**<br>**from Sales** | **Number**<br>**of Shares**<br>**Held**<br>**April 30,<br>2025** | **Value at**<br>**April 30,**<br>**2025** | **Dividends and**<br>**Interest**<br>**Income**<br>**Received** | **Distributions**<br>**Received from**<br>**Net Realized**<br>**Gain** | **Net Realized**<br>**Gain (Loss)**<br>**on**<br>**Investments** | **Net change in**<br>**Unrealized**<br>**Gain (Loss)**<br>**on**<br>**Investments** |
|  **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** |
|  | $— | $5570000 | $4600000 | 970000 | $970000 | $31154 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $970000 | $31154 | $— | $— | $— |

---

*See accompanying Notes to Financial Statements.* 

------

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**<br>**in Active**<br>**Markets for**<br>**Identical**<br>**Assets**<br>**(Level 1)** | **Other**<br>**Significant**<br>**Observable**<br>**Inputs**<br>**(Level 2)** | **Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** | **Total** |
|  Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | $3976889 | $3184950 | $— | $7161839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 5583648 |  |  | 5583648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified REITs | 2004789 | 3182471 |  | 5187260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Family Residential REITs | 2572643 |  |  | 2572643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office REITs | 1133877 | 1287516 |  | 2421393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Services | 2138013 |  |  | 2138013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Real Estate Activities |  | 2113293 |  | 2113293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Data Center REITs | 1729497 |  |  | 1729497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services |  | 1511251 |  | 1511251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Homebuilding | 1404601 |  |  | 1404601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Resorts & Cruise Lines | 1360336 |  |  | 1360336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care REITs | 1341724 |  |  | 1341724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | 1286194 |  |  | 1286194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Self-Storage REITs |  | 1201096 |  | 1201096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Single-Family Residential REITs | 946614 |  |  | 946614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Timber REITs | 823504 |  |  | 823504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Management & Custody Banks | 734327 |  |  | 734327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotel & Resort REITs | 614842 |  |  | 614842 |
|  Total Common Stock | 27651498 | 12480577 |  | 40132075 |
|  Money Market Investments | 1195873 |  |  | 1195873 |
|  Total Investments | $28847371 | $12480577 | $— | $41327948 |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW Relative Value Large Cap Fund
Schedule of Investments (Unaudited)

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
|  **COMMON STOCK — 99.3% of Net Assets** | **COMMON STOCK — 99.3% of Net Assets** | **COMMON STOCK — 99.3% of Net Assets** |
| **Aerospace & Defense — 4.6%** | **Aerospace & Defense — 4.6%** | **Aerospace & Defense — 4.6%** |
|  General Electric Co. | 68434 | $13792189 |
|  Textron, Inc. | 78936 | 5554726 |
|  |  | 19346915 |
| **Air Freight & Logistics — 0.8%** | **Air Freight & Logistics — 0.8%** | **Air Freight & Logistics — 0.8%** |
|  United Parcel Service, Inc. — Class B | 35246 | 3358944 |
| **Automobiles — 1.9%** | **Automobiles — 1.9%** | **Automobiles — 1.9%** |
|  General Motors Co. | 173267 | 7838599 |
| **Banks — 6.3%** | **Banks — 6.3%** | **Banks — 6.3%** |
|  JPMorgan Chase & Co. | 75270 | 18412547 |
|  Wells Fargo & Co. | 113682 | 8072559 |
|  |  | 26485106 |
| **Beverages — 2.4%** | **Beverages — 2.4%** | **Beverages — 2.4%** |
|  PepsiCo, Inc. | 75128 | 10185854 |
| **Biotechnology — 4.7%** | **Biotechnology — 4.7%** | **Biotechnology — 4.7%** |
|  AbbVie, Inc. | 59975 | 11701123 |
|  Amgen, Inc. | 28472 | 8283074 |
|  |  | 19984197 |
| **Building Products — 2.7%** | **Building Products — 2.7%** | **Building Products — 2.7%** |
|  Johnson Controls International PLC (Ireland) | 135736 | 11388250 |
| **Capital Markets — 11.5%** | **Capital Markets — 11.5%** | **Capital Markets — 11.5%** |
|  Ameriprise Financial, Inc. | 17148 | 8077051 |
|  Bank of New York Mellon Corp. | 173091 | 13918247 |
|  Intercontinental Exchange, Inc. | 97168 | 16321309 |
|  Morgan Stanley | 85576 | 9877182 |
|  |  | 48193789 |
| **Chemicals — 1.3%** | **Chemicals — 1.3%** | **Chemicals — 1.3%** |
|  DuPont de Nemours, Inc. | 83687 | 5522505 |
| **Diversified Telecommunication Services — 2.1%** | **Diversified Telecommunication Services — 2.1%** | **Diversified Telecommunication Services — 2.1%** |
|  AT&T, Inc. | 312319 | 8651236 |
| **Electrical Equipment — 1.7%** | **Electrical Equipment — 1.7%** | **Electrical Equipment — 1.7%** |
|  GE Vernova, Inc. | 19077 | 7074133 |
| **Electronic Equipment, Instruments & Components — 2.1%** | **Electronic Equipment, Instruments & Components — 2.1%** | **Electronic Equipment, Instruments & Components — 2.1%** |
|  Flex Ltd. *<sup>(1)</sup>* | 258979 | 8893339 |
| **Energy Equipment & Services — 1.9%** | **Energy Equipment & Services — 1.9%** | **Energy Equipment & Services — 1.9%** |
|  Baker Hughes Co. | 226654 | 8023552 |
| **Entertainment — 2.6%** | **Entertainment — 2.6%** | **Entertainment — 2.6%** |
|  Walt Disney Co. | 119787 | 10894628 |
| **Financial Services — 7.0%** | **Financial Services — 7.0%** | **Financial Services — 7.0%** |
|  Apollo Global Management, Inc. | 60958 | 8319548 |
|  Equitable Holdings, Inc. | 90005 | 4450747 |
|  Fiserv, Inc. *<sup>(1)</sup>* | 90385 | 16682360 |
|  |  | 29452655 |

---

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
| **Health Care Equipment & Supplies — 3.2%** | **Health Care Equipment & Supplies — 3.2%** | **Health Care Equipment & Supplies — 3.2%** |
|  GE HealthCare Technologies, Inc. | 116677 | $8205893 |
|  Medtronic PLC | 60713 | 5146034 |
|  |  | 13351927 |
| **Health Care Providers & Services — 5.5%** | **Health Care Providers & Services — 5.5%** | **Health Care Providers & Services — 5.5%** |
|  McKesson Corp. | 26169 | 18653002 |
|  UnitedHealth Group, Inc. | 11378 | 4681364 |
|  |  | 23334366 |
| **Household Durables — 2.2%** | **Household Durables — 2.2%** | **Household Durables — 2.2%** |
|  Lennar Corp. | 85201 | 9253681 |
| **Household Products — 1.5%** | **Household Products — 1.5%** | **Household Products — 1.5%** |
|  Procter & Gamble Co. | 39454 | 6414037 |
| **Insurance — 2.4%** | **Insurance — 2.4%** | **Insurance — 2.4%** |
|  MetLife, Inc. | 133217 | 10040565 |
| **IT Services — 4.8%** | **IT Services — 4.8%** | **IT Services — 4.8%** |
|  International Business Machines Corp. | 83545 | 20202852 |
| **Machinery — 1.7%** | **Machinery — 1.7%** | **Machinery — 1.7%** |
|  Xylem, Inc. | 59138 | 7130269 |
| **Media — 1.8%** | **Media — 1.8%** | **Media — 1.8%** |
|  Comcast Corp. | 219806 | 7517365 |
| **Metals & Mining — 0.7%** | **Metals & Mining — 0.7%** | **Metals & Mining — 0.7%** |
|  Freeport-McMoRan, Inc. | 82161 | 2960261 |
| **Multi-Utilities — 2.8%** | **Multi-Utilities — 2.8%** | **Multi-Utilities — 2.8%** |
|  NiSource, Inc. | 299180 | 11700930 |
| **Oil, Gas & Consumable Fuels — 2.5%** | **Oil, Gas & Consumable Fuels — 2.5%** | **Oil, Gas & Consumable Fuels — 2.5%** |
|  Exxon Mobil Corp. | 101711 | 10743733 |
| **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** |
|  Merck & Co., Inc. | 38221 | 3256429 |
| **Real Estate Management & Development — 2.2%** | **Real Estate Management & Development — 2.2%** | **Real Estate Management & Development — 2.2%** |
|  Jones Lang LaSalle, Inc. *<sup>(1)</sup>* | 41052 | 9335635 |
| **Retail REITs — 2.0%** | **Retail REITs — 2.0%** | **Retail REITs — 2.0%** |
|  Simon Property Group, Inc. | 53128 | 8361285 |
| **Semiconductors & Semiconductor Equipment — 2.9%** | **Semiconductors & Semiconductor Equipment — 2.9%** | **Semiconductors & Semiconductor Equipment — 2.9%** |
|  Intel Corp. | 273323 | 5493792 |
|  Texas Instruments, Inc. | 42687 | 6832055 |
|  |  | 12325847 |
| **Software — 1.7%** | **Software — 1.7%** | **Software — 1.7%** |
|  Salesforce, Inc. | 26012 | 6989684 |
| **Specialty Retail — 2.4%** | **Specialty Retail — 2.4%** | **Specialty Retail — 2.4%** |
|  Best Buy Co., Inc. | 59325 | 3956384 |
|  Dick's Sporting Goods, Inc. | 31808 | 5971634 |
|  |  | 9928018 |

---

*See accompanying Notes to Financial Statements.* 

------

April 30, 2025

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
|  **Technology Hardware, Storage & Peripherals — 2.6%** | **Technology Hardware, Storage & Peripherals — 2.6%** | **Technology Hardware, Storage & Peripherals — 2.6%** |
|  NetApp, Inc. | 68472 | $6145362 |
|  Seagate Technology Holdings PLC | 50811 | 4625325 |
|  |  | 10770687 |
| **Textiles, Apparel & Luxury Goods — 2.0%** | **Textiles, Apparel & Luxury Goods — 2.0%** | **Textiles, Apparel & Luxury Goods — 2.0%** |
|  Tapestry, Inc. | 120125 | 8486831 |
|  **Total Common Stock** | **Total Common Stock** | **Total Common Stock** |
|  (Cost: $274,155,667) | (Cost: $274,155,667) | 417398104 |
| **MONEY MARKET INVESTMENTS — 1.0%** | **MONEY MARKET INVESTMENTS — 1.0%** | **MONEY MARKET INVESTMENTS — 1.0%** |
|  State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.29% *<sup>(2)</sup>* | 1965379 | 1965379 |
|  TCW Central Cash Fund, 4.34% *<sup>(2)(3)</sup>* | 2400000 | 2400000 |
| **Total Money Market Investments** | **Total Money Market Investments** | **Total Money Market Investments** |
|  (Cost: $4,365,379) | (Cost: $4,365,379) | 4365379 |
|  **Total Investments (100.3%)** |  |  |
|  (Cost: $278,521,046) | (Cost: $278,521,046) | 421763483 |
|  **Liabilities In Excess Of Other Assets (-0.3%)** | **Liabilities In Excess Of Other Assets (-0.3%)** | (1186483) |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** | $420577000 |

---

#### Notes to the Schedule of Investments:
*REIT* *Real Estate Investment Trust.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Non-income producing security.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Rate disclosed is the 7-day net yield as of April 30, 2025.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Affiliated issuer.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See accompanying Notes to Financial Statements.* 

------

## 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<br>Affiliated<br>Fund** | **Value at<br>October 31,<br>2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Number<br>of Shares<br>Held<br>April 30,<br>2025** | **Value at<br>April 30,**<br>**2025** | **Dividends and<br>Interest<br>Income<br>Received** | **Distributions<br>Received from<br>Net Realized<br>Gain** | **Net Realized<br>Gain (Loss)<br>on<br>Investments** | **Net change in<br>Unrealized<br>Gain (Loss)<br>on<br>Investments** |
|  **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** |  |
|  | $— | $27200000 | $24800000 | 2400000 | $2400000 | $91001 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $2400000 | $91001 | $— | $— | $— |

---

*See accompanying Notes to Financial Statements.* 

------

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<br>in Active<br>Markets for<br>Identical**<br>**Assets**<br>**(Level 1)** | **Other<br>Significant<br>Observable<br>Inputs**<br>**(Level 2)** | **Significant<br>Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | $48193789 | $— | $— | $48193789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 29452655 |  |  | 29452655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 26485106 |  |  | 26485106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 23334366 |  |  | 23334366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 20202852 |  |  | 20202852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 19984197 |  |  | 19984197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | 19346915 |  |  | 19346915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 13351927 |  |  | 13351927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 12325847 |  |  | 12325847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 11700930 |  |  | 11700930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Products | 11388250 |  |  | 11388250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 10894628 |  |  | 10894628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 10770687 |  |  | 10770687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 10743733 |  |  | 10743733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverages | 10185854 |  |  | 10185854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | 10040565 |  |  | 10040565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 9928018 |  |  | 9928018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 9335635 |  |  | 9335635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 9253681 |  |  | 9253681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 8893339 |  |  | 8893339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 8651236 |  |  | 8651236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 8486831 |  |  | 8486831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | 8361285 |  |  | 8361285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 8023552 |  |  | 8023552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 7838599 |  |  | 7838599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | 7517365 |  |  | 7517365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | 7130269 |  |  | 7130269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 7074133 |  |  | 7074133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 6989684 |  |  | 6989684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Products | 6414037 |  |  | 6414037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 5522505 |  |  | 5522505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 3358944 |  |  | 3358944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 3256429 |  |  | 3256429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 2960261 |  |  | 2960261 |
|  Total Common Stock | 417398104 |  |  | 417398104 |
|  Money Market Investments | 4365379 |  |  | 4365379 |
|  Total Investments | $421763483 | $— | $— | $421763483 |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW Relative Value Mid Cap Fund
Schedule of Investments (Unaudited)

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
|  **COMMON STOCK — 97.2% of Net Assets** | **COMMON STOCK — 97.2% of Net Assets** | **COMMON STOCK — 97.2% of Net Assets** |
| **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** |
|  Textron, Inc. | 22650 | $1593881 |
| **Air Freight & Logistics — 3.2%** | **Air Freight & Logistics — 3.2%** | **Air Freight & Logistics — 3.2%** |
|  CH Robinson Worldwide, Inc. | 16384 | 1461780 |
|  FedEx Corp. | 5933 | 1247888 |
|  |  | 2709668 |
| **Banks — 7.2%** | **Banks — 7.2%** | **Banks — 7.2%** |
|  First Citizens BancShares, Inc. | 490 | 871779 |
|  Popular, Inc. | 37552 | 3583212 |
|  Western Alliance Bancorp | 24881 | 1734454 |
|  |  | 6189445 |
| **Broadline Retail — 2.7%** | **Broadline Retail — 2.7%** | **Broadline Retail — 2.7%** |
|  eBay, Inc. | 33669 | 2294879 |
| **Capital Markets — 4.5%** | **Capital Markets — 4.5%** | **Capital Markets — 4.5%** |
|  ARES Management Corp. | 14563 | 2221294 |
|  Interactive Brokers Group, Inc. | 9348 | 1606454 |
|  |  | 3827748 |
| **Chemicals — 3.0%** | **Chemicals — 3.0%** | **Chemicals — 3.0%** |
|  Corteva, Inc. | 23937 | 1483855 |
|  DuPont de Nemours, Inc. | 16650 | 1098733 |
|  |  | 2582588 |
| **Construction & Engineering — 2.5%** | **Construction & Engineering — 2.5%** | **Construction & Engineering — 2.5%** |
|  Arcosa, Inc. | 26931 | 2156365 |
| **Construction Materials — 0.7%** | **Construction Materials — 0.7%** | **Construction Materials — 0.7%** |
|  CRH PLC | 6000 | 572520 |
| **Consumer Finance — 1.7%** | **Consumer Finance — 1.7%** | **Consumer Finance — 1.7%** |
|  OneMain Holdings, Inc. | 30340 | 1428104 |
| **Consumer Staples Distribution & Retail — 3.7%** | **Consumer Staples Distribution & Retail — 3.7%** | **Consumer Staples Distribution & Retail — 3.7%** |
|  Dollar Tree, Inc. *<sup>(1)</sup>* | 6011 | 491520 |
|  Sprouts Farmers Market, Inc. *<sup>(1)</sup>* | 15870 | 2713770 |
|  |  | 3205290 |
| **Electronic Equipment, Instruments & Components — 4.1%** | **Electronic Equipment, Instruments & Components — 4.1%** | **Electronic Equipment, Instruments & Components — 4.1%** |
|  Avnet, Inc. | 30769 | 1445836 |
|  Flex Ltd. *<sup>(1)</sup>* | 61233 | 2102741 |
|  |  | 3548577 |
| **Energy Equipment & Services — 3.1%** | **Energy Equipment & Services — 3.1%** | **Energy Equipment & Services — 3.1%** |
|  Baker Hughes Co. | 48065 | 1701501 |
|  TechnipFMC PLC | 35105 | 988908 |
|  |  | 2690409 |
| **Financial Services — 7.7%** | **Financial Services — 7.7%** | **Financial Services — 7.7%** |
|  Corpay, Inc. *<sup>(1)</sup>* | 9189 | 2989825 |
|  Equitable Holdings, Inc. | 72809 | 3600405 |
|  |  | 6590230 |

---

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
| **Health Care Providers & Services — 4.8%** | **Health Care Providers & Services — 4.8%** | **Health Care Providers & Services — 4.8%** |
|  Centene Corp. *<sup>(1)</sup>* | 19476 | $1165639 |
|  Henry Schein, Inc. *<sup>(1)</sup>* | 18597 | 1208247 |
|  Quest Diagnostics, Inc. | 9729 | 1733902 |
|  |  | 4107788 |
| **Health Care REITs — 2.5%** | **Health Care REITs — 2.5%** | **Health Care REITs — 2.5%** |
|  Welltower, Inc. | 13996 | 2135650 |
| **Hotels, Restaurants & Leisure — 2.1%** | **Hotels, Restaurants & Leisure — 2.1%** | **Hotels, Restaurants & Leisure — 2.1%** |
|  Darden Restaurants, Inc. | 3117 | 625395 |
|  Travel & Leisure Co. | 25793 | 1133086 |
|  |  | 1758481 |
| **Household Durables — 3.8%** | **Household Durables — 3.8%** | **Household Durables — 3.8%** |
|  Lennar Corp. | 8544 | 927964 |
|  Toll Brothers, Inc. | 23101 | 2330198 |
|  |  | 3258162 |
| **Insurance — 5.4%** | **Insurance — 5.4%** | **Insurance — 5.4%** |
|  Arch Capital Group Ltd. | 31519 | 2858143 |
|  Assured Guaranty Ltd. | 9702 | 851157 |
|  RenaissanceRe Holdings Ltd. | 3827 | 925866 |
|  |  | 4635166 |
| **Machinery — 3.7%** | **Machinery — 3.7%** | **Machinery — 3.7%** |
|  AGCO Corp. | 1994 | 169151 |
|  Manitowoc Co., Inc. *<sup>(1)</sup>* | 43834 | 345412 |
|  Westinghouse Air Brake Technologies Corp. | 14261 | 2634577 |
|  |  | 3149140 |
| **Marine Transportation — 1.6%** | **Marine Transportation — 1.6%** | **Marine Transportation — 1.6%** |
|  Kirby Corp. *<sup>(1)</sup>* | 14155 | 1364117 |
| **Media — 1.9%** | **Media — 1.9%** | **Media — 1.9%** |
|  Interpublic Group of Cos., Inc. | 29944 | 752193 |
|  Omnicom Group, Inc. | 11430 | 870509 |
|  |  | 1622702 |
| **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |
|  Freeport-McMoRan, Inc. | 10603 | 382026 |
| **Multi-Utilities — 5.2%** | **Multi-Utilities — 5.2%** | **Multi-Utilities — 5.2%** |
|  NiSource, Inc. | 67946 | 2657368 |
|  Sempra | 24038 | 1785302 |
|  |  | 4442670 |
| **Oil, Gas & Consumable Fuels — 4.0%** | **Oil, Gas & Consumable Fuels — 4.0%** | **Oil, Gas & Consumable Fuels — 4.0%** |
|  ConocoPhillips | 9561 | 852076 |
|  Expand Energy Corp. | 7119 | 739664 |
|  Marathon Petroleum Corp. | 5586 | 767572 |
|  Range Resources Corp. | 30889 | 1048064 |
|  |  | 3407376 |

---

*See accompanying Notes to Financial Statements.* 

------

April 30, 2025

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
|  **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** |
|  Teva Pharmaceutical Industries, Ltd. (SP ADR) (Israel) *<sup>(1)</sup>* | 68329 | $1059783 |
| **Professional Services — 1.3%** | **Professional Services — 1.3%** | **Professional Services — 1.3%** |
|  Jacobs Solutions, Inc. | 8848 | 1095382 |
| **Real Estate Management & Development — 3.5%** | **Real Estate Management & Development — 3.5%** | **Real Estate Management & Development — 3.5%** |
|  Jones Lang LaSalle, Inc. *<sup>(1)</sup>* | 13350 | 3035924 |
| **Retail REITs — 1.7%** | **Retail REITs — 1.7%** | **Retail REITs — 1.7%** |
|  Curbline Properties Corp. | 63897 | 1462602 |
| **Semiconductors & Semiconductor Equipment — 1.1%** | **Semiconductors & Semiconductor Equipment — 1.1%** | **Semiconductors & Semiconductor Equipment — 1.1%** |
|  Analog Devices, Inc. | 5052 | 984736 |
| **Specialty Retail — 3.5%** | **Specialty Retail — 3.5%** | **Specialty Retail — 3.5%** |
|  Advance Auto Parts, Inc. | 12556 | 410832 |
|  Dick's Sporting Goods, Inc. | 6024 | 1130946 |
|  Gap, Inc. | 39186 | 858174 |
|  Williams-Sonoma, Inc. | 3881 | 599498 |
|  |  | 2999450 |
| **Technology Hardware, Storage & Peripherals — 1.2%** | **Technology Hardware, Storage & Peripherals — 1.2%** | **Technology Hardware, Storage & Peripherals — 1.2%** |
|  Seagate Technology Holdings PLC | 11506 | 1047391 |
| **Textiles, Apparel & Luxury Goods — 2.3%** | **Textiles, Apparel & Luxury Goods — 2.3%** | **Textiles, Apparel & Luxury Goods — 2.3%** |
|  Tapestry, Inc. | 28516 | 2014654 |
|  **Total Common Stock** | **Total Common Stock** | **Total Common Stock** |
|  (Cost: $57,219,417) | (Cost: $57,219,417) | 83352904 |

---

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
| **Money Market Investments — 3.0%** | **Money Market Investments — 3.0%** | **Money Market Investments — 3.0%** |
|  State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.29% *<sup>(2)</sup>* | 344707 | $344707 |
|  TCW Central Cash Fund, 4.34% *<sup>(2)(3)</sup>* | 2210000 | 2210000 |
|  |  | 2554707 |
|  **Total Money Market Investments** | **Total Money Market Investments** | **Total Money Market Investments** |
|  (Cost: $2,554,707) | (Cost: $2,554,707) | 2554707 |
|  **Total Investments (100.2%)** |  |  |
|  (Cost: $59,774,124) | (Cost: $59,774,124) | 85907611 |
|  **Liabilities In Excess Of Other Assets (-0.2%)** | **Liabilities In Excess Of Other Assets (-0.2%)** | (170258) |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** | $85737353 |

---

#### 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.* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Non-income producing security.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Rate disclosed is the 7-day net yield as of April 30, 2025.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Affiliated issuer.* 

*See accompanying Notes to Financial Statements.* 

------

## 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**<br> **Affiliated**<br> **Fund** | **Value at<br>October 31,<br>2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Number<br>of Shares<br>Held<br>April 30,<br>2025** | **Value at<br>April 30,**<br>**2025** | **Dividends and<br>Interest<br>Income<br>Received** | **Distributions<br>Received from<br>Net Realized<br>Gain** | **Net Realized<br>Gain (Loss)<br>on<br>Investments** | **Net change in<br>Unrealized<br>Gain (Loss)<br>on<br>Investments** |
|  **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** |
|  | $— | $8510000 | $6300000 | 2210000 | $2210000 | $31130 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $2210000 | $31130 | $— | $— | $— |

---

*See accompanying Notes to Financial Statements.* 

------

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<br>in Active<br>Markets for<br>Identical<br>Assets**<br>**(Level 1)** | **Other<br>Significant<br>Observable<br>Inputs**<br>**(Level 2)** | **Significant<br>Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | $6590230 | $— | $— | $6590230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 6189445 |  |  | 6189445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | 4635166 |  |  | 4635166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 4442670 |  |  | 4442670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 4107788 |  |  | 4107788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 3827748 |  |  | 3827748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 3548577 |  |  | 3548577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 3407376 |  |  | 3407376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 3258162 |  |  | 3258162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 3205290 |  |  | 3205290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | 3149140 |  |  | 3149140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 3035924 |  |  | 3035924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 2999450 |  |  | 2999450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 2709668 |  |  | 2709668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 2690409 |  |  | 2690409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 2582588 |  |  | 2582588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 2294879 |  |  | 2294879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 2156365 |  |  | 2156365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care REITs | 2135650 |  |  | 2135650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 2014654 |  |  | 2014654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 1758481 |  |  | 1758481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | 1622702 |  |  | 1622702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | 1593881 |  |  | 1593881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | 1462602 |  |  | 1462602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 1428104 |  |  | 1428104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marine Transportation | 1364117 |  |  | 1364117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 1095382 |  |  | 1095382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 1059783 |  |  | 1059783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 1047391 |  |  | 1047391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 984736 |  |  | 984736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 572520 |  |  | 572520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 382026 |  |  | 382026 |
|  Total Common Stock | 83352904 |  |  | 83352904 |
|  Money Market Investments | 2554707 |  |  | 2554707 |
|  Total Investments | $85907611 | $— | $— | $85907611 |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW Funds, Inc.
Statements of Assets and Liabilities (Unaudited) April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **TCW**<br>**Concentrated**<br>**Large Cap**<br>**Growth**<br>**Fund** | **TCW<br>Conservative<br>Allocation**<br>**Fund** | **TCW**<br>**Global Real<br>Estate**<br>**Fund** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Value *<sup>(1)</sup>* | $637905338 | $1378697 | $40357948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment in Affiliated Issuers, at Value *<sup>(2)</sup>* | 1630000 | 31079029 | 970000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Securities Sold |  |  | 1367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund Shares Sold | 549807 |  | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and Dividends Receivable | 128378 | 98844 | 97550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Tax Reclaims Receivable |  |  | 19166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from Investment Advisor | 17794 | 2140 | 16688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses | 31261 | 19388 | 21541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 640262578 | 32578098 | 41484295 |
|  **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Securities Purchased |  | 100982 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund Shares Redeemed | 119431 |  | 77514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Directors' Fees and Expenses | 20007 | 20459 | 20459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred Accrued Directors' Fees and Expenses | 5631 | 5631 | 5631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Management Fees | 324484 |  | 26400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Distribution Fees | 23852 | 111 | 1775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees Payable | 173243 | 10622 | 11694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Fee Payable | 20103 | 5741 | 5499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit Fees Payable | 17430 | 11250 | 13977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting Fees Payable | 40165 | 1919 | 2228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees Payable | 48370 | 6040 | 2929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal Fees Payable | 21302 | 1035 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Accrued Expenses | 52791 | 20724 | 15854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 866809 | 184514 | 184853 |
|  **NET ASSETS** | $639395769 | $32393584 | $41299442 |
|  **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital | $206268257 | $29841625 | $49584313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated Earnings (Loss) | 433127512 | 2551959 | (8284871) |
|  **NET ASSETS** | $639395769 | $32393584 | $41299442 |
|  **NET ASSETS ATTRIBUTABLE TO:** | **NET ASSETS ATTRIBUTABLE TO:** | **NET ASSETS ATTRIBUTABLE TO:** | **NET ASSETS ATTRIBUTABLE TO:** |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class Share | $517675871 | $31843072 | $32364691 |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class Share | $121719898 | $550512 | $8934751 |
|  **CAPITAL SHARES OUTSTANDING:** *<sup>(3)</sup>* | **CAPITAL SHARES OUTSTANDING:** *<sup>(3)</sup>* | **CAPITAL SHARES OUTSTANDING:** *<sup>(3)</sup>* | **CAPITAL SHARES OUTSTANDING:** *<sup>(3)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class Share | 18267289 | 2747421 | 2733113 |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class Share | 5641477 | 47437 | 754602 |
|  **NET ASSET VALUE PER SHARE:** *<sup>(4)</sup>* | **NET ASSET VALUE PER SHARE:** *<sup>(4)</sup>* | **NET ASSET VALUE PER SHARE:** *<sup>(4)</sup>* | **NET ASSET VALUE PER SHARE:** *<sup>(4)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class Share | $28.34 | $11.59 | $11.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; 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.* 

------

Statements of Assets and Liabilities (Unaudited) April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **TCW**<br>**Relative Value<br>Large Cap**<br>**Fund** | **TCW**<br>**Relative Value<br>Mid Cap**<br>**Fund** |
|  **ASSETS** | **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Value *<sup>(1)</sup>* | $419363483 | $83697611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment in Affiliated Issuers, at Value *<sup>(2)</sup>* | 2400000 | 2210000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Securities Sold | 1091134 | 264671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund Shares Sold | 51227 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and Dividends Receivable | 605206 | 41444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Tax Reclaims Receivable | 258326 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from Investment Advisor | 45196 | 16506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses | 25738 | 18731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 423840310 | 86248963 |
|  **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Securities Purchased | 2699201 | 341538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund Shares Redeemed | 55494 | 6677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Directors' Fees and Expenses | 22691 | 20423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred Accrued Directors' Fees and Expenses | 5631 | 5631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Management Fees | 202850 | 47600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Distribution Fees | 39378 | 2644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees Payable | 56668 | 28716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Fee Payable | 23707 | 7938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit Fees Payable | 25425 | 15941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting Fees Payable | 11778 | 3124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees Payable | 20960 | 9694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal Fees Payable | 66719 | 2791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Accrued Expenses | 32808 | 18893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 3263310 | 511610 |
|  **NET ASSETS** | $420577000 | $85737353 |
|  **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital | $245205838 | $53297048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated Earnings (Loss) | 175371162 | 32440305 |
|  **NET ASSETS** | $420577000 | $85737353 |
|  **NET ASSETS ATTRIBUTABLE TO:** | **NET ASSETS ATTRIBUTABLE TO:** | **NET ASSETS ATTRIBUTABLE TO:** |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class Share | $225751621 | $72293475 |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class Share | $194825379 | $13443878 |
|  **CAPITAL SHARES OUTSTANDING:** *<sup>(3)</sup>* | **CAPITAL SHARES OUTSTANDING:** *<sup>(3)</sup>* | **CAPITAL SHARES OUTSTANDING:** *<sup>(3)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class Share | 15218011 | 2726360 |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class Share | 13202559 | 526594 |
|  **NET ASSET VALUE PER SHARE:** *<sup>(4)</sup>* | **NET ASSET VALUE PER SHARE:** *<sup>(4)</sup>* | **NET ASSET VALUE PER SHARE:** *<sup>(4)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class Share | $14.83 | $26.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; 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.* 

------

Statements of Operations (Unaudited) Six Months Ended April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **TCW<br>Concentrated<br>Large Cap Growth**<br>**Fund** | **TCW<br>Conservative<br>Allocation<br>Fund** | **TCW**<br>**Global Real<br>Estate**<br>**Fund** |
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** |
|  **Income:** | **Income:** | **Income:** | **Income:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $1218352*<sup>(1)</sup>* | $7390 | $599632*<sup>(1)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from Investment in Affiliated Issuers | 126943 | 940765 | 31154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-Cash Dividend Income |  |  | 44240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 1345295 | 948155 | 675026 |
|  **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees | 2209697 |  | 162418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting Services Fees | 6651 | 2647 | 3198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Fees | 25257 | 6882 | 6804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees: | &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees: | &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees: | &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Class | 209678 | 5018 | 8770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | 67692 | 3234 | 5702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees | 2489 | 1411 | 3443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Fees | 28879 | 7811 | 10662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' Fees and Expenses | 46169 | 46169 | 46169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration Fees: | &nbsp;&nbsp;&nbsp;&nbsp; Registration Fees: | &nbsp;&nbsp;&nbsp;&nbsp; Registration Fees: | &nbsp;&nbsp;&nbsp;&nbsp; Registration Fees: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Class | 11087 | 8400 | 7850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | 8102 | 8400 | 7754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees: | &nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees: | &nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees: | &nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | 167692 | 674 | 11471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compliance Expense | 1703 | 1703 | 1703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder Reporting Expense | 3605 | 1068 | 1469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 34947 | 2887 | 5132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 2823648 | 96304 | 282545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less Expenses Borne by Investment Advisor: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less Expenses Borne by Investment Advisor: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less Expenses Borne by Investment Advisor: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less Expenses Borne by Investment Advisor: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Class | 2861 |  | (61380) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | (99548) | (12110) | (33855) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 2726961 | 84194 | 187310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | (1381666) | 863961 | 487716 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 53334214 | 54340 | (975192) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliated Issuers |  | (372361) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized Gain Received as Distribution from Affiliated Issuers |  | 415153 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency | 7 |  | 2865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation (Depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (62890505) | 50933 | (1608154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency |  |  | 3591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliated Issuers |  | (410479) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions | (9556284) | (262414) | (2576890) |
| &nbsp;&nbsp;&nbsp;&nbsp; **INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(10937950) | $601547 | $(2089174) |

---

*(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.* 

------

Statements of Operations (Unaudited) Six Months Ended April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **TCW**<br>**Relative Value<br>Large Cap**<br>**Fund** | **TCW**<br>**Relative Value**<br>**Mid Cap**<br>**Fund** |
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** |
|  **Income:** | **Income:** | **Income:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $4661475*<sup>(1)</sup>* | $904310*<sup>(1)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from Investment in Affiliated Issuers | 91001 | 31130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-Cash Dividend Income | 504037 | 47248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 5256513 | 982688 |
|  **Expenses:** | **Expenses:** | **Expenses:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees | 1359867 | 321279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting Services Fees | 12473 | 4430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Fees | 23460 | 8516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees: | &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees: | &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Class | 65450 | 33134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | 86489 | 8782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees | 3402 | 2089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Fees | 32255 | 13064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' Fees and Expenses | 45037 | 46169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration Fees: | &nbsp;&nbsp;&nbsp;&nbsp; Registration Fees: | &nbsp;&nbsp;&nbsp;&nbsp; Registration Fees: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Class | 12102 | 8270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | 8943 | 8270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees: | &nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees: | &nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | 267747 | 17899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compliance Expense | 1703 | 1703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder Reporting Expense | 2710 | 2686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 23343 | 7115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 1944981 | 483406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less Expenses Borne by Investment Advisor: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less Expenses Borne by Investment Advisor: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less Expenses Borne by Investment Advisor: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Class | (32527) | (55144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | (165293) | (30979) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 1747161 | 397283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 3509352 | 585405 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 32573320 | 5715956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation (Depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (53580609) | (10268997) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments | (21007289) | (4553041) |
|  **DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(17497937) | $&nbsp;&nbsp;&nbsp;&nbsp;(3967636) |

---

*(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.* 

------

Statements of Changes in Net Assets (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TCW<br>Concentrated Large Cap Growth<br>Fund** | **TCW<br>Concentrated Large Cap Growth<br>Fund** | **TCW<br>Conservative Allocation<br>Fund** | **TCW<br>Conservative Allocation<br>Fund** |
|  | **Six Months Ended**<br>**April 30, 2025<br>(Unaudited)** | **Year Ended**<br>**October 31,<br>2024** | **Six Months Ended**<br>**April 30, 2025<br>(Unaudited)** | **Year Ended**<br>**October 31,**<br>**2024** |
|  **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $(1381666) | $(1334065) | $863961 | $1019580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain on Investments and Foreign Currency Transactions | 53334221 | 112120784 | 97132 | 863080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation (Depreciation) on Investments | (62890505) | 133121432 | (359546) | 3670191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets Resulting from Operations | (10937950) | 243908151 | 601547 | 5552851 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to Shareholders | (101404869) | (71728687) | (2211908) | (911223) |
|  **NET CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Class | 57074593 | (22666924) | 1013913 | 668211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | 11427236 | (1803936) | 39340 | 158068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions | 68501829 | (24470860) | 1053253 | 826279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | (43840990) | 147708604 | (557108) | 5467907 |
|  **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 683236759 | 535528155 | 32950692 | 27482785 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $639395769 | $683236759 | $32393584 | $32950692 |

---

*See accompanying Notes to Financial Statements.* 

------

Statements of Changes in Net Assets (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TCW<br>Global Real Estate<br>Fund** | **TCW<br>Global Real Estate<br>Fund** | **TCW<br>Relative Value Large Cap<br>Fund** | **TCW<br>Relative Value Large Cap<br>Fund** |
|  | **Six Months Ended**<br>**April 30, 2025<br>(Unaudited)** | **Year Ended**<br>**October 31,**<br>**2024** | **Six Months Ended**<br>**April 30, 2025<br>(Unaudited)** | **Year Ended**<br>**October 31,**<br>**2024** |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $487716 | $673197 | $3509352 | $2892116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | (972327) | 2229521 | 32573320 | 27791035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions | (1604563) | 4697955 | (53580609) | 31869036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets Resulting from Operations | (2089174) | 7600673 | (17497937) | 62552187 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to Shareholders | (451503) | (560069) | (29049858) | (5565055) |
|  **NET CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Class | 3236996 | 10222474 | 11508901 | 103089129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | (565733) | 309252 | (2569745) | 192603072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in Net Assets Resulting from Net Capital Shares Transactions | 2671263 | 10531726 | 8939156 | 295692201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | 130586 | 17572330 | (37608639) | 352679333 |
|  **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 41168856 | 23596526 | 458185639 | 105506306 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $41299442 | $41168856 | $420577000 | $458185639 |

---

*See accompanying Notes to Financial Statements.* 

------

Statements of Changes in Net Assets (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **TCW<br>Relative Value Mid Cap**<br>**Fund** | **TCW<br>Relative Value Mid Cap**<br>**Fund** |
|  | **Six Months Ended**<br>**April 30, 2025<br>(Unaudited)** | **Year Ended**<br>**October 31,**<br>**2024** |
|  **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $585405 | $1866346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain on Investments | 5715956 | 7724279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation (Depreciation) on Investments | (10268997) | 14200695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets Resulting from Operations | (3967636) | 23791320 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to Shareholders | (8139385) | (1888881) |
|  **NET CAPITAL SHARE TRANSACTIONS** | **NET CAPITAL SHARE TRANSACTIONS** | **NET CAPITAL SHARE TRANSACTIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Class | 5279458 | (822564) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | 928094 | (890660) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions | 6207552 | (1713224) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | (5899469) | 20189215 |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 91636822 | 71447607 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $85737353 | $91636822 |

---

*See accompanying Notes to Financial Statements.* 

------

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<br>Strategies** |
| **Diversified U.S. Equity Funds** | **Diversified U.S. Equity Funds** |
| TCW Concentrated Large Cap Growth Fund<br> *(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<sup>®</sup> 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<sup>®</sup> 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<sup>®</sup> Index). |

---

------

## TCW Funds, Inc.
Notes to Financial Statements (Continued)

#### Note 1 — Organization (Continued)

---

| | |
|:---|:---|
| **TCW Fund** | **Investment Objectives and Principal Investment<br>Strategies** |
| **Fund of Funds** | **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.

------

## 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.

------

## 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

------

## 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.

------

## 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

------

## 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

------

## 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

------

## 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

------

## 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<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Cost of<br>Investments for<br>Federal Income<br>Tax Purposes** |
|  TCW Concentrated Large Cap Growth Fund | $392576738 | $(10809241) | $381767497 | $257767841 |
|  TCW Conservative Allocation Fund | 3642118 | (1570566) | 2071552 | 30386174 |
|  TCW Global Real Estate Fund | 2901473 | (2630782) | 270691 | 41057257 |
|  TCW Relative Value Large Cap Fund | 154302282 | (13942648) | 140359634 | 281403849 |
|  TCW Relative Value Mid Cap Fund | 27765297 | (1806718) | 25958579 | 59949032 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Gain** | **Total<br>Distributable<br>Earnings** |
|  TCW Concentrated Large Cap Growth Fund | $— | $101403990 | $101403990 |
|  TCW Conservative Allocation Fund | 899653 | 774287 | 1673940 |
|  TCW Global Real Estate Fund | 81689 |  | 81689 |
|  TCW Relative Value Large Cap Fund | 2524140 | 25541989 | 28066129 |
|  TCW Relative Value Mid Cap Fund | 1309323 | 7025819 | 8335142 |

---

------

## 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<br>Income** | **Long-Term<br>Capital Gain** | **Total<br>Distributions** |
|  TCW Concentrated Large Cap Growth Fund |  | 71728687 | 71728687 |
|  TCW Conservative Allocation Fund | 911223 |  | 911223 |
|  TCW Global Real Estate Fund | 560069 |  | 560069 |
|  TCW Relative Value Large Cap Fund | 1615006 | 3950049 | 5565055 |
|  TCW Relative Value Mid Cap Fund | 622705 | 1266176 | 1888881 |

---

At October 31, 2024, the following Funds had net realized losses that will be carried forward indefinitely for federal income tax purposes:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term<br>Capital Losses** | **Long-Term<br>Capital Losses** | **Total** |
|  TCW Global Real Estate Fund | $7402955 | $319754 | $7722709 |

---

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 | 0.8% |
|  TCW Relative Value Large Cap Fund | 0.6% |
|  TCW Relative Value Mid Cap Fund | 0.7% |

---

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** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class | 0.8% *<sup>(1)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class | 1.0% *<sup>(1)</sup>* |
|  **TCW Conservative Allocation Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class | 0.85% *<sup>(1)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class | 0.85% *<sup>(1)</sup>* |
|  **TCW Global Real Estate Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class | 0.9% *<sup>(1)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class | 1.0% *<sup>(1)</sup>* |
|  **TCW Relative Value Large Cap Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class | 0.7% *<sup>(1)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class | 0.85% *<sup>(1)</sup>* |
|  **TCW Relative Value Mid Cap Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class | 0.85% *<sup>(1)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class | 0.95% *<sup>(1)</sup>* |

---

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

------

## 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<br>10/31/2026** | **Expires<br>10/31/2027** | **Expires<br>10/31/2028** | **Total** |
|  TCW Concentrated Large Cap Growth Fund | $139470 | $183540 | $99548 | $422558 |
|  TCW Conservative Allocation Fund | 21985 | 27624 | 12110 | 61719 |
|  TCW Global Real Estate Fund | 78729 | 75928 | 39016 | 193673 |
|  TCW Relative Value Large Cap Fund | 110649 | 302845 | 261478 | 674972 |
|  TCW Relative Value Mid Cap Fund | 120182 | 139689 | 72966 | 332837 |
|  Total | $471015 | $729626 | $485118 | $1685759 |

---

**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.

------

## 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<br>Percentage** *<sup>(1)</sup>* |
|  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<br>at Cost** | **Sales or Maturity<br>Proceeds** | **U.S. Government<br>Purchases at Cost** | **U.S. Government<br>Sales or Maturity<br>Proceeds** |
|  TCW Concentrated Large Cap Growth Fund | $53909841 | $81469702 | $– $|  |
|  TCW Conservative Allocation Fund | 3840291 | 3771006 | – |  |
|  TCW Global Real Estate Fund | 14436339 | 11675212 | – |  |
|  TCW Relative Value Large Cap Fund | 91468467 | 101980998 | – |  |
|  TCW Relative Value Mid Cap Fund | 18699872 | 19603262 | – |  |

---

#### Note 10 — Capital Share Transactions
Transactions in each Fund's shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| TCW Concentrated Large Cap Growth Fund | **Six Months Ended**<br>**April 30, 2025 (Unaudited)** | **Six Months Ended**<br>**April 30, 2025 (Unaudited)** | **Year Ended**<br>**October 31, 2024** | **Year Ended**<br>**October 31, 2024** |
| **I Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 2031150 | $60931750 | 2174544 | $64903907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 1832528 | 56771727 | 1442118 | 38648774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (1954174) | (60628884) | (4175990) | (126219605) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) | 1909504 | $57074593 | (559328) | $(22666924) |
| **N Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 113791 | $2673325 | 340520 | $8119727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 989781 | 23358824 | 758599 | 16150575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (609670) | (14604913) | (1079726) | (26074238) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 493902 | $11427236 | 19393 | $(1803936) |

---

------

## TCW Funds, Inc.
Notes to Financial Statements (Continued)

#### Note 10 — Capital Share Transactions (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| TCW Conservative Allocation Fund | **Six Months Ended**<br>**April 30, 2025 (Unaudited)** | **Six Months Ended**<br>**April 30, 2025 (Unaudited)** | **Year Ended**<br>**October 31, 2024** | **Year Ended**<br>**October 31, 2024** |
| **I Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 93426 | $1102088 | 179137 | $2091148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 189882 | 2153256 | 78307 | 887216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (187689) | (2241431) | (198108) | (2310153) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 95619 | $1013913 | 59336 | $668211 |
| **N Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 1023 | $11959 | 15934 | $185450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 3227 | 36660 | 1242 | 14106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (810) | (9279) | (3441) | (41488) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 3440 | $39340 | 13735 | $158068 |
| TCW Global Real Estate Fund | **Six Months Ended**<br>**April 30, 2025 (Unaudited)** | **Six Months Ended**<br>**April 30, 2025 (Unaudited)** | **Year Ended**<br>**October 31, 2024** | **Year Ended**<br>**October 31, 2024** |
| **I Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 388569 | $4706127 | 1111042 | $13854352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 29094 | 339696 | 31123 | 376746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (153460) | (1808827) | (339407) | (4008624) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 264203 | $3236996 | 802758 | $10222474 |
| **N Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 32422 | $392323 | 210139 | $2598491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 7695 | 89669 | 12757 | 153570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (87844) | (1047725) | (212427) | (2442809) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) | (47727) | $(565733) | 10469 | $309252 |
| TCW Relative Value Large Cap Fund | **Six Months Ended**<br>**April 30, 2025 (Unaudited)** | **Six Months Ended**<br>**April 30, 2025 (Unaudited)** | **Year Ended**<br>**October 31, 2024** | **Year Ended**<br>**October 31, 2024** |
| **I Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 832817 | $13287272 | 2100549 | $31664195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued in connection with the merger of TCW Relative Value Dividend Appreciation Fund |  |  | 5918912 | 90272293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 945026 | 14846351 | 359478 | 5032693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (1054335) | (16624722) | (1560373) | (23880052) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 723508 | $11508901 | 6818566 | $103089129 |
| **N Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 240263 | $3769086 | 337487 | $5253600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued in connection with the merger of TCW Relative Value Dividend Appreciation Fund |  |  | 13107953 | 199159616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 867665 | 13570275 | 27896 | 389432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (1268244) | (19909106) | (772097) | (12199576) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) | (160316) | $(2569745) | 12701239 | $192603072 |
| TCW Relative Value Mid Cap Fund | **Six Months Ended**<br>**April 30, 2025 (Unaudited)** | **Six Months Ended**<br>**April 30, 2025 (Unaudited)** | **Year Ended**<br>**October 31, 2024** | **Year Ended**<br>**October 31, 2024** |
| **I Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 17768 | $527655 | 94043 | $2662072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 236486 | 6742225 | 58706 | 1557469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (68685) | (1990422) | (178237) | (5042105) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) | 185569 | $5279458 | (25488) | $(822564) |
| **N Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 20865 | $527234 | 6514 | $179387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 46871 | 1287073 | 11479 | 294319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (33110) | (886213) | (51407) | (1364366) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) | 34626 | $928094 | (33414) | $(890660) |

---

------

## 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

------

## 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.

------

## TCW Concentrated Large Cap Growth Fund
Financial Highlights — I Class

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **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:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Loss *<sup>(1)</sup>* | (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:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **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)% *<sup>(2)</sup>* | 47.90% | 18.60% | (34.93)% | 40.32% | 34.59% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of period (in thousands) | $517676 | $546751 | $429236 | $462670 | $801597 | $633683 |
|  Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.77% *<sup>(3)</sup>* | 0.78% | 0.77% | 0.79% | 0.77% | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.78% *<sup>(3)</sup>* | 0.78% | N/A | N/A | N/A | N/A |
|  Ratio of Net Investment Loss to Average Net Assets | (0.38)% *<sup>(3)</sup>* | (0.17)% | (0.16)% | (0.38)% | (0.37)% | (0.28)% |
|  Portfolio Turnover Rate | 8.01% *<sup>(2)</sup>* | 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.* 

------

Financial Highlights — N Class

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **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:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Loss *<sup>(1)</sup>* | (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:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **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)% *<sup>(2)</sup>* | 47.65% | 18.50% | (35.03)% | 40.06% | 34.26% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of period (in thousands) | $121720 | $136486 | $106292 | $104856 | $193727 | $161625 |
|  Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 1.06% *<sup>(3)</sup>* | 1.06% | 1.06% | 1.08% | 1.04% | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.91% *<sup>(3)</sup>* | 0.93% | 0.93% | 0.94% | 0.96% | 0.99% |
|  Ratio of Net Investment Loss to Average Net Assets | (0.52)% *<sup>(3)</sup>* | (0.33)% | (0.32)% | (0.53)% | (0.56)% | (0.51)% |
|  Portfolio Turnover Rate | 8.01% *<sup>(2)</sup>* | 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.* 

------

## TCW Conservative Allocation Fund
Financial Highlights — I Class

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **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:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income *<sup>(1)</sup>* | 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:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **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% *<sup>(2)</sup>* | 20.22% | 3.97% | (16.80)% | 15.92% | 8.19% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of period (in thousands) | $31843 | $32412 | $27165 | $27624 | $35264 | $36714 |
|  Ratio of Expenses to Average Net Assets: <sup>(4)</sup> | Ratio of Expenses to Average Net Assets: <sup>(4)</sup> | Ratio of Expenses to Average Net Assets: <sup>(4)</sup> | Ratio of Expenses to Average Net Assets: <sup>(4)</sup> | Ratio of Expenses to Average Net Assets: <sup>(4)</sup> | Ratio of Expenses to Average Net Assets: <sup>(4)</sup> | Ratio of Expenses to Average Net Assets: <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.52% *<sup>(3)</sup>* | 0.52% | 0.44% | 0.41% | 0.44% | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp; 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% *<sup>(3)</sup>* | 3.23% | 3.00% | 1.96% | 0.94% | 1.56% |
|  Portfolio Turnover Rate | 11.69% *<sup>(2)</sup>* | 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.* 

------

Financial Highlights — N Class

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **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:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income *<sup>(1)</sup>* | 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:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **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% *<sup>(2)</sup>* | 20.02% | 3.78% | (17.08)% | 15.64% | 7.85% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of period (in thousands) | $551 | $539 | $317 | $347 | $736 | $452 |
|  Ratio of Expenses to Average Net Assets: <sup>(3)</sup> | Ratio of Expenses to Average Net Assets: <sup>(3)</sup> | Ratio of Expenses to Average Net Assets: <sup>(3)</sup> | Ratio of Expenses to Average Net Assets: <sup>(3)</sup> | Ratio of Expenses to Average Net Assets: <sup>(3)</sup> | Ratio of Expenses to Average Net Assets: <sup>(3)</sup> | Ratio of Expenses to Average Net Assets: <sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 5.17% *<sup>(4)</sup>* | 6.08% | 7.18% | 4.18% | 3.73% | 6.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.68% *<sup>(4)</sup>* | 0.68% | 0.67% | 0.67% | 0.68% | 0.70% |
|  Ratio of Net Investment Income to Average Net Assets | 5.23% *<sup>(4)</sup>* | 3.11% | 2.75% | 1.41% | 0.70% | 1.23% |
|  Portfolio Turnover Rate | 11.69% *<sup>(2)</sup>* | 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.* 

------

## TCW Global Real Estate Fund
Financial Highlights — I Class

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **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:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income *<sup>(1)</sup>* | 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:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **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)% *<sup>(2)</sup>* | 33.41% | (5.34)% | (26.38)% | 42.32% | 1.15% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of period (in thousands) | $32365 | $31081 | $16001 | $17741 | $24949 | $9175 |
|  Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 1.29% *<sup>(3)</sup>* | 1.42% | 1.34% | 1.32% | 1.45% | 2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.90% *<sup>(3)</sup>* | 0.90% | 0.90% | 0.90% | 0.92% | 1.00% |
|  Ratio of Net Investment Income to Average Net Assets | 2.43% *<sup>(3)</sup>* | 2.24% | 2.57% | 2.12% | 2.50% | 1.59% |
|  Portfolio Turnover Rate | 29.35% *<sup>(2)</sup>* | 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.* 

------

Financial Highlights — N Class

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **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:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income *<sup>(1)</sup>* | 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:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **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)% *<sup>(2)</sup>* | 33.35% | (5.54)% | (26.43)% | 42.10% | 0.94% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of period (in thousands) | $8935 | $10088 | $7595 | $11608 | $14634 | $4370 |
|  Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 1.74% *<sup>(3)</sup>* | 1.85% | 1.71% | 1.64% | 1.90% | 5.14% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 1.00% *<sup>(3)</sup>* | 1.00% | 1.00% | 1.00% | 1.03% | 1.15% |
|  Ratio of Net Investment Income to Average Net Assets | 2.29% *<sup>(3)</sup>* | 2.14% | 2.42% | 1.95% | 2.36% | 1.21% |
|  Portfolio Turnover Rate | 29.35% *<sup>(2)</sup>* | 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.* 

------

## TCW Relative Value Large Cap Fund
Financial Highlights — I Class

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **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:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income *<sup>(1)</sup>* | 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:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **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)% *<sup>(2)</sup>* | 36.37% | 3.61% | (5.56)% | 50.84% | (7.02)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of period (in thousands) | $225752 | $238897 | $97169 | $101088 | $117205 | $83765 |
|  Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.73% *<sup>(3)</sup>* | 0.77% | 0.82% | 0.83% | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.70% *<sup>(3)</sup>* | 0.70% | 0.70% | 0.70% | 0.70% | 0.71% |
|  Ratio of Net Investment Income to Average Net Assets | 1.62% *<sup>(3)</sup>* | 1.23% | 1.49% | 1.43% | 1.31% | 1.88% |
|  Portfolio Turnover Rate | 20.26% *<sup>(2)</sup>* | 38.69% *<sup>(4)</sup>* | 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.* 

------

Financial Highlights — N Class

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **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:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income *<sup>(1)</sup>* | 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:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **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)% *<sup>(2)</sup>* | 36.17% | 3.41% | (5.72)% | 50.56% | (7.17)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of period (in thousands) | $194825 | $219289 | $8337 | $9007 | $10506 | $9277 |
|  Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 1.00% *<sup>(3)</sup>* | 1.05% | 1.32% | 1.34% | 1.30% | 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.85% *<sup>(3)</sup>* | 0.85% | 0.90% | 0.90% | 0.90% | 0.91% |
|  Ratio of Net Investment Income to Average Net Assets | 1.47% *<sup>(3)</sup>* | 1.01% | 1.29% | 1.23% | 1.11% | 1.67% |
|  Portfolio Turnover Rate | 20.26% *<sup>(2)</sup>* | 38.69% *<sup>(4)</sup>* | 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.* 

------

## TCW Relative Value Mid Cap Fund
Financial Highlights — I Class

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **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:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income *<sup>(1)</sup>* | 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:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **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)% *<sup>(2)</sup>* | 33.77% | 1.15% | (10.35)% | 57.90% | (8.07)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of period (in thousands) | $72293 | $77197 | $59647 | $62726 | $72545 | $51021 |
|  Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.99% *<sup>(3)</sup>* | 0.99% | 0.97% | 1.01% | 0.97% | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.85% *<sup>(3)</sup>* | 0.85% | 0.85% | 0.85% | 0.85% | 0.87% |
|  Ratio of Net Investment Income to Average Net Assets | 1.29% *<sup>(3)</sup>* | 2.18% | 0.86% | 0.75% | 0.63% | 0.90% |
|  Portfolio Turnover Rate | 20.57% *<sup>(2)</sup>* | 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.* 

------

Financial Highlights — N Class

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **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:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income *<sup>(1)</sup>* | 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:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **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)% *<sup>(2)</sup>* | 33.66% | 1.05% | (10.45)% | 57.78% | (8.18)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of period (in thousands) | $13444 | $14440 | $11801 | $13181 | $16708 | $10902 |
|  Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 1.38% *<sup>(3)</sup>* | 1.39% | 1.36% | 1.39% | 1.37% | 1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.95% *<sup>(3)</sup>* | 0.95% | 0.95% | 0.95% | 0.95% | 0.97% |
|  Ratio of Net Investment Income to Average Net Assets | 1.20% *<sup>(3)</sup>* | 2.08% | 0.76% | 0.65% | 0.54% | 0.81% |
|  Portfolio Turnover Rate | 20.57% *<sup>(2)</sup>* | 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.* 

------

## 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.

------

![LOGO](g945686g01e34.jpg)

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](g943202fulldate_2024.jpg)

FIXED INCOME FUNDS

TCW Central Cash Fund

TCW Core Fixed Income Fund

TCW Global Bond Fund

TCW Securitized Bond Fund

------

**Table of Contents**

---

| | |
|:---|:---|
|  [Schedules of Investments (Unaudited)](#tx943202_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW Central Cash Fund](#tx943202_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW Core Fixed Income Fund](#tx943202_3) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW Global Bond Fund](#tx943202_4) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW Securitized Bond Fund](#tx943202_5) | 31 |
|  [Statements of Assets and Liabilities (Unaudited)](#tx943202_6) | 47 |
|  [Statements of Operations (Unaudited)](#tx943202_7) | 49 |
|  [Statements of Changes in Net Assets (Unaudited)](#tx943202_8) | 50 |
|  [Notes to Financial Statements (Unaudited)](#tx943202_9) | 52 |
|  [Financial Highlights (Unaudited)](#tx943202_10) | 80 |
|  [Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule](#tx943202_11) | 89 |

---

------

## TCW Central Cash Fund
Schedule of Investments April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **SHORT TERM INVESTMENTS — 99.9%** | **SHORT TERM INVESTMENTS — 99.9%** | **SHORT TERM INVESTMENTS — 99.9%** | **SHORT TERM INVESTMENTS — 99.9%** |
|  **MONEY MARKET INVESTMENTS — 0.2%** | **MONEY MARKET INVESTMENTS — 0.2%** | **MONEY MARKET INVESTMENTS — 0.2%** | **MONEY MARKET INVESTMENTS — 0.2%** |
|  State Street Institutional U.S. Government Money Market Fund — Premier Class, | State Street Institutional U.S. Government Money Market Fund — Premier Class, | State Street Institutional U.S. Government Money Market Fund — Premier Class, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29% *<sup>(1)</sup>* | 05/01/25 | $4678427 | $4678427 |
| **REPURCHASE AGREEMENT — 30.8%** | **REPURCHASE AGREEMENT — 30.8%** | **REPURCHASE AGREEMENT — 30.8%** | **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) | 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) | 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) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.37% | 05/01/25 | 300000000 | 300000000 |
|  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) | 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) | 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) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35% | 05/01/25 | 200000000 | 200000000 |
|  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) | 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) | 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) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.37% | 05/01/25 | 300000000 | 300000000 |
|  **Total Repurchase Agreement** | **Total Repurchase Agreement** | **Total Repurchase Agreement** | **Total Repurchase Agreement** |
|  (Cost: $800,000,000) | (Cost: $800,000,000) | (Cost: $800,000,000) | 800000000 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS — 26.9%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 26.9%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 26.9%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 26.9%** |
|  Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.36% *<sup>(2)</sup>* | 12/08/25 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.36% *<sup>(2)</sup>* | 12/17/25 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.37% (1 day USD SOFR + 0.005%) *<sup>(3)</sup>*  | 01/12/26 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% (1 day USD SOFR + 0.015%) *<sup>(3)</sup>*  | 05/16/25 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.37% (1 day USD SOFR + 0.005%) *<sup>(3)</sup>*  | 10/17/25 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% (1 day USD SOFR + 0.015%) *<sup>(3)</sup>*  | 05/06/25 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30% | 07/17/25 | 100000000 | 99101667 |
|  **Total U.S. Government Agency Obligations** | **Total U.S. Government Agency Obligations** | **Total U.S. Government Agency Obligations** | **Total U.S. Government Agency Obligations** |
|  (Cost: $699,101,667) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;699101667 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **U.S. TREASURY SECURITIES — 42.0%** | **U.S. TREASURY SECURITIES — 42.0%** | **U.S. TREASURY SECURITIES — 42.0%** | **U.S. TREASURY SECURITIES — 42.0%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30% *<sup>(4)</sup>* | 05/06/25 | $17000000 | $16990046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26% *<sup>(4)</sup>* | 07/24/25 | 15825000 | 15672851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30% *<sup>(4)</sup>* | 05/01/25 | 36000000 | 36000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.31% *<sup>(4)</sup>* | 05/08/25 | 81000000 | 80933377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30% *<sup>(4)</sup>* | 05/22/25 | 6000000 | 5985232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33% *<sup>(4)</sup>* | 05/22/25 | 91000000 | 90774529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30% *<sup>(4)</sup>* | 06/26/25 | 98000000 | 97358056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26% *<sup>(4)</sup>* | 05/27/25 | 230000000 | 229303994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.31% *<sup>(4)</sup>* | 05/27/25 | 40000000 | 39877944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28% *<sup>(4)</sup>* | 06/17/25 | 180000000 | 179014175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29% *<sup>(4)</sup>* | 07/08/25 | 300000000 | 297625667 |
|  **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** |
|  (Cost: $1,089,535,871) | (Cost: $1,089,535,871) | (Cost: $1,089,535,871) | 1089535871 |
|  **Total Short Term Investments** | **Total Short Term Investments** | **Total Short Term Investments** | **Total Short Term Investments** |
|  (Cost: $2,588,637,538) | (Cost: $2,588,637,538) | (Cost: $2,588,637,538) | 2588637538 |
|  **Total Investments (99.9%)** | **Total Investments (99.9%)** | **Total Investments (99.9%)** | **Total Investments (99.9%)** |
|  (Cost: $2,593,315,965) | (Cost: $2,593,315,965) | (Cost: $2,593,315,965) | 2593315965 |
|  **Excess Of Other Assets Over Liabilities (0.1%)** | **Excess Of Other Assets Over Liabilities (0.1%)** | **Excess Of Other Assets Over Liabilities (0.1%)** | 2749402 |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | $2596065367 |

---

#### Notes to the Schedule of Investments:
*SOFR* *Secured Overnight Financing Rate.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Rate disclosed is the 7-day net yield as of April 30, 2025.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(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.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2025.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(4)* *Rate shown represents yield-to-maturity.* 

*See accompanying Notes to Financial Statements.* 

------

## 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**<br>**in Active**<br>**Markets for<br>Identical<br>Assets**<br>**(Level 1)** | **Other<br>Significant<br>Observable<br>Inputs**<br>**(Level 2)** | **Significant<br>Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  Short Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $1089535871 | $— | $— | $1089535871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement |  | 800000000 |  | 800000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations |  | 699101667 |  | 699101667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Investments | 4678427 |  |  | 4678427 |
|  Total Short Term Investments | 1089535871 | 1499101667 |  | 2588637538 |
|  Total Investments | $1094214298 | $1499101667 | $— | $2593315965 |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW Core Fixed Income Fund
Schedule of Investments April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **FIXED INCOME SECURITIES — 97.4% of Net Assets** | **FIXED INCOME SECURITIES — 97.4% of Net Assets** | **FIXED INCOME SECURITIES — 97.4% of Net Assets** | **FIXED INCOME SECURITIES — 97.4% of Net Assets** |
|  **CORPORATE BONDS — 19.3%** | **CORPORATE BONDS — 19.3%** | **CORPORATE BONDS — 19.3%** | **CORPORATE BONDS — 19.3%** |
| **Aerospace & Defense — 0.7%** | **Aerospace & Defense — 0.7%** | **Aerospace & Defense — 0.7%** | **Aerospace & Defense — 0.7%** |
|  Boeing Co. | Boeing Co. | Boeing Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81% | 05/01/50 | $345000 | $323900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.53% | 05/01/34 | 680000 | 732149 |
|  General Electric Co. | General Electric Co. | General Electric Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.06% (3 mo. USD Term SOFR + 0.742%) *<sup>(1)</sup>* | 08/15/36 | 3045000 | 2829688 |
|  Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 08/15/34 | 55000 | 54502 |
|  Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 06/01/54 | 75000 | 68950 |
|  |  |  | 4009189 |
| **Agriculture — 0.2%** | **Agriculture — 0.2%** | **Agriculture — 0.2%** | **Agriculture — 0.2%** |
|  Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(2)</sup>* | 07/26/29 | 35000 | 33776 |
|  Japan Tobacco, Inc. | Japan Tobacco, Inc. | Japan Tobacco, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% *<sup>(2)</sup>*  | 06/15/30 | 1110000 | 1148317 |
|  |  |  | 1182093 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
|  United Airlines Pass-Through Trust Series 2023-1, Class A | United Airlines Pass-Through Trust Series 2023-1, Class A | United Airlines Pass-Through Trust Series 2023-1, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% | 07/15/37 | 1112941 | 1104794 |
| **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** |
|  Volkswagen Financial Services AG (Germany) | Volkswagen Financial Services AG (Germany) | Volkswagen Financial Services AG (Germany) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(3)</sup>* | 11/19/31 | 1000000 | 1135602 |
|  Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% *<sup>(2)</sup>* | 03/25/32 | 15000 | 15007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% *<sup>(2)</sup>* | 03/27/35 | 280000 | 278818 |
|  Volkswagen International Finance NV (Germany) | Volkswagen International Finance NV (Germany) | Volkswagen International Finance NV (Germany) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% (9 yr. EUR Swap + 4.783%) *<sup>(3),(4),(1)</sup>* | 09/06/32 | EUR 300,000 | 380574 |
|  |  |  | 1810001 |
| **Banks — 5.6%** | **Banks — 5.6%** | **Banks — 5.6%** | **Banks — 5.6%** |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.66% (1 day USD SOFR + 0.910%) *<sup>(1)</sup>* | 03/11/27 | $3625000 | 3536840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73% (1 day USD SOFR + 0.960%) *<sup>(1)</sup>* | 07/22/27 | 1130000 | 1092846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.92% (1 day USD SOFR + 1.370%) *<sup>(1)</sup>* | 10/24/31 | 345000 | 297683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% (3 mo. USD Term SOFR + 1.252%) *<sup>(1)</sup>* | 02/13/31 | 635000 | 574929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59% (1 day USD SOFR + 2.150%) *<sup>(1)</sup>* | 04/29/31 | 135000 | 121955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69% (1 day USD SOFR + 1.320%) *<sup>(1)</sup>* | 04/22/32 | 335000 | 296388 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97% (1 day USD SOFR + 1.330%) *<sup>(1)</sup>* | 02/04/33 | $425000 | $373936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.47% (1 day USD SOFR + 1.650%) *<sup>(1)</sup>* | 01/23/35 | 225000 | 228224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.51% (1 day USD SOFR + 1.310%) *<sup>(1)</sup>* | 01/24/36 | 365000 | 370249 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56% (1 day USD SOFR + 1.167%) *<sup>(1)</sup>* | 05/01/32 | 35000 | 30593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06% (1 day USD SOFR + 1.351%) *<sup>(1)</sup>* | 01/25/33 | 180000 | 158373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89% (3 mo. USD Term SOFR + 1.825%) *<sup>(1)</sup>* | 01/10/28 | 45000 | 44545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.33% (1 day USD SOFR + 1.465%) *<sup>(1)</sup>* | 03/27/36 | 1695000 | 1684135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% (1 day USD SOFR + 1.447%) *<sup>(1)</sup>* | 06/11/35 | 630000 | 631468 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.43% (1 day USD SOFR + 0.798%) *<sup>(1)</sup>* | 03/09/27 | 4260000 | 4147238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02% (1 day USD SOFR + 1.420%) *<sup>(1)</sup>* | 10/23/35 | 1375000 | 1332334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.54% (1 day USD SOFR + 1.380%) *<sup>(1)</sup>* | 01/28/36 | 150000 | 151598 |
|  HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36% (1 day USD SOFR + 1.947%) *<sup>(1)</sup>* | 08/18/31 | 930000 | 817135 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05% (1 day USD SOFR + 0.800%) *<sup>(1)</sup>* | 11/19/26 | 260000 | 254940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% (1 day USD SOFR + 1.065%) *<sup>(1)</sup>* | 02/04/32 | 1540000 | 1322567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.74% (3 mo. USD Term SOFR + 1.510%) *<sup>(1)</sup>* | 10/15/30 | 1070000 | 990713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20% (3 mo. USD Term SOFR + 1.522%) *<sup>(1)</sup>* | 07/23/29 | 935000 | 927997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% (1 day USD SOFR + 1.340%) *<sup>(1)</sup>* | 10/22/35 | 250000 | 244325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% (1 day USD SOFR + 1.315%) *<sup>(1)</sup>* | 01/24/36 | 385000 | 391814 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.51% (1 day USD SOFR + 0.858%) *<sup>(1)</sup>* | 07/20/27 | 1145000 | 1105715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.93% (1 day USD SOFR + 1.020%) *<sup>(1)</sup>*  | 04/28/32 | 180000 | 151715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.51% (1 day USD SOFR + 1.200%) *<sup>(1)</sup>*  | 10/20/32 | 225000 | 194308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94% (1 day USD SOFR + 1.290%) *<sup>(1)</sup>* | 01/21/33 | 225000 | 197512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77% (3 mo. USD Term SOFR + 1.402%) *<sup>(1)</sup>*  | 01/24/29 | 1255000 | 1232736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32% (1 day USD SOFR + 1.555%) *<sup>(1)</sup>* | 07/19/35 | 40000 | 39850 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.59% (1 day USD SOFR + 1.418%) *<sup>(1)</sup>* | 01/18/36 | $925000 | $| 939319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.83% (1 day USD SOFR + 1.580%) *<sup>(1)</sup>* | 04/19/35 | 220000 |  | 227467 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.68% (1 day USD SOFR + 1.902%) *<sup>(1)</sup>* | 01/22/35 | 455000 |  | 464182 |
|  Santander U.K. Group Holdings PLC (United Kingdom) | Santander U.K. Group Holdings PLC (United Kingdom) | Santander U.K. Group Holdings PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.67% (1 day USD SOFR + 0.989%) *<sup>(1)</sup>* | 06/14/27 | 491000 |  | 474036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.47% (1 day USD SOFR + 1.220%) *<sup>(1)</sup>* | 01/11/28 | 30000 |  | 28852 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84% (1 day USD SOFR + 1.600%) *<sup>(1)</sup>*  | 02/01/34 | 400000 |  | 388760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.68% (1 day USD SOFR + 1.860%) *<sup>(1)</sup>* | 01/23/35 | 255000 |  | 260067 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88% (3 mo. USD Term SOFR + 1.432%) *<sup>(1)</sup>* | 10/30/30 | 150000 |  | 139077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35% (1 day USD SOFR + 1.500%) *<sup>(1)</sup>* | 03/02/33 | 875000 |  | 786502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53% (1 day USD SOFR + 1.510%) *<sup>(1)</sup>* | 03/24/28 | 2245000 |  | 2207464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58% (3 mo. USD Term SOFR + 1.572%) *<sup>(1)</sup>* | 05/22/28 | 260000 |  | 255343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% (1 day USD SOFR + 2.100%) *<sup>(1)</sup>* | 07/25/33 | 1045000 |  | 1027005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21% (1 day USD SOFR + 1.380%) *<sup>(1)</sup>* | 12/03/35 | 270000 |  | 266717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.24% (1 day USD SOFR + 1.110%) *<sup>(1)</sup>*  | 01/24/31 | 770000 |  | 786085 |
|  |  |  |  | 31195537 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
|  Anheuser-Busch InBev SA (Belgium) | Anheuser-Busch InBev SA (Belgium) | Anheuser-Busch InBev SA (Belgium) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% *<sup>(3)</sup>* | 03/22/44 | 915000 |  | 1018512 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30% *<sup>(2)</sup>* | 11/01/30 | $1185000 |  | 1031270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27% *<sup>(2)</sup>* | 11/15/40 | 235000 |  | 169111 |
|  |  |  |  | 1200381 |
| **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
|  AA Bond Co. Ltd. (United Kingdom) | AA Bond Co. Ltd. (United Kingdom) | AA Bond Co. Ltd. (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.45% *<sup>(3)</sup>*  | 07/31/50 | 215000 |  | 305529 |
| **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/01/30 | 745000 |  | 749835 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/29/28 | $2785000 | $2630070 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 12/01/27 | 400000 | 390652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 10/01/28 | 1500000 | 1500075 |
|  Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53% *<sup>(2)</sup>*  | 11/18/27 | 884000 | 829687 |
|  Blackrock, Inc. | Blackrock, Inc. | Blackrock, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 07/18/35 | 345000 | 402203 |
|  |  |  | 5752687 |
| **Electric — 1.4%** | **Electric — 1.4%** | **Electric — 1.4%** | **Electric — 1.4%** |
|  Amprion GmbH (Germany) | Amprion GmbH (Germany) | Amprion GmbH (Germany) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63% *<sup>(3)</sup>* | 09/23/33 | 300000 | 270566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(3)</sup>* | 05/21/44 | 200000 | 223367 |
|  Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45% | 06/01/45 | $690000 | 553173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 04/01/34 | 1025000 | 1041031 |
|  Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 10/15/46 | 1000000 | 747800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/15/35 | 500000 | 498335 |
|  E.ON SE (Germany) | E.ON SE (Germany) | E.ON SE (Germany) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(3)</sup>* | 04/16/33 | 365000 | 418988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% *<sup>(3)</sup>* | 01/15/36 | 100000 | 114564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(3)</sup>* | 09/05/38 | 300000 | 339930 |
|  Elia Group SA (Belgium) | Elia Group SA (Belgium) | Elia Group SA (Belgium) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(3)</sup>*  | 06/11/31 | 200000 | 232229 |
|  Eurogrid GmbH (Germany) | Eurogrid GmbH (Germany) | Eurogrid GmbH (Germany) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.74% *<sup>(3)</sup>* | 04/21/33 | 200000 | 186570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.11% *<sup>(3)</sup>*  | 05/15/32 | $200000 | 196564 |
|  Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 03/15/55 | 580000 | 582378 |
|  National Grid Electricity Transmission PLC (United Kingdom) | National Grid Electricity Transmission PLC (United Kingdom) | National Grid Electricity Transmission PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.82% *<sup>(3)</sup>* | 07/07/32 | 435000 | 417816 |
|  Scottish Hydro Electric Transmission PLC (United Kingdom) | Scottish Hydro Electric Transmission PLC (United Kingdom) | Scottish Hydro Electric Transmission PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% *<sup>(3)</sup>* | 09/04/32 | 100000 | 114096 |
|  Southern Co. | Southern Co. | Southern Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% (5 yr. CMT + 2.069%)*<sup>(1)</sup>* | 03/15/55 | $1100000 | 1122132 |
|  TenneT Holding BV (Netherlands) | TenneT Holding BV (Netherlands) | TenneT Holding BV (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% *<sup>(3)</sup>* | 05/17/42 | 295000 | 313115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% *<sup>(3)</sup>* | 10/28/42 | 415000 | 516907 |
|  |  |  | 7889561 |

---

*See accompanying Notes to Financial Statements.* 

------

April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** |
|  Cellnex Finance Co. SA (Spain) | Cellnex Finance Co. SA (Spain) | Cellnex Finance Co. SA (Spain) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% *<sup>(3)</sup>* | 09/15/32 | 100000 | $102260 |
|  Heathrow Funding Ltd. (United Kingdom) | Heathrow Funding Ltd. (United Kingdom) | Heathrow Funding Ltd. (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13% *<sup>(3)</sup>* | 10/08/32 | 485000 | 495298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(3)</sup>*  | 01/16/38 | 280000 | 317590 |
|  |  |  | 915148 |
| **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** |
|  La Francaise des Jeux SACA (France) | La Francaise des Jeux SACA (France) | La Francaise des Jeux SACA (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% *<sup>(3)</sup>*  | 11/21/33 | 300000 | 334832 |
|  WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28% | 03/15/32 | $200000 | 171334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/15/42 | 2635000 | 1985051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14% | 03/15/52 | 509000 | 349851 |
|  |  |  | 2841068 |
| **Food — 0.6%** | **Food — 0.6%** | **Food — 0.6%** | **Food — 0.6%** |
|  ELO SACA (France) | ELO SACA (France) | ELO SACA (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% *<sup>(3)</sup>*  | 03/22/29 | 300000 | 316853 |
|  JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 02/02/29 | $240000 | 225864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 12/01/52 | 600000 | 616692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 03/15/34 | 882000 | 957711 |
|  Smithfield Foods, Inc. | Smithfield Foods, Inc. | Smithfield Foods, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63% *<sup>(2)</sup>*  | 09/13/31 | 1565000 | 1328935 |
|  |  |  | 3446055 |
| **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
|  KeySpan Gas East Corp. | KeySpan Gas East Corp. | KeySpan Gas East Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59% *<sup>(2)</sup>*  | 01/18/52 | 650000 | 425776 |
|  National Gas Transmission PLC (United Kingdom) | National Gas Transmission PLC (United Kingdom) | National Gas Transmission PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% *<sup>(3)</sup>*  | 04/05/30 | 540000 | 643917 |
|  |  |  | 1069693 |
| **Health Care-Products — 0.4%** | **Health Care-Products — 0.4%** | **Health Care-Products — 0.4%** | **Health Care-Products — 0.4%** |
|  American Medical Systems Europe BV | American Medical Systems Europe BV | American Medical Systems Europe BV |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 03/08/31 | 780000 | 881753 |
|  Medtronic Global Holdings SCA | Medtronic Global Holdings SCA | Medtronic Global Holdings SCA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% | 07/02/31 | 495000 | 500187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% | 07/02/49 | 100000 | 72845 |
|  Medtronic, Inc. | Medtronic, Inc. | Medtronic, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65% | 10/15/29 | $185000 | 217617 |
|  Sartorius Finance BV (Germany) | Sartorius Finance BV (Germany) | Sartorius Finance BV (Germany) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(3)</sup>*  | 09/14/32 | 100000 | 118896 |
|  Thermo Fisher Scientific Finance I BV | Thermo Fisher Scientific Finance I BV | Thermo Fisher Scientific Finance I BV |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63% | 10/18/41 | 110000 | 89522 |
|  Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88% | 10/01/49 | 420000 | 310338 |
|  |  |  | 2191158 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Health Care-Services — 1.1%** | **Health Care-Services — 1.1%** | **Health Care-Services — 1.1%** | **Health Care-Services — 1.1%** |
|  Centene Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/15/30 | $1683000 | $1477943 |
|  Elevance Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 02/15/35 | 380000 | 380661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 06/15/34 | 435000 | 441382 |
|  Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88% *<sup>(2)</sup>*  | 12/01/26 | 1000000 | 958300 |
|  HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 03/01/35 | 740000 | 747496 |
|  Humana, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% | 05/01/35 | 1125000 | 1116754 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 07/15/54 | 745000 | 717338 |
|  |  |  | 5839874 |
| **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** |
|  Athene Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.21% *<sup>(2)</sup>*  | 03/08/27 | 815000 | 790142 |
|  Farmers Exchange Capital II | Farmers Exchange Capital II | Farmers Exchange Capital II |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15% (3 mo. USD Term SOFR + 4.006%) *<sup>(1),(2)</sup>*  | 11/01/53 | 2065000 | 1990268 |
|  New York Life Insurance Co. | New York Life Insurance Co. | New York Life Insurance Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% *<sup>(2)</sup>*  | 05/15/50 | 70000 | 50738 |
|  Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27% *<sup>(2)</sup>*  | 05/15/47 | 130000 | 104659 |
|  |  |  | 2935807 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
|  Las Vegas Sands Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 06/14/30 | 555000 | 557181 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90% | 06/01/52 | 1250000 | 795388 |
|  Time Warner Cable LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/15/42 | 1475000 | 1110999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 09/01/41 | 1213000 | 1038910 |
|  |  |  | 2945297 |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
|  Petroleos Mexicanos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35% | 02/12/48 | 145000 | 93474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 09/21/47 | 181000 | 121386 |
|  |  |  | 214860 |
| **Packaging & Containers — 0.4%** | **Packaging & Containers — 0.4%** | **Packaging & Containers — 0.4%** | **Packaging & Containers — 0.4%** |
|  Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10% *<sup>(2)</sup>*  | 03/17/30 | 235000 | 237286 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Packaging & Containers (Continued)** | **Packaging & Containers (Continued)** | **Packaging & Containers (Continued)** | **Packaging & Containers (Continued)** | **Packaging & Containers (Continued)** |
|  Amcor U.K. Finance PLC (Australia) | Amcor U.K. Finance PLC (Australia) | Amcor U.K. Finance PLC (Australia) | Amcor U.K. Finance PLC (Australia) | Amcor U.K. Finance PLC (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 05/29/32 | $515000 | $| 588447 |
|  Berry Global, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.57% | 01/15/26 | 1000000 |  | 975070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% *<sup>(2)</sup>*  | 07/15/26 | 270000 |  | 269571 |
|  |  |  |  | 2070374 |
| **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** |
|  Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% *<sup>(2)</sup>* | 12/15/28 | 1023000 |  | 1003829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% *<sup>(2)</sup>* | 06/25/48 | 1930000 |  | 1521419 |
|  CVS Health Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78% | 03/25/38 | 185000 |  | 167059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/25/48 | 1115000 |  | 949144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 06/01/34 | 125000 |  | 127039 |
|  Johnson & Johnson | Johnson & Johnson | Johnson & Johnson | Johnson & Johnson | Johnson & Johnson |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05% | 02/26/33 | 480000 |  | 547751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55% | 06/01/44 | 225000 |  | 249050 |
|  MSD Netherlands Capital BV | MSD Netherlands Capital BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 05/30/44 | 480000 |  | 524223 |
|  |  |  |  | 5089514 |
| **Pipelines — 0.4%** | **Pipelines — 0.4%** | **Pipelines — 0.4%** | **Pipelines — 0.4%** | **Pipelines — 0.4%** |
|  Energy Transfer LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20% | 04/01/55 | $790000 |  | 741241 |
|  Southern Natural Gas Co. LLC | Southern Natural Gas Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.35% | 02/15/31 | 1380000 |  | 1516151 |
|  |  |  |  | 2257392 |
| **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
|  Blackstone Property Partners Europe Holdings SARL (Luxembourg) | Blackstone Property Partners Europe Holdings SARL (Luxembourg) | Blackstone Property Partners Europe Holdings SARL (Luxembourg) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% *<sup>(3)</sup>*  | 05/04/28 | 315000 |  | 337394 |
|  LEG Immobilien SE (Germany) | LEG Immobilien SE (Germany) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% *<sup>(3)</sup>*  | 01/17/34 | 100000 |  | 92279 |
|  Vonovia SE (Germany) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% *<sup>(3)</sup>*  | 09/01/32 | 600000 |  | 557808 |
|  |  |  |  | 987481 |
| **REIT — 2.0%** | **REIT — 2.0%** | **REIT — 2.0%** | **REIT — 2.0%** | **REIT — 2.0%** |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 02/01/31 | 1255000 |  | 1095263 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 07/15/51 | 730000 |  | 466098 |
|  American Tower Corp. (REIT) | American Tower Corp. (REIT) | American Tower Corp. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90% | 01/15/30 | 750000 |  | 694620 |
|  CubeSmart LP | CubeSmart LP | CubeSmart LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 02/15/30 | 317000 |  | 293580 |
|  Digital Dutch Finco BV | Digital Dutch Finco BV | Digital Dutch Finco BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25% *<sup>(3)</sup>*  | 02/01/31 | 560000 |  | 564131 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** |
|  Equinix Europe 2 Financing Corp. LLC (REIT) | Equinix Europe 2 Financing Corp. LLC (REIT) | Equinix Europe 2 Financing Corp. LLC (REIT) | Equinix Europe 2 Financing Corp. LLC (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 11/22/34 | EUR | 465000 | $| 516183 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40% | 10/15/31 | $| 475000 |  | 406011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90% | 04/01/29 |  | 250000 |  | 242352 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/15/31 |  | 170000 |  | 157916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 06/01/28 |  | 1600000 |  | 1624960 |
|  Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05% | 03/15/31 |  | 164000 |  | 136825 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 01/15/30 |  | 1302000 |  | 863239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 04/01/29 |  | 100000 |  | 71704 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/15/31 |  | 496000 |  | 416243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 08/15/33 |  | 215000 |  | 215009 |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 10/01/31 |  | 1592000 |  | 1333316 |
|  Prologis Euro Finance LLC | Prologis Euro Finance LLC | Prologis Euro Finance LLC | Prologis Euro Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 01/31/43 | EUR | 450000 |  | 496560 |
|  Realty Income Corp. (REIT) | Realty Income Corp. (REIT) | Realty Income Corp. (REIT) | Realty Income Corp. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 07/06/30 | EUR | 690000 |  | 844086 |
|  Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15% | 09/01/31 | $| 25000 |  | 20894 |
|  VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(2)</sup>*  | 02/15/29 |  | 325000 |  | 311974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% *<sup>(2)</sup>*  | 08/15/30 |  | 41000 |  | 38727 |
|  |  |  |  |  | 10809691 |
| **Semiconductors — 0.2%** | **Semiconductors — 0.2%** | **Semiconductors — 0.2%** | **Semiconductors — 0.2%** | **Semiconductors — 0.2%** | **Semiconductors — 0.2%** |
|  Foundry JV Holdco LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(2)</sup>*  | 01/25/31 |  | 140000 |  | 141980 |
|  Intel Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05% | 08/12/51 |  | 392000 |  | 224788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73% | 12/08/47 |  | 800000 |  | 545632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% | 02/21/54 |  | 280000 |  | 246918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 02/10/53 |  | 160000 |  | 143349 |
|  |  |  |  |  | 1302667 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
|  Fiserv Funding ULC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 06/15/36 |  | 110000 |  | 124340 |
|  Oracle Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60% | 04/01/50 |  | 240000 |  | 163656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 08/03/28 |  | 575000 |  | 582653 |
|  |  |  |  |  | 870649 |

---

*See accompanying Notes to Financial Statements.* 

------

April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Telecommunications — 0.7%** | **Telecommunications — 0.7%** | **Telecommunications — 0.7%** | |
|  Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38% *<sup>(3)</sup>*  | 10/07/30 | 695000 | $748138 |
|  Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% *<sup>(2)</sup>*  | 09/20/29 | $1503000 | 1514693 |
|  T-Mobile USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 07/15/33 | 1495000 | 1485791 |
|  |  |  | 3748622 |
| **Water — 0.2%** | **Water — 0.2%** | **Water — 0.2%** |  |
|  Severn Trent Utilities Finance PLC (United Kingdom) | Severn Trent Utilities Finance PLC (United Kingdom) | Severn Trent Utilities Finance PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(3)</sup>*  | 08/04/35 | 415000 | 471010 |
|  Suez SACA (France) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88% *<sup>(3)</sup>*  | 05/24/34 | 400000 | 425013 |
|  United Utilities Water Finance PLC (United Kingdom) | United Utilities Water Finance PLC (United Kingdom) | United Utilities Water Finance PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% *<sup>(3)</sup>*  | 05/23/34 | 190000 | 216447 |
|  |  |  | 1112470 |
|  **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** |  |
|  (Cost: $108,735,622) | (Cost: $108,735,622) | (Cost: $108,735,622) | 107423120 |
| **MUNICIPAL BONDS — 0.5%** | **MUNICIPAL BONDS — 0.5%** | **MUNICIPAL BONDS — 0.5%** |  |
|  New York City Transitional Finance Authority Future Tax Secured Revenue | New York City Transitional Finance Authority Future Tax Secured Revenue | New York City Transitional Finance Authority Future Tax Secured Revenue |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/01/35 | 1000000 | 763777 |
|  Regents of the University of California Medical Center | Regents of the University of California Medical Center | Regents of the University of California Medical Center | Regents of the University of California Medical Center |
| &nbsp;&nbsp;&nbsp;&nbsp; Pooled Revenue, Revenue Bond | &nbsp;&nbsp;&nbsp;&nbsp; Pooled Revenue, Revenue Bond | &nbsp;&nbsp;&nbsp;&nbsp; Pooled Revenue, Revenue Bond | &nbsp;&nbsp;&nbsp;&nbsp; Pooled Revenue, Revenue Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.26% | 05/15/60 | 3060000 | 1917099 |
|  **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** |  |
|  (Cost: $3,999,058) | (Cost: $3,999,058) | (Cost: $3,999,058) | 2680876 |
| **ASSET-BACKED SECURITIES — 6.9%** | **ASSET-BACKED SECURITIES — 6.9%** | **ASSET-BACKED SECURITIES — 6.9%** |  |
|  AGL CLO 7 Ltd. Series 2020-7A, Class BR | AGL CLO 7 Ltd. Series 2020-7A, Class BR | AGL CLO 7 Ltd. Series 2020-7A, Class BR |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.22% (3 mo. USD Term SOFR + 1.962%) *<sup>(1),(2)</sup>* | 07/15/34 | 1500000 | 1501461 |
|  Aligned Data Centers Issuer LLC Series 2021-1A, Class A2 | Aligned Data Centers Issuer LLC Series 2021-1A, Class A2 | Aligned Data Centers Issuer LLC Series 2021-1A, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.94% *<sup>(2)</sup>*  | 08/15/46 | 1372000 | 1316374 |
|  Apidos CLO XXV Ltd. Series 2016-25A, Class A1R3 | Apidos CLO XXV Ltd. Series 2016-25A, Class A1R3 | Apidos CLO XXV Ltd. Series 2016-25A, Class A1R3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41% (3 mo. USD Term SOFR + 1.140%) *<sup>(1),(2)</sup>*  | 01/20/37 | 1790000 | 1777465 |
|  ARES LXII CLO Ltd. Series 2021-62A, Class B | ARES LXII CLO Ltd. Series 2021-62A, Class B | ARES LXII CLO Ltd. Series 2021-62A, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.19% (3 mo. USD Term SOFR + 1.912%) *<sup>(1),(2)</sup>*  | 01/25/34 | 1500000 | 1500963 |
|  Barings CLO Ltd. Series 2018-4A, Class A1R | Barings CLO Ltd. Series 2018-4A, Class A1R | Barings CLO Ltd. Series 2018-4A, Class A1R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41% (3 mo. USD Term SOFR + 1.150%) *<sup>(1),(2)</sup>*  | 10/15/30 | 1933327 | 1932693 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | |
|  Clover CLO LLC Series 2018- 1A, Class A1RR | Clover CLO LLC Series 2018- 1A, Class A1RR | Clover CLO LLC Series 2018- 1A, Class A1RR |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% (3 mo. USD Term SOFR + 1.530%) *<sup>(1),(2)</sup>*  | 04/20/37 | $4190000 | $4195954 |
|  Dryden 40 Senior Loan Fund Series 2015-40A, Class AR2 | Dryden 40 Senior Loan Fund Series 2015-40A, Class AR2 | Dryden 40 Senior Loan Fund Series 2015-40A, Class AR2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.47% (3 mo. USD Term SOFR + 1.150%) *<sup>(1),(2)</sup>*  | 08/15/31 | 1636994 | 1636427 |
|  Dryden XXVI Senior Loan Fund Series 2013-26A, Class AR | Dryden XXVI Senior Loan Fund Series 2013-26A, Class AR | Dryden XXVI Senior Loan Fund Series 2013-26A, Class AR |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (3 mo. USD Term SOFR + 1.162%) *<sup>(1),(2)</sup>* | 04/15/29 | 664532 | 664534 |
|  JGWPT XXX LLC Series 2013-3A, Class A | JGWPT XXX LLC Series 2013-3A, Class A | JGWPT XXX LLC Series 2013-3A, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08% *<sup>(2)</sup>*  | 01/17/73 | 881513 | 835750 |
|  JGWPT XXXII LLC Series 2014-2A, Class A | JGWPT XXXII LLC Series 2014-2A, Class A | JGWPT XXXII LLC Series 2014-2A, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.61% *<sup>(2)</sup>*  | 01/17/73 | 1022313 | 930068 |
|  LCM 37 Ltd. Series 37A, Class A1R | LCM 37 Ltd. Series 37A, Class A1R | LCM 37 Ltd. Series 37A, Class A1R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32% (3 mo. USD Term SOFR + 1.060%) *<sup>(1),(2)</sup>*  | 04/15/34 | 2600000 | 2593729 |
|  LCM Loan Income Fund I Ltd. Series 1A, Class B | LCM Loan Income Fund I Ltd. Series 1A, Class B | LCM Loan Income Fund I Ltd. Series 1A, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.98% (3 mo. USD Term SOFR + 1.712%) *<sup>(1),(2)</sup>*  | 04/20/31 | 50000 | 50076 |
|  Madison Park Funding XLVIII Ltd. Series 2021-48A, Class A | Madison Park Funding XLVIII Ltd. Series 2021-48A, Class A | Madison Park Funding XLVIII Ltd. Series 2021-48A, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.68% (3 mo. USD Term SOFR + 1.412%) *<sup>(1),(2)</sup>*  | 04/19/33 | 3922433 | 3925751 |
|  Navient Private Education Refi Loan Trust Series 2021-GA, Class A | Navient Private Education Refi Loan Trust Series 2021-GA, Class A | Navient Private Education Refi Loan Trust Series 2021-GA, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.58% *<sup>(2)</sup>*  | 04/15/70 | 2176083 | 1958553 |
|  Palmer Square CLO Ltd. Series 2019-1A, Class A1R | Palmer Square CLO Ltd. Series 2019-1A, Class A1R | Palmer Square CLO Ltd. Series 2019-1A, Class A1R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.73% (3 mo. USD Term SOFR + 1.412%) *<sup>(1),(2)</sup>*  | 11/14/34 | 1700000 | 1700585 |
|  Skyline Aviation, Inc. Class A | Skyline Aviation, Inc. Class A | Skyline Aviation, Inc. Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23% *<sup>(5)</sup>*  | 07/03/38 | 3793821 | 3538627 |
|  SLM Student Loan Trust Series 2003-7A, Class A5A | SLM Student Loan Trust Series 2003-7A, Class A5A | SLM Student Loan Trust Series 2003-7A, Class A5A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.84% (90 day USD SOFR Average + 1.462%) *<sup>(1),(2)</sup>*  | 12/15/33 | 1077299 | 1058051 |
|  SLM Student Loan Trust Series 2008-2, Class B | SLM Student Loan Trust Series 2008-2, Class B | SLM Student Loan Trust Series 2008-2, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.82% (90 day USD SOFR Average + 1.462%) *<sup>(1)</sup>*  | 01/25/83 | 710000 | 739898 |
|  SLM Student Loan Trust Series 2008-3, Class B | SLM Student Loan Trust Series 2008-3, Class B | SLM Student Loan Trust Series 2008-3, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.82% (90 day USD SOFR Average + 1.462%) *<sup>(1)</sup>* | 04/26/83 | 710000 | 714935 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | | |
|  SLM Student Loan Trust Series 2008-4, Class A4 | SLM Student Loan Trust Series 2008-4, Class A4 | SLM Student Loan Trust Series 2008-4, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.27% (90 day USD SOFR Average + 1.912%) *<sup>(1)</sup>*  | 07/25/22 | 1307274 | $| 1311402 |
|  SLM Student Loan Trust Series 2008-4, Class B | SLM Student Loan Trust Series 2008-4, Class B | SLM Student Loan Trust Series 2008-4, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.47% (90 day USD SOFR Average + 2.112%) *<sup>(1)</sup>*  | 04/25/73 | 710000 |  | 751091 |
|  SLM Student Loan Trust Series 2008-5, Class B | SLM Student Loan Trust Series 2008-5, Class B | SLM Student Loan Trust Series 2008-5, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.47% (90 day USD SOFR Average + 2.112%) *<sup>(1)</sup>*  | 07/25/73 | 710000 |  | 748531 |
|  SLM Student Loan Trust Series 2008-6, Class B | SLM Student Loan Trust Series 2008-6, Class B | SLM Student Loan Trust Series 2008-6, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.47% (90 day USD SOFR Average + 2.112%) *<sup>(1)</sup>*  | 07/26/83 | 710000 |  | 703006 |
|  SLM Student Loan Trust Series 2008-7, Class B | SLM Student Loan Trust Series 2008-7, Class B | SLM Student Loan Trust Series 2008-7, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.47% (90 day USD SOFR Average + 2.112%) *<sup>(1)</sup>* | 07/26/83 | 710000 |  | 718677 |
|  Voya CLO Ltd. Series 2016-3A, Class A1R2 | Voya CLO Ltd. Series 2016-3A, Class A1R2 | Voya CLO Ltd. Series 2016-3A, Class A1R2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (3 mo. USD Term SOFR + 1.150%) *<sup>(1),(2)</sup>* | 10/18/31 | 1557422 |  | 1556624 |
|  **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |
|  (Cost: $38,579,806) | (Cost: $38,579,806) | (Cost: $38,579,806) |  | 38361225 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.3%** (Cost: $1,674,741) | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.3%** (Cost: $1,674,741) | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.3%** (Cost: $1,674,741) | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.3%** (Cost: $1,674,741) | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.3%** (Cost: $1,674,741) |
|  Federal National Mortgage Association, Pool #AN0245 | Federal National Mortgage Association, Pool #AN0245 | Federal National Mortgage Association, Pool #AN0245 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42% | 11/01/35 | 1586257 |  | 1515700 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 3.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 3.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 3.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 3.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 3.0%** |
|  Arbor Realty Commercial Real Estate Notes Ltd. Series 2021-FL3, Class A | Arbor Realty Commercial Real Estate Notes Ltd. Series 2021-FL3, Class A | Arbor Realty Commercial Real Estate Notes Ltd. Series 2021-FL3, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.51% (1 mo. USD Term SOFR + 1.184%) *<sup>(1),(2)</sup>*  | 08/15/34 | 956263 |  | 955423 |
|  BAMLL Commercial Mortgage Securities Trust Series 2018- PARK, Class A | BAMLL Commercial Mortgage Securities Trust Series 2018- PARK, Class A | BAMLL Commercial Mortgage Securities Trust Series 2018- PARK, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23% *<sup>(2),(6)</sup>* | 08/10/38 | 1930000 |  | 1872524 |
|  BX Trust Series 2019-OC11, Class A | BX Trust Series 2019-OC11, Class A | BX Trust Series 2019-OC11, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20% *<sup>(2)</sup>*  | 12/09/41 | 1485000 |  | 1379614 |
|  BXHPP Trust Series 2021-FILM, Class A | BXHPP Trust Series 2021-FILM, Class A | BXHPP Trust Series 2021-FILM, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09% (1 mo. USD Term SOFR + 0.764%) *<sup>(1),(2)</sup>*  | 08/15/36 | 3000000 |  | 2872393 |
|  CSAIL Commercial Mortgage Trust Series 2020-C19, Class A3 | CSAIL Commercial Mortgage Trust Series 2020-C19, Class A3 | CSAIL Commercial Mortgage Trust Series 2020-C19, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56% | 03/15/53 | 3004000 |  | 2702715 |
|  Hudson Yards Mortgage Trust Series 2019-30HY, Class A | Hudson Yards Mortgage Trust Series 2019-30HY, Class A | Hudson Yards Mortgage Trust Series 2019-30HY, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23% *<sup>(2)</sup>*  | 07/10/39 | 2185000 |  | 2038084 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Hudson Yards Mortgage Trust Series 2019-55HY, Class A | Hudson Yards Mortgage Trust Series 2019-55HY, Class A | Hudson Yards Mortgage Trust Series 2019-55HY, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04% *<sup>(2),(6)</sup>*  | 12/10/41 | 1180000 | $| 1085732 |
|  JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class A | JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class A | JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40% *<sup>(2)</sup>*  | 06/05/39 | 1160000 |  | 1090055 |
|  One Bryant Park Trust Series 2019-OBP, Class A | One Bryant Park Trust Series 2019-OBP, Class A | One Bryant Park Trust Series 2019-OBP, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52% *<sup>(2)</sup>*  | 09/15/54 | 1495000 |  | 1337443 |
|  SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A1 | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A1 | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87% *<sup>(2),(6)</sup>*  | 01/05/43 | 1710000 |  | 1487154 |
|  SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2B | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2B | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14% *<sup>(2),(6)</sup>*  | 01/05/43 | 70000 |  | 61971 |
|  **Total Commercial Mortgage-Backed Securities — Non-Agency** | **Total Commercial Mortgage-Backed Securities — Non-Agency** | **Total Commercial Mortgage-Backed Securities — Non-Agency** |  |  |
|  (Cost: $17,823,388) | (Cost: $17,823,388) | (Cost: $17,823,388) |  | 16883108 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 37.2%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 37.2%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 37.2%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 37.2%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 37.2%** |
|  Federal Home Loan Mortgage Corp., Pool #A97179 | Federal Home Loan Mortgage Corp., Pool #A97179 | Federal Home Loan Mortgage Corp., Pool #A97179 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 03/01/41 | 800257 |  | 795494 |
|  Federal Home Loan Mortgage Corp., Pool #G06360 | Federal Home Loan Mortgage Corp., Pool #G06360 | Federal Home Loan Mortgage Corp., Pool #G06360 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 03/01/41 | 922132 |  | 897090 |
|  Federal Home Loan Mortgage Corp., Pool #G06498 | Federal Home Loan Mortgage Corp., Pool #G06498 | Federal Home Loan Mortgage Corp., Pool #G06498 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/01/41 | 628222 |  | 611204 |
|  Federal Home Loan Mortgage Corp., Pool #G06499 | Federal Home Loan Mortgage Corp., Pool #G06499 | Federal Home Loan Mortgage Corp., Pool #G06499 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 03/01/41 | 407204 |  | 396154 |
|  Federal Home Loan Mortgage Corp., Pool #G07849 | Federal Home Loan Mortgage Corp., Pool #G07849 | Federal Home Loan Mortgage Corp., Pool #G07849 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 05/01/44 | 541188 |  | 506715 |
|  Federal Home Loan Mortgage Corp., Pool #G08710 | Federal Home Loan Mortgage Corp., Pool #G08710 | Federal Home Loan Mortgage Corp., Pool #G08710 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/01/46 | 1009296 |  | 898993 |
|  Federal Home Loan Mortgage Corp., Pool #G08711 | Federal Home Loan Mortgage Corp., Pool #G08711 | Federal Home Loan Mortgage Corp., Pool #G08711 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 06/01/46 | 1627393 |  | 1500058 |
|  Federal Home Loan Mortgage Corp., Pool #G08715 | Federal Home Loan Mortgage Corp., Pool #G08715 | Federal Home Loan Mortgage Corp., Pool #G08715 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 08/01/46 | 1957343 |  | 1743431 |
|  Federal Home Loan Mortgage Corp., Pool #G08716 | Federal Home Loan Mortgage Corp., Pool #G08716 | Federal Home Loan Mortgage Corp., Pool #G08716 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 08/01/46 | 1100345 |  | 1014249 |
|  Federal Home Loan Mortgage Corp., Pool #G08721 | Federal Home Loan Mortgage Corp., Pool #G08721 | Federal Home Loan Mortgage Corp., Pool #G08721 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 09/01/46 | 1570795 |  | 1399127 |
|  Federal Home Loan Mortgage Corp., Pool #G08722 | Federal Home Loan Mortgage Corp., Pool #G08722 | Federal Home Loan Mortgage Corp., Pool #G08722 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/01/46 | 438598 |  | 404280 |
|  Federal Home Loan Mortgage Corp., Pool #G08726 | Federal Home Loan Mortgage Corp., Pool #G08726 | Federal Home Loan Mortgage Corp., Pool #G08726 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/01/46 | 1516168 |  | 1350471 |
|  Federal Home Loan Mortgage Corp., Pool #G08732 | Federal Home Loan Mortgage Corp., Pool #G08732 | Federal Home Loan Mortgage Corp., Pool #G08732 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 11/01/46 | 1523097 |  | 1356642 |
|  Federal Home Loan Mortgage Corp., Pool #G08792 | Federal Home Loan Mortgage Corp., Pool #G08792 | Federal Home Loan Mortgage Corp., Pool #G08792 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 12/01/47 | 1202954 |  | 1106688 |

---

*See accompanying Notes to Financial Statements.* 

------

April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal Home Loan Mortgage Corp., Pool #G08816 | Federal Home Loan Mortgage Corp., Pool #G08816 | Federal Home Loan Mortgage Corp., Pool #G08816 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 06/01/48 | $223082 | $204532 |
|  Federal Home Loan Mortgage Corp., Pool #G08826 | Federal Home Loan Mortgage Corp., Pool #G08826 | Federal Home Loan Mortgage Corp., Pool #G08826 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 06/01/48 | 201765 | 201494 |
|  Federal Home Loan Mortgage Corp., Pool #G08843 | Federal Home Loan Mortgage Corp., Pool #G08843 | Federal Home Loan Mortgage Corp., Pool #G08843 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/01/48 | 788670 | 767025 |
|  Federal Home Loan Mortgage Corp., Pool #G60038 | Federal Home Loan Mortgage Corp., Pool #G60038 | Federal Home Loan Mortgage Corp., Pool #G60038 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 01/01/44 | 774548 | 726634 |
|  Federal Home Loan Mortgage Corp., Pool #G60344 | Federal Home Loan Mortgage Corp., Pool #G60344 | Federal Home Loan Mortgage Corp., Pool #G60344 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 12/01/45 | 392480 | 374501 |
|  Federal Home Loan Mortgage Corp., Pool #G67706 | Federal Home Loan Mortgage Corp., Pool #G67706 | Federal Home Loan Mortgage Corp., Pool #G67706 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 12/01/47 | 457195 | 421367 |
|  Federal Home Loan Mortgage Corp., Pool #G67707 | Federal Home Loan Mortgage Corp., Pool #G67707 | Federal Home Loan Mortgage Corp., Pool #G67707 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 01/01/48 | 5056858 | 4681736 |
|  Federal Home Loan Mortgage Corp., Pool #G67718 | Federal Home Loan Mortgage Corp., Pool #G67718 | Federal Home Loan Mortgage Corp., Pool #G67718 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/01/49 | 1157365 | 1098474 |
|  Federal Home Loan Mortgage Corp., Pool #Q05261 | Federal Home Loan Mortgage Corp., Pool #Q05261 | Federal Home Loan Mortgage Corp., Pool #Q05261 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 12/01/41 | 781803 | 736155 |
|  Federal Home Loan Mortgage Corp., Pool #Q20178 | Federal Home Loan Mortgage Corp., Pool #Q20178 | Federal Home Loan Mortgage Corp., Pool #Q20178 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 07/01/43 | 1541631 | 1443551 |
|  Federal Home Loan Mortgage Corp., Pool #SD0231 | Federal Home Loan Mortgage Corp., Pool #SD0231 | Federal Home Loan Mortgage Corp., Pool #SD0231 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 01/01/50 | 3535333 | 3127279 |
|  Federal Home Loan Mortgage Corp., Pool #SD8178 | Federal Home Loan Mortgage Corp., Pool #SD8178 | Federal Home Loan Mortgage Corp., Pool #SD8178 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 11/01/51 | 4748343 | 3962485 |
|  Federal Home Loan Mortgage Corp., Pool #SD8238 | Federal Home Loan Mortgage Corp., Pool #SD8238 | Federal Home Loan Mortgage Corp., Pool #SD8238 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/01/52 | 2507720 | 2405592 |
|  Federal Home Loan Mortgage Corp., Pool #ZM1779 | Federal Home Loan Mortgage Corp., Pool #ZM1779 | Federal Home Loan Mortgage Corp., Pool #ZM1779 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 09/01/46 | 942299 | 838222 |
|  Federal Home Loan Mortgage Corp., Pool #ZT1703 | Federal Home Loan Mortgage Corp., Pool #ZT1703 | Federal Home Loan Mortgage Corp., Pool #ZT1703 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/01/49 | 787993 | 746988 |
|  Federal Home Loan Mortgage Corp. REMICS Series 2439, Class KZ | Federal Home Loan Mortgage Corp. REMICS Series 2439, Class KZ | Federal Home Loan Mortgage Corp. REMICS Series 2439, Class KZ |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 04/15/32 | 39231 | 40907 |
|  Federal Home Loan Mortgage Corp. REMICS Series 2575, Class FD (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 2575, Class FD (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 2575, Class FD (PAC) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91% (30 day USD SOFR Average + 0.564%) *<sup>(1)</sup>* | 02/15/33 | 112863 | 111914 |
|  Federal Home Loan Mortgage Corp. REMICS Series 2662, Class MT (TAC) | Federal Home Loan Mortgage Corp. REMICS Series 2662, Class MT (TAC) | Federal Home Loan Mortgage Corp. REMICS Series 2662, Class MT (TAC) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/15/33 | 32872 | 33015 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3315, Class S (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3315, Class S (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3315, Class S (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% (-30 day USD SOFR Average + 6.296%) *<sup>(1)</sup>* | 05/15/37 | 2985 | 177 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal Home Loan Mortgage Corp. REMICS Series 3339, Class JS (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3339, Class JS (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3339, Class JS (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.85% (-30 day USD SOFR Average + 42.091%) *<sup>(1)</sup>*  | 07/15/37 | $133012 | $185268 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3351, Class ZC | Federal Home Loan Mortgage Corp. REMICS Series 3351, Class ZC | Federal Home Loan Mortgage Corp. REMICS Series 3351, Class ZC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 07/15/37 | 114531 | 117795 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3380, Class SM (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3380, Class SM (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3380, Class SM (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% (-30 day USD SOFR Average + 6.296%) *<sup>(1)</sup>*  | 10/15/37 | 172062 | 18355 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3382, Class FL | Federal Home Loan Mortgage Corp. REMICS Series 3382, Class FL | Federal Home Loan Mortgage Corp. REMICS Series 3382, Class FL |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.16% (30 day USD SOFR Average + 0.814%) *<sup>(1)</sup>* | 11/15/37 | 42175 | 41951 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3439, Class SC (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3439, Class SC (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3439, Class SC (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.44% (-30 day USD SOFR Average + 5.786%) *<sup>(1)</sup>* | 04/15/38 | 754759 | 48980 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3578, Class DI (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3578, Class DI (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3578, Class DI (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.19% (-30 day USD SOFR Average + 6.536%) *<sup>(1)</sup>* | 04/15/36 | 243007 | 22564 |
|  Federal Home Loan Mortgage Corp. REMICS Series 4818, Class CA | Federal Home Loan Mortgage Corp. REMICS Series 4818, Class CA | Federal Home Loan Mortgage Corp. REMICS Series 4818, Class CA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 04/15/48 | 374529 | 331387 |
|  Federal National Mortgage Association, Pool #596686 | Federal National Mortgage Association, Pool #596686 | Federal National Mortgage Association, Pool #596686 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 11/01/31 | 4720 | 4941 |
|  Federal National Mortgage Association, Pool #727575 | Federal National Mortgage Association, Pool #727575 | Federal National Mortgage Association, Pool #727575 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 06/01/33 | 9985 | 10191 |
|  Federal National Mortgage Association, Pool #748751 | Federal National Mortgage Association, Pool #748751 | Federal National Mortgage Association, Pool #748751 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 10/01/33 | 28730 | 29610 |
|  Federal National Mortgage Association, Pool #AL0209 | Federal National Mortgage Association, Pool #AL0209 | Federal National Mortgage Association, Pool #AL0209 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/01/41 | 228910 | 227270 |
|  Federal National Mortgage Association, Pool #AL0851 | Federal National Mortgage Association, Pool #AL0851 | Federal National Mortgage Association, Pool #AL0851 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 10/01/40 | 208227 | 218550 |
|  Federal National Mortgage Association, Pool #AS9830 | Federal National Mortgage Association, Pool #AS9830 | Federal National Mortgage Association, Pool #AS9830 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 06/01/47 | 426866 | 404668 |
|  Federal National Mortgage Association, Pool #BN7755 | Federal National Mortgage Association, Pool #BN7755 | Federal National Mortgage Association, Pool #BN7755 | Federal National Mortgage Association, Pool #BN7755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 09/01/49 | 2274075 | 2011598 |
|  Federal National Mortgage Association, Pool #BQ6913 | Federal National Mortgage Association, Pool #BQ6913 | Federal National Mortgage Association, Pool #BQ6913 | Federal National Mortgage Association, Pool #BQ6913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 12/01/51 | 7927580 | 6306957 |
|  Federal National Mortgage Association, Pool #BV7937 | Federal National Mortgage Association, Pool #BV7937 | Federal National Mortgage Association, Pool #BV7937 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 08/01/52 | 4574150 | 4271697 |
|  Federal National Mortgage Association, Pool #BV8464 | Federal National Mortgage Association, Pool #BV8464 | Federal National Mortgage Association, Pool #BV8464 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 04/01/52 | 3604632 | 3129460 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal National Mortgage Association, Pool #BX8625 | Federal National Mortgage Association, Pool #BX8625 | Federal National Mortgage Association, Pool #BX8625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/01/53 | $6002895 | $5890672 |
|  Federal National Mortgage Association, Pool #CA1710 | Federal National Mortgage Association, Pool #CA1710 | Federal National Mortgage Association, Pool #CA1710 | Federal National Mortgage Association, Pool #CA1710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/01/48 | 1066617 | 1036070 |
|  Federal National Mortgage Association, Pool #CA1711 | Federal National Mortgage Association, Pool #CA1711 | Federal National Mortgage Association, Pool #CA1711 | Federal National Mortgage Association, Pool #CA1711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/01/48 | 741169 | 719943 |
|  Federal National Mortgage Association, Pool #CA2208 | Federal National Mortgage Association, Pool #CA2208 | Federal National Mortgage Association, Pool #CA2208 | Federal National Mortgage Association, Pool #CA2208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/01/48 | 594602 | 577573 |
|  Federal National Mortgage Association, Pool #CB0290 | Federal National Mortgage Association, Pool #CB0290 | Federal National Mortgage Association, Pool #CB0290 | Federal National Mortgage Association, Pool #CB0290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 04/01/51 | 6521219 | 5214050 |
|  Federal National Mortgage Association, Pool #CB0610 | Federal National Mortgage Association, Pool #CB0610 | Federal National Mortgage Association, Pool #CB0610 | Federal National Mortgage Association, Pool #CB0610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 05/01/51 | 6094889 | 5131681 |
|  Federal National Mortgage Association, Pool #CB2313 | Federal National Mortgage Association, Pool #CB2313 | Federal National Mortgage Association, Pool #CB2313 | Federal National Mortgage Association, Pool #CB2313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 12/01/51 | 6671720 | 5604960 |
|  Federal National Mortgage Association, Pool #CB3289 | Federal National Mortgage Association, Pool #CB3289 | Federal National Mortgage Association, Pool #CB3289 | Federal National Mortgage Association, Pool #CB3289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 04/01/52 | 8652461 | 6919047 |
|  Federal National Mortgage Association, Pool #FM2318 | Federal National Mortgage Association, Pool #FM2318 | Federal National Mortgage Association, Pool #FM2318 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/01/49 | 228538 | 209753 |
|  Federal National Mortgage Association, Pool #FM2870 | Federal National Mortgage Association, Pool #FM2870 | Federal National Mortgage Association, Pool #FM2870 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 03/01/50 | 1522214 | 1346518 |
|  Federal National Mortgage Association, Pool #FS4233 | Federal National Mortgage Association, Pool #FS4233 | Federal National Mortgage Association, Pool #FS4233 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 12/01/52 | 5825735 | 5586679 |
|  Federal National Mortgage Association, Pool #FS4701 | Federal National Mortgage Association, Pool #FS4701 | Federal National Mortgage Association, Pool #FS4701 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 04/01/53 | 5808621 | 5562828 |
|  Federal National Mortgage Association, Pool #FS6953 | Federal National Mortgage Association, Pool #FS6953 | Federal National Mortgage Association, Pool #FS6953 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 02/01/53 | 4544838 | 4245027 |
|  Federal National Mortgage Association, Pool #MA1146 | Federal National Mortgage Association, Pool #MA1146 | Federal National Mortgage Association, Pool #MA1146 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 08/01/42 | 474319 | 457799 |
|  Federal National Mortgage Association, Pool #MA1561 | Federal National Mortgage Association, Pool #MA1561 | Federal National Mortgage Association, Pool #MA1561 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 09/01/33 | 855738 | 823223 |
|  Federal National Mortgage Association, Pool #MA1584 | Federal National Mortgage Association, Pool #MA1584 | Federal National Mortgage Association, Pool #MA1584 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/01/33 | 1255718 | 1224932 |
|  Federal National Mortgage Association, Pool #MA3182 | Federal National Mortgage Association, Pool #MA3182 | Federal National Mortgage Association, Pool #MA3182 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 11/01/47 | 260166 | 239029 |
|  Federal National Mortgage Association, Pool #MA4093 | Federal National Mortgage Association, Pool #MA4093 | Federal National Mortgage Association, Pool #MA4093 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/01/40 | 3531375 | 3057869 |
|  Federal National Mortgage Association, Pool #MA4281 | Federal National Mortgage Association, Pool #MA4281 | Federal National Mortgage Association, Pool #MA4281 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/01/51 | 6603382 | 5273059 |
|  Federal National Mortgage Association, Pool #MA4387 | Federal National Mortgage Association, Pool #MA4387 | Federal National Mortgage Association, Pool #MA4387 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 07/01/41 | 506288 | 434562 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal National Mortgage Association, Pool #MA4465 | Federal National Mortgage Association, Pool #MA4465 | Federal National Mortgage Association, Pool #MA4465 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 11/01/51 | $1955607 | $1555641 |
|  Federal National Mortgage Association, Pool #MA4512 | Federal National Mortgage Association, Pool #MA4512 | Federal National Mortgage Association, Pool #MA4512 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 01/01/52 | 6162599 | 5138858 |
|  Federal National Mortgage Association, Pool #MA4655 | Federal National Mortgage Association, Pool #MA4655 | Federal National Mortgage Association, Pool #MA4655 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 07/01/52 | 4110156 | 3839020 |
|  Federal National Mortgage Association, Pool #MA5138 | Federal National Mortgage Association, Pool #MA5138 | Federal National Mortgage Association, Pool #MA5138 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 09/01/53 | 3217460 | 3217829 |
|  Federal National Mortgage Association Interest STRIPS Series 426, Class C39 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C39 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C39 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 09/25/51 | 2794184 | 367518 |
|  Federal National Mortgage Association Interest STRIPS Series 426, Class C43 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C43 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C43 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 07/25/50 | 2416740 | 310550 |
|  Federal National Mortgage Association Interest STRIPS Series 426, Class C44 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C44 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C44 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/25/52 | 5926415 | 775235 |
|  Federal National Mortgage Association Interest STRIPS Series 426, Class C45 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C45 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C45 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 07/25/51 | 7008509 | 910641 |
|  Federal National Mortgage Association REMICS Series 2001-14, Class SH (I/F) | Federal National Mortgage Association REMICS Series 2001-14, Class SH (I/F) | Federal National Mortgage Association REMICS Series 2001-14, Class SH (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.19% (-30 day USD SOFR Average + 27.424%) *<sup>(1)</sup>* | 03/25/30 | 15071 | 15984 |
|  Federal National Mortgage Association REMICS Series 2001-34, Class FV | Federal National Mortgage Association REMICS Series 2001-34, Class FV | Federal National Mortgage Association REMICS Series 2001-34, Class FV |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97% (30 day USD SOFR Average + 0.614%) *<sup>(1)</sup>* | 08/25/31 | 32645 | 32490 |
|  Federal National Mortgage Association REMICS Series 2007-89, Class GF | Federal National Mortgage Association REMICS Series 2007-89, Class GF | Federal National Mortgage Association REMICS Series 2007-89, Class GF |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99% (30 day USD SOFR Average + 0.634%) *<sup>(1)</sup>* | 09/25/37 | 179598 | 178200 |
|  Federal National Mortgage Association REMICS Series 2008-30, Class SA (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2008-30, Class SA (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2008-30, Class SA (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% (-30 day USD SOFR Average + 6.736%) *<sup>(1)</sup>* | 04/25/38 | 36274 | 4517 |
|  Federal National Mortgage Association REMICS Series 2008-62, Class SN (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2008-62, Class SN (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2008-62, Class SN (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73% (-30 day USD SOFR Average + 6.086%) *<sup>(1)</sup>* | 07/25/38 | 42035 | 3131 |
|  Federal National Mortgage Association REMICS Series 2009-64, Class TB | Federal National Mortgage Association REMICS Series 2009-64, Class TB | Federal National Mortgage Association REMICS Series 2009-64, Class TB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 08/25/29 | 263093 | 260798 |

---

*See accompanying Notes to Financial Statements.* 

------

April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal National Mortgage Association REMICS Series 2009-68, Class SA (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2009-68, Class SA (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2009-68, Class SA (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.28% (-30 day USD SOFR Average + 6.636%) *<sup>(1)</sup>* | 09/25/39 | $29244 | $3439 |
|  Federal National Mortgage Association REMICS Series 2010-26, Class AS (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2010-26, Class AS (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2010-26, Class AS (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.86% (-30 day USD SOFR Average + 6.216%) *<sup>(1)</sup>* | 03/25/40 | 415182 | 44279 |
|  Federal National Mortgage Association REMICS Series 2011-111, Class DB | Federal National Mortgage Association REMICS Series 2011-111, Class DB | Federal National Mortgage Association REMICS Series 2011-111, Class DB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/25/41 | 938278 | 912171 |
|  Federal National Mortgage Association REMICS Series 2018-38, Class LA | Federal National Mortgage Association REMICS Series 2018-38, Class LA | Federal National Mortgage Association REMICS Series 2018-38, Class LA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/25/48 | 721550 | 642261 |
|  Federal National Mortgage Association REMICS Series 2018-43, Class CT | Federal National Mortgage Association REMICS Series 2018-43, Class CT | Federal National Mortgage Association REMICS Series 2018-43, Class CT |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/25/48 | 536829 | 477849 |
|  Federal National Mortgage Association REMICS Series 2019-79, Class FA | Federal National Mortgage Association REMICS Series 2019-79, Class FA | Federal National Mortgage Association REMICS Series 2019-79, Class FA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97% (30 day USD SOFR Average + 0.614%) *<sup>(1)</sup>* | 01/25/50 | 1317186 | 1299056 |
|  Federal National Mortgage Association REMICS Series 2023-39, Class AI (I/O) | Federal National Mortgage Association REMICS Series 2023-39, Class AI (I/O) | Federal National Mortgage Association REMICS Series 2023-39, Class AI (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 07/25/52 | 20155438 | 2597383 |
|  Federal National Mortgage Association REMICS Trust Series 2004-W10, Class A6 (PAC) | Federal National Mortgage Association REMICS Trust Series 2004-W10, Class A6 (PAC) | Federal National Mortgage Association REMICS Trust Series 2004-W10, Class A6 (PAC) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *<sup>(7)</sup>*  | 08/25/34 | 475122 | 477597 |
|  Government National Mortgage Association, Pool #608259 | Government National Mortgage Association, Pool #608259 | Government National Mortgage Association, Pool #608259 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/15/33 | 10915 | 10965 |
|  Government National Mortgage Association, Pool #782114 | Government National Mortgage Association, Pool #782114 | Government National Mortgage Association, Pool #782114 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 09/15/36 | 43642 | 44633 |
|  Government National Mortgage Association, Pool #MA3521 | Government National Mortgage Association, Pool #MA3521 | Government National Mortgage Association, Pool #MA3521 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 03/20/46 | 724304 | 668151 |
|  Government National Mortgage Association, Pool #MA3597 | Government National Mortgage Association, Pool #MA3597 | Government National Mortgage Association, Pool #MA3597 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 04/20/46 | 705390 | 647823 |
|  Government National Mortgage Association, Pool #MA3662 | Government National Mortgage Association, Pool #MA3662 | Government National Mortgage Association, Pool #MA3662 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 05/20/46 | 313728 | 281983 |
|  Government National Mortgage Association, Pool #MA3663 | Government National Mortgage Association, Pool #MA3663 | Government National Mortgage Association, Pool #MA3663 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 05/20/46 | 686056 | 630067 |
|  Government National Mortgage Association, Pool #MA4127 | Government National Mortgage Association, Pool #MA4127 | Government National Mortgage Association, Pool #MA4127 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 12/20/46 | 991365 | 910460 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Government National Mortgage Association, Pool #MA4454 | Government National Mortgage Association, Pool #MA4454 | Government National Mortgage Association, Pool #MA4454 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 05/20/47 | $236945 | $238375 |
|  Government National Mortgage Association, Pool #MA4589 | Government National Mortgage Association, Pool #MA4589 | Government National Mortgage Association, Pool #MA4589 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 07/20/47 | 554517 | 557863 |
|  Government National Mortgage Association, Pool #MA4722 | Government National Mortgage Association, Pool #MA4722 | Government National Mortgage Association, Pool #MA4722 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 09/20/47 | 173401 | 174161 |
|  Government National Mortgage Association, Pool #MA4777 | Government National Mortgage Association, Pool #MA4777 | Government National Mortgage Association, Pool #MA4777 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/20/47 | 225680 | 202250 |
|  Government National Mortgage Association, Pool #MA4836 | Government National Mortgage Association, Pool #MA4836 | Government National Mortgage Association, Pool #MA4836 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 11/20/47 | 880229 | 788843 |
|  Government National Mortgage Association, Pool #MA4838 | Government National Mortgage Association, Pool #MA4838 | Government National Mortgage Association, Pool #MA4838 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/20/47 | 517713 | 489660 |
|  Government National Mortgage Association, Pool #MA4901 | Government National Mortgage Association, Pool #MA4901 | Government National Mortgage Association, Pool #MA4901 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 12/20/47 | 882442 | 834225 |
|  Government National Mortgage Association, Pool #MA5078 | Government National Mortgage Association, Pool #MA5078 | Government National Mortgage Association, Pool #MA5078 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 03/20/48 | 625052 | 590899 |
|  Government National Mortgage Association, Pool #MA5399 | Government National Mortgage Association, Pool #MA5399 | Government National Mortgage Association, Pool #MA5399 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/20/48 | 1233119 | 1204457 |
|  Government National Mortgage Association, Pool #MA5466 | Government National Mortgage Association, Pool #MA5466 | Government National Mortgage Association, Pool #MA5466 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 09/20/48 | 42934 | 40549 |
|  Government National Mortgage Association, Pool #MA5467 | Government National Mortgage Association, Pool #MA5467 | Government National Mortgage Association, Pool #MA5467 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/20/48 | 75079 | 73334 |
|  Government National Mortgage Association, Pool #MA6030 | Government National Mortgage Association, Pool #MA6030 | Government National Mortgage Association, Pool #MA6030 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 07/20/49 | 67951 | 61409 |
|  Government National Mortgage Association, Pool #MA6209 | Government National Mortgage Association, Pool #MA6209 | Government National Mortgage Association, Pool #MA6209 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/20/49 | 489458 | 427666 |
|  Government National Mortgage Association, Pool #MA8347 | Government National Mortgage Association, Pool #MA8347 | Government National Mortgage Association, Pool #MA8347 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/20/52 | 4665173 | 4493402 |
|  Government National Mortgage Association REMICS Series 2008-27, Class SI (I/O) (I/F) | Government National Mortgage Association REMICS Series 2008-27, Class SI (I/O) (I/F) | Government National Mortgage Association REMICS Series 2008-27, Class SI (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.04% (-1 mo. USD Term SOFR + 6.356%) *<sup>(1)</sup>* | 03/20/38 | 119364 | 13171 |
|  Government National Mortgage Association REMICS Series 2008-81, Class S (I/O) (I/F) | Government National Mortgage Association REMICS Series 2008-81, Class S (I/O) (I/F) | Government National Mortgage Association REMICS Series 2008-81, Class S (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.77% (-1 mo. USD Term SOFR + 6.086%) *<sup>(1)</sup>* | 09/20/38 | 458560 | 46355 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Government National Mortgage Association REMICS Series 2010-1, Class S (I/O) (I/F) | Government National Mortgage Association REMICS Series 2010-1, Class S (I/O) (I/F) | Government National Mortgage Association REMICS Series 2010-1, Class S (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.32% (-1 mo. USD Term SOFR + 5.636%) *<sup>(1)</sup>* | 01/20/40 | 688766 | $63015 |
|  Government National Mortgage Association REMICS Series 2018-124, Class NW | Government National Mortgage Association REMICS Series 2018-124, Class NW | Government National Mortgage Association REMICS Series 2018-124, Class NW |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/20/48 | 626586 | 572095 |
|  Government National Mortgage Association REMICS Series 2023-134, Class F | Government National Mortgage Association REMICS Series 2023-134, Class F | Government National Mortgage Association REMICS Series 2023-134, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% (30 day USD SOFR Average + 1.000%) *<sup>(1)</sup>* | 08/20/53 | 674282 | 670287 |
|  Government National Mortgage Association REMICS Series 2024-30, Class CF | Government National Mortgage Association REMICS Series 2024-30, Class CF | Government National Mortgage Association REMICS Series 2024-30, Class CF |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% (30 day USD SOFR Average + 1.250%) *<sup>(1)</sup>* | 02/20/54 | 947115 | 945106 |
|  Government National Mortgage Association REMICS Series 2024-97, Class FW | Government National Mortgage Association REMICS Series 2024-97, Class FW | Government National Mortgage Association REMICS Series 2024-97, Class FW |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% (30 day USD SOFR Average + 1.150%) *<sup>(1)</sup>* | 06/20/54 | 210786 | 208818 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% <sup>(8)</sup>  | 12/01/51 | 7700000 | 6561828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(8)</sup>  | 05/01/52 | 4700000 | 4374386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% <sup>(8)</sup> | 09/01/54 | 2825000 | 2703411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(8)</sup> | 02/01/55 | 6625000 | 6497889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(8)</sup>* | 02/01/55 | 4125000 | 4122022 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% *<sup>(8)</sup>* | 11/01/51 | 3225000 | 2558863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *<sup>(8)</sup>* | 11/01/51 | 3075000 | 2557072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% *<sup>(8)</sup>* | 01/01/52 | 2725000 | 2363323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(8)</sup>* | 02/01/52 | 8100000 | 7309237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(8)</sup>* | 03/01/52 | 2125000 | 1979974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(8)</sup>* | 07/01/54 | 5825000 | 5570290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(8)</sup>* | 07/01/54 | 4325000 | 4234519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(8)</sup>* | 01/01/55 | 4325000 | 4315411 |
|  **Total Residential Mortgage-Backed Securities — Agency** | **Total Residential Mortgage-Backed Securities — Agency** | **Total Residential Mortgage-Backed Securities — Agency** |  |
|  (Cost: $213,888,712)  | (Cost: $213,888,712)  | (Cost: $213,888,712)  | 206941854 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 9.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 9.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 9.8%** |  |
|  Ajax Mortgage Loan Trust Series 2019-F, Class A1 | Ajax Mortgage Loan Trust Series 2019-F, Class A1 | Ajax Mortgage Loan Trust Series 2019-F, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.86% *<sup>(2)</sup>* | 07/25/59 | 1246740 | 1208731 |
|  Bayview MSR Opportunity Master Fund Trust Series 2021-5, Class A5 | Bayview MSR Opportunity Master Fund Trust Series 2021-5, Class A5 | Bayview MSR Opportunity Master Fund Trust Series 2021-5, Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *<sup>(2),(6)</sup>* | 11/25/51 | 3359331 | 3011347 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | |
|  Citigroup Mortgage Loan Trust, Inc. Series 2005-5, Class 2A2 | Citigroup Mortgage Loan Trust, Inc. Series 2005-5, Class 2A2 | Citigroup Mortgage Loan Trust, Inc. Series 2005-5, Class 2A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *<sup>(7)</sup>* | 08/25/35 | $114392 | $97770 |
|  Citigroup Mortgage Loan Trust, Inc. Series 2006-AMC1, Class A1 | Citigroup Mortgage Loan Trust, Inc. Series 2006-AMC1, Class A1 | Citigroup Mortgage Loan Trust, Inc. Series 2006-AMC1, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73% (1 mo. USD Term SOFR + 0.404%) *<sup>(1),(2)</sup>* | 09/25/36 | 4678637 | 4502138 |
|  CSMC Trust Series 2018-RPL9, Class A | CSMC Trust Series 2018-RPL9, Class A | CSMC Trust Series 2018-RPL9, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85% *<sup>(2),(6)</sup>* | 09/25/57 | 1851875 | 1791624 |
|  CSMC Trust Series 2022-ATH2, Class A1 | CSMC Trust Series 2022-ATH2, Class A1 | CSMC Trust Series 2022-ATH2, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55% *<sup>(2),(6)</sup>* | 05/25/67 | 2840658 | 2829203 |
|  Fremont Home Loan Trust Series 2005-E, Class 2A4 | Fremont Home Loan Trust Series 2005-E, Class 2A4 | Fremont Home Loan Trust Series 2005-E, Class 2A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10% (1 mo. USD Term SOFR + 0.774%) *<sup>(1)</sup>* | 01/25/36 | 3322967 | 3188650 |
|  GS Mortgage-Backed Securities Trust Series 2018-RPL1, Class A1A | GS Mortgage-Backed Securities Trust Series 2018-RPL1, Class A1A | GS Mortgage-Backed Securities Trust Series 2018-RPL1, Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% *<sup>(2)</sup>* | 10/25/57 | 1339749 | 1312508 |
|  GS Mortgage-Backed Securities Trust Series 2021-INV1, Class A6 | GS Mortgage-Backed Securities Trust Series 2021-INV1, Class A6 | GS Mortgage-Backed Securities Trust Series 2021-INV1, Class A6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *<sup>(2),(6)</sup>* | 12/25/51 | 3222664 | 2868430 |
|  GSAA Home Equity Trust Series 2005-11, Class 2A2 | GSAA Home Equity Trust Series 2005-11, Class 2A2 | GSAA Home Equity Trust Series 2005-11, Class 2A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.08% (1 mo. USD Term SOFR + 0.754%) *<sup>(1)</sup>* | 10/25/35 | 264182 | 283616 |
|  IndyMac INDX Mortgage Loan Trust Series 2005-AR6, Class 2A1 | IndyMac INDX Mortgage Loan Trust Series 2005-AR6, Class 2A1 | IndyMac INDX Mortgage Loan Trust Series 2005-AR6, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92% (1 mo. USD Term SOFR + 0.594%) *<sup>(1)</sup>* | 04/25/35 | 416064 | 330657 |
|  JPMorgan Mortgage Trust Series 2021-14, Class A3 | JPMorgan Mortgage Trust Series 2021-14, Class A3 | JPMorgan Mortgage Trust Series 2021-14, Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *<sup>(2),(6)</sup>* | 05/25/52 | 4348948 | 3544950 |
|  JPMorgan Mortgage Trust Series 2021-INV3, Class A3 | JPMorgan Mortgage Trust Series 2021-INV3, Class A3 | JPMorgan Mortgage Trust Series 2021-INV3, Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *<sup>(2),(6)</sup>* | 12/25/51 | 6141593 | 5462835 |
|  JPMorgan Mortgage Trust Series 2021-INV5, Class A3 | JPMorgan Mortgage Trust Series 2021-INV5, Class A3 | JPMorgan Mortgage Trust Series 2021-INV5, Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% *<sup>(2),(6)</sup>* | 12/25/51 | 4669981 | 4305610 |
|  JPMorgan Mortgage Trust Series 2022-1, Class A3 | JPMorgan Mortgage Trust Series 2022-1, Class A3 | JPMorgan Mortgage Trust Series 2022-1, Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *<sup>(2),(6)</sup>* | 07/25/52 | 7655753 | 6246534 |
|  Morgan Stanley ABS Capital I, Inc. Trust Series 2004-WMC2, Class M1 | Morgan Stanley ABS Capital I, Inc. Trust Series 2004-WMC2, Class M1 | Morgan Stanley ABS Capital I, Inc. Trust Series 2004-WMC2, Class M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.36% (1 mo. USD Term SOFR + 1.029%) *<sup>(1)</sup>* | 07/25/34 | 393869 | 396028 |
|  Morgan Stanley Mortgage Loan Trust Series 2004-3, Class 4A | Morgan Stanley Mortgage Loan Trust Series 2004-3, Class 4A | Morgan Stanley Mortgage Loan Trust Series 2004-3, Class 4A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.64% *<sup>(6)</sup>* | 04/25/34 | 56225 | 54557 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-WCW2, Class M3 | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-WCW2, Class M3 | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-WCW2, Class M3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.27% (1 mo. USD Term SOFR + 0.939%) *<sup>(1)</sup>* | 07/25/35 | 5000000 | 4749983 |

---

*See accompanying Notes to Financial Statements.* 

------

April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | | |
|  Starwood Mortgage Residential Trust Series 2021-3, Class A1 | Starwood Mortgage Residential Trust Series 2021-3, Class A1 | Starwood Mortgage Residential Trust Series 2021-3, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13% *<sup>(2),(6)</sup>* | 06/25/56 | 1872422 | $| 1584633 |
|  Structured Asset Investment Loan Trust Series 2004-6, Class A3 | Structured Asset Investment Loan Trust Series 2004-6, Class A3 | Structured Asset Investment Loan Trust Series 2004-6, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.24% (1 mo. USD Term SOFR + 0.914%) *<sup>(1)</sup>* | 07/25/34 | 1235541 |  | 1263740 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR15, Class A1A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR15, Class A1A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR15, Class A1A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.96% (1 mo. USD Term SOFR + 0.634%) *<sup>(1)</sup>* | 11/25/45 | 3386410 |  | 3173596 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR3, Class A2 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR3, Class A2 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR3, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.07% *<sup>(6)</sup>* | 03/25/35 | 375671 |  | 368845 |
|  Wells Fargo Alternative Loan Trust Series 2007-PA3, Class 2A1 | Wells Fargo Alternative Loan Trust Series 2007-PA3, Class 2A1 | Wells Fargo Alternative Loan Trust Series 2007-PA3, Class 2A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% *<sup>(7)</sup>* | 07/25/37 | 36700 |  | 33815 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust Series 2004-2, Class A33 | Wells Fargo Home Equity Asset-Backed Securities Trust Series 2004-2, Class A33 | Wells Fargo Home Equity Asset-Backed Securities Trust Series 2004-2, Class A33 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.44% (1 mo. USD Term SOFR + 1.114%) *<sup>(1)</sup>* | 10/25/34 | 1938157 |  | 1968497 |
|  **Total Residential Mortgage-Backed Securities —<br>Non-Agency** | **Total Residential Mortgage-Backed Securities —<br>Non-Agency** | **Total Residential Mortgage-Backed Securities —<br>Non-Agency** |  |  |
|  (Cost: $56,142,393) | (Cost: $56,142,393) | (Cost: $56,142,393) |  | 54578297 |
| **U.S. TREASURY SECURITIES — 20.3%** | **U.S. TREASURY SECURITIES — 20.3%** | **U.S. TREASURY SECURITIES — 20.3%** | **U.S. TREASURY SECURITIES — 20.3%** | **U.S. TREASURY SECURITIES — 20.3%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 02/15/55 | 4420000 |  | 4376836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 02/15/45 | 34700000 |  | 34954828 |
|  U.S. Treasury Inflation-Indexed Notes | U.S. Treasury Inflation-Indexed Notes | U.S. Treasury Inflation-Indexed Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13% | 01/15/35 | 8577741 |  | 8735726 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **U.S. TREASURY SECURITIES (Continued)** | **U.S. TREASURY SECURITIES (Continued)** | **U.S. TREASURY SECURITIES (Continued)** | **U.S. TREASURY SECURITIES (Continued)** |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 04/30/27 | 4629000 | $4643285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 04/30/30 | 30799000 | 31026383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/30/32 | 18755000 | 18841449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 02/15/35 | 10240000 | 10626400 |
|  **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** |  |  |
|  (Cost: $112,371,494) | (Cost: $112,371,494) | (Cost: $112,371,494) | 113204907 |
| **FOREIGN GOVERNMENT BONDS — 0.1%** (Cost: $495,878) | **FOREIGN GOVERNMENT BONDS — 0.1%** (Cost: $495,878) | **FOREIGN GOVERNMENT BONDS — 0.1%** (Cost: $495,878) | **FOREIGN GOVERNMENT BONDS — 0.1%** (Cost: $495,878) |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 02/19/30 | 500000 | 504945 |
|  **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** |  |
|  (Cost: $553,711,092) | (Cost: $553,711,092) |  | 542094032 |
|  **PURCHASED OPTIONS** *<sup>(9)</sup>* **(0.1%)** | **PURCHASED OPTIONS** *<sup>(9)</sup>* **(0.1%)** | **PURCHASED OPTIONS** *<sup>(9)</sup>* **(0.1%)** |  |
|  (Cost: $224,017) | (Cost: $224,017) |  | 301632 |
|  |  | **Shares** |  |
| **MONEY MARKET INVESTMENTS — 12.5%** | **MONEY MARKET INVESTMENTS — 12.5%** | **MONEY MARKET INVESTMENTS — 12.5%** | **MONEY MARKET INVESTMENTS — 12.5%** |
|  State Street Institutional U.S. Government Money Market Fund — Premier Class, | State Street Institutional U.S. Government Money Market Fund — Premier Class, | State Street Institutional U.S. Government Money Market Fund — Premier Class, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29% *<sup>(10)</sup>*  |  | 5983209 | 5983209 |
|  TCW Central Cash Fund, | TCW Central Cash Fund, | TCW Central Cash Fund, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34% *<sup>(10),(11)</sup>*  |  | 63600658 | 63600658 |
|  **Total Money Market Investments** | **Total Money Market Investments** |  |  |
|  (Cost: $69,583,867) | (Cost: $69,583,867) |  | 69583867 |
|  **Total Investments (110.0%)** | **Total Investments (110.0%)** |  |  |
|  (Cost: $623,518,976) | (Cost: $623,518,976) |  | 611979531 |
|  **Liabilities In Excess Of Other Assets (-10.0%)** | **Liabilities In Excess Of Other Assets (-10.0%)** | **Liabilities In Excess Of Other Assets (-10.0%)** | (55729944) |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | $556249587 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
| **Number of<br>Contracts** | **Type** | **Expiration<br>Date** | **Notional** | **Market<br>Value** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Futures** | **Long Futures** | **Long Futures** | **Long Futures** | **Long Futures** | **Long Futures** |
| 935 | 2-Year U.S. Treasury Note Futures | 06/30/25 | $192871900 | $194618790 | $1746890 |
| 333 | 5-Year U.S. Treasury Note Futures | 06/30/25 | 35896923 | 36362039 | 465116 |
| 82 | U.S. Ultra Long Bond Futures | 06/18/25 | 9737661 | 9924562 | 186901 |
|  |  |  | $238506484 | $240905391 | $2398907 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
| **Number of<br>Contracts** | **Type** | **Expiration<br>Date** | **Notional** | **Market<br>Value** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** |
| 11 | 10-Year U.S. Treasury Note Futures | 06/18/25 | $(1230433) | $(1262078) | $(31645) |
| 16 | 30-Year Euro-Buxl Future | 06/6/25 | (2198652) | (2257131) | (58479) |
| 27 | Euro-Bobl Future | 06/6/25 | (3603886) | (3671713) | (67827) |
| 64 | Euro-Bund Future | 06/6/25 | (9404895) | (9587257) | (182362) |
|  |  |  | $(16437866) | $(16778179) | $(340313) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts |
| **Counterparty** | **Contracts to<br>Deliver** | **Units of<br>Currency** | **Settlement<br>Date** | **In Exchange for<br>USD** | **Contracts at<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **BUY** *<sup>(12)</sup>* |  |  |  |  |  |  |
|  Goldman Sachs & Co. | EUR | 526370 | 07/11/25 | $598983 | $600838 | $1855 |
|  Citibank N.A. | EUR | 734240 | 07/11/25 | 840678 | 838116 | (2562) |
|  |  |  |  | $1439661 | $1438954 | $(707) |
|  **SELL** *<sup>(13)</sup>* |  |  |  |  |  |  |
|  Goldman Sachs & Co. | EUR | 3581000 | 07/11/25 | 3955120 | 4087622 | (132502) |
|  Citibank N.A. | EUR | 13502000 | 07/11/25 | 14656893 | 15412184 | (755291) |
|  Goldman Sachs & Co. | GBP | 231000 | 07/11/25 | 299337 | 308627 | (9290) |
|  |  |  |  | $18911350 | $19808433 | $(897083) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| PURCHASED SWAPTIONS — OTC | PURCHASED SWAPTIONS — OTC | PURCHASED SWAPTIONS — OTC | PURCHASED SWAPTIONS — OTC | PURCHASED SWAPTIONS — OTC | PURCHASED SWAPTIONS — OTC | PURCHASED SWAPTIONS — OTC | PURCHASED SWAPTIONS — OTC | PURCHASED SWAPTIONS — OTC |
| **Description** | **Counterparty** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums**<br> **Paid**<br> (Received)<br>by Fund | **Unrealized**<br> **Appreciation**<br> (Depreciation) |
|  1-Year 2-Year Interest Rate Swap | Goldman<br>Sachs<br>International | 3.57% | 12/31/25 | $39390000 | $39390000 | $145995 | $122109 | $23886 |
|  1-Year 5-Year Interest Rate Swap | JPMorgan<br>Chase Bank | 3.74% | 12/31/25 | 16775000 | 16775000 | 155637 | 101908 | 53729 |
|  |  |  |  |  |  | $301632 | $224017 | $77615 |

---

*See accompanying Notes to Financial Statements.* 

------

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<br>Affiliated<br>Fund** | **Value at<br>October 31,<br>2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Number<br>of Shares<br>Held<br>April 30,<br>2025** | **Value at<br>April 30,**<br>**2025** | **Dividends and<br>Interest<br>Income<br>Received** | **Distributions<br>Received from<br>Net Realized<br>Gain** | **Net Realized<br>Gain (Loss)<br>on<br>Investments** | **Net change in<br>Unrealized<br>Gain (Loss)<br>on<br>Investments** |
|  **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** |  |  |  |  |  |  |  |
|  | $58589783 | $904270875 | $899260000 | 63600658 | $63600658 | $1815630 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $63600658 | $1815630 | $— | $— | $— |

---

*See accompanying Notes to Financial Statements.* 

------

## 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<br>in Active<br>Markets for<br>Identical<br>Assets**<br>**(Level 1)** | **Other<br>Significant<br>Observable<br>Inputs**<br>**(Level 2)** | **Significant<br>Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  Fixed Income Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities — Agency | $— | $204344471 | $2597383 | $206941854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities | 104469181 | 8735726 |  | 113204907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 107423120 |  | 107423120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities — Non-Agency |  | 54578297 |  | 54578297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 34822598 | 3538627 | 38361225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities — Non-Agency |  | 16883108 |  | 16883108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 2680876 |  | 2680876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities — Agency |  | 1515700 |  | 1515700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Bonds |  | 504945 |  | 504945 |
|  Total Fixed Income Securities | 104469181 | 431488841 | 6136010 | 542094032 |
|  Money Market Investments | 69583867 |  |  | 69583867 |
|  Purchased Options |  | 301632 |  | 301632 |
|  Total Investments | $174053048 | $431790473 | $6136010 | $611979531 |
|  Asset Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | 1855 |  | 1855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | 2398907 |  |  | 2398907 |
|  Total | $176451955 | $431792328 | $6136010 | $614380293 |
|  Liability Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | $(340313) | $— | $— | $(340313) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | (899645) |  | (899645) |
|  Total | $(340313) | $(899645) | $— | $(1239958) |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW Global Bond Fund
Schedule of Investments April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **FIXED INCOME SECURITIES — 105.5% of Net Assets** | **FIXED INCOME SECURITIES — 105.5% of Net Assets** | **FIXED INCOME SECURITIES — 105.5% of Net Assets** | **FIXED INCOME SECURITIES — 105.5% of Net Assets** |
|  **CORPORATE BONDS — 16.2%** | **CORPORATE BONDS — 16.2%** | **CORPORATE BONDS — 16.2%** | **CORPORATE BONDS — 16.2%** |
| **Aerospace & Defense — 0.7%** | **Aerospace & Defense — 0.7%** | **Aerospace & Defense — 0.7%** | **Aerospace & Defense — 0.7%** |
|  Boeing Co. | Boeing Co. | Boeing Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.53% | 05/01/34 | $10000 | $10767 |
|  General Electric Co. | General Electric Co. | General Electric Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.06% (3 mo. USD Term SOFR + 0.742%) *<sup>(1)</sup>* | 08/15/36 | 100000 | 92929 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% *<sup>(2)</sup>* | 01/15/33 | 41000 | 40958 |
|  |  |  | 144654 |
| **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
|  Delta Air Lines Pass-Through Trust Series 2020-1, Class AA | Delta Air Lines Pass-Through Trust Series 2020-1, Class AA | Delta Air Lines Pass-Through Trust Series 2020-1, Class AA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 12/10/29 | 65783 | 61688 |
| **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** |
|  Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% *<sup>(2)</sup>* | 03/27/35 | 50000 | 49789 |
| **Banks — 3.3%** | **Banks — 3.3%** | **Banks — 3.3%** | **Banks — 3.3%** |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30% (1 day USD SOFR + 1.220%) *<sup>(1)</sup>* | 07/21/32 | 75000 | 64491 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06% (1 day USD SOFR + 1.351%) *<sup>(1)</sup>* | 01/25/33 | 5000 | 4399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.33% (1 day USD SOFR + 1.465%) *<sup>(1)</sup>* | 03/27/36 | 55000 | 54647 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65% (1 day USD SOFR + 1.246%) *<sup>(1)</sup>* | 10/21/32 | 20000 | 17363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02% (1 day USD SOFR + 1.420%) *<sup>(1)</sup>* | 10/23/35 | 50000 | 48448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.54% (1 day USD SOFR + 1.380%) *<sup>(1)</sup>*  | 01/28/36 | 15000 | 15160 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.07% (1 day USD SOFR + 1.015%) *<sup>(1)</sup>*  | 06/01/29 | 20000 | 18663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% (1 day USD SOFR + 1.180%) *<sup>(1)</sup>* | 11/08/32 | 10000 | 8726 |
|  Kreditanstalt fuer Wiederaufbau (Germany) | Kreditanstalt fuer Wiederaufbau (Germany) | Kreditanstalt fuer Wiederaufbau (Germany) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63% | 01/07/28 | 181000 | 198754 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24% (1 day USD SOFR + 1.178%) *<sup>(1)</sup>* | 07/21/32 | 5000 | 4262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32% (1 day USD<br>SOFR + 1.555%) *<sup>(1)</sup>* | 07/19/35 | 100000 | 99624 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.58% (1 day USD SOFR + 1.841%) *<sup>(1)</sup>* | 06/12/29 | 30000 | $| 30936 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% (1 day USD SOFR + 1.230%) *<sup>(1)</sup>* | 02/01/29 | 30000 |  | 30105 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.39% (1 day USD SOFR + 2.100%) *<sup>(1)</sup>* | 06/02/28 | 60000 |  | 57529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57% (3 mo. USD LIBOR + 1.000%) *<sup>(1)</sup>* | 02/11/31 | 5000 |  | 4526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% (1 day USD SOFR + 1.780%) *<sup>(1)</sup>* | 01/23/35 | 10000 |  | 10074 |
|  |  |  |  | 667707 |
| **Chemicals — 0.6%** | **Chemicals — 0.6%** | **Chemicals — 0.6%** | **Chemicals — 0.6%** | **Chemicals — 0.6%** |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80% | 09/25/26 | 100000 |  | 112069 |
| **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |
|  Grand Canyon University | Grand Canyon University | Grand Canyon University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 10/01/28 | 20000 |  | 18860 |
|  Upbound Group, Inc. | Upbound Group, Inc. | Upbound Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% *<sup>(2)</sup>* | 02/15/29 | 15000 |  | 14178 |
|  Valvoline, Inc. | Valvoline, Inc. | Valvoline, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% *<sup>(2)</sup>* | 06/15/31 | 10000 |  | 8765 |
|  |  |  |  | 41803 |
| **Computers — 0.3%** | **Computers — 0.3%** | **Computers — 0.3%** | **Computers — 0.3%** | **Computers — 0.3%** |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/01/30 | 50000 |  | 50325 |
| **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** |
|  Opal Bidco SAS (France) | Opal Bidco SAS (France) | Opal Bidco SAS (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(2)</sup>* | 03/31/32 | 5000 |  | 5009 |
|  Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% *<sup>(2)</sup>* | 04/01/31 | 22000 |  | 19894 |
|  |  |  |  | 24903 |
| **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45% | 10/29/26 | 20000 |  | 19351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 01/23/28 | 10000 |  | 9791 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85% | 12/15/27 | 20000 |  | 20609 |
|  Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53% *<sup>(2)</sup>* | 11/18/27 | 24000 |  | 22525 |
|  Blackrock, Inc. | Blackrock, Inc. | Blackrock, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 07/18/35 | 100000 |  | 116581 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Diversified Financial Services (Continued)** | **Diversified Financial Services (Continued)** | **Diversified Financial Services (Continued)** | **Diversified Financial Services (Continued)** | **Diversified Financial Services (Continued)** |
|  GGAM Finance Ltd. (Ireland) | GGAM Finance Ltd. (Ireland) | GGAM Finance Ltd. (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% *<sup>(2)</sup>* | 02/15/27 | 15000 | $| 15396 |
|  |  |  |  | 204253 |
| **Electric — 1.4%** | **Electric — 1.4%** | **Electric — 1.4%** | **Electric — 1.4%** | **Electric — 1.4%** |
|  Alabama Power Co. | Alabama Power Co. | Alabama Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10% | 04/02/35 | 20000 |  | 20093 |
|  Alpha Generation LLC | Alpha Generation LLC | Alpha Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% *<sup>(2)</sup>* | 10/15/32 | 5000 |  | 5110 |
|  Amprion GmbH (Germany) | Amprion GmbH (Germany) | Amprion GmbH (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63% *<sup>(3)</sup>* | 09/23/33 | 100000 |  | 90188 |
|  E.ON SE (Germany) | E.ON SE (Germany) | E.ON SE (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(3)</sup>* | 01/16/40 | 25000 |  | 28322 |
|  Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 06/15/34 | 20000 |  | 20536 |
|  National Grid Electricity Transmission PLC (United Kingdom) | National Grid Electricity Transmission PLC (United Kingdom) | National Grid Electricity Transmission PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.82% *<sup>(3)</sup>* | 07/07/32 | 100000 |  | 96050 |
|  Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% *<sup>(2)</sup>* | 04/01/35 | 30000 |  | 30414 |
|  |  |  |  | 290713 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
|  Artera Services LLC | Artera Services LLC | Artera Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% *<sup>(2)</sup>* | 02/15/31 | 5000 |  | 4750 |
| **Entertainment — 0.4%** | **Entertainment — 0.4%** | **Entertainment — 0.4%** | **Entertainment — 0.4%** | **Entertainment — 0.4%** |
|  Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13% *<sup>(2)</sup>* | 07/01/27 | 10000 |  | 10041 |
|  WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/15/42 | 10000 |  | 7534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14% | 03/15/52 | 85000 |  | 58423 |
|  |  |  |  | 75998 |
| **Food — 0.4%** | **Food — 0.4%** | **Food — 0.4%** | **Food — 0.4%** | **Food — 0.4%** |
|  JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 02/02/52 | 20000 |  | 15413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 12/01/52 | 25000 |  | 25695 |
|  Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 04/15/31 | 37000 |  | 35075 |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% *<sup>(2)</sup>* | 04/15/30 | 12000 |  | 11339 |
|  |  |  |  | 87522 |
| **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% *<sup>(2)</sup>* | 05/01/33 | 5000 |  | 5136 |
| **Health Care-Products — 0.5%** | **Health Care-Products — 0.5%** | **Health Care-Products — 0.5%** | **Health Care-Products — 0.5%** | **Health Care-Products — 0.5%** |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38% *<sup>(2)</sup>*  | 10/01/28 | 8000 |  | 8360 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Health Care-Products (Continued)** | **Health Care-Products (Continued)** | **Health Care-Products (Continued)** | **Health Care-Products (Continued)** | **Health Care-Products (Continued)** |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% *<sup>(2)</sup>* | 10/01/29 | 10000 | $| 9510 |
|  Thermo Fisher Scientific Finance I BV | Thermo Fisher Scientific Finance I BV | Thermo Fisher Scientific Finance I BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63% | 10/18/41 | 100000 |  | 81383 |
|  |  |  |  | 99253 |
| **Health Care-Services — 0.4%** | **Health Care-Services — 0.4%** | **Health Care-Services — 0.4%** | **Health Care-Services — 0.4%** | **Health Care-Services — 0.4%** |
|  HAH Group Holding Co. LLC | HAH Group Holding Co. LLC | HAH Group Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75% *<sup>(2)</sup>* | 10/01/31 | 2000 |  | 1923 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 03/01/35 | 20000 |  | 20202 |
|  Humana, Inc. | Humana, Inc. | Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% | 05/01/35 | 10000 |  | 9927 |
|  Kedrion SpA (Italy) | Kedrion SpA (Italy) | Kedrion SpA (Italy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(2)</sup>* | 09/01/29 | 11000 |  | 10547 |
|  ModivCare, Inc. | ModivCare, Inc. | ModivCare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(2),(4)</sup>* | 10/01/29 | 22050 |  | 6835 |
|  Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(2)</sup>* | 01/15/33 | 5000 |  | 4971 |
|  Star Parent, Inc. | Star Parent, Inc. | Star Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% *<sup>(2)</sup>* | 10/01/30 | 5000 |  | 5062 |
|  Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 01/15/30 | 5000 |  | 4745 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 07/15/34 | 20000 |  | 20071 |
|  |  |  |  | 84283 |
| **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** |
|  Central Garden & Pet Co. | Central Garden & Pet Co. | Central Garden & Pet Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 10/15/30 | 6000 |  | 5505 |
|  Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(2)</sup>* | 03/15/31 | 23000 |  | 18993 |
|  |  |  |  | 24498 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.99% *<sup>(2)</sup>* | 08/19/28 | 10000 |  | 9178 |
|  Farmers Exchange Capital II | Farmers Exchange Capital II | Farmers Exchange Capital II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15% (3 mo. USD Term SOFR + 4.006%) *<sup>(1),(2)</sup>* | 11/01/53 | 30000 |  | 28914 |
|  |  |  |  | 38092 |
| **Internet — 0.9%** | **Internet — 0.9%** | **Internet — 0.9%** | **Internet — 0.9%** | **Internet — 0.9%** |
|  Alibaba Group Holding Ltd. (China) | Alibaba Group Holding Ltd. (China) | Alibaba Group Holding Ltd. (China) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13% | 02/09/31 | 50000 |  | 43862 |
|  Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 05/06/33 | 100000 |  | 113235 |
|  Snap, Inc. | Snap, Inc. | Snap, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% *<sup>(2)</sup>* | 03/01/33 | 20000 |  | 19982 |
|  |  |  |  | 177079 |

---

*See accompanying Notes to Financial Statements.* 

------

April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% | 06/15/30 | $9000 | $8484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75% | 01/15/29 | 5000 | 4939 |
|  |  |  | 13423 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
|  MGM Resorts International | MGM Resorts International | MGM Resorts International |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 04/15/32 | 5000 | 4933 |
| **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
|  CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% *<sup>(2)</sup>* | 03/01/30 | 5000 | 4729 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 05/01/47 | 76000 | 61802 |
|  CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(2)</sup>* | 02/01/29 | 45000 | 36828 |
|  Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(2)</sup>* | 09/01/31 | 25000 | 21460 |
|  VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(2)</sup>* | 01/15/32 | 23000 | 20082 |
|  |  |  | 144901 |
| **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** |
|  Xerox Corp. | Xerox Corp. | Xerox Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25% *<sup>(2)</sup>* | 10/15/30 | 10000 | 10192 |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
|  Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38% *<sup>(2)</sup>* | 02/01/28 | 1810 | 1794 |
| **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
|  USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 09/01/27 | 5000 | 4969 |
| **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** |
|  Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(2)</sup>* | 03/17/35 | 50000 | 49863 |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% *<sup>(2)</sup>* | 08/15/26 | 5000 | 4421 |
|  |  |  | 54284 |
| **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** |
|  1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% *<sup>(2)</sup>* | 04/15/32 | 5000 | 4906 |
|  Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% *<sup>(2)</sup>* | 06/25/38 | 51000 | 43762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% *<sup>(2)</sup>* | 06/25/48 | 10000 | 7883 |
|  CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/25/48 | 25000 | 21281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 06/01/34 | 15000 | 15245 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Pharmaceuticals (Continued)** | **Pharmaceuticals (Continued)** | **Pharmaceuticals (Continued)** | **Pharmaceuticals (Continued)** | **Pharmaceuticals (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% (5 yr. CMT + 2.516%) *<sup>(1)</sup>* | 12/10/54 | 20000 | $| 19920 |
|  Grifols SA (Spain) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% *<sup>(2)</sup>* | 10/15/28 | 15000 |  | 13975 |
|  MSD Netherlands Capital BV | MSD Netherlands Capital BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 05/30/44 | 100000 |  | 109213 |
|  |  |  |  | 236185 |
| **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55% | 12/01/33 | 3000 |  | 3160 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% *<sup>(2)</sup>* | 01/15/30 | 4000 |  | 3773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13% *<sup>(2)</sup>* | 06/01/28 | 2000 |  | 1989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% (5 yr. CMT + 5.440%) *<sup>(1),(2),(5)</sup>* | 09/30/29 | 7000 |  | 6016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.88% *<sup>(2)</sup>* | 02/01/32 | 5000 |  | 5090 |
|  |  |  |  | 20028 |
| **Real Estate — 0.4%** | **Real Estate — 0.4%** | **Real Estate — 0.4%** | **Real Estate — 0.4%** | **Real Estate — 0.4%** |
|  Vonovia SE (Germany) | Vonovia SE (Germany) | Vonovia SE (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% *<sup>(3)</sup>* | 06/14/41 | 100000 |  | 74947 |
| **REIT — 1.0%** | **REIT — 1.0%** | **REIT — 1.0%** | **REIT — 1.0%** | **REIT — 1.0%** |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 02/01/31 | 40000 |  | 34909 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 07/15/31 | 35000 |  | 30198 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 04/15/31 | 20000 |  | 17791 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 04/15/26 | 10000 |  | 9976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 06/01/28 | 5000 |  | 5078 |
|  Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10% | 02/15/30 | 40000 |  | 36736 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 01/15/30 | 25000 |  | 16575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 11/01/27 | 11000 |  | 9561 |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 09/15/30 | 20000 |  | 17622 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 05/15/32 | 2000 |  | 1963 |
|  VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *<sup>(2)</sup>* | 02/01/27 | 30000 |  | 30379 |
|  |  |  |  | 210788 |
| **Retail — 0.4%** | **Retail — 0.4%** | **Retail — 0.4%** | **Retail — 0.4%** | **Retail — 0.4%** |
|  Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% *<sup>(2)</sup>* | 04/01/26 | 10000 |  | 9733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% *<sup>(2)</sup>* | 04/01/29 | 25000 |  | 21715 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| **Retail (Continued)** | **Retail (Continued)** | **Retail (Continued)** | **Retail (Continued)** | **Retail (Continued)** | **Retail (Continued)** |
|  McDonald's Corp. | McDonald's Corp. | McDonald's Corp. | McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% | 12/09/35 | $| 30000 | $| 29182 |
|  Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% *<sup>(2)</sup>* | 05/01/28 |  | 23000 |  | 12089 |
|  |  |  |  |  | 72719 |
| **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** |
|  Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 11/15/49 |  | 30000 |  | 18332 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% *<sup>(2)</sup>* | 06/30/32 |  | 5000 |  | 5222 |
|  Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL | Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL | Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL | Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% *<sup>(2)</sup>* | 05/01/29 |  | 3000 |  | 2914 |
|  Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90% *<sup>(2)</sup>* | 12/01/27 |  | 5000 |  | 5143 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 08/03/28 |  | 15000 |  | 15200 |
|  Paychex, Inc. | Paychex, Inc. | Paychex, Inc. | Paychex, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% | 04/15/32 |  | 40000 |  | 40665 |
|  |  |  |  |  | 69144 |
| **Telecommunications — 0.4%** | **Telecommunications — 0.4%** | **Telecommunications — 0.4%** | **Telecommunications — 0.4%** | **Telecommunications — 0.4%** | **Telecommunications — 0.4%** |
|  Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *<sup>(2)</sup>* | 08/15/29 |  | 5000 |  | 3682 |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% *<sup>(2)</sup>* | 10/15/27 |  | 6000 |  | 5998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63% *<sup>(2)</sup>* | 03/15/31 |  | 10000 |  | 10612 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63% | 04/15/26 |  | 55000 |  | 54025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 07/15/33 |  | 5000 |  | 4969 |
|  |  |  |  |  | 79286 |
|  **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** |
|  (Cost: $3,307,093) | (Cost: $3,307,093) | (Cost: $3,307,093) | (Cost: $3,307,093) |  | 3260440 |
| **MUNICIPAL BONDS — 0.2%** | **MUNICIPAL BONDS — 0.2%** | **MUNICIPAL BONDS — 0.2%** | **MUNICIPAL BONDS — 0.2%** | **MUNICIPAL BONDS — 0.2%** | **MUNICIPAL BONDS — 0.2%** |
|  County of Miami-Dade Aviation Revenue, Revenue Bond | County of Miami-Dade Aviation Revenue, Revenue Bond | County of Miami-Dade Aviation Revenue, Revenue Bond | County of Miami-Dade Aviation Revenue, Revenue Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.86% | 10/01/35 |  | 50000 |  | 41264 |
|  **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** |  |  |
|  (Cost: $50,667) | (Cost: $50,667) | (Cost: $50,667) | (Cost: $50,667) |  | 41264 |
| **FOREIGN GOVERNMENT BONDS — 44.4%** | **FOREIGN GOVERNMENT BONDS — 44.4%** | **FOREIGN GOVERNMENT BONDS — 44.4%** | **FOREIGN GOVERNMENT BONDS — 44.4%** | **FOREIGN GOVERNMENT BONDS — 44.4%** | **FOREIGN GOVERNMENT BONDS — 44.4%** |
|  Australia Government Bonds | Australia Government Bonds | Australia Government Bonds | Australia Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% *<sup>(3)</sup>* | 11/21/29 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;253000 |  | 157166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(3)</sup>* | 12/21/34 | AUD | 151000 |  | 92012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% *<sup>(3)</sup>* | 04/21/27 | AUD | 93000 |  | 61200 |
|  Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(3)</sup>*  | 10/01/28 | CLP | 30000000 |  | 31146 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **FOREIGN GOVERNMENT BONDS (Continued)** | **FOREIGN GOVERNMENT BONDS (Continued)** | **FOREIGN GOVERNMENT BONDS (Continued)** | **FOREIGN GOVERNMENT BONDS (Continued)** | **FOREIGN GOVERNMENT BONDS (Continued)** |
|  Brazil Notas do Tesouro Nacional Series F | Brazil Notas do Tesouro Nacional Series F | Brazil Notas do Tesouro Nacional Series F | Brazil Notas do Tesouro Nacional Series F |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% | 01/01/31 | BRL | 2010000 | $303979 |
|  Bundesobligation | Bundesobligation | Bundesobligation | Bundesobligation |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40% *<sup>(3)</sup>* | 04/18/30 | EUR | 39000 | 45190 |
|  Bundesrepublik Deutschland Bundesanleihe | Bundesrepublik Deutschland Bundesanleihe | Bundesrepublik Deutschland Bundesanleihe | Bundesrepublik Deutschland Bundesanleihe |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *<sup>(3)</sup>* | 08/15/54 | EUR | 158000 | 166220 |
|  Canada Government Bonds | Canada Government Bonds | Canada Government Bonds | Canada Government Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25% | 03/01/27 | CAD | 293000 | 207503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 12/01/55 | CAD | 84000 | 53106 |
|  China Development Bank | China Development Bank | China Development Bank | China Development Bank |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.77% | 10/24/32 | CNY | 410000 | 60464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.09% | 06/18/30 | CNY | 1530000 | 225179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48% | 01/08/29 | CNY | 200000 | 29318 |
|  China Government Bonds | China Government Bonds | China Government Bonds | China Government Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.92% | 01/15/55 | CNY | 1060000 | 147279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35% | 02/25/34 | CNY | 920000 | 133601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85% | 06/04/27 | CNY | 810000 | 114783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.02% | 05/27/31 | CNY | 200000 | 29892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13% | 11/21/29 | CNY | 2650000 | 392235 |
|  Colombia TES Series B | Colombia TES Series B | Colombia TES Series B | Colombia TES Series B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 06/30/32 | COP | 105300000 | 19385 |
|  Czech Republic Government Bonds | Czech Republic Government Bonds | Czech Republic Government Bonds | Czech Republic Government Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 11/11/32 | CZK | 670000 | 31848 |
|  European Union | European Union | European Union | European Union |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(3),(6)</sup>* | 07/04/29 | EUR | 150000 | 155441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63% *<sup>(3)</sup>* | 12/04/29 | EUR | 87000 | 96056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% *<sup>(3)</sup>* | 02/04/33 | EUR | 102000 | 116247 |
|  French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50% *<sup>(3)</sup>* | 06/25/44 | EUR | 55000 | 35842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% *<sup>(3)</sup>* | 05/25/27 | EUR | 395000 | 441226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% *<sup>(3)</sup>* | 02/25/30 | EUR | 49000 | 56597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% *<sup>(3)</sup>* | 11/25/34 | EUR | 245000 | 276111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% *<sup>(3)</sup>* | 05/25/55 | EUR | 95000 | 95845 |
|  Hungary Government Bonds | Hungary Government Bonds | Hungary Government Bonds | Hungary Government Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 08/21/30 | HUF | 2250000 | 5393 |
|  Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% | 05/15/33 | IDR | 754000000 | 44905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 04/15/29 | IDR | 811000000 | 49434 |
|  Israel Government Bonds — Fixed | Israel Government Bonds — Fixed | Israel Government Bonds — Fixed | Israel Government Bonds — Fixed |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30% | 04/30/32 | ILS | 116000 | 26369 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45% *<sup>(3)</sup>* | 07/15/27 | EUR | 128000 | 150080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85% *<sup>(3)</sup>* | 02/01/35 | EUR | 145000 | 170064 |
|  Japan Government Ten Year Bonds | Japan Government Ten Year Bonds | Japan Government Ten Year Bonds | Japan Government Ten Year Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20% | 12/20/34 | JPY | 74050000 | 515412 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40% | 03/20/50 | JPY | 40600000 | 176034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80% | 03/20/54 | JPY | 29500000 | 172206 |

---

*See accompanying Notes to Financial Statements.* 

------

April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **FOREIGN GOVERNMENT BONDS (Continued)** | **FOREIGN GOVERNMENT BONDS (Continued)** | **FOREIGN GOVERNMENT BONDS (Continued)** | **FOREIGN GOVERNMENT BONDS (Continued)** | **FOREIGN GOVERNMENT BONDS (Continued)** |
|  Korea Treasury Bonds | Korea Treasury Bonds | Korea Treasury Bonds | Korea Treasury Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88% | 03/10/51 | KRW | 97920000 | $61107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 06/10/31 | KRW | 279800000 | 191381 |
|  Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.64% | 11/07/33 | MYR | 338000 | 84205 |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos | Mexico Bonos |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% | 07/31/53 | MXN | 600000 | 24882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% | 03/01/29 | MXN | 620000 | 31492 |
|  Netherlands Government Bonds | Netherlands Government Bonds | Netherlands Government Bonds | Netherlands Government Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *<sup>(3)</sup>*  | 07/15/34 | EUR | 35000 | 39453 |
|  New Zealand Government Bonds | New Zealand Government Bonds | New Zealand Government Bonds | New Zealand Government Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 05/15/34 | NZD | 46000 | 27114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/15/30 | NZD | 22000 | 13476 |
|  Norway Government Bonds | Norway Government Bonds | Norway Government Bonds | Norway Government Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% *<sup>(3)</sup>* | 04/13/34 | NOK | 279000 | 26481 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30% *<sup>(3)</sup>* | 08/12/33 | PEN | 51000 | 14913 |
|  Portugal Obrigacoes do Tesouro OT | Portugal Obrigacoes do Tesouro OT | Portugal Obrigacoes do Tesouro OT | Portugal Obrigacoes do Tesouro OT |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88% *<sup>(3)</sup>* | 10/20/34 | EUR | 72000 | 81632 |
|  Province of Ontario | Province of Ontario | Province of Ontario | Province of Ontario |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05% | 02/02/32 | CAD | 209000 | 158588 |
|  Republic of Poland Government Bonds | Republic of Poland Government Bonds | Republic of Poland Government Bonds | Republic of Poland Government Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% | 04/25/32 | PLN | 156000 | 33843 |
|  Romania Government Bonds | Romania Government Bonds | Romania Government Bonds | Romania Government Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.10% | 07/31/34 | RON | 65000 | 14502 |
|  Singapore Government Bonds | Singapore Government Bonds | Singapore Government Bonds | Singapore Government Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 04/01/29 | SGD | 92000 | 72845 |
|  Spain Government Bonds | Spain Government Bonds | Spain Government Bonds | Spain Government Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80% *<sup>(3)</sup>* | 07/30/27 | EUR | 42000 | 46622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85% *<sup>(3)</sup>* | 07/30/35 | EUR | 98000 | 99126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90% *<sup>(3)</sup>* | 10/31/52 | EUR | 26000 | 19810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45% *<sup>(3)</sup>* | 10/31/34 | EUR | 17000 | 19932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(3)</sup>* | 10/31/54 | EUR | 18000 | 20655 |
|  Sweden Government Bonds | Sweden Government Bonds | Sweden Government Bonds | Sweden Government Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% *<sup>(3)</sup>* | 11/12/29 | SEK | 490000 | 48133 |
|  Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59% | 12/17/35 | THB | 2372000 | 69060 |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% *<sup>(3)</sup>* | 03/07/27 | GBP | 392000 | 523249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% *<sup>(3)</sup>* | 01/29/27 | GBP | 304000 | 408319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% *<sup>(3)</sup>* | 07/31/34 | GBP | 298000 | 394679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% *<sup>(3)</sup>* | 03/07/30 | GBP | 1039000 | 1416381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% *<sup>(3)</sup>* | 07/31/54 | GBP | 113000 | 132226 |
|  **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **Total Foreign Government Bonds** |  |
|  (Cost: $8,811,312) | (Cost: $8,811,312) | (Cost: $8,811,312) | (Cost: $8,811,312) | 8958874 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **ASSET-BACKED SECURITIES — 6.6%** | **ASSET-BACKED SECURITIES — 6.6%** | **ASSET-BACKED SECURITIES — 6.6%** | **ASSET-BACKED SECURITIES — 6.6%** |
|  Adagio CLO VIII DAC Series VIII-X, Class B1 | Adagio CLO VIII DAC Series VIII-X, Class B1 | Adagio CLO VIII DAC Series VIII-X, Class B1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.93% (3 mo. EUR EURIBOR + 1.650%) *<sup>(1),(3)</sup>* | 04/15/32 | $100000 | $113078 |
|  Arbour CLO II DAC Series 2014-2X, Class ARR | Arbour CLO II DAC Series 2014-2X, Class ARR | Arbour CLO II DAC Series 2014-2X, Class ARR |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.14% (3 mo. EUR EURIBOR + 0.860%) *<sup>(1),(3)</sup>* | 04/15/34 | 100000 | 112669 |
|  Arbour CLO III DAC Series 3X, Class B1RR | Arbour CLO III DAC Series 3X, Class B1RR | Arbour CLO III DAC Series 3X, Class B1RR |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.93% (3 mo. EUR EURIBOR + 1.650%) *<sup>(1),(3)</sup>* | 07/15/34 | 100000 | 112299 |
|  Aurium CLO IX DAC Series 9X, Class A | Aurium CLO IX DAC Series 9X, Class A | Aurium CLO IX DAC Series 9X, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11% (3 mo. EUR EURIBOR + 0.950%) *<sup>(1),(3)</sup>*  | 10/28/34 | 100000 | 112907 |
|  Bayview Opportunity Master Fund VII LLC Series 2024- EDU1, Class D | Bayview Opportunity Master Fund VII LLC Series 2024- EDU1, Class D | Bayview Opportunity Master Fund VII LLC Series 2024- EDU1, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.10% (30 day USD SOFR Average + 2.750%) *<sup>(1),(2)</sup>* | 06/25/47 | 83704 | 85423 |
|  Castlelake Aircraft Structured Trust Series 2019-1A, Class A | Castlelake Aircraft Structured Trust Series 2019-1A, Class A | Castlelake Aircraft Structured Trust Series 2019-1A, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97% *<sup>(2)</sup>* | 04/15/39 | 115045 | 108293 |
|  Contego CLO VI DAC Series 6X, Class AR | Contego CLO VI DAC Series 6X, Class AR | Contego CLO VI DAC Series 6X, Class AR |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07% (3 mo. EUR EURIBOR + 0.790%) *<sup>(1),(3)</sup>* | 04/15/34 | 100000 | 112758 |
|  Henley CLO VI DAC Series 6X, Class A | Henley CLO VI DAC Series 6X, Class A | Henley CLO VI DAC Series 6X, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16% (3 mo. EUR EURIBOR + 1.000%) *<sup>(1),(3)</sup>* | 06/10/34 | 100000 | 113228 |
|  MAPS Ltd. Series 2019-1A, Class A | MAPS Ltd. Series 2019-1A, Class A | MAPS Ltd. Series 2019-1A, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.46% *<sup>(2)</sup>* | 03/15/44 | 54681 | 52952 |
|  Rockford Tower Europe CLO DAC Series 2021-2X, Class A | Rockford Tower Europe CLO DAC Series 2021-2X, Class A | Rockford Tower Europe CLO DAC Series 2021-2X, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15% (3 mo. EUR EURIBOR + 0.960%) *<sup>(1),(3)</sup>* | 01/24/35 | 100000 | 112795 |
|  RRE 2 Loan Management DAC Series 2X, Class A2R | RRE 2 Loan Management DAC Series 2X, Class A2R | RRE 2 Loan Management DAC Series 2X, Class A2R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73% (3 mo. EUR EURIBOR + 1.450%) *<sup>(1),(3)</sup>* | 07/15/35 | 100000 | 112518 |
|  SLM Student Loan Trust Series 2008-5, Class B | SLM Student Loan Trust Series 2008-5, Class B | SLM Student Loan Trust Series 2008-5, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.47% (90 day USD SOFR Average + 2.112%) *<sup>(1)</sup>* | 07/25/73 | 50000 | 52714 |
|  Vantage Data Centers Jersey Borrower SPV Ltd. Series 2024-1A, Class A2 | Vantage Data Centers Jersey Borrower SPV Ltd. Series 2024-1A, Class A2 | Vantage Data Centers Jersey Borrower SPV Ltd. Series 2024-1A, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.17% *<sup>(2)</sup>* | 05/28/39 | 100000 | 136297 |
|  **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |
|  (Cost: $1,264,281) | (Cost: $1,264,281) | (Cost: $1,264,281) | 1337931 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.2%** |
|  Federal National Mortgage Association-Aces Series 2016-M2, Class X3 (I/O) | Federal National Mortgage Association-Aces Series 2016-M2, Class X3 (I/O) | Federal National Mortgage Association-Aces Series 2016-M2, Class X3 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.04% *<sup>(7)</sup>* | 04/25/36 | $117876 | $6 |
|  Federal National Mortgage Association-Aces Series 2016- M4, Class X2 (I/O) | Federal National Mortgage Association-Aces Series 2016- M4, Class X2 (I/O) | Federal National Mortgage Association-Aces Series 2016- M4, Class X2 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72% *<sup>(7)</sup>* | 01/25/39 | 359919 | 13473 |
|  Government National Mortgage Association Series 2012-144, Class IO (I/O) | Government National Mortgage Association Series 2012-144, Class IO (I/O) | Government National Mortgage Association Series 2012-144, Class IO (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.33% *<sup>(7)</sup>* | 01/16/53 | 1355808 | 15653 |
|  **Total Commercial Mortgage-Backed Securities — Agency** | **Total Commercial Mortgage-Backed Securities — Agency** | **Total Commercial Mortgage-Backed Securities — Agency** | **Total Commercial Mortgage-Backed Securities — Agency** |
|  (Cost: $19,875) | (Cost: $19,875) | (Cost: $19,875) | 29132 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 4.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 4.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 4.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 4.9%** |
|  Bank Series 2021-BN35, Class A2 | Bank Series 2021-BN35, Class A2 | Bank Series 2021-BN35, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.87% | 06/15/64 | 105000 | 98327 |
|  BHMS Mortgage Trust Series 2018-ATLS, Class C | BHMS Mortgage Trust Series 2018-ATLS, Class C | BHMS Mortgage Trust Series 2018-ATLS, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.52% (1 mo. USD Term SOFR + 2.197%) *<sup>(1),(2)</sup>*  | 07/15/35 | 100000 | 99757 |
|  BX Mortgage Trust Series 2021-PAC, Class B | BX Mortgage Trust Series 2021-PAC, Class B | BX Mortgage Trust Series 2021-PAC, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.34% (1 mo. USD Term SOFR + 1.013%) *<sup>(1),(2)</sup>*  | 10/15/36 | 100000 | 98693 |
|  BX Mortgage Trust Series 2021-PAC, Class E | BX Mortgage Trust Series 2021-PAC, Class E | BX Mortgage Trust Series 2021-PAC, Class E |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% (1 mo. USD Term SOFR + 2.062%) *<sup>(1),(2)</sup>*  | 10/15/36 | 100000 | 98604 |
|  BX Trust Series 2022-CLS, Class C | BX Trust Series 2022-CLS, Class C | BX Trust Series 2022-CLS, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.79% *<sup>(2)</sup>*  | 10/13/27 | 90000 | 88278 |
|  BXHPP Trust Series 2021-FILM, Class C | BXHPP Trust Series 2021-FILM, Class C | BXHPP Trust Series 2021-FILM, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.54% (1 mo. USD Term SOFR + 1.214%) *<sup>(1),(2)</sup>*  | 08/15/36 | 89000 | 80522 |
|  COMM Mortgage Trust Series 2012-CR4, Class XA (I/O) | COMM Mortgage Trust Series 2012-CR4, Class XA (I/O) | COMM Mortgage Trust Series 2012-CR4, Class XA (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.29% *<sup>(7)</sup>*  | 10/15/45 | 167201 | 2586 |
|  CRSO Trust Series 2023 | CRSO Trust Series 2023 | CRSO Trust Series 2023 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.12% *<sup>(7)</sup>*  | 07/10/40 | 100000 | 105318 |
|  GS Mortgage Securities Trust Series 2010-C1,<br>Class X (I/O) | GS Mortgage Securities Trust Series 2010-C1,<br>Class X (I/O) | GS Mortgage Securities Trust Series 2010-C1,<br>Class X (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.54% *<sup>(2),(7)</sup>*  | 08/10/43 | 929157 | 106 |
|  JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C3, Class XB (I/O) | JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C3, Class XB (I/O) | JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C3, Class XB (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.49% *<sup>(2),(7)</sup>*  | 02/15/46 | 5795180 | 46627 |
|  Last Mile Securities PE DAC Series 2021-1A, Class F | Last Mile Securities PE DAC Series 2021-1A, Class F | Last Mile Securities PE DAC Series 2021-1A, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.56% (3 mo. EUR EURIBOR + 5.000%) *<sup>(1),(2)</sup>*  | 08/17/31 | 99979 | 111390 |
|  UBS Commercial Mortgage Trust Series 2017-C3, Class A4 | UBS Commercial Mortgage Trust Series 2017-C3, Class A4 | UBS Commercial Mortgage Trust Series 2017-C3, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43% | 08/15/50 | 60000 | 58080 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Wells Fargo Commercial Mortgage Trust Series 2024-SVEN, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-SVEN, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-SVEN, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.01% *<sup>(2)</sup>*  | 06/10/37 | 100000 | $| 103310 |
|  **Total Commercial Mortgage-Backed Securities — Non-Agency** | **Total Commercial Mortgage-Backed Securities — Non-Agency** | **Total Commercial Mortgage-Backed Securities — Non-Agency** |  |  |
|  (Cost: $910,558) | (Cost: $910,558) | (Cost: $910,558) |  | 991598 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 21.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 21.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 21.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 21.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 21.8%** |
|  Federal Home Loan Mortgage Corp., Pool #G08681 | Federal Home Loan Mortgage Corp., Pool #G08681 | Federal Home Loan Mortgage Corp., Pool #G08681 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 12/01/45 | 13830 |  | 12790 |
|  Federal Home Loan Mortgage Corp., Pool #G08698 | Federal Home Loan Mortgage Corp., Pool #G08698 | Federal Home Loan Mortgage Corp., Pool #G08698 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 03/01/46 | 12922 |  | 11911 |
|  Federal Home Loan Mortgage Corp., Pool #G08716 | Federal Home Loan Mortgage Corp., Pool #G08716 | Federal Home Loan Mortgage Corp., Pool #G08716 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 08/01/46 | 13241 |  | 12205 |
|  Federal Home Loan Mortgage Corp., Pool #G08721 | Federal Home Loan Mortgage Corp., Pool #G08721 | Federal Home Loan Mortgage Corp., Pool #G08721 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 09/01/46 | 2699 |  | 2404 |
|  Federal Home Loan Mortgage Corp., Pool #G08722 | Federal Home Loan Mortgage Corp., Pool #G08722 | Federal Home Loan Mortgage Corp., Pool #G08722 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/01/46 | 1350 |  | 1244 |
|  Federal Home Loan Mortgage Corp., Pool #G08732 | Federal Home Loan Mortgage Corp., Pool #G08732 | Federal Home Loan Mortgage Corp., Pool #G08732 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 11/01/46 | 3829 |  | 3411 |
|  Federal Home Loan Mortgage Corp., Pool #G08762 | Federal Home Loan Mortgage Corp., Pool #G08762 | Federal Home Loan Mortgage Corp., Pool #G08762 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/01/47 | 11877 |  | 11273 |
|  Federal Home Loan Mortgage Corp., Pool #G08833 | Federal Home Loan Mortgage Corp., Pool #G08833 | Federal Home Loan Mortgage Corp., Pool #G08833 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 07/01/48 | 1622 |  | 1620 |
|  Federal Home Loan Mortgage Corp., Pool #QD7360 | Federal Home Loan Mortgage Corp., Pool #QD7360 | Federal Home Loan Mortgage Corp., Pool #QD7360 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 02/01/52 | 41811 |  | 34825 |
|  Federal Home Loan Mortgage Corp., Pool #SD0231 | Federal Home Loan Mortgage Corp., Pool #SD0231 | Federal Home Loan Mortgage Corp., Pool #SD0231 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 01/01/50 | 78563 |  | 69495 |
|  Federal Home Loan Mortgage Corp., Pool #SD8189 | Federal Home Loan Mortgage Corp., Pool #SD8189 | Federal Home Loan Mortgage Corp., Pool #SD8189 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 01/01/52 | 39716 |  | 33119 |
|  Federal Home Loan Mortgage Corp., Pool #SD8199 | Federal Home Loan Mortgage Corp., Pool #SD8199 | Federal Home Loan Mortgage Corp., Pool #SD8199 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/01/52 | 121968 |  | 96850 |
|  Federal Home Loan Mortgage Corp., Pool #SD8204 | Federal Home Loan Mortgage Corp., Pool #SD8204 | Federal Home Loan Mortgage Corp., Pool #SD8204 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 04/01/52 | 209160 |  | 166086 |
|  Federal Home Loan Mortgage Corp., Pool #SD8212 | Federal Home Loan Mortgage Corp., Pool #SD8212 | Federal Home Loan Mortgage Corp., Pool #SD8212 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 05/01/52 | 89478 |  | 74527 |
|  Federal Home Loan Mortgage Corp., Pool #SD8213 | Federal Home Loan Mortgage Corp., Pool #SD8213 | Federal Home Loan Mortgage Corp., Pool #SD8213 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 05/01/52 | 63185 |  | 54856 |
|  Federal Home Loan Mortgage Corp., Pool #SD8245 | Federal Home Loan Mortgage Corp., Pool #SD8245 | Federal Home Loan Mortgage Corp., Pool #SD8245 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/01/52 | 151257 |  | 145073 |
|  Federal Home Loan Mortgage Corp., Pool #SD8347 | Federal Home Loan Mortgage Corp., Pool #SD8347 | Federal Home Loan Mortgage Corp., Pool #SD8347 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/01/53 | 100941 |  | 96569 |
|  Federal Home Loan Mortgage Corp., Pool #SD8491 | Federal Home Loan Mortgage Corp., Pool #SD8491 | Federal Home Loan Mortgage Corp., Pool #SD8491 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 12/01/54 | 19429 |  | 19030 |
|  Federal Home Loan Mortgage Corp., Pool #ZT1703 | Federal Home Loan Mortgage Corp., Pool #ZT1703 | Federal Home Loan Mortgage Corp., Pool #ZT1703 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/01/49 | 31520 |  | 29879 |

---

*See accompanying Notes to Financial Statements.* 

------

April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal Home Loan Mortgage Corp. REMICS Series 3439, Class SC (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3439, Class SC (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3439, Class SC (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.44% (-30 day USD SOFR Average + 5.786%) *<sup>(1)</sup>*  | 04/15/38 | $28821 | $1870 |
|  Federal National Mortgage Association, Pool #AB3679 | Federal National Mortgage Association, Pool #AB3679 | Federal National Mortgage Association, Pool #AB3679 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 10/01/41 | 35498 | 33378 |
|  Federal National Mortgage Association, Pool #AB4045 | Federal National Mortgage Association, Pool #AB4045 | Federal National Mortgage Association, Pool #AB4045 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 12/01/41 | 49541 | 46589 |
|  Federal National Mortgage Association, Pool #AT5914 | Federal National Mortgage Association, Pool #AT5914 | Federal National Mortgage Association, Pool #AT5914 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 06/01/43 | 16220 | 15167 |
|  Federal National Mortgage Association, Pool #BD7081 | Federal National Mortgage Association, Pool #BD7081 | Federal National Mortgage Association, Pool #BD7081 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 03/01/47 | 12889 | 12218 |
|  Federal National Mortgage Association, Pool #BV2994 | Federal National Mortgage Association, Pool #BV2994 | Federal National Mortgage Association, Pool #BV2994 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 04/01/52 | 84269 | 70189 |
|  Federal National Mortgage Association, Pool #BV4119 | Federal National Mortgage Association, Pool #BV4119 | Federal National Mortgage Association, Pool #BV4119 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 03/01/52 | 53332 | 44421 |
|  Federal National Mortgage Association, Pool #CA0996 | Federal National Mortgage Association, Pool #CA0996 | Federal National Mortgage Association, Pool #CA0996 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 01/01/48 | 40643 | 37359 |
|  Federal National Mortgage Association, Pool #CA2208 | Federal National Mortgage Association, Pool #CA2208 | Federal National Mortgage Association, Pool #CA2208 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/01/48 | 1155 | 1121 |
|  Federal National Mortgage Association, Pool #CB2610 | Federal National Mortgage Association, Pool #CB2610 | Federal National Mortgage Association, Pool #CB2610 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 01/01/52 | 61623 | 49311 |
|  Federal National Mortgage Association, Pool #CB3347 | Federal National Mortgage Association, Pool #CB3347 | Federal National Mortgage Association, Pool #CB3347 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 01/01/52 | 164782 | 131138 |
|  Federal National Mortgage Association, Pool #FM2870 | Federal National Mortgage Association, Pool #FM2870 | Federal National Mortgage Association, Pool #FM2870 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 03/01/50 | 104530 | 92465 |
|  Federal National Mortgage Association, Pool #FS7252 | Federal National Mortgage Association, Pool #FS7252 | Federal National Mortgage Association, Pool #FS7252 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 11/01/53 | 69292 | 68016 |
|  Federal National Mortgage Association, Pool #MA1527 | Federal National Mortgage Association, Pool #MA1527 | Federal National Mortgage Association, Pool #MA1527 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 08/01/33 | 8236 | 7922 |
|  Federal National Mortgage Association, Pool #MA1652 | Federal National Mortgage Association, Pool #MA1652 | Federal National Mortgage Association, Pool #MA1652 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 11/01/33 | 13392 | 13062 |
|  Federal National Mortgage Association, Pool #MA2705 | Federal National Mortgage Association, Pool #MA2705 | Federal National Mortgage Association, Pool #MA2705 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 08/01/46 | 49421 | 43962 |
|  Federal National Mortgage Association, Pool #MA4204 | Federal National Mortgage Association, Pool #MA4204 | Federal National Mortgage Association, Pool #MA4204 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 12/01/40 | 47797 | 41311 |
|  Federal National Mortgage Association, Pool #MA4563 | Federal National Mortgage Association, Pool #MA4563 | Federal National Mortgage Association, Pool #MA4563 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 03/01/52 | 81641 | 68000 |
|  Federal National Mortgage Association, Pool #MA4626 | Federal National Mortgage Association, Pool #MA4626 | Federal National Mortgage Association, Pool #MA4626 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 06/01/52 | 176529 | 164912 |
|  Federal National Mortgage Association, Pool #MA4733 | Federal National Mortgage Association, Pool #MA4733 | Federal National Mortgage Association, Pool #MA4733 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/01/52 | 37389 | 35861 |
|  Federal National Mortgage Association, Pool #MA5008 | Federal National Mortgage Association, Pool #MA5008 | Federal National Mortgage Association, Pool #MA5008 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/01/53 | 26541 | 25391 |
|  Federal National Mortgage Association, Pool #MA5107 | Federal National Mortgage Association, Pool #MA5107 | Federal National Mortgage Association, Pool #MA5107 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 08/01/53 | 68390 | 68418 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal National Mortgage Association REMICS Series 2007-52, Class LS (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-52, Class LS (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-52, Class LS (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.58% (-30 day USD SOFR Average + 5.936%) *<sup>(1)</sup>* | 06/25/37 | $28721 | $2716 |
|  Federal National Mortgage Association REMICS Series 2008-18, Class SM (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2008-18, Class SM (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2008-18, Class SM (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53% (-30 day USD SOFR Average + 6.886%) *<sup>(1)</sup>* | 03/25/38 | 31710 | 3897 |
|  Federal National Mortgage Association REMICS Series 2009-115, Class SB (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2009-115, Class SB (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2009-115, Class SB (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.78% (-30 day USD SOFR Average + 6.136%) *<sup>(1)</sup>* | 01/25/40 | 16652 | 1726 |
|  Federal National Mortgage Association REMICS Series 2010-116, Class SE (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2010-116, Class SE (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2010-116, Class SE (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13% (-30 day USD SOFR Average + 6.486%) *<sup>(1)</sup>* | 10/25/40 | 30851 | 2812 |
|  Government National Mortgage Association, Pool #MA3597 | Government National Mortgage Association, Pool #MA3597 | Government National Mortgage Association, Pool #MA3597 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 04/20/46 | 8299 | 7621 |
|  Government National Mortgage Association, Pool #MA3662 | Government National Mortgage Association, Pool #MA3662 | Government National Mortgage Association, Pool #MA3662 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 05/20/46 | 22640 | 20349 |
|  Government National Mortgage Association, Pool #MA3663 | Government National Mortgage Association, Pool #MA3663 | Government National Mortgage Association, Pool #MA3663 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 05/20/46 | 1187 | 1090 |
|  Government National Mortgage Association, Pool #MA3803 | Government National Mortgage Association, Pool #MA3803 | Government National Mortgage Association, Pool #MA3803 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 07/20/46 | 5545 | 5092 |
|  Government National Mortgage Association, Pool #MA4454 | Government National Mortgage Association, Pool #MA4454 | Government National Mortgage Association, Pool #MA4454 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 05/20/47 | 5838 | 5874 |
|  Government National Mortgage Association, Pool #MA4900 | Government National Mortgage Association, Pool #MA4900 | Government National Mortgage Association, Pool #MA4900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 12/20/47 | 25236 | 23116 |
|  Government National Mortgage Association, Pool #MA5399 | Government National Mortgage Association, Pool #MA5399 | Government National Mortgage Association, Pool #MA5399 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/20/48 | 10290 | 10051 |
|  Government National Mortgage Association, Pool #MA8347 | Government National Mortgage Association, Pool #MA8347 | Government National Mortgage Association, Pool #MA8347 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/20/52 | 104600 | 100749 |
|  Government National Mortgage Association, Pool #MA9963 | Government National Mortgage Association, Pool #MA9963 | Government National Mortgage Association, Pool #MA9963 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/20/54 | 74051 | 70890 |
|  Government National Mortgage Association REMICS Series 2011-146, Class EI (I/O) (PAC) | Government National Mortgage Association REMICS Series 2011-146, Class EI (I/O) (PAC) | Government National Mortgage Association REMICS Series 2011-146, Class EI (I/O) (PAC) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 11/16/41 | 26741 | 5156 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *<sup>(8)</sup>* | 12/01/51 | 150000 | $| 127828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(8)</sup>*  | 02/01/55 | 225000 |  | 220683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(8)</sup>*  | 02/01/55 | 50000 |  | 49964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(8)</sup>*  | 05/01/52 | 225000 |  | 209412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(8)</sup>*  | 09/01/54 | 100000 |  | 95696 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% *<sup>(8)</sup>* | 11/01/51 | 50000 |  | 39672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *<sup>(8)</sup>* | 11/01/51 | 100000 |  | 83157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% *<sup>(8)</sup>*  | 01/01/52 | 300000 |  | 260182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(8)</sup>*  | 02/01/52 | 175000 |  | 157916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(8)</sup>*  | 03/01/52 | 325000 |  | 302820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(8)</sup>* | 07/01/54 | 350000 |  | 334696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(8)</sup>*  | 07/01/54 | 200000 |  | 195816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(8)</sup>*  | 01/01/55 | 100000 |  | 99778 |
|  **Total Residential Mortgage-Backed Securities — Agency** | **Total Residential Mortgage-Backed Securities — Agency** | **Total Residential Mortgage-Backed Securities — Agency** |  |  |
|  (Cost: $4,381,578) | (Cost: $4,381,578) | (Cost: $4,381,578) |  | 4388007 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 5.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 5.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 5.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 5.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 5.8%** |
|  BCMSC Trust Series 2000-A, Class A4 | BCMSC Trust Series 2000-A, Class A4 | BCMSC Trust Series 2000-A, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.29% *<sup>(7)</sup>* | 06/15/30 | 189525 |  | 15595 |
|  Bear Stearns ALT-A Trust Series 2005-8, Class 11A1 | Bear Stearns ALT-A Trust Series 2005-8, Class 11A1 | Bear Stearns ALT-A Trust Series 2005-8, Class 11A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.98% (1 mo. USD Term SOFR + 0.654%) *<sup>(1)</sup>*  | 10/25/35 | 19397 |  | 17166 |
|  Countrywide Alternative Loan Trust Series 2006-HY12, Class A5 | Countrywide Alternative Loan Trust Series 2006-HY12, Class A5 | Countrywide Alternative Loan Trust Series 2006-HY12, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39% *<sup>(7)</sup>*  | 08/25/36 | 105642 |  | 96593 |
|  Countrywide Asset-Backed Certificates Trust Series 2007-13, Class 2A1 | Countrywide Asset-Backed Certificates Trust Series 2007-13, Class 2A1 | Countrywide Asset-Backed Certificates Trust Series 2007-13, Class 2A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.34% (1 mo. USD Term SOFR + 1.014%) *<sup>(1)</sup>*  | 10/25/47 | 53389 |  | 48704 |
|  Deephaven Residential Mortgage Trust Series 2021-3, Class A1 | Deephaven Residential Mortgage Trust Series 2021-3, Class A1 | Deephaven Residential Mortgage Trust Series 2021-3, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.19% *<sup>(2),(7)</sup>*  | 08/25/66 | 74709 |  | 65713 |
|  GS Mortgage-Backed Securities Corp. Trust Series 2021- PJ5, Class A1 | GS Mortgage-Backed Securities Corp. Trust Series 2021- PJ5, Class A1 | GS Mortgage-Backed Securities Corp. Trust Series 2021- PJ5, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% *<sup>(2),(7)</sup>*  | 10/25/51 | 74580 |  | 58256 |
|  GS Mortgage-Backed Securities Corp. Trust Series 2022-PJ2, Class A4 | GS Mortgage-Backed Securities Corp. Trust Series 2022-PJ2, Class A4 | GS Mortgage-Backed Securities Corp. Trust Series 2022-PJ2, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *<sup>(2),(7)</sup>*  | 06/25/52 | 79602 |  | 64859 |
|  IndyMac INDX Mortgage Loan Trust Series 2005-AR15, Class A2 | IndyMac INDX Mortgage Loan Trust Series 2005-AR15, Class A2 | IndyMac INDX Mortgage Loan Trust Series 2005-AR15, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08% *<sup>(7)</sup>*  | 09/25/35 | 37310 |  | 30101 |
|  JPMorgan Mortgage Acquisition Trust Series 2006-CH2, Class AF3 | JPMorgan Mortgage Acquisition Trust Series 2006-CH2, Class AF3 | JPMorgan Mortgage Acquisition Trust Series 2006-CH2, Class AF3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.46% | 09/25/29 | 151310 |  | 91142 |
|  JPMorgan Mortgage Trust Series 2021-8, Class A3 | JPMorgan Mortgage Trust Series 2021-8, Class A3 | JPMorgan Mortgage Trust Series 2021-8, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *<sup>(2),(7)</sup>*  | 12/25/51 | 92932 |  | 75659 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES<br>NON-AGENCY — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES<br>NON-AGENCY — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES<br>NON-AGENCY — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES<br>NON-AGENCY — (Continued)** |
|  Merrill Lynch Alternative Note Asset Trust Series 2007-A1, Class A2B | Merrill Lynch Alternative Note Asset Trust Series 2007-A1, Class A2B | Merrill Lynch Alternative Note Asset Trust Series 2007-A1, Class A2B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74% (1 mo. USD Term SOFR + 0.414%) *<sup>(1)</sup>*  | 01/25/37 | $265460 | $82509 |
|  MFA Trust Series 2021-RPL1, Class A2 | MFA Trust Series 2021-RPL1, Class A2 | MFA Trust Series 2021-RPL1, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.07% *<sup>(2),(7)</sup>*  | 07/25/60 | 100000 | 83630 |
|  Morgan Stanley ABS Capital I, Inc. Trust Series 2006-HE4, Class A4 | Morgan Stanley ABS Capital I, Inc. Trust Series 2006-HE4, Class A4 | Morgan Stanley ABS Capital I, Inc. Trust Series 2006-HE4, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92% (1 mo. USD Term SOFR + 0.594%) *<sup>(1)</sup>*  | 06/25/36 | 213693 | 106898 |
|  Morgan Stanley ABS Capital I, Inc. Trust Series 2006-WMC1, Class A2C | Morgan Stanley ABS Capital I, Inc. Trust Series 2006-WMC1, Class A2C | Morgan Stanley ABS Capital I, Inc. Trust Series 2006-WMC1, Class A2C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.06% (1 mo. USD Term SOFR + 0.734%) *<sup>(1)</sup>* | 12/25/35 | 59766 | 58533 |
|  Morgan Stanley ABS Capital I, Inc. Trust Series 2007-HE2, Class A2B | Morgan Stanley ABS Capital I, Inc. Trust Series 2007-HE2, Class A2B | Morgan Stanley ABS Capital I, Inc. Trust Series 2007-HE2, Class A2B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.53% (1 mo. USD Term SOFR + 0.204%) *<sup>(1)</sup>*  | 01/25/37 | 133931 | 60016 |
|  MortgageIT Trust Series 2005-1, Class 1A1 | MortgageIT Trust Series 2005-1, Class 1A1 | MortgageIT Trust Series 2005-1, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.08% (1 mo. USD Term SOFR + 0.754%) *<sup>(1)</sup>*  | 02/25/35 | 6760 | 6783 |
|  Ownit Mortgage Loan Trust Series 2006-3, Class A2D | Ownit Mortgage Loan Trust Series 2006-3, Class A2D | Ownit Mortgage Loan Trust Series 2006-3, Class A2D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.98% (1 mo. USD Term SOFR + 0.654%) *<sup>(1)</sup>*  | 03/25/37 | 31613 | 30317 |
|  Residential Asset Securitization Trust Series 2005-A15, Class 2A11 (I/O) | Residential Asset Securitization Trust Series 2005-A15, Class 2A11 (I/O) | Residential Asset Securitization Trust Series 2005-A15, Class 2A11 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.11% (-1 mo. USD Term SOFR + 5.436%) *<sup>(1),(9)</sup>*  | 02/25/36 | 422092 | 42214 |
|  Structured Adjustable Rate Mortgage Loan Trust Series 2004-18, Class 4A1 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-18, Class 4A1 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-18, Class 4A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.31% *<sup>(7)</sup>*  | 12/25/34 | 5563 | 5424 |
|  Structured Asset Mortgage Investments II Trust Series 2005-AR6, Class 2A1 | Structured Asset Mortgage Investments II Trust Series 2005-AR6, Class 2A1 | Structured Asset Mortgage Investments II Trust Series 2005-AR6, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.06% (1 mo. USD Term SOFR + 0.734%) *<sup>(1)</sup>*  | 09/25/45 | 18209 | 16232 |
|  Structured Asset Mortgage Investments II Trust Series 2006-AR8, Class A2 | Structured Asset Mortgage Investments II Trust Series 2006-AR8, Class A2 | Structured Asset Mortgage Investments II Trust Series 2006-AR8, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.86% (1 mo. USD Term SOFR + 0.534%) *<sup>(1)</sup>*  | 10/25/36 | 107419 | 87199 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR2, Class 2A1A | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR2, Class 2A1A | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR2, Class 2A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.06% (1 mo. USD Term SOFR + 0.734%) *<sup>(1)</sup>*  | 01/25/45 | 28225 | 27659 |
|  **Total Residential Mortgage-Backed Securities —<br>Non-Agency** | **Total Residential Mortgage-Backed Securities —<br>Non-Agency** | **Total Residential Mortgage-Backed Securities —<br>Non-Agency** |  |
|  (Cost: $1,456,889) | (Cost: $1,456,889) |  | 1171202 |

---

*See accompanying Notes to Financial Statements.* 

------

April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **U.S. TREASURY SECURITIES — 5.4%** | **U.S. TREASURY SECURITIES — 5.4%** | **U.S. TREASURY SECURITIES — 5.4%** | **U.S. TREASURY SECURITIES — 5.4%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 02/15/55 | $64000 | $63375 |
|  U.S. Treasury Inflation-Indexed Notes | U.S. Treasury Inflation-Indexed Notes | U.S. Treasury Inflation-Indexed Notes | U.S. Treasury Inflation-Indexed Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13% | 01/15/35 | 218361 | 222383 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 04/30/27 | 6000 | 6018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 04/30/30 | 135000 | 135385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/30/32 | 659000 | 662038 |
|  **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** |  |
|  (Cost: $1,077,625) | (Cost: $1,077,625) |  | 1089199 |
|  **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** |  |
|  (Cost: $21,279,878) | (Cost: $21,279,878) |  | 21267647 |
| **CONVERTIBLE SECURITIES (0.1%)** | **CONVERTIBLE SECURITIES (0.1%)** | **CONVERTIBLE SECURITIES (0.1%)** | **CONVERTIBLE SECURITIES (0.1%)** |
| **CONVERTIBLE CORPORATE BONDS — 0.1%** <br>(Cost: $21,007) | **CONVERTIBLE CORPORATE BONDS — 0.1%** <br>(Cost: $21,007) | **CONVERTIBLE CORPORATE BONDS — 0.1%** <br>(Cost: $21,007) | **CONVERTIBLE CORPORATE BONDS — 0.1%** <br>(Cost: $21,007) |
| **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
|  Worldline SA (France) 0.00% *<sup>(3),(6)</sup>* | 07/30/26 | 20640 | 22762 |
|  **Total Convertible Securities** | **Total Convertible Securities** | **Total Convertible Securities** |  |
|  (Cost: $21,007) | (Cost: $21,007) |  | 22762 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Issues** | **Shares** | **Value** |
| **INVESTMENT COMPANIES — 0.9%** | **INVESTMENT COMPANIES — 0.9%** | **INVESTMENT COMPANIES — 0.9%** |
|  TCW Emerging Markets Income Fund — I Class *<sup>(10)</sup>*  | 28855 | $185535 |
|  **Total Investment Companies** |  |  |
|  (Cost: $186,557) |  | 185535 |
| **COMMON STOCK — 0.1%** | **COMMON STOCK — 0.1%** | **COMMON STOCK — 0.1%** |
| **TELECOMMUNICATIONS — 0.1%** | **TELECOMMUNICATIONS — 0.1%** | **TELECOMMUNICATIONS — 0.1%** |
|  Intelsat SA *<sup>(9),(11)</sup>* | 344 | 13803 |
|  **Total Common Stock** |  |  |
|  (Cost: $31,880) |  | 13803 |
| **MONEY MARKET INVESTMENTS — 5.6%** | **MONEY MARKET INVESTMENTS — 5.6%** | **MONEY MARKET INVESTMENTS — 5.6%** |
|  State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.29% *<sup>(12)</sup>* | 158964 | 158964 |
|  TCW Central Cash Fund, 4.34% *<sup>(10),(12)</sup>* | 970309 | 970309 |
|  **Total Money Market Investments** |  |  |
|  (Cost: $1,129,273) |  | 1129273 |
|  **Total Investments (112.2%)** |  |  |
|  (Cost: $22,648,595) |  | 22619020 |
|  **Liabilities In Excess Of Other Assets (-12.2%)** | **Liabilities In Excess Of Other Assets (-12.2%)** | (2451547) |
|  **Net Assets (100.0%)** |  | $20167473 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts |
| **Counterparty** | **Contracts to<br>Deliver** | **Units of<br>Currency** | **Settlement<br>Date** | **In Exchange for<br>USD** | **Contracts at<br>Value** | **Unrealized**<br> **Appreciation**<br> (Depreciation) |
|  **BUY** *<sup>(13)</sup>* |  |  |  |  |  |  |
|  Goldman Sachs & Co. | AUD | 276701 | 07/11/25 | $172037 | $177186 | $5149 |
|  Citibank N.A. | CAD | 255232 | 07/11/25 | 179172 | 185435 | 6263 |
|  Goldman Sachs & Co. | CAD | 8442 | 07/11/25 | 6144 | 6133 | (11) |
|  Goldman Sachs & Co. | CHF | 90000 | 07/11/25 | 103385 | 110416 | 7031 |
|  Barclays Capital | CHF | 3329 | 07/11/25 | 4059 | 4084 | 25 |
|  Goldman Sachs & Co. | CNH | 5377458 | 07/11/25 | 744543 | 743112 | (1431) |
|  Citibank N.A. | CNH | 173768 | 07/11/25 | 23751 | 24013 | 262 |
|  Goldman Sachs & Co. | DKK | 276000 | 07/11/25 | 40304 | 42244 | 1940 |
|  Goldman Sachs & Co. | EUR | 822063 | 07/11/25 | 895062 | 938364 | 43302 |
|  Goldman Sachs & Co. | GBP | 4563 | 07/11/25 | 6085 | 6096 | 11 |
|  Goldman Sachs & Co. | HUF | 2805000 | 07/11/25 | 7500 | 7857 | 357 |
|  Goldman Sachs & Co. | JPY | 1380483 | 05/07/25 | 9683 | 9684 | 1 |
|  Goldman Sachs & Co. | JPY | 4065680 | 07/11/25 | 28412 | 28727 | 315 |
|  Citibank N.A. | JPY | 175921000 | 07/11/25 | 1186550 | 1243008 | 56458 |
|  Citibank N.A. | KRW | 5828592 | 07/11/25 | 4106 | 4118 | 12 |
|  Goldman Sachs & Co. | MXN | 764953 | 07/11/25 | 36957 | 38728 | 1771 |
|  Goldman Sachs & Co. | NOK | 275648 | 05/06/25 | 26501 | 26581 | 80 |
|  Goldman Sachs & Co. | NOK | 665000 | 07/11/25 | 63263 | 64127 | 864 |
|  Citibank N.A. | NOK | 1683000 | 07/11/25 | 160982 | 162294 | 1312 |
|  Goldman Sachs & Co. | NZD | 401000 | 07/11/25 | 224776 | 238480 | 13704 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Exchange Contracts (Continued) | Forward Currency Exchange Contracts (Continued) | Forward Currency Exchange Contracts (Continued) | Forward Currency Exchange Contracts (Continued) | Forward Currency Exchange Contracts (Continued) | Forward Currency Exchange Contracts (Continued) | Forward Currency Exchange Contracts (Continued) |
| **Counterparty** | **Contracts to<br>Deliver** | **Units of<br>Currency** | **Settlement<br>Date** | **In Exchange for<br>USD** | **Contracts at<br>Value** | **Unrealized**<br> **Appreciation**<br> (Depreciation) |
|  Goldman Sachs & Co. | PLN | 80048 | 07/11/25 | $20741 | $21237 | $496 |
|  Goldman Sachs & Co. | RON | 92056 | 07/11/25 | 19946 | 20953 | 1007 |
|  Goldman Sachs & Co. | SEK | 310000 | 07/11/25 | 31155 | 32272 | 1117 |
|  Citibank N.A. | THB | 113673 | 07/11/25 | 3361 | 3420 | 59 |
|  Goldman Sachs & Co. | TRY | 1575980 | 05/07/25 | 40000 | 40880 | 880 |
|  |  |  |  | $4038475 | $4179449 | $140974 |
|  **SELL** *<sup>(14)</sup>* |  |  |  |  |  |  |
|  Goldman Sachs & Co. | AUD | 84204 | 07/11/25 | $54039 | $53920 | $119 |
|  Citibank N.A. | BRL | 62244 | 07/11/25 | 10692 | 10834 | (142) |
|  Goldman Sachs & Co. | BRL | 1732741 | 07/11/25 | 293937 | 301603 | (7666) |
|  Goldman Sachs & Co. | CAD | 94732 | 07/11/25 | 68659 | 68827 | (168) |
|  Goldman Sachs & Co. | CLP | 20154210 | 07/11/25 | 21230 | 21064 | 166 |
|  Goldman Sachs & Co. | CNH | 298894 | 07/11/25 | 41256 | 41304 | (48) |
|  Citibank N.A. | CNY | 270968 | 07/11/25 | 37798 | 37485 | 313 |
|  Goldman Sachs & Co. | COP | 4853486 | 07/11/25 | 1142 | 1139 | 3 |
|  Goldman Sachs & Co. | CZK | 37477 | 07/11/25 | 1633 | 1711 | (78) |
|  Goldman Sachs & Co. | EUR | 320162 | 07/11/25 | 357004 | 365456 | (8452) |
|  Goldman Sachs & Co. | GBP | 617354 | 07/11/25 | 800781 | 824814 | (24033) |
|  Citibank N.A. | GBP | 1075242 | 07/11/25 | 1394315 | 1436575 | (42260) |
|  Goldman Sachs & Co. | IDR | 298408453 | 07/11/25 | 17903 | 17928 | (25) |
|  Goldman Sachs & Co. | ILS | 2674 | 07/11/25 | 725 | 736 | (11) |
|  Goldman Sachs & Co. | JPY | 29358616 | 07/11/25 | 203620 | 207439 | (3819) |
|  State Street Bank & Trust Co. | KRW | 13431355 | 07/11/25 | 9449 | 9489 | (40) |
|  Citibank N.A. | KRW | 26579221 | 07/11/25 | 18471 | 18777 | (306) |
|  Morgan Stanley & Co. | MXN | 625149 | 07/11/25 | 31602 | 31650 | (48) |
|  Goldman Sachs & Co. | MYR | 27297 | 07/11/25 | 6171 | 6341 | (170) |
|  Goldman Sachs & Co. | NOK | 848648 | 07/11/25 | 80241 | 81836 | (1595) |
|  Goldman Sachs & Co. | NZD | 365034 | 07/11/25 | 209833 | 217091 | (7258) |
|  Barclays Capital | NZD | 46584 | 07/11/25 | 27701 | 27704 | (3) |
|  Goldman Sachs & Co. | PEN | 18726 | 07/11/25 | 5116 | 5083 | 33 |
|  ING Baring U.S. Capital Markets | RON | 66964 | 07/11/25 | 15243 | 15242 | 1 |
|  Goldman Sachs & Co. | SEK | 49117 | 07/11/25 | 5134 | 5113 | 21 |
|  Goldman Sachs & Co. | SGD | 38704 | 07/11/25 | 29008 | 29753 | (745) |
|  Citibank N.A. | ZAR | 41758 | 07/11/25 | 2256 | 2233 | 23 |
|  |  |  |  | $3744959 | $3841147 | $(96188) |

---

*See accompanying Notes to Financial Statements.* 

------

April 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
| **Number of<br>Contracts** | **Type** | **Expiration**<br> **Date** | **Notional** | **Market<br>Value** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Futures** | **Long Futures** | **Long Futures** | **Long Futures** | **Long Futures** | **Long Futures** |
| 7 | 2-Year Canadian Bond Futures | 06/19/25 | $534450 | $536391 | $1941 |
| 8 | 2-Year U.S. Treasury Note Futures | 06/30/25 | 1650343 | 1665187 | 14844 |
| 2 | 5-Year Canadian Bond Futures | 06/19/25 | 167187 | 167567 | 380 |
| 10 | 5-Year U.S. Treasury Note Futures | 06/30/25 | 1071813 | 1091953 | 20140 |
| 4 | Euro SCHWATZ Futures | 06/6/25 | 485949 | 489121 | 3172 |
| 16 | Euro-Bobl Future | 06/6/25 | 2139310 | 2175830 | 36520 |
| 1 | Euro-oat Future | 06/6/25 | 138896 | 142821 | 3925 |
| 2 | U.S. Ultra Long Bond Futures | 06/18/25 | 239458 | 242063 | 2605 |
|  |  |  | $6427406 | $6510933 | $83527 |
|  **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** |
| 6 | 10-Year U.S. Treasury Note Futures | 06/18/25 | $(675094) | $(688406) | $(13312) |
| 6 | Euro-Bund Future | 06/6/25 | (884555) | (898806) | (14251) |
| 1 | Long Gilt Futures | 06/26/25 | (124446) | (124915) | (469) |
|  |  |  | $(1684095) | $(1712127) | $(28032) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared — Interest Rate Swap Agreements | Centrally Cleared — Interest Rate Swap Agreements | Centrally Cleared — Interest Rate Swap Agreements | Centrally Cleared — Interest Rate Swap Agreements | Centrally Cleared — Interest Rate Swap Agreements | Centrally Cleared — Interest Rate Swap Agreements | Centrally Cleared — Interest Rate Swap Agreements | Centrally Cleared — Interest Rate Swap Agreements | Centrally Cleared — Interest Rate Swap Agreements |
| **Notional<br>Amount** | **Expiration<br>Date** | **Payment<br>Made by<br>Fund<br>Frequency** | **Payment Made by Fund** | **Payment<br>Received<br>by Fund<br>Frequency** | **Payment<br>Received by<br>Fund** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Premium<br>Paid** | **Value** |
|  GBP 460,000 | 07/30/27 | Annual | 2-Year Sterling<br>Overnight Index Average | Annual | 4.0000% | $8412 | $(2530) | $5882 |

---

*See accompanying Notes to Financial Statements.* 

------

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.* 

------

## 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<br>Affiliated<br>Fund** | **Value at<br>October 31,<br>2024** | **Purchases at<br>Cost** | **Proceeds<br>from Sales** | **Number<br>of Shares<br>Held<br>April 30,<br>2025** | **Value at<br>April 30,<br>2025** | **Dividends and<br>Interest<br>Income<br>Received** | **Distributions<br>Received from<br>Net Realized<br>Gain** | **Net Realized<br>Gain (Loss)<br>on<br>Investments** | **Net change in<br>Unrealized<br>Gain (Loss)<br>on<br>Investments** |
|  **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** |  |  |  |
|  | $335391 | $7334918 | $6700000 | 970309 | $970309 | $27689 | $— | $— | $— |
|  **TCW Emerging Markets Income Fund — I Class** | **TCW Emerging Markets Income Fund — I Class** | **TCW Emerging Markets Income Fund — I Class** | **TCW Emerging Markets Income Fund — I Class** | **TCW Emerging Markets Income Fund — I Class** | **TCW Emerging Markets Income Fund — I Class** | **TCW Emerging Markets Income Fund — I Class** |  |  |  |
|  | $181809 | $8262 | $— | 28855 | $185535 | $7346 | $— | $— | $(4536) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $1155844 | $35035 | $— | $— | $(4536) |

---

*See accompanying Notes to Financial Statements.* 

------

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<br>in Active<br>Markets for<br>Identical<br>Assets**<br>**(Level 1)** | **Other<br>Significant<br>Observable<br>Inputs**<br>**(Level 2)** | **Significant<br>Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  Fixed Income Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Bonds | $— | $8542822 | $— | $8542822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities — Agency |  | 4388007 |  | 4388007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 3676492 |  | 3676492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 1337931 |  | 1337931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities — Non-Agency |  | 1128988 | 42214 | 1171202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities | 866816 | 222383 |  | 1089199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities — Non-Agency |  | 991598 |  | 991598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 41264 |  | 41264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities — Agency |  | 29132 |  | 29132 |
|  Total Fixed Income Securities | 866816 | 20358617 | 42214 | 21267647 |
|  Money Market Investments | 1129273 |  |  | 1129273 |
|  Investment Companies | 185535 |  |  | 185535 |
|  Convertible Corporate Bonds |  | 22762 |  | 22762 |
|  Common Stock |  |  | 13803 | 13803 |
|  Total Investments | $2181624 | $20381379 | $56017 | $22619020 |
|  Asset Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | 143095 |  | 143095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | 83527 |  |  | 83527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity Risk |  | 5882 |  | 5882 |
|  Total | $2265151 | $20530356 | $56017 | $22851524 |
|  Liability Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk | $— | $(98309) | $— | $(98309) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
|  | (28032) |  |  | (28032) |
|  Total | $(28032) | $(98309) | $— | $(126341) |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW Securitized Bond Fund
Schedule of Investments April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **FIXED INCOME SECURITIES — 115.7% of Net Assets** | **FIXED INCOME SECURITIES — 115.7% of Net Assets** | **FIXED INCOME SECURITIES — 115.7% of Net Assets** | **FIXED INCOME SECURITIES — 115.7% of Net Assets** |
| **ASSET-BACKED SECURITIES — 6.2%** | **ASSET-BACKED SECURITIES — 6.2%** | **ASSET-BACKED SECURITIES — 6.2%** | **ASSET-BACKED SECURITIES — 6.2%** |
|  AMSR Trust Series 2020-SFR3, Class F | AMSR Trust Series 2020-SFR3, Class F | AMSR Trust Series 2020-SFR3, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55% *<sup>(1)</sup>*  | 09/17/37 | $2682000 | $2646239 |
|  AMSR Trust Series 2020-SFR3, Class G | AMSR Trust Series 2020-SFR3, Class G | AMSR Trust Series 2020-SFR3, Class G |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99% *<sup>(1)</sup>*  | 09/17/37 | 6402000 | 6329248 |
|  Apidos CLO XXXVII Ltd. Series 2021-37A, Class B | Apidos CLO XXXVII Ltd. Series 2021-37A, Class B | Apidos CLO XXXVII Ltd. Series 2021-37A, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% (3 mo. USD Term SOFR + 1.862%) *<sup>(1),(2)</sup>* | 10/22/34 | 6795000 | 6801720 |
|  Bayview Opportunity Master Fund VII LLC Series 2024-EDU1, Class E | Bayview Opportunity Master Fund VII LLC Series 2024-EDU1, Class E | Bayview Opportunity Master Fund VII LLC Series 2024-EDU1, Class E |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.36% (30 day USD SOFR Average + 3.500%) *<sup>(1),(2),(3),(4)</sup>* | 06/25/47 | 3532294 | 3592732 |
|  Carvana Auto Receivables Trust Series 2021-N3, Class R | Carvana Auto Receivables Trust Series 2021-N3, Class R | Carvana Auto Receivables Trust Series 2021-N3, Class R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(5)</sup>*  | 06/12/28 | 25650 | 1636445 |
|  Carvana Auto Receivables Trust Series 2023-P1, Class R | Carvana Auto Receivables Trust Series 2023-P1, Class R | Carvana Auto Receivables Trust Series 2023-P1, Class R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(5)</sup>*  | 03/11/30 | 2950 | 286201 |
|  CIFC Funding Ltd. Series 2022-2A, Class B | CIFC Funding Ltd. Series 2022-2A, Class B | CIFC Funding Ltd. Series 2022-2A, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(6)</sup>*  | 04/19/35 | 3300000 | 2293500 |
|  Cologix Data Centers U.S. Issuer LLC Series 2021-1A, Class A2 | Cologix Data Centers U.S. Issuer LLC Series 2021-1A, Class A2 | Cologix Data Centers U.S. Issuer LLC Series 2021-1A, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30% *<sup>(1)</sup>*  | 12/26/51 | 4000000 | 3812874 |
|  CoreVest American Finance Ltd. Series 2020-1, Class XA (I/O) | CoreVest American Finance Ltd. Series 2020-1, Class XA (I/O) | CoreVest American Finance Ltd. Series 2020-1, Class XA (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45% *<sup>(1),(7)</sup>*  | 03/15/50 | 10861578 | 432781 |
|  CoreVest American Finance Ltd. Series 2020-1, Class XB (I/O) | CoreVest American Finance Ltd. Series 2020-1, Class XB (I/O) | CoreVest American Finance Ltd. Series 2020-1, Class XB (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.14% *<sup>(1),(7)</sup>*  | 03/15/50 | 38948500 | 2699649 |
|  CoreVest American Finance Ltd. Series 2020-4, Class XA (I/O) | CoreVest American Finance Ltd. Series 2020-4, Class XA (I/O) | CoreVest American Finance Ltd. Series 2020-4, Class XA (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.92% *<sup>(1),(7)</sup>*  | 12/15/52 | 22620731 | 387231 |
|  CoreVest American Finance Ltd. Series 2020-4, Class XB (I/O) | CoreVest American Finance Ltd. Series 2020-4, Class XB (I/O) | CoreVest American Finance Ltd. Series 2020-4, Class XB (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.87% *<sup>(1),(7)</sup>*  | 12/15/52 | 27500000 | 1283359 |
|  CoreVest American Finance Ltd. Series 2021-1, Class XA (I/O) | CoreVest American Finance Ltd. Series 2021-1, Class XA (I/O) | CoreVest American Finance Ltd. Series 2021-1, Class XA (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% *<sup>(1),(7)</sup>*  | 04/15/53 | 46407137 | 1090647 |
|  Edgeconnex Data Centers Issuer LLC Series 2022-1, Class A2 | Edgeconnex Data Centers Issuer LLC Series 2022-1, Class A2 | Edgeconnex Data Centers Issuer LLC Series 2022-1, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% *<sup>(1)</sup>*  | 03/25/52 | 2381250 | 2283784 |
|  FirstKey Homes Trust Series 2021-SFR3, Class E1 | FirstKey Homes Trust Series 2021-SFR3, Class E1 | FirstKey Homes Trust Series 2021-SFR3, Class E1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99% *<sup>(1)</sup>*  | 12/17/38 | 5500000 | 5270065 |
|  FirstKey Homes Trust Series 2022-SFR3, Class E1 | FirstKey Homes Trust Series 2022-SFR3, Class E1 | FirstKey Homes Trust Series 2022-SFR3, Class E1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(1)</sup>*  | 07/17/38 | 8950000 | 8690421 |
|  Flexential Issuer Series 2021-1A, Class A2 | Flexential Issuer Series 2021-1A, Class A2 | Flexential Issuer Series 2021-1A, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% *<sup>(1)</sup>*  | 11/27/51 | 7580000 | 7234401 |
|  HOA Funding LLC Series 2021-1A, Class A2 | HOA Funding LLC Series 2021-1A, Class A2 | HOA Funding LLC Series 2021-1A, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72% *<sup>(1)</sup>*  | 08/20/51 | 6136165 | 1840946 |
|  Hotwire Funding LLC Series 2021-1, Class B | Hotwire Funding LLC Series 2021-1, Class B | Hotwire Funding LLC Series 2021-1, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.66% *<sup>(1)</sup>*  | 11/20/51 | 2775000 | 2651663 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  Hotwire Funding LLC Series 2024-1A, Class C | Hotwire Funding LLC Series 2024-1A, Class C | Hotwire Funding LLC Series 2024-1A, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.19% *<sup>(1)</sup>*  | 06/20/54 | 925000 | $| 948629 |
|  Lehman XS Trust Series 2006-13, Class 1A2 | Lehman XS Trust Series 2006-13, Class 1A2 | Lehman XS Trust Series 2006-13, Class 1A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78% (1 mo. USD Term SOFR + 0.454%) *<sup>(2)</sup>* | 09/25/36 | 88 |  |  |
|  Madison Park Funding XXXVIII Ltd. Series 2021-38A, Class B | Madison Park Funding XXXVIII Ltd. Series 2021-38A, Class B | Madison Park Funding XXXVIII Ltd. Series 2021-38A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.19% (3 mo. USD Term SOFR + 1.912%) *<sup>(1),(2)</sup>* | 07/17/34 | 10000000 |  | 9963640 |
|  NCFA LLC – Loan Participation 1 | NCFA LLC – Loan Participation 1 | NCFA LLC – Loan Participation 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% *<sup>(4)</sup>*  | 06/12/28 | 1592968 |  | 1592968 |
|  NCFA LLC – Loan Participation 2 | NCFA LLC – Loan Participation 2 | NCFA LLC – Loan Participation 2 | NCFA LLC – Loan Participation 2 | NCFA LLC – Loan Participation 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>*  | 12/19/27 | 2447455 |  | 2447455 |
|  New Residential Mortgage Loan Trust Series 2022-SFR2, Class E1 | New Residential Mortgage Loan Trust Series 2022-SFR2, Class E1 | New Residential Mortgage Loan Trust Series 2022-SFR2, Class E1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(1)</sup>*  | 09/04/39 | 5750000 |  | 5510948 |
|  Newday Funding Master Issuer PLC Series 2024-2X, Class E | Newday Funding Master Issuer PLC Series 2024-2X, Class E | Newday Funding Master Issuer PLC Series 2024-2X, Class E | Newday Funding Master Issuer PLC Series 2024-2X, Class E | Newday Funding Master Issuer PLC Series 2024-2X, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.37% (1 day GBP SONIA +<br>3.900%) *<sup>(2),(8)</sup>* | 07/15/32 | 1500000 |  | 1995793 |
|  Progress Residential Trust Series 2021-SFR11, Class F | Progress Residential Trust Series 2021-SFR11, Class F | Progress Residential Trust Series 2021-SFR11, Class F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42% *<sup>(1)</sup>*  | 01/17/39 | 2874000 |  | 2767123 |
|  Progress Residential Trust Series 2021-SFR3, Class G | Progress Residential Trust Series 2021-SFR3, Class G | Progress Residential Trust Series 2021-SFR3, Class G | Progress Residential Trust Series 2021-SFR3, Class G | Progress Residential Trust Series 2021-SFR3, Class G |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% *<sup>(1)</sup>*  | 05/17/26 | 3400000 |  | 3329392 |
|  Progress Residential Trust Series 2021-SFR7, Class F | Progress Residential Trust Series 2021-SFR7, Class F | Progress Residential Trust Series 2021-SFR7, Class F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83% *<sup>(1)</sup>*  | 08/17/40 | 8970000 |  | 8346375 |
|  Progress Residential Trust Series 2024-SFR5, Class D | Progress Residential Trust Series 2024-SFR5, Class D | Progress Residential Trust Series 2024-SFR5, Class D | Progress Residential Trust Series 2024-SFR5, Class D | Progress Residential Trust Series 2024-SFR5, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% *<sup>(1),(7)</sup>* | 08/09/29 | 4621000 |  | 4269881 |
|  Switch ABS Issuer LLC Series 2024-2A, Class C | Switch ABS Issuer LLC Series 2024-2A, Class C | Switch ABS Issuer LLC Series 2024-2A, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.03% *<sup>(1)</sup>*  | 06/25/54 | 3650000 |  | 3807989 |
|  Vantage Data Centers Issuer LLC Series 2020-1A, Class A2 | Vantage Data Centers Issuer LLC Series 2020-1A, Class A2 | Vantage Data Centers Issuer LLC Series 2020-1A, Class A2 | Vantage Data Centers Issuer LLC Series 2020-1A, Class A2 | Vantage Data Centers Issuer LLC Series 2020-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65% *<sup>(1)</sup>*  | 09/15/45 | 8800000 |  | 8675708 |
|  **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |  |
|  (Cost: $137,911,481) | (Cost: $137,911,481) |  |  | 114919807 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.0%** |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K042, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K042, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K042, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K042, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K042, Class X3 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30% *<sup>(7)</sup>*  | 01/25/43 | 1906166 |  | 192 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K045, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K045, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K045, Class X3 (I/O) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06% *<sup>(7)</sup>*  | 04/25/43 | 759044 |  | 53 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K046, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K046, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K046, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K046, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K046, Class X3 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.71% *<sup>(7)</sup>*  | 04/25/43 | 26873244 |  | 2327 |
|  **Total Commercial Mortgage-Backed Securities — Agency** | **Total Commercial Mortgage-Backed Securities — Agency** | **Total Commercial Mortgage-Backed Securities — Agency** |  |  |
|  (Cost: $2,083,776) | (Cost: $2,083,776) |  |  | 2572 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED<br>SECURITIES — NON-AGENCY — 15.3%** | **COMMERCIAL MORTGAGE-BACKED<br>SECURITIES — NON-AGENCY — 15.3%** | **COMMERCIAL MORTGAGE-BACKED<br>SECURITIES — NON-AGENCY — 15.3%** | **COMMERCIAL MORTGAGE-BACKED<br>SECURITIES — NON-AGENCY — 15.3%** |
|  1345 Avenue of the Americas & Park Avenue Plaza Trust Series 2005-1, Class A3 | 1345 Avenue of the Americas & Park Avenue Plaza Trust Series 2005-1, Class A3 | 1345 Avenue of the Americas & Park Avenue Plaza Trust Series 2005-1, Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.28% *<sup>(1)</sup>*  | 08/10/35 | $9834081 | $9792142 |
|  Arbor Realty Commercial Real Estate Notes Ltd. Series 2021-FL4, Class AS | Arbor Realty Commercial Real Estate Notes Ltd. Series 2021-FL4, Class AS | Arbor Realty Commercial Real Estate Notes Ltd. Series 2021-FL4, Class AS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.14% (1 mo. USD Term SOFR + 1.814%) *<sup>(1),(2)</sup>*  | 11/15/36 | 11800000 | 11815754 |
|  BBCMS Mortgage Trust Series 2024-5C25, Class B | BBCMS Mortgage Trust Series 2024-5C25, Class B | BBCMS Mortgage Trust Series 2024-5C25, Class B | BBCMS Mortgage Trust Series 2024-5C25, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15% *<sup>(7)</sup>*  | 03/15/57 | 5625000 | 5727784 |
|  BBCMS Mortgage Trust Series 2024-5C27, Class AS | BBCMS Mortgage Trust Series 2024-5C27, Class AS | BBCMS Mortgage Trust Series 2024-5C27, Class AS | BBCMS Mortgage Trust Series 2024-5C27, Class AS |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.41% *<sup>(7)</sup>*  | 07/15/57 | 4725000 | 4948823 |
|  BBCMS Mortgage Trust Series 2024-5C27, Class B | BBCMS Mortgage Trust Series 2024-5C27, Class B | BBCMS Mortgage Trust Series 2024-5C27, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70% *<sup>(7)</sup>*  | 07/15/57 | 4565000 | 4755357 |
|  BBCMS Mortgage Trust Series 2024-5C29, Class AS | BBCMS Mortgage Trust Series 2024-5C29, Class AS | BBCMS Mortgage Trust Series 2024-5C29, Class AS | BBCMS Mortgage Trust Series 2024-5C29, Class AS |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 09/15/57 | 3000000 | 3057181 |
|  BBCMS Mortgage Trust Series 2024-C24, Class AS | BBCMS Mortgage Trust Series 2024-C24, Class AS | BBCMS Mortgage Trust Series 2024-C24, Class AS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.87% | 02/15/57 | 6000000 | 6217307 |
|  BBCMS Mortgage Trust Series 2024-C26, Class AS | BBCMS Mortgage Trust Series 2024-C26, Class AS | BBCMS Mortgage Trust Series 2024-C26, Class AS | BBCMS Mortgage Trust Series 2024-C26, Class AS |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.09% *<sup>(7)</sup>*  | 05/15/57 | 6003000 | 6263045 |
|  Benchmark Mortgage Trust Series 2019-B13, Class AM | Benchmark Mortgage Trust Series 2019-B13, Class AM | Benchmark Mortgage Trust Series 2019-B13, Class AM |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18% | 08/15/57 | 5000000 | 4533151 |
|  Benchmark Mortgage Trust Series 2019-B14, Class 225C | Benchmark Mortgage Trust Series 2019-B14, Class 225C | Benchmark Mortgage Trust Series 2019-B14, Class 225C | Benchmark Mortgage Trust Series 2019-B14, Class 225C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40% *<sup>(1),(7)</sup>*  | 12/15/62 | 8734000 | 460369 |
|  Benchmark Mortgage Trust Series 2019-B14, Class 225D | Benchmark Mortgage Trust Series 2019-B14, Class 225D | Benchmark Mortgage Trust Series 2019-B14, Class 225D | Benchmark Mortgage Trust Series 2019-B14, Class 225D |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40% *<sup>(1),(7)</sup>*  | 12/15/62 | 20303000 | 375199 |
|  Benchmark Mortgage Trust Series 2024-V10, Class AS | Benchmark Mortgage Trust Series 2024-V10, Class AS | Benchmark Mortgage Trust Series 2024-V10, Class AS | Benchmark Mortgage Trust Series 2024-V10, Class AS |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.73% *<sup>(7)</sup>*  | 09/15/57 | 4694000 | 4797799 |
|  BGME Trust Series 2021-VR, Class C | BGME Trust Series 2021-VR, Class C | BGME Trust Series 2021-VR, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.09% *<sup>(1),(7)</sup>*  | 01/10/43 | 3250000 | 2431151 |
|  BMO Mortgage Trust Series 2024-5C3, Class AS | BMO Mortgage Trust Series 2024-5C3, Class AS | BMO Mortgage Trust Series 2024-5C3, Class AS | BMO Mortgage Trust Series 2024-5C3, Class AS |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.29% *<sup>(7)</sup>*  | 02/15/57 | 4540000 | 4725831 |
|  BMO Mortgage Trust Series 2024-5C6, Class AS | BMO Mortgage Trust Series 2024-5C6, Class AS | BMO Mortgage Trust Series 2024-5C6, Class AS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *<sup>(7)</sup>*  | 09/15/57 | 2330000 | 2386112 |
|  BMO Mortgage Trust Series 2024-C8, Class AS | BMO Mortgage Trust Series 2024-C8, Class AS | BMO Mortgage Trust Series 2024-C8, Class AS | BMO Mortgage Trust Series 2024-C8, Class AS |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.91% *<sup>(7)</sup>*  | 03/15/57 | 4011000 | 4196556 |
|  BPR Trust Series 2021-WILL, Class A | BPR Trust Series 2021-WILL, Class A | BPR Trust Series 2021-WILL, Class A | BPR Trust Series 2021-WILL, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.19% (1 mo. USD Term SOFR + 1.864%) *<sup>(1),(2)</sup>*  | 06/15/38 | 4388010 | 4347449 |
|  BPR Trust Series 2024-PMDW, Class D | BPR Trust Series 2024-PMDW, Class D | BPR Trust Series 2024-PMDW, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85% *<sup>(1),(7)</sup>*  | 11/05/41 | 3980000 | 3815360 |
|  BX Commercial Mortgage Trust Series 2020-VIV4, Class A | BX Commercial Mortgage Trust Series 2020-VIV4, Class A | BX Commercial Mortgage Trust Series 2020-VIV4, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84% *<sup>(1)</sup>*  | 03/09/44 | 7785000 | 7065795 |
|  BX Trust Series 2019-OC11, Class A | BX Trust Series 2019-OC11, Class A | BX Trust Series 2019-OC11, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20% *<sup>(1)</sup>*  | 12/09/41 | 8000000 | 7432265 |
|  BX Trust Series 2019-OC11, Class B | BX Trust Series 2019-OC11, Class B | BX Trust Series 2019-OC11, Class B | BX Trust Series 2019-OC11, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.61% *<sup>(1)</sup>*  | 12/09/41 | 1196000 | 1116359 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED<br>SECURITIES — NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED<br>SECURITIES — NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED<br>SECURITIES — NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED<br>SECURITIES — NON-AGENCY (Continued)** |
|  BX Trust Series 2019-OC11, Class C | BX Trust Series 2019-OC11, Class C | BX Trust Series 2019-OC11, Class C | BX Trust Series 2019-OC11, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.86% *<sup>(1)</sup>*  | 12/09/41 | $1080000 | $1011786 |
|  CAMB Commercial Mortgage Trust Series 2019-LIFE, Class D | CAMB Commercial Mortgage Trust Series 2019-LIFE, Class D | CAMB Commercial Mortgage Trust Series 2019-LIFE, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.37% (1 mo. USD Term SOFR + 2.047%) *<sup>(1),(2)</sup>*  | 12/15/37 | 6425000 | 6394691 |
|  CAMB Commercial Mortgage Trust Series 2021-CX2, Class C | CAMB Commercial Mortgage Trust Series 2021-CX2, Class C | CAMB Commercial Mortgage Trust Series 2021-CX2, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.86% *<sup>(1),(7)</sup>*  | 11/10/46 | 5000000 | 4063725 |
|  CHI Commercial Mortgage Trust Series 2025-SFT, Class D | CHI Commercial Mortgage Trust Series 2025-SFT, Class D | CHI Commercial Mortgage Trust Series 2025-SFT, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.57% *<sup>(1),(7)</sup>*  | 04/15/42 | 4500000 | 4580491 |
|  Citigroup Commercial Mortgage Trust Series 2018-C5, Class AS | Citigroup Commercial Mortgage Trust Series 2018-C5, Class AS | Citigroup Commercial Mortgage Trust Series 2018-C5, Class AS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41% *<sup>(7)</sup>*  | 06/10/51 | 5599188 | 5470969 |
|  Citigroup Commercial Mortgage Trust Series 2020-555, Class A | Citigroup Commercial Mortgage Trust Series 2020-555, Class A | Citigroup Commercial Mortgage Trust Series 2020-555, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65% *<sup>(1)</sup>*  | 12/10/41 | 9400000 | 8377263 |
|  COMM Mortgage Trust Series 2020-CX, Class B | COMM Mortgage Trust Series 2020-CX, Class B | COMM Mortgage Trust Series 2020-CX, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45% *<sup>(1)</sup>*  | 11/10/46 | 6000000 | 5046792 |
|  CSMC Trust Series 2021-B33, Class A2 | CSMC Trust Series 2021-B33, Class A2 | CSMC Trust Series 2021-B33, Class A2 | CSMC Trust Series 2021-B33, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.17% *<sup>(1)</sup>*  | 10/10/43 | 5140000 | 4458873 |
|  CSMC Trust Series 2021-BPNY, Class A | CSMC Trust Series 2021-BPNY, Class A | CSMC Trust Series 2021-BPNY, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.15% (1 mo. USD Term SOFR + 3.829%) *<sup>(1),(2)</sup>*  | 08/15/26 | 18152151 | 16753629 |
|  DBGS Mortgage Trust Series 2018-C1, Class AM | DBGS Mortgage Trust Series 2018-C1, Class AM | DBGS Mortgage Trust Series 2018-C1, Class AM | DBGS Mortgage Trust Series 2018-C1, Class AM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76% *<sup>(7)</sup>*  | 10/15/51 | 5136000 | 4998106 |
|  DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96% *<sup>(1)</sup>*  | 05/10/41 | 14175000 | 12598739 |
|  Grace Trust Series 2020-GRCE, Class A | Grace Trust Series 2020-GRCE, Class A | Grace Trust Series 2020-GRCE, Class A | Grace Trust Series 2020-GRCE, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35% *<sup>(1)</sup>*  | 12/10/40 | 13360000 | 11669205 |
|  Hudson Yards Mortgage Trust Series 2019-55HY, Class A | Hudson Yards Mortgage Trust Series 2019-55HY, Class A | Hudson Yards Mortgage Trust Series 2019-55HY, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04% *<sup>(1),(7)</sup>*  | 12/10/41 | 1750000 | 1610196 |
|  JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class A | JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class A | JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40% *<sup>(1)</sup>*  | 06/05/39 | 6865000 | 6451060 |
|  Life Mortgage Trust Series 2021-BMR, Class G | Life Mortgage Trust Series 2021-BMR, Class G | Life Mortgage Trust Series 2021-BMR, Class G |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.39% (1 mo. USD Term SOFR + 3.064%) *<sup>(1),(2)</sup>*  | 03/15/38 | 2554300 | 2491057 |
|  MKT Mortgage Trust Series 2020-525M, Class C | MKT Mortgage Trust Series 2020-525M, Class C | MKT Mortgage Trust Series 2020-525M, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04% *<sup>(1),(7)</sup>*  | 02/12/40 | 4900000 | 3855950 |
|  MKT Mortgage Trust Series 2020-525M, Class D | MKT Mortgage Trust Series 2020-525M, Class D | MKT Mortgage Trust Series 2020-525M, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04% *<sup>(1),(7)</sup>*  | 02/12/40 | 7500000 | 5664322 |
|  Morgan Stanley Capital I Trust Series 2019-H7, Class C | Morgan Stanley Capital I Trust Series 2019-H7, Class C | Morgan Stanley Capital I Trust Series 2019-H7, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 07/15/52 | 4000000 | 3585477 |
|  Morgan Stanley Capital I Trust Series 2020-CNP, Class A | Morgan Stanley Capital I Trust Series 2020-CNP, Class A | Morgan Stanley Capital I Trust Series 2020-CNP, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.51% *<sup>(1),(7)</sup>* | 04/05/42 | 18000000 | 15637756 |

---

*See accompanying Notes to Financial Statements.* 

------

April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED<br>SECURITIES — NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED<br>SECURITIES — NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED<br>SECURITIES — NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED<br>SECURITIES — NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED<br>SECURITIES — NON-AGENCY (Continued)** |
|  NY Commercial Mortgage Trust Series 2025-299P, Class B | NY Commercial Mortgage Trust Series 2025-299P, Class B | NY Commercial Mortgage Trust Series 2025-299P, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% *<sup>(1),(7)</sup>* | 02/10/47 | 5885000 | $| 5982869 |
|  One Bryant Park Trust Series 2019-OBP, Class A | One Bryant Park Trust Series 2019-OBP, Class A | One Bryant Park Trust Series 2019-OBP, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52% *<sup>(1)</sup>* | 09/15/54 | 6870000 |  | 6145975 |
|  RIDE Series 2025-SHRE, Class D | RIDE Series 2025-SHRE, Class D | RIDE Series 2025-SHRE, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.97% *<sup>(1),(7)</sup>*  | 02/14/47 | 2500000 |  | 2532725 |
|  ROCK Trust Series 2024-CNTR, Class E | ROCK Trust Series 2024-CNTR, Class E | ROCK Trust Series 2024-CNTR, Class E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.82% *<sup>(1)</sup>*  | 11/13/41 | 4000000 |  | 4196396 |
|  SFAVE Commercial Mortgage Securities Trust Series 2015- 5AVE, Class A2A | SFAVE Commercial Mortgage Securities Trust Series 2015- 5AVE, Class A2A | SFAVE Commercial Mortgage Securities Trust Series 2015- 5AVE, Class A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66% *<sup>(1),(7)</sup>* | 01/05/43 | 18047000 |  | 15502965 |
|  SFAVE Commercial Mortgage Securities Trust Series 2015- 5AVE, Class A2B | SFAVE Commercial Mortgage Securities Trust Series 2015- 5AVE, Class A2B | SFAVE Commercial Mortgage Securities Trust Series 2015- 5AVE, Class A2B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14% *<sup>(1),(7)</sup>* | 01/05/43 | 1370000 |  | 1212856 |
|  SLG Office Trust Series 2021-OVA, Class E | SLG Office Trust Series 2021-OVA, Class E | SLG Office Trust Series 2021-OVA, Class E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85% *<sup>(1)</sup>*  | 07/15/41 | 4800000 |  | 3999377 |
|  SLG Office Trust Series 2021-OVA, Class G | SLG Office Trust Series 2021-OVA, Class G | SLG Office Trust Series 2021-OVA, Class G |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85% *<sup>(1)</sup>* | 07/15/41 | 16460000 |  | 12597465 |
|  Wells Fargo Commercial Mortgage Trust Series 2016-NXS6, Class XB | Wells Fargo Commercial Mortgage Trust Series 2016-NXS6, Class XB | Wells Fargo Commercial Mortgage Trust Series 2016-NXS6, Class XB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.69% *<sup>(7)</sup>* | 11/15/49 | 106409000 |  | 689169 |
|  Wells Fargo Commercial Mortgage Trust Series 2024-SVEN, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-SVEN, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-SVEN, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.47% *<sup>(1),(7)</sup>* | 06/10/37 | 4632000 |  | 4747361 |
|  **Total Commercial Mortgage-Backed Securities — Non-Agency** | **Total Commercial Mortgage-Backed Securities — Non-Agency** | **Total Commercial Mortgage-Backed Securities — Non-Agency** |  |  |
|  (Cost: $317,591,458) | (Cost: $317,591,458) |  |  | 282588034 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 68.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 68.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 68.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 68.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 68.0%** |
|  Federal Home Loan Mortgage Corp., Pool #A91162 | Federal Home Loan Mortgage Corp., Pool #A91162 | Federal Home Loan Mortgage Corp., Pool #A91162 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 02/01/40 | 7306965 |  | 7438070 |
|  Federal Home Loan Mortgage Corp., Pool #A92195 | Federal Home Loan Mortgage Corp., Pool #A92195 | Federal Home Loan Mortgage Corp., Pool #A92195 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 05/01/40 | 1941233 |  | 1969485 |
|  Federal Home Loan Mortgage Corp., Pool #G01959 | Federal Home Loan Mortgage Corp., Pool #G01959 | Federal Home Loan Mortgage Corp., Pool #G01959 | Federal Home Loan Mortgage Corp., Pool #G01959 | Federal Home Loan Mortgage Corp., Pool #G01959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 12/01/35 | 37119 |  | 37881 |
|  Federal Home Loan Mortgage Corp., Pool #G08710 | Federal Home Loan Mortgage Corp., Pool #G08710 | Federal Home Loan Mortgage Corp., Pool #G08710 | Federal Home Loan Mortgage Corp., Pool #G08710 | Federal Home Loan Mortgage Corp., Pool #G08710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/01/46 | 828040 |  | 737546 |
|  Federal Home Loan Mortgage Corp., Pool #G08833 | Federal Home Loan Mortgage Corp., Pool #G08833 | Federal Home Loan Mortgage Corp., Pool #G08833 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 07/01/48 | 1813092 |  | 1812008 |
|  Federal Home Loan Mortgage Corp., Pool #G08840 | Federal Home Loan Mortgage Corp., Pool #G08840 | Federal Home Loan Mortgage Corp., Pool #G08840 | Federal Home Loan Mortgage Corp., Pool #G08840 | Federal Home Loan Mortgage Corp., Pool #G08840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 08/01/48 | 308124 |  | 307710 |
|  Federal Home Loan Mortgage Corp., Pool #G08848 | Federal Home Loan Mortgage Corp., Pool #G08848 | Federal Home Loan Mortgage Corp., Pool #G08848 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 11/01/48 | 1225435 |  | 1191802 |
|  Federal Home Loan Mortgage Corp., Pool #G08849 | Federal Home Loan Mortgage Corp., Pool #G08849 | Federal Home Loan Mortgage Corp., Pool #G08849 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 11/01/48 | 2067336 |  | 2064557 |
|  Federal Home Loan Mortgage Corp., Pool #G60238 | Federal Home Loan Mortgage Corp., Pool #G60238 | Federal Home Loan Mortgage Corp., Pool #G60238 | Federal Home Loan Mortgage Corp., Pool #G60238 | Federal Home Loan Mortgage Corp., Pool #G60238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 10/01/45 | 2706101 |  | 2505425 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal Home Loan Mortgage Corp., Pool #G60440 | Federal Home Loan Mortgage Corp., Pool #G60440 | Federal Home Loan Mortgage Corp., Pool #G60440 | Federal Home Loan Mortgage Corp., Pool #G60440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 03/01/46 | $19340594 | $17907420 |
|  Federal Home Loan Mortgage Corp., Pool #G67709 | Federal Home Loan Mortgage Corp., Pool #G67709 | Federal Home Loan Mortgage Corp., Pool #G67709 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 03/01/48 | 6008305 | 5537458 |
|  Federal Home Loan Mortgage Corp., Pool #G67717 | Federal Home Loan Mortgage Corp., Pool #G67717 | Federal Home Loan Mortgage Corp., Pool #G67717 | Federal Home Loan Mortgage Corp., Pool #G67717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/01/48 | 22162960 | 21063719 |
|  Federal Home Loan Mortgage Corp., Pool #N70081 | Federal Home Loan Mortgage Corp., Pool #N70081 | Federal Home Loan Mortgage Corp., Pool #N70081 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 07/01/38 | 1156646 | 1192112 |
|  Federal Home Loan Mortgage Corp., Pool #P51350 | Federal Home Loan Mortgage Corp., Pool #P51350 | Federal Home Loan Mortgage Corp., Pool #P51350 | Federal Home Loan Mortgage Corp., Pool #P51350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 03/01/36 | 943332 | 963426 |
|  Federal Home Loan Mortgage Corp., Pool #QD7213 | Federal Home Loan Mortgage Corp., Pool #QD7213 | Federal Home Loan Mortgage Corp., Pool #QD7213 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 02/01/52 | 5221701 | 4146360 |
|  Federal Home Loan Mortgage Corp., Pool #QE0312 | Federal Home Loan Mortgage Corp., Pool #QE0312 | Federal Home Loan Mortgage Corp., Pool #QE0312 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 04/01/52 | 10619868 | 8432846 |
|  Federal Home Loan Mortgage Corp., Pool #QG0601 | Federal Home Loan Mortgage Corp., Pool #QG0601 | Federal Home Loan Mortgage Corp., Pool #QG0601 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 04/01/53 | 18013289 | 17291029 |
|  Federal Home Loan Mortgage Corp., Pool #SD7513 | Federal Home Loan Mortgage Corp., Pool #SD7513 | Federal Home Loan Mortgage Corp., Pool #SD7513 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 04/01/50 | 11850862 | 10893852 |
|  Federal Home Loan Mortgage Corp., Pool #SD8147 | Federal Home Loan Mortgage Corp., Pool #SD8147 | Federal Home Loan Mortgage Corp., Pool #SD8147 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 05/01/51 | 13236675 | 11070609 |
|  Federal Home Loan Mortgage Corp., Pool #SD8194 | Federal Home Loan Mortgage Corp., Pool #SD8194 | Federal Home Loan Mortgage Corp., Pool #SD8194 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 02/01/52 | 2427215 | 2023249 |
|  Federal Home Loan Mortgage Corp., Pool #SD8212 | Federal Home Loan Mortgage Corp., Pool #SD8212 | Federal Home Loan Mortgage Corp., Pool #SD8212 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 05/01/52 | 10980184 | 9145521 |
|  Federal Home Loan Mortgage Corp., Pool #SD8220 | Federal Home Loan Mortgage Corp., Pool #SD8220 | Federal Home Loan Mortgage Corp., Pool #SD8220 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/01/52 | 14360225 | 12465552 |
|  Federal Home Loan Mortgage Corp., Pool #SD8238 | Federal Home Loan Mortgage Corp., Pool #SD8238 | Federal Home Loan Mortgage Corp., Pool #SD8238 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/01/52 | 5528571 | 5303418 |
|  Federal Home Loan Mortgage Corp., Pool #SD8245 | Federal Home Loan Mortgage Corp., Pool #SD8245 | Federal Home Loan Mortgage Corp., Pool #SD8245 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/01/52 | 16653828 | 15973020 |
|  Federal Home Loan Mortgage Corp., Pool #ZT1491 | Federal Home Loan Mortgage Corp., Pool #ZT1491 | Federal Home Loan Mortgage Corp., Pool #ZT1491 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 11/01/48 | 6724778 | 6181425 |
|  Federal Home Loan Mortgage Corp. REMICS Series 2647, Class OV (P/O) | Federal Home Loan Mortgage Corp. REMICS Series 2647, Class OV (P/O) | Federal Home Loan Mortgage Corp. REMICS Series 2647, Class OV (P/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(6)</sup>*  | 07/15/33 | 388566 | 302691 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3149, Class OD (P/O) (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3149, Class OD (P/O) (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3149, Class OD (P/O) (PAC) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(6)</sup>*  | 05/15/36 | 1721259 | 1435797 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3315, Class S (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3315, Class S (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3315, Class S (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% (-30 day USD SOFR Average + 6.296%) *<sup>(2)</sup>*  | 05/15/37 | 146542 | 8702 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3376, Class SX (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3376, Class SX (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3376, Class SX (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.58% (-30 day USD SOFR Average + 5.926%) *<sup>(2)</sup>*  | 10/15/37 | 997019 | 94514 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal Home Loan Mortgage Corp. REMICS Series 3410, Class IS (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3410, Class IS (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3410, Class IS (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.81% (-30 day USD SOFR Average + 6.156%) *<sup>(2)</sup>*  | 02/15/38 | $1439077 | $144323 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3424, Class BI (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3424, Class BI (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3424, Class BI (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.34% (-30 day USD SOFR Average + 6.686%) *<sup>(2)</sup>*  | 04/15/38 | 1639013 | 189684 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3519, Class SH (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3519, Class SH (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3519, Class SH (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.04% (-30 day USD SOFR Average + 5.386%) *<sup>(2)</sup>*  | 07/15/37 | 110609 | 5228 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3531, Class SC (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3531, Class SC (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3531, Class SC (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.84% (-30 day USD SOFR Average + 6.186%) *<sup>(2)</sup>* | 05/15/39 | 2104244 | 222837 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3541, Class SA (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3541, Class SA (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3541, Class SA (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.29% (-30 day USD SOFR Average + 6.636%) *<sup>(2)</sup>*  | 06/15/39 | 882953 | 105628 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3550, Class GS (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3550, Class GS (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3550, Class GS (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.29% (-30 day USD SOFR Average + 6.636%) *<sup>(2)</sup>*  | 07/15/39 | 1940861 | 223453 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3788, Class SB (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3788, Class SB (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3788, Class SB (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.02% (-30 day USD SOFR Average + 6.366%) *<sup>(2)</sup>*  | 01/15/41 | 2739775 | 304059 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3885, Class PO (P/O) (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3885, Class PO (P/O) (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3885, Class PO (P/O) (PAC) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(6)</sup>*  | 11/15/33 | 567460 | 457374 |
|  Federal Home Loan Mortgage Corp. REMICS Series 4030, Class HS (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 4030, Class HS (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 4030, Class HS (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15% (-30 day USD SOFR Average + 6.496%) *<sup>(2)</sup>* | 04/15/42 | 1069131 | 127937 |
|  Federal Home Loan Mortgage Corp. REMICS Series 4135, Class DZ | Federal Home Loan Mortgage Corp. REMICS Series 4135, Class DZ | Federal Home Loan Mortgage Corp. REMICS Series 4135, Class DZ |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 11/15/42 | 4407467 | 3957454 |
|  Federal Home Loan Mortgage Corp. REMICS Series 4351, Class MB (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 4351, Class MB (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 4351, Class MB (PAC) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/15/44 | 16213407 | 15557923 |
|  Federal Home Loan Mortgage Corp. REMICS Series 4604, Class PB (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 4604, Class PB (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 4604, Class PB (PAC) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 01/15/46 | 1977000 | 1850920 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal Home Loan Mortgage Corp. REMICS Series 4772, Class ZA | Federal Home Loan Mortgage Corp. REMICS Series 4772, Class ZA | Federal Home Loan Mortgage Corp. REMICS Series 4772, Class ZA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 07/15/47 | $5747418 | $5326542 |
|  Federal Home Loan Mortgage Corp. REMICS Series 4896, Class DA | Federal Home Loan Mortgage Corp. REMICS Series 4896, Class DA | Federal Home Loan Mortgage Corp. REMICS Series 4896, Class DA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 01/15/49 | 955192 | 866045 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5210, Class LB | Federal Home Loan Mortgage Corp. REMICS Series 5210, Class LB | Federal Home Loan Mortgage Corp. REMICS Series 5210, Class LB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 08/25/50 | 16601979 | 12648792 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5224, Class DZ | Federal Home Loan Mortgage Corp. REMICS Series 5224, Class DZ | Federal Home Loan Mortgage Corp. REMICS Series 5224, Class DZ |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/25/52 | 7124358 | 6462429 |
|  Federal Home Loan Mortgage Corp. STRIPS Series 277, Class 30 | Federal Home Loan Mortgage Corp. STRIPS Series 277, Class 30 | Federal Home Loan Mortgage Corp. STRIPS Series 277, Class 30 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 09/15/42 | 7376618 | 6764601 |
|  Federal Home Loan Mortgage Corp. STRIPS Series 377, Class C1 | Federal Home Loan Mortgage Corp. STRIPS Series 377, Class C1 | Federal Home Loan Mortgage Corp. STRIPS Series 377, Class C1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 01/25/51 | 81080884 | 10524677 |
|  Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C2 (I/O) | Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C2 (I/O) | Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C2 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 02/15/51 | 131338187 | 17276987 |
|  Federal Home Loan Mortgage Corp. STRIPS Series 400, Class C2 (I/O) | Federal Home Loan Mortgage Corp. STRIPS Series 400, Class C2 (I/O) | Federal Home Loan Mortgage Corp. STRIPS Series 400, Class C2 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/25/52 | 69626977 | 9093913 |
|  Federal National Mortgage Association,<br>Pool #310033 | Federal National Mortgage Association,<br>Pool #310033 | Federal National Mortgage Association,<br>Pool #310033 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 07/01/47 | 353787 | 376953 |
|  Federal National Mortgage Association,<br>Pool #555424 | Federal National Mortgage Association,<br>Pool #555424 | Federal National Mortgage Association,<br>Pool #555424 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 05/01/33 | 883564 | 910658 |
|  Federal National Mortgage Association,<br>Pool #734384 | Federal National Mortgage Association,<br>Pool #734384 | Federal National Mortgage Association,<br>Pool #734384 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 07/01/33 | 118648 | 122278 |
|  Federal National Mortgage Association,<br>Pool #934103 | Federal National Mortgage Association,<br>Pool #934103 | Federal National Mortgage Association,<br>Pool #934103 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 07/01/38 | 112009 | 113867 |
|  Federal National Mortgage Association,<br>Pool #995573 | Federal National Mortgage Association,<br>Pool #995573 | Federal National Mortgage Association,<br>Pool #995573 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 01/01/49 | 916178 | 977484 |
|  Federal National Mortgage Association,<br>Pool #AA3303 | Federal National Mortgage Association,<br>Pool #AA3303 | Federal National Mortgage Association,<br>Pool #AA3303 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 06/01/38 | 1225905 | 1261981 |
|  Federal National Mortgage Association,<br>Pool #AB6210 | Federal National Mortgage Association,<br>Pool #AB6210 | Federal National Mortgage Association,<br>Pool #AB6210 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 09/01/42 | 15511842 | 14117961 |
|  Federal National Mortgage Association,<br>Pool #AS7241 | Federal National Mortgage Association,<br>Pool #AS7241 | Federal National Mortgage Association,<br>Pool #AS7241 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 05/01/46 | 5059337 | 4663806 |

---

*See accompanying Notes to Financial Statements.* 

------

April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal National Mortgage Association,<br>Pool #AS9454 | Federal National Mortgage Association,<br>Pool #AS9454 | Federal National Mortgage Association,<br>Pool #AS9454 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/01/47 | $587899 | $557328 |
|  Federal National Mortgage Association,<br>Pool #BM5979 | Federal National Mortgage Association,<br>Pool #BM5979 | Federal National Mortgage Association,<br>Pool #BM5979 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/01/45 | 5078789 | 4758495 |
|  Federal National Mortgage Association,<br>Pool #BQ6913 | Federal National Mortgage Association,<br>Pool #BQ6913 | Federal National Mortgage Association,<br>Pool #BQ6913 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 12/01/51 | 19080292 | 15179736 |
|  Federal National Mortgage Association,<br>Pool #BQ7056 | Federal National Mortgage Association,<br>Pool #BQ7056 | Federal National Mortgage Association,<br>Pool #BQ7056 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 01/01/52 | 14710768 | 11684210 |
|  Federal National Mortgage Association,<br>Pool #BU7102 | Federal National Mortgage Association,<br>Pool #BU7102 | Federal National Mortgage Association,<br>Pool #BU7102 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 12/01/51 | 10051086 | 8384500 |
|  Federal National Mortgage Association,<br>Pool #BV4119 | Federal National Mortgage Association,<br>Pool #BV4119 | Federal National Mortgage Association,<br>Pool #BV4119 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 03/01/52 | 14215029 | 11839860 |
|  Federal National Mortgage Association,<br>Pool #BV4128 | Federal National Mortgage Association,<br>Pool #BV4128 | Federal National Mortgage Association,<br>Pool #BV4128 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/01/52 | 8531870 | 6774844 |
|  Federal National Mortgage Association,<br>Pool #BV7761 | Federal National Mortgage Association,<br>Pool #BV7761 | Federal National Mortgage Association,<br>Pool #BV7761 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 03/01/52 | 12203114 | 10183480 |
|  Federal National Mortgage Association,<br>Pool #BV8459 | Federal National Mortgage Association,<br>Pool #BV8459 | Federal National Mortgage Association,<br>Pool #BV8459 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 04/01/52 | 16891158 | 14664520 |
|  Federal National Mortgage Association,<br>Pool #BV8464 | Federal National Mortgage Association,<br>Pool #BV8464 | Federal National Mortgage Association,<br>Pool #BV8464 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 04/01/52 | 17471864 | 15168676 |
|  Federal National Mortgage Association,<br>Pool #BV8515 | Federal National Mortgage Association,<br>Pool #BV8515 | Federal National Mortgage Association,<br>Pool #BV8515 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 05/01/52 | 13658279 | 11856220 |
|  Federal National Mortgage Association,<br>Pool #BW9886 | Federal National Mortgage Association,<br>Pool #BW9886 | Federal National Mortgage Association,<br>Pool #BW9886 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/01/52 | 16385651 | 15713273 |
|  Federal National Mortgage Association, Pool #BX6752 | Federal National Mortgage Association, Pool #BX6752 | Federal National Mortgage Association, Pool #BX6752 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 03/01/53 | 4801180 | 4719883 |
|  Federal National Mortgage Association, Pool #CA1540 | Federal National Mortgage Association, Pool #CA1540 | Federal National Mortgage Association, Pool #CA1540 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/01/48 | 9340642 | 8866003 |
|  Federal National Mortgage Association,<br>Pool #CA1710 | Federal National Mortgage Association,<br>Pool #CA1710 | Federal National Mortgage Association,<br>Pool #CA1710 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/01/48 | 4399091 | 4273104 |
|  Federal National Mortgage Association,<br>Pool #CA1711 | Federal National Mortgage Association,<br>Pool #CA1711 | Federal National Mortgage Association,<br>Pool #CA1711 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/01/48 | 4038423 | 3922765 |
|  Federal National Mortgage Association,<br>Pool #CA2208 | Federal National Mortgage Association,<br>Pool #CA2208 | Federal National Mortgage Association,<br>Pool #CA2208 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/01/48 | 4193967 | 4073854 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal National Mortgage Association,<br>Pool #CB0610 | Federal National Mortgage Association,<br>Pool #CB0610 | Federal National Mortgage Association,<br>Pool #CB0610 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 05/01/51 | $14634926 | $12322089 |
|  Federal National Mortgage Association,<br>Pool #CB3151 | Federal National Mortgage Association,<br>Pool #CB3151 | Federal National Mortgage Association,<br>Pool #CB3151 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/01/52 | 39275482 | 31326835 |
|  Federal National Mortgage Association,<br>Pool #FA0658 | Federal National Mortgage Association,<br>Pool #FA0658 | Federal National Mortgage Association,<br>Pool #FA0658 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/01/54 | 10868222 | 10397472 |
|  Federal National Mortgage Association,<br>Pool #FM2342 | Federal National Mortgage Association,<br>Pool #FM2342 | Federal National Mortgage Association,<br>Pool #FM2342 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 12/01/46 | 3041267 | 2849469 |
|  Federal National Mortgage Association,<br>Pool #FM9515 | Federal National Mortgage Association,<br>Pool #FM9515 | Federal National Mortgage Association,<br>Pool #FM9515 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 11/01/51 | 18615546 | 15495929 |
|  Federal National Mortgage Association,<br>Pool #FS0139 | Federal National Mortgage Association,<br>Pool #FS0139 | Federal National Mortgage Association,<br>Pool #FS0139 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 01/01/52 | 24377291 | 20496765 |
|  Federal National Mortgage Association,<br>Pool #MA2995 | Federal National Mortgage Association,<br>Pool #MA2995 | Federal National Mortgage Association,<br>Pool #MA2995 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/01/47 | 2613480 | 2477419 |
|  Federal National Mortgage Association,<br>Pool #MA4152 | Federal National Mortgage Association,<br>Pool #MA4152 | Federal National Mortgage Association,<br>Pool #MA4152 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 10/01/40 | 9395112 | 8127799 |
|  Federal National Mortgage Association,<br>Pool #MA4562 | Federal National Mortgage Association,<br>Pool #MA4562 | Federal National Mortgage Association,<br>Pool #MA4562 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/01/52 | 6374416 | 5061689 |
|  Federal National Mortgage Association,<br>Pool #MA4579 | Federal National Mortgage Association,<br>Pool #MA4579 | Federal National Mortgage Association,<br>Pool #MA4579 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 04/01/52 | 19494967 | 16927354 |
|  Federal National Mortgage Association,<br>Pool #MA4626 | Federal National Mortgage Association,<br>Pool #MA4626 | Federal National Mortgage Association,<br>Pool #MA4626 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 06/01/52 | 12303690 | 11493955 |
|  Federal National Mortgage Association,<br>Pool #MA4784 | Federal National Mortgage Association,<br>Pool #MA4784 | Federal National Mortgage Association,<br>Pool #MA4784 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/01/52 | 5765380 | 5528800 |
|  Federal National Mortgage Association,<br>Pool #MA5037 | Federal National Mortgage Association,<br>Pool #MA5037 | Federal National Mortgage Association,<br>Pool #MA5037 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 06/01/53 | 3560691 | 3406462 |
|  Federal National Mortgage Association,<br>Pool #MA5071 | Federal National Mortgage Association,<br>Pool #MA5071 | Federal National Mortgage Association,<br>Pool #MA5071 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 07/01/53 | 2696223 | 2647192 |
|  Federal National Mortgage Association,<br>Pool #MA5107 | Federal National Mortgage Association,<br>Pool #MA5107 | Federal National Mortgage Association,<br>Pool #MA5107 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 08/01/53 | 14314914 | 14320744 |
|  Federal National Mortgage Association REMICS Series 2004-52, Class SW (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2004-52, Class SW (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2004-52, Class SW (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63% (-30 day USD SOFR Average + 6.986%) *<sup>(2)</sup>*  | 07/25/34 | 208493 | 19485 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal National Mortgage Association REMICS Series 2007-103, Class AI (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-103, Class AI (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-103, Class AI (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.03% (-30 day USD SOFR Average + 6.386%) *<sup>(2)</sup>* | 03/25/37 | $1937270 | $168186 |
|  Federal National Mortgage Association REMICS Series 2007-20, Class SI (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-20, Class SI (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-20, Class SI (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.98% (-30 day USD SOFR Average + 6.336%) *<sup>(2)</sup>*  | 03/25/37 | 474524 | 24341 |
|  Federal National Mortgage Association REMICS Series 2007-21, Class SE (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-21, Class SE (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-21, Class SE (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.97% (-30 day USD SOFR Average + 6.326%) *<sup>(2)</sup>*  | 03/25/37 | 235505 | 13170 |
|  Federal National Mortgage Association REMICS Series 2007-56, Class SG (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-56, Class SG (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-56, Class SG (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.94% (-30 day USD SOFR Average + 6.296%) *<sup>(2)</sup>*  | 06/25/37 | 426093 | 22708 |
|  Federal National Mortgage Association REMICS Series 2007-58, Class SV (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-58, Class SV (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-58, Class SV (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.28% (-30 day USD SOFR Average + 6.636%) *<sup>(2)</sup>*  | 06/25/37 | 1963449 | 225960 |
|  Federal National Mortgage Association REMICS Series 2007-65, Class S (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-65, Class S (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-65, Class S (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13% (-30 day USD SOFR Average + 6.486%) *<sup>(2)</sup>*  | 07/25/37 | 209748 | 17651 |
|  Federal National Mortgage Association REMICS Series 2008-1, Class AI (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2008-1, Class AI (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2008-1, Class AI (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.78% (-30 day USD SOFR Average + 6.136%) *<sup>(2)</sup>*  | 05/25/37 | 1706205 | 129143 |
|  Federal National Mortgage Association REMICS Series 2008-13, Class SB (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2008-13, Class SB (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2008-13, Class SB (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.77% (-30 day USD SOFR Average + 6.126%) *<sup>(2)</sup>*  | 03/25/38 | 1755520 | 124064 |
|  Federal National Mortgage Association REMICS Series 2008-23, Class SB (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2008-23, Class SB (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2008-23, Class SB (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% (-30 day USD SOFR Average + 6.736%) *<sup>(2)</sup>*  | 04/25/38 | 1411518 | 57107 |
|  Federal National Mortgage Association REMICS Series 2008-35, Class SD (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2008-35, Class SD (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2008-35, Class SD (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.98% (-30 day USD SOFR Average + 6.336%) *<sup>(2)</sup>*  | 05/25/38 | 196737 | 3965 |
|  Federal National Mortgage Association REMICS Series 2008-66, Class SG (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2008-66, Class SG (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2008-66, Class SG (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60% (-30 day USD SOFR Average + 5.956%) *<sup>(2)</sup>*  | 08/25/38 | 3722491 | 323712 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal National Mortgage Association REMICS Series 2008-68, Class SA (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2008-68, Class SA (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2008-68, Class SA (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% (-30 day USD SOFR Average + 5.856%) *<sup>(2)</sup>*  | 08/25/38 | $1233449 | $76409 |
|  Federal National Mortgage Association REMICS Series 2009-3, Class SH (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2009-3, Class SH (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2009-3, Class SH (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98% (-30 day USD SOFR Average + 5.336%) *<sup>(2)</sup>*  | 06/25/37 | 433966 | 27381 |
|  Federal National Mortgage Association REMICS Series 2009-47, Class SV (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2009-47, Class SV (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2009-47, Class SV (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.28% (-30 day USD SOFR Average + 6.636%) *<sup>(2)</sup>*  | 07/25/39 | 264493 | 29990 |
|  Federal National Mortgage Association REMICS Series 2009-51, Class SA (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2009-51, Class SA (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2009-51, Class SA (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.28% (-30 day USD SOFR Average + 6.636%) *<sup>(2)</sup>*  | 07/25/39 | 1325464 | 134651 |
|  Federal National Mortgage Association REMICS Series 2009-6, Class SD (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2009-6, Class SD (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2009-6, Class SD (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.08% (-30 day USD SOFR Average + 5.436%) *<sup>(2)</sup>*  | 02/25/39 | 317529 | 6674 |
|  Federal National Mortgage Association REMICS Series 2009-72, Class JS (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2009-72, Class JS (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2009-72, Class JS (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.78% (-30 day USD SOFR Average + 7.136%) *<sup>(2)</sup>*  | 09/25/39 | 232075 | 25334 |
|  Federal National Mortgage Association REMICS Series 2011-131, Class ST (I/O) | Federal National Mortgage Association REMICS Series 2011-131, Class ST (I/O) | Federal National Mortgage Association REMICS Series 2011-131, Class ST (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.07% (-30 day USD SOFR Average + 6.426%) *<sup>(2)</sup>*  | 12/25/41 | 10938871 | 1404909 |
|  Federal National Mortgage Association REMICS Series 2011-149, Class Z | Federal National Mortgage Association REMICS Series 2011-149, Class Z | Federal National Mortgage Association REMICS Series 2011-149, Class Z |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 01/25/42 | 2017397 | 2022249 |
|  Federal National Mortgage Association REMICS Series 2012-128, Class UY (PAC) | Federal National Mortgage Association REMICS Series 2012-128, Class UY (PAC) | Federal National Mortgage Association REMICS Series 2012-128, Class UY (PAC) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 11/25/42 | 11738000 | 10385333 |
|  Federal National Mortgage Association REMICS Series 2012-19, Class ZN | Federal National Mortgage Association REMICS Series 2012-19, Class ZN | Federal National Mortgage Association REMICS Series 2012-19, Class ZN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 01/25/42 | 2957706 | 2732710 |
|  Federal National Mortgage Association REMICS Series 2012-34, Class EB | Federal National Mortgage Association REMICS Series 2012-34, Class EB | Federal National Mortgage Association REMICS Series 2012-34, Class EB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/25/42 | 2000000 | 1883772 |
|  Federal National Mortgage Association REMICS Series 2013-101, Class BO (P/O) | Federal National Mortgage Association REMICS Series 2013-101, Class BO (P/O) | Federal National Mortgage Association REMICS Series 2013-101, Class BO (P/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(6)</sup>*  | 10/25/43 | 2564952 | 1805493 |
|  Federal National Mortgage Association REMICS Series 2013-101, Class CO (P/O) | Federal National Mortgage Association REMICS Series 2013-101, Class CO (P/O) | Federal National Mortgage Association REMICS Series 2013-101, Class CO (P/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(6)</sup>*  | 10/25/43 | 5680323 | 4017518 |

---

*See accompanying Notes to Financial Statements.* 

------

April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal National Mortgage Association REMICS Series 2015-65, Class LZ | Federal National Mortgage Association REMICS Series 2015-65, Class LZ | Federal National Mortgage Association REMICS Series 2015-65, Class LZ |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/25/45 | $1682301 | $1472388 |
|  Federal National Mortgage Association REMICS Series 2018-52, Class PZ (PAC) | Federal National Mortgage Association REMICS Series 2018-52, Class PZ (PAC) | Federal National Mortgage Association REMICS Series 2018-52, Class PZ (PAC) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 07/25/48 | 1322998 | 1234148 |
|  Federal National Mortgage Association REMICS Series 2018-54, Class KY (PAC) | Federal National Mortgage Association REMICS Series 2018-54, Class KY (PAC) | Federal National Mortgage Association REMICS Series 2018-54, Class KY (PAC) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 08/25/48 | 1550000 | 1400900 |
|  Federal National Mortgage Association REMICS Series 2019-57, Class LT | Federal National Mortgage Association REMICS Series 2019-57, Class LT | Federal National Mortgage Association REMICS Series 2019-57, Class LT |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 10/25/49 | 6146677 | 5266045 |
|  Federal National Mortgage Association REMICS Series 2023-39, Class AI (I/O) | Federal National Mortgage Association REMICS Series 2023-39, Class AI (I/O) | Federal National Mortgage Association REMICS Series 2023-39, Class AI (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 07/25/52 | 133320524 | 17180697 |
|  Federal National Mortgage Association REMICS Series 2024-81, Class SE (I/O) | Federal National Mortgage Association REMICS Series 2024-81, Class SE (I/O) | Federal National Mortgage Association REMICS Series 2024-81, Class SE (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% (-30 day USD SOFR Average + 5.350%) *<sup>(2)</sup>*  | 07/25/54 | 45873518 | 2875375 |
|  Government National Mortgage Association,<br>Pool #MA6080 | Government National Mortgage Association,<br>Pool #MA6080 | Government National Mortgage Association,<br>Pool #MA6080 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 08/20/49 | 169243 | 147877 |
|  Government National Mortgage Association,<br>Pool #MA6209 | Government National Mortgage Association,<br>Pool #MA6209 | Government National Mortgage Association,<br>Pool #MA6209 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/20/49 | 2412415 | 2107860 |
|  Government National Mortgage Association,<br>Pool #MA7418 | Government National Mortgage Association,<br>Pool #MA7418 | Government National Mortgage Association,<br>Pool #MA7418 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 06/20/51 | 17357029 | 14804561 |
|  Government National Mortgage Association,<br>Pool #MA7589 | Government National Mortgage Association,<br>Pool #MA7589 | Government National Mortgage Association,<br>Pool #MA7589 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 09/20/51 | 14424304 | 12299767 |
|  Government National Mortgage Association,<br>Pool #MA8347 | Government National Mortgage Association,<br>Pool #MA8347 | Government National Mortgage Association,<br>Pool #MA8347 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/20/52 | 9225747 | 8886056 |
|  Government National Mortgage Association,<br>Pool #MA9963 | Government National Mortgage Association,<br>Pool #MA9963 | Government National Mortgage Association,<br>Pool #MA9963 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/20/54 | 8688610 | 8317726 |
|  Government National Mortgage Association REMICS Series 2011-70, Class BO (P/O) | Government National Mortgage Association REMICS Series 2011-70, Class BO (P/O) | Government National Mortgage Association REMICS Series 2011-70, Class BO (P/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(6)</sup>* | 05/20/41 | 2951909 | 2231744 |
|  Government National Mortgage Association REMICS Series 2015-162, Class ZG | Government National Mortgage Association REMICS Series 2015-162, Class ZG | Government National Mortgage Association REMICS Series 2015-162, Class ZG |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/20/45 | 4161075 | 3805187 |
|  Government National Mortgage Association REMICS Series 2015-42, Class ZB | Government National Mortgage Association REMICS Series 2015-42, Class ZB | Government National Mortgage Association REMICS Series 2015-42, Class ZB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 03/20/45 | 19778436 | 17936896 |
|  Government National Mortgage Association REMICS Series 2015-43, Class DM | Government National Mortgage Association REMICS Series 2015-43, Class DM | Government National Mortgage Association REMICS Series 2015-43, Class DM |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 03/20/45 | 14878176 | 13205842 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Government National Mortgage Association REMICS Series 2015-44, Class Z | Government National Mortgage Association REMICS Series 2015-44, Class Z | Government National Mortgage Association REMICS Series 2015-44, Class Z |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 03/20/45 | $14604750 | $12878802 |
|  Government National Mortgage Association REMICS Series 2015-92, Class MT | Government National Mortgage Association REMICS Series 2015-92, Class MT | Government National Mortgage Association REMICS Series 2015-92, Class MT |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 01/20/45 | 3760000 | 3218764 |
|  Government National Mortgage Association REMICS Series 2016-51, Class DZ | Government National Mortgage Association REMICS Series 2016-51, Class DZ | Government National Mortgage Association REMICS Series 2016-51, Class DZ |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 04/20/46 | 11903124 | 9803039 |
|  Government National Mortgage Association REMICS Series 2017-116, Class ZL | Government National Mortgage Association REMICS Series 2017-116, Class ZL | Government National Mortgage Association REMICS Series 2017-116, Class ZL |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/20/47 | 10608640 | 8146406 |
|  Government National Mortgage Association REMICS Series 2017-117, Class ZN | Government National Mortgage Association REMICS Series 2017-117, Class ZN | Government National Mortgage Association REMICS Series 2017-117, Class ZN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 08/20/47 | 1159751 | 924935 |
|  Government National Mortgage Association REMICS Series 2017-14, Class Z | Government National Mortgage Association REMICS Series 2017-14, Class Z | Government National Mortgage Association REMICS Series 2017-14, Class Z |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 01/20/47 | 1600530 | 1270505 |
|  Government National Mortgage Association REMICS Series 2017-57, Class Z | Government National Mortgage Association REMICS Series 2017-57, Class Z | Government National Mortgage Association REMICS Series 2017-57, Class Z |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/20/47 | 5534485 | 4686692 |
|  Government National Mortgage Association REMICS Series 2018-113, Class GZ | Government National Mortgage Association REMICS Series 2018-113, Class GZ | Government National Mortgage Association REMICS Series 2018-113, Class GZ |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 05/20/47 | 9878793 | 8614094 |
|  Government National Mortgage Association REMICS Series 2018-153, Class ZG | Government National Mortgage Association REMICS Series 2018-153, Class ZG | Government National Mortgage Association REMICS Series 2018-153, Class ZG |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 11/20/48 | 5099518 | 4463706 |
|  Government National Mortgage Association REMICS Series 2018-77, Class JY | Government National Mortgage Association REMICS Series 2018-77, Class JY | Government National Mortgage Association REMICS Series 2018-77, Class JY |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 06/20/48 | 1996184 | 1785845 |
|  Government National Mortgage Association REMICS Series 2018-78, Class NZ | Government National Mortgage Association REMICS Series 2018-78, Class NZ | Government National Mortgage Association REMICS Series 2018-78, Class NZ |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 06/20/48 | 6031304 | 5418815 |
|  Government National Mortgage Association REMICS Series 2018-97, Class DZ | Government National Mortgage Association REMICS Series 2018-97, Class DZ | Government National Mortgage Association REMICS Series 2018-97, Class DZ |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 07/20/48 | 2924588 | 2546162 |
|  Government National Mortgage Association REMICS Series 2022-128, Class SE (I/O) | Government National Mortgage Association REMICS Series 2022-128, Class SE (I/O) | Government National Mortgage Association REMICS Series 2022-128, Class SE (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.61% (-30 day USD SOFR Average + 5.960%) *<sup>(2)</sup>*  | 07/20/52 | 32067325 | 3149373 |
|  Government National Mortgage Association REMICS Series 2024-159, Class XS (I/O) | Government National Mortgage Association REMICS Series 2024-159, Class XS (I/O) | Government National Mortgage Association REMICS Series 2024-159, Class XS (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15% (-30 day USD SOFR Average + 5.500%) *<sup>(2)</sup>*  | 10/20/54 | 28853844 | 2508681 |
|  Government National Mortgage Association REMICS Series 2025-41, Class HS | Government National Mortgage Association REMICS Series 2025-41, Class HS | Government National Mortgage Association REMICS Series 2025-41, Class HS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.99% (-30 day USD SOFR Average + 5.340%) *<sup>(2)</sup>*  | 03/20/55 | 25083041 | 1976097 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Government National Mortgage Association REMICS Series 2025-45, Class ST (I/O) | Government National Mortgage Association REMICS Series 2025-45, Class ST (I/O) | Government National Mortgage Association REMICS Series 2025-45, Class ST (I/O) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95% (-30 day USD SOFR Average + 5.300%) *<sup>(2)</sup>*  | 03/20/55 | 13984935 | $| 906175 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 11/01/51 | 13675000 |  | 11151108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *<sup>(9)</sup>*  | 12/01/51 | 36925000 |  | 31466950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(9)</sup>*  | 02/01/55 | 40450000 |  | 39673906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(9)</sup>*  | 02/01/55 | 27875000 |  | 27854874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(9)</sup>*  | 05/01/52 | 22975000 |  | 21383304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(9)</sup>*  | 09/01/54 | 24925000 |  | 23852216 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% *<sup>(9)</sup>*  | 11/01/51 | 53800000 |  | 42687395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *<sup>(9)</sup>*  | 11/01/51 | 23150000 |  | 19250799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% *<sup>(9)</sup>*  | 01/01/52 | 21400000 |  | 18559674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(9)</sup>*  | 02/01/52 | 57975000 |  | 52315191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(9)</sup>*  | 03/01/52 | 71550000 |  | 66666891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(9)</sup>*  | 07/01/54 | 19225000 |  | 18384348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(9)</sup>*  | 07/01/54 | 37925000 |  | 37131590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(9)</sup>*  | 01/01/55 | 32150000 |  | 32078723 |
|  **Total Residential Mortgage-Backed Securities —Agency** | **Total Residential Mortgage-Backed Securities —Agency** | **Total Residential Mortgage-Backed Securities —Agency** |  |  |
|  (Cost: $1,335,066,167) | (Cost: $1,335,066,167) | (Cost: $1,335,066,167) |  | 1253263766 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 22.6%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 22.6%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 22.6%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 22.6%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 22.6%** |
|  ABFC Trust Series 2007-WMC1, Class A2A | ABFC Trust Series 2007-WMC1, Class A2A | ABFC Trust Series 2007-WMC1, Class A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.19% (1 mo. USD Term SOFR + 0.864%) *<sup>(2)</sup>*  | 06/25/37 | 8399672 |  | 6849729 |
|  ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP1, Class A2C | ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP1, Class A2C | ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP1, Class A2C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.96% (1 mo. USD Term SOFR + 0.634%) *<sup>(2)</sup>*  | 03/25/37 | 10303579 |  | 4090253 |
|  ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP1, Class A2D | ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP1, Class A2D | ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP1, Class A2D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% (1 mo. USD Term SOFR + 0.874%) *<sup>(2)</sup>*  | 03/25/37 | 5538064 |  | 2198278 |
|  Argent Securities Trust Series 2006-W4, Class A2C 4.76% (1 mo. USD | Argent Securities Trust Series 2006-W4, Class A2C 4.76% (1 mo. USD | Argent Securities Trust Series 2006-W4, Class A2C 4.76% (1 mo. USD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term SOFR + 0.434%) *<sup>(2)</sup>* | 05/25/36 | 16262050 |  | 3870025 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-W3, Class M2 | Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-W3, Class M2 | Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-W3, Class M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% (1 mo. USD Term SOFR + 0.804%) *<sup>(2)</sup>*  | 11/25/35 | 7603398 |  | 6560559 |
|  Banc of America Funding Trust Series 2004-B, Class 3A1 | Banc of America Funding Trust Series 2004-B, Class 3A1 | Banc of America Funding Trust Series 2004-B, Class 3A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73% *<sup>(7),(10)</sup>*  | 12/20/34 | 132953 |  | 105322 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Banc of America Funding Trust Series 2006-3, Class 4A14 | Banc of America Funding Trust Series 2006-3, Class 4A14 | Banc of America Funding Trust Series 2006-3, Class 4A14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% *<sup>(10)</sup>*  | 03/25/36 | $139437 | $116645 |
|  Banc of America Funding Trust Series 2006-3, Class 5A3 | Banc of America Funding Trust Series 2006-3, Class 5A3 | Banc of America Funding Trust Series 2006-3, Class 5A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(10)</sup>*  | 03/25/36 | 897394 | 807588 |
|  Banc of America Funding Trust Series 2006-D, Class 2A1 | Banc of America Funding Trust Series 2006-D, Class 2A1 | Banc of America Funding Trust Series 2006-D, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(7),(10)</sup>*  | 05/20/36 | 40877 | 36709 |
|  Banc of America Funding Trust Series 2006-D, Class 3A1 | Banc of America Funding Trust Series 2006-D, Class 3A1 | Banc of America Funding Trust Series 2006-D, Class 3A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.22% *<sup>(7),(10)</sup>*  | 05/20/36 | 1090557 | 948552 |
|  Bear Stearns ALT-A Trust Series 2005-2, Class 2A4 | Bear Stearns ALT-A Trust Series 2005-2, Class 2A4 | Bear Stearns ALT-A Trust Series 2005-2, Class 2A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.17% *<sup>(7)</sup>*  | 04/25/35 | 843 | 753 |
|  Bear Stearns ALT-A Trust Series 2005-4, Class 23A1 | Bear Stearns ALT-A Trust Series 2005-4, Class 23A1 | Bear Stearns ALT-A Trust Series 2005-4, Class 23A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.49% *<sup>(7)</sup>*  | 05/25/35 | 1242812 | 1163183 |
|  Bear Stearns ALT-A Trust Series 2006-4, Class 32A1 | Bear Stearns ALT-A Trust Series 2006-4, Class 32A1 | Bear Stearns ALT-A Trust Series 2006-4, Class 32A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.43% *<sup>(7)</sup>*  | 07/25/36 | 281593 | 118831 |
|  Bear Stearns ARM Trust Series 2004-12, Class 1A1 | Bear Stearns ARM Trust Series 2004-12, Class 1A1 | Bear Stearns ARM Trust Series 2004-12, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.68% *<sup>(7)</sup>*  | 02/25/35 | 168517 | 155458 |
|  Bear Stearns ARM Trust Series 2005-10, Class A3 | Bear Stearns ARM Trust Series 2005-10, Class A3 | Bear Stearns ARM Trust Series 2005-10, Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.62% *<sup>(7)</sup>*  | 10/25/35 | 1015006 | 989457 |
|  Bear Stearns ARM Trust Series 2006-2, Class 2A1 | Bear Stearns ARM Trust Series 2006-2, Class 2A1 | Bear Stearns ARM Trust Series 2006-2, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.56% *<sup>(7),(10)</sup>*  | 07/25/36 | 528914 | 445753 |
|  Bear Stearns ARM Trust Series 2007-1, Class 2A1 | Bear Stearns ARM Trust Series 2007-1, Class 2A1 | Bear Stearns ARM Trust Series 2007-1, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.87% *<sup>(7),(10)</sup>*  | 02/25/47 | 89221 | 76862 |
|  Bear Stearns Asset-Backed Securities I Trust Series 2005-AC6, Class 1A3 | Bear Stearns Asset-Backed Securities I Trust Series 2005-AC6, Class 1A3 | Bear Stearns Asset-Backed Securities I Trust Series 2005-AC6, Class 1A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(7)</sup>*  | 09/25/35 | 601965 | 574066 |
|  Bear Stearns Asset-Backed Securities I Trust Series 2005-AC6, Class 1A | Bear Stearns Asset-Backed Securities I Trust Series 2005-AC6, Class 1A | Bear Stearns Asset-Backed Securities I Trust Series 2005-AC6, Class 1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4 5.40% *<sup>(7)</sup>*  | 09/25/35 | 1287103 | 1227552 |
|  Bear Stearns Mortgage Funding Trust Series 2006-AR1, Class 2A1 | Bear Stearns Mortgage Funding Trust Series 2006-AR1, Class 2A1 | Bear Stearns Mortgage Funding Trust Series 2006-AR1, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% (1 mo. USD Term SOFR + 0.554%) *<sup>(2)</sup>* | 08/25/36 | 7594807 | 6953511 |
|  Bear Stearns Mortgage Funding Trust Series 2006-AR3, Class 1A1 | Bear Stearns Mortgage Funding Trust Series 2006-AR3, Class 1A1 | Bear Stearns Mortgage Funding Trust Series 2006-AR3, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% (1 mo. USD Term SOFR + 0.474%) *<sup>(2)</sup>*  | 10/25/36 | 226231 | 195286 |
|  C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2B | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2B | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53% | 02/25/37 | 2013937 | 1185802 |
|  C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2C | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2C | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53% | 02/25/37 | 6927555 | 4078929 |

---

*See accompanying Notes to Financial Statements.* 

------

April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  C-BASS Trust Series 2006-CB9, Class A4 | C-BASS Trust Series 2006-CB9, Class A4 | C-BASS Trust Series 2006-CB9, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% (1 mo. USD Term SOFR + 0.574%) *<sup>(2)</sup>*  | 11/25/36 | $10998390 | $4897511 |
|  Chase Mortgage Finance Trust Series 2006-A1, Class 2A1 | Chase Mortgage Finance Trust Series 2006-A1, Class 2A1 | Chase Mortgage Finance Trust Series 2006-A1, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% *<sup>(7),(10)</sup>*  | 09/25/36 | 254008 | 218058 |
|  Chase Mortgage Finance Trust Series 2007-A1, Class 8A1 | Chase Mortgage Finance Trust Series 2007-A1, Class 8A1 | Chase Mortgage Finance Trust Series 2007-A1, Class 8A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80% *<sup>(7)</sup>*  | 02/25/37 | 831628 | 796886 |
|  ChaseFlex Trust Series 2005-1, Class 1A5 | ChaseFlex Trust Series 2005-1, Class 1A5 | ChaseFlex Trust Series 2005-1, Class 1A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 02/25/35 | 1988011 | 1388545 |
|  CHL Mortgage Pass-Through Trust Series 2005-HYB5, Class 4A | CHL Mortgage Pass-Through Trust Series 2005-HYB5, Class 4A | CHL Mortgage Pass-Through Trust Series 2005-HYB5, Class 4A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 6.03% *<sup>(7)</sup>*  | 09/20/35 | 7356 | 6272 |
|  CHL Mortgage Pass-Through Trust Series 2007-HY5, Class 1A1 | CHL Mortgage Pass-Through Trust Series 2007-HY5, Class 1A1 | CHL Mortgage Pass-Through Trust Series 2007-HY5, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32% *<sup>(7)</sup>*  | 09/25/47 | 3221 | 2484 |
|  CHL Mortgage Pass-Through Trust Series 2007-HYB1, Class 1A1 | CHL Mortgage Pass-Through Trust Series 2007-HYB1, Class 1A1 | CHL Mortgage Pass-Through Trust Series 2007-HYB1, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94% *<sup>(7),(10)</sup>*  | 03/25/37 | 26645 | 21825 |
|  CIM Trust Series 2019-R3, Class A | CIM Trust Series 2019-R3, Class A | CIM Trust Series 2019-R3, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63% *<sup>(1),(7)</sup>*  | 06/25/58 | 7571997 | 6947267 |
|  CIM Trust Series 2020-R1, Class A1 | CIM Trust Series 2020-R1, Class A1 | CIM Trust Series 2020-R1, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85% *<sup>(1),(7)</sup>*  | 10/27/59 | 15705541 | 13896112 |
|  CIM Trust Series 2020-R3, Class A1A | CIM Trust Series 2020-R3, Class A1A | CIM Trust Series 2020-R3, Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(1),(7)</sup>*  | 01/26/60 | 10119888 | 9653939 |
|  CIM Trust Series 2020-R6, Class A1A | CIM Trust Series 2020-R6, Class A1A | CIM Trust Series 2020-R6, Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% *<sup>(1),(7)</sup>*  | 12/25/60 | 8879589 | 8097482 |
|  CIM Trust Series 2020-R7, Class A1A | CIM Trust Series 2020-R7, Class A1A | CIM Trust Series 2020-R7, Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% *<sup>(1),(7)</sup>*  | 12/27/61 | 13718732 | 12556106 |
|  CIM Trust Series 2021-R3, Class A1A | CIM Trust Series 2021-R3, Class A1A | CIM Trust Series 2021-R3, Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% *<sup>(1),(7)</sup>*  | 06/25/57 | 9790303 | 9030835 |
|  CIM Trust Series 2023-R1, Class A1A | CIM Trust Series 2023-R1, Class A1A | CIM Trust Series 2023-R1, Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% *<sup>(1),(7)</sup>*  | 04/25/62 | 6496866 | 6168108 |
|  CIM Trust Series 2023-R1, Class A1B | CIM Trust Series 2023-R1, Class A1B | CIM Trust Series 2023-R1, Class A1B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% *<sup>(1),(7)</sup>*  | 04/25/62 | 13400000 | 11068744 |
|  Citigroup Mortgage Loan Trust, Inc. Series 2006-AR5, Class 1A1A | Citigroup Mortgage Loan Trust, Inc. Series 2006-AR5, Class 1A1A | Citigroup Mortgage Loan Trust, Inc. Series 2006-AR5, Class 1A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.26% *<sup>(7),(10)</sup>*  | 07/25/36 | 1463043 | 1049296 |
|  Citigroup Mortgage Loan Trust, Inc. Series 2007-12, Class 2A1 | Citigroup Mortgage Loan Trust, Inc. Series 2007-12, Class 2A1 | Citigroup Mortgage Loan Trust, Inc. Series 2007-12, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1),(7),(10)</sup>*  | 10/25/36 | 2140776 | 1064713 |
|  CitiMortgage Alternative Loan Trust Series 2007-A5, Class 1A6 | CitiMortgage Alternative Loan Trust Series 2007-A5, Class 1A6 | CitiMortgage Alternative Loan Trust Series 2007-A5, Class 1A6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% *<sup>(10)</sup>*  | 05/25/37 | 6625604 | 6198491 |
|  Conseco Finance Corp. Series 1999-2, Class A7 | Conseco Finance Corp. Series 1999-2, Class A7 | Conseco Finance Corp. Series 1999-2, Class A7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.44% | 12/01/30 | 329210 | 331456 |
|  Conseco Finance Securitizations Corp. Series 2000-4, Class A5 | Conseco Finance Securitizations Corp. Series 2000-4, Class A5 | Conseco Finance Securitizations Corp. Series 2000-4, Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.97% | 05/01/32 | 45277023 | 6381421 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Countrywide Alternative Loan Trust Series 2005-84, Class 1A1 | Countrywide Alternative Loan Trust Series 2005-84, Class 1A1 | Countrywide Alternative Loan Trust Series 2005-84, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.28% *<sup>(7)</sup>*  | 02/25/36 | $74724 | $62779 |
|  Countrywide Alternative Loan Trust Series 2007-19, Class 1A34 | Countrywide Alternative Loan Trust Series 2007-19, Class 1A34 | Countrywide Alternative Loan Trust Series 2007-19, Class 1A34 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 08/25/37 | 11043794 | 5160160 |
|  Credit Suisse First Boston Mortgage Securities Corp. Series 2005-12, Class 1A1 | Credit Suisse First Boston Mortgage Securities Corp. Series 2005-12, Class 1A1 | Credit Suisse First Boston Mortgage Securities Corp. Series 2005-12, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 01/25/36 | 6004288 | 1336670 |
|  CSMC Mortgage-Backed Trust Series 2006-8, Class 3A1 | CSMC Mortgage-Backed Trust Series 2006-8, Class 3A1 | CSMC Mortgage-Backed Trust Series 2006-8, Class 3A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 10/25/21 | 607619 | 150856 |
|  CSMC Mortgage-Backed Trust Series 2006-9, Class 5A1 | CSMC Mortgage-Backed Trust Series 2006-9, Class 5A1 | CSMC Mortgage-Backed Trust Series 2006-9, Class 5A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 11/25/36 | 64637 | 1 |
|  CSMC Trust Series 2021-NQM5, Class A1 | CSMC Trust Series 2021-NQM5, Class A1 | CSMC Trust Series 2021-NQM5, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.94% *<sup>(1),(7)</sup>*  | 05/25/66 | 3633210 | 3080140 |
|  CSMC Trust Series 2021-RP11, Class A1 (I/O) | CSMC Trust Series 2021-RP11, Class A1 (I/O) | CSMC Trust Series 2021-RP11, Class A1 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.48% *<sup>(1),(7),(3),(4)</sup>* | 10/25/61 | 10177626 | 557384 |
|  CSMC Trust Series 2021-RP11, Class B1 | CSMC Trust Series 2021-RP11, Class B1 | CSMC Trust Series 2021-RP11, Class B1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73% *<sup>(1),(7)</sup>*  | 10/25/61 | 2336437 | 1202884 |
|  CSMC Trust Series 2022-RPL1, Class A1 (I/O) | CSMC Trust Series 2022-RPL1, Class A1 (I/O) | CSMC Trust Series 2022-RPL1, Class A1 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.49% *<sup>(1),(7),(3),(4)</sup>*  | 04/25/61 | 8944134 | 104240 |
|  CSMC Trust Series 2022-RPL1, Class B1 | CSMC Trust Series 2022-RPL1, Class B1 | CSMC Trust Series 2022-RPL1, Class B1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.64% *<sup>(1),(7)</sup>*  | 04/25/61 | 2099786 | 1278298 |
|  CSMCM Trust Series 2021-RP11, Class CERT | CSMCM Trust Series 2021-RP11, Class CERT | CSMCM Trust Series 2021-RP11, Class CERT |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78% *<sup>(1)</sup>*  | 10/27/61 | 497197 | 379068 |
|  CSMCM Trust Series 2022-RPL1, Class CERT | CSMCM Trust Series 2022-RPL1, Class CERT | CSMCM Trust Series 2022-RPL1, Class CERT |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23% *<sup>(1)</sup>*  | 04/25/61 | 466433 | 382059 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR6, Class A6 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR6, Class A6 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR6, Class A6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.82% (1 mo. USD Term SOFR + 0.494%) *<sup>(2)</sup>*  | 02/25/37 | 131481 | 111286 |
|  DSLA Mortgage Loan Trust Series 2005-AR6, Class 2A1A | DSLA Mortgage Loan Trust Series 2005-AR6, Class 2A1A | DSLA Mortgage Loan Trust Series 2005-AR6, Class 2A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01% (1 mo. USD Term SOFR + 0.694%) *<sup>(2)</sup>*  | 10/19/45 | 1458607 | 1303940 |
|  DSLA Mortgage Loan Trust Series 2007-AR1, Class 2A1A | DSLA Mortgage Loan Trust Series 2007-AR1, Class 2A1A | DSLA Mortgage Loan Trust Series 2007-AR1, Class 2A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57% (1 mo. USD Term SOFR + 0.254%) *<sup>(2)</sup>*  | 03/19/37 | 3563085 | 2864573 |
|  Fieldstone Mortgage Investment Trust Series 2007-1, Class 2A2 | Fieldstone Mortgage Investment Trust Series 2007-1, Class 2A2 | Fieldstone Mortgage Investment Trust Series 2007-1, Class 2A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97% (1 mo. USD Term SOFR + 0.384%) *<sup>(2)</sup>*  | 04/25/47 | 2247480 | 1660325 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  First Franklin Mortgage Loan Trust Series 2006-FF18, Class A2C | First Franklin Mortgage Loan Trust Series 2006-FF18, Class A2C | First Franklin Mortgage Loan Trust Series 2006-FF18, Class A2C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76% (1 mo. USD Term SOFR + 0.434%) *<sup>(2)</sup>*  | 12/25/37 | $8240005 | $7413191 |
|  First Franklin Mortgage Loan Trust Series 2007-FF1, Class A2C | First Franklin Mortgage Loan Trust Series 2007-FF1, Class A2C | First Franklin Mortgage Loan Trust Series 2007-FF1, Class A2C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72% (1 mo. USD Term SOFR + 0.394%) *<sup>(2)</sup>*  | 01/25/38 | 2894554 | 1551766 |
|  First Franklin Mortgage Loan Trust Series 2007-FF1, Class A2D | First Franklin Mortgage Loan Trust Series 2007-FF1, Class A2D | First Franklin Mortgage Loan Trust Series 2007-FF1, Class A2D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% (1 mo. USD Term SOFR + 0.554%) *<sup>(2)</sup>*  | 01/25/38 | 14167667 | 7599269 |
|  First Franklin Mortgage Loan Trust Series 2007-FF2, Class A1 | First Franklin Mortgage Loan Trust Series 2007-FF2, Class A1 | First Franklin Mortgage Loan Trust Series 2007-FF2, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72% (1 mo. USD Term SOFR + 0.394%) *<sup>(2)</sup>*  | 03/25/37 | 30072777 | 15407507 |
|  First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2C | First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2C | First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74% (1 mo. USD Term SOFR + 0.414%) *<sup>(2)</sup>*  | 03/25/37 | 19826731 | 9260910 |
|  GSAA Trust Series 2005-7, Class AF5 | GSAA Trust Series 2005-7, Class AF5 | GSAA Trust Series 2005-7, Class AF5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.11% | 05/25/35 | 25477 | 25132 |
|  GSR Mortgage Loan Trust Series 2004-9, Class 3A1 | GSR Mortgage Loan Trust Series 2004-9, Class 3A1 | GSR Mortgage Loan Trust Series 2004-9, Class 3A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.44% *<sup>(7)</sup>*  | 08/25/34 | 543207 | 503224 |
|  GSR Mortgage Loan Trust Series 2006-OA1, Class 2A2 | GSR Mortgage Loan Trust Series 2006-OA1, Class 2A2 | GSR Mortgage Loan Trust Series 2006-OA1, Class 2A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.96% (1 mo. USD Term SOFR + 0.634%) *<sup>(2)</sup>*  | 08/25/46 | 42649434 | 9271283 |
|  GSR Mortgage Loan Trust Series 2007-AR2, Class 2A1 | GSR Mortgage Loan Trust Series 2007-AR2, Class 2A1 | GSR Mortgage Loan Trust Series 2007-AR2, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32% *<sup>(7)</sup>*  | 05/25/37 | 1459925 | 756423 |
|  HSI Asset Loan Obligation Trust Series 2007-2, Class 2A12 | HSI Asset Loan Obligation Trust Series 2007-2, Class 2A12 | HSI Asset Loan Obligation Trust Series 2007-2, Class 2A12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 09/25/37 | 440418 | 324791 |
|  Impac CMB Trust Series 2005-1, Class 1A1 | Impac CMB Trust Series 2005-1, Class 1A1 | Impac CMB Trust Series 2005-1, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.96% (1 mo. USD Term SOFR + 0.634%) *<sup>(2)</sup>*  | 04/25/35 | 253110 | 240721 |
|  Impac CMB Trust Series 2005-5, Class A2 | Impac CMB Trust Series 2005-5, Class A2 | Impac CMB Trust Series 2005-5, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% (1 mo. USD Term SOFR + 0.334%) *<sup>(2)</sup>*  | 08/25/35 | 1552822 | 1428415 |
|  Impac Secured Assets Trust Series 2006-3, Class A1 | Impac Secured Assets Trust Series 2006-3, Class A1 | Impac Secured Assets Trust Series 2006-3, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78% (1 mo. USD Term SOFR + 0.454%) *<sup>(2)</sup>*  | 11/25/36 | 2702110 | 2424274 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  IndyMac INDA Mortgage Loan Trust Series 2007-AR7, Class 1A1 | IndyMac INDA Mortgage Loan Trust Series 2007-AR7, Class 1A1 | IndyMac INDA Mortgage Loan Trust Series 2007-AR7, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(7)</sup>*  | 11/25/37 | $1201169 | $964841 |
|  IndyMac INDX Mortgage Loan Trust Series 2004-AR9, Class 4A | IndyMac INDX Mortgage Loan Trust Series 2004-AR9, Class 4A | IndyMac INDX Mortgage Loan Trust Series 2004-AR9, Class 4A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.24% *<sup>(7)</sup>*  | 11/25/34 | 131625 | 123458 |
|  IndyMac INDX Mortgage Loan Trust Series 2005-AR23, Class 2A1 | IndyMac INDX Mortgage Loan Trust Series 2005-AR23, Class 2A1 | IndyMac INDX Mortgage Loan Trust Series 2005-AR23, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74% *<sup>(7)</sup>*  | 11/25/35 | 1407709 | 1098084 |
|  IndyMac INDX Mortgage Loan Trust Series 2005-AR25, Class 2A1 | IndyMac INDX Mortgage Loan Trust Series 2005-AR25, Class 2A1 | IndyMac INDX Mortgage Loan Trust Series 2005-AR25, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84% *<sup>(7)</sup>*  | 12/25/35 | 1064668 | 872599 |
|  IndyMac INDX Mortgage Loan Trust Series 2005-AR7, Class 2A1 | IndyMac INDX Mortgage Loan Trust Series 2005-AR7, Class 2A1 | IndyMac INDX Mortgage Loan Trust Series 2005-AR7, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36% *<sup>(7)</sup>*  | 06/25/35 | 729002 | 588925 |
|  IndyMac INDX Mortgage Loan Trust Series 2006-AR39, Class A1 | IndyMac INDX Mortgage Loan Trust Series 2006-AR39, Class A1 | IndyMac INDX Mortgage Loan Trust Series 2006-AR39, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% (1 mo. USD Term SOFR + 0.474%) *<sup>(2)</sup>*  | 02/25/37 | 3848344 | 3486975 |
|  IndyMac INDX Mortgage Loan Trust Series 2006-AR6, Class 2A1A | IndyMac INDX Mortgage Loan Trust Series 2006-AR6, Class 2A1A | IndyMac INDX Mortgage Loan Trust Series 2006-AR6, Class 2A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84% (1 mo. USD Term SOFR + 0.514%) *<sup>(2)</sup>*  | 06/25/46 | 6179294 | 5246539 |
|  IndyMac INDX Mortgage Loan Trust Series 2007-AR11, Class 1A1 | IndyMac INDX Mortgage Loan Trust Series 2007-AR11, Class 1A1 | IndyMac INDX Mortgage Loan Trust Series 2007-AR11, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36% *<sup>(7)</sup>*  | 06/25/37 | 10055 | 8877 |
|  JPMorgan Alternative Loan Trust Series 2006-A2, Class 5A1 | JPMorgan Alternative Loan Trust Series 2006-A2, Class 5A1 | JPMorgan Alternative Loan Trust Series 2006-A2, Class 5A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45% *<sup>(7)</sup>*  | 05/25/36 | 2867216 | 1601411 |
|  JPMorgan Alternative Loan Trust Series 2006-A4, Class A8 | JPMorgan Alternative Loan Trust Series 2006-A4, Class A8 | JPMorgan Alternative Loan Trust Series 2006-A4, Class A8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.37% *<sup>(7)</sup>*  | 09/25/36 | 133535 | 156013 |
|  JPMorgan Mortgage Acquisition Trust Series 2006-CH2, Class AF4 | JPMorgan Mortgage Acquisition Trust Series 2006-CH2, Class AF4 | JPMorgan Mortgage Acquisition Trust Series 2006-CH2, Class AF4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.76% | 10/25/36 | 3361636 | 2024081 |
|  JPMorgan Mortgage Acquisition Trust Series 2006-WMC4, Class A3 | JPMorgan Mortgage Acquisition Trust Series 2006-WMC4, Class A3 | JPMorgan Mortgage Acquisition Trust Series 2006-WMC4, Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68% (1 mo. USD Term SOFR + 0.354%) *<sup>(2)</sup>*  | 12/25/36 | 23569737 | 11132003 |
|  JPMorgan Mortgage Trust Series 2006-A2, Class 5A3 | JPMorgan Mortgage Trust Series 2006-A2, Class 5A3 | JPMorgan Mortgage Trust Series 2006-A2, Class 5A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.11% *<sup>(7)</sup>*  | 11/25/33 | 213464 | 206439 |
|  JPMorgan Mortgage Trust Series 2006-A4, Class 1A4 | JPMorgan Mortgage Trust Series 2006-A4, Class 1A4 | JPMorgan Mortgage Trust Series 2006-A4, Class 1A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.46% *<sup>(7),(10)</sup>*  | 06/25/36 | 154165 | 104301 |
|  JPMorgan Mortgage Trust Series 2006-A7, Class 2A4R | JPMorgan Mortgage Trust Series 2006-A7, Class 2A4R | JPMorgan Mortgage Trust Series 2006-A7, Class 2A4R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55% *<sup>(7)</sup>*  | 01/25/37 | 6114 | 4669 |
|  JPMorgan Mortgage Trust Series 2006-S2, Class 2A2 | JPMorgan Mortgage Trust Series 2006-S2, Class 2A2 | JPMorgan Mortgage Trust Series 2006-S2, Class 2A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 06/25/21 | 26027 |  |

---

*See accompanying Notes to Financial Statements.* 

------

April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  JPMorgan Mortgage Trust Series 2022-INV1, Class A8 | JPMorgan Mortgage Trust Series 2022-INV1, Class A8 | JPMorgan Mortgage Trust Series 2022-INV1, Class A8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% *<sup>(1),(7)</sup>* | 03/25/52 | $6674888 | $5494417 |
|  JPMorgan Mortgage Trust Series 2024-3, Class A8 | JPMorgan Mortgage Trust Series 2024-3, Class A8 | JPMorgan Mortgage Trust Series 2024-3, Class A8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% *<sup>(1),(7)</sup>*  | 05/25/54 | 10800000 | 8729840 |
|  JPMortgage Trust Series 2021-4, Class A8 | JPMortgage Trust Series 2021-4, Class A8 | JPMortgage Trust Series 2021-4, Class A8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *<sup>(1),(7)</sup>*  | 08/25/51 | 10544878 | 8647127 |
|  Lehman Mortgage Trust Series 2006-4, Class 4A1 | Lehman Mortgage Trust Series 2006-4, Class 4A1 | Lehman Mortgage Trust Series 2006-4, Class 4A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% *<sup>(10)</sup>*  | 08/25/21 | 461416 | 308706 |
|  Lehman XS Trust Series 2006-10N, Class 1A3A | Lehman XS Trust Series 2006-10N, Class 1A3A | Lehman XS Trust Series 2006-10N, Class 1A3A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.86% (1 mo. USD Term SOFR + 0.534%) *<sup>(2)</sup>*  | 07/25/46 | 5206083 | 4678586 |
|  Lehman XS Trust Series 2006-12N, Class A31A | Lehman XS Trust Series 2006-12N, Class A31A | Lehman XS Trust Series 2006-12N, Class A31A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84% (1 mo. USD Term SOFR + 0.514%) *<sup>(2)</sup>* | 08/25/46 | 1517738 | 1517798 |
|  Lehman XS Trust Series 2006-9, Class A1B | Lehman XS Trust Series 2006-9, Class A1B | Lehman XS Trust Series 2006-9, Class A1B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29% (1 mo. USD Term SOFR + 0.434%) *<sup>(2)</sup>* | 05/25/46 | 1 |  |
|  MASTR Alternative Loan Trust Series 2005-4, Class 1A1 | MASTR Alternative Loan Trust Series 2005-4, Class 1A1 | MASTR Alternative Loan Trust Series 2005-4, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(10)</sup>* | 05/25/35 | 3855017 | 3084531 |
|  MASTR Alternative Loan Trust Series 2006-2, Class 2A1 | MASTR Alternative Loan Trust Series 2006-2, Class 2A1 | MASTR Alternative Loan Trust Series 2006-2, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84% (1 mo. USD Term SOFR + 0.514%) *<sup>(2),(4)</sup>* | 03/25/36 | 65324 | 6232 |
|  MASTR Asset Securitization Trust Series 2006-3, Class 2A1 | MASTR Asset Securitization Trust Series 2006-3, Class 2A1 | MASTR Asset Securitization Trust Series 2006-3, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89% (1 mo. USD Term SOFR + 0.564%) *<sup>(2)</sup>* | 10/25/36 | 28197 | 4636 |
|  MASTR Asset-Backed Securities Trust Series 2006-AB1, Class A4 | MASTR Asset-Backed Securities Trust Series 2006-AB1, Class A4 | MASTR Asset-Backed Securities Trust Series 2006-AB1, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.22% | 02/25/36 | 150665 | 127483 |
|  MASTR Seasoned Securitization Trust Series 2004-1, Class 4A1 | MASTR Seasoned Securitization Trust Series 2004-1, Class 4A1 | MASTR Seasoned Securitization Trust Series 2004-1, Class 4A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.56% *<sup>(7)</sup>* | 10/25/32 | 2743 | 2667 |
|  Merrill Lynch Alternative Note Asset Trust Series 2007-A1, Class A3 | Merrill Lynch Alternative Note Asset Trust Series 2007-A1, Class A3 | Merrill Lynch Alternative Note Asset Trust Series 2007-A1, Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76% (1 mo. USD Term SOFR + 0.434%) *<sup>(2)</sup>* | 01/25/37 | 734171 | 216668 |
|  Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A2C | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A2C | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A2C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.94% (1 mo. USD Term SOFR + 0.614%) *<sup>(2)</sup>*  | 04/25/37 | 17464146 | 6649311 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A2D | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A2D | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A2D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.12% (1 mo. USD Term SOFR + 0.794%) *<sup>(2)</sup>* | 04/25/37 | 4459009 | $1707672 |
|  Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-2, Class A2C | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-2, Class A2C | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-2, Class A2C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92% (1 mo. USD Term SOFR + 0.594%) *<sup>(2)</sup>* | 05/25/37 | 2198545 | 1572057 |
|  Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2B | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2B | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% (1 mo. USD Term SOFR + 0.374%) *<sup>(2)</sup>* | 06/25/37 | 694822 | 686026 |
|  Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-4, Class 2A3 | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-4, Class 2A3 | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-4, Class 2A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76% (1 mo. USD Term SOFR + 0.434%) *<sup>(2)</sup>* | 07/25/37 | 9755185 | 9504603 |
|  Merrill Lynch Mortgage-Backed Securities Trust Series 2007-2, Class 1A1 | Merrill Lynch Mortgage-Backed Securities Trust Series 2007-2, Class 1A1 | Merrill Lynch Mortgage-Backed Securities Trust Series 2007-2, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.44% (1 yr. CMT + 2.400%) *<sup>(2),(10)</sup>* | 08/25/36 | 381367 | 318772 |
|  Mid-State Capital Corp. Trust Series 2005-1, Class A | Mid-State Capital Corp. Trust Series 2005-1, Class A | Mid-State Capital Corp. Trust Series 2005-1, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 01/15/40 | 443638 | 443078 |
|  Morgan Stanley ABS Capital I, Inc. Trust Series 2004-NC8, Class M2 | Morgan Stanley ABS Capital I, Inc. Trust Series 2004-NC8, Class M2 | Morgan Stanley ABS Capital I, Inc. Trust Series 2004-NC8, Class M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% (1 mo. USD Term SOFR + 1.074%) *<sup>(2)</sup>* | 09/25/34 | 292976 | 301382 |
|  Morgan Stanley Mortgage Loan Trust Series 2007-3XS, Class 2A6 | Morgan Stanley Mortgage Loan Trust Series 2007-3XS, Class 2A6 | Morgan Stanley Mortgage Loan Trust Series 2007-3XS, Class 2A6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.26% | 01/25/47 | 2001359 | 585547 |
|  Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 2A1 | Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 2A1 | Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68% (1 mo. USD Term SOFR + 0.354%) *<sup>(2)</sup>*  | 04/25/37 | 2549179 | 657237 |
|  Morgan Stanley Residential Mortgage Loan Trust Series 2024-INV3, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2024-INV3, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2024-INV3, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1),(7)</sup>* | 06/25/54 | 7894635 | 8017114 |
|  MortgageIT Trust Series 2005-4, Class A1 5.00% (1 mo. USD Term SOFR + | MortgageIT Trust Series 2005-4, Class A1 5.00% (1 mo. USD Term SOFR + | MortgageIT Trust Series 2005-4, Class A1 5.00% (1 mo. USD Term SOFR + |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.674%) *<sup>(2)</sup>* | 10/25/35 | 301193 | 296794 |
|  Oakwood Mortgage Investors, Inc. Series 1999-E, Class A1 | Oakwood Mortgage Investors, Inc. Series 1999-E, Class A1 | Oakwood Mortgage Investors, Inc. Series 1999-E, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.61% *<sup>(7)</sup>* | 03/15/30 | 4494713 | 2043885 |
|  Ownit Mortgage Loan Trust Series 2006-6, Class A2C 4.76% (1 mo. USD Term SOFR + | Ownit Mortgage Loan Trust Series 2006-6, Class A2C 4.76% (1 mo. USD Term SOFR + | Ownit Mortgage Loan Trust Series 2006-6, Class A2C 4.76% (1 mo. USD Term SOFR + |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.434%) *<sup>(2)</sup>* | 09/25/37 | 13098069 | 5636191 |
|  PRET LLC Series 2022-RN1, Class A1 | PRET LLC Series 2022-RN1, Class A1 | PRET LLC Series 2022-RN1, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.72% *<sup>(1)</sup>* | 07/25/51 | 6656748 | 6664717 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  PRKCM Trust Series 2021-AFC2, Class A1 | PRKCM Trust Series 2021-AFC2, Class A1 | PRKCM Trust Series 2021-AFC2, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.07% *<sup>(1),(7)</sup>* | 11/25/56 | 4930630 | $4293656 |
|  PRPM LLC Series 2022-3, Class A1 | PRPM LLC Series 2022-3, Class A1 | PRPM LLC Series 2022-3, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.56% *<sup>(1)</sup>* | 06/25/27 | 12966581 | 12967447 |
|  RAAC Trust Series 2005-SP1, Class 4A1 | RAAC Trust Series 2005-SP1, Class 4A1 | RAAC Trust Series 2005-SP1, Class 4A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 09/25/34 | 544729 | 541223 |
|  RALI Trust Series 2005-QA13, Class 2A1 | RALI Trust Series 2005-QA13, Class 2A1 | RALI Trust Series 2005-QA13, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.34% *<sup>(7),(10)</sup>* | 12/25/35 | 322816 | 277930 |
|  RALI Trust Series 2005-QA7, Class A21 | RALI Trust Series 2005-QA7, Class A21 | RALI Trust Series 2005-QA7, Class A21 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.66% *<sup>(7),(10)</sup>* | 07/25/35 | 735139 | 685373 |
|  RALI Trust Series 2005-QA8, Class CB21 | RALI Trust Series 2005-QA8, Class CB21 | RALI Trust Series 2005-QA8, Class CB21 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% *<sup>(7),(10)</sup>* | 07/25/35 | 2218243 | 1136437 |
|  RALI Trust Series 2006-QA1, Class A21 | RALI Trust Series 2006-QA1, Class A21 | RALI Trust Series 2006-QA1, Class A21 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21% *<sup>(7),(10)</sup>* | 01/25/36 | 8507 | 5600 |
|  RALI Trust Series 2006-QA2, Class 1A1 4.69% (1 mo. USD Term SOFR + | RALI Trust Series 2006-QA2, Class 1A1 4.69% (1 mo. USD Term SOFR + | RALI Trust Series 2006-QA2, Class 1A1 4.69% (1 mo. USD Term SOFR + |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.364%) *<sup>(2),(10)</sup>* | 02/25/36 | 9815 | 6199 |
|  RALI Trust Series 2006-QS10, Class AV (I/O) | RALI Trust Series 2006-QS10, Class AV (I/O) | RALI Trust Series 2006-QS10, Class AV (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.57% *<sup>(7),(4)</sup>* | 08/25/36 | 14758170 | 278650 |
|  RALI Trust Series 2006-QS5, Class A5 | RALI Trust Series 2006-QS5, Class A5 | RALI Trust Series 2006-QS5, Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% *<sup>(10)</sup>* | 05/25/36 | 1751029 | 1456745 |
|  RALI Trust Series 2006-QS6, Class 1AV (I/O) | RALI Trust Series 2006-QS6, Class 1AV (I/O) | RALI Trust Series 2006-QS6, Class 1AV (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.77% *<sup>(7),(4)</sup>* | 06/25/36 | 20891783 | 554512 |
|  RALI Trust Series 2006-QS7, Class AV (I/O) | RALI Trust Series 2006-QS7, Class AV (I/O) | RALI Trust Series 2006-QS7, Class AV (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.73% *<sup>(7),(4)</sup>* | 06/25/36 | 3961416 | 98628 |
|  RALI Trust Series 2007-QS1, Class 2AV (I/O) | RALI Trust Series 2007-QS1, Class 2AV (I/O) | RALI Trust Series 2007-QS1, Class 2AV (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.17% *<sup>(7),(4)</sup>* | 01/25/37 | 1074937 | 5601 |
|  RALI Trust Series 2007-QS2, Class AV (I/O) | RALI Trust Series 2007-QS2, Class AV (I/O) | RALI Trust Series 2007-QS2, Class AV (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.30% *<sup>(7),(4)</sup>* | 01/25/37 | 7203351 | 74684 |
|  RALI Trust Series 2007-QS3, Class AV (I/O) | RALI Trust Series 2007-QS3, Class AV (I/O) | RALI Trust Series 2007-QS3, Class AV (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.36% *<sup>(7),(4)</sup>* | 02/25/37 | 34670762 | 509452 |
|  RALI Trust Series 2007-QS4, Class 3AV (I/O) | RALI Trust Series 2007-QS4, Class 3AV (I/O) | RALI Trust Series 2007-QS4, Class 3AV (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38% *<sup>(7),(4)</sup>* | 03/25/37 | 3752921 | 46330 |
|  RALI Trust Series 2007-QS5, Class AV (I/O) | RALI Trust Series 2007-QS5, Class AV (I/O) | RALI Trust Series 2007-QS5, Class AV (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.28% *<sup>(7),(4)</sup>* | 03/25/37 | 5033665 | 58344 |
|  RALI Trust Series 2007-QS6, Class A45 | RALI Trust Series 2007-QS6, Class A45 | RALI Trust Series 2007-QS6, Class A45 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *<sup>(10)</sup>* | 04/25/37 | 1182825 | 966694 |
|  RALI Trust Series 2007-QS8, Class AV (I/O) | RALI Trust Series 2007-QS8, Class AV (I/O) | RALI Trust Series 2007-QS8, Class AV (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.44% *<sup>(7),(4)</sup>* | 06/25/37 | 8296307 | 143081 |
|  Residential Asset Securitization Trust Series 2007-A3, Class 1A4 | Residential Asset Securitization Trust Series 2007-A3, Class 1A4 | Residential Asset Securitization Trust Series 2007-A3, Class 1A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *<sup>(10)</sup>* | 04/25/37 | 2247987 | 1017490 |
|  RFMSI Trust Series 2005-SA5, Class 2A | RFMSI Trust Series 2005-SA5, Class 2A | RFMSI Trust Series 2005-SA5, Class 2A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.36% *<sup>(7),(10)</sup>* | 11/25/35 | 6558 | 5814 |
|  RFMSI Trust Series 2006-S9, Class A3 (PAC) | RFMSI Trust Series 2006-S9, Class A3 (PAC) | RFMSI Trust Series 2006-S9, Class A3 (PAC) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *<sup>(10)</sup>* | 09/25/36 | 255678 | 203162 |
|  RFMSI Trust Series 2007-S2, Class A9 | RFMSI Trust Series 2007-S2, Class A9 | RFMSI Trust Series 2007-S2, Class A9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 02/25/37 | 2716029 | 2072661 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  RFMSI Trust Series 2007-SA2, Class 2A2 | RFMSI Trust Series 2007-SA2, Class 2A2 | RFMSI Trust Series 2007-SA2, Class 2A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61% *<sup>(7),(10)</sup>* | 04/25/37 | $7956 | $6734 |
|  Roc Mortgage Trust Series 2021-RTL1, Class A1 | Roc Mortgage Trust Series 2021-RTL1, Class A1 | Roc Mortgage Trust Series 2021-RTL1, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49% *<sup>(1),(7)</sup>* | 08/25/26 | 1469225 | 1467835 |
|  Saxon Asset Securities Trust Series 2007-2, Class A2C | Saxon Asset Securities Trust Series 2007-2, Class A2C | Saxon Asset Securities Trust Series 2007-2, Class A2C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68% (1 mo. USD Term SOFR + 0.354%) *<sup>(2)</sup>* | 05/25/47 | 9383874 | 6687416 |
|  Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2 | Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2 | Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.83% | 01/25/36 | 2527323 | 2147396 |
|  Securitized Asset-Backed Receivables LLC Trust Series 2007-BR1, Class A2C | Securitized Asset-Backed Receivables LLC Trust Series 2007-BR1, Class A2C | Securitized Asset-Backed Receivables LLC Trust Series 2007-BR1, Class A2C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.12% (1 mo. USD Term SOFR + 0.794%) *<sup>(2)</sup>* | 02/25/37 | 7058776 | 2929553 |
|  Securitized Asset-Backed Receivables LLC Trust Series 2007-NC2, Class A2B | Securitized Asset-Backed Receivables LLC Trust Series 2007-NC2, Class A2B | Securitized Asset-Backed Receivables LLC Trust Series 2007-NC2, Class A2B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72% (1 mo. USD Term SOFR + 0.394%) *<sup>(2)</sup>* | 01/25/37 | 10600223 | 8909849 |
|  Sequoia Mortgage Trust Series 2003-8, Class A1 | Sequoia Mortgage Trust Series 2003-8, Class A1 | Sequoia Mortgage Trust Series 2003-8, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.07% (1 mo. USD Term SOFR + 0.754%) *<sup>(2)</sup>* | 01/20/34 | 153888 | 147060 |
|  Soundview Home Loan Trust Series 2007-OPT3, Class 2A4 | Soundview Home Loan Trust Series 2007-OPT3, Class 2A4 | Soundview Home Loan Trust Series 2007-OPT3, Class 2A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69% (1 mo. USD Term SOFR + 0.364%) *<sup>(2)</sup>* | 08/25/37 | 4000000 | 3629505 |
|  STARM Mortgage Loan Trust Series 2007-1, Class 1A1 | STARM Mortgage Loan Trust Series 2007-1, Class 1A1 | STARM Mortgage Loan Trust Series 2007-1, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% *<sup>(7)</sup>* | 02/25/37 | 1336110 | 728940 |
|  STARM Mortgage Loan Trust Series 2007-2, Class 2A1 | STARM Mortgage Loan Trust Series 2007-2, Class 2A1 | STARM Mortgage Loan Trust Series 2007-2, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% *<sup>(7)</sup>* | 04/25/37 | 79114 | 43047 |
|  STARM Mortgage Loan Trust Series 2007-3, Class 1A1 | STARM Mortgage Loan Trust Series 2007-3, Class 1A1 | STARM Mortgage Loan Trust Series 2007-3, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.83% *<sup>(7)</sup>* | 06/25/37 | 1693 | 793 |
|  Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 2A | Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 2A | Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 2A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.06% *<sup>(7)</sup>* | 09/25/34 | 256344 | 248087 |
|  Structured Adjustable Rate Mortgage Loan Trust Series 2004-14, Class 2A | Structured Adjustable Rate Mortgage Loan Trust Series 2004-14, Class 2A | Structured Adjustable Rate Mortgage Loan Trust Series 2004-14, Class 2A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.56% *<sup>(7)</sup>* | 10/25/34 | 591748 | 578002 |
|  Structured Adjustable Rate Mortgage Loan Trust Series 2006-5, Class 1A1 | Structured Adjustable Rate Mortgage Loan Trust Series 2006-5, Class 1A1 | Structured Adjustable Rate Mortgage Loan Trust Series 2006-5, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.07% *<sup>(7),(10)</sup>* | 06/25/36 | 1202026 | 1085346 |
|  Structured Asset Mortgage Investments II Trust Series 2007- AR4, Class A5 | Structured Asset Mortgage Investments II Trust Series 2007- AR4, Class A5 | Structured Asset Mortgage Investments II Trust Series 2007- AR4, Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% (1 mo. USD Term SOFR + 0.554%) *<sup>(2)</sup>* | 09/25/47 | 10835565 | 9406471 |

---

*See accompanying Notes to Financial Statements.* 

------

April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Towd Point Mortgage Trust Series 2018-2, Class B1 | Towd Point Mortgage Trust Series 2018-2, Class B1 | Towd Point Mortgage Trust Series 2018-2, Class B1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77% *<sup>(1),(7)</sup>* | 03/25/58 | 13050000 | $11216770 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2004-AR14, Class A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2004-AR14, Class A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2004-AR14, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.34% *<sup>(7)</sup>* | 01/25/35 | 1808718 | 1654028 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR14, Class 2A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR14, Class 2A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR14, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% *<sup>(7)</sup>* | 12/25/35 | 266319 | 241390 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR18, Class 1A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR18, Class 1A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR18, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01% *<sup>(7)</sup>* | 01/25/36 | 587278 | 555823 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR11, Class 1A | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR11, Class 1A | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR11, Class 1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.53% (1 yr. MTA + 0.960%) *<sup>(2),(10)</sup>* | 09/25/46 | 1694997 | 1349145 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR17, Class 1A1A 4.15% (1 yr. MTA + | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR17, Class 1A1A 4.15% (1 yr. MTA + | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR17, Class 1A1A 4.15% (1 yr. MTA + |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.810%) *<sup>(2)</sup>* | 12/25/46 | 1755655 | 1492784 |
|  Washington Mutual Asset-Backed Certificates WMABS Trust Series 2007-HE2, Class 2A1 | Washington Mutual Asset-Backed Certificates WMABS Trust Series 2007-HE2, Class 2A1 | Washington Mutual Asset-Backed Certificates WMABS Trust Series 2007-HE2, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.64% (1 mo. USD Term SOFR + 0.314%) *<sup>(2)</sup>* | 02/25/37 | 15044887 | 4615100 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-1, Class 3A2 | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-1, Class 3A2 | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-1, Class 3A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *<sup>(10)</sup>* | 02/25/36 | 432206 | 403153 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-5, Class 1A1 | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-5, Class 1A1 | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-5, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.04% (1 mo. USD Term SOFR + 0.714%) *<sup>(2),(10)</sup>* | 07/25/36 | 938590 | 675596 |
|  Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2002-AR1, Class 1A1 | Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2002-AR1, Class 1A1 | Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2002-AR1, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.77% *<sup>(7)</sup>* | 11/25/30 | 10874 | 10919 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust Series 2007-1, Class A3 | Wells Fargo Home Equity Asset-Backed Securities Trust Series 2007-1, Class A3 | Wells Fargo Home Equity Asset-Backed Securities Trust Series 2007-1, Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.08% (1 mo. USD Term SOFR + 0.754%) *<sup>(2)</sup>* | 03/25/37 | 5521000 | 5165793 |
|  Wells Fargo Mortgage-Backed Securities Trust Series 2006- AR11, Class A6 | Wells Fargo Mortgage-Backed Securities Trust Series 2006- AR11, Class A6 | Wells Fargo Mortgage-Backed Securities Trust Series 2006- AR11, Class A6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.02% *<sup>(7),(10)</sup>* | 08/25/36 | 766303 | 685661 |
|  **Total Residential Mortgage-Backed Securities —<br>Non Agency** | **Total Residential Mortgage-Backed Securities —<br>Non Agency** | **Total Residential Mortgage-Backed Securities —<br>Non Agency** |  |
|  (Cost: $454,261,689) | (Cost: $454,261,689) | (Cost: $454,261,689) | 417376424 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **U.S. TREASURY SECURITIES — 3.6%** | **U.S. TREASURY SECURITIES — 3.6%** | **U.S. TREASURY SECURITIES — 3.6%** | **U.S. TREASURY SECURITIES — 3.6%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 02/15/55 | $761000 | $753569 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 04/30/27 | 44209000 | 44345426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 04/30/30 | 7675000 | 7731663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 02/15/35 | 12043000 | 12497435 |
|  **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** |  |
|  (Cost: $64,968,930) | (Cost: $64,968,930) | (Cost: $64,968,930) | 65328093 |
|  **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** |  |
|  (Cost: $2,311,883,502) | (Cost: $2,311,883,502) | (Cost: $2,311,883,502) | 2133478696 |
|  |  | **Shares** |  |
| **INVESTMENT COMPANIES — 0.4%** | **INVESTMENT COMPANIES — 0.4%** | **INVESTMENT COMPANIES — 0.4%** | **INVESTMENT COMPANIES — 0.4%** |
|  TCW Private Asset Income Fund — I Class *<sup>(11)</sup>* | TCW Private Asset Income Fund — I Class *<sup>(11)</sup>* | 816658 | 8174747 |
|  **Total Investment Companies** | **Total Investment Companies** | **Total Investment Companies** |  |
|  (Cost: $8,166,580) | (Cost: $8,166,580) |  | 8174747 |
| **MONEY MARKET INVESTMENTS — 7.8%** | **MONEY MARKET INVESTMENTS — 7.8%** | **MONEY MARKET INVESTMENTS — 7.8%** | **MONEY MARKET INVESTMENTS — 7.8%** |
| **State Street Institutional U.S. Government Money<br>Market Fund — Premier Class,** | **State Street Institutional U.S. Government Money<br>Market Fund — Premier Class,** | **State Street Institutional U.S. Government Money<br>Market Fund — Premier Class,** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29% *<sup>(12)</sup>* |  | 19023653 | 19023653 |
|  TCW Central Cash Fund,<br>4.34% *<sup>(11),(12)</sup>* | TCW Central Cash Fund,<br>4.34% *<sup>(11),(12)</sup>* | 124249045 | 124249045 |
|  **Total Money Market Investments** | **Total Money Market Investments** | **Total Money Market Investments** |  |
|  (Cost: $143,272,698) | (Cost: $143,272,698) |  | 143272698 |
|  **Total Investments (123.9%)** <br> (Cost: $2,463,322,779) | **Total Investments (123.9%)** <br> (Cost: $2,463,322,779) |  | 2284926141 |
|  **Liabilities In Excess Of Other Assets (-23.9%)** | **Liabilities In Excess Of Other Assets (-23.9%)** | **Liabilities In Excess Of Other Assets (-23.9%)** | (441265163) |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** |  | $1843660978 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
| **Number of<br>Contracts** | **Type** | **Expiration<br>Date** | **Notional** | **Market<br>Value** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Futures** | **Long Futures** | **Long Futures** | **Long Futures** | **Long Futures** | **Long Futures** |
| 811 | U.S. Ultra Long Bond Futures | 06/18/25 | $97362703 | $98156344 | $793641 |
| 936 | 5-Year U.S. Treasury Note Futures | 06/30/25 | 100538410 | 102206813 | 1668403 |
| 2010 | 2-Year U.S. Treasury Note Futures | 06/30/25 | 414713507 | 418378360 | 3664853 |
|  |  |  | $612614620 | $618741517 | $6126897 |
|  **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** |
| 1375 | 10-Year U.S. Treasury Note Futures | 06/18/25 | $(155395105) | $(157759766) | $(2364661) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts |
| **Counterparty** | **Contracts to<br>Deliver** | **Units of<br>Currency** | **Settlement<br>Date** | **In Exchange for<br>USD** | **Contracts at<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **SELL** *<sup>(13)</sup>* |  |  |  |  |  |  |
|  Goldman Sachs & Co. | GBP | 1501000 | 07/11/25 | $1921189 | $2005408 | $(84219) |
|  |  |  |  | $1921189 | $2005408 | $(84219) |

---

#### 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.* 

------

## 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<br>Affiliated Fund** | **Value at<br>October 31,<br>2024** | **Purchases**<br>**at Cost** | **Proceeds**<br>**from Sales** | **Number**<br>**of Shares<br>Held<br>April 30,<br>2025** | **Value at**<br>**April 30, 2025** | **Dividends<br>and<br>Interest<br>Income<br>Received** | **Distributions<br>Receivedfrom<br>Net Realized<br>Gain** | **Net Realized<br>Gain (Loss)<br>on<br>Investments** | **Net change in<br>Unrealized<br>Gain (Loss)<br>on<br>Investments** |
|  **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** |  |  |  |
|  | $28651674 | $551997371 | $456400000 | 124249045 | $124249045 | $797869 | $— | $— | $— |
|  **TCW Private Asset Income Fund — Share Class I** | **TCW Private Asset Income Fund — Share Class I** | **TCW Private Asset Income Fund — Share Class I** | **TCW Private Asset Income Fund — Share Class I** | **TCW Private Asset Income Fund — Share Class I** | **TCW Private Asset Income Fund — Share Class I** | **TCW Private Asset Income Fund — Share Class I** |  |  |  |
|  |  | 8166580 |  | 816658 | 8174747 | 28336 |  |  | 8167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $132423792 | $826205 | $— | $— | $8167 |

---

*See accompanying Notes to Financial Statements.* 

------

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<br>in Active<br>Markets for<br>Identical Assets**<br>**(Level 1)** | **Other**<br>**Significant<br>Observable**<br>**Inputs**<br>**(Level 2)** | **Significant<br>Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  Fixed Income Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities — Agency | $— | $1209712169 | $43551597 | $1253263766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities — Non-Agency |  | 414939285 | 2437139 | 417376424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities — Non-Agency |  | 282588034 |  | 282588034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 107286652 | 7633155 | 114919807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities | 65328093 |  |  | 65328093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities — Agency |  | 2572 |  | 2572 |
|  Total Fixed Income Securities | 65328093 | 2014528712 | 53621891 | 2133478696 |
|  Money Market Investments | 143272698 |  |  | 143272698 |
|  Investment Companies |  |  | 8174747 | 8174747 |
|  Total Investments | $208600791 | $2014528712 | $61796638 | $2284926141 |
|  Asset Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | 6126897 |  |  | 6126897 |
|  Total | $214727688 | $2014528712 | $61796638 | $2291053038 |
|  Liability Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | $(2364661) | $— | $— | $(2364661) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | (84219) |  | (84219) |
|  Total | $(2364661) | $(84219) | $— | $(2448880) |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW Funds, Inc.
Statements of Assets and Liabilities April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TCW<br>Central Cash**<br>**Fund** | **TCW**<br>**Core Fixed**<br>**Income Fund** | **TCW<br>Global**<br>**Bond Fund** | **TCW**<br>**Securitized Bond<br>Fund** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Value *<sup>(1)</sup>* | $1793315965 | $548378873 | $21463176 | $2152502349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment in Affiliated Issuers, at Value |  | 63600658 *<sup>(2)</sup>* | 1155844 *<sup>(2)</sup>* | 132423792 *<sup>(2)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Value |  | 11938 *<sup>(3)</sup>* | 1945 *<sup>(3)</sup>* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement at value (Cost $) | 800000000 *<sup>(4)</sup>* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 17542 | 359987 |  | 848167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Securities Sold |  | 5975168 | 19 | 13541540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Sale of When-Issued Securities |  | 21348259 | 106035 | 50708036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund Shares Sold |  | 328538 | 2563 | 1084312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and Dividends Receivable | 3215086 | 2763510 | 171083 | 6936007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from Investment Advisor |  | 56960 | 24455 | 74168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized Appreciation on Forward Currency Exchange Contracts |  | 1855 | 143095 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Daily Variation Margin on Open Financial Futures Contracts |  | 56529 | 3670 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Collateral Held for Brokers |  | 3552002 | 144091 | 7925294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses |  | 48977 | 21089 | 61518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 2596548593 | 646483254 | 23237065 | 2366105183 |
|  **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions Payable | 521489 | 102866 | 822 | 3060292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Securities Purchased |  | 11339361 | 465343 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Purchase of When-Issued Securities |  | 75646048 | 2366866 | 511177275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund Shares Redeemed |  | 1082476 | 1192 | 4793095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Capital Gain Withholding Taxes |  |  | 20 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Disbursements in Excess of Available Cash |  |  | 726 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Directors' Fees and Expenses | 20038 | 19674 | 20468 | 18680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred Accrued Directors' Fees and Expenses |  | 5631 | 5631 | 5631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Management Fees |  | 211196 | 8178 | 591590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Distribution Fees |  | 22447 | 1818 | 56743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Daily Variation Margin on Open Centrally Cleared Swap Contracts |  |  | 8927 | 183205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral Pledged by Brokers |  | 333000 |  | 685000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized Depreciation on Forward Currency Exchange Contracts |  | 899645 | 98309 | 84219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees Payable | 4763 | 231227 | 10801 | 708122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Fee Payable | (42044) | 35995 | 5482 | 105592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit Fees Payable | (212) | 44567 | 26647 | 128703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting Fees Payable | (19576) | 82053 | 4103 | 296658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees Payable | 6903 | 54652 | 25668 | 230119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal Fees Payable | (232) | 34224 | 653 | 74329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Accrued Expenses | (7903) | 88605 | 17938 | 244952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 483226 | 90233667 | 3069592 | 522444205 |
|  **NET ASSETS** | $2596065367 | $556249587 | $20167473 | $1843660978 |

---

*See accompanying Notes to Financial Statements.* 

------

Statements of Assets and Liabilities (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TCW<br>Central Cash**<br>**Fund** | **TCW**<br>**Core Fixed**<br>**Income Fund** | **TCW<br>Global**<br>**Bond Fund** | **TCW**<br>**Securitized Bond<br>Fund** |
|  **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital | $2596135121 | $807716219 | $23273713 | $2712973393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated Earnings (Loss) | (69754) | (251466632) | (3106240) | (869312415) |
|  **NET ASSETS** | $2596065367 | $556249587 | $20167473 | $1843660978 |
|  **NET ASSETS ATTRIBUTABLE TO:** | **NET ASSETS ATTRIBUTABLE TO:** | **NET ASSETS ATTRIBUTABLE TO:** | **NET ASSETS ATTRIBUTABLE TO:** | **NET ASSETS ATTRIBUTABLE TO:** |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class Share | $— | $349227650 | $11171805 | $1561024190 |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class Share | $— | $109703454 | $8995668 | $276144495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plan Class Share | $— | $97318483 | $— | $6492293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares | $2596065367 |  |  |  |
|  **CAPITAL SHARES OUTSTANDING:** *<sup>(5)</sup>*  | **CAPITAL SHARES OUTSTANDING:** *<sup>(5)</sup>*  | **CAPITAL SHARES OUTSTANDING:** *<sup>(5)</sup>*  | **CAPITAL SHARES OUTSTANDING:** *<sup>(5)</sup>*  | **CAPITAL SHARES OUTSTANDING:** *<sup>(5)</sup>*  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class Share |  | 36022162 | 1309930 | 199674531 |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class Share |  | 11338103 | 1054954 | 34233460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plan Class Share |  | 9984841 |  | 826222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares | 2596135121 |  |  |  |
|  **NET ASSET VALUE PER SHARE:** *<sup>(6)</sup>* | **NET ASSET VALUE PER SHARE:** *<sup>(6)</sup>* | **NET ASSET VALUE PER SHARE:** *<sup>(6)</sup>* | **NET ASSET VALUE PER SHARE:** *<sup>(6)</sup>* | **NET ASSET VALUE PER SHARE:** *<sup>(6)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class Share | $— | $9.69 | $8.53 | $7.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class Share | $— | $9.68 | $8.53 | $8.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plan Class Share | $— | $9.75 | $— | $7.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; 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.* 

------

Statements of Operations Six Months Ended April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TCW<br>Central Cash<br>Fund** | **TCW<br>Core Fixed<br>Income Fund** | **TCW<br>Global<br>Bond Fund** | **TCW<br>Securitized<br>Bond Fund** |
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** |
|  **Income:** | **Income:** | **Income:** | **Income:** | **Income:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $482145 | $94342 | $2152 | $183874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from Investment in Affiliated Issuers |  | 1815631 | 35035 | 826205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 57403072 | 14541595 | 421043*<sup>(1)</sup>* | 27178094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 57885217 | 16451568 | 458230 | 28188173 |
|  **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees |  | 1511590 | 47707 | 3490196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting Services Fees | 20162 | 11278 | 7751 | 20886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Fees | 19836 | 30571 | 6521 | 38721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Class | 2976 | 229092 | 3597 | 693779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class |  | 76609 | 4035 | 173259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan Class |  | 6565 |  | 4008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees | 20136 | 33790 | 32267 | 37512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Fees | 41281 | 54656 | 23361 | 141181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' Fees and Expenses | 19836 | 46169 | 46169 | 46169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration Fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Class |  | 11292 | 7787 | 20359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class |  | 8569 | 7627 | 10213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan Class |  | 9861 |  | 8486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class |  | 141653 | 10661 | 361711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compliance Expense |  | 1703 | 1703 | 1703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder Reporting Expense |  | 4223 | 1461 | 7534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 3108 | 47832 | 3334 | 194698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 127335 | 2225453 | 203981 | 5250415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less Expenses Borne by Investment Advisor: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Class |  | (149930) | (74065) | (454943) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class |  | (146608) | (67852) | (202090) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan Class |  | (35753) |  | (12570) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 127335 | 1893162 | 62064 | 4580812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 57757882 | 14558406 | 396166 | 23607361 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on: | &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on: | &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on: | &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on: | &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (20165) | (24246006) | (724936) | (20111044) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency |  | (44889) | (3070) | (30296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts |  | 492950 | 59512 | 24055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | (2280498) | (109559) | (12802802) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  | 837433 | 808 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments |  | 23357130 | 1122059*<sup>(2)</sup>* | 54332953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency |  | 13205 | 3815 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts |  | (1111511) | 42523 | (84219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | 4874157 | 168575 | 11410484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliated Issuers |  |  | (4536) | 8167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  | (237905) | 11554 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments | (20165) | 1654066 | 566745 | 32747328 |
|  **INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $57737717 | $16212472 | $962911 | $56354689 |

---

*(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.* 

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TCW**<br>**Central Cash**<br>**Fund** | **TCW**<br>**Central Cash**<br>**Fund** | **TCW**<br>**Core Fixed Income**<br>**Fund** | **TCW**<br>**Core Fixed Income**<br>**Fund** |
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended<br>October 31,**<br>**2024** *<sup>(1)</sup>* | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended<br>October 31,**<br>**2024** |
|  **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $57757882 | $45240641 | $14558406 | $37632486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments, Futures Contracts, Swap Contracts and Foreign Currency Transactions | (20165) | (49588) | (25241010) | 12291230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts |  |  | 26895076 | 61915545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in Net Assets Resulting from Operations | 57737717 | 45191053 | 16212472 | 111839261 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to Shareholders | (57757883) | (45240641) | (17334332) | (42725492) |
|  **NET CAPITAL SHARE TRANSACTIONS** | **NET CAPITAL SHARE TRANSACTIONS** | **NET CAPITAL SHARE TRANSACTIONS** | **NET CAPITAL SHARE TRANSACTIONS** | **NET CAPITAL SHARE TRANSACTIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Class | (131476769) | 2727611890 | (267957134) | (113917492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class |  |  | (14038356) | (38601564) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan Class |  |  | 662439 | (112580761) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions | (131476769) | 2727611890*<sup>(2)</sup>* | (281333051) | (265099817) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | (131496935) | 2727562302 | (282454911) | (195986048) |
|  **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2727562302 |  | 838704498 | 1034690546 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $2596065367 | $2727562302 | $556249587 | $838704498 |

---

*(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.* 

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TCW<br>Global Bond**<br>**Fund** | **TCW<br>Global Bond**<br>**Fund** | **TCW<br>Securitized Bond**<br>**Fund** | **TCW<br>Securitized Bond**<br>**Fund** |
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended<br>October 31,**<br>**2024** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended<br>October 31,**<br>**2024** |
|  **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $396166 | $840973 | $23607361 | $96762913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Loss on Investments, Futures Contracts, Swap Contracts and Foreign Currency Transactions | (777245) | (435948) | (32920087) | (8402149) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts | 1343990 | 1542347 | 65667415 | 197053185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in Net Assets Resulting from Operations | 962911 | 1947372 | 56354689 | 285413949 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to Shareholders | (279746) | (581421) | (64836858) | (132779468) |
|  **NET CAPITAL SHARE TRANSACTIONS** | **NET CAPITAL SHARE TRANSACTIONS** | **NET CAPITAL SHARE TRANSACTIONS** | **NET CAPITAL SHARE TRANSACTIONS** | **NET CAPITAL SHARE TRANSACTIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Class | (160388) | 361584 | (8758481) | (700307268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | 87590 | 27961 | (34740424) | (101983001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan Class |  |  | 1608719 | 2279445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions | (72798) | 389545 | (41890186) | (800010824) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | 610367 | 1755496 | (50372355) | (647376343) |
|  **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 19557106 | 17801610 | 1894033333 | 2541409676 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $20167473 | $19557106 | $1843660978 | $1894033333 |

---

*See accompanying Notes to Financial Statements.* 

------

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 |

---

------

## 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.

------

## 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

------

## 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

------

## 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<br>Securities** | **Residential**<br>**Mortgage-Backed<br>Securities —<br>Agency** | **Total** |
|  Balance as of October 31, 2024 | $3596945 | $— | $3596945 |
|  Accrued Discounts (Premiums) |  |  |  |
|  Realized Gain (Loss) |  | (52915) | (52915) |
|  Change in Unrealized Appreciation (Depreciation)\* | 95125 | (7386) | 87739 |
|  Purchases |  | 2657684 | 2657684 |
|  Sales | (153443) |  | (153443) |
|  Transfers in to Level 3  |  |  |  |
|  Transfers out of Level 3 |  |  |  |
|  Balance as of April 30, 2025 | $3538627 | $2597383 | $6136010 |

---

*\** *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**<br>**Stock** | **Residential**<br>**Mortgage-Backed<br>Securities —<br>Non-Agency** | **Total** |
|  Balance as of October 31, 2024 | $10420 | $90758 | $101178 |
|  Accrued Discounts (Premiums) |  | 1954 | 1954 |
|  Realized Gain (Loss) |  | (251639) | (251639) |
|  Change in Unrealized Appreciation (Depreciation)\* | 3383 | 260710 | 264093 |
|  Purchases |  | 35 | 35 |
|  Sales |  | (59604) | (59604) |
|  Transfers in to Level 3  |  |  |  |
|  Transfers out of Level 3 |  |  |  |
|  Balance as of April 30, 2025 | $13803 | $42214 | $56017 |

---

*\** *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.* 

------

## TCW Funds, Inc.
April 30, 2025

#### Note 2 — Significant Accounting Policies (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TCW Securitized Bond Fund** | **Asset-Backed<br>Securities** | **Investment<br>Companies** | **Residential<br>Mortgage-<br>Backed<br>Securities —<br>Agency** | **Residential<br>Mortgage-<br>Backed<br>Securities —<br>Non-Agency** | **Total** |
|  Balance as of October 31, 2024 | $— | $— | $— | $2287635 | $2287635 |
|  Accrued Discounts (Premiums) |  |  |  | (123303) | (123303) |
|  Realized Gain (Loss) | (2453) |  | (1132360) |  | (1134813) |
|  Change in Unrealized Appreciation (Depreciation)\* | 17896 | 8167 | 308372 | 273035 | 607470 |
|  Purchases | 8230936 | 8166580 | 24566458 | 4543 | 40968517 |
|  Sales | (613224) |  |  | (4771) | (617995) |
|  Transfers in to Level 3  |  |  | 19809127 |  | 19809127 |
|  Transfers out of Level 3 |  |  |  |  |  |
|  Balance as of April 30, 2025 | $7633155 | $8174747 | $43551597 | $2437139 | $61796638 |

---

*\** *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<br>4/30/2025** | **Valuation Techniques** | **Unobservable<br>Input** | **Price or Price**<br>**Range** | **Average<br>Weighted<br>Price** | **Input to<br>Valuation If<br>Input<br>Increases** |
|  **TCW Core Fixed Income Fund** | **TCW Core Fixed Income Fund** | **TCW Core Fixed Income Fund** | **TCW Core Fixed Income Fund** | **TCW Core Fixed Income Fund** | **TCW Core Fixed Income Fund** | **TCW Core Fixed Income Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $3538627 | Broker Quote | Offered Quote | $93.273 | $93.273 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage- Backed Securities — Agency | $2597383 | Third-Party Vendor | Vendor Prices | $12.887 | $12.887 | Increase |
|  **TCW Global Bond Fund** | **TCW Global Bond Fund** | **TCW Global Bond Fund** | **TCW Global Bond Fund** | **TCW Global Bond Fund** | **TCW Global Bond Fund** | **TCW Global Bond Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $13803 | Third-Party Vendor | Vendor Prices | $40.125 | $40.125 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities — Non-Agency | $42214 | Third-Party Vendor | Vendor Prices | $10.001 | $10.001 | Increase |
|  **TCW Securitized Bond Fund** | **TCW Securitized Bond Fund** | **TCW Securitized Bond Fund** | **TCW Securitized Bond Fund** | **TCW Securitized Bond Fund** | **TCW Securitized Bond Fund** | **TCW Securitized Bond Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-backed Securities | $3592732 | Third-Party Vendor | Vendor Prices | $101.711 | $101.711 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-backed Securities | $4040423 | Broker Quote | Offered Quote | $100.000 | $100.000 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | $8174747 | Third-Party Vendor | Vendor Prices | $10.010 | $10.010 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage- Backed Securities - Agency | $43551597 | Third-Party Vendor | Vendor Prices | $12.887–$13.155 | $13.028 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities - Non- Agency | $2437139 | Third-Party Vendor | Vendor Prices | $0.001–$9.539 | $2.049 | Increase |

---

------

## 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

------

## 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

---

| | | |
|:---|:---|:---|
|  | **Interest**<br>**Rate**<br>**Risk** | **Total** |
|  **Statement of Assets and Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts*<sup>(1)</sup>* | $2398907 | $2398907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts |  | 1855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions Purchased | 301632 | 301632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $2700539 | $2702394 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $— | $(899645) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts*<sup>(1)</sup>* | (1032743) | (1032743) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $(1032743) | $(1932388) |
|  **Statement of Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $— | $492950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (2280498) | (2280498) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions Purchased | (320023) | (320023) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 837433 | 837433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | $(1763088) | $(1270138) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Appreciation (Depreciation)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $— | $(1111511) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 4874157 | 4874157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions Purchased*<sup>(3)</sup>* | 77615 | 77615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | (237905) | (237905) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Appreciation (Depreciation) | $4713867 | $3602356 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts or Notional Amounts** *<sup>(4)</sup>* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $— | $24956002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 1971 | 1971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions Purchased | $56165000 | $56165000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | $8888000 | $8888000 |

---

------

## 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**<br>**Currency**<br>**Risk** | **Interest**<br>**Rate**<br>**Risk** | **Total** |
|  **Statement of Assets and Liabilities:** | **Statement of Assets and Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements*<sup>(2)</sup>* | $— | $— | $— | $5882 | $5882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts*<sup>(1)</sup>* |  |  |  | 83527 | 83527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts |  |  | 143095 |  | 143095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $— | $— | $143095 | $89409 | $232504 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $— | $— | $(98309) | $— | $(98309) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts*<sup>(1)</sup>* |  |  |  | (28032) | (28032) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $— | $— | $(98309) | $(28032) | $(126341) |
|  **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $— | $— | $59512 | $— | $59512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  | (109559) | (109559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  |  |  | 808 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | $— | $— | $59512 | $(108751) | $(49239) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Appreciation (Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $42523 | $— | $42523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  | 168575 | 168575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  |  |  | 11554 | 11554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Appreciation (Depreciation) | $— | $— | $42523 | $180129 | $222652 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts or Notional Amounts** *<sup>(4)</sup>* | &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts or Notional Amounts** *<sup>(4)</sup>* | &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts or Notional Amounts** *<sup>(4)</sup>* | &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts or Notional Amounts** *<sup>(4)</sup>* | &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts or Notional Amounts** *<sup>(4)</sup>* | &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts or Notional Amounts** *<sup>(4)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $— | $— | $12112964 | $— | $12112964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  | 89 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | $— | $— | $— | $1153333 | $1153333 |

---

#### TCW Securitized Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Credit Risk** | **Commodity Risk** | **Foreign**<br>**Currency**<br>**Risk** | **Interest**<br>**Rate**<br>**Risk** | **Total** |
|  **Statement of Assets and Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts*<sup>(1)</sup>* | $— | $— | $— | $6126897 | $6126897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $— | $— | $— | $6126897 | $6126897 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $— | $— | $(84219) | $— | $(84219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts*<sup>(1)</sup>* |  |  |  | (2364661) | (2364661) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $— | $— | $(84219) | $(2364661) | $(2448880) |
|  **Statement of Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $24055 | $— | $24055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  | (12802802) | (12802802) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | $— | $— | $24055 | $(12802802) | $(12778747) |

---

------

## TCW Funds, Inc.
April 30, 2025

#### Note 2 — Significant Accounting Policies (Continued)

#### TCW Securitized Bond Fund (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Credit**<br>**Risk** | **Commodity Risk** | **Foreign**<br>**Currency**<br>**Risk** | **Interest**<br>**Rate**<br>**Risk** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Appreciation (Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $— | $— | $(84219) | $— | $(84219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  | 11410484 | 11410484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Appreciation<br>(Depreciation) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(84219) | $11410484 | $11326265 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts or Notional Amounts** <sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts or Notional Amounts** <sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts or Notional Amounts** <sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts or Notional Amounts** <sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts or Notional Amounts** <sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts or Notional Amounts** <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $— | $— | $1921189 | $— | $1921189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  | 5616 | 5616 |

---

*(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

------

## 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.

------

## 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<br>in the Statement of**<br>**Assets and**<br>**Liabilities** | **Collateral<br>Received** *<sup>(1)</sup>* | **Derivatives<br>Assets (Liabilities)<br>Available for Offset** | **Net Amount of<br>Assets** *<sup>(2)</sup>* |
|  Goldman Sachs & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $1855 | $— | $(1855) | $— |
|  JPMorgan Chase Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaptions | 155637 |  |  | 155637 |
|  Goldman Sachs & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaptions | 145995 |  |  | 145995 |
|  Total | $303487 | $— | $(1855) | $301632 |

---

*(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**<br>**Liabilities in the<br>Statement of**<br>**Assets and**<br>**Liabilities** | **Collateral<br>Pledged** *<sup>(1)</sup>* | **Derivatives<br>(Assets) Liabilities<br>Available for Offset** | **Net Amount of<br>Derivatives<br>Liabilities** *<sup>(2)</sup>* |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $757853 | $(303000) | $— | $454853 |
|  Goldman Sachs & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 141792 |  | (1855) | 139937 |
|  Total | $899645 | $(303000) | $(1855) | $594790 |

---

*(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.* 

------

## 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<br>in the Statement of**<br>**Assets and**<br>**Liabilities** | **Collateral<br>Received** *<sup>(1)</sup>* | **Derivatives<br>Assets (Liabilities)<br>Available for Offset** | **Net Amount<br>of Assets** *<sup>(2)</sup>* |
|  Barclays Capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $25 | $— | $(3) | $22 |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 64702 |  | (42708) | 21994 |
|  Goldman Sachs & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 78367 |  | (55510) | 22857 |
|  ING Baring U.S. Capital Markets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 1 |  |  | 1 |
|  Total | $143095 | $— | $(98221) | $44874 |

---

*(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**<br>**Liabilities in the<br>Statement of**<br>**Assets and**<br>**Liabilities** | **Collateral<br>Pledged** *<sup>(1)</sup>* | **Derivatives<br>(Assets) Liabilities<br>Available for Offset** | **Net Amount of<br>Derivatives<br>Liabilities** *<sup>(2)</sup>* |
|  Barclays Capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $3 | $— | $(3) | $— |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 42708 |  | (42708) |  |
|  Goldman Sachs & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 55510 |  | (55510) |  |
|  Morgan Stanley & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 48 |  |  | 48 |
|  State Street Bank & Trust Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 40 |  |  | 40 |
|  Total | $98309 | $— | $(98221) | $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.* 

------

## 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**<br>**Liabilities in the<br>Statement of**<br>**Assets and**<br>**Liabilities** | **Collateral<br>Pledged** *<sup>(1)</sup>* | **Net<br>Amount of<br>Derivatives<br>Liabilities** *<sup>(2)</sup>* |
|  Goldman Sachs & Co. Foreign Currency Exchange Contracts | $84219 | $– $– $| 84219 |
|  Total | $84219 | $– $– $| 84219 |

---

*(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.

------

## 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

------

## 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

------

## 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

------

## 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

------

## 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

------

## 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,

------

## 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.

------

## 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<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Cost of<br>Investments<br>for Federal<br>Income**<br>**Tax Purposes** |
|  TCW Central Cash Fund | $— | $— | $— | $2593315965 |
|  TCW Core Fixed Income Fund | 7687984 | (24194084) | (16506100) | 628485631 |
|  TCW Global Bond Fund | 804073 | (910649) | (106576) | 22725596 |
|  TCW Securitized Bond Fund | 77749767 | (234963318) | (157213551) | 2442139692 |

---

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## 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<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Gain** | **Total<br>Distributable<br>Earnings** |
|  TCW Central Cash Fund | $— | $– $|  |
|  TCW Core Fixed Income Fund | 971238 | – | 971238 |
|  TCW Global Bond Fund | 19770 | – | 19770 |
|  TCW Securitized Bond Fund | 28281308 | – | 28281308 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary**<br>**Income** | **Long-Term<br>Capital Gain** | **Return of<br>Capital** | **Total<br>Distributions** |
|  TCW Central Cash Fund | $45240641 | $– $|  | $45240641 |
|  TCW Core Fixed Income Fund | 42725492 | – |  | 42725492 |
|  TCW Global Bond Fund | 581421 | – |  | 581421 |
|  TCW Securitized Bond Fund | 132779468 | – |  | 132779468 |

---

At October 31, 2024, the following Funds had net realized losses that will be carried forward indefinitely for federal income tax purposes:

---

| | | | |
|:---|:---|:---|:---|
|  | **No Expiration** | **No Expiration** | **No Expiration** |
|  | **Short-Term<br>Capital**<br>**Losses** | **Long-Term<br>Capital**<br>**Losses** | **Total** |
|  TCW Central Cash Fund | $49588 | $— | $49588 |
|  TCW Core Fixed Income Fund | 143290530 | 64737234 | 208027764 |
|  TCW Global Bond Fund | 1079305 | 1414130 | 2493435 |
|  TCW Securitized Bond Fund | 445276571 | 222052228 | 667328799 |

---

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 | 0.4% |
|  TCW Global Bond Fund | 0.5% |
|  TCW Securitized Bond Fund | 0.4% |

---

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## 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** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class | 0.49% *<sup>(1)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class | 0.7% *<sup>(1)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; Plan Class | 0.44% *<sup>(1)</sup>* |
|  **TCW Global Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class | 0.6% *<sup>(1)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class | 0.7% *<sup>(1)</sup>* |
|  **TCW Securitized Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class | 0.49% *<sup>(1)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class | 0.7% *<sup>(1)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; Plan Class | 0.44% *<sup>(1)</sup>* |

---

*(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<br>10/31/2026** | **Expires<br>10/31/2027** | **Expires<br>10/31/2028** | **Total** |
|  TCW Core Fixed Income Fund | $366979 | $473555 | $263709 | $1104243 |
|  TCW Global Bond Fund | 61859 | 66875 | 30753 | 159487 |
|  TCW Securitized Bond Fund | 491126 | 1137578 | 648915 | 2277619 |
|  Total | $919964 | $1678008 | $943377 | $3541349 |

---

**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.

------

## 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<br>at Cost** | **Sales or<br>Maturity<br>Proceeds** | **U.S.<br>Government<br>Purchases at<br>Cost** | **U.S.<br>Government<br>Sales or Maturity<br>Proceeds** |
|  TCW Central Cash Fund | $— | $— | $— | $— |
|  TCW Core Fixed Income Fund | 48030830 | 114188004 | 1662863909 | 1887501139 |
|  TCW Global Bond Fund | 9985843 | 10950273 | 21435825 | 20424431 |
|  TCW Securitized Bond Fund | 55286255 | 170574025 | 2982822066 | 3003827006 |

---

#### Note 9 — Capital Share Transactions
Transactions in each Fund's shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| TCW Central Cash Fund | **Six Months Ended<br>April 30, 2025 (Unaudited)** | **Six Months Ended<br>April 30, 2025 (Unaudited)** | **Year Ended<br>October 31, 2024** *<sup>(1)</sup>* | **Year Ended<br>October 31, 2024** *<sup>(1)</sup>* |
| **Cash Management Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 24371814377 | $24371814377 | 20636368000 | $20636368000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 56170755 | 56170755 | 44340793 | 44340793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (24559461901) | (24559461901) | (17953096903) | (17953096903) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) | (131476769) | $(131476769) | 2727611890 | $2727611890 |

---

*(1)* *For the period July 15, 2024 (Commencement of Operations) through October 31, 2024.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| TCW Core Fixed Income Fund | **Six Months Ended<br>April 30, 2025 (Unaudited)** | **Six Months Ended<br>April 30, 2025 (Unaudited)** | **Year Ended<br>October 31, 2024** | **Year Ended<br>October 31, 2024** |
| **I Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 4473319 | $43052255 | 11613744 | $112200678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 1506400 | 14499813 | 3056608 | 29512430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (34139565) | (325509202) | (26431625) | (255630600) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Decrease | (28159846) | $(267957134) | (11761273) | $(113917492) |
| **N Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 811663 | $7768347 | 2484201 | $23968112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 274296 | 2636302 | 495967 | 4776696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (2541386) | (24443005) | (7006174) | (67346372) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Decrease | (1455427) | $(14038356) | (4026006) | $(38601564) |
| **Plan Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 1683732 | $16252023 | 5348173 | $52094155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 274421 | 2656934 | 672278 | 6513032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (1889509) | (18246518) | (17277813) | (171187948) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Decrease | 68644 | $662439 | (11257362) | $(112580761) |

---

------

## TCW Funds, Inc.
April 30, 2025

#### Note 9 — Capital Share Transactions (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| TCW Global Bond Fund | **Six Months Ended<br>April 30, 2025 (Unaudited)** | **Six Months Ended<br>April 30, 2025 (Unaudited)** | **Year Ended<br>October 31, 2024** | **Year Ended<br>October 31, 2024** |
| **I Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 2132 | $17452 | 67681 | $557181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 21568 | 177510 | 38546 | 315445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (43214) | (355350) | (61989) | (511042) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) | (19514) | $(160388) | 44238 | $361584 |
| **N Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 15755 | $129771 | 34701 | $287863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 17223 | 141723 | 31531 | 257903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (22816) | (183904) | (63799) | (517805) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 10162 | $87590 | 2433 | $27961 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| TCW Securitized Bond Fund | **Six Months Ended<br>April 30, 2025 (Unaudited)** | **Six Months Ended<br>April 30, 2025 (Unaudited)** | **Year Ended<br>October 31, 2024** | **Year Ended<br>October 31, 2024** |
| **I Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 49519530 | $387556031 | 78747377 | $626162709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 5492872 | 42888689 | 9112707 | 71638741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (56287705) | (439203201) | (177803352) | (1398108718) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Decrease | (1275303) | $(8758481) | (89943268) | $(700307268) |
| **N Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 1925573 | $15470976 | 4642950 | $37921944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 1403194 | 11300954 | 2597932 | 21068641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (7649967) | (61512354) | (19763032) | (160973586) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Decrease | (4321200) | $(34740424) | (12522150) | $(101983001) |
| **Plan Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 229489 | $1804774 | 504526 | $3994339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 1586 | 12447 | 3249 | 25642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (26629) | (208502) | (219607) | (1740536) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 204446 | $1608719 | 288168 | $2279445 |

---

#### 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

------

## 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<br>Date** | **Acquisition<br>Cost** | **Aggregate<br>Value** | **Percentage<br>of Net Assets** |
|  Bayview Opportunity Master Fund VII LLC Series 2024-EDU1, Class E, 8.36%, due 10/22/2034 | 11/19/24 | $3574836 | $3592732 | 0.19% |
|  CSMC Trust Series 2021-RP11, Class A1, 1.48%, due 10/25/2061 | 2/16/24 | 559769 | 557384 | 0.03% |
|  CSMC Trust Series 2022-RPL1, Class A1, 0.49%, due 4/25/2061 | 2/16/24 | 143106 | 104240 | 0.01% |
|  |  | $4277711 | $4254356 | 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

------

## 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.

------

## TCW Central Cash Fund
Financial Highlights — Cash Management Shares

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **For the period<br>July 15, 2024<br>(Commencement<br>of Operations)<br>through<br>October 31, 2024** |
|  Net Asset Value per Share, Beginning of period | $1.00 | $1.00 |
|  **Income (Loss) from Investment Operations:** |  |  |
|  Net Investment Income *<sup>(1)</sup>* | 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% *<sup>(2)</sup>* | 1.64% *<sup>(3)</sup>* |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |  |
|  Net Assets, End of period (in thousands) | $2596065 | $2727562 |
|  Ratio of Expenses to Average Net Assets | 0.01% *<sup>(4)</sup>* | 0.01% *<sup>(4)</sup>* |
|  Ratio of Net Investment Income to Average Net Assets | 4.37% *<sup>(4)</sup>* | 5.34% *<sup>(4)</sup>* |

---

*(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.* 

------

## TCW Core Fixed Income Fund
Financial Highlights — I Class

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **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:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income *<sup>(1)</sup>* | 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:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **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) *<sup>(2)</sup>* | (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% *<sup>(3)</sup>* | 11.15% | (0.29%) | (17.10%) | 0.19% | 7.14% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of period (in thousands) | $349228 | $619344 | $689215 | $911213 | $1471072 | $1344787 |
|  Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.54% *<sup>(4)</sup>* | 0.52% | 0.50% | 0.53% | 0.51% | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.49% *<sup>(4)</sup>* | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
|  Ratio of Net Investment Income to Average Net Assets | 3.85% *<sup>(4)</sup>* | 3.92% | 3.69% | 1.90% | 0.94% | 1.66% |
|  Portfolio Turnover Rate | 224.28% *<sup>(3)</sup>* | 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.* 

------

Financial Highlights — N Class

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **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:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income *<sup>(1)</sup>* | 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:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **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) *<sup>(2)</sup>* | (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% *<sup>(3)</sup>* | 11.12% | (0.56)% | (17.22)% | 0.00% | 6.92% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of period (in thousands) | $109703 | $123172 | $152264 | $170497 | $223562 | $241938 |
|  Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.86% *<sup>(4)</sup>* | 0.83% | 0.80% | 0.82% | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.61% *<sup>(4)</sup>* | 0.62% | 0.64% | 0.64% | 0.65% | 0.67% |
|  Ratio of Net Investment Income to Average Net Assets | 3.77% *<sup>(4)</sup>* | 3.79% | 3.56% | 1.77% | 0.78% | 1.53% |
|  Portfolio Turnover Rate | 224.28% *<sup>(3)</sup>* | 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.* 

------

Financial Highlights — Plan Class

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **February 28, 2020**<br>**(Commencement<br>of Operations)**<br>**through**<br>**October 31, 2020** |
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **February 28, 2020**<br>**(Commencement<br>of Operations)**<br>**through**<br>**October 31, 2020** |
|  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:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income *<sup>(1)</sup>* | 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:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **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) *<sup>(2)</sup>* | (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% *<sup>(4)</sup>* | 11.17% | (0.11%) | (17.07%) | (0.01%) | 3.98% *<sup>(3)</sup>* |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (in thousands) | $97318 | $96188 | $193212 | $81408 | $867 | $0.00 *<sup>(5)</sup>* |
|  Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.51% *<sup>(6)</sup>* | 0.50% | 0.48% | 0.51% | 7.54% | 14703.31% *<sup>(6)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.44% *<sup>(6)</sup>* | 0.44% | 0.44% | 0.44% | 0.44% | 0.44% *<sup>(6)</sup>* |
|  Ratio of Net Investment Income to Average Net Assets | 3.94% *<sup>(6)</sup>* | 3.96% | 3.83% | 2.46% | 0.97% | 2.20% *<sup>(6)</sup>* |
|  Portfolio Turnover Rate | 224.28% *<sup>(4)</sup>* | 453.67% | 442.34% | 473.72% | 469.87% | 371.22% *<sup>(3)</sup>* |

---

*(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.* 

------

## TCW Global Bond Fund
Financial Highlights — I Class

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **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:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income*<sup>(1)</sup>* | 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:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **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% *<sup>(2)</sup>* | 11.03% | 2.22% | (22.45%) | (0.18%) | 7.99% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of period (in thousands) | $11172 | $10952 | $9830 | $8650 | $24332 | $10822 |
|  Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 1.98% *<sup>(3)</sup>* | 2.16% | 1.66% | 1.67% | 1.15% | 1.66% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.60% *<sup>(3)</sup>* | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
|  Ratio of Net Investment Income to Average Net Assets | 4.16% *<sup>(3)</sup>* | 4.37% | 4.40% | 2.59% | 1.87% | 2.40% |
|  Portfolio Turnover Rate | 155.82% *<sup>(2)</sup>* | 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.* 

------

Financial Highlights — N Class

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **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:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income*<sup>(1)</sup>* | 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:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **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% *<sup>(2)</sup>* | 10.91% | 2.12% | (22.45)% | (0.38)% | 7.93% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of period (in thousands) | $8996 | $8605 | $7971 | $7730 | $10742 | $10972 |
|  Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 2.29% *<sup>(3)</sup>* | 2.47% | 1.95% | 2.15% | 1.53% | 1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.70% *<sup>(3)</sup>* | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
|  Ratio of Net Investment Income to Average Net Assets | 4.06% *<sup>(3)</sup>* | 4.27% | 4.29% | 2.80% | 1.77% | 2.29% |
|  Portfolio Turnover Rate | 155.82% *<sup>(2)</sup>* | 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.* 

------

## TCW Securitized Bond Fund
Financial Highlights — I Class

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **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:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income *<sup>(1)</sup>* | 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:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **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% *<sup>(2)</sup>* | 13.32% | (1.51%) | (19.58%) | (0.40%) | 7.08% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of period (in thousands) | $1561024 | $1576958 | $2149490 | $2595866 | $4264583 | $5737736 |
|  Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.55% *<sup>(3)</sup>* | 0.54% | 0.50% | 0.55% | 0.52% | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.49% *<sup>(3)</sup>* | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
|  Ratio of Net Investment Income to Average Net Assets | 2.74% *<sup>(3)</sup>* | 4.69% | 5.28% | 3.59% | 2.07% | 2.50% |
|  Portfolio Turnover Rate | 143.81% *<sup>(2)</sup>* | 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.* 

------

Financial Highlights — N Class

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **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:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income*<sup>(1)</sup>* | 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:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **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% *<sup>(2)</sup>* | 13.01% | (1.75)% | (19.70)% | (0.58)% | 6.86% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of period (in thousands) | $276144 | $312171 | $389444 | $506866 | $818608 | $1844170 |
|  Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.84% *<sup>(3)</sup>* | 0.83% | 0.77% | 0.79% | 0.81% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.70% *<sup>(3)</sup>* | 0.70% | 0.70% | 0.70% | 0.70% | 0.73% |
|  Ratio of Net Investment Income to Average Net Assets | 2.53% *<sup>(3)</sup>* | 4.47% | 5.07% | 3.40% | 1.83% | 2.21% |
|  Portfolio Turnover Rate | 143.81% *<sup>(2)</sup>* | 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.* 

------

Financial Highlights — Plan Class

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **February 28, 2020**<br>**(Commencement**<br>**of Operations)**<br>**through<br>October 31, 2020** |
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **February 28, 2020**<br>**(Commencement**<br>**of Operations)**<br>**through<br>October 31, 2020** |
|  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:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income*<sup>(1)</sup>* | 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:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **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% *<sup>(2)</sup>* | 13.35% | (1.68%) | (19.43%) | (0.25%) | 3.22% *<sup>(3)</sup>* |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (in thousands) | $6492 | $4904 | $2476 | $1522 | $571 | $0*<sup>(4)</sup>* |
|  Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.87% *<sup>(5)</sup>* | 1.16% | 1.32% | 2.98% | 6.69% | 14761.71% *<sup>(5)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.44% *<sup>(5)</sup>* | 0.44% | 0.44% | 0.44% | 0.44% | 0.44% *<sup>(5)</sup>* |
|  Ratio of Net Investment Income to Average Net Assets | 2.80% *<sup>(5)</sup>* | 4.70% | 5.31% | 3.88% | 2.13% | 2.84% *<sup>(5)</sup>* |
|  Portfolio Turnover Rate | 143.81% *<sup>(2)</sup>* | 327.85% | 303.12% | 386.85% | 493.39% | 269.04% *<sup>(3)</sup>* |

---

*(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.* 

------

## 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.

------

![LOGO](g943202g01a01.jpg)

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](g946827fulldate_2025.jpg)

INTERNATIONAL FUNDS

TCW Emerging Markets Income Fund

TCW Emerging Markets Local Currency Income Fund

TCW White Oak Emerging Markets Equity Fund

------

**Table of Contents**

---

| | |
|:---|:---|
|  [Schedules of Investments (Unaudited)](#toc946827_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW Emerging Markets Income Fund](#toc946827_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW Emerging Markets Local Currency Income Fund](#toc946827_3) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW White Oak Emerging Markets Equity Fund](#toc946827_4) | 16 |
|  [Statements of Assets and Liabilities (Unaudited)](#toc946827_5) | 21 |
|  [Statements of Operations (Unaudited)](#toc946827_6) | 23 |
|  [Statements of Changes in Net Assets (Unaudited)](#toc946827_7) | 25 |
|  [Notes to Financial Statements (Unaudited)](#toc946827_8) | 27 |
|  [Financial Highlights (Unaudited)](#toc946827_9) | 49 |
|  [Investment Advisory and Management Agreement Disclosure (Unaudited)](#toc946827_10) | 56 |
|  [Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule](#toc946827_11) | 60 |

---

------

## TCW Emerging Markets Income Fund
Schedule of Investments (Unaudited) April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **FIXED INCOME SECURITIES — 95.2% of Net Assets** | **FIXED INCOME SECURITIES — 95.2% of Net Assets** | **FIXED INCOME SECURITIES — 95.2% of Net Assets** | **FIXED INCOME SECURITIES — 95.2% of Net Assets** |
| **Angola — 1.4%** | **Angola — 1.4%** | **Angola — 1.4%** | **Angola — 1.4%** |
|  Angola Government International Bonds | Angola Government International Bonds | Angola Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% *<sup>(1)</sup>* | 11/26/29 | $16383000 | $13103287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% *<sup>(1)</sup>* | 05/09/28 | 16998000 | 14357701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% *<sup>(1)</sup>* | 04/14/32 | 26579000 | 20554869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% *<sup>(1)</sup>* | 11/12/25 | 2135000 | 2089973 |
|  **Total Angola** | **Total Angola** |  |  |
|  (Cost: $57,718,746) | (Cost: $57,718,746) |  | 50105830 |
| **Argentina — 2.1%** | **Argentina — 2.1%** | **Argentina — 2.1%** | **Argentina — 2.1%** |
|  Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% | 07/09/30 | 30402273 | 23365971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 07/09/35 | 26076132 | 17326808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 01/09/38 | 20314606 | 14304124 |
|  Provincia de Buenos Aires/Government Bonds | Provincia de Buenos Aires/Government Bonds | Provincia de Buenos Aires/Government Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% *<sup>(1)</sup>* | 09/01/37 | 25268810 | 16997065 |
|  **Total Argentina** | **Total Argentina** |  |  |
|  (Cost: $48,280,015) | (Cost: $48,280,015) |  | 71993968 |
| **Bahrain — 1.4%** | **Bahrain — 1.4%** | **Bahrain — 1.4%** | **Bahrain — 1.4%** |
|  Bahrain Government International Bonds | Bahrain Government International Bonds | Bahrain Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% *<sup>(1)</sup>* | 05/18/34 | 19114000 | 17382080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% *<sup>(1)</sup>* | 09/20/29 | 19232000 | 19579907 |
|  CBB International Sukuk Programme Co. WLL | CBB International Sukuk Programme Co. WLL | CBB International Sukuk Programme Co. WLL |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% *<sup>(2)</sup>* | 02/12/31 | 10553000 | 10659480 |
|  **Total Bahrain** | **Total Bahrain** |  |  |
|  (Cost: $45,458,190) | (Cost: $45,458,190) |  | 47621467 |
| **Brazil — 5.6%** | **Brazil — 5.6%** | **Brazil — 5.6%** | **Brazil — 5.6%** |
|  Aegea Finance SARL | Aegea Finance SARL | Aegea Finance SARL |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% *<sup>(2)</sup>* | 01/20/31 | 12837000 | 13393869 |
|  Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 09/12/31 | 15200000 | 13679088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 01/27/45 | 24910000 | 18978680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 10/20/33 | 22625000 | 22372505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 01/22/32 | 9000000 | 9165960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 03/15/34 | 17150000 | 16829295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% | 03/15/35 | 10075000 | 10074295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13% | 05/13/54 | 29486000 | 27949485 |
|  CSN Resources SA | CSN Resources SA | CSN Resources SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% *<sup>(2)</sup>* | 06/10/31 | 2447000 | 1859157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88% *<sup>(2)</sup>* | 12/05/30 | 8378000 | 8035424 |
|  Minerva Luxembourg SA | Minerva Luxembourg SA | Minerva Luxembourg SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88% *<sup>(2)</sup>* | 09/13/33 | 2104000 | 2246167 |
|  Nexa Resources SA | Nexa Resources SA | Nexa Resources SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60% *<sup>(2)</sup>* | 04/08/37 | 8900000 | 8777892 |
|  Samarco Mineracao SA | Samarco Mineracao SA | Samarco Mineracao SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% *<sup>(2),(3)</sup>* | 06/30/31 | 24904863 | 23460381 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Brazil (Continued)** | **Brazil (Continued)** | **Brazil (Continued)** | **Brazil (Continued)** | **Brazil (Continued)** |
|  Yinson Boronia Production BV | Yinson Boronia Production BV | Yinson Boronia Production BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.95% *<sup>(2)</sup>* | 07/31/42 | 18217888 | $| 18711775 |
|  **Total Brazil** | **Total Brazil** |  |  |  |
|  (Cost: $194,656,487) | (Cost: $194,656,487) |  |  | 195533973 |
| **Chile — 4.5%** | **Chile — 4.5%** | **Chile — 4.5%** | **Chile — 4.5%** | **Chile — 4.5%** |
|  AES Andes SA | AES Andes SA | AES Andes SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(2)</sup>* | 03/14/32 | 9000000 |  | 9034380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30% *<sup>(2)</sup>* | 03/15/29 | 10103000 |  | 10295058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.15% (5 yr. CMT + 3.835%) *<sup>(2),(4)</sup>* | 06/10/55 | 18568000 |  | 18971854 |
|  Antofagasta PLC | Antofagasta PLC | Antofagasta PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(2)</sup>* | 05/02/34 | 12078000 |  | 12283688 |
|  Chile Electricity Lux MPC II SARL | Chile Electricity Lux MPC II SARL | Chile Electricity Lux MPC II SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.67% *<sup>(2)</sup>* | 10/20/35 | 14600000 |  | 14681030 |
|  Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 01/25/50 | 9061000 |  | 6349949 |
|  Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% *<sup>(1)</sup>* | 01/30/50 | 10227000 |  | 6902714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% *<sup>(1)</sup>* | 02/02/33 | 18205000 |  | 17564548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% *<sup>(1)</sup>* | 01/08/34 | 2738000 |  | 2775264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30% *<sup>(1)</sup>* | 09/08/53 | 24243000 |  | 23842991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.33% *<sup>(1)</sup>* | 01/13/35 | 8133000 |  | 8429285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.44% *<sup>(1)</sup>* | 01/26/36 | 23833000 |  | 24679548 |
|  **Total Chile** | **Total Chile** |  |  |  |
|  (Cost: $154,573,393) | (Cost: $154,573,393) |  |  | 155810309 |
| **Colombia — 5.5%** | **Colombia — 5.5%** | **Colombia — 5.5%** | **Colombia — 5.5%** | **Colombia — 5.5%** |
|  Aris Mining Corp. | Aris Mining Corp. | Aris Mining Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% *<sup>(2)</sup>* | 10/31/29 | 8855000 |  | 8952405 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 04/22/32 | 12286000 |  | 9471032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% | 04/25/30 | 9856000 |  | 10034098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 02/02/34 | 21832000 |  | 21321350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% | 11/07/36 | 17200000 |  | 16461948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% | 04/20/33 | 2414000 |  | 2454072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% | 11/14/35 | 19655000 |  | 19365482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% | 04/25/35 | 8256000 |  | 8398994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% | 11/14/53 | 24030000 |  | 23034197 |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 05/28/45 | 20143000 |  | 13521190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% | 02/01/32 | 11075000 |  | 10566436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38% | 01/19/36 | 27480000 |  | 25780087 |
|  Geopark Ltd. | Geopark Ltd. | Geopark Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% *<sup>(2)</sup>* | 01/31/30 | 8920000 |  | 7764592 |
|  Termocandelaria Power SA | Termocandelaria Power SA | Termocandelaria Power SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% *<sup>(2)</sup>* | 09/17/31 | 13740000 |  | 13617164 |
|  **Total Colombia** | **Total Colombia** |  |  |  |
|  (Cost: $198,324,278) | (Cost: $198,324,278) |  |  | 190743047 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Unaudited) (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Costa Rica — 1.0%** | **Costa Rica — 1.0%** | **Costa Rica — 1.0%** | **Costa Rica — 1.0%** |
|  Costa Rica Government International Bonds | Costa Rica Government International Bonds | Costa Rica Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% *<sup>(1)</sup>* | 02/19/31 | $4686000 | $4798605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55% *<sup>(2)</sup>* | 04/03/34 | 12151000 | 12431931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30% *<sup>(2)</sup>* | 11/13/54 | 18311000 | 18623202 |
|  **Total Costa Rica** | **Total Costa Rica** |  |  |
|  (Cost: $34,394,660) | (Cost: $34,394,660) |  | 35853738 |
| **Dominican Republic — 2.5%** | **Dominican Republic — 2.5%** | **Dominican Republic — 2.5%** | **Dominican Republic — 2.5%** |
|  Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(2)</sup>* | 01/30/30 | 15112000 | 14106448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% *<sup>(2)</sup>* | 09/23/32 | 18920000 | 17023459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(2)</sup>* | 02/22/29 | 12683000 | 12523828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40% *<sup>(1)</sup>* | 06/05/49 | 11519000 | 10518921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85% *<sup>(1)</sup>* | 01/27/45 | 18242000 | 17561391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95% *<sup>(2)</sup>* | 03/15/37 | 14040000 | 13973450 |
|  **Total Dominican Republic** | **Total Dominican Republic** |  |  |
|  (Cost: $82,389,184) | (Cost: $82,389,184) |  | 85707497 |
| **Ecuador — 1.7%** | **Ecuador — 1.7%** | **Ecuador — 1.7%** | **Ecuador — 1.7%** |
|  Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(5)</sup>* | 07/31/30 | 11782578 | 7221778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(1)</sup>* | 07/31/40 | 33526542 | 17560532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(2)</sup>* | 07/31/35 | 39168229 | 23515821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90% *<sup>(1)</sup>* | 07/31/30 | 15143313 | 11354456 |
|  **Total Ecuador** | **Total Ecuador** |  |  |
|  (Cost: $43,614,248) | (Cost: $43,614,248) |  | 59652587 |
| **Egypt — 4.0%** | **Egypt — 4.0%** | **Egypt — 4.0%** | **Egypt — 4.0%** |
|  Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% *<sup>(1)</sup>* | 02/16/31 | 30454000 | 24664086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05% *<sup>(2)</sup>* | 01/15/32 | 27099000 | 22533631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30% *<sup>(1)</sup>* | 09/30/33 | 29836000 | 24191626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% *<sup>(1)</sup>* | 02/16/61 | 10888000 | 7118574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63% *<sup>(1)</sup>* | 05/29/32 | 37575000 | 31727578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% *<sup>(1)</sup>* | 01/31/47 | 26514000 | 19371924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63% *<sup>(1)</sup>* | 02/04/30 | 4000000 | 3817000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.70% *<sup>(1)</sup>* | 03/01/49 | 3126000 | 2311114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88% *<sup>(1)</sup>* | 05/29/50 | 5968000 | 4464661 |
|  **Total Egypt** | **Total Egypt** | **Total Egypt** | **Total Egypt** |
|  (Cost: $123,722,486) | (Cost: $123,722,486) |  | 140200194 |
| **El Salvador — 0.1%** | **El Salvador — 0.1%** | **El Salvador — 0.1%** | **El Salvador — 0.1%** |
|  El Salvador Government International Bonds | El Salvador Government International Bonds | El Salvador Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63% *<sup>(1)</sup>* | 02/01/41 | 2023000 | 1834841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% *<sup>(1)</sup>* | 04/10/32 | 3237000 | 3203659 |
|  **Total El Salvador** | **Total El Salvador** | **Total El Salvador** | **Total El Salvador** |
|  (Cost: $4,778,867) | (Cost: $4,778,867) |  | 5038500 |
| **Gabon — 1.3%** (Cost: $50,248,506) | **Gabon — 1.3%** (Cost: $50,248,506) | **Gabon — 1.3%** (Cost: $50,248,506) | **Gabon — 1.3%** (Cost: $50,248,506) |
|  Gabon Government International Bonds | Gabon Government International Bonds | Gabon Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% *<sup>(1)</sup>* | 02/06/31 | 62998000 | 44567935 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Ghana — 0.8%** | **Ghana — 0.8%** | **Ghana — 0.8%** | **Ghana — 0.8%** |
|  Ghana Government International Bonds | Ghana Government International Bonds | Ghana Government International Bonds | Ghana Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(2),(5),(6)</sup>* | 07/03/26 | $1664798 | $1574583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(2),(5),(6)</sup>* | 01/03/30 | 2631293 | 1990100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(2),(6)</sup>* | 07/03/29 | 11385685 | 9669179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(2),(6)</sup>* | 07/03/35 | 20500413 | 13749832 |
|  **Total Ghana** | **Total Ghana** | **Total Ghana** | **Total Ghana** |
|  (Cost: $28,874,845) |  |  | 26983694 |
| **Guatemala — 1.8%** | **Guatemala — 1.8%** | **Guatemala — 1.8%** | **Guatemala — 1.8%** |
|  Guatemala Government Bonds | Guatemala Government Bonds | Guatemala Government Bonds | Guatemala Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% *<sup>(2)</sup>* | 10/07/33 | 11900000 | 9895207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% *<sup>(1)</sup>* | 06/01/30 | 5831000 | 5645224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% *<sup>(1)</sup>* | 04/24/32 | 10000000 | 9659200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05% *<sup>(2)</sup>* | 08/06/31 | 7681000 | 7662796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55% *<sup>(2)</sup>* | 02/06/37 | 17046000 | 17007306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60% *<sup>(2)</sup>* | 06/13/36 | 12917000 | 12946063 |
|  **Total Guatemala** | **Total Guatemala** | **Total Guatemala** | **Total Guatemala** |
|  (Cost: $62,752,706) |  |  | 62815796 |
| **Honduras — 0.3%** (Cost: $9,515,294) | **Honduras — 0.3%** (Cost: $9,515,294) | **Honduras — 0.3%** (Cost: $9,515,294) | **Honduras — 0.3%** (Cost: $9,515,294) |
|  Honduras Government International Bonds | Honduras Government International Bonds | Honduras Government International Bonds | Honduras Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63% *<sup>(2)</sup>* | 11/27/34 | 9500000 | 9445185 |
|  **Hungary — 1.7%** | **Hungary — 1.7%** | **Hungary — 1.7%** | **Hungary — 1.7%** |
|  Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13% *<sup>(1)</sup>* | 09/21/51 | 5105000 | 2990203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(1)</sup>* | 06/16/34 | 12155000 | 11724592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(1)</sup>* | 03/26/36 | 10791000 | 10210552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% *<sup>(1)</sup>* | 09/25/52 | 2712000 | 2715227 |
|  Magyar Export-Import Bank Zrt | Magyar Export-Import Bank Zrt | Magyar Export-Import Bank Zrt |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% *<sup>(2)</sup>* | 12/04/27 | 6393000 | 6517791 |
|  MVM Energetika Zrt | MVM Energetika Zrt | MVM Energetika Zrt |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 03/13/31 | 10701000 | 10947444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% *<sup>(1)</sup>* | 06/09/28 | 14622000 | 15322394 |
|  **Total Hungary** | **Total Hungary** |  |  |
|  (Cost: $60,065,234) | (Cost: $60,065,234) |  | 60428203 |
| **Indonesia — 2.8%** | **Indonesia — 2.8%** | **Indonesia — 2.8%** | **Indonesia — 2.8%** |
|  Freeport Indonesia PT | Freeport Indonesia PT | Freeport Indonesia PT |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32% *<sup>(2)</sup>* | 04/14/32 | 11682000 | 11573825 |
|  Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT | Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT | Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT | Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% *<sup>(2)</sup>* | 05/15/30 | 11675000 | 11789298 |
|  Indonesia Government International Bonds | Indonesia Government International Bonds | Indonesia Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85% | 02/14/30 | 11499000 | 10626111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40% | 03/10/29 | 9408000 | 9391536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% | 02/10/34 | 12180000 | 11831774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 09/10/34 | 10382000 | 10090889 |
|  Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% *<sup>(2)</sup>* | 11/15/33 | 22819000 | 23537798 |

---

*See accompanying Notes to Financial Statements.* 

------

April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Indonesia (Continued)** | **Indonesia (Continued)** | **Indonesia (Continued)** | **Indonesia (Continued)** | **Indonesia (Continued)** |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% *<sup>(1)</sup>* | 07/17/49 | 12225000 | $| 9806161 |
|  **Total Indonesia** | **Total Indonesia** |  |  |  |
|  (Cost: $95,842,382) | (Cost: $95,842,382) |  |  | 98647392 |
| **Israel — 1.0%** | **Israel — 1.0%** | **Israel — 1.0%** | **Israel — 1.0%** | **Israel — 1.0%** |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 03/12/29 | 7864000 |  | 8005630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 03/12/34 | 21413000 |  | 21246193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 03/12/54 | 7018000 |  | 6304761 |
|  **Total Israel** | **Total Israel** |  |  |  |
|  (Cost: $35,379,892) | (Cost: $35,379,892) |  |  | 35556584 |
| **Ivory Coast — 1.4%** | **Ivory Coast — 1.4%** | **Ivory Coast — 1.4%** | **Ivory Coast — 1.4%** | **Ivory Coast — 1.4%** |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *<sup>(1)</sup>* | 12/31/32 | 476945 |  | 438284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% *<sup>(1)</sup>* | 06/15/33 | 13553000 |  | 11646364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% *<sup>(1)</sup>* | 03/03/28 | 1235000 |  | 1217142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63% *<sup>(1)</sup>* | 01/30/33 | 10334000 |  | 9704866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.08% *<sup>(2)</sup>* | 04/01/36 | 21457000 |  | 19777346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% *<sup>(1)</sup>* | 01/30/37 | 4700000 |  | 4333212 |
|  **Total Ivory Coast** | **Total Ivory Coast** |  |  |  |
|  (Cost: $46,261,394) | (Cost: $46,261,394) |  |  | 47117214 |
| **Jordan — 0.1%** (Cost: $3,333,173) | **Jordan — 0.1%** (Cost: $3,333,173) | **Jordan — 0.1%** (Cost: $3,333,173) | **Jordan — 0.1%** (Cost: $3,333,173) | **Jordan — 0.1%** (Cost: $3,333,173) |
|  Jordan Government International Bonds | Jordan Government International Bonds | Jordan Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% *<sup>(1)</sup>* | 10/10/47 | 3597000 |  | 3021912 |
| **Kazakhstan — 1.4%** | **Kazakhstan — 1.4%** | **Kazakhstan — 1.4%** | **Kazakhstan — 1.4%** | **Kazakhstan — 1.4%** |
|  Baiterek National Managing Holding JSC | Baiterek National Managing Holding JSC | Baiterek National Managing Holding JSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% *<sup>(2)</sup>* | 05/08/28 | 8326000 |  | 8344733 |
|  ForteBank JSC | ForteBank JSC | ForteBank JSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% *<sup>(2)</sup>* | 02/04/30 | 7250000 |  | 7072593 |
|  Kaspi.KZ JSC | Kaspi.KZ JSC | Kaspi.KZ JSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(2)</sup>* | 03/26/30 | 10065000 |  | 9886044 |
|  KazMunayGas National Co. JSC | KazMunayGas National Co. JSC | KazMunayGas National Co. JSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *<sup>(1)</sup>* | 04/19/47 | 26793000 |  | 22490848 |
|  **Total Kazakhstan** | **Total Kazakhstan** |  |  |  |
|  (Cost: $46,242,895) | (Cost: $46,242,895) |  |  | 47794218 |
| **Lebanon — 0.4%** | **Lebanon — 0.4%** | **Lebanon — 0.4%** | **Lebanon — 0.4%** | **Lebanon — 0.4%** |
|  Lebanon Government International Bonds | Lebanon Government International Bonds | Lebanon Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% *<sup>(1),(6),(7)</sup>* | 04/14/49 | 39245000 |  | 6703831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% *<sup>(1),(6)</sup>* | 01/27/23 | 9185000 |  | 1577248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65% *<sup>(1),(6)</sup>* | 04/22/24 | 14771000 |  | 2540612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.20% *<sup>(1),(6)</sup>* | 05/17/33 | 8635000 |  | 1478571 |
|  **Total Lebanon** | **Total Lebanon** |  |  |  |
|  (Cost: $4,519,364) | (Cost: $4,519,364) |  |  | 12300262 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Mexico — 6.1%** | **Mexico — 6.1%** | **Mexico — 6.1%** | **Mexico — 6.1%** |
|  Comision Federal de Electricidad | Comision Federal de Electricidad | Comision Federal de Electricidad |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% *<sup>(2)</sup>* | 01/24/30 | $8675000 | $8519023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45% *<sup>(2)</sup>* | 01/24/35 | 8719000 | 8355243 |
|  FIEMEX Energia — Banco Actinver SA Institucion de Banca Multiple | FIEMEX Energia — Banco Actinver SA Institucion de Banca Multiple | FIEMEX Energia — Banco Actinver SA Institucion de Banca Multiple |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25% *<sup>(2)</sup>* | 01/31/41 | 11961826 | 11880366 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 04/27/32 | 5000000 | 4687700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.34% | 05/04/53 | 27209000 | 23909365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35% | 02/09/35 | 48816000 | 48571920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 05/13/37 | 24885000 | 25215970 |
|  Orbia Advance Corp. SAB de CV | Orbia Advance Corp. SAB de CV | Orbia Advance Corp. SAB de CV |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80% *<sup>(2)</sup>* | 05/13/30 | 9720000 | 9713488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% *<sup>(2)</sup>* | 05/13/35 | 7237000 | 7188440 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 01/28/31 | 19723000 | 16355692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% | 01/23/45 | 7545000 | 4993055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 03/13/27 | 5549000 | 5427921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% | 06/15/35 | 14469000 | 11184682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70% | 02/16/32 | 18526000 | 15876226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 09/21/47 | 7890000 | 5291350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.69% | 01/23/50 | 6158000 | 4496879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% | 06/02/29 | 718430 | 706892 |
|  **Total Mexico** | **Total Mexico** |  |  |
|  (Cost: $213,165,996) | (Cost: $213,165,996) |  | 212374212 |
| **Mongolia — 0.2%** | **Mongolia — 0.2%** | **Mongolia — 0.2%** | **Mongolia — 0.2%** |
|  Mongolia Government International Bonds | Mongolia Government International Bonds | Mongolia Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45% *<sup>(1)</sup>* | 07/07/31 | 4000000 | 3383600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.65% *<sup>(1)</sup>* | 01/19/28 | 2855000 | 2964147 |
|  **Total Mongolia** | **Total Mongolia** | **Total Mongolia** | **Total Mongolia** |
|  (Cost: $6,534,229) |  |  | 6347747 |
| **Morocco — 1.0%** | **Morocco — 1.0%** | **Morocco — 1.0%** | **Morocco — 1.0%** |
|  Morocco Government International Bonds | Morocco Government International Bonds | Morocco Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% *<sup>(2)</sup>* | 03/08/28 | 9861000 | 10042837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(2)</sup>* | 09/08/33 | 7476000 | 7740052 |
|  OCP SA | OCP SA | OCP SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10% *<sup>(2)</sup>* | 04/30/30 | 3069000 | 3074310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70% *<sup>(2)</sup>* | 03/01/36 | 5550000 | 5500272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% *<sup>(2)</sup>* | 05/02/54 | 9974000 | 9818206 |
|  **Total Morocco** | **Total Morocco** | **Total Morocco** | **Total Morocco** |
|  (Cost: $35,402,429) |  |  | 36175677 |
| **Oman — 3.0%** | **Oman — 3.0%** | **Oman — 3.0%** | **Oman — 3.0%** |
|  Mazoon Assets Co. SAOC | Mazoon Assets Co. SAOC | Mazoon Assets Co. SAOC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(2)</sup>* | 02/14/29 | 10200000 | 10272930 |
|  Oman Government International Bonds | Oman Government International Bonds | Oman Government International Bonds | Oman Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% *<sup>(1)</sup>* | 08/01/29 | 35727000 | 36876695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(2)</sup>* | 01/25/31 | 41216000 | 43292462 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Unaudited) (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Oman (Continued)** | **Oman (Continued)** | **Oman (Continued)** | **Oman (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 03/08/47 | 13706000 | 13613347 |
|  **Total Oman** | **Total Oman** | **Total Oman** | **Total Oman** |
|  (Cost: $101,187,683) | (Cost: $101,187,683) |  | 104055434 |
| **Pakistan — 1.4%** | **Pakistan — 1.4%** | **Pakistan — 1.4%** | **Pakistan — 1.4%** |
|  Pakistan Government International Bonds | Pakistan Government International Bonds | Pakistan Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% *<sup>(1)</sup>* | 12/05/27 | 11370000 | 10000142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% *<sup>(1)</sup>* | 04/08/31 | 37574000 | 29686842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88% *<sup>(1)</sup>* | 04/08/51 | 12112000 | 8641064 |
|  **Total Pakistan** | **Total Pakistan** | **Total Pakistan** | **Total Pakistan** |
|  (Cost: $49,035,054) | (Cost: $49,035,054) |  | 48328048 |
| **Panama — 3.0%** | **Panama — 3.0%** | **Panama — 3.0%** | **Panama — 3.0%** |
|  C&W Senior Finance Ltd. | C&W Senior Finance Ltd. | C&W Senior Finance Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% *<sup>(2)</sup>* | 01/15/33 | 14215000 | 14323887 |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16% | 01/23/30 | 26671000 | 23441409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 04/16/50 | 29743000 | 19085191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40% | 02/14/35 | 21213000 | 20099105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 03/01/31 | 6314000 | 6592700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% | 03/01/57 | 11432000 | 11105273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% | 03/01/38 | 7665000 | 7982944 |
|  **Total Panama** | **Total Panama** | **Total Panama** | **Total Panama** |
|  (Cost: $105,343,990) | (Cost: $105,343,990) |  | 102630509 |
| **Peru — 2.4%** | **Peru — 2.4%** | **Peru — 2.4%** | **Peru — 2.4%** |
|  Banco de Credito del Peru SA | Banco de Credito del Peru SA | Banco de Credito del Peru SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% (5 yr. CMT + 2.240%) *<sup>(2),(4)</sup>* | 03/10/35 | 6189000 | 6062559 |
|  Corp. Financiera de Desarrollo SA | Corp. Financiera de Desarrollo SA | Corp. Financiera de Desarrollo SA | Corp. Financiera de Desarrollo SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(2)</sup>* | 05/06/30 | 12156000 | 12177516 |
|  Niagara Energy SAC | Niagara Energy SAC | Niagara Energy SAC | Niagara Energy SAC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *<sup>(2)</sup>* | 10/03/34 | 8342000 | 8237642 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.86% | 12/01/32 | 12616000 | 9968532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 01/15/34 | 31957000 | 26743535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 02/08/35 | 13676000 | 13501905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55% | 03/14/37 | 7242000 | 7709326 |
|  **Total Peru** | **Total Peru** | **Total Peru** | **Total Peru** |
|  (Cost: $84,298,378) | (Cost: $84,298,378) |  | 84401015 |
| **Philippines — 1.9%** | **Philippines — 1.9%** | **Philippines — 1.9%** | **Philippines — 1.9%** |
|  Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% | 01/06/32 | 6450000 | 5432319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 02/01/28 | 8925000 | 8632349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20% | 07/06/46 | 12051000 | 8430759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56% | 09/29/32 | 37095000 | 33999423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90% | 02/04/50 | 10617000 | 10740688 |
|  **Total Philippines** | **Total Philippines** | **Total Philippines** | **Total Philippines** |
|  (Cost: $68,262,804) | (Cost: $68,262,804) |  | 67235538 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Poland — 1.9%** | **Poland — 1.9%** | **Poland — 1.9%** | **Poland — 1.9%** |
|  Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *<sup>(2)</sup>* | 07/09/34 | $20474000 | $20943469 |
|  Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 03/18/29 | 22738000 | 23018359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 10/04/33 | 9381000 | 9309892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 03/18/54 | 13039000 | 12154565 |
|  **Total Poland** | **Total Poland** | **Total Poland** | **Total Poland** |
|  (Cost: $65,277,957) | (Cost: $65,277,957) |  | 65426285 |
| **Romania — 3.5%** | **Romania — 3.5%** | **Romania — 3.5%** | **Romania — 3.5%** |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% *<sup>(2)</sup>* | 01/30/29 | 26432000 | 26234817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% *<sup>(2)</sup>* | 05/25/34 | 12760000 | 11791005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% *<sup>(2)</sup>* | 01/30/34 | 29648000 | 28051159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13% *<sup>(2)</sup>* | 01/17/33 | 34456000 | 34793669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63% *<sup>(2)</sup>* | 01/17/53 | 21350000 | 20580546 |
|  **Total Romania** | **Total Romania** | **Total Romania** | **Total Romania** |
|  (Cost: $124,114,436) | (Cost: $124,114,436) |  | 121451196 |
| **Saudi Arabia — 6.3%** | **Saudi Arabia — 6.3%** | **Saudi Arabia — 6.3%** | **Saudi Arabia — 6.3%** |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% *<sup>(2)</sup>* | 02/23/38 | 62260000 | 63541933 |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% *<sup>(2)</sup>* | 07/17/34 | 37250000 | 37568860 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% *<sup>(2)</sup>* | 03/05/32 | 7660000 | 8709332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% *<sup>(2)</sup>* | 03/05/37 | 13005000 | 14460562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% *<sup>(2)</sup>* | 01/16/30 | $32111000 | 32306235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(1)</sup>* | 01/16/34 | 29807000 | 29682407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(1)</sup>* | 01/18/53 | 4500000 | 3810285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *<sup>(2)</sup>* | 01/16/54 | 30067000 | 28359796 |
|  **Total Saudi Arabia** | **Total Saudi Arabia** | **Total Saudi Arabia** | **Total Saudi Arabia** |
|  (Cost: $216,694,953) | (Cost: $216,694,953) |  | 218439410 |
| **Senegal — 2.9%** | **Senegal — 2.9%** | **Senegal — 2.9%** | **Senegal — 2.9%** |
|  Senegal Government International Bonds | Senegal Government International Bonds | Senegal Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(1)</sup>* | 05/23/33 | 78606000 | 54596583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% *<sup>(1)</sup>* | 06/10/31 | 61011000 | 47752090 |
|  **Total Senegal** | **Total Senegal** | **Total Senegal** | **Total Senegal** |
|  (Cost: $122,448,356) | (Cost: $122,448,356) |  | 102348673 |
| **Serbia — 0.2%** (Cost: $7,565,000) | **Serbia — 0.2%** (Cost: $7,565,000) | **Serbia — 0.2%** (Cost: $7,565,000) | **Serbia — 0.2%** (Cost: $7,565,000) |
|  Telecommunications Co. Telekom Srbija AD Belgrade | Telecommunications Co. Telekom Srbija AD Belgrade | Telecommunications Co. Telekom Srbija AD Belgrade |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% *<sup>(2)</sup>* | 10/28/29 | 7565000 | 7520593 |
| **South Africa — 2.6%** | **South Africa — 2.6%** | **South Africa — 2.6%** | **South Africa — 2.6%** |
|  Eskom Holdings SOC Ltd. | Eskom Holdings SOC Ltd. | Eskom Holdings SOC Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.45% *<sup>(1)</sup>* | 08/10/28 | 27969000 | 28600820 |

---

*See accompanying Notes to Financial Statements.* 

------

April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **South Africa (Continued)** | **South Africa (Continued)** | **South Africa (Continued)** | **South Africa (Continued)** |
|  Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85% | 09/30/29 | 9343000 | 8805030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 10/12/46 | 11089000 | 7373409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 09/27/47 | 25808000 | 18483431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 09/30/49 | 10794000 | 7712529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 06/22/30 | 7910000 | 7673570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 04/20/32 | 13576000 | 12791986 |
|  **Total South Africa** | **Total South Africa** | **Total South Africa** | **Total South Africa** |
|  (Cost: $91,701,591) | (Cost: $91,701,591) |  | 91440775 |
| **Sri Lanka — 1.2%** | **Sri Lanka — 1.2%** | **Sri Lanka — 1.2%** | **Sri Lanka — 1.2%** |
|  Sri Lanka Government International Bonds | Sri Lanka Government International Bonds | Sri Lanka Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10% *<sup>(2),(6)</sup>* | 01/15/30 | 39292060 | 32153478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60% *<sup>(2),(6)</sup>* | 06/15/35 | 7737529 | 4992563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60% *<sup>(2),(6)</sup>* | 05/15/36 | 5370025 | 3744465 |
|  **Total Sri Lanka** | **Total Sri Lanka** | **Total Sri Lanka** | **Total Sri Lanka** |
|  (Cost: $42,448,223) | (Cost: $42,448,223) |  | 40890506 |
| **Trinidad And Tobago — 0.5%** (Cost: $18,217,908) | **Trinidad And Tobago — 0.5%** (Cost: $18,217,908) | **Trinidad And Tobago — 0.5%** (Cost: $18,217,908) | **Trinidad And Tobago — 0.5%** (Cost: $18,217,908) |
|  Port of Spain Waterfront Development | Port of Spain Waterfront Development | Port of Spain Waterfront Development |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% *<sup>(2)</sup>* | 02/19/40 | 18345000 | 17254940 |
| **Turkey — 5.5%** | **Turkey — 5.5%** | **Turkey — 5.5%** | **Turkey — 5.5%** |
|  Akbank TAS | Akbank TAS | Akbank TAS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.37% (5 yr. CMT + 5.270%) *<sup>(2),(4),(8)</sup>* | 03/14/29 | 31676000 | 31655094 |
|  Hazine Mustesarligi Varlik Kiralama AS | Hazine Mustesarligi Varlik Kiralama AS | Hazine Mustesarligi Varlik Kiralama AS | Hazine Mustesarligi Varlik Kiralama AS |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.51% *<sup>(2)</sup>* | 01/14/29 | 24393000 | 25924637 |
|  Istanbul Metropolitan Municipality | Istanbul Metropolitan Municipality | Istanbul Metropolitan Municipality | Istanbul Metropolitan Municipality |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50% *<sup>(2)</sup>* | 12/06/28 | 32698000 | 34893017 |
|  Limak Cimento Sanayi ve Ticaret AS | Limak Cimento Sanayi ve Ticaret AS | Limak Cimento Sanayi ve Ticaret AS | Limak Cimento Sanayi ve Ticaret AS |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75% *<sup>(1)</sup>* | 07/25/29 | 11332000 | 11118958 |
|  TAV Havalimanlari Holding AS | TAV Havalimanlari Holding AS | TAV Havalimanlari Holding AS | TAV Havalimanlari Holding AS |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% *<sup>(1)</sup>* | 12/07/28 | 8538000 | 8754438 |
|  Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.99% (5 yr. CMT + 4.669%) *<sup>(2),(4)</sup>* | 10/05/34 | 11386000 | 11562255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.12% (5 yr. CMT + 5.493%) *<sup>(2),(4),(8)</sup>* | 04/24/29 | 16337000 | 16695434 |
|  Yapi ve Kredi Bankasi AS | Yapi ve Kredi Bankasi AS | Yapi ve Kredi Bankasi AS | Yapi ve Kredi Bankasi AS |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% (5 yr. CMT + 5.278%) *<sup>(2),(4)</sup>* | 01/17/34 | 10263000 | 10489607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.74% (5 yr. CMT + 5.499%) *<sup>(2),(4),(8)</sup>* | 04/04/29 | 21430000 | 21670016 |
|  Zorlu Enerji Elektrik Uretim AS | Zorlu Enerji Elektrik Uretim AS | Zorlu Enerji Elektrik Uretim AS | Zorlu Enerji Elektrik Uretim AS |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00% *<sup>(2)</sup>* | 04/23/30 | 21000000 | 19338480 |
|  **Total Turkey** | **Total Turkey** |  |  |
|  (Cost: $191,146,947) | (Cost: $191,146,947) |  | 192101936 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Ukraine — 1.9%** | **Ukraine — 1.9%** | **Ukraine — 1.9%** | **Ukraine — 1.9%** |
|  NAK Naftogaz Ukraine via Kondor Finance PLC | NAK Naftogaz Ukraine via Kondor Finance PLC | NAK Naftogaz Ukraine via Kondor Finance PLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13% *<sup>(1),(3),(6)</sup>* | 07/19/26 | 2780000 | $2746626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63% *<sup>(1),(3),(6)</sup>* | 11/08/28 | $8455469 | 6645153 |
|  Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(2),(6)</sup>* | 02/01/34 | 11662535 | 4391411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(2),(6)</sup>* | 02/01/36 | 2369390 | 1182349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(6),(9)</sup>* | 08/01/41 | 28944000 | 20733166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% *<sup>(2),(6)</sup>* | 02/01/34 | 14839113 | 7404569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% *<sup>(2),(6)</sup>* | 02/01/35 | 27380789 | 13507217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% *<sup>(2),(6)</sup>* | 02/01/36 | 10321116 | 4983964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% *<sup>(1),(6)</sup>* | 02/01/30 | 5400000 | 2659608 |
|  **Total Ukraine** | **Total Ukraine** |  |  |
|  (Cost: $57,861,347) | (Cost: $57,861,347) |  | 64254063 |
| **United Arab Emirates — 3.9%** | **United Arab Emirates — 3.9%** | **United Arab Emirates — 3.9%** | **United Arab Emirates — 3.9%** |
|  Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13% *<sup>(1)</sup>* | 09/30/49 | 14995000 | 10144418 |
|  Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(2)</sup>* | 09/11/34 | 28185000 | 27241930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% *<sup>(2)</sup>* | 09/11/54 | 17129000 | 15437511 |
|  Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63% *<sup>(2)</sup>* | 03/31/36 | 42830000 | 36151947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94% *<sup>(2)</sup>* | 09/30/40 | 25407282 | 20684830 |
|  MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% *<sup>(1)</sup>* | 11/22/33 | 12475000 | 11945561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(1)</sup>* | 04/28/33 | 5900000 | 6110394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% *<sup>(1)</sup>* | 05/01/34 | 7105000 | 7515953 |
|  **Total United Arab Emirates** | **Total United Arab Emirates** |  |  |
|  (Cost: $140,029,952) | (Cost: $140,029,952) |  | 135232544 |
| **Uruguay — 1.2%** | **Uruguay — 1.2%** | **Uruguay — 1.2%** | **Uruguay — 1.2%** |
|  Uruguay Government International Bonds | Uruguay Government International Bonds | Uruguay Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 01/23/31 | 5622981 | 5575467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.44% | 02/14/37 | 29635115 | 30234040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 10/28/34 | 4900000 | 5126086 |
|  **Total Uruguay** | **Total Uruguay** |  |  |
|  (Cost: $40,301,656) | (Cost: $40,301,656) |  | 40935593 |
| **Uzbekistan — 1.0%** | **Uzbekistan — 1.0%** | **Uzbekistan — 1.0%** | **Uzbekistan — 1.0%** |
|  Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% *<sup>(1)</sup>* | 11/25/30 | 6875000 | 5935669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90% *<sup>(1)</sup>* | 10/19/31 | 6450000 | 5491078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% *<sup>(1)</sup>* | 02/20/29 | 6600000 | 6444504 |
|  Uzbekneftegaz JSC | Uzbekneftegaz JSC | Uzbekneftegaz JSC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% *<sup>(2)</sup>* | 05/07/30 | 14506000 | 16231054 |
|  **Total Uzbekistan** | **Total Uzbekistan** |  |  |
|  (Cost: $31,997,726) | (Cost: $31,997,726) |  | 34102305 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Unaudited) (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Venezuela — 0.6%** | **Venezuela — 0.6%** | **Venezuela — 0.6%** | **Venezuela — 0.6%** |
|  Petroleos de Venezuela SA | Petroleos de Venezuela SA | Petroleos de Venezuela SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% *<sup>(1),(6),(7)</sup>* | 04/12/27 | $10102600 | $1180893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% *<sup>(1),(6),(7)</sup>* | 05/16/24 | 10727497 | 1265094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% *<sup>(1),(6),(7)</sup>* | 11/17/21 | 18044846 | 2291334 |
|  Venezuela Government International Bonds | Venezuela Government International Bonds | Venezuela Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% *<sup>(1),(6)</sup>* | 10/13/19 | 6714500 | 960711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% *<sup>(1),(6),(7)</sup>* | 10/13/24 | 18932000 | 2758582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% *<sup>(6),(7)</sup>* | 09/15/27 | 36220200 | 6388157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% *<sup>(1),(6),(7)</sup>* | 05/07/28 | 33003200 | 5382162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75% *<sup>(1),(6)</sup>* | 10/21/26 | 2795600 | 512098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.95% *<sup>(1),(6)</sup>* | 08/05/31 | 5587900 | 931223 |
|  **Total Venezuela** | **Total Venezuela** |  |  |
|  (Cost: $35,210,261) | (Cost: $35,210,261) |  | 21670254 |
| **Zambia — 0.2%** | **Zambia — 0.2%** | **Zambia — 0.2%** | **Zambia — 0.2%** |
|  Zambia Government International Bonds | Zambia Government International Bonds | Zambia Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50% *<sup>(1),(6)</sup>* | 12/31/53 | 7400000 | 4163684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *<sup>(1),(6)</sup>* | 06/30/33 | 4796460 | 4156420 |
|  **Total Zambia** | **Total Zambia** |  |  |
|  (Cost: $7,889,841) | (Cost: $7,889,841) |  | 8320104 |
|  **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** |  |
|  (Cost: $3,287,082,956) | (Cost: $3,287,082,956) |  | 3309876862 |
|  **MONEY MARKET INVESTMENTS — 3.7%** | **MONEY MARKET INVESTMENTS — 3.7%** | **MONEY MARKET INVESTMENTS — 3.7%** | **MONEY MARKET INVESTMENTS — 3.7%** |
|  State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.29% *<sup>(10)</sup>* | State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.29% *<sup>(10)</sup>* | 41540257 | 41540257 |
|  TCW Central Cash Fund, 4.34% *<sup>(10),(11)</sup>* | TCW Central Cash Fund, 4.34% *<sup>(10),(11)</sup>* | 87790000 | 87790000 |
|  **Total Money Market Investments** | **Total Money Market Investments** | **Total Money Market Investments** |  |
|  (Cost: $129,330,257) | (Cost: $129,330,257) |  | 129330257 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **SHORT TERM INVESTMENTS — 1.6%** | **SHORT TERM INVESTMENTS — 1.6%** | **SHORT TERM INVESTMENTS — 1.6%** | **SHORT TERM INVESTMENTS — 1.6%** | **SHORT TERM INVESTMENTS — 1.6%** |
|  Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(5)</sup>* | 06/03/25 | EGP | 40125000 | $772483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(5)</sup>* | 06/10/25 | EGP | 359875000 | 6891807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(5)</sup>* | 06/17/25 | EGP | 103000000 | 1962243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(5)</sup>* | 05/13/25 | EGP | 211850000 | 4145194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(5)</sup>* | 05/20/25 | EGP | 103350000 | 2011183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(5)</sup>* | 05/06/25 | EGP | 176525000 | 3473170 |
|  Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(5)</sup>* | 01/06/26 | NGN | 8688000000 | 4581487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(5)</sup>* | 12/09/25 | NGN | 18771214000 | 10123082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(5)</sup>* | 11/25/25 | NGN | 8865072000 | 4914949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(5)</sup>* | 12/02/25 | NGN | 15355185000 | 8287965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(5)</sup>* | 10/22/25 | NGN | 16700000000 | 9299845 |
|  **Total Short-term Investment** | **Total Short-term Investment** | **Total Short-term Investment** | **Total Short-term Investment** |  |
|  (Cost: $56,717,536) | (Cost: $56,717,536) | (Cost: $56,717,536) | (Cost: $56,717,536) | 56463408 |
|  **Total Investments (100.5%)** | **Total Investments (100.5%)** | **Total Investments (100.5%)** | **Total Investments (100.5%)** |  |
|  (Cost: $3,473,130,749) | (Cost: $3,473,130,749) | (Cost: $3,473,130,749) | (Cost: $3,473,130,749) | 3495670527 |
|  **Liabilities In Excess Of Other Assets (-0.5%)** | **Liabilities In Excess Of Other Assets (-0.5%)** | **Liabilities In Excess Of Other Assets (-0.5%)** | **Liabilities In Excess Of Other Assets (-0.5%)** | (16262582) |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | $3479407945 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts |
| **Counterparty** | **Contracts to<br>Deliver** | **Units of<br>Currency** | **Settlement<br>Date** | **In Exchange for<br>U.S. Dollars** | **Contracts at<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **BUY <sup>(12)</sup>** |  |  |  |  |  |  |
|  Barclays Capital | TRY | 2901306933 | 07/16/25 | $69916400 | $69477602 | $(438798) |
|  JPMorgan Chase Bank | TRY | 1478641533 | 07/16/25 | 35928600 | 35409031 | (519569) |
|  |  |  |  | $105845000 | $104886633 | $(958367) |
| **SELL <sup>(13)</sup>** |  |  |  |  |  |  |
|  Barclays Capital | EUR | 21500000 | 06/30/25 | $23323161 | $24524634 | $(1201473) |
|  Morgan Stanley & Co. | TRY | 4379948465 | 07/16/25 | 99990507 | 104886633 | (4896126) |
|  |  |  |  | $123313668 | $129411267 | $(6097599) |

---

*See accompanying Notes to Financial Statements.* 

------

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.* 

------

## 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<br>October 31,<br>2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Number<br>of Shares<br>Held<br>April 30,<br>2025** | **Value at<br>April 30,<br>2025** | **Dividends<br>and Interest<br>Income<br>Received** | **Distributions<br>Received from<br>Net Realized<br>Gain** | **Net Realized<br>Gain (Loss)<br>on<br>Investments** | **Net change in<br>Unrealized<br>Gain (Loss)<br>on<br>Investments** |
|  **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | | |
|  | $20160000 | $512500000 | $444870000 | 87790000 | $87790000 | $1314976 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $87790000 | $1314976 | $— | $— | $— |

---

*See accompanying Notes to Financial Statements.* 

------

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<br>in Active<br>Markets for<br>Identical<br>Assets<br>(Level 1)** | **Other<br>Significant<br>Observable<br>Inputs<br>(Level 2)** | **Significant<br>Unobservable<br>Inputs<br>(Level 3)** | **Total** |
|  Fixed Income Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Bonds | $— | $2190098786 | $21232732 | $2211331518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas |  | 250326983 | 4737322 | 255064305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric |  | 197879990 |  | 197879990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks |  | 138328542 |  | 138328542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mining |  | 137571458 |  | 137571458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pipelines |  | 120378710 |  | 120378710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals |  | 35294715 |  | 35294715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Regional/Local |  | 34893017 |  | 34893017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron & Steel |  | 33354962 |  | 33354962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies |  | 25571908 |  | 25571908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas Services |  | 18711775 |  | 18711775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate |  | 17254940 |  | 17254940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional (State & Province) |  | 16997065 |  | 16997065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telecommunications |  | 14323887 |  | 14323887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water |  | 13393869 |  | 13393869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Materials |  | 11118958 |  | 11118958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services |  | 9886044 |  | 9886044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Engineering & Construction |  | 8754438 |  | 8754438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution & Wholesale |  | 7520594 |  | 7520594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food |  | 2246167 |  | 2246167 |
|  Total Fixed Income Securities |  | 3283906808 | 25970054 | 3309876862 |
|  Money Market Investments | 129330257 |  |  | 129330257 |
|  Short Term Investments |  | 56463408 |  | 56463408 |
|  Total Investments | $129330257 | $3340370216 | $25970054 | $3495670527 |
|  Liability Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk | $— | $(7055966) | $— | $(7055966) |
|  Total | $— | $(7055966) | $— | $(7055966) |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW Emerging Markets Local Currency Income Fund
Schedule of Investments (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | | **Principal<br>Amount** | **Value** |
|  **FIXED INCOME SECURITIES — 83.6% of Net Assets** | **FIXED INCOME SECURITIES — 83.6% of Net Assets** | **FIXED INCOME SECURITIES — 83.6% of Net Assets** | **FIXED INCOME SECURITIES — 83.6% of Net Assets** | **FIXED INCOME SECURITIES — 83.6% of Net Assets** |
| **Brazil — 9.5%** | **Brazil — 9.5%** | **Brazil — 9.5%** | **Brazil — 9.5%** | |
|  Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 05/15/35 | BRL | 787000 | $564757 |
|  Brazil Notas do Tesouro Nacional Series F | Brazil Notas do Tesouro Nacional Series F | Brazil Notas do Tesouro Nacional Series F | Brazil Notas do Tesouro Nacional Series F |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% | 01/01/29 | BRL | 24849000 | 3972224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% | 01/01/31 | BRL | 3951000 | 597522 |
|  **Total Brazil** | **Total Brazil** |  |  |  |
|  (Cost: $5,144,591) | (Cost: $5,144,591) |  |  | 5134503 |
| **Chile — 1.8%** | **Chile — 1.8%** | **Chile — 1.8%** | **Chile — 1.8%** |  |
|  Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(1)</sup>* | 10/01/28 | CLP | 295000000 | 306277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 03/01/35 | CLP | 445000000 | 443679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% *<sup>(1)</sup>* | 04/01/33 | CLP | 190000000 | 204075 |
|  **Total Chile** | **Total Chile** |  |  |  |
|  (Cost: $1,048,019) | (Cost: $1,048,019) |  |  | 954031 |
| **China — 4.5%** | **China — 4.5%** | **China — 4.5%** | **China — 4.5%** |  |
|  China Government Bonds | China Government Bonds | China Government Bonds | China Government Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.11% | 08/25/34 | CNY | 9250000 | 1320750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57% | 05/20/54 | CNY | 7160000 | 1129680 |
|  **Total China** | **Total China** |  |  |  |
|  (Cost: $2,426,073) | (Cost: $2,426,073) |  |  | 2450430 |
| **Colombia — 3.6%** | **Colombia — 3.6%** | **Colombia — 3.6%** | **Colombia — 3.6%** |  |
|  Colombia TES Series B | Colombia TES Series B | Colombia TES Series B | Colombia TES Series B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 07/09/36 | COP | 1972000000 | 298430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 06/30/32 | COP | 1717600000 | 316200 |
|  Colombia TES | Colombia TES | Colombia TES | Colombia TES |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25% | 10/18/34 | COP | 606500000 | 105182 |
|  Colombia TES Series B | Colombia TES Series B | Colombia TES Series B | Colombia TES Series B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% | 09/18/30 | COP | 2265700000 | 466611 |
|  Colombia TES | Colombia TES | Colombia TES | Colombia TES |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% | 05/28/42 | COP | 1425800000 | 257574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.25% | 02/09/33 | COP | 2026900000 | 513696 |
|  **Total Colombia** | **Total Colombia** |  |  |  |
|  (Cost: $1,989,020) | (Cost: $1,989,020) |  |  | 1957693 |
| **Czech Republic — 3.4%** | **Czech Republic — 3.4%** | **Czech Republic — 3.4%** | **Czech Republic — 3.4%** |  |
|  Czech Republic Government Bonds | Czech Republic Government Bonds | Czech Republic Government Bonds | Czech Republic Government Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95% *<sup>(1)</sup>* | 05/15/30 | CZK | 6730000 | 270458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20% | 03/13/31 | CZK | 13800000 | 548737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% | 04/24/40 | CZK | 15930000 | 499319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% | 06/23/32 | CZK | 12650000 | 504035 |
|  **Total Czech Republic** | **Total Czech Republic** |  |  |  |
|  (Cost: $1,691,554) | (Cost: $1,691,554) |  |  | 1822549 |
| **Hungary — 2.6%** | **Hungary — 2.6%** | **Hungary — 2.6%** | **Hungary — 2.6%** |  |
|  Hungary Government Bonds | Hungary Government Bonds | Hungary Government Bonds | Hungary Government Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% | 04/20/33 | HUF | 213350000 | 441215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/27/27 | HUF | 95470000 | 249317 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | | **Principal<br>Amount** | **Value** |
| **Hungary (Continued)** | **Hungary (Continued)** | **Hungary (Continued)** | **Hungary (Continued)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 11/24/32 | HUF | 63970000 | $160325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 06/24/25 | HUF | 199220000 | 559208 |
|  **Total Hungary** | **Total Hungary** |  |  |  |
|  (Cost: $1,416,920) | (Cost: $1,416,920) |  |  | 1410065 |
| **India — 10.1%** | **India — 10.1%** | **India — 10.1%** | **India — 10.1%** |  |
|  India Government Bonds | India Government Bonds | India Government Bonds | India Government Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 12/23/29 | INR | 120350000 | 1463353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.10% | 04/08/34 | INR | 155050000 | 1927780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.17% | 04/17/30 | INR | 5000000 | 61864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.18% | 08/14/33 | INR | 162000000 | 2020481 |
|  **Total India** | **Total India** |  |  |  |
|  (Cost: $5,325,031) | (Cost: $5,325,031) |  |  | 5473478 |
| **Indonesia — 9.7%** | **Indonesia — 9.7%** | **Indonesia — 9.7%** | **Indonesia — 9.7%** |  |
|  Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 07/15/30 | IDR | 13482000000 | 809464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 04/15/29 | IDR | 58572000000 | 3570246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 09/15/30 | IDR | 7675000000 | 470598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% | 03/15/29 | IDR | 5983000000 | 390448 |
|  **Total Indonesia** | **Total Indonesia** |  |  |  |
|  (Cost: $5,383,750) | (Cost: $5,383,750) |  |  | 5240756 |
| **Malaysia — 8.2%** | **Malaysia — 8.2%** | **Malaysia — 8.2%** | **Malaysia — 8.2%** |  |
|  Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63% | 04/15/31 | MYR | 4345000 | 962808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52% | 04/20/28 | MYR | 535000 | 125029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58% | 07/15/32 | MYR | 1640000 | 381936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73% | 06/15/28 | MYR | 1821000 | 428081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76% | 05/22/40 | MYR | 411000 | 94987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05% | 04/18/39 | MYR | 2075000 | 495018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76% | 04/07/37 | MYR | 4135000 | 1048392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89% | 06/08/38 | MYR | 3500000 | 903527 |
|  **Total Malaysia** | **Total Malaysia** |  |  |  |
|  (Cost: $4,019,363) | (Cost: $4,019,363) |  |  | 4439778 |
| **Mexico — 7.2%** | **Mexico — 7.2%** | **Mexico — 7.2%** | **Mexico — 7.2%** |  |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos | Mexico Bonos |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 05/26/33 | MXN | 19198100 | 884633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% | 05/29/31 | MXN | 13825200 | 667494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% | 11/23/34 | MXN | 19042900 | 875847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% | 11/13/42 | MXN | 9699800 | 405404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% | 11/07/47 | MXN | 4047400 | 169995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% | 03/01/29 | MXN | 2952400 | 149964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% | 11/18/38 | MXN | 15963000 | 740341 |
|  **Total Mexico** | **Total Mexico** |  |  |  |
|  (Cost: $3,927,784) | (Cost: $3,927,784) |  |  | 3893678 |

---

*See accompanying Notes to Financial Statements.* 

------

April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | | **Principal<br>Amount** | **Value** |
| **Peru — 1.8%** | **Peru — 1.8%** | **Peru — 1.8%** | **Peru — 1.8%** | |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 08/12/34 | PEN | 564000 | $141520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15% | 08/12/32 | PEN | 209000 | 57966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30% *<sup>(1)</sup>* | 08/12/33 | PEN | 688000 | 200211 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90% *<sup>(1)</sup>* | 08/12/37 | PEN | 1341000 | 360774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95% *<sup>(1)</sup>* | 08/12/31 | PEN | 764000 | 225812 |
|  **Total Peru** | **Total Peru** |  |  |  |
|  (Cost: $908,903) | (Cost: $908,903) |  |  | 986283 |
| **Poland — 5.5%** | **Poland — 5.5%** | **Poland — 5.5%** | **Poland — 5.5%** |  |
|  Republic of Poland Government Bonds | Republic of Poland Government Bonds | Republic of Poland Government Bonds | Republic of Poland Government Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25% | 10/25/30 | PLN | 3315000 | 737869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% | 04/25/32 | PLN | 4841000 | 1050219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 07/25/27 | PLN | 1924000 | 491526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 07/25/26 | PLN | 476000 | 123872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 10/25/29 | PLN | 1672000 | 412537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 10/25/34 | PLN | 614000 | 160723 |
|  **Total Poland** | **Total Poland** |  |  |  |
|  (Cost: $2,593,994) | (Cost: $2,593,994) |  |  | 2976746 |
| **Romania — 3.5%** | **Romania — 3.5%** | **Romania — 3.5%** | **Romania — 3.5%** |  |
|  Romania Government Bonds | Romania Government Bonds | Romania Government Bonds | Romania Government Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15% | 01/26/28 | RON | 2715000 | 574245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 10/11/34 | RON | 1030000 | 192855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% | 07/26/27 | RON | 1560000 | 346235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70% | 02/25/32 | RON | 2755000 | 604873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20% | 10/30/33 | RON | 805000 | 180697 |
|  **Total Romania** | **Total Romania** |  |  |  |
|  (Cost: $1,771,566) | (Cost: $1,771,566) |  |  | 1898905 |
| **South Africa — 6.9%** | **South Africa — 6.9%** | **South Africa — 6.9%** | **South Africa — 6.9%** |  |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 03/31/36 | ZAR | 13058199 | 496971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 02/28/31 | ZAR | 6500000 | 314065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% | 03/31/32 | ZAR | 8651375 | 431624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% | 01/31/37 | ZAR | 15699928 | 699788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% | 01/31/44 | ZAR | 6502150 | 270821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88% | 02/28/35 | ZAR | 11559562 | 557499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% | 01/31/40 | ZAR | 9827499 | 432904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50% | 12/21/26 | ZAR | 9800000 | 546514 |
|  **Total South Africa** | **Total South Africa** |  |  |  |
|  (Cost: $3,978,250) | (Cost: $3,978,250) |  |  | 3750186 |
| **Thailand — 5.3%** | **Thailand — 5.3%** | **Thailand — 5.3%** | **Thailand — 5.3%** |  |
|  Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80% | 06/17/34 | THB | 11480000 | 370075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39% | 06/17/37 | THB | 15547000 | 533057 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | | **Principal<br>Amount** | **Value** |
| **Thailand (Continued)** | **Thailand (Continued)** | **Thailand (Continued)** | **Thailand (Continued)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45% | 06/17/43 | THB | 49132000 | $1687696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 06/17/55 | THB | 7000000 | 270375 |
|  **Total Thailand** | **Total Thailand** |  |  |  |
|  (Cost: $2,507,482) | (Cost: $2,507,482) |  |  | 2861203 |
|  **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** |  |
|  (Cost: $44,132,300) | (Cost: $44,132,300) |  |  | 45250284 |
|  |  |  | **Shares** |  |
| **MONEY MARKET INVESTMENTS — 2.9%** | **MONEY MARKET INVESTMENTS — 2.9%** | **MONEY MARKET INVESTMENTS — 2.9%** | **MONEY MARKET INVESTMENTS — 2.9%** | **MONEY MARKET INVESTMENTS — 2.9%** |
|  State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.29% *<sup>(2)</sup>* | State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.29% *<sup>(2)</sup>* | State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.29% *<sup>(2)</sup>* | 529322 | 529322 |
|  TCW Central Cash Fund, 4.34% *<sup>(2),(3)</sup>* | TCW Central Cash Fund, 4.34% *<sup>(2),(3)</sup>* | TCW Central Cash Fund, 4.34% *<sup>(2),(3)</sup>* | 1040000 | 1040000 |
|  **Total Money Market Investments** | **Total Money Market Investments** | **Total Money Market Investments** | **Total Money Market Investments** | **Total Money Market Investments** |
|  (Cost: $1,569,322) | (Cost: $1,569,322) | (Cost: $1,569,322) | (Cost: $1,569,322) | 1569322 |
|  |  |  | **Principal<br>Amount** |  |
|  **SHORT TERM INVESTMENTS — 10.3%** | **SHORT TERM INVESTMENTS — 10.3%** | **SHORT TERM INVESTMENTS — 10.3%** | **SHORT TERM INVESTMENTS — 10.3%** | **SHORT TERM INVESTMENTS — 10.3%** |
| **Short-Term Investment — 10.3%** | **Short-Term Investment — 10.3%** | **Short-Term Investment — 10.3%** | **Short-Term Investment — 10.3%** | **Short-Term Investment — 10.3%** |
| **Egypt — 6.9%** | **Egypt — 6.9%** | **Egypt — 6.9%** | **Egypt — 6.9%** | **Egypt — 6.9%** |
|  Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 05/20/25 | EGP | 29700000 | 577960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 06/03/25 | EGP | 15300000 | 294554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 06/10/25 | EGP | 66525000 | 1273991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 06/17/25 | EGP | 26000000 | 495323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 06/24/25 | EGP | 30000000 | 568588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 09/09/25 | EGP | 28275000 | 508479 |
|  **Total Egypt** | **Total Egypt** | **Total Egypt** | **Total Egypt** | **Total Egypt** |
|  (Cost: $3,720,379) | (Cost: $3,720,379) | (Cost: $3,720,379) | (Cost: $3,720,379) | 3718895 |
| **Nigeria — 3.4%** | **Nigeria — 3.4%** | **Nigeria — 3.4%** | **Nigeria — 3.4%** | **Nigeria — 3.4%** |
|  Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 06/17/25 | NGN | 1220000000 | 738231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 11/04/25 | NGN | 1545000000 | 849726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 12/02/25 | NGN | 183014000 | 98782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 12/09/25 | NGN | 279445000 | 150701 |
|  **Total Nigeria** | **Total Nigeria** | **Total Nigeria** | **Total Nigeria** | **Total Nigeria** |
|  (Cost: $1,886,054) | (Cost: $1,886,054) | (Cost: $1,886,054) | (Cost: $1,886,054) | 1837440 |
|  **Total Short Term Investments** | **Total Short Term Investments** | **Total Short Term Investments** | **Total Short Term Investments** | **Total Short Term Investments** |
|  (Cost: $5,606,433) | (Cost: $5,606,433) | (Cost: $5,606,433) | (Cost: $5,606,433) | 5556335 |
|  **Total Investments (96.8%)** | **Total Investments (96.8%)** | **Total Investments (96.8%)** | **Total Investments (96.8%)** |  |
|  (Cost: $51,308,055) | (Cost: $51,308,055) | (Cost: $51,308,055) | (Cost: $51,308,055) | 52375941 |
|  **Excess Of Other Assets Over Liabilities (3.2%)** | **Excess Of Other Assets Over Liabilities (3.2%)** | **Excess Of Other Assets Over Liabilities (3.2%)** | **Excess Of Other Assets Over Liabilities (3.2%)** | 1732690 |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | $54108631 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Unaudited) (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts |
| **Counterparty** | **Contracts to<br>Deliver** | **Units of<br>Currency** | **Settlement<br>Date** | **In Exchange for<br>U.S. Dollars** | **Contracts at<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **BUY** *<sup>(5)</sup>* |  |  |  |  |  |  |
|  Bank of America | CLP | 547865580 | 05/06/25 | $563300 | $572829 | $9529 |
|  Bank of America | EUR | 826619 | 07/07/25 | 919200 | 943327 | 24127 |
|  Bank of America | PEN | 2088716 | 05/06/25 | 576198 | 568417 | (7781) |
|  Barclays Capital | CZK | 6485642 | 07/08/25 | 282200 | 296052 | 13852 |
|  Barclays Capital | MXN | 7701643 | 05/07/25 | 369199 | 393331 | 24132 |
|  Barclays Capital | MYR | 2097024 | 06/17/25 | 474622 | 486719 | 12097 |
|  Barclays Capital | TRY | 107956373 | 07/16/25 | 2597100 | 2585232 | (11868) |
|  BNP Paribas S.A. | BRL | 3033862 | 05/05/25 | 538397 | 535886 | (2511) |
|  BNP Paribas S.A. | CZK | 7465468 | 07/08/25 | 340684 | 340779 | 95 |
|  BNP Paribas S.A. | EUR | 1300502 | 06/16/25 | 1426000 | 1482140 | 56140 |
|  BNP Paribas S.A. | PLN | 4246905 | 06/10/25 | 1092854 | 1127529 | 34675 |
|  BNP Paribas S.A. | TRY | 98504021 | 05/02/25 | 2487160 | 2561224 | 74064 |
|  BNP Paribas S.A. | TRY | 26539357 | 05/27/25 | 673896 | 672224 | (1672) |
|  BNP Paribas S.A. | TRY | 202867657 | 06/02/25 | 5087271 | 5102343 | 15072 |
|  BNP Paribas S.A. | TRY | 30421621 | 07/16/25 | 738900 | 728507 | (10393) |
|  Goldman Sachs & Co. | CZK | 24183438 | 07/08/25 | 1056230 | 1103909 | 47679 |
|  Goldman Sachs & Co. | MYR | 2538624 | 06/24/25 | 575130 | 589367 | 14237 |
|  JPMorgan Chase Bank | BRL | 10063012 | 10/27/25 | 1688000 | 1702913 | 14913 |
|  JPMorgan Chase Bank | MXN | 23431555 | 05/07/25 | 1134700 | 1196675 | 61975 |
|  JPMorgan Chase Bank | TRY | 124392573 | 05/02/25 | 3143483 | 3234357 | 90874 |
|  Morgan Stanley & Co. | THB | 78159295 | 06/12/25 | 2327555 | 2346183 | 18628 |
|  Morgan Stanley & Co. | TRY | 23988501 | 09/08/25 | 565900 | 539933 | (25967) |
|  |  |  |  | $28657979 | $29109876 | $451897 |
| **SELL** *<sup>(6)</sup>* |  |  |  |  |  |  |
|  Banco BNP Paribas Brasil S.A. | BRL | 3033862 | 05/05/25 | $535942 | $535885 | $57 |
|  Bank of America | CNH | 17827843 | 07/23/25 | 2456878 | 2465830 | (8952) |
|  Bank of America | COP | 1082328066 | 06/26/25 | 258662 | 254361 | 4301 |
|  Bank of America | HUF | 335979182 | 07/07/25 | 919200 | 941353 | (22153) |
|  Bank of America | THB | 5989620 | 06/12/25 | 175803 | 179796 | (3993) |
|  Barclays Capital | BRL | 3033862 | 05/05/25 | 507073 | 535885 | (28812) |
|  Barclays Capital | COP | 1207643766 | 06/24/25 | 287700 | 283884 | 3816 |
|  BNP Paribas S.A. | BRL | 3033900 | 10/27/25 | 515882 | 513412 | 2470 |
|  BNP Paribas S.A. | HUF | 525870868 | 06/16/25 | 1426001 | 1474937 | (48936) |
|  BNP Paribas S.A. | PLN | 797258 | 06/10/25 | 205300 | 211667 | (6367) |
|  BNP Paribas S.A. | TRY | 202867657 | 05/02/25 | 5272371 | 5274804 | (2433) |
|  BNP Paribas S.A. | TRY | 66311741 | 07/16/25 | 1531272 | 1587967 | (56695) |
|  ING Baring U.S. Capital Markets | TRY | 40057876 | 05/02/25 | 1028800 | 1041554 | (12754) |
|  JPMorgan Chase Bank | COP | 1209801600 | 06/25/25 | 285600 | 284355 | 1245 |
|  JPMorgan Chase Bank | PEN | 2088716 | 05/06/25 | 563300 | 568417 | (5117) |
|  JPMorgan Chase Bank | TRY | 72066253 | 07/16/25 | 1668683 | 1725771 | (57088) |
|  JPMorgan Chase Bank | TRY | 23988501 | 09/08/25 | 526295 | 539933 | (13638) |
|  Morgan Stanley & Co. | CLP | 547865580 | 05/06/25 | 596803 | 572829 | 23974 |
|  Morgan Stanley & Co. | MXN | 33886600 | 10/27/25 | 1688000 | 1692536 | (4536) |
|  |  |  |  | $20449565 | $20685176 | $(235611) |

---

*See accompanying Notes to Financial Statements.* 

------

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.* 

------

## 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<br>October 31,<br>2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Number<br>of Shares<br>Held<br>April 30,<br>2025** | **Value at<br>April 30,<br>2025** | **Dividends and<br>Interest<br>Income<br>Received** | **Distributions<br>Received from<br>Net Realized<br>Gain** | **Net Realized<br>Gain (Loss)<br>on<br>Investments** | **Net change in<br>Unrealized<br>Gain (Loss)<br>on<br>Investments** |
|  **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** |  |  |  |
|  | $1580000 | $32503056 | $33043056 | 1040000 | $1040000 | $34214 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $1040000 | $34214 | $— | $— | $— |

---

*See accompanying Notes to Financial Statements.* 

------

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<br>in Active<br>Markets for<br>Identical<br>Assets**<br>**(Level 1)** | **Other<br>Significant<br>Observable<br>Inputs**<br>**(Level 2)** | **Significant<br>Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  Fixed Income Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Bonds | $— | $45250284 | $— | $45250284 |
|  Money Market Fund | 1569322 |  |  | 1569322 |
|  Short-Term Investments |  | 5556335 |  | 5556335 |
|  Total Investments | $1569322 | $50806619 | $— | $52375941 |
|  Asset Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | 547952 |  | 547952 |
|  Total | $1569322 | $51354571 | $— | $52923893 |
|  Liability Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk | $— | $(331666) | $— | $(331666) |
|  Total | $— | $(331666) | $— | $(331666) |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW White Oak Emerging Markets Equity Fund
Schedule of Investments (Unaudited) April 30, 2025

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
|  **COMMON STOCK — 98.3%** | **COMMON STOCK — 98.3%** | **COMMON STOCK — 98.3%** |
| **Australia — 0.8%** (Cost: $81,031) | **Australia — 0.8%** (Cost: $81,031) | **Australia — 0.8%** (Cost: $81,031) |
|  Mader Group Ltd. | 20800 | $84645 |
| **Austria — 0.6%** | **Austria — 0.6%** | **Austria — 0.6%** |
|  Erste Group Bank AG | 360 | 24464 |
|  Vienna Insurance Group AG Wiener Versicherung Gruppe | 700 | 33408 |
| **Total Austria** | **Total Austria** | **Total Austria** |
|  (Cost: $52,252) | (Cost: $52,252) | 57872 |
| **Brazil — 5.5%** | **Brazil — 5.5%** | **Brazil — 5.5%** |
|  B3 SA-Brasil Bolsa Balcao | 44600 | 106273 |
|  Itau Unibanco Holding SA | 17520 | 96182 |
|  MercadoLibre, Inc. *<sup>(1)</sup>* | 44 | 102557 |
|  Raia Drogasil SA | 21700 | 76046 |
|  Rede D'Or Sao Luiz SA | 17000 | 96149 |
|  Vivara Participacoes SA | 21600 | 84357 |
| **Total Brazil** | **Total Brazil** | **Total Brazil** |
|  (Cost: $486,687) | (Cost: $486,687) | 561564 |
| **Canada — 2.4%** | **Canada — 2.4%** | **Canada — 2.4%** |
|  Artemis Gold, Inc. *<sup>(1)</sup>* | 4900 | 70238 |
|  Dundee Precious Metals, Inc. | 5820 | 76137 |
|  G Mining Ventures Corp. *<sup>(1)</sup>* | 4560 | 63120 |
|  Montage Gold Corp. *<sup>(1)</sup>* | 15400 | 39690 |
| **Total Canada** | **Total Canada** | **Total Canada** |
|  (Cost: $215,377) | (Cost: $215,377) | 249185 |
| **Chile — 0.3%** (Cost: $36,765) | **Chile — 0.3%** (Cost: $36,765) | **Chile — 0.3%** (Cost: $36,765) |
|  Lundin Mining Corp. | 4200 | 34298 |
| **China — 21.6%** | **China — 21.6%** | **China — 21.6%** |
|  Aier Eye Hospital Group Co. Ltd. | 13000 | 23256 |
|  Alibaba Group Holding Ltd. | 27200 | 406144 |
|  BOC Aviation Ltd. | 8450 | 63335 |
|  BYD Co. Ltd. | 1960 | 93103 |
|  Centre Testing International Group Co. Ltd. | 19400 | 29824 |
|  China Merchants Bank Co. Ltd. | 9300 | 50734 |
|  Fuyao Glass Industry Group Co. Ltd. | 9500 | 67192 |
|  Haitian International Holdings Ltd. | 26900 | 62320 |
|  JD.com, Inc. | 4500 | 73275 |
|  Jiangsu Hengli Hydraulic Co. Ltd. | 2200 | 22654 |
|  Kingdee International Software Group Co. Ltd. *<sup>(1)</sup>* | 7300 | 12417 |
|  Kweichow Moutai Co. Ltd. | 800 | 170440 |
|  Meituan *<sup>(1)</sup>* | 6980 | 115584 |
|  NetEase, Inc. | 6180 | 132863 |
|  Prosus NV | 1420 | 66269 |
|  Shenzhen Mindray Bio-Medical Electronics Co. Ltd. | 700 | 21171 |
|  Silergy Corp. | 2200 | 27734 |
|  Sinoseal Holding Co. Ltd. | 4900 | 24345 |
|  Sunresin New Materials Co. Ltd. | 11000 | 65887 |

---

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
| **China (Continued)** | **China (Continued)** | **China (Continued)** |
|  Tencent Holdings Ltd. | 7150 | 437995 |
|  Tencent Music Entertainment Group (ADR) | 5660 | 75957 |
|  Trip.com Group Ltd. | 1560 | 93987 |
|  Yum China Holdings, Inc. | 1740 | 81298 |
| **Total China** | **Total China** | **Total China** |
|  (Cost: $2,398,213) | (Cost: $2,398,213) | 2217784 |
| **France — 1.7%** | **France — 1.7%** | **France — 1.7%** |
|  Hermes International SCA | 52 | 143501 |
|  LVMH Moet Hennessy Louis Vuitton SE | 45 | 25013 |
| **Total France** | **Total France** | **Total France** |
|  (Cost: $174,432) | (Cost: $174,432) | 168514 |
| **Germany — 0.9%** (Cost: $93,963) | **Germany — 0.9%** (Cost: $93,963) | **Germany — 0.9%** (Cost: $93,963) |
|  Infineon Technologies AG | 2880 | 95723 |
| **Great Britain — 1.0%** | **Great Britain — 1.0%** | **Great Britain — 1.0%** |
|  HSBC Holdings PLC | 6000 | 66761 |
|  Inchcape PLC | 3500 | 31433 |
| **Total Great Britain** | **Total Great Britain** | **Total Great Britain** |
|  (Cost: $101,613) | (Cost: $101,613) | 98194 |
| **Greece — 0.3%** (Cost: $25,370) | **Greece — 0.3%** (Cost: $25,370) | **Greece — 0.3%** (Cost: $25,370) |
|  Jumbo SA | 900 | 28441 |
| **Hong Kong — 2.9%** | **Hong Kong — 2.9%** | **Hong Kong — 2.9%** |
|  AIA Group Ltd. | 4600 | 34471 |
|  Cowell e Holdings, Inc. *<sup>(1)</sup>* | 7000 | 20119 |
|  Hong Kong Exchanges & Clearing Ltd. | 3300 | 144193 |
|  Prudential PLC | 3200 | 34101 |
|  Techtronic Industries Co. Ltd. | 6800 | 68443 |
| **Total Hong Kong** | **Total Hong Kong** | **Total Hong Kong** |
|  (Cost: $330,043) | (Cost: $330,043) | 301327 |
| **India — 17.2%** | **India — 17.2%** | **India — 17.2%** |
|  Ajax Engineering Ltd. *<sup>(1)</sup>* | 13600 | 103831 |
|  Bajaj Finserv Ltd. | 1470 | 33943 |
|  Bharti Airtel Ltd. | 5980 | 131222 |
|  Carraro India Ltd. *<sup>(1)</sup>* | 13700 | 59829 |
|  Cigniti Technologies Ltd. *<sup>(1)</sup>* | 4950 | 78649 |
|  Computer Age Management Services Ltd. | 2238 | 102744 |
|  Embassy Office Parks REIT | 13000 | 58728 |
|  Firstsource Solutions Ltd. | 15200 | 60556 |
|  HDFC Bank Ltd. (ADR) | 2880 | 209347 |
|  Home First Finance Co. India Ltd. | 2680 | 39423 |
|  ICICI Bank Ltd. (SP ADR) (India) | 6160 | 206730 |
|  Info Edge India Ltd. | 1260 | 105286 |
|  International Gemmological Institute India Ltd. | 11300 | 45904 |
|  Krishna Institute of Medical Sciences Ltd. *<sup>(1)</sup>* | 8300 | 64261 |
|  Laxmi Dental Ltd. *<sup>(1)</sup>* | 10600 | 49015 |
|  MakeMyTrip Ltd. *<sup>(1)</sup>* | 300 | 31446 |
|  Mankind Pharma Ltd. *<sup>(1)</sup>* | 2460 | 71469 |
|  Nexus Select Trust | 38700 | 59234 |

---

*See accompanying Notes to Financial Statements.* 

------

April 30, 2025

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
| **India (Continued)** | **India (Continued)** | **India (Continued)** |
|  Onesource Specialty Pharma Ltd. *<sup>(1)</sup>* | 3580 | 68486 |
|  PB Fintech Ltd. *<sup>(1)</sup>* | 4470 | 85962 |
|  Thyrocare Technologies Ltd. | 3925 | 40663 |
|  Torrent Pharmaceuticals Ltd. | 1460 | 57492 |
| **Total India** | **Total India** | **Total India** |
|  (Cost: $1,638,949) | (Cost: $1,638,949) | 1764220 |
| **Indonesia — 1.4%** | **Indonesia — 1.4%** | **Indonesia — 1.4%** |
|  Bank Central Asia Tbk. PT | 185300 | 98522 |
|  Cisarua Mountain Dairy Tbk. PT | 95400 | 26321 |
|  Map Aktif Adiperkasa PT | 514000 | 20112 |
| **Total Indonesia** | **Total Indonesia** | **Total Indonesia** |
|  (Cost: $146,131) | (Cost: $146,131) | 144955 |
| **Italy — 0.3%** (Cost: $32,445) | **Italy — 0.3%** (Cost: $32,445) | **Italy — 0.3%** (Cost: $32,445) |
|  Moncler SpA | 470 | 29109 |
| **Japan — 0.2%** (Cost: $24,485) | **Japan — 0.2%** (Cost: $24,485) | **Japan — 0.2%** (Cost: $24,485) |
|  Disco Corp. | 100 | 19394 |
| **Malaysia — 0.8%** (Cost: $79,259) | **Malaysia — 0.8%** (Cost: $79,259) | **Malaysia — 0.8%** (Cost: $79,259) |
|  Syarikat Takaful Malaysia Keluarga Bhd. | 98100 | 81035 |
| **Mexico — 3.6%** | **Mexico — 3.6%** | **Mexico — 3.6%** |
|  BBB Foods, Inc. *<sup>(1)</sup>* | 2100 | 64176 |
|  Grupo Aeroportuario del Centro Norte SAB de CV | 8200 | 90395 |
|  Grupo Financiero Banorte SAB de CV | 10600 | 91054 |
|  Grupo Mexico SAB de CV | 16400 | 85255 |
|  Qualitas Controladora SAB de CV | 3400 | 37682 |
| **Total Mexico** | **Total Mexico** | **Total Mexico** |
|  (Cost: $321,270) | (Cost: $321,270) | 368562 |
| **Netherlands — 2.7%** | **Netherlands — 2.7%** | **Netherlands — 2.7%** |
|  ASM International NV | 288 | 141255 |
|  ASML Holding NV (Netherlands) | 195 | 130276 |
|  **Total Netherlands** | **Total Netherlands** | **Total Netherlands** |
|  (Cost: $276,108) | (Cost: $276,108) | 271531 |
| **Peru — 0.3%** (Cost: $29,748) | **Peru — 0.3%** (Cost: $29,748) | **Peru — 0.3%** (Cost: $29,748) |
|  Credicorp Ltd. | 163 | 32957 |
| **Philippines — 0.6%** | **Philippines — 0.6%** | **Philippines — 0.6%** |
|  Bank of the Philippine Islands | 11400 | 28583 |
|  BDO Unibank, Inc. | 12300 | 35302 |
|  **Total Philippines** | **Total Philippines** | **Total Philippines** |
|  (Cost: $59,874) | (Cost: $59,874) | 63885 |
| **Poland — 2.7%** | **Poland — 2.7%** | **Poland — 2.7%** |
|  Allegro.eu SA *<sup>(1)</sup>* | 3500 | 30851 |
|  Benefit Systems SA | 77 | 66602 |
|  Diagnostyka SA *<sup>(1)</sup>* | 2040 | 82328 |
|  InPost SA *<sup>(1)</sup>* | 2000 | 33900 |
|  KRUK SA | 620 | 66071 |
|  **Total Poland** | **Total Poland** | **Total Poland** |
|  (Cost: $248,076) | (Cost: $248,076) | 279752 |

---

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
| **Portugal — 0.3%** (Cost: $25,182) | **Portugal — 0.3%** (Cost: $25,182) | **Portugal — 0.3%** (Cost: $25,182) |
|  Jeronimo Martins SGPS SA | 1140 | $27686 |
| **Saudi Arabia — 0.6%** | **Saudi Arabia — 0.6%** | **Saudi Arabia — 0.6%** |
|  Saudi Awwal Bank | 3100 | 29008 |
|  Saudi National Bank | 3215 | 30633 |
|  **Total Saudi Arabia** | **Total Saudi Arabia** | **Total Saudi Arabia** |
|  (Cost: $60,190) | (Cost: $60,190) | 59641 |
| **Singapore — 1.6%** | **Singapore — 1.6%** | **Singapore — 1.6%** |
|  DBS Group Holdings Ltd. | 2610 | 84823 |
|  Oversea-Chinese Banking Corp. Ltd. | 6030 | 74648 |
|  **Total Singapore** | **Total Singapore** | **Total Singapore** |
|  (Cost: $165,395) | (Cost: $165,395) | 159471 |
| **South Africa — 2.7%** | **South Africa — 2.7%** | **South Africa — 2.7%** |
|  Boxer Retail Ltd. *<sup>(1)</sup>* | 7000 | 26072 |
|  Clicks Group Ltd. | 1350 | 28704 |
|  Discovery Ltd. | 2700 | 29892 |
|  Naspers Ltd. | 720 | 189267 |
|  **Total South Africa** | **Total South Africa** | **Total South Africa** |
|  (Cost: $261,031) | (Cost: $261,031) | 273935 |
| **South Korea — 5.0%** | **South Korea — 5.0%** | **South Korea — 5.0%** |
|  Coupang, Inc. *<sup>(1)</sup>* | 1260 | 29446 |
|  Delivery Hero SE *<sup>(1)</sup>* | 830 | 23539 |
|  HD Hyundai Marine Solution Co. Ltd. | 300 | 32402 |
|  KB Financial Group, Inc. | 470 | 29703 |
|  NICE Information Service Co. Ltd. | 3110 | 28241 |
|  Samsung Electronics Co. Ltd. | 5540 | 216157 |
|  Samsung Fire & Marine Insurance Co. Ltd. | 100 | 26383 |
|  Shinhan Financial Group Co. Ltd. | 800 | 28912 |
|  SK Hynix, Inc. | 800 | 99818 |
|  **Total South Korea** | **Total South Korea** | **Total South Korea** |
|  (Cost: $502,837) | (Cost: $502,837) | 514601 |
| **Switzerland — 1.4%** (Cost: $158,482) | **Switzerland — 1.4%** (Cost: $158,482) | **Switzerland — 1.4%** (Cost: $158,482) |
|  Cie Financiere Richemont SA | 825 | 146420 |
| **Taiwan — 16.0%** | **Taiwan — 16.0%** | **Taiwan — 16.0%** |
|  Advantech Co. Ltd. | 5600 | 58667 |
|  Alchip Technologies Ltd. | 620 | 41432 |
|  Delta Electronics, Inc. | 12600 | 132025 |
|  E Ink Holdings, Inc. | 9000 | 62870 |
|  Elite Material Co. Ltd. | 2960 | 51514 |
|  MediaTek, Inc. | 2200 | 93485 |
|  Nien Made Enterprise Co. Ltd. | 2800 | 34288 |
|  Sporton International, Inc. | 5000 | 26222 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 35680 | 1010977 |
|  Universal Vision Biotechnology Co. Ltd. | 10800 | 60434 |
|  Voltronic Power Technology Corp. | 1460 | 68461 |
|  **Total Taiwan** | **Total Taiwan** | **Total Taiwan** |
|  (Cost: $1,752,418) | (Cost: $1,752,418) | 1640375 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
| **United Arab Emirates — 1.8%** | **United Arab Emirates — 1.8%** | **United Arab Emirates — 1.8%** |
|  ADNOC Drilling Co. PJSC | 23300 | $31086 |
|  Emirates NBD Bank PJSC | 10700 | 59882 |
|  Parkin Co. PJSC | 27500 | 40246 |
|  Salik Co. PJSC | 23600 | 32516 |
|  Talabat Holding PLC *<sup>(1)</sup>* | 62000 | 23888 |
| **Total United Arab Emirates** | **Total United Arab Emirates** | **Total United Arab Emirates** |
|  (Cost: $182,036) | (Cost: $182,036) | 187618 |
| **United States — 1.1%** | **United States — 1.1%** | **United States — 1.1%** |
|  Aura Minerals, Inc. | 12000 | 83047 |
|  Warrior Met Coal, Inc. | 520 | 24866 |
|  **Total United States** | **Total United States** | **Total United States** |
|  (Cost: $96,529) | (Cost: $96,529) | 107913 |
|  **Total Common Stock** | **Total Common Stock** | **Total Common Stock** |
|  (Cost: $10,056,191) | (Cost: $10,056,191) | 10070607 |

---

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
| **PREFERRED STOCK — 0.6%** | **PREFERRED STOCK — 0.6%** | **PREFERRED STOCK — 0.6%** |
| **South Korea — 0.6%** (Cost: $64,414) | **South Korea — 0.6%** (Cost: $64,414) | **South Korea — 0.6%** (Cost: $64,414) |
|  Hyundai Motor Co. | 588 | $61971 |
|  **Total Preferred Stock** | **Total Preferred Stock** | **Total Preferred Stock** |
|  (Cost: $64,414) | (Cost: $64,414) | 61971 |
| **MONEY MARKET INVESTMENTS — 0.0%** | **MONEY MARKET INVESTMENTS — 0.0%** | **MONEY MARKET INVESTMENTS — 0.0%** |
|  TCW Central Cash Fund ,4.34% *<sup>(2)(3)</sup>* | 1009 | 1009 |
|  **Total Money Market Investments** | **Total Money Market Investments** | **Total Money Market Investments** |
|  (Cost: $1,009) | (Cost: $1,009) | 1009 |
|  **Total Investments (98.9%)** | **Total Investments (98.9%)** | **Total Investments (98.9%)** |
|  (Cost: $10,121,614) | (Cost: $10,121,614) | 10133587 |
|  **Excess Of Other Assets Over Liabilities (1.1%)** | **Excess Of Other Assets Over Liabilities (1.1%)** | 117012 |
|  **Total Net Assets (100.0%)** | **Total Net Assets (100.0%)** | $10250599 |

---

#### 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.* 

------

## 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<br>October 31,<br>2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Number<br>of Shares<br>Held<br>April 30,<br>2025** | **Value at<br>April 30,<br>2025** | **Dividends and<br>Interest<br>Income<br>Received** | **Distributions<br>Received from<br>Net Realized<br>Gain** | **Net Realized<br>Gain (Loss)<br>on<br>Investments** | **Net change in<br>Unrealized<br>Gain (Loss)<br>on<br>Investments** |
|  **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** |  |  |  |
|  | $— | $1009 | $— | 1009 | $1009 | $8 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $1009 | $8 | $— | $— | $— |

---

*See accompanying Notes to Financial Statements.* 

------

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<br>in Active<br>Markets for<br>Identical<br>Assets**<br>**(Level 1)** | **Other<br>Significant<br>Observable<br>Inputs**<br>**(Level 2)** | **Significant<br>Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | $130275 | $1529818 | $— | $1660093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 416077 | 862170 |  | 1278247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 132003 | 765806 |  | 897809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services |  | 543281 |  | 543281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 95104 | 381547 |  | 476651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods |  | 428400 |  | 428400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | 103831 | 269993 |  | 373824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure |  | 369741 |  | 369741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 64261 | 302830 |  | 367091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance |  | 362935 |  | 362935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services |  | 360093 |  | 360093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals |  | 274824 |  | 274824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components |  | 266529 |  | 266529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets |  | 250466 |  | 250466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 64176 | 158508 |  | 222684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 75957 | 132863 |  | 208820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverages |  | 170440 |  | 170440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services |  | 131222 |  | 131222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals |  | 128961 |  | 128961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies |  | 124890 |  | 124890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Infrastructure |  | 122911 |  | 122911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles |  | 93103 |  | 93103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services |  | 78649 |  | 78649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services |  | 73366 |  | 73366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies |  | 70185 |  | 70185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services |  | 68486 |  | 68486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment |  | 68461 |  | 68461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile Components |  | 67192 |  | 67192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance |  | 66071 |  | 66071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals |  | 65887 |  | 65887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors |  | 63335 |  | 63335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | 59234 |  |  | 59234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office REITs |  | 58728 |  | 58728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail |  | 48553 |  | 48553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables |  | 34288 |  | 34288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics |  | 33900 |  | 33900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributors |  | 31433 |  | 31433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services |  | 31086 |  | 31086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products |  | 26321 |  | 26321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software |  | 12417 |  | 12417 |
|  Total Common Stock | 1140918 | 8929689 |  | 10070607 |
|  Preferred Stock Automobiles |  | 61971 |  | 61971 |
|  Money Market Investments | 1009 |  |  | 1009 |
|  Total Investments | $1141927 | $8991660 | $— | $10133587 |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW Funds, Inc.
Statements of Assets and Liabilities (Unaudited) April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **TCW<br>Emerging<br>Markets<br>Income Fund** | **TCW<br>Emerging<br>Markets<br>Local<br>Currency<br>Income Fund** | **TCW<br>White Oak<br>Emerging<br>Markets<br>Equity Fund** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Value *<sup>(1)</sup>* | $3407880527 | $51335941 | $10132578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment in Affiliated Issuers, at Value *<sup>(2)</sup>* | 87790000 | 1040000 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Value *<sup>(3)</sup>* | 6870952 | 927572 | 32909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 644358 |  | 85472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Securities Sold | 39630616 |  | 40674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund Shares Sold | 2315303 | 55965 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and Dividends Receivable | 55012007 | 937991 | 8863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Tax Reclaims Receivable |  |  | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from Investment Advisor | 168385 | 24147 | 31670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized Appreciation on Forward Currency Exchange Contracts |  | 547952 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Collateral Held for Brokers | 7748811 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses | 86787 | 46166 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 3608147746 | 54915734 | 10333224 |
|  **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions Payable | 4203014 | 5139 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Securities Purchased | 106010239 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund Shares Redeemed | 6447792 | 102964 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Capital Gain Withholding Taxes |  | 17318 | 17114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Directors' Fees and Expenses | 16774 | 20423 | 14568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred Accrued Directors' Fees and Expenses | 5631 | 5631 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Management Fees | 2134686 | 33821 | 7257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Distribution Fees | 99342 | 2273 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral Pledged by Brokers | 670000 | 140000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized Depreciation on Forward Currency Exchange Contracts | 7055966 | 331666 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees Payable | 899257 | 39695 | 8497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Fee Payable | 123025 | 7040 | 13356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit Fees Payable | 33907 | 21072 | 7284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting Fees Payable | 368207 | 5728 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees Payable | 223479 | 51843 | 6070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal Fees Payable | 128226 | 2731 | 2428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Accrued Expenses | 320256 | 19759 | 5551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 128739801 | 807103 | 82625 |
|  **NET ASSETS** | $3479407945 | $54108631 | $10250599 |
|  **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital | $5785029943 | $112142478 | $10201499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated Earnings (Loss) | (2305621998) | (58033847) | 49100 |
|  **NET ASSETS** | $3479407945 | $54108631 | $10250599 |

---

*See accompanying Notes to Financial Statements.* 

------

Statements of Assets and Liabilities (Unaudited) (Continued) April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **TCW<br>Emerging<br>Markets<br>Income Fund** | **TCW<br>Emerging<br>Markets<br>Local<br>Currency<br>Income Fund** | **TCW<br>White Oak<br>Emerging<br>Markets<br>Equity Fund** |
|  **NET ASSETS ATTRIBUTABLE TO:** | **NET ASSETS ATTRIBUTABLE TO:** | **NET ASSETS ATTRIBUTABLE TO:** | **NET ASSETS ATTRIBUTABLE TO:** |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class Share | $2136456052 | $42822097 | $7710696 |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class Share | $487306047 | $11286534 | $2539903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plan Class Share | $855645846 | $— | $— |
|  **CAPITAL SHARES OUTSTANDING:** *<sup>(4)</sup>* | **CAPITAL SHARES OUTSTANDING:** *<sup>(4)</sup>* | **CAPITAL SHARES OUTSTANDING:** *<sup>(4)</sup>* | **CAPITAL SHARES OUTSTANDING:** *<sup>(4)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class Share | 332198401 | 5837608 | 758717 |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class Share | 58692793 | 1541892 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plan Class Share | 133131679 |  |  |
|  **NET ASSET VALUE PER SHARE:** *<sup>(5)</sup>* | **NET ASSET VALUE PER SHARE:** *<sup>(5)</sup>* | **NET ASSET VALUE PER SHARE:** *<sup>(5)</sup>* | **NET ASSET VALUE PER SHARE:** *<sup>(5)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class Share | $6.43 | $7.34 | $10.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class Share | $8.30 | $7.32 | $10.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; 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.* 

------

Statements of Operations (Unaudited) Six Months Ended April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **TCW**<br>**Emerging**<br>**Markets**<br>**Income Fund** | **TCW**<br>**Emerging<br>Markets Local<br>Currency<br>Income Fund** | **TCW**<br>**White Oak<br>Emerging<br>Markets<br>Equity Fund** *<sup>(1)</sup>* |
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** |
|  **Income:** | **Income:** | **Income:** | **Income:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $445954 | $6006 | $31051*<sup>(2)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from Investment in Affiliated Issuers | 1314976 | 34214 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 155234563*<sup>(3)</sup>* | 2408273*<sup>(3)</sup>* | —*<sup>(3)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 156995493 | 2448493 | 31059 |
|  **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees | 13159737 | 210300 | 11985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting Services Fees | 34883 | 4071 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Fees | 102136 | 7823 | 13354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Class | 976021 | 17807 | 4249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | 247123 | 9881 | 4249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan Class | 74335 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees | 42216 | 21026 | 6070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Fees | 109606 | 16238 | 9712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' Fees and Expenses | 46169 | 46169 | 14568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration Fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Class | 37923 | 12671 | 4249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | 11660 | 8723 | 4249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan Class | 23277 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | 612302 | 14097 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compliance Expense | 1703 | 1703 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder Reporting Expense | 7774 | 1698 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 415345 | 15192 | 2853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 15902210 | 387399 | 76544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less Expenses Borne by Investment Advisor: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Class | (307629) | (99437) | (39514) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | (464185) | (46801) | (22972) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan Class | (316503) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 14813893 | 241161 | 14058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 142181600 | 2207332 | 17001 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on: | &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on: | &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on: | &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 33711783 | (1790625) *<sup>(4)</sup>* | 53476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency | 128405 | (65505) | (16342) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 971659 | (166028) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (13945175) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Written | 484153 |  |  |

---

*See accompanying Notes to Financial Statements.* 

------

Statements of Operations (Unaudited) (Continued) Six Months Ended April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **TCW**<br>**Emerging**<br>**Markets**<br>**Income Fund** | **TCW**<br>**Emerging<br>Markets Local<br>Currency<br>Income Fund** | **TCW**<br>**White Oak<br>Emerging<br>Markets<br>Equity Fund<sup>(1)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation (Depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | $(111695799) *<sup>(5)</sup>* | $2248901 *<sup>(5)</sup>* | $(5141) *<sup>(5)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency | 106851 | 53920 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | (7744092) | 230298 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 10717270 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Written | (468557) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions | (87733502) | 510961 | 32099 |
|  **INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $54448098 | $2718293 | $49100 |

---

*(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.* 

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TCW<br>Emerging Markets<br>Income Fund** | **TCW<br>Emerging Markets<br>Income Fund** | **TCW<br>Emerging Markets Local<br>Currency Income Fund** | **TCW<br>Emerging Markets Local<br>Currency Income Fund** |
|  | **Six Months Ended<br>April 30,<br>2025<br>(Unaudited)** | **Year Ended<br>October 31,<br>2024** | **Six Months Ended<br>April 30,<br>2025<br>(Unaudited)** | **Year Ended<br>October 31,**<br>**2024** |
|  **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $142181600 | $294867706 | $2207332 | $5078905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments, Futures Contracts, Options Written and Foreign Currency Transactions | 21350825 | (22051773) | (2022158) | (2458116) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Options Written and Foreign Currency Transactions | (109084327) | 380936949 | 2533119 | 6279372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in Net Assets Resulting from Operations | 54448098 | 653752882 | 2718293 | 8900161 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to Shareholders | (140297509) | (208229806) | (1683324) | (3560001) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of Capital |  |  |  | (547509) |
|  **NET CAPITAL SHARE TRANSACTIONS** | **NET CAPITAL SHARE TRANSACTIONS** | **NET CAPITAL SHARE TRANSACTIONS** | **NET CAPITAL SHARE TRANSACTIONS** | **NET CAPITAL SHARE TRANSACTIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class | 46365156 | (210725709) | (3895797) | (65285583) |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class | 6224389 | (6120511) | (886325) | (2340058) |
| &nbsp;&nbsp;&nbsp;&nbsp; Plan Class | 7395061 | (262840637) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions | 59984606 | (479686857) | (4782122) | (67625641) |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in Net Assets | (25864805) | (34163781) | (3747153) | (62832990) |
|  **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 3505272750 | 3539436531 | 57855784 | 120688774 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $3479407945 | $3505272750 | $54108631 | $57855784 |

---

*See accompanying Notes to Financial Statements.* 

------

Statements of Changes in Net Assets

---

| | |
|:---|:---|
|  | **TCW<br>White Oak<br>Emerging Markets<br>Equity Fund** |
|  | **For the period<br>March 3, 2025<br>(Commencement<br>of Operations)<br>through<br>April 30, 2025<br>(Unaudited) <sup>(1)</sup>** |
|  **OPERATIONS** | **OPERATIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $17001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain on Investments and Foreign Currency Transactions | 37134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized (Depreciation) on Investments and Foreign Currency Transactions | (5035) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in Net Assets Resulting from Operations | 49100 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to Shareholders |  |
|  **NET CAPITAL SHARE TRANSACTIONS** | **NET CAPITAL SHARE TRANSACTIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class | 7701499 |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class | 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in Net Assets Resulting from Net Capital Shares Transactions | 10201499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in Net Assets | 10250599 |
|  **NET ASSETS** | **NET ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $10250599 |

---

*(1)* *For the period March 3, 2025 (Commencement of Operations) through April 30, 2025.* 

*See accompanying Notes to Financial Statements.* 

------

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<br>Strategies** |
| **Diversified Fixed Income Fund** | **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** | **Non-Diversified Fixed Income Fund** |
| TCW Emerging Markets Local Currency<br> 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** | **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).

------

## 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

------

## 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

------

## 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.

------

## 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 | $— |  | $13045056 | $13045056 |
|  Accrued Discounts (Premiums) |  |  |  |  |
|  Realized Gain (Loss) |  |  | 2288392 | 2288392 |
|  Change in Unrealized Appreciation (Depreciation)\* | 795762 |  | 4313679 | 5109441 |
|  Purchases |  |  |  |  |
|  Sales |  |  | (3440184) | (3440184) |
|  Transfers in to Level 3 | 3941560 | \*\* | 5025789 | 8967349 |
|  Transfers out of Level 3 |  |  |  |  |
|  Balance as of April 30, 2025 | $4737322 |  | $21232732 | $25970054 |

---

*\** *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<br>4/30/2025** | **Valuation<br>Techniques** | **Unobservable<br>Input** | **Price or Price Range** | **Average<br>Weighted<br>Price** | **Input to<br>Valuation**<br>**If Input<br>Increases** |
|  **TCW Emerging Markets Income Fund** | **TCW Emerging Markets Income Fund** | **TCW Emerging Markets Income Fund** | **TCW Emerging Markets Income Fund** | **TCW Emerging Markets Income Fund** | **TCW Emerging Markets Income Fund** | **TCW Emerging Markets Income Fund** |
|  Government Issues | $21232732 | Third-party Vendor | Vendor Prices | $14.571–$17.637 | $16.666 | Increase |
|  Corporate Bonds | $4737322 | 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

------

## 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.

------

## 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<br>Currency<br>Risk** | **Interest**<br>**Rate Risk** | **Total** |
|  **Statement of Assets and Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $(7055966) | $— | $(7055966) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $— | $— | $(7055966) | $— | $(7055966) |
|  **Statement of Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $— | $— | $971659 | $— | $971659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts *<sup>(1)</sup>* |  |  |  | (13945175) | (13945175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments *<sup>(2)</sup>* |  |  | (5406773) |  | (5406773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Written |  |  | 484153 |  | 484153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | $— | $— | $(3950961) | $(13945175) | $(17896136) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Appreciation (Depreciation)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $— | $— | $(7744092) | $— | $(7744092) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  | 10717270 | 10717270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments *<sup>(3)</sup>* |  |  | 4700949 |  | 4700949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Written |  |  | (468557) |  | (468557) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Appreciation (Depreciation) | $— | $— | $(3511700) | $10717270 | $7205570 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts or Notional Amounts** *<sup>(4)</sup>* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $— | $— | $128843085 | $— | $128843085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased | $— | $— | $219650000 | $— | $219650000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Written | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;43930000 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;43930000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  | 1438 | 1438 |

---

#### TCW Emerging Markets Local Currency Income Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Credit Risk** | **Equity Risk** | **Foreign<br>Currency<br>Risk** | **Interest<br>Rate Risk** | **Total** |
|  **Statement of Assets and Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $547952 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $547952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $— | $— | $547952 | $— | $547952 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $— | $— | $(331666) | $— | $(331666) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $— | $— | $(331666) | $— | $(331666) |
|  **Statement of Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $— | $— | $(166028) | $— | $(166028) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments *<sup>(2)</sup>* |  |  | (56139) |  | (56139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | $— | $— | $(222167) | $— | $(222167) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Appreciation (Depreciation)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $— | $— | $230298 | $— | $230298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments *<sup>(3)</sup>* |  |  | 37093 |  | 37093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Appreciation (Depreciation) | $— | $— | $267391 | $— | $267391 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts or Notional Amounts** *<sup>(4)</sup>* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $— | $— | $35516772 | $— | $35516772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased | $— | $— | $1500000 | $— | $1500000 |

---

------

## 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

------

## 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

------

## 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**<br>**Liabilities**<br>**in the Statement of**<br>**Assets and**<br>**Liabilities** | **Collateral<br>Pledged** *<sup>(1)</sup>* | **Derivatives<br>(Assets) Liabilities<br>Available for Offset** | **Net Amount**<br>**of Derivative**<br>**Liabilities** *<sup>(2)</sup>* |
|  Barclays Capital<br>Foreign Currency Exchange Contracts | $1640271 | $(1640271) | $– $|  |
|  JPMorgan Chase Bank<br>Foreign Currency Exchange Contracts | 519569 | (519569) | – |  |
|  Morgan Stanley & Co.<br>Foreign Currency Exchange Contracts | 4896126 | (4720000) | – | 176126 |
|  Total | $7055966 | $(6879840) | $– $| 176126 |

---

*(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**<br>**Assets**<br>**in the Statement of**<br>**Assets and**<br>**Liabilities** | **Collateral<br>Received** *<sup>(1)</sup>* | **Derivatives<br>Assets (Liabilities)<br>Available for Offset** | **Net Amount**<br>**of Derivative**<br>**Assets** *<sup>(2)</sup>* |
|  Banco BNP Paribas Brasil S.A.<br>Foreign Currency Exchange Contracts | $57 | $— | $(57) | $— |
|  Bank of America<br>Foreign Currency Exchange Contracts | 37957 |  | (37957) |  |
|  Barclays Capital<br>Foreign Currency Exchange Contracts | 53897 |  | (40680) | 13217 |
|  BNP Paribas S.A.<br>Foreign Currency Exchange Contracts | 182516 |  | (129007) | 53509 |
|  Goldman Sachs & Co.<br>Foreign Currency Exchange Contracts | 61916 |  | (61916) |  |
|  JPMorgan Chase Bank<br>Foreign Currency Exchange Contracts | 169007 |  | (75843) | 93164 |
|  Morgan Stanley & Co.<br>Foreign Currency Exchange Contracts | 42602 | (12099) | (30503) |  |
|  Total | $547952 | $(12099) | $(375963) | $159890 |

---

*(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.* 

------

## 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**<br>**Liabilities**<br>**in the Statement of**<br>**Assets and**<br>**Liabilities** | **Collateral<br>Pledged** | **Derivatives<br>(Assets)Liabilities<br>Available for Offset** | **Net Amount**<br>**of Derivative**<br>**Liabilities** *<sup>(3)</sup>* |
|  Bank of America<br>Foreign Currency Exchange Contracts | $42879 | $– $| (37957) | $4922 |
|  Barclays Capital<br>Foreign Currency Exchange Contracts | 40680 | – | (40680) |  |
|  BNP Paribas S.A.<br>Foreign Currency Exchange Contracts | 129007 | – | (129007) |  |
|  ING Baring U.S. Capital Markets<br>Foreign Currency Exchange Contracts | 12754 | – |  | 12754 |
|  JPMorgan Chase Bank<br>Foreign Currency Exchange Contracts | 75843 | – | (75843) |  |
|  Morgan Stanley & Co.<br>Foreign Currency Exchange Contracts | 30503 | – | (30503) |  |
|  Total | $331666 | $– $| (313990) | $17676 |

---

*(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

------

## 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

------

## 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.

------

## 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

------

## 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-

------

## 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

------

## 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<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net**<br>**Unrealized<br>Appreciation<br>(Depreciation)** | **Cost of<br>Investments for<br>Federal Income<br>Tax Purposes** |
|  TCW Emerging Markets Income Fund | $143801450 | $(115795764) | $28005686 | $3467664841 |
|  TCW Emerging Markets Local Currency Income Fund | 1915348 | (1850051) | 65297 | 52310644 |
|  TCW White Oak Emerging Markets Equity Fund | 421437 | (409464) | 11973 | 10121614 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Gain** | **Total**<br>**Distributable**<br>**Earnings** |
|  TCW Emerging Markets Income Fund | $45346663 | $– $| 45346663 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of<br>Capital gain** | **Total<br>Distributions** |
|  TCW Emerging Markets Income Fund | $208229806 | $– $|  | $208229806 |
|  TCW Emerging Markets Local Currency Income Fund | 3560001 | – | 547509 | 4107510 |

---

------

## 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**<br>**Capital Losses** | **Long-Term**<br>**Capital Losses** | **Total** |
|  TCW Emerging Markets Income Fund | $1365793965 | $1015820759 | $2381614724 |
|  TCW Emerging Markets Local Currency Income Fund | 31833833 | 24435390 | 56269223 |

---

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 | 0.9% |

---

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** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class | 0.85% *<sup>(1)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class | 0.95% *<sup>(1)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; Plan Class | 0.77% *<sup>(1)</sup>* |
|  **TCW Emerging Markets Local Currency Income Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class | 0.85% *<sup>(1)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class | 0.9% *<sup>(1)</sup>* |
|  **TCW White Oak Emerging Markets Equity Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class | 0.98% *<sup>(1)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class | 1.23% *<sup>(1)</sup>* |

---

*<sup>(1)</sup>* *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<br>10/31/2026** | **Expires<br>10/31/2027** | **Expires<br>10/31/2028** | **Total** |
|  TCW Emerging Markets Income Fund | $1030033 | $1659423 | $958226 | $3647682 |
|  TCW Emerging Markets Local Currency Income Fund | 225798 | 145939 | 64870 | 436607 |
|  TCW White Oak Emerging Markets Equity Fund |  |  | 16995 | 16995 |
|  Total | $1255831 | $1805362 | $1040091 | $4101284 |

---

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## 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<br>at Cost** | **Sales or Maturity<br>Proceeds** | **U.S. Government<br>Purchases at Cost** | **U.S. Government<br>Sales or Maturity<br>Proceeds** |
|  TCW Emerging Markets Income Fund | $1209124504 | $1245664967 | $– $|  |
|  TCW Emerging Markets Local Currency Income Fund | 32286222 | 37930380 | – |  |
|  TCW White Oak Emerging Markets Equity Fund | 11386178 | 1318039 | – |  |

---

**Note 9 — Capital Share Transactions** 

Transactions in each Fund's shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| TCW Emerging Markets Income Fund | **Six Months Ended<br>April 30, 2025 (Unaudited)** | **Six Months Ended<br>April 30, 2025 (Unaudited)** | **Year Ended<br>October 31, 2024** | **Year Ended<br>October 31, 2024** |
| **I Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 51022306 | $334649294 | 71146477 | $456030183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 11438853 | 74653258 | 14174321 | 90600146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (55573896) | (362937396) | (119378818) | (757356038) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) | 6887263 | $46365156 | (34058020) | $(210725709) |
| **N Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 2848132 | $24192135 | 12036924 | $101099811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 2575668 | 21697943 | 3058886 | 25238031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (4686812) | (39665689) | (15966039) | (132458353) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) | 736988 | $6224389 | (870229) | $(6120511) |
| **Plan Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 13199325 | $86405742 | 41281965 | $265839983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 3683715 | 24014553 | 6840858 | 43788088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (15759846) | (103025234) | (87402232) | (572468708) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Decrease | 1123194 | $7395061 | (39279409) | $(262840637) |

---

------

Notes to Financial Statements (Unaudited) (Continued)

**Note 9 — Capital Share Transactions (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| TCW Emerging Markets Local Currency Income<br>Fund | **Six Months Ended<br>April 30, 2025 (Unaudited)** | **Six Months Ended<br>April 30, 2025 (Unaudited)** | **Year Ended<br>October 31, 2024** | **Year Ended<br>October 31, 2024** |
| **I Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 1180139 | $8369163 | 1776001 | $13142373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 219899 | 1568470 | 497005 | 3647506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (1938050) | (13833430) | (11086017) | (82075462) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Decrease | (538012) | $(3895797) | (8813011) | $(65285583) |
| **N Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 74945 | $532435 | 109421 | $816034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 54433 | 387369 | 101794 | 746323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (254189) | (1806129) | (534279) | (3902415) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Decrease | (124811) | $(886325) | (323064) | $(2340058) |

---

---

| | | |
|:---|:---|:---|
| TCW White Oak Emerging Markets Equity Fund | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** *<sup>(1)</sup>* | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** *<sup>(1)</sup>* |
| **I Class** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 758717 | $7701499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 758717 | $7701499 |
| **N Class** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 250000 | $2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 250000 | $2500000 |

---

*<sup>(1)</sup>* *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

------

## 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.

------

## 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.

------

## TCW Emerging Markets Income Fund
Financial Highlights — I Class

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025**<br>**(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30, 2025**<br>**(Unaudited)** | **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 *<sup>(1)</sup>* | 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% *<sup>(2)</sup>* | 19.27% | 8.72% | (24.47%) | 4.04% | (0.69%) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net Assets, End of period (in thousands) | $2136456*<sup>(3)</sup>* | $2143263 | $2097432 | $2500689 | $4720489 | $5877348 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.88% *<sup>(3)</sup>* | 0.87% | 0.85% | 0.90% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.85% *<sup>(3)</sup>* | 0.85% | 0.82% | 0.85% | 0.00% | 0.00% |
|  Ratio of Net Investment Income to Average Net Assets | 8.10% *<sup>(3)</sup>* | 7.82% | 6.80% | 4.79% | 4.23% | 4.95% |
|  Portfolio Turnover Rate | 35.81% *<sup>(2)</sup>* | 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.* 

------

Financial Highlights — N Class

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025**<br>**(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30, 2025**<br>**(Unaudited)** | **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 *<sup>(1)</sup>* | 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% *<sup>(2)</sup>* | 19.33% | 8.48% | (24.57)% | 3.97% | (0.69)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net Assets, End of period (in thousands) | $487306 | $492916 | $443173 | $390155 | $546887 | $261520 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 1.14% *<sup>(3)</sup>* | 1.15% | 1.15% | 1.17% | 1.13% | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.95% *<sup>(3)</sup>* | 0.95% | 0.95% | 0.95% | 0.95% | 0.98% |
|  Ratio of Net Investment Income to Average Net Assets | 8.00% *<sup>(3)</sup>* | 7.72% | 6.70% | 4.72% | 4.20% | 4.82% |
|  Portfolio Turnover Rate | 35.81% *<sup>(2)</sup>* | 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.* 

------

Financial Highlights — Plan Class

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **March 2, 2020<br>(Commencement of<br>Operations)<br>through October 31,<br>2020** |
|  | **Six Months<br>Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **March 2, 2020<br>(Commencement of<br>Operations)<br>through October 31,<br>2020** |
|  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 *<sup>(1)</sup>* | 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% *<sup>(2)</sup>* | 19.57% | 8.63% | (24.41%) | 4.12% | (2.59%) *<sup>(3)</sup>* |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (in thousands) | $855646 | $869094 | $998832 | $1035971 | $1996103 | $489106 |
|  **Ratio of Expenses to Average Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.84% *<sup>(4)</sup>* | 0.83% | 0.82% | 0.81% | 0.80% | 0.79% *<sup>(4)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.77% *<sup>(4)</sup>* | 0.77% | 0.77% | 0.77% | 0.77% | 0.77% *<sup>(4)</sup>* |
|  Ratio of Net Investment Income to Average Net Assets | 8.17% *<sup>(4)</sup>* | 7.86% | 6.87% | 4.86% | 4.43% | 4.96% *<sup>(4)</sup>* |
|  Portfolio Turnover Rate | 35.81% *<sup>(2)</sup>* | 106.48% | 152.31% | 119.10% | 150.31% | 135.46% *<sup>(3)</sup>* |

---

*(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.* 

------

## TCW Emerging Markets Local Currency Income Fund
Financial Highlights — I Class

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **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 *<sup>(1)</sup>* | 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% *<sup>(2)</sup>* | 8.40% | 11.92% | (20.57%) | 1.34% | (5.26%) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net Assets, End of period (in thousands) | $42822 | $45886 | $106740 | $101530 | $200019 | $192679 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 1.29% *<sup>(3)</sup>* | 1.19% | 0.97% | 1.02% | 0.96% | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.85% *<sup>(3)</sup>* | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
|  Ratio of Net Investment Income to Average Net Assets | 7.88% *<sup>(3)</sup>* | 6.78% | 5.90% | 4.65% | 4.14% | 4.90% |
|  Portfolio Turnover Rate | 68.93% *<sup>(2)</sup>* | 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.* 

------

Financial Highlights — N Class

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **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 *<sup>(1)</sup>* | 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% <sup>(2)</sup> | 8.32% | 11.89% | (20.66)% | 1.30% | (5.28)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net Assets, End of period (in thousands) | $11287 | $11970 | $13949 | $39709 | $39546 | $25329 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 1.73% *<sup>(3)</sup>* | 1.64% | 1.31% | 1.38% | 1.32% | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.90% *<sup>(3)</sup>* | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
|  Ratio of Net Investment Income to Average Net Assets | 7.83% *<sup>(3)</sup>* | 6.64% | 5.83% | 4.64% | 4.05% | 4.84% |
|  Portfolio Turnover Rate | 68.93% *<sup>(2)</sup>* | 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.* 

------

## TCW White Oak Emerging Markets Equity Fund
Financial Highlights — I Class

---

| | |
|:---|:---|
|  | **For the period<br>March 3, 2025<br>(Commencement<br>of Operations)<br>through<br>April 30, 2025<br>(Unaudited)** |
|  Net Asset Value per Share, Beginning of period | $10.00 |
|  **Income (Loss) from Investment Operations:** |  |
|  Net Investment Income *<sup>(1)</sup>* | 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.16 |
|  Total Return | 1.60% *<sup>(2)</sup>* |
|  **Ratios/Supplemental Data:** |  |
|  Net Assets, End of period (in thousands) | $7711 |
|  Ratio of Expenses to Average Net Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 5.23% *<sup>(3)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.98% *<sup>(3)</sup>* |
|  Ratio of Net Investment Income to Average Net Assets | 1.32% *<sup>(3)</sup>* |
|  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.* 

------

Financial Highlights — N Class

---

| | |
|:---|:---|
|  | **For the period<br>March 3, 2025<br>(Commencement<br>of Operations)<br>through<br>April 30, 2025<br>(Unaudited)** |
|  Net Asset Value per Share, Beginning of period | $10.00 |
|  **Income (Loss) from Investment Operations:** |  |
|  Net Investment Income *<sup>(1)</sup>* | 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.16 |
|  Total Return | 1.60% *<sup>(2)</sup>* |
|  **Ratios/Supplemental Data:** |  |
|  Net Assets, End of period (in thousands) | $2540 |
|  Ratio of Expenses to Average Net Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 6.94% *<sup>(3)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 1.23% *<sup>(3)</sup>* |
|  Ratio of Net Investment Income to Average Net Assets | 1.17% *<sup>(3)</sup>* |
|  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.* 

------

## 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.

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## 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.

------

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

------

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.

------

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.

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![LOGO](g946827g01e34.jpg)

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

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(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.** <br>

Not applicable.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

Not applicable.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

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.** <br>

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.** <br>

Not applicable.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable.

**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

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.** <br>

(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.** <br>

(a) Not applicable.

(b) Not applicable.

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

Not applicable.

**Item 19.** **Exhibits.** <br>

(a)(1) Not required for this filing.

(a)(2) Not applicable.

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| | |
|:---|:---|
| (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.](d934567dex99cert.htm)  |

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(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.](d934567dex99906cert.htm)

(101) Inline Interactive Data File—the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

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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 |

---

## Ex-99.Cert

EX-99.CERT

I, Megan McClellan, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of TCW Funds, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and
the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the Registrant's internal control over financial reporting.

Date: July 3, 2025

---

| |
|:---|
| /s/ Megan McClellan |
| Megan McClellan |
| President and Principal Executive Officer |

---

------

I, Richard M. Villa, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of TCW Funds, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and
the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the Registrant's internal control over financial reporting.

Date: July 3, 2025

---

| |
|:---|
| /s/ Richard M. Villa |
| Richard M. Villa |
| Treasurer and Principal Financial and Accounting Officer |

---

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION** 

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of TCW Funds, Inc. do hereby certify, to such officer's knowledge, that:

The semi-annual reports on Form N-CSR of TCW Funds, Inc. for the period ended April 30, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of TCW Funds, Inc.

Date: July 3, 2025

---

| |
|:---|
| /s/ Megan McClellan |
| Megan McClellan |
| President and Principal Executive Officer |
| /s/ Richard M. Villa |
| Richard M. Villa |
| Treasurer and Principal Financial and Accounting Officer |

---

A signed original of this written statement required by Section 906 has been provided to TCW Funds, Inc. and will be retained by TCW Funds, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.