# EDGAR Filing Document

**Accession Number:** 0000892071
**File Stem:** 0001193125-26-004307
**Filing Date:** 2026-1
**Character Count:** 1396299
**Document Hash:** abe45cc2e7dc333d308c597f2044a7fe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-004307.hdr.sgml**: 20260106

**ACCESSION NUMBER**: 0001193125-26-004307

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 56

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260106

**DATE AS OF CHANGE**: 20260106

**EFFECTIVENESS DATE**: 20260106

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07170
- **FILM NUMBER:** 26511210

**BUSINESS ADDRESS:**
- **STREET 1:** 515 SOUTH FLOWER ST
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
- **BUSINESS PHONE:** 213-244-0000

**MAIL ADDRESS:**
- **STREET 1:** 515 SOUTH FLOWER ST
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

**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           |
| C000263822 | Class I-3    |  |

### 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           |
| C000263823 | Class I-3    |  |

### 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           |
| C000263824 | Class I-3    |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017421 | I Class      | TGDIX           |
| C000017422 | N Class      | TGDVX           |
| C000263825 | Class I-3    |  |

### 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           |
| C000263826 | Class I-3    |  |

### 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           |
| C000263827 | Class I-3    |  |

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

### 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: October 31, 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](g935143g94k05.jpg)

Ticker: TGCXX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Central Cash Fund for the period of November 1, 2024 to October 31, 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 year?
(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 |
| Composite | $2 | 0.02% |

---

Key Fund Statistics

* Total Net Assets$4,250,556,393

* # of Portfolio Holdings27

* Total Advisory Fees Paid - Net$0

# What did the Fund invest in?

# Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Securities | 40.7% |
| U.S. Government Agency Obligations | 31.2% |
| Repurchase Agreement | 28.2% |
| Money Market Investments | 0.1% |
| Liabilities in Excess of Other Assets | (0.2%) |

---

Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bills, 3.33%, due 11/25/25 | 10.3% |
| Bank of Montreal, 4.12%, due 11/03/25 | 7.1% |
| JP Morgan Securities, 4.14%, due 11/03/25 | 7.1% |
| Barclays Capital, Inc., 4.14%, due 11/03/25 | 7.1% |
| Bank of America NA, 4.14%, due 11/03/25 | 7.1% |
| U.S. Treasury Bills, 1.34%, due 11/06/25 | 6.6% |
| U.S. Treasury Bills, 2.41%, due 11/12/25 | 6.6% |
| U.S. Treasury Floating Rate Notes, 3.92%, due 04/30/26 | 4.7% |
| U.S. Treasury Bills, 0.15%, due 11/04/25 | 4.6% |
| U.S. Treasury Bills, 2.31%, due 11/18/25 | 3.2% |

---

# 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).

![Image](g935143g94k05.jpg)

# 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)

TCW Central Cash Fund

Annual Shareholder Report — October 31, 2025

Ticker: TGCXX

TSR TGCXX-1025

TCW Concentrated Large Cap Growth Fund

![Image](g935143g96u64.jpg)

Class I-3: TGCZX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Concentrated Large Cap Growth Fund for the period of August 26, 2025 (commencement of operations) to October 31, 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 year?
(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-3 | $16<sup>Footnote Reference+</sup> | 0.87%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |
| &nbsp;&nbsp;Footnote<sup>+</sup> | &nbsp;&nbsp;The dollar amounts above reflect expenses paid since the commencement of operations. Expenses for the full reporting period would be higher. |

---

# How did the Fund perform last year and what affected its performance?
The Fund's outperformance relative to the S&P 500 in 2025 was driven by positive sector allocation effects, primarily in the Information Technology, Energy and Materials sectors. The Fund maintained a balanced mix of offensive and defensive/less-correlated growth companies, which was particularly helpful amidst tariff-related volatility. More defensive positions were very helpful during the broad-market sell-off leading up to "Liberation Day" (April 2nd), while the more offensive positions benefited from the rebound that followed President Trump's April 9th announcement of a 90-day pause on various reciprocal tariffs and a base 10% tariff for all countries. The Fund's exposure to myriad secular themes (Pursuit of Artificial General Intelligence, increased cyber security threats, data becoming the oil of the information economy, continued digitization and electrification of the world) remained consistent over the past year and added to portfolio performance. The narrowness of stock market returns ("Magnificent 7\*" contributed ~60% of S&P 500 returns over the one-year period) as well as the dichotomy in consumer spending data (high-end consumer continued to spend while the lower end consumer pulled in spending) were key topics during the period.

The unemployment rate remained low (~4%) but due to sticky inflation, tariff uncertainty, and choppy U.S. real GDP growth (-0.5% in 1Q and 3.8% in 2Q), the Fed announced its first rate cut of 2025 in September (25bps) and followed with another 25bps cut in October. The potential benefits from anticipated deregulation and the passage of the One Big Beautiful Bill (OBBB) led to consensus estimated next 12-month S&P 500 operating margins of 18.3% (an all-time high), an offset to S&P 500 multiples that are stretched relative to history.

\*Alphabet, Amazon, Apple, NVIDIA, Meta, Microsoft, Tesla

# Fund Performance
![Growth of 10K Chart](g935143g64w93.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I-3** | **S&P 500 Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **08/26/2025** | $10000 | $10000 | $10000 |
| **08/31/2025** | $10020 | $9992 | $9963 |
| **09/30/2025** | $10290 | $10357 | $10492 |
| **10/31/2025** | $10660 | $10600 | $10874 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | |
|:---|:---|
| Name | *Since Inception 8/26/25* |
| Class I-3 | 6.60% |
| S&P 500 Index | 6.44% |
| Russell 1000<sup>®</sup> Growth Index | 9.41% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$774,788,429

* # of Portfolio Holdings31

* Portfolio Turnover Rate17%

* Total Advisory Fees Paid - Net$4,377,127

# What did the Fund invest in?
Sector Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 53.1% |
| Communication Services | 13.3% |
| Financials | 8.9% |
| Consumer Discretionary | 7.8% |
| Health Care | 7.1% |
| Industrials | 6.0% |
| Consumer Staples | 2.8% |
| Short-Term Investments | 1.0% |
| Liabilities in Excess of Other Assets | 0.0% |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 17.2% |
| Microsoft Corp. | 7.5% |
| Alphabet, Inc., Class C | 6.9% |
| Broadcom, Inc. | 6.0% |
| Amazon.com, Inc. | 5.6% |
| ServiceNow, Inc. | 4.8% |
| Meta Platforms, Inc. | 4.2% |
| Visa, Inc. | 3.5% |
| Mastercard, Inc. | 3.1% |
| Crowdstrike Holdings, Inc. | 2.9% |

---

# 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).

![Image](g935143g96u64.jpg)

# 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)

TCW Concentrated Large Cap Growth Fund

Annual Shareholder Report — October 31, 2025

Class I-3: TGCZX

TSR TGCZX-1025

TCW Concentrated Large Cap Growth Fund

![Image](g935143g96u64.jpg)

Class I: TGCEX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Concentrated Large Cap Growth Fund for the period of November 1, 2024 to October 31, 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 year?
(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 | $86 | 0.77% |

---

# How did the Fund perform last year and what affected its performance?
The Fund's outperformance relative to the S&P 500 in 2025 was driven by positive sector allocation effects, primarily in the Information Technology, Energy and Materials sectors. The Fund maintained a balanced mix of offensive and defensive/less-correlated growth companies, which was particularly helpful amidst tariff-related volatility. More defensive positions were very helpful during the broad-market sell-off leading up to "Liberation Day" (April 2nd), while the more offensive positions benefited from the rebound that followed President Trump's April 9th announcement of a 90-day pause on various reciprocal tariffs and a base 10% tariff for all countries. The Fund's exposure to myriad secular themes (Pursuit of Artificial General Intelligence, increased cyber security threats, data becoming the oil of the information economy, continued digitization and electrification of the world) remained consistent over the past year and added to portfolio performance. The narrowness of stock market returns ("Magnificent 7\*" contributed ~60% of S&P 500 returns over the one-year period) as well as the dichotomy in consumer spending data (high-end consumer continued to spend while the lower end consumer pulled in spending) were key topics during the period.

The unemployment rate remained low (~4%) but due to sticky inflation, tariff uncertainty, and choppy U.S. real GDP growth (-0.5% in 1Q and 3.8% in 2Q), the Fed announced its first rate cut of 2025 in September (25bps) and followed with another 25bps cut in October. The potential benefits from anticipated deregulation and the passage of the One Big Beautiful Bill (OBBB) led to consensus estimated next 12-month S&P 500 operating margins of 18.3% (an all-time high), an offset to S&P 500 multiples that are stretched relative to history.

\*Alphabet, Amazon, Apple, NVIDIA, Meta, Microsoft, Tesla

# Fund Performance
![Growth of 10K Chart](g935143g71s79.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **S&P 500 Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **10/2015** | $10000 | $10000 | $10000 |
| **11/2015** | $10020 | $10030 | $10028 |
| **12/2015** | $9963 | $9872 | $9881 |
| **01/2016** | $8980 | $9382 | $9329 |
| **02/2016** | $8712 | $9369 | $9325 |
| **03/2016** | $9172 | $10005 | $9954 |
| **04/2016** | $9165 | $10043 | $9863 |
| **05/2016** | $9415 | $10224 | $10055 |
| **06/2016** | $9278 | $10250 | $10015 |
| **07/2016** | $9876 | $10628 | $10488 |
| **08/2016** | $9792 | $10643 | $10436 |
| **09/2016** | $9741 | $10645 | $10474 |
| **10/2016** | $9444 | $10451 | $10228 |
| **11/2016** | $9220 | $10838 | $10451 |
| **12/2016** | $9159 | $11052 | $10580 |
| **01/2017** | $9657 | $11262 | $10937 |
| **02/2017** | $10055 | $11709 | $11391 |
| **03/2017** | $10314 | $11723 | $11523 |
| **04/2017** | $10654 | $11843 | $11786 |
| **05/2017** | $10863 | $12010 | $12093 |
| **06/2017** | $10890 | $12085 | $12061 |
| **07/2017** | $11307 | $12333 | $12381 |
| **08/2017** | $11481 | $12371 | $12608 |
| **09/2017** | $11535 | $12626 | $12772 |
| **10/2017** | $11755 | $12921 | $13267 |
| **11/2017** | $12092 | $13317 | $13670 |
| **12/2017** | $12163 | $13465 | $13777 |
| **01/2018** | $13109 | $14236 | $14752 |
| **02/2018** | $12821 | $13711 | $14366 |
| **03/2018** | $12675 | $13363 | $13972 |
| **04/2018** | $12997 | $13414 | $14020 |
| **05/2018** | $13499 | $13737 | $14635 |
| **06/2018** | $13631 | $13822 | $14776 |
| **07/2018** | $13997 | $14336 | $15210 |
| **08/2018** | $14758 | $14803 | $16041 |
| **09/2018** | $14773 | $14887 | $16131 |
| **10/2018** | $13236 | $13870 | $14688 |
| **11/2018** | $13553 | $14153 | $14844 |
| **12/2018** | $12432 | $12875 | $13568 |
| **01/2019** | $13782 | $13906 | $14788 |
| **02/2019** | $14295 | $14353 | $15317 |
| **03/2019** | $14814 | $14632 | $15753 |
| **04/2019** | $15617 | $15224 | $16464 |
| **05/2019** | $14848 | $14257 | $15424 |
| **06/2019** | $15714 | $15262 | $16484 |
| **07/2019** | $15839 | $15481 | $16856 |
| **08/2019** | $15549 | $15236 | $16727 |
| **09/2019** | $15383 | $15521 | $16729 |
| **10/2019** | $15748 | $15857 | $17200 |
| **11/2019** | $16500 | $16433 | $17964 |
| **12/2019** | $16911 | $16928 | $18506 |
| **01/2020** | $17538 | $16922 | $18919 |
| **02/2020** | $16730 | $15529 | $17631 |
| **03/2020** | $14942 | $13611 | $15896 |
| **04/2020** | $17246 | $15356 | $18249 |
| **05/2020** | $18767 | $16087 | $19474 |
| **06/2020** | $19556 | $16407 | $20322 |
| **07/2020** | $20792 | $17332 | $21885 |
| **08/2020** | $22512 | $18578 | $24144 |
| **09/2020** | $21643 | $17872 | $23008 |
| **10/2020** | $21196 | $17397 | $22226 |
| **11/2020** | $23351 | $19301 | $24502 |
| **12/2020** | $23561 | $20043 | $25629 |
| **01/2021** | $22956 | $19841 | $25439 |
| **02/2021** | $23508 | $20388 | $25433 |
| **03/2021** | $23628 | $21281 | $25870 |
| **04/2021** | $25710 | $22416 | $27630 |
| **05/2021** | $25411 | $22573 | $27248 |
| **06/2021** | $27401 | $23100 | $28958 |
| **07/2021** | $28385 | $23649 | $29912 |
| **08/2021** | $29623 | $24368 | $31030 |
| **09/2021** | $27900 | $23234 | $29293 |
| **10/2021** | $29743 | $24862 | $31830 |
| **11/2021** | $29636 | $24690 | $32024 |
| **12/2021** | $29651 | $25797 | $32701 |
| **01/2022** | $26492 | $24462 | $29895 |
| **02/2022** | $24953 | $23729 | $28625 |
| **03/2022** | $25516 | $24610 | $29745 |
| **04/2022** | $21809 | $22464 | $26153 |
| **05/2022** | $21126 | $22505 | $25545 |
| **06/2022** | $19685 | $20648 | $23521 |
| **07/2022** | $21696 | $22552 | $26344 |
| **08/2022** | $20600 | $21632 | $25117 |
| **09/2022** | $18357 | $19640 | $22675 |
| **10/2022** | $19355 | $21230 | $24001 |
| **11/2022** | $20240 | $22416 | $25094 |
| **12/2022** | $18866 | $21125 | $23173 |
| **01/2023** | $20829 | $22452 | $25105 |
| **02/2023** | $20232 | $21904 | $24807 |
| **03/2023** | $21490 | $22708 | $26502 |
| **04/2023** | $21788 | $23063 | $26764 |
| **05/2023** | $22919 | $23163 | $27984 |
| **06/2023** | $24258 | $24693 | $29897 |
| **07/2023** | $25127 | $25487 | $30904 |
| **08/2023** | $24828 | $25081 | $30627 |
| **09/2023** | $23381 | $23885 | $28961 |
| **10/2023** | $22955 | $23383 | $28549 |
| **11/2023** | $26068 | $25518 | $31661 |
| **12/2023** | $27228 | $26678 | $33063 |
| **01/2024** | $28640 | $27126 | $33888 |
| **02/2024** | $30377 | $28574 | $36200 |
| **03/2024** | $30915 | $29494 | $36837 |
| **04/2024** | $29280 | $28289 | $35275 |
| **05/2024** | $30783 | $29692 | $37386 |
| **06/2024** | $33230 | $30757 | $39907 |
| **07/2024** | $32103 | $31132 | $39229 |
| **08/2024** | $33068 | $31887 | $40046 |
| **09/2024** | $33698 | $32568 | $41180 |
| **10/2024** | $33951 | $32272 | $41044 |
| **11/2024** | $36379 | $34167 | $43706 |
| **12/2024** | $35646 | $33352 | $44092 |
| **01/2025** | $36935 | $34281 | $44964 |
| **02/2025** | $35611 | $33834 | $43349 |
| **03/2025** | $32411 | $31928 | $39697 |
| **04/2025** | $33219 | $31711 | $40400 |
| **05/2025** | $36666 | $33707 | $43975 |
| **06/2025** | $38541 | $35421 | $46778 |
| **07/2025** | $39514 | $36216 | $48544 |
| **08/2025** | $39092 | $36950 | $49087 |
| **09/2025** | $40124 | $38299 | $51695 |
| **10/2025** | $41600 | $39196 | $53572 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class I | 22.53% | 14.44% | 15.32% |
| S&P 500 Index | 21.45% | 17.64% | 14.63% |
| Russell 1000<sup>®</sup> Growth Index | 30.52% | 19.24% | 18.27% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$774,788,429

* # of Portfolio Holdings31

* Portfolio Turnover Rate17%

* Total Advisory Fees Paid - Net$4,377,127

# What did the Fund invest in?
Sector Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 53.1% |
| Communication Services | 13.3% |
| Financials | 8.9% |
| Consumer Discretionary | 7.8% |
| Health Care | 7.1% |
| Industrials | 6.0% |
| Consumer Staples | 2.8% |
| Short-Term Investments | 1.0% |
| Liabilities in Excess of Other Assets | 0.0% |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 17.2% |
| Microsoft Corp. | 7.5% |
| Alphabet, Inc., Class C | 6.9% |
| Broadcom, Inc. | 6.0% |
| Amazon.com, Inc. | 5.6% |
| ServiceNow, Inc. | 4.8% |
| Meta Platforms, Inc. | 4.2% |
| Visa, Inc. | 3.5% |
| Mastercard, Inc. | 3.1% |
| Crowdstrike Holdings, Inc. | 2.9% |

---

# 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).

![Image](g935143g96u64.jpg)

# 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)

TCW Concentrated Large Cap Growth Fund

Annual Shareholder Report — October 31, 2025

Class I: TGCEX

TSR TGCEX-1025

TCW Concentrated Large Cap Growth Fund

![Image](g935143g96u64.jpg)

Class N: TGCNX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Concentrated Large Cap Growth Fund for the period of November 1, 2024 to October 31, 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 year?
(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 | $100 | 0.90% |

---

# How did the Fund perform last year and what affected its performance?
The Fund's outperformance relative to the S&P 500 in 2025 was driven by positive sector allocation effects, primarily in the Information Technology, Energy and Materials sectors. The Fund maintained a balanced mix of offensive and defensive/less-correlated growth companies, which was particularly helpful amidst tariff-related volatility. More defensive positions were very helpful during the broad-market sell-off leading up to "Liberation Day" (April 2nd), while the more offensive positions benefited from the rebound that followed President Trump's April 9th announcement of a 90-day pause on various reciprocal tariffs and a base 10% tariff for all countries. The Fund's exposure to myriad secular themes (Pursuit of Artificial General Intelligence, increased cyber security threats, data becoming the oil of the information economy, continued digitization and electrification of the world) remained consistent over the past year and added to portfolio performance. The narrowness of stock market returns ("Magnificent 7\*" contributed ~60% of S&P 500 returns over the one-year period) as well as the dichotomy in consumer spending data (high-end consumer continued to spend while the lower end consumer pulled in spending) were key topics during the period.

The unemployment rate remained low (~4%) but due to sticky inflation, tariff uncertainty, and choppy U.S. real GDP growth (-0.5% in 1Q and 3.8% in 2Q), the Fed announced its first rate cut of 2025 in September (25bps) and followed with another 25bps cut in October. The potential benefits from anticipated deregulation and the passage of the One Big Beautiful Bill (OBBB) led to consensus estimated next 12-month S&P 500 operating margins of 18.3% (an all-time high), an offset to S&P 500 multiples that are stretched relative to history.

\*Alphabet, Amazon, Apple, NVIDIA, Meta, Microsoft, Tesla

# Fund Performance
![Growth of 10K Chart](g935143g00y33.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class N** | **S&P 500 Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **10/2015** | $10000 | $10000 | $10000 |
| **11/2015** | $10018 | $10030 | $10028 |
| **12/2015** | $9960 | $9872 | $9881 |
| **01/2016** | $8974 | $9382 | $9329 |
| **02/2016** | $8707 | $9369 | $9325 |
| **03/2016** | $9164 | $10005 | $9954 |
| **04/2016** | $9156 | $10043 | $9863 |
| **05/2016** | $9403 | $10224 | $10055 |
| **06/2016** | $9264 | $10250 | $10015 |
| **07/2016** | $9856 | $10628 | $10488 |
| **08/2016** | $9771 | $10643 | $10436 |
| **09/2016** | $9721 | $10645 | $10474 |
| **10/2016** | $9419 | $10451 | $10228 |
| **11/2016** | $9194 | $10838 | $10451 |
| **12/2016** | $9133 | $11052 | $10580 |
| **01/2017** | $9626 | $11262 | $10937 |
| **02/2017** | $10024 | $11709 | $11391 |
| **03/2017** | $10281 | $11723 | $11523 |
| **04/2017** | $10617 | $11843 | $11786 |
| **05/2017** | $10824 | $12010 | $12093 |
| **06/2017** | $10849 | $12085 | $12061 |
| **07/2017** | $11259 | $12333 | $12381 |
| **08/2017** | $11433 | $12371 | $12608 |
| **09/2017** | $11483 | $12626 | $12772 |
| **10/2017** | $11698 | $12921 | $13267 |
| **11/2017** | $12034 | $13317 | $13670 |
| **12/2017** | $12103 | $13465 | $13777 |
| **01/2018** | $13037 | $14236 | $14752 |
| **02/2018** | $12754 | $13711 | $14366 |
| **03/2018** | $12599 | $13363 | $13972 |
| **04/2018** | $12925 | $13414 | $14020 |
| **05/2018** | $13417 | $13737 | $14635 |
| **06/2018** | $13545 | $13822 | $14776 |
| **07/2018** | $13908 | $14336 | $15210 |
| **08/2018** | $14661 | $14803 | $16041 |
| **09/2018** | $14677 | $14887 | $16131 |
| **10/2018** | $13144 | $13870 | $14688 |
| **11/2018** | $13459 | $14153 | $14844 |
| **12/2018** | $12338 | $12875 | $13568 |
| **01/2019** | $13677 | $13906 | $14788 |
| **02/2019** | $14185 | $14353 | $15317 |
| **03/2019** | $14699 | $14632 | $15753 |
| **04/2019** | $15493 | $15224 | $16464 |
| **05/2019** | $14725 | $14257 | $15424 |
| **06/2019** | $15581 | $15262 | $16484 |
| **07/2019** | $15702 | $15481 | $16856 |
| **08/2019** | $15410 | $15236 | $16727 |
| **09/2019** | $15245 | $15521 | $16729 |
| **10/2019** | $15607 | $15857 | $17200 |
| **11/2019** | $16349 | $16433 | $17964 |
| **12/2019** | $16749 | $16928 | $18506 |
| **01/2020** | $17372 | $16922 | $18919 |
| **02/2020** | $16567 | $15529 | $17631 |
| **03/2020** | $14797 | $13611 | $15896 |
| **04/2020** | $17064 | $15356 | $18249 |
| **05/2020** | $18575 | $16087 | $19474 |
| **06/2020** | $19352 | $16407 | $20322 |
| **07/2020** | $20576 | $17332 | $21885 |
| **08/2020** | $22269 | $18578 | $24144 |
| **09/2020** | $21409 | $17872 | $23008 |
| **10/2020** | $20954 | $17397 | $22226 |
| **11/2020** | $23081 | $19301 | $24502 |
| **12/2020** | $23283 | $20043 | $25629 |
| **01/2021** | $22685 | $19841 | $25439 |
| **02/2021** | $23223 | $20388 | $25433 |
| **03/2021** | $23344 | $21281 | $25870 |
| **04/2021** | $25396 | $22416 | $27630 |
| **05/2021** | $25093 | $22573 | $27248 |
| **06/2021** | $27054 | $23100 | $28958 |
| **07/2021** | $28023 | $23649 | $29912 |
| **08/2021** | $29235 | $24368 | $31030 |
| **09/2021** | $27531 | $23234 | $29293 |
| **10/2021** | $29348 | $24862 | $31830 |
| **11/2021** | $29235 | $24690 | $32024 |
| **12/2021** | $29252 | $25797 | $32701 |
| **01/2022** | $26125 | $24462 | $29895 |
| **02/2022** | $24609 | $23729 | $28625 |
| **03/2022** | $25158 | $24610 | $29745 |
| **04/2022** | $21499 | $22464 | $26153 |
| **05/2022** | $20829 | $22505 | $25545 |
| **06/2022** | $19400 | $20648 | $23521 |
| **07/2022** | $21386 | $22552 | $26344 |
| **08/2022** | $20306 | $21632 | $25117 |
| **09/2022** | $18093 | $19640 | $22675 |
| **10/2022** | $19069 | $21230 | $24001 |
| **11/2022** | $19940 | $22416 | $25094 |
| **12/2022** | $18597 | $21125 | $23173 |
| **01/2023** | $20526 | $22452 | $25105 |
| **02/2023** | $19938 | $21904 | $24807 |
| **03/2023** | $21169 | $22708 | $26502 |
| **04/2023** | $21464 | $23063 | $26764 |
| **05/2023** | $22576 | $23163 | $27984 |
| **06/2023** | $23884 | $24693 | $29897 |
| **07/2023** | $24734 | $25487 | $30904 |
| **08/2023** | $24440 | $25081 | $30627 |
| **09/2023** | $23012 | $23885 | $28961 |
| **10/2023** | $22597 | $23383 | $28549 |
| **11/2023** | $25650 | $25518 | $31661 |
| **12/2023** | $26784 | $26678 | $33063 |
| **01/2024** | $28181 | $27126 | $33888 |
| **02/2024** | $29879 | $28574 | $36200 |
| **03/2024** | $30407 | $29494 | $36837 |
| **04/2024** | $28797 | $28289 | $35275 |
| **05/2024** | $30269 | $29692 | $37386 |
| **06/2024** | $32672 | $30757 | $39907 |
| **07/2024** | $31565 | $31132 | $39229 |
| **08/2024** | $32508 | $31887 | $40046 |
| **09/2024** | $33112 | $32568 | $41180 |
| **10/2024** | $33364 | $32272 | $41044 |
| **11/2024** | $35742 | $34167 | $43706 |
| **12/2024** | $35034 | $33352 | $44092 |
| **01/2025** | $36304 | $34281 | $44964 |
| **02/2025** | $34988 | $33834 | $43349 |
| **03/2025** | $31857 | $31928 | $39697 |
| **04/2025** | $32644 | $31711 | $40400 |
| **05/2025** | $36017 | $33707 | $43975 |
| **06/2025** | $37862 | $35421 | $46778 |
| **07/2025** | $38800 | $36216 | $48544 |
| **08/2025** | $38392 | $36950 | $49087 |
| **09/2025** | $39405 | $38299 | $51695 |
| **10/2025** | $40842 | $39196 | $53572 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class N | 22.41% | 14.28% | 15.11% |
| S&P 500 Index | 21.45% | 17.64% | 14.63% |
| Russell 1000<sup>®</sup> Growth Index | 30.52% | 19.24% | 18.27% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$774,788,429

* # of Portfolio Holdings31

* Portfolio Turnover Rate17%

* Total Advisory Fees Paid - Net$4,377,127

# What did the Fund invest in?
Sector Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 53.1% |
| Communication Services | 13.3% |
| Financials | 8.9% |
| Consumer Discretionary | 7.8% |
| Health Care | 7.1% |
| Industrials | 6.0% |
| Consumer Staples | 2.8% |
| Short-Term Investments | 1.0% |
| Liabilities in Excess of Other Assets | 0.0% |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 17.2% |
| Microsoft Corp. | 7.5% |
| Alphabet, Inc., Class C | 6.9% |
| Broadcom, Inc. | 6.0% |
| Amazon.com, Inc. | 5.6% |
| ServiceNow, Inc. | 4.8% |
| Meta Platforms, Inc. | 4.2% |
| Visa, Inc. | 3.5% |
| Mastercard, Inc. | 3.1% |
| Crowdstrike Holdings, Inc. | 2.9% |

---

# 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).

![Image](g935143g96u64.jpg)

# 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)

TCW Concentrated Large Cap Growth Fund

Annual Shareholder Report — October 31, 2025

Class N: TGCNX

TSR TGCNX-1025

TCW Conservative Allocation Fund

![Image](g935143g96u64.jpg)

Class I: TGPCX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Conservative Allocation Fund for the period of November 1, 2024 to October 31, 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 year?
(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 | $32 | 0.31% |

---

# How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the TCW Conservative Allocation Fund's results reflected a mix of positive and negative influences across asset classes.

Fixed Income

• Overall, fixed income contributed positively, supported by a rally in interest rates during the year as markets anticipated cuts to the federal funds rate.

• The Fund maintained a defensive posture with an emphasis on high-quality fixed income assets, including agency mortgage-backed securities (AMBS), and extended interest rate duration.

• Modest exposure to high yield corporate debt and emerging market sovereign bonds also added incremental gains.

Equities

• The bulk of underperformance came from equities. Within this sleeve, the primary drag was from the Durable Growth strategy (formerly known as Compounders), which invests in defensive and predictable businesses.

• The second half of the year proved challenging for this approach, as the market rebound following the Liberation Day sell-off was led by high-beta, more volatile companies, which constitutes the opposite of the Fund's positioning.

• Several idiosyncratic holdings, including FISERV, FICO, and Gartner, detracted from returns. Gartner was further pressured by a rotation away from software amid concerns about artificial intelligence disruption.

• The Concentrated Large Cap Growth strategy also weighed on performance, particularly its defensive growth component that constitutes about a third of the strategy's exposure, which faced similar headwinds.

Alternative Assets

• Exposure to alternative asset classes such as gold, commodities, and liquid real assets was increased to provide diversification amid elevated stock-bond correlations. These allocations contributed positively to returns.

# Fund Performance
![Growth of 10K Chart](g935143g87j10.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **S&P 500 Index** | **40% S&P 500 Index/60% Bloomberg U.S. Aggregate Bond Index** |
| **10/2015** | $10000 | $10000 | $10000 | $10000 |
| **11/2015** | $9984 | $9974 | $10030 | $9996 |
| **12/2015** | $9920 | $9941 | $9872 | $9914 |
| **01/2016** | $9654 | $10078 | $9382 | $9799 |
| **02/2016** | $9654 | $10150 | $9369 | $9835 |
| **03/2016** | $9895 | $10243 | $10005 | $10156 |
| **04/2016** | $9912 | $10282 | $10043 | $10195 |
| **05/2016** | $9953 | $10285 | $10224 | $10270 |
| **06/2016** | $10045 | $10470 | $10250 | $10391 |
| **07/2016** | $10219 | $10536 | $10628 | $10584 |
| **08/2016** | $10211 | $10524 | $10643 | $10583 |
| **09/2016** | $10219 | $10517 | $10645 | $10580 |
| **10/2016** | $10078 | $10437 | $10451 | $10454 |
| **11/2016** | $10028 | $10190 | $10838 | $10461 |
| **12/2016** | $10065 | $10205 | $11052 | $10552 |
| **01/2017** | $10181 | $10225 | $11262 | $10645 |
| **02/2017** | $10305 | $10293 | $11709 | $10857 |
| **03/2017** | $10340 | $10288 | $11723 | $10858 |
| **04/2017** | $10411 | $10367 | $11843 | $10953 |
| **05/2017** | $10491 | $10447 | $12010 | $11065 |
| **06/2017** | $10527 | $10437 | $12085 | $11086 |
| **07/2017** | $10616 | $10481 | $12333 | $11206 |
| **08/2017** | $10678 | $10575 | $12371 | $11280 |
| **09/2017** | $10722 | $10525 | $12626 | $11341 |
| **10/2017** | $10811 | $10531 | $12921 | $11451 |
| **11/2017** | $10891 | $10518 | $13317 | $11582 |
| **12/2017** | $10954 | $10566 | $13465 | $11666 |
| **01/2018** | $11130 | $10444 | $14236 | $11852 |
| **02/2018** | $10927 | $10345 | $13711 | $11610 |
| **03/2018** | $10899 | $10412 | $13363 | $11537 |
| **04/2018** | $10927 | $10334 | $13414 | $11503 |
| **05/2018** | $11047 | $10408 | $13737 | $11663 |
| **06/2018** | $11047 | $10395 | $13822 | $11683 |
| **07/2018** | $11167 | $10398 | $14336 | $11859 |
| **08/2018** | $11297 | $10465 | $14803 | $12059 |
| **09/2018** | $11269 | $10397 | $14887 | $12040 |
| **10/2018** | $10816 | $10315 | $13870 | $11654 |
| **11/2018** | $10917 | $10377 | $14153 | $11791 |
| **12/2018** | $10613 | $10567 | $12875 | $11495 |
| **01/2019** | $11038 | $10679 | $13906 | $11936 |
| **02/2019** | $11245 | $10673 | $14353 | $12086 |
| **03/2019** | $11403 | $10878 | $14632 | $12319 |
| **04/2019** | $11551 | $10881 | $15224 | $12520 |
| **05/2019** | $11433 | $11074 | $14257 | $12335 |
| **06/2019** | $11789 | $11213 | $15262 | $12776 |
| **07/2019** | $11828 | $11238 | $15481 | $12866 |
| **08/2019** | $11878 | $11529 | $15236 | $12985 |
| **09/2019** | $11868 | $11468 | $15521 | $13040 |
| **10/2019** | $11947 | $11502 | $15857 | $13177 |
| **11/2019** | $12115 | $11496 | $16433 | $13364 |
| **12/2019** | $12185 | $11488 | $16928 | $13520 |
| **01/2020** | $12354 | $11709 | $16922 | $13674 |
| **02/2020** | $12090 | $11920 | $15529 | $13371 |
| **03/2020** | $11180 | $11850 | $13611 | $12664 |
| **04/2020** | $11857 | $12061 | $15356 | $13448 |
| **05/2020** | $12259 | $12117 | $16087 | $13742 |
| **06/2020** | $12492 | $12193 | $16407 | $13903 |
| **07/2020** | $12904 | $12375 | $17332 | $14341 |
| **08/2020** | $13169 | $12275 | $18578 | $14684 |
| **09/2020** | $13031 | $12269 | $17872 | $14456 |
| **10/2020** | $12925 | $12214 | $17397 | $14264 |
| **11/2020** | $13676 | $12334 | $19301 | $14972 |
| **12/2020** | $13920 | $12351 | $20043 | $15215 |
| **01/2021** | $13792 | $12262 | $19841 | $15088 |
| **02/2021** | $13963 | $12085 | $20388 | $15124 |
| **03/2021** | $14049 | $11934 | $21281 | $15275 |
| **04/2021** | $14468 | $12028 | $22416 | $15674 |
| **05/2021** | $14543 | $12068 | $22573 | $15748 |
| **06/2021** | $14693 | $12153 | $23100 | $15962 |
| **07/2021** | $14876 | $12288 | $23649 | $16220 |
| **08/2021** | $15058 | $12265 | $24368 | $16399 |
| **09/2021** | $14682 | $12159 | $23234 | $16009 |
| **10/2021** | $14983 | $12155 | $24862 | $16455 |
| **11/2021** | $14833 | $12191 | $24690 | $16438 |
| **12/2021** | $15097 | $12160 | $25797 | $16708 |
| **01/2022** | $14554 | $11898 | $24462 | $16146 |
| **02/2022** | $14318 | $11765 | $23729 | $15845 |
| **03/2022** | $14259 | $11439 | $24610 | $15816 |
| **04/2022** | $13504 | $11005 | $22464 | $14904 |
| **05/2022** | $13469 | $11076 | $22505 | $14973 |
| **06/2022** | $12832 | $10902 | $20648 | $14337 |
| **07/2022** | $13410 | $11168 | $22552 | $15076 |
| **08/2022** | $13044 | $10853 | $21632 | $14575 |
| **09/2022** | $12254 | $10384 | $19640 | $13660 |
| **10/2022** | $12466 | $10249 | $21230 | $13996 |
| **11/2022** | $13033 | $10626 | $22416 | $14618 |
| **12/2022** | $12800 | $10578 | $21125 | $14242 |
| **01/2023** | $13419 | $10904 | $22452 | $14862 |
| **02/2023** | $13097 | $10622 | $21904 | $14487 |
| **03/2023** | $13369 | $10891 | $22708 | $14920 |
| **04/2023** | $13480 | $10957 | $23063 | $15068 |
| **05/2023** | $13369 | $10838 | $23163 | $14995 |
| **06/2023** | $13654 | $10800 | $24693 | $15360 |
| **07/2023** | $13851 | $10792 | $25487 | $15551 |
| **08/2023** | $13678 | $10723 | $25081 | $15392 |
| **09/2023** | $13221 | $10451 | $23885 | $14864 |
| **10/2023** | $12961 | $10286 | $23383 | $14598 |
| **11/2023** | $13827 | $10751 | $25518 | $15528 |
| **12/2023** | $14446 | $11163 | $26678 | $16167 |
| **01/2024** | $14536 | $11132 | $27126 | $16249 |
| **02/2024** | $14638 | $10975 | $28574 | $16458 |
| **03/2024** | $14918 | $11076 | $29494 | $16761 |
| **04/2024** | $14421 | $10797 | $28289 | $16233 |
| **05/2024** | $14829 | $10980 | $29692 | $16720 |
| **06/2024** | $15033 | $11084 | $30757 | $17055 |
| **07/2024** | $15403 | $11343 | $31132 | $17377 |
| **08/2024** | $15721 | $11505 | $31887 | $17696 |
| **09/2024** | $15964 | $11660 | $32568 | $17989 |
| **10/2024** | $15581 | $11370 | $32272 | $17656 |
| **11/2024** | $15989 | $11491 | $34167 | $18183 |
| **12/2024** | $15532 | $11303 | $33352 | $17831 |
| **01/2025** | $15833 | $11363 | $34281 | $18086 |
| **02/2025** | $16052 | $11613 | $33834 | $18231 |
| **03/2025** | $15806 | $11617 | $31928 | $17824 |
| **04/2025** | $15874 | $11663 | $31711 | $17818 |
| **05/2025** | $16094 | $11579 | $33707 | $18190 |
| **06/2025** | $16504 | $11757 | $35421 | $18727 |
| **07/2025** | $16395 | $11726 | $36216 | $18866 |
| **08/2025** | $16559 | $11866 | $36950 | $19154 |
| **09/2025** | $16778 | $11996 | $38299 | $19559 |
| **10/2025** | $16943 | $12071 | $39196 | $19816 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class I | 8.74% | 5.56% | 5.41% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| S&P 500 Index | 21.45% | 17.64% | 14.63% |
| 40% S&P 500 Index/60% Bloomberg U.S. Aggregate Bond Index | 12.23% | 6.80% | 7.08% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$35,019,189

* # of Portfolio Holdings19

* Portfolio Turnover Rate25%

* Total Advisory Fees Paid - Net$0

# What did the Fund invest in?
Sector Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Diversified Fixed Income Funds | 65.6% |
| Diversified Equity Funds | 16.9% |
| Exchange-Traded Funds | 16.1% |
| Exchange-Traded Notes | 1.0% |
| Short-Term Investments | 0.3% |
| Other Assets in Excess of Liabilities | 0.1% |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| TCW Securitized Bond Fund, Class I | 24.9% |
| TCW MetWest Total Return Bond Fund, Class I | 23.8% |
| TCW MetWest Unconstrained Bond Fund, Class I | 10.7% |
| TCW Durable Growth ETF | 9.9% |
| TCW Relative Value Large Cap Fund, Class I | 9.2% |
| TCW Concentrated Large Cap Growth Fund (formerly TCW Select Equities Fund), Class I | 4.6% |
| TCW Global Real Estate Fund, Class I | 2.9% |
| TCW Global Bond Fund, Class I | 2.5% |
| iShares MSCI EAFE ETF | 2.1% |
| TCW MetWest Low Duration Bond Fund, Class I | 2.0% |

---

# 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).

![Image](g935143g96u64.jpg)

# 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)

TCW Conservative Allocation Fund

Annual Shareholder Report — October 31, 2025

Class I: TGPCX

TSR TGPCX-1025

TCW Conservative Allocation Fund

![Image](g935143g96u64.jpg)

Class N: TGPNX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Conservative Allocation Fund for the period of November 1, 2024 to October 31, 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 year?
(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 | $71 | 0.68% |

---

# How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the TCW Conservative Allocation Fund's results reflected a mix of positive and negative influences across asset classes.

Fixed Income

• Overall, fixed income contributed positively, supported by a rally in interest rates during the year as markets anticipated cuts to the federal funds rate.

• The Fund maintained a defensive posture with an emphasis on high-quality fixed income assets, including agency mortgage-backed securities (AMBS), and extended interest rate duration.

• Modest exposure to high yield corporate debt and emerging market sovereign bonds also added incremental gains.

Equities

• The bulk of underperformance came from equities. Within this sleeve, the primary drag was from the Durable Growth strategy (formerly known as Compounders), which invests in defensive and predictable businesses.

• The second half of the year proved challenging for this approach, as the market rebound following the Liberation Day sell-off was led by high-beta, more volatile companies, which constitutes the opposite of the Fund's positioning.

• Several idiosyncratic holdings, including FISERV, FICO, and Gartner, detracted from returns. Gartner was further pressured by a rotation away from software amid concerns about artificial intelligence disruption.

• The Concentrated Large Cap Growth strategy also weighed on performance, particularly its defensive growth component that constitutes about a third of the strategy's exposure, which faced similar headwinds.

Alternative Assets

• Exposure to alternative asset classes such as gold, commodities, and liquid real assets was increased to provide diversification amid elevated stock-bond correlations. These allocations contributed positively to returns.

# Fund Performance
![Growth of 10K Chart](g935143g10w14.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class N** | **Bloomberg U.S. Aggregate Bond Index** | **S&P 500 Index** | **40% S&P 500 Index/60% Bloomberg U.S. Aggregate Bond Index** |
| **10/2015** | $10000 | $10000 | $10000 | $10000 |
| **11/2015** | $9984 | $9974 | $10030 | $9996 |
| **12/2015** | $9906 | $9941 | $9872 | $9914 |
| **01/2016** | $9640 | $10078 | $9382 | $9799 |
| **02/2016** | $9640 | $10150 | $9369 | $9835 |
| **03/2016** | $9873 | $10243 | $10005 | $10156 |
| **04/2016** | $9881 | $10282 | $10043 | $10195 |
| **05/2016** | $9923 | $10285 | $10224 | $10270 |
| **06/2016** | $10014 | $10470 | $10250 | $10391 |
| **07/2016** | $10181 | $10536 | $10628 | $10584 |
| **08/2016** | $10172 | $10524 | $10643 | $10583 |
| **09/2016** | $10172 | $10517 | $10645 | $10580 |
| **10/2016** | $10031 | $10437 | $10451 | $10454 |
| **11/2016** | $9973 | $10190 | $10838 | $10461 |
| **12/2016** | $10002 | $10205 | $11052 | $10552 |
| **01/2017** | $10117 | $10225 | $11262 | $10645 |
| **02/2017** | $10232 | $10293 | $11709 | $10857 |
| **03/2017** | $10267 | $10288 | $11723 | $10858 |
| **04/2017** | $10329 | $10367 | $11843 | $10953 |
| **05/2017** | $10408 | $10447 | $12010 | $11065 |
| **06/2017** | $10443 | $10437 | $12085 | $11086 |
| **07/2017** | $10522 | $10481 | $12333 | $11206 |
| **08/2017** | $10575 | $10575 | $12371 | $11280 |
| **09/2017** | $10628 | $10525 | $12626 | $11341 |
| **10/2017** | $10707 | $10531 | $12921 | $11451 |
| **11/2017** | $10778 | $10518 | $13317 | $11582 |
| **12/2017** | $10843 | $10566 | $13465 | $11666 |
| **01/2018** | $11017 | $10444 | $14236 | $11852 |
| **02/2018** | $10816 | $10345 | $13711 | $11610 |
| **03/2018** | $10779 | $10412 | $13363 | $11537 |
| **04/2018** | $10798 | $10334 | $13414 | $11503 |
| **05/2018** | $10916 | $10408 | $13737 | $11663 |
| **06/2018** | $10907 | $10395 | $13822 | $11683 |
| **07/2018** | $11026 | $10398 | $14336 | $11859 |
| **08/2018** | $11154 | $10465 | $14803 | $12059 |
| **09/2018** | $11127 | $10397 | $14887 | $12040 |
| **10/2018** | $10670 | $10315 | $13870 | $11654 |
| **11/2018** | $10770 | $10377 | $14153 | $11791 |
| **12/2018** | $10470 | $10567 | $12875 | $11495 |
| **01/2019** | $10878 | $10679 | $13906 | $11936 |
| **02/2019** | $11083 | $10673 | $14353 | $12086 |
| **03/2019** | $11228 | $10878 | $14632 | $12319 |
| **04/2019** | $11384 | $10881 | $15224 | $12520 |
| **05/2019** | $11258 | $11074 | $14257 | $12335 |
| **06/2019** | $11608 | $11213 | $15262 | $12776 |
| **07/2019** | $11637 | $11238 | $15481 | $12866 |
| **08/2019** | $11685 | $11529 | $15236 | $12985 |
| **09/2019** | $11676 | $11468 | $15521 | $13040 |
| **10/2019** | $11753 | $11502 | $15857 | $13177 |
| **11/2019** | $11919 | $11496 | $16433 | $13364 |
| **12/2019** | $11980 | $11488 | $16928 | $13520 |
| **01/2020** | $12146 | $11709 | $16922 | $13674 |
| **02/2020** | $11877 | $11920 | $15529 | $13371 |
| **03/2020** | $10985 | $11850 | $13611 | $12664 |
| **04/2020** | $11638 | $12061 | $15356 | $13448 |
| **05/2020** | $12032 | $12117 | $16087 | $13742 |
| **06/2020** | $12261 | $12193 | $16407 | $13903 |
| **07/2020** | $12665 | $12375 | $17332 | $14341 |
| **08/2020** | $12914 | $12275 | $18578 | $14684 |
| **09/2020** | $12779 | $12269 | $17872 | $14456 |
| **10/2020** | $12675 | $12214 | $17397 | $14264 |
| **11/2020** | $13402 | $12334 | $19301 | $14972 |
| **12/2020** | $13650 | $12351 | $20043 | $15215 |
| **01/2021** | $13514 | $12262 | $19841 | $15088 |
| **02/2021** | $13671 | $12085 | $20388 | $15124 |
| **03/2021** | $13755 | $11934 | $21281 | $15275 |
| **04/2021** | $14164 | $12028 | $22416 | $15674 |
| **05/2021** | $14227 | $12068 | $22573 | $15748 |
| **06/2021** | $14385 | $12153 | $23100 | $15962 |
| **07/2021** | $14552 | $12288 | $23649 | $16220 |
| **08/2021** | $14720 | $12265 | $24368 | $16399 |
| **09/2021** | $14353 | $12159 | $23234 | $16009 |
| **10/2021** | $14657 | $12155 | $24862 | $16455 |
| **11/2021** | $14511 | $12191 | $24690 | $16438 |
| **12/2021** | $14764 | $12160 | $25797 | $16708 |
| **01/2022** | $14224 | $11898 | $24462 | $16146 |
| **02/2022** | $13994 | $11765 | $23729 | $15845 |
| **03/2022** | $13936 | $11439 | $24610 | $15816 |
| **04/2022** | $13189 | $11005 | $22464 | $14904 |
| **05/2022** | $13154 | $11076 | $22505 | $14973 |
| **06/2022** | $12533 | $10902 | $20648 | $14337 |
| **07/2022** | $13097 | $11168 | $22552 | $15076 |
| **08/2022** | $12740 | $10853 | $21632 | $14575 |
| **09/2022** | $11959 | $10384 | $19640 | $13660 |
| **10/2022** | $12154 | $10249 | $21230 | $13996 |
| **11/2022** | $12717 | $10626 | $22416 | $14618 |
| **12/2022** | $12481 | $10578 | $21125 | $14242 |
| **01/2023** | $13082 | $10904 | $22452 | $14862 |
| **02/2023** | $12770 | $10622 | $21904 | $14487 |
| **03/2023** | $13034 | $10891 | $22708 | $14920 |
| **04/2023** | $13130 | $10957 | $23063 | $15068 |
| **05/2023** | $13022 | $10838 | $23163 | $14995 |
| **06/2023** | $13299 | $10800 | $24693 | $15360 |
| **07/2023** | $13491 | $10792 | $25487 | $15551 |
| **08/2023** | $13323 | $10723 | $25081 | $15392 |
| **09/2023** | $12878 | $10451 | $23885 | $14864 |
| **10/2023** | $12613 | $10286 | $23383 | $14598 |
| **11/2023** | $13455 | $10751 | $25518 | $15528 |
| **12/2023** | $14050 | $11163 | $26678 | $16167 |
| **01/2024** | $14137 | $11132 | $27126 | $16249 |
| **02/2024** | $14236 | $10975 | $28574 | $16458 |
| **03/2024** | $14508 | $11076 | $29494 | $16761 |
| **04/2024** | $14013 | $10797 | $28289 | $16233 |
| **05/2024** | $14409 | $10980 | $29692 | $16720 |
| **06/2024** | $14619 | $11084 | $30757 | $17055 |
| **07/2024** | $14978 | $11343 | $31132 | $17377 |
| **08/2024** | $15275 | $11505 | $31887 | $17696 |
| **09/2024** | $15510 | $11660 | $32568 | $17989 |
| **10/2024** | $15139 | $11370 | $32272 | $17656 |
| **11/2024** | $15535 | $11491 | $34167 | $18183 |
| **12/2024** | $15090 | $11303 | $33352 | $17831 |
| **01/2025** | $15382 | $11363 | $34281 | $18086 |
| **02/2025** | $15595 | $11613 | $33834 | $18231 |
| **03/2025** | $15356 | $11617 | $31928 | $17824 |
| **04/2025** | $15422 | $11663 | $31711 | $17818 |
| **05/2025** | $15621 | $11579 | $33707 | $18190 |
| **06/2025** | $16020 | $11757 | $35421 | $18727 |
| **07/2025** | $15900 | $11726 | $36216 | $18866 |
| **08/2025** | $16060 | $11866 | $36950 | $19154 |
| **09/2025** | $16246 | $11996 | $38299 | $19559 |
| **10/2025** | $16405 | $12071 | $39196 | $19816 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class N | 8.37% | 5.29% | 5.07% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| S&P 500 Index | 21.45% | 17.64% | 14.63% |
| 40% S&P 500 Index/60% Bloomberg U.S. Aggregate Bond Index | 12.23% | 6.80% | 7.08% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$35,019,189

* # of Portfolio Holdings19

* Portfolio Turnover Rate25%

* Total Advisory Fees Paid - Net$0

# What did the Fund invest in?
Sector Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Diversified Fixed Income Funds | 65.6% |
| Diversified Equity Funds | 16.9% |
| Exchange-Traded Funds | 16.1% |
| Exchange-Traded Notes | 1.0% |
| Short-Term Investments | 0.3% |
| Other Assets in Excess of Liabilities | 0.1% |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| TCW Securitized Bond Fund, Class I | 24.9% |
| TCW MetWest Total Return Bond Fund, Class I | 23.8% |
| TCW MetWest Unconstrained Bond Fund, Class I | 10.7% |
| TCW Durable Growth ETF | 9.9% |
| TCW Relative Value Large Cap Fund, Class I | 9.2% |
| TCW Concentrated Large Cap Growth Fund (formerly TCW Select Equities Fund), Class I | 4.6% |
| TCW Global Real Estate Fund, Class I | 2.9% |
| TCW Global Bond Fund, Class I | 2.5% |
| iShares MSCI EAFE ETF | 2.1% |
| TCW MetWest Low Duration Bond Fund, Class I | 2.0% |

---

# 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).

![Image](g935143g96u64.jpg)

# 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)

TCW Conservative Allocation Fund

Annual Shareholder Report — October 31, 2025

Class N: TGPNX

TSR TGPNX-1025

TCW Core Fixed Income Fund

![Image](g935143g96u64.jpg)

Class I-3: TGCQX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Core Fixed Income Fund for the period of August 26, 2025 (commencement of operations) to October 31, 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 year?
(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-3 | $10<sup>Footnote Reference+</sup> | 0.56%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |
| &nbsp;&nbsp;Footnote<sup>+</sup> | &nbsp;&nbsp;The dollar amounts above reflect expenses paid since the commencement of operations. Expenses for the full reporting period would be higher. |

---

# How did the Fund perform last year and what affected its performance?
Relative returns benefited from the overweight in securitized products, particularly agency mortgage-backed securities (MBS) as the sector bested Treasuries by 165 basis points on a duration-adjusted basis for the period. Non-agency MBS positions also contributed as spreads tightened and prices rose throughout the period, while smaller gains came from the overweight to commercial MBS and asset-backed securities as both sectors beat Treasuries on a duration-adjusted basis. Meanwhile, with corporate credit posting over 147 bps of excess returns versus comparable Treasuries, the sustained underweight to the sector weighed on relative returns, though the volatility in early April provided opportunity to capitalize on the liquidity afforded by this more defensive positioning. During that time, the portfolio was aggressive in adding exposure at better levels of spread and yield that subsequently benefited returns as markets recovered and spreads retraced the widening, while the underweight heading into the volatility helped to insulate relative performance. Finally, the Fund's longer-than-index duration position was a small drag, due largely to the drag early in the period as rates sold off sharply following the November 2024 election results and attendant expectations of continued U.S. exceptionalism. The rest of the period was marked by fluctuations in rates that ultimately saw longer tenors of the yield curve move higher amid concerns surrounding fiscal sustainability, Fed independence, and term premium. However, short and intermediate tenors ended the period lower as markets repriced expectations for Fed rate cuts against a backdrop of weakening labor market data that brought about the resumption of Fed interest rate cuts in September 2025, rewarding the Fund's curve-steepening bias.

# Fund Performance
![Growth of 10K Chart](g935143g32g27.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I-3** | **Bloomberg U.S. Aggregate Bond Index** |
| **08/26/2025** | $10000 | $10000 |
| **08/31/2025** | $10020 | $10011 |
| **09/30/2025** | $10146 | $10120 |
| **10/31/2025** | $10211 | $10183 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | |
|:---|:---|
| Name | *Since Inception 8/26/25* |
| Class I-3 | 2.11% |
| Bloomberg U.S. Aggregate Bond Index | 1.97% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$458,972,668

* # of Portfolio Holdings375

* Portfolio Turnover Rate426%

* Total Advisory Fees Paid - Net$1,836,575

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 33.7% |
| U.S. Treasury Securities | 24.0% |
| Corporate Bonds | 17.6% |
| Short-Term Investments | 10.5% |
| Residential Mortgage-Backed Securities - Non-Agency | 8.9% |
| Asset-Backed Securities | 6.0% |
| Commercial Mortgage-Backed Securities - Non-Agency | 4.3% |
| Municipal Bonds | 0.7% |
| Other Security Types<sup>Footnote Reference\*</sup> | 0.7% |
| Liabilities in Excess of Other Assets | (6.4%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's 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 Notes, 3.63%, due 10/31/30 | 9.7% |
| U.S. Treasury Bonds, 4.88%, due 08/15/45 | 4.0% |
| U.S. Treasury Notes, 3.75%, due 10/31/32 | 3.8% |
| U.S. Treasury Notes, 4.25%, due 08/15/35 | 3.6% |
| U.S. Treasury Bonds, 4.75%, due 08/15/55 | 2.0% |
| Federal National Mortgage Association, 2.00%, due 04/01/52 | 1.5% |
| Federal National Mortgage Association, 2.50%, due 12/01/51 | 1.2% |
| Federal National Mortgage Association, 4.50%, due 12/01/52 | 1.2% |
| Federal National Mortgage Association, 2.00%, due 03/01/51 | 1.1% |
| Federal National Mortgage Association, 2.00%, due 04/01/51 | 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).

![Image](g935143g96u64.jpg)

# 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)

TCW Core Fixed Income Fund

Annual Shareholder Report — October 31, 2025

Class I-3: TGCQX

TSR TGCQX-1025

TCW Core Fixed Income Fund

![Image](g935143g96u64.jpg)

Class I: TGCFX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Core Fixed Income Fund for the period of November 1, 2024 to October 31, 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 year?
(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 | $51 | 0.49% |

---

# How did the Fund perform last year and what affected its performance?
Relative returns benefited from the overweight in securitized products, particularly agency mortgage-backed securities (MBS) as the sector bested Treasuries by 165 basis points on a duration-adjusted basis for the period. Non-agency MBS positions also contributed as spreads tightened and prices rose throughout the period, while smaller gains came from the overweight to commercial MBS and asset-backed securities as both sectors beat Treasuries on a duration-adjusted basis. Meanwhile, with corporate credit posting over 147 bps of excess returns versus comparable Treasuries, the sustained underweight to the sector weighed on relative returns, though the volatility in early April provided opportunity to capitalize on the liquidity afforded by this more defensive positioning. During that time, the portfolio was aggressive in adding exposure at better levels of spread and yield that subsequently benefited returns as markets recovered and spreads retraced the widening, while the underweight heading into the volatility helped to insulate relative performance. Finally, the Fund's longer-than-index duration position was a small drag, due largely to the drag early in the period as rates sold off sharply following the November 2024 election results and attendant expectations of continued U.S. exceptionalism. The rest of the period was marked by fluctuations in rates that ultimately saw longer tenors of the yield curve move higher amid concerns surrounding fiscal sustainability, Fed independence, and term premium. However, short and intermediate tenors ended the period lower as markets repriced expectations for Fed rate cuts against a backdrop of weakening labor market data that brought about the resumption of Fed interest rate cuts in September 2025, rewarding the Fund's curve-steepening bias.

# Fund Performance
![Growth of 10K Chart](g935143g00h37.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/2015** | $10000 | $10000 |
| **11/2015** | $9978 | $9974 |
| **12/2015** | $9951 | $9941 |
| **01/2016** | $10073 | $10078 |
| **02/2016** | $10123 | $10150 |
| **03/2016** | $10201 | $10243 |
| **04/2016** | $10243 | $10282 |
| **05/2016** | $10250 | $10285 |
| **06/2016** | $10395 | $10470 |
| **07/2016** | $10474 | $10536 |
| **08/2016** | $10461 | $10524 |
| **09/2016** | $10466 | $10517 |
| **10/2016** | $10397 | $10437 |
| **11/2016** | $10180 | $10190 |
| **12/2016** | $10177 | $10205 |
| **01/2017** | $10203 | $10225 |
| **02/2017** | $10267 | $10293 |
| **03/2017** | $10266 | $10288 |
| **04/2017** | $10330 | $10367 |
| **05/2017** | $10397 | $10447 |
| **06/2017** | $10388 | $10437 |
| **07/2017** | $10427 | $10481 |
| **08/2017** | $10513 | $10575 |
| **09/2017** | $10467 | $10525 |
| **10/2017** | $10468 | $10531 |
| **11/2017** | $10459 | $10518 |
| **12/2017** | $10505 | $10566 |
| **01/2018** | $10379 | $10444 |
| **02/2018** | $10292 | $10345 |
| **03/2018** | $10359 | $10412 |
| **04/2018** | $10286 | $10334 |
| **05/2018** | $10368 | $10408 |
| **06/2018** | $10354 | $10395 |
| **07/2018** | $10348 | $10398 |
| **08/2018** | $10420 | $10465 |
| **09/2018** | $10346 | $10397 |
| **10/2018** | $10272 | $10315 |
| **11/2018** | $10334 | $10377 |
| **12/2018** | $10514 | $10567 |
| **01/2019** | $10629 | $10679 |
| **02/2019** | $10626 | $10673 |
| **03/2019** | $10830 | $10878 |
| **04/2019** | $10827 | $10881 |
| **05/2019** | $11032 | $11074 |
| **06/2019** | $11168 | $11213 |
| **07/2019** | $11188 | $11238 |
| **08/2019** | $11482 | $11529 |
| **09/2019** | $11416 | $11468 |
| **10/2019** | $11451 | $11502 |
| **11/2019** | $11442 | $11496 |
| **12/2019** | $11434 | $11488 |
| **01/2020** | $11660 | $11709 |
| **02/2020** | $11855 | $11920 |
| **03/2020** | $11760 | $11850 |
| **04/2020** | $12019 | $12061 |
| **05/2020** | $12082 | $12117 |
| **06/2020** | $12194 | $12193 |
| **07/2020** | $12393 | $12375 |
| **08/2020** | $12314 | $12275 |
| **09/2020** | $12317 | $12269 |
| **10/2020** | $12269 | $12214 |
| **11/2020** | $12405 | $12334 |
| **12/2020** | $12439 | $12351 |
| **01/2021** | $12370 | $12262 |
| **02/2021** | $12218 | $12085 |
| **03/2021** | $12076 | $11934 |
| **04/2021** | $12176 | $12028 |
| **05/2021** | $12202 | $12068 |
| **06/2021** | $12292 | $12153 |
| **07/2021** | $12424 | $12288 |
| **08/2021** | $12398 | $12265 |
| **09/2021** | $12297 | $12159 |
| **10/2021** | $12292 | $12155 |
| **11/2021** | $12318 | $12191 |
| **12/2021** | $12281 | $12160 |
| **01/2022** | $12028 | $11898 |
| **02/2022** | $11881 | $11765 |
| **03/2022** | $11521 | $11439 |
| **04/2022** | $11063 | $11005 |
| **05/2022** | $11141 | $11076 |
| **06/2022** | $10927 | $10902 |
| **07/2022** | $11227 | $11168 |
| **08/2022** | $10875 | $10853 |
| **09/2022** | $10338 | $10384 |
| **10/2022** | $10189 | $10249 |
| **11/2022** | $10593 | $10626 |
| **12/2022** | $10531 | $10578 |
| **01/2023** | $10925 | $10904 |
| **02/2023** | $10603 | $10622 |
| **03/2023** | $10904 | $10891 |
| **04/2023** | $10965 | $10957 |
| **05/2023** | $10827 | $10838 |
| **06/2023** | $10767 | $10800 |
| **07/2023** | $10761 | $10792 |
| **08/2023** | $10683 | $10723 |
| **09/2023** | $10361 | $10451 |
| **10/2023** | $10160 | $10286 |
| **11/2023** | $10675 | $10751 |
| **12/2023** | $11121 | $11163 |
| **01/2024** | $11121 | $11132 |
| **02/2024** | $10917 | $10975 |
| **03/2024** | $11008 | $11076 |
| **04/2024** | $10680 | $10797 |
| **05/2024** | $10889 | $10980 |
| **06/2024** | $11009 | $11084 |
| **07/2024** | $11292 | $11343 |
| **08/2024** | $11474 | $11505 |
| **09/2024** | $11634 | $11660 |
| **10/2024** | $11293 | $11370 |
| **11/2024** | $11430 | $11491 |
| **12/2024** | $11204 | $11303 |
| **01/2025** | $11272 | $11363 |
| **02/2025** | $11553 | $11613 |
| **03/2025** | $11562 | $11617 |
| **04/2025** | $11607 | $11663 |
| **05/2025** | $11496 | $11579 |
| **06/2025** | $11686 | $11757 |
| **07/2025** | $11634 | $11726 |
| **08/2025** | $11777 | $11866 |
| **09/2025** | $11917 | $11996 |
| **10/2025** | $11996 | $12071 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class I | 6.23% | -0.45% | 1.84% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$458,972,668

* # of Portfolio Holdings375

* Portfolio Turnover Rate426%

* Total Advisory Fees Paid - Net$1,836,575

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 33.7% |
| U.S. Treasury Securities | 24.0% |
| Corporate Bonds | 17.6% |
| Short-Term Investments | 10.5% |
| Residential Mortgage-Backed Securities - Non-Agency | 8.9% |
| Asset-Backed Securities | 6.0% |
| Commercial Mortgage-Backed Securities - Non-Agency | 4.3% |
| Municipal Bonds | 0.7% |
| Other Security Types<sup>Footnote Reference\*</sup> | 0.7% |
| Liabilities in Excess of Other Assets | (6.4%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's 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 Notes, 3.63%, due 10/31/30 | 9.7% |
| U.S. Treasury Bonds, 4.88%, due 08/15/45 | 4.0% |
| U.S. Treasury Notes, 3.75%, due 10/31/32 | 3.8% |
| U.S. Treasury Notes, 4.25%, due 08/15/35 | 3.6% |
| U.S. Treasury Bonds, 4.75%, due 08/15/55 | 2.0% |
| Federal National Mortgage Association, 2.00%, due 04/01/52 | 1.5% |
| Federal National Mortgage Association, 2.50%, due 12/01/51 | 1.2% |
| Federal National Mortgage Association, 4.50%, due 12/01/52 | 1.2% |
| Federal National Mortgage Association, 2.00%, due 03/01/51 | 1.1% |
| Federal National Mortgage Association, 2.00%, due 04/01/51 | 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).

![Image](g935143g96u64.jpg)

# 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)

TCW Core Fixed Income Fund

Annual Shareholder Report — October 31, 2025

Class I: TGCFX

TSR TGCFX-1025

TCW Core Fixed Income Fund

![Image](g935143g96u64.jpg)

Class N: TGFNX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Core Fixed Income Fund for the period of November 1, 2024 to October 31, 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 year?
(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 | $62 | 0.60% |

---

# How did the Fund perform last year and what affected its performance?
Relative returns benefited from the overweight in securitized products, particularly agency mortgage-backed securities (MBS) as the sector bested Treasuries by 165 basis points on a duration-adjusted basis for the period. Non-agency MBS positions also contributed as spreads tightened and prices rose throughout the period, while smaller gains came from the overweight to commercial MBS and asset-backed securities as both sectors beat Treasuries on a duration-adjusted basis. Meanwhile, with corporate credit posting over 147 bps of excess returns versus comparable Treasuries, the sustained underweight to the sector weighed on relative returns, though the volatility in early April provided opportunity to capitalize on the liquidity afforded by this more defensive positioning. During that time, the portfolio was aggressive in adding exposure at better levels of spread and yield that subsequently benefited returns as markets recovered and spreads retraced the widening, while the underweight heading into the volatility helped to insulate relative performance. Finally, the Fund's longer-than-index duration position was a small drag, due largely to the drag early in the period as rates sold off sharply following the November 2024 election results and attendant expectations of continued U.S. exceptionalism. The rest of the period was marked by fluctuations in rates that ultimately saw longer tenors of the yield curve move higher amid concerns surrounding fiscal sustainability, Fed independence, and term premium. However, short and intermediate tenors ended the period lower as markets repriced expectations for Fed rate cuts against a backdrop of weakening labor market data that brought about the resumption of Fed interest rate cuts in September 2025, rewarding the Fund's curve-steepening bias.

# Fund Performance
![Growth of 10K Chart](g935143g44b93.jpg)

---

| | | |
|:---|:---|:---|
| | **Class N** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/2015** | $10000 | $10000 |
| **11/2015** | $9977 | $9974 |
| **12/2015** | $9947 | $9941 |
| **01/2016** | $10068 | $10078 |
| **02/2016** | $10116 | $10150 |
| **03/2016** | $10192 | $10243 |
| **04/2016** | $10223 | $10282 |
| **05/2016** | $10228 | $10285 |
| **06/2016** | $10380 | $10470 |
| **07/2016** | $10449 | $10536 |
| **08/2016** | $10435 | $10524 |
| **09/2016** | $10437 | $10517 |
| **10/2016** | $10366 | $10437 |
| **11/2016** | $10148 | $10190 |
| **12/2016** | $10143 | $10205 |
| **01/2017** | $10167 | $10225 |
| **02/2017** | $10228 | $10293 |
| **03/2017** | $10224 | $10288 |
| **04/2017** | $10295 | $10367 |
| **05/2017** | $10360 | $10447 |
| **06/2017** | $10339 | $10437 |
| **07/2017** | $10376 | $10481 |
| **08/2017** | $10459 | $10575 |
| **09/2017** | $10410 | $10525 |
| **10/2017** | $10409 | $10531 |
| **11/2017** | $10398 | $10518 |
| **12/2017** | $10442 | $10566 |
| **01/2018** | $10324 | $10444 |
| **02/2018** | $10226 | $10345 |
| **03/2018** | $10291 | $10412 |
| **04/2018** | $10216 | $10334 |
| **05/2018** | $10296 | $10408 |
| **06/2018** | $10280 | $10395 |
| **07/2018** | $10272 | $10398 |
| **08/2018** | $10341 | $10465 |
| **09/2018** | $10266 | $10397 |
| **10/2018** | $10190 | $10315 |
| **11/2018** | $10250 | $10377 |
| **12/2018** | $10428 | $10567 |
| **01/2019** | $10540 | $10679 |
| **02/2019** | $10535 | $10673 |
| **03/2019** | $10736 | $10878 |
| **04/2019** | $10731 | $10881 |
| **05/2019** | $10933 | $11074 |
| **06/2019** | $11066 | $11213 |
| **07/2019** | $11084 | $11238 |
| **08/2019** | $11374 | $11529 |
| **09/2019** | $11307 | $11468 |
| **10/2019** | $11339 | $11502 |
| **11/2019** | $11328 | $11496 |
| **12/2019** | $11317 | $11488 |
| **01/2020** | $11539 | $11709 |
| **02/2020** | $11732 | $11920 |
| **03/2020** | $11634 | $11850 |
| **04/2020** | $11889 | $12061 |
| **05/2020** | $11949 | $12117 |
| **06/2020** | $12058 | $12193 |
| **07/2020** | $12253 | $12375 |
| **08/2020** | $12173 | $12275 |
| **09/2020** | $12173 | $12269 |
| **10/2020** | $12124 | $12214 |
| **11/2020** | $12267 | $12334 |
| **12/2020** | $12287 | $12351 |
| **01/2021** | $12218 | $12262 |
| **02/2021** | $12065 | $12085 |
| **03/2021** | $11933 | $11934 |
| **04/2021** | $12030 | $12028 |
| **05/2021** | $12055 | $12068 |
| **06/2021** | $12131 | $12153 |
| **07/2021** | $12260 | $12288 |
| **08/2021** | $12232 | $12265 |
| **09/2021** | $12141 | $12159 |
| **10/2021** | $12123 | $12155 |
| **11/2021** | $12148 | $12191 |
| **12/2021** | $12109 | $12160 |
| **01/2022** | $11867 | $11898 |
| **02/2022** | $11721 | $11765 |
| **03/2022** | $11362 | $11439 |
| **04/2022** | $10909 | $11005 |
| **05/2022** | $10984 | $11076 |
| **06/2022** | $10770 | $10902 |
| **07/2022** | $11066 | $11168 |
| **08/2022** | $10716 | $10853 |
| **09/2022** | $10195 | $10384 |
| **10/2022** | $10036 | $10249 |
| **11/2022** | $10443 | $10626 |
| **12/2022** | $10380 | $10578 |
| **01/2023** | $10758 | $10904 |
| **02/2023** | $10439 | $10622 |
| **03/2023** | $10734 | $10891 |
| **04/2023** | $10792 | $10957 |
| **05/2023** | $10655 | $10838 |
| **06/2023** | $10583 | $10800 |
| **07/2023** | $10576 | $10792 |
| **08/2023** | $10498 | $10723 |
| **09/2023** | $10190 | $10451 |
| **10/2023** | $9980 | $10286 |
| **11/2023** | $10497 | $10751 |
| **12/2023** | $10935 | $11163 |
| **01/2024** | $10922 | $11132 |
| **02/2024** | $10731 | $10975 |
| **03/2024** | $10819 | $11076 |
| **04/2024** | $10494 | $10797 |
| **05/2024** | $10688 | $10980 |
| **06/2024** | $10816 | $11084 |
| **07/2024** | $11093 | $11343 |
| **08/2024** | $11271 | $11505 |
| **09/2024** | $11426 | $11660 |
| **10/2024** | $11089 | $11370 |
| **11/2024** | $11223 | $11491 |
| **12/2024** | $10999 | $11303 |
| **01/2025** | $11064 | $11363 |
| **02/2025** | $11339 | $11613 |
| **03/2025** | $11347 | $11617 |
| **04/2025** | $11401 | $11663 |
| **05/2025** | $11290 | $11579 |
| **06/2025** | $11463 | $11757 |
| **07/2025** | $11411 | $11726 |
| **08/2025** | $11550 | $11866 |
| **09/2025** | $11686 | $11996 |
| **10/2025** | $11774 | $12071 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class N | 6.18% | -0.58% | 1.65% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$458,972,668

* # of Portfolio Holdings375

* Portfolio Turnover Rate426%

* Total Advisory Fees Paid - Net$1,836,575

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 33.7% |
| U.S. Treasury Securities | 24.0% |
| Corporate Bonds | 17.6% |
| Short-Term Investments | 10.5% |
| Residential Mortgage-Backed Securities - Non-Agency | 8.9% |
| Asset-Backed Securities | 6.0% |
| Commercial Mortgage-Backed Securities - Non-Agency | 4.3% |
| Municipal Bonds | 0.7% |
| Other Security Types<sup>Footnote Reference\*</sup> | 0.7% |
| Liabilities in Excess of Other Assets | (6.4%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's 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 Notes, 3.63%, due 10/31/30 | 9.7% |
| U.S. Treasury Bonds, 4.88%, due 08/15/45 | 4.0% |
| U.S. Treasury Notes, 3.75%, due 10/31/32 | 3.8% |
| U.S. Treasury Notes, 4.25%, due 08/15/35 | 3.6% |
| U.S. Treasury Bonds, 4.75%, due 08/15/55 | 2.0% |
| Federal National Mortgage Association, 2.00%, due 04/01/52 | 1.5% |
| Federal National Mortgage Association, 2.50%, due 12/01/51 | 1.2% |
| Federal National Mortgage Association, 4.50%, due 12/01/52 | 1.2% |
| Federal National Mortgage Association, 2.00%, due 03/01/51 | 1.1% |
| Federal National Mortgage Association, 2.00%, due 04/01/51 | 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).

![Image](g935143g96u64.jpg)

# 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)

TCW Core Fixed Income Fund

Annual Shareholder Report — October 31, 2025

Class N: TGFNX

TSR TGFNX-1025

TCW Core Fixed Income Fund

![Image](g935143g96u64.jpg)

Plan Class: TGCPX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Core Fixed Income Fund for the period of November 1, 2024 to October 31, 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 year?
(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 |
| Plan Class | $45 | 0.44% |

---

# How did the Fund perform last year and what affected its performance?
Relative returns benefited from the overweight in securitized products, particularly agency mortgage-backed securities (MBS) as the sector bested Treasuries by 165 basis points on a duration-adjusted basis for the period. Non-agency MBS positions also contributed as spreads tightened and prices rose throughout the period, while smaller gains came from the overweight to commercial MBS and asset-backed securities as both sectors beat Treasuries on a duration-adjusted basis. Meanwhile, with corporate credit posting over 147 bps of excess returns versus comparable Treasuries, the sustained underweight to the sector weighed on relative returns, though the volatility in early April provided opportunity to capitalize on the liquidity afforded by this more defensive positioning. During that time, the portfolio was aggressive in adding exposure at better levels of spread and yield that subsequently benefited returns as markets recovered and spreads retraced the widening, while the underweight heading into the volatility helped to insulate relative performance. Finally, the Fund's longer-than-index duration position was a small drag, due largely to the drag early in the period as rates sold off sharply following the November 2024 election results and attendant expectations of continued U.S. exceptionalism. The rest of the period was marked by fluctuations in rates that ultimately saw longer tenors of the yield curve move higher amid concerns surrounding fiscal sustainability, Fed independence, and term premium. However, short and intermediate tenors ended the period lower as markets repriced expectations for Fed rate cuts against a backdrop of weakening labor market data that brought about the resumption of Fed interest rate cuts in September 2025, rewarding the Fund's curve-steepening bias.

# Fund Performance
![Growth of 10K Chart](g935143g30q07.jpg)

---

| | | |
|:---|:---|:---|
| | **Plan Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **02/2020** | $10000 | $10000 |
| **03/2020** | $9932 | $9941 |
| **04/2020** | $10133 | $10118 |
| **05/2020** | $10195 | $10165 |
| **06/2020** | $10307 | $10229 |
| **07/2020** | $10475 | $10382 |
| **08/2020** | $10426 | $10298 |
| **09/2020** | $10429 | $10292 |
| **10/2020** | $10398 | $10246 |
| **11/2020** | $10504 | $10347 |
| **12/2020** | $10524 | $10361 |
| **01/2021** | $10458 | $10287 |
| **02/2021** | $10331 | $10138 |
| **03/2021** | $10221 | $10012 |
| **04/2021** | $10305 | $10091 |
| **05/2021** | $10328 | $10124 |
| **06/2021** | $10395 | $10195 |
| **07/2021** | $10507 | $10309 |
| **08/2021** | $10485 | $10289 |
| **09/2021** | $10410 | $10200 |
| **10/2021** | $10397 | $10197 |
| **11/2021** | $10420 | $10228 |
| **12/2021** | $10389 | $10201 |
| **01/2022** | $10176 | $9982 |
| **02/2022** | $10062 | $9870 |
| **03/2022** | $9750 | $9596 |
| **04/2022** | $9365 | $9232 |
| **05/2022** | $9431 | $9291 |
| **06/2022** | $9251 | $9146 |
| **07/2022** | $9505 | $9369 |
| **08/2022** | $9208 | $9104 |
| **09/2022** | $8756 | $8711 |
| **10/2022** | $8622 | $8598 |
| **11/2022** | $8972 | $8914 |
| **12/2022** | $8920 | $8874 |
| **01/2023** | $9253 | $9147 |
| **02/2023** | $8982 | $8911 |
| **03/2023** | $9236 | $9137 |
| **04/2023** | $9288 | $9192 |
| **05/2023** | $9181 | $9092 |
| **06/2023** | $9122 | $9060 |
| **07/2023** | $9117 | $9054 |
| **08/2023** | $9052 | $8996 |
| **09/2023** | $8781 | $8767 |
| **10/2023** | $8613 | $8629 |
| **11/2023** | $9047 | $9020 |
| **12/2023** | $9433 | $9365 |
| **01/2024** | $9424 | $9339 |
| **02/2024** | $9253 | $9207 |
| **03/2024** | $9330 | $9292 |
| **04/2024** | $9054 | $9057 |
| **05/2024** | $9231 | $9211 |
| **06/2024** | $9333 | $9298 |
| **07/2024** | $9572 | $9515 |
| **08/2024** | $9726 | $9652 |
| **09/2024** | $9871 | $9781 |
| **10/2024** | $9574 | $9539 |
| **11/2024** | $9691 | $9640 |
| **12/2024** | $9501 | $9482 |
| **01/2025** | $9559 | $9532 |
| **02/2025** | $9797 | $9742 |
| **03/2025** | $9805 | $9746 |
| **04/2025** | $9853 | $9784 |
| **05/2025** | $9760 | $9714 |
| **06/2025** | $9911 | $9863 |
| **07/2025** | $9868 | $9837 |
| **08/2025** | $9989 | $9955 |
| **09/2025** | $10107 | $10063 |
| **10/2025** | $10185 | $10126 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *Since Inception 2/28/20* |
| Plan Class | 6.38% | -0.41% | 0.32% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 0.35% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$458,972,668

* # of Portfolio Holdings375

* Portfolio Turnover Rate426%

* Total Advisory Fees Paid - Net$1,836,575

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 33.7% |
| U.S. Treasury Securities | 24.0% |
| Corporate Bonds | 17.6% |
| Short-Term Investments | 10.5% |
| Residential Mortgage-Backed Securities - Non-Agency | 8.9% |
| Asset-Backed Securities | 6.0% |
| Commercial Mortgage-Backed Securities - Non-Agency | 4.3% |
| Municipal Bonds | 0.7% |
| Other Security Types<sup>Footnote Reference\*</sup> | 0.7% |
| Liabilities in Excess of Other Assets | (6.4%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's 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 Notes, 3.63%, due 10/31/30 | 9.7% |
| U.S. Treasury Bonds, 4.88%, due 08/15/45 | 4.0% |
| U.S. Treasury Notes, 3.75%, due 10/31/32 | 3.8% |
| U.S. Treasury Notes, 4.25%, due 08/15/35 | 3.6% |
| U.S. Treasury Bonds, 4.75%, due 08/15/55 | 2.0% |
| Federal National Mortgage Association, 2.00%, due 04/01/52 | 1.5% |
| Federal National Mortgage Association, 2.50%, due 12/01/51 | 1.2% |
| Federal National Mortgage Association, 4.50%, due 12/01/52 | 1.2% |
| Federal National Mortgage Association, 2.00%, due 03/01/51 | 1.1% |
| Federal National Mortgage Association, 2.00%, due 04/01/51 | 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).

![Image](g935143g96u64.jpg)

# 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)

TCW Core Fixed Income Fund

Annual Shareholder Report — October 31, 2025

Plan Class: TGCPX

TSR TGCPX-1025

TCW Emerging Markets Income Fund

![Image](g935143g96u64.jpg)

Class I-3: TGEZX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Emerging Markets Income Fund for the period of August 26, 2025 (commencement of operations) to October 31, 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 year?
(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-3 | $17<sup>Footnote Reference+</sup> | 0.92%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |
| &nbsp;&nbsp;Footnote<sup>+</sup> | &nbsp;&nbsp;The dollar amounts above reflect expenses paid since the commencement of operations. Expenses for the full reporting period would be higher. |

---

# How did the Fund perform last year and what affected its performance?
For the year ended October 31, 2025, the TCW Emerging Markets Income Fund (the "Fund") returned 13.58%, 13.42% and 13.66%, net of fees on its I Class, N Class and P Class shares, respectively. Performance of the Fund's classes varies because of differing expenses. The Fund's benchmark, the JPMorgan EMBI Global Diversified Index ("EMBI GD"), returned 12.76% over the same period. Relative outperformance for the one-year period was driven by security selection as well as overweight positioning to high yield. From a country perspective, the Fund's exposure to Lebanon, Ukraine, Venezuela, Ecuador, Sri Lanka and Egypt were among the larger drivers of relative outperformance. Underweight positioning in select investment grade sovereigns, including Qatar and Malaysia, and security selection in Nigeria and Saudi Arabia also contributed to relative performance.

Emerging Markets (EM) fixed income remained resilient, with sovereign and corporate dollar debt returning 12.76% and 8.01%, respectively, for the 1-year period ended October 31, 2025, despite high uncertainty around global growth and trade policy.

Our outlook for EM economies remains constructive on the back of several factors including a high EM-DM growth differential, favorable demographic trends in EM, a potentially weaker US dollar and structural shifts in global trade dynamics towards a multi-polar world. EM fiscal accounts remain well-positioned compared to many major Developed Markets (DM), default rates are comparable to global peers over the longer term, and EM corporates have better leverage metrics vs. DM peers across every ratings category. While policy surprises, especially in the U.S., could well spark new episodes of likely brief financial stress, we foresee continued resilience in countries with strong domestic fundamentals, especially for those with prudent economic policies.

# Fund Performance
![Growth of 10K Chart](g935143g62m80.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I-3** | **JPMorgan EMBI Global Diversified Index** |
| **08/26/2025** | $10000 | $10000 |
| **08/31/2025** | $10010 | $10033 |
| **09/30/2025** | $10201 | $10212 |
| **10/31/2025** | $10403 | $10429 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | |
|:---|:---|
| Name | *Since Inception 8/26/25* |
| Class I-3 | 4.03% |
| JPMorgan EMBI Global Diversified Index | 4.14% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$3,669,977,537

* # of Portfolio Holdings276

* Portfolio Turnover Rate67%

* Total Advisory Fees Paid - Net$23,491,974

# What did the Fund invest in?
Sector Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Government | 62.9% |
| Energy | 13.0% |
| Basic Materials | 6.3% |
| Utilities | 5.6% |
| Short-Term Investments | 5.0% |
| Financial | 4.3% |
| Industrial | 1.6% |
| Communications | 0.5% |
| Other<sup>Footnote Reference\*</sup> | 0.5% |
| Other Assets in Excess of Liabilities | 0.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's 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 | 1.3% |
| Senegal Government International Bonds, 7.75%, due 06/10/31 | 1.3% |
| Ecopetrol SA, 8.38%, due 01/19/36 | 1.2% |
| Ivory Coast Government International Bonds, 8.08%, due 04/01/36 | 1.2% |
| Romania Government International Bonds, 7.13%, due 01/17/33 | 1.2% |
| Argentina Republic Government International Bonds, 3.50%, due 07/09/41 | 1.1% |
| OCP SA, 7.50%, due 05/02/54 | 1.1% |
| Gabon Government International Bonds, 6.63%, due 02/06/31 | 1.1% |
| Saudi Arabian Oil Co., 5.25%, due 07/17/34 | 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).

![Image](g935143g96u64.jpg)

# 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)

TCW Emerging Markets Income Fund

Annual Shareholder Report — October 31, 2025

Class I-3: TGEZX

TSR TGEZX-1025

TCW Emerging Markets Income Fund

![Image](g935143g96u64.jpg)

Class I: TGEIX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Emerging Markets Income Fund for the period of November 1, 2024 to October 31, 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 year?
(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 | $91 | 0.85% |

---

# How did the Fund perform last year and what affected its performance?
For the year ended October 31, 2025, the TCW Emerging Markets Income Fund (the "Fund") returned 13.58%, 13.42% and 13.66%, net of fees on its I Class, N Class and P Class shares, respectively. Performance of the Fund's classes varies because of differing expenses. The Fund's benchmark, the JPMorgan EMBI Global Diversified Index ("EMBI GD"), returned 12.76% over the same period. Relative outperformance for the one-year period was driven by security selection as well as overweight positioning to high yield. From a country perspective, the Fund's exposure to Lebanon, Ukraine, Venezuela, Ecuador, Sri Lanka and Egypt were among the larger drivers of relative outperformance. Underweight positioning in select investment grade sovereigns, including Qatar and Malaysia, and security selection in Nigeria and Saudi Arabia also contributed to relative performance.

Emerging Markets (EM) fixed income remained resilient, with sovereign and corporate dollar debt returning 12.76% and 8.01%, respectively, for the 1-year period ended October 31, 2025, despite high uncertainty around global growth and trade policy.

Our outlook for EM economies remains constructive on the back of several factors including a high EM-DM growth differential, favorable demographic trends in EM, a potentially weaker US dollar and structural shifts in global trade dynamics towards a multi-polar world. EM fiscal accounts remain well-positioned compared to many major Developed Markets (DM), default rates are comparable to global peers over the longer term, and EM corporates have better leverage metrics vs. DM peers across every ratings category. While policy surprises, especially in the U.S., could well spark new episodes of likely brief financial stress, we foresee continued resilience in countries with strong domestic fundamentals, especially for those with prudent economic policies.

# Fund Performance
![Growth of 10K Chart](g935143g66m25.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **JPMorgan EMBI Global Diversified Index** |
| **10/2015** | $10000 | $10000 |
| **11/2015** | $9987 | $9994 |
| **12/2015** | $9814 | $9855 |
| **01/2016** | $9735 | $9837 |
| **02/2016** | $9907 | $10025 |
| **03/2016** | $10264 | $10352 |
| **04/2016** | $10544 | $10535 |
| **05/2016** | $10548 | $10516 |
| **06/2016** | $10940 | $10871 |
| **07/2016** | $11153 | $11067 |
| **08/2016** | $11407 | $11265 |
| **09/2016** | $11499 | $11310 |
| **10/2016** | $11429 | $11170 |
| **11/2016** | $11004 | $10713 |
| **12/2016** | $11210 | $10856 |
| **01/2017** | $11412 | $11012 |
| **02/2017** | $11685 | $11233 |
| **03/2017** | $11735 | $11275 |
| **04/2017** | $11940 | $11443 |
| **05/2017** | $11976 | $11544 |
| **06/2017** | $11914 | $11528 |
| **07/2017** | $12065 | $11625 |
| **08/2017** | $12303 | $11830 |
| **09/2017** | $12327 | $11832 |
| **10/2017** | $12337 | $11876 |
| **11/2017** | $12355 | $11882 |
| **12/2017** | $12488 | $11969 |
| **01/2018** | $12569 | $11964 |
| **02/2018** | $12339 | $11726 |
| **03/2018** | $12326 | $11760 |
| **04/2018** | $12163 | $11589 |
| **05/2018** | $11950 | $11480 |
| **06/2018** | $11747 | $11343 |
| **07/2018** | $12093 | $11633 |
| **08/2018** | $11751 | $11432 |
| **09/2018** | $12008 | $11605 |
| **10/2018** | $11739 | $11355 |
| **11/2018** | $11606 | $11306 |
| **12/2018** | $11718 | $11459 |
| **01/2019** | $12330 | $11965 |
| **02/2019** | $12489 | $12084 |
| **03/2019** | $12618 | $12256 |
| **04/2019** | $12673 | $12286 |
| **05/2019** | $12604 | $12336 |
| **06/2019** | $13145 | $12755 |
| **07/2019** | $13313 | $12910 |
| **08/2019** | $13197 | $13006 |
| **09/2019** | $13176 | $12947 |
| **10/2019** | $13281 | $12984 |
| **11/2019** | $13171 | $12922 |
| **12/2019** | $13574 | $13182 |
| **01/2020** | $13770 | $13383 |
| **02/2020** | $13499 | $13253 |
| **03/2020** | $10964 | $11418 |
| **04/2020** | $11312 | $11674 |
| **05/2020** | $12167 | $12383 |
| **06/2020** | $12733 | $12818 |
| **07/2020** | $13313 | $13294 |
| **08/2020** | $13471 | $13362 |
| **09/2020** | $13173 | $13115 |
| **10/2020** | $13190 | $13111 |
| **11/2020** | $13910 | $13617 |
| **12/2020** | $14270 | $13875 |
| **01/2021** | $14094 | $13724 |
| **02/2021** | $13778 | $13374 |
| **03/2021** | $13562 | $13245 |
| **04/2021** | $13889 | $13539 |
| **05/2021** | $14029 | $13682 |
| **06/2021** | $14085 | $13783 |
| **07/2021** | $14086 | $13840 |
| **08/2021** | $14225 | $13976 |
| **09/2021** | $13793 | $13686 |
| **10/2021** | $13723 | $13690 |
| **11/2021** | $13303 | $13438 |
| **12/2021** | $13546 | $13626 |
| **01/2022** | $13191 | $13238 |
| **02/2022** | $12516 | $12372 |
| **03/2022** | $12544 | $12260 |
| **04/2022** | $11807 | $11575 |
| **05/2022** | $11833 | $11578 |
| **06/2022** | $10984 | $10859 |
| **07/2022** | $11336 | $11173 |
| **08/2022** | $11203 | $11067 |
| **09/2022** | $10341 | $10363 |
| **10/2022** | $10365 | $10379 |
| **11/2022** | $11161 | $11166 |
| **12/2022** | $11171 | $11203 |
| **01/2023** | $11593 | $11558 |
| **02/2023** | $11330 | $11303 |
| **03/2023** | $11400 | $11411 |
| **04/2023** | $11471 | $11472 |
| **05/2023** | $11335 | $11406 |
| **06/2023** | $11595 | $11661 |
| **07/2023** | $11858 | $11884 |
| **08/2023** | $11625 | $11705 |
| **09/2023** | $11353 | $11401 |
| **10/2023** | $11269 | $11246 |
| **11/2023** | $11922 | $11883 |
| **12/2023** | $12522 | $12445 |
| **01/2024** | $12383 | $12318 |
| **02/2024** | $12519 | $12439 |
| **03/2024** | $12813 | $12699 |
| **04/2024** | $12594 | $12435 |
| **05/2024** | $12832 | $12659 |
| **06/2024** | $12871 | $12737 |
| **07/2024** | $13131 | $12975 |
| **08/2024** | $13394 | $13276 |
| **09/2024** | $13699 | $13521 |
| **10/2024** | $13441 | $13289 |
| **11/2024** | $13631 | $13447 |
| **12/2024** | $13438 | $13259 |
| **01/2025** | $13715 | $13449 |
| **02/2025** | $13951 | $13660 |
| **03/2025** | $13748 | $13556 |
| **04/2025** | $13648 | $13526 |
| **05/2025** | $13866 | $13677 |
| **06/2025** | $14192 | $14007 |
| **07/2025** | $14457 | $14185 |
| **08/2025** | $14681 | $14416 |
| **09/2025** | $14973 | $14672 |
| **10/2025** | $15267 | $14985 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class I | 13.58% | 2.97% | 4.32% |
| JPMorgan EMBI Global Diversified Index | 12.76% | 2.71% | 4.13% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$3,669,977,537

* # of Portfolio Holdings276

* Portfolio Turnover Rate67%

* Total Advisory Fees Paid - Net$23,491,974

# What did the Fund invest in?
Sector Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Government | 62.9% |
| Energy | 13.0% |
| Basic Materials | 6.3% |
| Utilities | 5.6% |
| Short-Term Investments | 5.0% |
| Financial | 4.3% |
| Industrial | 1.6% |
| Communications | 0.5% |
| Other<sup>Footnote Reference\*</sup> | 0.5% |
| Other Assets in Excess of Liabilities | 0.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's 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 | 1.3% |
| Senegal Government International Bonds, 7.75%, due 06/10/31 | 1.3% |
| Ecopetrol SA, 8.38%, due 01/19/36 | 1.2% |
| Ivory Coast Government International Bonds, 8.08%, due 04/01/36 | 1.2% |
| Romania Government International Bonds, 7.13%, due 01/17/33 | 1.2% |
| Argentina Republic Government International Bonds, 3.50%, due 07/09/41 | 1.1% |
| OCP SA, 7.50%, due 05/02/54 | 1.1% |
| Gabon Government International Bonds, 6.63%, due 02/06/31 | 1.1% |
| Saudi Arabian Oil Co., 5.25%, due 07/17/34 | 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).

![Image](g935143g96u64.jpg)

# 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)

TCW Emerging Markets Income Fund

Annual Shareholder Report — October 31, 2025

Class I: TGEIX

TSR TGEIX-1025

TCW Emerging Markets Income Fund

![Image](g935143g96u64.jpg)

Class N: TGINX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Emerging Markets Income Fund for the period of November 1, 2024 to October 31, 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 year?
(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 | $101 | 0.95% |

---

# How did the Fund perform last year and what affected its performance?
For the year ended October 31, 2025, the TCW Emerging Markets Income Fund (the "Fund") returned 13.58%, 13.42% and 13.66%, net of fees on its I Class, N Class and P Class shares, respectively. Performance of the Fund's classes varies because of differing expenses. The Fund's benchmark, the JPMorgan EMBI Global Diversified Index ("EMBI GD"), returned 12.76% over the same period. Relative outperformance for the one-year period was driven by security selection as well as overweight positioning to high yield. From a country perspective, the Fund's exposure to Lebanon, Ukraine, Venezuela, Ecuador, Sri Lanka and Egypt were among the larger drivers of relative outperformance. Underweight positioning in select investment grade sovereigns, including Qatar and Malaysia, and security selection in Nigeria and Saudi Arabia also contributed to relative performance.

Emerging Markets (EM) fixed income remained resilient, with sovereign and corporate dollar debt returning 12.76% and 8.01%, respectively, for the 1-year period ended October 31, 2025, despite high uncertainty around global growth and trade policy.

Our outlook for EM economies remains constructive on the back of several factors including a high EM-DM growth differential, favorable demographic trends in EM, a potentially weaker US dollar and structural shifts in global trade dynamics towards a multi-polar world. EM fiscal accounts remain well-positioned compared to many major Developed Markets (DM), default rates are comparable to global peers over the longer term, and EM corporates have better leverage metrics vs. DM peers across every ratings category. While policy surprises, especially in the U.S., could well spark new episodes of likely brief financial stress, we foresee continued resilience in countries with strong domestic fundamentals, especially for those with prudent economic policies.

# Fund Performance
![Growth of 10K Chart](g935143g73h46.jpg)

---

| | | |
|:---|:---|:---|
| | **Class N** | **JPMorgan EMBI Global Diversified Index** |
| **10/2015** | $10000 | $10000 |
| **11/2015** | $9980 | $9994 |
| **12/2015** | $9802 | $9855 |
| **01/2016** | $9727 | $9837 |
| **02/2016** | $9897 | $10025 |
| **03/2016** | $10253 | $10352 |
| **04/2016** | $10527 | $10535 |
| **05/2016** | $10527 | $10516 |
| **06/2016** | $10922 | $10871 |
| **07/2016** | $11127 | $11067 |
| **08/2016** | $11374 | $11265 |
| **09/2016** | $11465 | $11310 |
| **10/2016** | $11398 | $11170 |
| **11/2016** | $10962 | $10713 |
| **12/2016** | $11173 | $10856 |
| **01/2017** | $11361 | $11012 |
| **02/2017** | $11635 | $11233 |
| **03/2017** | $11683 | $11275 |
| **04/2017** | $11884 | $11443 |
| **05/2017** | $11922 | $11544 |
| **06/2017** | $11862 | $11528 |
| **07/2017** | $11999 | $11625 |
| **08/2017** | $12237 | $11830 |
| **09/2017** | $12255 | $11832 |
| **10/2017** | $12272 | $11876 |
| **11/2017** | $12285 | $11882 |
| **12/2017** | $12417 | $11969 |
| **01/2018** | $12487 | $11964 |
| **02/2018** | $12262 | $11726 |
| **03/2018** | $12237 | $11760 |
| **04/2018** | $12074 | $11589 |
| **05/2018** | $11871 | $11480 |
| **06/2018** | $11661 | $11343 |
| **07/2018** | $12001 | $11633 |
| **08/2018** | $11661 | $11432 |
| **09/2018** | $11922 | $11605 |
| **10/2018** | $11639 | $11355 |
| **11/2018** | $11517 | $11306 |
| **12/2018** | $11624 | $11459 |
| **01/2019** | $12220 | $11965 |
| **02/2019** | $12386 | $12084 |
| **03/2019** | $12495 | $12256 |
| **04/2019** | $12547 | $12286 |
| **05/2019** | $12492 | $12336 |
| **06/2019** | $13013 | $12755 |
| **07/2019** | $13189 | $12910 |
| **08/2019** | $13062 | $13006 |
| **09/2019** | $13043 | $12947 |
| **10/2019** | $13134 | $12984 |
| **11/2019** | $13033 | $12922 |
| **12/2019** | $13425 | $13182 |
| **01/2020** | $13622 | $13383 |
| **02/2020** | $13348 | $13253 |
| **03/2020** | $10848 | $11418 |
| **04/2020** | $11184 | $11674 |
| **05/2020** | $12035 | $12383 |
| **06/2020** | $12589 | $12818 |
| **07/2020** | $13165 | $13294 |
| **08/2020** | $13318 | $13362 |
| **09/2020** | $13022 | $13115 |
| **10/2020** | $13043 | $13111 |
| **11/2020** | $13757 | $13617 |
| **12/2020** | $14109 | $13875 |
| **01/2021** | $13934 | $13724 |
| **02/2021** | $13613 | $13374 |
| **03/2021** | $13406 | $13245 |
| **04/2021** | $13732 | $13539 |
| **05/2021** | $13863 | $13682 |
| **06/2021** | $13917 | $13783 |
| **07/2021** | $13915 | $13840 |
| **08/2021** | $14058 | $13976 |
| **09/2021** | $13632 | $13686 |
| **10/2021** | $13561 | $13690 |
| **11/2021** | $13142 | $13438 |
| **12/2021** | $13392 | $13626 |
| **01/2022** | $13022 | $13238 |
| **02/2022** | $12366 | $12372 |
| **03/2022** | $12384 | $12260 |
| **04/2022** | $11652 | $11575 |
| **05/2022** | $11680 | $11578 |
| **06/2022** | $10848 | $10859 |
| **07/2022** | $11195 | $11173 |
| **08/2022** | $11047 | $11067 |
| **09/2022** | $10203 | $10363 |
| **10/2022** | $10230 | $10379 |
| **11/2022** | $11001 | $11166 |
| **12/2022** | $11018 | $11203 |
| **01/2023** | $11436 | $11558 |
| **02/2023** | $11188 | $11303 |
| **03/2023** | $11239 | $11411 |
| **04/2023** | $11318 | $11472 |
| **05/2023** | $11181 | $11406 |
| **06/2023** | $11435 | $11661 |
| **07/2023** | $11689 | $11884 |
| **08/2023** | $11464 | $11705 |
| **09/2023** | $11194 | $11401 |
| **10/2023** | $11097 | $11246 |
| **11/2023** | $11739 | $11883 |
| **12/2023** | $12342 | $12445 |
| **01/2024** | $12203 | $12318 |
| **02/2024** | $12348 | $12439 |
| **03/2024** | $12630 | $12699 |
| **04/2024** | $12414 | $12435 |
| **05/2024** | $12637 | $12659 |
| **06/2024** | $12679 | $12737 |
| **07/2024** | $12936 | $12975 |
| **08/2024** | $13195 | $13276 |
| **09/2024** | $13486 | $13521 |
| **10/2024** | $13242 | $13289 |
| **11/2024** | $13416 | $13447 |
| **12/2024** | $13234 | $13259 |
| **01/2025** | $13506 | $13449 |
| **02/2025** | $13733 | $13660 |
| **03/2025** | $13543 | $13556 |
| **04/2025** | $13432 | $13526 |
| **05/2025** | $13645 | $13677 |
| **06/2025** | $13973 | $14007 |
| **07/2025** | $14223 | $14185 |
| **08/2025** | $14458 | $14416 |
| **09/2025** | $14729 | $14672 |
| **10/2025** | $15018 | $14985 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class N | 13.42% | 2.86% | 4.15% |
| JPMorgan EMBI Global Diversified Index | 12.76% | 2.71% | 4.13% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$3,669,977,537

* # of Portfolio Holdings276

* Portfolio Turnover Rate67%

* Total Advisory Fees Paid - Net$23,491,974

# What did the Fund invest in?
Sector Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Government | 62.9% |
| Energy | 13.0% |
| Basic Materials | 6.3% |
| Utilities | 5.6% |
| Short-Term Investments | 5.0% |
| Financial | 4.3% |
| Industrial | 1.6% |
| Communications | 0.5% |
| Other<sup>Footnote Reference\*</sup> | 0.5% |
| Other Assets in Excess of Liabilities | 0.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's 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 | 1.3% |
| Senegal Government International Bonds, 7.75%, due 06/10/31 | 1.3% |
| Ecopetrol SA, 8.38%, due 01/19/36 | 1.2% |
| Ivory Coast Government International Bonds, 8.08%, due 04/01/36 | 1.2% |
| Romania Government International Bonds, 7.13%, due 01/17/33 | 1.2% |
| Argentina Republic Government International Bonds, 3.50%, due 07/09/41 | 1.1% |
| OCP SA, 7.50%, due 05/02/54 | 1.1% |
| Gabon Government International Bonds, 6.63%, due 02/06/31 | 1.1% |
| Saudi Arabian Oil Co., 5.25%, due 07/17/34 | 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).

![Image](g935143g96u64.jpg)

# 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)

TCW Emerging Markets Income Fund

Annual Shareholder Report — October 31, 2025

Class N: TGINX

TSR TGINX-1025

TCW Emerging Markets Income Fund

![Image](g935143g96u64.jpg)

Plan Class: TGEPX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Emerging Markets Income Fund for the period of November 1, 2024 to October 31, 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 year?
(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 |
| Plan Class | $82 | 0.77% |

---

# How did the Fund perform last year and what affected its performance?
For the year ended October 31, 2025, the TCW Emerging Markets Income Fund (the "Fund") returned 13.58%, 13.42% and 13.66%, net of fees on its I Class, N Class and P Class shares, respectively. Performance of the Fund's classes varies because of differing expenses. The Fund's benchmark, the JPMorgan EMBI Global Diversified Index ("EMBI GD"), returned 12.76% over the same period. Relative outperformance for the one-year period was driven by security selection as well as overweight positioning to high yield. From a country perspective, the Fund's exposure to Lebanon, Ukraine, Venezuela, Ecuador, Sri Lanka and Egypt were among the larger drivers of relative outperformance. Underweight positioning in select investment grade sovereigns, including Qatar and Malaysia, and security selection in Nigeria and Saudi Arabia also contributed to relative performance.

Emerging Markets (EM) fixed income remained resilient, with sovereign and corporate dollar debt returning 12.76% and 8.01%, respectively, for the 1-year period ended October 31, 2025, despite high uncertainty around global growth and trade policy.

Our outlook for EM economies remains constructive on the back of several factors including a high EM-DM growth differential, favorable demographic trends in EM, a potentially weaker US dollar and structural shifts in global trade dynamics towards a multi-polar world. EM fiscal accounts remain well-positioned compared to many major Developed Markets (DM), default rates are comparable to global peers over the longer term, and EM corporates have better leverage metrics vs. DM peers across every ratings category. While policy surprises, especially in the U.S., could well spark new episodes of likely brief financial stress, we foresee continued resilience in countries with strong domestic fundamentals, especially for those with prudent economic policies.

# Fund Performance
![Growth of 10K Chart](g935143g88o19.jpg)

---

| | | |
|:---|:---|:---|
| | **Plan Class** | **JPMorgan EMBI Global Diversified Index** |
| **02/2020** | $10000 | $10000 |
| **03/2020** | $8129 | $8615 |
| **04/2020** | $8363 | $8809 |
| **05/2020** | $8995 | $9343 |
| **06/2020** | $9401 | $9672 |
| **07/2020** | $9818 | $10031 |
| **08/2020** | $9935 | $10082 |
| **09/2020** | $9716 | $9895 |
| **10/2020** | $9741 | $9892 |
| **11/2020** | $10261 | $10274 |
| **12/2020** | $10528 | $10469 |
| **01/2021** | $10398 | $10355 |
| **02/2021** | $10166 | $10091 |
| **03/2021** | $10007 | $9994 |
| **04/2021** | $10261 | $10215 |
| **05/2021** | $10353 | $10324 |
| **06/2021** | $10395 | $10399 |
| **07/2021** | $10396 | $10443 |
| **08/2021** | $10513 | $10545 |
| **09/2021** | $10194 | $10327 |
| **10/2021** | $10143 | $10329 |
| **11/2021** | $9833 | $10139 |
| **12/2021** | $10013 | $10281 |
| **01/2022** | $9739 | $9989 |
| **02/2022** | $9253 | $9335 |
| **03/2022** | $9275 | $9251 |
| **04/2022** | $8717 | $8734 |
| **05/2022** | $8750 | $8736 |
| **06/2022** | $8110 | $8193 |
| **07/2022** | $8384 | $8430 |
| **08/2022** | $8272 | $8350 |
| **09/2022** | $7635 | $7819 |
| **10/2022** | $7667 | $7831 |
| **11/2022** | $8242 | $8425 |
| **12/2022** | $8264 | $8453 |
| **01/2023** | $8577 | $8721 |
| **02/2023** | $8383 | $8528 |
| **03/2023** | $8421 | $8610 |
| **04/2023** | $8488 | $8656 |
| **05/2023** | $8388 | $8606 |
| **06/2023** | $8582 | $8798 |
| **07/2023** | $8762 | $8967 |
| **08/2023** | $8605 | $8832 |
| **09/2023** | $8404 | $8602 |
| **10/2023** | $8328 | $8485 |
| **11/2023** | $8812 | $8966 |
| **12/2023** | $9257 | $9390 |
| **01/2024** | $9155 | $9294 |
| **02/2024** | $9270 | $9385 |
| **03/2024** | $9489 | $9581 |
| **04/2024** | $9327 | $9383 |
| **05/2024** | $9489 | $9552 |
| **06/2024** | $9518 | $9610 |
| **07/2024** | $9711 | $9790 |
| **08/2024** | $9921 | $10017 |
| **09/2024** | $10133 | $10202 |
| **10/2024** | $9958 | $10027 |
| **11/2024** | $10084 | $10146 |
| **12/2024** | $9957 | $10004 |
| **01/2025** | $10163 | $10148 |
| **02/2025** | $10323 | $10307 |
| **03/2025** | $10188 | $10229 |
| **04/2025** | $10099 | $10206 |
| **05/2025** | $10276 | $10320 |
| **06/2025** | $10519 | $10569 |
| **07/2025** | $10700 | $10703 |
| **08/2025** | $10883 | $10877 |
| **09/2025** | $11084 | $11071 |
| **10/2025** | $11318 | $11306 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *Since Inception 2/28/20* |
| Plan Class | 13.66% | 3.05% | 2.21% |
| JPMorgan EMBI Global Diversified Index | 12.76% | 2.71% | 2.08% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$3,669,977,537

* # of Portfolio Holdings276

* Portfolio Turnover Rate67%

* Total Advisory Fees Paid - Net$23,491,974

# What did the Fund invest in?
Sector Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Government | 62.9% |
| Energy | 13.0% |
| Basic Materials | 6.3% |
| Utilities | 5.6% |
| Short-Term Investments | 5.0% |
| Financial | 4.3% |
| Industrial | 1.6% |
| Communications | 0.5% |
| Other<sup>Footnote Reference\*</sup> | 0.5% |
| Other Assets in Excess of Liabilities | 0.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's 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 | 1.3% |
| Senegal Government International Bonds, 7.75%, due 06/10/31 | 1.3% |
| Ecopetrol SA, 8.38%, due 01/19/36 | 1.2% |
| Ivory Coast Government International Bonds, 8.08%, due 04/01/36 | 1.2% |
| Romania Government International Bonds, 7.13%, due 01/17/33 | 1.2% |
| Argentina Republic Government International Bonds, 3.50%, due 07/09/41 | 1.1% |
| OCP SA, 7.50%, due 05/02/54 | 1.1% |
| Gabon Government International Bonds, 6.63%, due 02/06/31 | 1.1% |
| Saudi Arabian Oil Co., 5.25%, due 07/17/34 | 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).

![Image](g935143g96u64.jpg)

# 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)

TCW Emerging Markets Income Fund

Annual Shareholder Report — October 31, 2025

Plan Class: TGEPX

TSR TGEPX-1025

TCW Emerging Markets Local Currency Income Fund

![Image](g935143g96u64.jpg)

Class I: TGWIX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Emerging Markets Local Currency Income Fund for the period of November 1, 2024 to October 31, 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 year?
(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 | $91 | 0.85% |

---

# How did the Fund perform last year and what affected its performance?
For the year ended October 31, 2025, the TCW Emerging Markets Local Currency Income Fund (the "Fund") returned 14.71% and 14.72% net of fees on its I Class and N Class shares, respectively. Performance of the Fund's classes varies because of differing expenses. The Fund's benchmark, the JP Morgan GBI-EM Global Diversified Index ("GBI-EM GD"), returned 13.06% over the same period. Relative outperformance was primarily driven by off-index exposure in select frontier markets including Nigeria and Egypt, exhibiting high carry, FX stability, and strong investor interest. Overweight positioning in Brazil and South Africa and security selection in Turkey also contributed to relative performance for the period. Emerging Markets (EM) local currency debt returned 13.06% for the 1-year period ended October 31, 2025 as the US dollar weakened (DXY -4.0%) during the same period.

We are constructive on EM local currency and continue to focus on idiosyncratic opportunities. We anticipate EMFX currencies to appreciate vs. the US dollar over the next 12 months given the potential for a meaningful easing bias and slowing growth in the U.S. over the near to medium term. Additionally, the external environment should allow EM central banks, in markets with high real rates, to ease domestic interest rates to support growth.

# Fund Performance
![Growth of 10K Chart](g935143g21n45.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **JPMorgan GBI-EM Global Diversified Index** |
| **10/2015** | $10000 | $10000 |
| **11/2015** | $9731 | $9784 |
| **12/2015** | $9474 | $9566 |
| **01/2016** | $9450 | $9599 |
| **02/2016** | $9584 | $9738 |
| **03/2016** | $10428 | $10619 |
| **04/2016** | $10746 | $10893 |
| **05/2016** | $10196 | $10300 |
| **06/2016** | $10819 | $10907 |
| **07/2016** | $10917 | $10972 |
| **08/2016** | $10954 | $10977 |
| **09/2016** | $11198 | $11199 |
| **10/2016** | $11161 | $11104 |
| **11/2016** | $10355 | $10323 |
| **12/2016** | $10623 | $10517 |
| **01/2017** | $10880 | $10754 |
| **02/2017** | $11149 | $10947 |
| **03/2017** | $11396 | $11200 |
| **04/2017** | $11509 | $11331 |
| **05/2017** | $11678 | $11553 |
| **06/2017** | $11759 | $11606 |
| **07/2017** | $12025 | $11847 |
| **08/2017** | $12244 | $12059 |
| **09/2017** | $12219 | $12019 |
| **10/2017** | $11868 | $11680 |
| **11/2017** | $12100 | $11877 |
| **12/2017** | $12352 | $12117 |
| **01/2018** | $12926 | $12659 |
| **02/2018** | $12769 | $12527 |
| **03/2018** | $12874 | $12655 |
| **04/2018** | $12423 | $12281 |
| **05/2018** | $11808 | $11670 |
| **06/2018** | $11446 | $11336 |
| **07/2018** | $11661 | $11551 |
| **08/2018** | $10922 | $10848 |
| **09/2018** | $11204 | $11129 |
| **10/2018** | $10949 | $10911 |
| **11/2018** | $11244 | $11218 |
| **12/2018** | $11337 | $11364 |
| **01/2019** | $11950 | $11984 |
| **02/2019** | $11855 | $11853 |
| **03/2019** | $11636 | $11696 |
| **04/2019** | $11636 | $11675 |
| **05/2019** | $11650 | $11710 |
| **06/2019** | $12318 | $12355 |
| **07/2019** | $12428 | $12470 |
| **08/2019** | $11977 | $12140 |
| **09/2019** | $12155 | $12257 |
| **10/2019** | $12509 | $12612 |
| **11/2019** | $12277 | $12383 |
| **12/2019** | $12799 | $12895 |
| **01/2020** | $12599 | $12729 |
| **02/2020** | $12156 | $12295 |
| **03/2020** | $10621 | $10933 |
| **04/2020** | $11077 | $11362 |
| **05/2020** | $11714 | $11950 |
| **06/2020** | $11741 | $12007 |
| **07/2020** | $12101 | $12369 |
| **08/2020** | $12059 | $12329 |
| **09/2020** | $11769 | $12080 |
| **10/2020** | $11852 | $12131 |
| **11/2020** | $12530 | $12797 |
| **12/2020** | $13027 | $13242 |
| **01/2021** | $12852 | $13100 |
| **02/2021** | $12524 | $12749 |
| **03/2021** | $12137 | $12358 |
| **04/2021** | $12405 | $12637 |
| **05/2021** | $12702 | $12953 |
| **06/2021** | $12565 | $12795 |
| **07/2021** | $12484 | $12741 |
| **08/2021** | $12599 | $12839 |
| **09/2021** | $12151 | $12398 |
| **10/2021** | $12011 | $12234 |
| **11/2021** | $11643 | $11899 |
| **12/2021** | $11814 | $12084 |
| **01/2022** | $11800 | $12083 |
| **02/2022** | $11312 | $11479 |
| **03/2022** | $11094 | $11303 |
| **04/2022** | $10422 | $10622 |
| **05/2022** | $10617 | $10809 |
| **06/2022** | $10101 | $10328 |
| **07/2022** | $10078 | $10358 |
| **08/2022** | $10070 | $10344 |
| **09/2022** | $9579 | $9840 |
| **10/2022** | $9540 | $9753 |
| **11/2022** | $10148 | $10446 |
| **12/2022** | $10361 | $10672 |
| **01/2023** | $10826 | $11130 |
| **02/2023** | $10434 | $10778 |
| **03/2023** | $10885 | $11223 |
| **04/2023** | $11012 | $11319 |
| **05/2023** | $10797 | $11141 |
| **06/2023** | $11210 | $11504 |
| **07/2023** | $11550 | $11835 |
| **08/2023** | $11184 | $11517 |
| **09/2023** | $10729 | $11129 |
| **10/2023** | $10677 | $11070 |
| **11/2023** | $11293 | $11654 |
| **12/2023** | $11730 | $12027 |
| **01/2024** | $11555 | $11844 |
| **02/2024** | $11441 | $11776 |
| **03/2024** | $11447 | $11773 |
| **04/2024** | $11187 | $11521 |
| **05/2024** | $11396 | $11707 |
| **06/2024** | $11228 | $11581 |
| **07/2024** | $11453 | $11844 |
| **08/2024** | $11795 | $12208 |
| **09/2024** | $12236 | $12622 |
| **10/2024** | $11574 | $12040 |
| **11/2024** | $11551 | $11972 |
| **12/2024** | $11301 | $11741 |
| **01/2025** | $11570 | $11982 |
| **02/2025** | $11645 | $12061 |
| **03/2025** | $11737 | $12247 |
| **04/2025** | $12160 | $12645 |
| **05/2025** | $12371 | $12823 |
| **06/2025** | $12817 | $13181 |
| **07/2025** | $12664 | $13082 |
| **08/2025** | $12998 | $13364 |
| **09/2025** | $13210 | $13550 |
| **10/2025** | $13276 | $13613 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class I | 14.71% | 2.30% | 2.87% |
| JPMorgan GBI-EM Global Diversified Index | 13.06% | 2.33% | 3.13% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$54,982,183

* # of Portfolio Holdings106

* Portfolio Turnover Rate135%

* Total Advisory Fees Paid - Net$179,837

# What did the Fund invest in?
Country Composition (as a % of Net Assets)

---

| | |
|:---|:---|
| Short-Term Investments | 13.9% |
| Brazil | 11.2% |
| India | 9.4% |
| South Africa | 9.0% |
| Malaysia | 7.6% |
| Mexico | 7.0% |
| Poland | 5.8% |
| Thailand | 5.5% |
| Turkey | 4.8% |
| Other<sup>Footnote Reference\*</sup> | 23.4% |
| Other Assets in Excess of Liabilities | 2.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's 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)

---

| | |
|:---|:---|
| China Government Bonds, 2.57%, due 05/20/54 | 4.2% |
| Brazil Notas do Tesouro Nacional, 6.00%, due 05/15/35 | 4.1% |
| Brazil Notas do Tesouro Nacional, 10.00%, due 01/01/29 | 3.8% |
| Turkiye Government Bonds, 37.84%, due 07/14/27 | 3.6% |
| India Government Bonds, 7.18%, due 08/14/33 | 3.4% |
| Brazil Notas do Tesouro Nacional, 10.00%, due 01/01/31 | 3.3% |
| Indonesia Treasury Bonds, 6.88%, due 07/15/54 | 3.1% |
| Thailand Government Bonds, 3.45%, due 06/17/43 | 2.8% |
| India Government Bonds, 7.10%, due 04/08/34 | 2.7% |
| Republic of Poland Government Bonds, 5.00%, due 10/25/34 | 2.4% |

---

# 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).

![Image](g935143g96u64.jpg)

# 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)

TCW Emerging Markets Local Currency Income Fund

Annual Shareholder Report — October 31, 2025

Class I: TGWIX

TSR TGWIX-1025

TCW Emerging Markets Local Currency Income Fund

![Image](g935143g96u64.jpg)

Class N: TGWNX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Emerging Markets Local Currency Income Fund for the period of November 1, 2024 to October 31, 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 year?
(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 | $97 | 0.90% |

---

# How did the Fund perform last year and what affected its performance?
For the year ended October 31, 2025, the TCW Emerging Markets Local Currency Income Fund (the "Fund") returned 14.71% and 14.72% net of fees on its I Class and N Class shares, respectively. Performance of the Fund's classes varies because of differing expenses. The Fund's benchmark, the JP Morgan GBI-EM Global Diversified Index ("GBI-EM GD"), returned 13.06% over the same period. Relative outperformance was primarily driven by off-index exposure in select frontier markets including Nigeria and Egypt, exhibiting high carry, FX stability, and strong investor interest. Overweight positioning in Brazil and South Africa and security selection in Turkey also contributed to relative performance for the period. Emerging Markets (EM) local currency debt returned 13.06% for the 1-year period ended October 31, 2025 as the US dollar weakened (DXY -4.0%) during the same period.

We are constructive on EM local currency and continue to focus on idiosyncratic opportunities. We anticipate EMFX currencies to appreciate vs. the US dollar over the next 12 months given the potential for a meaningful easing bias and slowing growth in the U.S. over the near to medium term. Additionally, the external environment should allow EM central banks, in markets with high real rates, to ease domestic interest rates to support growth.

# Fund Performance
![Growth of 10K Chart](g935143g92u18.jpg)

---

| | | |
|:---|:---|:---|
| | **Class N** | **JPMorgan GBI-EM Global Diversified Index** |
| **10/2015** | $10000 | $10000 |
| **11/2015** | $9731 | $9784 |
| **12/2015** | $9474 | $9566 |
| **01/2016** | $9449 | $9599 |
| **02/2016** | $9596 | $9738 |
| **03/2016** | $10441 | $10619 |
| **04/2016** | $10747 | $10893 |
| **05/2016** | $10196 | $10300 |
| **06/2016** | $10832 | $10907 |
| **07/2016** | $10918 | $10972 |
| **08/2016** | $10955 | $10977 |
| **09/2016** | $11200 | $11199 |
| **10/2016** | $11163 | $11104 |
| **11/2016** | $10367 | $10323 |
| **12/2016** | $10624 | $10517 |
| **01/2017** | $10881 | $10754 |
| **02/2017** | $11151 | $10947 |
| **03/2017** | $11398 | $11200 |
| **04/2017** | $11511 | $11331 |
| **05/2017** | $11680 | $11553 |
| **06/2017** | $11761 | $11606 |
| **07/2017** | $12028 | $11847 |
| **08/2017** | $12247 | $12059 |
| **09/2017** | $12222 | $12019 |
| **10/2017** | $11870 | $11680 |
| **11/2017** | $12103 | $11877 |
| **12/2017** | $12355 | $12117 |
| **01/2018** | $12930 | $12659 |
| **02/2018** | $12772 | $12527 |
| **03/2018** | $12865 | $12655 |
| **04/2018** | $12426 | $12281 |
| **05/2018** | $11811 | $11670 |
| **06/2018** | $11448 | $11336 |
| **07/2018** | $11663 | $11551 |
| **08/2018** | $10923 | $10848 |
| **09/2018** | $11206 | $11129 |
| **10/2018** | $10950 | $10911 |
| **11/2018** | $11246 | $11218 |
| **12/2018** | $11338 | $11364 |
| **01/2019** | $11952 | $11984 |
| **02/2019** | $11856 | $11853 |
| **03/2019** | $11638 | $11696 |
| **04/2019** | $11624 | $11675 |
| **05/2019** | $11651 | $11710 |
| **06/2019** | $12321 | $12355 |
| **07/2019** | $12430 | $12470 |
| **08/2019** | $11979 | $12140 |
| **09/2019** | $12143 | $12257 |
| **10/2019** | $12498 | $12612 |
| **11/2019** | $12266 | $12383 |
| **12/2019** | $12788 | $12895 |
| **01/2020** | $12586 | $12729 |
| **02/2020** | $12143 | $12295 |
| **03/2020** | $10620 | $10933 |
| **04/2020** | $11063 | $11362 |
| **05/2020** | $11700 | $11950 |
| **06/2020** | $11728 | $12007 |
| **07/2020** | $12088 | $12369 |
| **08/2020** | $12046 | $12329 |
| **09/2020** | $11756 | $12080 |
| **10/2020** | $11839 | $12131 |
| **11/2020** | $12517 | $12797 |
| **12/2020** | $13016 | $13242 |
| **01/2021** | $12826 | $13100 |
| **02/2021** | $12510 | $12749 |
| **03/2021** | $12122 | $12358 |
| **04/2021** | $12390 | $12637 |
| **05/2021** | $12687 | $12953 |
| **06/2021** | $12550 | $12795 |
| **07/2021** | $12468 | $12741 |
| **08/2021** | $12583 | $12839 |
| **09/2021** | $12133 | $12398 |
| **10/2021** | $11993 | $12234 |
| **11/2021** | $11624 | $11899 |
| **12/2021** | $11795 | $12084 |
| **01/2022** | $11781 | $12083 |
| **02/2022** | $11292 | $11479 |
| **03/2022** | $11073 | $11303 |
| **04/2022** | $10414 | $10622 |
| **05/2022** | $10595 | $10809 |
| **06/2022** | $10079 | $10328 |
| **07/2022** | $10055 | $10358 |
| **08/2022** | $10061 | $10344 |
| **09/2022** | $9554 | $9840 |
| **10/2022** | $9515 | $9753 |
| **11/2022** | $10123 | $10446 |
| **12/2022** | $10335 | $10672 |
| **01/2023** | $10800 | $11130 |
| **02/2023** | $10422 | $10778 |
| **03/2023** | $10859 | $11223 |
| **04/2023** | $10985 | $11319 |
| **05/2023** | $10769 | $11141 |
| **06/2023** | $11182 | $11504 |
| **07/2023** | $11521 | $11835 |
| **08/2023** | $11155 | $11517 |
| **09/2023** | $10699 | $11129 |
| **10/2023** | $10647 | $11070 |
| **11/2023** | $11277 | $11654 |
| **12/2023** | $11699 | $12027 |
| **01/2024** | $11523 | $11844 |
| **02/2024** | $11423 | $11776 |
| **03/2024** | $11413 | $11773 |
| **04/2024** | $11168 | $11521 |
| **05/2024** | $11361 | $11707 |
| **06/2024** | $11193 | $11581 |
| **07/2024** | $11417 | $11844 |
| **08/2024** | $11759 | $12208 |
| **09/2024** | $12198 | $12622 |
| **10/2024** | $11533 | $12040 |
| **11/2024** | $11509 | $11972 |
| **12/2024** | $11258 | $11741 |
| **01/2025** | $11526 | $11982 |
| **02/2025** | $11617 | $12061 |
| **03/2025** | $11691 | $12247 |
| **04/2025** | $12113 | $12645 |
| **05/2025** | $12340 | $12823 |
| **06/2025** | $12769 | $13181 |
| **07/2025** | $12615 | $13082 |
| **08/2025** | $12947 | $13364 |
| **09/2025** | $13164 | $13550 |
| **10/2025** | $13230 | $13613 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class N | 14.72% | 2.25% | 2.84% |
| JPMorgan GBI-EM Global Diversified Index | 13.06% | 2.33% | 3.13% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$54,982,183

* # of Portfolio Holdings106

* Portfolio Turnover Rate135%

* Total Advisory Fees Paid - Net$179,837

# What did the Fund invest in?
Country Composition (as a % of Net Assets)

---

| | |
|:---|:---|
| Short-Term Investments | 13.9% |
| Brazil | 11.2% |
| India | 9.4% |
| South Africa | 9.0% |
| Malaysia | 7.6% |
| Mexico | 7.0% |
| Poland | 5.8% |
| Thailand | 5.5% |
| Turkey | 4.8% |
| Other<sup>Footnote Reference\*</sup> | 23.4% |
| Other Assets in Excess of Liabilities | 2.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's 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)

---

| | |
|:---|:---|
| China Government Bonds, 2.57%, due 05/20/54 | 4.2% |
| Brazil Notas do Tesouro Nacional, 6.00%, due 05/15/35 | 4.1% |
| Brazil Notas do Tesouro Nacional, 10.00%, due 01/01/29 | 3.8% |
| Turkiye Government Bonds, 37.84%, due 07/14/27 | 3.6% |
| India Government Bonds, 7.18%, due 08/14/33 | 3.4% |
| Brazil Notas do Tesouro Nacional, 10.00%, due 01/01/31 | 3.3% |
| Indonesia Treasury Bonds, 6.88%, due 07/15/54 | 3.1% |
| Thailand Government Bonds, 3.45%, due 06/17/43 | 2.8% |
| India Government Bonds, 7.10%, due 04/08/34 | 2.7% |
| Republic of Poland Government Bonds, 5.00%, due 10/25/34 | 2.4% |

---

# 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).

![Image](g935143g96u64.jpg)

# 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)

TCW Emerging Markets Local Currency Income Fund

Annual Shareholder Report — October 31, 2025

Class N: TGWNX

TSR TGWNX-1025

TCW Global Bond Fund

![Image](g935143g96u64.jpg)

Class I: TGGBX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Global Bond Fund for the period of November 1, 2024 to October 31, 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 year?
(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 | $62 | 0.60% |

---

# How did the Fund perform last year and what affected its performance?
Outperformance was driven by an overweight to securitized sectors and favorable issue selection within the space. The largest contributions came from private label commercial mortgage-backed securities (MBS), namely single asset single borrower deals, which helped the Fund maintain a yield advantage relative to the Bloomberg Global Aggregate Bond Index. Additionally, off-index allocations to collateralized loan obligations (CLOs) and non-agency MBS supported returns. Meanwhile, the portfolio maintained an underweight to developed market credit due to historically tight spreads and limited downside protection, which ultimately resulted in a headwind as spreads tightened throughout the period. Nevertheless, additions made during the post-Liberation Day volatility, followed by trimming into strength, helped offset this drag. Away from sector allocations, an emphasis on the front-end of developed sovereign curves (U.S., Europe, UK) contributed amid central bank easing and expectations of further cuts, driving short yields notably lower. Alongside this decrease in yields, the duration position was reduced in the latter half of the period, most notably in the U.S., while long duration positions in Europe and New Zealand were closed out given our view that rate cutting cycles in both countries are now largely priced in. Meanwhile, a sizable contribution came from being underweight Japan duration in late 2024 and early 2025 when yields in Japan rose in sympathy with backups in European rates. Finally, currency positioning was adjusted over the period, with the Fund neutralizing its underweight to the Chinese renminbi later in the period as valuation concerns eased, while the overweight in Japanese yen was reduced in April. Both positions added modestly over the one-year period. Overweight positions in the Euro and Norwegian krone further supported performance and were trimmed throughout the period, while the overweight to the Australian dollar has been growing and additive.

# Fund Performance
![Growth of 10K Chart](g935143g09j87.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Bloomberg Global Aggregate Bond Index** |
| **10/2015** | $10000 | $10000 |
| **11/2015** | $9869 | $9834 |
| **12/2015** | $9902 | $9887 |
| **01/2016** | $9984 | $9972 |
| **02/2016** | $10129 | $10194 |
| **03/2016** | $10328 | $10470 |
| **04/2016** | $10413 | $10609 |
| **05/2016** | $10322 | $10467 |
| **06/2016** | $10535 | $10773 |
| **07/2016** | $10610 | $10854 |
| **08/2016** | $10579 | $10801 |
| **09/2016** | $10631 | $10860 |
| **10/2016** | $10403 | $10559 |
| **11/2016** | $10069 | $10140 |
| **12/2016** | $10044 | $10093 |
| **01/2017** | $10108 | $10207 |
| **02/2017** | $10150 | $10255 |
| **03/2017** | $10158 | $10271 |
| **04/2017** | $10265 | $10386 |
| **05/2017** | $10410 | $10547 |
| **06/2017** | $10418 | $10538 |
| **07/2017** | $10541 | $10715 |
| **08/2017** | $10643 | $10821 |
| **09/2017** | $10562 | $10724 |
| **10/2017** | $10514 | $10683 |
| **11/2017** | $10605 | $10802 |
| **12/2017** | $10649 | $10839 |
| **01/2018** | $10735 | $10968 |
| **02/2018** | $10616 | $10871 |
| **03/2018** | $10725 | $10987 |
| **04/2018** | $10562 | $10811 |
| **05/2018** | $10486 | $10729 |
| **06/2018** | $10431 | $10681 |
| **07/2018** | $10421 | $10663 |
| **08/2018** | $10410 | $10675 |
| **09/2018** | $10366 | $10583 |
| **10/2018** | $10247 | $10464 |
| **11/2018** | $10280 | $10497 |
| **12/2018** | $10462 | $10709 |
| **01/2019** | $10669 | $10872 |
| **02/2019** | $10614 | $10810 |
| **03/2019** | $10751 | $10945 |
| **04/2019** | $10745 | $10913 |
| **05/2019** | $10882 | $11060 |
| **06/2019** | $11175 | $11306 |
| **07/2019** | $11109 | $11274 |
| **08/2019** | $11318 | $11503 |
| **09/2019** | $11219 | $11386 |
| **10/2019** | $11315 | $11462 |
| **11/2019** | $11227 | $11375 |
| **12/2019** | $11335 | $11442 |
| **01/2020** | $11483 | $11588 |
| **02/2020** | $11551 | $11666 |
| **03/2020** | $11142 | $11404 |
| **04/2020** | $11426 | $11628 |
| **05/2020** | $11585 | $11679 |
| **06/2020** | $11767 | $11783 |
| **07/2020** | $12199 | $12159 |
| **08/2020** | $12233 | $12140 |
| **09/2020** | $12176 | $12097 |
| **10/2020** | $12219 | $12108 |
| **11/2020** | $12537 | $12328 |
| **12/2020** | $12727 | $12494 |
| **01/2021** | $12630 | $12384 |
| **02/2021** | $12402 | $12171 |
| **03/2021** | $12161 | $11937 |
| **04/2021** | $12371 | $12087 |
| **05/2021** | $12473 | $12201 |
| **06/2021** | $12386 | $12093 |
| **07/2021** | $12513 | $12254 |
| **08/2021** | $12483 | $12203 |
| **09/2021** | $12275 | $11986 |
| **10/2021** | $12198 | $11957 |
| **11/2021** | $12097 | $11922 |
| **12/2021** | $12127 | $11906 |
| **01/2022** | $11891 | $11662 |
| **02/2022** | $11715 | $11523 |
| **03/2022** | $11381 | $11172 |
| **04/2022** | $10734 | $10560 |
| **05/2022** | $10738 | $10589 |
| **06/2022** | $10295 | $10249 |
| **07/2022** | $10566 | $10467 |
| **08/2022** | $10157 | $10054 |
| **09/2022** | $9541 | $9538 |
| **10/2022** | $9460 | $9472 |
| **11/2022** | $10013 | $9918 |
| **12/2022** | $10054 | $9971 |
| **01/2023** | $10463 | $10299 |
| **02/2023** | $10040 | $9956 |
| **03/2023** | $10402 | $10271 |
| **04/2023** | $10446 | $10316 |
| **05/2023** | $10211 | $10115 |
| **06/2023** | $10198 | $10114 |
| **07/2023** | $10298 | $10184 |
| **08/2023** | $10148 | $10045 |
| **09/2023** | $9815 | $9751 |
| **10/2023** | $9670 | $9635 |
| **11/2023** | $10258 | $10121 |
| **12/2023** | $10758 | $10541 |
| **01/2024** | $10619 | $10396 |
| **02/2024** | $10440 | $10265 |
| **03/2024** | $10504 | $10322 |
| **04/2024** | $10171 | $10061 |
| **05/2024** | $10325 | $10193 |
| **06/2024** | $10364 | $10208 |
| **07/2024** | $10712 | $10489 |
| **08/2024** | $11010 | $10738 |
| **09/2024** | $11243 | $10920 |
| **10/2024** | $10736 | $10554 |
| **11/2024** | $10814 | $10590 |
| **12/2024** | $10514 | $10363 |
| **01/2025** | $10619 | $10422 |
| **02/2025** | $10829 | $10571 |
| **03/2025** | $10895 | $10636 |
| **04/2025** | $11277 | $10949 |
| **05/2025** | $11224 | $10910 |
| **06/2025** | $11463 | $11117 |
| **07/2025** | $11277 | $10951 |
| **08/2025** | $11463 | $11110 |
| **09/2025** | $11543 | $11183 |
| **10/2025** | $11517 | $11154 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class I | 7.27% | -1.18% | 1.42% |
| Bloomberg Global Aggregate Bond Index | 5.69% | -1.63% | 1.10% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$20,268,120

* # of Portfolio Holdings392

* Portfolio Turnover Rate266%

* Total Advisory Fees Paid - Net$0

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Foreign Government Bonds | 51.0% |
| Residential Mortgage-Backed Securities - Agency | 19.2% |
| Corporate Bonds | 12.4% |
| Short-Term Investments | 6.5% |
| Commercial Mortgage-Backed Securities - Non-Agency | 5.1% |
| Asset-Backed Securities | 4.8% |
| Residential Mortgage-Backed Securities - Non-Agency | 4.6% |
| U.S. Treasury Securities | 1.5% |
| Other Security Types<sup>Footnote Reference\*</sup> | 1.6% |
| Liabilities in Excess of Other Assets | (6.7%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's 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 | 7.4% |
| U.K. Gilts, 4.25%, due 12/07/27 | 3.8% |
| China Government Bonds, 3.13%, due 11/21/29 | 2.7% |
| China Government Bonds, 2.35%, due 02/25/34 | 2.5% |
| Japan Government Ten Year Bonds, 1.20%, due 12/20/34 | 2.3% |
| French Republic Government Bonds OAT, 1.00%, due 05/25/27 | 2.2% |
| U.K. Gilts, 4.50%, due 03/07/35 | 2.1% |
| Brazil Notas do Tesouro Nacional, 10.00%, due 01/01/31 | 1.6% |
| Bundesrepublik Deutschland Bundesanleihe, 2.50%, due 02/15/35 | 1.6% |
| Kingdom of Belgium Government Bonds, 0.10%, due 06/22/30 | 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).

![Image](g935143g96u64.jpg)

# 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)

TCW Global Bond Fund

Annual Shareholder Report — October 31, 2025

Class I: TGGBX

TSR TGGBX-1025

TCW Global Bond Fund

![Image](g935143g96u64.jpg)

Class N: TGGFX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Global Bond Fund for the period of November 1, 2024 to October 31, 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 year?
(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 | $73 | 0.70% |

---

# How did the Fund perform last year and what affected its performance?
Outperformance was driven by an overweight to securitized sectors and favorable issue selection within the space. The largest contributions came from private label commercial mortgage-backed securities (MBS), namely single asset single borrower deals, which helped the Fund maintain a yield advantage relative to the Bloomberg Global Aggregate Bond Index. Additionally, off-index allocations to collateralized loan obligations (CLOs) and non-agency MBS supported returns. Meanwhile, the portfolio maintained an underweight to developed market credit due to historically tight spreads and limited downside protection, which ultimately resulted in a headwind as spreads tightened throughout the period. Nevertheless, additions made during the post-Liberation Day volatility, followed by trimming into strength, helped offset this drag. Away from sector allocations, an emphasis on the front-end of developed sovereign curves (U.S., Europe, UK) contributed amid central bank easing and expectations of further cuts, driving short yields notably lower. Alongside this decrease in yields, the duration position was reduced in the latter half of the period, most notably in the U.S., while long duration positions in Europe and New Zealand were closed out given our view that rate cutting cycles in both countries are now largely priced in. Meanwhile, a sizable contribution came from being underweight Japan duration in late 2024 and early 2025 when yields in Japan rose in sympathy with backups in European rates. Finally, currency positioning was adjusted over the period, with the Fund neutralizing its underweight to the Chinese renminbi later in the period as valuation concerns eased, while the overweight in Japanese yen was reduced in April. Both positions added modestly over the one-year period. Overweight positions in the Euro and Norwegian krone further supported performance and were trimmed throughout the period, while the overweight to the Australian dollar has been growing and additive.

# Fund Performance
![Growth of 10K Chart](g935143g28k31.jpg)

---

| | | |
|:---|:---|:---|
| | **Class N** | **Bloomberg Global Aggregate Bond Index** |
| **10/2015** | $10000 | $10000 |
| **11/2015** | $9869 | $9834 |
| **12/2015** | $9902 | $9887 |
| **01/2016** | $9984 | $9972 |
| **02/2016** | $10129 | $10194 |
| **03/2016** | $10328 | $10470 |
| **04/2016** | $10413 | $10609 |
| **05/2016** | $10322 | $10467 |
| **06/2016** | $10535 | $10773 |
| **07/2016** | $10610 | $10854 |
| **08/2016** | $10579 | $10801 |
| **09/2016** | $10631 | $10860 |
| **10/2016** | $10403 | $10559 |
| **11/2016** | $10069 | $10140 |
| **12/2016** | $10044 | $10093 |
| **01/2017** | $10108 | $10207 |
| **02/2017** | $10150 | $10255 |
| **03/2017** | $10158 | $10271 |
| **04/2017** | $10265 | $10386 |
| **05/2017** | $10410 | $10547 |
| **06/2017** | $10418 | $10538 |
| **07/2017** | $10541 | $10715 |
| **08/2017** | $10643 | $10821 |
| **09/2017** | $10562 | $10724 |
| **10/2017** | $10514 | $10683 |
| **11/2017** | $10605 | $10802 |
| **12/2017** | $10649 | $10839 |
| **01/2018** | $10735 | $10968 |
| **02/2018** | $10616 | $10871 |
| **03/2018** | $10725 | $10987 |
| **04/2018** | $10562 | $10811 |
| **05/2018** | $10486 | $10729 |
| **06/2018** | $10431 | $10681 |
| **07/2018** | $10421 | $10663 |
| **08/2018** | $10410 | $10675 |
| **09/2018** | $10366 | $10583 |
| **10/2018** | $10247 | $10464 |
| **11/2018** | $10280 | $10497 |
| **12/2018** | $10462 | $10709 |
| **01/2019** | $10669 | $10872 |
| **02/2019** | $10614 | $10810 |
| **03/2019** | $10750 | $10945 |
| **04/2019** | $10742 | $10913 |
| **05/2019** | $10877 | $11060 |
| **06/2019** | $11167 | $11306 |
| **07/2019** | $11101 | $11274 |
| **08/2019** | $11310 | $11503 |
| **09/2019** | $11211 | $11386 |
| **10/2019** | $11305 | $11462 |
| **11/2019** | $11225 | $11375 |
| **12/2019** | $11322 | $11442 |
| **01/2020** | $11470 | $11588 |
| **02/2020** | $11538 | $11666 |
| **03/2020** | $11129 | $11404 |
| **04/2020** | $11413 | $11628 |
| **05/2020** | $11572 | $11679 |
| **06/2020** | $11754 | $11783 |
| **07/2020** | $12184 | $12159 |
| **08/2020** | $12206 | $12140 |
| **09/2020** | $12148 | $12097 |
| **10/2020** | $12201 | $12108 |
| **11/2020** | $12506 | $12328 |
| **12/2020** | $12706 | $12494 |
| **01/2021** | $12596 | $12384 |
| **02/2021** | $12379 | $12171 |
| **03/2021** | $12138 | $11937 |
| **04/2021** | $12346 | $12087 |
| **05/2021** | $12447 | $12201 |
| **06/2021** | $12359 | $12093 |
| **07/2021** | $12484 | $12254 |
| **08/2021** | $12442 | $12203 |
| **09/2021** | $12233 | $11986 |
| **10/2021** | $12155 | $11957 |
| **11/2021** | $12065 | $11922 |
| **12/2021** | $12094 | $11906 |
| **01/2022** | $11858 | $11662 |
| **02/2022** | $11681 | $11523 |
| **03/2022** | $11348 | $11172 |
| **04/2022** | $10689 | $10560 |
| **05/2022** | $10705 | $10589 |
| **06/2022** | $10261 | $10249 |
| **07/2022** | $10531 | $10467 |
| **08/2022** | $10123 | $10054 |
| **09/2022** | $9508 | $9538 |
| **10/2022** | $9426 | $9472 |
| **11/2022** | $9965 | $9918 |
| **12/2022** | $10017 | $9971 |
| **01/2023** | $10411 | $10299 |
| **02/2023** | $9988 | $9956 |
| **03/2023** | $10361 | $10271 |
| **04/2023** | $10403 | $10316 |
| **05/2023** | $10168 | $10115 |
| **06/2023** | $10155 | $10114 |
| **07/2023** | $10254 | $10184 |
| **08/2023** | $10103 | $10045 |
| **09/2023** | $9758 | $9751 |
| **10/2023** | $9626 | $9635 |
| **11/2023** | $10210 | $10121 |
| **12/2023** | $10708 | $10541 |
| **01/2024** | $10568 | $10396 |
| **02/2024** | $10389 | $10265 |
| **03/2024** | $10439 | $10322 |
| **04/2024** | $10107 | $10061 |
| **05/2024** | $10272 | $10193 |
| **06/2024** | $10309 | $10208 |
| **07/2024** | $10655 | $10489 |
| **08/2024** | $10950 | $10738 |
| **09/2024** | $11169 | $10920 |
| **10/2024** | $10677 | $10554 |
| **11/2024** | $10753 | $10590 |
| **12/2024** | $10454 | $10363 |
| **01/2025** | $10557 | $10422 |
| **02/2025** | $10752 | $10571 |
| **03/2025** | $10829 | $10636 |
| **04/2025** | $11209 | $10949 |
| **05/2025** | $11155 | $10910 |
| **06/2025** | $11391 | $11117 |
| **07/2025** | $11192 | $10951 |
| **08/2025** | $11377 | $11110 |
| **09/2025** | $11469 | $11183 |
| **10/2025** | $11441 | $11154 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class N | 7.16% | -1.28% | 1.36% |
| Bloomberg Global Aggregate Bond Index | 5.69% | -1.63% | 1.10% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$20,268,120

* # of Portfolio Holdings392

* Portfolio Turnover Rate266%

* Total Advisory Fees Paid - Net$0

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Foreign Government Bonds | 51.0% |
| Residential Mortgage-Backed Securities - Agency | 19.2% |
| Corporate Bonds | 12.4% |
| Short-Term Investments | 6.5% |
| Commercial Mortgage-Backed Securities - Non-Agency | 5.1% |
| Asset-Backed Securities | 4.8% |
| Residential Mortgage-Backed Securities - Non-Agency | 4.6% |
| U.S. Treasury Securities | 1.5% |
| Other Security Types<sup>Footnote Reference\*</sup> | 1.6% |
| Liabilities in Excess of Other Assets | (6.7%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's 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 | 7.4% |
| U.K. Gilts, 4.25%, due 12/07/27 | 3.8% |
| China Government Bonds, 3.13%, due 11/21/29 | 2.7% |
| China Government Bonds, 2.35%, due 02/25/34 | 2.5% |
| Japan Government Ten Year Bonds, 1.20%, due 12/20/34 | 2.3% |
| French Republic Government Bonds OAT, 1.00%, due 05/25/27 | 2.2% |
| U.K. Gilts, 4.50%, due 03/07/35 | 2.1% |
| Brazil Notas do Tesouro Nacional, 10.00%, due 01/01/31 | 1.6% |
| Bundesrepublik Deutschland Bundesanleihe, 2.50%, due 02/15/35 | 1.6% |
| Kingdom of Belgium Government Bonds, 0.10%, due 06/22/30 | 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).

![Image](g935143g96u64.jpg)

# 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)

TCW Global Bond Fund

Annual Shareholder Report — October 31, 2025

Class N: TGGFX

TSR TGGFX-1025

TCW Global Real Estate Fund

![Image](g935143g96u64.jpg)

Class I: TGREX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Global Real Estate Fund for the period of November 1, 2024 to October 31, 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 year?
(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 | $90 | 0.90% |

---

# How did the Fund perform last year and what affected its performance?
For the year ended October 31, 2025, the TCW Global Real Estate Fund (the "Fund") generated gaines 0.36% on its Class I shares. The performance of the classes varies because of differing expenses. The Fund's broad-based benchmark, the S&P Global REIT Index, returned 3.29% during the same period. Our Fund benefited from positions in Diversified Real Estate, Hotel Resorts, and Real Estate Services. Our slight underweight in Data Center REITs and Multi-Family Residential REITs also helped. The Fund's biggest detractors to performance included Industrial REITs and Telecom Towers. Positive stock contributors included Travel + Leisure Co. and Iron Mountain. Conversely, notable detractors to relative performance included American Tower Corporation and an overweight in Americold Realty Trust. Following years of underperformance relative to the broader markets, the headwinds facing the Real Estate industry have slowed. Within the past year REITs have benefited from significant AI-related investments from Hyperscale companies into AI-related infrastructure such as Data Centers. Other parts of Real Estate, like Telecommunication Towers and Healthcare have robust fundamentals and strong structural growth drivers. Lastly, from a relative value standpoint, REITs appear compelling to us, particularly when compared to broader equities. With REITs strong performance due to secular growth drivers, we remain largely constructive on Real Estate.

# Fund Performance
![Growth of 10K Chart](g935143g85f51.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI ACWI** | **S&P Global REIT Index** |
| **10/2015** | $10000 | $10000 | $10000 |
| **11/2015** | $9815 | $9922 | $9849 |
| **12/2015** | $9883 | $9747 | $9949 |
| **01/2016** | $9301 | $9162 | $9633 |
| **02/2016** | $9301 | $9104 | $9730 |
| **03/2016** | $10130 | $9785 | $10667 |
| **04/2016** | $10067 | $9935 | $10632 |
| **05/2016** | $10224 | $9956 | $10665 |
| **06/2016** | $10609 | $9901 | $11175 |
| **07/2016** | $11031 | $10330 | $11689 |
| **08/2016** | $10714 | $10370 | $11313 |
| **09/2016** | $10638 | $10438 | $11177 |
| **10/2016** | $10031 | $10264 | $10500 |
| **11/2016** | $9935 | $10347 | $10216 |
| **12/2016** | $10105 | $10574 | $10636 |
| **01/2017** | $10213 | $10866 | $10648 |
| **02/2017** | $10579 | $11175 | $10989 |
| **03/2017** | $10466 | $11319 | $10818 |
| **04/2017** | $10531 | $11501 | $10891 |
| **05/2017** | $10672 | $11765 | $10913 |
| **06/2017** | $10797 | $11824 | $11032 |
| **07/2017** | $10971 | $12158 | $11238 |
| **08/2017** | $11048 | $12211 | $11220 |
| **09/2017** | $10952 | $12451 | $11188 |
| **10/2017** | $11062 | $12713 | $11076 |
| **11/2017** | $11281 | $12965 | $11417 |
| **12/2017** | $11222 | $13178 | $11553 |
| **01/2018** | $11155 | $13924 | $11373 |
| **02/2018** | $10384 | $13345 | $10622 |
| **03/2018** | $10432 | $13067 | $10916 |
| **04/2018** | $10620 | $13199 | $11088 |
| **05/2018** | $10687 | $13227 | $11336 |
| **06/2018** | $10902 | $13161 | $11616 |
| **07/2018** | $10980 | $13562 | $11719 |
| **08/2018** | $10991 | $13675 | $11910 |
| **09/2018** | $10838 | $13740 | $11642 |
| **10/2018** | $10391 | $12713 | $11269 |
| **11/2018** | $10481 | $12905 | $11673 |
| **12/2018** | $9962 | $12001 | $11002 |
| **01/2019** | $11038 | $12953 | $12214 |
| **02/2019** | $11242 | $13305 | $12213 |
| **03/2019** | $11477 | $13481 | $12585 |
| **04/2019** | $11488 | $13943 | $12540 |
| **05/2019** | $11545 | $13127 | $12515 |
| **06/2019** | $11842 | $13993 | $12784 |
| **07/2019** | $12024 | $14039 | $12872 |
| **08/2019** | $12310 | $13712 | $13196 |
| **09/2019** | $12478 | $14007 | $13552 |
| **10/2019** | $12799 | $14394 | $13869 |
| **11/2019** | $12868 | $14752 | $13712 |
| **12/2019** | $12900 | $15277 | $13697 |
| **01/2020** | $13214 | $15112 | $13812 |
| **02/2020** | $12365 | $13898 | $12679 |
| **03/2020** | $10318 | $12030 | $9752 |
| **04/2020** | $11353 | $13325 | $10509 |
| **05/2020** | $11726 | $13912 | $10609 |
| **06/2020** | $12078 | $14363 | $10869 |
| **07/2020** | $12743 | $15128 | $11305 |
| **08/2020** | $13116 | $16060 | $11522 |
| **09/2020** | $12899 | $15548 | $11155 |
| **10/2020** | $12946 | $15174 | $10814 |
| **11/2020** | $14302 | $17050 | $12089 |
| **12/2020** | $14791 | $17847 | $12586 |
| **01/2021** | $14603 | $17771 | $12567 |
| **02/2021** | $15283 | $18187 | $12941 |
| **03/2021** | $16151 | $18683 | $13398 |
| **04/2021** | $17033 | $19508 | $14331 |
| **05/2021** | $17198 | $19822 | $14534 |
| **06/2021** | $17227 | $20089 | $14794 |
| **07/2021** | $17713 | $20234 | $15393 |
| **08/2021** | $18316 | $20746 | $15679 |
| **09/2021** | $17482 | $19898 | $14813 |
| **10/2021** | $18424 | $20919 | $15723 |
| **11/2021** | $17828 | $20422 | $15506 |
| **12/2021** | $18920 | $21245 | $16676 |
| **01/2022** | $17677 | $20206 | $15575 |
| **02/2022** | $17003 | $19690 | $15219 |
| **03/2022** | $17301 | $20128 | $16073 |
| **04/2022** | $16365 | $18524 | $15299 |
| **05/2022** | $15779 | $18559 | $14550 |
| **06/2022** | $14726 | $17002 | $13341 |
| **07/2022** | $15863 | $18196 | $14465 |
| **08/2022** | $14896 | $17533 | $13601 |
| **09/2022** | $13169 | $15862 | $11888 |
| **10/2022** | $13564 | $16823 | $12377 |
| **11/2022** | $14761 | $18136 | $13181 |
| **12/2022** | $14016 | $17429 | $12741 |
| **01/2023** | $15430 | $18683 | $13937 |
| **02/2023** | $14848 | $18154 | $13326 |
| **03/2023** | $14386 | $18726 | $12951 |
| **04/2023** | $14757 | $19004 | $13143 |
| **05/2023** | $13975 | $18814 | $12664 |
| **06/2023** | $14558 | $19915 | $13084 |
| **07/2023** | $14758 | $20650 | $13530 |
| **08/2023** | $14306 | $20081 | $13116 |
| **09/2023** | $13441 | $19258 | $12270 |
| **10/2023** | $12839 | $18683 | $11703 |
| **11/2023** | $14349 | $20416 | $12952 |
| **12/2023** | $15597 | $21404 | $14210 |
| **01/2024** | $15207 | $21534 | $13643 |
| **02/2024** | $15435 | $22466 | $13695 |
| **03/2024** | $16048 | $23184 | $14080 |
| **04/2024** | $15116 | $22429 | $13209 |
| **05/2024** | $15886 | $23354 | $13732 |
| **06/2024** | $15953 | $23883 | $13914 |
| **07/2024** | $17105 | $24275 | $14764 |
| **08/2024** | $17620 | $24899 | $15674 |
| **09/2024** | $18013 | $25487 | $16188 |
| **10/2024** | $17129 | $24924 | $15466 |
| **11/2024** | $17537 | $25864 | $15908 |
| **12/2024** | $15898 | $25260 | $14766 |
| **01/2025** | $16350 | $26114 | $15017 |
| **02/2025** | $16665 | $25964 | $15394 |
| **03/2025** | $16199 | $24952 | $15011 |
| **04/2025** | $16295 | $25196 | $14986 |
| **05/2025** | $16557 | $26661 | $15392 |
| **06/2025** | $16901 | $27869 | $15470 |
| **07/2025** | $16846 | $28254 | $15369 |
| **08/2025** | $17510 | $28965 | $16024 |
| **09/2025** | $17302 | $30025 | $16165 |
| **10/2025** | $17191 | $30702 | $15974 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class I | 0.36% | 5.84% | 5.57% |
| MSCI ACWI | 7.86% | 13.23% | 9.20% |
| S&P Global REIT Index | 3.29% | 8.12% | 4.79% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$40,655,004

* # of Portfolio Holdings36

* Portfolio Turnover Rate60%

* Total Advisory Fees Paid - Net$186,771

# What did the Fund invest in?
Sector Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Specialized REITs | 31.1% |
| Industrial REITs | 18.3% |
| Real Estate Management & Development | 10.6% |
| Diversified REITs | 8.1% |
| Office REITs | 6.9% |
| Residential REITs | 6.6% |
| Retail REITs | 3.6% |
| Health Care REITs | 3.4% |
| Other<sup>Footnote Reference\*</sup> | 11.4% |
| Liabilities in Excess of Other Assets | 0.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's 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)

---

| | |
|:---|:---|
| Equinix, Inc. | 6.8% |
| American Tower Corp. | 6.0% |
| SBA Communications Corp. | 4.9% |
| Merlin Properties Socimi SA | 4.3% |
| Dexus | 4.3% |
| Jones Lang LaSalle, Inc. | 3.8% |
| Prologis, Inc. | 3.6% |
| Gaming & Leisure Properties, Inc. | 3.4% |
| Welltower, Inc. | 3.4% |
| Goodman Group | 3.3% |

---

# 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).

![Image](g935143g96u64.jpg)

# 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)

TCW Global Real Estate Fund

Annual Shareholder Report — October 31, 2025

Class I: TGREX

TSR TGREX-1025

TCW Global Real Estate Fund

![Image](g935143g96u64.jpg)

Class N: TGRYX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Global Real Estate Fund for the period of November 1, 2024 to October 31, 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 year?
(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 | $100 | 1.00% |

---

# How did the Fund perform last year and what affected its performance?
For the year ended October 31, 2025, the TCW Global Real Estate Fund (the "Fund") generated gaines 0.27% on its Class N shares. The performance of the classes varies because of differing expenses. The Fund's broad-based benchmark, the S&P Global REIT Index, returned 3.29% during the same period. Our Fund benefited from positions in Diversified Real Estate, Hotel Resorts, and Real Estate Services. Our slight underweight in Data Center REITs and Multi-Family Residential REITs also helped. The Fund's biggest detractors to performance included Industrial REITs and Telecom Towers. Positive stock contributors included Travel + Leisure Co. and Iron Mountain. Conversely, notable detractors to relative performance included American Tower Corporation and an overweight in Americold Realty Trust. Following years of underperformance relative to the broader markets, the headwinds facing the Real Estate industry have slowed. Within the past year REITs have benefited from significant AI-related investments from Hyperscale companies into AI-related infrastructure such as Data Centers. Other parts of Real Estate, like Telecommunication Towers and Healthcare have robust fundamentals and strong structural growth drivers. Lastly, from a relative value standpoint, REITs appear compelling to us, particularly when compared to broader equities. With REITs strong performance due to secular growth drivers, we remain largely constructive on Real Estate.

# Fund Performance
![Growth of 10K Chart](g935143g71y33.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class N** | **MSCI ACWI** | **S&P Global REIT Index** |
| **10/2015** | $10000 | $10000 | $10000 |
| **11/2015** | $9825 | $9922 | $9849 |
| **12/2015** | $9893 | $9747 | $9949 |
| **01/2016** | $9310 | $9162 | $9633 |
| **02/2016** | $9310 | $9104 | $9730 |
| **03/2016** | $10140 | $9785 | $10667 |
| **04/2016** | $10077 | $9935 | $10632 |
| **05/2016** | $10234 | $9956 | $10665 |
| **06/2016** | $10620 | $9901 | $11175 |
| **07/2016** | $11043 | $10330 | $11689 |
| **08/2016** | $10726 | $10370 | $11313 |
| **09/2016** | $10649 | $10438 | $11177 |
| **10/2016** | $10041 | $10264 | $10500 |
| **11/2016** | $9945 | $10347 | $10216 |
| **12/2016** | $10115 | $10574 | $10636 |
| **01/2017** | $10223 | $10866 | $10648 |
| **02/2017** | $10601 | $11175 | $10989 |
| **03/2017** | $10477 | $11319 | $10818 |
| **04/2017** | $10542 | $11501 | $10891 |
| **05/2017** | $10683 | $11765 | $10913 |
| **06/2017** | $10808 | $11824 | $11032 |
| **07/2017** | $10983 | $12158 | $11238 |
| **08/2017** | $11059 | $12211 | $11220 |
| **09/2017** | $10964 | $12451 | $11188 |
| **10/2017** | $11073 | $12713 | $11076 |
| **11/2017** | $11293 | $12965 | $11417 |
| **12/2017** | $11233 | $13178 | $11553 |
| **01/2018** | $11167 | $13924 | $11373 |
| **02/2018** | $10395 | $13345 | $10622 |
| **03/2018** | $10443 | $13067 | $10916 |
| **04/2018** | $10631 | $13199 | $11088 |
| **05/2018** | $10687 | $13227 | $11336 |
| **06/2018** | $10909 | $13161 | $11616 |
| **07/2018** | $10987 | $13562 | $11719 |
| **08/2018** | $10987 | $13675 | $11910 |
| **09/2018** | $10841 | $13740 | $11642 |
| **10/2018** | $10393 | $12713 | $11269 |
| **11/2018** | $10483 | $12905 | $11673 |
| **12/2018** | $9960 | $12001 | $11002 |
| **01/2019** | $11035 | $12953 | $12214 |
| **02/2019** | $11239 | $13305 | $12213 |
| **03/2019** | $11460 | $13481 | $12585 |
| **04/2019** | $11483 | $13943 | $12540 |
| **05/2019** | $11539 | $13127 | $12515 |
| **06/2019** | $11832 | $13993 | $12784 |
| **07/2019** | $12014 | $14039 | $12872 |
| **08/2019** | $12287 | $13712 | $13196 |
| **09/2019** | $12462 | $14007 | $13552 |
| **10/2019** | $12783 | $14394 | $13869 |
| **11/2019** | $12840 | $14752 | $13712 |
| **12/2019** | $12868 | $15277 | $13697 |
| **01/2020** | $13181 | $15112 | $13812 |
| **02/2020** | $12333 | $13898 | $12679 |
| **03/2020** | $10289 | $12030 | $9752 |
| **04/2020** | $11335 | $13325 | $10509 |
| **05/2020** | $11695 | $13912 | $10609 |
| **06/2020** | $12054 | $14363 | $10869 |
| **07/2020** | $12705 | $15128 | $11305 |
| **08/2020** | $13077 | $16060 | $11522 |
| **09/2020** | $12868 | $15548 | $11155 |
| **10/2020** | $12903 | $15174 | $10814 |
| **11/2020** | $14256 | $17050 | $12089 |
| **12/2020** | $14738 | $17847 | $12586 |
| **01/2021** | $14551 | $17771 | $12567 |
| **02/2021** | $15217 | $18187 | $12941 |
| **03/2021** | $16091 | $18683 | $13398 |
| **04/2021** | $16970 | $19508 | $14331 |
| **05/2021** | $17123 | $19822 | $14534 |
| **06/2021** | $17148 | $20089 | $14794 |
| **07/2021** | $17631 | $20234 | $15393 |
| **08/2021** | $18233 | $20746 | $15679 |
| **09/2021** | $17396 | $19898 | $14813 |
| **10/2021** | $18335 | $20919 | $15723 |
| **11/2021** | $17741 | $20422 | $15506 |
| **12/2021** | $18822 | $21245 | $16676 |
| **01/2022** | $17584 | $20206 | $15575 |
| **02/2022** | $16913 | $19690 | $15219 |
| **03/2022** | $17205 | $20128 | $16073 |
| **04/2022** | $16286 | $18524 | $15299 |
| **05/2022** | $15703 | $18559 | $14550 |
| **06/2022** | $14649 | $17002 | $13341 |
| **07/2022** | $15782 | $18196 | $14465 |
| **08/2022** | $14806 | $17533 | $13601 |
| **09/2022** | $13096 | $15862 | $11888 |
| **10/2022** | $13489 | $16823 | $12377 |
| **11/2022** | $14681 | $18136 | $13181 |
| **12/2022** | $13936 | $17429 | $12741 |
| **01/2023** | $15330 | $18683 | $13937 |
| **02/2023** | $14764 | $18154 | $13326 |
| **03/2023** | $14287 | $18726 | $12951 |
| **04/2023** | $14657 | $19004 | $13143 |
| **05/2023** | $13892 | $18814 | $12664 |
| **06/2023** | $14455 | $19915 | $13084 |
| **07/2023** | $14667 | $20650 | $13530 |
| **08/2023** | $14204 | $20081 | $13116 |
| **09/2023** | $13353 | $19258 | $12270 |
| **10/2023** | $12742 | $18683 | $11703 |
| **11/2023** | $14243 | $20416 | $12952 |
| **12/2023** | $15494 | $21404 | $14210 |
| **01/2024** | $15106 | $21534 | $13643 |
| **02/2024** | $15320 | $22466 | $13695 |
| **03/2024** | $15924 | $23184 | $14080 |
| **04/2024** | $15012 | $22429 | $13209 |
| **05/2024** | $15777 | $23354 | $13732 |
| **06/2024** | $15826 | $23883 | $13914 |
| **07/2024** | $16985 | $24275 | $14764 |
| **08/2024** | $17483 | $24899 | $15674 |
| **09/2024** | $17883 | $25487 | $16188 |
| **10/2024** | $16991 | $24924 | $15466 |
| **11/2024** | $17397 | $25864 | $15908 |
| **12/2024** | $15780 | $25260 | $14766 |
| **01/2025** | $16215 | $26114 | $15017 |
| **02/2025** | $16529 | $25964 | $15394 |
| **03/2025** | $16068 | $24952 | $15011 |
| **04/2025** | $16164 | $25196 | $14986 |
| **05/2025** | $16410 | $26661 | $15392 |
| **06/2025** | $16765 | $27869 | $15470 |
| **07/2025** | $16710 | $28254 | $15369 |
| **08/2025** | $17354 | $28965 | $16024 |
| **09/2025** | $17160 | $30025 | $16165 |
| **10/2025** | $17036 | $30702 | $15974 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class N | 0.27% | 5.72% | 5.47% |
| MSCI ACWI | 7.86% | 13.23% | 9.20% |
| S&P Global REIT Index | 3.29% | 8.12% | 4.79% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$40,655,004

* # of Portfolio Holdings36

* Portfolio Turnover Rate60%

* Total Advisory Fees Paid - Net$186,771

# What did the Fund invest in?
Sector Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Specialized REITs | 31.1% |
| Industrial REITs | 18.3% |
| Real Estate Management & Development | 10.6% |
| Diversified REITs | 8.1% |
| Office REITs | 6.9% |
| Residential REITs | 6.6% |
| Retail REITs | 3.6% |
| Health Care REITs | 3.4% |
| Other<sup>Footnote Reference\*</sup> | 11.4% |
| Liabilities in Excess of Other Assets | 0.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's 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)

---

| | |
|:---|:---|
| Equinix, Inc. | 6.8% |
| American Tower Corp. | 6.0% |
| SBA Communications Corp. | 4.9% |
| Merlin Properties Socimi SA | 4.3% |
| Dexus | 4.3% |
| Jones Lang LaSalle, Inc. | 3.8% |
| Prologis, Inc. | 3.6% |
| Gaming & Leisure Properties, Inc. | 3.4% |
| Welltower, Inc. | 3.4% |
| Goodman Group | 3.3% |

---

# 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).

![Image](g935143g96u64.jpg)

# 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)

TCW Global Real Estate Fund

Annual Shareholder Report — October 31, 2025

Class N: TGRYX

TSR TGRYX-1025

TCW Relative Value Large Cap Fund

![Image](g935143g96u64.jpg)

Class I-3: TGDZX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Relative Value Large Cap Fund for the period of August 26, 2025 (commencement of operations) to October 31, 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 year?
(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-3 | $15<sup>Footnote Reference+</sup> | 0.80%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |
| &nbsp;&nbsp;Footnote<sup>+</sup> | &nbsp;&nbsp;The dollar amounts above reflect expenses paid since the commencement of operations. Expenses for the full reporting period would be higher. |

---

# How did the Fund perform last year and what affected its performance?
For the year ended October 31, 2025, the TCW Relative Value Large Cap Fund (the "Fund") gained 7.10% on its Class 3 shares. The performance of the Fund's classes varies from differing expenses. The Fund's broad-based benchmark, the S&P 500, returned 6.44% while the secondary comparative benchmark, Russell 1000<sup>®</sup> Value, rose 2.56% during this period. The three major indices (S&P 500, Dow Jones, and Nasdaq) each reached all-time highs during this period fueled by the "Magnificent 7" stocks and the AI-related capital investment boom. Despite economic growth concerns, a softening labor market, elevated inflation and tariff risks, the market remained resilient. Uncertainty around "Liberation Day" resulted in a broad market sell-off, but the markets quickly reversed course on April 9th when President Trump announced a 90-day pause on various reciprocal tariffs and announced a base 10% tariff for all countries. Though tariff-related concerns dominated headlines through much of the year, most nations negotiated a deal with the U.S. and the equities markets rallied over 35% from Liberation Day lows. During this period the Fund's best contributions came from Consumer Discretionary, Industrials and Information Technology sectors led by companies including GE Aerospace, Intel, and Seagate Technology. Intel has had strong performance through this period on the back of an investment by the U.S. government and an announced partnership with NVIDIA to bolster its ability to develop custom chips for data centers and personal computers. Other notable contributors included McKesson and Tapestry. The portfolio's biggest detractors came from Financials, Consumer Staples and Utilities sectors, led by FiServ and Apollo Global management. We are in a highly concentrated market that has seen wide dispersion of valuations and we remain constructive on relative value opportunities. We aim to identify companies that are trading at a steep discount, have secular growth drivers, idiosyncratic catalysts, or desired characteristics such as low beta or higher dividend yields.

# Fund Performance
![Growth of 10K Chart](g935143g41s80.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I-3** | **S&P 500 Index** | **Russell 1000<sup>®</sup> Value Index** |
| **08/26/2025** | $10000 | $10000 | $10000 |
| **08/31/2025** | $10080 | $9992 | $10037 |
| **09/30/2025** | $10500 | $10357 | $10187 |
| **10/31/2025** | $10710 | $10600 | $10232 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | |
|:---|:---|
| Name | *Since Inception 8/26/25* |
| Class I-3 | 7.10% |
| S&P 500 Index | 6.44% |
| Russell 1000<sup>®</sup> Value Index | 2.56% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$494,781,056

* # of Portfolio Holdings44

* Portfolio Turnover Rate62%

* Total Advisory Fees Paid - Net$2,359,016

# What did the Fund invest in?
Sector Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 19.9% |
| Financials | 18.5% |
| Health Care | 13.8% |
| Industrials | 13.1% |
| Communication Services | 7.0% |
| Consumer Discretionary | 5.7% |
| Energy | 5.1% |
| Utilities | 4.7% |
| Other<sup>Footnote Reference\*</sup> | 12.2% |
| Other Assets in Excess of Liabilities | 0.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's 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)

---

| | |
|:---|:---|
| Intel Corp. | 4.6% |
| JPMorgan Chase & Co. | 4.3% |
| McKesson Corp. | 3.9% |
| Alphabet, Inc., Class C | 3.6% |
| Johnson Controls International PLC | 3.6% |
| Bank of New York Mellon Corp. | 3.5% |
| Salesforce, Inc. | 3.5% |
| International Business Machines Corp. | 3.5% |
| Xylem, Inc. | 3.1% |
| Intercontinental Exchange, Inc. | 2.9% |

---

# 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).

![Image](g935143g96u64.jpg)

# 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)

TCW Relative Value Large Cap Fund

Annual Shareholder Report — October 31, 2025

Class I-3: TGDZX

TSR TGDZX-1025

TCW Relative Value Large Cap Fund

![Image](g935143g96u64.jpg)

Class I: TGDIX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Relative Value Large Cap Fund for the period of November 1, 2024 to October 31, 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 year?
(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 | $76 | 0.70% |

---

# How did the Fund perform last year and what affected its performance?
For the year ended October 31, 2025, the TCW Relative Value Large Cap Fund (the "Fund") gained 17.58% on its Class I shares. The performance of the Fund's classes varies from differing expenses. The Fund's broad-based benchmark, the S&P 500, returned 21.45% while the secondary comparative benchmark, Russell 1000<sup>®</sup> Value, rose 11.15% during this period. The three major indices (S&P 500, Dow Jones, and Nasdaq) each reached all-time highs during this period fueled by the "Magnificent 7" stocks and the AI-related capital investment boom. Despite economic growth concerns, a softening labor market, elevated inflation and tariff risks, the market remained resilient. Uncertainty around "Liberation Day" resulted in a broad market sell-off, but the markets quickly reversed course on April 9th when President Trump announced a 90-day pause on various reciprocal tariffs and announced a base 10% tariff for all countries. Though tariff-related concerns dominated headlines through much of the year, most nations negotiated a deal with the U.S. and the equities markets rallied over 35% from Liberation Day lows. During this period the Fund's best contributions came from Consumer Discretionary, Industrials and Information Technology sectors led by companies including GE Aerospace, Intel, and Seagate Technology. Intel has had strong performance through this period on the back of an investment by the U.S. government and an announced partnership with NVIDIA to bolster its ability to develop custom chips for data centers and personal computers. Other notable contributors included McKesson and Tapestry. The portfolio's biggest detractors came from Financials, Consumer Staples and Utilities sectors, led by FiServ and Apollo Global management. We are in a highly concentrated market that has seen wide dispersion of valuations and we remain constructive on relative value opportunities. We aim to identify companies that are trading at a steep discount, have secular growth drivers, idiosyncratic catalysts, or desired characteristics such as low beta or higher dividend yields.

# Fund Performance
![Growth of 10K Chart](g935143g78d78.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **S&P 500 Index** | **Russell 1000<sup>®</sup> Value Index** |
| **10/2015** | $10000 | $10000 | $10000 |
| **11/2015** | $9955 | $10030 | $10038 |
| **12/2015** | $9633 | $9872 | $9822 |
| **01/2016** | $8985 | $9382 | $9315 |
| **02/2016** | $9148 | $9369 | $9312 |
| **03/2016** | $9868 | $10005 | $9983 |
| **04/2016** | $9810 | $10043 | $10193 |
| **05/2016** | $9925 | $10224 | $10351 |
| **06/2016** | $9906 | $10250 | $10441 |
| **07/2016** | $10343 | $10628 | $10744 |
| **08/2016** | $10477 | $10643 | $10827 |
| **09/2016** | $10506 | $10645 | $10804 |
| **10/2016** | $10261 | $10451 | $10637 |
| **11/2016** | $11092 | $10838 | $11245 |
| **12/2016** | $11272 | $11052 | $11526 |
| **01/2017** | $11462 | $11262 | $11608 |
| **02/2017** | $11672 | $11709 | $12025 |
| **03/2017** | $11719 | $11723 | $11902 |
| **04/2017** | $11708 | $11843 | $11880 |
| **05/2017** | $11698 | $12010 | $11868 |
| **06/2017** | $11960 | $12085 | $12062 |
| **07/2017** | $12124 | $12333 | $12223 |
| **08/2017** | $12057 | $12371 | $12080 |
| **09/2017** | $12489 | $12626 | $12438 |
| **10/2017** | $12473 | $12921 | $12528 |
| **11/2017** | $12786 | $13317 | $12912 |
| **12/2017** | $12994 | $13465 | $13101 |
| **01/2018** | $13657 | $14236 | $13607 |
| **02/2018** | $12946 | $13711 | $12957 |
| **03/2018** | $12719 | $13363 | $12729 |
| **04/2018** | $12653 | $13414 | $12771 |
| **05/2018** | $12677 | $13737 | $12847 |
| **06/2018** | $12683 | $13822 | $12879 |
| **07/2018** | $13203 | $14336 | $13389 |
| **08/2018** | $13310 | $14803 | $13587 |
| **09/2018** | $13119 | $14887 | $13614 |
| **10/2018** | $11835 | $13870 | $12909 |
| **11/2018** | $12134 | $14153 | $13294 |
| **12/2018** | $10792 | $12875 | $12018 |
| **01/2019** | $11949 | $13906 | $12953 |
| **02/2019** | $12387 | $14353 | $13367 |
| **03/2019** | $12339 | $14632 | $13452 |
| **04/2019** | $12688 | $15224 | $13929 |
| **05/2019** | $11702 | $14257 | $13033 |
| **06/2019** | $12846 | $15262 | $13969 |
| **07/2019** | $12894 | $15481 | $14085 |
| **08/2019** | $12243 | $15236 | $13671 |
| **09/2019** | $12716 | $15521 | $14158 |
| **10/2019** | $12798 | $15857 | $14356 |
| **11/2019** | $13277 | $16433 | $14800 |
| **12/2019** | $13623 | $16928 | $15207 |
| **01/2020** | $13162 | $16922 | $14880 |
| **02/2020** | $11713 | $15529 | $13439 |
| **03/2020** | $9407 | $13611 | $11142 |
| **04/2020** | $10527 | $15356 | $12395 |
| **05/2020** | $11054 | $16087 | $12820 |
| **06/2020** | $11219 | $16407 | $12735 |
| **07/2020** | $11691 | $17332 | $13238 |
| **08/2020** | $12196 | $18578 | $13785 |
| **09/2020** | $11987 | $17872 | $13447 |
| **10/2020** | $11899 | $17397 | $13270 |
| **11/2020** | $13809 | $19301 | $15055 |
| **12/2020** | $14488 | $20043 | $15632 |
| **01/2021** | $14727 | $19841 | $15489 |
| **02/2021** | $16064 | $20388 | $16425 |
| **03/2021** | $16684 | $21281 | $17392 |
| **04/2021** | $17197 | $22416 | $18087 |
| **05/2021** | $17639 | $22573 | $18509 |
| **06/2021** | $17364 | $23100 | $18297 |
| **07/2021** | $17412 | $23649 | $18444 |
| **08/2021** | $17842 | $24368 | $18809 |
| **09/2021** | $17150 | $23234 | $18155 |
| **10/2021** | $17949 | $24862 | $19077 |
| **11/2021** | $17579 | $24690 | $18404 |
| **12/2021** | $18750 | $25797 | $19565 |
| **01/2022** | $18245 | $24462 | $19110 |
| **02/2022** | $18232 | $23729 | $18888 |
| **03/2022** | $18607 | $24610 | $19421 |
| **04/2022** | $17029 | $22464 | $18326 |
| **05/2022** | $17326 | $22505 | $18682 |
| **06/2022** | $15605 | $20648 | $17050 |
| **07/2022** | $16744 | $22552 | $18180 |
| **08/2022** | $16524 | $21632 | $17639 |
| **09/2022** | $15036 | $19640 | $16092 |
| **10/2022** | $16951 | $21230 | $17742 |
| **11/2022** | $18206 | $22416 | $18850 |
| **12/2022** | $17494 | $21125 | $18091 |
| **01/2023** | $18521 | $22452 | $19028 |
| **02/2023** | $18021 | $21904 | $18357 |
| **03/2023** | $17994 | $22708 | $18273 |
| **04/2023** | $17966 | $23063 | $18548 |
| **05/2023** | $17425 | $23163 | $17833 |
| **06/2023** | $18812 | $24693 | $19017 |
| **07/2023** | $19561 | $25487 | $19686 |
| **08/2023** | $19006 | $25081 | $19154 |
| **09/2023** | $18299 | $23885 | $18415 |
| **10/2023** | $17564 | $23383 | $17766 |
| **11/2023** | $18951 | $25518 | $19106 |
| **12/2023** | $20332 | $26678 | $20164 |
| **01/2024** | $20507 | $27126 | $20185 |
| **02/2024** | $21524 | $28574 | $20930 |
| **03/2024** | $22716 | $29494 | $21976 |
| **04/2024** | $21582 | $28289 | $21037 |
| **05/2024** | $22440 | $29692 | $21704 |
| **06/2024** | $22352 | $30757 | $21500 |
| **07/2024** | $23326 | $31132 | $22599 |
| **08/2024** | $23733 | $31887 | $23205 |
| **09/2024** | $24227 | $32568 | $23528 |
| **10/2024** | $23951 | $32272 | $23269 |
| **11/2024** | $25419 | $34167 | $24755 |
| **12/2024** | $24115 | $33352 | $23061 |
| **01/2025** | $25371 | $34281 | $24129 |
| **02/2025** | $25464 | $33834 | $24227 |
| **03/2025** | $24115 | $31928 | $23554 |
| **04/2025** | $22998 | $31711 | $22836 |
| **05/2025** | $24192 | $33707 | $23638 |
| **06/2025** | $25619 | $35421 | $24446 |
| **07/2025** | $25697 | $36216 | $24586 |
| **08/2025** | $26503 | $36950 | $25370 |
| **09/2025** | $27589 | $38299 | $25749 |
| **10/2025** | $28163 | $39196 | $25863 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class I | 17.58% | 18.80% | 10.91% |
| S&P 500 Index | 21.45% | 17.64% | 14.63% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.28% | 9.97% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$494,781,056

* # of Portfolio Holdings44

* Portfolio Turnover Rate62%

* Total Advisory Fees Paid - Net$2,359,016

# What did the Fund invest in?
Sector Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 19.9% |
| Financials | 18.5% |
| Health Care | 13.8% |
| Industrials | 13.1% |
| Communication Services | 7.0% |
| Consumer Discretionary | 5.7% |
| Energy | 5.1% |
| Utilities | 4.7% |
| Other<sup>Footnote Reference\*</sup> | 12.2% |
| Other Assets in Excess of Liabilities | 0.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's 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)

---

| | |
|:---|:---|
| Intel Corp. | 4.6% |
| JPMorgan Chase & Co. | 4.3% |
| McKesson Corp. | 3.9% |
| Alphabet, Inc., Class C | 3.6% |
| Johnson Controls International PLC | 3.6% |
| Bank of New York Mellon Corp. | 3.5% |
| Salesforce, Inc. | 3.5% |
| International Business Machines Corp. | 3.5% |
| Xylem, Inc. | 3.1% |
| Intercontinental Exchange, Inc. | 2.9% |

---

# 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).

![Image](g935143g96u64.jpg)

# 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)

TCW Relative Value Large Cap Fund

Annual Shareholder Report — October 31, 2025

Class I: TGDIX

TSR TGDIX-1025

TCW Relative Value Large Cap Fund

![Image](g935143g96u64.jpg)

Class N: TGDVX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Relative Value Large Cap Fund for the period of November 1, 2024 to October 31, 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 year?
(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 | $92 | 0.85% |

---

# How did the Fund perform last year and what affected its performance?
For the year ended October 31, 2025, the TCW Relative Value Large Cap Fund (the "Fund") gained 17.39% on its Class N shares. The performance of the Fund's classes varies from differing expenses. The Fund's broad-based benchmark, the S&P 500, returned 21.45% while the secondary comparative benchmark, Russell 1000<sup>®</sup> Value, rose 11.15% during this period. The three major indices (S&P 500, Dow Jones, and Nasdaq) each reached all-time highs during this period fueled by the "Magnificent 7" stocks and the AI-related capital investment boom. Despite economic growth concerns, a softening labor market, elevated inflation and tariff risks, the market remained resilient. Uncertainty around "Liberation Day" resulted in a broad market sell-off, but the markets quickly reversed course on April 9th when President Trump announced a 90-day pause on various reciprocal tariffs and announced a base 10% tariff for all countries. Though tariff-related concerns dominated headlines through much of the year, most nations negotiated a deal with the U.S. and the equities markets rallied over 35% from Liberation Day lows. During this period the Fund's best contributions came from Consumer Discretionary, Industrials and Information Technology sectors led by companies including GE Aerospace, Intel, and Seagate Technology. Intel has had strong performance through this period on the back of an investment by the U.S. government and an announced partnership with NVIDIA to bolster its ability to develop custom chips for data centers and personal computers. Other notable contributors included McKesson and Tapestry. The portfolio's biggest detractors came from Financials, Consumer Staples and Utilities sectors, led by FiServ and Apollo Global management. We are in a highly concentrated market that has seen wide dispersion of valuations and we remain constructive on relative value opportunities. We aim to identify companies that are trading at a steep discount, have secular growth drivers, idiosyncratic catalysts, or desired characteristics such as low beta or higher dividend yields.

# Fund Performance
![Growth of 10K Chart](g935143g37v85.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class N** | **S&P 500 Index** | **Russell 1000<sup>®</sup> Value Index** |
| **10/2015** | $10000 | $10000 | $10000 |
| **11/2015** | $9954 | $10030 | $10038 |
| **12/2015** | $9631 | $9872 | $9822 |
| **01/2016** | $8983 | $9382 | $9315 |
| **02/2016** | $9141 | $9369 | $9312 |
| **03/2016** | $9862 | $10005 | $9983 |
| **04/2016** | $9800 | $10043 | $10193 |
| **05/2016** | $9915 | $10224 | $10351 |
| **06/2016** | $9891 | $10250 | $10441 |
| **07/2016** | $10323 | $10628 | $10744 |
| **08/2016** | $10458 | $10643 | $10827 |
| **09/2016** | $10487 | $10645 | $10804 |
| **10/2016** | $10242 | $10451 | $10637 |
| **11/2016** | $11068 | $10838 | $11245 |
| **12/2016** | $11245 | $11052 | $11526 |
| **01/2017** | $11435 | $11262 | $11608 |
| **02/2017** | $11640 | $11709 | $12025 |
| **03/2017** | $11686 | $11723 | $11902 |
| **04/2017** | $11671 | $11843 | $11880 |
| **05/2017** | $11661 | $12010 | $11868 |
| **06/2017** | $11922 | $12085 | $12062 |
| **07/2017** | $12081 | $12333 | $12223 |
| **08/2017** | $12015 | $12371 | $12080 |
| **09/2017** | $12435 | $12626 | $12438 |
| **10/2017** | $12420 | $12921 | $12528 |
| **11/2017** | $12728 | $13317 | $12912 |
| **12/2017** | $12929 | $13465 | $13101 |
| **01/2018** | $13590 | $14236 | $13607 |
| **02/2018** | $12876 | $13711 | $12957 |
| **03/2018** | $12655 | $13363 | $12729 |
| **04/2018** | $12584 | $13414 | $12771 |
| **05/2018** | $12608 | $13737 | $12847 |
| **06/2018** | $12608 | $13822 | $12879 |
| **07/2018** | $13120 | $14336 | $13389 |
| **08/2018** | $13227 | $14803 | $13587 |
| **09/2018** | $13036 | $14887 | $13614 |
| **10/2018** | $11756 | $13870 | $12909 |
| **11/2018** | $12054 | $14153 | $13294 |
| **12/2018** | $10718 | $12875 | $12018 |
| **01/2019** | $11869 | $13906 | $12953 |
| **02/2019** | $12299 | $14353 | $13367 |
| **03/2019** | $12251 | $14632 | $13452 |
| **04/2019** | $12592 | $15224 | $13929 |
| **05/2019** | $11617 | $14257 | $13033 |
| **06/2019** | $12741 | $15262 | $13969 |
| **07/2019** | $12789 | $15481 | $14085 |
| **08/2019** | $12142 | $15236 | $13671 |
| **09/2019** | $12612 | $15521 | $14158 |
| **10/2019** | $12687 | $15857 | $14356 |
| **11/2019** | $13157 | $16433 | $14800 |
| **12/2019** | $13491 | $16928 | $15207 |
| **01/2020** | $13033 | $16922 | $14880 |
| **02/2020** | $11592 | $15529 | $13439 |
| **03/2020** | $9321 | $13611 | $11142 |
| **04/2020** | $10435 | $15356 | $12395 |
| **05/2020** | $10948 | $16087 | $12820 |
| **06/2020** | $11111 | $16407 | $12735 |
| **07/2020** | $11581 | $17332 | $13238 |
| **08/2020** | $12083 | $18578 | $13785 |
| **09/2020** | $11865 | $17872 | $13447 |
| **10/2020** | $11777 | $17397 | $13270 |
| **11/2020** | $13677 | $19301 | $15055 |
| **12/2020** | $14345 | $20043 | $15632 |
| **01/2021** | $14570 | $19841 | $15489 |
| **02/2021** | $15896 | $20388 | $16425 |
| **03/2021** | $16500 | $21281 | $17392 |
| **04/2021** | $17010 | $22416 | $18087 |
| **05/2021** | $17436 | $22573 | $18509 |
| **06/2021** | $17176 | $23100 | $18297 |
| **07/2021** | $17211 | $23649 | $18444 |
| **08/2021** | $17626 | $24368 | $18809 |
| **09/2021** | $16950 | $23234 | $18155 |
| **10/2021** | $17732 | $24862 | $19077 |
| **11/2021** | $17377 | $24690 | $18404 |
| **12/2021** | $18525 | $25797 | $19565 |
| **01/2022** | $18025 | $24462 | $19110 |
| **02/2022** | $18012 | $23729 | $18888 |
| **03/2022** | $18384 | $24610 | $19421 |
| **04/2022** | $16807 | $22464 | $18326 |
| **05/2022** | $17102 | $22505 | $18682 |
| **06/2022** | $15397 | $20648 | $17050 |
| **07/2022** | $16525 | $22552 | $18180 |
| **08/2022** | $16307 | $21632 | $17639 |
| **09/2022** | $14833 | $19640 | $16092 |
| **10/2022** | $16717 | $21230 | $17742 |
| **11/2022** | $17961 | $22416 | $18850 |
| **12/2022** | $17246 | $21125 | $18091 |
| **01/2023** | $18261 | $22452 | $19028 |
| **02/2023** | $17767 | $21904 | $18357 |
| **03/2023** | $17739 | $22708 | $18273 |
| **04/2023** | $17698 | $23063 | $18548 |
| **05/2023** | $17163 | $23163 | $17833 |
| **06/2023** | $18535 | $24693 | $19017 |
| **07/2023** | $19262 | $25487 | $19686 |
| **08/2023** | $18714 | $25081 | $19154 |
| **09/2023** | $18014 | $23885 | $18415 |
| **10/2023** | $17287 | $23383 | $17766 |
| **11/2023** | $18645 | $25518 | $19106 |
| **12/2023** | $20011 | $26678 | $20164 |
| **01/2024** | $20183 | $27126 | $20185 |
| **02/2024** | $21173 | $28574 | $20930 |
| **03/2024** | $22349 | $29494 | $21976 |
| **04/2024** | $21230 | $28289 | $21037 |
| **05/2024** | $22062 | $29692 | $21704 |
| **06/2024** | $21976 | $30757 | $21500 |
| **07/2024** | $22923 | $31132 | $22599 |
| **08/2024** | $23325 | $31887 | $23205 |
| **09/2024** | $23813 | $32568 | $23528 |
| **10/2024** | $23540 | $32272 | $23269 |
| **11/2024** | $24974 | $34167 | $24755 |
| **12/2024** | $23684 | $33352 | $23061 |
| **01/2025** | $24924 | $34281 | $24129 |
| **02/2025** | $25015 | $33834 | $24227 |
| **03/2025** | $23684 | $31928 | $23554 |
| **04/2025** | $22597 | $31711 | $22836 |
| **05/2025** | $23745 | $33707 | $23638 |
| **06/2025** | $25153 | $35421 | $24446 |
| **07/2025** | $25230 | $36216 | $24586 |
| **08/2025** | $26011 | $36950 | $25370 |
| **09/2025** | $27082 | $38299 | $25749 |
| **10/2025** | $27633 | $39196 | $25863 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class N | 17.39% | 18.60% | 10.70% |
| S&P 500 Index | 21.45% | 17.64% | 14.63% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.28% | 9.97% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$494,781,056

* # of Portfolio Holdings44

* Portfolio Turnover Rate62%

* Total Advisory Fees Paid - Net$2,359,016

# What did the Fund invest in?
Sector Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 19.9% |
| Financials | 18.5% |
| Health Care | 13.8% |
| Industrials | 13.1% |
| Communication Services | 7.0% |
| Consumer Discretionary | 5.7% |
| Energy | 5.1% |
| Utilities | 4.7% |
| Other<sup>Footnote Reference\*</sup> | 12.2% |
| Other Assets in Excess of Liabilities | 0.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's 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)

---

| | |
|:---|:---|
| Intel Corp. | 4.6% |
| JPMorgan Chase & Co. | 4.3% |
| McKesson Corp. | 3.9% |
| Alphabet, Inc., Class C | 3.6% |
| Johnson Controls International PLC | 3.6% |
| Bank of New York Mellon Corp. | 3.5% |
| Salesforce, Inc. | 3.5% |
| International Business Machines Corp. | 3.5% |
| Xylem, Inc. | 3.1% |
| Intercontinental Exchange, Inc. | 2.9% |

---

# 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).

![Image](g935143g96u64.jpg)

# 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)

TCW Relative Value Large Cap Fund

Annual Shareholder Report — October 31, 2025

Class N: TGDVX

TSR TGDVX-1025

TCW Relative Value Mid Cap Fund

![Image](g935143g96u64.jpg)

Class I: TGVOX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Relative Value Mid Cap Fund for the period of November 1, 2024 to October 31, 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 year?
(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 | $90 | 0.85% |

---

# How did the Fund perform last year and what affected its performance?
For the year ended October 31, 2025, the TCW Relative Value Mid Cap Fund (the "Fund") gained 12.69% on its Class I shares. The performance of the Fund's classes varies with expenses. The Fund's broad-based benchmark Russell Midcap<sup>®</sup> Value was up 7.86%. The three major indices (S&P 500, Dow Jones, and Nasdaq) each reached all-time highs during this period fueled by the "Magnificent 7" stocks and the AI-related capital investment boom. Despite economic growth concerns, a softening labor market, elevated inflation and tariff risks, the market remained resilient. Uncertainty around "Liberation Day" resulted in a broad market sell-off, but the markets quickly reversed course on April 9th when President Trump announced a 90-day pause on various reciprocal tariffs and announced a base 10% tariff for all countries. Though tariff-related concerns dominated headlines through much of the year, most nations negotiated a deal with the U.S. and the equities markets rallied over 35% from Liberation Day lows. During this period the Fund's best contributions came from Consumer Discretionary, Real Estate, and Information Technology sectors led by Seagate Technology, Popular and Tapestry. Seagate shares surged through the year as sentiment towards AI data centers turned increasingly positive, especially among hardware suppliers which are having a hard time meeting demand. Other notable contributors included eBay and Flex Ltd. The portfolio's biggest detractors came from Industrials, Financials, and Consumer Staples sectors, led by Centene and Corpay. We are in a highly concentrated market that has seen wide dispersion of valuations and we remain constructive on relative value opportunities. We aim to identify companies that are trading at a steep discount, have secular growth drivers, idiosyncratic catalysts, or desired characteristics such as low beta or higher dividend yields.

# Fund Performance
![Growth of 10K Chart](g935143g80e32.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **S&P 500 Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **10/2015** | $10000 | $10000 | $10000 |
| **11/2015** | $9969 | $10030 | $10029 |
| **12/2015** | $9396 | $9872 | $9719 |
| **01/2016** | $8564 | $9382 | $9182 |
| **02/2016** | $8776 | $9369 | $9246 |
| **03/2016** | $9675 | $10005 | $10099 |
| **04/2016** | $9665 | $10043 | $10316 |
| **05/2016** | $9784 | $10224 | $10485 |
| **06/2016** | $9686 | $10250 | $10581 |
| **07/2016** | $10291 | $10628 | $11029 |
| **08/2016** | $10472 | $10643 | $11006 |
| **09/2016** | $10663 | $10645 | $11052 |
| **10/2016** | $10353 | $10451 | $10784 |
| **11/2016** | $11708 | $10838 | $11459 |
| **12/2016** | $11825 | $11052 | $11662 |
| **01/2017** | $12137 | $11262 | $11858 |
| **02/2017** | $12257 | $11709 | $12190 |
| **03/2017** | $12246 | $11723 | $12101 |
| **04/2017** | $12267 | $11843 | $12123 |
| **05/2017** | $12153 | $12010 | $12086 |
| **06/2017** | $12527 | $12085 | $12266 |
| **07/2017** | $12709 | $12333 | $12429 |
| **08/2017** | $12585 | $12371 | $12196 |
| **09/2017** | $13339 | $12626 | $12529 |
| **10/2017** | $13500 | $12921 | $12630 |
| **11/2017** | $13978 | $13317 | $13057 |
| **12/2017** | $14155 | $13465 | $13218 |
| **01/2018** | $14869 | $14236 | $13522 |
| **02/2018** | $14042 | $13711 | $12856 |
| **03/2018** | $14054 | $13363 | $12887 |
| **04/2018** | $14093 | $13414 | $12951 |
| **05/2018** | $14453 | $13737 | $13092 |
| **06/2018** | $14335 | $13822 | $13198 |
| **07/2018** | $14650 | $14336 | $13556 |
| **08/2018** | $14695 | $14803 | $13741 |
| **09/2018** | $14296 | $14887 | $13632 |
| **10/2018** | $12625 | $13870 | $12650 |
| **11/2018** | $12788 | $14153 | $12954 |
| **12/2018** | $11016 | $12875 | $11594 |
| **01/2019** | $12476 | $13906 | $12787 |
| **02/2019** | $13032 | $14353 | $13194 |
| **03/2019** | $12766 | $14632 | $13260 |
| **04/2019** | $13249 | $15224 | $13697 |
| **05/2019** | $12061 | $14257 | $12818 |
| **06/2019** | $13125 | $15262 | $13683 |
| **07/2019** | $13305 | $15481 | $13797 |
| **08/2019** | $12290 | $15236 | $13311 |
| **09/2019** | $12940 | $15521 | $13851 |
| **10/2019** | $13026 | $15857 | $13925 |
| **11/2019** | $13657 | $16433 | $14297 |
| **12/2019** | $14250 | $16928 | $14731 |
| **01/2020** | $13686 | $16922 | $14445 |
| **02/2020** | $12152 | $15529 | $13014 |
| **03/2020** | $8934 | $13611 | $10060 |
| **04/2020** | $10131 | $15356 | $11404 |
| **05/2020** | $10708 | $16087 | $11933 |
| **06/2020** | $10879 | $16407 | $12067 |
| **07/2020** | $11474 | $17332 | $12637 |
| **08/2020** | $11880 | $18578 | $13137 |
| **09/2020** | $11772 | $17872 | $12840 |
| **10/2020** | $11975 | $17397 | $12959 |
| **11/2020** | $13907 | $19301 | $14779 |
| **12/2020** | $14772 | $20043 | $15463 |
| **01/2021** | $15276 | $19841 | $15427 |
| **02/2021** | $16853 | $20388 | $16622 |
| **03/2021** | $17651 | $21281 | $17481 |
| **04/2021** | $18449 | $22416 | $18326 |
| **05/2021** | $19202 | $22573 | $18688 |
| **06/2021** | $18660 | $23100 | $18470 |
| **07/2021** | $18558 | $23649 | $18585 |
| **08/2021** | $18902 | $24368 | $18983 |
| **09/2021** | $18028 | $23234 | $18284 |
| **10/2021** | $18909 | $24862 | $19257 |
| **11/2021** | $18379 | $24690 | $18672 |
| **12/2021** | $19491 | $25797 | $19844 |
| **01/2022** | $18570 | $24462 | $18997 |
| **02/2022** | $18872 | $23729 | $18909 |
| **03/2022** | $18937 | $24610 | $19483 |
| **04/2022** | $17455 | $22464 | $18325 |
| **05/2022** | $17844 | $22505 | $18677 |
| **06/2022** | $15852 | $20648 | $16624 |
| **07/2022** | $17117 | $22552 | $18055 |
| **08/2022** | $16664 | $21632 | $17502 |
| **09/2022** | $15168 | $19640 | $15805 |
| **10/2022** | $16952 | $21230 | $17298 |
| **11/2022** | $17966 | $22416 | $18391 |
| **12/2022** | $17198 | $21125 | $17457 |
| **01/2023** | $18555 | $22452 | $18867 |
| **02/2023** | $18164 | $21904 | $18262 |
| **03/2023** | $17515 | $22708 | $17687 |
| **04/2023** | $17441 | $23063 | $17689 |
| **05/2023** | $16792 | $23163 | $16904 |
| **06/2023** | $18511 | $24693 | $18370 |
| **07/2023** | $19286 | $25487 | $19170 |
| **08/2023** | $18673 | $25081 | $18491 |
| **09/2023** | $17869 | $23885 | $17551 |
| **10/2023** | $17146 | $23383 | $16681 |
| **11/2023** | $18511 | $25518 | $18254 |
| **12/2023** | $19947 | $26678 | $19676 |
| **01/2024** | $19826 | $27126 | $19324 |
| **02/2024** | $20709 | $28574 | $20247 |
| **03/2024** | $22008 | $29494 | $21295 |
| **04/2024** | $21026 | $28289 | $20180 |
| **05/2024** | $22046 | $29692 | $20905 |
| **06/2024** | $21464 | $30757 | $20570 |
| **07/2024** | $22808 | $31132 | $21813 |
| **08/2024** | $22989 | $31887 | $22224 |
| **09/2024** | $23276 | $32568 | $22643 |
| **10/2024** | $22937 | $32272 | $22359 |
| **11/2024** | $25066 | $34167 | $24004 |
| **12/2024** | $23408 | $33352 | $22248 |
| **01/2025** | $24838 | $34281 | $23030 |
| **02/2025** | $23921 | $33834 | $22610 |
| **03/2025** | $22648 | $31928 | $21778 |
| **04/2025** | $21920 | $31711 | $21238 |
| **05/2025** | $23259 | $33707 | $22165 |
| **06/2025** | $24317 | $35421 | $22943 |
| **07/2025** | $24764 | $36216 | $23354 |
| **08/2025** | $25731 | $36950 | $24055 |
| **09/2025** | $25888 | $38299 | $24360 |
| **10/2025** | $25846 | $39196 | $24116 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class I | 12.69% | 16.63% | 9.96% |
| S&P 500 Index | 21.45% | 17.64% | 14.63% |
| Russell Midcap<sup>®</sup> Value Index | 7.86% | 13.23% | 9.20% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$101,352,478

* # of Portfolio Holdings56

* Portfolio Turnover Rate65%

* Total Advisory Fees Paid - Net$546,236

# What did the Fund invest in?
Sector Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Industrials | 17.2% |
| Financials | 16.8% |
| Information Technology | 9.7% |
| Real Estate | 9.2% |
| Consumer Discretionary | 8.9% |
| Utilities | 8.7% |
| Health Care | 8.0% |
| Energy | 6.5% |
| Other<sup>Footnote Reference\*</sup> | 15.1% |
| Liabilities in Excess of Other Assets | (0.1%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's 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)

---

| | |
|:---|:---|
| Jones Lang LaSalle, Inc. | 4.0% |
| Popular, Inc. | 3.7% |
| Dollar Tree, Inc. | 3.7% |
| Arcosa, Inc. | 3.5% |
| CH Robinson Worldwide, Inc. | 3.4% |
| Flex Ltd. | 3.4% |
| Equitable Holdings, Inc. | 3.3% |
| Entergy Corp. | 3.2% |
| NiSource, Inc. | 3.0% |
| eBay, Inc. | 2.6% |

---

# 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).

![Image](g935143g96u64.jpg)

# 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)

TCW Relative Value Mid Cap Fund

Annual Shareholder Report — October 31, 2025

Class I: TGVOX

TSR TGVOX-1025

TCW Relative Value Mid Cap Fund

![Image](g935143g96u64.jpg)

Class N: TGVNX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Relative Value Mid Cap Fund for the period of November 1, 2024 to October 31, 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 year?
(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 | $101 | 0.95% |

---

# How did the Fund perform last year and what affected its performance?
For the year ended October 31, 2025, the TCW Relative Value Mid Cap Fund (the "Fund") gained 12.56% on its Class N shares. The performance of the Fund's classes varies with expenses. The Fund's broad-based benchmark Russell Midcap<sup>®</sup> Value was up 7.86%. The three major indices (S&P 500, Dow Jones, and Nasdaq) each reached all-time highs during this period fueled by the "Magnificent 7" stocks and the AI-related capital investment boom. Despite economic growth concerns, a softening labor market, elevated inflation and tariff risks, the market remained resilient. Uncertainty around "Liberation Day" resulted in a broad market sell-off, but the markets quickly reversed course on April 9th when President Trump announced a 90-day pause on various reciprocal tariffs and announced a base 10% tariff for all countries. Though tariff-related concerns dominated headlines through much of the year, most nations negotiated a deal with the U.S. and the equities markets rallied over 35% from Liberation Day lows. During this period the Fund's best contributions came from Consumer Discretionary, Real Estate, and Information Technology sectors led by Seagate Technology, Popular and Tapestry. Seagate shares surged through the year as sentiment towards AI data centers turned increasingly positive, especially among hardware suppliers which are having a hard time meeting demand. Other notable contributors included eBay and Flex Ltd. The portfolio's biggest detractors came from Industrials, Financials, and Consumer Staples sectors, led by Centene and Corpay. We are in a highly concentrated market that has seen wide dispersion of valuations and we remain constructive on relative value opportunities. We aim to identify companies that are trading at a steep discount, have secular growth drivers, idiosyncratic catalysts, or desired characteristics such as low beta or higher dividend yields.

# Fund Performance
![Growth of 10K Chart](g935143g31z99.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class N** | **S&P 500 Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **10/2015** | $10000 | $10000 | $10000 |
| **11/2015** | $9963 | $10030 | $10029 |
| **12/2015** | $9387 | $9872 | $9719 |
| **01/2016** | $8556 | $9382 | $9182 |
| **02/2016** | $8767 | $9369 | $9246 |
| **03/2016** | $9663 | $10005 | $10099 |
| **04/2016** | $9652 | $10043 | $10316 |
| **05/2016** | $9774 | $10224 | $10485 |
| **06/2016** | $9673 | $10250 | $10581 |
| **07/2016** | $10272 | $10628 | $11029 |
| **08/2016** | $10452 | $10643 | $11006 |
| **09/2016** | $10638 | $10645 | $11052 |
| **10/2016** | $10330 | $10451 | $10784 |
| **11/2016** | $11681 | $10838 | $11459 |
| **12/2016** | $11796 | $11052 | $11662 |
| **01/2017** | $12104 | $11262 | $11858 |
| **02/2017** | $12221 | $11709 | $12190 |
| **03/2017** | $12205 | $11723 | $12101 |
| **04/2017** | $12227 | $11843 | $12123 |
| **05/2017** | $12110 | $12010 | $12086 |
| **06/2017** | $12482 | $12085 | $12266 |
| **07/2017** | $12663 | $12333 | $12429 |
| **08/2017** | $12540 | $12371 | $12196 |
| **09/2017** | $13285 | $12626 | $12529 |
| **10/2017** | $13445 | $12921 | $12630 |
| **11/2017** | $13923 | $13317 | $13057 |
| **12/2017** | $14098 | $13465 | $13218 |
| **01/2018** | $14812 | $14236 | $13522 |
| **02/2018** | $13978 | $13711 | $12856 |
| **03/2018** | $13995 | $13363 | $12887 |
| **04/2018** | $14029 | $13414 | $12951 |
| **05/2018** | $14386 | $13737 | $13092 |
| **06/2018** | $14271 | $13822 | $13198 |
| **07/2018** | $14582 | $14336 | $13556 |
| **08/2018** | $14622 | $14803 | $13741 |
| **09/2018** | $14225 | $14887 | $13632 |
| **10/2018** | $12556 | $13870 | $12650 |
| **11/2018** | $12723 | $14153 | $12954 |
| **12/2018** | $10959 | $12875 | $11594 |
| **01/2019** | $12409 | $13906 | $12787 |
| **02/2019** | $12960 | $14353 | $13194 |
| **03/2019** | $12700 | $14632 | $13260 |
| **04/2019** | $13175 | $15224 | $13697 |
| **05/2019** | $11991 | $14257 | $12818 |
| **06/2019** | $13055 | $15262 | $13683 |
| **07/2019** | $13232 | $15481 | $13797 |
| **08/2019** | $12219 | $15236 | $13311 |
| **09/2019** | $12865 | $15521 | $13851 |
| **10/2019** | $12947 | $15857 | $13925 |
| **11/2019** | $13574 | $16433 | $14297 |
| **12/2019** | $14157 | $16928 | $14731 |
| **01/2020** | $13600 | $16922 | $14445 |
| **02/2020** | $12070 | $15529 | $13014 |
| **03/2020** | $8874 | $13611 | $10060 |
| **04/2020** | $10067 | $15356 | $11404 |
| **05/2020** | $10637 | $16087 | $11933 |
| **06/2020** | $10806 | $16407 | $12067 |
| **07/2020** | $11396 | $17332 | $12637 |
| **08/2020** | $11798 | $18578 | $13137 |
| **09/2020** | $11688 | $17872 | $12840 |
| **10/2020** | $11889 | $17397 | $12959 |
| **11/2020** | $13807 | $19301 | $14779 |
| **12/2020** | $14667 | $20043 | $15463 |
| **01/2021** | $15163 | $19841 | $15427 |
| **02/2021** | $16729 | $20388 | $16622 |
| **03/2021** | $17519 | $21281 | $17481 |
| **04/2021** | $18308 | $22416 | $18326 |
| **05/2021** | $19058 | $22573 | $18688 |
| **06/2021** | $18517 | $23100 | $18470 |
| **07/2021** | $18413 | $23649 | $18585 |
| **08/2021** | $18752 | $24368 | $18983 |
| **09/2021** | $17884 | $23234 | $18284 |
| **10/2021** | $18758 | $24862 | $19257 |
| **11/2021** | $18230 | $24690 | $18672 |
| **12/2021** | $19334 | $25797 | $19844 |
| **01/2022** | $18413 | $24462 | $18997 |
| **02/2022** | $18715 | $23729 | $18909 |
| **03/2022** | $18774 | $24610 | $19483 |
| **04/2022** | $17307 | $22464 | $18325 |
| **05/2022** | $17690 | $22505 | $18677 |
| **06/2022** | $15715 | $20648 | $16624 |
| **07/2022** | $16968 | $22552 | $18055 |
| **08/2022** | $16511 | $21632 | $17502 |
| **09/2022** | $15029 | $19640 | $15805 |
| **10/2022** | $16798 | $21230 | $17298 |
| **11/2022** | $17801 | $22416 | $18391 |
| **12/2022** | $17035 | $21125 | $17457 |
| **01/2023** | $18381 | $22452 | $18867 |
| **02/2023** | $17995 | $21904 | $18262 |
| **03/2023** | $17345 | $22708 | $17687 |
| **04/2023** | $17270 | $23063 | $17689 |
| **05/2023** | $16627 | $23163 | $16904 |
| **06/2023** | $18335 | $24693 | $18370 |
| **07/2023** | $19099 | $25487 | $19170 |
| **08/2023** | $18486 | $25081 | $18491 |
| **09/2023** | $17693 | $23885 | $17551 |
| **10/2023** | $16975 | $23383 | $16681 |
| **11/2023** | $18328 | $25518 | $18254 |
| **12/2023** | $19744 | $26678 | $19676 |
| **01/2024** | $19620 | $27126 | $19324 |
| **02/2024** | $20501 | $28574 | $20247 |
| **03/2024** | $21777 | $29494 | $21295 |
| **04/2024** | $20803 | $28289 | $20180 |
| **05/2024** | $21808 | $29692 | $20905 |
| **06/2024** | $21236 | $30757 | $20570 |
| **07/2024** | $22558 | $31132 | $21813 |
| **08/2024** | $22743 | $31887 | $22224 |
| **09/2024** | $23029 | $32568 | $22643 |
| **10/2024** | $22689 | $32272 | $22359 |
| **11/2024** | $24792 | $34167 | $24004 |
| **12/2024** | $23146 | $33352 | $22248 |
| **01/2025** | $24564 | $34281 | $23030 |
| **02/2025** | $23655 | $33834 | $22610 |
| **03/2025** | $22399 | $31928 | $21778 |
| **04/2025** | $21669 | $31711 | $21238 |
| **05/2025** | $22993 | $33707 | $22165 |
| **06/2025** | $24037 | $35421 | $22943 |
| **07/2025** | $24479 | $36216 | $23354 |
| **08/2025** | $25429 | $36950 | $24055 |
| **09/2025** | $25582 | $38299 | $24360 |
| **10/2025** | $25540 | $39196 | $24116 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class N | 12.56% | 16.52% | 9.83% |
| S&P 500 Index | 21.45% | 17.64% | 14.63% |
| Russell Midcap<sup>®</sup> Value Index | 7.86% | 13.23% | 9.20% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$101,352,478

* # of Portfolio Holdings56

* Portfolio Turnover Rate65%

* Total Advisory Fees Paid - Net$546,236

# What did the Fund invest in?
Sector Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Industrials | 17.2% |
| Financials | 16.8% |
| Information Technology | 9.7% |
| Real Estate | 9.2% |
| Consumer Discretionary | 8.9% |
| Utilities | 8.7% |
| Health Care | 8.0% |
| Energy | 6.5% |
| Other<sup>Footnote Reference\*</sup> | 15.1% |
| Liabilities in Excess of Other Assets | (0.1%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's 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)

---

| | |
|:---|:---|
| Jones Lang LaSalle, Inc. | 4.0% |
| Popular, Inc. | 3.7% |
| Dollar Tree, Inc. | 3.7% |
| Arcosa, Inc. | 3.5% |
| CH Robinson Worldwide, Inc. | 3.4% |
| Flex Ltd. | 3.4% |
| Equitable Holdings, Inc. | 3.3% |
| Entergy Corp. | 3.2% |
| NiSource, Inc. | 3.0% |
| eBay, Inc. | 2.6% |

---

# 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).

![Image](g935143g96u64.jpg)

# 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)

TCW Relative Value Mid Cap Fund

Annual Shareholder Report — October 31, 2025

Class N: TGVNX

TSR TGVNX-1025

TCW Securitized Bond Fund

![Image](g935143g96u64.jpg)

Class I-3: TGLZX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Securitized Bond Fund for the period of August 26, 2025 (commencement of operations) to October 31, 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 year?
(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-3 | $11<sup>Footnote Reference+</sup> | 0.59%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |
| &nbsp;&nbsp;Footnote<sup>+</sup> | &nbsp;&nbsp;The dollar amounts above reflect expenses paid since the commencement of operations. Expenses for the full reporting period would be higher. |

---

# How did the Fund perform last year and what affected its performance?
The largest driver of outperformance stemmed from the Fund's position in agency mortgage-backed securities (MBS), with the overweight contributing as the sector finished ahead of duration-matched Treasuries by 165 bps for the period, while the emphasis on lower and belly coupons within the 30-Year coupon stack proved advantageous as heightened prepayment concerns in recent months have negatively impacted premium coupon performance in favor of the total return potential of discount-priced coupons. Additionally, the off-index allocation to non-agency MBS also had a large positive impact given robust investor demand for attractive yield premiums and steady cash flows generally exhibited by bonds in the sector. Elsewhere in securitized markets, exposure to both asset-backed securities and commercial MBS (CMBS) benefitted returns, with single-family-rentals and single asset single borrower CMBS deals driving the return contributions from an issue selection standpoint. Meanwhile, the Fund's lack of corporate exposure weighed on returns, as the resilience and strong performance of corporates credit during the year resulted in outperformance duration-adjusted Treasuries by over 140 bps. Finally, the duration position rewarded returns as yields fell throughout most of the period, with a further boost from yield curve positioning given the emphasis on front-end yields that fell the most.

# Fund Performance
![Growth of 10K Chart](g935143g03j32.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I-3** | **Bloomberg U.S. Aggregate Bond Index** |
| **08/26/2025** | $10000 | $10000 |
| **08/31/2025** | $10040 | $10011 |
| **09/30/2025** | $10154 | $10120 |
| **10/31/2025** | $10248 | $10183 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | |
|:---|:---|
| Name | *Since Inception 8/26/25* |
| Class I-3 | 2.48% |
| Bloomberg U.S. Aggregate Bond Index | 1.97% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$1,808,833,408

* # of Portfolio Holdings485

* Portfolio Turnover Rate307%

* Total Advisory Fees Paid - Net$5,927,900

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 64.8% |
| Residential Mortgage-Backed Securities - Non-Agency | 23.4% |
| Commercial Mortgage-Backed Securities - Non-Agency | 16.9% |
| Asset-Backed Securities | 7.8% |
| Short-Term Investments | 4.7% |
| U.S. Treasury Securities | 1.6% |
| Investment Companies | 1.0% |
| Commercial Mortgage-Backed Securities - Agency | 0.2% |
| Other Security Types<sup>Footnote Reference\*</sup> | 0.1% |
| Liabilities in Excess of Other Assets | (20.5%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's 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)

---

| | |
|:---|:---|
| Government National Mortgage Association, TBA, 3.50%, due 02/01/52 | 4.0% |
| Government National Mortgage Association, TBA, 5.00%, due 04/01/55 | 2.5% |
| Government National Mortgage Association, TBA, 4.00%, due 05/01/52 | 1.9% |
| Government National Mortgage Association, TBA, 5.50%, due 05/01/55 | 1.8% |
| Federal National Mortgage Association, 2.00%, due 03/01/52 | 1.7% |
| Government National Mortgage Association, TBA, 2.50%, due 12/01/51 | 1.6% |
| Uniform Mortgage-Backed Security, TBA, 5.50%, due 04/01/55 | 1.5% |
| Federal Home Loan Mortgage Corp., 4.00%, due 09/01/52 | 1.2% |
| Federal Home Loan Mortgage Corp., 4.00%, due 11/01/48 | 1.1% |
| Federal National Mortgage Association, 2.50%, due 01/01/52 | 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).

![Image](g935143g96u64.jpg)

# 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)

TCW Securitized Bond Fund

Annual Shareholder Report — October 31, 2025

Class I-3: TGLZX

TSR TGLZX-1025

TCW Securitized Bond Fund

![Image](g935143g96u64.jpg)

Class I: TGLMX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Securitized Bond Fund for the period of November 1, 2024 to October 31, 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 year?
(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 | $51 | 0.49% |

---

# How did the Fund perform last year and what affected its performance?
The largest driver of outperformance stemmed from the Fund's position in agency mortgage-backed securities (MBS), with the overweight contributing as the sector finished ahead of duration-matched Treasuries by 165 bps for the period, while the emphasis on lower and belly coupons within the 30-Year coupon stack proved advantageous as heightened prepayment concerns in recent months have negatively impacted premium coupon performance in favor of the total return potential of discount-priced coupons. Additionally, the off-index allocation to non-agency MBS also had a large positive impact given robust investor demand for attractive yield premiums and steady cash flows generally exhibited by bonds in the sector. Elsewhere in securitized markets, exposure to both asset-backed securities and commercial MBS (CMBS) benefitted returns, with single-family-rentals and single asset single borrower CMBS deals driving the return contributions from an issue selection standpoint. Meanwhile, the Fund's lack of corporate exposure weighed on returns, as the resilience and strong performance of corporates credit during the year resulted in outperformance duration-adjusted Treasuries by over 140 bps. Finally, the duration position rewarded returns as yields fell throughout most of the period, with a further boost from yield curve positioning given the emphasis on front-end yields that fell the most.

# Fund Performance
![Growth of 10K Chart](g935143g45s25.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/2015** | $10000 | $10000 |
| **11/2015** | $9980 | $9974 |
| **12/2015** | $9961 | $9941 |
| **01/2016** | $10108 | $10078 |
| **02/2016** | $10147 | $10150 |
| **03/2016** | $10166 | $10243 |
| **04/2016** | $10195 | $10282 |
| **05/2016** | $10205 | $10285 |
| **06/2016** | $10363 | $10470 |
| **07/2016** | $10424 | $10536 |
| **08/2016** | $10417 | $10524 |
| **09/2016** | $10440 | $10517 |
| **10/2016** | $10363 | $10437 |
| **11/2016** | $10113 | $10190 |
| **12/2016** | $10113 | $10205 |
| **01/2017** | $10125 | $10225 |
| **02/2017** | $10187 | $10293 |
| **03/2017** | $10198 | $10288 |
| **04/2017** | $10270 | $10367 |
| **05/2017** | $10354 | $10447 |
| **06/2017** | $10335 | $10437 |
| **07/2017** | $10367 | $10481 |
| **08/2017** | $10484 | $10575 |
| **09/2017** | $10435 | $10525 |
| **10/2017** | $10437 | $10531 |
| **11/2017** | $10422 | $10518 |
| **12/2017** | $10461 | $10566 |
| **01/2018** | $10315 | $10444 |
| **02/2018** | $10253 | $10345 |
| **03/2018** | $10331 | $10412 |
| **04/2018** | $10264 | $10334 |
| **05/2018** | $10360 | $10408 |
| **06/2018** | $10360 | $10395 |
| **07/2018** | $10328 | $10398 |
| **08/2018** | $10414 | $10465 |
| **09/2018** | $10328 | $10397 |
| **10/2018** | $10263 | $10315 |
| **11/2018** | $10339 | $10377 |
| **12/2018** | $10545 | $10567 |
| **01/2019** | $10621 | $10679 |
| **02/2019** | $10610 | $10673 |
| **03/2019** | $10808 | $10878 |
| **04/2019** | $10786 | $10881 |
| **05/2019** | $11018 | $11074 |
| **06/2019** | $11107 | $11213 |
| **07/2019** | $11116 | $11238 |
| **08/2019** | $11426 | $11529 |
| **09/2019** | $11362 | $11468 |
| **10/2019** | $11373 | $11502 |
| **11/2019** | $11354 | $11496 |
| **12/2019** | $11312 | $11488 |
| **01/2020** | $11554 | $11709 |
| **02/2020** | $11816 | $11920 |
| **03/2020** | $11767 | $11850 |
| **04/2020** | $11969 | $12061 |
| **05/2020** | $12022 | $12117 |
| **06/2020** | $12121 | $12193 |
| **07/2020** | $12248 | $12375 |
| **08/2020** | $12202 | $12275 |
| **09/2020** | $12248 | $12269 |
| **10/2020** | $12178 | $12214 |
| **11/2020** | $12245 | $12334 |
| **12/2020** | $12252 | $12351 |
| **01/2021** | $12202 | $12262 |
| **02/2021** | $12023 | $12085 |
| **03/2021** | $11866 | $11934 |
| **04/2021** | $11993 | $12028 |
| **05/2021** | $12014 | $12068 |
| **06/2021** | $12082 | $12153 |
| **07/2021** | $12222 | $12288 |
| **08/2021** | $12207 | $12265 |
| **09/2021** | $12120 | $12159 |
| **10/2021** | $12129 | $12155 |
| **11/2021** | $12174 | $12191 |
| **12/2021** | $12123 | $12160 |
| **01/2022** | $11928 | $11898 |
| **02/2022** | $11769 | $11765 |
| **03/2022** | $11344 | $11439 |
| **04/2022** | $10919 | $11005 |
| **05/2022** | $10892 | $11076 |
| **06/2022** | $10674 | $10902 |
| **07/2022** | $10953 | $11168 |
| **08/2022** | $10640 | $10853 |
| **09/2022** | $10045 | $10384 |
| **10/2022** | $9754 | $10249 |
| **11/2022** | $10138 | $10626 |
| **12/2022** | $10113 | $10578 |
| **01/2023** | $10540 | $10904 |
| **02/2023** | $10251 | $10622 |
| **03/2023** | $10473 | $10891 |
| **04/2023** | $10557 | $10957 |
| **05/2023** | $10431 | $10838 |
| **06/2023** | $10343 | $10800 |
| **07/2023** | $10317 | $10792 |
| **08/2023** | $10205 | $10723 |
| **09/2023** | $9849 | $10451 |
| **10/2023** | $9606 | $10286 |
| **11/2023** | $10117 | $10751 |
| **12/2023** | $10622 | $11163 |
| **01/2024** | $10583 | $11132 |
| **02/2024** | $10424 | $10975 |
| **03/2024** | $10544 | $11076 |
| **04/2024** | $10196 | $10797 |
| **05/2024** | $10425 | $10980 |
| **06/2024** | $10573 | $11084 |
| **07/2024** | $10875 | $11343 |
| **08/2024** | $11097 | $11505 |
| **09/2024** | $11251 | $11660 |
| **10/2024** | $10886 | $11370 |
| **11/2024** | $11031 | $11491 |
| **12/2024** | $10816 | $11303 |
| **01/2025** | $10886 | $11363 |
| **02/2025** | $11196 | $11613 |
| **03/2025** | $11211 | $11617 |
| **04/2025** | $11253 | $11663 |
| **05/2025** | $11167 | $11579 |
| **06/2025** | $11370 | $11757 |
| **07/2025** | $11308 | $11726 |
| **08/2025** | $11491 | $11866 |
| **09/2025** | $11628 | $11996 |
| **10/2025** | $11735 | $12071 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class I | 7.80% | -0.74% | 1.61% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$1,808,833,408

* # of Portfolio Holdings485

* Portfolio Turnover Rate307%

* Total Advisory Fees Paid - Net$5,927,900

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 64.8% |
| Residential Mortgage-Backed Securities - Non-Agency | 23.4% |
| Commercial Mortgage-Backed Securities - Non-Agency | 16.9% |
| Asset-Backed Securities | 7.8% |
| Short-Term Investments | 4.7% |
| U.S. Treasury Securities | 1.6% |
| Investment Companies | 1.0% |
| Commercial Mortgage-Backed Securities - Agency | 0.2% |
| Other Security Types<sup>Footnote Reference\*</sup> | 0.1% |
| Liabilities in Excess of Other Assets | (20.5%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's 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)

---

| | |
|:---|:---|
| Government National Mortgage Association, TBA, 3.50%, due 02/01/52 | 4.0% |
| Government National Mortgage Association, TBA, 5.00%, due 04/01/55 | 2.5% |
| Government National Mortgage Association, TBA, 4.00%, due 05/01/52 | 1.9% |
| Government National Mortgage Association, TBA, 5.50%, due 05/01/55 | 1.8% |
| Federal National Mortgage Association, 2.00%, due 03/01/52 | 1.7% |
| Government National Mortgage Association, TBA, 2.50%, due 12/01/51 | 1.6% |
| Uniform Mortgage-Backed Security, TBA, 5.50%, due 04/01/55 | 1.5% |
| Federal Home Loan Mortgage Corp., 4.00%, due 09/01/52 | 1.2% |
| Federal Home Loan Mortgage Corp., 4.00%, due 11/01/48 | 1.1% |
| Federal National Mortgage Association, 2.50%, due 01/01/52 | 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).

![Image](g935143g96u64.jpg)

# 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)

TCW Securitized Bond Fund

Annual Shareholder Report — October 31, 2025

Class I: TGLMX

TSR TGLMX-1025

TCW Securitized Bond Fund

![Image](g935143g96u64.jpg)

Class N: TGMNX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Securitized Bond Fund for the period of November 1, 2024 to October 31, 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 year?
(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 | $73 | 0.70% |

---

# How did the Fund perform last year and what affected its performance?
The largest driver of outperformance stemmed from the Fund's position in agency mortgage-backed securities (MBS), with the overweight contributing as the sector finished ahead of duration-matched Treasuries by 165 bps for the period, while the emphasis on lower and belly coupons within the 30-Year coupon stack proved advantageous as heightened prepayment concerns in recent months have negatively impacted premium coupon performance in favor of the total return potential of discount-priced coupons. Additionally, the off-index allocation to non-agency MBS also had a large positive impact given robust investor demand for attractive yield premiums and steady cash flows generally exhibited by bonds in the sector. Elsewhere in securitized markets, exposure to both asset-backed securities and commercial MBS (CMBS) benefitted returns, with single-family-rentals and single asset single borrower CMBS deals driving the return contributions from an issue selection standpoint. Meanwhile, the Fund's lack of corporate exposure weighed on returns, as the resilience and strong performance of corporates credit during the year resulted in outperformance duration-adjusted Treasuries by over 140 bps. Finally, the duration position rewarded returns as yields fell throughout most of the period, with a further boost from yield curve positioning given the emphasis on front-end yields that fell the most.

# Fund Performance
![Growth of 10K Chart](g935143g08w05.jpg)

---

| | | |
|:---|:---|:---|
| | **Class N** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/2015** | $10000 | $10000 |
| **11/2015** | $9979 | $9974 |
| **12/2015** | $9959 | $9941 |
| **01/2016** | $10100 | $10078 |
| **02/2016** | $10146 | $10150 |
| **03/2016** | $10163 | $10243 |
| **04/2016** | $10181 | $10282 |
| **05/2016** | $10188 | $10285 |
| **06/2016** | $10350 | $10470 |
| **07/2016** | $10408 | $10536 |
| **08/2016** | $10399 | $10524 |
| **09/2016** | $10411 | $10517 |
| **10/2016** | $10335 | $10437 |
| **11/2016** | $10091 | $10190 |
| **12/2016** | $10079 | $10205 |
| **01/2017** | $10099 | $10225 |
| **02/2017** | $10148 | $10293 |
| **03/2017** | $10156 | $10288 |
| **04/2017** | $10234 | $10367 |
| **05/2017** | $10314 | $10447 |
| **06/2017** | $10294 | $10437 |
| **07/2017** | $10324 | $10481 |
| **08/2017** | $10435 | $10575 |
| **09/2017** | $10376 | $10525 |
| **10/2017** | $10377 | $10531 |
| **11/2017** | $10361 | $10518 |
| **12/2017** | $10389 | $10566 |
| **01/2018** | $10257 | $10444 |
| **02/2018** | $10186 | $10345 |
| **03/2018** | $10270 | $10412 |
| **04/2018** | $10195 | $10334 |
| **05/2018** | $10275 | $10408 |
| **06/2018** | $10284 | $10395 |
| **07/2018** | $10252 | $10398 |
| **08/2018** | $10333 | $10465 |
| **09/2018** | $10238 | $10397 |
| **10/2018** | $10174 | $10315 |
| **11/2018** | $10245 | $10377 |
| **12/2018** | $10443 | $10567 |
| **01/2019** | $10525 | $10679 |
| **02/2019** | $10502 | $10673 |
| **03/2019** | $10702 | $10878 |
| **04/2019** | $10680 | $10881 |
| **05/2019** | $10902 | $11074 |
| **06/2019** | $10996 | $11213 |
| **07/2019** | $11004 | $11238 |
| **08/2019** | $11302 | $11529 |
| **09/2019** | $11228 | $11468 |
| **10/2019** | $11238 | $11502 |
| **11/2019** | $11218 | $11496 |
| **12/2019** | $11176 | $11488 |
| **01/2020** | $11407 | $11709 |
| **02/2020** | $11668 | $11920 |
| **03/2020** | $11619 | $11850 |
| **04/2020** | $11821 | $12061 |
| **05/2020** | $11870 | $12117 |
| **06/2020** | $11963 | $12193 |
| **07/2020** | $12093 | $12375 |
| **08/2020** | $12035 | $12275 |
| **09/2020** | $12077 | $12269 |
| **10/2020** | $12008 | $12214 |
| **11/2020** | $12070 | $12334 |
| **12/2020** | $12075 | $12351 |
| **01/2021** | $12025 | $12262 |
| **02/2021** | $11851 | $12085 |
| **03/2021** | $11689 | $11934 |
| **04/2021** | $11809 | $12028 |
| **05/2021** | $11827 | $12068 |
| **06/2021** | $11890 | $12153 |
| **07/2021** | $12033 | $12288 |
| **08/2021** | $12017 | $12265 |
| **09/2021** | $11932 | $12159 |
| **10/2021** | $11939 | $12155 |
| **11/2021** | $11980 | $12191 |
| **12/2021** | $11930 | $12160 |
| **01/2022** | $11730 | $11898 |
| **02/2022** | $11577 | $11765 |
| **03/2022** | $11158 | $11439 |
| **04/2022** | $10728 | $11005 |
| **05/2022** | $10700 | $11076 |
| **06/2022** | $10491 | $10902 |
| **07/2022** | $10767 | $11168 |
| **08/2022** | $10456 | $10853 |
| **09/2022** | $9865 | $10384 |
| **10/2022** | $9587 | $10249 |
| **11/2022** | $9951 | $10626 |
| **12/2022** | $9928 | $10578 |
| **01/2023** | $10346 | $10904 |
| **02/2023** | $10058 | $10622 |
| **03/2023** | $10269 | $10891 |
| **04/2023** | $10361 | $10957 |
| **05/2023** | $10229 | $10838 |
| **06/2023** | $10132 | $10800 |
| **07/2023** | $10120 | $10792 |
| **08/2023** | $10002 | $10723 |
| **09/2023** | $9650 | $10451 |
| **10/2023** | $9420 | $10286 |
| **11/2023** | $9917 | $10751 |
| **12/2023** | $10410 | $11163 |
| **01/2024** | $10372 | $11132 |
| **02/2024** | $10209 | $10975 |
| **03/2024** | $10335 | $11076 |
| **04/2024** | $9979 | $10797 |
| **05/2024** | $10196 | $10980 |
| **06/2024** | $10336 | $11084 |
| **07/2024** | $10635 | $11343 |
| **08/2024** | $10858 | $11505 |
| **09/2024** | $11005 | $11660 |
| **10/2024** | $10645 | $11370 |
| **11/2024** | $10783 | $11491 |
| **12/2024** | $10579 | $11303 |
| **01/2025** | $10645 | $11363 |
| **02/2025** | $10940 | $11613 |
| **03/2025** | $10954 | $11617 |
| **04/2025** | $10994 | $11663 |
| **05/2025** | $10899 | $11579 |
| **06/2025** | $11105 | $11757 |
| **07/2025** | $11047 | $11726 |
| **08/2025** | $11220 | $11866 |
| **09/2025** | $11349 | $11996 |
| **10/2025** | $11451 | $12071 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class N | 7.57% | -0.95% | 1.36% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$1,808,833,408

* # of Portfolio Holdings485

* Portfolio Turnover Rate307%

* Total Advisory Fees Paid - Net$5,927,900

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 64.8% |
| Residential Mortgage-Backed Securities - Non-Agency | 23.4% |
| Commercial Mortgage-Backed Securities - Non-Agency | 16.9% |
| Asset-Backed Securities | 7.8% |
| Short-Term Investments | 4.7% |
| U.S. Treasury Securities | 1.6% |
| Investment Companies | 1.0% |
| Commercial Mortgage-Backed Securities - Agency | 0.2% |
| Other Security Types<sup>Footnote Reference\*</sup> | 0.1% |
| Liabilities in Excess of Other Assets | (20.5%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's 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)

---

| | |
|:---|:---|
| Government National Mortgage Association, TBA, 3.50%, due 02/01/52 | 4.0% |
| Government National Mortgage Association, TBA, 5.00%, due 04/01/55 | 2.5% |
| Government National Mortgage Association, TBA, 4.00%, due 05/01/52 | 1.9% |
| Government National Mortgage Association, TBA, 5.50%, due 05/01/55 | 1.8% |
| Federal National Mortgage Association, 2.00%, due 03/01/52 | 1.7% |
| Government National Mortgage Association, TBA, 2.50%, due 12/01/51 | 1.6% |
| Uniform Mortgage-Backed Security, TBA, 5.50%, due 04/01/55 | 1.5% |
| Federal Home Loan Mortgage Corp., 4.00%, due 09/01/52 | 1.2% |
| Federal Home Loan Mortgage Corp., 4.00%, due 11/01/48 | 1.1% |
| Federal National Mortgage Association, 2.50%, due 01/01/52 | 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).

![Image](g935143g96u64.jpg)

# 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)

TCW Securitized Bond Fund

Annual Shareholder Report — October 31, 2025

Class N: TGMNX

TSR TGMNX-1025

TCW Securitized Bond Fund

![Image](g935143g96u64.jpg)

Plan Class: TGLSX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Securitized Bond Fund for the period of November 1, 2024 to October 31, 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 year?
(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 |
| Plan Class | $46 | 0.44% |

---

# How did the Fund perform last year and what affected its performance?
The largest driver of outperformance stemmed from the Fund's position in agency mortgage-backed securities (MBS), with the overweight contributing as the sector finished ahead of duration-matched Treasuries by 165 bps for the period, while the emphasis on lower and belly coupons within the 30-Year coupon stack proved advantageous as heightened prepayment concerns in recent months have negatively impacted premium coupon performance in favor of the total return potential of discount-priced coupons. Additionally, the off-index allocation to non-agency MBS also had a large positive impact given robust investor demand for attractive yield premiums and steady cash flows generally exhibited by bonds in the sector. Elsewhere in securitized markets, exposure to both asset-backed securities and commercial MBS (CMBS) benefitted returns, with single-family-rentals and single asset single borrower CMBS deals driving the return contributions from an issue selection standpoint. Meanwhile, the Fund's lack of corporate exposure weighed on returns, as the resilience and strong performance of corporates credit during the year resulted in outperformance duration-adjusted Treasuries by over 140 bps. Finally, the duration position rewarded returns as yields fell throughout most of the period, with a further boost from yield curve positioning given the emphasis on front-end yields that fell the most.

# Fund Performance
![Growth of 10K Chart](g935143g94y78.jpg)

---

| | | |
|:---|:---|:---|
| | **Plan Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **02/2020** | $10000 | $10000 |
| **03/2020** | $9961 | $9941 |
| **04/2020** | $10122 | $10118 |
| **05/2020** | $10177 | $10165 |
| **06/2020** | $10252 | $10229 |
| **07/2020** | $10379 | $10382 |
| **08/2020** | $10331 | $10298 |
| **09/2020** | $10370 | $10292 |
| **10/2020** | $10322 | $10246 |
| **11/2020** | $10389 | $10347 |
| **12/2020** | $10395 | $10361 |
| **01/2021** | $10353 | $10287 |
| **02/2021** | $10212 | $10138 |
| **03/2021** | $10070 | $10012 |
| **04/2021** | $10178 | $10091 |
| **05/2021** | $10196 | $10124 |
| **06/2021** | $10254 | $10195 |
| **07/2021** | $10373 | $10309 |
| **08/2021** | $10371 | $10289 |
| **09/2021** | $10288 | $10200 |
| **10/2021** | $10296 | $10197 |
| **11/2021** | $10335 | $10228 |
| **12/2021** | $10302 | $10201 |
| **01/2022** | $10128 | $9982 |
| **02/2022** | $9994 | $9870 |
| **03/2022** | $9635 | $9596 |
| **04/2022** | $9277 | $9232 |
| **05/2022** | $9244 | $9291 |
| **06/2022** | $9060 | $9146 |
| **07/2022** | $9307 | $9369 |
| **08/2022** | $9032 | $9104 |
| **09/2022** | $8530 | $8711 |
| **10/2022** | $8295 | $8598 |
| **11/2022** | $8620 | $8914 |
| **12/2022** | $8589 | $8874 |
| **01/2023** | $8951 | $9147 |
| **02/2023** | $8707 | $8911 |
| **03/2023** | $8895 | $9137 |
| **04/2023** | $8967 | $9192 |
| **05/2023** | $8861 | $9092 |
| **06/2023** | $8787 | $9060 |
| **07/2023** | $8755 | $9054 |
| **08/2023** | $8661 | $8996 |
| **09/2023** | $8360 | $8767 |
| **10/2023** | $8156 | $8629 |
| **11/2023** | $8588 | $9020 |
| **12/2023** | $9027 | $9365 |
| **01/2024** | $8989 | $9339 |
| **02/2024** | $8850 | $9207 |
| **03/2024** | $8962 | $9292 |
| **04/2024** | $8658 | $9057 |
| **05/2024** | $8852 | $9211 |
| **06/2024** | $8978 | $9298 |
| **07/2024** | $9233 | $9515 |
| **08/2024** | $9421 | $9652 |
| **09/2024** | $9564 | $9781 |
| **10/2024** | $9244 | $9539 |
| **11/2024** | $9368 | $9640 |
| **12/2024** | $9186 | $9482 |
| **01/2025** | $9246 | $9532 |
| **02/2025** | $9510 | $9742 |
| **03/2025** | $9522 | $9746 |
| **04/2025** | $9559 | $9784 |
| **05/2025** | $9487 | $9714 |
| **06/2025** | $9659 | $9863 |
| **07/2025** | $9607 | $9837 |
| **08/2025** | $9763 | $9955 |
| **09/2025** | $9879 | $10063 |
| **10/2025** | $9971 | $10126 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *Since Inception 2/28/20* |
| Plan Class | 7.86% | -0.69% | -0.05% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 0.35% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$1,808,833,408

* # of Portfolio Holdings485

* Portfolio Turnover Rate307%

* Total Advisory Fees Paid - Net$5,927,900

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 64.8% |
| Residential Mortgage-Backed Securities - Non-Agency | 23.4% |
| Commercial Mortgage-Backed Securities - Non-Agency | 16.9% |
| Asset-Backed Securities | 7.8% |
| Short-Term Investments | 4.7% |
| U.S. Treasury Securities | 1.6% |
| Investment Companies | 1.0% |
| Commercial Mortgage-Backed Securities - Agency | 0.2% |
| Other Security Types<sup>Footnote Reference\*</sup> | 0.1% |
| Liabilities in Excess of Other Assets | (20.5%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's 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)

---

| | |
|:---|:---|
| Government National Mortgage Association, TBA, 3.50%, due 02/01/52 | 4.0% |
| Government National Mortgage Association, TBA, 5.00%, due 04/01/55 | 2.5% |
| Government National Mortgage Association, TBA, 4.00%, due 05/01/52 | 1.9% |
| Government National Mortgage Association, TBA, 5.50%, due 05/01/55 | 1.8% |
| Federal National Mortgage Association, 2.00%, due 03/01/52 | 1.7% |
| Government National Mortgage Association, TBA, 2.50%, due 12/01/51 | 1.6% |
| Uniform Mortgage-Backed Security, TBA, 5.50%, due 04/01/55 | 1.5% |
| Federal Home Loan Mortgage Corp., 4.00%, due 09/01/52 | 1.2% |
| Federal Home Loan Mortgage Corp., 4.00%, due 11/01/48 | 1.1% |
| Federal National Mortgage Association, 2.50%, due 01/01/52 | 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).

![Image](g935143g96u64.jpg)

# 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)

TCW Securitized Bond Fund

Annual Shareholder Report — October 31, 2025

Plan Class: TGLSX

TSR TGLSX-1025

TCW White Oak Emerging Markets Equity Fund

![Image](g935143g96u64.jpg)

Class I-3: TWOZX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW White Oak Emerging Markets Equity Fund for the period of August 26, 2025 (commencement of operations) to October 31, 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 year?
(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-3 | $22<sup>Footnote Reference+</sup> | 1.14%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |
| &nbsp;&nbsp;Footnote<sup>+</sup> | &nbsp;&nbsp;The dollar amounts above reflect expenses paid since the commencement of operations. Expenses for the full reporting period would be higher. |

---

# How did the Fund perform last year and what affected its performance?
For the year ended October 31, 2025, the TCW White Oak Emerging Markets Equity Fund (the "Fund") returned 9.30% net of fees on its Class 3 shares, outperforming the 9.15% return of the MSCI EM Net Total Return Index ("MSCI EM"). Share class performance varied due to differing expenses. The Fund's outperformance was driven by effective stock selection across regions, market-cap segments, and sectors. Taiwan was a key contributor, supported by strong global demand for advanced semiconductors amid accelerating AI-related growth. Brazil also added meaningfully, with robust stock selection alongside falling inflation and rising expectations of rate cuts. From a market perspective, India was amongst the main detractors due to underperformance of SMID-caps. Looking ahead, among major EMs while China's macro backdrop remains challenging due to the ongoing property downturn, yet listed company fundamentals are relatively intact, with earnings momentum likely to hold steady. Continued strength in technology should support broader Asian markets, particularly Taiwan and Korea. India remains less dependent on U.S. export cycles, and with stable policy support and resilient fundamentals, the earnings cycle is showing early signs of recovery, supported by steady revisions and a bottoming in downgrades. Overall, emerging markets offer a compelling opportunity. EMs remain inefficient and under-researched compared with developed markets, creating strong potential for alpha generation. Additionally, many EM economies are increasingly central to the global AI supply chain—from Asia's chip fabrication and testing ecosystems to Latin America's production of critical minerals—positioning them to benefit from the next wave of technology-driven growth. A resolution of tariff uncertainty would restore export visibility and unlock investment flows across major EMs. While foreign flows can be fickle, strong domestic inflows, as seen in Korea, India, and China, provide a significant buffer.

# Fund Performance
![Growth of 10K Chart](g935143g34q40.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I-3** | **MSCI Emerging Markets Index (Net)** |
| **08/26/2025** | $10000 | $10000 |
| **08/31/2025** | $9930 | $9878 |
| **09/30/2025** | $10650 | $10584 |
| **10/31/2025** | $10930 | $11026 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | |
|:---|:---|
| Name | *Since Inception 8/26/25* |
| Class I-3 | 9.30% |
| MSCI Emerging Markets Index (Net) | 9.15% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$12,252,567

* # of Portfolio Holdings171

* Portfolio Turnover Rate60%

* Total Advisory Fees Paid - Net$0

# What did the Fund invest in?
Sector Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 26.5% |
| Financials | 19.7% |
| Consumer Discretionary | 19.2% |
| Industrials | 10.5% |
| Communication Services | 9.2% |
| Health Care | 5.2% |
| Materials | 4.7% |
| Consumer Staples | 2.7% |
| Other<sup>Footnote Reference\*</sup> | 1.4% |
| Other Assets in Excess of Liabilities | 0.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's 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. | 10.4% |
| Tencent Holdings Ltd. | 4.7% |
| Samsung Electronics Co. Ltd. | 4.2% |
| Alibaba Group Holding Ltd. | 4.1% |
| SK Hynix, Inc. | 2.4% |
| Naspers Ltd. | 1.5% |
| ICICI Bank Ltd. | 1.3% |
| Delta Electronics, Inc. | 1.3% |
| HDFC Bank Ltd. | 1.3% |
| Bharti Airtel Ltd. | 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).

![Image](g935143g96u64.jpg)

# 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)

TCW White Oak Emerging Markets Equity Fund

Annual Shareholder Report — October 31, 2025

Class I-3: TWOZX

TSR TWOZX-1025

TCW White Oak Emerging Markets Equity Fund

![Image](g935143g96u64.jpg)

Class I: TWOEX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW White Oak Emerging Markets Equity Fund for the period of March 3, 2025 (commencement of operations) to October 31, 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 year?
(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 | $75<sup>Footnote Reference+</sup> | 0.98%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |
| &nbsp;&nbsp;Footnote<sup>+</sup> | &nbsp;&nbsp;The dollar amounts above reflect expenses paid since the commencement of operations. Expenses for the full reporting period would be higher. |

---

# How did the Fund perform last year and what affected its performance?
For the year ended October 31, 2025, the TCW White Oak Emerging Markets Equity Fund (the "Fund") returned 30.50% net of fees on its Class I shares, outperforming the 29.90% return of the MSCI EM Net Total Return Index ("MSCI EM"). Share class performance varied due to differing expenses. The Fund's outperformance was driven by effective stock selection across regions, market-cap segments, and sectors. Taiwan was a key contributor, supported by strong global demand for advanced semiconductors amid accelerating AI-related growth. Brazil also added meaningfully, with robust stock selection alongside falling inflation and rising expectations of rate cuts. From a market perspective, India was amongst the main detractors due to underperformance of SMID-caps. Looking ahead, among major EMs while China's macro backdrop remains challenging due to the ongoing property downturn, yet listed company fundamentals are relatively intact, with earnings momentum likely to hold steady. Continued strength in technology should support broader Asian markets, particularly Taiwan and Korea. India remains less dependent on U.S. export cycles, and with stable policy support and resilient fundamentals, the earnings cycle is showing early signs of recovery, supported by steady revisions and a bottoming in downgrades. Overall, emerging markets offer a compelling opportunity. EMs remain inefficient and under-researched compared with developed markets, creating strong potential for alpha generation. Additionally, many EM economies are increasingly central to the global AI supply chain—from Asia's chip fabrication and testing ecosystems to Latin America's production of critical minerals—positioning them to benefit from the next wave of technology-driven growth. A resolution of tariff uncertainty would restore export visibility and unlock investment flows across major EMs. While foreign flows can be fickle, strong domestic inflows, as seen in Korea, India, and China, provide a significant buffer.

# Fund Performance
![Growth of 10K Chart](g935143g04w59.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI Emerging Markets Index (Net)** |
| **03/03/2025** | $10000 | $10000 |
| **03/31/2025** | $10040 | $10063 |
| **04/30/2025** | $10160 | $10196 |
| **05/31/2025** | $10820 | $10631 |
| **06/30/2025** | $11360 | $11270 |
| **07/31/2025** | $11480 | $11489 |
| **08/31/2025** | $11850 | $11637 |
| **09/30/2025** | $12710 | $12469 |
| **10/31/2025** | $13050 | $12990 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | |
|:---|:---|
| Name | *Since Inception 3/3/25* |
| Class I | 30.50% |
| MSCI Emerging Markets Index (Net) | 29.90% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$12,252,567

* # of Portfolio Holdings171

* Portfolio Turnover Rate60%

* Total Advisory Fees Paid - Net$0

# What did the Fund invest in?
Sector Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 26.5% |
| Financials | 19.7% |
| Consumer Discretionary | 19.2% |
| Industrials | 10.5% |
| Communication Services | 9.2% |
| Health Care | 5.2% |
| Materials | 4.7% |
| Consumer Staples | 2.7% |
| Other<sup>Footnote Reference\*</sup> | 1.4% |
| Other Assets in Excess of Liabilities | 0.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's 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. | 10.4% |
| Tencent Holdings Ltd. | 4.7% |
| Samsung Electronics Co. Ltd. | 4.2% |
| Alibaba Group Holding Ltd. | 4.1% |
| SK Hynix, Inc. | 2.4% |
| Naspers Ltd. | 1.5% |
| ICICI Bank Ltd. | 1.3% |
| Delta Electronics, Inc. | 1.3% |
| HDFC Bank Ltd. | 1.3% |
| Bharti Airtel Ltd. | 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).

![Image](g935143g96u64.jpg)

# 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)

TCW White Oak Emerging Markets Equity Fund

Annual Shareholder Report — October 31, 2025

Class I: TWOEX

TSR TWOEX-1025

TCW White Oak Emerging Markets Equity Fund

![Image](g935143g96u64.jpg)

Class N: TWEMX

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW White Oak Emerging Markets Equity Fund for the period of March 3, 2025 (commencement of operations) to October 31, 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 year?
(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 | $94<sup>Footnote Reference+</sup> | 1.23%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |
| &nbsp;&nbsp;Footnote<sup>+</sup> | &nbsp;&nbsp;The dollar amounts above reflect expenses paid since the commencement of operations. Expenses for the full reporting period would be higher. |

---

# How did the Fund perform last year and what affected its performance?
For the year ended October 31, 2025, the TCW White Oak Emerging Markets Equity Fund (the "Fund") returned 30.30% net of fees on its Class N shares, outperforming the 29.90% return of the MSCI EM Net Total Return Index ("MSCI EM"). Share class performance varied due to differing expenses. The Fund's outperformance was driven by effective stock selection across regions, market-cap segments, and sectors. Taiwan was a key contributor, supported by strong global demand for advanced semiconductors amid accelerating AI-related growth. Brazil also added meaningfully, with robust stock selection alongside falling inflation and rising expectations of rate cuts. From a market perspective, India was amongst the main detractors due to underperformance of SMID-caps. Looking ahead, among major EMs while China's macro backdrop remains challenging due to the ongoing property downturn, yet listed company fundamentals are relatively intact, with earnings momentum likely to hold steady. Continued strength in technology should support broader Asian markets, particularly Taiwan and Korea. India remains less dependent on U.S. export cycles, and with stable policy support and resilient fundamentals, the earnings cycle is showing early signs of recovery, supported by steady revisions and a bottoming in downgrades. Overall, emerging markets offer a compelling opportunity. EMs remain inefficient and under-researched compared with developed markets, creating strong potential for alpha generation. Additionally, many EM economies are increasingly central to the global AI supply chain—from Asia's chip fabrication and testing ecosystems to Latin America's production of critical minerals—positioning them to benefit from the next wave of technology-driven growth. A resolution of tariff uncertainty would restore export visibility and unlock investment flows across major EMs. While foreign flows can be fickle, strong domestic inflows, as seen in Korea, India, and China, provide a significant buffer.

# Fund Performance
![Growth of 10K Chart](g935143g85y45.jpg)

---

| | | |
|:---|:---|:---|
| | **Class N** | **MSCI Emerging Markets Index (Net)** |
| **03/03/2025** | $10000 | $10000 |
| **03/31/2025** | $10040 | $10063 |
| **04/30/2025** | $10160 | $10196 |
| **05/31/2025** | $10810 | $10631 |
| **06/30/2025** | $11350 | $11270 |
| **07/31/2025** | $11470 | $11489 |
| **08/31/2025** | $11840 | $11637 |
| **09/30/2025** | $12690 | $12469 |
| **10/31/2025** | $13030 | $12990 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | |
|:---|:---|
| Name | *Since Inception 3/3/25* |
| Class N | 30.30% |
| MSCI Emerging Markets Index (Net) | 29.90% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$12,252,567

* # of Portfolio Holdings171

* Portfolio Turnover Rate60%

* Total Advisory Fees Paid - Net$0

# What did the Fund invest in?
Sector Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 26.5% |
| Financials | 19.7% |
| Consumer Discretionary | 19.2% |
| Industrials | 10.5% |
| Communication Services | 9.2% |
| Health Care | 5.2% |
| Materials | 4.7% |
| Consumer Staples | 2.7% |
| Other<sup>Footnote Reference\*</sup> | 1.4% |
| Other Assets in Excess of Liabilities | 0.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's 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. | 10.4% |
| Tencent Holdings Ltd. | 4.7% |
| Samsung Electronics Co. Ltd. | 4.2% |
| Alibaba Group Holding Ltd. | 4.1% |
| SK Hynix, Inc. | 2.4% |
| Naspers Ltd. | 1.5% |
| ICICI Bank Ltd. | 1.3% |
| Delta Electronics, Inc. | 1.3% |
| HDFC Bank Ltd. | 1.3% |
| Bharti Airtel Ltd. | 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).

![Image](g935143g96u64.jpg)

# 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)

TCW White Oak Emerging Markets Equity Fund

Annual Shareholder Report — October 31, 2025

Class N: TWEMX

TSR TWEMX-1025

------

(b) Not applicable.

**Item 2.** **Code of Ethics.** <br>

(a) The Registrant has adopted a code of ethics that applies to its principal executive officer and principal financial officer or persons performing similar functions.

(b) No disclosures are required by this Item 2(b).

(c) The Registrant has made no material changes to its code of ethics.

(d) The Registrant has not granted any waivers from any provisions of its code of ethics during the period covered by this Form N-CSR.

(e) Not applicable.

(f) A copy of the Registrant's code of ethics is filed as Exhibit 19(a)(1) to this Form N-CSR.

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

(a)(1) The Registrant's Board of Directors (the "Board") has determined that the Registrant has at least one member serving on the Registrant's Audit Committee that possesses the attributes identified in Form N-CSR to qualify as an "audit committee financial expert."

(a)(2) The audit committee financial experts are Victoria B. Rogers, Robert Rooney, and Michael Swell. Each has been deemed to be "independent" as that term is defined in Form N-CSR.

(a)(3) Not applicable.

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

The firm of Deloitte & Touche LLP ("Deloitte") serves as the independent registered public accounting firm for the Registrant.

------

(a) <u>Audit Fees</u>

For the fiscal years ended October 31, 2025 and October 31, 2024, the aggregate fees billed for professional services rendered by Deloitte for the audit of the Registrant's annual financial statements or for services that are normally provided by Deloitte in connection with statutory and regulatory filings or engagements were:

---

| | |
|:---|:---|
| 2025  | 2024 |
| $291000 | $317000 |

---

(b) <u>Audit-Related Fees</u> 

For the fiscal years October 31, 2025 and October 31, 2024, the aggregate fees billed for assurance and related services rendered by Deloitte that are reasonably related to the performance of the audit or review of the Registrant's financial statements and that are not reported under Audit Fees above were:

---

| | |
|:---|:---|
| 2025 | 2024 |
| $0 | $0 |

---

(c) <u>Tax Fees</u>

For the fiscal years ended October 31, 2025 and October 31, 2024, the aggregate fees billed for tax compliance, tax advice and tax planning by Deloitte were:

---

| | |
|:---|:---|
| 2025  | 2024 |
| $56880 | $52140 |

---

These services consisted of tax return review, tax advice and tax planning.

(d) <u>All Other Fees</u> 

For the fiscal years ended October 31, 2025 and October 31, 2024, the aggregate fees billed by Deloitte to the Registrant for all services other than services reported under Audit Fees, Audit-Related Fees, and Tax Fees were:

---

| | |
|:---|:---|
| 2025  | 2024 |
| $4617 | $6561 |

---

Fees were for Passive Foreign Investment Company analysis.

(e)(1) Pursuant to the Registrant's Audit Committee Charter that has been adopted by the audit committee, the audit committee shall approve all audit and permissible non-audit services to be provided to the Registrant and all permissible non-audit services to be provided to its investment adviser or any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant if the engagement relates directly to the operations and financial reporting of the Registrant. The audit committee has delegated to its Chairman the approval of such services subject to reports to the full audit committee at its next subsequent meeting.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X with respect to Audit-Related Fees were 0%, Tax Fees were 0%, and Other Fees were 0% for each of the fiscal years ended October 31, 2025 and October 31, 2024.

------

(f) Not applicable.

(g) For the fiscal years ended October 31, 2025 and October 31, 2024, aggregate non-audit fees billed by Deloitte for services rendered to the Registrant were:

---

| | |
|:---|:---|
| 2025  | 2024 |
| $61497 | $58701 |

---

For the twelve month periods ended October 31, 2025 and October 31, 2024, aggregate non-audit fees billed by Deloitte for services rendered to the Registrant's investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant were $588,053 and $331,979, respectively.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

**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.

(b) The Registrant's Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form N-CSR.

------

![LOGO](g924744g81l51.jpg)

## Financial

## Statements

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and Other Information Form N-CSR Items 7-11

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 31, 2025
![LOGO](g924744g00n01.jpg)

------

## TCW Funds, Inc.
**Table of Contents** October 31, 2025

---

| | |
|:---|:---|
|  [Schedules of Investments](#toc924744_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW Concentrated Large Cap Growth Fund](#toc924744_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW Conservative Allocation Fund](#toc924744_3) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW Global Real Estate Fund](#toc924744_4) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW Relative Value Large Cap Fund](#toc924744_5) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW Relative Value Mid Cap Fund](#toc924744_6) | 13 |
|  [Statements of Assets and Liabilities](#toc924744_7) | 16 |
|  [Statements of Operations](#toc924744_8) | 18 |
|  [Statements of Changes in Net Assets](#toc924744_9) | 20 |
|  [Notes to Financial Statements](#toc924744_10) | 23 |
|  [Financial Highlights](#toc924744_11) | 41 |
|  [Report of Independent Registered Public Accounting Firm](#toc924744_12) | 53 |
|  [Investment Management and Advisory Agreement Disclosure (Unaudited)](#toc924744_13) | 55 |
|  [Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule](#toc924744_14) | 62 |
|  [Tax Information Notice (Unaudited)](#toc924744_15) | 63 |

---

------

## TCW Concentrated Large Cap Growth Fund
Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
|  **COMMON STOCK — 99.1% of Net Assets** | **COMMON STOCK — 99.1% of Net Assets** | **COMMON STOCK — 99.1% of Net Assets** |
| **Aerospace & Defense — 2.6%** | **Aerospace & Defense — 2.6%** | **Aerospace & Defense — 2.6%** |
|  General Electric Co. | 64092 | $19801223 |
| **Broadline Retail — 5.6%** | **Broadline Retail — 5.6%** | **Broadline Retail — 5.6%** |
|  Amazon.com, Inc. *<sup>(1)</sup>* | 176838 | 43187376 |
| **Capital Markets — 2.2%** | **Capital Markets — 2.2%** | **Capital Markets — 2.2%** |
|  S&P Global, Inc. | 35736 | 17410937 |
| **Commercial Services & Supplies — 1.6%** | **Commercial Services & Supplies — 1.6%** | **Commercial Services & Supplies — 1.6%** |
|  Waste Connections, Inc. (Canada) | 72722 | 12194025 |
| **Communications Equipment — 1.8%** | **Communications Equipment — 1.8%** | **Communications Equipment — 1.8%** |
|  Arista Networks, Inc. *<sup>(1)</sup>* | 86631 | 13660842 |
| **Consumer Staples Distribution & Retail — 2.8%** | **Consumer Staples Distribution & Retail — 2.8%** | **Consumer Staples Distribution & Retail — 2.8%** |
|  Costco Wholesale Corp. | 23971 | 21848368 |
| **Electrical Equipment — 1.8%** | **Electrical Equipment — 1.8%** | **Electrical Equipment — 1.8%** |
|  Eaton Corp. PLC | 37358 | 14254318 |
| **Entertainment — 1.4%** | **Entertainment — 1.4%** | **Entertainment — 1.4%** |
|  Spotify Technology SA *<sup>(1)</sup>* | 16459 | 10785912 |
| **Financial Services — 6.6%** | **Financial Services — 6.6%** | **Financial Services — 6.6%** |
|  Mastercard, Inc. | 43728 | 24137419 |
|  Visa, Inc. | 79743 | 27171630 |
|  |  | 51309049 |
| **Health Care Equipment & Supplies — 5.8%** | **Health Care Equipment & Supplies — 5.8%** | **Health Care Equipment & Supplies — 5.8%** |
|  Boston Scientific Corp. *<sup>(1)</sup>* | 185792 | 18712970 |
|  Dexcom, Inc. *<sup>(1)</sup>* | 124957 | 7274997 |
|  Intuitive Surgical, Inc. *<sup>(1)</sup>* | 35992 | 19229806 |
|  |  | 45217773 |
| **Interactive Media & Services — 11.1%** | **Interactive Media & Services — 11.1%** | **Interactive Media & Services — 11.1%** |
|  Alphabet, Inc. — Class C | 190297 | 53629501 |
|  Meta Platforms, Inc. | 49706 | 32226885 |
|  |  | 85856386 |
| **IT Services — 2.8%** | **IT Services — 2.8%** | **IT Services — 2.8%** |
|  Shopify, Inc. *<sup>(1)</sup>* | 126262 | 21951911 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
|  Trade Desk, Inc. *<sup>(1)</sup>* | 133390 | 6706849 |
| **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** |
|  Zoetis, Inc. | 67361 | 9706047 |

---

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
| **Semiconductors & Semiconductor Equipment — 25.7%** | **Semiconductors & Semiconductor Equipment — 25.7%** | **Semiconductors & Semiconductor Equipment — 25.7%** |
|  ASML Holding NV (Netherlands) | 18289 | $19372257 |
|  Broadcom, Inc. | 125514 | 46393740 |
|  NVIDIA Corp. | 657810 | 133199947 |
|  |  | 198965944 |
| **Software — 22.9%** | **Software — 22.9%** | **Software — 22.9%** |
|  Cadence Design Systems, Inc. *<sup>(1)</sup>* | 49582 | 16792928 |
|  Crowdstrike Holdings, Inc. *<sup>(1)</sup>* | 41503 | 22536544 |
|  Microsoft Corp. | 112399 | 58201326 |
|  Oracle Corp. | 33138 | 8702370 |
|  Palo Alto Networks, Inc. *<sup>(1)</sup>* | 86979 | 19156255 |
|  ServiceNow, Inc. *<sup>(1)</sup>* | 40815 | 37520413 |
|  Tyler Technologies, Inc. *<sup>(1)</sup>* | 29886 | 14233507 |
|  |  | 177143343 |
| **Specialty Retail — 2.3%** | **Specialty Retail — 2.3%** | **Specialty Retail — 2.3%** |
|  O'Reilly Automotive, Inc. *<sup>(1)</sup>* | 185110 | 17481788 |
|  **Total Common Stock** |  |  |
|  (Cost: $265,482,338) | (Cost: $265,482,338) | 767482091 |
|  **MONEY MARKET INVESTMENTS — 0.9%** | **MONEY MARKET INVESTMENTS — 0.9%** | **MONEY MARKET INVESTMENTS — 0.9%** |
|  State Street Institutional U.S. Government Money Market<br>Fund — Premier Class, 4.01% *<sup>(2)</sup>* | 2130750 | 2130750 |
|  TCW Central Cash Fund, 4.07% *<sup>(2)(3)</sup>* | 5270000 | 5270000 |
|  **Total Money Market Investments** | **Total Money Market Investments** | **Total Money Market Investments** |
|  (Cost: $7,400,750) | (Cost: $7,400,750) | 7400750 |
|  **Total Investments (100.0%)** |  |  |
|  (Cost: $272,883,088) | (Cost: $272,883,088) | 774882841 |
|  **Liabilities In Excess Of Other Assets (0.0%)** | **Liabilities In Excess Of Other Assets (0.0%)** | (94412) |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** | $774788429 |

---

#### Notes to the Schedule of Investments:
&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 October 31, 2025.* 

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

*See accompanying Notes to Financial Statements.* 

------

## TCW Concentrated Large Cap Growth Fund
Schedule of Investments (Continued)

The summary of the TCW Concentrated Large Cap Growth Fund transactions in the affiliated funds for the year ended October 31, 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 Held<br>October 31,<br>2025** | **Value at<br>October 31,<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** |
|  | $— | $97820000 | $92550000 | 5270000 | $5270000 | $239098 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $5270000 | $239098 | $— | $— | $— |

---

*See accompanying Notes to Financial Statements.* 

------

Fair Valuation Summary October 31, 2025

The following is a summary of the fair valuations according to the inputs used as of October 31, 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 | $198965944 | $— | $— | $198965944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 177143343 |  |  | 177143343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 85856386 |  |  | 85856386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 51309049 |  |  | 51309049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 45217773 |  |  | 45217773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 43187376 |  |  | 43187376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 21951911 |  |  | 21951911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 21848368 |  |  | 21848368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | 19801223 |  |  | 19801223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 17481788 |  |  | 17481788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 17410937 |  |  | 17410937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 14254318 |  |  | 14254318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 13660842 |  |  | 13660842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 12194025 |  |  | 12194025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 10785912 |  |  | 10785912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 9706047 |  |  | 9706047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | 6706849 |  |  | 6706849 |
|  Total Common Stock | 767482091 |  |  | 767482091 |
|  Money Market Investments | 7400750 |  |  | 7400750 |
|  Total Investments | $774882841 | $— | $— | $774882841 |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW Conservative Allocation Fund
Schedule of Investments <br> October 31, 2025 <br>

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
|  **INVESTMENT COMPANIES — 99.6% of Net Assets** | **INVESTMENT COMPANIES — 99.6% of Net Assets** | **INVESTMENT COMPANIES — 99.6% of Net Assets** |
| **Diversified Equity Funds — 16.9%** | **Diversified Equity Funds — 16.9%** | **Diversified Equity Funds — 16.9%** |
|  TCW Concentrated Large Cap Growth Fund (formerly TCW Select Equities Fund) — I Class *<sup>(1)</sup>* | 44921 | $1594253 |
|  TCW Global Real Estate Fund — I Class *<sup>(1)</sup>* | 80717 | 998470 |
|  TCW Relative Value Large Cap Fund — I Class *<sup>(1)</sup>* | 178203 | 3236169 |
|  TCW Relative Value Mid Cap<br>Fund — I Class *<sup>(1)</sup>* | 2264 | 70806 |
|  |  | 5899698 |
| **Diversified Fixed Income Funds — 65.6%** | **Diversified Fixed Income Funds — 65.6%** | **Diversified Fixed Income Funds — 65.6%** |
|  TCW Emerging Markets Income Fund — I Class *<sup>(1)</sup>* | 35960 | 250998 |
|  TCW Global Bond Fund — I Class *<sup>(1)</sup>* | 103269 | 887083 |
|  TCW MetWest High Yield Bond Fund — I Class *<sup>(1)</sup>* | 39840 | 371310 |
|  TCW MetWest Low Duration Bond Fund — I Class *<sup>(1)</sup>* | 80803 | 683595 |
|  TCW MetWest Total Return Bond Fund — I Class *<sup>(1)</sup>* | 898840 | 8323261 |
|  TCW MetWest Unconstrained Bond Fund — I Class *<sup>(1)</sup>* | 358388 | 3759487 |
|  TCW Securitized Bond Fund — I Class *<sup>(1)</sup>* | 1106990 | 8712008 |
|  |  | 22987742 |
| **Exchange-Traded Funds — 16.1%** | **Exchange-Traded Funds — 16.1%** | **Exchange-Traded Funds — 16.1%** |
|  iShares Gold Trust *<sup>(2)</sup>* | 7595 | 572587 |
|  iShares MSCI EAFE ETF | 7630 | 720959 |
|  TCW Artificial Intelligence ETF *<sup>(1),(2)</sup>* | 5834 | 223588 |
|  TCW Durable Growth ETF *<sup>(1)</sup>* | 109695 | 3481269 |
|  TCW Transform Supply Chain ETF *<sup>(1)</sup>* | 5332 | 386607 |
|  TCW Transform Systems ETF *<sup>(1)</sup>* | 2471 | 252908 |
|  |  | 5637918 |

---

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
| **Exchange-Traded Notes — 1.0%** | **Exchange-Traded Notes — 1.0%** | **Exchange-Traded Notes — 1.0%** |
|  iPath Bloomberg Commodity Index Total Return ETN *<sup>(2)</sup>* | 9821 | $358958 |
|  **Total Exchange-Traded Notes** | **Total Exchange-Traded Notes** | **Total Exchange-Traded Notes** |
|  (Cost: $319,007) | (Cost: $319,007) | 358958 |
|  **Total Investment Companies** | **Total Investment Companies** | **Total Investment Companies** |
|  (Cost: $30,560,434) | (Cost: $30,560,434) | 34884316 |
|  **MONEY MARKET INVESTMENTS — 0.3%** | **MONEY MARKET INVESTMENTS — 0.3%** | **MONEY MARKET INVESTMENTS — 0.3%** |
|  State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.01% *<sup>(3)</sup>* | 106889 | 106889 |
|  **Total Money Market Investments** | **Total Money Market Investments** | **Total Money Market Investments** |
|  (Cost: $106,889) | (Cost: $106,889) | 106889 |
|  **Total Investments (99.9%)** |  |  |
|  (Cost: $30,667,323) | (Cost: $30,667,323) | 34991205 |
|  **Excess Of Other Assets Over Liabilities (0.1%)** | **Excess Of Other Assets Over Liabilities (0.1%)** | 27984 |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** | $35019189 |

---

#### 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 October 31, 2025.* 

*See accompanying Notes to Financial Statements.* 

------

## TCW Conservative Allocation Fund
October 31, 2025

The summary of the TCW Conservative Allocation Fund transactions in the affiliated funds for the year ended October 31, 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 Held<br>October 31,<br>2025** | **Value at<br>October 31,<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 | $10756 | $8775 | 5834 | $223588 | $— | $— | $6121 | $57690 |
|  **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** |
|  |  | 5600000 | 5600000 |  |  | 2771 |  |  |  |
|  **TCW Durable Growth ETF (formerly TCW Compounders ETF)** | **TCW Durable Growth ETF (formerly TCW Compounders ETF)** | **TCW Durable Growth ETF (formerly TCW Compounders ETF)** | **TCW Durable Growth ETF (formerly TCW Compounders ETF)** | **TCW Durable Growth ETF (formerly TCW Compounders ETF)** | **TCW Durable Growth ETF (formerly TCW Compounders ETF)** | **TCW Durable Growth ETF (formerly TCW Compounders ETF)** | **TCW Durable Growth ETF (formerly TCW Compounders ETF)** | **TCW Durable Growth ETF (formerly TCW Compounders ETF)** | **TCW Durable Growth ETF (formerly TCW Compounders ETF)** |
|  | 3184346 | 1295377 | 668219 | 109695 | 3481269 | 12215 | 298861 | (1335) | (328900) |
|  **TCW Concentrated Large Cap Growth Fund (formerly TCW Select Equities Fund)—I Class** | **TCW Concentrated Large Cap Growth Fund (formerly TCW Select Equities Fund)—I Class** | **TCW Concentrated Large Cap Growth Fund (formerly TCW Select Equities Fund)—I Class** | **TCW Concentrated Large Cap Growth Fund (formerly TCW Select Equities Fund)—I Class** | **TCW Concentrated Large Cap Growth Fund (formerly TCW Select Equities Fund)—I Class** | **TCW Concentrated Large Cap Growth Fund (formerly TCW Select Equities Fund)—I Class** | **TCW Concentrated Large Cap Growth Fund (formerly TCW Select Equities Fund)—I Class** | **TCW Concentrated Large Cap Growth Fund (formerly TCW Select Equities Fund)—I Class** | **TCW Concentrated Large Cap Growth Fund (formerly TCW Select Equities Fund)—I Class** | **TCW Concentrated Large Cap Growth Fund (formerly TCW Select Equities Fund)—I Class** |
|  | 1732949 | 355956 | 580647 | 44921 | 1594253 |  | 233094 | 159813 | (73818) |
|  **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 | 39260 | 9353 | 35960 | 250998 | 15105 |  | (820) | 13872 |
|  **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 | 128611 | 405449 | 103269 | 887083 | 29593 |  | (75407) | 116284 |
|  **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 | 123047 | 394260 | 80717 | 998470 | 23050 |  | 69309 | (99468) |
|  **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 | 380106 | 183139 | 39840 | 371310 | 20651 |  | (339) | 10483 |
|  **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 | 110260 | 782711 | 80803 | 683595 | 41320 |  | (24521) | 37489 |
|  **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 | 2323399 | 1348808 | 898840 | 8323261 | 301284 |  | (255131) | 463266 |
|  **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 | 702755 | 349295 | 358388 | 3759487 | 195744 |  | (45032) | 103524 |
|  **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 | 486181 | 672247 | 178203 | 3236169 | 23413 | 169286 | 93632 | 192515 |
|  **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 | 21731 | 113193 | 2264 | 70806 | 1536 | 12773 | 38907 | (39705) |
|  **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 | 2243624 | 1958933 | 1106990 | 8712008 | 557372 |  | (482510) | 499225 |
|  **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 | 208117 | 9381 | 5332 | 386607 | 2481 |  | (301) | 26867 |
|  **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 | 18964 | 8613 | 2471 | 252908 | 649 |  | 1734 | 67932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $33231812 | $1227184 | $714014 | $(515880) | $1047256 |

---

*See accompanying Notes to Financial Statements.* 

------

Fair Valuation Summary October 31, 2025

The following is a summary of the fair valuations according to the inputs used as of October 31, 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 | $34884316 | $– $|  | $34884316 |
|  Money Market Investments | 106889 | – |  | 106889 |
|  Total Investments | $34991205 | $– $|  | $34991205 |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW Global Real Estate Fund
Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
|  **COMMON STOCK — 98.7% of Net Assets** | **COMMON STOCK — 98.7% of Net Assets** | **COMMON STOCK — 98.7% of Net Assets** |
| **Australia — 9.7%** | **Australia — 9.7%** | **Australia — 9.7%** |
|  Dexus | 368086 | $1755889 |
|  Goodman Group | 61353 | 1323980 |
|  Mirvac Group | 562707 | 847567 |
|  **Total Australia** |  |  |
|  (Cost: $3,541,149) |  | 3927436 |
| **Belgium — 2.6%** (Cost: $1,258,835) | **Belgium — 2.6%** (Cost: $1,258,835) | **Belgium — 2.6%** (Cost: $1,258,835) |
|  Shurgard Self Storage Ltd. | 28849 | 1057491 |
| **Canada — 5.1%** | **Canada — 5.1%** | **Canada — 5.1%** |
|  Brookfield Corp. | 20544 | 947034 |
|  Killam Apartment Real Estate Investment Trust | 91983 | 1137684 |
|  **Total Canada** |  |  |
|  (Cost: $2,199,940) |  | 2084718 |
| **Japan — 3.7%** | **Japan — 3.7%** | **Japan — 3.7%** |
|  Mitsubishi Estate Co. Ltd. | 19800 | 419749 |
|  Mitsui Fudosan Co. Ltd. | 103900 | 1082234 |
|  **Total Japan** | **Total Japan** | **Total Japan** |
|  (Cost: $1,088,584) | (Cost: $1,088,584) | 1501983 |
| **Singapore — 2.4%** (Cost: $1,007,023) | **Singapore — 2.4%** (Cost: $1,007,023) | **Singapore — 2.4%** (Cost: $1,007,023) |
|  CapitaLand Ascendas REIT | 457000 | 989534 |
| **Spain — 7.2%** | **Spain — 7.2%** | **Spain — 7.2%** |
|  Cellnex Telecom SA *<sup>(1)(2)</sup>* | 37215 | 1160125 |
|  Merlin Properties Socimi SA | 113345 | 1768093 |
|  **Total Spain** |  |  |
|  (Cost: $2,762,555) |  | 2928218 |
| **United Kingdom — 2.7%** (Cost: $1,360,254) | **United Kingdom — 2.7%** (Cost: $1,360,254) | **United Kingdom — 2.7%** (Cost: $1,360,254) |
|  Segro PLC | 118481 | 1087349 |
| **United States — 65.3%** | **United States — 65.3%** | **United States — 65.3%** |
|  American Tower Corp. | 13730 | 2457395 |
|  Americold Realty Trust, Inc. | 42747 | 551009 |
|  CBRE Group, Inc. *<sup>(1)</sup>* | 8115 | 1236969 |
|  Cousins Properties, Inc. | 41172 | 1067590 |
|  Digital Realty Trust, Inc. | 6245 | 1064210 |
|  EastGroup Properties, Inc. | 6483 | 1131478 |
|  Equinix, Inc. | 3273 | 2768991 |
|  Essential Properties Realty Trust, Inc. | 22105 | 660497 |
|  Gaming & Leisure Properties, Inc. | 31013 | 1385041 |
|  Iron Mountain, Inc. | 11115 | 1144289 |
|  Jones Lang LaSalle, Inc. *<sup>(1)</sup>* | 5130 | 1565112 |
|  Kimco Realty Corp. | 40706 | 840986 |

---

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
| **United States (Continued)** | **United States (Continued)** | **United States (Continued)** |
|  Lennar Corp. | 6340 | $784702 |
|  Mid-America Apartment Communities, Inc. | 5856 | 750915 |
|  NexPoint Residential Trust, Inc. | 25392 | 778773 |
|  Phillips Edison & Co., Inc. | 18244 | 617377 |
|  Prologis, Inc. | 11837 | 1468853 |
|  Public Storage | 2758 | 768269 |
|  SBA Communications Corp. | 10348 | 1981435 |
|  STAG Industrial, Inc. | 23689 | 906578 |
|  Travel & Leisure Co. | 19983 | 1254533 |
|  Welltower, Inc. | 7578 | 1371921 |
|  **Total United States** |  |  |
|  (Cost: $26,146,383) |  | 26556923 |
|  **Total Common Stock** | **Total Common Stock** | **Total Common Stock** |
|  (Cost: $39,364,723) | (Cost: $39,364,723) | 40133652 |
| **MONEY MARKET INVESTMENTS — 1.3%** | **MONEY MARKET INVESTMENTS — 1.3%** | **MONEY MARKET INVESTMENTS — 1.3%** |
| **United States — 1.3%** | **United States — 1.3%** | **United States — 1.3%** |
|  State Street Institutional U.S. Government Money Market<br>Fund — Premier Class, 4.01% *<sup>(3)</sup>* | 198770 | 198770 |
|  TCW Central Cash Fund, 4.07% *<sup>(3)(4)</sup>* | 330000 | 330000 |
|  **Total Money Market Investments** | **Total Money Market Investments** | **Total Money Market Investments** |
|  (Cost: $528,770) | (Cost: $528,770) | 528770 |
|  **Total Investments (100.0%)** | **Total Investments (100.0%)** | **Total Investments (100.0%)** |
|  (Cost: $39,893,493) | (Cost: $39,893,493) | 40662422 |
|  **Liabilities In Excess Of Other Assets (0.0%)** | **Liabilities In Excess Of Other Assets (0.0%)** | (7418) |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** | $40655004 |

---

#### 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)* *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 October 31, 2025, the value of these securities amounted to $1,160,125 or 2.9% 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.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Rate disclosed is the 7-day net yield as of October 31, 2025.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(4)* *Affiliated issuer.* 

*See accompanying Notes to Financial Statements.* 

------

## TCW Global Real Estate Fund
Schedule of Investments (Continued)

The summary of the TCW Global Real Estate Fund transactions in the affiliated funds for the year ended October 31, 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 Held<br>October 31,<br>2025** | **Value at<br>October 31,<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** |
|  | $— | $9079000 | $8749000 | 330000 | $330000 | $42474 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $330000 | $42474 | $— | $— | $— |

---

*See accompanying Notes to Financial Statements.* 

------

Fair Valuation Summary October 31, 2025

The following is a summary of the fair valuations according to the inputs used as of October 31, 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; Specialized REITs | $8523985 | $— | $— | $8523985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | 4057918 | 3400863 |  | 7458781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified REITs | 2641932 | 2615660 |  | 5257592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office REITs | 1067590 | 1755889 |  | 2823479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Services | 2802081 |  |  | 2802081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Family Residential REITs | 1888599 |  |  | 1888599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Real Estate Activities |  | 1501983 |  | 1501983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | 1458363 |  |  | 1458363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care REITs | 1371921 |  |  | 1371921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Resorts & Cruise Lines | 1254533 |  |  | 1254533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services |  | 1160125 |  | 1160125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Data Center REITs | 1064210 |  |  | 1064210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Self Storage REITs |  | 1057491 |  | 1057491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Management & Custody Banks | 947034 |  |  | 947034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Homebuilding | 784702 |  |  | 784702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Single-Family Residential REITs | 778773 |  |  | 778773 |
|  Total Common Stock | 28641641 | 11492011 |  | 40133652 |
|  Money Market Investments | 528770 |  |  | 528770 |
|  Total Investments | $29170411 | $11492011 | $— | $40662422 |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW Relative Value Large Cap Fund
Schedule of Investments <br> October 31, 2025 <br>

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
| **COMMON STOCK — 99.0% of Net Assets** | **COMMON STOCK — 99.0% of Net Assets** | **COMMON STOCK — 99.0% of Net Assets** |
| **Air Freight & Logistics — 1.5%** | **Air Freight & Logistics — 1.5%** | **Air Freight & Logistics — 1.5%** |
|  United Parcel Service, Inc. — Class B | 76911 | $7415759 |
| **Banks — 4.3%** | **Banks — 4.3%** | **Banks — 4.3%** |
|  JPMorgan Chase & Co. | 69148 | 21513326 |
| **Beverages — 2.5%** | **Beverages — 2.5%** | **Beverages — 2.5%** |
|  Keurig Dr. Pepper, Inc. | 453345 | 12312850 |
| **Biotechnology — 3.7%** | **Biotechnology — 3.7%** | **Biotechnology — 3.7%** |
|  AbbVie, Inc. | 58269 | 12704973 |
|  Amgen, Inc. | 18995 | 5668678 |
|  |  | 18373651 |
| **Broadline Retail — 2.0%** | **Broadline Retail — 2.0%** | **Broadline Retail — 2.0%** |
|  Amazon.com, Inc. *<sup>(1)</sup>* | 39906 | 9745843 |
| **Building Products — 3.6%** | **Building Products — 3.6%** | **Building Products — 3.6%** |
|  Johnson Controls International PLC (Ireland) | 154834 | 17711461 |
| **Capital Markets — 9.2%** | **Capital Markets — 9.2%** | **Capital Markets — 9.2%** |
|  Bank of New York Mellon Corp. | 162298 | 17516823 |
|  Intercontinental Exchange, Inc. | 99180 | 14509042 |
|  Morgan Stanley | 83698 | 13726472 |
|  |  | 45752337 |
| **Chemicals — 1.9%** | **Chemicals — 1.9%** | **Chemicals — 1.9%** |
|  DuPont de Nemours, Inc. | 112633 | 9196484 |
| **Construction & Engineering — 1.4%** | **Construction & Engineering — 1.4%** | **Construction & Engineering — 1.4%** |
|  API Group Corp. *<sup>(1)</sup>* | 182111 | 6705327 |
| **Electric Utilities — 2.1%** | **Electric Utilities — 2.1%** | **Electric Utilities — 2.1%** |
|  Entergy Corp. | 106025 | 10187942 |
| **Electrical Equipment — 1.5%** | **Electrical Equipment — 1.5%** | **Electrical Equipment — 1.5%** |
|  AMETEK, Inc. | 37856 | 7651076 |
| **Electronic Equipment, Instruments & Components — 2.4%** | **Electronic Equipment, Instruments & Components — 2.4%** | **Electronic Equipment, Instruments & Components — 2.4%** |
|  Flex Ltd. *<sup>(1)</sup>* | 189843 | 11868984 |
| **Energy Equipment & Services — 2.5%** | **Energy Equipment & Services — 2.5%** | **Energy Equipment & Services — 2.5%** |
|  Baker Hughes Co. | 259949 | 12584131 |
| **Entertainment — 2.5%** | **Entertainment — 2.5%** | **Entertainment — 2.5%** |
|  Walt Disney Co. | 110439 | 12437640 |
| **Financial Services — 4.9%** | **Financial Services — 4.9%** | **Financial Services — 4.9%** |
|  Apollo Global Management, Inc. | 116415 | 14471549 |
|  Equitable Holdings, Inc. | 198960 | 9828624 |
|  |  | 24300173 |
| **Ground Transportation — 2.1%** | **Ground Transportation — 2.1%** | **Ground Transportation — 2.1%** |
|  CSX Corp. | 285738 | 10292283 |
| **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** |
|  GE HealthCare Technologies, Inc. | 113379 | 8497756 |
|  Medtronic PLC | 59048 | 5355654 |
|  |  | 13853410 |

---

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
| **Health Care Providers & Services — 3.9%** | **Health Care Providers & Services — 3.9%** | **Health Care Providers & Services — 3.9%** |
|  McKesson Corp. | 23537 | $19096510 |
| **Household Durables — 2.2%** | **Household Durables — 2.2%** | **Household Durables — 2.2%** |
|  Lennar Corp. | 88649 | 10972087 |
| **Household Products — 1.8%** | **Household Products — 1.8%** | **Household Products — 1.8%** |
|  Procter & Gamble Co. | 59518 | 8949722 |
| **Interactive Media & Services — 4.5%** | **Interactive Media & Services — 4.5%** | **Interactive Media & Services — 4.5%** |
|  Alphabet, Inc. — Class C | 63980 | 18030844 |
|  Meta Platforms, Inc. | 6797 | 4406835 |
|  |  | 22437679 |
| **IT Services — 3.5%** | **IT Services — 3.5%** | **IT Services — 3.5%** |
|  International Business Machines Corp. | 55533 | 17071399 |
| **Machinery — 3.1%** | **Machinery — 3.1%** | **Machinery — 3.1%** |
|  Xylem, Inc. | 100620 | 15178527 |
| **Metals & Mining — 1.4%** | **Metals & Mining — 1.4%** | **Metals & Mining — 1.4%** |
|  Freeport-McMoRan, Inc. | 167039 | 6965526 |
| **Multi-Utilities — 2.6%** | **Multi-Utilities — 2.6%** | **Multi-Utilities — 2.6%** |
|  NiSource, Inc. | 308279 | 12981629 |
| **Oil, Gas & Consumable Fuels — 2.6%** | **Oil, Gas & Consumable Fuels — 2.6%** | **Oil, Gas & Consumable Fuels — 2.6%** |
|  Exxon Mobil Corp. | 110925 | 12685383 |
| **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** |
|  Merck & Co., Inc. | 83911 | 7214668 |
|  Pfizer, Inc. | 398760 | 9829434 |
|  |  | 17044102 |
| **Real Estate Management & Development — 1.9%** | **Real Estate Management & Development — 1.9%** | **Real Estate Management & Development — 1.9%** |
|  Jones Lang LaSalle, Inc. *<sup>(1)</sup>* | 30652 | 9351619 |
| **Semiconductors & Semiconductor Equipment — 4.6%** | **Semiconductors & Semiconductor Equipment — 4.6%** | **Semiconductors & Semiconductor Equipment — 4.6%** |
|  Intel Corp. *<sup>(1)</sup>* | 572154 | 22880438 |
| **Software — 4.9%** | **Software — 4.9%** | **Software — 4.9%** |
|  Roper Technologies, Inc. | 14812 | 6608374 |
|  Salesforce, Inc. | 66999 | 17447209 |
|  |  | 24055583 |
| **Specialized REITs — 1.6%** | **Specialized REITs — 1.6%** | **Specialized REITs — 1.6%** |
|  Equinix, Inc. | 9504 | 8040479 |
| **Technology Hardware, Storage & Peripherals — 4.6%** | **Technology Hardware, Storage & Peripherals — 4.6%** | **Technology Hardware, Storage & Peripherals — 4.6%** |
|  NetApp, Inc. | 89063 | 10489840 |
|  Seagate Technology Holdings PLC | 47553 | 12167862 |
|  |  | 22657702 |
| **Textiles, Apparel & Luxury Goods — 1.5%** | **Textiles, Apparel & Luxury Goods — 1.5%** | **Textiles, Apparel & Luxury Goods — 1.5%** |
|  Tapestry, Inc. | 66361 | 7287765 |
|  **Total Common Stock** | **Total Common Stock** | **Total Common Stock** |
|  (Cost: $325,992,381) | (Cost: $325,992,381) | 489558827 |

---

*See accompanying Notes to Financial Statements.* 

------

October 31, 2025

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
| **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, 4.01% *<sup>(2)</sup>* | 2485671 | $2485671 |
|  TCW Central Cash Fund, 4.07% *<sup>(2)(3)</sup>* | 2600000 | 2600000 |
|  **Total Money Market Investments** | **Total Money Market Investments** |  |
|  (Cost: $5,085,671) | (Cost: $5,085,671) | 5085671 |
|  **Total Investments (100.0%)** | **Total Investments (100.0%)** |  |
|  (Cost: $331,078,052) |  | 494644498 |
|  **Excess Of Other Assets Over Liabilities (0.0%)** | **Excess Of Other Assets Over Liabilities (0.0%)** | 136558 |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** | $494781056 |

---

#### 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 October 31, 2025.* 

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

The summary of the TCW Relative Value Large Cap Fund transactions in the affiliated funds for the year ended October 31, 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 Held<br>October 31,<br>2025** | **Value at<br>October 31,<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** |
|  | $— | $67980000 | $65380000 | 2600000 | $2600000 | $223733 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $2600000 | $223733 | $— | $— | $— |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW Relative Value Large Cap Fund
Fair Valuation Summary October 31, 2025

The following is a summary of the fair valuations according to the inputs used as of October 31, 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 | $45752337 | $— | $— | $45752337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 24300173 |  |  | 24300173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 24055583 |  |  | 24055583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 22880438 |  |  | 22880438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 22657702 |  |  | 22657702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 22437679 |  |  | 22437679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 21513326 |  |  | 21513326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 19096510 |  |  | 19096510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 18373651 |  |  | 18373651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Products | 17711461 |  |  | 17711461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 17071399 |  |  | 17071399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 17044102 |  |  | 17044102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | 15178527 |  |  | 15178527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 13853410 |  |  | 13853410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 12981629 |  |  | 12981629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 12685383 |  |  | 12685383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 12584131 |  |  | 12584131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 12437640 |  |  | 12437640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverages | 12312850 |  |  | 12312850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 11868984 |  |  | 11868984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 10972087 |  |  | 10972087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 10292283 |  |  | 10292283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 10187942 |  |  | 10187942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 9745843 |  |  | 9745843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 9351619 |  |  | 9351619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 9196484 |  |  | 9196484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Products | 8949722 |  |  | 8949722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 8040479 |  |  | 8040479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 7651076 |  |  | 7651076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 7415759 |  |  | 7415759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 7287765 |  |  | 7287765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 6965526 |  |  | 6965526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 6705327 |  |  | 6705327 |
|  Total Common Stock | 489558827 |  |  | 489558827 |
|  Money Market Investments | 5085671 |  |  | 5085671 |
|  Total Investments | $494644498 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $494644498 |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW Relative Value Mid Cap Fund
Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
| **COMMON STOCK — 98.9% of Net Assets** | **COMMON STOCK — 98.9% of Net Assets** | **COMMON STOCK — 98.9% of Net Assets** |
| **Air Freight & Logistics — 4.8%** | **Air Freight & Logistics — 4.8%** | **Air Freight & Logistics — 4.8%** |
|  CH Robinson Worldwide, Inc. | 22653 | $3488335 |
|  FedEx Corp. | 5455 | 1384588 |
|  |  | 4872923 |
| **Banks — 3.7%** | **Banks — 3.7%** | **Banks — 3.7%** |
|  Popular, Inc. | 33989 | 3788754 |
| **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
|  Keurig Dr. Pepper, Inc. | 28168 | 765043 |
| **Broadline Retail — 2.6%** | **Broadline Retail — 2.6%** | **Broadline Retail — 2.6%** |
|  eBay, Inc. | 32245 | 2621841 |
| **Capital Markets — 3.1%** | **Capital Markets — 3.1%** | **Capital Markets — 3.1%** |
|  ARES Management Corp. | 8452 | 1256897 |
|  Interactive Brokers Group, Inc. | 26248 | 1846809 |
|  |  | 3103706 |
| **Chemicals — 3.3%** | **Chemicals — 3.3%** | **Chemicals — 3.3%** |
|  Corteva, Inc. | 14978 | 920248 |
|  DuPont de Nemours, Inc. | 29280 | 2390712 |
|  |  | 3310960 |
| **Construction & Engineering — 5.5%** | **Construction & Engineering — 5.5%** | **Construction & Engineering — 5.5%** |
|  Arcosa, Inc. | 35121 | 3582342 |
|  MasTec, Inc. *<sup>(1)</sup>* | 9796 | 1999951 |
|  |  | 5582293 |
| **Construction Materials — 0.9%** | **Construction Materials — 0.9%** | **Construction Materials — 0.9%** |
|  CRH PLC | 7466 | 889201 |
| **Consumer Finance — 2.8%** | **Consumer Finance — 2.8%** | **Consumer Finance — 2.8%** |
|  LendingClub Corp. *<sup>(1)</sup>* | 61422 | 1068129 |
|  OneMain Holdings, Inc. | 29148 | 1725270 |
|  |  | 2793399 |
| **Consumer Staples Distribution & Retail — 3.7%** | **Consumer Staples Distribution & Retail — 3.7%** | **Consumer Staples Distribution & Retail — 3.7%** |
|  Dollar Tree, Inc. *<sup>(1)</sup>* | 37539 | 3720866 |
| **Electric Utilities — 3.2%** | **Electric Utilities — 3.2%** | **Electric Utilities — 3.2%** |
|  Entergy Corp. | 34243 | 3290410 |
| **Electronic Equipment, Instruments & Components — 6.1%** | **Electronic Equipment, Instruments & Components — 6.1%** | **Electronic Equipment, Instruments & Components — 6.1%** |
|  Avnet, Inc. | 34009 | 1647736 |
|  Flex Ltd. *<sup>(1)</sup>* | 55648 | 3479113 |
|  Jabil, Inc. | 4704 | 1039066 |
|  |  | 6165915 |
| **Energy Equipment & Services — 4.0%** | **Energy Equipment & Services — 4.0%** | **Energy Equipment & Services — 4.0%** |
|  Baker Hughes Co. | 41361 | 2002286 |
|  TechnipFMC PLC | 49720 | 2055922 |
|  |  | 4058208 |
| **Entertainment — 1.9%** | **Entertainment — 1.9%** | **Entertainment — 1.9%** |
|  Electronic Arts, Inc. | 9400 | 1880564 |

---

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
| **Financial Services — 5.0%** | **Financial Services — 5.0%** | **Financial Services — 5.0%** |
|  Corpay, Inc. *<sup>(1)</sup>* | 6849 | $1783137 |
|  Equitable Holdings, Inc. | 67077 | 3313604 |
|  |  | 5096741 |
| **Health Care Equipment & Supplies — 1.0%** | **Health Care Equipment & Supplies — 1.0%** | **Health Care Equipment & Supplies — 1.0%** |
|  GE HealthCare Technologies, Inc. | 14001 | 1049375 |
| **Health Care Providers & Services — 5.1%** | **Health Care Providers & Services — 5.1%** | **Health Care Providers & Services — 5.1%** |
|  Centene Corp. *<sup>(1)</sup>* | 50429 | 1783674 |
|  Henry Schein, Inc.*<sup>(1)</sup>* | 18597 | 1175330 |
|  Quest Diagnostics, Inc. | 12427 | 2186531 |
|  |  | 5145535 |
| **Hotels, Restaurants & Leisure — 1.0%** | **Hotels, Restaurants & Leisure — 1.0%** | **Hotels, Restaurants & Leisure — 1.0%** |
|  Travel & Leisure Co. | 16799 | 1054641 |
| **Household Durables — 4.5%** | **Household Durables — 4.5%** | **Household Durables — 4.5%** |
|  Lennar Corp. | 16189 | 2003712 |
|  Toll Brothers, Inc. | 18662 | 2518437 |
|  |  | 4522149 |
| **Insurance — 2.2%** | **Insurance — 2.2%** | **Insurance — 2.2%** |
|  RenaissanceRe Holdings Ltd. | 8800 | 2235992 |
| **Machinery — 4.3%** | **Machinery — 4.3%** | **Machinery — 4.3%** |
|  AGCO Corp. | 14036 | 1447954 |
|  Manitowoc Co., Inc. *<sup>(1)</sup>* | 98239 | 999090 |
|  Westinghouse Air Brake<br>Technologies Corp. | 9470 | 1936047 |
|  |  | 4383091 |
| **Media — 2.7%** | **Media — 2.7%** | **Media — 2.7%** |
|  Fox Corp. | 17091 | 1104933 |
|  Interpublic Group of Cos., Inc. | 29944 | 768363 |
|  Omnicom Group, Inc. | 11430 | 857479 |
|  |  | 2730775 |
| **Metals & Mining — 0.8%** | **Metals & Mining — 0.8%** | **Metals & Mining — 0.8%** |
|  Freeport-McMoRan, Inc. | 19155 | 798763 |
| **Multi-Utilities — 5.4%** | **Multi-Utilities — 5.4%** | **Multi-Utilities — 5.4%** |
|  NiSource, Inc. | 71711 | 3019750 |
|  Sempra | 26974 | 2479990 |
|  |  | 5499740 |
| **Office REITs — 0.9%** | **Office REITs — 0.9%** | **Office REITs — 0.9%** |
|  Cousins Properties, Inc. | 35839 | 929305 |
| **Oil, Gas & Consumable Fuels — 2.5%** | **Oil, Gas & Consumable Fuels — 2.5%** | **Oil, Gas & Consumable Fuels — 2.5%** |
|  Marathon Petroleum Corp. | 5586 | 1088767 |
|  Range Resources Corp. | 40308 | 1432950 |
|  |  | 2521717 |
| **Pharmaceuticals — 1.9%** | **Pharmaceuticals — 1.9%** | **Pharmaceuticals — 1.9%** |
|  Teva Pharmaceutical Industries, Ltd. (SP ADR) (Israel) *<sup>(1)</sup>* | 95754 | 1961042 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
| **Professional Services — 2.6%** | **Professional Services — 2.6%** | **Professional Services — 2.6%** |
|  Jacobs Solutions, Inc. | 16760 | $2611376 |
| **Real Estate Management & Development — 5.0%** | **Real Estate Management & Development — 5.0%** | **Real Estate Management & Development — 5.0%** |
|  CBRE Group, Inc. *<sup>(1)</sup>* | 6479 | 987594 |
|  Jones Lang LaSalle, Inc. *<sup>(1)</sup>* | 13350 | 4072951 |
|  |  | 5060545 |
| **Semiconductors & Semiconductor Equipment — 1.6%** | **Semiconductors & Semiconductor Equipment — 1.6%** | **Semiconductors & Semiconductor Equipment — 1.6%** |
|  ON Semiconductor Corp. *<sup>(1)</sup>* | 33371 | 1671220 |
| **Specialized REITs — 3.3%** | **Specialized REITs — 3.3%** | **Specialized REITs — 3.3%** |
|  Equinix, Inc. | 1564 | 1323160 |
|  Iron Mountain, Inc. | 9993 | 1028779 |
|  SBA Communications Corp. | 5161 | 988228 |
|  |  | 3340167 |
| **Specialty Retail — 0.8%** | **Specialty Retail — 0.8%** | **Specialty Retail — 0.8%** |
|  Advance Auto Parts, Inc. | 17143 | 807950 |
| **Technology Hardware, Storage & Peripherals — 2.0%** | **Technology Hardware, Storage & Peripherals — 2.0%** | **Technology Hardware, Storage & Peripherals — 2.0%** |
|  Seagate Technology Holdings PLC | 7817 | 2000214 |
|  **Total Common Stock** | **Total Common Stock** |  |
|  (Cost: $72,488,454) | (Cost: $72,488,454) | 100264421 |

---

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
| **MONEY MARKET INVESTMENTS — 1.2%** | **MONEY MARKET INVESTMENTS — 1.2%** | **MONEY MARKET INVESTMENTS — 1.2%** |
|  State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.01% *<sup>(2)</sup>* | 509246 | $509246 |
|  TCW Central Cash Fund, 4.07% *<sup>(2)(3)</sup>* | 667000 | 667000 |
|  |  | 1176246 |
|  **Total Money Market Investments** | **Total Money Market Investments** |  |
|  (Cost: $1,176,246) | (Cost: $1,176,246) | 1176246 |
|  **Total Investments (100.1%)** | **Total Investments (100.1%)** |  |
|  (Cost: $73,664,700) |  | 101440667 |
|  **Liabilities In Excess Of Other Assets (-0.1%)** | **Liabilities In Excess Of Other Assets (-0.1%)** | (88189) |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** | $101352478 |

---

#### 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 October 31, 2025.* 

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

The summary of the TCW Relative Value Mid Cap Fund transactions in the affiliated funds for the year ended October 31, 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 Held<br>October 31,<br>2025** | **Value at<br>October 31,<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** |
|  | $— | $15567000 | $14900000 | 667000 | $667000 | $90004 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $667000 | $90004 | $— | $— | $— |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW Relative Value Mid Cap Fund
Fair Valuation Summary October 31, 2025

The following is a summary of the fair valuations according to the inputs used as of October 31, 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; Electronic Equipment, Instruments & Components | $6165915 | $— | $— | $6165915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 5582293 |  |  | 5582293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 5499740 |  |  | 5499740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 5145535 |  |  | 5145535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 5096741 |  |  | 5096741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 5060545 |  |  | 5060545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 4872923 |  |  | 4872923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 4522149 |  |  | 4522149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | 4383091 |  |  | 4383091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 4058208 |  |  | 4058208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 3788754 |  |  | 3788754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 3720866 |  |  | 3720866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 3340167 |  |  | 3340167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 3310960 |  |  | 3310960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 3290410 |  |  | 3290410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 3103706 |  |  | 3103706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 2793399 |  |  | 2793399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | 2730775 |  |  | 2730775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 2621841 |  |  | 2621841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 2611376 |  |  | 2611376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 2521717 |  |  | 2521717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | 2235992 |  |  | 2235992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 2000214 |  |  | 2000214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 1961042 |  |  | 1961042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 1880564 |  |  | 1880564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 1671220 |  |  | 1671220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 1054641 |  |  | 1054641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 1049375 |  |  | 1049375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office REITs | 929305 |  |  | 929305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 889201 |  |  | 889201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 807950 |  |  | 807950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 798763 |  |  | 798763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverages | 765043 |  |  | 765043 |
|  Total Common Stock | 100264421 |  |  | 100264421 |
|  Money Market Investments | 1176246 |  |  | 1176246 |
|  Total Investments | $101440667 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $101440667 |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW Funds, Inc.
Statements of Assets and Liabilities October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **TCW<br>Concentrated<br>Large Cap<br>Growth Fund** | **TCW<br>Conservative<br>Allocation<br>Fund** | **TCW<br>Global<br>Real Estate<br>Fund** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Value *<sup>(1)</sup>* | $769612841 | $1759393 | $40332422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment in Affiliated Issuers, at Value *<sup>(2)</sup>* | 5270000 | 33231812 | 330000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Securities Sold | 679510 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund Shares Sold | 51349 |  | 20255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and Dividends Receivable | 146383 | 54635 | 25173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Tax Reclaims Receivable |  |  | 19304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from Investment Advisor | 36831 | 1095 | 8724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses | 24601 | 25606 | 6757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 775821515 | 35072541 | 40742635 |
|  **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund Shares Redeemed | 188404 |  | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Directors' Fees and Expenses | 14067 | 769 | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred Accrued Directors' Fees and Expenses | 3137 | 291 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Management Fees | 417361 |  | 28061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Distribution Fees | 29938 | 109 | 1967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees Payable | 207272 | 6793 | 15657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Fee Payable | 20576 | 5763 | 5977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit Fees Payable | 10269 | 9648 | 9267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting Fees Payable | 28231 | 2078 | 2341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees Payable | 43096 | 6136 | 3444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal Fees Payable | 10039 | 474 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Accrued Expenses | 60696 | 21291 | 18923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 1033086 | 53352 | 87631 |
|  **NET ASSETS** | $774788429 | $35019189 | $40655004 |
|  **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital | $188714515 | $30416413 | $47149636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated Earnings (Loss) | 586073914 | 4602776 | (6494632) |
|  **NET ASSETS** | $774788429 | $35019189 | $40655004 |
|  **NET ASSETS ATTRIBUTABLE TO:** | **NET ASSETS ATTRIBUTABLE TO:** | **NET ASSETS ATTRIBUTABLE TO:** | **NET ASSETS ATTRIBUTABLE TO:** |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class Share | $630587463 | $34507028 | $31501126 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 Class Share | $10663 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class Share | $144190303 | $512161 | $9153878 |
|  **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 | 17768270 | 2790365 | 2546629 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 Class Share | 1000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class Share | 5339699 | 41482 | 740988 |
|  **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 | $35.49 | $12.37 | $12.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 Class Share | $10.66 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class Share | $27.00 | $12.35 | $12.35 |

---

*(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 October 31, 2025 was $267,613,088, $1,318,561 and $39,563,493, 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 October 31, 2025 was $5,270,000, $29,348,762 and $330,000, 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 October 31, 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>* | $492044498 | $100773667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment in Affiliated Issuers, at Value *<sup>(2)</sup>* | 2600000 | 667000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Securities Sold | 4114802 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund Shares Sold | 114126 | 4750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and Dividends Receivable | 481404 | 31298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Tax Reclaims Receivable | 258326 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from Investment Advisor | 41645 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses | 21982 | 23393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 499676783 | 101500108 |
|  **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Securities Purchased | 4255309 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund Shares Redeemed | 85656 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Directors' Fees and Expenses | 6548 | 2046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred Accrued Directors' Fees and Expenses |  | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Management Fees | 248239 | 59806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Distribution Fees | 47335 | 3292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees Payable | 122841 | 29307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Fee Payable | 15416 | 7096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit Fees Payable | 10766 | 10158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting Fees Payable | 7453 | 3232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees Payable | 16799 | 9357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal Fees Payable | 48051 | 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Accrued Expenses | 31314 | 21339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 4895727 | 147630 |
|  **NET ASSETS** | $494781056 | $101352478 |
|  **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital | $233451955 | $54297383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated Earnings (Loss) | 261329101 | 47055095 |
|  **NET ASSETS** | $494781056 | $101352478 |
|  **NET ASSETS ATTRIBUTABLE TO:** | **NET ASSETS ATTRIBUTABLE TO:** | **NET ASSETS ATTRIBUTABLE TO:** |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class Share | $269090876 | $85881088 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 Class Share | $10712 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class Share | $225679468 | $15471390 |
|  **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 | 14815936 | 2746274 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 Class Share | 1000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class Share | 12500762 | 514113 |
|  **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 | $18.16 | $31.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 Class Share | $10.71 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class Share | $18.05 | $30.09 |

---

*(1)* *The identified cost for the TCW Relative Value Large Cap Fund and the TCW Relative Value Mid Cap Fund at October 31, 2025 was $328,478,052 and $72,997,700, respectively.* 

*(2)* *The identified cost for the TCW Relative Value Large Cap Fund and the TCW Relative Value Mid Cap Fund at October 31, 2025 was $2,600,000 and $667,000, 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 Year Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **TCW<br>Concentrated<br>Large Cap<br>Growth 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 | $2375432*<sup>(1)</sup>* | $21305 | $1271384*<sup>(1)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from Investment in Affiliated Issuers | 239098 | 1227184 | 42474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 26547 | 1717 | 2395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 2641077 | 1250206 | 1316253 |
|  **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees | 4604126 |  | 329996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting Services Fees | 6651 | 5319 | 6163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Fees | 51455 | 13838 | 14467 |
| &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 | 464564 | 11668 | 29538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-3 Class *<sup>(2)</sup>* | 4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | 140638 | 6624 | 12578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees | 2489 | 2846 | 8198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Fees | 55928 | 14987 | 22884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' Fees and Expenses | 77973 | 23024 | 23832 |
| &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 | 21960 | 16391 | 16729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-3 Class *<sup>(2)</sup>* | 17 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | 18014 | 16392 | 16552 |
| &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 | 340765 | 1374 | 22942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compliance Expense | 6244 | 6244 | 6244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder Reporting Expense | 10768 | 2573 | 3103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 86081 | 5682 | 10423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 5887677 | 126962 | 523649 |
| &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 | (10748) |  | (87512) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-3 Class *<sup>(2)</sup>* | (17) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | (216234) | (23271) | (55713) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 5660678 | 103691 | 380424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | (3019601) | 1146515 | 935829 |
|  **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 | 96420514 | 68614 | 356519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliated Issuers |  | (515880) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized Gain Received as Distribution from Affiliated Issuers |  | 714014 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency | 16 |  | 2822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation (Depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 55781660 | 248099 | (1185897) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency |  |  | 1640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliated Issuers |  | 1047256 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions | 152202190 | 1562103 | (824916) |
|  **INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $149182589 | $2708618 | $110913 |

---

*(1)* *Net of foreign taxes withheld of $36,395 and $44,520 for the TCW Concentrated Large Cap Growth Fund and the TCW Global Real Estate Fund, respectively.* 

*(2)* *I-3 Class Shares commenced operations on August 26, 2025.* 

*See accompanying Notes to Financial Statements.* 

------

Statements of Operations Year Ended October 31, 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 | $9265769*<sup>(1)</sup>* | $1681869*<sup>(1)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from Investment in Affiliated Issuers | 223733 | 90004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 18042 | 4371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 9507544 | 1776244 |
|  **Expenses:** | **Expenses:** | **Expenses:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees | 2760905 | 662629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting Services Fees | 16913 | 8466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Fees | 34230 | 16326 |
| &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 | 165189 | 74993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-3 Class *<sup>(2)</sup>* | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | 239509 | 18867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees | 3628 | 4318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Fees | 32956 | 24825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' Fees and Expenses | 49480 | 28183 |
| &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 | 22399 | 16449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-3 Class *<sup>(2)</sup>* | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | 18825 | 16821 |
| &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 | 536372 | 36996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compliance Expense | 6244 | 6244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder Reporting Expense | 10535 | 5286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 47579 | 15409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 3944770 | 935812 |
| &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 | (43145) | (62190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-3 Class *<sup>(2)</sup>* | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | (358742) | (54203) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 3542881 | 819419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 5964663 | 956825 |
|  **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 | 102282320 | 19057094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation (Depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (33256600) | (8626517) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments | 69025720 | 10430577 |
|  **INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $74990383 | $11387402 |

---

*(1)* *Net of foreign taxes withheld of $24,287 and $10,956 for the TCW Relative Value Large Cap Fund and the TCW Relative Value Mid Cap Fund, respectively.* 

*(2)* *I-3 Class Shares commenced operations on August 26, 2025.* 

*See accompanying Notes to Financial Statements.* 

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Year Ended<br>October 31,<br>2025** | **Year Ended<br>October 31,<br>2024** | **Year Ended<br>October 31,<br>2025** | **Year Ended<br>October 31,<br>2024** |
|  **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $(3019601) | $(1334065) | $1146515 | $1019580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | 96420530 | 112120784 | 266748 | 863080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation on Investments | 55781660 | 133121432 | 1295355 | 3670191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in Net Assets Resulting from Operations | 149182589 | 243908151 | 2708618 | 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-3 Class | 10000*<sup>(1)</sup>* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Class | 39923343 | (22666924) | 1605499 | 668211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | 3840607 | (1803936) | (33712) | 158068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions | 43773950 | (24470860) | 1571787 | 826279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in Net Assets | 91551670 | 147708604 | 2068497 | 5467907 |
|  **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 683236759 | 535528155 | 32950692 | 27482785 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $774788429 | $683236759 | $35019189 | $32950692 |

---

*(1)* *I-3 Class Shares commenced operations on August 26, 2025.* 

*See accompanying Notes to Financial Statements.* 

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Year Ended<br>October 31,**<br>**2025** | **Year Ended<br>October 31,<br>2024** | **Year Ended<br>October 31,<br>2025** | **Year Ended<br>October 31,<br>2024** |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $935829 | $673197 | $5964663 | $2892116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain on Investments and Foreign Currency Transactions | 359341 | 2229521 | 102282320 | 27791035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation on Investments and Foreign Currency Transactions | (1184257) | 4697955 | (33256600) | 31869036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in Net Assets Resulting from Operations | 110913 | 7600673 | 74990383 | 62552187 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to Shareholders | (861351) | (560069) | (29049858) | (5565055) |
|  **NET CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-3 Class |  |  | 10000*<sup>(1)</sup>* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Class | 962471 | 10222474 | 4863084 | 103089129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | (725885) | 309252 | (14218192) | 192603072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions | 236586 | 10531726 | (9345108) | 295692201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | (513852) | 17572330 | 36595417 | 352679333 |
|  **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 41168856 | 23596526 | 458185639 | 105506306 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $40655004 | $41168856 | $494781056 | $458185639 |

---

*(1)* *I-3 Class Shares commenced operations on August 26, 2025.* 

*See accompanying Notes to Financial Statements.* 

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **TCW<br>Relative Value Mid Cap<br>Fund** | **TCW<br>Relative Value Mid Cap<br>Fund** |
|  | **Year Ended<br>October 31,<br>2025** | **Year Ended<br>October 31,<br>2024** |
|  **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $956825 | $1866346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain on Investments | 19057094 | 7724279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation on Investments | (8626517) | 14200695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in Net Assets Resulting from Operations | 11387402 | 23791320 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to Shareholders | (8139412) | (1888881) |
|  **NET CAPITAL SHARE TRANSACTIONS** | **NET CAPITAL SHARE TRANSACTIONS** | **NET CAPITAL SHARE TRANSACTIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Class | 5918207 | (822564) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | 549459 | (890660) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions | 6467666 | (1713224) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in Net Assets | 9715656 | 20189215 |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 91636822 | 71447607 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $101352478 | $91636822 |

---

*See accompanying Notes to Financial Statements.* 

------

Notes to Financial Statements October 31, 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 October 31, 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 Funds, Inc.
Notes to Financial Statements (Continued)

#### NOTE 1 — ORGANIZATION (Continued)

---

| | |
|:---|:---|
| **TCW Fund** | **Investment Objectives and Principal Investment<br>Strategies** |
| 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). |
| **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 offer two classes of shares: I Class and N Class. On August 26, 2025, TCW Concentrated Large Cap Growth Fund and TCW Relative Value Large Cap Fund each added I-3 Class shares. Each class of a Fund is 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

------

## TCW Funds, Inc.
October 31, 2025

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (Continued)
were valued using mid prices (average of bid and ask prices) as reported by the exchange or pricing service. Investments in open-end mutual funds including money market funds were valued based on the NAV per share as reported by the investment companies. All other securities for which over-the-counter ("OTC") market quotations were readily available, including short-term securities, swap agreements and forward currency exchange contracts, were valued with prices furnished by independent pricing services or by broker-dealers.

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

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

Fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Funds disclose 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.

------

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

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (Continued)
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized as Level 3.

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

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

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

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

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

*Options contracts.* Options contracts traded on securities exchanges are fair valued using market mid prices; as such, they are categorized as Level 1. Option contracts traded OTC are fair valued based on pricing models and incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-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.

------

## TCW Funds, Inc.
October 31, 2025

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (Continued)
*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 October 31, 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 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

------

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

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (Continued)
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 year ended October 31, 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.

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

------

## TCW Funds, Inc.
October 31, 2025

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (Continued)
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 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,

------

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

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (Continued)
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 October 31, 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 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 year ended October 31, 2025.

------

## TCW Funds, Inc.
October 31, 2025

#### NOTE 3 — PORTFOLIO INVESTMENTS (Continued)
**Repurchase Agreements:** The Funds may enter into repurchase agreements under the terms of a Master Repurchase Agreement ("MRA"). In a repurchase agreement, the Funds purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. The MRA permits each Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from each Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty's bankruptcy or insolvency. Pursuant to the terms of the MRA, each Fund receives securities as collateral with a market value in excess of the repurchase price. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund recognizes a liability with respect to such excess collateral to reflect the Fund's obligation under bankruptcy law to return the excess to the counterparty. There were no repurchase agreements outstanding as of October 31, 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 year ended October 31, 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 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.

------

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

#### NOTE 3 — PORTFOLIO INVESTMENTS (Continued)
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 year ended October 31, 2025, the Funds did not enter 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 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.

------

## TCW Funds, Inc.
October 31, 2025

#### NOTE 4 — RISK CONSIDERATIONS (Continued)
**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 October 31, 2025, 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 | $— | $87272809 | $87272809 |
|  TCW Conservative Allocation Fund | 662554 | 527958 | 1190512 |
|  TCW Global Real Estate Fund | 418109 |  | 418109 |
|  TCW Relative Value Large Cap Fund | 4937796 | 95285529 | 100223325 |
|  TCW Relative Value Mid Cap Fund | 383509 | 19048593 | 19432102 |

---

At the end of the previous fiscal year ended 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 | $— | $71729770 | $71729770 |
|  TCW Conservative Allocation Fund | 673081 |  | 673081 |
|  TCW Global Real Estate Fund | 96484 |  | 96484 |
|  TCW Relative Value Large Cap Fund | 1311495 | 3949839 | 5261334 |
|  TCW Relative Value Mid Cap Fund | 114490 | 1266145 | 1380635 |

---

------

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

#### NOTE 5 — FEDERAL INCOME TAXES (Continued)
Permanent differences incurred during the year ended October 31, 2025 resulting from differences in book and tax accounting, have been reclassified at year-end between undistributed net investment income (loss), undistributed (accumulated) net realized gain (loss) and paid-in capital as follows, with no impact to the net asset value per share:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed<br>Net Investment<br>Income (Loss)** | **Undistributed<br>Accumulated<br>Net Realized<br>Gain (Loss)** | **Paid-in<br>Capital** |
|  TCW Concentrated Large Cap Growth Fund | $1969327 | $(9143464) | $7174137 |
|  TCW Conservative Allocation Fund | (298453) | 242.199 | 56254 |
|  TCW Global Real Estate Fund | (129304) | 129304 |  |
|  TCW Relative Value Large Cap Fund | (44492) | (6485889) | 6530381 |
|  TCW Relative Value Mid Cap Fund | (1014941) | 274720 | 740221 |

---

During the year ended October 31, 2025, 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 | $— | $101404869 | $101404869 |
|  TCW Conservative Allocation Fund | 1437531 | 774377 | 2211908 |
|  TCW Global Real Estate Fund | 861351 |  | 861351 |
|  TCW Relative Value Large Cap Fund | 3506515 | &nbsp;&nbsp;&nbsp;&nbsp;25543343 | &nbsp;&nbsp;&nbsp;&nbsp;29049858 |
|  TCW Relative Value Mid Cap Fund | 656371 | 7483041 | 8139412 |

---

During the previous 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 | $— | $90886566 | $90886566 |
|  TCW Conservative Allocation Fund | 569886 | 733388 | 1303274 |
|  TCW Global Real Estate Fund | 424761 |  | 424761 |
|  TCW Relative Value Large Cap Fund | 1637144 | 6011662 | 7648806 |
|  TCW Relative Value Mid Cap Fund | 634208 | 1259311 | 1893519 |

---

At October 31, 2025, net unrealized appreciation (depreciation) on investments for federal income tax purposes was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation**<br>**(Depreciation)** | **Cost of<br>Investments for<br>Federal Income<br>Tax Purposes** |
|  TCW Concentrated Large Cap Growth Fund | $509888786 | $(8425668) | $501463118 | $273419723 |
|  TCW Conservative Allocation Fund | 3697791 | (285526) | 3412265 | 31578940 |
|  TCW Global Real Estate Fund | 3375410 | (3033297) | 342113 | 40320309 |
|  TCW Relative Value Large Cap Fund | 165304335 | (4198559) | 161105776 | 333538722 |
|  TCW Relative Value Mid Cap Fund | 28828545 | (1205556) | 27622989 | 73817678 |

---

At October 31, 2025, 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<br>Losses** | **Total** |
|  TCW Global Real Estate Fund | $7255099 | $– $| 7255099 |

---

------

## TCW Funds, Inc.
October 31, 2025

#### NOTE 5 — FEDERAL INCOME TAXES (Continued)
The Funds did not have any unrecognized tax benefits at October 31, 2025, nor were there any increases or decreases in unrecognized tax benefits for the year ended October 31, 2025. The Funds are subject to examination by the U.S. Federal and state tax authorities for returns filed for the prior three and four fiscal years, respectively.

#### NOTE 6 — FUND MANAGEMENT FEES AND OTHER EXPENSES
The Funds pay to the Advisor, as compensation for services rendered, facilities furnished and expenses borne by it, the following annual management fees as a percentage of daily net assets:

---

| | |
|:---|:---|
|  TCW Concentrated Large Cap Growth Fund | 0.65% |
|  TCW Global Real Estate Fund | 0.80% |
|  TCW Relative Value Large Cap Fund | 0.60% |
|  TCW Relative Value Mid Cap Fund | 0.70% |

---

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

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

---

| | |
|:---|:---|
|  **TCW Concentrated Large Cap Growth Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class | 0.80% *<sup>(1)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 Class | 0.88% *<sup>(1)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class | 1.00% *<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 | 0.90% *<sup>(1)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class | 1.00% *<sup>(1)</sup>* |
|  **TCW Relative Value Large Cap Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class | 0.70% *<sup>(1)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 Class | 0.80% *<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.* 

Any advisory fee reduced or withheld, or expense reimbursement paid, pursuant to the Expense Limitation Agreement may be subject to recoupment by the Advisor in the first, second or third fiscal year after the fiscal year of the reduction or reimbursement. The Advisor may not receive recoupment 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.

------

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

#### NOTE 6 — FUND MANAGEMENT FEES AND OTHER EXPENSES (Continued)
At October 31, 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:** The Funds pay each Independent Director an annual retainer of $92,500 per calendar year, plus a $6,500 per-meeting fee for in-person attendance and $1,000 for telephonic attendance for each Board of Directors meeting attended by that Independent Director. The Independent Chair of the Board of Directors receives an additional annual retainer of $37,500, the Independent Vice Chair receives an additional annual retainer of $25,000, and the Chairs of the Audit Committee and the Nominating and Governance Committee each receive an additional annual retainer of $6,250. The expenses related to the annual retainer and meeting fees are recorded in the Statement of Operations.

#### NOTE 7 — DISTRIBUTION PLAN
TCW Funds Distributors LLC ("Distributor"), an affiliate of the Advisor and the Funds, serves as the nonexclusive distributor of each class of the Funds' shares. The Funds have a distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to the N Class shares of each Fund. Under the terms of the plan, each Fund compensates the Distributor at a rate equal to 0.25% of the average daily net assets of the Fund attributable to its N Class shares for distribution and related services.

#### NOTE 8 — TRANSACTIONS WITH AFFILIATES
The ownership percentage of the TCW Conservative Allocation Fund in each of the affiliated underlying funds at October 31, 2025 is as follows:

---

| | |
|:---|:---|
| **Name of Affiliated Fund** | **Ownership<br>Percentage** *<sup>(1)</sup>* |
|  TCW Artificial Intelligence ETF | 0.26% |
|  TCW Concentrated Large Cap Growth Fund — I Class | 0.21% |
|  TCW Durable Growth ETF | 2.78% |
|  TCW Emerging Markets Income Fund — I Class | 0.01% |
|  TCW Global Bond Fund — I Class | 4.38% |
|  TCW Global Real Estate Fund — I Class | 2.46% |
|  TCW MetWest High Yield Bond Fund — I Class | 0.09% |
|  TCW MetWest Low Duration Bond Fund — I Class | 0.08% |
|  TCW MetWest Total Return Bond Fund — I Class | 0.03% |
|  TCW MetWest Unconstrained Bond Fund — I Class | 0.14% |
|  TCW Relative Value Large Cap Fund — I Class | 0.65% |
|  TCW Relative Value Mid Cap Fund — I Class | 0.07% |
|  TCW Securitized Bond Fund — I Class | 0.48% |
|  TCW Transform Supply Chain ETF | 3.55% |
|  TCW Transform Systems ETF | 0.03% |

---

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

------

## TCW Funds, Inc.
October 31, 2025

#### NOTE 8 — TRANSACTIONS WITH AFFILIATES (Continued)
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 year ended October 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases<br>at Cost** | **Sales or Maturity<br>Proceeds** |
|  TCW Concentrated Large Cap Growth Fund | $117095215 | $172104422 |
|  TCW Conservative Allocation Fund | 9201001 | 8028114 |
|  TCW Global Real Estate Fund | 24920243 | 23908069 |
|  TCW Relative Value Large Cap Fund | 282536076 | 310855042 |
|  TCW Relative Value Mid Cap Fund | 61164748 | 60118002 |

---

#### NOTE 10 — CAPITAL SHARE TRANSACTIONS
Transactions in each Fund's shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| TCW Concentrated Large Cap Growth Fund | **Year Ended<br>October 31, 2025** | **Year Ended<br>October 31, 2025** | **Year Ended<br>October 31, 2024** | **Year Ended<br>October 31, 2024** |
| **I Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 3242684 | $99342193 | 2174544 | $64903907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 1832528 | 56771727 | 1442118 | 38648774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (3664727) | (116190577) | (4175990) | (126219605) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) | 1410485 | $39923343 | (559328) | $(22666924) |
| I-3 Class*<sup>(1)</sup>* | Shares | Amount |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 1000 | $10000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 1000 | $10000 |  |  |
| **N Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 204175 | $4944233 | 340520 | $8119727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 989781 | 23358824 | 758599 | 16150575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (1001832) | (24462450) | (1079726) | (26074238) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 192124 | $3840607 | 19393 | $(1803936) |
| *(1) I-3 Class Shares commenced operations on August 26, 2025.* | *(1) I-3 Class Shares commenced operations on August 26, 2025.* | *(1) I-3 Class Shares commenced operations on August 26, 2025.* | *(1) I-3 Class Shares commenced operations on August 26, 2025.* | *(1) I-3 Class Shares commenced operations on August 26, 2025.* |
| TCW Conservative Allocation Fund | **Year Ended<br>October 31, 2025** | **Year Ended<br>October 31, 2025** | **Year Ended<br>October 31, 2024** | **Year Ended<br>October 31, 2024** |
| **I Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 375908 | $4548912 | 179137 | $2091148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 189882 | 2153256 | 78307 | 887216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (427227) | (5096669) | (198108) | (2310153) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 138563 | $1605499 | 59336 | $668211 |
| **N Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 1429 | $16587 | 15934 | $185450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 3227 | 36660 | 1242 | 14106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (7171) | (86959) | (3441) | (41488) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) | (2515) | $(33712) | 13735 | $158068 |

---

------

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

#### NOTE 10 — CAPITAL SHARE TRANSACTIONS (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| TCW Global Real Estate Fund | **Year Ended<br>October 31, 2025** | **Year Ended<br>October 31, 2025** | **Year Ended<br>October 31, 2024** | **Year Ended<br>October 31, 2024** |
| **I Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 475511 | $5781257 | 1111042 | $13854352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 52585 | 629394 | 31123 | 376746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (450377) | (5448180) | (339407) | (4008624) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 77719 | $962471 | 802758 | $10222474 |
| **N Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 52157 | $639123 | 210139 | $2598491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 15386 | 184545 | 12757 | 153570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (128884) | (1549553) | (212427) | (2442809) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) | (61341) | $(725885) | 10469 | $309252 |
| TCW Relative Value Large Cap Fund | **Year Ended<br>October 31, 2025** | **Year Ended<br>October 31, 2025** | **Year Ended<br>October 31, 2024** | **Year Ended<br>October 31, 2024** |
| **I Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 1415251 | $22941941 | 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 | (2038844) | (32925208) | (1560373) | (23880052) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 321433 | $4863084 | 6818566 | $103089129 |
| I-3 Class*<sup>(1)</sup>* | Shares | Amount |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 1000 | $10000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 1000 | $10000 |  |  |
| **N Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 428975 | $6876908 | 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 | (2158753) | (34665375) | (772097) | (12199576) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) | (862113) | $(14218192) | 12701239 | $192603072 |
| *(1) I-3 Class Shares commenced operations on August 26, 2025.* | *(1) I-3 Class Shares commenced operations on August 26, 2025.* | *(1) I-3 Class Shares commenced operations on August 26, 2025.* | *(1) I-3 Class Shares commenced operations on August 26, 2025.* | *(1) I-3 Class Shares commenced operations on August 26, 2025.* |
| TCW Relative Value Mid Cap Fund | **Year Ended<br>October 31, 2025** | **Year Ended<br>October 31, 2025** | **Year Ended<br>October 31, 2024** | **Year Ended<br>October 31, 2024** |
| **I Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 100214 | $3046761 | 94043 | $2662072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 236487 | 6742253 | 58706 | 1557469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (131218) | (3870807) | (178237) | (5042105) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) | 205483 | $5918207 | (25488) | $(822564) |
| **N Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 39174 | $1052365 | 6514 | $179387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 46871 | 1287073 | 11479 | 294319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (63900) | (1789979) | (51407) | (1364366) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) | 22145 | $549459 | (33414) | $(890660) |

---

------

## TCW Funds, Inc.
October 31, 2025

#### NOTE 11 — AFFILIATE OWNERSHIP
As of October 31, 2025, affiliates of the Funds and Advisor owned 25.02% 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 October 31, 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 17, 2026. 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 year ended October 31, 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 Transfer Agent fees on 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 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 — SEGMENT REPORTING
In the reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial

------

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

#### NOTE 15 — SEGMENT REPORTING (Continued)
statement disclosures only and did not affect the Funds' financial position or the results of their operations. The Funds represent a single operating segment as the operating results of the Funds are monitored as a whole and their long-term asset allocation is determined in accordance with the terms of the applicable prospectus, based on defined investment objectives that is executed by the Funds' portfolio management team. A senior executive team comprised of the Funds' Principal Executive Officer and Principal Financial Officer, serves as the Funds' chief operating decision maker ("CODM"), who act in accordance with Board of Director reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess the Funds' profits and losses and to make resource allocation decisions. Segment assets are reflected in the Statements of Assets and Liabilities as Net Assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying statement of operations.

#### NOTE 16 – NEW ACCOUNTING PRONOUNCEMENTS
In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosure requirements, including, but not limited to, those with respect to the Fund's income tax rate reconciliation and income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the ASU and its impact to the financial statements.

#### NOTE 17 — 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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value per Share, Beginning of year | $33.42 | $25.37 | $25.79 | $44.70 | $34.13 |
|  **Income (Loss) from Investment Operations:** |  |  |  |  |  |
|  Net Investment Loss *<sup>(1)</sup>* | (0.13) | (0.05) | (0.04) | (0.12) | (0.14) |
|  Net Realized and Unrealized Gain (Loss) on Investments | 6.98 | 11.38 | 3.82 | (13.71) | 13.23 |
|  Total from Investment Operations | 6.85 | 11.33 | 3.78 | (13.83) | 13.09 |
|  **Less Distributions:** |  |  |  |  |  |
|  Distributions from Net Realized Gain | (4.78) | (3.28) | (4.20) | (5.08) | (2.52) |
|  Total Distributions | (4.78) | (3.28) | (4.20) | (5.08) | (2.52) |
|  Net Asset Value per Share, End of year | $35.49 | $33.42 | $25.37 | $25.79 | $44.70 |
|  Total Return | 22.53% | 47.90% | 18.60% | (34.93%) | 40.32% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of year (in thousands) | $630587 | $546751 | $429236 | $462670 | $801597 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.78% | 0.78% | 0.77% | 0.79% | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.77% | 0.78% | 0.00% | 0.00% | 0.00% |
|  Ratio of Net Investment Loss to Average Net Assets | (0.40%) | (0.17%) | (0.16%) | (0.38%) | (0.37%) |
|  Portfolio Turnover Rate *<sup>(2)</sup>* | 16.69% | 12.77% | 10.42% | 12.12% | 8.17% |

---

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

*(2)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — I-3 Class

---

| | |
|:---|:---|
|  | **Period from<br>August 26, 2025<br>(Commencement<br>of Operations)<br>through<br>October 31, 2025** |
|  Net Asset Value per Share, Beginning of period | $10.00 *<sup>(1)</sup>* |
|  **Income (Loss) from Investment Operations:** |  |
|  Net investment income (loss) *<sup>(2)</sup>* | (0.01) |
|  Net Realized and Unrealized Gain on Investments | 0.67 |
|  Total from investment operations | 0.66 |
|  Net Asset Value per Share, End of period | $10.66 |
|  Total Return | 6.60% *<sup>(3)</sup>* |
|  **Ratios/Supplemental data:** |  |
|  Net assets, end of period (in thousands) | $11 |
|  Ratio of Expenses to Average Net Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 1.77% *<sup>(4)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.87% *<sup>(4)</sup>* |
|  Ratio of Net Investment Income to Average Net Assets | (0.60%) *<sup>(4)</sup>* |
|  Portfolio Turnover Rate *<sup>(5)</sup>* | 16.69% *<sup>(3)</sup>* |

---

*(1)* *Class I-3 Shares commenced operations on August 26, 2025.* 

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

*(3)* *Not annualized.* 

*(4)* *Annualized.* 

*(5)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — N Class

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value per Share, Beginning of year | $26.51 | $20.73 | $21.89 | $38.76 | $29.95 |
|  **Income (Loss) from Investment Operations:** |  |  |  |  |  |
|  Net Investment Loss *<sup>(1)</sup>* | (0.13) | (0.08) | (0.06) | (0.15) | (0.19) |
|  Net Realized and Unrealized Gain (Loss) on Investments | 5.40 | 9.14 | 3.10 | (11.64) | 11.52 |
|  Total from Investment Operations | 5.27 | 9.06 | 3.04 | (11.79) | 11.33 |
|  **Less Distributions:** |  |  |  |  |  |
|  Distributions from Net Realized Gain | (4.78) | (3.28) | (4.20) | (5.08) | (2.52) |
|  Total Distributions | (4.78) | (3.28) | (4.20) | (5.08) | (2.52) |
|  Net Asset Value per Share, End of year | $27.00 | $26.51 | $20.73 | $21.89 | $38.76 |
|  Total Return | 22.41% | 47.65% | 18.50% | (35.03)% | 40.06% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of year (in thousands) | $144190 | $136486 | $106292 | $104856 | $193727 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 1.06% | 1.06% | 1.06% | 1.08% | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.90% | 0.93% | 0.93% | 0.94% | 0.96% |
|  Ratio of Net Investment Loss to Average Net Assets | (0.53%) | (0.33%) | (0.32%) | (0.53%) | (0.56%) |
|  Portfolio Turnover Rate <sup>(2)</sup> | 16.69% | 12.77% | 10.42% | 12.12% | 8.17% |

---

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

*(2)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

## TCW Conservative Allocation Fund
Financial Highlights — I Class

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value per Share, Beginning of year | $12.22 | $10.48 | $10.57 | $13.96 | $12.22 |
|  **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>* | 0.42 | 0.38 | 0.32 | 0.23 | 0.13 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.57 | 1.71 | 0.09 | (2.35) | 1.80 |
|  Total from Investment Operations | 0.99 | 2.09 | 0.41 | (2.12) | 1.93 |
|  **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) |
|  Distributions from Net Realized Gain | (0.34) |  | (0.28) | (0.97) | (0.07) |
|  Total Distributions | (0.84) | (0.35) | (0.50) | (1.27) | (0.19) |
|  Net Asset Value per Share, End of year | $12.37 | $12.22 | $10.48 | $10.57 | $13.96 |
|  Total Return | 8.74% | 20.22% | 3.97% | (16.80%) | 15.92% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of year (in thousands) | $34507 | $32412 | $27165 | $27624 | $35264 |
|  Ratio of Expenses to Average Net Assets: *<sup>(2)</sup>* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.31% | 0.52% | 0.44% | 0.41% | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | N/A | N/A | N/A | 0.41% | N/A |
|  Ratio of Net Investment Income to Average Net Assets | 3.54% | 3.23% | 3.00% | 1.96% | 0.94% |
|  *Portfolio Turnover Rate <sup>(3)</sup>* | 24.78% | 31.18% | 23.57% | 16.20% | 26.34% |

---

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

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

*(3)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — N Class

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value per Share, Beginning of year | $12.25 | $10.49 | $10.57 | $13.97 | $12.22 |
|  **Income (Loss) from Investment Operations:** |  |  |  |  |  |
|  Net Investment Income *<sup>(1)</sup>* | 0.37 | 0.37 | 0.30 | 0.17 | 0.09 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.57 | 1.72 | 0.09 | (2.34) | 1.81 |
|  Total from Investment Operations | 0.94 | 2.09 | 0.39 | (2.17) | 1.90 |
|  **Less Distributions:** |  |  |  |  |  |
|  Distributions from Net Investment Income | (0.50) | (0.33) | (0.19) | (0.26) | (0.08) |
|  Distributions from Net Realized Gain | (0.34) |  | (0.28) | (0.97) | (0.07) |
|  Total Distributions | (0.84) | (0.33) | (0.47) | (1.23) | (0.15) |
|  Net Asset Value per Share, End of year | $12.35 | $12.25 | $10.49 | $10.57 | $13.97 |
|  Total Return | 8.37% | 20.02% | 3.78% | (17.08)% | 15.64% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of year (in thousands) | $512 | $539 | $317 | $347 | $736 |
|  Ratio of Expenses to Average Net Assets: *<sup>(2)</sup>* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 4.92% | 6.08% | 7.18% | 4.18% | 3.73% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.68% | 0.68% | 0.67% | 0.67% | 0.68% |
|  Ratio of Net Investment Income to Average Net Assets | 3.14% | 3.11% | 2.75% | 1.41% | 0.70% |
|  Portfolio Turnover Rate *<sup>(3)</sup>* | 24.78% | 31.18% | 23.57% | 16.20% | 26.34% |

---

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

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

*(3)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value per Share, Beginning of year | $12.59 | $9.60 | $10.31 | $15.45 | $11.07 |
|  **Income (Loss) from Investment Operations:** |  |  |  |  |  |
|  Net Investment Income *<sup>(1)</sup>* | 0.28 | 0.27 | 0.28 | 0.27 | 0.36 |
|  Net Realized and Unrealized Gain (Loss) on Investments | (0.24) | 2.94 | (0.83) | (3.98) | 4.30 |
|  Total from Investment Operations | 0.04 | 3.21 | (0.55) | (3.71) | 4.66 |
|  **Less Distributions:** |  |  |  |  |  |
|  Distributions from Net Investment Income | (0.26) | (0.22) | (0.16) | (0.45) | (0.28) |
|  Distributions from Net Realized Gain |  |  |  | (0.85) |  |
|  Distributions from Return of Capital |  |  |  | (0.13) |  |
|  Total Distributions | (0.26) | (0.22) | (0.16) | (1.43) | (0.28) |
|  Net Asset Value per Share, End of year | $12.37 | $12.59 | $9.60 | $10.31 | $15.45 |
|  Total Return | 0.36% | 33.41% | (5.34%) | (26.38%) | 42.32% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of year (in thousands) | $31501 | $31081 | $16001 | $17741 | $24949 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 1.17% | 1.42% | 1.34% | 1.32% | 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.90% | 0.90% | 0.90% | 0.90% | 0.92% |
|  Ratio of Net Investment Income to Average Net Assets | 2.32% | 2.24% | 2.57% | 2.12% | 2.50% |
|  Portfolio Turnover Rate *<sup>(2)</sup>* | 59.50% | 71.48% | 65.26% | 167.41% | 164.29% |

---

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

*(2)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — N Class

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value per Share, Beginning of year | $12.57 | $9.59 | $10.30 | $15.43 | $11.06 |
|  **Income (Loss) from Investment Operations:** |  |  |  |  |  |
|  Net Investment Income *<sup>(1)</sup>* | 0.25 | 0.25 | 0.26 | 0.25 | 0.33 |
|  Net Realized and Unrealized Gain (Loss) on Investments | (0.23) | 2.94 | (0.82) | (3.97) | 4.30 |
|  Total from Investment Operations | 0.02 | 3.19 | (0.56) | (3.72) | 4.63 |
|  **Less Distributions:** |  |  |  |  |  |
|  Distributions from Net Investment Income | (0.24) | (0.21) | (0.15) | (0.44) | (0.26) |
|  Distributions from Net Realized Gain |  |  |  | (0.85) |  |
|  Distributions from Return of Capital |  |  |  | (0.12) |  |
|  Total Distributions | (0.24) | (0.21) | (0.15) | (1.41) | (0.26) |
|  Net Asset Value per Share, End of year | $12.35 | $12.57 | $9.59 | $10.30 | $15.43 |
|  Total Return | 0.27% | 33.35% | (5.54)% | (26.43)% | 42.10% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of year (in thousands) | $9154 | $10088 | $7595 | $11608 | $14634 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 1.61% | 1.85% | 1.71% | 1.64% | 1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 1.00% | 1.00% | 1.00% | 1.00% | 1.03% |
|  Ratio of Net Investment Income to Average Net Assets | 2.10% | 2.14% | 2.42% | 1.95% | 2.36% |
|  Portfolio Turnover Rate <sup>(2)</sup> | 59.50% | 71.48% | 65.26% | 167.41% | 164.29% |

---

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

*(2)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value per Share, Beginning of year | $16.48 | $12.66 | $13.10 | $15.04 | $10.84 |
|  **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>* | 0.22 | 0.19 | 0.20 | 0.19 | 0.18 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 2.52 | 4.30 | 0.26 | (0.90) | 5.07 |
|  Total from Investment Operations | 2.74 | 4.49 | 0.46 | (0.71) | 5.25 |
|  **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) |
|  Distributions from Net Realized Gain | (0.93) | (0.47) | (0.70) | (1.04) | (0.83) |
|  Total Distributions | (1.06) | (0.67) | (0.90) | (1.23) | (1.05) |
|  Net Asset Value per Share, End of year | $18.16 | $16.48 | $12.66 | $13.10 | $15.04 |
|  Total Return | 17.58% | 36.37% | 3.61% | (5.56%) | 50.84% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of year (in thousands) | $269091 | $238897 | $97169 | $101088 | $117205 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.72% | 0.77% | 0.82% | 0.83% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
|  Ratio of Net Investment Income to Average Net Assets | 1.36% | 1.23% | 1.49% | 1.43% | 1.31% |
|  Portfolio Turnover Rate <sup>(3)</sup> | 61.97% | 38.69% *<sup>(2)</sup>* | 19.65% | 17.81% | 17.16% |

---

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

*(2)* *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.* 

*(3)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — I-3 Class

---

| | |
|:---|:---|
|  | **Period from<br>August 26, 2025<br>(Commencement<br>of Operations)<br>through<br>October 31, 2025** |
|  Net Asset Value per Share, Beginning of period | $10.00 *<sup>(1)</sup>* |
|  **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net investment income *<sup>(2)</sup>* | 0.01 |
|  Net Realized and Unrealized Gain on Investments | 0.70 |
|  Total from investment operations | 0.71 |
|  Net Asset Value per Share, End of period | $10.71 |
|  Total Return | 7.10% *<sup>(3)</sup>* |
|  **Ratios/Supplemental data:** | **Ratios/Supplemental data:** |
|  Net assets, end of period (in thousands) | $11 |
|  Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.91% *<sup>(4)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.80% *<sup>(4)</sup>* |
|  Ratio of Net Investment Income to Average Net Assets | 0.73% *<sup>(4)</sup>* |
|  Portfolio Turnover Rate *<sup>(5)</sup>* | 61.97% *<sup>(3)</sup>* |

---

*(1)* *Class I-3 Shares commenced operations on August 26, 2025.* 

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

*(3)* *Not annualized.* 

*(4)* *Annualized.* 

*(5)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — N Class

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value per Share, Beginning of year | $16.41 | $12.60 | $13.04 | $14.97 | $10.79 |
|  **Income (Loss) from Investment Operations:** |  |  |  |  |  |
|  Net Investment Income *<sup>(1)</sup>* | 0.20 | 0.16 | 0.17 | 0.17 | 0.15 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 2.50 | 4.29 | 0.26 | (0.91) | 5.05 |
|  Total from Investment Operations | 2.70 | 4.45 | 0.43 | (0.74) | 5.20 |
|  **Less Distributions:** |  |  |  |  |  |
|  Distributions from Net Investment Income | (0.13) | (0.17) | (0.17) | (0.15) | (0.19) |
|  Distributions from Net Realized Gain | (0.93) | (0.47) | (0.70) | (1.04) | (0.83) |
|  Total Distributions | (1.06) | (0.64) | (0.87) | (1.19) | (1.02) |
|  Net Asset Value per Share, End of year | $18.05 | $16.41 | $12.60 | $13.04 | $14.97 |
|  Total Return | 17.39% | 36.17% | 3.41% | (5.72)% | 50.56% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of year (in thousands) | $225679 | $219289 | $8337 | $9007 | $10506 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 1.02% | 1.05% | 1.32% | 1.34% | 1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.85% | 0.85% | 0.90% | 0.90% | 0.90% |
|  Ratio of Net Investment Income to Average Net Assets | 1.22% | 1.01% | 1.29% | 1.23% | 1.11% |
|  Portfolio Turnover Rate *<sup>(3)</sup>* | 61.97% | 38.69% *<sup>(2)</sup>* | 19.65% | 17.81% | 17.16% |

---

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

*(2)* *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.* 

*(3)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value per Share, Beginning of year | $30.38 | $23.24 | $23.57 | $29.62 | $18.90 |
|  **Income (Loss) from Investment Operations:** |  |  |  |  |  |
|  Net Investment Income *<sup>(1)</sup>* | 0.30 | 0.61 | 0.21 | 0.19 | 0.17 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 3.29 | 7.15 | 0.05 | (2.80) | 10.72 |
|  Total from Investment Operations | 3.59 | 7.76 | 0.26 | (2.61) | 10.89 |
|  **Less Distributions:** |  |  |  |  |  |
|  Distributions from Net Investment Income | (0.29) | (0.21) | (0.20) | (0.16) | (0.17) |
|  Distributions from Net Realized Gain | (2.41) | (0.41) | (0.39) | (3.28) |  |
|  Total Distributions | (2.70) | (0.62) | (0.59) | (3.44) | (0.17) |
|  Net Asset Value per Share, End of year | $31.27 | $30.38 | $23.24 | $23.57 | $29.62 |
|  Total Return | 12.69% | 33.77% | 1.15% | (10.35%) | 57.90% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of year (in thousands) | $85881 | $77197 | $59647 | $62726 | $72545 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.93% | 0.99% | 0.97% | 1.01% | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
|  Ratio of Net Investment Income to Average Net Assets | 1.03% | 2.18% | 0.86% | 0.75% | 0.63% |
|  Portfolio Turnover Rate *<sup>(2)</sup>* | 64.79% | 38.54% | 27.55% | 28.82% | 44.33% |

---

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

*(2)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — N Class

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value per Share, Beginning of year | $29.35 | $22.46 | $22.79 | $28.75 | $18.34 |
|  **Income (Loss) from Investment Operations:** |  |  |  |  |  |
|  Net Investment Income *<sup>(1)</sup>* | 0.26 | 0.56 | 0.18 | 0.16 | 0.14 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 3.17 | 6.92 | 0.05 | (2.71) | 10.42 |
|  Total from Investment Operations | 3.43 | 7.48 | 0.23 | (2.55) | 10.56 |
|  **Less Distributions:** |  |  |  |  |  |
|  Distributions from Net Investment Income | (0.28) | (0.18) | (0.17) | (0.13) | (0.15) |
|  Distributions from Net Realized Gain | (2.41) | (0.41) | (0.39) | (3.28) |  |
|  Total Distributions | (2.69) | (0.59) | (0.56) | (3.41) | (0.15) |
|  Net Asset Value per Share, End of year | $30.09 | $29.35 | $22.46 | $22.79 | $28.75 |
|  Total Return | 12.56% | 33.66% | 1.05% | (10.45)% | 57.78% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of year (in thousands) | $15471 | $14440 | $11801 | $13181 | $16708 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 1.32% | 1.39% | 1.36% | 1.39% | 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
|  Ratio of Net Investment Income to Average Net Assets | 0.93% | 2.08% | 0.76% | 0.65% | 0.54% |
|  Portfolio Turnover Rate *<sup>(2)</sup>* | 64.79% | 38.54% | 27.55% | 28.82% | 44.33% |

---

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

*(2)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

## TCW Funds, Inc.
Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of

TCW Funds, Inc.:

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of TCW Concentrated Large Cap Growth Fund (formerly TCW Select Equities Fund), TCW Global Real Estate Fund, TCW Relative Value Large Cap Fund, TCW Relative Value Mid Cap Fund, and TCW Conservative Allocation Fund (the "Funds"), five of the twelve funds constituting TCW Funds, Inc., as of October 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the respective Funds as of October 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not

------

## TCW Funds, Inc.
Report of Independent Registered Public Accounting Firm (Continued)

received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Los Angeles, California

December 30, 2025

We have served as the auditor of one or more TCW/Metropolitan West Funds investment companies since 1990.

------

Investment Management and Advisory Agreement Disclosure (Unaudited)

#### Renewal of Investment Advisory and Management Agreement
The Investment Company Act of 1940 requires that both the full Board of Directors and a majority of non-interested ("Independent") Directors, voting separately, annually approve the continuation of each Fund's investment advisory agreement (each, an "Agreement") with TCW Investment Management Company LLC (the "Advisor"). The Directors consider matters bearing on the Funds and their advisory agreements throughout the year, including a review of performance data at each regular meeting. In addition, at an in-person meeting on September 15, 2025, the Board approved the renewal of the Agreement for an additional one-year term from February 6, 2026 through February 5, 2027. The renewal of the Agreement was approved by the Board (including by a majority of the Independent Directors) upon the recommendation of the Independent Directors. The Independent Directors also met by videoconference in a working session on August 21, 2025 to hear presentations by representatives of the Advisor, to ask related questions, to review and discuss materials provided by the Advisor for their consideration, and to meet separately with their independent legal counsel. On September 15, 2025, they also met separately with their independent legal counsel to review and discuss supplemental information that had been requested on their behalf by their independent legal counsel and presented by the Advisor. The information, material facts, and conclusions that formed the basis for the Independent Directors' recommendation and the Board's subsequent approval are described below.

1. Information received

*Materials reviewed*—During the course of each year, the Directors receive a wide variety of materials relating to the services provided by the Advisor, including reports on the Advisor's investment processes, as well as on each Fund's investment results, portfolio composition, portfolio trading practices, compliance monitoring, shareholder services, and other information relating to the nature, extent, and quality of services provided by the Advisor to the Funds. In addition, the Board reviewed information furnished to the Independent Directors in response to a detailed request sent to the Advisor on their behalf. The information in the Advisor's responses included extensive materials regarding each Fund's investment results, advisory fee comparisons to advisory fees charged by the Advisor to its institutional clients, financial and profitability information regarding the Advisor, descriptions of various services provided to the Funds and to other advisory and sub-advisory clients, descriptions of functions such as compliance monitoring and portfolio trading practices, and information about the personnel providing investment management services to each Fund. The Directors also considered information provided by an independent data provider, Broadridge, comparing the investment performance and the fee and expense levels of each Fund to those of appropriate peer groups of mutual funds selected by Broadridge. After reviewing this information, the Directors requested additional information from the Advisor, which the Advisor provided and the Directors considered.

*Review process*—The Directors' determinations were made on the basis of each Director's business judgment after consideration of all the information presented. The Independent Directors were advised by their independent legal counsel throughout the renewal process and received and reviewed advice from their independent legal counsel regarding legal and industry standards applicable to the renewal of the Agreement, including a legal memorandum from their independent legal counsel discussing their fiduciary duties related to their approval of the continuation of the Agreement. The Independent Directors also discussed the renewal of the Agreement with the

------

## TCW Funds, Inc.
Investment Management and Advisory Agreement Disclosure (Unaudited) (Continued)

Advisor's representatives and in private sessions at which no representatives of the Advisor were present. In deciding to recommend the renewal of the Agreement with respect to each Fund, the Independent Directors did not identify any single piece of information or particular factor that, in isolation, was the controlling factor. Some of the factors that figured particularly in the Directors' deliberations are described below, although individual Directors may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for each Fund are the result of years of review and discussion between the Independent Directors and the Board, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Directors' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years. This summary describes the most important, but not all, of the factors considered by the Board and the Independent Directors.

2. Nature, extent, and quality of services provided by the Advisor

The Board and the Independent Directors considered the depth and quality of the Advisor's investment management process, including its research and strong analytical capabilities; the experience, capability, and integrity of its senior management and other personnel; the advance planning and transition arrangements put in place with respect to the changes in key portfolio management and other personnel; the overall resources available to the Advisor; and the ability of its organizational structure to address the fluctuations in assets that have been experienced over the past several years. The Board and the Independent Directors considered the Advisor's continued commitment and ability to attract and retain well-qualified investment professionals, noting in particular the Advisor's hiring of professionals in various areas over the past several years, continued upgrading of resources in its middle office and back office operations and other areas, as well as a continuing and extensive program of infrastructure and systems enhancements, including business continuity, cybersecurity, and the modernization of the technology ecosystem with the implementation of Aladdin, as well as investments in sales and marketing to increase brand awareness, updates to information security defenses, and budgeting for certain future initiatives. 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 also considered that the Advisor made available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, operations, administration, research, portfolio accounting, and legal matters. They noted the substantial additional resources made available by The TCW Group, Inc., the parent company of the Advisor ("TCW"). The Board and the Independent Directors examined and discussed a detailed description of the extensive additional services provided to the Funds to support their operations and compliance, as compared to the much narrower range of services provided to the Advisor's institutional and sub-advised clients, as well as the Advisor's oversight and coordination of numerous outside service providers to the Funds. They further noted the high level of regular communication between the Advisor and the Independent Directors. The Advisor explained its responsibility to supervise the activities of the Funds' various service providers, as well as supporting the Independent Directors and their meetings, regulatory filings, and various operational personnel, and the related costs.

------

The Board and the Independent Directors concluded that the nature, extent, and quality of the services provided by the Advisor are of a high quality and have benefited and should continue to benefit the Funds and their shareholders.

3. Investment results

The Board and the Independent Directors considered the investment results of each Fund in light of its investment objective(s) and principal investment strategies. They compared each Fund's total returns with the total returns of other mutual funds in peer group reports prepared by Broadridge with respect to various longer and more recent periods all ended May 31, 2025. The Board and the Independent Directors reviewed information as to peer group selections presented by Broadridge and discussed the methodology for those selections with Broadridge. In reviewing each Fund's relative performance, the Board and the Independent Directors took into account each Fund's investment strategies, distinct characteristics, asset size and diversification.

The Board and the Independent Directors reviewed each Fund's performance over the relevant periods. The Board and the Independent Directors noted that the investment performance of the majority of the Funds was generally close to or above the median performance of the applicable peer group during the three-year period emphasized by Broadridge in the supplemental materials. For those Funds that lagged peer group averages, they noted that the Advisor had discussed with the Board the reasons for the underperformance, including the investment climate and prevailing market conditions during relevant periods as well as the Advisor's discipline in maintaining a consistent investment style. The Board considered in particular the Advisor's explanations for the performance of those Funds that ranked in the fourth or fifth quintile of their peer groups for the prior three-year period. The Board indicated that it would continue to monitor portfolio investment performance on a regular basis and discuss with the Advisor from time to time any instances of long-term underperformance as appropriate. The Board and the Independent Directors noted that the performance of some Funds for periods when they lagged their peer group averages remained satisfactory when assessed on a risk-adjusted basis because performance quintiles do not necessarily reflect the degree of risk employed by peer funds to achieve their returns. The Board also considered the Advisor's assessment of the Funds' performance during the recent period of significant market volatility and rising interest rates.

With respect to the fixed income Funds, the Board and the Independent Directors recognized the Advisor's deliberate strategy to manage risk in light of its critical view of the fixed income securities markets and overall investment market conditions at present and in the near term. For that reason, the Board and the Independent Directors believed that relative performance also should be considered in light of future market conditions expected by the Advisor and positioning of the Funds' portfolios in light of those expectations. The Board and the Independent Directors noted the Advisor's view that longer term performance can be more meaningful for active fixed income funds than shorter term performance because fixed income market cycles are generally longer than three years.

For the U.S. fixed income Funds, the Board and the Independent Directors noted the conservative profile of certain of these Funds, which generally experienced less volatility compared to various other funds in the applicable peer group. They also noted the Advisor's relatively conservative posture for these Funds with respect to duration and interest rate and credit risks.

------

Investment Management and Advisory Agreement Disclosure (Unaudited) (Continued)

For the Securitized Bond Fund, the Board and the Independent Directors noted that the Fund's performance was in the second quintile for the ten- and one-year periods, the fifth quintile for the five-year period and the fourth quintile for the three-year period. The Board and the Independent Directors considered the Advisor's explanation that underperformance in the five- and three-year periods was driven by the Fund's higher duration and greater exposure to mortgage-backed securities than its peers, which the Advisor believes may position the Fund for outperformance going forward. It was noted that the Advisor had recommended, and the Board had approved, changes to the Fund's name and principal investment strategies effective August 19, 2024.

For the Core Fixed Income Fund, the Board and the Independent Directors noted that the Fund's performance was in the fourth quintile for the ten- and five-year periods, the fifth quintile for the three-year period and the second quintile for the one-year period. The Board and the Independent Directors considered the Advisor's explanation that underperformance was driven by the Fund's higher duration, yield curve positioning, and greater exposure to mortgage-backed securities than its peers, which the Advisor believes may position the Fund for outperformance going forward.

For the Global Bond Fund, the Board and the Independent Directors noted that the Fund's performance was in the third quintile for the ten-year period, the fourth quintile for the five- and three-year periods and the first quintile for the one-year period. The Board and the Independent Directors considered the Advisor's explanation that underperformance for the five- and three-year periods was driven by the Fund's higher duration as compared to many of its peers. The Board further considered that the Fund outperformed its benchmark index for the one- and three-year periods.

For the Central Cash Fund, the Board and the Independent Directors noted that the Fund's performance was in the fourth quintile for the period since the Fund's inception on July 15, 2024 to May 31, 2025. The Board and the Independent Directors considered the Fund's limited operating history.

With respect to the U.S. equity Funds, the Board and the Independent Directors noted that the performance of the Funds for most of the various periods reviewed ranked in the first, second or third quintiles.

The Concentrated Large Cap Growth Fund, formerly the Select Equities Fund, the Board and the Independent Directors noted that the Fund's performance was in the second quintile for the ten- and three-year periods, the third quintile for the five-year period, and the first quintile for the one-year period. It was noted that the Advisor had recommended, and the Board had approved, changes to the Fund's name and principal investment strategies effective February 28, 2025.

For the Relative Value Large Cap Fund, the Board and the Independent Directors noted that the Fund's performance was in the third quintile for the ten- and one-year periods and the first quintile for the five- and three-year periods.

For the Relative Value Mid Cap Fund, the Board and the Independent Directors noted that the Fund's performance was in the third quintile for the ten- and one-year periods and the first quintile for the five- and three-year periods.

For the Global Real Estate Fund, the Board and the Independent Directors noted that the Fund's performance was in the first quintile for the ten-, five-, and three-year periods and the fifth quintile for the one-year period.

------

For the Conservative Allocation Fund, an asset allocation Fund, the Board and the Independent Directors noted that the Fund's performance was in the first quintile for the ten-, five, three- and one-year periods.

With respect to the international and emerging markets Funds, the Board and the Independent Directors noted that the performance of these Funds ranked in the fourth quintile over a few of the various time periods reviewed, but had shown improvement in all of the time periods reviewed. The Board and the Independent Directors considered the Advisor's discussion of performance, including the enhancements to its risk management process.

For the Emerging Markets Income Fund, the Board and the Independent Directors noted that the Fund's performance was in the second quintile for the ten- and one-year periods, the third quintile for the five-year period and the fourth quintile for the three-year period. The Board and the Independent Directors considered the Advisor's discussion of performance, including that the Fund's relative performance was impacted by underperformance in 2022, which resulted from a combination of duration positioning and a more defensive stance, missing a part of the subsequent market rally following the Silicon Valley Bank crisis. The Board and the Independent Directors noted that the Fund has recovered part of the underperformance, capturing the improvement in credit quality in emerging markets, particularly in high yield, boosting the Fund's performance to the second quartile for the one-year period ended May 31, 2025.

For the Emerging Markets Local Currency Income Fund, the Board and the Independent Directors noted that the Fund's performance was in the fourth quintile for the ten- and five-year periods, the third quintile for the three-year period and the second quintile for the one-year period.

The Board and the Independent Directors concluded that the Advisor was implementing each Fund's investment objective(s) and that the Advisor's record in managing the Funds indicated that its continued management should benefit each Fund and its shareholders over the long term.

4. Advisory fees and total expenses

The Board and the Independent Directors compared the management fees (which Broadridge defines to include the advisory fee and the administrative fee) and net total expenses of each Fund (each as a percentage of average net assets) with the median management fee and operating expense level of the other mutual funds in the relevant Broadridge peer groups. These comparisons assisted the Board and the Independent Directors by providing a reasonable statistical measure to assess each Fund's fees relative to its relevant peers. The Board and the Independent Directors observed that each Fund's management fee, after giving effect to applicable waivers and/or reimbursements, was below or near the median of the peer group funds on a current basis, with the exception of the Emerging Markets Income Fund, whose management fees was approximately 5 basis points above the median. The Board and the Independent Directors also observed that each Fund's net total expenses, after giving effect to applicable waivers and/or reimbursements, were near or below the median of the peer group funds, with the exception of Conservative Allocation Fund, whose net total expenses were approximately 14 basis points above the median.

The Board and the Independent Directors also noted the contractual expense limitations to which the Advisor has agreed with respect to each Fund and that the Advisor historically has absorbed any expenses in excess of these limits. The Board and the Independent Directors noted that for several

------

Investment Management and Advisory Agreement Disclosure (Unaudited) (Continued)

Funds, their below-median management fee and net total expenses were in part due to substantial waiver and/or reimbursement pursuant to the contractual expense limitations. The Board and the Independent Directors concluded that the competitive fees charged by the Advisor, and competitive expense ratios, should continue to benefit each Fund and its shareholders.

The Board and the Independent Directors also reviewed information regarding the advisory fees charged by the Advisor to its institutional and sub-advisory clients with similar investment mandates. The Board and the Independent Directors concluded that, although the fees paid by those clients generally were lower than advisory fees paid by the Funds, the differences appropriately reflected the more extensive services provided by the Advisor to the Funds and the Advisor's significantly greater responsibilities and expenses with respect to the Funds, including the additional time spent by portfolio managers for reasons such as managing the more active cash flows from purchases and redemptions by shareholders, the additional risks of managing a pool of assets for public investors, administrative burdens, daily pricing, valuation and liquidity responsibilities, the supervision of vendors and service providers, and the costs of additional infrastructure and operational resources and personnel and of complying with and supporting the more comprehensive regulatory and governance regime applicable to mutual funds.

5. The Advisor's costs, level of profits, and economies of scale

The Board and the Independent Directors reviewed information regarding the Advisor's costs of providing services to the Funds, as well as the resulting level of profits to the Advisor. They reviewed the Advisor's stated assumptions and methods of allocating certain costs, such as personnel costs, which constitute the Advisor's largest operating cost. The Board and the Independent Directors recognized that the Advisor should be entitled to earn a reasonable level of profits for the services that it provides to each Fund. The Board and the Independent Directors also reviewed a comparison of the Advisor's profitability with respect to the Funds to the profitability of certain unaffiliated publicly traded asset managers, which the Advisor believed supported its view that the Advisor's profitability was reasonable. Based on their review, the Board and the Independent Directors concluded that they were satisfied that the Advisor's level of profitability from its relationship with each Fund was not unreasonable or excessive.

The Board and the Independent Directors considered the extent to which potential economies of scale could be realized as the Funds grow and whether the advisory fees reflect those potential economies of scale. They recognized that the advisory fees for the Funds do not have breakpoints, which would otherwise result in lower advisory fee rates as the Funds grow larger. They also recognized the Advisor's view that the advisory fees compare favorably to peer group fees and expenses and remain competitive even at higher asset levels and that the relatively low advisory fees reflect the potential economies of scale. The Board and the Independent Directors recognized the benefits of the Advisor's substantial past and ongoing investment in the advisory business, such as successfully recruiting and retaining key professional talent, systems and technology upgrades, added resources dedicated to legal, compliance, risk management and cybersecurity programs, and improvements to the overall firm infrastructure, as well as the financial pressures of competing against much larger firms and passive investment products. The Board and the Independent Directors further noted the Advisor's past and current subsidies of the operating expenses of newer and smaller Funds and the Advisor's commitment to maintain reasonable overall operating expenses for each Fund. The Board and the Independent Directors also recognized that the Funds benefit from

------

receiving investment advice from an organization with other types of advisory clients in addition to mutual funds. The Board and the Independent Directors considered the risk borne by the Advisor that the Funds' net assets and thus the Advisor's fees might decline in the event of redemptions and that smaller Funds might not grow to become profitable. The Board and the Independent Directors concluded that the Advisor was appropriately sharing potential economies of scale with the Funds through low fees and expenses, and through reinvesting in its capabilities for serving the Funds and their shareholders.

6. Ancillary benefits

The Board and the Independent Directors also considered ancillary benefits received or to be received by the Advisor and its affiliates as a result of the relationship of the Advisor with the Funds. The Board and the Independent Directors noted that, in addition to the fees the Advisor receives under the Agreement, the Advisor receives additional benefits in connection with management of the Funds in the form of reports, research and other services from brokers and their affiliates in return for brokerage commissions paid to such brokers. The Board and the Independent Directors concluded that any potential benefits received or to be derived by the Advisor from its relationships with the Funds are reasonably related to the services provided by the Advisor to the Funds.

7. 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 the Agreement is fair and reasonable to each Fund and its shareholders, that each Fund's shareholders received reasonable value in return for the advisory fees and other amounts paid to the Advisor by each Fund, and that the renewal of the Agreement was in the best interests of each 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 of the Company has delegated the Company's proxy voting authority to the Advisor.

*Disclosure of Proxy Voting Guidelines* 

The proxy voting guidelines of the Advisor are available:

1. By calling 800-FUND-TCW (800-386-3829) to obtain a hard copy; or

2. By going to the 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 on TCW's website. 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 must include 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 without charge:

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 Company's first and third quarters and are available on the SEC's website at www.sec.gov.

------

Tax Information Notice (Unaudited)

On account of the year ended October 31, 2025, the following Funds paid a capital gain distribution within the meaning 852(b)(3)(c) of the Code. Each Fund also designates as a capital gain distribution a portion of earnings and profits paid to shareholders in redemption of their shares.

---

| | |
|:---|:---|
| **Fund** | **Amounts per<br>Share** |
|  TCW Conservative Allocation Fund | $0.23 |
|  TCW Relative Value Large Cap Fund | $2.98 |
|  TCW Relative Value Mid Cap Fund | $5.40 |
|  TCW Concentrated Large Cap Growth Fund | $3.42 |

---

Under Section 854(b)(2) of the Code, the Funds hereby designate the following maximum amounts as qualified dividends for purposes of the maximum rate under Section 1(h)(11) of the Code for the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| **Fund** | **Qualified<br>Dividend Income** |
|  TCW Conservative Allocation Fund | $216364 |
|  TCW Global Real Estate Fund | $349601 |
|  TCW Relative Value Large Cap Fund | $8781298 |
|  TCW Relative Value Mid Cap Fund | $1569766 |

---

The following are dividend received deduction percentages for the Funds' corporate shareholders:

---

| | |
|:---|:---|
| **Fund** | **Dividends<br>Received Deductions** |
|  TCW Conservative Allocation Fund | 16.04% |
|  TCW Global Real Estate Fund | 15.47% |
|  TCW Relative Value Large Cap Fund | 100.00% |
|  TCW Relative Value Mid Cap Fund | 100.00% |

---

This information is given to meet certain requirements of the Code and should not be used by shareholders for preparing their income tax returns. In February 2026, shareholders will receive Form 1099-DIV which will show the actual distribution received and include their share of qualified dividends during the calendar year of 2025. Shareholders are advised to check with their tax advisors for information on the treatment of these amounts on their individual tax returns.

------

![LOGO](g924744g81l51.jpg)

**TCW Funds, Inc.**

515 South Flower Street

Los Angeles, CA 90071

800 386 3829

tcw.com

---

| | | |
|:---|:---|:---|
| Board of Directors<br>Patrick C. Haden<br> Martin Luther King III<br> Peter McMillan<br> Victoria B. Rogers<br> Robert G. Rooney<br> Michael Swell<br> Andrew Tarica<br> David Vick<br> Richard Villa<br>Adviser<br>TCW Investment Management Company LLC<br> 515 South Flower Street<br> Los Angeles, CA 90071<br>Custodian<br>State Street Bank & Trust Company<br> One Congress Street, Suite 1<br> Boston, MA 02114-2016<br>Transfer Agent<br>U.S. Bank Global Fund Services<br> P.O. Box 219252<br> Kansas City, MO 64121 | Officers<br>Richard Villa<br>President and Principal Executive Officer<br> Treasurer, Principal Financial Officer<br> Principal Accounting Officer<br>Drew Bowden<br>Executive Vice President<br>Eric Chan<br>Assistant Treasurer<br>Peter Davidson<br>Vice President and Secretary<br>Lisa Eisen<br>Tax Officer<br>Alenoush Terzian<br>Chief Compliance Officer and<br> Anti-Money Laundering Officer  | Independent Registered Public Accounting Firm<br>Deloitte & Touche LLP<br> 555 West 5th Street, Suite 2700<br> Los Angeles, CA 90013<br>Distributor<br>TCW Funds Distributors LLC<br> 515 South Flower Street<br> Los Angeles, CA 90071<br>**For Additional Information**<br> **Call 800 FUND TCW (800 386 3829)**<br> **or visit tcw.com** |

---

A description of the Funds' proxy voting policies, procedures, and how the Funds voted proxies relating to their portfolios' securities during the most recent 12-month period ending June 30 are available (i) without charge, upon request, by calling 800 386 3829; (ii) on the Securities and Exchange Commission's website at www.sec.gov.

In addition to its annual and semi-annual reports, the Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each 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.

To reduce expenses, we may mail only one copy of the Fund's prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at 800 386 3829 (or contact your financial institution).

We will begin sending you individual copies thirty days after receiving your request.

This report is submitted for general information to the shareholders of the Funds. It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective Prospectus, which includes details regarding the Funds' objectives, policies, expenses and other information.

------

![LOGO](g935145g81l51.jpg)

## Financial

## Statements

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and Other Information Form N-CSR Items 7-11

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 31, 2025
![LOGO](g935145g01a01.jpg)

------

## TCW Funds, Inc.
**Table of Contents**

---

| | |
|:---|:---|
|  [Schedules of Investments](#toc935145_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW Emerging Markets Income Fund](#toc935145_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW Emerging Markets Local Currency Income Fund](#toc935145_3) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW White Oak Emerging Markets Equity Fund](#toc935145_4) | 14 |
|  [Statements of Assets and Liabilities](#toc935145_5) | 19 |
|  [Statements of Operations](#toc935145_6) | 21 |
|  [Statements of Changes in Net Assets](#toc935145_7) | 22 |
|  [Notes to Financial Statements](#toc935145_8) | 24 |
|  [Financial Highlights](#toc935145_9) | 48 |
|  [Report of Independent Registered Public Accounting Firm](#toc935145_10) | 57 |
|  [Investment Management and Advisory Agreement Disclosure (Unaudited)](#toc935145_11) | 59 |
|  [Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule](#toc935145_12) | 66 |
|  [Tax Information Notice (Unaudited)](#toc935145_13) | 67 |

---

------

## TCW Emerging Markets Income Fund
Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **FIXED INCOME SECURITIES — 94.7% of Net Assets** | **FIXED INCOME SECURITIES — 94.7% of Net Assets** | **FIXED INCOME SECURITIES — 94.7% of Net Assets** | **FIXED INCOME SECURITIES — 94.7% of Net Assets** |
| **Angola** — **2.4%** | **Angola** — **2.4%** | **Angola** — **2.4%** | **Angola** — **2.4%** |
|  Angola Government International Bonds | Angola Government International Bonds | Angola Government International Bonds | Angola Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% *<sup>(1)</sup>* | 11/26/29 | $13883000 | $13301302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% *<sup>(1)</sup>* | 05/09/28 | 19131000 | 18877132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% *<sup>(1)</sup>* | 04/14/32 | 34279000 | 32210262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.13% *<sup>(1)</sup>* | 11/26/49 | 16000000 | 13464640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38% *<sup>(1)</sup>* | 05/08/48 | 10000000 | 8604700 |
|  **Total Angola** | **Total Angola** | **Total Angola** | **Total Angola** |
|  (Cost: $82,088,280) | (Cost: $82,088,280) | (Cost: $82,088,280) | &nbsp;&nbsp;&nbsp;&nbsp;86458036 |
| **Argentina** — **3.3%** | **Argentina** — **3.3%** | **Argentina** — **3.3%** | **Argentina** — **3.3%** |
|  Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% | 07/09/30 | 24598430 | 20159890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 07/09/41 | 63494234 | 41428718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 07/09/35 | 45300933 | 31848368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 07/09/46 | 9850257 | 6772446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 01/09/38 | 20314606 | 14944033 |
|  Provincia de Buenos Aires/Government Bonds | 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 | 7800048 | 5741147 |
| **Total Argentina** | **Total Argentina** | **Total Argentina** | **Total Argentina** |
|  (Cost: $85,449,452) | (Cost: $85,449,452) | (Cost: $85,449,452) | 120894602 |
| **Bahrain** — **1.1%** | **Bahrain** — **1.1%** | **Bahrain** — **1.1%** | **Bahrain** — **1.1%** |
|  Bahrain Government International Bonds | Bahrain Government International Bonds | Bahrain Government International Bonds | Bahrain Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% *<sup>(1)</sup>* | 05/18/34 | 16612000 | 16178759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% *<sup>(1)</sup>* | 09/20/29 | 16105000 | 16873530 |
|  CBB International Sukuk Programme Co. WLL | 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 | 7353000 | 7604473 |
| **Total Bahrain** | **Total Bahrain** | **Total Bahrain** | **Total Bahrain** |
|  (Cost: $36,488,429) | (Cost: $36,488,429) | (Cost: $36,488,429) | 40656762 |
| **Brazil** — **6.3%** | **Brazil** — **6.3%** | **Brazil** — **6.3%** | **Brazil** — **6.3%** |
|  Aegea Finance SARL | Aegea Finance SARL | Aegea Finance SARL | Aegea Finance SARL |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63% *<sup>(2)</sup>* | 01/20/36 | 14000000 | 13706840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% *<sup>(2)</sup>* | 01/20/31 | 12837000 | 13578465 |
|  Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 09/12/31 | 14176000 | 13176592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 01/14/50 | 11830000 | 8902430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 01/27/45 | 19598000 | 16048998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 10/20/33 | 18501000 | 18951499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 03/15/34 | 15325000 | 15655100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 01/22/32 | 8865000 | 9234671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% | 03/15/35 | 8625000 | 8986733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13% | 05/13/54 | 22631000 | 23007127 |
|  CSN Resources SA | CSN Resources SA | CSN Resources SA | CSN Resources SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% *<sup>(2)</sup>* | 06/10/31 | 17172000 | 13435545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88% *<sup>(2)</sup>* | 12/05/30 | 9178000 | 8731031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88% *<sup>(1)</sup>* | 12/05/30 | 5646000 | 5371040 |
|  Nexa Resources SA | Nexa Resources SA | Nexa Resources SA | Nexa Resources SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60% *<sup>(2)</sup>* | 04/08/37 | 8900000 | 9247812 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Brazil (Continued)** | **Brazil (Continued)** | **Brazil (Continued)** | **Brazil (Continued)** |
|  Samarco Mineracao SA | Samarco Mineracao SA | Samarco Mineracao SA | Samarco Mineracao SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% *<sup>(2),(3),(4)</sup>* | 06/30/31 | 26042032 | 26039428 |
|  Yinson Bergenia Production BV | Yinson Bergenia Production BV | Yinson Bergenia Production BV | Yinson Bergenia Production BV |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% *<sup>(2)</sup>* | 01/31/45 | 8332000 | 8780678 |
|  Yinson Boronia Production BV | Yinson Boronia Production BV | Yinson Boronia Production BV | Yinson Boronia Production BV |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.95% *<sup>(2)</sup>* | 07/31/42 | 18032434 | 19719549 |
| **Total Brazil** | **Total Brazil** | **Total Brazil** | **Total Brazil** |
|  (Cost: $222,442,698) | (Cost: $222,442,698) | (Cost: $222,442,698) | &nbsp;&nbsp;&nbsp;&nbsp;232573538 |
| **Chile** — **3.5%** | **Chile** — **3.5%** | **Chile** — **3.5%** | **Chile** — **3.5%** |
|  AES Andes SA | AES Andes SA | AES Andes SA | AES Andes SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.15% (5 yr. CMT + 3.835%)*<sup>(2),(5)</sup>* | 06/10/55 | 15568000 | 16319467 |
|  Antofagasta PLC | Antofagasta PLC | Antofagasta PLC | Antofagasta PLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(2)</sup>* | 05/02/34 | 10078000 | 10859045 |
|  Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 01/25/50 | 9061000 | 6771920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 04/15/53 | 3510000 | 2564933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.33% | 01/05/54 | 8101000 | 8023716 |
|  Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% *<sup>(1)</sup>* | 02/02/33 | 12465000 | 12569332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% *<sup>(1)</sup>* | 01/08/34 | 2738000 | 2881307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30% *<sup>(1)</sup>* | 09/08/53 | 20243000 | 21097457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.33% *<sup>(1)</sup>* | 01/13/35 | 8133000 | 8694909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.44% *<sup>(1)</sup>* | 01/26/36 | 20233000 | 22070966 |
|  Latam Airlines Group SA | Latam Airlines Group SA | Latam Airlines Group SA | Latam Airlines Group SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63% *<sup>(2)</sup>* | 01/07/31 | 17124000 | 17685153 |
| **Total Chile** | **Total Chile** | **Total Chile** | **Total Chile** |
|  (Cost: $123,103,986) | (Cost: $123,103,986) | (Cost: $123,103,986) | 129538205 |
| **Colombia** — **6.8%** | **Colombia** — **6.8%** | **Colombia** — **6.8%** | **Colombia** — **6.8%** |
|  Banco Davivienda SA | Banco Davivienda SA | Banco Davivienda SA | Banco Davivienda SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13% (5 yr. CMT + 4.588%)*<sup>(2),(5)</sup>* | 07/02/35 | 6750000 | 6968565 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 04/22/32 | 13451000 | 11504237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% | 04/25/30 | 6657000 | 7157074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 02/02/34 | 17041000 | 18140656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% | 11/07/36 | 18830000 | 20112700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% | 04/20/33 | 2185000 | 2407870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% | 11/14/35 | 8975000 | 9809226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% | 04/25/35 | 5661000 | 6389061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% | 11/14/53 | 29323000 | 33774525 |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 05/28/45 | 16143000 | 12399115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% | 02/01/32 | 11075000 | 11466501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38% | 01/19/36 | 43949000 | 45649387 |
|  EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% *<sup>(1)</sup>* | 12/30/30 | 872000 | 810524 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Colombia (Continued)** | **Colombia (Continued)** | **Colombia (Continued)** | **Colombia (Continued)** |
|  EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU | EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU | EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU | EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% *<sup>(2)</sup>* | 06/30/32 | 16984000 | 17815876 |
|  Geopark Ltd. | Geopark Ltd. | Geopark Ltd. | Geopark Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% *<sup>(2)</sup>* | 01/31/30 | 8464000 | 8092261 |
|  Gran Tierra Energy, Inc. | Gran Tierra Energy, Inc. | Gran Tierra Energy, Inc. | Gran Tierra Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% *<sup>(1)</sup>* | 10/15/29 | 21761000 | 17724117 |
|  Termocandelaria Power SA | Termocandelaria Power SA | Termocandelaria Power SA | Termocandelaria Power SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% *<sup>(2)</sup>* | 09/17/31 | 17291000 | 17942179 |
| **Total Colombia** | **Total Colombia** | **Total Colombia** | **Total Colombia** |
|  (Cost: $232,951,397) | (Cost: $232,951,397) | (Cost: $232,951,397) | &nbsp;&nbsp;&nbsp;&nbsp;248163874 |
| **Costa Rica** — **0.9%** | **Costa Rica** — **0.9%** | **Costa Rica** — **0.9%** | **Costa Rica** — **0.9%** |
|  Costa Rica Government International Bonds | 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 | 4909757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55% *<sup>(2)</sup>* | 04/03/34 | 9151000 | 9889577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30% *<sup>(2)</sup>* | 11/13/54 | 16011000 | 17933921 |
| **Total Costa Rica** | **Total Costa Rica** | **Total Costa Rica** | **Total Costa Rica** |
|  (Cost: $28,925,574) | (Cost: $28,925,574) | (Cost: $28,925,574) | 32733255 |
| **Dominican Republic** — **2.3%** | **Dominican Republic** — **2.3%** | **Dominican Republic** — **2.3%** | **Dominican Republic** — **2.3%** |
|  Dominican Republic International Bonds | 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 | 14786034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% *<sup>(2)</sup>* | 09/23/32 | 17145000 | 16462972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(2)</sup>* | 02/22/29 | 10183000 | 10368127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40% *<sup>(1)</sup>* | 06/05/49 | 11519000 | 11571066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85% *<sup>(1)</sup>* | 01/27/45 | 15542000 | 16326249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95% *<sup>(2)</sup>* | 03/15/37 | 12740000 | 13641355 |
| **Total Dominican Republic** | **Total Dominican Republic** | **Total Dominican Republic** | **Total Dominican Republic** |
|  (Cost: $72,405,905) | (Cost: $72,405,905) | (Cost: $72,405,905) | 83155803 |
| **Ecuador** — **1.3%** | **Ecuador** — **1.3%** | **Ecuador** — **1.3%** | **Ecuador** — **1.3%** |
|  Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(6)</sup>* | 07/31/30 | 4670878 | 3655709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(1)</sup>* | 07/31/40 | 28112542 | 19182031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90% *<sup>(2)</sup>* | 07/31/35 | 15874329 | 12173547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90% *<sup>(1)</sup>* | 07/31/30 | 15143313 | 13826450 |
| **Total Ecuador** | **Total Ecuador** | **Total Ecuador** | **Total Ecuador** |
|  (Cost: $25,480,639) | (Cost: $25,480,639) | (Cost: $25,480,639) | 48837737 |
| **El Salvador** — **0.4%** | **El Salvador** — **0.4%** | **El Salvador** — **0.4%** | **El Salvador** — **0.4%** |
|  Comision Ejecutiva Hidroelectrica del Rio Lempa | Comision Ejecutiva Hidroelectrica del Rio Lempa | Comision Ejecutiva Hidroelectrica del Rio Lempa | Comision Ejecutiva Hidroelectrica del Rio Lempa |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.65% *<sup>(2)</sup>* | 01/24/33 | 8625000 | 9145605 |
|  El Salvador Government International Bonds | 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 | 2007281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% *<sup>(1)</sup>* | 04/10/32 | 3237000 | 3486120 |
| **Total El Salvador** | **Total El Salvador** | **Total El Salvador** | **Total El Salvador** |
|  (Cost: $13,402,301) | (Cost: $13,402,301) | (Cost: $13,402,301) | 14639006 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Gabon** — **1.2%** | **Gabon** — **1.2%** | **Gabon** — **1.2%** | **Gabon** — **1.2%** |
|  Gabon Government International Bonds | Gabon Government International Bonds | Gabon Government International Bonds | Gabon Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% *<sup>(1)</sup>* | 02/06/31 | $49240000 | $38603175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% *<sup>(1)</sup>* | 11/24/31 | 7029000 | 5462166 |
| **Total Gabon** | **Total Gabon** | **Total Gabon** | **Total Gabon** |
|  (Cost: $43,453,022) | (Cost: $43,453,022) | (Cost: $43,453,022) | &nbsp;&nbsp;&nbsp;&nbsp;44065341 |
| **Ghana** — **0.9%** | **Ghana** — **0.9%** | **Ghana** — **0.9%** | **Ghana** — **0.9%** |
|  Ghana Government International Bonds | Ghana Government International Bonds | Ghana Government International Bonds | Ghana Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(2),(6)</sup>* | 07/03/26 | 1109866 | 1079489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(2),(6)</sup>* | 01/03/30 | 2368290 | 2046321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(2)</sup>* | 07/03/29 | 11385685 | 11100132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(2)</sup>* | 07/03/35 | 20500413 | 17642040 |
| **Total Ghana** | **Total Ghana** | **Total Ghana** | **Total Ghana** |
|  (Cost: $27,772,904) | (Cost: $27,772,904) | (Cost: $27,772,904) | 31867982 |
| **Guatemala** — **1.4%** | **Guatemala** — **1.4%** | **Guatemala** — **1.4%** | **Guatemala** — **1.4%** |
|  Energuate Trust 2 0 | Energuate Trust 2 0 | Energuate Trust 2 0 | Energuate Trust 2 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35% *<sup>(2)</sup>* | 09/15/35 | 17640000 | 17704386 |
|  Guatemala Government Bonds | Guatemala Government Bonds | Guatemala Government Bonds | Guatemala Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% *<sup>(2)</sup>* | 10/07/33 | 4054000 | 3659951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% *<sup>(1)</sup>* | 04/24/32 | 3395000 | 3445857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05% *<sup>(2)</sup>* | 08/06/31 | 2682000 | 2806284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55% *<sup>(2)</sup>* | 02/06/37 | 5153000 | 5544680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60% *<sup>(2)</sup>* | 06/13/36 | 5062000 | 5466403 |
|  Threelands Energy Ltd. SARL | Threelands Energy Ltd. SARL | Threelands Energy Ltd. SARL | Threelands Energy Ltd. SARL |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45% *<sup>(2)</sup>* | 10/20/35 | 12700000 | 12724130 |
| **Total Guatemala** | **Total Guatemala** | **Total Guatemala** | **Total Guatemala** |
|  (Cost: $49,735,158) | (Cost: $49,735,158) | (Cost: $49,735,158) | 51351691 |
| **Honduras** — **0.3%** (Cost: $9,515,750) | **Honduras** — **0.3%** (Cost: $9,515,750) | **Honduras** — **0.3%** (Cost: $9,515,750) | **Honduras** — **0.3%** (Cost: $9,515,750) |
|  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 | 10218770 |
| **Hungary** — **1.8%** | **Hungary** — **1.8%** | **Hungary** — **1.8%** | **Hungary** — **1.8%** |
|  Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13% *<sup>(1)</sup>* | 09/21/51 | 12220000 | 7935668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(1)</sup>* | 06/16/34 | 3024000 | 3083996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(1)</sup>* | 03/26/36 | 2685000 | 2713139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% *<sup>(1)</sup>* | 09/26/35 | 5942000 | 6244923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% *<sup>(1)</sup>* | 09/23/55 | 13866000 | 15079137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% *<sup>(1)</sup>* | 09/25/52 | 675000 | 745227 |
|  Magyar Export-Import Bank Zrt | 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 | 3162000 | 3272923 |
|  MVM Energetika Zrt | MVM Energetika Zrt | MVM Energetika Zrt | MVM Energetika Zrt |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 03/13/31 | 10701000 | 11376233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% *<sup>(1)</sup>* | 06/09/28 | 14622000 | 15541139 |
| **Total Hungary** | **Total Hungary** | **Total Hungary** | **Total Hungary** |
|  (Cost: $63,240,660) | (Cost: $63,240,660) | (Cost: $63,240,660) | 65992385 |

---

*See accompanying Notes to Financial Statements.* 

------

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **India** — **0.5%** (Cost: $17,080,000) | **India** — **0.5%** (Cost: $17,080,000) | **India** — **0.5%** (Cost: $17,080,000) | **India** — **0.5%** (Cost: $17,080,000) |
|  Vedanta Resources Finance II PLC | Vedanta Resources Finance II PLC | Vedanta Resources Finance II PLC | Vedanta Resources Finance II PLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.13% *<sup>(2)</sup>* | 10/15/32 | $17080000 | $&nbsp;&nbsp;&nbsp;&nbsp;16905613 |
| **Indonesia** — **3.6%** | **Indonesia** — **3.6%** | **Indonesia** — **3.6%** | **Indonesia** — **3.6%** |
|  Freeport Indonesia PT | Freeport Indonesia PT | Freeport Indonesia PT | Freeport Indonesia PT |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32% *<sup>(2)</sup>* | 04/14/32 | 10182000 | 10402135 |
|  Indika Energy Tbk. PT | Indika Energy Tbk. PT | Indika Energy Tbk. PT | Indika Energy Tbk. PT |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% *<sup>(1)</sup>* | 05/07/29 | 8713000 | 8758569 |
|  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 | 12073935 |
|  Indonesia Government International Bonds | Indonesia Government International Bonds | Indonesia Government International Bonds | Indonesia Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85% | 02/14/30 | 6999000 | 6636032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% | 02/10/34 | 12180000 | 12240900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 09/10/34 | 10382000 | 10440347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% | 04/16/36 | 35247000 | 35359085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% *<sup>(1)</sup>* | 01/17/42 | 17731000 | 18058137 |
|  Perusahaan Penerbit SBSN Indonesia III | 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 | 6110000 | 6507761 |
|  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 | 10689295 |
| **Total Indonesia** | **Total Indonesia** | **Total Indonesia** | **Total Indonesia** |
|  (Cost: $125,493,852) | (Cost: $125,493,852) | (Cost: $125,493,852) | 131166196 |
| **Ivory Coast** — **2.0%** | **Ivory Coast** — **2.0%** | **Ivory Coast** — **2.0%** | **Ivory Coast** — **2.0%** |
|  Ivory Coast Government International Bonds | 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 | 446945 | 448795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% *<sup>(1)</sup>* | 06/15/33 | 13553000 | 13205501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% *<sup>(1)</sup>* | 03/03/28 | 1235000 | 1257403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63% *<sup>(1)</sup>* | 01/30/33 | 10334000 | 10909914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.08% *<sup>(2)</sup>* | 04/01/36 | 41776000 | 43962974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% *<sup>(1)</sup>* | 01/30/37 | 4700000 | 4998262 |
| **Total Ivory Coast** | **Total Ivory Coast** | **Total Ivory Coast** | **Total Ivory Coast** |
|  (Cost: $65,002,898) | (Cost: $65,002,898) | (Cost: $65,002,898) | 74782849 |
| **Jamaica** — **0.6%** | **Jamaica** — **0.6%** | **Jamaica** — **0.6%** | **Jamaica** — **0.6%** |
|  Digicel International Finance Ltd./Difl U.S. LLC | Digicel International Finance Ltd./Difl U.S. LLC | Digicel International Finance Ltd./Difl U.S. LLC | Digicel International Finance Ltd./Difl U.S. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63% *<sup>(2)</sup>* | 08/01/32 | 4750000 | 4734705 |
|  Montego Bay Airport Revenue Finance Ltd. | Montego Bay Airport Revenue Finance Ltd. | Montego Bay Airport Revenue Finance Ltd. | Montego Bay Airport Revenue Finance Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60% *<sup>(2)</sup>* | 06/15/35 | 17137000 | 17021839 |
| **Total Jamaica** | **Total Jamaica** | **Total Jamaica** | **Total Jamaica** |
|  (Cost: $22,063,849) | (Cost: $22,063,849) | (Cost: $22,063,849) | 21756544 |
| **Kazakhstan** — **1.1%** | **Kazakhstan** — **1.1%** | **Kazakhstan** — **1.1%** | **Kazakhstan** — **1.1%** |
|  ForteBank JSC | ForteBank JSC | ForteBank JSC | ForteBank JSC |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% *<sup>(2)</sup>* | 02/04/30 | 7250000 | 7408340 |
|  Kazakhstan Government International Bonds | Kazakhstan Government International Bonds | Kazakhstan Government International Bonds | Kazakhstan Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(2)</sup>* | 07/01/32 | 6611000 | 6719486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(2)</sup>* | 07/01/37 | 5289000 | 5402079 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Kazakhstan (Continued)** | **Kazakhstan (Continued)** | **Kazakhstan (Continued)** | **Kazakhstan (Continued)** |
|  KazMunayGas National Co. JSC | KazMunayGas National Co. JSC | KazMunayGas National Co. JSC | KazMunayGas National Co. JSC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *<sup>(1)</sup>* | 04/19/47 | 22483000 | &nbsp;&nbsp;&nbsp;&nbsp;21344236 |
| **Total Kazakhstan** | **Total Kazakhstan** | **Total Kazakhstan** | **Total Kazakhstan** |
|  (Cost: $36,324,490) | (Cost: $36,324,490) | (Cost: $36,324,490) | 40874141 |
| **Kuwait** — **0.5%** (Cost: $19,725,000) | **Kuwait** — **0.5%** (Cost: $19,725,000) | **Kuwait** — **0.5%** (Cost: $19,725,000) | **Kuwait** — **0.5%** (Cost: $19,725,000) |
|  Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% *<sup>(2)</sup>* | 10/09/35 | 19725000 | 19812776 |
| **Lebanon** — **0.4%** | **Lebanon** — **0.4%** | **Lebanon** — **0.4%** | **Lebanon** — **0.4%** |
|  Lebanon Government International Bonds | Lebanon Government International Bonds | Lebanon Government International Bonds | Lebanon Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% *<sup>(1),(7)</sup>* | 04/14/20 | 35403000 | 8101977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% *<sup>(1),(7)</sup>* | 01/27/23 | 9185000 | 2107131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65% *<sup>(1),(7)</sup>* | 04/22/24 | 18613000 | 4265913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.20% *<sup>(1),(7)</sup>* | 05/17/33 | 8635000 | 1985446 |
| **Total Lebanon** | **Total Lebanon** | **Total Lebanon** | **Total Lebanon** |
|  (Cost: $5,129,281) | (Cost: $5,129,281) | (Cost: $5,129,281) | 16460467 |
| **Mexico** — **5.1%** | **Mexico** — **5.1%** | **Mexico** — **5.1%** | **Mexico** — **5.1%** |
|  Cemex SAB de CV | Cemex SAB de CV | Cemex SAB de CV | Cemex SAB de CV |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20% (5 yr. CMT + 3.520%)*<sup>(2),(5),(8)</sup>* | 06/10/30 | 16523000 | 17204904 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 04/19/71 | 12765000 | 7953744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40% | 02/12/52 | 15270000 | 11612377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 05/07/36 | 9700000 | 9977808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.34% | 05/04/53 | 22209000 | 22100176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35% | 02/09/35 | 21577000 | 22853711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40% | 05/07/54 | 8513000 | 8526621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 05/13/37 | 24885000 | 26985294 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 01/28/31 | 7377000 | 7228132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% | 01/23/45 | 6512000 | 5295558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 03/13/27 | 4790000 | 4886279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% | 06/15/35 | 10609000 | 10158860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70% | 02/16/32 | 12372000 | 12367794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 09/21/47 | 4863000 | 4012170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95% | 01/28/60 | 11850000 | 9755631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.69% | 01/23/50 | 5315000 | 4826445 |
| **Total Mexico** | **Total Mexico** | **Total Mexico** | **Total Mexico** |
|  (Cost: $170,302,198) | (Cost: $170,302,198) | (Cost: $170,302,198) | 185745504 |
| **Mongolia** — **0.4%** (Cost: $15,356,732) | **Mongolia** — **0.4%** (Cost: $15,356,732) | **Mongolia** — **0.4%** (Cost: $15,356,732) | **Mongolia** — **0.4%** (Cost: $15,356,732) |
|  Mongolian Mining Corp. | Mongolian Mining Corp. | Mongolian Mining Corp. | Mongolian Mining Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.44% *<sup>(1)</sup>* | 04/03/30 | 15400000 | 15705536 |
| **Morocco** — **1.1%** (Cost: $37,625,114) | **Morocco** — **1.1%** (Cost: $37,625,114) | **Morocco** — **1.1%** (Cost: $37,625,114) | **Morocco** — **1.1%** (Cost: $37,625,114) |
|  OCP SA | OCP SA | OCP SA | OCP SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% *<sup>(2)</sup>* | 05/02/54 | 36631000 | 40983129 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Mozambique** — **0.2%** (Cost: $8,267,854) | **Mozambique** — **0.2%** (Cost: $8,267,854) | **Mozambique** — **0.2%** (Cost: $8,267,854) | **Mozambique** — **0.2%** (Cost: $8,267,854) |
|  Mozambique International Bonds | Mozambique International Bonds | Mozambique International Bonds | Mozambique International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% *<sup>(1)</sup>* | 09/15/31 | $9643000 | $8385167 |
| **Oman** — **1.9%** | **Oman** — **1.9%** | **Oman** — **1.9%** | **Oman** — **1.9%** |
|  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 | 30247000 | 31889715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(2)</sup>* | 01/25/31 | 23180000 | 25074501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 03/08/47 | 11604000 | 12748154 |
| **Total Oman** | **Total Oman** | **Total Oman** | **Total Oman** |
|  (Cost: $65,271,449) | (Cost: $65,271,449) | (Cost: $65,271,449) | &nbsp;&nbsp;&nbsp;&nbsp;69712370 |
| **Panama** — **2.7%** | **Panama** — **2.7%** | **Panama** — **2.7%** | **Panama** — **2.7%** |
|  C&W Senior Finance Ltd. | 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 | 14474992 |
|  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 | 22770000 | 21372605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 04/16/50 | 25392000 | 19931197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40% | 02/14/35 | 18110000 | 19119633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 03/01/31 | 5390000 | 6001226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% | 03/01/57 | 9760000 | 11496499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% | 03/01/38 | 6544000 | 7643981 |
| **Total Panama** | **Total Panama** | **Total Panama** | **Total Panama** |
|  (Cost: $90,562,461) | (Cost: $90,562,461) | (Cost: $90,562,461) | 100040133 |
| **Peru** — **2.7%** | **Peru** — **2.7%** | **Peru** — **2.7%** | **Peru** — **2.7%** |
|  Banco de Credito del Peru SA | Banco de Credito del Peru SA | Banco de Credito del Peru SA | Banco de Credito del Peru SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% (5 yr. CMT + 1.961%)*<sup>(2),(5)</sup>* | 01/15/37 | 16132000 | 16206853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% (5 yr. CMT + 2.240%)*<sup>(2),(5)</sup>* | 03/10/35 | 6189000 | 6263082 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55% | 03/14/37 | 7242000 | 8117268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.86% | 12/01/32 | 7516000 | 6256845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 01/15/34 | 31957000 | 27878328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 02/08/35 | 13676000 | 14064398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20% | 06/30/55 | 7740000 | 8176536 |
|  Volcan Cia Minera SAA | Volcan Cia Minera SAA | Volcan Cia Minera SAA | Volcan Cia Minera SAA |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% *<sup>(2)</sup>* | 10/28/32 | 10150000 | 10324073 |
| **Total Peru** | **Total Peru** | **Total Peru** | **Total Peru** |
|  (Cost: $93,355,471) | (Cost: $93,355,471) | (Cost: $93,355,471) | 97287383 |
| **Philippines** — **0.9%** | **Philippines** — **0.9%** | **Philippines** — **0.9%** | **Philippines** — **0.9%** |
|  Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% | 01/06/32 | 6450000 | 5624916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 02/01/28 | 8925000 | 8730613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20% | 07/06/46 | 12051000 | 8873754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90% | 02/04/50 | 10617000 | 11358810 |
| **Total Philippines** | **Total Philippines** | **Total Philippines** | **Total Philippines** |
|  (Cost: $33,019,329) | (Cost: $33,019,329) | (Cost: $33,019,329) | 34588093 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Poland** — **3.2%** | **Poland** — **3.2%** | **Poland** — **3.2%** | **Poland** — **3.2%** |
|  Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *<sup>(2)</sup>* | 07/09/34 | $20474000 | $21870736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(1)</sup>* | 07/09/54 | 9341000 | 9936956 |
|  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 | 23196398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 10/04/33 | 14052000 | 14306341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 02/12/35 | 3143000 | 3286949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 03/18/54 | 39085000 | 38465894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 04/04/53 | 3282000 | 3230932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 11/16/32 | 2365000 | 2542588 |
| **Total Poland** | **Total Poland** | **Total Poland** | **Total Poland** |
|  (Cost: $111,693,264) | (Cost: $111,693,264) | (Cost: $111,693,264) | &nbsp;&nbsp;&nbsp;&nbsp;116836794 |
| **Romania** — **5.3%** | **Romania** — **5.3%** | **Romania** — **5.3%** | **Romania** — **5.3%** |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(1)</sup>* | 02/14/51 | 2544000 | 1759125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *<sup>(1)</sup>* | 03/24/35 | 6406000 | 6267182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *<sup>(2)</sup>* | 09/16/30 | 10704000 | 10960147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% *<sup>(2)</sup>* | 01/30/29 | 35176000 | 36249572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% *<sup>(2)</sup>* | 05/25/34 | 13986000 | 14056909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% *<sup>(2)</sup>* | 01/30/34 | 34880000 | 35825597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% *<sup>(2)</sup>* | 05/16/36 | 12500000 | 12868000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13% *<sup>(2)</sup>* | 01/17/33 | 40538000 | 43737664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% *<sup>(1)</sup>* | 02/10/37 | 5838000 | 6402009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63% *<sup>(2)</sup>* | 01/17/53 | 23402000 | 26014599 |
| **Total Romania** | **Total Romania** | **Total Romania** | **Total Romania** |
|  (Cost: $182,570,746) | (Cost: $182,570,746) | (Cost: $182,570,746) | 194140804 |
| **Saudi Arabia** — **6.4%** | **Saudi Arabia** — **6.4%** | **Saudi Arabia** — **6.4%** | **Saudi Arabia** — **6.4%** |
|  Gaci First Investment Co. | Gaci First Investment Co. | Gaci First Investment Co. | Gaci First Investment Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% *<sup>(1)</sup>* | 02/14/53 | 6986000 | 6450034 |
|  Greensaif Pipelines Bidco SARL | 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 | 67074566 |
|  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 | 38526930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% *<sup>(2)</sup>* | 06/02/55 | 16300000 | 17612639 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% *<sup>(1)</sup>* | 11/17/51 | 3334000 | 2293525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% *<sup>(2)</sup>* | 03/05/32 | 7660000 | 8906508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45% *<sup>(1)</sup>* | 02/02/61 | 3388000 | 2270807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% *<sup>(2)</sup>* | 03/05/37 | 13005000 | 14881281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% *<sup>(1)</sup>* | 01/21/55 | 2615000 | 1927124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% *<sup>(2)</sup>* | 01/16/30 | 8131000 | 8298092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(1)</sup>* | 01/18/53 | 7169000 | 6590462 |
| &nbsp;&nbsp;&nbsp;&nbsp; .00% *<sup>(1)</sup>* | 01/16/34 | 24807000 | 25517721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *<sup>(2)</sup>* | 01/16/54 | 35456000 | 36323963 |
| **Total Saudi Arabia** | **Total Saudi Arabia** | **Total Saudi Arabia** | **Total Saudi Arabia** |
|  (Cost: $254,109,553) | (Cost: $254,109,553) | (Cost: $254,109,553) | 236673652 |

---

*See accompanying Notes to Financial Statements.* 

------

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Senegal** — **2.6%** | **Senegal** — **2.6%** | **Senegal** — **2.6%** | **Senegal** — **2.6%** |
|  Senegal Government International Bonds | Senegal Government International Bonds | Senegal Government International Bonds | Senegal Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(1)</sup>* | 05/23/33 | $67606000 | $48429558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% *<sup>(1)</sup>* | 06/10/31 | 61011000 | 48015657 |
| **Total Senegal** | **Total Senegal** | **Total Senegal** | **Total Senegal** |
|  (Cost: $112,290,372) | (Cost: $112,290,372) | (Cost: $112,290,372) | &nbsp;&nbsp;&nbsp;&nbsp;96445215 |
| **South Africa** — **2.3%** | **South Africa** — **2.3%** | **South Africa** — **2.3%** | **South Africa** — **2.3%** |
|  Eskom Holdings | Eskom Holdings | Eskom Holdings | Eskom Holdings |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.45% *<sup>(1)</sup>* | 08/10/28 | 27969000 | 30026959 |
|  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 | 6766000 | 6769721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 10/12/46 | 9801000 | 7685258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 09/27/47 | 20275000 | 17116155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 09/30/49 | 6929000 | 5855629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 04/20/32 | 11276000 | 11637621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 06/22/30 | 6106000 | 6323740 |
| **Total South Africa** | **Total South Africa** | **Total South Africa** | **Total South Africa** |
|  (Cost: $76,584,948) | (Cost: $76,584,948) | (Cost: $76,584,948) | 85415083 |
| **Sri Lanka** — **1.1%** | **Sri Lanka** — **1.1%** | **Sri Lanka** — **1.1%** | **Sri Lanka** — **1.1%** |
|  Sri Lanka Government International Bonds | Sri Lanka Government International Bonds | Sri Lanka Government International Bonds | Sri Lanka Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10% *<sup>(2)</sup>* | 01/15/30 | 10356360 | 9770811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60% *<sup>(2)</sup>* | 05/15/36 | 20433025 | 18681506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60% *<sup>(2)</sup>* | 06/15/35 | 7737529 | 5998674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60% *<sup>(1)</sup>* | 02/15/38 | 5385000 | 4976656 |
| **Total Sri Lanka** | **Total Sri Lanka** | **Total Sri Lanka** | **Total Sri Lanka** |
|  (Cost: $34,491,494) | (Cost: $34,491,494) | (Cost: $34,491,494) | 39427647 |
| **Supranational** — **0.5%** (Cost:17,670,907) | **Supranational** — **0.5%** (Cost:17,670,907) | **Supranational** — **0.5%** (Cost:17,670,907) | **Supranational** — **0.5%** (Cost:17,670,907) |
|  Banque Ouest Africaine de Developpement | Banque Ouest Africaine de Developpement | Banque Ouest Africaine de Developpement | Banque Ouest Africaine de Developpement |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(2)</sup>* | 10/14/40 | 15205000 | 17597170 |
| **Trinidad And Tobago** — **0.5%** (Cost: 17,609,861) | **Trinidad And Tobago** — **0.5%** (Cost: 17,609,861) | **Trinidad And Tobago** — **0.5%** (Cost: 17,609,861) | **Trinidad And Tobago** — **0.5%** (Cost: 17,609,861) |
|  Port of Spain Waterfront Development | 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 | 17733500 | 17995779 |
| **Turkey** — **4.3%** | **Turkey** — **4.3%** | **Turkey** — **4.3%** | **Turkey** — **4.3%** |
|  Akbank TAS | Akbank TAS | Akbank TAS | Akbank TAS |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.37% (5 yr. CMT + 5.270%) *<sup>(2),(5),(8)</sup>* | 03/14/29 | 16404000 | 17126432 |
|  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 | 22393000 | 24604981 |
|  Istanbul Metropolitan Municipality | Istanbul Metropolitan Municipality | Istanbul Metropolitan Municipality | Istanbul Metropolitan Municipality |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50% *<sup>(2)</sup>* | 12/06/28 | 29215000 | 32088587 |
|  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 | 15925000 | 16345898 |
|  TC Ziraat Bankasi AS | TC Ziraat Bankasi AS | TC Ziraat Bankasi AS | TC Ziraat Bankasi AS |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38% (5 yr. CMT + 4.616%) *<sup>(2),(5),(8)</sup>* | 11/05/30 | 21366000 | 21416851 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Turkey (Continued)** | **Turkey (Continued)** | **Turkey (Continued)** | **Turkey (Continued)** |
|  Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95% | 09/16/35 | 11015000 | 11172294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38% | 03/14/29 | 15500000 | 17384025 |
|  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 | 18945360 |
| **Total Turkey** | **Total Turkey** | **Total Turkey** | **Total Turkey** |
|  (Cost: $156,434,999) | (Cost: $156,434,999) | (Cost: $156,434,999) | &nbsp;&nbsp;&nbsp;&nbsp;159084428 |
| **Ukraine** — **3.2%** | **Ukraine** — **3.2%** | **Ukraine** — **3.2%** | **Ukraine** — **3.2%** |
|  NAK Naftogaz Ukraine via Kondor Finance PLC | 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),(7)</sup>* | 07/19/26 | 2780000 | 2788307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63% *<sup>(1),(3)</sup>* | 11/08/28 | 3668473 | 2892335 |
|  Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(2),(7)</sup>* | 02/01/34 | 22576635 | 9385107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(2)</sup>* | 02/01/36 | 23909735 | 12245849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(7)</sup>* | 02/01/30 | 10911800 | 5799185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(2)</sup>* | 02/01/35 | 945399 | 483165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% *<sup>(1)</sup>* | 02/01/36 | 24220259 | 12404890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% *<sup>(1)</sup>* | 02/01/35 | 22747975 | 11625808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(2)</sup>* | 02/01/34 | 27674789 | 15476572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(2)</sup>* | 02/01/35 | 38066213 | 21232953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(2)</sup>* | 02/01/36 | 17667216 | 9748063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(1)</sup>* | 02/01/29 | 5583200 | 3851012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% *<sup>(1),(7)</sup>* | 08/01/41 | 11527000 | 9804751 |
| **Total Ukraine** | **Total Ukraine** | **Total Ukraine** | **Total Ukraine** |
|  (Cost: $103,687,650) | (Cost: $103,687,650) | (Cost: $103,687,650) | 117737997 |
| **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 | Abu Dhabi Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13% *<sup>(1)</sup>* | 09/30/49 | 14995000 | 11127639 |
|  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 | 28101009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% *<sup>(2)</sup>* | 09/11/54 | 17129000 | 16576761 |
|  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 | 37899410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94% *<sup>(2)</sup>* | 09/30/40 | 24922287 | 21341453 |
|  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 | 12406762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(1)</sup>* | 04/28/33 | 5900000 | 6315478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% *<sup>(1)</sup>* | 05/01/34 | 7105000 | 7826371 |
| **Total United Arab Emirates** | **Total United Arab Emirates** | **Total United Arab Emirates** | **Total United Arab Emirates** |
|  (Cost: $138,664,126) | (Cost: $138,664,126) | (Cost: $138,664,126) | 141594883 |
| **Uruguay** — **1.1%** | **Uruguay** — **1.1%** | **Uruguay** — **1.1%** | **Uruguay** — **1.1%** |
|  Uruguay Government International Bonds | Uruguay Government International Bonds | Uruguay Government International Bonds | Uruguay Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 01/23/31 | 5622981 | 5697991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.44% | 02/14/37 | 29635115 | 31121909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 10/28/34 | 4900000 | 5278476 |
| **Total Uruguay** | **Total Uruguay** | **Total Uruguay** | **Total Uruguay** |
|  (Cost: $40,304,694) | (Cost: $40,304,694) | (Cost: $40,304,694) | 42098376 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Uzbekistan** — **0.8%** | **Uzbekistan** — **0.8%** | **Uzbekistan** — **0.8%** | **Uzbekistan** — **0.8%** |
|  Republic of Uzbekistan International Bonds | 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 | $6425444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90% *<sup>(1)</sup>* | 10/19/31 | 6450000 | 6000113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% *<sup>(1)</sup>* | 02/20/29 | 6600000 | 6660324 |
|  Uzbekneftegaz JSC | Uzbekneftegaz JSC | Uzbekneftegaz JSC | Uzbekneftegaz JSC |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% *<sup>(2)</sup>* | 05/07/30 | 8206000 | 8768767 |
| **Total Uzbekistan** | **Total Uzbekistan** | **Total Uzbekistan** | **Total Uzbekistan** |
|  (Cost: $25,284,594) | (Cost: $25,284,594) | (Cost: $25,284,594) | &nbsp;&nbsp;&nbsp;&nbsp;27854648 |
| **Venezuela** — **1.6%** | **Venezuela** — **1.6%** | **Venezuela** — **1.6%** | **Venezuela** — **1.6%** |
|  Petroleos de Venezuela SA | Petroleos de Venezuela SA | Petroleos de Venezuela SA | Petroleos de Venezuela SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% *<sup>(1),(7)</sup>* | 04/12/27 | 26874300 | 6070904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% *<sup>(1),(7)</sup>* | 05/16/24 | 27627497 | 6209280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% *<sup>(1),(7)</sup>* | 11/17/21 | 18044846 | 4128841 |
|  Venezuela Government International Bonds | Venezuela Government International Bonds | Venezuela Government International Bonds | Venezuela Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% *<sup>(1),(7)</sup>* | 10/13/49 | 6714500 | 1606981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% *<sup>(1),(7)</sup>* | 10/13/24 | 18932000 | 4954694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% *<sup>(7)</sup>* | 09/15/27 | 43536900 | 13631404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% *<sup>(1),(7)</sup>* | 05/07/28 | 38502700 | 11066061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75% *<sup>(1),(7)</sup>* | 10/21/26 | 16794100 | 5046123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.95% *<sup>(1),(7)</sup>* | 08/05/31 | 21313300 | 6311721 |
| **Total Venezuela** | **Total Venezuela** | **Total Venezuela** | **Total Venezuela** |
|  (Cost: $49,228,606) | (Cost: $49,228,606) | (Cost: $49,228,606) | 59026009 |
| **Zambia** — **0.3%** | **Zambia** — **0.3%** | **Zambia** — **0.3%** | **Zambia** — **0.3%** |
|  Zambia Government International Bonds | Zambia Government International Bonds | Zambia Government International Bonds | Zambia Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50% *<sup>(1)</sup>* | 12/31/53 | 7400000 | 5178298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *<sup>(1)</sup>* | 06/30/33 | 4242360 | 4084162 |
| **Total Zambia** | **Total Zambia** | **Total Zambia** | **Total Zambia** |
|  (Cost: $7,368,995) | (Cost: $7,368,995) | (Cost: $7,368,995) | 9262460 |
| **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** |
|  (Cost: $3,249,030,942) | (Cost: $3,249,030,942) | (Cost: $3,249,030,942) | 3476543833 |
| **Issues** |  | **Shares** | **Value** |
|  **MONEY MARKET INVESTMENTS — 1.5%** | **MONEY MARKET INVESTMENTS — 1.5%** | **MONEY MARKET INVESTMENTS — 1.5%** | **MONEY MARKET INVESTMENTS — 1.5%** |
|  State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.01%*<sup>(9)</sup>* | State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.01%*<sup>(9)</sup>* | 24932108 | 24932108 |
|  TCW Central Cash Fund, 4.07%*<sup>(9),(10)</sup>* | TCW Central Cash Fund, 4.07%*<sup>(9),(10)</sup>* | 29649999 | 29649999 |
| **Total Money Market Investments** | **Total Money Market Investments** | **Total Money Market Investments** | **Total Money Market Investments** |
|  (Cost: $54,582,107) | (Cost: $54,582,107) | (Cost: $54,582,107) | 54582107 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **SHORT-TERM INVESTMENTS — 3.5%** | **SHORT-TERM INVESTMENTS — 3.5%** | **SHORT-TERM INVESTMENTS — 3.5%** | **SHORT-TERM INVESTMENTS — 3.5%** | **SHORT-TERM INVESTMENTS — 3.5%** |
| **Egypt** — **2.2%** | **Egypt** — **2.2%** | **Egypt** — **2.2%** | **Egypt** — **2.2%** | **Egypt** — **2.2%** |
|  Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(6)</sup>* | 12/09/25 | EGP | 67475000 | $1394556 |
|  Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(6)</sup>* | 12/16/25 | EGP | 527475000 | 10847105 |
|  Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(6)</sup>* | 01/06/26 | EGP | 1223000000 | 24779438 |
|  Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(6)</sup>* | 04/28/26 | EGP | 871150000 | 16403359 |
|  Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(6)</sup>* | 05/12/26 | EGP | 696925000 | 13008905 |
|  Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(6)</sup>* | 05/19/26 | EGP | 696925000 | 12953311 |
| **Total Egypt** | **Total Egypt** | **Total Egypt** | **Total Egypt** | **Total Egypt** |
|  (Cost: $78,239,983) | (Cost: $78,239,983) | (Cost: $78,239,983) | (Cost: $78,239,983) | 79386674 |
| **Nigeria** — **1.3%** | **Nigeria** — **1.3%** | **Nigeria** — **1.3%** | **Nigeria** — **1.3%** | **Nigeria** — **1.3%** |
|  Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(6)</sup>* | 11/25/25 | NGN | 8865072000 | 6131107 |
|  Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(6)</sup>* | 12/02/25 | NGN | 15355185000 | 10567754 |
|  Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(6)</sup>* | 12/09/25 | NGN | 18771214000 | 12869359 |
|  Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(6)</sup>* | 01/06/26 | NGN | 8688000000 | 5851507 |
|  Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(6)</sup>* | 02/24/26 | NGN | 1320000000 | 865902 |
|  Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(6)</sup>* | 02/25/26 | NGN | 15888341000 | 10475303 |
| **Total Nigeria** | **Total Nigeria** | **Total Nigeria** | **Total Nigeria** | **Total Nigeria** |
|  (Cost: $43,403,909) | (Cost: $43,403,909) | (Cost: $43,403,909) | (Cost: $43,403,909) | 46760932 |
| **Total Short-Term Investments** | **Total Short-Term Investments** | **Total Short-Term Investments** | **Total Short-Term Investments** | **Total Short-Term Investments** |
|  (Cost: $121,643,892) | (Cost: $121,643,892) | (Cost: $121,643,892) | (Cost: $121,643,892) | 126147606 |
|  **Total Investments (99.7%)** | **Total Investments (99.7%)** | **Total Investments (99.7%)** | **Total Investments (99.7%)** |  |
|  (Cost: $3,425,256,941) | (Cost: $3,425,256,941) | (Cost: $3,425,256,941) | (Cost: $3,425,256,941) | 3657273546 |
|  **Excess Of Other Assets Over Liabilities(0.3%)** | **Excess Of Other Assets Over Liabilities(0.3%)** | **Excess Of Other Assets Over Liabilities(0.3%)** | **Excess Of Other Assets Over Liabilities(0.3%)** | 12703991 |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** |  |  | $3669977537 |

---

*See accompanying Notes to Financial Statements.* 

------

October 31, 2025

#### 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>(11)</sup>* |  |  |  |  |  |  |
|  ING Baring U.S. Capital Markets | EUR | 23885000 | 12/24/25 | $28292738 | $27646414 | $646324 |
|  Morgan Stanley & Co. | EUR | 15149958 | 01/09/26 | 17740120 | 17551449 | 188671 |
|  |  |  |  | $46032858 | $45197863 | $834995 |

---

#### Notes to the Schedule of Investments:
*EGP* *Egyptian Pound.* 

*EUR* *Euro Currency.* 

*NGN* *Nigeria Naira.* 

*(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 October 31, 2025, the value of these securities amounted to $954,320,755 or 26.0% of net assets.* 

*(2)* *Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At October 31, 2025, the value of these securities amounted to $1,454,368,654 or 39.6% of net assets. These securities are determined to be liquid by the Fund's investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company's Board of Directors.* 

*(3)* *Payment in kind ("PIK").* 

*(4)* *PIK security. Income may be paid in additional securities or cash at the discretion of the issuer — 9.05% cash or 9.00% PIK interest.* 

*(5)* *Floating or variable rate security. The interest shown reflects the rate in effect at October 31, 2025.* 

*(6)* *Security is not accruing interest.* 

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

*(8)* *Perpetual maturity.* 

*(9)* *Rate disclosed is the 7-day net yield as of October 31, 2025.* 

*(10)* *Affiliated issuer.* 

*(11)* *Fund sells foreign currency, buys USD.* 

The summary of the TCW Emerging Markets Income Fund transactions in the affiliated funds for the period ended October 31, 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>October 31,<br>2025** | **Value at<br>October 31,<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** | | |
|  | $20160000 | $1043260000 | $1033770001 | 29649999 | $29649999 | $2473334 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $29649999 | $2473334 | $— | $— | $— |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW Emerging Markets Income Fund
Fair Valuation Summary October 31, 2025

The following is a summary of the fair valuations according to the inputs used as of October 31, 2025 in valuing the Fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Quoted<br>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 | $— | $2251281964 | $— | $2251281964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas |  | 306882259 |  | 306882259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric |  | 179041153 |  | 179041153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mining |  | 137126584 |  | 137126584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pipelines |  | 126315429 |  | 126315429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks |  | 107197815 |  | 107197815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron & Steel |  | 53577044 |  | 53577044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals |  | 40983129 |  | 40983129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Materials |  | 33550802 |  | 33550802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies |  | 32998645 |  | 32998645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Regional/Local |  | 32088587 |  | 32088587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water |  | 27285305 |  | 27285305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coal |  | 24464105 |  | 24464105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas Services |  | 19719549 |  | 19719549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telecommunications |  | 19209697 |  | 19209697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate |  | 17995779 |  | 17995779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airlines |  | 17685153 |  | 17685153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-National |  | 17597170 |  | 17597170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Engineering & Construction |  | 17021839 |  | 17021839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation |  | 8780678 |  | 8780678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional (State & Province) |  | 5741147 |  | 5741147 |
|  Total Fixed Income Securities |  | 3476543833 |  | 3476543833 |
|  Money Market Fund | 54582107 |  |  | 54582107 |
|  Short-Term Investments |  | 126147606 |  | 126147606 |
|  Total Investments | $54582107 | $3602691439 | $— | $3657273546 |
|  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 |  | 834995 |  | 834995 |
|  Total | $54582107 | $3603526434 | $— | $3658108541 |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW Emerging Markets Local Currency Income Fund
Schedule of Investments October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **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 — 11.2%** | **Brazil — 11.2%** | **Brazil — 11.2%** | **Brazil — 11.2%** | **Brazil — 11.2%** |
|  Brazil Notas do Tesouro Nacional | 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 | 2950000 | $2251091 |
|  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 | Brazil Notas do Tesouro Nacional Series F |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% | 01/01/31 | BRL | 11016000 | 1799389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% | 01/01/29 | BRL | 12121000 | 2082188 |
|  **Total Brazil** | **Total Brazil** | **Total Brazil** | **Total Brazil** | **Total Brazil** |
|  (Cost: $5,515,105) | (Cost: $5,515,105) | (Cost: $5,515,105) | (Cost: $5,515,105) | 6132668 |
| **Chile — 1.7%** | **Chile — 1.7%** | **Chile — 1.7%** | **Chile — 1.7%** | **Chile — 1.7%** |
|  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 | Bonos de la Tesoreria de la Republica en pesos |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(1)</sup>* | 10/01/28 | CLP | 270000000 | 287279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 03/01/35 | CLP | 300000000 | 308271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% *<sup>(1)</sup>* | 04/01/33 | CLP | 310000000 | 340970 |
|  **Total Chile** | **Total Chile** | **Total Chile** | **Total Chile** | **Total Chile** |
|  (Cost: $971,511) | (Cost: $971,511) | (Cost: $971,511) | (Cost: $971,511) | 936520 |
| **China — 4.2%** (Cost: $2,638,872) | **China — 4.2%** (Cost: $2,638,872) | **China — 4.2%** (Cost: $2,638,872) | **China — 4.2%** (Cost: $2,638,872) | **China — 4.2%** (Cost: $2,638,872) |
|  China Government Bonds | China Government Bonds | China Government Bonds | China Government Bonds | China Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57% | 05/20/54 | CNY | 15080000 | 2309699 |
| **Colombia — 2.8%** | **Colombia — 2.8%** | **Colombia — 2.8%** | **Colombia — 2.8%** | **Colombia — 2.8%** |
|  Colombia TES | Colombia TES | Colombia TES | Colombia TES | Colombia TES |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25% | 10/18/34 | COP | 1153900000 | 230559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% | 05/28/42 | COP | 2892100000 | 606669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.25% | 02/09/33 | COP | 1558700000 | 434075 |
|  Colombia TES Series B | 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 | 1543700000 | 272049 |
|  **Total Colombia** | **Total Colombia** | **Total Colombia** | **Total Colombia** | **Total Colombia** |
|  (Cost: $1,414,341) | (Cost: $1,414,341) | (Cost: $1,414,341) | (Cost: $1,414,341) | 1543352 |
| **Czech Republic — 3.1%** | **Czech Republic — 3.1%** | **Czech Republic — 3.1%** | **Czech Republic — 3.1%** | **Czech Republic — 3.1%** |
|  Czech Republic Government Bonds | 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 | 280349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20% | 03/13/31 | CZK | 11910000 | 487906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% | 04/24/40 | CZK | 15930000 | 501516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% | 06/23/32 | CZK | 10050000 | 409673 |
| **Total Czech Republic** | **Total Czech Republic** | **Total Czech Republic** | **Total Czech Republic** | **Total Czech Republic** |
|  (Cost: $1,551,897) | (Cost: $1,551,897) | (Cost: $1,551,897) | (Cost: $1,551,897) | 1679444 |
| **Hungary — 2.1%** | **Hungary — 2.1%** | **Hungary — 2.1%** | **Hungary — 2.1%** | **Hungary — 2.1%** |
|  Hungary Government Bonds | Hungary Government Bonds | Hungary Government Bonds | Hungary Government Bonds | Hungary Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% | 04/20/33 | HUF | 172630000 | 384936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 11/24/32 | HUF | 51760000 | 138773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 10/24/35 | HUF | 216290000 | 652477 |
|  **Total Hungary** | **Total Hungary** | **Total Hungary** | **Total Hungary** | **Total Hungary** |
|  (Cost: $1,115,925) | (Cost: $1,115,925) | (Cost: $1,115,925) | (Cost: $1,115,925) | 1176186 |
| **India — 9.4%** | **India — 9.4%** | **India — 9.4%** | **India — 9.4%** | **India — 9.4%** |
|  India Government Bonds | India Government Bonds | India Government Bonds | India Government Bonds | India Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.79% | 10/07/34 | INR | 95050000 | 1086566 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **India (Continued)** | **India (Continued)** | **India (Continued)** | **India (Continued)** | **India (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.09% | 08/05/54 | INR | 60040000 | 664786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.10% | 04/08/34 | INR | 125540000 | 1461063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.17% | 04/17/30 | INR | 5000000 | 58573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.18% | 08/14/33 | INR | 162000000 | 1893477 |
|  **Total India** | **Total India** | **Total India** | **Total India** | **Total India** |
|  (Cost: $5,320,481) | (Cost: $5,320,481) | (Cost: $5,320,481) | (Cost: $5,320,481) | 5164465 |
| **Indonesia — 4.5%** | **Indonesia — 4.5%** | **Indonesia — 4.5%** | **Indonesia — 4.5%** | **Indonesia — 4.5%** |
|  Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 07/15/54 | IDR | 28031000000 | 1719279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13% | 08/15/40 | IDR | 8847000000 | 569996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13% | 08/15/45 | IDR | 2936000000 | 189175 |
|  **Total Indonesia** | **Total Indonesia** | **Total Indonesia** | **Total Indonesia** | **Total Indonesia** |
|  (Cost: $2,459,239) | (Cost: $2,459,239) | (Cost: $2,459,239) | (Cost: $2,459,239) | 2478450 |
| **Malaysia — 7.6%** | **Malaysia — 7.6%** | **Malaysia — 7.6%** | **Malaysia — 7.6%** | **Malaysia — 7.6%** |
|  Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63% | 04/15/31 | MYR | 3420000 | 789213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58% | 07/15/32 | MYR | 1655000 | 398299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73% | 06/15/28 | MYR | 1821000 | 441549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76% | 05/22/40 | MYR | 411000 | 98355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05% | 04/18/39 | MYR | 2075000 | 512745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76% | 04/07/37 | MYR | 3897000 | 1026396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89% | 06/08/38 | MYR | 3500000 | 933643 |
|  **Total Malaysia** | **Total Malaysia** | **Total Malaysia** | **Total Malaysia** | **Total Malaysia** |
|  (Cost: $3,691,550) | (Cost: $3,691,550) | (Cost: $3,691,550) | (Cost: $3,691,550) | 4200200 |
| **Mexico — 7.0%** | **Mexico — 7.0%** | **Mexico — 7.0%** | **Mexico — 7.0%** | **Mexico — 7.0%** |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos | Mexico Bonos | Mexico Bonos |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 05/26/33 | MXN | 19198100 | 978103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% | 11/23/34 | MXN | 18900000 | 961652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% | 11/13/42 | MXN | 8500000 | 395651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% | 11/07/47 | MXN | 4047400 | 190614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% | 11/18/38 | MXN | 15963000 | 820759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% | 11/20/36 | MXN | 9030000 | 526749 |
|  **Total Mexico** | **Total Mexico** | **Total Mexico** | **Total Mexico** | **Total Mexico** |
|  (Cost: $3,580,592) | (Cost: $3,580,592) | (Cost: $3,580,592) | (Cost: $3,580,592) | 3873528 |
| **Philippines — 1.9%** (Cost: $1,061,030) | **Philippines — 1.9%** (Cost: $1,061,030) | **Philippines — 1.9%** (Cost: $1,061,030) | **Philippines — 1.9%** (Cost: $1,061,030) | **Philippines — 1.9%** (Cost: $1,061,030) |
|  Philippines Government Bonds | Philippines Government Bonds | Philippines Government Bonds | Philippines Government Bonds | Philippines Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 08/20/30 | PHP | 60250000 | 1039515 |
| **Poland — 5.8%** | **Poland — 5.8%** | **Poland — 5.8%** | **Poland — 5.8%** | **Poland — 5.8%** |
|  Republic of Poland Government Bonds | 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 | 3288000 | 756570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% | 04/25/32 | PLN | 4986000 | 1118215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 10/25/34 | PLN | 4853000 | 1294594 |
|  **Total Poland** | **Total Poland** | **Total Poland** | **Total Poland** | **Total Poland** |
|  (Cost: $2,796,326) | (Cost: $2,796,326) | (Cost: $2,796,326) | (Cost: $2,796,326) | 3169379 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **Romania — 3.1%** | **Romania — 3.1%** | **Romania — 3.1%** | **Romania — 3.1%** | **Romania — 3.1%** |
|  Romania Government Bonds | Romania Government Bonds | Romania Government Bonds | Romania Government Bonds | Romania Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15% | 01/26/28 | RON | 2230000 | $479130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 10/11/34 | RON | 1590000 | 310166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% | 07/26/27 | RON | 1560000 | 349430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70% | 02/25/32 | RON | 1590000 | 355839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20% | 10/30/33 | RON | 805000 | 185651 |
|  **Total Romania** | **Total Romania** | **Total Romania** | **Total Romania** | **Total Romania** |
|  (Cost: $1,570,719) | (Cost: $1,570,719) | (Cost: $1,570,719) | (Cost: $1,570,719) | 1680216 |
| **South Africa — 9.0%** | **South Africa — 9.0%** | **South Africa — 9.0%** | **South Africa — 9.0%** | **South Africa — 9.0%** |
|  Republic of South Africa Government Bonds | 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 | 609887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 02/28/31 | ZAR | 6500000 | 359125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% | 03/31/32 | ZAR | 8603550 | 494973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% | 01/31/37 | ZAR | 13500000 | 734456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% | 01/31/44 | ZAR | 6502150 | 335872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88% | 02/28/35 | ZAR | 22122924 | 1278490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% | 01/31/40 | ZAR | 9827499 | 533387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50% | 12/21/26 | ZAR | 9800000 | 583963 |
|  **Total South Africa** | **Total South Africa** | **Total South Africa** | **Total South Africa** | **Total South Africa** |
|  (Cost: $4,490,556) | (Cost: $4,490,556) | (Cost: $4,490,556) | (Cost: $4,490,556) | 4930153 |
| **Thailand — 5.5%** | **Thailand — 5.5%** | **Thailand — 5.5%** | **Thailand — 5.5%** | **Thailand — 5.5%** |
|  Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80% | 06/17/34 | THB | 11480000 | 387270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.98% | 06/17/45 | THB | 15000000 | 516277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39% | 06/17/37 | THB | 15748000 | 566480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45% | 06/17/43 | THB | 42658000 | 1549619 |
|  **Total Thailand** | **Total Thailand** | **Total Thailand** | **Total Thailand** | **Total Thailand** |
|  (Cost: $2,594,411) | (Cost: $2,594,411) | (Cost: $2,594,411) | (Cost: $2,594,411) | 3019646 |
| **Turkey — 4.8%** | **Turkey — 4.8%** | **Turkey — 4.8%** | **Turkey — 4.8%** | **Turkey — 4.8%** |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 30.00% | 09/12/29 | TRY | 29300000 | 640537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37.84% | 07/14/27 | TRY | 83424339 | 2003859 |
|  **Total Turkey** | **Total Turkey** | **Total Turkey** | **Total Turkey** | **Total Turkey** |
|  (Cost: $2,699,864) | (Cost: $2,699,864) | (Cost: $2,699,864) | (Cost: $2,699,864) | 2644396 |
|  **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** |
|  (Cost: $43,472,419) | (Cost: $43,472,419) | (Cost: $43,472,419) | (Cost: $43,472,419) | 45977817 |
| **Issues** |  | **Shares** | **Shares** | **Value** |
|  **MONEY MARKET INVESTMENTS — 2.6%** | **MONEY MARKET INVESTMENTS — 2.6%** | **MONEY MARKET INVESTMENTS — 2.6%** | **MONEY MARKET INVESTMENTS — 2.6%** | **MONEY MARKET INVESTMENTS — 2.6%** |
|  State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.01% *<sup>(2)</sup>* | State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.01% *<sup>(2)</sup>* |  | 265986 | 265986 |
|  TCW Central Cash Fund, 4.07% *<sup>(2),(3)</sup>* | TCW Central Cash Fund, 4.07% *<sup>(2),(3)</sup>* |  | 1160000 | 1160000 |
|  **Total Money Market Investments** | **Total Money Market Investments** | **Total Money Market Investments** | **Total Money Market Investments** |  |
|  (Cost: $1,425,986) | (Cost: $1,425,986) | (Cost: $1,425,986) | (Cost: $1,425,986) | 1425986 |
|  **PURCHASED OPTIONS** *<sup>(4)</sup>* **(0.0%)** | **PURCHASED OPTIONS** *<sup>(4)</sup>* **(0.0%)** | **PURCHASED OPTIONS** *<sup>(4)</sup>* **(0.0%)** | **PURCHASED OPTIONS** *<sup>(4)</sup>* **(0.0%)** |  |
|  (Cost: $37,255) | (Cost: $37,255) | (Cost: $37,255) | (Cost: $37,255) | 1286 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **SHORT-TERM INVESTMENTS — 11.3%** | **SHORT-TERM INVESTMENTS — 11.3%** | **SHORT-TERM INVESTMENTS — 11.3%** | **SHORT-TERM INVESTMENTS — 11.3%** | **SHORT-TERM INVESTMENTS — 11.3%** |
| **Egypt —5.3%** | **Egypt —5.3%** | **Egypt —5.3%** | **Egypt —5.3%** | **Egypt —5.3%** |
|  Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(5)</sup>* | 11/18/25 | EGP | 16300000 | $342077 |
|  Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(5)</sup>* | 12/02/25 | EGP | 21300000 | 442456 |
|  Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(5)</sup>* | 12/09/25 | EGP | 68775000 | 1421425 |
|  Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(5)</sup>* | 01/13/26 | EGP | 12125000 | 244472 |
|  Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(5)</sup>* | 04/14/26 | EGP | 23000000 | 437004 |
|  **Total Egypt** | **Total Egypt** | **Total Egypt** | **Total Egypt** | **Total Egypt** |
|  (Cost: $2,829,345) | (Cost: $2,829,345) | (Cost: $2,829,345) | (Cost: $2,829,345) | 2887434 |
| **Nigeria — 6.1%** | **Nigeria — 6.1%** | **Nigeria — 6.1%** | **Nigeria — 6.1%** | **Nigeria — 6.1%** |
|  Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(5)</sup>* | 11/04/25 | NGN | 1545000000 | 1082493 |
|  Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(5)</sup>* | 12/02/25 | NGN | 183014000 | 125954 |
|  Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(5)</sup>* | 12/09/25 | NGN | 279445000 | 191584 |
|  Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(5)</sup>* | 03/17/26 | NGN | 3000000000 | 1944184 |
|  **Total Nigeria** | **Total Nigeria** | **Total Nigeria** | **Total Nigeria** | **Total Nigeria** |
|  (Cost: $3,045,928) | (Cost: $3,045,928) | (Cost: $3,045,928) | (Cost: $3,045,928) | 3344215 |
|  **Total Short-Term Investments** | **Total Short-Term Investments** | **Total Short-Term Investments** | **Total Short-Term Investments** | **Total Short-Term Investments** |
|  (Cost: $5,875,273) | (Cost: $5,875,273) | (Cost: $5,875,273) | (Cost: $5,875,273) | 6231649 |
|  **Total Investments (97.6%)** | **Total Investments (97.6%)** | **Total Investments (97.6%)** | **Total Investments (97.6%)** |  |
|  (Cost: $50,810,933) | (Cost: $50,810,933) | (Cost: $50,810,933) | (Cost: $50,810,933) | 53636738 |
|  **Excess Of Other Assets Over Liabilities (2.4%)** | **Excess Of Other Assets Over Liabilities (2.4%)** | **Excess Of Other Assets Over Liabilities (2.4%)** | **Excess Of Other Assets Over Liabilities (2.4%)** | 1345445 |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | $54982183 |

---

*See accompanying Notes to Financial Statements.* 

------

October 31, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Purchased Options — OTC | Purchased Options — OTC | Purchased Options — OTC | Purchased Options — OTC | Purchased Options — OTC | Purchased Options — OTC | Purchased Options — OTC | Purchased Options — OTC | Purchased Options — OTC | Purchased Options — OTC |
| **Description** | **Counterparty** | **Exercise<br>Price** | **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)** |
|  USD Put / JPY Call | Bank of America | USD | 147 | 11/26/25 | 1070000 | $1070000 | $466 | $21768 | $(21302) |
|  USD Put / KRW Call | Bank of America | USD | 1385 | 11/26/25 | 1070000 | 1070000 | 820 | 15487 | (14667) |
|  |  |  |  |  |  |  | $1286 | $37255 | $(35969) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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>(6)</sup>* |  |  |  |  |  |  |
|  State Street Bank & Trust Co. | BRL | 1501195 | 12/26/25 | $276316 | $275426 | $(890) |
|  Citibank N.A. | CLP | 890685232 | 01/08/26 | 924546 | 945412 | 20866 |
|  BNP Paribas S.A. | CNH | 23827266 | 09/15/26 | 3417962 | 3406765 | (11197) |
|  Barclays Capital | COP | 4970900232 | 12/04/25 | 1223008 | 1282016 | 59008 |
|  ING Baring U.S. Capital Markets | CZK | 17650000 | 01/09/26 | 853631 | 838444 | (15187) |
|  Bank of America | IDR | 23719489112 | 11/21/25 | 1457956 | 1426094 | (31862) |
|  Bank of America | IDR | 8953274736 | 12/19/25 | 544140 | 538142 | (5998) |
|  BNP Paribas S.A. | JPY | 275053382 | 12/15/25 | 1887709 | 1792742 | (94967) |
|  Bank of America | KRW | 2625189439 | 12/15/25 | 1898927 | 1846046 | (52881) |
|  Citibank N.A. | KZT | 287480300 | 11/24/25 | 519780 | 538733 | 18953 |
|  Morgan Stanley & Co. | MXN | 27827900 | 11/12/25 | 1479396 | 1498795 | 19399 |
|  BNP Paribas S.A. | MXN | 11350700 | 11/12/25 | 599947 | 611343 | 11396 |
|  Barclays Capital | MYR | 4635648 | 11/21/25 | 1100817 | 1107523 | 6706 |
|  Barclays Capital | MYR | 2305649 | 01/21/26 | 546854 | 551827 | 4973 |
|  Citibank N.A. | PLN | 3450000 | 03/09/26 | 948502 | 933773 | (14729) |
|  BNP Paribas S.A. | PLN | 513846 | 03/09/26 | 139358 | 139077 | (281) |
|  Goldman Sachs & Co. | SGD | 720314 | 11/21/25 | 554880 | 554202 | (678) |
|  Citibank N.A. | THB | 65155231 | 12/08/25 | 2026313 | 2020441 | (5872) |
|  Standard Chartered Bank | THB | 31517611 | 12/08/25 | 975584 | 977350 | 1766 |
|  Bank of America | ZAR | 19379000 | 12/22/25 | 1108465 | 1114389 | 5924 |
|  State Street Bank & Trust Co. | ZAR | 4815145 | 12/29/25 | 275755 | 276761 | 1006 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;22759846 | $&nbsp;&nbsp;&nbsp;&nbsp;22675301 | $(84545) |
| **SELL** *<sup>(7)</sup>* |  |  |  |  |  |  |
|  Barclays Capital | BRL | 1501195 | 12/26/25 | $268404 | $275426 | $(7022) |
|  Citibank N.A. | COP | 2881708000 | 12/04/25 | 735686 | 743205 | (7519) |
|  State Street Bank & Trust Co. | IDR | 5184471500 | 11/21/25 | 311744 | 311708 | 36 |
|  BNP Paribas S.A. | JPY | 148073146 | 12/15/25 | 966817 | 965111 | 1706 |
|  Morgan Stanley & Co. | MXN | 10097290 | 11/12/25 | 546327 | 543834 | 2493 |
|  BNP Paribas S.A. | PHP | 59752965 | 11/21/25 | 1049019 | 1014997 | 34022 |
|  ING Baring U.S. Capital Markets | SGD | 1440700 | 11/21/25 | 1112670 | 1108460 | 4210 |
|  Barclays Capital | THB | 17502347 | 12/08/25 | 554222 | 542741 | 11481 |
|  Barclays Capital | THB | 114941858 | 03/16/26 | 3669978 | 3590936 | 79042 |
|  |  |  |  | $9214867 | $9096418 | $118449 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

#### 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.* 

*HUF* *Hungarian Forint.* 

*IDR* *Indonesian Rupiah.* 

*INR* *Indian Rupee.* 

*JPY* *Japanese Yen.* 

*KRW* *South Korean Won.* 

*KZT* *Kazakhstani Tenge.* 

*MXN* *Mexican Peso.* 

*MYR* *Malaysian Ringgit.* 

*NGN* *Nigeria Naira.* 

*PLN* *Polish Zloty.* 

*RON* *Romanian New Leu.* 

*SGD* *Singapore Dollar.* 

*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 October 31, 2025, the value of these securities amounted to $908,598 or 1.7% of net assets.* 

*(2)* *Rate disclosed is the 7-day net yield as of October 31, 2025.* 

*(3)* *Affiliated issuer.* 

*(4)* *See options table for description of purchased options.* 

*(5)* *Security is not accruing interest.* 

*(6)* *Fund buys foreign currency, sells USD.* 

*(7)* *Fund sells foreign currency, buys USD.* 

The summary of the TCW Emerging Markets Local Currency Income Fund transactions in the affiliated funds for the period ended October 31, 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>October 31,<br>2025** | **Value at<br>October 31,<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 | $54288056 | $54708056 | 1160000 | $1160000 | $57218 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $1160000 | $57218 | $— | $— | $— |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW Emerging Markets Local Currency Income Fund
Fair Valuation Summary October 31, 2025

The following is a summary of the fair valuations according to the inputs used as of October 31, 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 | $— | $45977817 | $— | $45977817 |
|  Money Market Funds | 1425986 |  |  | 1425986 |
|  Short-Term Investments |  | 6231649 |  | 6231649 |
|  Purchased Options |  | 1286 |  | 1286 |
|  Total Investments | $1425986 | $52210752 | $— | $53636738 |
|  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 |  | 282987 |  | 282987 |
|  Total | $1425986 | $52493739 | $— | $53919725 |
|  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 | $— | $(249083) | $— | $(249083) |
|  Total | $— | $(249083) | $— | $(249083) |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW White Oak Emerging Markets Equity Fund
Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
|  **COMMON STOCK — 98.5% of Net Assets** | **COMMON STOCK — 98.5% of Net Assets** |  |
| **Australia — 1.0%** | **Australia — 1.0%** | **Australia — 1.0%** |
|  Emerald Resources NL *<sup>(1)</sup>* | 14170 | $44029 |
|  Mader Group Ltd. | 6900 | 40066 |
|  Stanmore Resources Ltd. | 28300 | 39795 |
|  **Total Australia** | **Total Australia** | **Total Australia** |
|  (Cost: $115,779) | (Cost: $115,779) | 123890 |
| **Brazil — 3.1%** | **Brazil — 3.1%** | **Brazil — 3.1%** |
|  B3 SA — Brasil Bolsa Balcao | 21600 | 50780 |
|  Itau Unibanco Holding SA | 8220 | 53638 |
|  MercadoLibre, Inc. *<sup>(1)</sup>* | 39 | 90763 |
|  Raia Drogasil SA | 21700 | 80592 |
|  Rede D'Or Sao Luiz SA | 6900 | 55532 |
|  Vivara Participacoes SA | 8600 | 49826 |
|  **Total Brazil** | **Total Brazil** | **Total Brazil** |
|  (Cost: $293,155) | (Cost: $293,155) | 381131 |
| **Canada — 1.0%** | **Canada — 1.0%** | **Canada — 1.0%** |
|  DPM Metals, Inc. | 2420 | 51815 |
|  G Mining Ventures Corp. *<sup>(1)</sup>* | 1560 | 30740 |
|  Lunr Royalties Corp. *<sup>(1)</sup>* | 550 | 141 |
|  Montage Gold Corp. *<sup>(1)</sup>* | 7600 | 37752 |
|  **Total Canada** | **Total Canada** | **Total Canada** |
|  (Cost: $61,864) | (Cost: $61,864) | 120448 |
| **Chile — 0.4%** (Cost: $43,083) | **Chile — 0.4%** (Cost: $43,083) | **Chile — 0.4%** (Cost: $43,083) |
|  Lundin Mining Corp. | 2800 | 45083 |
| **China — 22.9%** | **China — 22.9%** | **China — 22.9%** |
|  Alibaba Group Holding Ltd. | 23420 | 498242 |
|  BOC Aviation Ltd. | 12975 | 113711 |
|  BYD Co. Ltd. | 3920 | 50636 |
|  Centre Testing International Group Co. Ltd. | 19400 | 38898 |
|  China Merchants Bank Co. Ltd. *<sup>(2)</sup>* | 15800 | 99022 |
|  Contemporary Amperex Technology Co. Ltd. | 1100 | 60143 |
|  Dongguan Yiheda Automation Co. Ltd. | 11236 | 45397 |
|  Fuyao Glass Industry Group Co. Ltd. | 9500 | 84583 |
|  Haitian International Holdings Ltd. | 12900 | 35242 |
|  JD.com, Inc. | 4500 | 74279 |
|  Jiangsu Hengli Hydraulic Co. Ltd. | 2200 | 29714 |
|  Kanzhun Ltd. | 1825 | 40442 |
|  Kingdee International Software Group Co. Ltd. *<sup>(1)</sup>* | 7300 | 13770 |
|  Kuaishou Technology | 10730 | 99600 |
|  Kweichow Moutai Co. Ltd. | 380 | 76436 |
|  Laopu Gold Co. Ltd. | 470 | 41363 |
|  Meituan *<sup>(1)</sup>* | 2780 | 36585 |
|  NAURA Technology Group Co. Ltd. | 700 | 40050 |
|  NetEase, Inc. | 4905 | 137609 |
|  Neway Valve Suzhou Co. Ltd. | 5600 | 41326 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| **China (Continued)** | **China (Continued)** | **China (Continued)** |
|  Shandong Sinocera Functional Material Co. Ltd. | 12500 | 41318 |
|  Shenzhen Mindray Bio-Medical Electronics Co. Ltd. | 700 | 21163 |
|  Silergy Corp. | 2200 | 15829 |
|  Sinoseal Holding Co. Ltd. | 4900 | 23971 |
|  Sunresin New Materials Co. Ltd. | 11000 | 85875 |
|  Tencent Holdings Ltd. | 7035 | 571315 |
|  Tencent Music Entertainment Group (ADR) | 3120 | 69638 |
|  Trip.com Group Ltd. | 1300 | 91463 |
|  Wuxi Biologics Cayman, Inc. *<sup>(1)</sup>* | 10000 | 46631 |
|  WuXi XDC Cayman, Inc. *<sup>(1)</sup>* | 6700 | 64711 |
|  Yum China Holdings, Inc. | 1740 | 74917 |
|  Zylox-Tonbridge Medical Technology Co. Ltd. | 13500 | 41016 |
|  **Total China** | **Total China** | **Total China** |
|  (Cost: $2,545,262) | (Cost: $2,545,262) | 2804895 |
| **France — 0.8%** | **France — 0.8%** | **France — 0.8%** |
|  Hermes International SCA | 27 | 66900 |
|  LVMH Moet Hennessy Louis Vuitton SE | 45 | 31850 |
|  **Total France** | **Total France** | **Total France** |
|  (Cost: $104,938) | (Cost: $104,938) | 98750 |
| **Germany — 0.3%** (Cost: $29,530) | **Germany — 0.3%** (Cost: $29,530) | **Germany — 0.3%** (Cost: $29,530) |
|  Infineon Technologies AG | 960 | 38156 |
| **Great Britain — 0.6%** | **Great Britain — 0.6%** | **Great Britain — 0.6%** |
|  HSBC Holdings PLC | 2300 | 31967 |
|  Inchcape PLC | 3500 | 35126 |
|  **Total Great Britain** | **Total Great Britain** | **Total Great Britain** |
|  (Cost: $57,998) | (Cost: $57,998) | 67093 |
| **Greece — 0.2%** (Cost: $25,370) | **Greece — 0.2%** (Cost: $25,370) | **Greece — 0.2%** (Cost: $25,370) |
|  Jumbo SA | 900 | 28608 |
| **Hong Kong — 3.7%** | **Hong Kong — 3.7%** | **Hong Kong — 3.7%** |
|  AIA Group Ltd. | 13850 | 134742 |
|  Cowell e Holdings, Inc. *<sup>(1)</sup>* | 7000 | 27803 |
|  Hong Kong Exchanges & Clearing Ltd. | 2200 | 119881 |
|  Plover Bay Technologies Ltd. | 56000 | 46185 |
|  Prudential PLC | 3200 | 44511 |
|  Techtronic Industries Co. Ltd. | 6800 | 79298 |
|  **Total Hong Kong** | **Total Hong Kong** | **Total Hong Kong** |
|  (Cost: $407,732) | (Cost: $407,732) | 452420 |
| **India — 16.8%** | **India — 16.8%** | **India — 16.8%** |
|  Aadhar Housing Finance Ltd. *<sup>(1)</sup>* | 5475 | 31352 |
|  Ajax Engineering Ltd. *<sup>(1)</sup>* | 4400 | 30339 |
|  Bajaj Finserv Ltd. | 3330 | 78329 |
|  Bharat Electronics Ltd. | 14000 | 67149 |
|  Bharti Airtel Ltd. | 5960 | 138468 |
|  Care Ratings Ltd. | 1840 | 33122 |

---

*See accompanying Notes to Financial Statements.* 

------

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Shares** | **Value** | **Value** |
| **India (Continued)** | **India (Continued)** | **India (Continued)** | **India (Continued)** |
|  Carraro India Ltd. | 3200 | $| 18779 |
|  Cigniti Technologies Ltd. *<sup>(1)</sup>* | 4950 |  | 96110 |
|  Computer Age Management Services Ltd. | 1376 |  | 60801 |
|  Data Patterns India Ltd. | 360 |  | 11114 |
|  Embassy Office Parks REIT | 13000 |  | 62672 |
|  Eternal Ltd. *<sup>(1)</sup>* | 26100 |  | 93222 |
|  Firstsource Solutions Ltd. | 15200 |  | 60592 |
|  Five-Star Business Finance Ltd. | 6300 |  | 46185 |
|  HDFC Bank Ltd. | 14140 |  | 157324 |
|  Hindalco Industries Ltd. | 5100 |  | 48709 |
|  ICICI Bank Ltd. (SP ADR) (India) | 5370 |  | 162711 |
|  Info Edge India Ltd. | 3040 |  | 47058 |
|  International Gemmological Institute India Ltd. | 11300 |  | 43037 |
|  Kotak Mahindra Bank Ltd. | 2130 |  | 50536 |
|  Krishna Institute of Medical Sciences Ltd. *<sup>(1)</sup>* | 8300 |  | 67394 |
|  Laxmi Dental Ltd. *<sup>(1)</sup>* | 10600 |  | 37419 |
|  Le Travenues Technology Ltd. *<sup>(1)</sup>* | 22000 |  | 66647 |
|  Mahindra & Mahindra Ltd. | 1310 |  | 51491 |
|  MakeMyTrip Ltd. *<sup>(1)</sup>* | 310 |  | 24800 |
|  Manappuram Finance Ltd. | 16600 |  | 50617 |
|  Mankind Pharma Ltd. | 820 |  | 21919 |
|  Nexus Select Trust | 13700 |  | 25078 |
|  Onesource Specialty Pharma Ltd. *<sup>(1)</sup>* | 1310 |  | 27286 |
|  PB Fintech Ltd. *<sup>(1)</sup>* | 1310 |  | 26304 |
|  Senco Gold Ltd. | 6600 |  | 24144 |
|  SJS Enterprises Ltd. | 3400 |  | 61660 |
|  Sona Blw Precision Forgings Ltd. | 7300 |  | 38919 |
|  State Bank of India | 11620 |  | 122743 |
|  Thyrocare Technologies Ltd. | 3925 |  | 60907 |
|  Torrent Pharmaceuticals Ltd. | 360 |  | 14385 |
|  **Total India** | **Total India** | **Total India** | **Total India** |
|  (Cost: $1,944,571) | (Cost: $1,944,571) |  | 2059322 |
| **Indonesia — 1.5%** | **Indonesia — 1.5%** | **Indonesia — 1.5%** | **Indonesia — 1.5%** |
|  Bank Central Asia Tbk. PT | 258300 |  | 132248 |
|  Cisarua Mountain Dairy Tbk. PT | 95400 |  | 32555 |
|  Map Aktif Adiperkasa PT | 514000 |  | 21583 |
|  **Total Indonesia** | **Total Indonesia** | **Total Indonesia** | **Total Indonesia** |
|  (Cost: $181,628) | (Cost: $181,628) |  | 186386 |
| **Italy — 0.2%** (Cost: $32,445) | **Italy — 0.2%** (Cost: $32,445) | **Italy — 0.2%** (Cost: $32,445) | **Italy — 0.2%** (Cost: $32,445) |
|  Moncler SpA | 470 |  | 28233 |
| **Japan — 0.3%** (Cost: $24,485) | **Japan — 0.3%** (Cost: $24,485) | **Japan — 0.3%** (Cost: $24,485) | **Japan — 0.3%** (Cost: $24,485) |
|  Disco Corp. | 100 |  | 33220 |
| **Malaysia — 0.9%** | **Malaysia — 0.9%** | **Malaysia — 0.9%** | **Malaysia — 0.9%** |
|  Hong Leong Bank Bhd. | 9200 |  | 45146 |
|  Mr. DIY Holding Thailand PCL *<sup>(1)</sup>* | 150520 |  | 40433 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| **Malaysia (Continued)** | **Malaysia (Continued)** | **Malaysia (Continued)** |
|  Syarikat Takaful Malaysia Keluarga Bhd. | 39600 | 29300 |
|  **Total Malaysia** | **Total Malaysia** | **Total Malaysia** |
|  (Cost: $115,965) | (Cost: $115,965) | 114879 |
| **Mexico — 1.6%** | **Mexico — 1.6%** | **Mexico — 1.6%** |
|  BBB Foods, Inc. *<sup>(1)</sup>* | 640 | 17485 |
|  Grupo Aeroportuario del Centro Norte SAB de CV | 3090 | 38136 |
|  Grupo Financiero Banorte SAB de CV | 4430 | 41648 |
|  Grupo Mexico SAB de CV | 3500 | 30245 |
|  Qualitas Controladora SAB de CV | 3400 | 30892 |
|  Southern Copper Corp. | 266 | 36921 |
|  **Total Mexico** | **Total Mexico** | **Total Mexico** |
|  (Cost: $159,416) | (Cost: $159,416) | 195327 |
| **Netherlands — 2.3%** | **Netherlands — 2.3%** | **Netherlands — 2.3%** |
|  ASM International NV | 128 | 83164 |
|  ASML Holding NV (Netherlands) | 98 | 103804 |
|  Prosus NV | 1420 | 97798 |
|  **Total Netherlands** | **Total Netherlands** | **Total Netherlands** |
|  (Cost: $189,933) | (Cost: $189,933) | 284766 |
| **Panama — 0.4%** (Cost: $43,835) | **Panama — 0.4%** (Cost: $43,835) | **Panama — 0.4%** (Cost: $43,835) |
|  Intercorp Financial Services, Inc. | 1100 | 47333 |
| **Peru — 0.4%** (Cost: $29,748) | **Peru — 0.4%** (Cost: $29,748) | **Peru — 0.4%** (Cost: $29,748) |
|  Credicorp Ltd. | 163 | 42543 |
| **Philippines — 0.4%** | **Philippines — 0.4%** | **Philippines — 0.4%** |
|  Bank of the Philippine Islands | 11400 | 20417 |
|  BDO Unibank, Inc. | 12384 | 28093 |
|  **Total Philippines** | **Total Philippines** | **Total Philippines** |
|  (Cost: $59,792) | (Cost: $59,792) | 48510 |
| **Poland — 1.7%** | **Poland — 1.7%** | **Poland — 1.7%** |
|  Allegro.eu SA *<sup>(1)</sup>* | 3500 | 32709 |
|  Benefit Systems SA *<sup>(1)</sup>* | 77 | 65366 |
|  Diagnostyka SA | 1100 | 55079 |
|  InPost SA *<sup>(1)</sup>* | 2000 | 25227 |
|  KRUK SA | 250 | 30757 |
|  **Total Poland** | **Total Poland** | **Total Poland** |
|  (Cost: $177,088) | (Cost: $177,088) | 209138 |
| **Portugal — 0.2%** (Cost: $25,182) | **Portugal — 0.2%** (Cost: $25,182) | **Portugal — 0.2%** (Cost: $25,182) |
|  Jeronimo Martins SGPS SA | 1140 | 29400 |
| **Saudi Arabia — 1.7%** | **Saudi Arabia — 1.7%** | **Saudi Arabia — 1.7%** |
|  Derayah Financial Co. | 6430 | 49967 |
|  Dr. Sulaiman Al Habib Medical Services Group Co. | 650 | 47180 |
|  Saudi Awwal Bank | 3100 | 26749 |
|  Saudi National Bank | 7915 | 84223 |
|  **Total Saudi Arabia** | **Total Saudi Arabia** | **Total Saudi Arabia** |
|  (Cost: $192,116) | (Cost: $192,116) | 208119 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| **Singapore — 2.2%** | **Singapore — 2.2%** | **Singapore — 2.2%** |
|  DBS Group Holdings Ltd. | 1770 | $73291 |
|  Grab Holdings Ltd. *<sup>(1)</sup>* | 11200 | 67312 |
|  Oversea-Chinese Banking Corp. Ltd. | 9360 | 122456 |
|  **Total Singapore** | **Total Singapore** | **Total Singapore** |
|  (Cost: $234,557) | (Cost: $234,557) | 263059 |
| **South Africa — 2.6%** | **South Africa — 2.6%** | **South Africa — 2.6%** |
|  Boxer Retail Ltd. *<sup>(1)</sup>* | 7000 | 30714 |
|  Clicks Group Ltd. | 1350 | 28473 |
|  Discovery Ltd. | 2700 | 33927 |
|  Naspers Ltd. | 2620 | 184071 |
|  PSG Financial Services Ltd. | 30800 | 43789 |
|  **Total South Africa** | **Total South Africa** | **Total South Africa** |
|  (Cost: $261,198) | (Cost: $261,198) | 320974 |
| **South Korea — 10.1%** | **South Korea — 10.1%** | **South Korea — 10.1%** |
|  Coupang, Inc. *<sup>(1)</sup>* | 1260 | 40282 |
|  Delivery Hero SE *<sup>(1)</sup>* | 830 | 21110 |
|  HD Hyundai Marine Solution Co. Ltd. | 300 | 50600 |
|  HYBE Co. Ltd. | 250 | 59719 |
|  KB Financial Group, Inc. | 470 | 38368 |
|  Kia Corp. | 475 | 39842 |
|  NICE Information Service Co. Ltd. | 3110 | 31629 |
|  Samsung Electronics Co. Ltd. | 6890 | 518653 |
|  Samsung Fire & Marine Insurance Co. Ltd. | 100 | 30950 |
|  Shinhan Financial Group Co. Ltd. | 1480 | 76017 |
|  SK Hynix, Inc. | 745 | 289875 |
|  ST Pharm Co. Ltd. | 525 | 37276 |
|  **Total South Korea** | **Total South Korea** | **Total South Korea** |
|  (Cost: $738,651) | (Cost: $738,651) | 1234321 |
| **Switzerland — 0.9%** (Cost: $99,183) | **Switzerland — 0.9%** (Cost: $99,183) | **Switzerland — 0.9%** (Cost: $99,183) |
|  Cie Financiere Richemont SA | 535 | 106090 |
| **Taiwan — 16.8%** | **Taiwan — 16.8%** | **Taiwan — 16.8%** |
|  Advantech Co. Ltd. | 5600 | 56881 |
|  Alchip Technologies Ltd. | 620 | 69848 |
|  Delta Electronics, Inc. | 4940 | 158889 |
|  Dynapack International Technology Corp. | 4600 | 45677 |
|  E Ink Holdings, Inc. | 9000 | 61829 |
|  Elite Material Co. Ltd. | 2100 | 92265 |
|  Jentech Precision Industrial Co. Ltd. | 750 | 51425 |
|  MediaTek, Inc. | 2200 | 93301 |
|  Nien Made Enterprise Co. Ltd. | 2800 | 33543 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| **Taiwan (Continued)** | **Taiwan (Continued)** | **Taiwan (Continued)** |
|  Sporton International, Inc. | 5000 | $29074 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 26390 | 1276212 |
|  Visual Photonics Epitaxy Co. Ltd. | 8500 | 38027 |
|  Voltronic Power Technology Corp. | 1460 | 57197 |
|  **Total Taiwan** | **Total Taiwan** | **Total Taiwan** |
|  (Cost: $1,486,849) | (Cost: $1,486,849) | 2064168 |
| **United Arab Emirates — 2.5%** | **United Arab Emirates — 2.5%** | **United Arab Emirates — 2.5%** |
|  ADNOC Drilling Co. PJSC | 52900 | 80366 |
|  Emirates NBD Bank PJSC | 12200 | 93336 |
|  Parkin Co. PJSC | 27500 | 41479 |
|  Salik Co. PJSC | 23600 | 38424 |
|  Spinneys 1961 Holding PLC | 91400 | 39761 |
|  Talabat Holding PLC | 62000 | 16139 |
|  **Total United Arab Emirates** | **Total United Arab Emirates** | **Total United Arab Emirates** |
|  (Cost: $285,560) | (Cost: $285,560) | 309505 |
| **United States — 1.0%** | **United States — 1.0%** | **United States — 1.0%** |
|  Aura Minerals, Inc. | 4400 | 47267 |
|  BeOne Medicines Ltd. *<sup>(1)</sup>* | 1550 | 37257 |
|  Warrior Met Coal, Inc. | 520 | 35277 |
|  **Total United States** | **Total United States** | **Total United States** |
|  (Cost: $85,135) | (Cost: $85,135) | 119801 |
|  **Total Common Stock** | **Total Common Stock** | **Total Common Stock** |
|  (Cost: $10,052,048) | (Cost: $10,052,048) | 12065568 |
|  **PREFERRED STOCK — 0.6%** | **PREFERRED STOCK — 0.6%** | **PREFERRED STOCK — 0.6%** |
| **South Korea — 0.6%** | **South Korea — 0.6%** | **South Korea — 0.6%** |
|  Hyundai Motor Co. | 478 | 72659 |
|  **Total Preferred Stock** | **Total Preferred Stock** | **Total Preferred Stock** |
|  (Cost: $54,938) | (Cost: $54,938) | 72659 |
|  **MONEY MARKET INVESTMENTS — 0.0%** | **MONEY MARKET INVESTMENTS — 0.0%** | **MONEY MARKET INVESTMENTS — 0.0%** |
|  TCW Central Cash Fund, 4.07% *<sup>(3),(4)</sup>* | 11 | 11 |
|  **Total Money Market Investments** | **Total Money Market Investments** |  |
|  (Cost: $11) | (Cost: $11) | 11 |
|  **Total Investments (99.1%)** | **Total Investments (99.1%)** |  |
|  (Cost: $10,106,997) | (Cost: $10,106,997) | 12138238 |
|  **Excess Of Other Assets Over Liabilities (0.9%)** | **Excess Of Other Assets Over Liabilities (0.9%)** | 114329 |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** | $12252567 |

---

*See accompanying Notes to Financial Statements.* 

------

October 31, 2025

#### 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.* 

*THB* *Thai Baht.* 

*(1)* *Non-income producing security.* 

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

*(3)* *Rate disclosed is the 7-day net yield as of October 31, 2025.* 

*(4)* *Affiliated issuer.* 

*(5)* *Fund buys foreign currency, sells USD.* 

The summary of the TCW White Oak Emerging Markets Equity Fund transactions in the affiliated funds for the period ended October 31, 2025 is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of<br>Affiliated<br>Fund** | **Value at<br>March 3, 2025** *<sup>(1)</sup>* | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Number<br>of Shares Held<br>October 31,<br>2025** | **Value at<br>October 31,<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** |  |
|  | $— | $1011 | $1000 | 11 | $11 | $11 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $11 | $11 | $— | $— | $— |

---

*(1)* *The Fund commenced operations on March 3, 2025.* 

*See accompanying Notes to Financial Statements.* 

------

## TCW White Oak Emerging Markets Equity Fund
Fair Valuation Summary October 31, 2025

The following is a summary of the fair valuations according to the inputs used as of October 31, 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 | $103804 | $2029107 | $— | $2132911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 573942 | 975867 |  | 1549809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 131045 | 887099 |  | 1018144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services |  | 717973 |  | 717973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals |  | 575534 |  | 575534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 315100 | 132533 |  | 447633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 24800 | 400083 |  | 424883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components |  | 386463 |  | 386463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 72071 | 297768 |  | 369839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | 30339 | 324327 |  | 354666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | 64819 | 265807 |  | 330626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 49826 | 274436 |  | 324262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 50780 | 246759 |  | 297539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 170106 | 115986 |  | 286092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 129357 | 137609 |  | 266966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 157264 | 69161 |  | 226425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile Components |  | 185162 |  | 185162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles |  | 141969 |  | 141969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services |  | 138628 |  | 138628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services |  | 138468 |  | 138468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance |  | 127559 |  | 127559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals |  | 127193 |  | 127193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment |  | 117340 |  | 117340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors |  | 113711 |  | 113711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services |  | 109681 | 141 | 109822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies |  | 99598 |  | 99598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services |  | 96110 |  | 96110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 81545 |  |  | 81545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 80366 |  |  | 80366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense |  | 78263 |  | 78263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Infrastructure | 76560 |  |  | 76560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverages |  | 76436 |  | 76436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 28608 | 45727 |  | 74335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals |  | 73580 |  | 73580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 67312 |  |  | 67312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office REITs |  | 62672 |  | 62672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment |  | 46185 |  | 46185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retailers | 40433 |  |  | 40433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology |  | 37257 |  | 37257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributors |  | 35126 |  | 35126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables |  | 33543 |  | 33543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products | 32555 |  |  | 32555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics |  | 25227 |  | 25227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | 25078 |  |  | 25078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software |  | 13770 |  | 13770 |
|  Total Common Stock | 2305710 | 9759717 | 141 | 12065568 |
|  Preferred Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles |  | 72659 |  | 72659 |
|  Money Market Investments | 11 |  |  | 11 |
|  Total Investments | $2305721 | $9832376 | $141 | $12138238 |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW Funds, Inc.
Statements of Assets and Liabilities October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **TCW<br>Emerging<br>Markets<br>Income Fund** | **TCW<br>Emerging Markets<br>Local Currency<br>Income Fund** | **TCW<br>White Oak<br>Emerging Markets<br>Equity Fund** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Value *<sup>(1)</sup>* | $3627623547 | $52476738 | $12138227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment in Affiliated Issuers, at Value *<sup>(2)</sup>* | 29649999 | 1160000 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Value *<sup>(3)</sup>* | 4253276 | 1557201 | 46807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash |  |  | 266315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Securities Sold | 20361744 | 2031561 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund Shares Sold | 4633272 | 59882 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and Dividends Receivable | 54234907 | 1168328 | 3957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Tax Reclaims Receivable |  |  | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from Investment Advisor | 565633 | 12430 | 11680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized Appreciation on Forward Currency Exchange Contracts | 834995 | 282987 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Collateral Held for Brokers |  | 120000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses | 104230 | 28871 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 3742261603 | 58897998 | 12467410 |
|  **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions Payable | 18457122 | 277794 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Securities Purchased | 44471577 | 3047576 | 40124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund Shares Redeemed | 1272298 | 150574 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Capital Gain Withholding Taxes |  | 14214 | 16163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disbursements in Excess of Available Cash | 2430000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Directors' Fees and Expenses | 120137 | 1287 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred Accrued Directors' Fees and Expenses | 100548 | 481 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Management Fees | 2322247 | 34922 | 9189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Distribution Fees | 89049 | 2245 | 689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral Pledged by Brokers | 722383 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized Depreciation on Forward Currency Exchange Contracts |  | 249083 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees Payable | 1178468 | 31969 | 29819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Fee Payable | 89265 | 6315 | 45883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit Fees Payable | 12317 | 11459 | 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting Fees Payable | 311412 | 3428 | 2853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees Payable | 166087 | 53918 | 32377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal Fees Payable | 53981 | 979 | 6853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Accrued Expenses | 487175 | 29571 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 72284066 | 3915815 | 214843 |
|  **NET ASSETS** | $3669977537 | $54982183 | $12252567 |

---

*See accompanying Notes to Financial Statements.* 

------

Statements of Assets and Liabilities (Continued) October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **TCW<br>Emerging<br>Markets<br>Income Fund** | **TCW<br>Emerging Markets<br>Local Currency<br>Income Fund** | **TCW<br>White Oak<br>Emerging Markets<br>Equity Fund** |
|  **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital | $5695316778 | $109936545 | $9654848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated Earnings (Loss) | (2025339241) | (54954362) | 2597719 |
|  **NET ASSETS** | $3669977537 | $54982183 | $12252567 |
|  **NET ASSETS ATTRIBUTABLE TO:** | **NET ASSETS ATTRIBUTABLE TO:** | **NET ASSETS ATTRIBUTABLE TO:** | **NET ASSETS ATTRIBUTABLE TO:** |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class Share | $2259688685 | $44387815 | $8958669 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 Class Share | $10355 | $— | $10930 |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class Share | $421716999 | $10594368 | $3282968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plan Class Share | $988561498 | $— | $— |
|  **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 | 323692801 | 5708240 | 686700 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 Class Share | 1005 |  | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class Share | 46792725 | 1366027 | 252040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plan Class Share | 141692966 |  |  |
|  **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 | $6.98 | $7.78 | $13.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 Class Share | $10.30 | $— | $10.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class Share | $9.01 | $7.76 | $13.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plan Class Share | $6.98 | $— | $— |

---

*(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 October 31, 2025 was $3,395,606,942, $49,650,933 and $10,106,986, 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 October 31, 2025 was $29,649,999, $1,160,000 and $11, 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 October 31, 2025 was $4,241,387, $1,550,623 and $47,465, 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 Year Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **TCW<br>Emerging<br>Markets<br>Income Fund** | **TCW<br>Emerging<br>Markets<br>Local Currency<br>Income Fund** | **TCW<br>White Oak<br>Emerging<br>Markets<br>Equity Fund** *<sup>(1)</sup>* |
|  **INVESTMENT INCOME** |  |  |  |
|  **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $989937 | $24102 | $137893*<sup>(2)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from Investment in Affiliated Issuers | 2473334 | 57218 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 288774302*<sup>(3)</sup>* | 4653500*<sup>(3)</sup>* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 292237573 | 4734820 | 137904 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees | 26268217 | 414824 | 58390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting Services Fees | 34883 | 5776 | 3990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Fees | 176489 | 14717 | 47984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Class | 2129269 | 33811 | 16543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-3 Class *<sup>(6)</sup>* | 4 |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | 525933 | 18507 | 16543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan Class | 202434 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees | 129804 | 53635 | 24839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Fees | 198250 | 30351 | 38724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' Fees and Expenses | 448025 | 25097 | 1314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration Fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Class | 74165 | 23702 | 8214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-3 Class *<sup>(6)</sup>* | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | 23799 | 17932 | 8214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan Class | 44022 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | 1145590 | 27933 | 4705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compliance Expense | 6244 | 6244 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder Reporting Expense | 18030 | 3302 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 866838 | 34875 | 17623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 32291998 | 710706 | 247089 |
| &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;&nbsp;&nbsp; I Class | (1025317) | (152898) | (115144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-3 Class *<sup>(6)</sup>* | (4) |  | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | (979847) | (82089) | (63640) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan Class | (771075) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 29515755 | 475719 | 68287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 262721818 | 4259101 | 69617 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 91953427 | (949256) *<sup>(4)</sup>* | 615907*<sup>(4)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency | 314077 | (63203) | (26511) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | (6861140) | 27648 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (13945175) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Written | 484153 | 19426 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 97781028 | 4009971*<sup>(5)</sup>* | 2015078*<sup>(5)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency | 24288 | 43902 | (840) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 146869 | 47916 |  |
| &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 | 180146240 | 3136404 | 2603634 |
|  **INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $442868058 | $7395505 | $2673251 |

---

*(1)* *The Fund commenced operations on March 3, 2025.* 

*(2)* *Net of foreign taxes withheld of $15,212 for the TCW White Oak Emerging Markets Equity Fund.* 

*(3)* *Net of foreign taxes withheld of $838,410 and $258,573 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 $20,928 and $18,806 for the TCW Emerging Markets Local Currency Income Fund and the TCW White Oak Emerging Markets Equity Fund, respectively.* 

*(5)* *Net of capital gain withholding taxes of $14,214 and $16,163 for the TCW Emerging Markets Local Currency Income Fund and the TCW White Oak Emerging Markets Equity Fund, respectively.* 

*(6)* *I-3 Class commenced operations on August 26, 2025.* 

*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** |
|  | **Year Ended<br>October 31,<br>2025** | **Year Ended<br>October 31,<br>2024** | **Year Ended<br>October 31,<br>2025** | **Year Ended<br>October 31,<br>2024** |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $262721818 | $294867706 | $4259101 | $5078905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments, Futures Contracts, Options Written and Foreign Currency Transactions | 71945342 | (22051773) | (965385) | (2458116) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation on Investments, Futures Contracts, Options Written and Foreign Currency Transactions | 108200898 | 380936949 | 4101789 | 6279372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in Net Assets Resulting from Operations | 442868058 | 653752882 | 7395505 | 8900161 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to Shareholders | (244826930) | (208229806) | (3281051) | (3560001) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of Capital |  |  |  | (547509) |
|  **NET CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Class | (4518498) | (210725709) | (4765202) | (65285583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-3 Class *<sup>(1)</sup>* | 10051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | (94526675) | (6120511) | (2222853) | (2340058) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan Class | 65698781 | (262840637) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in Net Assets Resulting from Net Capital Shares Transactions | (33336341) | (479686857) | (6988055) | (67625641) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | 164704787 | (34163781) | (2873601) | (62832990) |
|  **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 3505272750 | 3539436531 | 57855784 | 120688774 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $3669977537 | $3505272750 | $54982183 | $57855784 |

---

*(1)* *I-3 Class commenced operations on August 26, 2025.* 

*See accompanying Notes to Financial Statements.* 

------

Statements of Changes in Net Assets

---

| | |
|:---|:---|
|  | **TCW<br>White Oak Emerging<br>Markets Equity Fund** |
|  | **Period from<br>March 3, 2025<br>(Commencement<br>of Operations)<br>through<br>October 31, 2025** |
|  **OPERATIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $69617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain on Investments and Foreign Currency Transactions | 589396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation on Investments and Foreign Currency Transactions | 2014238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in Net Assets Resulting from Operations | 2673251 |
|  **NET CAPITAL SHARE TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Class | 7044060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-3 Class *<sup>(1)</sup>* | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | 2525256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in Net Assets Resulting from Net Capital Shares Transactions | 9579316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in Net Assets | 12252567 |
|  **NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $12252567 |

---

*(1)* *I-3 Class commenced operations on August 26, 2025.* 

*See accompanying Notes to Financial Statements.* 

------

Notes to Financial Statements

#### 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 October 31, 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** |  |
| TCW Emerging Markets Income Fund | Seeks high total return from current income and capital appreciation by investing at least 80% of the value of its net assets, plus any borrowings for investment purposes, in debt securities issued or guaranteed by companies, financial institutions and government entities in emerging market countries. The Fund generally invests in at least four emerging market countries. |
| **Non-Diversified Fixed Income Fund** |  |
| TCW Emerging Markets Local Currency Income Fund | Seeks to provide high total return from current income and capital appreciation through investment in debt securities denominated in the local currencies of various emerging market countries by investing at least 80% of the value of its net assets, plus any borrowings for investment purposes, in debt securities issued or guaranteed by non-financial companies, financial institutions and government entities in emerging market countries denominated in the local currencies of an issuer, and in derivative instruments that provide investment exposure to such securities. |
| **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 offers two classes of shares: I Class and N Class. The TCW Emerging Markets Income Fund offers four classes of shares: I Class, I-3 Class, N Class and Plan Class. TCW White Oak Emerging Markets Equity Fund offers three classes of shares: I Class, I-3 Class and N Class. The I-3 Class shares commenced on August 26, 2025 for the

------

## TCW Funds, Inc.
October 31, 2025

#### Note 1 — Organization (Continued)
TCW Emerging Markets Income Fund and TCW White Oak Emerging Markets Equity Fund. Each class of a Fund is substantially the same except that the N Class shares are subject to a distribution fee (see Note 7).

#### Note 2 — Significant Accounting Policies
The following is a summary of significant accounting policies, which are in conformity with accounting principles generally accepted in the United States of America ("GAAP") and which are consistently followed by the Funds in the preparation of their financial statements. Each Fund is considered an investment company under the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") No. 946, Financial Services — Investment Companies. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements.

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

**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

------

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

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

*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.

------

## TCW Funds, Inc.
October 31, 2025

#### Note 2 — Significant Accounting Policies (Continued)
*Credit default swaps.* Credit default swaps are fair valued using pricing models that take into account, among other factors, index spread curves, nominal values, modified duration values and cash flows. To the extent that these inputs are observable and timely, the fair values of credit default swaps would be categorized as Level 2; otherwise, the fair values would be categorized as Level 3.

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

*Foreign currency contracts.* The fair values of foreign currency contracts are derived from indices, reference rates, and other inputs or a combination of these factors. To the extent that these factors can be observed, foreign currency contracts are categorized as Level 2 of the fair value hierarchy.

*Futures contracts.* Futures contracts are generally valued at the settlement price established at the close of business each day by the exchange on which they are traded. They are categorized as Level 1.

*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.

------

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

#### Note 2 — Significant Accounting Policies (Continued)
*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 October 31, 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 Emerging Markets Income Fund** | **Foreign Government<br>Bonds** | **Total** |
|  Balance as of October 31, 2024 | $13045056 | $13045056 |
|  Accrued Discounts (Premiums) |  |  |
|  Realized Gain (Loss) |  |  |
|  Change in Unrealized Appreciation (Depreciation) | 13870275 | 13870275 |
|  Purchases | 2736827 | 2736827 |
|  Sales |  |  |
|  Transfers in to Level 3\*  |  |  |
|  Transfers out of Level 3\* | (29652158) | (29652158) |
|  Balance as of October 31, 2025 | $— | $— |
|  Change in Unrealized Appreciation (Depreciation) from Investments Still Held at October 31, 2025 | $— | $— |

---

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

---

| | | |
|:---|:---|:---|
| **TCW White Oak Emerging Markets Equity Fund** | **Common Stock** | **Total** |
|  Balance as of March 3, 2025\* | $— | $— |
|  Accrued Discounts (Premiums) |  |  |
|  Realized Gain (Loss) |  |  |
|  Change in Unrealized Appreciation (Depreciation) | 141 | 141 |
|  Purchases |  |  |
|  Sales |  |  |
|  Transfers in to Level 3\*\* |  |  |
|  Transfers out of Level 3\*\* |  |  |
|  Balance as of October 31, 2025 | $141 | $141 |
|  Change in Unrealized Appreciation (Depreciation) from Investments Still Held at October 31, 2025 | $141 | $141 |

---

*\** *The Fund commenced operations on March 3, 2025.* 

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

Significant unobservable valuation inputs for Level 3 investments as of October 31, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fair Value at<br>10/31/2025** | **Valuation Techniques** | **Unobservable Input** | **Price or Price<br>Range** | **Average<br>Weighted<br>Price** | **Input to<br>Valuation<br>If Input<br>Increases** |
|  **White Oak Emerging Markets Equity Fund** | **White Oak Emerging Markets Equity Fund** | **White Oak Emerging Markets Equity Fund** | **White Oak Emerging Markets Equity Fund** |  |  |  |
|  Common Stock | $141 | Fair Value | Spin-Off Adjustment | $0.257 | $0.257 | Increase |

---

------

## TCW Funds, Inc.
October 31, 2025

#### 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 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 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.

------

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

#### Note 2 — Significant Accounting Policies (Continued)
**Derivative Instruments:** Derivatives are financial instruments which are valued based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. A derivative contract may result in a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. It is possible that a derivative transaction will result in a loss greater than the principal amount invested. The Funds may not be able to close out a derivative transaction at a favorable time or price.

For the year ended October 31, 2025, the following Funds had derivatives and transactions in derivatives, grouped in the following risk categories:

#### TCW Emerging Markets Income Fund

---

| | | | |
|:---|:---|:---|:---|
|  | **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;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $834995 | $— | $834995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $834995 | $— | $834995 |
|  **Statement of Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $(6861140) | $— | $(6861140) |
| &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) | $(11783760) | $(13945175) | $(25728935) |
| &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 | $146869 | $— | $146869 |
| &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) | $4379261 | $10717270 | $15096531 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts, Notional Amounts or Shares/Units** *<sup>(4)</sup>* | &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts, Notional Amounts or Shares/Units** *<sup>(4)</sup>* | &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts, Notional Amounts or Shares/Units** *<sup>(4)</sup>* | &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts, Notional Amounts or Shares/Units** *<sup>(4)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 113698566 |  | 113698566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased | 219650000 |  | 219650000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Written | 43930000 |  | 43930000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | 1438 | 1438 |

---

------

## TCW Funds, Inc.
October 31, 2025

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

#### TCW Emerging Markets Local Currency Income Fund

---

| | | |
|:---|:---|:---|
|  | **Foreign<br>Currency<br>Risk** | **Total** |
|  **Statement of Assets and Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | $1286 | $1286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 282987 | 282987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $284273 | $284273 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $(249083) | $(249083) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $(249083) | $(249083) |
|  **Statement of Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $27648 | $27648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments *<sup>(2)</sup>* | (69438) | (69438) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Written | 19426 | 19426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | $(22364) | $(22364) |
| &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 | $47916 | $47916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments *<sup>(3)</sup>* | 1123 | 1123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Appreciation (Depreciation) | $49039 | $49039 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts, Notional Amounts or Shares/Units** *<sup>(4)</sup>*  | &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts, Notional Amounts or Shares/Units** *<sup>(4)</sup>*  | &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts, Notional Amounts or Shares/Units** *<sup>(4)</sup>*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 40337855 | 40337855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased | 1998000 | 1998000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Written | 1070000 | 1070000 |

---

*(1)* *Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only variation margin on October 31, 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 year.* 

*(4)* *Amount disclosed represents average number of contracts or notional amounts, which are representative of the volume traded for the year ended October 31, 2025.* 

------

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

#### Note 2 — Significant Accounting Policies (Continued)
**Counterparty Credit Risk:** Derivative contracts may be exposed to counterparty risk. Losses can occur if the counterparty does not perform under the contract.

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

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

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

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

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

------

## TCW Funds, Inc.
October 31, 2025

#### Note 2 — Significant Accounting Policies (Continued)
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 Fund, the Fund's custodian, and each counterparty. Collateral for centrally cleared derivatives transactions are posted with the applicable derivatives clearing organization.

------

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

#### Note 2 — Significant Accounting Policies (Continued)
The following table presents the Funds' OTC derivatives assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement and net of the related collateral received by the Funds as of October 31, 2025:

#### TCW Emerging Markets Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Assets<br>Subject to Master<br>Agreements** | **Collateral<br>Received <sup>(1)</sup>** | **Derivatives<br>Assets/(Liabilities)<br>Available for Offset** | **Net Amount<br>of Assets <sup>(2)</sup>** |
|  ING Baring U.S. Capital Markets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $646324 | $(390000) | $— | $256324 |
|  Morgan Stanley & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 188671 |  |  | 188671 |
|  Total | $834995 | $(390000) | $— | $444995 |

---

*(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 Emerging Markets Local Currency Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Assets<br>Subject to Master<br>Agreements** | **Collateral<br>Received <sup>(1)</sup>** | **Derivatives<br>Assets/(Liabilities)<br>Available for Offset** | **Net Amount<br>of Assets***<sup>(2)</sup>* |
|  Bank of America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $5924 | $— | $(5924) | $— |
|  Bank of America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 1286 |  |  | 1286 |
|  Barclays Capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 161210 |  | (7022) | 154188 |
|  BNP Paribas S.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 47124 |  | (47124) |  |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 39819 |  | (28120) | 11699 |
|  ING Baring U.S. Capital Markets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 4210 |  | (4210) |  |
|  Morgan Stanley & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 21892 | (21892) |  |  |
|  Standard Chartered Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 1766 |  |  | 1766 |
|  State Street Bank & Trust Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 1042 |  | (890) | 152 |
|  Total | $284273 | $(21892) | $(93290) | $169091 |

---

*(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.
October 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Liabilities<br>Subject to Master<br>Agreements** | **Collateral<br>Pledged***<sup>(1)</sup>* | **Derivatives<br>(Assets)/Liabilities<br>Available for Offset** | **Net Amount<br>of Liabilities***<sup>(2)</sup>* |
|  Bank of America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $90741 | $— | $(5924) | $84817 |
|  Barclays Capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 7022 |  | (7022) |  |
|  BNP Paribas S.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 106445 |  | (47124) | 59321 |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 28120 |  | (28120) |  |
|  Goldman Sachs & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 678 |  |  | 678 |
|  ING Baring U.S. Capital Markets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 15187 |  | (4210) | 10977 |
|  State Street Bank & Trust Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 890 |  | (890) |  |
|  Total | $249083 | $— | $(93290) | $155793 |

---

*(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
**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.

------

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

#### Note 3 — Portfolio Investments (Continued)
**Repurchase Agreements:** The Funds may enter into repurchase agreements under the terms of a Master Repurchase Agreement ("MRA"). In a repurchase agreement, the Funds purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. The MRA permits each Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from each Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty's bankruptcy or insolvency. Pursuant to the terms of the MRA, each Fund receives securities as collateral with a market value in excess of the repurchase price. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund recognizes a liability with respect to such excess collateral to reflect the Fund's obligation under bankruptcy law to return the excess to the counterparty. There were no repurchase agreements outstanding as of October 31, 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 October 31, 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 year ended October 31, 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 October 31, 2025 are disclosed in the Schedule of Investments.

------

## TCW Funds, Inc.
October 31, 2025

#### Note 3 — Portfolio Investments (Continued)
**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. Futures contracts outstanding at October 31, 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

------

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

#### Note 3 — Portfolio Investments (Continued)
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 year ended October 31, 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

------

## TCW Funds, Inc.
October 31, 2025

#### Note 3 — Portfolio Investments (Continued)
investments. A Fund may also enter into a total return swap to gain exposure to securities or markets in which it might not be able to invest directly (in so-called market access transactions).

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

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

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

During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking-to-market to reflect the market value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost 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.

------

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

#### Note 3 — Portfolio Investments (Continued)
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 October 31, 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-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

------

## TCW Funds, Inc.
October 31, 2025

#### Note 4 — Risk Considerations (Continued)
risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, and political changes or diplomatic developments, which can all negatively impact the securities markets and cause a Fund to lose value. As one current example, Russia's recent military incursions in Ukraine have led to sanctions being levied against Russia by the United States, European Union and other countries, which has adversely affected European and global energy and financial markets and thus could affect the value of a Fund's investments.

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

**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 October 31, 2025, 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 | $28156998 | $– $| 28156998 |
|  TCW Emerging Markets Local Currency Income Fund | 251922 | – | 251922 |
|  TCW White Oak Emerging Markets Equity Fund | 603753 | – | 603753 |

---

------

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

#### Note 5 — Federal Income Taxes (Continued)
At the end of the previous fiscal year ended 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 | $45456663 | $– $| 45456663 |
|  TCW Emerging Markets Local Currency Income Fund |  | – |  |
|  TCW White Oak Emerging Markets Equity Fund |  | – |  |

---

Permanent differences incurred during the year ended October 31, 2025, resulting from differences in book and tax accounting, have been reclassified at year-end between undistributed net investment income (loss), undistributed (accumulated) net realized gain (loss) and paid-in capital as follows, with no impact to the NAV per share:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed<br>Net Investment<br>Income (Loss)** | **Undistributed<br>Accumulated<br>Net Realized<br>Gain (Loss)** | **Paid-in<br>Capital** |
|  TCW Emerging Markets Income Fund | $(38152312) | $34544530 | $3607782 |
|  TCW Emerging Markets Local Currency Income Fund | (986422) | 986422 |  |
|  TCW White Oak Emerging Markets Equity Fund | (37541) | (37991) | 75532 |

---

During the year ended October 31, 2025, 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 | $244826930 | $– $|  | $244826930 |
|  TCW Emerging Markets Local Currency Income Fund | 3281051 | – |  | 3281051 |
|  TCW White Oak Emerging Markets Equity Fund |  | – |  |  |

---

During the previous fiscal 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 |

---

At October 31, 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 | $287072576 | $(44759888) | $242312688 | $3414960858 |
|  TCW Emerging Markets Local Currency Income Fund | 2288300 | (999773) | 1288527 | 52348211 |
|  TCW White Oak Emerging Markets Equity Fund | 2298086 | (287117) | 2010969 | 10127269 |

---

------

## TCW Funds, Inc.
October 31, 2025

#### Note 5 — Federal Income Taxes (Continued)
At October 31, 2025, 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 | $1330752049 | $946614798 | $2277366847 |
|  TCW Emerging Markets Local Currency Income Fund | 32004762 | 24419124 | 56423886 |
|  TCW White Oak Emerging Markets Equity Fund |  |  |  |

---

The Funds did not have any unrecognized tax benefits at October 31, 2025, nor were there any increases or decreases in unrecognized tax benefits for the year ended October 31, 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; I-3 Class | 0.92% *<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; I-3 Class | 1.15% *<sup>(1)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class | 1.23% *<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 may be subject to recoupment by the Advisor in the first, second or third fiscal year after the fiscal year of the reduction or reimbursement. The Advisor may not receive recoupment 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.

------

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

#### Note 6 — Fund Management Fees and Other Expenses (Continued)
At October 31, 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 | $2085353 | $4774809 |
|  TCW Emerging Markets Local Currency Income Fund | 225798 | 145939 | 124312 | 496049 |
|  TCW White Oak Emerging Markets Equity Fund |  |  | 50165 | 50165 |
|  Total | $1255831 | $1805362 | $2259830 | $5321023 |

---

**Directors' Fees:** The Funds pay each Independent Director an annual retainer of $92,500 per calendar year, plus a $6,500 per-meeting fee for in-person attendance and $1,000 for telephonic attendance for each Board of Directors meeting attended by that Independent Director. The Independent Chair of the Board of Directors receives an additional annual retainer of $37,500, the Independent Vice Chair receives an additional annual retainer of $25,000, and the Chairs of the Audit Committee and the Nominating and Governance Committee each receive an additional annual retainer of $6,250. The expenses related to the annual retainer and meeting fees are recorded in the Statement of Operations.

#### 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 year ended October 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases<br>at Cost** | **Sales or Maturity<br>Proceeds** |
|  TCW Emerging Markets Income Fund | $2238343097 | $2389763081 |
|  TCW Emerging Markets Local Currency Income Fund | 62221912 | 68860272 |
|  TCW White Oak Emerging Markets Equity Fund | 15590508 | 6118234 |

---

------

## TCW Funds, Inc.
October 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| TCW Emerging Markets Income Fund | **Year/Period Ended<br>October 31, 2025** | **Year/Period Ended<br>October 31, 2025** | **Year Ended<br>October 31, 2024** | **Year Ended<br>October 31, 2024** |
| **I Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 103240047 | $688044970 | 71146477 | $456030183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 17270324 | 113713235 | 14174321 | 90600146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (122128708) | (806276703) | (119378818) | (757356038) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Decrease | (1618337) | $(4518498) | (34058020) | $(210725709) |
| **I-3 Class** *<sup>(1)</sup>* | **Shares** | **Amount** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 1000 | $10000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 5 | 51 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 1005 | $10051 |  |  |
| **N Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 4909205 | $41902232 | 12036924 | $101099811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 3748469 | 31837790 | 3058886 | 25238031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (19820754) | (168266697) | (15966039) | (132458353) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Decrease | (11163080) | $(94526675) | (870229) | $(6120511) |
| **Plan Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 28993460 | $193341092 | 41281965 | $265839983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 5848603 | 38512232 | 6840858 | 43788088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (25157582) | (166154543) | (87402232) | (572468708) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 9684481 | $65698781 | (39279409) | $(262840637) |

---

*(1)* *I-3 Class commenced operations on August 26, 2025.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| TCW Emerging Markets Local Currency Income<br>Fund | **Year Ended<br>October 31, 2025** | **Year Ended<br>October 31, 2025** | **Year Ended<br>October 31, 2024** | **Year Ended<br>October 31, 2024** |
| **I Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 2037003 | $14958174 | 1776001 | $13142373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 354469 | 2593317 | 497005 | 3647506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (3058852) | (22316693) | (11086017) | (82075462) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Decrease | (667380) | $(4765202) | (8813011) | $(65285583) |
| **N Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 110685 | $808807 | 109421 | $816034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 89614 | 654590 | 101794 | 746323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (500975) | (3686250) | (534279) | (3902415) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Decrease | (300676) | $(2222853) | (323064) | $(2340058) |

---

------

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

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

---

| | | |
|:---|:---|:---|
| **TCW White Oak Emerging Markets Equity Fund** *<sup>(1)</sup>* | **Period Ended<br>October 31, 2025** | **Period Ended<br>October 31, 2025** |
| **I Class** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 1022432 | $10797499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (335732) | (3753439) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 686700 | $7044060 |
| **I-3 Class** *<sup>(2)</sup>* | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 1000 | $10000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 1000 | $10000 |
| **N Class** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 253017 | $2536586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (977) | (11330) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 252040 | $2525256 |

---

*(1)* *The Fund commenced operations on March 3, 2025.* 

*(2)* *I-3 Class commenced operations on August 26, 2025.* 

#### Note 10 — Affiliate Ownership
As of October 31, 2025, affiliates of the Funds and Advisor owned 8.00% and 53.29% 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 October 31, 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 17, 2026. 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 year ended October 31, 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 Transfer Agent fees on 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.

------

## TCW Funds, Inc.
October 31, 2025

#### 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 — Segment Reporting
In the reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. The Funds represent a single operating segment as the operating results of the Funds are monitored as a whole and their long-term asset allocation is determined in accordance with the terms of the applicable prospectus, based on defined investment objectives that is executed by the Funds' portfolio management team. A senior executive team comprised of the Funds' Principal Executive Officer and Principal Financial Officer, serves as the Funds' chief operating decision maker ("CODM"), who act in accordance with Board of Director reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess the Funds' profits and losses and to make resource allocation decisions. Segment assets are reflected in the Statements of Assets and Liabilities as Net Assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying statement of operations.

#### Note 15 — New Accounting Pronouncements
In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosure requirements, including, but not limited to, those with respect to the Fund's income tax rate reconciliation and income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the ASU and its impact to the financial statements.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value per Share, Beginning of year | $6.59 | $5.84 | $5.67 | $7.87 | $7.93 |
|  **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>* | 0.50 | 0.50 | 0.41 | 0.33 | 0.35 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.35 | 0.61 | 0.09 | (2.22) | (0.02) |
|  Total from Investment Operations | 0.85 | 1.11 | 0.50 | (1.89) | 0.33 |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.46) | (0.36) | (0.33) | (0.28) | (0.37) |
|  Distributions from Return of Capital |  |  |  | (0.03) | (0.02) |
|  Total Distributions | (0.46) | (0.36) | (0.33) | (0.31) | (0.39) |
|  Net Asset Value per Share, End of year | $6.98 | $6.59 | $5.84 | $5.67 | $7.87 |
|  Total Return | 13.58% | 19.27% | 8.72% | (24.47)% | 4.04% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of year (in thousands) | $2259689 | $2143263 | $2097432 | $2500689 | $4720489 |
|  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 | 0.90% | 0.87% | 0.85% | 0.90% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.85% | 0.85% | 0.82% | 0.85% | N/A |
|  Ratio of Net Investment Income to Average Net Assets | 7.49% | 7.82% | 6.80% | 4.79% | 4.23% |
|  Portfolio Turnover Rate *<sup>(2)</sup>* | 66.81% | 106.48% | 152.31% | 119.10% | 150.31% |

---

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

*(2)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — I-3 Class

---

| | |
|:---|:---|
|  | **Period from<br>August 26, 2025<br>(Commencement<br>of Operations)<br>through<br>October 31, 2025** |
|  Net Asset Value per Share, Beginning of period | $10.00 *<sup>(1)</sup>* |
|  **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net investment income *<sup>(2)</sup>* | 0.19 |
|  Net Realized and Unrealized Gain on Investments | 0.21 |
|  Total from investment operations | 0.40 |
|  **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.10) |
|  Total distributions | (0.10) |
|  Net Asset Value per Share, End of year | $10.30 |
|  Total Return | 4.03% *<sup>(3)</sup>* |
|  **Ratios/Supplemental data:** | **Ratios/Supplemental data:** |
|  Net assets, end of year (in thousands) | $10 |
|  Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 1.12% *<sup>(4)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.92% *<sup>(4)</sup>* |
|  Ratio of Net Investment Income to Average Net Assets | 10.53% *<sup>(4)</sup>* |
|  Portfolio Turnover Rate *<sup>(5)</sup>* | 66.81% *<sup>(3)</sup>* |

---

*(1)* *I-3 Class Shares commenced operations on August 26, 2025.* 

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

*(3)* *Not annualized.* 

*(4)* *Annualized.* 

*(5)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — N Class

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value per Share, Beginning of year | $8.51 | $7.53 | $7.32 | $10.16 | $10.23 |
|  **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> | 0.63 | 0.64 | 0.53 | 0.41 | 0.44 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.46 | 0.79 | 0.10 | (2.86) | (0.03) |
|  Total from Investment Operations | 1.09 | 1.43 | 0.63 | (2.45) | 0.41 |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.59) | (0.45) | (0.42) | (0.36) | (0.46) |
|  Distributions from Return of Capital |  |  |  | (0.03) | (0.02) |
|  Total Distributions | (0.59) | (0.45) | (0.42) | (0.39) | (0.48) |
|  Net Asset Value per Share, End of year | $9.01 | $8.51 | $7.53 | $7.32 | $10.16 |
|  Total Return | 13.42% | 19.33% | 8.48% | (24.57)% | 3.97% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of year (in thousands) | $421717 | $492916 | $443173 | $390155 | $546887 |
|  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 | 1.16% | 1.15% | 1.15% | 1.17% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
|  Ratio of Net Investment Income to Average Net Assets | 7.42% | 7.72% | 6.70% | 4.72% | 4.20% |
|  Portfolio Turnover Rate *<sup>(2)</sup>* | 66.81% | 106.48% | 152.31% | 119.10% | 150.31% |

---

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

*(2)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — Plan Class

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value per Share, Beginning of year | $6.58 | $5.83 | $5.67 | $7.86 | $7.93 |
|  **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>* | 0.50 | 0.51 | 0.42 | 0.33 | 0.36 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.37 | 0.60 | 0.07 | (2.20) | (0.04) |
|  Total from Investment Operations | 0.87 | 1.11 | 0.49 | (1.87) | 0.32 |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.47) | (0.36) | (0.33) | (0.29) | (0.37) |
|  Distributions from Return of Capital |  |  |  | (0.03) | (0.02) |
|  Total distributions | (0.47) | (0.36) | (0.33) | (0.32) | (0.39) |
|  Net Asset Value per Share, End of year | $6.98 | $6.58 | $5.83 | $5.67 | $7.86 |
|  Total Return | 13.66% | 19.57% | 8.63% | (24.41)% | 4.12% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (in thousands) | $988561 | $869094 | $998832 | $1035971 | $1996103 |
|  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% | 0.83% | 0.82% | 0.81% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.77% | 0.77% | 0.77% | 0.77% | 0.77% |
|  Ratio of Net Investment Income to Average Net Assets | 7.56% | 7.86% | 6.87% | 4.86% | 4.43% |
|  Portfolio Turnover Rate *<sup>(2)</sup>* | 66.81% | 106.48% | 152.31% | 119.10% | 150.31% |

---

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

*(2)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value per Share, Beginning of year | $7.20 | $7.03 | $6.50 | $8.47 | $8.57 |
|  **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>* | 0.56 | 0.50 | 0.43 | 0.35 | 0.37 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.46 | 0.09 | 0.35 | (2.06) | (0.25) |
|  Total from Investment Operations | 1.02 | 0.59 | 0.78 | (1.71) | 0.12 |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.44) | (0.36) | (0.25) | (0.10) | (0.22) |
|  Distributions from Return of Capital |  | (0.06) |  | (0.16) |  |
|  Total Distributions | (0.44) | (0.42) | (0.25) | (0.26) | (0.22) |
|  Net Asset Value per Share, End of year | $7.78 | $7.20 | $7.03 | $6.50 | $8.47 |
|  Total Return | 14.71% | 8.40% | 11.92% | (20.57)% | 1.34% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of year (in thousands) | $44388 | $45886 | $106740 | $101530 | $200019 |
|  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 | 1.20% | 1.19% | 0.97% | 1.02% | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
|  Ratio of Net Investment Income to Average Net Assets | 7.63% | 6.78% | 5.90% | 4.65% | 4.14% |
|  Portfolio Turnover Rate *<sup>(2)</sup>* | 134.59% | 115.86% | 123.91% | 122.49% | 117.18% |

---

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

*(2)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — N Class

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value per Share, Beginning of year | $7.18 | $7.01 | $6.48 | $8.44 | $8.55 |
|  **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>* | 0.59 | 0.49 | 0.42 | 0.34 | 0.36 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.43 | 0.09 | 0.35 | (2.04) | (0.25) |
|  Total from Investment Operations | 1.02 | 0.58 | 0.77 | (1.70) | 0.11 |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.44) | (0.35) | (0.24) | (0.10) | (0.22) |
|  Distributions from Return of Capital |  | (0.06) |  | (0.16) |  |
|  Total Distributions | (0.44) | (0.41) | (0.24) | (0.26) | (0.22) |
|  Net Asset Value per Share, End of year | $7.76 | $7.18 | $7.01 | $6.48 | $8.44 |
|  Total Return | 14.72% | 8.32% | 11.89% | (20.66)% | 1.30% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of year (in thousands) | $10594 | $11970 | $13949 | $39709 | $39546 |
|  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 | 1.63% | 1.64% | 1.31% | 1.38% | 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
|  Ratio of Net Investment Income to Average Net Assets | 7.99% | 6.64% | 5.83% | 4.64% | 4.05% |
|  Portfolio Turnover Rate *<sup>(2)</sup>* | 134.59% | 115.86% | 123.91% | 122.49% | 117.18% |

---

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

*(2)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

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

---

| | |
|:---|:---|
|  | **Period from<br>March 3, 2025<br>(Commencement<br>of Operations)<br>through<br>October 31, 2025** |
|  Net Asset Value per Share, Beginning of period | $10.00 *<sup>(1</sup> <sup>)</sup>* |
|  **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income *<sup>(2)</sup>* | 0.09 |
|  Net Realized and Unrealized Gain on Investments | 2.96 |
|  Total from Investment Operations | 3.05 |
|  Net Asset Value per Share, End of year | $13.05 |
|  Total Return | 30.50% *<sup>(3)</sup>* |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of year (in thousands) | $8959 |
|  Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 3.48% *<sup>(4)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.98% *<sup>(4)</sup>* |
|  Ratio of Net Investment Income to Average Net Assets | 1.15% *<sup>(4)</sup>* |
|  Portfolio Turnover Rate *<sup>(5)</sup>* | 60.06% *<sup>(3)</sup>* |

---

*(1)* *The Fund commenced operations on March 3, 2025.* 

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

*(3)* *Not annualized.* 

*(4)* *Annualized.* 

*(5)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — I-3 Class

---

| | |
|:---|:---|
|  | **Period from<br>August 26, 2025<br>(Commencement<br>of Operations)<br>through<br>October 31, 2025** |
|  Net Asset Value per Share, Beginning of period | $10.00 *<sup>(1)</sup>* |
|  **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income *<sup>(2)</sup>* | — *<sup>(5)</sup>* |
|  Net Realized and Unrealized Gain on Investments | 0.93 |
|  Total from investment operations | 0.93 |
|  Net Asset Value per Share, End of year | $10.93 |
|  Total Return | 9.30% *<sup>(3)</sup>* |
|  **Ratios/Supplemental data:** | **Ratios/Supplemental data:** |
|  Net assets, end of year (in thousands) | $11 |
|  Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 2.07% *<sup>(4)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 1.14% *<sup>(4)</sup>* |
|  Ratio of Net Investment Income to Average Net Assets | 0.05% *<sup>(4)</sup>* |
|  Portfolio Turnover Rate *<sup>(6)</sup>* | 60.06% *<sup>(3)</sup>* |

---

*(1)* *I-3 Class Shares commenced operations on August 26, 2025.* 

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

*(3)* *Not annualized.* 

*(4)* *Annualized.* 

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

*(6)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — N Class

---

| | |
|:---|:---|
|  | **Period from<br>March 3, 2025<br>(Commencement<br>of Operations)<br>through<br>October 31, 2025** |
|  Net Asset Value per Share, Beginning of period | $10.00 *<sup>(1</sup> <sup>)</sup>* |
|  **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income *<sup>(2)</sup>* | 0.07 |
|  Net Realized and Unrealized Gain on Investments | 2.96 |
|  Total from Investment Operations | 3.03 |
|  Net Asset Value per Share, End of year | $13.03 |
|  Total Return | 30.30% *<sup>(4)</sup>* |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of year (in thousands) | $3283 |
|  Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 4.61% *<sup>(3)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 1.23% *<sup>(3)</sup>* |
|  Ratio of Net Investment Income to Average Net Assets | 0.87% *<sup>(3)</sup>* |
|  Portfolio Turnover Rate *<sup>(5)</sup>* | 60.06% *<sup>(4)</sup>* |

---

*(1)* *The Fund commenced operations on March 3, 2025.* 

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

*(3)* *Annualized.* 

*(4)* *Not annualized.* 

*(5)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

## TCW Funds, Inc.
Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of

TCW Funds, Inc.:

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of TCW Emerging Markets Income Fund, TCW Emerging Markets Local Currency Income Fund, and TCW White Oak Emerging Markets Equity Fund (the "Funds"), three of the twelve funds constituting TCW Funds, Inc., including the schedules of investments, as of October 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended for the Funds, except for TCW White Oak Emerging Markets Equity Fund; the related statements of operations, changes in net assets, and the financial highlights for the periods indicated in the table below for TCW White Oak Emerging Markets Equity Fund; and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds listed above constituting TCW Funds, Inc. as of October 31, 2025, and the results of their operations for the year then ended (or for the period listed in the table below), the changes in their net assets for each of the two years in the period then ended (or for the period listed in the table below), and the financial highlights for each of the five years in the period then ended (or for the period listed in the table below), in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Individual Fund**<br> **Comprising TCW**<br> **Funds, Inc.** | **Statement of<br>Operations** | **Statement of Changes<br>in Net Assets** | **Financial Highlights** |
| &nbsp;&nbsp;&nbsp;TCW White Oak Emerging Markets Equity Fund | For the period from March 3, 2025 (Commencement of Operations) through October 31, 2025 | For the period from March 3, 2025 (Commencement of Operations) through October 31, 2025 | For the period from March 3, 2025 (Commencement of Operations) through October 31, 2025 |

---

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights.

------

## TCW Funds, Inc.
Report of Independent Registered Public Accounting Firm (Continued)

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Los Angeles, California

December 30, 2025

We have served as the auditor of one or more TCW/Metropolitan West Funds investment companies since 1990.

------

Investment Management and Advisory Agreement Disclosure (Unaudited)

#### Renewal of Investment Advisory and Management Agreement
The Investment Company Act of 1940 requires that both the full Board of Directors and a majority of non-interested ("Independent") Directors, voting separately, annually approve the continuation of each Fund's investment advisory agreement (each, an "Agreement") with TCW Investment Management Company LLC (the "Advisor"). The Directors consider matters bearing on the Funds and their advisory agreements throughout the year, including a review of performance data at each regular meeting. In addition, at an in-person meeting on September 15, 2025, the Board approved the renewal of the Agreement for an additional one-year term from February 6, 2026 through February 5, 2027. The renewal of the Agreement was approved by the Board (including by a majority of the Independent Directors) upon the recommendation of the Independent Directors. The Independent Directors also met by videoconference in a working session on August 21, 2025 to hear presentations by representatives of the Advisor, to ask related questions, to review and discuss materials provided by the Advisor for their consideration, and to meet separately with their independent legal counsel. On September 15, 2025, they also met separately with their independent legal counsel to review and discuss supplemental information that had been requested on their behalf by their independent legal counsel and presented by the Advisor. The information, material facts, and conclusions that formed the basis for the Independent Directors' recommendation and the Board's subsequent approval are described below.

1. Information received

*Materials reviewed*—During the course of each year, the Directors receive a wide variety of materials relating to the services provided by the Advisor, including reports on the Advisor's investment processes, as well as on each Fund's investment results, portfolio composition, portfolio trading practices, compliance monitoring, shareholder services, and other information relating to the nature, extent, and quality of services provided by the Advisor to the Funds. In addition, the Board reviewed information furnished to the Independent Directors in response to a detailed request sent to the Advisor on their behalf. The information in the Advisor's responses included extensive materials regarding each Fund's investment results, advisory fee comparisons to advisory fees charged by the Advisor to its institutional clients, financial and profitability information regarding the Advisor, descriptions of various services provided to the Funds and to other advisory and sub-advisory clients, descriptions of functions such as compliance monitoring and portfolio trading practices, and information about the personnel providing investment management services to each Fund. The Directors also considered information provided by an independent data provider, Broadridge, comparing the investment performance and the fee and expense levels of each Fund to those of appropriate peer groups of mutual funds selected by Broadridge. After reviewing this information, the Directors requested additional information from the Advisor, which the Advisor provided and the Directors considered.

*Review process*—The Directors' determinations were made on the basis of each Director's business judgment after consideration of all the information presented. The Independent Directors were advised by their independent legal counsel throughout the renewal process and received and reviewed advice from their independent legal counsel regarding legal and industry standards applicable to the renewal of the Agreement, including a legal memorandum from their independent legal counsel discussing their fiduciary duties related to their approval of the continuation of the Agreement. The Independent Directors also discussed the renewal of the Agreement with the

------

## TCW Funds, Inc.
Investment Management and Advisory Agreement Disclosure (Unaudited) (Continued)

Advisor's representatives and in private sessions at which no representatives of the Advisor were present. In deciding to recommend the renewal of the Agreement with respect to each Fund, the Independent Directors did not identify any single piece of information or particular factor that, in isolation, was the controlling factor. Some of the factors that figured particularly in the Directors' deliberations are described below, although individual Directors may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for each Fund are the result of years of review and discussion between the Independent Directors and the Board, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Directors' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years. This summary describes the most important, but not all, of the factors considered by the Board and the Independent Directors.

2. Nature, extent, and quality of services provided by the Advisor

The Board and the Independent Directors considered the depth and quality of the Advisor's investment management process, including its research and strong analytical capabilities; the experience, capability, and integrity of its senior management and other personnel; the advance planning and transition arrangements put in place with respect to the changes in key portfolio management and other personnel; the overall resources available to the Advisor; and the ability of its organizational structure to address the fluctuations in assets that have been experienced over the past several years. The Board and the Independent Directors considered the Advisor's continued commitment and ability to attract and retain well-qualified investment professionals, noting in particular the Advisor's hiring of professionals in various areas over the past several years, continued upgrading of resources in its middle office and back office operations and other areas, as well as a continuing and extensive program of infrastructure and systems enhancements, including business continuity, cybersecurity, and the modernization of the technology ecosystem with the implementation of Aladdin, as well as investments in sales and marketing to increase brand awareness, updates to information security defenses, and budgeting for certain future initiatives. 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 also considered that the Advisor made available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, operations, administration, research, portfolio accounting, and legal matters. They noted the substantial additional resources made available by The TCW Group, Inc., the parent company of the Advisor ("TCW"). The Board and the Independent Directors examined and discussed a detailed description of the extensive additional services provided to the Funds to support their operations and compliance, as compared to the much narrower range of services provided to the Advisor's institutional and sub-advised clients, as well as the Advisor's oversight and coordination of numerous outside service providers to the Funds. They further noted the high level of regular communication between the Advisor and the Independent Directors. The Advisor explained its responsibility to supervise the activities of the Funds' various service providers, as well as supporting the Independent Directors and their meetings, regulatory filings, and various operational personnel, and the related costs.

------

The Board and the Independent Directors concluded that the nature, extent, and quality of the services provided by the Advisor are of a high quality and have benefited and should continue to benefit the Funds and their shareholders.

3. Investment results

The Board and the Independent Directors considered the investment results of each Fund in light of its investment objective(s) and principal investment strategies. They compared each Fund's total returns with the total returns of other mutual funds in peer group reports prepared by Broadridge with respect to various longer and more recent periods all ended May 31, 2025. The Board and the Independent Directors reviewed information as to peer group selections presented by Broadridge and discussed the methodology for those selections with Broadridge. In reviewing each Fund's relative performance, the Board and the Independent Directors took into account each Fund's investment strategies, distinct characteristics, asset size and diversification.

The Board and the Independent Directors reviewed each Fund's performance over the relevant periods. The Board and the Independent Directors noted that the investment performance of the majority of the Funds was generally close to or above the median performance of the applicable peer group during the three-year period emphasized by Broadridge in the supplemental materials. For those Funds that lagged peer group averages, they noted that the Advisor had discussed with the Board the reasons for the underperformance, including the investment climate and prevailing market conditions during relevant periods as well as the Advisor's discipline in maintaining a consistent investment style. The Board considered in particular the Advisor's explanations for the performance of those Funds that ranked in the fourth or fifth quintile of their peer groups for the prior three-year period. The Board indicated that it would continue to monitor portfolio investment performance on a regular basis and discuss with the Advisor from time to time any instances of long-term underperformance as appropriate. The Board and the Independent Directors noted that the performance of some Funds for periods when they lagged their peer group averages remained satisfactory when assessed on a risk-adjusted basis because performance quintiles do not necessarily reflect the degree of risk employed by peer funds to achieve their returns. The Board also considered the Advisor's assessment of the Funds' performance during the recent period of significant market volatility and rising interest rates.

With respect to the fixed income Funds, the Board and the Independent Directors recognized the Advisor's deliberate strategy to manage risk in light of its critical view of the fixed income securities markets and overall investment market conditions at present and in the near term. For that reason, the Board and the Independent Directors believed that relative performance also should be considered in light of future market conditions expected by the Advisor and positioning of the Funds' portfolios in light of those expectations. The Board and the Independent Directors noted the Advisor's view that longer term performance can be more meaningful for active fixed income funds than shorter term performance because fixed income market cycles are generally longer than three years.

For the U.S. fixed income Funds, the Board and the Independent Directors noted the conservative profile of certain of these Funds, which generally experienced less volatility compared to various other funds in the applicable peer group. They also noted the Advisor's relatively conservative posture for these Funds with respect to duration and interest rate and credit risks.

------

Investment Management and Advisory Agreement Disclosure (Unaudited) (Continued)

For the Securitized Bond Fund, the Board and the Independent Directors noted that the Fund's performance was in the second quintile for the ten- and one-year periods, the fifth quintile for the five-year period and the fourth quintile for the three-year period. The Board and the Independent Directors considered the Advisor's explanation that underperformance in the five- and three-year periods was driven by the Fund's higher duration and greater exposure to mortgage-backed securities than its peers, which the Advisor believes may position the Fund for outperformance going forward. It was noted that the Advisor had recommended, and the Board had approved, changes to the Fund's name and principal investment strategies effective August 19, 2024.

For the Core Fixed Income Fund, the Board and the Independent Directors noted that the Fund's performance was in the fourth quintile for the ten- and five-year periods, the fifth quintile for the three-year period and the second quintile for the one-year period. The Board and the Independent Directors considered the Advisor's explanation that underperformance was driven by the Fund's higher duration, yield curve positioning, and greater exposure to mortgage-backed securities than its peers, which the Advisor believes may position the Fund for outperformance going forward.

For the Global Bond Fund, the Board and the Independent Directors noted that the Fund's performance was in the third quintile for the ten-year period, the fourth quintile for the five- and three-year periods and the first quintile for the one-year period. The Board and the Independent Directors considered the Advisor's explanation that underperformance for the five- and three-year periods was driven by the Fund's higher duration as compared to many of its peers. The Board further considered that the Fund outperformed its benchmark index for the one- and three-year periods.

For the Central Cash Fund, the Board and the Independent Directors noted that the Fund's performance was in the fourth quintile for the period since the Fund's inception on July 15, 2024 to May 31, 2025. The Board and the Independent Directors considered the Fund's limited operating history.

With respect to the U.S. equity Funds, the Board and the Independent Directors noted that the performance of the Funds for most of the various periods reviewed ranked in the first, second or third quintiles.

The Concentrated Large Cap Growth Fund, formerly the Select Equities Fund, the Board and the Independent Directors noted that the Fund's performance was in the second quintile for the ten- and three-year periods, the third quintile for the five-year period, and the first quintile for the one-year period. It was noted that the Advisor had recommended, and the Board had approved, changes to the Fund's name and principal investment strategies effective February 28, 2025.

For the Relative Value Large Cap Fund, the Board and the Independent Directors noted that the Fund's performance was in the third quintile for the ten- and one-year periods and the first quintile for the five- and three-year periods.

For the Relative Value Mid Cap Fund, the Board and the Independent Directors noted that the Fund's performance was in the third quintile for the ten- and one-year periods and the first quintile for the five- and three-year periods.

For the Global Real Estate Fund, the Board and the Independent Directors noted that the Fund's performance was in the first quintile for the ten-, five-, and three-year periods and the fifth quintile for the one-year period.

------

For the Conservative Allocation Fund, an asset allocation Fund, the Board and the Independent Directors noted that the Fund's performance was in the first quintile for the ten-, five, three- and one-year periods.

With respect to the international and emerging markets Funds, the Board and the Independent Directors noted that the performance of these Funds ranked in the fourth quintile over a few of the various time periods reviewed, but had shown improvement in all of the time periods reviewed. The Board and the Independent Directors considered the Advisor's discussion of performance, including the enhancements to its risk management process.

For the Emerging Markets Income Fund, the Board and the Independent Directors noted that the Fund's performance was in the second quintile for the ten- and one-year periods, the third quintile for the five-year period and the fourth quintile for the three-year period. The Board and the Independent Directors considered the Advisor's discussion of performance, including that the Fund's relative performance was impacted by underperformance in 2022, which resulted from a combination of duration positioning and a more defensive stance, missing a part of the subsequent market rally following the Silicon Valley Bank crisis. The Board and the Independent Directors noted that the Fund has recovered part of the underperformance, capturing the improvement in credit quality in emerging markets, particularly in high yield, boosting the Fund's performance to the second quartile for the one-year period ended May 31, 2025.

For the Emerging Markets Local Currency Income Fund, the Board and the Independent Directors noted that the Fund's performance was in the fourth quintile for the ten- and five-year periods, the third quintile for the three-year period and the second quintile for the one-year period.

The Board and the Independent Directors concluded that the Advisor was implementing each Fund's investment objective(s) and that the Advisor's record in managing the Funds indicated that its continued management should benefit each Fund and its shareholders over the long term.

4. Advisory fees and total expenses

The Board and the Independent Directors compared the management fees (which Broadridge defines to include the advisory fee and the administrative fee) and net total expenses of each Fund (each as a percentage of average net assets) with the median management fee and operating expense level of the other mutual funds in the relevant Broadridge peer groups. These comparisons assisted the Board and the Independent Directors by providing a reasonable statistical measure to assess each Fund's fees relative to its relevant peers. The Board and the Independent Directors observed that each Fund's management fee, after giving effect to applicable waivers and/or reimbursements, was below or near the median of the peer group funds on a current basis, with the exception of the Emerging Markets Income Fund, whose management fees was approximately 5 basis points above the median. The Board and the Independent Directors also observed that each Fund's net total expenses, after giving effect to applicable waivers and/or reimbursements, were near or below the median of the peer group funds, with the exception of Conservative Allocation Fund, whose net total expenses were approximately 14 basis points above the median.

The Board and the Independent Directors also noted the contractual expense limitations to which the Advisor has agreed with respect to each Fund and that the Advisor historically has absorbed any expenses in excess of these limits. The Board and the Independent Directors noted that for several Funds, their below-median management fee and net total expenses were in part due to substantial

------

Investment Management and Advisory Agreement Disclosure (Unaudited) (Continued)

waiver and/or reimbursement pursuant to the contractual expense limitations. The Board and the Independent Directors concluded that the competitive fees charged by the Advisor, and competitive expense ratios, should continue to benefit each Fund and its shareholders.

The Board and the Independent Directors also reviewed information regarding the advisory fees charged by the Advisor to its institutional and sub-advisory clients with similar investment mandates. The Board and the Independent Directors concluded that, although the fees paid by those clients generally were lower than advisory fees paid by the Funds, the differences appropriately reflected the more extensive services provided by the Advisor to the Funds and the Advisor's significantly greater responsibilities and expenses with respect to the Funds, including the additional time spent by portfolio managers for reasons such as managing the more active cash flows from purchases and redemptions by shareholders, the additional risks of managing a pool of assets for public investors, administrative burdens, daily pricing, valuation and liquidity responsibilities, the supervision of vendors and service providers, and the costs of additional infrastructure and operational resources and personnel and of complying with and supporting the more comprehensive regulatory and governance regime applicable to mutual funds.

5. The Advisor's costs, level of profits, and economies of scale

The Board and the Independent Directors reviewed information regarding the Advisor's costs of providing services to the Funds, as well as the resulting level of profits to the Advisor. They reviewed the Advisor's stated assumptions and methods of allocating certain costs, such as personnel costs, which constitute the Advisor's largest operating cost. The Board and the Independent Directors recognized that the Advisor should be entitled to earn a reasonable level of profits for the services that it provides to each Fund. The Board and the Independent Directors also reviewed a comparison of the Advisor's profitability with respect to the Funds to the profitability of certain unaffiliated publicly traded asset managers, which the Advisor believed supported its view that the Advisor's profitability was reasonable. Based on their review, the Board and the Independent Directors concluded that they were satisfied that the Advisor's level of profitability from its relationship with each Fund was not unreasonable or excessive.

The Board and the Independent Directors considered the extent to which potential economies of scale could be realized as the Funds grow and whether the advisory fees reflect those potential economies of scale. They recognized that the advisory fees for the Funds do not have breakpoints, which would otherwise result in lower advisory fee rates as the Funds grow larger. They also recognized the Advisor's view that the advisory fees compare favorably to peer group fees and expenses and remain competitive even at higher asset levels and that the relatively low advisory fees reflect the potential economies of scale. The Board and the Independent Directors recognized the benefits of the Advisor's substantial past and ongoing investment in the advisory business, such as successfully recruiting and retaining key professional talent, systems and technology upgrades, added resources dedicated to legal, compliance, risk management and cybersecurity programs, and improvements to the overall firm infrastructure, as well as the financial pressures of competing against much larger firms and passive investment products. The Board and the Independent Directors further noted the Advisor's past and current subsidies of the operating expenses of newer and smaller Funds and the Advisor's commitment to maintain reasonable overall operating expenses for each Fund. The Board and the Independent Directors also recognized that the Funds benefit from receiving investment advice from an organization with other types of advisory clients in addition to

------

mutual funds. The Board and the Independent Directors considered the risk borne by the Advisor that the Funds' net assets and thus the Advisor's fees might decline in the event of redemptions and that smaller Funds might not grow to become profitable. The Board and the Independent Directors concluded that the Advisor was appropriately sharing potential economies of scale with the Funds through low fees and expenses, and through reinvesting in its capabilities for serving the Funds and their shareholders.

6. Ancillary benefits

The Board and the Independent Directors also considered ancillary benefits received or to be received by the Advisor and its affiliates as a result of the relationship of the Advisor with the Funds. The Board and the Independent Directors noted that, in addition to the fees the Advisor receives under the Agreement, the Advisor receives additional benefits in connection with management of the Funds in the form of reports, research and other services from brokers and their affiliates in return for brokerage commissions paid to such brokers. The Board and the Independent Directors concluded that any potential benefits received or to be derived by the Advisor from its relationships with the Funds are reasonably related to the services provided by the Advisor to the Funds.

7. 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 the Agreement is fair and reasonable to each Fund and its shareholders, that each Fund's shareholders received reasonable value in return for the advisory fees and other amounts paid to the Advisor by each Fund, and that the renewal of the Agreement was in the best interests of each 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 of the Company has delegated the Company's proxy voting authority to the Advisor.

*Disclosure of Proxy Voting Guidelines* 

The proxy voting guidelines of the Advisor are available:

1. By calling 800-FUND-TCW (800-386-3829) to obtain a hard copy; or

2. By going to the 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 on TCW's website. 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 must include 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 without charge:

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 Company's first and third quarters and are available on the SEC's website at www.sec.gov.

------

Tax Information Notice (Unaudited)

On account of the year ended October 31, 2025, the following Funds paid a capital gain distribution within the meaning 852 (b) (3) c of the Code. Each fund also designates as a capital gain distribution a portion of earnings and profits paid to shareholders in redemption of their shares.

---

| | |
|:---|:---|
| **Fund** | **Amounts<br>Per<br>Share** |
|  TCW White Oak Emerging Markets Equity Fund | $0.52 |

---

Under Section 854(b)(2) of the Code, the Funds hereby designate the following maximum amounts as

qualified dividends for purposes of the maximum rate under Section 1(h)(11) of the Code for the fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
| **Fund** | **Qualified<br>Dividend Income** |
|  TCW White Oak Emerging Markets Equity Fund | $61477 |

---

The following are dividend received deduction percentages for the Funds' corporate shareholders:

---

| | |
|:---|:---|
| **Fund** | **Dividends<br>Received<br>Deductions** |
|  TCW White Oak Emerging Markets Equity Fund | 3.30% |

---

The following Funds paid foreign taxes during the year ended October 31, 2025 that are available as income tax credits:

---

| | |
|:---|:---|
| **Fund** | **Foreign Tax Credit** |
|  TCW Emerging Markets Income Fund | $838410 |
|  TCW Emerging Markets Local Currency Income Fund | $279501 |
|  TCW White Oak Emerging Markets Equity Fund | $33709 |

---

This information is given to meet certain requirements of the Code and should not be used by shareholders for preparing their income tax returns. In February 2026, shareholders will receive Form 1099-DIV which will show the actual distribution received and include their share of qualified dividends during the calendar year of 2025 Shareholders are advised to check with their tax advisors for information on the treatment of these amounts on their individual tax returns.

------

![LOGO](g935145g81l51.jpg)

**TCW Funds, Inc.**

515 South Flower Street

Los Angeles, CA 90071

800 386 3829

tcw.com

---

| | | |
|:---|:---|:---|
| Board of Directors<br>Patrick C. Haden<br> Martin Luther King III<br> Peter McMillan<br> Victoria B. Rogers<br> Robert G. Rooney<br> Michael Swell<br> Andrew Tarica<br> David Vick<br> Richard Villa<br>Adviser<br> TCW Investment Management Company LLC<br> 515 South Flower Street<br> Los Angeles, CA 90071<br>Custodian<br> State Street Bank & Trust Company<br> One Congress Street, Suite 1<br> Boston, MA 02114-2016<br>Transfer Agent<br> U.S. Bank Global Fund Services<br> P.O. Box 219252<br> Kansas City, MO 64121<br>| Officers<br>Richard Villa<br> President and Principal Executive Officer <br> Treasurer, Principal Financial Officer Principal Accounting Officer<br>Drew Bowden<br> Executive Vice President<br>Eric Chan<br>Assistant Treasurer<br>Peter Davidson<br>Vice President and Secretary<br>Lisa Eisen<br>Tax Officer<br>Alenoush Terzian<br> Chief Compliance Officer and<br> Anti-Money Laundering Officer | Independent Registered Public Accounting Firm<br> Deloitte & Touche LLP<br> 555 West 5th Street, Suite 2700<br> Los Angeles, CA 90013<br>Distributor<br> TCW Funds Distributors LLC<br> 515 South Flower Street<br> Los Angeles, CA 90071<br>**For Additional Information**<br> **Call 800 FUND TCW (800 386 3829) or visit tcw.com** |

---

A description of the Funds' proxy voting policies, procedures, and how the Funds voted proxies relating to their portfolios' securities during the most recent 12-month period ending June 30 are available (i) without charge, upon request, by calling 800 386 3829; (ii) on the Securities and Exchange Commission's website at www.sec.gov.

In addition to its annual and semi-annual reports, the Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each 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.

To reduce expenses, we may mail only one copy of the Fund's prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at 800 386 3829 (or contact your financial institution).

We will begin sending you individual copies thirty days after receiving your request.

This report is submitted for general information to the shareholders of the Funds. It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective Prospectus, which includes details regarding the Funds' objectives, policies, expenses and other information.

------

![LOGO](g96011g81l51.jpg)

## Financial

## Statements

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and Other Information Form N-CSR Items 7-11

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 31, 2025
![LOGO](g96011g79b14.jpg)

------

## TCW Funds, Inc.
**Table of Contents**

---

| | |
|:---|:---|
|  [Schedules of Investments](#toc96011_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW Central Cash Fund](#toc96011_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW Core Fixed Income Fund](#toc96011_3) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW Global Bond Fund](#toc96011_4) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW Securitized Bond Fund](#toc96011_5) | 32 |
|  [Statements of Assets and Liabilities](#toc96011_6) | 49 |
|  [Statements of Operations](#toc96011_7) | 50 |
|  [Statements of Changes in Net Assets](#toc96011_8) | 51 |
|  [Notes to Financial Statements](#toc96011_9) | 53 |
|  [Financial Highlights](#toc96011_10) | 82 |
|  [Report of Independent Registered Public Accounting Firm](#toc96011_11) | 93 |
|  [Investment Management and Advisory Agreements Disclosure (Unaudited)](#toc96011_12) | 95 |
|  [Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule](#toc96011_13) | 102 |

---

------

## TCW Central Cash Fund
Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | | **<br>Shares** | **Value** |
|  **SHORT-TERM INVESTMENTS — 100.2% of Net Assets** | **SHORT-TERM INVESTMENTS — 100.2% of Net Assets** | **SHORT-TERM INVESTMENTS — 100.2% of Net Assets** | **SHORT-TERM INVESTMENTS — 100.2% of Net Assets** |
| **MONEY MARKET INVESTMENTS — 0.1%** | **MONEY MARKET INVESTMENTS — 0.1%** | **MONEY MARKET INVESTMENTS — 0.1%** | **MONEY MARKET INVESTMENTS — 0.1%** |
|  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, | State Street Institutional U.S. Government Money Market Fund — Premier Class, |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01% *<sup>(1)</sup>* |  | 5001306 | $5001306 |
| **Total Money Market Investments** | **Total Money Market Investments** | **Total Money Market Investments** | **Total Money Market Investments** |
|  (Cost: $5,001,306) |  |  | 5001306 |
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **REPURCHASE AGREEMENTS — 28.2%** | **REPURCHASE AGREEMENTS — 28.2%** | **REPURCHASE AGREEMENTS — 28.2%** | **REPURCHASE AGREEMENTS — 28.2%** |
|  Bank of Montreal Issued 10/31/25, repurchase date 11/01/25 (Collateralized by U.S. Treasury Securities valued at $306,000,045, 4.25% — 4.63%, due 02/05/35 — 05/15/35) | Bank of Montreal Issued 10/31/25, repurchase date 11/01/25 (Collateralized by U.S. Treasury Securities valued at $306,000,045, 4.25% — 4.63%, due 02/05/35 — 05/15/35) | Bank of Montreal Issued 10/31/25, repurchase date 11/01/25 (Collateralized by U.S. Treasury Securities valued at $306,000,045, 4.25% — 4.63%, due 02/05/35 — 05/15/35) | Bank of Montreal Issued 10/31/25, repurchase date 11/01/25 (Collateralized by U.S. Treasury Securities valued at $306,000,045, 4.25% — 4.63%, due 02/05/35 — 05/15/35) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.12% | 11/03/25 | $300000000 | 300000000 |
|  Bank of America NA Issued 10/31/25, repurchase date 11/01/25 (Collateralized by U.S. Treasury Securities valued at $306,000,000, 0.00%, due 02/15/27 — 11/15/51) | Bank of America NA Issued 10/31/25, repurchase date 11/01/25 (Collateralized by U.S. Treasury Securities valued at $306,000,000, 0.00%, due 02/15/27 — 11/15/51) | Bank of America NA Issued 10/31/25, repurchase date 11/01/25 (Collateralized by U.S. Treasury Securities valued at $306,000,000, 0.00%, due 02/15/27 — 11/15/51) | Bank of America NA Issued 10/31/25, repurchase date 11/01/25 (Collateralized by U.S. Treasury Securities valued at $306,000,000, 0.00%, due 02/15/27 — 11/15/51) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14% | 11/03/25 | 300000000 | 300000000 |
|  JP Morgan Securities Issued 10/31/25, repurchase date 11/01/25 (Collateralized by U.S. Treasury Securities valued at $306,000,095, 3.50%, due 02/15/33) | JP Morgan Securities Issued 10/31/25, repurchase date 11/01/25 (Collateralized by U.S. Treasury Securities valued at $306,000,095, 3.50%, due 02/15/33) | JP Morgan Securities Issued 10/31/25, repurchase date 11/01/25 (Collateralized by U.S. Treasury Securities valued at $306,000,095, 3.50%, due 02/15/33) | JP Morgan Securities Issued 10/31/25, repurchase date 11/01/25 (Collateralized by U.S. Treasury Securities valued at $306,000,095, 3.50%, due 02/15/33) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14% | 11/03/25 | 300000000 | 300000000 |
|  Barclays Capital, Inc. Issued 10/31/25, repurchase date 11/01/25 (Collateralized by U.S. Treasury Securities valued at $306,000,001, 0.00% — 5.00%, due 11/28/25 — 11/15/54) | Barclays Capital, Inc. Issued 10/31/25, repurchase date 11/01/25 (Collateralized by U.S. Treasury Securities valued at $306,000,001, 0.00% — 5.00%, due 11/28/25 — 11/15/54) | Barclays Capital, Inc. Issued 10/31/25, repurchase date 11/01/25 (Collateralized by U.S. Treasury Securities valued at $306,000,001, 0.00% — 5.00%, due 11/28/25 — 11/15/54) | Barclays Capital, Inc. Issued 10/31/25, repurchase date 11/01/25 (Collateralized by U.S. Treasury Securities valued at $306,000,001, 0.00% — 5.00%, due 11/28/25 — 11/15/54) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14% | 11/03/25 | 300000000 | 300000000 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |
|  (Cost: $1,200,000,000) | (Cost: $1,200,000,000) |  | 1200000000 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS — 31.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 31.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 31.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 31.2%** |
|  Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06% (1 day USD SOFR + 0.015%) *<sup>(2)</sup>* | 07/17/26 | 100000000 | 100000000 |
|  Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06% (1 day USD SOFR + 0.020%) *<sup>(2)</sup>* | 05/28/26 | 100000000 | 100000000 |
|  Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06% (1 day USD SOFR + 0.020%) *<sup>(2)</sup>* | 05/08/26 | 100000000 | 100000000 |
|  Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06% (1 day USD SOFR + 0.015%) *<sup>(2)</sup>* | 02/02/26 | 100000000 | 100000000 |
|  Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10% *<sup>(3)</sup>* | 06/12/26 | 100000000 | 99932690 |
|  Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27% *<sup>(3)</sup>* | 11/03/25 | 100000000 | 100000000 |
|  Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05% (1 day USD SOFR + 0.010%) *<sup>(2)</sup>* | 12/04/25 | 100000000 | 100000000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |
|  Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05% (1 day USD SOFR + 0.005%) *<sup>(2)</sup>* | 02/09/26 | $| 100000000 | $100000000 |
|  Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05% (1 day USD SOFR + 0.005%) *<sup>(2)</sup>* | 01/12/26 |  | 100000000 | 100000000 |
|  Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.04% *<sup>(3)</sup>* | 12/17/25 |  | 100000000 | 100000000 |
|  Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.04% *<sup>(3)</sup>* | 12/08/25 |  | 100000000 | 100000000 |
|  Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06% (1 day USD SOFR + 0.015%) *<sup>(2)</sup>* | 03/11/26 |  | 100000000 | 100000000 |
|  Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 11/03/25 |  | 125000000 | 125000000 |
| **Total U.S. Government Agency Obligations** | **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: $1,324,932,690) |  |  |  | 1324932690 |
| **U.S. TREASURY SECURITIES — 40.7%** | **U.S. TREASURY SECURITIES — 40.7%** | **U.S. TREASURY SECURITIES — 40.7%** | **U.S. TREASURY SECURITIES — 40.7%** | **U.S. TREASURY SECURITIES — 40.7%** |
|  U.S. Treasury Floating Rate Notes | U.S. Treasury Floating Rate Notes | U.S. Treasury Floating Rate Notes | U.S. Treasury Floating Rate Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.92% (3 mo. Treasury Money Market Yield + 0.150%) *<sup>(2)</sup>* | 04/30/26 |  | 200000000 | 200010367 |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.34% *<sup>(5)</sup>* | 11/06/25 |  | 280000000 | 279907484 |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59% *<sup>(5)</sup>* | 12/04/25 |  | 93400000 | 93088704 |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.16% *<sup>(5)</sup>* | 11/04/25 |  | 4313000 | 4312518 |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.16% *<sup>(5)</sup>* | 11/04/25 |  | 100291000 | 100279787 |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.15% *<sup>(5)</sup>* | 11/04/25 |  | 196961000 | 196938973 |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.41% *<sup>(5)</sup>* | 11/12/25 |  | 280000000 | 279722870 |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31% *<sup>(5)</sup>* | 11/18/25 |  | 136500000 | 136275884 |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33% *<sup>(5)</sup>* | 11/25/25 |  | 439000000 | 437960290 |
|  **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** |  |  |  |
|  (Cost: $1,728,496,877) | (Cost: $1,728,496,877) |  |  | 1728496877 |
|  **Total Short-Term Investments** | **Total Short-Term Investments** |  |  |  |
|  (Cost: $4,258,430,873) | (Cost: $4,258,430,873) |  |  | 4258430873 |
|  **Total Investments (100.2%)** | **Total Investments (100.2%)** |  |  |  |
|  (Cost: $4,258,430,873) | (Cost: $4,258,430,873) |  |  | 4258430873 |
|  **Liabilities In Excess Of Other Assets (-0.2%)** | **Liabilities In Excess Of Other Assets (-0.2%)** | **Liabilities In Excess Of Other Assets (-0.2%)** | **Liabilities In Excess Of Other Assets (-0.2%)** | (7874480) |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** |  |  | $4250556393 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

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

*(1)* *Rate disclosed is the 7-day net yield as of October 31, 2025.* 

*(2)* *Floating or variable rate security. The interest shown reflects the rate in effect at October 31, 2025.* 

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

*(4)* *Security is not accruing interest.* 

*(5)* *Rate shown represents yield-to-maturity.* 

*See accompanying Notes to Financial Statements.* 

------

## TCW Central Cash Fund
Fair Valuation Summary October 31, 2025

The following is a summary of the fair valuations according to the inputs used as of October 31, 2025 in valuing the Fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Quoted Prices<br>in Active<br>Markets for<br>Identical**<br>**Assets**<br>**(Level 1)** | **Other 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 | $93088704 | $1635408173 | $— | $1728496877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations |  | 1324932690 |  | 1324932690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 1200000000 |  | 1200000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Investments | 5001306 |  |  | 5001306 |
|  Total Short-Term Investments | 98090010 | 4160340863 |  | 4258430873 |
|  Total Investments | $98090010 | $4160340863 | $— | $4258430873 |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW Core Fixed Income Fund
Schedule of Investments

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **FIXED INCOME SECURITIES — 95.9% of Net Assets** | **FIXED INCOME SECURITIES — 95.9% of Net Assets** | **FIXED INCOME SECURITIES — 95.9% of Net Assets** | **FIXED INCOME SECURITIES — 95.9% of Net Assets** |
| **CORPORATE BONDS — 17.6%** | **CORPORATE BONDS — 17.6%** | **CORPORATE BONDS — 17.6%** | **CORPORATE BONDS — 17.6%** |
| **Aerospace/Defense — 0.4%** | **Aerospace/Defense — 0.4%** | **Aerospace/Defense — 0.4%** | **Aerospace/Defense — 0.4%** |
|  General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% (3 mo. USD Term SOFR + 0.742%) *<sup>(1)</sup>* | 08/15/36 | $1945000 | $1841351 |
| **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** |
|  Imperial Brands Finance PLC (United Kingdom) | 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 | 34341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(2)</sup>* | 06/30/28 | 1060000 | 1066880 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 06/06/29 | 110000 | 126985 |
|  |  |  | 1228206 |
| **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 | United Airlines Pass-Through Trust Series 2023-1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% | 07/15/37 | 1086911 | 1139703 |
| **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** |
|  Volkswagen Group of America Finance LLC (Germany) | 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 | 15535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% *<sup>(2)</sup>* | 03/27/35 | 280000 | 288341 |
|  Volkswagen International Finance NV (Germany) | 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>(1),(3),(4)</sup>* | 09/06/32 | 300000 | 400814 |
|  |  |  | 704690 |
| **Banks — 4.7%** | **Banks — 4.7%** | **Banks — 4.7%** | **Banks — 4.7%** |
|  Bank of America Corp. | 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 | 3591469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73% (1 day USD SOFR + 0.960%) *<sup>(1)</sup>* | 07/22/27 | 1130000 | 1110067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.92% (1 day USD SOFR + 1.370%) *<sup>(1)</sup>* | 10/24/31 | 345000 | 307802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% (3 mo. USD Term SOFR + 1.252%) *<sup>(1)</sup>* | 02/13/31 | 455000 | 422650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57% (1 day USD SOFR + 1.210%) *<sup>(1)</sup>* | 10/20/32 | 310000 | 278888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69% (1 day USD SOFR + 1.320%) *<sup>(1)</sup>* | 04/22/32 | 335000 | 306287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97% (1 day USD SOFR + 1.330%) *<sup>(1)</sup>* | 02/04/33 | 340000 | 310131 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52% (1 day USD SOFR + 1.177%) *<sup>(1)</sup>* | 11/03/32 | 480000 | 427258 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56% (1 day USD SOFR + 1.167%) *<sup>(1)</sup>* | 05/01/32 | $35000 | $31629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06% (1 day USD SOFR + 1.351%) *<sup>(1)</sup>* | 01/25/33 | 105000 | 95973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89% (3 mo. USD Term SOFR + 1.825%) *<sup>(1)</sup>* | 01/10/28 | 45000 | 44832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.33% (1 day USD SOFR + 1.465%) *<sup>(1)</sup>* | 03/27/36 | 225000 | 230607 |
|  Goldman Sachs Group, Inc. | 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 | 4215994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02% (1 day USD SOFR + 1.420%) *<sup>(1)</sup>* | 10/23/35 | 170000 | 171193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.54% (1 day USD SOFR + 1.380%) *<sup>(1)</sup>* | 01/28/36 | 150000 | 156300 |
|  HSBC Holdings PLC (United Kingdom) | 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 | 110000 | 99878 |
|  JPMorgan Chase & Co. | 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 | 259631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% (1 day USD SOFR + 1.065%) *<sup>(1)</sup>* | 02/04/32 | 1540000 | 1364009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.74% (3 mo. USD Term SOFR + 1.510%) *<sup>(1)</sup>* | 10/15/30 | 1070000 | 1011524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20% (3 mo. USD Term SOFR + 1.522%) *<sup>(1)</sup>* | 07/23/29 | 935000 | 936384 |
|  Morgan Stanley | 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 | 1123199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.51% (1 day USD SOFR + 1.200%) *<sup>(1)</sup>* | 10/20/32 | 225000 | 201461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94% (1 day USD SOFR + 1.290%) *<sup>(1)</sup>* | 01/21/33 | 225000 | 204946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.59% (1 day USD SOFR + 1.418%) *<sup>(1)</sup>* | 01/18/36 | 95000 | 99579 |
|  Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.47% (1 day USD SOFR + 0.770%) *<sup>(1)</sup>* | 07/06/28 | 1255000 | 1261589 |

---

*See accompanying Notes to Financial Statements.* 

------

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73% (1 day USD SOFR + 1.080%) *<sup>(1)</sup>* | 07/18/31 | $| 315000 | 319964 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | 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 |  | 100000 | 105573 |
|  Santander U.K. Group Holdings PLC (United Kingdom) | Santander U.K. Group Holdings PLC (United Kingdom) | 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 | 483021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.47% (1 day USD SOFR + 1.220%) *<sup>(1)</sup>* | 01/11/28 |  | 30000 | 29357 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.68% (1 day USD SOFR + 1.860%) *<sup>(1)</sup>* | 01/23/35 |  | 45000 | 47466 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58% (3 mo. USD Term SOFR + 1.572%) *<sup>(1)</sup>* | 05/22/28 |  | 260000 | 257855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% (1 day USD SOFR + 2.100%) *<sup>(1)</sup>* | 07/25/33 |  | 315000 | 319832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% (1 day USD SOFR + 1.500%) *<sup>(1)</sup>* | 04/23/31 |  | 820000 | 845920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.24% (1 day USD SOFR + 1.110%) *<sup>(1)</sup>* | 01/24/31 |  | 770000 | 796888 |
|  |  |  |  | 21469156 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | 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 | 1061535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27% *<sup>(2)</sup>* | 11/15/40 |  | 235000 | 182217 |
|  |  |  |  | 1243752 |
| **Commercial Services — 0.3%** | **Commercial Services — 0.3%** | **Commercial Services — 0.3%** | **Commercial Services — 0.3%** | **Commercial Services — 0.3%** |
|  AA Bond Co. Ltd. (United Kingdom) | AA Bond Co. Ltd. (United Kingdom) | 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 | GBP | 215000 | 301562 |
|  Volkswagen Financial Services AG (Germany) | Volkswagen Financial Services AG (Germany) | 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 | EUR | 1000000 | 1175345 |
|  |  |  |  | 1476907 |
| **Diversified Financial Services — 1.2%** | **Diversified Financial Services — 1.2%** | **Diversified Financial Services — 1.2%** | **Diversified Financial Services — 1.2%** | **Diversified Financial Services — 1.2%** |
|  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) | 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 | 2689196 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 12/01/27 |  | 400000 | 393940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 10/01/28 |  | 1500000 | 1504605 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Diversified Financial Services (Continued)** | **Diversified Financial Services (Continued)** | **Diversified Financial Services (Continued)** | **Diversified Financial Services (Continued)** |
|  American Express Co. | American Express Co. | American Express Co. | American Express Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92% (1 day USD SOFR + 1.220%) *<sup>(1)</sup>* | 07/20/33 | 415000 | 422926 |
|  Avolon Holdings Funding Ltd. (Ireland) | 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 | 389000 | 375148 |
|  |  |  | 5385815 |
| **Electric — 1.4%** | **Electric — 1.4%** | **Electric — 1.4%** | **Electric — 1.4%** |
|  Alliant Energy Corp. | Alliant Energy Corp. | Alliant Energy Corp. | Alliant Energy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% (5 yr. CMT + 2.077%) *<sup>(1)</sup>* | 04/01/56 | 370000 | 371732 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% (5 yr. CMT + 2.128%) *<sup>(1)</sup>* | 03/15/56 | 200000 | 200404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05% (5 yr. CMT + 1.940%) *<sup>(1)</sup>* | 03/15/56 | 490000 | 496791 |
|  Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 04/01/34 | 1025000 | 1075461 |
|  CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% (5 yr. CMT + 2.223%) *<sup>(1)</sup>* | 04/01/56 | 375000 | 377891 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20% (5 yr. CMT + 2.006%) *<sup>(1)</sup>* | 02/15/56 | 560000 | 566737 |
|  Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 10/15/46 | 1000000 | 780720 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA | Electricite de France SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% *<sup>(3)</sup>* | 12/09/49 | 200000 | 141920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% *<sup>(3)</sup>* | 06/17/44 | 200000 | 234718 |
|  Elia Group SA (Belgium) | 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 | 237119 |
|  Enel Finance International NV (Italy) | Enel Finance International NV (Italy) | Enel Finance International NV (Italy) | Enel Finance International NV (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(3)</sup>* | 02/20/43 | 140000 | 168147 |
|  Eurogrid GmbH (Germany) | Eurogrid GmbH (Germany) | Eurogrid GmbH (Germany) | Eurogrid GmbH (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.11% *<sup>(3)</sup>* | 05/15/32 | 200000 | 202345 |
|  Scottish Hydro Electric Transmission PLC (United Kingdom) | 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 | 116534 |
|  Southern Co. | Southern Co. | Southern Co. | Southern Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% (5 yr. CMT + 2.915%) *<sup>(1)</sup>* | 09/15/51 | 925000 | 914520 |
|  Tennet Netherlands BV | Tennet Netherlands BV | Tennet Netherlands BV | Tennet Netherlands BV |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% *<sup>(3)</sup>* | 10/28/42 | 415000 | 532563 |
|  |  |  | 6417602 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
|  Heathrow Funding Ltd. (United Kingdom) | Heathrow Funding Ltd. (United Kingdom) | Heathrow Funding Ltd. (United Kingdom) | Heathrow Funding Ltd. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(3)</sup>* | 07/11/35 | 310000 | 383696 |
| **Food — 0.7%** | **Food — 0.7%** | **Food — 0.7%** | **Food — 0.7%** |
|  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 | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 02/02/29 | 240000 | 230169 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Food (Continued)** | **Food (Continued)** | **Food (Continued)** | **Food (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 12/01/52 | 600000 | 623550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 03/15/34 | 882000 | 973649 |
|  Smithfield Foods, Inc. | Smithfield Foods, Inc. | Smithfield Foods, Inc. | Smithfield Foods, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63% *<sup>(2)</sup>* | 09/13/31 | 1565000 | 1382114 |
|  |  |  | 3209482 |
| **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
|  KeySpan Gas East Corp. | 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 | 444977 |
|  National Gas Transmission PLC (United Kingdom) | 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 | 655086 |
|  |  |  | 1100063 |
| **Health Care-Products — 0.1%** | **Health Care-Products — 0.1%** | **Health Care-Products — 0.1%** | **Health Care-Products — 0.1%** |
|  Medtronic Global Holdings SCA | Medtronic Global Holdings SCA | Medtronic Global Holdings SCA | Medtronic Global Holdings SCA |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% | 07/02/49 | 100000 | 73781 |
|  Sartorius Finance BV (Germany) | 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 | 122352 |
|  Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88% | 10/01/49 | 420000 | 316663 |
|  |  |  | 512796 |
| **Health Care-Services — 1.2%** | **Health Care-Services — 1.2%** | **Health Care-Services — 1.2%** | **Health Care-Services — 1.2%** |
|  Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/15/30 | 1683000 | 1505528 |
|  Cigna Group | Cigna Group | Cigna Group | Cigna Group |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 01/15/36 | 770000 | 782505 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 06/15/34 | 435000 | 449481 |
|  Fresenius Medical Care U.S. Finance III, Inc. (Germany) | Fresenius Medical Care U.S. Finance III, Inc. (Germany) | Fresenius Medical Care U.S. Finance III, Inc. (Germany) | Fresenius Medical Care U.S. Finance III, Inc. (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88% *<sup>(2)</sup>* | 12/01/26 | 1000000 | 973200 |
|  Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% | 05/01/35 | 1125000 | 1151437 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 07/15/54 | 745000 | 742668 |
|  |  |  | 5604819 |
| **Insurance — 0.6%** | **Insurance — 0.6%** | **Insurance — 0.6%** | **Insurance — 0.6%** |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding | Athene Global Funding |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.21% *<sup>(2)</sup>* | 03/08/27 | 815000 | 801495 |
|  Farmers Exchange Capital II | 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 | 2052280 |
|  Teachers Insurance & Annuity Association of America | 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 | 108581 |
|  |  |  | 2962356 |
| **Internet — 0.4%** | **Internet — 0.4%** | **Internet — 0.4%** | **Internet — 0.4%** |
|  Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 11/15/35 | 400000 | 401332 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **Internet (Continued)** | **Internet (Continued)** | **Internet (Continued)** | **Internet (Continued)** | **Internet (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 11/15/55 | $| 1270000 | 1261682 |
|  |  |  |  | 1663014 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 06/14/30 |  | 555000 | 580558 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
|  Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/15/42 |  | 1475000 | 1169970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 09/01/41 |  | 933000 | 841445 |
|  |  |  |  | 2011415 |
| **Miscellaneous Manufacturers — 0.0%** | **Miscellaneous Manufacturers — 0.0%** | **Miscellaneous Manufacturers — 0.0%** | **Miscellaneous Manufacturers — 0.0%** | **Miscellaneous Manufacturers — 0.0%** |
|  Dyno Nobel Ltd. (Australia) | Dyno Nobel Ltd. (Australia) | Dyno Nobel Ltd. (Australia) | Dyno Nobel Ltd. (Australia) | Dyno Nobel Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 11/08/32 | AUD | 140000 | 92199 |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 09/21/47 |  | 181000 | 149332 |
| **Packaging & Containers — 0.5%** | **Packaging & Containers — 0.5%** | **Packaging & Containers — 0.5%** | **Packaging & Containers — 0.5%** | **Packaging & Containers — 0.5%** |
|  Amcor Flexibles North America, Inc. | 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% | 03/17/30 |  | 235000 | 241289 |
|  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 | EUR | 515000 | 607823 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.57% | 01/15/26 |  | 1000000 | 994000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% *<sup>(2)</sup>* | 07/15/26 |  | 270000 | 270075 |
|  |  |  |  | 2113187 |
| **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** |
|  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 | 1019808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% *<sup>(2)</sup>* | 06/25/48 |  | 905000 | 769114 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78% | 03/25/38 |  | 185000 | 173758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/25/48 |  | 475000 | 425491 |
|  |  |  |  | 2388171 |
| **Pipelines — 0.3%** | **Pipelines — 0.3%** | **Pipelines — 0.3%** | **Pipelines — 0.3%** | **Pipelines — 0.3%** |
|  Southern Natural Gas Co. LLC | Southern Natural Gas Co. LLC | Southern Natural Gas Co. LLC | Southern Natural Gas Co. LLC | Southern Natural Gas Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.35% | 02/15/31 |  | 1380000 | 1539997 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
|  Blackstone Property Partners Europe Holdings SARL (Luxembourg) | Blackstone Property Partners Europe Holdings SARL (Luxembourg) | 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 | EUR | 315000 | 347463 |
|  LEG Immobilien SE (Germany) | LEG Immobilien SE (Germany) | LEG Immobilien SE (Germany) | LEG Immobilien SE (Germany) | LEG Immobilien SE (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% *<sup>(3)</sup>* | 01/17/34 | EUR | 100000 | 96792 |
|  |  |  |  | 444255 |
| **REIT — 1.9%** | **REIT — 1.9%** | **REIT — 1.9%** | **REIT — 1.9%** | **REIT — 1.9%** |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 02/01/31 |  | 505000 | 460621 |

---

*See accompanying Notes to Financial Statements.* 

------

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 07/15/51 | 410000 | 280838 |
|  American Tower Corp. (REIT) | American Tower Corp. (REIT) | American Tower Corp. (REIT) | American Tower Corp. (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90% | 01/15/30 | 750000 | 708525 |
|  CubeSmart LP | CubeSmart LP | CubeSmart LP | CubeSmart LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 02/15/30 | 317000 | 300215 |
|  Digital Dutch Finco BV | 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 | 584586 |
|  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 | 465000 | 529103 |
|  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 | 419468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90% | 04/01/29 | 250000 | 246565 |
|  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 | 162670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 06/01/28 | 1600000 | 1645552 |
|  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 | 141801 |
|  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 | 349000 | 298904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 04/01/29 | 2000 | 1844 |
|  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 | 430027 |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 10/01/31 | 1592000 | 1384483 |
|  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 | 450000 | 514071 |
|  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 | 21839 |
|  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 | 317817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% *<sup>(2)</sup>* | 08/15/30 | 41000 | 39671 |
|  |  |  | 8488600 |
| **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** |
|  Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(2)</sup>* | 01/25/31 | 140000 | 145243 |
|  Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73% | 12/08/47 | 305000 | 224645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 02/10/53 | 160000 | 153862 |
|  |  |  | 523750 |
| **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 08/11/35 | 320000 | 319168 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 03/25/51 | 205000 | 146175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 08/03/28 | 575000 | 583257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 09/26/35 | 1065000 | 1048599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 09/26/45 | 400000 | 385204 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **Software (Continued)** | **Software (Continued)** | **Software (Continued)** | **Software (Continued)** | **Software (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 09/26/55 | $| 175000 | 166180 |
|  |  |  |  | 2648583 |
| **Telecommunications — 0.5%** | **Telecommunications — 0.5%** | **Telecommunications — 0.5%** | **Telecommunications — 0.5%** | **Telecommunications — 0.5%** |
|  Global Switch Finance BV (United Kingdom) | 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 |  | EUR 695,000 | 760304 |
|  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 | 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 |  | 1252500 | 1261605 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 07/15/33 |  | 350000 | 356902 |
|  |  |  |  | 2378811 |
| **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
|  Pacific National Finance Pty. Ltd. (Australia) | Pacific National Finance Pty. Ltd. (Australia) | Pacific National Finance Pty. Ltd. (Australia) | Pacific National Finance Pty. Ltd. (Australia) | Pacific National Finance Pty. Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 09/24/29 | AUD | 420000 | 256201 |
| **Water — 0.2%** | **Water — 0.2%** | **Water — 0.2%** | **Water — 0.2%** | **Water — 0.2%** |
|  Suez SACA (France) | Suez SACA (France) | Suez SACA (France) | Suez SACA (France) | Suez SACA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88% *<sup>(3)</sup>* | 05/24/34 | EUR | 400000 | 435073 |
|  United Utilities Water Finance PLC (United Kingdom) | United Utilities Water Finance PLC (United Kingdom) | 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 | EUR | 190000 | 222769 |
|  Yorkshire Water Finance PLC (United Kingdom) | Yorkshire Water Finance PLC (United Kingdom) | Yorkshire Water Finance PLC (United Kingdom) | Yorkshire Water Finance PLC (United Kingdom) | Yorkshire Water Finance PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% *<sup>(3)</sup>* | 11/18/34 | GBP | 230000 | 315485 |
|  |  |  |  | 973327 |
|  **Total Corporate Bonds** | **Total Corporate Bonds** |  |  |  |
|  (Cost: $80,089,689) | (Cost: $80,089,689) |  |  | 80931794 |
| **MUNICIPAL BONDS — 0.7%** | **MUNICIPAL BONDS — 0.7%** | **MUNICIPAL BONDS — 0.7%** | **MUNICIPAL BONDS — 0.7%** | **MUNICIPAL BONDS — 0.7%** |
|  Medina Valley Independent School District, General Obligation Unlimited | Medina Valley Independent School District, General Obligation Unlimited | Medina Valley Independent School District, General Obligation Unlimited | Medina Valley Independent School District, General Obligation Unlimited | Medina Valley Independent School District, General Obligation Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 02/15/50 |  | 185000 | 190834 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/01/35 |  | 1000000 | 795962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 11/01/53 |  | 250000 | 259865 |
|  New York State Dormitory Authority, Revenue Bonds | New York State Dormitory Authority, Revenue Bonds | New York State Dormitory Authority, Revenue Bonds | New York State Dormitory Authority, Revenue Bonds | New York State Dormitory Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 03/15/54 |  | 355000 | 371767 |
|  New York State Thruway Authority, Revenue Bonds | New York State Thruway Authority, Revenue Bonds | New York State Thruway Authority, Revenue Bonds | New York State Thruway Authority, Revenue Bonds | New York State Thruway Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 03/15/53 |  | 475000 | 492557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 03/15/56 |  | 125000 | 130985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 03/15/59 |  | 125000 | 130362 |
|  Northwest Independent School District, General Obligation Unlimited | Northwest Independent School District, General Obligation Unlimited | Northwest Independent School District, General Obligation Unlimited | Northwest Independent School District, General Obligation Unlimited | Northwest Independent School District, General Obligation Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 02/15/55 |  | 270000 | 283161 |
|  Regents of the University of California Medical Center Pooled Revenue, Revenue Bonds | Regents of the University of California Medical Center Pooled Revenue, Revenue Bonds | Regents of the University of California Medical Center Pooled Revenue, Revenue Bonds | Regents of the University of California Medical Center Pooled Revenue, Revenue Bonds | Regents of the University of California Medical Center Pooled Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.26% | 05/15/60 |  | 1060000 | 694894 |
|  **Total Municipal Bonds** | **Total Municipal Bonds** |  |  |  |
|  (Cost: $3,791,453) | (Cost: $3,791,453) |  |  | 3350387 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **ASSET-BACKED SECURITIES — 6.0%** | **ASSET-BACKED SECURITIES — 6.0%** | **ASSET-BACKED SECURITIES — 6.0%** | **ASSET-BACKED SECURITIES — 6.0%** |
|  BlueMountain CLO Ltd. Series 2015-4A, Class CR2 | BlueMountain CLO Ltd. Series 2015-4A, Class CR2 | BlueMountain CLO Ltd. Series 2015-4A, Class CR2 | BlueMountain CLO Ltd. Series 2015-4A, Class CR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.18% (3 mo. USD Term SOFR + 1.300%) *<sup>(1),(2)</sup>* | 04/20/30 | $400000 | $400377 |
|  Clover CLO LLC Series 2018-1A, Class A1RR | 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; 5.41% (3 mo. USD Term SOFR + 1.530%) *<sup>(1),(2)</sup>* | 04/20/37 | 2190000 | 2199859 |
|  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 | Dryden 40 Senior Loan Fund Series 2015-40A, Class AR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.36% (3 mo. USD Term SOFR + 1.150%) *<sup>(1),(2)</sup>* | 08/15/31 | 1247638 | 1248267 |
|  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 | Dryden XXVI Senior Loan Fund Series 2013-26A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.07% (3 mo. USD Term SOFR + 1.162%) *<sup>(1),(2)</sup>* | 04/15/29 | 131148 | 131375 |
|  JGWPT XXX LLC Series 2013-3A, Class A | 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 | 831711 | 793270 |
|  LCM 37 Ltd. Series 37A, Class A1R | 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; 4.96% (3 mo. USD Term SOFR + 1.060%) *<sup>(1),(2)</sup>* | 04/15/34 | 2141740 | 2140605 |
|  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 | LCM Loan Income Fund I Ltd. Series 1A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% (3 mo. USD Term SOFR + 1.712%) *<sup>(1),(2)</sup>* | 04/20/31 | 50000 | 50057 |
|  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 | Madison Park Funding XLVIII Ltd. Series 2021-48A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% (3 mo. USD Term SOFR + 1.412%) *<sup>(1),(2)</sup>* | 04/19/33 | 3390073 | 3398951 |
|  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 | Navient Private Education Refi Loan Trust Series 2021-GA, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.58% *<sup>(2)</sup>* | 04/15/70 | 1976865 | 1797448 |
|  Octagon 57 Ltd. Series 2021-1A, Class AR | Octagon 57 Ltd. Series 2021-1A, Class AR | Octagon 57 Ltd. Series 2021-1A, Class AR | Octagon 57 Ltd. Series 2021-1A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.96% (3 mo. USD Term SOFR + 1.070%) *<sup>(1),(2)</sup>* | 10/15/34 | 1335000 | 1335977 |
|  Rockford Tower CLO Ltd. Series 2019-1A, Class AR2 | Rockford Tower CLO Ltd. Series 2019-1A, Class AR2 | Rockford Tower CLO Ltd. Series 2019-1A, Class AR2 | Rockford Tower CLO Ltd. Series 2019-1A, Class AR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.98% (3 mo. USD Term SOFR + 1.100%) *<sup>(1),(2)</sup>* | 04/20/34 | 1450000 | 1449271 |
|  Skyline Aviation, Inc. Class A | 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 | 3637885 | 3416058 |
|  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 | SLM Student Loan Trust Series 2003-7A, Class A5A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.83% (90 day USD SOFR Average + 1.462%) *<sup>(1),(2)</sup>* | 12/15/33 | 1022266 | 1005531 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  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 | SLM Student Loan Trust Series 2008-2, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.77% (90 day USD SOFR Average + 1.462%) *<sup>(1)</sup>* | 01/25/83 | 710000 | 744359 |
|  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 | SLM Student Loan Trust Series 2008-3, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.77% (90 day USD SOFR Average + 1.462%) *<sup>(1)</sup>* | 04/26/83 | 710000 | 730455 |
|  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 | SLM Student Loan Trust Series 2008-4, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.22% (90 day USD SOFR Average + 1.912%) *<sup>(1)</sup>* | 07/25/22 | 1158754 | 1162228 |
|  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 | SLM Student Loan Trust Series 2008-4, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.42% (90 day USD SOFR Average + 2.112%) *<sup>(1)</sup>* | 04/25/73 | 710000 | 741829 |
|  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 | SLM Student Loan Trust Series 2008-5, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.42% (90 day USD SOFR Average + 2.112%) *<sup>(1)</sup>* | 07/25/73 | 710000 | 745738 |
|  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 | SLM Student Loan Trust Series 2008-6, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.42% (90 day USD SOFR Average + 2.112%) *<sup>(1)</sup>* | 07/26/83 | 710000 | 731928 |
|  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 | SLM Student Loan Trust Series 2008-7, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.42% (90 day USD SOFR Average + 2.112%) *<sup>(1)</sup>* | 07/26/83 | 710000 | 705419 |
|  Symphony CLO XXIV Ltd. Series 2020-24A, Class A1R | Symphony CLO XXIV Ltd. Series 2020-24A, Class A1R | Symphony CLO XXIV Ltd. Series 2020-24A, Class A1R | Symphony CLO XXIV Ltd. Series 2020-24A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.26% (3 mo. USD Term SOFR + 1.130%) *<sup>(1),(2)</sup>* | 10/23/35 | 1475000 | 1475417 |
|  Thompson Park CLO Ltd. Series 2021-1A, Class A1R | Thompson Park CLO Ltd. Series 2021-1A, Class A1R | Thompson Park CLO Ltd. Series 2021-1A, Class A1R | Thompson Park CLO Ltd. Series 2021-1A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% (3 mo. USD Term SOFR + 1.050%) *<sup>(1),(2)</sup>* | 04/15/34 | 1100000 | 1100546 |
|  **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |
|  (Cost: $27,554,446) | (Cost: $27,554,446) |  | 27504965 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 4.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 4.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 4.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 4.3%** |
|  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 | BAMLL Commercial Mortgage Securities Trust Series 2018-PARK, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09% *<sup>(2),(6)</sup>* | 08/10/38 | 1930000 | 1891905 |
|  BX Trust Series 2019-OC11, Class A | 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 | 1406829 |

---

*See accompanying Notes to Financial Statements.* 

------

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **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)** |
|  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 | CSAIL Commercial Mortgage Trust Series 2020-C19, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56% | 03/15/53 | 3004000 | 2737115 |
|  DGWD Trust Series 2025-INFL, Class B | DGWD Trust Series 2025-INFL, Class B | DGWD Trust Series 2025-INFL, Class B | DGWD Trust Series 2025-INFL, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.83% (1 mo. USD Term SOFR + 1.800%) *<sup>(1),(2)</sup>* | 08/15/35 | 1200000 | 1204283 |
|  Extended Stay America Trust Series 2025-ESH, Class B | Extended Stay America Trust Series 2025-ESH, Class B | Extended Stay America Trust Series 2025-ESH, Class B | Extended Stay America Trust Series 2025-ESH, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% (1 mo. USD Term SOFR + 1.600%) *<sup>(1),(2)</sup>* | 10/15/42 | 1145000 | 1150495 |
|  Hilton USA Trust Series 2025-NVIL, Class A | Hilton USA Trust Series 2025-NVIL, Class A | Hilton USA Trust Series 2025-NVIL, Class A | Hilton USA Trust Series 2025-NVIL, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.78% (1 mo. USD Term SOFR + 1.743%) *<sup>(1),(2)</sup>* | 07/15/42 | 800000 | 804354 |
|  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 | Hudson Yards Mortgage Trust Series 2019-30HY, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23% *<sup>(2)</sup>* | 07/10/39 | 2185000 | 2088073 |
|  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 | Hudson Yards Mortgage Trust Series 2019-55HY, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94% *<sup>(2),(6)</sup>* | 12/10/41 | 1180000 | 1107395 |
|  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 | JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40% *<sup>(2)</sup>* | 06/05/39 | 1160000 | 1096893 |
|  LoanCore Issuer LLC Series 2025-CRE9, Class AS | LoanCore Issuer LLC Series 2025-CRE9, Class AS | LoanCore Issuer LLC Series 2025-CRE9, Class AS | LoanCore Issuer LLC Series 2025-CRE9, Class AS |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.76% (1 mo. USD Term SOFR + 1.700%) *<sup>(1),(2)</sup>* | 08/18/42 | 475000 | 475739 |
|  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 | One Bryant Park Trust Series 2019-OBP, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52% *<sup>(2)</sup>* | 09/15/54 | 1495000 | 1380857 |
|  SCG Trust Series 2025-SNIP, Class B | SCG Trust Series 2025-SNIP, Class B | SCG Trust Series 2025-SNIP, Class B | SCG Trust Series 2025-SNIP, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.68% (1 mo. USD Term SOFR + 1.650%) *<sup>(1),(2)</sup>* | 09/15/42 | 1430000 | 1432532 |
|  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 | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87% *<sup>(2),(6)</sup>* | 01/05/43 | 1710000 | 1478063 |
|  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 | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14% *<sup>(2),(6)</sup>* | 01/05/43 | 70000 | 60878 |
|  WBHT Commercial Mortgage Trust Series 2025-WBM, Class A | WBHT Commercial Mortgage Trust Series 2025-WBM, Class A | WBHT Commercial Mortgage Trust Series 2025-WBM, Class A | WBHT Commercial Mortgage Trust Series 2025-WBM, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.77% (1 mo. USD Term SOFR + 1.742%) *<sup>(1),(2)</sup>* | 06/15/42 | 1235000 | 1238291 |
|  **Total Commercial Mortgage-Backed Securities — Non-Agency** | **Total Commercial Mortgage-Backed Securities — Non-Agency** | **Total Commercial Mortgage-Backed Securities — Non-Agency** |  |
|  (Cost: $20,178,100) | (Cost: $20,178,100) |  | 19553702 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 33.7%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 33.7%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 33.7%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 33.7%** |
|  Federal Home Loan Mortgage Corp., Pool #A97179 | 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 | 753677 | 755640 |
|  Federal Home Loan Mortgage Corp., Pool #G06360 | 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 | 850235 | 833462 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 #G06498 | 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 | $588448 | $575674 |
|  Federal Home Loan Mortgage Corp., Pool #G06499 | 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 | 385975 | 377590 |
|  Federal Home Loan Mortgage Corp., Pool #G07849 | 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 | 510767 | 489528 |
|  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 | 961450 | 875890 |
|  Federal Home Loan Mortgage Corp., Pool #G08711 | 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 | 1546886 | 1457155 |
|  Federal Home Loan Mortgage Corp., Pool #G08715 | 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 | 1867447 | 1701262 |
|  Federal Home Loan Mortgage Corp., Pool #G08716 | 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 | 1047489 | 986727 |
|  Federal Home Loan Mortgage Corp., Pool #G08721 | 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 | 1496050 | 1362916 |
|  Federal Home Loan Mortgage Corp., Pool #G08722 | 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 | 417323 | 393115 |
|  Federal Home Loan Mortgage Corp., Pool #G08726 | 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 | 1445000 | 1316409 |
|  Federal Home Loan Mortgage Corp., Pool #G08732 | 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 | 1452489 | 1323232 |
|  Federal Home Loan Mortgage Corp., Pool #G08816 | 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 | 210886 | 197917 |
|  Federal Home Loan Mortgage Corp., Pool #G08826 | 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 | 194497 | 197226 |
|  Federal Home Loan Mortgage Corp., Pool #G08843 | 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 | 735259 | 728974 |
|  Federal Home Loan Mortgage Corp., Pool #G60038 | 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 | 734088 | 699559 |
|  Federal Home Loan Mortgage Corp., Pool #G60344 | 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 | 370330 | 360659 |
|  Federal Home Loan Mortgage Corp., Pool #G67706 | 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 | 431941 | 408034 |
|  Federal Home Loan Mortgage Corp., Pool #G67707 | 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 | 4753828 | 4502606 |
|  Federal Home Loan Mortgage Corp., Pool #G67718 | 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 | 1085573 | 1052966 |
|  Federal Home Loan Mortgage Corp., Pool #Q05261 | 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 | 691463 | 665355 |
|  Federal Home Loan Mortgage Corp., Pool #Q20178 | 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 | 1468396 | 1409845 |
|  Federal Home Loan Mortgage Corp., Pool #SD0231 | 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 | 3374202 | 3053729 |
|  Federal Home Loan Mortgage Corp., Pool #SD8178 | 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 | 4547432 | 3884945 |
|  Federal Home Loan Mortgage Corp., Pool #SD8238 | 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 | 1459329 | 1430147 |

---

*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., Pool #SD8257 | Federal Home Loan Mortgage Corp., Pool #SD8257 | Federal Home Loan Mortgage Corp., Pool #SD8257 | Federal Home Loan Mortgage Corp., Pool #SD8257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/01/52 | $1063447 | $1041853 |
|  Federal Home Loan Mortgage Corp., Pool #SD8266 | Federal Home Loan Mortgage Corp., Pool #SD8266 | Federal Home Loan Mortgage Corp., Pool #SD8266 | Federal Home Loan Mortgage Corp., Pool #SD8266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 11/01/52 | 431448 | 422621 |
|  Federal Home Loan Mortgage Corp., Pool #SL1660 | Federal Home Loan Mortgage Corp., Pool #SL1660 | Federal Home Loan Mortgage Corp., Pool #SL1660 | Federal Home Loan Mortgage Corp., Pool #SL1660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/01/53 | 877873 | 860047 |
|  Federal Home Loan Mortgage Corp., Pool #ZM1779 | 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 | 905726 | 824178 |
|  Federal Home Loan Mortgage Corp., Pool #ZT1703 | 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 | 739114 | 716021 |
|  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 | Federal Home Loan Mortgage Corp. REMICS Series 2439, Class KZ |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 04/15/32 | 34824 | 36260 |
|  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) | Federal Home Loan Mortgage Corp. REMICS Series 2575, Class FD (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% (30 day USD SOFR Average + 0.564%) *<sup>(1)</sup>* | 02/15/33 | 102973 | 102909 |
|  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) | Federal Home Loan Mortgage Corp. REMICS Series 2662, Class MT (TAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/15/33 | 30694 | 30899 |
|  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) | Federal Home Loan Mortgage Corp. REMICS Series 3315, Class S (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.06% (-30 day USD SOFR Average + 6.296%) *<sup>(1)</sup>* | 05/15/37 | 2859 | 169 |
|  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) | Federal Home Loan Mortgage Corp. REMICS Series 3339, Class JS (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.57% (-30 day USD SOFR Average + 42.091%) *<sup>(1)</sup>* | 07/15/37 | 119125 | 169590 |
|  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 | Federal Home Loan Mortgage Corp. REMICS Series 3351, Class ZC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 07/15/37 | 106889 | 109379 |
|  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) | Federal Home Loan Mortgage Corp. REMICS Series 3380, Class SM (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.06% (-30 day USD SOFR Average + 6.296%) *<sup>(1)</sup>* | 10/15/37 | 165067 | 16886 |
|  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 | Federal Home Loan Mortgage Corp. REMICS Series 3382, Class FL |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% (30 day USD SOFR Average + 0.814%) *<sup>(1)</sup>* | 11/15/37 | 36757 | 36932 |
|  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) | Federal Home Loan Mortgage Corp. REMICS Series 3439, Class SC (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55% (-30 day USD SOFR Average + 5.786%) *<sup>(1)</sup>* | 04/15/38 | 650187 | 42225 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 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) | Federal Home Loan Mortgage Corp. REMICS Series 3578, Class DI (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30% (-30 day USD SOFR Average + 6.536%) *<sup>(1)</sup>* | 04/15/36 | $221511 | $21771 |
|  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 | Federal Home Loan Mortgage Corp. REMICS Series 4818, Class CA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 04/15/48 | 356255 | 319998 |
|  Federal National Mortgage Association, Pool #596686 | 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 | 3232 | 3398 |
|  Federal National Mortgage Association, Pool #727575 | 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 | 9468 | 9631 |
|  Federal National Mortgage Association, Pool #748751 | 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 | 27419 | 28255 |
|  Federal National Mortgage Association, Pool #AL0209 | 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 | 208086 | 208382 |
|  Federal National Mortgage Association, Pool #AL0851 | 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 | 193423 | 205008 |
|  Federal National Mortgage Association, Pool #AN0245 | 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 | 1528147 | 1473715 |
|  Federal National Mortgage Association, Pool #AS9830 | 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 | 413301 | 399137 |
|  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 | 2146723 | 1942833 |
|  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 | 3074687 | 2511079 |
|  Federal National Mortgage Association, Pool #BV7937 | 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 | 3928281 | 3746591 |
|  Federal National Mortgage Association, Pool #BV8464 | 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 | 665019 | 591900 |
|  Federal National Mortgage Association, Pool #BX8625 | 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 | 4649533 | 4637140 |
|  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 | 999231 | 989596 |
|  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 | 688933 | 682289 |
|  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 | 552497 | 547169 |
|  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 | 6309384 | 5160733 |
|  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 | 5819037 | 5025254 |
|  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 | 6349188 | 5471292 |
|  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 | 8449947 | 6920517 |
|  Federal National Mortgage Association, Pool #FM2318 | 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 | 215660 | 202350 |
|  Federal National Mortgage Association, Pool #FM2870 | 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 | 1446405 | 1309029 |

---

*See accompanying Notes to Financial Statements.* 

------

October 31, 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, Pool #FS4233 | 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 | $5564058 | $5451075 |
|  Federal National Mortgage Association, Pool #FS4701 | 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 | 3068447 | 3003926 |
|  Federal National Mortgage Association, Pool #FS6953 | 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 | 2381029 | 2271271 |
|  Federal National Mortgage Association, Pool #MA1146 | 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 | 443728 | 432324 |
|  Federal National Mortgage Association, Pool #MA1561 | 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 | 771474 | 747134 |
|  Federal National Mortgage Association, Pool #MA1584 | 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 | 1130195 | 1108992 |
|  Federal National Mortgage Association, Pool #MA3182 | 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 | 247114 | 231841 |
|  Federal National Mortgage Association, Pool #MA4093 | 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 | 3359937 | 2962510 |
|  Federal National Mortgage Association, Pool #MA4281 | 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 | 6365472 | 5217401 |
|  Federal National Mortgage Association, Pool #MA4387 | 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 | 482516 | 421863 |
|  Federal National Mortgage Association, Pool #MA4512 | 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 | 1569815 | 1340145 |
|  Federal National Mortgage Association, Pool #MA4655 | 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 | 3538172 | 3370783 |
|  Federal National Mortgage Association, Pool #MA5138 | 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 | 3020917 | 3062645 |
|  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) | Federal National Mortgage Association Interest STRIPS Series 426, Class C39 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 09/25/51 | 2665089 | 356083 |
|  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) | Federal National Mortgage Association Interest STRIPS Series 426, Class C43 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 07/25/50 | 2311844 | 301230 |
|  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) | Federal National Mortgage Association Interest STRIPS Series 426, Class C44 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/25/52 | 5711146 | 754797 |
|  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) | Federal National Mortgage Association Interest STRIPS Series 426, Class C45 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 07/25/51 | 6728256 | 885071 |
|  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) | Federal National Mortgage Association REMICS Series 2001-14, Class SH (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.78% (-30 day USD SOFR Average + 27.424%) *<sup>(1)</sup>* | 03/25/30 | 11456 | 12180 |
|  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 | Federal National Mortgage Association REMICS Series 2001-34, Class FV |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% (30 day USD SOFR Average + 0.614%) *<sup>(1)</sup>* | 08/25/31 | 25893 | 25918 |
|  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 | Federal National Mortgage Association REMICS Series 2007-89, Class GF |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.82% (30 day USD SOFR Average + 0.634%) *<sup>(1)</sup>* | 09/25/37 | 158943 | 159048 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 2008-30, 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) | Federal National Mortgage Association REMICS Series 2008-30, Class SA (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% (-30 day USD SOFR Average + 6.736%) *<sup>(1)</sup>* | 04/25/38 | $34769 | $4176 |
|  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) | Federal National Mortgage Association REMICS Series 2008-62, Class SN (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90% (-30 day USD SOFR Average + 6.086%) *<sup>(1)</sup>* | 07/25/38 | 40974 | 2986 |
|  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 | Federal National Mortgage Association REMICS Series 2009-64, Class TB |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 08/25/29 | 206697 | 205616 |
|  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) | Federal National Mortgage Association REMICS Series 2009-68, Class SA (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45% (-30 day USD SOFR Average + 6.636%) *<sup>(1)</sup>* | 09/25/39 | 27780 | 3126 |
|  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) | Federal National Mortgage Association REMICS Series 2010-26, Class AS (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.03% (-30 day USD SOFR Average + 6.216%) *<sup>(1)</sup>* | 03/25/40 | 393171 | 40189 |
|  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 | Federal National Mortgage Association REMICS Series 2011-111, Class DB |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/25/41 | 894647 | 881475 |
|  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 | Federal National Mortgage Association REMICS Series 2018-38, Class LA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/25/48 | 686695 | 620508 |
|  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 | Federal National Mortgage Association REMICS Series 2018-43, Class CT |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/25/48 | 510763 | 461513 |
|  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 | Federal National Mortgage Association REMICS Series 2019-79, Class FA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% (30 day USD SOFR Average + 0.614%) *<sup>(1)</sup>* | 01/25/50 | 1257533 | 1239276 |
|  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) | Federal National Mortgage Association REMICS Series 2023-39, Class AI (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 07/25/52 | 19385364 | 2490467 |
|  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) | Federal National Mortgage Association REMICS Trust Series 2004-W10, Class A6 (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 08/25/34 | 437013 | 446353 |
|  Government National Mortgage Association, Pool #608259 | 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 | 9682 | 9750 |
|  Government National Mortgage Association, Pool #782114 | 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 | 40623 | 41528 |
|  Government National Mortgage Association, Pool #MA3521 | 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 | 687976 | 642863 |
|  Government National Mortgage Association, Pool #MA3597 | 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 | 667399 | 623650 |
|  Government National Mortgage Association, Pool #MA3662 | 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 | 297993 | 271775 |

---

*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, Pool #MA3663 | 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 | $651215 | $608527 |
|  Government National Mortgage Association, Pool #MA4127 | 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 | 943783 | 881917 |
|  Government National Mortgage Association, Pool #MA4454 | 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 | 226568 | 230987 |
|  Government National Mortgage Association, Pool #MA4589 | 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 | 517994 | 528098 |
|  Government National Mortgage Association, Pool #MA4722 | 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 | 165730 | 168822 |
|  Government National Mortgage Association, Pool #MA4777 | 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 | 214462 | 195390 |
|  Government National Mortgage Association, Pool #MA4838 | 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 | 485731 | 468130 |
|  Government National Mortgage Association, Pool #MA4901 | 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 | 837400 | 807054 |
|  Government National Mortgage Association, Pool #MA5078 | 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 | 593429 | 571924 |
|  Government National Mortgage Association, Pool #MA5399 | 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 | 1162261 | 1153824 |
|  Government National Mortgage Association, Pool #MA5466 | 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 | 40581 | 39050 |
|  Government National Mortgage Association, Pool #MA5467 | 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 | 71077 | 70561 |
|  Government National Mortgage Association, Pool #MA6030 | 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 | 64928 | 59329 |
|  Government National Mortgage Association, Pool #MA6209 | 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 | 468311 | 417451 |
|  Government National Mortgage Association, Pool #MA8347 | 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 | 2744171 | 2697728 |
|  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) | Government National Mortgage Association REMICS Series 2008-27, Class SI (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.32% (-1 mo. USD Term SOFR + 6.356%) *<sup>(1)</sup>* | 03/20/38 | 111587 | 12072 |
|  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) | Government National Mortgage Association REMICS Series 2008-81, Class S (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05% (-1 mo. USD Term SOFR + 6.086%) *<sup>(1)</sup>* | 09/20/38 | 427287 | 42375 |
|  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) | Government National Mortgage Association REMICS Series 2010-1, Class S (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60% (-1 mo. USD Term SOFR + 5.636%) *<sup>(1)</sup>* | 01/20/40 | 645807 | 56960 |
|  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 | Government National Mortgage Association REMICS Series 2018-124, Class NW |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/20/48 | 593120 | 551902 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 2023-134, Class F | 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; 5.18% (30 day USD SOFR Average + 1.000%) *<sup>(1)</sup>* | 08/20/53 | 555561 | 555668 |
|  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 | Government National Mortgage Association REMICS Series 2024-30, Class CF |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.43% (30 day USD SOFR Average + 1.250%) *<sup>(1)</sup>* | 02/20/54 | 866291 | 870414 |
|  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 | Government National Mortgage Association REMICS Series 2024-97, Class FW |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.33% (30 day USD SOFR Average + 1.150%) *<sup>(1)</sup>* | 06/20/54 | 174520 | 175107 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *<sup>(7)</sup>* | 12/01/51 | 5300000 | 4590123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(7)</sup>* | 02/01/52 | 4125000 | 3775800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(7)</sup>* | 05/01/52 | 2800000 | 2647646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(7)</sup>* | 08/01/54 | 1875000 | 1829587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(7)</sup>* | 04/01/55 | 4350000 | 4336328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(7)</sup>* | 05/01/55 | 4125000 | 4159774 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(7)</sup>* | 04/01/55 | 275000 | 273663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(7)</sup>* | 04/01/55 | 3825000 | 3864971 |
|  **Total Residential Mortgage-Backed Securities — Agency** | **Total Residential Mortgage-Backed Securities — Agency** | **Total Residential Mortgage-Backed Securities — Agency** |  |
|  (Cost: $157,810,433) | (Cost: $157,810,433) |  | 154600268 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY— 8.9%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY— 8.9%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY— 8.9%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY— 8.9%** |
|  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 | Ajax Mortgage Loan Trust Series 2019-F, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.86% *<sup>(2)</sup>* | 07/25/59 | 1073697 | 1049312 |
|  Angel Oak Mortgage Trust Series 2025-8, Class A1 | Angel Oak Mortgage Trust Series 2025-8, Class A1 | Angel Oak Mortgage Trust Series 2025-8, Class A1 | Angel Oak Mortgage Trust Series 2025-8, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41% *<sup>(2)</sup>* | 07/25/70 | 1475564 | 1485057 |
|  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 | Bayview MSR Opportunity Master Fund Trust Series 2021-5, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *<sup>(2),(6)</sup>* | 11/25/51 | 3142499 | 2828038 |
|  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 | Citigroup Mortgage Loan Trust, Inc. Series 2005-5, Class 2A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 08/25/35 | 110878 | 96951 |
|  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 | Citigroup Mortgage Loan Trust, Inc. Series 2006-AMC1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40% (1 mo. USD Term SOFR + 0.404%)*<sup>(1),(2)</sup>* | 09/25/36 | 2476586 | 2425362 |
|  Cross Mortgage Trust Series 2025-H2, Class A1 | Cross Mortgage Trust Series 2025-H2, Class A1 | Cross Mortgage Trust Series 2025-H2, Class A1 | Cross Mortgage Trust Series 2025-H2, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.36% *<sup>(2),(6)</sup>* | 03/25/70 | 1332541 | 1337699 |
|  CSMC Trust Series 2018-RPL9, Class A | 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 | 1721481 | 1666717 |
|  CSMC Trust Series 2022-ATH2, Class A1 | 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 | 2602629 | 2595315 |
|  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 | Fremont Home Loan Trust Series 2005-E, Class 2A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.77% (1 mo. USD Term SOFR + 0.774%) *<sup>(1)</sup>* | 01/25/36 | 2722634 | 2646528 |

---

*See accompanying Notes to Financial Statements.* 

------

October 31, 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)** |
|  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 | GS Mortgage-Backed Securities Trust Series 2018-RPL1, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% *<sup>(2)</sup>* | 10/25/57 | $1193101 | $1171529 |
|  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 | GS Mortgage-Backed Securities Trust Series 2021-INV1, Class A6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *<sup>(2),(6)</sup>* | 12/25/51 | 3046388 | 2732316 |
|  GS Mortgage-Backed Securities Trust Series 2025-PJ6, Class A5 | GS Mortgage-Backed Securities Trust Series 2025-PJ6, Class A5 | GS Mortgage-Backed Securities Trust Series 2025-PJ6, Class A5 | GS Mortgage-Backed Securities Trust Series 2025-PJ6, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(2),(6)</sup>* | 11/25/55 | 1508186 | 1517545 |
|  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 | GSAA Home Equity Trust Series 2005-11, Class 2A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% (1 mo. USD Term SOFR + 0.754%) *<sup>(1)</sup>* | 10/25/35 | 220068 | 243484 |
|  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 | IndyMac INDX Mortgage Loan Trust Series 2005-AR6, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.59% (1 mo. USD Term SOFR + 0.594%) *<sup>(1)</sup>* | 04/25/35 | 396477 | 329424 |
|  JPMorgan Mortgage Trust Series 2021-INV3, Class A3 | 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 | 3906048 | 3517956 |
|  JPMorgan Mortgage Trust Series 2021-INV5, Class A3 | 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 | 4463330 | 4129574 |
|  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 | Morgan Stanley ABS Capital I, Inc. Trust Series 2004-WMC2, Class M1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02% (1 mo. USD Term SOFR + 1.029%) *<sup>(1)</sup>* | 07/25/34 | 374217 | 378182 |
|  Morgan Stanley Mortgage Loan Trust Series 2004-3, Class 4A 5.63% *<sup>(6)</sup>* | 04/25/34 | 50854 | 50287 |
|  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 | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-WCW2, Class M3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.93% (1 mo. USD Term SOFR + 0.939%) *<sup>(1)</sup>* | 07/25/35 | 3329969 | 3241974 |
|  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 | Starwood Mortgage Residential Trust Series 2021-3, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13% *<sup>(2),(6)</sup>* | 06/25/56 | 1614338 | 1434148 |
|  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 | Structured Asset Investment Loan Trust Series 2004-6, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91% (1 mo. USD Term SOFR + 0.914%) *<sup>(1)</sup>* | 07/25/34 | 1147597 | 1203059 |
|  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 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR15, Class A1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% (1 mo. USD Term SOFR + 0.634%) *<sup>(1)</sup>* | 11/25/45 | 3129731 | 2960498 |
|  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 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR3, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.93% *<sup>(6)</sup>* | 03/25/35 | 333750 | 333111 |
|  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 | Wells Fargo Alternative Loan Trust Series 2007-PA3, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 07/25/37 | 34001 | 31090 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **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)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  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 | 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; 5.11% (1 mo. USD Term SOFR + 1.114%) *<sup>(1)</sup>* | 10/25/34 | $| 1568419 | 1619828 |
|  **Total Residential Mortgage-Backed Securities — Non-Agency** | **Total Residential Mortgage-Backed Securities — Non-Agency** | **Total Residential Mortgage-Backed Securities — Non-Agency** | **Total Residential Mortgage-Backed Securities — Non-Agency** |  |
|  (Cost: $40,149,849) | (Cost: $40,149,849) |  |  | 41024984 |
| **U.S. TREASURY SECURITIES—24.0%** | **U.S. TREASURY SECURITIES—24.0%** | **U.S. TREASURY SECURITIES—24.0%** | **U.S. TREASURY SECURITIES—24.0%** | **U.S. TREASURY SECURITIES—24.0%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 08/15/55 |  | 9092000 | 9216305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 08/15/45 |  | 17880000 | 18417797 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 10/31/27 |  | 3525000 | 3518459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 10/31/30 |  | 44912000 | 44748843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 10/31/32 |  | 17765000 | 17616496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 08/15/35 |  | 16337000 | 16542489 |
|  **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** |  |  |  |
|  (Cost: $109,250,541) | (Cost: $109,250,541) |  |  | 110060389 |
| **FOREIGN GOVERNMENT BONDS — 0.7%** | **FOREIGN GOVERNMENT BONDS — 0.7%** | **FOREIGN GOVERNMENT BONDS — 0.7%** | **FOREIGN GOVERNMENT BONDS — 0.7%** | **FOREIGN GOVERNMENT BONDS — 0.7%** |
| **Foreign Government Bonds — 0.1%** | **Foreign Government Bonds — 0.1%** | **Foreign Government Bonds — 0.1%** | **Foreign Government Bonds — 0.1%** | **Foreign Government Bonds — 0.1%** |
|  Israel Government International Bonds | 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 |  | 380000 | 394030 |
| **Regional (State & Province) — 0.6%** | **Regional (State & Province) — 0.6%** | **Regional (State & Province) — 0.6%** | **Regional (State & Province) — 0.6%** | **Regional (State & Province) — 0.6%** |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% *<sup>(3)</sup>* | 02/20/37 | AUD | 1180000 | 751722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% *<sup>(3)</sup>* | 02/24/38 | AUD | 625000 | 411730 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(2)</sup>* | 07/21/37 | AUD | 1180000 | 762290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% *<sup>(2)</sup>* | 08/13/38 | AUD | 930000 | 608806 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 11/20/37 | AUD | 590000 | 274608 |
|  |  |  |  | 2809156 |
|  **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **Total Foreign Government Bonds** |  |
|  (Cost: $3,202,161) | (Cost: $3,202,161) |  |  | 3203186 |
|  **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** |  |
|  (Cost: $442,026,672) | (Cost: $442,026,672) |  |  | 440229675 |
|  **PURCHASED OPTIONS** *<sup>(8)</sup>* **(0.0%)** (Cost: $222,196) | **PURCHASED OPTIONS** *<sup>(8)</sup>* **(0.0%)** (Cost: $222,196) | **PURCHASED OPTIONS** *<sup>(8)</sup>* **(0.0%)** (Cost: $222,196) | **PURCHASED OPTIONS** *<sup>(8)</sup>* **(0.0%)** (Cost: $222,196) | 26984 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | |
|:---|:---|:---|
| Issues | Shares | Value |
| **MONEY MARKET INVESTMENTS—10.5%** | **MONEY MARKET INVESTMENTS—10.5%** | **MONEY MARKET INVESTMENTS—10.5%** |
|  State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.01% *<sup>(9)</sup>* | 2863730 | $2863730 |
|  TCW Central Cash Fund, 4.07% *<sup>(9),(10)</sup>* | 45324011 | 45324011 |
|  **Total Money Market Investments** | **Total Money Market Investments** |  |
|  (Cost: $48,187,741) |  | 48187741 |
|  **Total Investments (106.4%)** |  |  |
|  (Cost: $490,436,609) |  | 488444400 |
|  **Liabilities In Excess Of Other Assets (-6.4%)** | **Liabilities In Excess Of Other Assets (-6.4%)** | (29471732) |
|  **Net Assets (100.0%)** |  | $458972668 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
| **Number of<br>Contracts** | **Type** | **Expiration<br>Date** | **Notional** | **Market Value** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Futures** |  |  |  |  |  |
| 532 | 2-Year U.S. Treasury Note Futures | 12/31/25 | $110835851 | $110784844 | $(51007) |
| 42 | 5-Year U.S. Treasury Note Futures | 12/31/25 | 4587829 | 4586859 | (970) |
| 6 | Euro-Bobl Futures | 12/8/25 | 816282 | 818974 | 2692 |
| 23 | U.S. Long Bond Futures | 12/19/25 | 2620384 | 2698188 | 77804 |
| 167 | U.S. Ultra Long Bond Futures | 12/19/25 | 19486485 | 20253969 | 767484 |
|  |  |  | $138346831 | $139142834 | $796003 |
|  **Short Futures** |  |  |  |  |  |
| 7 | 3-Year Australian Bond Futures | 12/15/25 | $(491341) | $(489065) | $2276 |
| 48 | 10-Year Australian Bond Futures | 12/15/25 | (3569603) | (3570068) | (465) |
| 48 | 10-Year U.S. Treasury Note Futures | 12/19/25 | (5465993) | (5543250) | (77257) |
| 10 | 30-Year Euro-Buxl Futures | 12/8/25 | (1303862) | (1340257) | (36395) |
| 37 | Euro-Bund Futures | 12/8/25 | (5468424) | (5525652) | (57228) |
| 2 | Long Gilt Futures | 12/29/25 | (238605) | (246005) | (7400) |
|  |  |  | $(16537828) | $(16714297) | $(176469) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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<br>for USD** | **Contracts at<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **BUY** *<sup>(11)</sup>* |  |  |  |  |  |  |
|  Goldman Sachs & Co. | EUR | 1527286 | 01/09/26 | $1773173 | $1769384 | $(3789) |
|  |  |  |  | $1773173 | $1769384 | $(3789) |
|  **SELL** *<sup>(12)</sup>* |  |  |  |  |  |  |
|  Citibank N.A. | GBP | 469223 | 01/09/26 | $630396 | $616517 | $13879 |
|  Bank of New York | AUD | 4834658 | 01/09/26 | 3193698 | 3167129 | 26569 |
|  Citibank N.A. | EUR | 9194478 | 01/09/26 | 10811696 | 10651938 | 159758 |
|  |  |  |  | $14635790 | $14435584 | $200206 |

---

*See accompanying Notes to Financial Statements.* 

------

October 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Swaptions | Swaptions | Swaptions | Swaptions | Swaptions | Swaptions | Swaptions | Swaptions | Swaptions |
| **Description** | **Counterparty** | **Coupon<br>Rate (%)** | **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)** |
|  **Purchased Swaptions — OTC** | **Purchased Swaptions — OTC** |  |  |  |  |  |  |  |
|  2-Year Interest Rate Swap | Citibank N.A. | 4.00 | 3/31/26 | 24872000 | 24872000 | $7312 | $42780 | $(35468) |
|  5-Year Interest Rate Swap | JPMorgan Chase Bank | 4.22 | 3/31/26 | 10393000 | 10393000 | 7452 | 46769 | (39317) |
|  5-Year Interest Rate Swap | JPMorgan Chase Bank | 4.22 | 2/27/26 | 10393000 | 10393000 | 4271 | 39494 | (35223) |
|  2-Year Interest Rate Swap | Goldman Sachs | 4.05 | 2/3/28 | 24872000 | 24872000 | 1870 | 28602 | (26732) |
|  2-Year Interest Rate Swap | Goldman Sachs | 4.03 | 3/3/28 | 24872000 | 24872000 | 3994 | 32333 | (28339) |
|  5-Year Interest Rate Swap | Bank of America | 4.22 | 1/30/26 | 10393000 | 10393000 | 2085 | 32218 | (30133) |
|  Total Swaptions |  |  |  |  |  | $26984 | $222196 | $(195212) |

---

#### Notes to the Schedule of Investments:
*ABS* *Asset-Backed 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.* 

*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.* 

*AUD* *Australian Dollar.* 

*EUR* *Euro Currency.* 

*GBP* *British Pound Sterling.* 

*(1)* *Floating or variable rate security. The interest shown reflects the rate in effect at October 31, 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 October 31, 2025, the value of these securities amounted to $77,215,179 or 16.8% 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 October 31, 2025, the value of these securities amounted to $8,598,125 or 1.9% 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)* *Security purchased on a forward commitment with an approximate principal amount. The actual principal amount and maturity date will be determined upon settlement when the security is delivered.* 

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

*(9)* *Rate disclosed is the 7-day net yield as of October 31, 2025.* 

*(10)* *Affiliated issuer.* 

*(11)* *Fund buys foreign currency, sells USD.* 

*(12)* *Fund sells foreign currency, buys USD.* 

*See accompanying Notes to Financial Statements.* 

------

## TCW Core Fixed Income Fund
Schedule of Investments (Continued)

The summary of the TCW Core Fixed Income Fund transactions in the affiliated funds for the year ended October 31, 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 Held<br>October 31,<br>2025** | **Value at<br>October 31,<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** |
|  | $58589783 | $1504094228 | $1517360000 | 45324011 | $45324011 | $3203042 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $45324011 | $3203042 | $— | $— | $— |

---

*See accompanying Notes to Financial Statements.* 

------

Fair Valuation Summary October 31, 2025

The following is a summary of the fair valuations according to the inputs used as of October 31, 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 | $— | $154600268 | $— | $154600268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 110060389 |  | 110060389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 80931794 |  | 80931794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities — Non-Agency |  | 41024984 |  | 41024984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 24088907 | 3416058 | 27504965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities — Non-Agency |  | 19553702 |  | 19553702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 3350387 |  | 3350387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Bonds |  | 3203186 |  | 3203186 |
|  Total Fixed Income Securities |  | 436813617 | 3416058 | 440229675 |
|  Equity Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Investments | 48187741 |  |  | 48187741 |
|  Swaptions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Swaptions — OTC |  | 26984 |  | 26984 |
|  Total Investments | $48187741 | $436840601 | $3416058 | $488444400 |
|  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 |  | 200206 |  | 200206 |
| &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 | 850256 |  |  | 850256 |
|  Total | $49037997 | $437040807 | $3416058 | $489494862 |
|  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 | $(230722) | $— | $— | $(230722) |
| &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 |  | (3789) |  | (3789) |
|  Total | $(230722) | $(3789) | $— | $(234511) |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW Global Bond Fund
Schedule of Investments

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **FIXED INCOME SECURITIES — 99.1% of Net Assets** | **FIXED INCOME SECURITIES — 99.1% of Net Assets** | **FIXED INCOME SECURITIES — 99.1% of Net Assets** | **FIXED INCOME SECURITIES — 99.1% of Net Assets** | **FIXED INCOME SECURITIES — 99.1% of Net Assets** |
| **ASSET-BACKED SECURITIES — 4.8%** | **ASSET-BACKED SECURITIES — 4.8%** | **ASSET-BACKED SECURITIES — 4.8%** | **ASSET-BACKED SECURITIES — 4.8%** | **ASSET-BACKED SECURITIES — 4.8%** |
|  Arbour CLO III DAC Series 3X, Class B1RR | Arbour CLO III DAC Series 3X, Class B1RR | 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; 3.66% (3 mo. EUR EURIBOR + 1.650%) *<sup>(1),(2)</sup>* | 07/15/34 | EUR | 100000 | $115190 |
|  Aurium CLO IX DAC Series 9X, Class A | Aurium CLO IX DAC Series 9X, Class A | 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; 3.02% (3 mo. EUR EURIBOR + 0.950%) *<sup>(1),(2)</sup>* | 10/28/34 | EUR | 100000 | 114948 |
|  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 | 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; 6.93% (30 day USD SOFR Average + 2.750%) *<sup>(1),(3)</sup>* | 06/25/47 |  | 74870 | 75601 |
|  CARS-DB4 LP Series 2020-1A, Class B3 | CARS-DB4 LP Series 2020-1A, Class B3 | CARS-DB4 LP Series 2020-1A, Class B3 | CARS-DB4 LP Series 2020-1A, Class B3 | CARS-DB4 LP Series 2020-1A, Class B3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% *<sup>(3)</sup>* | 02/15/50 |  | 100000 | 91527 |
|  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 | 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>(3)</sup>* | 04/15/39 |  | 88878 | 86691 |
|  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 | 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>(3)</sup>* | 12/26/51 |  | 25000 | 24435 |
|  Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC Series 2025-1A, Class A2 | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC Series 2025-1A, Class A2 | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC Series 2025-1A, Class A2 | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC Series 2025-1A, Class A2 | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC Series 2025-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% *<sup>(3)</sup>* | 05/20/55 |  | 20000 | 20461 |
|  Contego CLO VI DAC Series 6X, Class AR | Contego CLO VI DAC Series 6X, Class AR | 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; 2.82% (3 mo. EUR EURIBOR + 0.790%) *<sup>(1),(2)</sup>* | 04/15/34 |  | EUR 99,953 | 114918 |
|  eStruxture Issuer LP Series 2025-1, Class A2 | eStruxture Issuer LP Series 2025-1, Class A2 | eStruxture Issuer LP Series 2025-1, Class A2 | eStruxture Issuer LP Series 2025-1, Class A2 | eStruxture Issuer LP Series 2025-1, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.89% *<sup>(3)</sup>* | 07/20/55 | CAD | 55000 | 40137 |
|  Hertz Vehicle Financing LLC Series 2022-5A, Class B | Hertz Vehicle Financing LLC Series 2022-5A, Class B | Hertz Vehicle Financing LLC Series 2022-5A, Class B | Hertz Vehicle Financing LLC Series 2022-5A, Class B | Hertz Vehicle Financing LLC Series 2022-5A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28% *<sup>(3)</sup>* | 09/25/28 |  | 30000 | 29660 |
|  Sabey Data Center Issuer LLC Series 2023-1, Class A2 | Sabey Data Center Issuer LLC Series 2023-1, Class A2 | Sabey Data Center Issuer LLC Series 2023-1, Class A2 | Sabey Data Center Issuer LLC Series 2023-1, Class A2 | Sabey Data Center Issuer LLC Series 2023-1, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(3)</sup>* | 04/20/48 |  | 70000 | 70228 |
|  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 | SLM Student Loan Trust Series 2008-5, Class B | SLM Student Loan Trust Series 2008-5, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.42% (90 day USD SOFR Average + 2.112%) *<sup>(1)</sup>* | 07/25/73 |  | 50000 | 52517 |
|  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 | 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>(3)</sup>* | 05/28/39 | GBP | 100000 | 135229 |
|  **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |
|  (Cost: $923,121) | (Cost: $923,121) | (Cost: $923,121) | (Cost: $923,121) | 971542 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 19.2%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 19.2%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 19.2%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 19.2%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 19.2%** |
|  Federal Home Loan Mortgage Corp., Pool #SD8199 | Federal Home Loan Mortgage Corp., Pool #SD8199 | 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 |  | 117610 | 95940 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 #SD8204 | 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 | $201921 | $164857 |
|  Federal Home Loan Mortgage Corp., Pool #SD8189 | 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 | 38003 | 32443 |
|  Federal Home Loan Mortgage Corp., Pool #QD7360 | 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 | 40324 | 34427 |
|  Federal Home Loan Mortgage Corp., Pool #SD8212 | 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 | 86265 | 73643 |
|  Federal Home Loan Mortgage Corp., Pool #G08721 | 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 | 2571 | 2342 |
|  Federal Home Loan Mortgage Corp., Pool #G08732 | 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 | 3652 | 3327 |
|  Federal Home Loan Mortgage Corp., Pool #SD0231 | 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 | 74982 | 67861 |
|  Federal Home Loan Mortgage Corp., Pool #SD8213 | 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 | 101069 | 89957 |
|  Federal Home Loan Mortgage Corp., Pool #G08681 | 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 | 13143 | 12388 |
|  Federal Home Loan Mortgage Corp., Pool #G08698 | 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 | 12339 | 11623 |
|  Federal Home Loan Mortgage Corp., Pool #G08716 | 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 | 12605 | 11874 |
|  Federal Home Loan Mortgage Corp., Pool #G08722 | 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 | 1284 | 1210 |
|  Federal Home Loan Mortgage Corp., Pool #G08762 | 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 | 11339 | 10964 |
|  Federal Home Loan Mortgage Corp., Pool #ZT1703 | 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 | 29565 | 28641 |
|  Federal Home Loan Mortgage Corp., Pool #SD5323 | Federal Home Loan Mortgage Corp., Pool #SD5323 | Federal Home Loan Mortgage Corp., Pool #SD5323 | Federal Home Loan Mortgage Corp., Pool #SD5323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(4)</sup>* | 01/01/54 | 66964 | 63836 |
|  Federal Home Loan Mortgage Corp., Pool #SD8245 | 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 | 143876 | 140976 |
|  Federal Home Loan Mortgage Corp., Pool #SD8266 | Federal Home Loan Mortgage Corp., Pool #SD8266 | Federal Home Loan Mortgage Corp., Pool #SD8266 | Federal Home Loan Mortgage Corp., Pool #SD8266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 11/01/52 | 82181 | 80499 |
|  Federal Home Loan Mortgage Corp., Pool #SD8347 | 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 | 96675 | 94622 |
|  Federal Home Loan Mortgage Corp., Pool #SL1660 | Federal Home Loan Mortgage Corp., Pool #SL1660 | Federal Home Loan Mortgage Corp., Pool #SL1660 | Federal Home Loan Mortgage Corp., Pool #SL1660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/01/53 | 24385 | 23890 |
|  Federal Home Loan Mortgage Corp., Pool #G08833 | 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 | 1534 | 1557 |
|  Federal Home Loan Mortgage Corp., Pool #SD8491 | 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 | 18733 | 18650 |
|  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) | Federal Home Loan Mortgage Corp. REMICS Series 3439, Class SC (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55% (-30 day USD SOFR Average + 5.786%) *<sup>(1)</sup>* | 04/15/38 | 24828 | 1612 |

---

*See accompanying Notes to Financial Statements.* 

------

October 31, 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, Pool #MA4204 | 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 | $45359 | $39868 |
|  Federal National Mortgage Association, Pool #CB2610 | 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 | 59794 | 48987 |
|  Federal National Mortgage Association, Pool #CB3347 | 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 | 157497 | 128517 |
|  Federal National Mortgage Association, Pool #MA4563 | 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 | 78316 | 66863 |
|  Federal National Mortgage Association, Pool #BV4119 | 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 | 51521 | 43982 |
|  Federal National Mortgage Association, Pool #BV2994 | 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 | 80701 | 68893 |
|  Federal National Mortgage Association, Pool #MA1527 | 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 | 7411 | 7176 |
|  Federal National Mortgage Association, Pool #MA2705 | 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 | 46820 | 42605 |
|  Federal National Mortgage Association, Pool #FM2870 | 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 | 99324 | 89890 |
|  Federal National Mortgage Association, Pool #MA1652 | 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 | 12104 | 11873 |
|  Federal National Mortgage Association, Pool #AB3679 | 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 | 32514 | 31242 |
|  Federal National Mortgage Association, Pool #AB4045 | 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 | 44983 | 43257 |
|  Federal National Mortgage Association, Pool #AT5914 | 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 | 15428 | 14703 |
|  Federal National Mortgage Association, Pool #CA0996 | 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 | 38592 | 36352 |
|  Federal National Mortgage Association, Pool #BD7081 | 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 | 12114 | 11699 |
|  Federal National Mortgage Association, Pool #MA4626 | Federal National Mortgage Association, Pool #MA4626 | Federal National Mortgage Association, Pool #MA4626 | Federal National Mortgage Association, Pool #MA4626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(4)</sup>* | 06/01/52 | 168695 | 160945 |
|  Federal National Mortgage Association, Pool #MA4732 | Federal National Mortgage Association, Pool #MA4732 | Federal National Mortgage Association, Pool #MA4732 | Federal National Mortgage Association, Pool #MA4732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(4)</sup>* | 09/01/52 | 40549 | 38667 |
|  Federal National Mortgage Association, Pool #MA4804 | Federal National Mortgage Association, Pool #MA4804 | Federal National Mortgage Association, Pool #MA4804 | Federal National Mortgage Association, Pool #MA4804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(4)</sup>* | 11/01/52 | 105459 | 100532 |
|  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 | 1073 | 1062 |
|  Federal National Mortgage Association, Pool #MA4656 | Federal National Mortgage Association, Pool #MA4656 | Federal National Mortgage Association, Pool #MA4656 | Federal National Mortgage Association, Pool #MA4656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 07/01/52 | 116879 | 114560 |
|  Federal National Mortgage Association, Pool #MA4733 | 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 | 35600 | 34882 |
|  Federal National Mortgage Association, Pool #MA4917 | Federal National Mortgage Association, Pool #MA4917 | Federal National Mortgage Association, Pool #MA4917 | Federal National Mortgage Association, Pool #MA4917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 02/01/53 | 62437 | 61140 |
|  Federal National Mortgage Association, Pool #MA5008 | 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 | 25391 | 24856 |
|  Federal National Mortgage Association, Pool #FS7252 | 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 | 66025 | 65985 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 #MA5107 | 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 | $64272 | $65123 |
|  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) | Federal National Mortgage Association REMICS Series 2007-52, Class LS (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% (-30 day USD SOFR Average + 5.936%) *<sup>(1)</sup>* | 06/25/37 | 24880 | 2269 |
|  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) | Federal National Mortgage Association REMICS Series 2008-18, Class SM (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70% (-30 day USD SOFR Average + 6.886%) *<sup>(1)</sup>* | 03/25/38 | 27929 | 3310 |
|  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) | Federal National Mortgage Association REMICS Series 2009-115, Class SB (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% (-30 day USD SOFR Average + 6.136%) *<sup>(1)</sup>* | 01/25/40 | 15939 | 1579 |
|  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) | Federal National Mortgage Association REMICS Series 2010-116, Class SE (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30% (-30 day USD SOFR Average + 6.486%) *<sup>(1)</sup>* | 10/25/40 | 28115 | 2702 |
|  Government National Mortgage Association, Pool #MA3662 | 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 | 21505 | 19613 |
|  Government National Mortgage Association, Pool #MA3597 | 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 | 7852 | 7337 |
|  Government National Mortgage Association, Pool #MA3663 | 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 | 1127 | 1053 |
|  Government National Mortgage Association, Pool #MA3803 | 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 | 5240 | 4896 |
|  Government National Mortgage Association, Pool #MA4900 | 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 | 23891 | 22372 |
|  Government National Mortgage Association, Pool #MA5399 | 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 | 9699 | 9629 |
|  Government National Mortgage Association, Pool #MA8347 | 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 | 98536 | 96868 |
|  Government National Mortgage Association, Pool #MA9963 | 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 | 71479 | 69810 |
|  Government National Mortgage Association, Pool #MA4454 | 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 | 5583 | 5692 |
|  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) | Government National Mortgage Association REMICS Series 2011-146, Class EI (I/O) (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 11/16/41 | 24316 | 4511 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% <sup>(5)</sup> | 12/01/51 | 150000 | 129909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(5)</sup> | 05/01/52 | 225000 | 212757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% <sup>(5)</sup> | 08/01/54 | 100000 | 97578 |

---

*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)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(5)</sup>* | 04/01/55 | 225000 | 224293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(5)</sup>* | 05/01/55 | 50000 | 50421 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(5)</sup>* | 01/01/52 | 200000 | 184246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(5)</sup>* | 02/01/52 | 100000 | 94893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(5)</sup>* | 04/01/55 | 125000 | 124392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(5)</sup>* | 04/01/55 | 100000 | 101045 |
|  **Total Residential Mortgage-Backed Securities — Agency** | **Total Residential Mortgage-Backed Securities — Agency** | **Total Residential Mortgage-Backed Securities — Agency** | **Total Residential Mortgage-Backed Securities — Agency** |
|  (Cost: $3,952,698) | (Cost: $3,952,698) | (Cost: $3,952,698) | 3891973 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 5.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 5.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 5.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 5.1%** |
|  BPR Mortgage Trust Series 2023-STON, Class C | BPR Mortgage Trust Series 2023-STON, Class C | BPR Mortgage Trust Series 2023-STON, Class C | BPR Mortgage Trust Series 2023-STON, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.87% *<sup>(3),(6)</sup>* | 12/05/39 | 100000 | 102238 |
|  BX Mortgage Trust Series 2021-PAC, Class B | 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; 5.05% (1 mo. USD Term SOFR + 1.013%) *<sup>(1),(3)</sup>* | 10/15/36 | 100000 | 99744 |
|  BX Mortgage Trust Series 2021-PAC, Class E | 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; 6.09% (1 mo. USD Term SOFR + 2.062%) *<sup>(1),(3)</sup>* | 10/15/36 | 100000 | 99608 |
|  BX Trust Series 2022-CLS, Class C | 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>(3)</sup>* | 10/13/27 | 90000 | 88747 |
|  BXHPP Trust Series 2021-FILM, Class C | 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; 5.25% (1 mo. USD Term SOFR + 1.214%) *<sup>(1),(3)</sup>* | 08/15/36 | 89000 | 82171 |
|  Caister Finance DAC Series 1A, Class E | Caister Finance DAC Series 1A, Class E | Caister Finance DAC Series 1A, Class E | Caister Finance DAC Series 1A, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.73% (1 day GBP SONIA + 5.750%) *<sup>(1),(3)</sup>* | 08/17/35 | GBP 100,000 | 130969 |
|  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) | COMM Mortgage Trust Series 2012-CR4, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.14% *<sup>(6)</sup>* | 10/15/45 | 167201 | 3210 |
|  CRSO Trust Series 2023 | CRSO Trust Series 2023 | CRSO Trust Series 2023 | CRSO Trust Series 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.12% | 07/10/40 | 100000 | 104241 |
|  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) | JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C3, Class XB (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38% *<sup>(3),(6)</sup>* | 02/15/46 | 5730899 | 36544 |
|  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 | Last Mile Securities PE DAC Series 2021-1A, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.03% (3 mo. EUR EURIBOR + 5.000%) *<sup>(1),(3)</sup>* | 08/17/31 | EUR 99,979 | 115220 |
|  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 | UBS Commercial Mortgage Trust Series 2017-C3, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43% | 08/15/50 | 60000 | 58611 |
|  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 | Wells Fargo Commercial Mortgage Trust Series 2024-SVEN, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.01% *<sup>(3)</sup>* | 06/10/37 | 100000 | 103997 |
|  **Total Commercial Mortgage-Backed Securities — Non-agency** | **Total Commercial Mortgage-Backed Securities — Non-agency** | **Total Commercial Mortgage-Backed Securities — Non-agency** |  |
|  (Cost: $957,877) | (Cost: $957,877) | (Cost: $957,877) | 1025300 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY — 0.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY — 0.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY — 0.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY — 0.3%** |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q013, Class XPT2 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q013, Class XPT2 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q013, Class XPT2 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q013, Class XPT2 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.81% *<sup>(6)</sup>* | 05/25/27 | $1264469 | $28117 |
|  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) | Federal National Mortgage Association-ACES Series 2016-M2, Class X3 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.04% *<sup>(6)</sup>* | 04/25/36 | 113879 | 1 |
|  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) | Federal National Mortgage Association-ACES Series 2016-M4, Class X2 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69% *<sup>(6)</sup>* | 01/25/39 | 338360 | 11881 |
|  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) | Government National Mortgage Association Series 2012-144, Class IO (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.35% *<sup>(6)</sup>* | 01/16/53 | 1070995 | 12511 |
|  **Total Commercial Mortgage-Backed Securities — Agency** | **Total Commercial Mortgage-Backed Securities — Agency** | **Total Commercial Mortgage-Backed Securities — Agency** |  |
|  (Cost: $34,117) | (Cost: $34,117) | (Cost: $34,117) | 52510 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 4.6%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 4.6%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 4.6%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 4.6%** |
|  BCMSC Trust Series 2000-A, Class A4 | 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>(6)</sup>* | 06/15/30 | 189525 | 13177 |
|  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 | Bear Stearns ALT-A Trust Series 2005-8, Class 11A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% (1 mo. USD Term SOFR + 0.654%) (1) | 10/25/35 | 18930 | 17501 |
|  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 | Countrywide Alternative Loan Trust Series 2006-HY12, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15% *<sup>(6</sup><sup>)</sup>* | 08/25/36 | 100657 | 94313 |
|  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 | Countrywide Asset-Backed Certificates Trust Series 2007-13, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01% (1 mo. USD Term SOFR + 1.014%) *<sup>(1)</sup>* | 10/25/47 | 51153 | 47106 |
|  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 | Deephaven Residential Mortgage Trust Series 2021-3, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.19% *<sup>(3),(6)</sup>* | 08/25/66 | 68967 | 61084 |
|  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 | IndyMac INDX Mortgage Loan Trust Series 2005-AR15, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(6)</sup>* | 09/25/35 | 36015 | 29337 |
|  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 | JPMorgan Mortgage Acquisition Trust Series 2006-CH2, Class AF3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42% | 09/25/29 | 146488 | 87953 |
|  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 | Merrill Lynch Alternative Note Asset Trust Series 2007-A1, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41% (1 mo. USD Term SOFR + 0.414%) *<sup>(1)</sup>* | 01/25/37 | 262705 | 82675 |
|  MFA Trust Series 2021-RPL1, Class A2 | 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>(3),(6)</sup>* | 07/25/60 | 100000 | 85456 |
|  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 | Morgan Stanley ABS Capital I, Inc. Trust Series 2006-HE4, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.59% (1 mo. USD Term SOFR + 0.594%) *<sup>(1)</sup>* | 06/25/36 | 209863 | 106371 |
|  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 | Morgan Stanley ABS Capital I, Inc. Trust Series 2006-WMC1, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73% (1 mo. USD Term SOFR + 0.734%) *<sup>(1)</sup>* | 12/25/35 | 51236 | 50629 |

---

*See accompanying Notes to Financial Statements.* 

------

October 31, 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)** |
|  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 | Morgan Stanley ABS Capital I, Inc. Trust Series 2007-HE2, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20% (1 mo. USD Term SOFR + 0.204%) *<sup>(1)</sup>* | 01/25/37 | 131888 | 61177 |
|  MortgageIT Trust Series 2005-1, Class 1A1 | 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; 4.75% (1 mo. USD Term SOFR + 0.754%) *<sup>(1)</sup>* | 02/25/35 | 5814 | 5934 |
|  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 | Ownit Mortgage Loan Trust Series 2006-3, Class A2D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% (1 mo. USD Term SOFR + 0.654%) *<sup>(1)</sup>* | 03/25/37 | 22817 | 22282 |
|  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) | Residential Asset Securitization Trust Series 2005-A15, Class 2A11 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.44% (-1 mo. USD Term SOFR + 5.436%) *<sup>(1)</sup>* | 02/25/36 | 422024 | 42096 |
|  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 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-18, Class 4A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.91% *<sup>(6)</sup>* | 12/25/34 | 4216 | 4173 |
|  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 | Structured Asset Mortgage Investments II Trust Series 2005-AR6, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73% (1 mo. USD Term SOFR + 0.734%) *<sup>(1)</sup>* | 09/25/45 | 16290 | 15193 |
|  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 | Structured Asset Mortgage Investments II Trust Series 2006-AR8, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.53% (1 mo. USD Term SOFR + 0.534%) *<sup>(1)</sup>* | 10/25/36 | 102032 | 91745 |
|  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 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR2, Class 2A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73% (1 mo. USD Term SOFR + 0.734%) *<sup>(1)</sup>* | 01/25/45 | 23390 | 23502 |
|  **Total Residential Mortgage-Backed Securities — Non-agency** | **Total Residential Mortgage-Backed Securities — Non-agency** | **Total Residential Mortgage-Backed Securities — Non-agency** |  |
|  (Cost: $1,201,443) | (Cost: $1,201,443) | (Cost: $1,201,443) | 941704 |
|  **CORPORATE BONDS — 12.4%** | **CORPORATE BONDS — 12.4%** | **CORPORATE BONDS — 12.4%** | **CORPORATE BONDS — 12.4%** |
| **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** |
|  General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% (3 mo. USD Term SOFR + 0.742%) *<sup>(1)</sup>* | 08/15/36 | 50000 | 47336 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% *<sup>(3)</sup>* | 01/15/33 | 41000 | 41715 |
|  |  |  | 89051 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Agriculture — 0.6%** | **Agriculture — 0.6%** | **Agriculture — 0.6%** | **Agriculture — 0.6%** |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 06/06/29 | 100000 | $115441 |
| **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 | Delta Air Lines Pass-Through Trust Series 2020-1, Class AA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 12/10/29 | 63093 | 60605 |
| **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) | Volkswagen Group of America Finance LLC (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% *<sup>(3)</sup>* | 03/27/35 | 50000 | 51489 |
| **Banks — 2.4%** | **Banks — 2.4%** | **Banks — 2.4%** | **Banks — 2.4%** |
|  Bank of America Corp. | 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 | 66798 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02% (1 day USD SOFR + 1.420%) *<sup>(1)</sup>* | 10/23/35 | 25000 | 25176 |
|  JPMorgan Chase & Co. | 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 | 19016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% (1 day USD SOFR + 1.180%) *<sup>(1)</sup>* | 11/08/32 | 10000 | 9003 |
|  Kreditanstalt fuer Wiederaufbau (Germany) | Kreditanstalt fuer Wiederaufbau (Germany) | Kreditanstalt fuer Wiederaufbau (Germany) | Kreditanstalt fuer Wiederaufbau (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63% | 01/07/28 | 181000 | 202334 |
|  Morgan Stanley | 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 | 4429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32% (1 day USD SOFR + 1.555%) *<sup>(1)</sup>* | 07/19/35 | 25000 | 25792 |
|  PNC Financial Services Group, Inc. | 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 | 31054 |
|  U.S. Bancorp | 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 | 30305 |
|  Wells Fargo & Co. | 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 | 58402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57% (3 mo. USD LIBOR + 1.000%) *<sup>(1)</sup>* | 02/11/31 | 5000 | 4662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% (1 day USD SOFR + 1.780%) *<sup>(1)</sup>* | 01/23/35 | 10000 | 10444 |
|  |  |  | 487415 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Chemicals — 0.6%** | **Chemicals — 0.6%** | **Chemicals — 0.6%** | **Chemicals — 0.6%** |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80% | 09/25/26 | 100000 | $114639 |
| **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
|  Grand Canyon University | Grand Canyon University | Grand Canyon University | Grand Canyon University |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 10/01/28 | 20000 | 19829 |
|  Valvoline, Inc. | Valvoline, Inc. | Valvoline, Inc. | Valvoline, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% *<sup>(3)</sup>* | 06/15/31 | 10000 | 9127 |
|  |  |  | 28956 |
| **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. | Dell International LLC/EMC Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/01/30 | 25000 | 25593 |
| **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) | Opal Bidco SAS (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(3)</sup>* | 03/31/32 | 5000 | 5156 |
|  Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% *<sup>(3)</sup>* | 04/01/31 | 22000 | 20440 |
|  |  |  | 25596 |
| **Diversified Financial Services — 0.4%** | **Diversified Financial Services — 0.4%** | **Diversified Financial Services — 0.4%** | **Diversified Financial Services — 0.4%** |
|  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) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45% | 10/29/26 | 20000 | 19682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 01/23/28 | 10000 | 9930 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85% | 12/15/27 | 20000 | 20563 |
|  Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53% *<sup>(3)</sup>* | 11/18/27 | 11000 | 10608 |
|  GGAM Finance Ltd. (Ireland) | GGAM Finance Ltd. (Ireland) | GGAM Finance Ltd. (Ireland) | GGAM Finance Ltd. (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% *<sup>(3)</sup>* | 02/15/27 | 15000 | 15368 |
|  |  |  | 76151 |
| **Electric — 0.6%** | **Electric — 0.6%** | **Electric — 0.6%** | **Electric — 0.6%** |
|  Alliant Energy Corp. | Alliant Energy Corp. | Alliant Energy Corp. | Alliant Energy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% (5 yr. CMT + 2.077%) *<sup>(1)</sup>* | 04/01/56 | 15000 | 15070 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% (5 yr. CMT + 2.128%) *<sup>(1)</sup>* | 03/15/56 | 30000 | 30061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05% (5 yr. CMT + 1.940%) *<sup>(1)</sup>* | 03/15/56 | 10000 | 10139 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA | Electricite de France SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% *<sup>(2)</sup>* | 12/09/49 | 100000 | 70960 |
|  |  |  | 126230 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
|  Voyager Parent LLC | Voyager Parent LLC | Voyager Parent LLC | Voyager Parent LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% *<sup>(3)</sup>* | 07/01/32 | $8000 | $8402 |
|  WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14% | 03/15/52 | 12000 | 9163 |
|  |  |  | 17565 |
| **Food — 0.3%** | **Food — 0.3%** | **Food — 0.3%** | **Food — 0.3%** |
|  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 | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 12/01/52 | 15000 | 15589 |
|  Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 04/15/31 | 37000 | 35839 |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% *<sup>(3)</sup>* | 04/15/30 | 12000 | 11643 |
|  |  |  | 63071 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
|  AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38% *<sup>(3)</sup>* | 06/01/28 | 5000 | 5188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% *<sup>(3)</sup>* | 06/01/30 | 5000 | 5267 |
|  |  |  | 10455 |
| **Health Care-Products — 0.0%** | **Health Care-Products — 0.0%** | **Health Care-Products — 0.0%** | **Health Care-Products — 0.0%** |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38% *<sup>(3)</sup>* | 10/01/28 | 8000 | 8362 |
| **Health Care-Services — 0.6%** | **Health Care-Services — 0.6%** | **Health Care-Services — 0.6%** | **Health Care-Services — 0.6%** |
|  Cigna Group | Cigna Group | Cigna Group | Cigna Group |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 01/15/36 | 30000 | 30487 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 01/15/36 | 30000 | 29903 |
|  HAH Group Holding Co. LLC | HAH Group Holding Co. LLC | HAH Group Holding Co. LLC | HAH Group Holding Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75% *<sup>(3)</sup>* | 10/01/31 | 2000 | 1898 |
|  Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% | 05/01/35 | 10000 | 10235 |
|  Kedrion SpA (Italy) | Kedrion SpA (Italy) | Kedrion SpA (Italy) | Kedrion SpA (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(3)</sup>* | 09/01/29 | 11000 | 10797 |
|  ModivCare, Inc. | ModivCare, Inc. | ModivCare, Inc. | ModivCare, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(3),(7),(8)</sup>* | 10/01/29 | 22050 | 331 |
|  Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(3)</sup>* | 01/15/33 | 5000 | 5032 |
|  Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 01/15/30 | 5000 | 4883 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 07/15/34 | 20000 | 20558 |
|  |  |  | 114124 |

---

*See accompanying Notes to Financial Statements.* 

------

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **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. | Central Garden & Pet Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 10/15/30 | $6000 | $5692 |
|  Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(3)</sup>* | 03/15/31 | 23000 | 18668 |
|  |  |  | 24360 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding | Athene Global Funding |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.99% *<sup>(3)</sup>* | 08/19/28 | 10000 | 9351 |
|  Farmers Exchange Capital II | 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),(3)</sup>* | 11/01/53 | 30000 | 29815 |
|  |  |  | 39166 |
| **Internet — 0.4%** | **Internet — 0.4%** | **Internet — 0.4%** | **Internet — 0.4%** |
|  Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50% *<sup>(3)</sup>* | 11/15/30 | 5000 | 5045 |
|  Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 11/15/35 | 60000 | 60200 |
|  Snap, Inc. | Snap, Inc. | Snap, Inc. | Snap, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% *<sup>(3)</sup>* | 03/01/33 | 20000 | 20482 |
|  |  |  | 85727 |
| **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. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% | 06/15/30 | 9000 | 8672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75% | 01/15/29 | 5000 | 5026 |
|  |  |  | 13698 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
|  MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% *<sup>(3)</sup>* | 06/01/29 | 5000 | 3952 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
|  MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 04/15/32 | 5000 | 5081 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | 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 | 46000 | 39052 |
|  CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(3)</sup>* | 02/01/29 | 45000 | 30993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75% *<sup>(3)</sup>* | 01/31/29 | 5000 | 3947 |
|  DISH Network Corp. | DISH Network Corp. | DISH Network Corp. | DISH Network Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75% *<sup>(3)</sup>* | 11/15/27 | 3000 | 3159 |
|  Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(3)</sup>* | 09/01/31 | 25000 | 22696 |
|  VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(3)</sup>* | 01/15/32 | 23000 | 20945 |
|  |  |  | 120792 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Miscellaneous Manufacturers — 0.1%** | **Miscellaneous Manufacturers — 0.1%** | **Miscellaneous Manufacturers — 0.1%** | **Miscellaneous Manufacturers — 0.1%** |
|  Dyno Nobel Ltd. (Australia) | Dyno Nobel Ltd. (Australia) | Dyno Nobel Ltd. (Australia) | Dyno Nobel Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 11/08/32 | 40000 | $26343 |
| **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. | Xerox Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25% *<sup>(3)</sup>* | 10/15/30 | 10000 | 10234 |
| **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** |
|  Sunoco LP | Sunoco LP | Sunoco LP | Sunoco LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% (5 yr. CMT + 4.230%) *<sup>(1),(3),(9)</sup>* | 09/18/30 | 15000 | 15266 |
|  Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38% *<sup>(3)</sup>* | 02/01/28 | 1619 | 1668 |
|  |  |  | 16934 |
| **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. | Amcor Flexibles North America, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 03/17/35 | 50000 | 51737 |
|  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>(3)</sup>* | 08/15/26 | 5000 | 4676 |
|  |  |  | 56413 |
| **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** |
|  1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% *<sup>(3)</sup>* | 04/15/32 | 5000 | 5234 |
|  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; 4.63% *<sup>(3)</sup>* | 06/25/38 | 36000 | 32602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% *<sup>(3)</sup>* | 06/25/48 | 10000 | 8499 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/25/48 | 25000 | 22394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% (5 yr. CMT + 2.516%) *<sup>(1)</sup>* | 12/10/54 | 20000 | 20810 |
|  Teva Pharmaceutical Finance Netherlands III BV (Israel) | Teva Pharmaceutical Finance Netherlands III BV (Israel) | Teva Pharmaceutical Finance Netherlands III BV (Israel) | Teva Pharmaceutical Finance Netherlands III BV (Israel) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 12/01/32 | 25000 | 26128 |
|  Teva Pharmaceutical Finance Netherlands IV BV (Israel) | Teva Pharmaceutical Finance Netherlands IV BV (Israel) | Teva Pharmaceutical Finance Netherlands IV BV (Israel) | Teva Pharmaceutical Finance Netherlands IV BV (Israel) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 12/01/30 | 25000 | 25847 |
|  |  |  | 141514 |
| **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% *<sup>(3)</sup>* | 01/15/30 | 4000 | 4051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13% *<sup>(3)</sup>* | 06/01/28 | 2000 | 2061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% (5 yr. CMT + 5.440%) *<sup>(1),(3),(9)</sup>* | 09/30/29 | 12000 | 11226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.88% *<sup>(3)</sup>* | 02/01/32 | 5000 | 5343 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(3)</sup>* | 01/15/34 | 5000 | 5240 |
|  |  |  | 27921 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **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) | Vonovia SE (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% *<sup>(2)</sup>* | 06/14/41 | 100000 | $78235 |
| **REIT — 0.9%** | **REIT — 0.9%** | **REIT — 0.9%** | **REIT — 0.9%** |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 02/01/31 | 40000 | 36485 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 04/15/31 | 20000 | 18261 |
|  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; 5.75% | 06/01/28 | 5000 | 5142 |
|  Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10% | 02/15/30 | 40000 | 37783 |
|  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 | 17000 | 14560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 11/01/27 | 11000 | 10540 |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 09/15/30 | 20000 | 18327 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP | VICI Properties LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 05/15/32 | 2000 | 2017 |
|  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; 5.75% *<sup>(3)</sup>* | 02/01/27 | 30000 | 30363 |
|  |  |  | 173478 |
| **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** |
|  BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. | BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. | BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. | BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% *<sup>(3)</sup>* | 07/01/32 | 5000 | 5065 |
|  Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% *<sup>(3)</sup>* | 04/01/29 | 15000 | 14260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% *<sup>(3)</sup>* | 01/15/31 | 5000 | 5047 |
|  Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% *<sup>(3)</sup>* | 05/01/28 | 23000 | 21504 |
|  |  |  | 45876 |
| **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 | 19901 |
| **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
|  Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90% *<sup>(3)</sup>* | 12/01/27 | 5000 | 5209 |
|  Open Text Holdings, Inc. (Canada) | Open Text Holdings, Inc. (Canada) | Open Text Holdings, Inc. (Canada) | Open Text Holdings, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% *<sup>(3)</sup>* | 12/01/31 | 5000 | 4661 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45% | 09/26/30 | 60000 | 59502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 08/03/28 | 15000 | 15216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 09/26/55 | 15000 | 14244 |
|  |  |  | 98832 |
| **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>(3)</sup>* | 08/15/29 | 5000 | 3645 |
|  EchoStar Corp. | EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75% | 11/30/29 | 2000 | 2203 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **Telecommunications (Continued)** | **Telecommunications (Continued)** | **Telecommunications (Continued)** | **Telecommunications (Continued)** | **Telecommunications (Continued)** |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% *<sup>(3)</sup>* | 10/15/27 | $| 6000 | 6001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63% *<sup>(3)</sup>* | 03/15/31 |  | 10000 | 10559 |
|  T-Mobile USA, Inc. | 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 | 54648 |
|  Vmed O2 U.K. Financing I PLC (United Kingdom) | Vmed O2 U.K. Financing I PLC (United Kingdom) | Vmed O2 U.K. Financing I PLC (United Kingdom) | Vmed O2 U.K. Financing I PLC (United Kingdom) | Vmed O2 U.K. Financing I PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% (3) | 07/15/31 |  | 11000 | 10197 |
|  |  |  |  | 87253 |
| **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
|  Aurizon Network Pty. Ltd. (Australia) | Aurizon Network Pty. Ltd. (Australia) | Aurizon Network Pty. Ltd. (Australia) | Aurizon Network Pty. Ltd. (Australia) | Aurizon Network Pty. Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90% *<sup>(2)</sup>* | 09/02/30 | AUD | 20000 | 11837 |
|  Pacific National Finance Pty. Ltd. (Australia) | Pacific National Finance Pty. Ltd. (Australia) | Pacific National Finance Pty. Ltd. (Australia) | Pacific National Finance Pty. Ltd. (Australia) | Pacific National Finance Pty. Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 09/24/29 |  | AUD 20,000 | 12200 |
|  |  |  |  | 24037 |
|  **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** |
|  (Cost: $2,502,367) | (Cost: $2,502,367) | (Cost: $2,502,367) | (Cost: $2,502,367) | 2514490 |
| **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 Bonds | County of Miami-Dade Aviation Revenue, Revenue Bonds | County of Miami-Dade Aviation Revenue, Revenue Bonds | County of Miami-Dade Aviation Revenue, Revenue Bonds | County of Miami-Dade Aviation Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.86% | 10/01/35 |  | 50000 | 43007 |
|  **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** |
|  (Cost: $50,814) | (Cost: $50,814) | (Cost: $50,814) | (Cost: $50,814) | 43007 |
| **FOREIGN GOVERNMENT BONDS — 51.0%** | **FOREIGN GOVERNMENT BONDS — 51.0%** | **FOREIGN GOVERNMENT BONDS — 51.0%** | **FOREIGN GOVERNMENT BONDS — 51.0%** | **FOREIGN GOVERNMENT BONDS — 51.0%** |
|  Australia Government Bonds | Australia Government Bonds | Australia Government Bonds | Australia Government Bonds | Australia Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% *<sup>(2)</sup>* | 11/21/29 | AUD | 253000 | 159962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(2)</sup>* | 12/21/34 | AUD | 64000 | 39557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% (2) | 04/21/27 | AUD | 93000 | 61917 |
|  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 | Bonos de la Tesoreria de la Republica en pesos |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(2)</sup>* | 10/01/28 | CLP | 30000000 | 31920 |
|  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 | Brazil Notas do Tesouro Nacional Series F |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% | 01/01/31 | BRL | 2010000 | 328320 |
|  Bundesobligation | Bundesobligation | Bundesobligation | Bundesobligation | Bundesobligation |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40% *<sup>(2)</sup>* | 04/18/30 | EUR | 40952 | 47694 |
|  Bundesrepublik Deutschland Bundesanleihe | Bundesrepublik Deutschland Bundesanleihe | Bundesrepublik Deutschland Bundesanleihe | Bundesrepublik Deutschland Bundesanleihe | Bundesrepublik Deutschland Bundesanleihe |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *<sup>(2)</sup>* | 02/15/35 | EUR | 280089 | 320809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *<sup>(2)</sup>* | 08/15/54 | EUR | 223906 | 224735 |
|  China Development Bank | China Development Bank | China Development Bank | China Development Bank | China Development Bank |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.77% | 10/24/32 | CNY | 410000 | 61090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.09% | 06/18/30 | CNY | 1530000 | 227801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48% | 01/08/29 | CNY | 200000 | 29672 |
|  China Government Bonds | China Government Bonds | China Government Bonds | China Government Bonds | China Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.92% | 01/15/55 | CNY | 1430000 | 192459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35% | 02/25/34 | CNY | 3480000 | 511629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85% | 06/04/27 | CNY | 810000 | 116683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.02% | 05/27/31 | CNY | 200000 | 30376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13% | 11/21/29 | CNY | 3710000 | 557361 |
|  Czech Republic Government Bonds | 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 | 32183 |

---

*See accompanying Notes to Financial Statements.* 

------

October 31, 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)** |
|  European Union | European Union | European Union | European Union | European Union |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(2),(10)</sup>* | 07/04/29 | EUR | 150000 | $159364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63% *<sup>(2)</sup>* | 12/04/29 | EUR | 87000 | 97595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% *<sup>(2)</sup>* | 02/04/33 | EUR | 102000 | 117850 |
|  Finland Government Bonds | Finland Government Bonds | Finland Government Bonds | Finland Government Bonds | Finland Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *<sup>(2)</sup>* | 04/15/30 | EUR | 156000 | 180982 |
|  French Republic Government Bonds OAT | 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>(2)</sup>* | 06/25/44 | EUR | 55000 | 34862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% *<sup>(2)</sup>* | 05/25/27 | EUR | 395000 | 448596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% *<sup>(2)</sup>* | 02/25/30 | EUR | 95857 | 111554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% *<sup>(2)</sup>* | 11/25/34 | EUR | 245000 | 276476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% *<sup>(2)</sup>* | 05/25/55 | EUR | 33000 | 31590 |
|  Hungary Government Bonds | Hungary Government Bonds | Hungary Government Bonds | Hungary Government Bonds | Hungary Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 08/21/30 | HUF | 2250000 | 5786 |
|  Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% | 05/15/33 | IDR | 754000000 | 47174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 04/15/29 | IDR | 811000000 | 51284 |
|  Ireland Government Bonds | Ireland Government Bonds | Ireland Government Bonds | Ireland Government Bonds | Ireland Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60% *<sup>(2)</sup>* | 10/18/34 | EUR | 43761 | 49473 |
|  Israel Government Bonds — Fixed | 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 | 30592 |
|  Italy Buoni Poliennali Del Tesoro | 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>(2)</sup>* | 07/15/27 | EUR | 128000 | 150995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85% *<sup>(2)</sup>* | 02/01/35 | EUR | 60000 | 72446 |
|  Japan Government Ten Year Bonds | 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 | 464839 |
|  Japan Government Thirty Year Bonds | 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 | 148506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80% | 03/20/54 | JPY | 29550000 | 145167 |
|  Kingdom of Belgium Government Bonds | Kingdom of Belgium Government Bonds | Kingdom of Belgium Government Bonds | Kingdom of Belgium Government Bonds | Kingdom of Belgium Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10% *<sup>(2)</sup>* | 06/22/30 | EUR | 281022 | 291112 |
|  Korea Treasury Bonds | Korea Treasury Bonds | Korea Treasury Bonds | Korea Treasury Bonds | Korea Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88% | 03/10/51 | KRW | 97920000 | 54552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 06/10/31 | KRW | 279800000 | 187300 |
|  Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.64% | 11/07/33 | MYR | 338000 | 87176 |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos | Mexico Bonos | Mexico Bonos |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% | 07/31/53 | MXN | 600000 | 28041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% | 03/01/29 | MXN | 620000 | 34020 |
|  Netherlands Government Bonds | Netherlands Government Bonds | Netherlands Government Bonds | Netherlands Government Bonds | Netherlands Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *<sup>(2)</sup>* | 07/15/34 | EUR | 35000 | 39779 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% *<sup>(2)</sup>* | 02/20/37 | AUD | 125000 | 79632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% *<sup>(2)</sup>* | 02/24/38 | AUD | 10000 | 6588 |
|  New Zealand Government Bonds | 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 | 26932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/15/30 | NZD | 22000 | 13257 |
|  Norway Government Bonds | Norway Government Bonds | Norway Government Bonds | Norway Government Bonds | Norway Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% *<sup>(2)</sup>* | 04/13/34 | NOK | 279000 | 26915 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30% *<sup>(2)</sup>* | 08/12/33 | PEN | 51000 | 17091 |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia | Province of British Columbia | Province of British Columbia |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45% | 12/18/55 | CAD | 105000 | 75560 |
|  Province of Ontario | Province of Ontario | Province of Ontario | Province of Ontario | Province of Ontario |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15% | 12/02/54 | CAD | 50000 | 34490 |
|  Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40% | 12/01/55 | CAD | 35000 | 24942 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(2),(3)</sup>* | 07/21/37 | AUD | 125000 | 80751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% *<sup>(2),(3)</sup>* | 08/13/38 | AUD | 10000 | 6546 |
|  Republic of Austria Government Bonds | Republic of Austria Government Bonds | Republic of Austria Government Bonds | Republic of Austria Government Bonds | Republic of Austria Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45% *<sup>(2)</sup>* | 10/20/30 | EUR | 205300 | 248075 |
|  Republic of Poland Government Bonds | 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 | 34986 |
|  Romania Government Bonds | Romania Government Bonds | Romania Government Bonds | Romania Government Bonds | Romania Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.10% | 07/31/34 | RON | 65000 | 14917 |
|  Singapore Government Bonds | Singapore Government Bonds | Singapore Government Bonds | Singapore Government Bonds | Singapore Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 04/01/29 | SGD | 165000 | 133074 |
|  Spain Government Bonds | Spain Government Bonds | Spain Government Bonds | Spain Government Bonds | Spain Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 01/31/30 | EUR | 149000 | 173952 |
|  Sweden Government Bonds | Sweden Government Bonds | Sweden Government Bonds | Sweden Government Bonds | Sweden Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% *<sup>(2)</sup>* | 11/12/29 | SEK | 490000 | 49044 |
|  Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59% | 12/17/35 | THB | 3054000 | 93434 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 11/20/37 | AUD | 45000 | 20945 |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38% *<sup>(2)</sup>* | 10/22/30 | GBP | 31457 | 35053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% *<sup>(2)</sup>* | 12/07/27 | GBP | 578687 | 770283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% *<sup>(2)</sup>* | 03/07/30 | GBP | 1113383 | 1491489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% *<sup>(2)</sup>* | 07/31/54 | GBP | 113000 | 130777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(2)</sup>* | 03/07/35 | GBP | 323000 | 427442 |
|  **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **Total Foreign Government Bonds** |
|  (Cost: $10,284,621) | (Cost: $10,284,621) | (Cost: $10,284,621) | (Cost: $10,284,621) | 10337454 |
| **U.S. TREASURY SECURITIES — 1.5%** | **U.S. TREASURY SECURITIES — 1.5%** | **U.S. TREASURY SECURITIES — 1.5%** | **U.S. TREASURY SECURITIES — 1.5%** | **U.S. TREASURY SECURITIES — 1.5%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 08/15/55 |  | 58000 | 58793 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 10/31/30 |  | 35000 | 34873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 10/31/32 |  | 105000 | 104122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 08/15/35 |  | 104000 | 105308 |
|  **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** |
|  (Cost: $300,964) | (Cost: $300,964) | (Cost: $300,964) | (Cost: $300,964) | 303096 |
|  **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** |
|  (Cost: $20,208,022) | (Cost: $20,208,022) | (Cost: $20,208,022) | (Cost: $20,208,022) | 20081076 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **CONVERTIBLE SECURITIES — 0.1%** | **CONVERTIBLE SECURITIES — 0.1%** | **CONVERTIBLE SECURITIES — 0.1%** | **CONVERTIBLE SECURITIES — 0.1%** |
|  **CONVERTIBLE CORPORATE BONDS — 0.1%** | **CONVERTIBLE CORPORATE BONDS — 0.1%** | **CONVERTIBLE CORPORATE BONDS — 0.1%** | **CONVERTIBLE CORPORATE BONDS — 0.1%** |
| **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
|  Worldline SA (France) | Worldline SA (France) | Worldline SA (France) | Worldline SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(2),(10)</sup>* | 07/30/26 | 10320 | $11486 |
|  **Total Convertible Corporate Bonds** | **Total Convertible Corporate Bonds** | **Total Convertible Corporate Bonds** | **Total Convertible Corporate Bonds** |
|  (Cost: $10,783) | (Cost: $10,783) | (Cost: $10,783) | 11486 |
| **Issues** |  | **Shares** | **Value** |
| **INVESTMENT COMPANIES — 1.0%** | **INVESTMENT COMPANIES — 1.0%** | **INVESTMENT COMPANIES — 1.0%** | **INVESTMENT COMPANIES — 1.0%** |
|  TCW Emerging Markets Income Fund —<br>I Class *<sup>(11)</sup>*  | TCW Emerging Markets Income Fund —<br>I Class *<sup>(11)</sup>*  | 29586 | 206511 |
|  **Total Investment Companies** | **Total Investment Companies** | **Total Investment Companies** |  |
|  (Cost: $191,457) | (Cost: $191,457) | (Cost: $191,457) | 206511 |
| **MONEY MARKET INVESTMENTS — 6.4%** | **MONEY MARKET INVESTMENTS — 6.4%** | **MONEY MARKET INVESTMENTS — 6.4%** | **MONEY MARKET INVESTMENTS — 6.4%** |
|  State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.01% *<sup>(12)</sup>*  | State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.01% *<sup>(12)</sup>*  | 2612 | 2612 |
|  TCW Central Cash Fund, 4.07% *<sup>(11),(12)</sup>*  | TCW Central Cash Fund, 4.07% *<sup>(11),(12)</sup>*  | 1294788 | 1294788 |
|  **Total Money Market Investments** | **Total Money Market Investments** | **Total Money Market Investments** |  |
|  (Cost: $1,297,400) | (Cost: $1,297,400) | (Cost: $1,297,400) | 1297400 |
|  **PURCHASED OPTIONS** *<sup>(13)</sup>* **(0.0%)** | **PURCHASED OPTIONS** *<sup>(13)</sup>* **(0.0%)** | **PURCHASED OPTIONS** *<sup>(13)</sup>* **(0.0%)** |  |
|  (Cost: $2,230) | (Cost: $2,230) | (Cost: $2,230) | 395 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **SHORT-TERM INVESTMENT — 0.1%** | **SHORT-TERM INVESTMENT — 0.1%** | **SHORT-TERM INVESTMENT — 0.1%** | **SHORT-TERM INVESTMENT — 0.1%** | **SHORT-TERM INVESTMENT — 0.1%** |
| **Egypt — 0.1%** | **Egypt — 0.1%** | **Egypt — 0.1%** | **Egypt — 0.1%** | **Egypt — 0.1%** |
|  Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 10/27/26 | EGP | 1225000 | $20751 |
|  **Total Short-Term Investment** | **Total Short-Term Investment** | **Total Short-Term Investment** | **Total Short-Term Investment** | **Total Short-Term Investment** |
|  (Cost: $20,661) | (Cost: $20,661) | (Cost: $20,661) | (Cost: $20,661) | 20751 |
|  **Total Investments (106.7%)** (Cost: $21,730,553) | **Total Investments (106.7%)** (Cost: $21,730,553) | **Total Investments (106.7%)** (Cost: $21,730,553) | **Total Investments (106.7%)** (Cost: $21,730,553) | 21617619 |
|  **Liabilities In Excess Of Other Assets (-6.7%)** | **Liabilities In Excess Of Other Assets (-6.7%)** | **Liabilities In Excess Of Other Assets (-6.7%)** | **Liabilities In Excess Of Other Assets (-6.7%)** | (1349499) |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | $20268120 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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<br>Exchange<br>for USD** | **Contracts<br>at Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **BUY** *<sup>(14)</sup>* |  |  |  |  |  |  |
|  Barclays Capital | CAD | 1413 | 01/09/26 | $1020 | $1012 | $(8) |
|  Citibank N.A. | CAD | 498113 | 01/09/26 | 358567 | 356728 | (1839) |
|  Goldman Sachs & Co. | CAD | 28945 | 01/09/26 | 20838 | 20729 | (109) |
|  Barclays Capital | CHF | 93329 | 01/09/26 | 118655 | 117171 | (1484) |
|  Bank of America | CNH | 1835270 | 01/09/26 | 258432 | 258844 | 412 |
|  Goldman Sachs & Co. | CNH | 134564 | 01/09/26 | 18980 | 18979 | (1) |
|  Barclays Capital | DKK | 276000 | 01/09/26 | 43691 | 42849 | (842) |
|  Barclays Capital | EUR | 6285 | 01/09/26 | 7415 | 7281 | (134) |
|  Goldman Sachs & Co. | EUR | 975487 | 01/09/26 | 1144424 | 1130115 | (14309) |
|  Citibank N.A. | EUR | 5481 | 01/09/26 | 6469 | 6350 | (119) |
|  JPMorgan Chase Bank | EUR | 18061 | 01/09/26 | 20976 | 20924 | (52) |
|  Goldman Sachs & Co. | GBP | 7811 | 01/09/26 | 10493 | 10263 | (230) |
|  State Street Bank & Trust Co. | GBP | 39808 | 01/09/26 | 53564 | 52305 | (1259) |
|  Barclays Capital | HUF | 2805000 | 01/09/26 | 8433 | 8314 | (119) |
|  Goldman Sachs & Co. | ILS | 9960 | 01/09/26 | 3016 | 3062 | 46 |
|  Goldman Sachs & Co. | JPY | 1563612 | 11/06/25 | 10148 | 10151 | 3 |
|  Deutsche Bank AG | JPY | 1520338 | 01/09/26 | 10439 | 9935 | (504) |

---

*See accompanying Notes to Financial Statements.* 

------

October 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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<br>Exchange<br>for USD** | **Contracts<br>at Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **BUY** *<sup>(14)</sup>* **(Continued)** |  |  |  |  |  |  |
|  Goldman Sachs & Co. | JPY | 153170548 | 01/09/26 | $1049464 | $1000896 | $(48568) |
|  JPMorgan Chase Bank | JPY | 1635273 | 01/09/26 | 10694 | 10686 | (8) |
|  Citibank N.A. | KRW | 117761300 | 01/21/26 | 85669 | 82953 | (2716) |
|  ING Baring (U.S.) Capital Markets | KRW | 9254208 | 01/21/26 | 6712 | 6519 | (193) |
|  Barclays Capital | MXN | 204528 | 01/09/26 | 11018 | 10949 | (69) |
|  Barclays Capital | NOK | 430816 | 01/09/26 | 43344 | 42578 | (766) |
|  Goldman Sachs & Co. | PLN | 95735 | 01/09/26 | 26393 | 25927 | (466) |
|  Goldman Sachs & Co. | RON | 25093 | 01/09/26 | 5757 | 5676 | (81) |
|  Barclays Capital | SEK | 318727 | 01/09/26 | 34237 | 33710 | (527) |
|  Citibank N.A. | TRY | 2229099 | 11/28/25 | 51793 | 52010 | 217 |
|  |  |  |  | $3420641 | $3346916 | $(73725) |
| **SELL** *<sup>(15)</sup>* |  |  |  |  |  |  |
|  Bank of New York | AUD | 101405 | 01/09/26 | $66987 | $66430 | $557 |
|  Goldman Sachs & Co. | AUD | 62668 | 01/09/26 | 40714 | 41053 | (339) |
|  Citibank N.A. | BRL | 1880565 | 01/09/26 | 343863 | 343982 | (119) |
|  Citibank N.A. | CAD | 11331 | 01/09/26 | 8131 | 8115 | 16 |
|  JPMorgan Chase Bank | CLP | 18005721 | 01/09/26 | 18664 | 19112 | (448) |
|  Goldman Sachs & Co. | CZK | 37477 | 01/09/26 | 1818 | 1780 | 38 |
|  State Street Bank & Trust Co. | DKK | 30426 | 01/09/26 | 4722 | 4724 | (2) |
|  Deutsche Bank AG | EUR | 61054 | 01/09/26 | 72155 | 70732 | 1423 |
|  Citibank N.A. | EUR | 479967 | 01/09/26 | 564389 | 556049 | 8340 |
|  JPMorgan Chase Bank | EUR | 42072 | 01/09/26 | 48811 | 48742 | 69 |
|  Barclays Capital | EUR | 16087 | 01/09/26 | 18631 | 18637 | (6) |
|  Goldman Sachs & Co. | GBP | 151956 | 01/09/26 | 203388 | 199657 | 3731 |
|  State Street Bank & Trust Co. | GBP | 10372 | 01/09/26 | 13979 | 13628 | 351 |
|  Citibank N.A. | GBP | 1677614 | 01/09/26 | 2252606 | 2204236 | 48370 |
|  Citibank N.A. | IDR | 298408453 | 01/09/26 | 17948 | 17932 | 16 |
|  Barclays Capital | ILS | 2674 | 01/09/26 | 808 | 822 | (14) |
|  Barclays Capital | JPY | 5155468 | 01/09/26 | 35196 | 33689 | 1507 |
|  State Street Bank & Trust Co. | JPY | 3972239 | 01/09/26 | 27322 | 25957 | 1365 |
|  Goldman Sachs & Co. | JPY | 1563612 | 01/09/26 | 10214 | 10217 | (3) |
|  Citibank N.A. | KRW | 28443698 | 01/09/26 | 19955 | 20025 | (70) |
|  Goldman Sachs & Co. | MYR | 27297 | 01/09/26 | 6504 | 6531 | (27) |
|  Citibank N.A. | NZD | 10618 | 01/09/26 | 6220 | 6097 | 123 |
|  JPMorgan Chase Bank | PEN | 12349 | 01/09/26 | 3555 | 3655 | (100) |
|  State Street Bank & Trust Co. | SEK | 58248 | 01/09/26 | 6175 | 6160 | 15 |
|  Barclays Capital | SGD | 116524 | 01/09/26 | 91041 | 89975 | 1066 |
|  Barclays Capital | THB | 589452 | 01/09/26 | 18319 | 18327 | (8) |
|  Goldman Sachs & Co. | THB | 1602745 | 01/21/26 | 50308 | 49878 | 430 |
|  Citibank N.A. | THB | 951824 | 01/21/26 | 30047 | 29621 | 426 |
|  |  |  |  | $3982470 | $3915763 | $66707 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |  |  |
| **Number of<br>Contracts** | **Type** | **Expiration<br>Date** | **Notional<br>Contract<br>Value** | **Value** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Futures** | **Long Futures** |  |  |  |  |
| 13 | Euro-Bobl Futures | 12/8/25 | $1768017 | $1774444 | $6427 |
| 4 | 10-Year U.S. Treasury Note Futures | 12/19/25 | 446414 | 450688 | 4274 |
| 6 | Euro Schatz Futures | 12/8/25 | 741227 | 741550 | 323 |
| 4 | U.S. Ultra Long Bond Futures | 12/19/25 | 475071 | 485125 | 10054 |
| 7 | 2-Year U.S. Treasury Note Futures | 12/31/25 | 1458599 | 1457695 | (904) |
| 2 | Euro-OAT Future | 12/8/25 | 278927 | 282941 | 4014 |
| 7 | 5-Year U.S. Treasury Note Futures | 12/31/25 | 764503 | 764477 | (26) |
| 6 | 2-Year Canadian Bond Futures | 12/18/25 | 452133 | 453720 | 1587 |
| 2 | 5-Year Canadian Bond Futures | 12/18/25 | 162356 | 164807 | 2451 |
|  |  |  | $6547247 | $6575447 | $28200 |
|  **Short Futures** | **Short Futures** |  |  |  |  |
| 2 | 3-Year Australian Bond Futures | 12/15/25 | $(140211) | $(139733) | $478 |
| 2 | 10-Year Australian Bond Futures | 12/15/25 | (148802) | (148753) | 49 |
| 2 | 10-Year U.S. Treasury Note Futures | 12/19/25 | (227223) | (230968) | (3745) |
| 4 | Euro-Bund Futures | 12/8/25 | (591939) | (597368) | (5429) |
| 1 | Long Gilt Futures | 12/29/25 | (119007) | (123003) | (3996) |
|  |  |  | $(1227182) | $(1239825) | $(12643) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Swaptions** | **Swaptions** | **Swaptions** | **Swaptions** | **Swaptions** |  |  |  |  |
| **Description** | **Counterparty** | **Coupon<br>Rate (%)** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums<br>Paid<br>(Received)<br>by Fund** |  |
|  **Purchased Swaptions — OTC** | **Purchased Swaptions — OTC** | **Purchased Swaptions — OTC** | **Purchased Swaptions — OTC** | **Purchased Swaptions — OTC** | **Purchased Swaptions — OTC** | **Purchased Swaptions — OTC** | **Purchased Swaptions — OTC** |  |
|  5-Year Interest Rate Swap | Goldman Sachs International | 4.03 | 3/3/26 | 455000 | 455000 | $395 | $2230 | $(1835) |

---

#### Notes to the Schedule of Investments:
*ABS* *Asset-Backed Securities.* 

*ACES* *Alternative Credit Enhancement Securities.* 

*CLO* *Collateralized Loan Obligation.* 

*HUF* *Hungarian Forint.* 

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

*I/O* *Interest Only Security.* 

*LIBOR* *London Interbank Offered Rate.* 

*PAC* *Planned Amortization Class.* 

*PIK* *Payment In Kind.* 

*REIT* *Real Estate Investment Trust.* 

*REMIC* *Real Estate Mortgage Investment Conduits.* 

*RON* *New Romanian Leu.* 

*SOFR* *Secured Overnight Financing Rate.* 

*TBA* *To Be Announced.* 

*AUD* *Australian Dollar.* 

*BRL* *Brazilian Real.* 

*CAD* *Canadian Dollar.* 

*CHF* *Swiss Franc.* 

*CLP* *Chilean Peso.* 

*See accompanying Notes to Financial Statements.* 

------

## TCW Global Bond Fund
October 31, 2025

*CNH* *Chinese Yuan Renminbi.* 

*CZK* *Czech Koruna.* 

*DKK* *Danish Krone.* 

*EGP* *Egyptian Pound.* 

*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.* 

*(1)* *Floating or variable rate security. The interest shown reflects the rate in effect at October 31, 2025.* 

*(2)* *Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United States except under special exemptions. At October 31, 2025, the value of these securities amounted to $6,836,528 or 33.7% of net assets.* 

*(3)* *Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At October 31, 2025, the value of these securities amounted to $2,269,531 or 11.2% of net assets. These securities are determined to be liquid by the Fund's investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company's Board of Directors.* 

*(4)* *This security is purchased on a when-issued, delayed-delivery or forward commitment basis.* 

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

*(6)* *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)* *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.* 

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

*(9)* *Perpetual maturity.* 

*(10)* *Security is not accruing interest.* 

*(11)* *Affiliated issuer.* 

*(12)* *Rate disclosed is the 7-day net yield as of October 31, 2025.* 

*(13)* *See options table for description of purchased options.* 

*(14)* *Fund buys foreign currency, sells USD.* 

*(15)* *Fund sells foreign currency, buys USD.* 

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

The summary of the TCW Global Bond Fund transactions in the affiliated funds for the year ended October 31, 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 of<br>Shares Held<br>October 31,<br>2025** | **Value at<br>October 31,<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 |  |
|  | $335391 | $14416247 | $13456850 | 1294788 | $1294788 | $40886 | $— | $— | $— |
|  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 |  |
|  | 181809 | 13162 |  | 29586 | 206511 | 13284 |  |  | 11540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $1501299 | $54170 | $— | $— | $11540 |

---

*See accompanying Notes to Financial Statements.* 

------

Fair Valuation Summary October 31, 2025

The following is a summary of the fair valuations according to the inputs used as of October 31, 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 | $— | $10337454 | $— | $10337454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities — Agency |  | 3891973 |  | 3891973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 2514490 |  | 2514490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities — Non-Agency |  | 1025300 |  | 1025300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 971542 |  | 971542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities — Non-Agency |  | 941704 |  | 941704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 303096 |  | 303096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities — Agency |  | 52510 |  | 52510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 43007 |  | 43007 |
|  Total Fixed Income Securities |  | 20081076 |  | 20081076 |
|  Convertible Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible Corporate Bonds |  | 11486 |  | 11486 |
|  Equity Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Investments | 1297400 |  |  | 1297400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 206511 |  |  | 206511 |
|  Total Equity Securities | 1503911 |  |  | 1503911 |
|  Short-Term Investment |  | 20751 |  | 20751 |
|  Swaptions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Swaptions — OTC |  | 395 |  | 395 |
|  Total Investments | $1503911 | $20113708 | $— | $21617619 |
|  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 |  | 68521 |  | 68521 |
| &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 | 29657 |  |  | 29657 |
|  Total | $1533568 | $20182229 | $— | $21715797 |
|  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 | $— | $(75539) | $— | $(75539) |
| &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 | (14100) |  |  | (14100) |
|  Total | $(14100) | $(75539) | $— | $(89639) |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW Securitized Bond Fund
Schedule of Investments

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **FIXED INCOME SECURITIES — 114.7% of Net Assets** | **FIXED INCOME SECURITIES — 114.7% of Net Assets** | **FIXED INCOME SECURITIES — 114.7% of Net Assets** | **FIXED INCOME SECURITIES — 114.7% of Net Assets** |
| **ASSET-BACKED SECURITIES — 7.8%** | **ASSET-BACKED SECURITIES — 7.8%** | **ASSET-BACKED SECURITIES — 7.8%** | **ASSET-BACKED SECURITIES — 7.8%** |
|  AIMCO CLO 24 Ltd. Series 2025-24A, Class SUB | AIMCO CLO 24 Ltd. Series 2025-24A, Class SUB | AIMCO CLO 24 Ltd. Series 2025-24A, Class SUB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(2)</sup>* | 04/19/38 | $4200000 | $3284807 |
|  ALLO Issuer LLC Series 2023-1A, Class C | ALLO Issuer LLC Series 2023-1A, Class C | ALLO Issuer LLC Series 2023-1A, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.18% *<sup>(1)</sup>* | 06/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;6065000 | 6431219 |
|  ALLO Issuer LLC Series 2024-1A, Class C | ALLO Issuer LLC Series 2024-1A, Class C | ALLO Issuer LLC Series 2024-1A, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.19% *<sup>(1)</sup>* | 07/20/54 | 1381200 | 1479901 |
|  Anchorage Credit Funding 19 Ltd. Series 2025-19A, Class C | Anchorage Credit Funding 19 Ltd. Series 2025-19A, Class C | Anchorage Credit Funding 19 Ltd. Series 2025-19A, Class C | Anchorage Credit Funding 19 Ltd. Series 2025-19A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.59% *<sup>(1)</sup>* | 10/25/40 | 2200000 | 2204710 |
|  Apidos CLO XI Ltd. Series 2012-11A, Class SUB | Apidos CLO XI Ltd. Series 2012-11A, Class SUB | Apidos CLO XI Ltd. Series 2012-11A, Class SUB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(2)</sup>* | 04/17/34 | 11000000 | 2337687 |
|  Avis Budget Rental Car Funding AESOP LLC Series 2021-1A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2021-1A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2021-1A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2021-1A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71% *<sup>(1)</sup>* | 08/20/27 | 10000000 | 9874865 |
|  Avis Budget Rental Car Funding AESOP LLC Series 2021-2A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2021-2A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2021-2A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2021-2A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08% *<sup>(1)</sup>* | 02/20/28 | 2825000 | 2764816 |
|  Avis Budget Rental Car Funding AESOP LLC Series 2023-7A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2023-7A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2023-7A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2023-7A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.31% *<sup>(1)</sup>* | 08/21/28 | 8000000 | 8139370 |
|  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 | 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),(3)</sup>* | 06/25/47 | 3159520 | 3196016 |
|  BBAM U.S. CLO VI Ltd. Series 2025-6A, Class SUB | BBAM U.S. CLO VI Ltd. Series 2025-6A, Class SUB | BBAM U.S. CLO VI Ltd. Series 2025-6A, Class SUB | BBAM U.S. CLO VI Ltd. Series 2025-6A, Class SUB |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(2),(4),(5)</sup>* | 01/27/39 | 2000000 | 1736200 |
|  Blue Stream Issuer LLC Series 2023-1A, Class C | Blue Stream Issuer LLC Series 2023-1A, Class C | Blue Stream Issuer LLC Series 2023-1A, Class C | Blue Stream Issuer LLC Series 2023-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.90% *<sup>(1)</sup>* | 05/20/53 | 2500000 | 2560202 |
|  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 | Carvana Auto Receivables Trust Series 2021-N3, Class R |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(6),(7)</sup>* | 06/12/28 | 25650 | 1771353 |
|  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 | Carvana Auto Receivables Trust Series 2023-P1, Class R |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(6),(7)</sup>* | 03/11/30 | 2950 | 198252 |
|  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 | 2190745 |
|  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 | 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 | 3909664 |
|  Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC Series 2025-1A, Class C | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC Series 2025-1A, Class C | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC Series 2025-1A, Class C | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC Series 2025-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.41% *<sup>(1)</sup>* | 05/20/55 | 6010000 | 6295766 |
|  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 | Edgeconnex Data Centers Issuer LLC Series 2022-1, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% *<sup>(1)</sup>* | 03/25/52 | 6597500 | 6427364 |
|  FHF Issuer Trust Series 2025-1A, Class A2 | FHF Issuer Trust Series 2025-1A, Class A2 | FHF Issuer Trust Series 2025-1A, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92% *<sup>(1)</sup>* | 02/15/31 | 2615772 | 2602961 |
|  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 | 7543070 |
|  Hertz Vehicle Financing III LLC Series 2023-1A, Class 1D | Hertz Vehicle Financing III LLC Series 2023-1A, Class 1D | Hertz Vehicle Financing III LLC Series 2023-1A, Class 1D | Hertz Vehicle Financing III LLC Series 2023-1A, Class 1D |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.13% *<sup>(1)</sup>* | 06/25/27 | 2400000 | 2427680 |
|  Hertz Vehicle Financing III LP Series 2021-2A, Class D | Hertz Vehicle Financing III LP Series 2021-2A, Class D | Hertz Vehicle Financing III LP Series 2021-2A, Class D | Hertz Vehicle Financing III LP Series 2021-2A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34% *<sup>(1)</sup>* | 12/27/27 | 7090000 | 6926961 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  Higley Park CLO Ltd. Series 2025-1A, Class SUB | Higley Park CLO Ltd. Series 2025-1A, Class SUB | Higley Park CLO Ltd. Series 2025-1A, Class SUB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(2)</sup>* | 07/24/38 | $4000000 | $3272732 |
|  HOA Funding LLC Series 2021-1A, Class A2 | 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),(8),(5),(9)</sup>* | 08/20/51 | 6136165 | 1257925 |
|  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 | 2703539 |
|  Hotwire Funding LLC Series 2021-1, Class C | Hotwire Funding LLC Series 2021-1, Class C | Hotwire Funding LLC Series 2021-1, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.46% *<sup>(1)</sup>* | 11/20/51 | 2380000 | 2333918 |
|  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 | 3425000 | 3567845 |
|  HPS Loan Management Ltd. Series 2021-16A, Class ER | HPS Loan Management Ltd. Series 2021-16A, Class ER | HPS Loan Management Ltd. Series 2021-16A, Class ER | HPS Loan Management Ltd. Series 2021-16A, Class ER |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.36% (3 mo. USD Term SOFR + 6.500%) *<sup>(1),(3)</sup>* | 01/23/35 | 2700000 | 2695955 |
|  Huntington Bank Auto Credit-Linked Notes Series 2025-2, Class D | Huntington Bank Auto Credit-Linked Notes Series 2025-2, Class D | Huntington Bank Auto Credit-Linked Notes Series 2025-2, Class D | Huntington Bank Auto Credit-Linked Notes Series 2025-2, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.43% (30 day USD SOFR Average + 3.250%) *<sup>(1),(3)</sup>* | 09/20/33 | 704735 | 702963 |
|  Huntington Bank Auto Credit-Linked Notes Series 2025-2, Class E | Huntington Bank Auto Credit-Linked Notes Series 2025-2, Class E | Huntington Bank Auto Credit-Linked Notes Series 2025-2, Class E | Huntington Bank Auto Credit-Linked Notes Series 2025-2, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.78% (30 day USD SOFR Average + 6.600%) *<sup>(1),(3)</sup>* | 09/20/33 | 939646 | 943486 |
|  LMRK Issuer Co. 2 LLC Series 2025-1A, Class B | LMRK Issuer Co. 2 LLC Series 2025-1A, Class B | LMRK Issuer Co. 2 LLC Series 2025-1A, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20% *<sup>(1)</sup>* | 09/15/55 | 2400000 | 2419577 |
|  NCFA LLC – Loan Participation 1 | NCFA LLC – Loan Participation 1 | NCFA LLC – Loan Participation 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% *<sup>(5)</sup>* | 06/12/28 | 7990601 | 7990601 |
|  NCFA LLC – Loan Participation 2 | NCFA LLC – Loan Participation 2 | NCFA LLC – Loan Participation 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.14% *<sup>(5)</sup>* | 12/19/27 | 6434150 | 6434150 |
|  NCFA LLC – Loan Participation 3 | NCFA LLC – Loan Participation 3 | NCFA LLC – Loan Participation 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.90% *<sup>(5)</sup>* | 04/11/30 | 1830000 | 1830000 |
|  New Mountain CLO 8 Ltd. Series CLO-8A, Class M | New Mountain CLO 8 Ltd. Series CLO-8A, Class M | New Mountain CLO 8 Ltd. Series CLO-8A, Class M | New Mountain CLO 8 Ltd. Series CLO-8A, Class M |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(5),(6),(8)</sup>* | 10/20/38 | 430000 |  |
|  New Mountain CLO 8 Ltd. Series CLO-8A, Class SUB | New Mountain CLO 8 Ltd. Series CLO-8A, Class SUB | New Mountain CLO 8 Ltd. Series CLO-8A, Class SUB | New Mountain CLO 8 Ltd. Series CLO-8A, Class SUB |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(2)</sup>* | 10/20/38 | 4300000 | 3563840 |
|  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; 7.88% (1 day GBP SONIA + 3.900%) *<sup>(3),(10)</sup>* | 07/15/32 | 1500000 | 2009867 |
|  Newday Funding Master Issuer PLC Series 2025-2A, Class E | Newday Funding Master Issuer PLC Series 2025-2A, Class E | Newday Funding Master Issuer PLC Series 2025-2A, Class E | Newday Funding Master Issuer PLC Series 2025-2A, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.98% (1 day GBP SONIA + 3.000%) *<sup>(1),(3)</sup>* | 07/15/33 | GBP 1,700,000 | 2230302 |
|  OCP CLO Ltd. Series 2025-44A, Class SUB | OCP CLO Ltd. Series 2025-44A, Class SUB | OCP CLO Ltd. Series 2025-44A, Class SUB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(2)</sup>* | 10/24/38 | 3250000 | 2659205 |
|  Park Avenue Institutional Advisers CLO Ltd. Series 2021-1A, Class DR | Park Avenue Institutional Advisers CLO Ltd. Series 2021-1A, Class DR | Park Avenue Institutional Advisers CLO Ltd. Series 2021-1A, Class DR | Park Avenue Institutional Advisers CLO Ltd. Series 2021-1A, Class DR |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.38% (3 mo. USD Term SOFR + 6.500%) *<sup>(1),(3)</sup>* | 01/20/34 | 2760000 | 2767132 |

---

*See accompanying Notes to Financial Statements.* 

------

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  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 | Switch ABS Issuer LLC Series 2024-2A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.03% *<sup>(1)</sup>* | 06/25/54 | 3650000 | 3747903 |
|  U.S. Bank C&I Credit-Linked Notes Series 2025-SUP2, Class D | U.S. Bank C&I Credit-Linked Notes Series 2025-SUP2, Class D | U.S. Bank C&I Credit-Linked Notes Series 2025-SUP2, Class D | U.S. Bank C&I Credit-Linked Notes Series 2025-SUP2, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% (30 day USD SOFR Average + 2.200%) *<sup>(1),(3)</sup>* | 09/25/32 | &nbsp;&nbsp;&nbsp;&nbsp;3304622 | 3316136 |
|  Wireless PropCo Funding LLC Series 2025-1A, Class C | Wireless PropCo Funding LLC Series 2025-1A, Class C | Wireless PropCo Funding LLC Series 2025-1A, Class C | Wireless PropCo Funding LLC Series 2025-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.51% *<sup>(1)</sup>* | 06/25/55 | 1000000 | 1023794 |
|  **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |
|  (Cost: $153,483,296) | (Cost: $153,483,296) | (Cost: $153,483,296) | 141774479 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 64.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 64.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 64.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 64.8%** |
|  Federal Home Loan Mortgage Corp., Pool #QD7213 | 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 | 5091727 | 4153548 |
|  Federal Home Loan Mortgage Corp., Pool #QE0312 | 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 | 10182513 | 8306328 |
|  Federal Home Loan Mortgage Corp., Pool #SD8147 | 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 | 12688694 | 10865723 |
|  Federal Home Loan Mortgage Corp., Pool #SD8194 | 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 | 2329367 | 1987851 |
|  Federal Home Loan Mortgage Corp., Pool #SD8212 | 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 | 10586003 | 9037001 |
|  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 | 788786 | 718592 |
|  Federal Home Loan Mortgage Corp., Pool #SD8220 | 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 | 13823793 | 12302263 |
|  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 | 2552287 | 2427937 |
|  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 | 18237497 | 17348162 |
|  Federal Home Loan Mortgage Corp., Pool #G67709 | 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 | 5646885 | 5334339 |
|  Federal Home Loan Mortgage Corp., Pool #ZT1491 | 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 | 6299043 | 5933456 |
|  Federal Home Loan Mortgage Corp., Pool #SD7513 | 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 | 11210186 | 10471441 |
|  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 | 20896541 | 20294177 |
|  Federal Home Loan Mortgage Corp., Pool #SD8244 | Federal Home Loan Mortgage Corp., Pool #SD8244 | Federal Home Loan Mortgage Corp., Pool #SD8244 | Federal Home Loan Mortgage Corp., Pool #SD8244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(4)</sup>* | 09/01/52 | 22641909 | 21591173 |
|  Federal Home Loan Mortgage Corp., Pool #SL1033 | Federal Home Loan Mortgage Corp., Pool #SL1033 | Federal Home Loan Mortgage Corp., Pool #SL1033 | Federal Home Loan Mortgage Corp., Pool #SL1033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/01/54 | 4038298 | 3834723 |
|  Federal Home Loan Mortgage Corp., Pool #G08848 | 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 | 1157226 | 1147334 |
|  Federal Home Loan Mortgage Corp., Pool #SD8238 | 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 | 5255156 | 5150072 |
|  Federal Home Loan Mortgage Corp., Pool #SD8245 | 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 | 15841155 | 15521937 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 #QG0601 | 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 | $16530477 | $16261550 |
|  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 | 34204 | 34940 |
|  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 | 876926 | 894513 |
|  Federal Home Loan Mortgage Corp., Pool #A91162 | 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 | 6524814 | 6676021 |
|  Federal Home Loan Mortgage Corp., Pool #A92195 | 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 | &nbsp;&nbsp;&nbsp;&nbsp;1813250 | 1872193 |
|  Federal Home Loan Mortgage Corp., Pool #G08833 | 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 | 1715343 | 1740893 |
|  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 | 291813 | 295908 |
|  Federal Home Loan Mortgage Corp., Pool #G08849 | 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 | 1977398 | 2005145 |
|  Federal Home Loan Mortgage Corp., Pool #N70081 | 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 | 1056815 | 1099163 |
|  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) | Federal Home Loan Mortgage Corp. REMICS Series 2647, Class OV (P/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(6)</sup>* | 07/15/33 | 354103 | 290769 |
|  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) | 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 | 1572756 | 1296145 |
|  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) | Federal Home Loan Mortgage Corp. REMICS Series 3315, Class S (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.06% (-30 day USD SOFR Average + 6.296%) *<sup>(3)</sup>* | 05/15/37 | 140337 | 8294 |
|  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) | Federal Home Loan Mortgage Corp. REMICS Series 3376, Class SX (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.69% (-30 day USD SOFR Average + 5.926%) *<sup>(3)</sup>* | 10/15/37 | 913888 | 82567 |
|  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) | Federal Home Loan Mortgage Corp. REMICS Series 3410, Class IS (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.92% (-30 day USD SOFR Average + 6.156%) *<sup>(3)</sup>* | 02/15/38 | 1371736 | 129774 |
|  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) | Federal Home Loan Mortgage Corp. REMICS Series 3424, Class BI (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45% (-30 day USD SOFR Average + 6.686%) *<sup>(3)</sup>* | 04/15/38 | 1327695 | 148909 |
|  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) | Federal Home Loan Mortgage Corp. REMICS Series 3519, Class SH (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15% (-30 day USD SOFR Average + 5.386%) *<sup>(3)</sup>* | 07/15/37 | 107393 | 5279 |

---

*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 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) | Federal Home Loan Mortgage Corp. REMICS Series 3531, Class SC (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% (-30 day USD SOFR Average + 6.186%) *<sup>(3)</sup>* | 05/15/39 | $1886667 | $192752 |
|  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) | Federal Home Loan Mortgage Corp. REMICS Series 3541, Class SA (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40% (-30 day USD SOFR Average + 6.636%) *<sup>(3)</sup>* | 06/15/39 | 850838 | 98643 |
|  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) | Federal Home Loan Mortgage Corp. REMICS Series 3550, Class GS (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40% (-30 day USD SOFR Average + 6.636%) *<sup>(3)</sup>* | 07/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;1805540 | 199777 |
|  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) | Federal Home Loan Mortgage Corp. REMICS Series 3788, Class SB (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13% (-30 day USD SOFR Average + 6.366%) *<sup>(3)</sup>* | 01/15/41 | 2518571 | 268730 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3885 (P/O) (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3885 (P/O) (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3885 (P/O) (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3885 (P/O) (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(6)</sup>* | 11/15/33 | 517488 | 468944 |
|  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) | Federal Home Loan Mortgage Corp. REMICS Series 4030, Class HS (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.26% (-30 day USD SOFR Average + 6.496%) *<sup>(3)</sup>* | 04/15/42 | 1010010 | 116042 |
|  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 | Federal Home Loan Mortgage Corp. REMICS Series 4135, Class DZ |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 11/15/42 | 4212824 | 3868216 |
|  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) | Federal Home Loan Mortgage Corp. REMICS Series 4351, Class MB (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/15/44 | 15700346 | 15202593 |
|  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) | Federal Home Loan Mortgage Corp. REMICS Series 4604, Class PB (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 01/15/46 | 1870015 | 1762435 |
|  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 | Federal Home Loan Mortgage Corp. REMICS Series 4772, Class ZA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 07/15/47 | 5863328 | 5571476 |
|  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 | Federal Home Loan Mortgage Corp. REMICS Series 4896, Class DA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 01/15/49 | 903169 | 831826 |
|  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 | Federal Home Loan Mortgage Corp. REMICS Series 5210, Class LB |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 08/25/50 | 16601979 | 13148877 |
|  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 | Federal Home Loan Mortgage Corp. REMICS Series 5224, Class DZ |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/25/52 | 7268038 | 6762426 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 5492, Class SH (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5492, Class SH (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5492, Class SH (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5492, Class SH (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.82% (-30 day USD SOFR Average + 6.000%) *<sup>(3)</sup>* | 01/25/55 | $8341044 | $686115 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5544, Class SD (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5544, Class SD (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5544, Class SD (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5544, Class SD (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.87% (-30 day USD SOFR Average + 5.050%) *<sup>(3)</sup>* | 06/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;8272972 | 496152 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5546, Class AS | Federal Home Loan Mortgage Corp. REMICS Series 5546, Class AS | Federal Home Loan Mortgage Corp. REMICS Series 5546, Class AS | Federal Home Loan Mortgage Corp. REMICS Series 5546, Class AS |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23% (-30 day USD SOFR Average + 10.500%) *<sup>(3)</sup>* | 06/25/55 | 2713563 | 2652224 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5547, Class S | Federal Home Loan Mortgage Corp. REMICS Series 5547, Class S | Federal Home Loan Mortgage Corp. REMICS Series 5547, Class S | Federal Home Loan Mortgage Corp. REMICS Series 5547, Class S |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30% (-30 day USD SOFR Average + 10.575%) *<sup>(3)</sup>* | 06/25/55 | 2764316 | 2701098 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5548, Class S | Federal Home Loan Mortgage Corp. REMICS Series 5548, Class S | Federal Home Loan Mortgage Corp. REMICS Series 5548, Class S | Federal Home Loan Mortgage Corp. REMICS Series 5548, Class S |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% (-30 day USD SOFR Average + 11.667%) *<sup>(3)</sup>* | 06/25/55 | 2682746 | 2645866 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5549, Class JS | Federal Home Loan Mortgage Corp. REMICS Series 5549, Class JS | Federal Home Loan Mortgage Corp. REMICS Series 5549, Class JS | Federal Home Loan Mortgage Corp. REMICS Series 5549, Class JS |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23% (-30 day USD SOFR Average + 10.500%) *<sup>(3)</sup>* | 06/25/55 | 2701551 | 2646774 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5566, Class AS (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5566, Class AS (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5566, Class AS (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5566, Class AS (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30% (-30 day USD SOFR Average + 10.575%) *<sup>(3)</sup>* | 08/25/55 | 6038338 | 5778611 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5578, Class SD (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5578, Class SD (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5578, Class SD (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5578, Class SD (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.72% (-30 day USD SOFR Average + 5.900%) *<sup>(3)</sup>* | 09/25/55 | 7283920 | 738475 |
|  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 | Federal Home Loan Mortgage Corp. STRIPS Series 277, Class 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 09/15/42 | 7094363 | 6568236 |
|  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 | Federal Home Loan Mortgage Corp. STRIPS Series 377, Class C1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 01/25/51 | 82169645 | 10561864 |
|  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) | Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C2 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 02/15/51 | 126321392 | 16806351 |

---

*See accompanying Notes to Financial Statements.* 

------

October 31, 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. STRIPS Series 389, Class C40 (I/O) | Federal Home Loan Mortgage Corp. STRIPS Series 389, Class C40 (I/O) | Federal Home Loan Mortgage Corp. STRIPS Series 389, Class C40 (I/O) | Federal Home Loan Mortgage Corp. STRIPS Series 389, Class C40 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 10/15/52 | $4542250 | $687165 |
|  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) | Federal Home Loan Mortgage Corp. STRIPS Series 400, Class C2 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/25/52 | 67005323 | 8877611 |
|  Federal National Mortgage Association, Pool #MA4152 | Federal National Mortgage Association, Pool #MA4152 | Federal National Mortgage Association, Pool #MA4152 | Federal National Mortgage Association, Pool #MA4152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 10/01/40 | 8969538 | 7896157 |
|  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 | 18428027 | 15050061 |
|  Federal National Mortgage Association, Pool #BQ7056 | Federal National Mortgage Association, Pool #BQ7056 | Federal National Mortgage Association, Pool #BQ7056 | Federal National Mortgage Association, Pool #BQ7056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 01/01/52 | 14157102 | 11552145 |
|  Federal National Mortgage Association, Pool #BV4128 | Federal National Mortgage Association, Pool #BV4128 | Federal National Mortgage Association, Pool #BV4128 | Federal National Mortgage Association, Pool #BV4128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/01/52 | 8163956 | 6659702 |
|  Federal National Mortgage Association, Pool #MA4562 | Federal National Mortgage Association, Pool #MA4562 | Federal National Mortgage Association, Pool #MA4562 | Federal National Mortgage Association, Pool #MA4562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/01/52 | 6166462 | 5021853 |
|  Federal National Mortgage Association, Pool #CB3151 | Federal National Mortgage Association, Pool #CB3151 | Federal National Mortgage Association, Pool #CB3151 | Federal National Mortgage Association, Pool #CB3151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/01/52 | 37567208 | 30689691 |
|  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 | 13972555 | 12066540 |
|  Federal National Mortgage Association, Pool #FM9515 | Federal National Mortgage Association, Pool #FM9515 | Federal National Mortgage Association, Pool #FM9515 | Federal National Mortgage Association, Pool #FM9515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 11/01/51 | 18004674 | 15303327 |
|  Federal National Mortgage Association, Pool #BU7102 | Federal National Mortgage Association, Pool #BU7102 | Federal National Mortgage Association, Pool #BU7102 | Federal National Mortgage Association, Pool #BU7102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 12/01/51 | 9533829 | 8141951 |
|  Federal National Mortgage Association, Pool #FS0139 | Federal National Mortgage Association, Pool #FS0139 | Federal National Mortgage Association, Pool #FS0139 | Federal National Mortgage Association, Pool #FS0139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 01/01/52 | 23151868 | 19952981 |
|  Federal National Mortgage Association, Pool #BV7761 | Federal National Mortgage Association, Pool #BV7761 | Federal National Mortgage Association, Pool #BV7761 | Federal National Mortgage Association, Pool #BV7761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 03/01/52 | 11639626 | 9943921 |
|  Federal National Mortgage Association, Pool #BV4119 | 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 | 13732288 | 11722903 |
|  Federal National Mortgage Association, Pool #AB6210 | Federal National Mortgage Association, Pool #AB6210 | Federal National Mortgage Association, Pool #AB6210 | Federal National Mortgage Association, Pool #AB6210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 09/01/42 | 14686957 | 13530065 |
|  Federal National Mortgage Association, Pool #BV8459 | Federal National Mortgage Association, Pool #BV8459 | Federal National Mortgage Association, Pool #BV8459 | Federal National Mortgage Association, Pool #BV8459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 04/01/52 | 16189017 | 14409037 |
|  Federal National Mortgage Association, Pool #BV8464 | 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 | 11955099 | 10640637 |
|  Federal National Mortgage Association, Pool #MA4579 | Federal National Mortgage Association, Pool #MA4579 | Federal National Mortgage Association, Pool #MA4579 | Federal National Mortgage Association, Pool #MA4579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 04/01/52 | 18682510 | 16630542 |
|  Federal National Mortgage Association, Pool #BV8515 | Federal National Mortgage Association, Pool #BV8515 | Federal National Mortgage Association, Pool #BV8515 | Federal National Mortgage Association, Pool #BV8515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 05/01/52 | 13114810 | 11671315 |
|  Federal National Mortgage Association, Pool #BM5979 | Federal National Mortgage Association, Pool #BM5979 | Federal National Mortgage Association, Pool #BM5979 | Federal National Mortgage Association, Pool #BM5979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;4818951 | 4586878 |
|  Federal National Mortgage Association, Pool #AS7241 | Federal National Mortgage Association, Pool #AS7241 | Federal National Mortgage Association, Pool #AS7241 | Federal National Mortgage Association, Pool #AS7241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 05/01/46 | 4788321 | 4522556 |
|  Federal National Mortgage Association, Pool #FM2342 | Federal National Mortgage Association, Pool #FM2342 | Federal National Mortgage Association, Pool #FM2342 | Federal National Mortgage Association, Pool #FM2342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 12/01/46 | 2894316 | 2754931 |
|  Federal National Mortgage Association, Pool #AS9454 | Federal National Mortgage Association, Pool #AS9454 | Federal National Mortgage Association, Pool #AS9454 | Federal National Mortgage Association, Pool #AS9454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/01/47 | 534227 | 515919 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 #MA2995 | Federal National Mortgage Association, Pool #MA2995 | Federal National Mortgage Association, Pool #MA2995 | Federal National Mortgage Association, Pool #MA2995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/01/47 | $2465445 | $2381054 |
|  Federal National Mortgage Association, Pool #CA1540 | 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 | &nbsp;&nbsp;&nbsp;&nbsp;8707545 | 8446807 |
|  Federal National Mortgage Association, Pool #MA4626 | Federal National Mortgage Association, Pool #MA4626 | Federal National Mortgage Association, Pool #MA4626 | Federal National Mortgage Association, Pool #MA4626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(4)</sup>* | 06/01/52 | 3205213 | 3057958 |
|  Federal National Mortgage Association, Pool #MA4732 | Federal National Mortgage Association, Pool #MA4732 | Federal National Mortgage Association, Pool #MA4732 | Federal National Mortgage Association, Pool #MA4732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(4)</sup>* | 09/01/52 | 4582042 | 4369405 |
|  Federal National Mortgage Association, Pool #MA4804 | Federal National Mortgage Association, Pool #MA4804 | Federal National Mortgage Association, Pool #MA4804 | Federal National Mortgage Association, Pool #MA4804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(4)</sup>* | 11/01/52 | 4079148 | 3888586 |
|  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 | 4121169 | 4081428 |
|  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 | 3753799 | 3717601 |
|  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 | 3896979 | 3859400 |
|  Federal National Mortgage Association, Pool #MA4784 | Federal National Mortgage Association, Pool #MA4784 | Federal National Mortgage Association, Pool #MA4784 | Federal National Mortgage Association, Pool #MA4784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/01/52 | 5461079 | 5350188 |
|  Federal National Mortgage Association, Pool #BW9886 | Federal National Mortgage Association, Pool #BW9886 | Federal National Mortgage Association, Pool #BW9886 | Federal National Mortgage Association, Pool #BW9886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/01/52 | 15641067 | 15314373 |
|  Federal National Mortgage Association, Pool #MA5037 | Federal National Mortgage Association, Pool #MA5037 | Federal National Mortgage Association, Pool #MA5037 | Federal National Mortgage Association, Pool #MA5037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 06/01/53 | 3394159 | 3322449 |
|  Federal National Mortgage Association, Pool #FA0658 | Federal National Mortgage Association, Pool #FA0658 | Federal National Mortgage Association, Pool #FA0658 | Federal National Mortgage Association, Pool #FA0658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/01/54 | 10504070 | 10280519 |
|  Federal National Mortgage Association, Pool #934103 | Federal National Mortgage Association, Pool #934103 | Federal National Mortgage Association, Pool #934103 | Federal National Mortgage Association, Pool #934103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 07/01/38 | 107077 | 109536 |
|  Federal National Mortgage Association, Pool #BX6752 | 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 | 4603183 | 4606457 |
|  Federal National Mortgage Association, Pool #MA5009 | Federal National Mortgage Association, Pool #MA5009 | Federal National Mortgage Association, Pool #MA5009 | Federal National Mortgage Association, Pool #MA5009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(4)</sup>* | 05/01/53 | 8685217 | 8682327 |
|  Federal National Mortgage Association, Pool #MA5071 | Federal National Mortgage Association, Pool #MA5071 | Federal National Mortgage Association, Pool #MA5071 | Federal National Mortgage Association, Pool #MA5071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 07/01/53 | 2572287 | 2569339 |
|  Federal National Mortgage Association, Pool #555424 | Federal National Mortgage Association, Pool #555424 | Federal National Mortgage Association, Pool #555424 | Federal National Mortgage Association, Pool #555424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 05/01/33 | 790192 | 814319 |
|  Federal National Mortgage Association, Pool #734384 | Federal National Mortgage Association, Pool #734384 | Federal National Mortgage Association, Pool #734384 | Federal National Mortgage Association, Pool #734384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 07/01/33 | 111814 | 115222 |
|  Federal National Mortgage Association, Pool #AA3303 | Federal National Mortgage Association, Pool #AA3303 | Federal National Mortgage Association, Pool #AA3303 | Federal National Mortgage Association, Pool #AA3303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 06/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;1086227 | 1128455 |
|  Federal National Mortgage Association, Pool #MA5107 | 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 | 13452900 | 13631153 |
|  Federal National Mortgage Association, Pool #310033 | Federal National Mortgage Association, Pool #310033 | Federal National Mortgage Association, Pool #310033 | Federal National Mortgage Association, Pool #310033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 07/01/47 | 350046 | 370978 |
|  Federal National Mortgage Association, Pool #995573 | Federal National Mortgage Association, Pool #995573 | Federal National Mortgage Association, Pool #995573 | Federal National Mortgage Association, Pool #995573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 01/01/49 | 826372 | 876633 |
|  Federal National Mortgage Association, Pool #MA5761 | Federal National Mortgage Association, Pool #MA5761 | Federal National Mortgage Association, Pool #MA5761 | Federal National Mortgage Association, Pool #MA5761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 07/01/55 | 5179649 | 5300808 |
|  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) | Federal National Mortgage Association REMICS Series 2004-52, Class SW (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80% (-30 day USD SOFR Average + 6.986%) *<sup>(3)</sup>* | 07/25/34 | 191501 | 18001 |

---

*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) | Federal National Mortgage Association REMICS Series 2007-103, Class AI (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20% (-30 day USD SOFR Average + 6.386%) *<sup>(3)</sup>* | 03/25/37 | $&nbsp;&nbsp;&nbsp;&nbsp;1809772 | $159617 |
|  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) | Federal National Mortgage Association REMICS Series 2007-20, Class SI (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15% (-30 day USD SOFR Average + 6.336%) *<sup>(3)</sup>* | 03/25/37 | 391550 | 23578 |
|  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) | Federal National Mortgage Association REMICS Series 2007-21, Class SE (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.14% (-30 day USD SOFR Average + 6.326%) *<sup>(3)</sup>* | 03/25/37 | 221321 | 12463 |
|  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) | Federal National Mortgage Association REMICS Series 2007-56, Class SG (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.11% (-30 day USD SOFR Average + 6.296%) *<sup>(3)</sup>* | 06/25/37 | 406201 | 22746 |
|  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) | Federal National Mortgage Association REMICS Series 2007-58, Class SV (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45% (-30 day USD SOFR Average + 6.636%) *<sup>(3)</sup>* | 06/25/37 | 1755261 | 194941 |
|  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) | Federal National Mortgage Association REMICS Series 2007-65, Class S (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30% (-30 day USD SOFR Average + 6.486%) *<sup>(3)</sup>* | 07/25/37 | 201911 | 16798 |
|  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) | Federal National Mortgage Association REMICS Series 2008-1, Class AI (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% (-30 day USD SOFR Average + 6.136%) *<sup>(3)</sup>* | 05/25/37 | 1591230 | 119580 |
|  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) | Federal National Mortgage Association REMICS Series 2008-13, Class SB (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.94% (-30 day USD SOFR Average + 6.126%) *<sup>(3)</sup>* | 03/25/38 | 1617258 | 114898 |
|  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) | Federal National Mortgage Association REMICS Series 2008-23, Class SB (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% (-30 day USD SOFR Average + 6.736%) *<sup>(3)</sup>* | 04/25/38 | 1110711 | 42449 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 2008-35, 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) | Federal National Mortgage Association REMICS Series 2008-35, Class SD (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15% (-30 day USD SOFR Average + 6.336%) *<sup>(3)</sup>* | 05/25/38 | $191957 | $4133 |
|  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) | Federal National Mortgage Association REMICS Series 2008-66, Class SG (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.77% (-30 day USD SOFR Average + 5.956%) *<sup>(3)</sup>* | 08/25/38 | &nbsp;&nbsp;&nbsp;&nbsp;3472292 | 290873 |
|  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) | Federal National Mortgage Association REMICS Series 2008-68, Class SA (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.67% (-30 day USD SOFR Average + 5.856%) *<sup>(3)</sup>* | 08/25/38 | 1107196 | 66607 |
|  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) | Federal National Mortgage Association REMICS Series 2009-3, Class SH (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15% (-30 day USD SOFR Average + 5.336%) *<sup>(3)</sup>* | 06/25/37 | 412984 | 26776 |
|  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) | Federal National Mortgage Association REMICS Series 2009-47, Class SV (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45% (-30 day USD SOFR Average + 6.636%) *<sup>(3)</sup>* | 07/25/39 | 218389 | 20959 |
|  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) | Federal National Mortgage Association REMICS Series 2009-51, Class SA (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45% (-30 day USD SOFR Average + 6.636%) *<sup>(3)</sup>* | 07/25/39 | 1158888 | 124977 |
|  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) | Federal National Mortgage Association REMICS Series 2009-6, Class SD (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25% (-30 day USD SOFR Average + 5.436%) *<sup>(3)</sup>* | 02/25/39 | 306383 | 4856 |
|  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) | Federal National Mortgage Association REMICS Series 2009-72, Class JS (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95% (-30 day USD SOFR Average + 7.136%) *<sup>(3)</sup>* | 09/25/39 | 179442 | 18431 |
|  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) | Federal National Mortgage Association REMICS Series 2011-131, Class ST (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24% (-30 day USD SOFR Average + 6.426%) *<sup>(3)</sup>* | 12/25/41 | 10090989 | 1255706 |

---

*See accompanying Notes to Financial Statements.* 

------

October 31, 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 2011-149, Class Z | 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 | $2063216 | $2022292 |
|  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) | Federal National Mortgage Association REMICS Series 2012-128, Class UY (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 11/25/42 | &nbsp;&nbsp;&nbsp;&nbsp;11738000 | 10555186 |
|  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 | Federal National Mortgage Association REMICS Series 2012-19, Class ZN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 01/25/42 | 2957706 | 2815322 |
|  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 | Federal National Mortgage Association REMICS Series 2012-34, Class EB |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/25/42 | 2000000 | 1925851 |
|  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) | Federal National Mortgage Association REMICS Series 2013-101, Class BO (P/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(6)</sup>* | 10/25/43 | 2408530 | 1713820 |
|  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) | Federal National Mortgage Association REMICS Series 2013-101, Class CO (P/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(6)</sup>* | 10/25/43 | 5371557 | 3837080 |
|  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 | Federal National Mortgage Association REMICS Series 2015-65, Class LZ |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/25/45 | 1711957 | 1530821 |
|  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) | Federal National Mortgage Association REMICS Series 2018-52, Class PZ (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 07/25/48 | 1193479 | 1137087 |
|  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) | Federal National Mortgage Association REMICS Series 2018-54, Class KY (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 08/25/48 | 1550000 | 1432347 |
|  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 | Federal National Mortgage Association REMICS Series 2019-57, Class LT |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 10/25/49 | 5881576 | 5109562 |
|  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) | Federal National Mortgage Association REMICS Series 2023-39, Class AI (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 07/25/52 | 128226778 | 16473487 |
|  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) | Federal National Mortgage Association REMICS Series 2024-81, Class SE (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.17% (-30 day USD SOFR Average + 5.350%) *<sup>(3)</sup>* | 07/25/54 | 43159942 | 2366558 |
|  Federal National Mortgage Association REMICS Series 2025-40, Class S (I/F) | Federal National Mortgage Association REMICS Series 2025-40, Class S (I/F) | Federal National Mortgage Association REMICS Series 2025-40, Class S (I/F) | Federal National Mortgage Association REMICS Series 2025-40, Class S (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% (-30 day USD SOFR Average + 11.667%) *<sup>(3)</sup>* | 02/25/55 | 2663341 | 2588595 |
|  Federal National Mortgage Association REMICS Series 2025-49, Class SC (I/O) | Federal National Mortgage Association REMICS Series 2025-49, Class SC (I/O) | Federal National Mortgage Association REMICS Series 2025-49, Class SC (I/O) | Federal National Mortgage Association REMICS Series 2025-49, Class SC (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.02% (-30 day USD SOFR Average + 5.200%) *<sup>(3)</sup>* | 06/25/55 | 32756786 | 1768539 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 2025-63, Class S (I/F) | Federal National Mortgage Association REMICS Series 2025-63, Class S (I/F) | Federal National Mortgage Association REMICS Series 2025-63, Class S (I/F) | Federal National Mortgage Association REMICS Series 2025-63, Class S (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23% (-30 day USD SOFR Average + 10.500%) *<sup>(3)</sup>* | 08/25/55 | $5706916 | $5348782 |
|  Government National Mortgage Association, Pool #MA7418 | Government National Mortgage Association, Pool #MA7418 | Government National Mortgage Association, Pool #MA7418 | Government National Mortgage Association, Pool #MA7418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 06/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;16497346 | 14299724 |
|  Government National Mortgage Association, Pool #MA7589 | Government National Mortgage Association, Pool #MA7589 | Government National Mortgage Association, Pool #MA7589 | Government National Mortgage Association, Pool #MA7589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 09/20/51 | 13704086 | 11876649 |
|  Government National Mortgage Association, Pool #MA7987 | Government National Mortgage Association, Pool #MA7987 | Government National Mortgage Association, Pool #MA7987 | Government National Mortgage Association, Pool #MA7987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 04/20/52 | 2892865 | 2506726 |
|  Government National Mortgage Association, Pool #MA6080 | Government National Mortgage Association, Pool #MA6080 | Government National Mortgage Association, Pool #MA6080 | Government National Mortgage Association, Pool #MA6080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 08/20/49 | 162331 | 144701 |
|  Government National Mortgage Association, Pool #MA6209 | 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 | 2308187 | 2057515 |
|  Government National Mortgage Association, Pool #MA8347 | 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 | 8690853 | 8543769 |
|  Government National Mortgage Association, Pool #MA9963 | 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 | 8386843 | 8190989 |
|  Government National Mortgage Association, Pool #MB0024 | Government National Mortgage Association, Pool #MB0024 | Government National Mortgage Association, Pool #MB0024 | Government National Mortgage Association, Pool #MB0024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(4)</sup>* | 11/20/54 | 9387550 | 9175178 |
|  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) | Government National Mortgage Association REMICS Series 2011-70, Class BO (P/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(6)</sup>* | 05/20/41 | 2800193 | 2128040 |
|  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 | Government National Mortgage Association REMICS Series 2015-162, Class ZG |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/20/45 | 4244993 | 4016856 |
|  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 | Government National Mortgage Association REMICS Series 2015-42, Class ZB |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 03/20/45 | 18860325 | 17309835 |
|  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 | Government National Mortgage Association REMICS Series 2015-43, Class DM |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 03/20/45 | 14184305 | 12657357 |
|  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 | Government National Mortgage Association REMICS Series 2015-44, Class Z |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 03/20/45 | 14825195 | 13375944 |
|  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 | Government National Mortgage Association REMICS Series 2015-92, Class MT |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 01/20/45 | 3760000 | 3324945 |
|  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 | Government National Mortgage Association REMICS Series 2016-51, Class DZ |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 04/20/46 | 12082791 | 10428125 |
|  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 | Government National Mortgage Association REMICS Series 2017-116, Class ZL |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/20/47 | 10768768 | 8731753 |
|  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 | Government National Mortgage Association REMICS Series 2017-117, Class ZN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 08/20/47 | 1177257 | 980676 |

---

*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 2017-14, Class Z | 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 | $1624688 | $1347618 |
|  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 | Government National Mortgage Association REMICS Series 2017-57, Class Z |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/20/47 | &nbsp;&nbsp;&nbsp;&nbsp;5646101 | 5049223 |
|  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 | Government National Mortgage Association REMICS Series 2018-113, Class GZ |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 05/20/47 | 10027904 | 9012192 |
|  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 | Government National Mortgage Association REMICS Series 2018-153, Class ZG |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 11/20/48 | 5189413 | 4719863 |
|  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 | Government National Mortgage Association REMICS Series 2018-77, Class JY |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 06/20/48 | 1996184 | 1837401 |
|  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 | Government National Mortgage Association REMICS Series 2018-97, Class DZ |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 07/20/48 | 2976143 | 2694204 |
|  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) | Government National Mortgage Association REMICS Series 2022-128, Class SE (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.78% (-30 day USD SOFR Average + 5.960%) *<sup>(3)</sup>* | 07/20/52 | 29881048 | 2976584 |
|  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) | Government National Mortgage Association REMICS Series 2024-159, Class XS (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.32% (-30 day USD SOFR Average + 5.500%) *<sup>(3)</sup>* | 10/20/54 | 27552637 | 2209249 |
|  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 | Government National Mortgage Association REMICS Series 2025-41, Class HS |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.16% (-30 day USD SOFR Average + 5.340%) *<sup>(3)</sup>* | 03/20/55 | 24258427 | 1665167 |
|  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) | Government National Mortgage Association REMICS Series 2025-45, Class ST (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.12% (-30 day USD SOFR Average + 5.300%) *<sup>(3)</sup>* | 03/20/55 | 13587593 | 736475 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% *<sup>(11)</sup>* | 11/01/51 | 13675000 | 11373374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *<sup>(11)</sup>* | 12/01/51 | 34000000 | 29446074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(11)</sup>* | 02/01/52 | 79750000 | 72998804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(11)</sup>* | 05/01/52 | 36200000 | 34230286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(11)</sup>* | 08/01/54 | 16125000 | 15734452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(11)</sup>* | 04/01/55 | 45275000 | 45132701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(11)</sup>* | 05/01/55 | 31500000 | 31765545 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(11)</sup>* | 01/01/52 | 20725000 | 19092523 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(11)</sup>* | 02/01/52 | 10250000 | 9726538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(11)</sup>* | 04/01/55 | 9925000 | 9876730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(11)</sup>* | 04/01/55 | 27425000 | 27711591 |
|  **Total Residential Mortgage-Backed Securities — Agency** | **Total Residential Mortgage-Backed Securities — Agency** | **Total Residential Mortgage-Backed Securities — Agency** |  |
|  (Cost: $1,238,377,547) | (Cost: $1,238,377,547) | (Cost: $1,238,377,547) | 1171394600 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY—16.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY—16.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY—16.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY—16.9%** |
|  ACRE Multifamily Housing Mortgage Loan Trust Series 2022-Q018, Class B | ACRE Multifamily Housing Mortgage Loan Trust Series 2022-Q018, Class B | ACRE Multifamily Housing Mortgage Loan Trust Series 2022-Q018, Class B | ACRE Multifamily Housing Mortgage Loan Trust Series 2022-Q018, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.20% (30 day USD SOFR Average + 4.000%) *<sup>(1),(3)</sup>* | 06/25/27 | &nbsp;&nbsp;&nbsp;&nbsp;4320149 | 4313254 |
|  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 | Arbor Realty Commercial Real Estate Notes Ltd. Series 2021-FL4, Class AS |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85% (1 mo. USD Term SOFR + 1.814%) *<sup>(1),(3)</sup>* | 11/15/36 | 11800000 | 11802403 |
|  Bank Series 2020-BN25, Class C | Bank Series 2020-BN25, Class C | Bank Series 2020-BN25, Class C | Bank Series 2020-BN25, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35% *<sup>(2)</sup>* | 01/15/63 | 4055000 | 3538644 |
|  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>(2)</sup>* | 03/15/57 | 5625000 | 5772523 |
|  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>(2)</sup>* | 07/15/57 | 4725000 | 4964637 |
|  BBCMS Mortgage Trust Series 2024-5C27, Class B | 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>(2)</sup>* | 07/15/57 | 4565000 | 4787844 |
|  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 | 3074750 |
|  BBCMS Mortgage Trust Series 2024-C24, Class AS | 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 | 6322615 |
|  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>(2)</sup>* | 05/15/57 | 6003000 | 6412738 |
|  Benchmark Mortgage Trust Series 2019-B13, Class AM | 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 | 4608474 |
|  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; 3.29% *<sup>(1),(2)</sup>* | 12/15/62 | 8734000 | 275213 |
|  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; 3.29% *<sup>(1),(2)</sup>* | 12/15/62 | 20303000 | 213395 |
|  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>(2)</sup>* | 09/15/57 | 4694000 | 4833472 |
|  BGME Trust Series 2021-VR, Class C | 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; 2.99% *<sup>(1),(2)</sup>* | 01/10/43 | 3250000 | 2512794 |
|  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>(2)</sup>* | 02/15/57 | 4540000 | 4728532 |
|  BMO Mortgage Trust Series 2024-5C6, Class AS | 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>(2)</sup>* | 09/15/57 | 2330000 | 2391639 |
|  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>(2)</sup>* | 03/15/57 | 4011000 | 4233795 |

---

*See accompanying Notes to Financial Statements.* 

------

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **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)** |
|  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; 5.90% (1 mo. USD Term SOFR + 1.864%) *<sup>(1),(3)</sup>* | 06/15/38 | $4299603 | $4321688 |
|  BPR Trust Series 2024-PMDW, Class D | 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),(2)</sup>* | 11/05/41 | 3980000 | 3933251 |
|  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 | 1142175 |
|  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 | 1032044 |
|  BX Trust Series 2019-OC11, Class E | BX Trust Series 2019-OC11, Class E | BX Trust Series 2019-OC11, Class E | BX Trust Series 2019-OC11, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94% *<sup>(1),(2)</sup>* | 12/09/41 | 5000000 | 4603311 |
|  Caister Finance DAC Series 1A, Class D | Caister Finance DAC Series 1A, Class D | Caister Finance DAC Series 1A, Class D | Caister Finance DAC Series 1A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% (1 day GBP SONIA + 3.900%) *<sup>(1),(3)</sup>* | 08/17/35 | 2000000 | 2632051 |
|  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 | CAMB Commercial Mortgage Trust Series 2021-CX2, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.77% *<sup>(1),(2)</sup>* | 11/10/46 | 5000000 | 4109769 |
|  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 | CHI Commercial Mortgage Trust Series 2025-SFT, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% *<sup>(1),(2)</sup>* | 04/15/42 | 4500000 | 4602527 |
|  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 | Citigroup Commercial Mortgage Trust Series 2018-C5, Class AS |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41% *<sup>(2)</sup>* | 06/10/51 | 5599188 | 5525288 |
|  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 | Citigroup Commercial Mortgage Trust Series 2020-555, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65% *<sup>(1)</sup>* | 12/10/41 | 9400000 | 8558437 |
|  COMM Mortgage Trust Series 2020-CX, Class B | 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 | 5112571 |
|  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) | CoreVest American Finance Ltd. Series 2020-1, Class XB (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% *<sup>(1),(2)</sup>* | 03/15/50 | 38948500 | 2427290 |
|  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) | CoreVest American Finance Ltd. Series 2020-4, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74% *<sup>(1),(2)</sup>* | 12/15/52 | 2201634 | 4498 |
|  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) | CoreVest American Finance Ltd. Series 2020-4, Class XB (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69% *<sup>(1),(2)</sup>* | 12/15/52 | 27500000 | 1330200 |
|  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) | CoreVest American Finance Ltd. Series 2021-1, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.83% *<sup>(1),(2)</sup>* | 04/15/53 | 38991089 | 534314 |
|  Corevest American Finance Trust Series 2020-1, Class XA (I/O) | Corevest American Finance Trust Series 2020-1, Class XA (I/O) | Corevest American Finance Trust Series 2020-1, Class XA (I/O) | Corevest American Finance Trust Series 2020-1, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.26% *<sup>(1),(2)</sup>* | 03/15/50 | 8049023 | 283352 |
|  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 | 4626211 |
|  CSMC Trust Series 2021-BPNY, Class A | 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; 7.86% (1 mo. USD Term SOFR + 3.829%) *<sup>(1),(3)</sup>* | 08/15/26 | 8379925 | 8002762 |
|  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; 4.61% *<sup>(2)</sup>* | 10/15/51 | 5136000 | 4958925 |
|  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 | 12693540 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **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)** |
|  Extended Stay America Trust Series 2025-ESH, Class D | Extended Stay America Trust Series 2025-ESH, Class D | Extended Stay America Trust Series 2025-ESH, Class D | Extended Stay America Trust Series 2025-ESH, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% (1 mo. USD Term SOFR + 2.600%) *<sup>(1),(3)</sup>* | 10/15/42 | $5385000 | $5435923 |
|  FirstKey Homes Trust Series 2021-SFR3, Class E1 | 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 | 5359220 |
|  FirstKey Homes Trust Series 2022-SFR3, Class E1 | 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 | 8794794 |
|  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 | 7000000 | 6244461 |
|  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 | Hudson Yards Mortgage Trust Series 2019-55HY, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94% *<sup>(1),(2)</sup>* | 12/10/41 | 1750000 | 1642324 |
|  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 | JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40% *<sup>(1)</sup>* | 06/05/39 | 6865000 | 6491527 |
|  Life Mortgage Trust Series 2021-BMR, Class G | 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; 7.10% (1 mo. USD Term SOFR + 3.064%) *<sup>(1),(3)</sup>* | 03/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;1400000 | 1382750 |
|  MAD Commercial Mortgage Trust Series 2025-11MD, Class D | MAD Commercial Mortgage Trust Series 2025-11MD, Class D | MAD Commercial Mortgage Trust Series 2025-11MD, Class D | MAD Commercial Mortgage Trust Series 2025-11MD, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.36% *<sup>(1),(2)</sup>* | 10/15/42 | 5100000 | 5117846 |
|  MKT Mortgage Trust Series 2020-525M, Class C | 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; 2.94% *<sup>(1),(2)</sup>* | 02/12/40 | 4900000 | 4109555 |
|  MKT Mortgage Trust Series 2020-525M, Class D | 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; 2.94% *<sup>(1),(2)</sup>* | 02/12/40 | 3396000 | 2779442 |
|  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 | Morgan Stanley Capital I Trust Series 2019-H7, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 07/15/52 | 4000000 | 3660499 |
|  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 | Morgan Stanley Capital I Trust Series 2020-CNP, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.43% *<sup>(1),(2)</sup>* | 04/05/42 | 18000000 | 15901810 |
|  Morgan Stanley Capital I Trust Series 2020-CNP, Class C | Morgan Stanley Capital I Trust Series 2020-CNP, Class C | Morgan Stanley Capital I Trust Series 2020-CNP, Class C | Morgan Stanley Capital I Trust Series 2020-CNP, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.43% *<sup>(1),(2)</sup>* | 04/05/42 | 3045000 | 2529991 |
|  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 | New Residential Mortgage Loan Trust Series 2022-SFR2, Class E1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(1)</sup>* | 09/04/39 | 5750000 | 5537688 |
|  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 | NY Commercial Mortgage Trust Series 2025-299P, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.93% *<sup>(1),(2)</sup>* | 02/10/47 | 5885000 | 6148334 |
|  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 | One Bryant Park Trust Series 2019-OBP, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52% *<sup>(1)</sup>* | 09/15/54 | 6870000 | 6345474 |
|  Progress Residential Trust Series 2021-SFR11, Class F | 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 | 2792942 |
|  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 | 3381202 |
|  Progress Residential Trust Series 2021-SFR7, Class F | 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 | 8486595 |
|  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),(2)</sup>* | 08/09/29 | 4621000 | 4331946 |
|  RIDE Series 2025-SHRE, Class D | RIDE Series 2025-SHRE, Class D | RIDE Series 2025-SHRE, Class D | RIDE Series 2025-SHRE, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% *<sup>(1),(2)</sup>* | 02/14/47 | 2500000 | 2566728 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **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)** |
|  ROCK Trust Series 2024-CNTR, Class E | 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 | 4233454 |
|  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 | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66% *<sup>(1),(2)</sup>* | 01/05/43 | 15597000 | 13197618 |
|  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 | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14% *<sup>(1),(2)</sup>* | 01/05/43 | 1370000 | 1191463 |
|  SLG Office Trust Series 2021-OVA, Class D | SLG Office Trust Series 2021-OVA, Class D | SLG Office Trust Series 2021-OVA, Class D | SLG Office Trust Series 2021-OVA, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85% *<sup>(1)</sup>* | 07/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;1285000 | 1117482 |
|  SLG Office Trust Series 2021-OVA, Class E | 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 | 4128861 |
|  SLG Office Trust Series 2021-OVA, Class G | 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 | 12954418 |
|  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 | Wells Fargo Commercial Mortgage Trust Series 2016-NXS6, Class XB |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55% *<sup>(2)</sup>* | 11/15/49 | 106409000 | 340200 |
|  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 | Wells Fargo Commercial Mortgage Trust Series 2024-SVEN, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.26% *<sup>(1),(2)</sup>* | 06/10/37 | 4632000 | 4808972 |
|  **Total Commercial Mortgage-Backed Securities — Non-agency** | **Total Commercial Mortgage-Backed Securities — Non-agency** | **Total Commercial Mortgage-Backed Securities — Non-agency** |  |
|  (Cost: $344,947,562) | (Cost: $344,947,562) | (Cost: $344,947,562) | 306234445 |
| **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 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; 4.16% *<sup>(2)</sup>* | 01/25/43 | 1876076 | 19 |
|  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) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K045, Class X3 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96% *<sup>(2)</sup>* | 04/25/43 | 746581 | 7 |
|  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; 3.40% *<sup>(2)</sup>* | 04/25/43 | 3583633 | 36 |
|  FREMF Mortgage Trust Series 2017-KW03, Class C | FREMF Mortgage Trust Series 2017-KW03, Class C | FREMF Mortgage Trust Series 2017-KW03, Class C | FREMF Mortgage Trust Series 2017-KW03, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(6)</sup>* | 08/25/27 | 4500000 | 3854387 |
|  **Total Commercial Mortgage-Backed Securities — Agency** | **Total Commercial Mortgage-Backed Securities — Agency** | **Total Commercial Mortgage-Backed Securities — Agency** |  |
|  (Cost: $4,159,027) | (Cost: $4,159,027) | (Cost: $4,159,027) | 3854449 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 23.4%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 23.4%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 23.4%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 23.4%** |
|  ABFC Trust Series 2007-WMC1, Class A2A | 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; 4.86% (1 mo. USD Term SOFR + 0.864%) *<sup>(3)</sup>* | 06/25/37 | 8209559 | 7002907 |
|  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 | ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP1, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% (1 mo. USD Term SOFR + 0.634%) *<sup>(3)</sup>* | 03/25/37 | 10081140 | 4109443 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
|  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 | ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP1, Class A2D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87% (1 mo. USD Term SOFR + 0.874%) *<sup>(3)</sup>* | 03/25/37 | $5418506 | $2208633 |
|  Argent Securities Trust Series 2006-W4, Class A2C | Argent Securities Trust Series 2006-W4, Class A2C | Argent Securities Trust Series 2006-W4, Class A2C | Argent Securities Trust Series 2006-W4, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.43% (1 mo. USD Term SOFR + 0.434%) *<sup>(3)</sup>* | 05/25/36 | 16015309 | 3839027 |
|  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 | Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-W3, Class M2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% (1 mo. USD Term SOFR + 0.804%) *<sup>(3)</sup>* | 11/25/35 | &nbsp;&nbsp;&nbsp;&nbsp;7603398 | 6829373 |
|  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 | Banc of America Funding Trust Series 2004-B, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.62% *<sup>(2)</sup>* | 12/20/34 | 129924 | 105267 |
|  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 | Banc of America Funding Trust Series 2006-3, Class 4A14 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 03/25/36 | 137326 | 117930 |
|  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 | Banc of America Funding Trust Series 2006-3, Class 5A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 03/25/36 | 870160 | 797853 |
|  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 | Banc of America Funding Trust Series 2006-D, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(2)</sup>* | 05/20/36 | 39275 | 36565 |
|  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 | Banc of America Funding Trust Series 2006-D, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% *<sup>(2)</sup>* | 05/20/36 | 1070577 | 956896 |
|  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 | Bear Stearns ALT-A Trust Series 2005-2, Class 2A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83% *<sup>(2)</sup>* | 04/25/35 | 714 | 649 |
|  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 | Bear Stearns ALT-A Trust Series 2005-4, Class 23A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% *<sup>(2)</sup>* | 05/25/35 | 1119957 | 1073352 |
|  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 | Bear Stearns ALT-A Trust Series 2006-4, Class 32A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15% *<sup>(2)</sup>* | 07/25/36 | 278046 | 114927 |
|  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 | Bear Stearns ARM Trust Series 2004-12, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.62% *<sup>(2)</sup>* | 02/25/35 | 165674 | 157029 |
|  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 | Bear Stearns ARM Trust Series 2005-10, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02% *<sup>(2)</sup>* | 10/25/35 | 939467 | 937064 |
|  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 | Bear Stearns ARM Trust Series 2006-2, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39% *<sup>(2)</sup>* | 07/25/36 | 505020 | 435171 |
|  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 | Bear Stearns ARM Trust Series 2007-1, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.68% *<sup>(2)</sup>* | 02/25/47 | 80746 | 69854 |
|  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 | Bear Stearns Asset-Backed Securities I Trust Series 2005-AC6, Class 1A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(2)</sup>* | 09/25/35 | 587768 | 569409 |
|  Bear Stearns Asset-Backed Securities I Trust Series 2005-AC6, Class 1A4 | Bear Stearns Asset-Backed Securities I Trust Series 2005-AC6, Class 1A4 | Bear Stearns Asset-Backed Securities I Trust Series 2005-AC6, Class 1A4 | Bear Stearns Asset-Backed Securities I Trust Series 2005-AC6, Class 1A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% *<sup>(2)</sup>* | 09/25/35 | 1256747 | 1217596 |
|  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 | Bear Stearns Mortgage Funding Trust Series 2006-AR1, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55% (1 mo. USD Term SOFR + 0.554%) *<sup>(3)</sup>* | 08/25/36 | 7305896 | 7003160 |

---

*See accompanying Notes to Financial Statements.* 

------

October 31, 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)** |
|  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 | Bear Stearns Mortgage Funding Trust Series 2006-AR3, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.47% (1 mo. USD Term SOFR + 0.474%) *<sup>(3)</sup>* | 10/25/36 | $219754 | $195421 |
|  Braccan Mortgage Funding PLC Series 2025-1A, Class X | Braccan Mortgage Funding PLC Series 2025-1A, Class X | Braccan Mortgage Funding PLC Series 2025-1A, Class X | Braccan Mortgage Funding PLC Series 2025-1A, Class X |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.92% (1 day GBP SONIA + 3.930%) *<sup>(1),(3)</sup>* | 05/17/67 | 1641683 | 2154151 |
|  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 | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 02/25/37 | 1944788 | 1135898 |
|  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 | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 02/25/37 | 6689696 | 3907269 |
|  C-BASS Trust Series 2006-CB9, Class A4 | 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; 4.57% (1 mo. USD Term SOFR + 0.574%) *<sup>(3)</sup>* | 11/25/36 | 10838167 | 4973989 |
|  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 | Chase Mortgage Finance Trust Series 2006-A1, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.27% *<sup>(2)</sup>* | 09/25/36 | 240947 | 215619 |
|  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 | Chase Mortgage Finance Trust Series 2007-A1, Class 8A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% *<sup>(2)</sup>* | 02/25/37 | 795506 | 782226 |
|  ChaseFlex Trust Series 2005-1, Class 1A5 | 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 | 1965944 | 1317128 |
|  CHL Mortgage Pass-Through Trust Series 2005-HYB5, Class 4A1 | CHL Mortgage Pass-Through Trust Series 2005-HYB5, Class 4A1 | CHL Mortgage Pass-Through Trust Series 2005-HYB5, Class 4A1 | CHL Mortgage Pass-Through Trust Series 2005-HYB5, Class 4A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% *<sup>(2)</sup>* | 09/20/35 | 6982 | 6088 |
|  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 | CHL Mortgage Pass-Through Trust Series 2007-HY5, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.04% *<sup>(2)</sup>* | 09/25/47 | 3178 | 2485 |
|  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 | CHL Mortgage Pass-Through Trust Series 2007-HYB1, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72% *<sup>(2)</sup>* | 03/25/37 | 25330 | 21241 |
|  CIM Trust Series 2019-R3, Class A | 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),(2)</sup>* | 06/25/58 | 6806543 | 6432382 |
|  CIM Trust Series 2020-R1, Class A1 | 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),(2)</sup>* | 10/27/59 | 14546570 | 13552713 |
|  CIM Trust Series 2020-R3, Class A1A | 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),(2)</sup>* | 01/26/60 | 9125566 | 8846284 |
|  CIM Trust Series 2020-R6, Class A1A | 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),(2)</sup>* | 12/25/60 | 8230670 | 7608272 |
|  CIM Trust Series 2020-R7, Class A1A | 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),(2)</sup>* | 12/27/61 | 12647287 | 11756325 |
|  CIM Trust Series 2021-R3, Class A1A | 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),(2)</sup>* | 06/25/57 | 8683535 | 8099500 |
|  CIM Trust Series 2023-R1, Class A1A | 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),(2)</sup>* | 04/25/62 | 6068081 | 6050609 |
|  CIM Trust Series 2023-R1, Class A1B | 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),(2)</sup>* | 04/25/62 | 13400000 | 11962010 |
|  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 | Citigroup Mortgage Loan Trust, Inc. Series 2006-AR5, Class 1A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.97% *<sup>(2)</sup>* | 07/25/36 | 1415263 | 1023452 |
|  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 | Citigroup Mortgage Loan Trust, Inc. Series 2007-12, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1),(2)</sup>* | 10/25/36 | 2134353 | 1074522 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
|  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 | CitiMortgage Alternative Loan Trust Series 2007-A5, Class 1A6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 05/25/37 | $6302886 | $5840581 |
|  Conseco Finance Corp. Series 1999-2, Class A7 | 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 | 163854 | 164594 |
|  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 | Conseco Finance Securitizations Corp. Series 2000-4, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.97% | 05/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;45277023 | 5745894 |
|  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 | Countrywide Alternative Loan Trust Series 2005-84, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.07% *<sup>(2)</sup>* | 02/25/36 | 71470 | 61910 |
|  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 | Countrywide Alternative Loan Trust Series 2007-19, Class 1A34 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 08/25/37 | 10964709 | 5126808 |
|  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 | Credit Suisse First Boston Mortgage Securities Corp. Series 2005-12, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 01/25/36 | 6004288 | 1306973 |
|  Cross Mortgage Trust Series 2024-H8, Class B1B | Cross Mortgage Trust Series 2024-H8, Class B1B | Cross Mortgage Trust Series 2024-H8, Class B1B | Cross Mortgage Trust Series 2024-H8, Class B1B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.35% *<sup>(1),(2)</sup>* | 12/25/69 | 3226000 | 3223471 |
|  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 | CSMC Mortgage-Backed Trust Series 2006-8, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 10/25/21 | 607619 | 143860 |
|  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 | 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 | CSMC Trust Series 2021-NQM5, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.94% *<sup>(1),(2)</sup>* | 05/25/66 | 3454819 | 2943737 |
|  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) | CSMC Trust Series 2021-RP11, Class A1 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.48% *<sup>(1),(2)</sup>* | 10/25/61 | 9672398 | 518974 |
|  CSMC Trust Series 2021-RP11, Class B1 | 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),(2)</sup>* | 10/25/61 | 2334236 | 1222927 |
|  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) | CSMC Trust Series 2022-RPL1, Class A1 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.43% *<sup>(1),(2)</sup>* | 04/25/61 | 8452459 | 87006 |
|  CSMC Trust Series 2022-RPL1, Class B1 | 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; 4.58% *<sup>(1),(2)</sup>* | 04/25/61 | 2092563 | 1289040 |
|  CSMCM Trust Series 2021-RP11, Class CERT | 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 | 477036 | 377000 |
|  CSMCM Trust Series 2022-RPL1, Class CERT | 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 | 445362 | 378392 |
|  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 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR6, Class A6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49% (1 mo. USD Term SOFR + 0.494%) *<sup>(3)</sup>* | 02/25/37 | 123210 | 108518 |
|  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 | DSLA Mortgage Loan Trust Series 2005-AR6, Class 2A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73% (1 mo. USD Term SOFR + 0.694%) *<sup>(3)</sup>* | 10/19/45 | 1410131 | 1319104 |
|  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 | DSLA Mortgage Loan Trust Series 2007-AR1, Class 2A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29% (1 mo. USD Term SOFR + 0.254%) *<sup>(3)</sup>* | 03/19/37 | 3440132 | 2898626 |
|  Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA6, Class B2 | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA6, Class B2 | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA6, Class B2 | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA6, Class B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.68% (30 day USD SOFR Average + 7.500%) *<sup>(1),(3)</sup>* | 10/25/41 | 4000000 | 4216331 |

---

*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)** |
|  Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA7, Class B2 | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA7, Class B2 | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA7, Class B2 | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA7, Class B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.98% (30 day USD SOFR Average + 7.800%) *<sup>(1),(3)</sup>* | 11/25/41 | $2376737 | $2521772 |
|  Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA3, Class B2 | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA3, Class B2 | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA3, Class B2 | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA3, Class B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.43% (30 day USD SOFR Average + 6.250%) *<sup>(1),(3)</sup>* | 09/25/41 | 3050000 | 3163591 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.18% (30 day USD SOFR Average + 6.000%) *<sup>(1),(3)</sup>* | 10/25/41 | 5900000 | 6136413 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.68% (30 day USD SOFR Average + 5.500%) *<sup>(1),(3)</sup>* | 12/25/41 | 4760000 | 4958420 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01, Class 1B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.18% (30 day USD SOFR Average + 6.000%) *<sup>(1),(3)</sup>* | 12/25/41 | 3005000 | 3148075 |
|  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 | Fieldstone Mortgage Investment Trust Series 2007-1, Class 2A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81% (1 mo. USD Term SOFR + 0.384%) *<sup>(3)</sup>* | 04/25/47 | 2090448 | 1617596 |
|  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 | First Franklin Mortgage Loan Trust Series 2006-FF18, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.43% (1 mo. USD Term SOFR + 0.434%) *<sup>(3)</sup>* | 12/25/37 | &nbsp;&nbsp;&nbsp;&nbsp;7922098 | 7354985 |
|  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 | First Franklin Mortgage Loan Trust Series 2007-FF1, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39% (1 mo. USD Term SOFR + 0.394%) *<sup>(3)</sup>* | 01/25/38 | 2828742 | 1564924 |
|  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 | First Franklin Mortgage Loan Trust Series 2007-FF1, Class A2D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55% (1 mo. USD Term SOFR + 0.554%) *<sup>(3)</sup>* | 01/25/38 | 13845546 | 7657616 |
|  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 | First Franklin Mortgage Loan Trust Series 2007-FF2, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39% (1 mo. USD Term SOFR + 0.394%) *<sup>(3)</sup>* | 03/25/37 | 29379548 | 15477957 |
|  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 | First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41% (1 mo. USD Term SOFR + 0.414%) *<sup>(3)</sup>* | 03/25/37 | 19498590 | 9376254 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
|  GSAA Trust Series 2005-7, Class AF5 | 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 | $21239 | $21035 |
|  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 | GSR Mortgage Loan Trust Series 2004-9, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92% *<sup>(2)</sup>* | 08/25/34 | 518890 | 496013 |
|  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 | GSR Mortgage Loan Trust Series 2006-OA1, Class 2A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% (1 mo. USD Term SOFR + 0.634%) *<sup>(3)</sup>* | 08/25/46 | 42649434 | 9434848 |
|  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 | GSR Mortgage Loan Trust Series 2007-AR2, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% *<sup>(2)</sup>* | 05/25/37 | 1452786 | 741935 |
|  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 | HSI Asset Loan Obligation Trust Series 2007-2, Class 2A12 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 09/25/37 | 429021 | 310860 |
|  Impac CMB Trust Series 2005-1, Class 1A1 | 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; 4.63% (1 mo. USD Term SOFR + 0.634%) *<sup>(3)</sup>* | 04/25/35 | 241496 | 235477 |
|  Impac CMB Trust Series 2005-5, Class A2 | 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; 4.55% (1 mo. USD Term SOFR + 0.334%) *<sup>(3)</sup>* | 08/25/35 | &nbsp;&nbsp;&nbsp;&nbsp;1435080 | 1365524 |
|  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 | Impac Secured Assets Trust Series 2006-3, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45% (1 mo. USD Term SOFR + 0.454%) *<sup>(3)</sup>* | 11/25/36 | 2595258 | 2401136 |
|  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 | IndyMac INDA Mortgage Loan Trust Series 2007-AR7, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39% *<sup>(2)</sup>* | 11/25/37 | 1189827 | 981297 |
|  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 | IndyMac INDX Mortgage Loan Trust Series 2004-AR9, Class 4A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87% *<sup>(2)</sup>* | 11/25/34 | 125476 | 120065 |
|  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 | IndyMac INDX Mortgage Loan Trust Series 2005-AR23, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45% *<sup>(2)</sup>* | 11/25/35 | 1344963 | 1030002 |
|  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 | IndyMac INDX Mortgage Loan Trust Series 2005-AR25, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82% *<sup>(2)</sup>* | 12/25/35 | 998930 | 847659 |
|  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 | IndyMac INDX Mortgage Loan Trust Series 2005-AR7, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.34% *<sup>(2)</sup>* | 06/25/35 | 716770 | 595220 |
|  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 | IndyMac INDX Mortgage Loan Trust Series 2006-AR39, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.47% (1 mo. USD Term SOFR + 0.474%) *<sup>(3)</sup>* | 02/25/37 | 3786688 | 3520219 |
|  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 | IndyMac INDX Mortgage Loan Trust Series 2006-AR6, Class 2A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.51% (1 mo. USD Term SOFR + 0.514%) *<sup>(3)</sup>* | 06/25/46 | 5913236 | 5369315 |
|  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 | IndyMac INDX Mortgage Loan Trust Series 2007-AR11, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.32% *<sup>(2)</sup>* | 06/25/37 | 9881 | 8894 |
|  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 | JPMorgan Alternative Loan Trust Series 2006-A2, Class 5A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(2)</sup>* | 05/25/36 | 2727298 | 1508871 |
|  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 | JPMorgan Alternative Loan Trust Series 2006-A4, Class A8 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11% *<sup>(2)</sup>* | 09/25/36 | 115926 | 139037 |
|  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 | JPMorgan Mortgage Acquisition Trust Series 2006-CH2, Class AF4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42% | 10/25/36 | 3254500 | 1953214 |

---

*See accompanying Notes to Financial Statements.* 

------

October 31, 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 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 | JPMorgan Mortgage Acquisition Trust Series 2006-WMC4, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35% (1 mo. USD Term SOFR + 0.354%) *<sup>(3)</sup>* | 12/25/36 | $23171568 | $11645884 |
|  JPMorgan Mortgage Trust Series 2006-A2, Class 5A3 | 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; 6.42% *<sup>(2)</sup>* | 11/25/33 | 199901 | 197963 |
|  JPMorgan Mortgage Trust Series 2006-A4, Class 1A4 | 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; 5.05% *<sup>(2)</sup>* | 06/25/36 | 145191 | 96897 |
|  JPMorgan Mortgage Trust Series 2006-A7, Class 2A4R | 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; 4.47% *<sup>(2)</sup>* | 01/25/37 | 5910 | 4750 |
|  JPMorgan Mortgage Trust Series 2006-S2, Class 2A2 | 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% *<sup>(5)</sup>* | 06/25/21 | 25691 |  |
|  JPMorgan Mortgage Trust Series 2022-INV1, Class A8 | 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),(2)</sup>* | 03/25/52 | 6674888 | 5587287 |
|  JPMorgan Mortgage Trust Series 2024-3, Class A8 | 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),(2)</sup>* | 05/25/54 | 10800000 | 8922546 |
|  JPMortgage Trust Series 2021-4, Class A8 | 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),(2)</sup>* | 08/25/51 | 10544878 | 8776629 |
|  Knock Issuer Trust Series 2025-1, Class A1 | Knock Issuer Trust Series 2025-1, Class A1 | Knock Issuer Trust Series 2025-1, Class A1 | Knock Issuer Trust Series 2025-1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.12% *<sup>(1)</sup>* | 02/25/30 | &nbsp;&nbsp;&nbsp;&nbsp;3565000 | 3606428 |
|  Lehman Mortgage Trust Series 2006-4, Class 4A1 | 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% | 08/25/21 | 399137 | 261087 |
|  Lehman XS Trust Series 2006-10N, Class 1A3A | 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; 4.53% (1 mo. USD Term SOFR + 0.534%) *<sup>(3)</sup>* | 07/25/46 | 4827957 | 4753961 |
|  Lehman XS Trust Series 2006-12N, Class A31A | 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; 4.51% (1 mo. USD Term SOFR + 0.514%) *<sup>(3)</sup>* | 08/25/46 | 1334062 | 1426371 |
|  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 | MASTR Alternative Loan Trust Series 2005-4, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 05/25/35 | 3842511 | 3024071 |
|  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 | MASTR Alternative Loan Trust Series 2006-2, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.51% (1 mo. USD Term SOFR + 0.514%) *<sup>(3)</sup>* | 03/25/36 | 65324 | 5893 |
|  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 | MASTR Asset Securitization Trust Series 2006-3, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.56% (1 mo. USD Term SOFR + 0.564%) *<sup>(3)</sup>* | 10/25/36 | 28197 | 4191 |
|  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 | MASTR Asset-Backed Securities Trust Series 2006-AB1, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.22% | 02/25/36 | 138471 | 118020 |
|  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 | MASTR Seasoned Securitization Trust Series 2004-1, Class 4A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.53% *<sup>(2)</sup>* | 10/25/32 | 2570 | 2529 |
|  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 | Merrill Lynch Alternative Note Asset Trust Series 2007-A1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.43% (1 mo. USD Term SOFR + 0.434%) *<sup>(3)</sup>* | 01/25/37 | 726553 | 221335 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 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 | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.61% (1 mo. USD Term SOFR + 0.614%) *<sup>(3)</sup>* | 04/25/37 | $17070941 | $6492217 |
|  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 | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A2D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79% (1 mo. USD Term SOFR + 0.794%) *<sup>(3)</sup>* | 04/25/37 | 4358614 | 1665698 |
|  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 | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-2, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.59% (1 mo. USD Term SOFR + 0.594%) *<sup>(3)</sup>* | 05/25/37 | &nbsp;&nbsp;&nbsp;&nbsp;2125879 | 1560661 |
|  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 | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.37% (1 mo. USD Term SOFR + 0.374%) *<sup>(3)</sup>* | 06/25/37 | 663031 | 665091 |
|  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 | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-4, Class 2A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.43% (1 mo. USD Term SOFR + 0.434%) *<sup>(3)</sup>* | 07/25/37 | 9317708 | 9410754 |
|  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 | Merrill Lynch Mortgage-Backed Securities Trust Series 2007-2, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05% (1 yr. CMT + 2.400%) *<sup>(3)</sup>* | 08/25/36 | 373674 | 324842 |
|  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 | Mid-State Capital Corp. Trust Series 2005-1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 01/15/40 | 290569 | 290566 |
|  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 | Morgan Stanley ABS Capital I, Inc. Trust Series 2004-NC8, Class M2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.07% (1 mo. USD Term SOFR + 1.074%) *<sup>(3)</sup>* | 09/25/34 | 255875 | 270431 |
|  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 | Morgan Stanley Mortgage Loan Trust Series 2007-3XS, Class 2A6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.26% | 01/25/47 | 1975422 | 573839 |
|  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 | Morgan Stanley Residential Mortgage Loan Trust Series 2024-INV3, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1),(2)</sup>* | 06/25/54 | 7196915 | 7367355 |
|  MortgageIT Trust Series 2005-4, Class A1 | MortgageIT Trust Series 2005-4, Class A1 | MortgageIT Trust Series 2005-4, Class A1 | MortgageIT Trust Series 2005-4, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67% (1 mo. USD Term SOFR + 0.674%) *<sup>(3)</sup>* | 10/25/35 | 253862 | 254842 |
|  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 | Oakwood Mortgage Investors, Inc. Series 1999-E, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.61% *<sup>(2)</sup>* | 03/15/30 | 4291769 | 1754083 |
|  Ownit Mortgage Loan Trust Series 2006-6, Class A2C | Ownit Mortgage Loan Trust Series 2006-6, Class A2C | Ownit Mortgage Loan Trust Series 2006-6, Class A2C | Ownit Mortgage Loan Trust Series 2006-6, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.43% (1 mo. USD Term SOFR + 0.434%) *<sup>(3)</sup>* | 09/25/37 | 12635945 | 5650745 |
|  Prime Mortgage Trust Series 2006-1, Class 1A1 | Prime Mortgage Trust Series 2006-1, Class 1A1 | Prime Mortgage Trust Series 2006-1, Class 1A1 | Prime Mortgage Trust Series 2006-1, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(5)</sup>* | 06/25/36 | 1359 |  |

---

*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 | PRKCM Trust Series 2021-AFC2, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.07% *<sup>(1),(2)</sup>* | 11/25/56 | $4671304 | $4198317 |
|  RAAC Trust Series 2005-SP1, Class 4A1 | 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 | 540370 | 542519 |
|  RALI Trust Series 2005-QA13, Class 2A1 | 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; 5.27% *<sup>(2)</sup>* | 12/25/35 | 303575 | 267514 |
|  RALI Trust Series 2005-QA7, Class A21 | 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; 5.36% *<sup>(2)</sup>* | 07/25/35 | 648702 | 612065 |
|  RALI Trust Series 2005-QA8, Class CB21 | 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; 5.19% *<sup>(2)</sup>* | 07/25/35 | 2193939 | 1109475 |
|  RALI Trust Series 2006-QA1, Class A21 | 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; 5.15% *<sup>(2)</sup>* | 01/25/36 | 7842 | 5242 |
|  RALI Trust Series 2006-QA2, Class 1A1 | RALI Trust Series 2006-QA2, Class 1A1 | RALI Trust Series 2006-QA2, Class 1A1 | RALI Trust Series 2006-QA2, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.36% (1 mo. USD Term SOFR + 0.364%) *<sup>(3)</sup>* | 02/25/36 | 9331 | 6061 |
|  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) | RALI Trust Series 2006-QS10, Class AV (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.57% *<sup>(2)</sup>* | 08/25/36 | 13952118 | 260783 |
|  RALI Trust Series 2006-QS5, Class A5 | 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% | 05/25/36 | &nbsp;&nbsp;&nbsp;&nbsp;1640208 | 1472195 |
|  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) | RALI Trust Series 2006-QS6, Class 1AV (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.77% *<sup>(2)</sup>* | 06/25/36 | 19917151 | 516958 |
|  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) | RALI Trust Series 2006-QS7, Class AV (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% *<sup>(2)</sup>* | 06/25/36 | 3739569 | 100412 |
|  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) | RALI Trust Series 2007-QS1, Class 2AV (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.17% *<sup>(2)</sup>* | 01/25/37 | 1034717 | 6398 |
|  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) | RALI Trust Series 2007-QS2, Class AV (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.29% *<sup>(2)</sup>* | 01/25/37 | 6975705 | 69350 |
|  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) | RALI Trust Series 2007-QS3, Class AV (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.36% *<sup>(2)</sup>* | 02/25/37 | 33165812 | 484854 |
|  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) | RALI Trust Series 2007-QS4, Class 3AV (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38% *<sup>(2)</sup>* | 03/25/37 | 3432779 | 42400 |
|  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) | RALI Trust Series 2007-QS5, Class AV (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.28% *<sup>(2)</sup>* | 03/25/37 | 4791270 | 54977 |
|  RALI Trust Series 2007-QS6, Class A45 | 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% | 04/25/37 | 1124665 | 937788 |
|  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) | RALI Trust Series 2007-QS8, Class AV (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45% *<sup>(2)</sup>* | 06/25/37 | 8018777 | 139470 |
|  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 | Residential Asset Securitization Trust Series 2007-A3, Class 1A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 04/25/37 | 2217320 | 975229 |
|  RFMSI Trust Series 2005-SA5, Class 2A | 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; 5.17% *<sup>(2)</sup>* | 11/25/35 | 5908 | 5317 |
|  RFMSI Trust Series 2006-S9, Class A3 (PAC) | 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% | 09/25/36 | 247352 | 196246 |
|  RFMSI Trust Series 2007-S2, Class A9 | 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 | 2675077 | 2070590 |
|  RFMSI Trust Series 2007-SA2, Class 2A2 | 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; 5.69% *<sup>(2)</sup>* | 04/25/37 | 7245 | 6297 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
|  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 | Saxon Asset Securities Trust Series 2007-2, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35% (1 mo. USD Term SOFR + 0.354%) *<sup>(3)</sup>* | 05/25/47 | $9080865 | $6771051 |
|  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 | Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82% | 01/25/36 | 2473968 | 2136374 |
|  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 | Securitized Asset-Backed Receivables LLC Trust Series 2007-BR1, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79% (1 mo. USD Term SOFR + 0.794%) *<sup>(3)</sup>* | 02/25/37 | &nbsp;&nbsp;&nbsp;&nbsp;6934357 | 2973526 |
|  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 | Securitized Asset-Backed Receivables LLC Trust Series 2007-NC2, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39% (1 mo. USD Term SOFR + 0.394%) *<sup>(3)</sup>* | 01/25/37 | 10437602 | 9080231 |
|  Sequoia Mortgage Trust Series 2003-8, Class A1 | 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; 4.79% (1 mo. USD Term SOFR + 0.754%) *<sup>(3)</sup>* | 01/20/34 | 122306 | 119512 |
|  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 | Soundview Home Loan Trust Series 2007-OPT3, Class 2A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.36% (1 mo. USD Term SOFR + 0.364%) *<sup>(3)</sup>* | 08/25/37 | 4000000 | 3694192 |
|  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 | STARM Mortgage Loan Trust Series 2007-1, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.74% *<sup>(2)</sup>* | 02/25/37 | 1336110 | 731996 |
|  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 | STARM Mortgage Loan Trust Series 2007-2, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% *<sup>(2)</sup>* | 04/25/37 | 78465 | 42350 |
|  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 | STARM Mortgage Loan Trust Series 2007-3, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% *<sup>(2)</sup>* | 06/25/37 | 1693 | 784 |
|  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 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 2A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89% *<sup>(2)</sup>* | 09/25/34 | 212927 | 207984 |
|  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 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-14, Class 2A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.53% *<sup>(2)</sup>* | 10/25/34 | 560826 | 552523 |
|  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 | Structured Adjustable Rate Mortgage Loan Trust Series 2006-5, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(2)</sup>* | 06/25/36 | 1161815 | 1071294 |
|  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 | Structured Asset Mortgage Investments II Trust Series 2007-AR4, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55% (1 mo. USD Term SOFR + 0.554%) *<sup>(3)</sup>* | 09/25/47 | 10478117 | 9464591 |
|  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 | Towd Point Mortgage Trust Series 2018-2, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% *<sup>(1),(2)</sup>* | 03/25/58 | 13050000 | 11484731 |
|  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 | WaMu Mortgage Pass-Through Certificates Trust Series 2004-AR14, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21% *<sup>(2)</sup>* | 01/25/35 | 1622884 | 1581582 |
|  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 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR14, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(2)</sup>* | 12/25/35 | 239658 | 222574 |

---

*See accompanying Notes to Financial Statements.* 

------

October 31, 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)** |
|  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 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR18, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92% *<sup>(2)</sup>* | 01/25/36 | 527350 | 507487 |
|  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 | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR11, Class 1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.07% (1 yr. MTA + 0.960%) *<sup>(3)</sup>* | 09/25/46 | &nbsp;&nbsp;&nbsp;&nbsp;1629988 | 1369040 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR17, Class 1A1A | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR17, Class 1A1A | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR17, Class 1A1A | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR17, Class 1A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91% (1 yr. MTA + 0.810%) *<sup>(3)</sup>* | 12/25/46 | 1693166 | 1513904 |
|  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 | Washington Mutual Asset-Backed Certificates WMABS Trust Series 2007-HE2, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.31% (1 mo. USD Term SOFR + 0.314%) *<sup>(3)</sup>* | 02/25/37 | 14901711 | 4677272 |
|  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 | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-1, Class 3A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 02/25/36 | 408874 | 388199 |
|  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 | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-5, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.71% (1 mo. USD Term SOFR + 0.714%) *<sup>(3)</sup>* | 07/25/36 | 924159 | 681426 |
|  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 | Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2002-AR1, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.72% *<sup>(2)</sup>* | 11/25/30 | 3665 | 3681 |
|  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 | Wells Fargo Home Equity Asset-Backed Securities Trust Series 2007-1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% (1 mo. USD Term SOFR + 0.754%) *<sup>(3)</sup>* | 03/25/37 | 5521000 | 5156696 |
|  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 | Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR11, Class A6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20% *<sup>(2)</sup>* | 08/25/36 | 722217 | 667722 |
|  **Total Residential Mortgage-Backed Securities — Non-agency** | **Total Residential Mortgage-Backed Securities — Non-agency** | **Total Residential Mortgage-Backed Securities — Non-agency** |  |
|  (Cost: $450,508,409) | (Cost: $450,508,409) |  | 423849805 |
| **U.S. TREASURY SECURITIES — 1.6%** | **U.S. TREASURY SECURITIES — 1.6%** | **U.S. TREASURY SECURITIES — 1.6%** | **U.S. TREASURY SECURITIES — 1.6%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 08/15/55 | 1490000 | 1510371 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 10/31/27 | 2605000 | 2600166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 10/31/30 | 19780000 | 19708143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 08/15/35 | 4435000 | 4490784 |
|  **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** |  |
|  (Cost: $28,340,580) | (Cost: $28,340,580) |  | 28309464 |
|  **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** |  |
|  (Cost: $2,219,816,421) | (Cost: $2,219,816,421) |  | 2075417242 |

---

---

| | | |
|:---|:---|:---|
| **Issues** | **<br>Shares** | **Value** |
| **INVESTMENT COMPANIES — 1.0%** | **INVESTMENT COMPANIES — 1.0%** | |
|  TCW Private Asset Income Fund — I Class *<sup>(12)</sup>* | 1719511 | $17212307 |
|  **Total Investment Companies** | **Total Investment Companies** |  |
|  (Cost: $17,202,538) | (Cost: $17,202,538) | 17212307 |
|  **MONEY MARKET INVESTMENTS — 4.7%** | **MONEY MARKET INVESTMENTS — 4.7%** |  |
|  State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.01% *<sup>(13)</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;14584725 | 14584725 |
|  TCW Central Cash Fund, 4.07% *<sup>(12),(13)</sup>* | 70921370 | 70921370 |
|  **Total Money Market Investments** | **Total Money Market Investments** |  |
|  (Cost: $85,506,095) | (Cost: $85,506,095) | 85506095 |
|  **PURCHASED OPTIONS***<sup>(14)</sup>* **(0.1%)** | **PURCHASED OPTIONS***<sup>(14)</sup>* **(0.1%)** |  |
|  (Cost: $1,911,438) | (Cost: $1,911,438) | 921387 |
|  **Total Investments (120.5%)** | **Total Investments (120.5%)** |  |
|  (Cost: $2,324,436,492) | (Cost: $2,324,436,492) | 2179057031 |
|  **Liabilities In Excess Of Other Assets (-20.5%)** | **Liabilities In Excess Of Other Assets (-20.5%)** | (370223623) |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** | $1808833408 |

---

*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<br>Contract<br>Value** | **Value** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Futures** |  |  |  |  |  |
| 1146 | U.S. Ultra Long Bond Futures | 12/19/25 | $133987237 | $138988313 | $5001076 |
| 229 | 2-Year U.S. Treasury Note Futures | 12/31/25 | 47717843 | 47687461 | (30382) |
| 493 | 5-Year U.S. Treasury Note Futures | 12/31/25 | 53818159 | 53840992 | 22833 |
|  |  |  | $235523239 | $240516766 | $4993527 |
|  **Short Futures** |  |  |  |  |  |
| 1669 | 10-Year U.S. Treasury Note Futures | 12/19/25 | $(189654530) | $(192743422) | $(3088892) |
|  |  |  | $(189654530) | $(192743422) | $(3088892) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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<br>to Deliver** | **Units of<br>Currency** | **Settlement<br>Date** | **In Exchange for<br>USD** | **Contracts<br>at Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  SELL *<sup>(15)</sup>* |  |  |  |  |  |  |
|  Citibank N.A. | GBP | 6992860 | 01/09/26 | $9416296 | $9187998 | $228298 |
|  |  |  |  | $9416296 | $9187998 | $228298 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Swaptions | Swaptions | Swaptions | Swaptions | Swaptions | Swaptions | Swaptions | Swaptions | Swaptions |
| **Description** | **Counterparty** | **Coupon<br>Rate (%)** | **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)** |
|  **Purchased Swaptions — OTC** | **Purchased Swaptions — OTC** |  |  |  |  |  |  |  |
|  10-Year Interest Rate Swap | Barclays Capital | 3.13 | 2/11/26 | 25790000 | $25790000 | $43557 | $100581 | $(57024) |
|  10-Year Interest Rate Swap | Barclays Capital | 3.88 | 2/11/26 | 12900000 | 12900000 | 82001 | 103458 | (21457) |
|  10-Year Interest Rate Swap | Barclays Capital | 3.26 | 2/11/26 | 22625000 | 22625000 | 57404 | 135750 | (78346) |
|  10-Year Interest Rate Swap | Barclays Capital | 4.26 | 2/11/26 | 22625000 | 22625000 | 34600 | 142537 | (107937) |
|  2-Year Interest Rate Swap | Barclays Capital | 3.41 | 2/11/26 | 82080000 | 82080000 | 158160 | 144625 | 13535 |
|  2-Year Interest Rate Swap | Barclays Capital | 3.79 | 2/11/26 | 144000000 | 144000000 | 54821 | 218880 | (164059) |
|  20-Year Interest Rate Swap | Barclays Capital | 3.46 | 2/11/26 | 15630000 | 15630000 | 41729 | 89091 | (47362) |
|  20-Year Interest Rate Swap | Barclays Capital | 3.55 | 2/11/26 | 13710000 | 13710000 | 47971 | 117906 | (69935) |
|  30-Year Interest Rate Swap | Barclays Capital | 3.44 | 2/11/26 | 13020000 | 13020000 | 41988 | 92442 | (50454) |
|  30-Year Interest Rate Swap | Barclays Capital | 3.50 | 2/11/26 | 11420000 | 11420000 | 42577 | 117626 | (75049) |
|  5-Year Interest Rate Swap | Barclays Capital | 3.53 | 2/11/26 | 34460000 | 34460000 | 149598 | 151624 | (2026) |
|  5-Year Interest Rate Swap | Barclays Capital | 2.78 | 2/11/26 | 45950000 | 45950000 | 46511 | 111199 | (64688) |
|  5-Year Interest Rate Swap | Barclays Capital | 3.93 | 2/11/26 | 60457500 | 60457500 | 59484 | 211601 | (152117) |
|  5-Year Interest Rate Swap | Barclays Capital | 2.93 | 2/11/26 | 40305000 | 40305000 | 60986 | 174118 | (113132) |
|  Total Swaptions |  |  |  |  |  | $921387 | $1911438 | $(990051) |

---

*See accompanying Notes to Financial Statements.* 

------

October 31, 2025

#### Notes to the Schedule of Investments:
*ABS* *Asset-Backed 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.* 

*REMIC* *Real Estate Mortgage Investment Conduits.* 

*SOFR* *Secured Overnight Financing Rate.* 

*STRIPS* *Separate Trading of Registered Interest and Principal Securities.* 

*TBA* *To Be Announced.* 

*(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 October 31, 2025, the value of these securities amounted to $525,109,328 or 29.0% of net assets. These securities are determined to be liquid by the Fund's investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company's Board of Directors.* 

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

*(3)* *Floating or variable rate security. The interest shown reflects the rate in effect at October 31, 2025.* 

*(4)* *This security is purchased on a when-issued, delayed-delivery or forward commitment basis.* 

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

*(6)* *Security is not accruing interest.* 

*(7)* *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 debt holders and fund expenses.* 

*(8)* *Restricted security (Note 3).* 

*(9)* *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.* 

*(10)* *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 October 31, 2025, the value of these securities amounted to $2,009,867 or 0.1% of net assets.* 

*(11)* *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.* 

*(12)* *Affiliated issuer.* 

*(13)* *Rate disclosed is the 7-day net yield as of October 31, 2025.* 

*(14)* *See options table for description of purchased options.* 

*(15)* *Fund sells foreign currency, buys USD.* 

The summary of the TCW Securitized Bond Fund transactions in the affiliated funds for the year ended October 31, 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 of<br>Shares<br>Held<br>October 31,<br>2025** | **Value at<br>October 31,<br>2025** | **Dividends and<br>Interest<br>Income<br>Received** | **Distributions<br>Received from<br>Net Realized<br>Gain** | **Net<br>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** |
|  | $28651674 | $865969696 | $823700000 | 70921370 | $70921370 | $3610521 | $— | $— | $— |
|  **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** | **TCW Private Asset Income Fund — Share Class I** | **TCW Private Asset Income Fund — Share Class I** | **TCW Private Asset Income Fund — Share Class I** |
|  |  | 17202538 |  | 1719511 | 17212307 | 539700 |  |  | 9769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $88133677 | $4150221 | $— | $— | $9769 |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW Securitized Bond Fund
Fair Valuation Summary October 31, 2025

The following is a summary of the fair valuations according to the inputs used as of October 31, 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 | $— | $1171394600 | $— | $1171394600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities — Non-Agency |  | 423849805 |  | 423849805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities — Non-Agency |  | 306234445 |  | 306234445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 122525603 | 19248876 | 141774479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 28309464 |  | 28309464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities — Agency |  | 3854449 |  | 3854449 |
|  Total Fixed Income Securities |  | 2056168366 | 19248876 | 2075417242 |
|  Equity Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Investments | 85506095 |  |  | 85506095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies |  | 17212307 |  | 17212307 |
|  Total Equity Securities | 85506095 | 17212307 |  | 102718402 |
|  Swaptions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Swaptions — OTC |  | 921387 |  | 921387 |
|  Total Investments | $85506095 | $2074302060 | $19248876 | $2179057031 |
|  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 |  | 228298 |  | 228298 |
| &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 | 5023909 |  |  | 5023909 |
|  Total | $90530004 | $2074530358 | $19248876 | $2184309238 |
|  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 | $(3119274) | $— | $— | $(3119274) |
|  Total | $(3119274) | $— | $— | $(3119274) |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW Funds, Inc.
Statements of Assets and Liabilities October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TCW Central<br>Cash Fund** | **TCW Core<br>Fixed Income<br>Fund** | **TCW Global<br>Bond Fund** | **TCW<br>Securitized<br>Bond Fund** |
|  **ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Value *<sup>(1)</sup>* | $3058430873 | $443120389 | $20116320 | $2090923354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment in Affiliated Issuers, at Value |  | 45324011 *<sup>(2)</sup>* | 1501299 *<sup>(2)</sup>* | 88133677 *<sup>(2)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Value |  | 179 *<sup>(3)</sup>* | 80845 *<sup>(3)</sup>* | 208004 *<sup>(3)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement at value | 1200000000 *<sup>(4)</sup>* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash |  |  | 24026 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Securities Sold |  | 2132384 | 230648 | 515996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Sale of When-Issued Securities |  |  | 215417 | 55745593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund Shares Sold |  | 665013 | 2455 | 1705887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and Dividends Receivable | 9759312 | 2262319 | 171850 | 7437031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from Investment Advisor |  | 57318 | 26613 | 49688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized Appreciation on Forward Currency Exchange Contracts |  | 200206 | 68521 | 228298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Collateral Held for Brokers |  | 2205003 | 144686 | 4200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses | 11879 | 27173 | 6340 | 45834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 4268202064 | 495993995 | 22589020 | 2249193362 |
|  **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions Payable | 17399769 | 1631118 | 46438 | 9726320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Securities Purchased |  | 8095912 | 261276 | 19365208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Purchase of When-Issued Securities |  | 25519117 | 1822355 | 400952403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund Shares Redeemed |  | 626963 |  | 1406058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Capital Gain Withholding Taxes |  |  | 391 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Disbursements in Excess of Available Cash |  |  |  | 3063946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Directors' Fees and Expenses | 2752 | 8914 | 479 | 62982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred Accrued Directors' Fees and Expenses | 6625 | 2056 | 177 | 45352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Management Fees |  | 156540 | 8662 | 618507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Distribution Fees |  | 22885 | 1955 | 55593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker — variation margin on open futures contracts |  | 84295 | 532 | 469078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral Pledged by Brokers |  | 333000 |  | 2935000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized Depreciation on Forward Currency Exchange Contracts |  | 3789 | 75539 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees Payable | 18426 | 278241 | 6544 | 697616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Fee Payable | 74372 | 24423 | 5468 | 49875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit Fees Payable | 10041 | 33541 | 34694 | 122362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting Fees Payable | 41006 | 64776 | 5677 | 267000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees Payable | 16893 | 35477 | 33374 | 202923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal Fees Payable | 64638 | 13038 | 289 | 26768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Accrued Expenses | 11149 | 87242 | 17050 | 292963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 17645671 | 37021327 | 2320900 | 440359954 |
|  **NET ASSETS** | $4250556393 | $458972668 | $20268120 | $1808833408 |
|  **NET ASSETS CONSIST OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital | $4250577731 | $701719857 | $23228056 | $2658858774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated Earnings (Loss) | (21338) | (242747189) | (2959936) | (850025366) |
|  **NET ASSETS** | $4250556393 | $458972668 | $20268120 | $1808833408 |
|  **NET ASSETS ATTRIBUTABLE TO:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class Share | $— | $252199147 | $11107297 | $1541331902 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 Class Share | $— | $10173 | $— | $10188 |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class Share | $— | $106357430 | $9160823 | $257837370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plan Class Share | $— | $100405918 | $— | $9653948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares | $4250556393 | $— | $— | $— |
|  **CAPITAL SHARES OUTSTANDING:** *<sup>(5)</sup>* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class Share |  | 25756038 | 1292856 | 195958404 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 Class Share |  | 1004 |  | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class Share |  | 10880998 | 1066634 | 31772771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plan Class Share |  | 10199229 |  | 1221238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares | 4250577731 |  |  |  |
|  **NET ASSET VALUE PER SHARE:** *<sup>(6)</sup>* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I Class Share | $— | $9.79 | $8.59 | $7.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 Class Share | $— | $10.14 | $— | $10.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; N Class Share | $— | $9.77 | $8.59 | $8.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plan Class Share | $— | $9.84 | $— | $7.91 |
| &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 October 31, 2025 was $3,058,430,873, $445,112,598, $20,244,308 and $2,324,436,492, respectively.* 

*(2)* *The identified cost for the TCW Core Fixed Income Fund, the TCW Global Bond Fund and the TCW Securitized Bond Fund at October 31, 2025 was $45,324,011, $1,486,245 and $88,123,908, respectively.* 

*(3)* *The identified cost for the TCW Core Fixed Income Fund, the TCW Global Bond Fund and the TCW Securitized Bond Fund at October 31, 2025 was $192, $81,474 and $210,826, respectively.* 

*(4)* *The identified cost was $1,200,000,000.* 

*(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.* 

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

*See accompanying Notes to Financial Statements.* 

------

Statements of Operations Year Ended October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TCW Central<br>Cash Fund | TCW Core<br>Fixed Income<br>Fund | TCW Global<br>Bond Fund | TCW<br>Securitized<br>Bond Fund |
|  **INVESTMENT INCOME** |  |  |  |  |
|  **Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $589330 | $161893 | $4003 | $398366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from Investment in Affiliated Issuers |  | 3203042 | 54170 | 4150221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 150234311 | 24039328 | 853388*<sup>(2)</sup>* | 66566562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 150823641 | 27404263 | 911561 | 71115149 |
|  **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees |  | 2534513 | 98418 | 7129671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting Services Fees | 128035 | 11278 | 15912 | 20886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Fees | 222192 | 45571 | 13073 | 39707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares | 102685 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Class |  | 438835 | 7588 | 1267564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-3 Class *<sup>(1)</sup>* |  | 4 |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class |  | 138460 | 8209 | 323756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan Class |  | 18345 |  | 7544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees | 51203 | 56932 | 77370 | 58499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Fees | 231695 | 104977 | 78554 | 300103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' Fees and Expenses | 16681 | 67849 | 21893 | 234502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration Fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Class |  | 23106 | 16429 | 42203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-3 Class *<sup>(1)</sup>* |  | 13 |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class |  | 18581 | 16276 | 23068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan Class |  | 20624 |  | 18011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class |  | 277223 | 22096 | 696390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compliance Expense |  | 6244 | 6244 | 6244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder Reporting Expense |  | 11538 | 2697 | 15191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 31943 | 105224 | 7624 | 370043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 784434 | 3879317 | 392383 | 10553399 |
| &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 |  | (331227) | (136504) | (788082) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-3 Class *<sup>(1)</sup>* |  | (15) |  | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class |  | (282389) | (127795) | (387578) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan Class |  | (84307) |  | (26097) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 784434 | 3181379 | 128084 | 9351628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 150039207 | 24222884 | 783477 | 61763521 |
|  **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;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 28251 | (27185774) | (513664) | (13143830) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency |  | (41898) | (2560) | (69313) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts |  | (679338) | 42394 | (59633) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | (1505224) | (83169) | (13892698) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  | 837433 | 8932 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments |  | 32904366 | 1022253*<sup>(3)</sup>* | 87348528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency |  | 1003 | (751) | (4904) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts |  | (18449) | (9281) | 228298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | 3435090 | 128637 | 9552883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliated Issuers |  |  | 11540 | 9769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  | (237905) | 3142 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments | 28251 | 7509304 | 607473 | 69969100 |
|  **INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $150067458 | $31732188 | $1390950 | $131732621 |

---

*(1)* *I-3 Class commenced operations on August 26, 2025.* 

*(2)* *Net of foreign taxes withheld of $847 for the TCW Global Bond Fund.* 

*(3)* *Net of capital gain withholding taxes of $391 for the TCW Global Bond Fund.* 

*See accompanying Notes to Financial Statements.* 

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Core Fixed Income Fund** | **TCW Core Fixed Income Fund** |
|  | **Year Ended<br>October 31, 2025** | **Year Ended<br>October 31, 2024** *<sup>(1)</sup>* | **Year Ended<br>October 31, 2025** | **Year Ended<br>October 31, 2024** |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $150039207 | $45240641 | $24222884 | $37632486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions | 28251 | (49588) | (28574801) | 12291230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts |  |  | 36084105 | 61915545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in Net Assets Resulting from Operations | 150067458 | 45191053 | 31732188 | 111839261 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to Shareholders | (150039208) | (45240641) | (24134605) | (42725492) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of Capital |  |  | (4564577) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions to Shareholders | (150039208) | (45240641) | (28699182) | (42725492) |
|  **NET CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares | 1522965841 | 2727611890 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Class |  |  | (367102906) | (113917492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-3 Class *<sup>(2)</sup>* |  |  | 10036 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class |  |  | (18461345) | (38601564) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan Class |  |  | 2789379 | (112580761) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions | 1522965841 | 2727611890 | (382764836) | (265099817) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | 1522994091 | 2727562302 | (379731830) | (195986048) |
|  **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2727562302 |  | 838704498 | 1034690546 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $4250556393 | $2727562302 | $458972668 | $838704498 |

---

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

*(2)* *I-3 Class commenced operations on August 26, 2025.* 

*See accompanying Notes to Financial Statements.* 

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TCW Global Bond Fund** | **TCW Global Bond Fund** | **TCW Securitized Bond Fund** | **TCW Securitized Bond Fund** |
|  | **Year Ended<br>October 31, 2025** | **Year Ended<br>October 31, 2024** | **Year Ended<br>October 31, 2025** | **Year Ended<br>October 31, 2024** |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $783477 | $840973 | $61763521 | $96762913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Loss on Investments, Futures Contracts, Swap Contracts and Foreign Currency Transactions | (548067) | (435948) | (27165474) | (8402149) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts | 1155540 | 1542347 | 97134574 | 197053185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in Net Assets Resulting from Operations | 1390950 | 1947372 | 131732621 | 285413949 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to Shareholders | (559943) | (581421) | (120927741) | (132779468) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of Capital |  |  | (8137770) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions to Shareholders | (559943) | (581421) | (129065511) | (132779468) |
|  **NET CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Class | (307545) | 361584 | (38002475) | (700307268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-3 Class *<sup>(1)</sup>* |  |  | 10054 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class | 187552 | 27961 | (54573558) | (101983001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan Class |  |  | 4698944 | 2279445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions | (119993) | 389545 | (87867035) | (800010824) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | 711014 | 1755496 | (85199925) | (647376343) |
|  **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 19557106 | 17801610 | 1894033333 | 2541409676 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $20268120 | $19557106 | $1808833408 | $1894033333 |

---

*(1)* *I-3 Class commenced operations on August 26, 2025.* 

*See accompanying Notes to Financial Statements.* 

------

Notes to Financial Statements October 31, 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 October 31, 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 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 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; |

---

------

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

#### Note 1 — Organization (Continued)

---

| | |
|:---|:---|
| **TCW Fund** | **Investment Objectives and Principal Investment<br>Strategies** |
|  | privately issued mortgage-backed and asset-backed securities rated at time of investment Aa3 or higher by Moody's Investors Service, Inc., AA- or higher by S&P Global Ratings or the equivalent by any other nationally recognized statistical organization; other obligations of the U.S. government or its agencies, instrumentalities or sponsored corporations; and money market instruments. Under normal market conditions, the portfolio managers seek to construct an investment portfolio with a weighted average duration of no more than eight years. |

---

All of the Funds currently offer two classes of shares: I Class and N Class, except for the TCW Central Cash Fund, which only offers Cash Management Shares, and the TCW Core Fixed Income Fund and TCW Securitized Bond Fund, which also offer I-3 Class shares and Plan Class shares. The I Class, I-3 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. I-3 Class shares commenced on August 26, 2025 for the TCW Core Fixed Income Fund and TCW Securitized Bond Fund.

#### 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,

------

## TCW Funds, Inc.
October 31, 2025

#### Note 2 — Significant Accounting Policies (Continued)
including short-term securities, swap agreements and forward currency exchange contracts, were valued with prices furnished by independent pricing services or by broker-dealers.

**Shares Not Listed; No Market for Shares.** The TCW Private Asset Income Fund has been organized as a closed-end management investment company. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) because investors in a closed-end fund do not have the right to redeem their shares on a daily basis. Unlike most closed-end funds, which typically list their shares on a securities exchange, the TCW Private Asset Income Fund does not currently intend to list the Shares for trading on any securities exchange, and the TCW Private Asset Income Fund does not expect any secondary market to develop for the Shares in the foreseeable future. Therefore, an investment in the TCW Private Asset Income Fund, unlike an investment in a typical closed-end fund, is not a liquid investment.

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.

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

------

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

#### Note 2 — Significant Accounting Policies (Continued)
established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized as Level 3.

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

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

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

*Asset-backed securities ("ABS") and mortgage-backed securities ("MBS").* The fair value of ABS and MBS is estimated based on pricing models that consider the estimated cash flows of each debt tranche of the issuer, establish a benchmark yield, and develop an estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche including, but not limited to, the prepayment speed assumptions and attributes of the collateral. To the extent the inputs are observable and timely, the values would be categorized as Level 2 of the fair value hierarchy; otherwise, they would be categorized as Level 3.

*Bank loans.* The fair value of bank loans is estimated using recently executed transactions, market price quotations, credit/market events, and cross-asset pricing. Inputs are generally observable and are obtained from independent sources. Bank loans are generally categorized as Level 2 of the fair value hierarchy.

*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

------

## TCW Funds, Inc.
October 31, 2025

#### Note 2 — Significant Accounting Policies (Continued)
quotes, yields, bids, offers, quoted market prices, and reference data. Accordingly, government and agency securities are normally categorized as Level 1 or 2 of the fair value hierarchy depending on the liquidity and transparency of the market.

*Money market funds.* Money market funds are open-end mutual funds that invest in short-term debt securities. To the extent that these funds are valued based upon the reported NAV, they are categorized as Level 1 of the fair value hierarchy.

*Municipal bonds.* Municipal bonds are fair valued based on pricing models that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid-wanted lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves, and bond insurance. To the extent that these inputs are observable and timely, the fair values of municipal bonds are categorized as Level 2; otherwise, the fair values are categorized as Level 3.

*Options and Swaptions contracts*. Exchange-listed options contracts are traded on securities exchanges and are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied, they are categorized as Level 1. If valuation adjustments are applied and such adjustments are observable and timely, the fair values of exchange-listed options contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3. Options and swaptions contracts traded over-the-counter ("OTC") are fair valued based on pricing models and incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-the-money contracts based on a given strike price. To the extent that these inputs are observable and timely, the fair values of OTC options and swaptions contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

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

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

*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 October 31, 2025 in valuing the Funds' investments is listed after the Schedule of Investments for each Fund.

------

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

#### Note 2 — Significant Accounting Policies (Continued)
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

---

| | | |
|:---|:---|:---|
| **TCW Core Fixed Income Fund** | **Asset-Backed<br>Securities** | **Total** |
|  Balance as of October 31, 2024 | $3596945 | $3596945 |
|  Accrued Discounts (Premiums) |  |  |
|  Realized Gain (Loss) |  |  |
|  Change in Unrealized Appreciation (Depreciation) | 128492 | 128492 |
|  Purchases |  |  |
|  Sales | (309379) | (309379) |
|  Transfers in to Level 3\*  |  |  |
|  Transfers out of Level 3\* |  |  |
|  Balance as of October 31, 2025 | $3416058 | $3416058 |
|  Change in Unrealized Appreciation (Depreciation) from Investments Still Held at October 31, 2025 | $128492 | $128492 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **TCW Global Bond Fund** | **Common Stock** | **Residential Mortgage-<br>Backed Securities —<br>Non-Agency** | **Total** |
|  Balance as of October 31, 2024 | $10420 | $90758 | $101178 |
|  Accrued Discounts (Premiums) |  | (478) | (478) |
|  Realized Gain (Loss) | (19645) | (251647) | (271292) |
|  Change in Unrealized Appreciation (Depreciation) | 21460 | 262888 | 284348 |
|  Purchases |  | 32 | 32 |
|  Sales | (12235) | (59457) | (71692) |
|  Transfers in to Level 3\*  |  |  |  |
|  Transfers out of Level 3\* |  | (42096) | (42096) |
|  Balance as of October 31, 2025 | $— | $— | $— |
|  Change in Unrealized Appreciation (Depreciation) from Investments Still Held at October 31, 2025 | $— | $— | $— |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **TCW Securitized Bond Fund** | **Asset-Backed<br>Securities** | **Residential Mortgage-<br>Backed Securities —<br>Non-Agency** | **Total** |
|  Balance as of October 31, 2024 | $— | $2287635 | $2287635 |
|  Accrued Discounts (Premiums) |  |  |  |
|  Realized Gain (Loss) |  | (237484) | (237484) |
|  Change in Unrealized Appreciation (Depreciation) | 35157 | 240974 | 276131 |
|  Purchases | 20123518 | 7721 | 20131239 |
|  Sales | (2167724) | (11371) | (2179095) |
|  Transfers in to Level 3\*  | 1257925 |  | 1257925 |
|  Transfers out of Level 3\* |  | (2287475) | (2287475) |
|  Balance as of October 31, 2025 | $19248876 | $— | $19248876 |
|  Change in Unrealized Appreciation (Depreciation) from Investments Still Held at October 31, 2025 | $35157 | $— | $35157 |

---

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

------

## TCW Funds, Inc.
October 31, 2025

#### Note 2 — Significant Accounting Policies (Continued)
Significant unobservable valuation inputs for Level 3 investments as of October 31, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at<br>10/31/2025** | **Valuation Techniques** | **Unobservable<br>Input** | **Price or Price**<br>**Range** | **Average<br>Weighted<br>Price** | **Input to<br>Valuation<br>If Input<br>Increases** |
| **Core Fixed Income Fund** |  |  |  |  |  |  |
|  Asset-Backed Securities | $3416058 | Broker Quote | Offered Quote | $93.902 | $93.902 | Increase |
| **Securitized Bond** |  |  |  |  |  |  |
|  Asset-Backed Securities | $1736200 | Fair Value | Broker Pricing | $86.810 | $86.810 | Increase |
|  Asset-Backed Securities | $17512676 | Broker Quote | Offered Quote | $20.500-$100.000 | $78.213 | Increase |
|  Asset-Backed Securities | $0 | Fair Value | Zero Market<br>Value | $0.000 | $0.000 | Increase |
|  Residential Mortgage-Backed Securities — Non-Agency | $0 | Fair Value | Broker Pricing<br>/ Zero Market<br>Value | $0.000 | $0.000 | 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 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.

------

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

#### Note 2 — Significant Accounting Policies (Continued)
**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 year ended October 31, 2025, the following Funds had derivatives and transactions in derivatives, grouped in the following risk categories:

#### TCW Core Fixed Income Fund

---

| | | | |
|:---|:---|:---|:---|
|  | **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;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions Purchased | $— | $26984 | $26984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts<sup>(1)</sup> |  | 850256 | 850256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 200206 |  | 200206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $200206 | $877240 | $1077446 |
| &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 | $(3789) | $— | $(3789) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts<sup>(1)</sup> |  | (230722) | (230722) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $(3789) | $(230722) | $(234511) |

---

------

## TCW Funds, Inc.
October 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Foreign<br>Currency<br>Risk** | **Interest**<br>**Rate**<br>**Risk** | **Total** |
|  **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;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $(679338) | $— | $(679338) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | (1505224) | (1505224) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(2)</sup> |  | (364532) | (364532) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  | 837433 | 837433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | $(679338) | $(1032323) | $(1711661) |
| &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 | $(18449) | $— | $(18449) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | 3435090 | 3435090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(3)</sup> |  | (195212) | (195212) |
| &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) | $(18449) | $3001973 | $2983524 |
|  **Number of Contracts, Notional Amounts or Shares/Units<sup>(4)</sup>** | **Number of Contracts, Notional Amounts or Shares/Units<sup>(4)</sup>** | **Number of Contracts, Notional Amounts or Shares/Units<sup>(4)</sup>** | **Number of Contracts, Notional Amounts or Shares/Units<sup>(4)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions Purchased |  | 137546111 | 137546111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 23086774 |  | 23086774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased |  | 95709000 | 95709000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | 1535 | 1535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  | 8888000 | 8888000 |
| TCW Global Bond Fund | TCW Global Bond Fund | TCW Global Bond Fund | TCW Global Bond Fund |
|  | **Foreign<br>Currency<br>Risk** | **Interest**<br>**Rate**<br>**Risk** | **Total** |
|  **Statement of Assets and Liabilities:** | **Statement of Assets and Liabilities:** | **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;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions Purchased | $— | $384 | $384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts<sup>(1)</sup> |  | 23230 | 23230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 68521 |  | 68521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $68521 | $23614 | $92135 |
| &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 | $(75539) | $— | $(75539) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts<sup>(1)</sup> |  | (7673) | (7673) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $(75539) | $(7673) | $(83212) |
|  **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;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $42394 | $— | $42394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | (83169) | (83169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(2)</sup> |  | (346) | (346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | $42394 | $(83515) | $(41121) |
| &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 | $(9281) | $— | $(9281) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | 128637 | 128637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(3)</sup> |  | (1835) | (1835) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  | 3142 | 3142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Appreciation (Depreciation) | $(9281) | $129944 | $120663 |

---

------

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Foreign<br>Currency<br>Risk** | **Interest**<br>**Rate**<br>**Risk** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts, Notional Amounts or Shares/Units<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts, Notional Amounts or Shares/Units<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts, Notional Amounts or Shares/Units<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts, Notional Amounts or Shares/Units<sup>(4)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions Purchased |  | 455000 | 455000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 10191119 |  | 10191119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased |  | 455000 | 455000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  | 732446 | 732446 |
| TCW Securitized Bond Fund | TCW Securitized Bond Fund | TCW Securitized Bond Fund | TCW Securitized Bond Fund |
|  | **Foreign<br>Currency<br>Risk** | **Interest**<br>**Rate**<br>**Risk** | **Total** |
|  **Statement of Assets and Liabilities:** | **Statement of Assets and Liabilities:** | **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;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions Purchased | $— | $921387 | $921387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts<sup>(1)</sup> |  | 5023909 | 5023909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 228298 |  | 228298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $228298 | $5945296 | $6173594 |
| &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; Futures Contracts | $— | $(3119274) | $(3119274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $— | $(3119274) | $(3119274) |
|  **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;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $(59633) | $— | $(59633) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | 13892698 | 13892698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(2)</sup> |  | (367590) | (367590) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | $(59633) | $13525108 | $13465475 |
| &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 | $228298 | $— | $228298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | 9552883 | 9552883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(3)</sup> |  | (990051) | (990051) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Appreciation (Depreciation) | $228298 | $8562832 | $8791130 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts, Notional Amounts or Shares/Units<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts, Notional Amounts or Shares/Units<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts, Notional Amounts or Shares/Units<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts, Notional Amounts or Shares/Units<sup>(4)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 7184253 |  | 7184253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased |  | 444442800 | 444442800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | 4879 | 4879 |

---

*(1)* *Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only variation margin on October 31, 2025 is reported within the Statement of Assets and Liabilities.* 

*(2)* *Represents realized loss for purchased options during the year.* 

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

*(4)* *Amount disclosed represents average number of contracts or notional amounts, which are representative of the volume traded for the year ended on October 31, 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.

------

## TCW Funds, Inc.
October 31, 2025

#### 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

------

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

#### Note 2 — Significant Accounting Policies (Continued)
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 Fund, the Fund's custodian, and each counterparty. Collateral for centrally cleared derivatives transactions are posted with the applicable derivatives clearing organization.

------

## TCW Funds, Inc.
October 31, 2025

#### Note 2 — Significant Accounting Policies (Continued)
The following table presents the Funds' OTC derivatives assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement and net of the related collateral received by the Funds as of October 31, 2025:

#### TCW Core Fixed Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Assets**<br>**Subject to Master**<br>**Agreements** | **Collateral**<br>**Received<sup>(1)</sup>** | **Derivatives Assets/**<br>**(Liabilities) Available<br>for Offset** | **Net Amount<br>of Assets <sup>(2)</sup>** |
|  Bank of New York |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $26569 | $— | $— | $26569 |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 173637 | (173637) |  |  |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Swaptions | 7312 |  |  | 7312 |
|  JPMorgan Chase Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Swaptions | 11723 |  |  | 11723 |
|  Goldman Sachs |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Swaptions | 5864 |  |  | 5864 |
|  Bank of America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Swaptions | 2085 |  |  | 2085 |
|  Total | $227190 | $(173637) | $— | $53553 |

---

*<sup>(1)</sup>* *Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.* 

*<sup>(2)</sup>* *Represents the net amount receivable to the counterparty in the event of default.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Liabilities**<br>**Subject to Master**<br>**Agreements** | **Collateral**<br>**Pledged <sup>(1)</sup>** | **Derivatives (Assets)/**<br>**Liabilities Available<br>for Offset** | **Net Amount<br>of Liabilities <sup>(3)</sup>** |
|  Goldman Sachs & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $3789 | $(3789) | $— | $— |
|  Total | $3789 | $(3789) | $— | $— |

---

*<sup>(1)</sup>* *Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.* 

*<sup>(3)</sup>* *Represents the net amount payable to the counterparty in the event of default.* 

#### TCW Global Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Assets**<br>**Subject to Master**<br>**Agreements** | **Collateral**<br>**Received <sup>(1)</sup>** | **Derivatives Assets/**<br>**(Liabilities) Available<br>for Offset** | **Net Amount<br>of Assets <sup>(2)</sup>** |
|  Bank of America<br>Forward Currency Exchange Contracts | $412 | $– $|  | $412 |
|  Bank of New York<br>Forward Currency Exchange Contracts | 557 | – |  | 557 |
|  Barclays Capital<br>Forward Currency Exchange Contracts | 2573 | – | (2573) |  |
|  Citibank N.A.<br>Forward Currency Exchange Contracts | 57508 | – | (4863) | 52645 |
|  Deutsche Bank AG<br>Forward Currency Exchange Contracts | 1423 | – | (504) | 919 |
|  Goldman Sachs & Co.<br>Forward Currency Exchange Contracts | 4248 | – | (4248) |  |
|  JPMorgan Chase Bank<br>Forward Currency Exchange Contracts | 69 | – | (69) |  |

---

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Assets**<br>**Subject to Master**<br>**Agreements** | **Collateral**<br>**Received <sup>(1)</sup>** | **Derivatives Assets/**<br>**(Liabilities) Available<br>for Offset** | **Net Amount<br>of Assets <sup>(2)</sup>** |
|  State Street Bank & Trust Co.<br>Forward Currency Exchange Contracts | $1731 | $– $| (1261) | $470 |
|  Goldman Sachs International<br>Purchased Swaptions | 395 | – |  | 395 |
|  Total | $68916 | $– $| (13518) | $55398 |

---

*<sup>(1)</sup>* *Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.* 

*<sup>(2)</sup>* *Represents the net amount receivable to the counterparty in the event of default.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Liabilities**<br>**Subject to Master**<br>**Agreements** | **Collateral**<br>**Pledged <sup>(1)</sup>** | **Derivatives (Assets)/**<br>**Liabilities Available<br>for Offset** | **Net Amount<br>of Liabilities <sup>(3)</sup>** |
|  Barclays Capital<br>Forward Currency Exchange Contracts | $3977 | $– $| (2573) | $1404 |
|  Citibank N.A.<br>Forward Currency Exchange Contracts | 4863 | – | (4863) |  |
|  Deutsche Bank AG<br>Forward Currency Exchange Contracts | 504 | – | (504) |  |
|  Goldman Sachs & Co.<br>Forward Currency Exchange Contracts | 64133 | – | (4248) | 59885 |
|  ING Baring (U.S.) Capital Markets<br>Forward Currency Exchange Contracts | 193 | – |  | 193 |
|  JPMorgan Chase Bank<br>Forward Currency Exchange Contracts | 608 | – | (69) | 539 |
|  State Street Bank & Trust Co.<br>Forward Currency Exchange Contracts | 1261 | – | (1261) |  |
|  Total | $75539 | $– $| (13518) | $62021 |

---

*<sup>(1)</sup>* *Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.* 

*<sup>(3)</sup>* *Represents the net amount payable to the counterparty in the event of default.* 

#### TCW Securitized Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Assets**<br>**Subject to Master**<br>**Agreements** | **Collateral**<br>**Received <sup>(1)</sup>** | **Derivatives Assets/**<br>**(Liabilities) Available<br>for Offset** | **Net Amount<br>of Assets <sup>(2)</sup>** |
|  Citibank N.A.<br>Foreign Currency Exchange Contracts | $228298 | $(228298) | $– $|  |
|  Barclays Capital<br>Purchased Swaptions | 921387 | (921387) | – |  |
|  Total | $1149685 | $(1149685) | $– $|  |

---

*<sup>(1)</sup>* *Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.* 

*<sup>(2)</sup>* *Represents the net amount receivable 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

------

## TCW Funds, Inc.
October 31, 2025

#### Note 3 — Portfolio Investments (Continued)
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.

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.

------

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

#### Note 3 — Portfolio Investments (Continued)
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 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 year ended October 31, 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

------

## TCW Funds, Inc.
October 31, 2025

#### Note 3 — Portfolio Investments (Continued)
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 October 31, 2025 classified as Level 2.

**Reverse Repurchase Agreements:** The Funds may enter into reverse repurchase agreements accounted for as secured borrowings in accordance with ASC No. 860, Transfers & Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings and Disclosures. 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 year ended October 31, 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 year ended October 31, 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. 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 year ended October 31, 2025 to hedge against the foreign currency exposure within the Funds. Outstanding forward currency exchange contracts at October 31, 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

------

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

#### Note 3 — Portfolio Investments (Continued)
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 year ended October 31, 2025 to help manage interest rate duration of those Funds. Futures contracts outstanding at October 31, 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 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.

------

## TCW Funds, Inc.
October 31, 2025

#### Note 3 — Portfolio Investments (Continued)
When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option's expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. Premiums paid for purchasing options that expire are treated as realized losses.

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

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

**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

------

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

#### Note 3 — Portfolio Investments (Continued)
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 year ended October 31, 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 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

------

## TCW Funds, Inc.
October 31, 2025

#### Note 3 — Portfolio Investments (Continued)
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 year ended October 31, 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 MBS. The values of some MBS may expose a Fund to a lower rate of return upon reinvestment of principal. When interest rates rise, the value of mortgage-related securities generally will decline; however, when interest rates are declining, the value of mortgage-related securities with prepayment features may not increase as much as other fixed-income securities. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may shorten or extend the effective maturity of the security beyond what was anticipated at the time of purchase. The value of these securities may fluctuate in response to the market's perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

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

------

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

#### Note 4 — Risk Considerations (Continued)
**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.

**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

------

## TCW Funds, Inc.
October 31, 2025

#### Note 4 — Risk Considerations (Continued)
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 October 31, 2025, 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 | $&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;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  TCW Core Fixed Income Fund |  |  |  |
|  TCW Global Bond Fund | 306840 |  | 306840 |
|  TCW Securitized Bond Fund |  |  |  |

---

At the end of the previous fiscal year ended 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 Core Fixed Income Fund | $971238 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $971238 |
|  TCW Global Bond Fund | 19770 |  | 19770 |
|  TCW Securitized Bond Fund | 28281308 |  | 28281308 |

---

Permanent differences incurred during the year ended October 31, 2025, resulting from differences in book and tax accounting, have been reclassified at year-end between undistributed net investment income (loss), undistributed (accumulated) net realized gain (loss) and paid-in capital as follows, with no impact to the net asset value per share:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed**<br>**Net Investment**<br>**Income (Loss)** | **Undistributed**<br>**(Accumulated)**<br>**Net Realized**<br>**Gain (Loss)** | **Paid-in**<br>**Capital** |
|  TCW Central Cash Fund | $— | $— | $— |
|  TCW Core Fixed Income Fund | 1146470 | (1146470) |  |
|  TCW Global Bond Fund | (118350) | 116812 | 1538 |
|  TCW Securitized Bond Fund | 1168495 | (1168495) |  |

---

------

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

#### Note 5 — Federal Income Taxes (Continued)
During the year ended October 31, 2025, 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 | $150039208 | $— | $— | $150039208 |
|  TCW Core Fixed Income Fund | 24134605 |  | 4564577 | 28699182 |
|  TCW Global Bond Fund | 559943 |  |  | 559943 |
|  TCW Securitized Bond Fund | 120927741 |  | 8137770 | 129065511 |

---

During the previous fiscal 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, 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 Central Cash Fund | $— | $— | $— | $4258430873 |
|  TCW Core Fixed Income Fund | 6298311 | (12329225) | (6030914) | 494475314 |
|  TCW Global Bond Fund | 534863 | (916214) | (381351) | 21998970 |
|  TCW Securitized Bond Fund | 61269322 | (215231503) | (153962181) | 2333019212 |

---

At October 31, 2025, the following Funds had net realized loss carryforwards for federal income tax purposes:

---

| | | | |
|:---|:---|:---|:---|
|  | **No Expiration** | **No Expiration** | **No Expiration** |
|  | **Short-Term**<br>**Capital Losses** | **Long-Term**<br>**Capital Losses** | **Total** |
|  TCW Central Cash Fund | $21337 | $— | $21337 |
|  TCW Core Fixed Income Fund | 154669938 | 80416823 | 235086761 |
|  TCW Global Bond Fund | 1091958 | 1744914 | 2836872 |
|  TCW Securitized Bond Fund | 451695883 | 234636078 | 686331961 |

---

The Funds did not have any unrecognized tax benefits at October 31, 2025, nor were there any increases or decreases in unrecognized tax benefits for the year ended October 31, 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% |

---

------

## TCW Funds, Inc.
October 31, 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; I-3 Class *<sup>(2)</sup>* | 0.56% *<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; I-3 Class *<sup>(2)</sup>* | 0.59% *<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.* 

*(2)* *I-3 Class commenced operations on August 26, 2025.* 

Any advisory fee reduced or withheld, or expense reimbursement paid, pursuant to the Expense Limitation Agreement may be subject to recoupment by the Advisor in the first, second or third fiscal year after the fiscal year of the reduction or reimbursement. The Advisor may not receive recoupment 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 October 31, 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 | $561411 | $1401945 |
|  TCW Global Bond Fund | 61859 | 66875 | 63738 | 192472 |
|  TCW Securitized Bond Fund | 491126 | 1137578 | 1109672 | 2738376 |
|  Total | $919964 | $1678008 | $1734821 | $4332793 |

---

**Directors' Fees:** The Funds pay each Independent Director an annual retainer of $92,500 per calendar year, plus a $6,500 per-meeting fee for in-person attendance and $1,000 for telephonic attendance for each Board of Directors meeting attended by that Independent Director. The Independent Chair of the Board of Directors receives an additional annual retainer of $37,500, the Independent Vice Chair receives an additional annual retainer of $25,000, and the Chairs of the Audit Committee and the Nominating and Governance Committee each receive an additional annual retainer of $6,250. The expenses related to the annual retainer and meeting fees are recorded in the Statement of Operations.

**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

------

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

**Note 7 — Distribution Plan (Continued)** 

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 year ended October 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases at<br>Cost** | **Sales or<br>Maturity<br>Proceeds** | **U.S. Government<br>Purchases at<br>Cost** | **U.S. Government<br>Sales or Maturity<br>Proceeds** |
|  TCW Central Cash Fund | $— | $— | $— | $— |
|  TCW Core Fixed Income Fund | 88936259 | 203288498 | 2669873213 | 2955633379 |
|  TCW Global Bond Fund | 15242232 | 16425631 | 40185044 | 40539186 |
|  TCW Securitized Bond Fund | 180683071 | 302869981 | 6273112778 | 6411112747 |

---

**Note 9 — Capital Share Transactions** 

Transactions in each Fund's shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| TCW Central Cash Fund | **Year Ended**<br>**October 31, 2025** | **Year Ended**<br>**October 31, 2025** | **Year Ended**<br>**October 31, 2024** | **Year Ended**<br>**October 31, 2024** |
| **Cash Management Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 42464189277 | $42464189277 | 20636368000 | $20636368000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 112161316 | 112161316 | 44340793 | 44340793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (41053384752) | (41053384752) | (17953096903) | (17953096903) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 1522965841 | $1522965841 | 2727611890 | $2727611890 |
| TCW Core Fixed Income Fund | **Year/Period Ended**<br>**October 31, 2025** | **Year/Period Ended**<br>**October 31, 2025** | **Year Ended**<br>**October 31, 2024** | **Year Ended**<br>**October 31, 2024** |
| **I Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 6371601 | $61394436 | 11613744 | $112200678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 2089296 | 20124152 | 3056608 | 29512430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (46886867) | (448621494) | (26431625) | (255630600) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Decrease | (38425970) | $(367102906) | (11761273) | $(113917492) |
| **I-3 Class***<sup>(1)</sup>* | **Shares** | **Amount** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 1000 | $10000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 4 | 36 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 1004 | $10036 |  |  |
| **N Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 1771883 | $17040743 | 2484201 | $23968112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 457446 | 4401080 | 495967 | 4776696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (4141861) | (39903168) | (7006174) | (67346372) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Decrease | (1912532) | $(18461345) | (4026006) | $(38601564) |
| **Plan Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 2970455 | $28801956 | 5348173 | $52094155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 466148 | 4517858 | 672278 | 6513032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (3153571) | (30530435) | (17277813) | (171187948) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Decrease | 283032 | $2789379 | (11257362) | $(112580761) |

---

*<sup>(1)</sup>* *I-3 Class commenced operations on August 26, 2025.* 

------

October 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| TCW Global Bond Fund | **Year Ended**<br>**October 31, 2025** | **Year Ended**<br>**October 31, 2025** | **Year Ended**<br>**October 31, 2024** | **Year Ended**<br>**October 31, 2024** |
| **I Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 27175 | $232070 | 67681 | $557181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 36465 | 304997 | 38546 | 315445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100228) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(844612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61989) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(511042) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) | (36588) | $(307545) | 44238 | $361584 |
| **N Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 24543 | $205081 | 34701 | $287863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 29164 | 243865 | 31531 | 257903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (31865) | (261394) | (63799) | (517805) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 21842 | $187552 | 2433 | $27961 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| TCW Securitized Bond Fund | **Year/Period Ended**<br>**October 31, 2025** | **Year/Period Ended**<br>**October 31, 2025** | **Year Ended**<br>**October 31, 2024** | **Year Ended**<br>**October 31, 2024** |
| **I Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 72436656 | $566452810 | 78747377 | $626162709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 9734895 | 75837083 | 9112707 | 71638741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (87162981) | (680292368) | (177803352) | (1398108718) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Decrease | (4991430) | $(38002475) | (89943268) | $(700307268) |
| **I-3 Class***<sup>(1)</sup>* | **Shares** | **Amount** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 1000 | $10000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 5 | 54 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 1005 | $10054 |  |  |
| **N Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 3263212 | $26235117 | 4642950 | $37921944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 2309133 | 18561846 | 2597932 | 21068641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (12354234) | (99370521) | (19763032) | (160973586) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Decrease | (6781889) | $(54573558) | (12522150) | $(101983001) |
| **Plan Class** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 681197 | $5337301 | 504526 | $3994339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 2953 | 23121 | 3249 | 25642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (84688) | (661478) | (219607) | (1740536) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 599462 | $4698944 | 288168 | $2279445 |

---

*<sup>(1)</sup>* *I-3 Class commenced operations on August 26, 2025.* 

#### Note 10 — Affiliate Ownership
As of October 31, 2025, affiliates of the Funds and Advisor owned 100.00% and 86.20% 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

------

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

#### Note 11 — Restricted Securities (Continued)
the Securities Act of 1933, as amended (the "Securities Act"). However, the Company considers 144A securities to be restricted if those securities have been deemed illiquid. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Restricted securities held by the Funds at October 31, 2025 are listed below.

#### Securitized Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition<br>Date** | **Acquisition<br>Cost** | **Aggregate<br>Value** | **Percentage<br>of Net Assets** |
|  HOA Funding LLC Series 2021-1A, Class A2, 4.72%, 08/20/51 | 8/10/2022 | $4996612 | $1257925 | 0.07% |
|  New Mountain CLO 8 Ltd. Series CLO-8A, Class M, 0.00%, 10/20/38 | 9/16/2025 | $43 | $0 | 0.00% |
|  |  | $4996655 | $1257925 | 0.07% |

---

**Note 12 — 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 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 17, 2026. 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 year ended October 31, 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 Transfer Agent fees on 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 14 — Segment Reporting
In the reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their

------

## TCW Funds, Inc.
October 31, 2025

#### Note 14 — Segment Reporting (Continued)
operations. The Funds represent a single operating segment as the operating results of the Funds are monitored as a whole and their long-term asset allocation is determined in accordance with the terms of the applicable prospectus, based on defined investment objectives that is executed by the Funds' portfolio management team. A senior executive team comprised of the Funds' Principal Executive Officer and Principal Financial Officer, serves as the Funds' chief operating decision maker ("CODM"), who act in accordance with Board of Director reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess the Funds' profits and losses and to make resource allocation decisions. Segment assets are reflected in the Statements of Assets and Liabilities as Net Assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying statement of operations.

#### Note 15 — New Accounting Pronouncements
In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosure requirements, including, but not limited to, those with respect to the Fund's income tax rate reconciliation and income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the ASU and its impact to the financial statements.

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31,<br>2025** | **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 year | $1.00 | $1.00 |
|  **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income *<sup>(1)</sup>* | 0.04 | 0.02 |
|  Total from Investment Operations | 0.04 | 0.02 |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.04) | (0.02) |
|  Total Distributions | (0.04) | (0.02) |
|  Net Asset Value per Share, End of year | $1.00 | $1.00 |
|  Total Return | 4.47% | 1.64% *<sup>(2)</sup>* |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of year (in thousands) | $4250556 | $2727562 |
|  Ratio of Expenses to Average Net Assets | 0.02% | 0.01% *<sup>(3)</sup>* |
|  Ratio of Net Investment Income to Average Net Assets | 4.35% | 5.34% *<sup>(3)</sup>* |

---

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

*(2)* *Not annualized.* 

*(3)* *Annualized.* 

*See accompanying Notes to Financial Statements.* 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br>October 31,<br>2025** | **Year Ended<br>October 31,<br>2024** | **Year Ended<br>October 31,<br>2023** | **Year Ended<br>October 31,<br>2022** | **Year Ended<br>October 31,<br>2021** |
|  Net Asset Value per Share, Beginning of year | $9.65 | $9.08 | $9.39 | $11.56 | $11.98 |
|  **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>* | 0.37 | 0.38 | 0.36 | 0.20 | 0.11 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.22 | 0.63 | (0.36) | (2.17) | (0.09) |
|  Total from Investment Operations | 0.59 | 1.01 |  | (1.97) | 0.02 |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.37) | (0.44) | (0.31) | (0.17) | (0.14) |
|  Distributions from Net Realized Gain |  |  |  | (0.00) *<sup>(2)</sup>* | (0.26) |
|  Distributions from Return of Capital | (0.08) |  |  | (0.03) | (0.04) |
|  Total Distributions | (0.45) | (0.44) | (0.31) | (0.20) | (0.44) |
|  Net Asset Value per Share, End of year | $9.79 | $9.65 | $9.08 | $9.39 | $11.56 |
|  Total Return | 6.23% | 11.15% | (0.29%) | (17.10%) | 0.19% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of year (in thousands) | $252199 | $619344 | $689215 | $911213 | $1471072 |
|  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 | 0.57% | 0.52% | 0.50% | 0.53% | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
|  Ratio of Net Investment Income to Average Net Assets | 3.83% | 3.92% | 3.69% | 1.90% | 0.94% |
|  Portfolio Turnover Rate *<sup>(3)</sup>* | 426.07% | 453.67% | 442.34% | 473.72% | 469.87% |

---

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

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

*(3)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — I-3 Class

---

| | |
|:---|:---|
|  | **August 26, 2025**<br> **(Commencement<br>of Operations)**<br> **through<br>October 31, 2025** |
|  Net Asset Value per Share, Beginning of period | $10.00 *<sup>(1)</sup>* |
|  **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net investment income *<sup>(2)</sup>* | 0.07 |
|  Net Realized and Unrealized Gain on Investments | 0.14 |
|  Total from investment operations | 0.21 |
|  **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.06) |
|  Distributions from Return of Capital | (0.01) |
|  Total distributions | (0.07) |
|  Net Asset Value per Share, End of year | $10.14 |
|  Total Return | 2.11% *<sup>(3)</sup>* |
|  **Ratios/Supplemental data:** | **Ratios/Supplemental data:** |
|  Net assets, end of year (in thousands) | $10 |
|  Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 1.37% *<sup>(4)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.56% *<sup>(4)</sup>* |
|  Ratio of Net Investment Income to Average Net Assets | 3.62% *<sup>(4)</sup>* |
|  Portfolio Turnover Rate *<sup>(5)</sup>* | 426.07% *<sup>(3)</sup>* |

---

*(1)* *I-3 Class commenced operations on August 26, 2025.* 

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

*(3)* *Not annualized.* 

*(4)* *Annualized.* 

*(5)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — N Class

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br>October 31,<br>2025** | **Year Ended<br>October 31,<br>2024** | **Year Ended<br>October 31,<br>2023** | **Year Ended<br>October 31,<br>2022** | **Year Ended<br>October 31,<br>2021** |
|  Net Asset Value per Share, Beginning of year | $9.63 | $9.05 | $9.38 | $11.53 | $11.95 |
|  **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>* | 0.36 | 0.37 | 0.35 | 0.19 | 0.09 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.21 | 0.63 | (0.39) | (2.16) | (0.09) |
|  Total from Investment Operations | 0.57 | 1.00 | (0.04) | (1.97) |  |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.36) | (0.42) | (0.29) | (0.15) | (0.12) |
|  Distributions from Net Realized Gain |  |  |  | (0.00) *<sup>(2)</sup>* | (0.26) |
|  Distributions from Return of Capital | (0.07) |  |  | (0.03) | (0.04) |
|  Total Distributions | (0.43) | (0.42) | (0.29) | (0.18) | (0.42) |
|  Net Asset Value per Share, End of year | $9.77 | $9.63 | $9.05 | $9.38 | $11.53 |
|  Total Return | 6.18% | 11.12% | (0.56)% | (17.22)% | 0.00% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of year (in thousands) | $106357 | $123172 | $152264 | $170497 | $223562 |
|  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% | 0.83% | 0.80% | 0.82% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.60% | 0.62% | 0.64% | 0.64% | 0.65% |
|  Ratio of Net Investment Income to Average Net Assets | 3.73% | 3.79% | 3.56% | 1.77% | 0.78% |
|  Portfolio Turnover Rate *<sup>(3)</sup>* | 426.07% | 453.67% | 442.34% | 473.72% | 469.87% |

---

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

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

*(3)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — Plan Class

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br>October 31,<br>2025** | **Year Ended<br>October 31,<br>2024** | **Year Ended<br>October 31,<br>2023** | **Year Ended<br>October 31,<br>2022** | **Year Ended<br>October 31,<br>2021** |
|  Net Asset Value per Share, Beginning of year | $9.70 | $9.13 | $9.44 | $11.61 | $12.06 |
|  **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:** |
|  Net Investment Income *<sup>(1)</sup>* | 0.38 | 0.39 | 0.37 | 0.25 | 0.11 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.21 | 0.62 | (0.37) | (2.21) | (0.11) |
|  Total from Investment Operations | 0.59 | 1.01 |  | (1.96) | 0.00 |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.37) | (0.44) | (0.31) | (0.18) | (0.14) |
|  Distributions from Net Realized Gain |  |  |  | (0.00) *<sup>(2)</sup>* | (0.26) |
|  Distributions from Return of Capital | (0.08) |  |  | (0.03) | (0.05) |
|  Total distributions | (0.45) | (0.44) | (0.31) | (0.21) | (0.45) |
|  Net Asset Value per Share, End of year | $9.84 | $9.70 | $9.13 | $9.44 | $11.61 |
|  Total Return | 6.38% | 11.17% | (0.11%) | (17.07%) | (0.01%) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (in thousands) | $100406 | $96188 | $193212 | $81408 | $867 |
|  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 | 0.53% | 0.50% | 0.48% | 0.51% | 7.54% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.44% | 0.44% | 0.44% | 0.44% | 0.44% |
|  Ratio of Net Investment Income to Average Net Assets | 3.90% | 3.96% | 3.83% | 2.46% | 0.97% |
|  Portfolio Turnover Rate *<sup>(3)</sup>* | 426.07% | 453.67% | 442.34% | 473.72% | 469.87% |

---

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

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

*(3)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

## TCW Global Bond Fund
Financial Highlights — I Class

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br>October 31,<br>2025** | **Year Ended<br>October 31,<br>2024** | **Year Ended<br>October 31,<br>2023** | **Year Ended<br>October 31,<br>2022** | **Year Ended<br>October 31,<br>2021** |
|  Net Asset Value per Share, Beginning of year | $8.24 | $7.65 | $7.75 | $10.18 | $10.66 |
|  **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>* | 0.33 | 0.36 | 0.36 | 0.24 | 0.20 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.26 | 0.48 | (0.17) | (2.50) | (0.20) |
|  Total from Investment Operations | 0.59 | 0.84 | 0.19 | (2.26) |  |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.24) | (0.25) | (0.22) | (0.03) | (0.20) |
|  Distributions from Net Realized Gain |  |  |  | (0.01) | (0.22) |
|  Distributions from Return of Capital |  |  | (0.07) | (0.13) | (0.06) |
|  Total Distributions | (0.24) | (0.25) | (0.29) | (0.17) | (0.48) |
|  Net Asset Value per Share, End of year | $8.59 | $8.24 | $7.65 | $7.75 | $10.18 |
|  Total Return | 7.27% | 11.03% | 2.22% | (22.45%) | (0.18%) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of year (in thousands) | $11107 | $10952 | $9830 | $8650 | $24332 |
|  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 | 1.84% | 2.16% | 1.66% | 1.67% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
|  Ratio of Net Investment Income to Average Net Assets | 3.99% | 4.37% | 4.40% | 2.59% | 1.87% |
|  Portfolio Turnover Rate *<sup>(2)</sup>* | 266.31% | 266.63% | 221.66% | 208.60% | 245.94% |

---

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

*(2)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — N Class

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br>October 31,<br>2025** | **Year Ended<br>October 31,<br>2024** | **Year Ended<br>October 31,<br>2023** | **Year Ended<br>October 31,<br>2022** | **Year Ended<br>October 31,<br>2021** |
|  Net Asset Value per Share, Beginning of year | $8.24 | $7.65 | $7.75 | $10.17 | $10.66 |
|  **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>* | 0.33 | 0.35 | 0.35 | 0.26 | 0.19 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.25 | 0.48 | (0.17) | (2.52) | (0.21) |
|  Total from Investment Operations | 0.58 | 0.83 | 0.18 | (2.26) | (0.02) |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.23) | (0.24) | (0.22) | (0.03) | (0.19) |
|  Distributions from Net Realized Gain |  |  |  | (0.01) | (0.22) |
|  Distributions from Return of Capital |  |  | (0.06) | (0.12) | (0.06) |
|  Total Distributions | (0.23) | (0.24) | (0.28) | (0.16) | (0.47) |
|  Net Asset Value per Share, End of year | $8.59 | $8.24 | $7.65 | $7.75 | $10.17 |
|  Total Return | 7.16% | 10.91% | 2.12% | (22.45)% | (0.38)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of year (in thousands) | $9161 | $8605 | $7971 | $7730 | $10742 |
|  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 | 2.15% | 2.47% | 1.95% | 2.15% | 1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
|  Ratio of Net Investment Income to Average Net Assets | 3.89% | 4.27% | 4.29% | 2.80% | 1.77% |
|  Portfolio Turnover Rate *<sup>(2)</sup>* | 266.31% | 266.63% | 221.66% | 208.60% | 245.94% |

---

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

*(2)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

## TCW Securitized Bond Fund
Financial Highlights — I Class

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br>October 31,<br>2025** | **Year Ended<br>October 31,<br>2024** | **Year Ended<br>October 31,<br>2023** | **Year Ended<br>October 31,<br>2022** | **Year Ended<br>October 31,<br>2021** |
|  Net Asset Value per Share, Beginning of year | $7.85 | $7.39 | $7.96 | $10.14 | $10.46 |
|  **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>* | 0.27 | 0.37 | 0.43 | 0.33 | 0.21 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.32 | 0.60 | (0.53) | (2.28) | (0.25) |
|  Total from Investment Operations | 0.59 | 0.97 | (0.10) | (1.95) | (0.04) |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.53) | (0.51) | (0.47) | (0.23) | (0.20) |
|  Distributions from Net Realized Gain |  |  |  |  | (0.07) |
|  Distributions from Return of Capital | (0.04) |  |  |  | (0.01) |
|  Total Distributions | (0.57) | (0.51) | (0.47) | (0.23) | (0.28) |
|  Net Asset Value per Share, End of year | $7.87 | $7.85 | $7.39 | $7.96 | $10.14 |
|  Total Return | 7.80% | 13.32% | (1.51%) | (19.58%) | (0.40%) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of year (in thousands) | $1541332 | $1576958 | $2149490 | $2595866 | $4264583 |
|  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% | 0.54% | 0.50% | 0.55% | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
|  Ratio of Net Investment Income to Average Net Assets | 3.48% | 4.69% | 5.28% | 3.59% | 2.07% |
|  Portfolio Turnover Rate *<sup>(2)</sup>* | 307.34% | 327.85% | 303.12% | 386.85% | 493.39% |

---

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

*(2)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — I-3 Class

---

| | |
|:---|:---|
|  | **August 26, 2025**<br> **(Commencement<br>of Operations)**<br> **through<br>October 31, 2025** |
|  Net Asset Value per Share, Beginning of period | $10.00 |
|  **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net investment loss *<sup>(1)</sup>* | (0.04) *<sup>(2)</sup>* |
|  Net Realized and Unrealized Gain on Investments | 0.29 |
|  Total from investment operations | 0.25 |
|  **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.10) |
|  Distributions from Return of Capital | (0.01) |
|  Total distributions | (0.11) |
|  Net Asset Value per Share, End of year | $10.14 |
|  Total Return | 2.48% *<sup>(3)</sup>* |
|  **Ratios/Supplemental data:** | **Ratios/Supplemental data:** |
|  Net assets, end of year (in thousands) | $10 |
|  Ratio of Expenses to Average Net Assets: | Ratio of Expenses to Average Net Assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 1.34% *<sup>(4)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.59% *<sup>(4)</sup>* |
|  Ratio of Net Investment Income to Average Net Assets | (2.41%) *<sup>(4)</sup>* |
|  Portfolio Turnover Rate *<sup>(5)</sup>* | 307.34% *<sup>(3)</sup>* |

---

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

*(2)* *The amount shown for a share outstanding throughout the period may not correlate with the net investment income on the Statement of Operations for the period due to class specific expenses.* 

*(3)* *Not annualized.* 

*(4)* *Annualized.* 

*(5)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — N Class

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br>October 31,<br>2025** | **Year Ended<br>October 31,<br>2024** | **Year Ended<br>October 31,<br>2023** | **Year Ended<br>October 31,<br>2022** | **Year Ended<br>October 31,<br>2021** |
|  Net Asset Value per Share, Beginning of year | $8.10 | $7.62 | $8.21 | $10.46 | $10.78 |
|  **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>* | 0.26 | 0.36 | 0.43 | 0.33 | 0.19 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.33 | 0.63 | (0.56) | (2.37) | (0.25) |
|  Total from Investment Operations | 0.59 | 0.99 | (0.13) | (2.04) | (0.06) |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.53) | (0.51) | (0.46) | (0.21) | (0.18) |
|  Distributions from Net Realized Gain |  |  |  |  | (0.07) |
|  Distributions from Return of Capital | (0.04) |  |  |  | (0.01) |
|  Total Distributions | (0.57) | (0.51) | (0.46) | (0.21) | (0.26) |
|  Net Asset Value per Share, End of year | $8.12 | $8.10 | $7.62 | $8.21 | $10.46 |
|  Total Return | 7.57% | 13.01% | (1.75)% | (19.70)% | (0.58)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of year (in thousands) | $257837 | $312171 | $389444 | $506866 | $818608 |
|  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% | 0.83% | 0.77% | 0.79% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
|  Ratio of Net Investment Income to Average Net Assets | 3.28% | 4.47% | 5.07% | 3.40% | 1.83% |
|  Portfolio Turnover Rate *<sup>(2)</sup>* | 307.34% | 327.85% | 303.12% | 386.85% | 493.39% |

---

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

*(2)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — Plan Class

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br>October 31,<br>2025** | **Year Ended<br>October 31,<br>2024** | **Year Ended<br>October 31,<br>2023** | **Year Ended<br>October 31,<br>2022** | **Year Ended<br>October 31,<br>2021** |
|  Net Asset Value per Share, Beginning of year | $7.89 | $7.42 | $8.00 | $10.19 | $10.50 |
|  **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>* | 0.28 | 0.37 | 0.44 | 0.36 | 0.22 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.31 | 0.61 | (0.55) | (2.31) | (0.24) |
|  Total from Investment Operations | 0.59 | 0.98 | (0.11) | (1.95) | (0.02) |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.54) | (0.51) | (0.47) | (0.24) | (0.21) |
|  Distributions from Net Realized Gain |  |  |  |  | (0.07) |
|  Distributions from Return of Capital | (0.03) |  |  |  | (0.01) |
|  Total distributions | (0.57) | (0.51) | (0.47) | (0.24) | (0.29) |
|  Net Asset Value per Share, End of year | $7.91 | $7.89 | $7.42 | $8.00 | $10.19 |
|  Total Return | 7.86% | 13.35% | (1.68%) | (19.43%) | (0.25%) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (in thousands) | $9654 | $4904 | $2476 | $1522 | $571 |
|  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 | 0.80% | 1.16% | 1.32% | 2.98% | 6.69% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.44% | 0.44% | 0.44% | 0.44% | 0.44% |
|  Ratio of Net Investment Income to Average Net Assets | 3.53% | 4.70% | 5.31% | 3.88% | 2.13% |
|  Portfolio Turnover Rate *<sup>(2)</sup>* | 307.34% | 327.85% | 303.12% | 386.85% | 493.39% |

---

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

*(2)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

## TCW Funds, Inc.
Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of

TCW Funds, Inc.:

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of TCW Central Cash Fund, TCW Core Fixed Income Fund, TCW Global Bond Fund, and TCW Securitized Bond Fund (the "Funds"), four of the twelve funds constituting TCW Funds, Inc., including the schedules of investments, as of October 31, 2025; the related statements of operations for the year the ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended for the Funds, except for TCW Central Cash Fund; the related statements of operations, changes in net assets, and the financial highlights for the periods indicated in the table below for TCW Central Cash Fund; and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds listed above constituting TCW Funds, Inc. as of October 31, 2025, and the results of their operations for the year then ended (or for the period listed in the table below), the changes in their net assets for each of the two years in the period then ended (or for the period listed in the table below), and the financial highlights for each of the five years in the period then ended (or for the period listed in the table below), in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Individual Fund**<br> **Comprising TCW**<br> **Funds, Inc.** | **Statement of<br>Operations** | **Statements of Changes**<br> **in Net Assets** | **Financial Highlights** |
| &nbsp;&nbsp;&nbsp;TCW Central Cash Fund | For the year ended October 31, 2025 | For the year ended October 31, 2025, and the period from July 15, 2024 (commencement of operations) through October 31, 2024 | For the year ended October 31, 2025, and the period from July 15, 2024 (commencement of operations) through October 31, 2024 |

---

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with standards of the PCAOB and, for our audit of TCW Central Cash Fund, also in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

------

## TCW Funds, Inc.
Report of Independent Registered Public Accounting Firm (Continued)

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Los Angeles, California

December 30, 2025

We have served as the auditor of one or more TCW/Metropolitan West Funds investment companies since 1990.

------

Investment Management and Advisory Agreement Disclosure (Unaudited)

#### Renewal of Investment Advisory and Management Agreement
The Investment Company Act of 1940 requires that both the full Board of Directors and a majority of non-interested ("Independent") Directors, voting separately, annually approve the continuation of each Fund's investment advisory agreement (each, an "Agreement") with TCW Investment Management Company LLC (the "Advisor"). The Directors consider matters bearing on the Funds and their advisory agreements throughout the year, including a review of performance data at each regular meeting. In addition, at an in-person meeting on September 15, 2025, the Board approved the renewal of the Agreement for an additional one-year term from February 6, 2026 through February 5, 2027. The renewal of the Agreement was approved by the Board (including by a majority of the Independent Directors) upon the recommendation of the Independent Directors. The Independent Directors also met by videoconference in a working session on August 21, 2025 to hear presentations by representatives of the Advisor, to ask related questions, to review and discuss materials provided by the Advisor for their consideration, and to meet separately with their independent legal counsel. On September 15, 2025, they also met separately with their independent legal counsel to review and discuss supplemental information that had been requested on their behalf by their independent legal counsel and presented by the Advisor. The information, material facts, and conclusions that formed the basis for the Independent Directors' recommendation and the Board's subsequent approval are described below.

1. Information received

*Materials reviewed* — During the course of each year, the Directors receive a wide variety of materials relating to the services provided by the Advisor, including reports on the Advisor's investment processes, as well as on each Fund's investment results, portfolio composition, portfolio trading practices, compliance monitoring, shareholder services, and other information relating to the nature, extent, and quality of services provided by the Advisor to the Funds. In addition, the Board reviewed information furnished to the Independent Directors in response to a detailed request sent to the Advisor on their behalf. The information in the Advisor's responses included extensive materials regarding each Fund's investment results, advisory fee comparisons to advisory fees charged by the Advisor to its institutional clients, financial and profitability information regarding the Advisor, descriptions of various services provided to the Funds and to other advisory and sub-advisory clients, descriptions of functions such as compliance monitoring and portfolio trading practices, and information about the personnel providing investment management services to each Fund. The Directors also considered information provided by an independent data provider, Broadridge, comparing the investment performance and the fee and expense levels of each Fund to those of appropriate peer groups of mutual funds selected by Broadridge. After reviewing this information, the Directors requested additional information from the Advisor, which the Advisor provided and the Directors considered.

*Review process —* The Directors' determinations were made on the basis of each Director's business judgment after consideration of all the information presented. The Independent Directors were advised by their independent legal counsel throughout the renewal process and received and reviewed advice from their independent legal counsel regarding legal and industry standards applicable to the renewal of the Agreement, including a legal memorandum from their independent legal counsel discussing their fiduciary duties related to their approval of the continuation of the Agreement. The Independent Directors also discussed the renewal of the Agreement with the

------

## TCW Funds, Inc.
Investment Management and Advisory Agreement Disclosure (Unaudited) (Continued)

Advisor's representatives and in private sessions at which no representatives of the Advisor were present. In deciding to recommend the renewal of the Agreement with respect to each Fund, the Independent Directors did not identify any single piece of information or particular factor that, in isolation, was the controlling factor. Some of the factors that figured particularly in the Directors' deliberations are described below, although individual Directors may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for each Fund are the result of years of review and discussion between the Independent Directors and the Board, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Directors' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years. This summary describes the most important, but not all, of the factors considered by the Board and the Independent Directors.

2. Nature, extent, and quality of services provided by the Advisor

The Board and the Independent Directors considered the depth and quality of the Advisor's investment management process, including its research and strong analytical capabilities; the experience, capability, and integrity of its senior management and other personnel; the advance planning and transition arrangements put in place with respect to the changes in key portfolio management and other personnel; the overall resources available to the Advisor; and the ability of its organizational structure to address the fluctuations in assets that have been experienced over the past several years. The Board and the Independent Directors considered the Advisor's continued commitment and ability to attract and retain well-qualified investment professionals, noting in particular the Advisor's hiring of professionals in various areas over the past several years, continued upgrading of resources in its middle office and back office operations and other areas, as well as a continuing and extensive program of infrastructure and systems enhancements, including business continuity, cybersecurity, and the modernization of the technology ecosystem with the implementation of Aladdin, as well as investments in sales and marketing to increase brand awareness, updates to information security defenses, and budgeting for certain future initiatives. 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 also considered that the Advisor made available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, operations, administration, research, portfolio accounting, and legal matters. They noted the substantial additional resources made available by The TCW Group, Inc., the parent company of the Advisor ("TCW"). The Board and the Independent Directors examined and discussed a detailed description of the extensive additional services provided to the Funds to support their operations and compliance, as compared to the much narrower range of services provided to the Advisor's institutional and sub-advised clients, as well as the Advisor's oversight and coordination of numerous outside service providers to the Funds. They further noted the high level of regular communication between the Advisor and the Independent Directors. The Advisor explained its responsibility to supervise the activities of the Funds' various service providers, as well as supporting the Independent Directors and their meetings, regulatory filings, and various operational personnel, and the related costs.

------

The Board and the Independent Directors concluded that the nature, extent, and quality of the services provided by the Advisor are of a high quality and have benefited and should continue to benefit the Funds and their shareholders.

3. Investment results

The Board and the Independent Directors considered the investment results of each Fund in light of its investment objective(s) and principal investment strategies. They compared each Fund's total returns with the total returns of other mutual funds in peer group reports prepared by Broadridge with respect to various longer and more recent periods all ended May 31, 2025. The Board and the Independent Directors reviewed information as to peer group selections presented by Broadridge and discussed the methodology for those selections with Broadridge. In reviewing each Fund's relative performance, the Board and the Independent Directors took into account each Fund's investment strategies, distinct characteristics, asset size and diversification.

The Board and the Independent Directors reviewed each Fund's performance over the relevant periods. The Board and the Independent Directors noted that the investment performance of the majority of the Funds was generally close to or above the median performance of the applicable peer group during the three-year period emphasized by Broadridge in the supplemental materials. For those Funds that lagged peer group averages, they noted that the Advisor had discussed with the Board the reasons for the underperformance, including the investment climate and prevailing market conditions during relevant periods as well as the Advisor's discipline in maintaining a consistent investment style. The Board considered in particular the Advisor's explanations for the performance of those Funds that ranked in the fourth or fifth quintile of their peer groups for the prior three-year period. The Board indicated that it would continue to monitor portfolio investment performance on a regular basis and discuss with the Advisor from time to time any instances of long-term underperformance as appropriate. The Board and the Independent Directors noted that the performance of some Funds for periods when they lagged their peer group averages remained satisfactory when assessed on a risk-adjusted basis because performance quintiles do not necessarily reflect the degree of risk employed by peer funds to achieve their returns. The Board also considered the Advisor's assessment of the Funds' performance during the recent period of significant market volatility and rising interest rates.

With respect to the fixed income Funds, the Board and the Independent Directors recognized the Advisor's deliberate strategy to manage risk in light of its critical view of the fixed income securities markets and overall investment market conditions at present and in the near term. For that reason, the Board and the Independent Directors believed that relative performance also should be considered in light of future market conditions expected by the Advisor and positioning of the Funds' portfolios in light of those expectations. The Board and the Independent Directors noted the Advisor's view that longer term performance can be more meaningful for active fixed income funds than shorter term performance because fixed income market cycles are generally longer than three years.

For the U.S. fixed income Funds, the Board and the Independent Directors noted the conservative profile of certain of these Funds, which generally experienced less volatility compared to various other funds in the applicable peer group. They also noted the Advisor's relatively conservative posture for these Funds with respect to duration and interest rate and credit risks.

------

Investment Management and Advisory Agreement Disclosure (Unaudited) (Continued)

For the Securitized Bond Fund, the Board and the Independent Directors noted that the Fund's performance was in the second quintile for the ten- and one-year periods, the fifth quintile for the five-year period and the fourth quintile for the three-year period. The Board and the Independent Directors considered the Advisor's explanation that underperformance in the five- and three-year periods was driven by the Fund's higher duration and greater exposure to mortgage-backed securities than its peers, which the Advisor believes may position the Fund for outperformance going forward. It was noted that the Advisor had recommended, and the Board had approved, changes to the Fund's name and principal investment strategies effective August 19, 2024.

For the Core Fixed Income Fund, the Board and the Independent Directors noted that the Fund's performance was in the fourth quintile for the ten- and five-year periods, the fifth quintile for the three-year period and the second quintile for the one-year period. The Board and the Independent Directors considered the Advisor's explanation that underperformance was driven by the Fund's higher duration, yield curve positioning, and greater exposure to mortgage-backed securities than its peers, which the Advisor believes may position the Fund for outperformance going forward.

For the Global Bond Fund, the Board and the Independent Directors noted that the Fund's performance was in the third quintile for the ten-year period, the fourth quintile for the five- and three-year periods and the first quintile for the one-year period. The Board and the Independent Directors considered the Advisor's explanation that underperformance for the five- and three-year periods was driven by the Fund's higher duration as compared to many of its peers. The Board further considered that the Fund outperformed its benchmark index for the one- and three-year periods.

For the Central Cash Fund, the Board and the Independent Directors noted that the Fund's performance was in the fourth quintile for the period since the Fund's inception on July 15, 2024 to May 31, 2025. The Board and the Independent Directors considered the Fund's limited operating history.

With respect to the U.S. equity Funds, the Board and the Independent Directors noted that the performance of the Funds for most of the various periods reviewed ranked in the first, second or third quintiles.

The Concentrated Large Cap Growth Fund, formerly the Select Equities Fund, the Board and the Independent Directors noted that the Fund's performance was in the second quintile for the ten- and three-year periods, the third quintile for the five-year period, and the first quintile for the one-year period. It was noted that the Advisor had recommended, and the Board had approved, changes to the Fund's name and principal investment strategies effective February 28, 2025.

For the Relative Value Large Cap Fund, the Board and the Independent Directors noted that the Fund's performance was in the third quintile for the ten- and one-year periods and the first quintile for the five- and three-year periods.

For the Relative Value Mid Cap Fund, the Board and the Independent Directors noted that the Fund's performance was in the third quintile for the ten- and one-year periods and the first quintile for the five- and three-year periods.

For the Global Real Estate Fund, the Board and the Independent Directors noted that the Fund's performance was in the first quintile for the ten-, five-, and three-year periods and the fifth quintile for the one-year period.

------

For the Conservative Allocation Fund, an asset allocation Fund, the Board and the Independent Directors noted that the Fund's performance was in the first quintile for the ten-, five, three- and one-year periods.

With respect to the international and emerging markets Funds, the Board and the Independent Directors noted that the performance of these Funds ranked in the fourth quintile over a few of the various time periods reviewed, but had shown improvement in all of the time periods reviewed. The Board and the Independent Directors considered the Advisor's discussion of performance, including the enhancements to its risk management process.

For the Emerging Markets Income Fund, the Board and the Independent Directors noted that the Fund's performance was in the second quintile for the ten- and one-year periods, the third quintile for the five-year period and the fourth quintile for the three-year period. The Board and the Independent Directors considered the Advisor's discussion of performance, including that the Fund's relative performance was impacted by underperformance in 2022, which resulted from a combination of duration positioning and a more defensive stance, missing a part of the subsequent market rally following the Silicon Valley Bank crisis. The Board and the Independent Directors noted that the Fund has recovered part of the underperformance, capturing the improvement in credit quality in emerging markets, particularly in high yield, boosting the Fund's performance to the second quartile for the one-year period ended May 31, 2025.

For the Emerging Markets Local Currency Income Fund, the Board and the Independent Directors noted that the Fund's performance was in the fourth quintile for the ten- and five-year periods, the third quintile for the three-year period and the second quintile for the one-year period.

The Board and the Independent Directors concluded that the Advisor was implementing each Fund's investment objective(s) and that the Advisor's record in managing the Funds indicated that its continued management should benefit each Fund and its shareholders over the long term.

4. Advisory fees and total expenses

The Board and the Independent Directors compared the management fees (which Broadridge defines to include the advisory fee and the administrative fee) and net total expenses of each Fund (each as a percentage of average net assets) with the median management fee and operating expense level of the other mutual funds in the relevant Broadridge peer groups. These comparisons assisted the Board and the Independent Directors by providing a reasonable statistical measure to assess each Fund's fees relative to its relevant peers. The Board and the Independent Directors observed that each Fund's management fee, after giving effect to applicable waivers and/or reimbursements, was below or near the median of the peer group funds on a current basis, with the exception of the Emerging Markets Income Fund, whose management fees was approximately 5 basis points above the median. The Board and the Independent Directors also observed that each Fund's net total expenses, after giving effect to applicable waivers and/or reimbursements, were near or below the median of the peer group funds, with the exception of Conservative Allocation Fund, whose net total expenses were approximately 14 basis points above the median.

The Board and the Independent Directors also noted the contractual expense limitations to which the Advisor has agreed with respect to each Fund and that the Advisor historically has absorbed any expenses in excess of these limits. The Board and the Independent Directors noted that for several Funds, their below-median management fee and net total expenses were in part due to substantial

------

Investment Management and Advisory Agreement Disclosure (Unaudited) (Continued)

waiver and/or reimbursement pursuant to the contractual expense limitations. The Board and the Independent Directors concluded that the competitive fees charged by the Advisor, and competitive expense ratios, should continue to benefit each Fund and its shareholders.

The Board and the Independent Directors also reviewed information regarding the advisory fees charged by the Advisor to its institutional and sub-advisory clients with similar investment mandates. The Board and the Independent Directors concluded that, although the fees paid by those clients generally were lower than advisory fees paid by the Funds, the differences appropriately reflected the more extensive services provided by the Advisor to the Funds and the Advisor's significantly greater responsibilities and expenses with respect to the Funds, including the additional time spent by portfolio managers for reasons such as managing the more active cash flows from purchases and redemptions by shareholders, the additional risks of managing a pool of assets for public investors, administrative burdens, daily pricing, valuation and liquidity responsibilities, the supervision of vendors and service providers, and the costs of additional infrastructure and operational resources and personnel and of complying with and supporting the more comprehensive regulatory and governance regime applicable to mutual funds.

5. The Advisor's costs, level of profits, and economies of scale

The Board and the Independent Directors reviewed information regarding the Advisor's costs of providing services to the Funds, as well as the resulting level of profits to the Advisor. They reviewed the Advisor's stated assumptions and methods of allocating certain costs, such as personnel costs, which constitute the Advisor's largest operating cost. The Board and the Independent Directors recognized that the Advisor should be entitled to earn a reasonable level of profits for the services that it provides to each Fund. The Board and the Independent Directors also reviewed a comparison of the Advisor's profitability with respect to the Funds to the profitability of certain unaffiliated publicly traded asset managers, which the Advisor believed supported its view that the Advisor's profitability was reasonable. Based on their review, the Board and the Independent Directors concluded that they were satisfied that the Advisor's level of profitability from its relationship with each Fund was not unreasonable or excessive.

The Board and the Independent Directors considered the extent to which potential economies of scale could be realized as the Funds grow and whether the advisory fees reflect those potential economies of scale. They recognized that the advisory fees for the Funds do not have breakpoints, which would otherwise result in lower advisory fee rates as the Funds grow larger. They also recognized the Advisor's view that the advisory fees compare favorably to peer group fees and expenses and remain competitive even at higher asset levels and that the relatively low advisory fees reflect the potential economies of scale. The Board and the Independent Directors recognized the benefits of the Advisor's substantial past and ongoing investment in the advisory business, such as successfully recruiting and retaining key professional talent, systems and technology upgrades, added resources dedicated to legal, compliance, risk management and cybersecurity programs, and improvements to the overall firm infrastructure, as well as the financial pressures of competing against much larger firms and passive investment products. The Board and the Independent Directors further noted the Advisor's past and current subsidies of the operating expenses of newer and smaller Funds and the Advisor's commitment to maintain reasonable overall operating expenses for each Fund. The Board and the Independent Directors also recognized that the Funds benefit from receiving investment advice from an organization with other types of advisory clients in addition to

------

mutual funds. The Board and the Independent Directors considered the risk borne by the Advisor that the Funds' net assets and thus the Advisor's fees might decline in the event of redemptions and that smaller Funds might not grow to become profitable. The Board and the Independent Directors concluded that the Advisor was appropriately sharing potential economies of scale with the Funds through low fees and expenses, and through reinvesting in its capabilities for serving the Funds and their shareholders.

6. Ancillary benefits

The Board and the Independent Directors also considered ancillary benefits received or to be received by the Advisor and its affiliates as a result of the relationship of the Advisor with the Funds. The Board and the Independent Directors noted that, in addition to the fees the Advisor receives under the Agreement, the Advisor receives additional benefits in connection with management of the Funds in the form of reports, research and other services from brokers and their affiliates in return for brokerage commissions paid to such brokers. The Board and the Independent Directors concluded that any potential benefits received or to be derived by the Advisor from its relationships with the Funds are reasonably related to the services provided by the Advisor to the Funds.

7. 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 the Agreement is fair and reasonable to each Fund and its shareholders, that each Fund's shareholders received reasonable value in return for the advisory fees and other amounts paid to the Advisor by each Fund, and that the renewal of the Agreement was in the best interests of each 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 of the Company has delegated the Company's proxy voting authority to the Advisor.

*Disclosure of Proxy Voting Guidelines* 

The proxy voting guidelines of the Advisor are available:

1. By calling 800-FUND-TCW (800-386-3829) to obtain a hard copy; or

2. By going to the 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 on TCW's website. 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 must include 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 without charge:

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 Company's first and third quarters and are available on the SEC's website at www.sec.gov.

------

![LOGO](g96011g81l51.jpg)

515 South Flower Street

Los Angeles, CA 90071

800 386 3829

tcw.com

---

| | | |
|:---|:---|:---|
| Board of Directors<br>Patrick C. Haden<br> Martin Luther King III<br> Peter McMillan<br> Victoria B. Rogers<br> Robert G. Rooney<br> Michael Swell<br> Andrew Tarica<br> David Vick<br> Richard Villa<br>Adviser<br> TCW Investment Management Company LLC<br>515 South Flower Street<br> Los Angeles, CA 90071<br>Custodian<br> State Street Bank & Trust Company<br> One Congress Street, Suite 1<br> Boston, MA 02114-2016<br>Transfer Agent<br> U.S. Bank Global Fund Services<br> P.O. Box 219252<br> Kansas City, MO 64121 | Officers<br>Richard Villa<br> President and Principal Executive Officer<br> Treasurer, Principal Financial Officer<br> Principal Accounting Officer<br>Drew Bowden<br> Executive Vice President<br>Eric Chan<br> Assistant Treasurer<br>Peter Davidson<br> Vice President and Secretary<br>Lisa Eisen<br> Tax Officer<br>Alenoush Terzian<br> Chief Compliance Officer and<br> Anti-Money Laundering Officer<br>| Independent Registered Public Accounting Firm<br>Deloitte & Touche LLP<br> 555 West 5th Street, Suite 2700<br> Los Angeles, CA 90013<br>Distributor<br> TCW Funds Distributors LLC<br> 515 South Flower Street<br> Los Angeles, CA 90071<br>**For Additional Information**<br> **Call 800 FUND TCW (800 386 3829) or visit tcw.com** |

---

A description of the Funds' proxy voting policies, procedures, and how the Funds voted proxies relating to their portfolios' securities during the most recent 12-month period ending June 30 are available (i) without charge, upon request, by calling 800 386 3829; (ii) on the Securities and Exchange Commission's website at www.sec.gov.

In addition to its annual and semi-annual reports, the Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each 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.

To reduce expenses, we may mail only one copy of the Fund's prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at 800 386 3829 (or contact your financial institution). We will begin sending you individual copies thirty days after receiving your request.

This report is submitted for general information to the shareholders of the Funds. It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective Prospectus, which includes details regarding the Funds' objectives, policies, expenses and other information.

------

**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>

Remuneration 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) | [EX-99.CODE – Code of Ethics referred to in Item 2 is filed herewith.](d935143dex99codeeth.htm) |
|  (a)(2) | Not applicable. |
|  (a)(3) | [EX-99.CERT – The certification 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.](d935143dex99cert.htm) |
|  (a)(4) | Not applicable. |
|  (a)(5) | Not applicable. |
| (b) | [EX-99.906CERT – The certification required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act are filed herewith.](d935143dex99906cert.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. |

---

------

#### 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/ Richard M. Villa |
|  | Richard M. Villa |
|  | President, Principal Executive Officer, Treasurer, and Principal Financial and Accounting Officer |
| Date | January 6, 2026 |

---

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/ Richard M. Villa |
|  | Richard M. Villa |
|  | President, Principal Executive Officer, Treasurer, and Principal Financial and Accounting Officer |
| Date | January 6, 2026 |

---

## Ex-99.Code

EX-99.CODE

**Sarbanes-Oxley Act Code of Ethics** 

This SOX Code for the Funds has been adopted regarding the Covered Officers for the purpose of deterring wrongdoing and promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files
with, or submits to, the SEC and in other public communications made by the Funds,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prompt internal reporting of violations of this SOX Code to an appropriate person or persons identified in this
SOX Code, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to this SOX Code.

This SOX Code shall be the sole code of ethics adopted by the Funds for the purposes of section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, TIMCO, MetWest or TFD govern or purport to govern the behavior or activities of the Covered Officers who are subject to this SOX Code, they are superseded by this SOX Code to the extent that they overlap or conflict with the provisions of this SOX Code. The Funds', TIMCO's, MetWest's and TFD's codes of ethics under Rule 17j-1 under the 40 Act and TIMCO's and MetWest's more detailed policies and procedures set forth in the Code of Ethics are separate requirements that apply to the Covered Officers and others and are not part of this SOX Code.

Each Covered Officer of a Fund must, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon being named a Covered Officer affirm in writing to the board that he or she has received, read and
understands this SOX Code,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• avoid situations when a Covered Officer's private interest interferes with the interests of, or service to,
a Fund,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to influence investment decisions or
financial reporting by a Fund, including where the Covered Officer would benefit personally to the detriment of the Fund,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of the Fund,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use material non-public knowledge of portfolio transactions made or
contemplated for a Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report at least annually any directorships or other affiliations with other public companies,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtain approval from (i) their supervisor and (ii) any of the applicable Fund Chief Compliance Officer,
the Chief Risk Officer or General Counsel upon the receipt of any entertainment from any company with which a Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate with
regard to time and place, and not so frequent that questions of impropriety arise. Where the CEO of TCW Group is considered a Covered Person under these policies, and therefore has no direct supervisor, the foregoing approval shall require two of
the persons named under (ii) above,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually affirm to the relevant board that he or she has complied with the requirements of this SOX Code,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any Covered Officer or employee of the Funds or their Affiliated Persons for reports of
potential violations that are made in good faith, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the General Counsel promptly if he knows of any violation of this Code. Failure to do so is itself a
violation of this SOX Code. The General Counsel will promptly notify the Chief Compliance Officer of the Fund of any reported violations of this SOX Code.

Further, each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should refrain from accepting gifts of more than a de minimis value from providers of goods and services to a
Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should be familiar with the disclosure requirements generally applicable to each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within
or outside the Fund, including to a Fund's board and auditors, or to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should, to the extent appropriate within his or her area of responsibility, consult with other officers and
employees of the Funds and TIMCO or MetWest, applicable, with the goal of promoting full, fair, accurate, timely, and understandable disclosure in the reports and documents that the Funds file with, or submit to, the SEC and in other public
communications made by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is responsible for promoting compliance with the standards and restrictions imposed by applicable laws, rules,
and regulations.

The foregoing requirements shall not prevent the participation of the Covered Officers in activities inherent in the contractual relationship between each fund and TIMCO or MetWest, as applicable, such as contract negotiation, and, if addressed in conformity with the provisions of the 40 Act and the Advisers Act, will be deemed to have been handled ethically.

------

The following conflicts of interest situations involving a Covered Officer must be approved by (i) the Chief Risk Officer or Chief Administrative Officer of the Firm and (ii) one of the General Counsel or Chief Compliance Officer of the applicable Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as an executor, trustee, guardian, conservator, general partner or other fiduciary, or any appointment as
a consultant in connection with fiduciary or active money management matters exclusive of appointments involving personal estates or service on the board of a charitable, civic, or nonprofit company where the Covered Officer does not act as an
investment advisor for the entity's assets,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any service providers of a Fund, as
applicable, other than its investment adviser, principal underwriter, or any Affiliated Person thereof, with the exception that nothing herein shall prevent a Covered Officer from acquiring publicly traded securities of a service provider in a
market transaction, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges, or spreads paid by a Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

Any approvals or waivers sought by a Covered Officer that is not covered above will be submitted for consideration by the Audit Committee of the relevant Fund. In addition, the Funds will follow these procedures in investigating and enforcing this SOX Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The General Counsel will take all appropriate action to investigate any reported violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is
not required to take any further action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any matter that the General Counsel believes is a violation will be reported to the Audit Committee and to the
Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Audit Committee concurs that a violation has occurred, it will inform the board, which will consider
appropriate action, which may include (i) review of, and appropriate modifications to, applicable policies and procedures, (ii) notification to appropriate personnel of TIMCO, MetWest or their board, as applicable, or (iii) a
recommendation to dismiss the Covered Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Audit Committee will be responsible for granting waivers, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any changes to, or waivers of, this SOX Code will, to the extent required, be disclosed as provided by SEC rules.

Material amendments to this SOX Code must be in written form and specifically approved or ratified by a majority vote of a Fund's board, including a majority of independent directors.

------

All reports and records prepared or maintained pursuant to this SOX Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this SOX Code, such matters shall not be disclosed to anyone other than the appropriate board, their counsel, counsel to the relevant Funds, and such persons at TCW who should know in the reasonable course of their duties.

This SOX Code is intended solely for the internal use by the funds and does not constitute an admission, by or on behalf of any Fund, with regard to any fact, circumstance, or legal conclusion.

## Ex-99.Cert

EX-99.CERT

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: January 6, 2026

---

| |
|:---|
| /s/ Richard M. Villa |
| Richard M. Villa |
| President, Principal Executive Officer, Treasurer,<br>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 annual reports on Form N-CSR of TCW Funds, Inc. for the period ended October 31, 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: January 6, 2026

---

| |
|:---|
| /s/ Richard M. Villa |
| Richard M. Villa |
| President, Principal Executive Officer, 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.