<SEC-DOCUMENT>0001193125-17-382782.txt : 20180323
<SEC-HEADER>0001193125-17-382782.hdr.sgml : 20180323
<ACCEPTANCE-DATETIME>20171229111833
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-17-382782
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20171229

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TCW FUNDS INC
		CENTRAL INDEX KEY:			0000892071
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		865 SOUTH FIGUEROA STREET
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90017
		BUSINESS PHONE:		2132440000

	MAIL ADDRESS:	
		STREET 1:		865 SOUTH FIGUEROA STREET
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90017

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TCW ALTERNATIVE FUNDS
		CENTRAL INDEX KEY:			0001625654
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		865 S. FIGUEROA STREET
		STREET 2:		SUITE 1800
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90017
		BUSINESS PHONE:		213-244-0646

	MAIL ADDRESS:	
		STREET 1:		865 S. FIGUEROA STREET
		STREET 2:		SUITE 1800
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TCW LIQUID ALTERNATIVES TRUST
		DATE OF NAME CHANGE:	20141117

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TCW STRATEGIC INCOME FUND INC
		CENTRAL INDEX KEY:			0000809559
		IRS NUMBER:				930939398
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		865 S FIGUEROA ST STE 1800
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071
		BUSINESS PHONE:		2132440000

	MAIL ADDRESS:	
		STREET 1:		865 S. FIGUEROA STREET,
		STREET 2:		SUITE 1800
		CITY:			LOSANGELES
		STATE:			CA
		ZIP:			90017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TCW CONVERTIBLE SECURITIES FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
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<SEQUENCE>1
<FILENAME>filename1.htm
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<TITLE>CORRESP</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">Paul Hastings LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">101 California Street, Forty-Eighth Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">San Francisco, CA 94111 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">telephone
(415) <FONT STYLE="white-space:nowrap">856-7000</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">facsimile (415) <FONT STYLE="white-space:nowrap">856-7100</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><FONT COLOR="#0000ff"><U>www.paulhastings.com</U> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">December&nbsp;29, 2017 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VIA EDGAR CORRESPONDENCE </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">100 F Street, NE </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Washington, DC 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B></B>Re:<B></B></TD>
<TD ALIGN="left" VALIGN="top"><B>TCW Funds, Inc. (&#147;TFI&#148;) &#150; File <FONT STYLE="white-space:nowrap">No.&nbsp;811-07170</FONT> </B></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman"><B>TCW Alternative Funds (&#147;TAF&#148;) &#150; File <FONT STYLE="white-space:nowrap">No.&nbsp;811-23025</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman"><B>TCW Strategic Income Fund, Inc. (&#147;TSI&#148;) &#150; File <FONT STYLE="white-space:nowrap">No.&nbsp;811-04980</FONT> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">On behalf of the TFI, TAF and TSI (each, a
&#147;Registrant&#148; and together, the &#147;Registrants&#148;), we hereby respond to the oral accounting comments provided on November&nbsp;29, 2017 to Patrick Dennis of TCW Investment Management Company LLC by Ms.&nbsp;Megan Miller of the staff
(the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;SEC&#148;) with respect to the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:11pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">TFI&#146;s Annual Report filed on December&nbsp;29, 2016 (the &#147;TFI Annual Report&#148;); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:11pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">TFI&#146;s Post-Effective Amendment No.&nbsp;99 filed on February&nbsp;27, 2017 (the &#147;TFI Registration Statement&#148;); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:11pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">TAF&#146;s Annual Report filed on December&nbsp;29, 2016 (the &#147;TAF Annual Report&#148;); and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:11pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">TSI&#146;s Annual Report filed on February&nbsp;27, 2017 (the &#147;TSI Annual Report&#148;). </TD></TR></TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The
Registrants&#146; responses to those comments are provided below. We have restated the substance of those comments based on our discussions with the Registrants and to the best of our understanding. Capitalized terms have the same meanings as in the
TFI Annual Report, TFI Registration Statement, TAF Annual Report or TSI Annual Report, as appropriate, unless otherwise indicated. </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"><I><U>Comment</U>: With respect to TSI, the Registrant appears to invest over 50% of its net assets in <FONT STYLE="white-space:nowrap">non-agency</FONT> residential securities. Please explain whether the Registrant has
a policy to concentrate its investments in any particular industry. </I></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Response</U>: Comment acknowledged. The Registrant&#146;s
investment objective is to seek total investment returns comprised of current income and capital appreciation. The Registrant has the ability to invest in a mix of fixed income and equity investments including mortgage-backed
</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">December 29, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">
securities, asset-backed securities, value and growth equities, convertible securities, high yield bonds, and equity investments in collateralized debt obligations. The Registrant shifts and
reallocates its investments on an opportunistic basis. In the Registrant&#146;s experience, this investment strategy creates the potential for concentration from time to time in one or more economic sectors as a
<FONT STYLE="white-space:nowrap">by-product</FONT> of executing that strategy rather than as a separate strategy. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The Registrant does not have an
investment policy to concentrate its portfolio in any particular industry. The Registrant continues to believe that its investments in <FONT STYLE="white-space:nowrap">non-agency</FONT> residential securities do not represent concentration in any
particular industry. The Registrant and its investment adviser believe that private mortgage-related securities should not automatically be regarded as representative of a single industry given the variety of economic exposures normally underlying
those securities, such as commercial versus residential, credit rating and employment differences for the obligors (who may be employed in a wide variety of industries), and geographic differences for the collateral. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">In its next annual report, however, the Registrant will amend the disclosure, perhaps in Note 4 &#150; Risk Considerations, to disclose that concentration in
certain sectors may result from time to time as a result of the implementation of the investment strategy by the investment adviser. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"><I><U>Comment</U>: The TCW Conservative Allocation Fund of TFI uses a blended benchmark. Please describe in correspondence why the custom benchmark is an appropriate broad-based securities market index as mandated by
Item 27 of Form <FONT STYLE="white-space:nowrap">N-1A.</FONT> Please also describe how the custom benchmark is administered by an organization that is not affiliated with the Fund. </I></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Response</U>: Form <FONT STYLE="white-space:nowrap">N-1A,</FONT> Item 27(b)(7), Instruction 5 defines an &#147;appropriate broad-based securities market
index&#148; as &#147;one that is administered by an organization that is not an affiliated person of the Fund, its investment adviser, or principal underwriter, unless the index is widely recognized and used.&#148; The Fund uses a blended benchmark
of 40% S&amp;P 500 Index and 60% Bloomberg Barclays U.S. Aggregate Bond Index. Each component index individually is calculated and administered by an organization unaffiliated with the Fund, the Fund&#146;s investment adviser or the Fund&#146;s
distributor. The allocation between the indexes is a fixed percentage that does not require special administration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The SEC has stated that &#147;[t]he
purpose of including return information for a broad-based securities market index was to provide investors with a basis for evaluating a fund&#146;s performance and risks relative to the market.&#148; (Investment Company Act Release No.&nbsp;23064).
In rejecting the mandatory use of peer group comparisons for all funds, the SEC stated that &#147;[t]he index comparison requirement is designed to show how much value the management of the fund added by showing whether the fund <FONT
STYLE="white-space:nowrap">&#145;out-performed&#146;</FONT> or &#145;under-performed&#146; the market, and not so much whether one fund <FONT STYLE="white-space:nowrap">&#145;out-performed&#146;</FONT> another.&#148; (<I>Disclosure of Mutual Fund
Performance and Portfolio Managers</I>, SEC Release <FONT STYLE="white-space:nowrap">No.&nbsp;33-6988</FONT> (Apr. 6, 1993)). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The SEC has also stated
that &#147;a broad-based index is one that provides investors with a performance indicator of the overall applicable stock or bond markets, as appropriate&#148; and that &#147;an index would not be considered to be broad-based if it is composed of
securities of firms in a particular industry or group of related industries.&#148; <I>Id.</I> The Registrant respectfully notes that the </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">December 29, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">
Fund&#146;s blended benchmark index reflects the markets in which the Fund principally invests, and is not &#147;composed of securities of firms in a particular industry or group of related
industries.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The Registrant believes that the use of a blended primary benchmark index for this Fund complies with the requirements of Form <FONT
STYLE="white-space:nowrap">N-1A</FONT> and the SEC guidance cited above. As the Staff is aware, funds are increasingly using diverse investment strategies which at times have multiple distinct components and asset classes (<I>e.g.</I>, a mix of
equity securities, fixed-income securities and alternative strategies) with various weightings. As a result, it is often the case that the performance of a fund&#146;s strategy may have a higher degree of correlation with a blended index than a more
commonly used broad-based index for a single class of assets, such as the S&amp;P 500 Index. In this regard, the Registrant respectfully notes that multiple fund groups similarly use a custom blended index as the &#147;broad-based securities market
index&#148; for funds registered on Form <FONT STYLE="white-space:nowrap">N-1A</FONT> because such indexes are more reflective of the market for the principal investments of such funds compared to a
<FONT STYLE="white-space:nowrap">non-blended</FONT> index. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The Registrant believes that the Fund&#146;s blended index, when considered as a whole,
represents a sufficiently broad segment of the securities market that it constitutes a &#147;broad-based securities market index.&#148; In addition, the component indexes of the Fund&#146;s blended index are themselves &#147;broad-based securities
market indexes.&#148; Accordingly, the Registrant believes the Fund&#146;s blended index, which consists of a fixed ratio of component indexes, represents risk attributes similar to each distinct portion of the Fund&#146;s holdings, and provides
investors with an appropriate basis for evaluating the Fund&#146;s performance and risks relative to the market, consistent with the requirements of Form <FONT STYLE="white-space:nowrap">N-1A</FONT> and SEC guidance. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><I>3.</I></TD>
<TD ALIGN="left" VALIGN="top"><I><U>Comment</U>: The TCW Relative Value Large Cap Fund of TFI has a policy to invest at least 80% of its net assets in large cap securities. That Fund defines securities of a company with a market capitalization of
$1&nbsp;billion as large cap securities. Please explain why the Registrant considers a market capitalization of $1&nbsp;billion to be a large market capitalization. </I></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Response</U>: Comment accepted. Eighty percent of that Fund&#146;s holdings as of the most recent fiscal quarter had a market capitalization of
$3&nbsp;billion or greater. The Registrant will revise the disclosure in its next annual report and annual registration statement update to state that the Fund defines securities with a market capitalization of $3&nbsp;billion or greater at the time
of purchase as large cap securities. This definition is consistent with the Fund&#146;s benchmark index of the Russell 1000 Value Index, an established large cap index that includes companies with market capitalizations of approximately
$3&nbsp;billion and greater. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><I>4.</I></TD>
<TD ALIGN="left" VALIGN="top"><I><U>Comment</U>: The TCW Conservative Allocation Fund of TFI invests a portion of its net assets in other funds. In the Notes to Financial Statements or Schedule of Investments for that Fund, please provide a
reference regarding how shareholders can access the financial statements of the underlying funds.</I><B><I> </I></B><I> </I></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Response</U>:
Comment acknowledged. The Registrant includes that reference at the end of Note 7 &#150; Transactions with Affiliates on page 97 of the TFI Annual Report, in the section relating to the TCW Conservative Allocation Fund, stating as follows: &#147;The
financial statements of the Funds not </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">December 29, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
 4
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">
contained in this report are available by calling <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">800-FUND-TCW</FONT></FONT> <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">(800-386-3829)</FONT></FONT> or by going to the SEC website at www.sec.gov.&#148;<STRIKE></STRIKE> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><I>5.</I></TD>
<TD ALIGN="left" VALIGN="top"><I><U>Comment</U>: Certain Funds of TFI hold securities of real estate investment trusts (&#147;REITs&#148;). Please consider adding disclosure to the Notes to Financial Statements to state that the distributions from
REITs can be characterized as dividends, capital gains, or return of capital. </I></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Response</U>: Comment acknowledged. The Registrant
includes disclosure related to the potential return of capital, and capital gain, from those investments at the end of Note 2 &#150; Significant Accounting Policies &#150; Dividends and Distributions on pages
<FONT STYLE="white-space:nowrap">90-91</FONT> of the TFI Annual Report. The Registrant will consider for the next annual report additional disclosure that would be helpful to provide further clarity. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><I>6.</I></TD>
<TD ALIGN="left" VALIGN="top"><I><U>Comment</U>: With respect to the TFI Registration Statement, please explain why the prospectus fee table for I Class&nbsp;shares of the TCW Relative Value Dividend Appreciation Fund discloses operating expenses of
0.77% while the Financial Highlights disclose operating expenses of 0.87%. Similarly, please explain why the prospectus fee table for I Class&nbsp;shares of the TCW Relative Value Large Cap Fund discloses operating expenses of 0.78% while the
Financial Highlights disclose 0.88%. </I></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Response</U>: Comment acknowledged. A reduced contractual management fee of 0.65% took effect on
November&nbsp;1, 2016 for those Funds. For the fiscal year ended October&nbsp;31, 2016 the management fee for those Funds was 0.75%. Hence a 0.10% reduction in expenses was not reflected in the Financial Highlights for the period ended
October&nbsp;31, 2016 but was shown in the Fees and Expenses table of the TFI Registration Statement. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><I>7.</I></TD>
<TD ALIGN="left" VALIGN="top"><I><U>Comment</U>: With respect to the U.S. Fixed Income Funds of TFI, several of the benchmark indexes changed names. Please confirm that those Funds are aware of requirements of Form
<FONT STYLE="white-space:nowrap">N-1A</FONT> and the need to provide information about changes in benchmarks. </I></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Response</U>: Comment
accepted. The Registrant confirms that those Funds are aware of the related requirements of Form <FONT STYLE="white-space:nowrap">N-1A,</FONT> and the Registrant is aware of the names of the indexes that have been changed by the index sponsor. The
names of the applicable benchmarks will be revised in the next annual report and annual registration statement update. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><I>8.</I></TD>
<TD ALIGN="left" VALIGN="top"><I><U>Comment</U>: Please include the terms of any collateral received or pledged pursuant to an enforceable netting arrangement in the Notes to Financial Statements as required by Accounting Standards Codification
(&#147;ASC&#148;) <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">210-20-55-14.</FONT></FONT></FONT> </I></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Response</U>: Comment acknowledged. TFI and TSI disclose information relating to enforceable netting arrangements under &#147;Counterparty Credit Risk&#148;
and &#147;Collateral requirements&#148; in Note 2 &#150; Significant Accounting Policies. Each Registrant will include any additional disclosure required by ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">210-20-55-14</FONT></FONT></FONT> in its next annual report. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><I>9.</I></TD>
<TD ALIGN="left" VALIGN="top"><I><U>Comment</U>: With respect to TFI, Staff noted disclosure of significant affiliated ownership in certain of the Funds (for example, in Note 9 to the Financial Statements). Please explain how large shareholder or
concentration risk is addressed in the statutory and/or summary prospectus. </I></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">December 29, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
 5
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Response</U>: Comment acknowledged. The Registrant discloses Large Shareholder Redemption Risk under
&#147;Risk Considerations&#148; in the statement of additional information. The Registrant will consider whether additional disclosure is warranted, both in the statutory prospectus and each applicable summary prospectus, in its next annual update.
As a general matter, however, large affiliated ownership is not regarded as a material risk for the Registrant because the affiliated owners (typically the investment adviser and other related persons) have made efforts to prevent redemptions by
those affiliates from harming shareholders. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><I>10.</I></TD>
<TD ALIGN="left" VALIGN="top"><I><U>Comment</U>: Certain of the International Funds of TFI hold participation notes. If applicable, please disclose rates and maturity dates of those notes in the Schedule of Investments going forward.
</I></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Response</U>: Comment accepted. Disclosure will be revised accordingly in the next annual report. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><I>11.</I></TD>
<TD ALIGN="left" VALIGN="top"><I><U>Comment</U>: The Statements of Assets and Liabilities for TFI list the asset &#147;Receivable from Investment Advisor.&#148; Please describe in correspondence the frequency with which this receivable is settled,
as well as whether the settlement terms are the same as the payment of Management Fees to the Advisor. </I></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Response</U>: The settlement
terms of amounts owed to various series of TFI are generally handled on the same frequency as the payment of management fees, and at least quarterly. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><I>12.</I></TD>
<TD ALIGN="left" VALIGN="top"><I><U>Comment</U>: With respect to TSI, the Report of Independent Registered Public Accounting Firm attached as an exhibit to Form <FONT STYLE="white-space:nowrap">N-SAR</FONT> does not state the city and state where
the report was issued as required by <FONT STYLE="white-space:nowrap">Sub-Item</FONT> 77B. Please include this information in future filings. </I></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Response</U>: Comment accepted. That information will be included in the exhibit to the Registrant&#146;s next Form
<FONT STYLE="white-space:nowrap">N-SAR.</FONT> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><I>13.</I></TD>
<TD ALIGN="left" VALIGN="top"><I><U>Comment</U>: TSI uses a blended benchmark. Please describe why that custom benchmark is an appropriate broad-based securities market index and how the benchmark is administered by an organization that is not
affiliated with the Fund. </I></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Response</U>: Comment acknowledged.<B> </B>The Registrant uses a blended benchmark of 15% S&amp;P 500 Index
with Income, 15% Merrill Lynch Convertible Index, 45% Bloomberg Barclays Capital Aggregate Bond Index and 25% Citi High Yield Cash Pay Index. Each component index individually is calculated and administered by an organization unaffiliated with the
Registrant, the Registrant&#146;s investment adviser or the Registrant&#146;s distributor. The allocation between the indexes is a fixed percentage that does not require special administration. For the reasons outlined in response to Comment 2, the
Registrant believes the blended index provides investors with an appropriate basis for evaluating the Fund&#146;s performance and risks relative to the market, consistent with the requirements of Form <FONT STYLE="white-space:nowrap">N-1A</FONT> and
SEC guidance. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><I>14.</I></TD>
<TD ALIGN="left" VALIGN="top"><I><U>Comment</U>: The TCW/Gargoyle Dynamic 500 Fund of TAF invests 100.5% of its net assets in the SPDR S&amp;P 500 ETF Trust. In the Notes to Financial Statements or Schedule of Investments for that Fund, please
provide a reference regarding how shareholders can access the financial statements of the underlying fund. </I></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Response</U>:&nbsp;&nbsp;&nbsp;&nbsp;Comment accepted. Disclosure will be revised accordingly in the next annual report. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">December 29, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
 6
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><I>15.</I></TD>
<TD ALIGN="left" VALIGN="top"><I><U>Comment</U>: With respect to TAF, amounts deferred in connection with deferred compensation plans are recorded as &#147;Other liabilities&#148; in the financial statements. Please confirm that amounts payable to
officers and directors, controlled companies, and other affiliates have been stated separately, and that there are no other liabilities contained in that line item, as required by Rule <FONT STYLE="white-space:nowrap">6-04</FONT> of Regulation <FONT
STYLE="white-space:nowrap">S-X.</FONT> </I></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Response</U>: Comment accepted. Disclosure will be revised accordingly to state those items in
separate line items in the next annual report. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><I>16.</I></TD>
<TD ALIGN="left" VALIGN="top"><I><U>Comment</U>: The High Dividend Equities Long/Short Fund of TAF reported high portfolio turnover. Please explain whether active and frequent trading is part of the fund&#146;s principal investment strategy and if
so, please include applicable risks related to turnover going forward. </I></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Response</U>: Comment accepted. Disclosure will be revised
accordingly in the next annual update of TAF&#146;s Registration Statement to note that high turnover may result from this fund&#146;s principal investment strategies, and to include a principal risk related to that high turnover. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><I>17.</I></TD>
<TD ALIGN="left" VALIGN="top"><I><U>Comment</U>: With respect to TAF, Staff noted disclosure of significant affiliated ownership in certain of the Funds. Please explain how large shareholder or concentration risk is addressed in the statutory or
summary prospectus. </I></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Response</U>: Comment acknowledged. Please see our response to Comment 9. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Please contact the undersigned at (415) <FONT STYLE="white-space:nowrap">856-7007</FONT> with comments and questions. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Very truly yours, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>/s/ David A. Hearth </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">David A. Hearth </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">for PAUL HASTINGS LLP </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:0%; font-size:12pt; font-family:Times New Roman">cc: TCW Investment Management Company LLC </P>
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