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TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS September 30, 2025 (Unaudited)


Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES—105.7% of Net Assets
ASSET-BACKED SECURITIES—12.7%
Academic Loan Funding Trust Series 2012-1A, Class R 0.00%^(1),(2),(3)		12/27/44	$	3,368	$	267,419
AIMCO CLO 24 Ltd. Series 2025-24A, Class SUB 0.00%^(1),(4),(5)		04/19/38		600,000		459,813
ALLO Issuer LLC Series 2023-1A, Class C 12.18%⁽¹⁾		06/20/53		880,000		939,484
Apidos CLO XXXVII Ltd. Series 2021-37A, Class B 6.19% (3 mo. USD Term SOFR + 1.862%)^(1),(6)		10/22/34		725,000		726,740
Arbour CLO VIII DAC Series 8X, Class B1R 3.73% (3 mo. EUR EURIBOR + 1.700%)^(6),(7)		10/15/34	EUR	600,000		705,193
Avis Budget Rental Car Funding AESOP LLC Series 2021-2A, Class D 4.08%^(1),(3)		02/20/28		250,000		244,770
BCRED CLO LLC Series 2023-1A, Class A 6.63% (3 mo. USD Term SOFR + 2.300%)^(1),(6)		01/20/36		850,000		852,182
Bear Mountain Park CLO Ltd. Series 2022-1A, Class BR 6.07% (3 mo. USD Term SOFR + 1.750%)^(1),(6)		07/15/37		625,000		627,335
BMO SBA COOF Trust Series 2019-1, Class A (I/O) 1.58%^(1),(5)		10/25/45		2,955,856		133,357
Carvana Auto Receivables Trust Series 2020-P1, Class R 0.00%^(1),(2)		09/08/27		2,000		150,611
Carvana Auto Receivables Trust Series 2021-N3, Class R 0.00%^(1),(2)		06/12/28		2,200		151,613
Carvana Auto Receivables Trust Series 2022-N1, Class R 0.00%^(1),(2)		12/11/28		4,700		216,258
Carvana Auto Receivables Trust Series 2022-P3, Class R 0.00%^(1),(2)		09/10/29		2,900		238,107
Carvana Auto Receivables Trust Series 2023-P1, Class R 0.00%^(1),(2)		03/11/30		4,400		287,765
Carvana Auto Receivables Trust Series 2023-P2, Class R 0.00%^(1),(2)		06/10/30		2,000		184,493
CIFC Funding Ltd. Series 2022-2A, Class B 0.00%^(1),(4),(5)		04/19/35		685,000		480,125
Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC Series 2025-1A, Class A2 6.00%⁽¹⁾		05/20/55		245,000		251,428
COOF Securitization Trust II Series 2015-2, Class A1 (I/O) 2.48%^(1),(5)		08/25/41		1,424,438		87,016
Eaton Vance CLO Ltd. Series 2013-1A, Class D1R4 7.28% (3 mo. USD Term SOFR + 3.000%)^(1),(6)		10/15/38		475,000		479,809
Elmwood CLO 17 Ltd. Series 2022-4A, Class SUB 6.89%^(1),(5)		07/17/37		850,000		571,718
Elmwood CLO III Ltd. Series 2019-3A, Class SUB 0.00%^(1),(4),(5)		07/18/37		1,000,000		487,936
Elmwood CLO VIII Ltd. Series 2021-1A, Class ER 10.58% (3 mo. USD Term SOFR + 6.250%)^(1),(6)		04/20/37		500,000		497,500
Flexential Issuer Series 2021-1A, Class A2 3.25%⁽¹⁾		11/27/51		260,000		252,537
Goal Capital Funding Trust Series 2006-1, Class B 5.30% (3 mo. USD LIBOR + 0.450%)⁽⁶⁾		08/25/42		80,128		77,994
Golub Capital Partners CLO 42M-R Ltd. Series 2019-42RA, Class A2R 7.06% (3 mo. USD Term SOFR + 2.750%)^(1),(6)		01/20/36	$	600,000		602,957
Golub Capital Partners CLO 69M Ltd. Series 2023-69A, Class B1 7.48% (3 mo. USD Term SOFR + 3.250%)^(1),(6)		11/09/36		870,000		872,460
Gracie Point International Funding LLC Series 2025-1A, Class C 7.10% (30 day USD SOFR Average + 2.750%)^(1),(6),(8)		08/15/28		605,000		606,191
Hertz Vehicle Financing III LLC Series 2023-1A, Class 1D 9.13%⁽¹⁾		06/25/27		365,000		370,121
Hertz Vehicle Financing III LP Series 2021-2A, Class D 4.34%⁽¹⁾		12/27/27		820,000		802,324
HOA Funding LLC Series 2021-1A, Class A2 4.72%^{(1),(3),(8),(9)}		08/20/51		581,627		119,235
HPS Loan Management Ltd. Series 2024-19A, Class C2 7.22% (3 mo. USD Term SOFR + 2.900%)^(1),(6)		04/15/37		750,000		753,436
ICG U.S. CLO Ltd. Series 2022-1A, Class DR (I/F) 0.00% (-3 mo. USD Term SOFR + 3.100%)^{(1),(4),(6),(10)}		10/20/38		1,000,000		1,003,750
Madison Park Funding XLV Ltd. Series 2020-45A, Class CRR 6.22% (3 mo. USD Term SOFR + 1.900%)^(1),(6)		07/15/34		625,000		626,071
Mosaic Solar Loan Trust Series 2021-1A, Class R 0.00%^(1),(4)		12/20/46		950,000		147,557
Mosaic Solar Loan Trust Series 2021-2A, Class R 0.00%^(1),(4)		04/22/47		1,150,000		68,451
Mosaic Solar Loan Trust Series 2021-3A, Class R 0.00%^(1),(4)		06/20/52		1,600,000		83,315
NCFA LLC—Loan Participation 1 2.75%⁽⁸⁾		06/12/28		756,178		756,178
NCFA LLC—Loan Participation 2 3.14%⁽⁸⁾		12/19/27		849,356		849,356
Neuberger Berman Loan Advisers CLO 56 Ltd. Series 2024-56A, Class SUB 0.00%^(1),(4),(5)		07/24/37		700,000		512,703
New Mountain CLO 8 Ltd. Series CLO-8A, Class M 0.00%^{(1),(4),(8),(10)}		10/20/38		60,000		—
New Mountain CLO 8 Ltd. Series CLO-8A, Class SUB 0.00%^{(1),(4),(5),(10)}		10/20/38		600,000		496,020
Newday Funding Master Issuer PLC Series 2024-2X, Class E 7.87% (1 day GBP SONIA + 3.900%)^(6),(7)		07/15/32	GBP	450,000		619,041
OCP CLO Ltd. Series 2015-9A, Class SUB 0.00%^(1),(4),(5)		01/15/37		1,360,000		586,618
Palmer Square CLO Ltd. Series 2024-3A, Class SUB 0.00%^(1),(4),(5)		07/20/37		625,000		541,657
Rad CLO 22 Ltd. Series 2023-22A, Class D 9.33% (3 mo. USD Term SOFR + 5.000%)^(1),(6)		01/20/37		350,000		352,699
Rockford Tower CLO Ltd. Series 2017-2A, Class BR 6.08% (3 mo. USD Term SOFR + 1.762%)^(1),(6)		10/15/29		800,000		800,658

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS September 30, 2025 (Unaudited) (Cont’d)


Issues	Maturity Date		Principal Amount		Value
Rockford Tower CLO Ltd. Series 2021-2A, Class BR 5.86% (3 mo. USD Term SOFR + 1.700%)^(1),(6)		07/20/34	$	620,000	$	620,534
Rockford Tower CLO Ltd. Series 2025-2A, Class D1 7.63% (3 mo. USD Term SOFR + 3.350%)^(1),(6)		03/31/38		600,000		602,818
Santander Consumer Auto Receivables Trust Series 2021-BA, Class R 0.00%^(1),(2)		03/15/29		5,000		1,402,274
Santander Consumer Auto Receivables Trust Series 2021-CA, Class R 0.00%^(1),(2)		06/15/28		5,500		578,823
Serenity-Peace Park CLO Ltd. Series 2025-1A, Class SUB 0.00%^{(1),(4),(5),(8)}		10/24/38		600,000		499,235
Sixth Street CLO XX Ltd. Series 2021-20A, Class SUB 0.00%^(1),(4),(5)		07/17/38		467,250		284,849
SLC Student Loan Trust Series 2004-1, Class B 4.90% (90 day USD SOFR Average + 0.552%)⁽⁶⁾		08/15/31		154,462		136,415
SLC Student Loan Trust Series 2006-1, Class B 4.84% (90 day USD SOFR Average + 0.472%)⁽⁶⁾		03/15/55		161,070		145,560
SLM Student Loan EDC Repackaging Trust Series 2013-M1, Class M1R 0.00%^(1),(2)		10/28/29		1,000		199,179
SLM Student Loan Trust Series 2004-2, Class B 5.07% (90 day USD SOFR Average + 0.732%)⁽⁶⁾		07/25/39		136,863		130,704
SLM Student Loan Trust Series 2005-9, Class B 4.90% (90 day USD SOFR Average + 0.562%)⁽⁶⁾		01/25/41		286,988		271,927
SLM Student Loan Trust Series 2007-6, Class B 5.45% (90 day USD SOFR Average + 1.112%)⁽⁶⁾		04/27/43		72,472		68,317
SLM Student Loan Trust Series 2007-7, Class B 5.35% (90 day USD SOFR Average + 1.012%)⁽⁶⁾		10/27/70		150,000		151,657
SLM Student Loan Trust Series 2008-2, Class B 5.80% (90 day USD SOFR Average + 1.462%)⁽⁶⁾		01/25/83		225,000		232,074
SLM Student Loan Trust Series 2008-3, Class B 5.80% (90 day USD SOFR Average + 1.462%)⁽⁶⁾		04/26/83		225,000		227,392
SLM Student Loan Trust Series 2008-4, Class B 6.45% (90 day USD SOFR Average + 2.112%)⁽⁶⁾		04/25/73		515,000		528,931
SLM Student Loan Trust Series 2008-5, Class B 6.45% (90 day USD SOFR Average + 2.112%)⁽⁶⁾		07/25/73		260,000		268,375
SLM Student Loan Trust Series 2008-6, Class B 6.45% (90 day USD SOFR Average + 2.112%)⁽⁶⁾		07/26/83		225,000		227,972
SLM Student Loan Trust Series 2008-7, Class B 6.45% (90 day USD SOFR Average + 2.112%)⁽⁶⁾		07/26/83		305,000		303,471
Stratus CLO Ltd. Series 2021-3A, Class SUB 0.00%^(1),(4),(5)		12/29/29		750,000		75
Structured Receivables Finance LLC Series 2010-A, Class B 7.61%⁽¹⁾		01/16/46		288,158		291,176
Structured Receivables Finance LLC Series 2010-B, Class B 7.97%⁽¹⁾		08/15/36		255,476		260,323
TIF Funding II LLC Series 2021-1A, Class A 1.65%⁽¹⁾		02/20/46		944,350		862,855
Together Asset-Backed Securitisation 14 PLC Series 2025-1ST1A, Class E 6.95% (1 day GBP SONIA + 2.980%)^(1),(6)		08/15/66	GBP	500,000		680,386
U.S. Bank C&I Credit-Linked Notes Series 2025-SUP2, Class D 6.59% (30 day USD SOFR Average + 2.200%)^(1),(6)		09/25/32		450,000		451,579
Westlake Automobile Receivables Trust Series 2024-1A, Class D 6.02%⁽¹⁾		10/15/29		600,000		613,722
Wingstop Funding LLC Series 2020-1A, Class A2 2.84%⁽¹⁾		12/05/50		541,750		523,607

Total Asset-backed Securities (Cost: $36,406,616)						31,506,231


MORTGAGE-BACKED SECURITIES—63.9%
Commercial Mortgage-backed Securities—Agency—0.2%
Federal Home Loan Mortgage Corp. Multifamily PC REMICS Trust Series 2019-P002, Class X (I/O) 1.14%⁽⁵⁾		07/25/33		1,295,000		69,801
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K049, Class X3 (I/O) 4.19%⁽⁵⁾		10/25/43		144,423		14
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K060, Class X3 (I/O) 1.96%⁽⁵⁾		12/25/44		2,499,972		47,222
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K732, Class X3 (I/O) 3.34%⁽⁵⁾		05/25/46		565,982		44
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K735, Class X3 (I/O) 2.23%⁽⁵⁾		05/25/47		3,750,000		48,097
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KC05, Class X1 (I/O) 1.34%⁽⁵⁾		06/25/27		6,789,264		75,495
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KIR1, Class X (I/O) 1.14%⁽⁵⁾		03/25/26		7,643,487		13,628
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KW01, Class X3 (I/O) 4.27%⁽⁵⁾		03/25/29		690,000		7,089
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q013, Class XPT2 (I/O) 1.81%⁽⁵⁾		05/25/27		2,728,327		63,573
Federal National Mortgage Association-ACES Series 2016-M11, Class X2 (ACES) (I/O) 3.04%⁽⁵⁾		07/25/39		579,319		10,619
Federal National Mortgage Association-ACES Series 2019-M29, Class X4 (ACES) (I/O) 0.70%⁽⁵⁾		03/25/29		7,900,000		149,372
Government National Mortgage Association Series 2010-148, Class IO (I/O) 0.30%⁽⁵⁾		09/16/50		4,543,888		47,649

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS September 30, 2025 (Unaudited) (Cont’d)


Issues	Maturity Date		Principal Amount		Value
Government National Mortgage Association Series 2011-152, Class IO (I/O) 0.01%⁽⁵⁾		08/16/51	$	633,918	$	20
Government National Mortgage Association Series 2012-139, Class IO (I/O) 0.65%⁽⁵⁾		02/16/53		744,933		15,585
Government National Mortgage Association Series 2013-52, Class IO (I/O) 0.02%⁽⁵⁾		02/16/55		4,774,508		2,204
Government National Mortgage Association Series 2014-103, Class IO (I/O) 0.19%⁽⁵⁾		05/16/55		2,016,728		9,932
Government National Mortgage Association Series 2014-125, Class IO (I/O) 0.87%⁽⁵⁾		11/16/54		952,254		25,010

Total Commercial Mortgage-backed Securities—Agency (Cost: $2,891,630)						585,354


Commercial Mortgage-backed Securities—Non-agency—15.8%
1211 Avenue of the Americas Trust Series 2015-1211, Class D 4.28%^(1),(5)		08/10/35		680,000		618,715
245 Park Avenue Trust Series 2017-245P, Class E 3.78%^(1),(5)		06/05/37		650,000		617,988
280 Park Avenue Mortgage Trust Series 2017-280P, Class D 6.05% (1 mo. USD Term SOFR + 1.836%)^(1),(6)		09/15/34		490,000		481,521
AMSR Trust Series 2021-SFR2, Class F2 3.67%⁽¹⁾		08/17/38		750,000		736,617
AMSR Trust Series 2021-SFR3, Class G 3.80%⁽¹⁾		10/17/38		620,000		607,604
AMSR Trust Series 2022-SFR1, Class F 6.02%⁽¹⁾		03/17/39		850,000		846,694
AMSR Trust Series 2025-SFR1, Class E2 3.66%⁽¹⁾		06/17/42		700,000		638,502
Benchmark Mortgage Trust Series 2019-B14, Class 225D 3.40%^(1),(5)		12/15/62		535,000		14,023
Benchmark Mortgage Trust Series 2020-IG3, Class BXC 3.65%^(1),(5)		09/15/48		555,000		513,871
BOCA Commercial Mortgage Trust Series 2024-BOCA, Class D 7.79% (1 mo. USD Term SOFR + 3.638%)^(1),(6)		08/15/41		620,000		625,628
BX Commercial Mortgage Trust Series 2025-BCAT, Class D 6.80% (1 mo. USD Term SOFR + 2.650%)^(1),(6)		08/15/42		718,714		722,169
BX Trust Series 2023-DELC, Class B 7.49% (1 mo. USD Term SOFR + 3.339%)^(1),(6)		05/15/38		615,000		621,137
BXHPP Trust Series 2021-FILM, Class C 5.36% (1 mo. USD Term SOFR + 1.214%)^(1),(6)		08/15/36		430,000		393,756
BXHPP Trust Series 2021-FILM, Class D 5.76% (1 mo. USD Term SOFR + 1.614%)^(1),(6)		08/15/36		515,000		464,408
BXP Trust Series 2017-GM, Class D 3.54%^(1),(5)		06/13/39		575,000		554,063
Citigroup Commercial Mortgage Trust Series 2014-GC21, Class XD (I/O) 1.28%^(1),(5)		05/10/47		4,710,600		122
Citigroup Commercial Mortgage Trust Series 2015-GC35, Class XA (I/O) 0.75%⁽⁵⁾		11/10/48		3,280,812		2,814
COMM Mortgage Trust Series 2012-LC4, Class XB (I/O) 0.60%^(1),(3),(5)		12/10/44		10,160,887		139
COMM Mortgage Trust Series 2013-CR12, Class XA (I/O) 0.66%⁽⁵⁾		10/10/46		659,198		12
COMM Mortgage Trust Series 2016-787S, Class D 3.96%^(1),(5)		02/10/36		693,000		673,950
COMM Mortgage Trust Series 2020-CX, Class E 2.77%^(1),(5)		11/10/46		370,000		288,374
CRSNT Trust Series 2021-MOON, Class C 5.82% (1 mo. USD Term SOFR + 1.664%)^(1),(6)		04/15/36		620,000		611,042
Eleven Madison Trust Mortgage Trust Series 2015-11MD, Class D 3.67%^(1),(5)		09/10/35		625,000		620,502
Extended Stay America Trust Series 2021-ESH, Class F 7.96% (1 mo. USD Term SOFR + 3.814%)^(1),(6)		07/15/38		548,129		549,388
FirstKey Homes Trust Series 2021-SFR3, Class E1 2.99%⁽¹⁾		12/17/38		1,173,000		1,141,898
FirstKey Homes Trust Series 2022-SFR1, Class D 5.20%⁽¹⁾		05/19/39		1,100,000		1,097,577
Frost CMBS DAC Series 2021-1A, Class EUE 6.02% (3 mo. EUR EURIBOR + 3.990%)^(1),(6)		11/20/33	EUR	717,679		838,287
FRTKL Group, Inc. Series 2021-SFR1, Class G 4.11%⁽¹⁾		09/17/38		1,015,000		984,921
Government National Mortgage Association Series 2009-114, Class IO (I/O) 0.00%^(4),(5)		10/16/49		4,358,384		44
Government National Mortgage Association Series 2011-105, Class IO (I/O) 0.00%^(4),(5)		09/16/51		1,558,570		16
Government National Mortgage Association Series 2012-4, Class IO (I/O) 0.00%^(4),(5)		05/16/52		2,198,288		22
Grace Trust Series 2020-GRCE, Class D 2.77%^(1),(5)		12/10/40		700,000		612,115
Grace Trust Series 2020-GRCE, Class F 2.77%^(1),(5)		12/10/40		376,000		295,623
Grace Trust Series 2020-GRCE, Class X (I/O) 0.39%^(1),(5)		12/10/40		10,620,000		143,549
GS Mortgage Securities Trust Series 2016-GS2, Class XA (I/O) 1.86%⁽⁵⁾		05/10/49		3,643,057		4,602
Highways PLC Series 2021-1X, Class C 6.39% (1 day GBP SONIA + 2.400%)^(6),(7)		12/18/31	GBP	425,000		575,988
Hilton USA Trust Series 2016-HHV, Class F 4.33%^(1),(5)		11/05/38		1,341,000		1,304,440
Hudson Yards Mortgage Trust Series 2019-30HY, Class D 3.56%^(1),(5)		07/10/39		450,000		409,767
Hudson Yards Mortgage Trust Series 2019-55HY, Class F 3.04%^(1),(5)		12/10/41		150,000		128,190
ILPT Trust Series 2019-SURF, Class A 4.15%⁽¹⁾		02/11/41		240,000		235,474
JPMBB Commercial Mortgage Securities Trust Series 2014-C23, Class XA (I/O) 0.49%⁽⁵⁾		09/15/47		629,127		9

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS September 30, 2025 (Unaudited) (Cont’d)


Issues	Maturity Date		Principal Amount		Value
JPMBB Commercial Mortgage Securities Trust Series 2014-C24, Class XA (I/O) 0.86%⁽⁵⁾		11/15/47	$	1,012,893	$	24
JPMBB Commercial Mortgage Securities Trust Series 2015-C29, Class XD (I/O) 0.50%^(1),(5)		05/15/48		26,458,000		132,297
JPMCC Commercial Mortgage Securities Trust Series 2017-JP5, Class XA (I/O) 0.91%⁽⁵⁾		03/15/50		8,917,813		78,402
JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C3, Class XB (I/O) 0.49%^(1),(5)		02/15/46		47,117,770		318,083
JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-NINE, Class A 2.95%^(1),(5)		09/06/38		775,000		762,404
JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class A 3.40%⁽¹⁾		06/05/39		585,000		553,298
KRE Commercial Mortgage Trust Series 2025-AIP4, Class E 7.15% (1 mo. USD Term SOFR + 3.000%)^(1),(6)		03/15/42		490,000		489,318
Manhattan West Mortgage Trust Series 2020-1MW, Class A 2.13%⁽¹⁾		09/10/39		695,000		662,727
MF1 Ltd. Series 2021-FL6, Class C 6.10% (1 mo. USD Term SOFR + 1.964%)^(1),(6)		07/16/36		530,000		529,934
MFT Mortgage Trust Series 2020-B6, Class C 3.39%^(1),(5)		08/10/40		220,000		144,234
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22, Class XA (I/O) 0.69%⁽⁵⁾		04/15/48		1,288,058		17
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C31, Class XA (I/O) 1.40%⁽⁵⁾		11/15/49		5,682,676		40,100
Morgan Stanley Capital I Trust Series 2020-CNP, Class C 2.51%^(1),(5)		04/05/42		620,000		514,886
NXPT Commercial Mortgage Trust Series 2024-STOR, Class E 6.93%^(1),(5)		11/05/41		528,000		535,656
One New York Plaza Trust Series 2020-1NYP, Class A 5.22% (1 mo. USD Term SOFR + 1.064%)^(1),(6)		01/15/36		390,000		383,939
Progress Residential Trust Series 2021-SFR6, Class F 3.42%⁽¹⁾		07/17/38		730,000		718,510
Progress Residential Trust Series 2021-SFR7, Class E2 2.64%⁽¹⁾		08/17/40		1,451,000		1,354,060
Progress Residential Trust Series 2021-SFR8, Class G 4.01%⁽¹⁾		10/17/38		1,450,000		1,422,876
Progress Residential Trust Series 2021-SFR9, Class E1 2.81%⁽¹⁾		11/17/40		1,707,000		1,594,159
SCG Commercial Mortgage Trust Series 2025-FLWR, Class E 6.90% (1 mo. USD Term SOFR + 2.750%)^(1),(6)		08/15/42		500,000		501,682
SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2A 3.66%^(1),(5)		01/05/43		805,000		691,766
SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class D 4.53%^(1),(5)		01/05/43		880,000		668,157
SFO Commercial Mortgage Trust Series 2021-555, Class A 5.41% (1 mo. USD Term SOFR + 1.264%)^(1),(6)		05/15/38		550,000		546,490
SMRT Commercial Mortgage Trust Series 2022-MINI, Class D 6.10% (1 mo. USD Term SOFR + 1.950%)^(1),(6)		01/15/39		510,000		507,813
SMRT Commercial Mortgage Trust Series 2022-MINI, Class E 6.85% (1 mo. USD Term SOFR + 2.700%)^(1),(6)		01/15/39		1,005,000		997,212
SMRT Commercial Mortgage Trust Series 2022-MINI, Class F 7.50% (1 mo. USD Term SOFR + 3.350%)^(1),(6)		01/15/39		246,000		240,225
Taurus U.K. DAC Series 2021-UK1A, Class D 6.59% (1 day GBP SONIA + 2.600%)^(1),(6)		05/17/31	GBP	446,719		604,483
Taurus U.K. DAC Series 2021-UK1X, Class E 7.64% (1 day GBP SONIA + 3.650%)^(6),(7)		05/17/31	GBP	665,115		899,572
TCO Commercial Mortgage Trust Series 2024-DPM, Class D 6.89% (1 mo. USD Term SOFR + 2.741%)^(1),(6)		12/15/39		500,000		503,072
Tricon Residential Trust Series 2021-SFR1, Class F 3.69%⁽¹⁾		07/17/38		750,000		739,914
U.K. Logistics DAC Series 2025-1A, Class E 9.49% (1 day GBP SONIA + 5.500%)^(1),(6)		05/17/35	GBP	267,731		361,819
UBS Commercial Mortgage Trust Series 2017-C5, Class XA (I/O) 1.24%⁽⁵⁾		11/15/50		4,215,039		67,878
Vita Scientia DAC Series 2022-1X, Class D 4.51% (3 mo. EUR EURIBOR + 2.490%)^(6),(7)		02/27/33	EUR	1,500,000		1,748,451
Wells Fargo Commercial Mortgage Trust Series 2018-C47, Class AS 4.67%⁽⁵⁾		09/15/61		750,000		748,006
WFRBS Commercial Mortgage Trust Series 2013-C14, Class XA (I/O) 0.46%⁽⁵⁾		06/15/46		119,084		1

Total Commercial Mortgage-backed Securities—Non-agency (Cost: $40,340,868)						39,037,026


Residential Mortgage-backed Securities—Agency—24.1%
Federal Home Loan Mortgage Corp., Pool #SD8199 2.00%		03/01/52		2,244,096		1,818,047
Federal Home Loan Mortgage Corp., Pool #SD8220 3.00%		06/01/52		1,374,779		1,212,854
Federal Home Loan Mortgage Corp., Pool #SD8225 3.00%		07/01/52		2,419,021		2,132,393
Federal Home Loan Mortgage Corp., Pool #SD8238 4.50%		08/01/52		543,181		529,694
Federal Home Loan Mortgage Corp., Pool #SD3246 4.00%		08/01/52		1,202,038		1,138,221
Federal Home Loan Mortgage Corp., Pool #SD8237 4.00%		08/01/52		1,440,598		1,363,893
Federal Home Loan Mortgage Corp., Pool #SD8245 4.50%⁽¹⁰⁾		09/01/52		563,610		549,528

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS September 30, 2025 (Unaudited) (Cont’d)


Issues	Maturity Date		Principal Amount		Value
Federal Home Loan Mortgage Corp., Pool #RA7870 4.00%		09/01/52	$	705,248	$	667,588
Federal Home Loan Mortgage Corp., Pool #SD8257 4.50%		10/01/52		1,172,470		1,142,995
Federal Home Loan Mortgage Corp., Pool #SD8265 4.00%		11/01/52		510,205		482,802
Federal Home Loan Mortgage Corp., Pool #SD8275 4.50%		12/01/52		497,691		485,102
Federal Home Loan Mortgage Corp. REMICS Series 3122, Class SG (I/O)(I/F)(TAC)(PAC) 1.14% (-30 day USD SOFR Average + 5.516%)⁽⁶⁾		03/15/36		830,405		44,035
Federal Home Loan Mortgage Corp. REMICS Series 3239, Class SI (I/O) (I/F) (PAC) 2.16% (-30 day USD SOFR Average + 6.536%)⁽⁶⁾		11/15/36		198,758		21,661
Federal Home Loan Mortgage Corp. REMICS Series 3323, Class SA (I/O) (I/F) 1.62% (-30 day USD SOFR Average + 5.996%)⁽⁶⁾		05/15/37		42,913		1,162
Federal Home Loan Mortgage Corp. REMICS Series 3459, Class JS (I/O) (I/F) 1.76% (-30 day USD SOFR Average + 6.136%)⁽⁶⁾		06/15/38		67,195		6,829
Federal Home Loan Mortgage Corp. REMICS Series 4030, Class HS (I/O) (I/F) 2.12% (-30 day USD SOFR Average + 6.496%)⁽⁶⁾		04/15/42		380,011		43,606
Federal Home Loan Mortgage Corp. REMICS Series 5234, Class S (I/O) (I/F) (PAC) 1.69% (-30 day USD SOFR Average + 6.050%)⁽⁶⁾		12/25/50		1,823,415		132,882
Federal Home Loan Mortgage Corp. REMICS Series 5471, Class SY (I/O) (I/F) 1.04% (-30 day USD SOFR Average + 5.400%)⁽⁶⁾		11/25/54		1,224,972		81,809
Federal Home Loan Mortgage Corp. REMICS Series 5544, Class SD (I/O) (I/F) 0.69% (-30 day USD SOFR Average + 5.050%)⁽⁶⁾		06/25/55		2,265,816		138,104
Federal Home Loan Mortgage Corp. REMICS Series 5546, Class AS (I/F) 3.97% (-30 day USD SOFR Average + 10.500%)⁽⁶⁾		06/25/55		377,825		364,204
Federal Home Loan Mortgage Corp. REMICS Series 5547, Class S (I/F) 4.04% (-30 day USD SOFR Average + 10.575%)⁽⁶⁾		06/25/55		379,787		358,616
Federal Home Loan Mortgage Corp. REMICS Series 5548, Class S (I/F) 4.41% (-30 day USD SOFR Average + 11.667%)⁽⁶⁾		06/25/55		381,271		371,160
Federal Home Loan Mortgage Corp. REMICS Series 5549, Class JS (I/F) 3.97% (-30 day USD SOFR Average + 10.500%)⁽⁶⁾		06/25/55		118,033		113,984
Federal Home Loan Mortgage Corp. REMICS Series 5578, Class SD (I/O) (I/F) 1.54% (-30 day USD SOFR Average + 5.900%)⁽⁶⁾		09/25/55		1,467,937		150,811
Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C1 (I/O) 2.00%		03/15/52		3,267,696		434,753
Federal Home Loan Mortgage Corp. STRIPS Series 408, Class C37 2.00%		03/25/52		1,274,216		177,356
Federal National Mortgage Association, Pool #AN3542 3.41%		11/01/46		1,013,481		875,530
Federal National Mortgage Association, Pool #BV4122 2.00%		03/01/52		732,608		593,520
Federal National Mortgage Association, Pool #FS1598 2.00%		04/01/52		312,864		253,466
Federal National Mortgage Association, Pool #BV8463 2.50%		04/01/52		1,287,331		1,090,226
Federal National Mortgage Association, Pool #MA4656 4.50%		07/01/52		1,829,867		1,784,714
Federal National Mortgage Association, Pool #MA4701 4.50%		08/01/52		296,107		288,755
Federal National Mortgage Association, Pool #MA4733 4.50%		09/01/52		972,580		948,280
Federal National Mortgage Association, Pool #MA4769 2.00%		09/01/52		807,260		653,999
Federal National Mortgage Association, Pool #MA4768 2.50%		09/01/52		1,405,892		1,190,634
Federal National Mortgage Association, Pool #MA4784 4.50%⁽¹⁰⁾		10/01/52		1,742,951		1,699,134
Federal National Mortgage Association, Pool #MA4783 4.00%		10/01/52		1,214,582		1,149,535
Federal National Mortgage Association, Pool #MA4866 4.00%		01/01/53		1,194,923		1,130,559
Federal National Mortgage Association, Pool #MA5584 4.50%		01/01/55		1,609,066		1,561,583
Federal National Mortgage Association Interest STRIPS Series 434, Class C29 (I/O) 2.00%		10/25/52		3,725,168		487,194
Federal National Mortgage Association Interest STRIPS Series 436, Class C32 (I/O) 2.00%		10/25/52		3,244,820		423,774
Federal National Mortgage Association REMICS Series 2007-42, Class SE (I/O) (I/F) 1.64% (-30 day USD SOFR Average + 5.996%)⁽⁶⁾		05/25/37		31,070		2,333
Federal National Mortgage Association REMICS Series 2007-48, Class SD (I/O) (I/F) 1.63% (-30 day USD SOFR Average + 5.986%)⁽⁶⁾		05/25/37		573,997		51,519
Federal National Mortgage Association REMICS Series 2009-69, Class CS (I/O) (I/F) 2.28% (-30 day USD SOFR Average + 6.636%)⁽⁶⁾		09/25/39		89,675		10,287

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS September 30, 2025 (Unaudited) (Cont’d)


Issues	Maturity Date		Principal Amount		Value
Federal National Mortgage Association REMICS Series 2024-81, Class SE (I/O) (I/F) 0.99% (-30 day USD SOFR Average + 5.350%)⁽⁶⁾		07/25/54	$	4,850,831	$	267,585
Government National Mortgage Association, Pool #MA9963 4.50%		10/20/54		1,247,055		1,211,740
Government National Mortgage Association REMICS Series 2006-35, Class SA (I/O) (I/F) 2.35% (-1 mo. USD Term SOFR + 6.486%)⁽⁶⁾		07/20/36		606,207		63,595
Government National Mortgage Association REMICS Series 2006-61, Class SA (I/O) (I/F) (TAC) 0.50% (-1 mo. USD Term SOFR + 4.636%)⁽⁶⁾		11/20/36		697,096		14,312
Government National Mortgage Association REMICS Series 2008-58, Class TS (I/O) (I/F) (TAC) 2.15% (-1 mo. USD Term SOFR + 6.286%)⁽⁶⁾		05/20/38		175,431		3,123
Government National Mortgage Association REMICS Series 2014-118, Class ST (I/F) 1.35% (-1 mo. USD Term SOFR + 5.486%)⁽⁶⁾		08/20/44		3,324,783		288,432
Government National Mortgage Association REMICS Series 2016-153, Class IO (I/O) 3.50%		11/20/46		1,089,143		214,979
Government National Mortgage Association REMICS Series 2023-165, Class CO (P/O) 0.00%⁽⁴⁾		11/20/53		226,176		198,324
Government National Mortgage Association REMICS Series 2024-159, Class SM (I/F) 1.06% (-30 day USD SOFR Average + 5.450%)⁽⁶⁾		10/20/54		3,302,898		201,715
Government National Mortgage Association REMICS Series 2024-159, Class XS (I/O) (I/F) 1.11% (-30 day USD SOFR Average + 5.500%)⁽⁶⁾		10/20/54		2,464,807		198,824
Government National Mortgage Association, TBA
4.00%⁽¹¹⁾		05/01/52		2,725,000		2,563,029
4.50%⁽¹¹⁾		08/01/54		1,550,000		1,503,481
5.50%⁽¹¹⁾		04/01/55		3,950,000		3,979,783
5.00%⁽¹¹⁾		04/01/55		3,025,000		3,009,287
Uniform Mortgage-Backed Security, TBA
2.00%⁽¹¹⁾		10/01/51		1,800,000		1,451,923
2.50%⁽¹¹⁾		11/01/51		3,675,000		3,097,852
3.00%⁽¹¹⁾		12/01/51		1,425,000		1,252,009
3.50%⁽¹¹⁾		01/01/52		4,600,000		4,205,258
4.00%⁽¹¹⁾		02/01/52		1,650,000		1,555,415
4.50%⁽¹¹⁾		06/01/54		1,650,000		1,600,735
5.00%⁽¹¹⁾		03/01/55		4,625,000		4,587,383

Total Residential Mortgage-backed Securities—Agency (Cost: $65,605,796)						59,627,915


Residential Mortgage-backed Securities—Non-agency—23.8%
ABFC Trust Series 2007-NC1, Class A2 4.57% (1 mo. USD Term SOFR + 0.414%)^(1),(6)		05/25/37		612,995		580,324
ACE Securities Corp. Home Equity Loan Trust Series 2004-IN1, Class A1 4.91% (1 mo. USD Term SOFR + 0.754%)⁽⁶⁾		05/25/34		271,912		256,372
ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP1, Class A2C 4.79% (1 mo. USD Term SOFR + 0.634%)⁽⁶⁾		03/25/37		1,105,120		450,479
Adjustable Rate Mortgage Trust Series 2005-4, Class 6A22 4.94%⁽⁵⁾		08/25/35		287,672		228,405
Ajax Mortgage Loan Trust Series 2019-F, Class A2 3.50%⁽¹⁾		07/25/59		1,300,000		1,259,426
Ajax Mortgage Loan Trust Series 2021-D, Class A 5.00%⁽¹⁾		03/25/60		662,521		662,692
Angel Oak Mortgage Trust Series 2024-11, Class M1A 6.58%^(1),(5)		08/25/69		750,000		763,065
Asset-Backed Securities Corp. Home Equity Loan Trust Series 2007-HE1, Class A1B 3.56% (1 mo. USD Term SOFR + 0.414%)⁽⁶⁾		12/25/36		167,350		163,043
Banc of America Alternative Loan Trust Series 2005-10, Class 1CB1 4.67% (1 mo. USD Term SOFR + 0.514%)⁽⁶⁾		11/25/35		219,489		191,377
Banc of America Funding Trust Series 2006-3, Class 4A14 6.00%		03/25/36		76,478		65,148
Banc of America Funding Trust Series 2006-3, Class 5A3 5.50%		03/25/36		78,014		71,050
Banc of America Funding Trust Series 2015-R4, Class 2A1 4.64% (1 mo. USD Term SOFR + 0.319%)^(1),(6)		02/25/37		31,844		31,795
BCMSC Trust Series 2000-A, Class A4 8.29%⁽⁵⁾		06/15/30		3,316,690		237,097
Bear Stearns ALT-A Trust Series 2005-3, Class 4A3 4.28%⁽⁵⁾		04/25/35		132,803		129,716
Bear Stearns ARM Trust Series 2003-7, Class 9A 6.17%⁽⁵⁾		10/25/33		134,447		122,696
Bear Stearns ARM Trust Series 2005-9, Class A1 6.42% (1 yr. CMT + 2.300%)⁽⁶⁾		10/25/35		74,179		71,034
Bear Stearns ARM Trust Series 2007-4, Class 22A1 4.25%⁽⁵⁾		06/25/47		474,812		418,275
Bear Stearns Asset-Backed Securities I Trust Series 2005-AC6, Class 1A3 5.50%⁽⁵⁾		09/25/35		227,286		219,739
Bear Stearns Asset-Backed Securities I Trust Series 2006-IM1, Class A1 4.73% (1 mo. USD Term SOFR + 0.574%)⁽⁶⁾		04/25/36		100,476		103,429
Bear Stearns Mortgage Funding Trust Series 2007-AR3, Class 1X (I/O) 0.50%		03/25/37		21,721,581		429,556
C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2B 3.50%		02/25/37		671,395		392,736
C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2C 3.50%		02/25/37		659,653		385,867
C-BASS Mortgage Loan Trust Series 2007-CB3, Class A3 3.27%		03/25/37		1,056,155		369,377

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS September 30, 2025 (Unaudited) (Cont’d)


Issues	Maturity Date		Principal Amount		Value
Carrington Mortgage Loan Trust Series 2006-NC4, Class A4 4.51% (1 mo. USD Term SOFR + 0.354%)⁽⁶⁾		10/25/36	$	1,250,000	$	1,087,408
Carrington Mortgage Loan Trust Series 2007-RFC1, Class A3 4.41% (1 mo. USD Term SOFR + 0.254%)⁽⁶⁾		12/25/36		630,653		620,011
CFMT LLC Series 2024-NR1, Class A1 6.41%⁽¹⁾		11/25/29		776,935		784,664
CHL Mortgage Pass-Through Trust Series 2004-HYB4, Class B1 5.90%⁽⁵⁾		09/20/34		57,676		14,579
CHL Mortgage Pass-Through Trust Series 2006-14, Class X (I/O) 0.14%⁽⁵⁾		09/25/36		5,447,021		18,683
CHL Mortgage Pass-Through Trust Series 2006-HYB2, Class 1A1 5.39%⁽⁵⁾		04/20/36		497,847		375,887
CHNGE Mortgage Trust Series 2023-1, Class M1 8.12%^(1),(5)		03/25/58		460,000		463,678
CIM Trust Series 2019-R1, Class A 3.25%^(1),(5)		10/25/58		535,583		500,418
CIM Trust Series 2021-R3, Class A1A 1.95%^(1),(5)		06/25/57		567,926		529,043
CIM Trust Series 2021-R4, Class A1A 2.00%^(1),(5)		05/01/61		553,284		520,181
CIM Trust Series 2021-R5, Class A1B 2.00%^(1),(5)		08/25/61		1,096,000		755,736
CIM Trust Series 2025-R1, Class A1 5.00%⁽¹⁾		02/25/99		702,723		699,397
Citigroup Mortgage Loan Trust, Inc. Series 2005-11, Class A2A 6.48% (1 yr. CMT + 2.400%)⁽⁶⁾		10/25/35		121,240		126,554
Citigroup Mortgage Loan Trust, Inc. Series 2005-8, Class 1A1A 5.27%⁽⁵⁾		10/25/35		288,698		229,221
CitiMortgage Alternative Loan Trust Series 2006-A3, Class 1A7 6.00%		07/25/36		452,736		399,168
CitiMortgage Alternative Loan Trust Series 2006-A5, Class 1A8 6.00%		10/25/36		421,422		366,459
COLT Mortgage Loan Trust Series 2025-7, Class B1 6.92%^(1),(5)		06/25/70		620,000		625,115
Conseco Finance Securitizations Corp. Series 1999-6, Class A1 7.36%^(1),(5)		06/01/30		1,175,501		306,748
Countrywide Alternative Loan Trust Series 2005-46CB, Class A20 (TAC) 5.50%		10/25/35		450,506		308,127
Countrywide Alternative Loan Trust Series 2006-8T1, Class 1A2 (I/O) (I/F) 1.23% (-1 mo. USD Term SOFR + 5.386%)⁽⁶⁾		04/25/36		4,660,685		545,613
Countrywide Asset-Backed Certificates Trust Series 2007-13, Class 2A1 5.17% (1 mo. USD Term SOFR + 1.014%)⁽⁶⁾		10/25/47		342,348		320,863
Credit Suisse First Boston Mortgage Securities Corp. Series 2005-12, Class 1A1 6.50%		01/25/36		948,046		205,809
Credit-Based Asset Servicing & Securitization LLC Series 2003-CB3, Class AF1 3.38%		12/25/32		179,288		174,617
Credit-Based Asset Servicing & Securitization LLC Series 2006-CB2, Class AF2 3.00%		12/25/36		1,634,909		1,330,535
Cross Mortgage Trust Series 2024-H7, Class B1B 7.58%^(1),(5)		11/25/69		570,000		574,190
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR6, Class A6 4.65% (1 mo. USD Term SOFR + 0.494%)⁽⁶⁾		02/25/37		231,342		201,584
Deutsche Alt-B Securities, Inc. Mortgage Loan Trust Series 2006-AB2, Class A2 4.68%⁽⁵⁾		06/25/36		714,758		660,872
DSLA Mortgage Loan Trust Series 2006-AR2, Class 2A1A 4.45% (1 mo. USD Term SOFR + 0.314%)⁽⁶⁾		10/19/36		298,580		200,591
EFMT Series 2025-CES1, Class B1 7.07%^(1),(5)		01/25/60		670,000		681,316
EFMT Series 2025-NQM1, Class B1B 7.45%^(1),(5)		01/25/70		700,000		704,585
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R06, Class 2B1 8.22% (30 day USD SOFR Average + 3.864%)^(1),(6)		09/25/39		550,285		561,525
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R07, Class 1B1 7.87% (30 day USD SOFR Average + 3.514%)^(1),(6)		10/25/39		811,584		826,456
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2 10.36% (30 day USD SOFR Average + 6.000%)^(1),(6)		10/25/41		475,000		493,292
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R02, Class 2B2 10.56% (30 day USD SOFR Average + 6.200%)^(1),(6)		11/25/41		650,000		677,992
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1B2 9.86% (30 day USD SOFR Average + 5.500%)^(1),(6)		12/25/41		650,000		673,495
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01, Class 1B2 10.36% (30 day USD SOFR Average + 6.000%)^(1),(6)		12/25/41		800,000		836,197
First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2C 4.59% (1 mo. USD Term SOFR + 0.434%)⁽⁶⁾		10/25/36		530,335		350,022
First Horizon Alternative Mortgage Securities Trust Series 2005-AA10, Class 2A1 5.36%⁽⁵⁾		12/25/35		118,328		89,643
Fremont Home Loan Trust Series 2005-A, Class M4 5.29% (1 mo. USD Term SOFR + 1.134%)⁽⁶⁾		01/25/35		1,432,275		1,314,996

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS September 30, 2025 (Unaudited) (Cont’d)


Issues	Maturity Date		Principal Amount		Value
GCAT Trust Series 2021-NQM6, Class A1 1.86%^(1),(5)		08/25/66	$	865,775	$	792,679
GCAT Trust Series 2025-NQM1, Class B1 7.10%^(1),(5)		11/25/69		650,000		655,234
GCAT Trust Series 2025-NQM4, Class B1 7.21%^(1),(5)		06/25/70		560,000		565,570
GreenPoint Manufactured Housing Series 2000-1, Class A4 8.14%⁽⁵⁾		03/20/30		334,416		187,944
GSAA Home Equity Trust Series 2006-13, Class AF6 6.54%		07/25/36		1,057,487		292,987
GSAMP Trust Series 2007-NC1, Class A2C 4.57% (1 mo. USD Term SOFR + 0.414%)⁽⁶⁾		12/25/46		2,083,510		1,034,276
GSC Capital Corp. Mortgage Trust Series 2006-2, Class A1 4.63% (1 mo. USD Term SOFR + 0.474%)⁽⁶⁾		05/25/36		134,525		129,543
GSR Mortgage Loan Trust Series 2005-AR3, Class 6A1 4.32%⁽⁵⁾		05/25/35		110,248		81,876
HSI Asset Loan Obligation Trust Series 2007-2, Class 2A12 6.00%		09/25/37		262,291		189,627
IndyMac INDX Mortgage Loan Trust Series 2004-AR6, Class 5A1 4.95%⁽⁵⁾		10/25/34		199,035		190,397
IndyMac INDX Mortgage Loan Trust Series 2005-AR19, Class A1 3.66%⁽⁵⁾		10/25/35		349,792		281,192
IndyMac INDX Mortgage Loan Trust Series 2006-AR13, Class A4X (I/O) 0.00%^(4),(5)		07/25/36		167,728		—
IndyMac INDX Mortgage Loan Trust Series 2006-AR9, Class 1A1 4.24%⁽⁵⁾		06/25/36		415,030		222,511
IndyMac INDX Mortgage Loan Trust Series 2007-AR5, Class 2A1 3.34%⁽⁵⁾		05/25/37		525,954		422,742
IndyMac INDX Mortgage Loan Trust Series 2007-FLX2, Class A1C 4.65% (1 mo. USD Term SOFR + 0.494%)⁽⁶⁾		04/25/37		1,082,137		971,093
JPMorgan Alternative Loan Trust Series 2006-A2, Class 5A1 4.50%⁽⁵⁾		05/25/36		308,940		172,025
JPMorgan Mortgage Acquisition Trust Series 2006-WF1, Class A5 6.91%		07/25/36		1,779,010		470,171
JPMorgan Mortgage Trust Series 2004-A6, Class 5A1 5.43%⁽⁵⁾		12/25/34		140,260		140,063
JPMorgan Mortgage Trust Series 2007-S2, Class 1A1 5.00%		06/25/37		146,910		44,598
JPMorgan Resecuritization Trust Series 2015-4, Class 2A2 0.00%^(1),(4),(5)		06/26/47		2,593,440		822,689
Knock Issuer Trust Series 2025-1, Class A1 7.12%^(1),(8)		02/25/30		495,000		500,638
Lehman Mortgage Trust Series 2006-7, Class 2A5 (I/O) (I/F) 2.28% (-1 mo. USD Term SOFR + 6.436%)⁽⁶⁾		11/25/36		2,866,764		331,189
Lehman XS Trust Series 2006-10N, Class 1A3A 4.69% (1 mo. USD Term SOFR + 0.534%)⁽⁶⁾		07/25/46		310,170		302,327
Lehman XS Trust Series 2006-12N, Class A31A 4.67% (1 mo. USD Term SOFR + 0.514%)⁽⁶⁾		08/25/46		369,186		386,662
Long Beach Mortgage Loan Trust Series 2004-4, Class M1 5.17% (1 mo. USD Term SOFR + 1.014%)⁽⁶⁾		10/25/34		245,905		239,059
MASTR Alternative Loan Trust Series 2006-2, Class 2A2 (I/O) (I/F) 2.83% (-1 mo. USD Term SOFR + 6.986%)⁽⁶⁾		03/25/36		5,879,175		344,754
MASTR Alternative Loan Trust Series 2007-HF1, Class 4A1 7.00%		10/25/47		1,046,089		409,888
MASTR Asset-Backed Securities Trust Series 2007-HE1, Class A4 4.83% (1 mo. USD Term SOFR + 0.674%)⁽⁶⁾		05/25/37		2,000,000		1,710,456
Merrill Lynch Alternative Note Asset Trust Series 2007-OAR2, Class A2 4.69% (1 mo. USD Term SOFR + 0.534%)⁽⁶⁾		04/25/37		457,830		365,410
Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2B 4.53% (1 mo. USD Term SOFR + 0.374%)⁽⁶⁾		06/25/37		241,831		241,392
Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2C 4.63% (1 mo. USD Term SOFR + 0.474%)⁽⁶⁾		06/25/37		347,499		347,962
Merrill Lynch Mortgage Investors Trust Series 2006-RM2, Class A1A 4.64% (1 mo. USD Term SOFR + 0.484%)⁽⁶⁾		05/25/37		3,682,212		1,028,807
Merrill Lynch Mortgage-Backed Securities Trust Series 2007-2, Class 1A1 6.25% (1 yr. CMT + 2.400%)⁽⁶⁾		08/25/36		78,394		67,449
New Residential Mortgage Loan Trust Series 2022-NQM2, Class A2 3.70%^(1),(5)		03/27/62		930,000		760,233
Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2006-AR1, Class 1A 4.24%⁽⁵⁾		02/25/36		99,128		64,566
Oakwood Mortgage Investors, Inc. Series 1999-E, Class A1 7.61%⁽⁵⁾		03/15/30		441,254		184,046
Oakwood Mortgage Investors, Inc. Series 2000-A, Class A4 8.15%⁽⁵⁾		09/15/29		1,717,630		211,703
Oakwood Mortgage Investors, Inc. Series 2000-D, Class A4 7.40%⁽⁵⁾		07/15/30		681,680		89,736
Oakwood Mortgage Investors, Inc. Series 2001-C, Class A3 6.61%⁽⁵⁾		06/15/31		1,671,028		109,184
Oakwood Mortgage Investors, Inc. Series 2001-D, Class A3 5.90%^(5),(9),(12)		09/15/22		470,149		171,987
PMT Loan Trust Series 2024-INV1, Class A29 6.00%^(1),(5)		10/25/59		686,413		692,880
PRET LLC Series 2025-NPL6, Class A1 5.74%⁽¹⁾		06/25/55		672,536		676,364
PRPM LLC Series 2024-RPL1, Class M1 4.25%^(1),(5)		12/25/64		650,000		623,994

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS September 30, 2025 (Unaudited) (Cont’d)


Issues	Maturity Date		Principal Amount		Value
PRPM LLC Series 2024-RPL2, Class M1 3.50%⁽¹⁾		05/25/54	$	900,000	$	837,445
RALI Trust Series 2005-QA8, Class CB21 5.19%⁽⁵⁾		07/25/35		268,720		136,466
RALI Trust Series 2006-QS1, Class A3 (PAC) 5.75%		01/25/36		175,785		138,389
RALI Trust Series 2006-QS13, Class 1A2 (I/O) (I/F) 2.89% (-1 mo. USD Term SOFR + 7.046%)⁽⁶⁾		09/25/36		1,674,309		228,126
RALI Trust Series 2006-QS6, Class 1AV (I/O) 0.77%⁽⁵⁾		06/25/36		2,192,938		57,264
RALI Trust Series 2006-QS7, Class A2 6.00%		06/25/36		223,230		179,169
RALI Trust Series 2006-QS8, Class A3 6.00%		08/25/36		404,082		341,700
RALI Trust Series 2007-QS2, Class AV (I/O) 0.29%⁽⁵⁾		01/25/37		4,923,769		48,947
RALI Trust Series 2007-QS3, Class AV (I/O) 0.36%⁽⁵⁾		02/25/37		6,012,711		88,006
RALI Trust Series 2007-QS6, Class A62 (TAC) 5.50%		04/25/37		131,514		106,990
RCKT Mortgage Trust Class B1, Series 2024-CES8 7.40%⁽¹⁾		11/25/44		700,000		713,049
RCKT Mortgage Trust Series 2024-CES6, Class A3 5.99%⁽¹⁾		09/25/44		800,000		807,275
RCKT Mortgage Trust Series 2024-CES7, Class B1 7.31%⁽¹⁾		10/25/44		630,000		641,328
Residential Asset Securitization Trust Series 2005-A15, Class 4A1 6.00%		02/25/36		935,234		251,370
Residential Asset Securitization Trust Series 2007-A5, Class AX (I/O) 6.00%		05/25/37		1,031,631		162,199
RFMSI Trust Series 2006-S9, Class AV (I/O) 0.33%⁽⁵⁾		09/25/36		13,813,882		149,807
Saxon Asset Securities Trust Series 2007-3, Class 2A4 4.76% (1 mo. USD Term SOFR + 0.604%)⁽⁶⁾		09/25/47		1,326,000		1,137,305
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2 2.82%		01/25/36		865,690		745,644
Securitized Asset-Backed Receivables LLC Trust Series 2007-NC2, Class A2C 4.71% (1 mo. USD Term SOFR + 0.554%)⁽⁶⁾		01/25/37		1,494,000		1,059,367
Shamrock Residential DAC Series 2024-1A, Class C 4.11% (1 mo. EUR EURIBOR + 2.200%)^(1),(6)		12/24/78	EUR	575,000		673,549
Structured Adjustable Rate Mortgage Loan Trust Series 2005-20, Class 1A1 6.03%⁽⁵⁾		10/25/35		77,134		71,598
Structured Asset Mortgage Investments II Trust Series 2006-AR4, Class 5A1 4.63% (1 mo. USD Term SOFR + 0.474%)⁽⁶⁾		06/25/36		469,869		384,319
VCAT LLC Series 2025-NPL1, Class A1 5.88%⁽¹⁾		01/25/55		562,963		564,590
Verus Securitization Trust Class B1, Series 2023-5 8.00%^(1),(5)		06/25/68		760,000		766,616
Verus Securitization Trust Series 2023-4, Class A1 5.81%⁽¹⁾		05/25/68		638,837		641,174
Verus Securitization Trust Series 2023-7, Class B1 7.89%^(1),(5)		10/25/68		650,000		659,432
Verus Securitization Trust Series 2025-3, Class B1 7.51%^(1),(5)		05/25/70		734,000		748,111
VOLT CIII LLC Series 2021-CF1, Class A1 5.99%⁽¹⁾		08/25/51		399,885		400,426
WaMu Asset-Backed Certificates WaMu Trust Series 2007-HE1, Class 2A3 4.57% (1 mo. USD Term SOFR + 0.414%)⁽⁶⁾		01/25/37		1,423,416		649,221
Wells Fargo Alternative Loan Trust Series 2007-PA2, Class 2A2 (I/O) (I/F) 1.80% (-1 mo. USD Term SOFR + 5.956%)⁽⁶⁾		06/25/37		1,079,533		115,070
Wells Fargo Mortgage-Backed Securities Trust Series 2007-AR3, Class A4 6.29%⁽⁵⁾		04/25/37		57,330		50,999

Total Residential Mortgage-backed Securities—Non-agency (Cost: $63,537,560)						58,840,822

Total Mortgage-backed Securities (Cost: $172,375,854)						158,091,117


CORPORATE BONDS—24.1%
Aerospace & Defense—0.8%
General Electric Co. 4.95% (3 mo. USD Term SOFR + 0.742%)⁽⁶⁾		08/15/36		1,400,000		1,333,710
TransDigm, Inc.
6.00%⁽¹⁾		01/15/33		260,000		262,998
6.38%⁽¹⁾		05/31/33		360,000		365,339

						1,962,047


Agriculture—0.4%
Altria Group, Inc. 4.88%		02/04/28		195,000		198,235
Imperial Brands Finance PLC (United Kingdom)
4.50%⁽¹⁾		06/30/28		500,000		503,605
6.13%⁽¹⁾		07/27/27		125,000		129,024
Philip Morris International, Inc. 2.75%		06/06/29	EUR	125,000		146,215

						977,079


Airlines—0.3%
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.75%⁽¹⁾		04/20/29		150,000		150,684
JetBlue Pass-Through Trust Series 2020-1, Class A 4.00%		05/15/34		564,427		532,401

						683,085


Auto Manufacturers—0.1%
Volkswagen Group of America Finance LLC (Germany) 5.80%⁽¹⁾		03/27/35		70,000		71,829
Volkswagen International Finance NV (Germany) 7.88% (9 yr. EUR Swap + 4.783%)^(6),(7),(13)		09/06/32	EUR	200,000		271,738

						343,567


Banks—3.7%
Bank of America Corp.
1.66% (1 day USD SOFR + 0.910%)⁽⁶⁾		03/11/27		460,000		454,678
1.92% (1 day USD SOFR + 1.370%)⁽⁶⁾		10/24/31		540,000		479,704

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS September 30, 2025 (Unaudited) (Cont’d)


Issues	Maturity Date		Principal Amount		Value
2.30% (1 day USD SOFR + 1.220%)⁽⁶⁾		07/21/32	$	145,000	$	128,640
2.55% (1 day USD SOFR + 1.050%)⁽⁶⁾		02/04/28		120,000		117,563
2.65% (1 day USD SOFR + 1.220%)⁽⁶⁾		03/11/32		45,000		41,032
3.42% (3 mo. USD Term SOFR + 1.302%)⁽⁶⁾		12/20/28		395,000		388,842
4.38% (5 yr. CMT + 2.760%)^(6),(13)		01/27/27		140,000		137,675
Citigroup, Inc.
2.52% (1 day USD SOFR + 1.177%)⁽⁶⁾		11/03/32		515,000		457,495
5.45% (1 day USD SOFR + 1.447%)⁽⁶⁾		06/11/35		35,000		36,303
6.88% (5 yr. CMT + 2.890%)^(6),(13)		08/15/30		135,000		139,374
Goldman Sachs Group, Inc.
1.09% (1 day USD SOFR + 0.789%)⁽⁶⁾		12/09/26		1,275,000		1,267,044
1.54% (1 day USD SOFR + 0.818%)⁽⁶⁾		09/10/27		1,350,000		1,316,736
HSBC Holdings PLC (United Kingdom) 2.36% (1 day USD SOFR + 1.947%)⁽⁶⁾		08/18/31		55,000		49,802
JPMorgan Chase & Co.
1.04% (3 mo. USD Term SOFR + 0.695%)⁽⁶⁾		02/04/27		1,245,000		1,231,268
1.05% (1 day USD SOFR + 0.800%)⁽⁶⁾		11/19/26		75,000		74,665
1.58% (1 day USD SOFR + 0.885%)⁽⁶⁾		04/22/27		425,000		418,829
2.07% (1 day USD SOFR + 1.015%)⁽⁶⁾		06/01/29		660,000		626,248
4.95% (1 day USD SOFR + 1.340%)⁽⁶⁾		10/22/35		90,000		90,818
Morgan Stanley 2.24% (1 day USD SOFR + 1.178%)⁽⁶⁾		07/21/32		410,000		362,309
PNC Financial Services Group, Inc.
3.40% (5 yr. CMT + 2.595%)^(6),(13)		09/15/26		130,000		126,218
6.88% (1 day USD SOFR + 2.284%)⁽⁶⁾		10/20/34		30,000		34,008
Santander U.K. Group Holdings PLC (United Kingdom) 1.67% (1 day USD SOFR + 0.989%)⁽⁶⁾		06/14/27		55,000		53,982
U.S. Bancorp 5.68% (1 day USD SOFR + 1.860%)⁽⁶⁾		01/23/35		15,000		15,813
Wells Fargo & Co.
2.39% (1 day USD SOFR + 2.100%)⁽⁶⁾		06/02/28		955,000		928,413
3.35% (1 day USD SOFR + 1.500%)⁽⁶⁾		03/02/33		305,000		283,976

						9,261,435


Beverages—0.2%
Becle SAB de CV (Mexico) 2.50%⁽¹⁾		10/14/31		395,000		341,655
Primo Water Holdings, Inc./Triton Water Holdings, Inc. 6.25%⁽¹⁾		04/01/29		125,000		125,260

						466,915


Biotechnology—0.0%
Amgen, Inc. 5.65%		03/02/53		60,000		59,941


Chemicals—0.3%
International Flavors & Fragrances, Inc.
2.30%⁽¹⁾		11/01/30		725,000		649,078
3.27%⁽¹⁾		11/15/40		15,000		11,455

						660,533


Commercial Services—1.1%
Adtalem Global Education, Inc. 5.50%⁽¹⁾		03/01/28		294,000		293,747
Albion Financing 1 SARL/Aggreko Holdings, Inc. (Luxemburg) 7.00%⁽¹⁾		05/21/30		240,000		248,563
Allied Universal Holdco LLC 7.88%⁽¹⁾		02/15/31		125,000		131,224
Grand Canyon University 5.13%		10/01/28		250,000		245,998
OT Midco, Inc. 10.00%⁽¹⁾		02/15/30		300,000		203,832
RAC Bond Co. PLC (United Kingdom) 8.25%⁽⁷⁾		05/06/46	GBP	100,000		145,687
Raven Acquisition Holdings LLC 6.88%⁽¹⁾		11/15/31		175,000		179,996
Rollins, Inc. 5.25%		02/24/35		370,000		376,545
Upbound Group, Inc. 6.38%⁽¹⁾		02/15/29		270,000		267,027
Volkswagen Financial Services AG (Germany) 3.88%⁽⁷⁾		11/19/31	EUR	300,000		357,308
VT Topco, Inc. 8.50%⁽¹⁾		08/15/30		170,000		173,776

						2,623,703


Computers—0.3%
Dell International LLC/EMC Corp.
4.75%		04/01/28		370,000		375,395
5.00%		04/01/30		245,000		251,054
NCR Voyix Corp. 5.13%⁽¹⁾		04/15/29		128,000		126,351

						752,800


Cosmetics/Personal Care—0.3%
Edgewell Personal Care Co. 5.50%⁽¹⁾		06/01/28		133,000		132,739
Opal Bidco SAS (France) 6.50%⁽¹⁾		03/31/32		60,000		61,500
Prestige Brands, Inc. 3.75%⁽¹⁾		04/01/31		595,000		548,543

						742,782


Diversified Financial Services—0.7%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) 3.88%		01/23/28		130,000		129,025
Air Lease Corp. 3.63%		12/01/27		120,000		118,327
American Express Co.
3.55% (5 yr. CMT + 2.854%)^(6),(13)		09/15/26		145,000		142,284
4.92% (1 day USD SOFR + 1.220%)⁽⁶⁾		07/20/33		150,000		152,635
Avolon Holdings Funding Ltd. (Ireland) 2.53%⁽¹⁾		11/18/27		179,000		172,225

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS September 30, 2025 (Unaudited) (Cont’d)


Issues	Maturity Date		Principal Amount		Value
EZCORP, Inc. 7.38%⁽¹⁾		04/01/32	$	225,000	$	240,462
GGAM Finance Ltd. (Ireland)
8.00%⁽¹⁾		02/15/27		115,000		117,782
8.00%⁽¹⁾		06/15/28		117,000		124,123
Jane Street Group/JSG Finance, Inc.
6.75%⁽¹⁾		05/01/33		315,000		327,528
7.13%⁽¹⁾		04/30/31		96,000		100,826

						1,625,217


Electric—1.0%
Alliant Energy Corp. 5.75% (5 yr. CMT + 2.077%)⁽⁶⁾		04/01/56		505,000		505,985
Alliant Energy Finance LLC 3.60%⁽¹⁾		03/01/32		535,000		495,116
American Electric Power Co., Inc. 5.80% (5 yr. CMT + 2.128%)⁽⁶⁾		03/15/56		755,000		752,788
Dominion Energy, Inc. 6.00% (5 yr. CMT + 2.262%)⁽⁶⁾		02/15/56		350,000		352,905
Electricite de France SA 4.75%⁽⁷⁾		06/17/44	EUR	100,000		118,134
Elia Group SA (Belgium) 3.88%⁽⁷⁾		06/11/31	EUR	100,000		120,347
Eurogrid GmbH (Germany) 1.11%⁽⁷⁾		05/15/32	EUR	100,000		102,092

						2,447,367


Electrical Components & Equipment—0.1%
Energizer Holdings, Inc. 6.00%⁽¹⁾		09/15/33		250,000		244,625


Engineering & Construction—0.1%
Heathrow Funding Ltd. (United Kingdom)
1.13%⁽⁷⁾		10/08/32	EUR	130,000		138,452
3.88%⁽⁷⁾		01/16/38	EUR	120,000		140,002

						278,454


Entertainment—0.5%
Banijay Entertainment SAS (France) 8.13%⁽¹⁾		05/01/29		200,000		208,208
Caesars Entertainment, Inc. 6.50%⁽¹⁾		02/15/32		125,000		127,562
FDJ UNITED (France) 3.38%⁽⁷⁾		11/21/33	EUR	100,000		115,652
Great Canadian Gaming Corp./Raptor LLC (Canada) 8.75%⁽¹⁾		11/15/29		95,000		93,998
Penn Entertainment, Inc. 5.63%⁽¹⁾		01/15/27		165,000		165,031
Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp. 6.25%^(1),(10)		10/15/30		250,000		252,395
Voyager Parent LLC 9.25%⁽¹⁾		07/01/32		245,000		259,261
WarnerMedia Holdings, Inc.
5.05%		03/15/42		8,000		6,391
5.14%		03/15/52		69,000		51,470

						1,279,968


Environmental Control—0.0%
Waste Pro USA, Inc. 7.00%⁽¹⁾		02/01/33		74,000		76,938


Food—0.8%
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL 3.75%		12/01/31		540,000		510,554
Kraft Heinz Foods Co. 6.38%		07/15/28		210,000		220,849
Mondelez International Holdings Netherlands BV 0.88%⁽⁷⁾		10/01/31	EUR	100,000		102,913
Pilgrim’s Pride Corp. 6.25%		07/01/33		700,000		746,879
Post Holdings, Inc. 4.63%⁽¹⁾		04/15/30		505,000		487,719

						2,068,914


Gas—0.6%
AmeriGas Partners LP/AmeriGas Finance Corp.
9.38%⁽¹⁾		06/01/28		271,000		278,851
9.50%⁽¹⁾		06/01/30		195,000		204,296
CenterPoint Energy, Inc. 5.95% (5 yr. CMT + 2.223%)⁽⁶⁾		04/01/56		205,000		205,000
National Gas Transmission PLC (United Kingdom) 4.25%⁽⁷⁾		04/05/30	EUR	215,000		264,834
Southern Co. Gas Capital Corp. 3.88%		11/15/25		640,000		639,769

						1,592,750


Health Care-Products—0.1%
Bausch & Lomb Corp. 8.38%⁽¹⁾		10/01/28		70,000		73,084
Thermo Fisher Scientific, Inc. 1.88%		10/01/49	EUR	140,000		105,639

						178,723


Health Care-Services—1.2%
Centene Corp. 3.00%		10/15/30		248,000		221,702
Elevance Health, Inc. 5.00%		01/15/36		425,000		422,157
HAH Group Holding Co. LLC 9.75%⁽¹⁾		10/01/31		125,000		118,882
HCA, Inc.
5.63%		09/01/28		100,000		103,201
7.05%		12/01/27		235,000		248,731
HealthEquity, Inc. 4.50%⁽¹⁾		10/01/29		265,000		257,363
Humana, Inc. 5.55%		05/01/35		200,000		203,870
Kedrion SpA (Italy) 6.50%⁽¹⁾		09/01/29		415,000		410,618
ModivCare, Inc. 5.00%^(1),(9),(14)		10/01/29		537,600		13,440
Sotera Health Holdings LLC 7.38%⁽¹⁾		06/01/31		120,000		126,047
Star Parent, Inc. 9.00%⁽¹⁾		10/01/30		375,000		397,470
Tenet Healthcare Corp. 5.13%		11/01/27		490,000		489,740

						3,013,221


Household Products/Wares—0.2%
Central Garden & Pet Co.
4.13%⁽¹⁾		04/30/31		100,000		93,496
4.13%		10/15/30		24,000		22,846

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS September 30, 2025 (Unaudited) (Cont’d)


Issues	Maturity Date		Principal Amount		Value
Spectrum Brands, Inc. 3.88%⁽¹⁾		03/15/31	$	435,000	$	348,879

						465,221


Insurance—0.5%
Acrisure LLC/Acrisure Finance, Inc. 7.50%⁽¹⁾		11/06/30		275,000		286,764
Athene Global Funding
1.61%⁽¹⁾		06/29/26		240,000		235,570
3.21%⁽¹⁾		03/08/27		135,000		132,627
Farmers Exchange Capital 7.05%⁽¹⁾		07/15/28		500,000		527,640
Farmers Insurance Exchange 4.75% (3 mo. USD LIBOR + 3.231%)^(1),(6)		11/01/57		5,000		4,229
HUB International Ltd. 7.38%⁽¹⁾		01/31/32		104,000		108,600

						1,295,430


Internet—0.3%
Cogent Communications Group LLC/Cogent Finance, Inc. 6.50%⁽¹⁾		07/01/32		135,000		131,375
Getty Images, Inc. 11.25%⁽¹⁾		02/21/30		125,000		119,455
Snap, Inc.
6.88%⁽¹⁾		03/01/33		200,000		204,752
6.88%⁽¹⁾		03/15/34		290,000		294,081

						749,663


Investment Companies—0.2%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
9.00%		06/15/30		244,000		235,706
9.75%		01/15/29		85,000		85,610
10.00%⁽¹⁾		11/15/29		49,000		49,310

						370,626


Leisure Time—0.1%
MajorDrive Holdings IV LLC 6.38%⁽¹⁾		06/01/29		135,000		110,858
Sabre GLBL, Inc.
10.75%⁽¹⁾		11/15/29		45,000		43,626
11.13%⁽¹⁾		07/15/30		80,000		77,771

Total Leisure Time (Cost: $224,366)						232,255


Lodging—0.4%
Hyatt Hotels Corp. 5.05%		03/30/28		310,000		315,109
Las Vegas Sands Corp. 5.63%		06/15/28		490,000		501,172
MGM Resorts International 6.50%		04/15/32		75,000		76,482

Total Lodging (Cost: $871,237)						892,763


Machinery-Diversified—0.0%
Oregon Tool Lux LP 7.88%⁽¹⁾		10/15/29		228,735		80,682


Media—1.5%
AMC Networks, Inc. 10.25%⁽¹⁾		01/15/29		120,000		126,564
Cable One, Inc. 4.00%⁽¹⁾		11/15/30		305,000		258,805
CCO Holdings LLC/CCO Holdings Capital Corp.
4.25%⁽¹⁾		02/01/31		5,000		4,612
5.13%⁽¹⁾		05/01/27		242,000		240,778
Charter Communications Operating LLC/Charter Communications Operating Capital
2.30%		02/01/32		165,000		141,210
3.70%		04/01/51		198,000		130,795
5.75%		04/01/48		220,000		199,509
6.65%		02/01/34		170,000		181,932
CSC Holdings LLC
5.75%⁽¹⁾		01/15/30		117,000		44,702
6.50%⁽¹⁾		02/01/29		409,000		302,546
11.75%⁽¹⁾		01/31/29		196,000		165,559
DISH Network Corp. 11.75%⁽¹⁾		11/15/27		150,000		158,871
Scripps Escrow II, Inc. 3.88%⁽¹⁾		01/15/29		140,000		123,936
Sinclair Television Group, Inc. 8.13%⁽¹⁾		02/15/33		195,000		200,891
Sirius XM Radio LLC 5.00%⁽¹⁾		08/01/27		600,000		598,140
Virgin Media Secured Finance PLC (United Kingdom) 5.50%⁽¹⁾		05/15/29		140,000		138,397
VZ Secured Financing BV (Netherlands) 5.00%⁽¹⁾		01/15/32		615,000		556,907

						3,574,154


Miscellaneous Manufacturers—0.1%
Dyno Nobel Ltd. (Australia) 5.40%		11/08/32	AUD	180,000		119,847


Office/Business Equipment—0.1%
Xerox Corp. 10.25%⁽¹⁾		10/15/30		255,000		259,361


Oil & Gas—0.3%
KazMunayGas National Co. JSC (Kazakhstan) 3.50%⁽⁷⁾		04/14/33		200,000		180,368
Sunoco LP 7.88% (5 yr. CMT + 4.230%)^(1),(6),(13)		09/18/30		375,000		382,046
Transocean International Ltd. 8.75%⁽¹⁾		02/15/30		75,000		78,947
Transocean Titan Financing Ltd. 8.38%⁽¹⁾		02/01/28		136,810		140,650

						782,011


Oil & Gas Services—0.2%
Archrock Partners LP/Archrock Partners Finance Corp. 6.63%⁽¹⁾		09/01/32		250,000		256,725
Kodiak Gas Services LLC 6.50%⁽¹⁾		10/01/33		250,000		254,632

						511,357


Packaging & Containers—0.7%
Amcor Flexibles North America, Inc. 4.80%		03/17/28		365,000		369,322
Amcor Group Finance PLC 5.45%		05/23/29		225,000		232,591
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
4.13%⁽¹⁾		08/15/26		85,000		82,248
5.25%⁽¹⁾		08/15/27		55,000		20,941
5.25%⁽¹⁾		08/15/27		280,000		112,073
Berry Global, Inc.
1.57%		01/15/26		323,000		320,316
1.65%		01/15/27		149,000		144,357
4.88%⁽¹⁾		07/15/26		40,000		40,004
5.50%		04/15/28		95,000		97,731
5.65%		01/15/34		30,000		31,265

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS September 30, 2025 (Unaudited) (Cont’d)


Issues	Maturity Date		Principal Amount		Value
Clearwater Paper Corp. 4.75%⁽¹⁾		08/15/28	$	125,000	$	117,706
Clydesdale Acquisition Holdings, Inc. 6.63%⁽¹⁾		04/15/29		120,000		121,612

						1,690,166


Pharmaceuticals—1.2%
1261229 BC Ltd. 10.00%⁽¹⁾		04/15/32		230,000		236,359
Bayer U.S. Finance II LLC (Germany) 4.63%⁽¹⁾		06/25/38		515,000		466,714
CVS Health Corp.
4.78%		03/25/38		50,000		46,908
6.75% (5 yr. CMT + 2.516%)⁽⁶⁾		12/10/54		375,000		387,637
Galderma Finance Europe BV (Netherlands) 3.50%⁽⁷⁾		03/20/30	EUR	210,000		250,254
Grifols SA (Spain)
4.75%⁽¹⁾		10/15/28		259,000		251,650
7.50%⁽⁷⁾		05/01/30	EUR	203,000		251,811
Jazz Securities DAC 4.38%⁽¹⁾		01/15/29		460,000		448,776
Option Care Health, Inc. 4.38%⁽¹⁾		10/31/29		275,000		266,120
Teva Pharmaceutical Finance Netherlands III BV (Israel) 6.00%		12/01/32		309,000		322,095
Teva Pharmaceutical Finance Netherlands IV BV (Israel) 5.75%		12/01/30		58,000		59,875

						2,988,199


Pipelines—1.1%
Energy Transfer LP 6.63% (3 mo. USD LIBOR + 4.155%)^(6),(13)		02/15/28		634,000		636,568
Global Partners LP/GLP Finance Corp.
6.88%		01/15/29		275,000		278,182
7.13%⁽¹⁾		07/01/33		167,000		171,451
NGL Energy Operating LLC/NGL Energy Finance Corp. 8.38%⁽¹⁾		02/15/32		210,000		215,680
TransMontaigne Partners LLC 8.50%⁽¹⁾		06/15/30		120,000		125,240
Venture Global Calcasieu Pass LLC 3.88%⁽¹⁾		08/15/29		93,000		89,159
Venture Global LNG, Inc.
7.00%⁽¹⁾		01/15/30		111,000		114,940
8.13%⁽¹⁾		06/01/28		45,000		46,635
9.00% (5 yr. CMT + 5.440%)^(1),(6),(13)		09/30/29		363,000		359,791
9.88%⁽¹⁾		02/01/32		189,000		205,950
Venture Global Plaquemines LNG LLC
6.50%⁽¹⁾		01/15/34		38,000		40,069
6.75%⁽¹⁾		01/15/36		328,000		349,238

						2,632,903


Real Estate—0.1%
Blackstone Property Partners Europe Holdings SARL (Luxembourg) 1.00%⁽⁷⁾		05/04/28	EUR	150,000		167,778
Vonovia SE (Germany) 1.50%⁽⁷⁾		06/14/41	EUR	200,000		158,101
Zhenro Properties Group Ltd. (China) 6.63%^(7),(9)		01/07/26		200,000		1,450

						327,329


REIT—1.6%
American Assets Trust LP 3.38%		02/01/31		275,000		249,873
American Homes 4 Rent LP 4.30%		04/15/52		40,000		32,120
American Tower Corp. (REIT) 2.90%		01/15/30		495,000		466,676
Americold Realty Operating Partnership LP 5.60%		05/15/32		370,000		374,947
Digital Dutch Finco BV (REIT) 3.88%⁽⁷⁾		03/15/35	EUR	135,000		157,615
Equinix Europe 2 Financing Corp. LLC (REIT) 3.63%		11/22/34	EUR	155,000		178,807
Extra Space Storage LP 2.40%		10/15/31		56,000		49,382
GLP Capital LP/GLP Financing II, Inc.
5.30%		01/15/29		55,000		56,087
5.75%		06/01/28		345,000		354,812
Healthcare Realty Holdings LP 3.10%		02/15/30		130,000		122,525
Host Hotels & Resorts LP (REIT) 5.70%		06/15/32		365,000		376,530
Hudson Pacific Properties LP
3.95%		11/01/27		313,000		301,594
5.95%		02/15/28		5,000		4,937
Invitation Homes Operating Partnership LP 2.00%		08/15/31		95,000		82,218
Iron Mountain Information Management Services, Inc. 5.00%⁽¹⁾		07/15/32		420,000		404,968
Lineage OP LP 5.25%⁽¹⁾		07/15/30		230,000		233,248
LXP Industrial Trust 2.70%		09/15/30		275,000		251,262
RHP Hotel Properties LP/RHP Finance Corp. (REIT) 6.50%⁽¹⁾		04/01/32		125,000		128,710
VICI Properties LP/VICI Note Co., Inc.
3.88%⁽¹⁾		02/15/29		50,000		48,854
4.13%⁽¹⁾		08/15/30		7,000		6,771
4.50%⁽¹⁾		01/15/28		33,000		32,949

						3,914,885


Retail—0.6%
BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. 9.50%⁽¹⁾		07/01/32		190,000		199,004
Ferrellgas LP/Ferrellgas Finance Corp.
5.38%⁽¹⁾		04/01/26		140,000		138,706
5.88%⁽¹⁾		04/01/29		345,000		321,261
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. 6.75%⁽¹⁾		01/15/30		40,000		37,596
FirstCash, Inc. 5.63%⁽¹⁾		01/01/30		280,000		280,174
Michaels Cos., Inc.
5.25%⁽¹⁾		05/01/28		281,000		259,090
7.88%⁽¹⁾		05/01/29		60,000		50,317
Papa John’s International, Inc. 3.88%⁽¹⁾		09/15/29		135,000		129,720
Staples, Inc. 10.75%⁽¹⁾		09/01/29		55,000		54,574
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.00%⁽¹⁾		06/01/31		80,000		76,174

						1,546,616

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS September 30, 2025 (Unaudited) (Cont’d)


Issues	Maturity Date		Principal Amount		Value
Semiconductors—0.1%
Foundry JV Holdco LLC 5.50%⁽¹⁾		01/25/31	$	70,000	$	72,748
Intel Corp.
2.00%		08/12/31		205,000		179,312
5.70%		02/10/53		55,000		53,263

						305,323


Software—1.1%
Cloud Software Group, Inc. 9.00%⁽¹⁾		09/30/29		95,000		98,506
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL 8.75%⁽¹⁾		05/01/29		200,000		207,372
Open Text Corp. (Canada) 6.90%⁽¹⁾		12/01/27		580,000		603,919
Open Text Holdings, Inc. (Canada) 4.13%⁽¹⁾		12/01/31		270,000		250,052
Oracle Corp.
4.80%		08/03/28		365,000		371,227
4.80%		09/26/32		250,000		250,448
Paychex, Inc. 5.35%		04/15/32		700,000		726,551
RingCentral, Inc. 8.50%⁽¹⁾		08/15/30		115,000		122,588

						2,630,663


Telecommunications—0.8%
Altice Financing SA (Luxembourg)
5.75%⁽¹⁾		08/15/29		125,000		94,038
9.63%⁽¹⁾		07/15/27		230,000		207,674
EchoStar Corp. 10.75%		11/30/29		80,000		88,095
Frontier Communications Holdings LLC 8.63%⁽¹⁾		03/15/31		465,000		491,533
Global Switch Finance BV (United Kingdom) 1.38%⁽⁷⁾		10/07/30	EUR	315,000		350,405
Vmed O2 U.K. Financing I PLC (United Kingdom) 4.75%⁽¹⁾		07/15/31		271,000		255,000
Windstream Services LLC/Windstream Escrow Finance Corp. 8.25%⁽¹⁾		10/01/31		235,000		243,721
Zayo Group Holdings, Inc. 9.25%^{(1),(10),(15)}		03/09/30		202,781		194,175

						1,924,641


Transportation—0.1%
Aurizon Network Pty. Ltd. (Australia) 2.90%⁽⁷⁾		09/02/30	AUD	290,000		173,493
Pacific National Finance Pty. Ltd. (Australia) 3.70%		09/24/29	AUD	280,000		172,613

Total Transportation (Cost: $343,671)						346,106


Water—0.2%
Suez SACA (France) 2.88%⁽⁷⁾		05/24/34	EUR	200,000		220,082
United Utilities Water Finance PLC (United Kingdom) 3.75%⁽⁷⁾		05/23/34	EUR	115,000		135,591
Yorkshire Water Finance PLC (United Kingdom) 6.38%⁽⁷⁾		11/18/34	GBP	180,000		247,346

Total Water (Cost: $592,558)						603,019

Total Corporate Bonds (Cost: $59,130,232)						59,583,284


MUNICIPAL BONDS—0.9%
Medina Valley Independent School District, General Obligation Unlimited 4.75%		02/15/50		90,000		91,411
New York City Transitional Finance Authority, Revenue Bonds
5.00%		05/01/50		110,000		114,649
5.00%		11/01/53		380,000		396,085
New York State Dormitory Authority, Revenue Bonds 5.00%		03/15/54		170,000		175,708
New York State Dormitory Authority, Revenue bonds 5.29%		03/15/33		903,339		922,809
New York State Thruway Authority, Revenue Bonds
5.00%		03/15/56		100,000		103,252
5.00%		03/15/59		190,000		196,167
Northwest Independent School District, General Obligation Unlimited 5.00%		02/15/55		130,000		135,258

Total Municipal Bonds (Cost: $2,169,365)						2,135,339


FOREIGN GOVERNMENT BONDS—1.1%
Brazil Government International Bonds 6.13%		03/15/34		200,000		204,560
Colombia Government International Bonds 8.00%		11/14/35		200,000		215,210
Guatemala Government Bonds
3.70%⁽⁷⁾		10/07/33		200,000		178,380
6.25%⁽⁷⁾		08/15/36		200,000		207,238
Israel Government International Bonds 5.38%		02/19/30		200,000		206,296
Mexico Government International Bonds 5.63%		09/22/35		284,000		282,722
New South Wales Treasury Corp. 5.25%⁽⁷⁾		02/24/38	AUD	965,000		642,163
Panama Government International Bonds 6.40%		02/14/35		200,000		207,550
Queensland Treasury Corp. 5.25%⁽⁷⁾		08/13/38	AUD	335,000		220,449
Romania Government International Bonds 5.75%⁽⁷⁾		03/24/35		200,000		192,896
Treasury Corp. of Victoria 2.00%		11/20/37	AUD	330,000		154,617

Total Foreign Government Bonds (Cost: $2,643,810)						2,712,081


U.S. TREASURY SECURITIES—2.9%
U.S. Treasury Bonds 4.75%		08/15/55		31,000		31,114
U.S. Treasury Notes
3.50%		09/30/27		270,000		269,441
3.63%		09/30/30		6,914,000		6,879,160

Total U.S. Treasury Securities (Cost: $7,192,516)						7,179,715


BANK LOANS—0.1%
Health Care-services—0.0%
Modivcare, Inc. 2025 DIP Term Loan 11.14% (1 mo. USD Term SOFR + 7.000%)⁽⁶⁾		02/22/26		41,936		41,517
Modivcare, Inc. 2025 Incremental Term Loan 13.78% (3 mo. USD Term SOFR + 9.500%)⁽⁶⁾		01/12/26		173,389		78,025

Total Health Care-services (Cost: $210,314)						119,542

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS September 30, 2025 (Unaudited) (Cont’d)


Issues	Maturity Date		Principal Amount		Value
Machinery-diversified—0.1%
Oregon Tool, Inc. 2025 2nd Lien Term Loan 8.45% (3 mo. USD Term SOFR + 4.000%)⁽⁶⁾		10/15/29	$	238,833	$	186,349

Total Bank Loans (Cost: $527,077)						305,891

Total Fixed Income Securities (Cost: $280,445,470)						261,513,658


CONVERTIBLE SECURITIES—0.1%
CONVERTIBLE CORPORATE BONDS—0.1%
Beverages—0.0%
Davide Campari-Milano NV (Italy) 2.38%⁽⁷⁾		01/17/29	EUR	100,000		113,420


Commercial Services—0.1%
Worldline SA (France) 0.00%^(4),(7)		07/30/26	EUR	234,264		262,378

Total Convertible Corporate Bonds (Cost: $343,532)						375,798

Total Convertible Securities (Cost: $343,532)						375,798


Security			Shares
COMMON STOCK—2.7%
Agriculture—0.3%
British American Tobacco PLC (SP ADR) (United Kingdom)				15,706		833,675


Pipelines—0.8%
Energy Transfer LP				70,993		1,218,240
Enterprise Products Partners LP				21,772		680,810

						1,899,050


REIT—1.3%
AGNC Investment Corp.				144,641		1,416,035
Annaly Capital Management, Inc.				41,441		837,523
Redwood Trust, Inc.				61,963		358,766
Rithm Capital Corp.				55,339		630,311

						3,242,635


Telecommunications—0.3%
Intelsat SA^(8),(16)				9,093		5,092
Verizon Communications, Inc.				15,224		669,095
						674,187

Total Common Stock (Cost: $7,228,408)						6,649,547


INVESTMENT COMPANIES—2.6%
TCW Private Asset Income Fund—I Class⁽¹⁷⁾				644,332		6,462,652

Total Investment Companies (Cost: $6,442,105)						6,462,652


MONEY MARKET INVESTMENTS—2.0%
State Street Institutional U.S. Government Money Market Fund—Premier Class, 4.09%⁽¹⁸⁾				1,182,544		1,182,544
TCW Central Cash Fund, 4.14%^(17),(18)				3,766,318		3,766,318

Total Money Market Investments (Cost: $4,948,862)						4,948,862

Total Investments (113.1%) (Cost: $299,408,377)						279,950,517
Liabilities In Excess Of Other Assets (-13.1%)						(32,387,139	)


Net Assets (100.0%)					$	247,563,378

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS September 30, 2025 (Unaudited) (Cont’d)

FUTURES CONTRACTS


Number of Contracts	Type	Expiration Date		Notional Contract Value			Value			Net Unrealized Appreciation (Depreciation)
Long Futures
229	5-Year U.S. Treasury Note Futures		12/31/25	$	25,007,756		$	25,005,727		$	(2,029	)

				$	25,007,756		$	25,005,727		$	(2,029	)

Short Futures
7	3-Year Australian Bond Futures		12/15/25	$	(497,460	)	$	(495,661	)	$	1,799
17	10-Year Australian Bond Futures		12/15/25		(1,267,817	)		(1,277,104	)		(9,287	)
244	10-Year U.S. Treasury Note Futures		12/19/25		(27,736,749	)		(28,079,063	)		(342,314	)
130	2-Year U.S. Treasury Note Futures		12/31/25		(27,085,608	)		(27,091,797	)		(6,189	)
2	30-Year Euro-Buxl Futures		12/8/25		(265,077	)		(269,028	)		(3,951	)
5	Euro-Bobl Futures		12/8/25		(691,363	)		(692,134	)		(771	)
14	Euro-Bund Futures		12/8/25		(2,106,643	)		(2,114,976	)		(8,333	)
1	Long Gilt Futures		12/29/25		(121,941	)		(122,293	)		(352	)
71	U.S. Ultra Long Bond Futures		12/19/25		(8,297,985	)		(8,524,437	)		(226,452	)

				$	(68,070,643	)	$	(68,666,493	)	$	(595,850	)

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for USD		Contracts at Value		Unrealized Appreciation (Depreciation)
*BUY⁽¹⁹⁾***
Goldman Sachs & Co.		EUR		957,148		10/10/25	$	1,124,593	$	1,125,199	$	606
Citibank N.A.		EUR		244,468		10/10/25		288,020		287,390		(630	)

							$	1,412,613	$	1,412,589	$	(24	)

*SELL⁽²⁰⁾***
Goldman Sachs & Co.		AUD		2,252,752		10/10/25	$	1,479,335	$	1,493,190	$	(13,855	)
Goldman Sachs & Co.		EUR		195,380		10/10/25		229,229		229,684		(455	)
Citibank N.A.		EUR		7,704,593		10/10/25		9,073,083		9,057,326		15,757
Citibank N.A.		GBP		2,475,307		10/10/25		3,359,173		3,332,541		26,632
Goldman Sachs & Co.		GBP		634,690		10/10/25		855,523		854,492		1,031

							$	14,996,343	$	14,967,233	$	29,110

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS September 30, 2025 (Unaudited) (Cont’d)


Notes to the Schedule of Investments:
ACES				Alternative Credit Enhancement Securities.
AUD				Australian Dollar.
CLO				Collateralized Loan Obligation.
EUR				Euro Currency.
GBP				British Pound Sterling.
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.
REMIC				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.
(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 September 30, 2025, the value of these securities amounted to $115,352,005 or 46.6% 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 Fund’s Board of Directors.
(2)				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.
(3)				Restricted security (Note 7).
(4)				Security is not accruing interest.
(5)				Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(6)				Floating or variable rate security. The interest shown reflects the rate in effect at September 30, 2025.
(7)				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 September 30, 2025, the value of these securities amounted to $10,536,622 or 4.3% of net assets.
(8)				For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.
(9)				Security is currently in default due to bankruptcy or failure to make payment of principal or interest by the issuer. Income is not being accrued.
(10)				This security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(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)				The maturity date of the security has been extended past the date disclosed. The new maturity date is not known as of September 30, 2025.
(13)				Perpetual maturity.
(14)				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.
(15)				Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer - 5.75% cash or 0.50% payment-in-kind interest.
(16)				Non-income producing security.
(17)				Affiliated issuer.
(18)				Rate disclosed is the 7-day net yield as of September 30, 2025.
(19)				Fund buys foreign currency, sells USD.
(20)				Fund sells foreign currency, buys USD.

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS September 30, 2025 (Unaudited) (Cont’d)

The summary of the TCW Strategic Income Fund transactions in the affiliated funds for the period ended September 30, 2025 is as follows:


Name of Affiliated Fund	Value at December 31, 2024		Purchases at Cost		Proceeds from Sales		Number of Shares Held September 30, 2025		Value at September 30, 2025		Dividends and Interest Income Received		Distributions Received from Net Realized Gain		Net Realized Gain (Loss) on Investments		Net change in Unrealized Gain (Loss) on Investments
TCW Central Cash Fund	$	18,464,022	$	96,302,296	$	111,000,000		3,766,318	$	3,766,318	$	375,560	$	—	$	—	$	—
TCW Private Asset Income Fund—I Class		—		6,442,105		—		644,332		6,462,652		199,905		—		—		20,547

Total									$	10,228,970	$	575,465	$	—	$	—	$	20,547

TCW Strategic Income Fund, Inc.


Fair Valuation Summary (Unaudited)		September 30, 2025

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


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Asset-Backed Securities	$	—		$	28,676,036		$	2,830,195	$	31,506,231
Mortgage-Backed Securities
Residential Mortgage-Backed Securities—Agency		—			59,627,915			—		59,627,915
Residential Mortgage-Backed Securities—Non-Agency		—			58,340,184			500,638		58,840,822
Commercial Mortgage-Backed Securities—Non-Agency		—			39,037,026			—		39,037,026
Commercial Mortgage-Backed Securities—Agency		—			585,354			—		585,354

Total Mortgage-Backed Securities		—			157,590,479			500,638		158,091,117

Corporate Bonds*		—			59,583,284			—		59,583,284
Municipal Bonds		—			2,135,339			—		2,135,339
Foreign Government Bonds		—			2,712,081			—		2,712,081
U.S. Treasury Securities		—			7,179,715			—		7,179,715
Bank Loans*		—			305,891			—		305,891

Total Fixed Income Securities		—			71,916,310			—		71,916,310
Convertible Corporate Bonds*		—			375,798			—		375,798
Equity Securities
Common Stock*		5,228,420			1,416,035			5,092		6,649,547
Investment Companies		6,462,652			—			—		6,462,652
Money Market Investments		4,948,862			—			—		4,948,862

Total Investments	$	16,639,934		$	259,974,658		$	3,335,925	$	279,950,517

Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—			44,026			—		44,026
Futures Contracts
Interest Rate Risk		1,799			—			—		1,799

Total	$	16,641,733		$	260,018,684		$	3,335,925	$	279,996,342

Liability Derivatives
Futures Contracts
Interest Rate Risk	$	(599,678	)	$	—		$	—	$	(599,678	)
Forward Currency Contracts
Foreign Currency Risk		—			(14,940	)		—		(14,940	)

Total	$	(599,678	)	$	(14,940	)	$	—	$	(614,618	)

*	See Schedule of Investments for corresponding industries.

Note 1 — 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. 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 Board of Directors of the Fund (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 the 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 Fund discloses investments in its 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 Fund’s 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 Fund’s 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.

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.

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 included in 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.

Government and agency securities. Government and agency securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. Accordingly, government and agency securities are normally categorized as Level 1 or 2 of the fair value hierarchy depending on the liquidity and transparency of the market.

Interest rate swaps. Interest rate 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 are categorized as Level 2; otherwise, the fair values are categorized as Level 3.

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 net asset value (“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 contracts. Option 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.

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.

The summary of the inputs used as of September 30, 2025 in valuing the Fund’s investments is listed after the Investments by Sector table.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:


	Asset-Backed Securities			Commercial Mortgage- Backed Securities — Non-Agency			Common Stock			Convertible Corporate Bonds			Corporate Bonds			Residential Mortgage-Backed Securities — Non- Agency			Total
Balance as of December 31, 2024	$	1,124,790		$	614,136		$	337,643		$	2,659		$	41,333		$	2,162,551		$	4,283,112
Accrued Discounts (Premiums)		—			—			—			60			1,039			100			1,199
Realized Gain (Loss)		112,600			2,911			(122,908	)		(18,788	)		(243,174	)		(103,721	)		(373,080	)
Change in Unrealized Appreciation (Depreciation)*		(4,826	)		(10,648	)		175,900			17,782			223,653			443,264			845,125
Purchases		2,969,149			—			—			—			—			517,659			3,486,808
Sales		(1,223,334	)		(606,399	)		(385,543	)		(1,713	)		(21,401	)		—			(2,238,390	)
Transfers in to Level 3*		119,235			—			—			—			—			—			119,235
Transfers out of Level 3*		(267,419	)		—			—			—			(1,450	)		(2,519,215	)		(2,788,084	)

Balance as of September 30, 2025	$	2,830,195		$	—		$	5,092		$	—		$	—		$	500,638		$	3,335,925

Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2025	$	2,545		$	—		$	175,900		$	—		$	—		$	5,638		$	184,083

*	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 September 30, 2025 are as follows:


Description	Fair Value at September 30, 2025		Valuation Techniques		Unobservable Input		Price or Price Range		Weighted Average Price		Input to Valuation If Input Increases
Asset-Backed Securities	$	1,724,769		Broker Quote		Offered Quote	$	20.500 to $100.000	$	78.859		Increase
Asset-Backed Securities	$	0		Fair Value		Zero Market Value	$	0.000 to $0.000	$	0		Increase
Asset-Backed Securities	$	1,105,426		Third-Party Vendor		Vendor Prices	$	83.206 to $100.197	$	91.737		Increase
Common Stock	$	5,092		Fair Value		Broker Pricing	$	0.560	$	0.560		Increase
Residential Mortgage-Backed Securities — Non-Agency	$	500,638		Third-party Vendor		Vendor Prices	$	101.139	$	101.139		Increase

Mortgage-Backed and Other Asset-Backed Securities: The Fund may invest in MBS, which represent interests in pools of mortgages in which payments of both principal and interest on the securities are generally made monthly, in effect “passing through” monthly payments made by borrowers on the residential or commercial mortgage loans which underlie the securities (net of any fees paid to the issuer or guarantor of the securities). Mortgage pass-through securities differ from other forms of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates. The Fund 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 the Government National Mortgage Association (Ginnie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) or Federal National Mortgage Corporation (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 Fund 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, the Fund may not fully recoup its initial investment in IOs. MBS and other ABS held by the Fund at September 30, 2025 are listed in the Fund’s Schedule of Investments.

When-Issued, Delayed-Delivery, To Be Announced (“TBA”) and Forward Commitment Transactions: The Fund 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 the Fund’s existing portfolio. In when-issued, delayed-delivery, TBA or forward commitment transactions, the 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 the 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.

Repurchase Agreements: The Fund may enter into repurchase agreements under the terms of a Master Repurchase Agreement (“MRA”). In a repurchase agreement, the Fund purchases a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. The MRA permits the 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 the 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, the 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 Fund had no repurchase agreements outstanding as of September 30, 2025.

Securities Lending: The Fund may lend its securities to qualified brokers. The loans must be collateralized at all times primarily with cash although the Fund 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 Fund 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 Fund earns additional income for lending its securities by investing the cash collateral in short-term investments. The Fund did not lend any securities during the period ended September 30, 2025.

Derivatives:

Forward Currency Exchange Contracts: The Fund enters 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 Fund as unrealized gains or losses in the Statement of Assets and Liabilities. When a contract is closed or delivery is taken, 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. 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 September 30, 2025 are disclosed in the Schedule of Investments.

Futures Contracts: The Fund may enter into futures contracts. The 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. The 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 the 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 the Fund that is the subject of the hedge. It may not always be possible for the Fund to enter into a closing transaction with respect to a futures contract it has entered into at a favorable time or price. When the 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 the 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. During the period ended September 30, 2025, the Fund utilized treasury futures to help manage interest rate duration and credit market exposure. Futures contracts outstanding at September 30, 2025 are listed in the Fund’s Schedule of Investments.

Options: The Fund 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 Fund may also enter into currency options to hedge against or to take advantage of currency fluctuations.

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

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

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

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

OTC options are options not traded on exchanges or backed by clearinghouses. Rather, they are entered into directly between a Fund and the counterparty to the option. In the case of an OTC option purchased by a Fund, the value of the option to the Fund will depend on the willingness and ability of the option writer to perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC options or otherwise to terminate such options, and as a result a Fund may be required to remain obligated on an unfavorable OTC option until its expiration. During the period ended September 30, 2025, the Fund entered into written option contracts to gain exposure to the equity market.

Swap Agreements: The Fund 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. The 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. The 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 the 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. The 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. The 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 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 the Fund buys protection, it may or may not own securities of the reference entity. When the 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 the Fund sells protection, it may do so either to earn additional income or to create such a “synthetic” long position.

Whenever the 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. The 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 the 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 the 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, the 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 the 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 the 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 Fund are recorded as realized gains and losses, respectively. During the period ended September 30, 2025, the 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). Outstanding swap agreements at September 30, 2025 are disclosed in the Schedule of Investments.

Note 2 — Restricted Securities

The Fund is 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 Fund 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 Fund at September 30, 2025 are listed below:


Issuer Description	Acquisition Date		Acquisition Cost		Aggregate Value		Percentage of Net Assets
Academic Loan Funding Trust, Series 2012-1A, Class R, 0.00%, due 12/27/2044		11/1/2022	$	735,000	$	267,419		0.11	%
Avis Budget Rental Car Funding AESOP LLC, Series 2021-2A, Class D, 4.08%, due 02/20/2028		4/28/2025		238,652		244,770		0.10	%
COMM Mortgage Trust, Series 2012-LC4, Class XB (I/O), 0.60%, due 12/10/44		1/22/2019		159,955		139		0.00	%
HOA Funding LLC, Series 2021-1A, Class A2, 4.72%, due 08/20/51		5/24/2023		468,756		119,235		0.05	%

			$	1,602,363	$	631,563		0.26	%