DOS

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS March 31, 2025 (Unaudited)


Issues	Maturity Date		Principal Amount		Value

FIXED INCOME SECURITIES —101.6% of Net Assets
ASSET-BACKED SECURITIES—16.4%
Academic Loan Funding Trust Series 2012-1A, Class R 0.00%^{(1),(2),(3),(4)}		12/27/44	$	3,368	$	267,419
Allegro CLO XIII Ltd. Series 2021-1A, Class B 6.25% (3 mo. USD Term SOFR + 1.962%)^(1),(5)		07/20/34		650,000		650,339
AMSR Trust Series 2020-SFR2, Class F 5.25%⁽¹⁾		07/17/37		1,375,000		1,370,032
AMSR Trust Series 2020-SFR3, Class E1 2.56%⁽¹⁾		09/17/37		1,000,000		986,336
AMSR Trust Series 2021-SFR2, Class F2 3.67%⁽¹⁾		08/17/38		750,000		718,420
Apidos CLO XXXVII Ltd. Series 2021-37A, Class B 6.15% (3 mo. USD Term SOFR + 1.862%)^(1),(5)		10/22/34		725,000		725,379
Arbour CLO VIII DAC Series 8X, Class B1R 4.49% (3 mo. EUR EURIBOR + 1.700%)^(5),(6)		10/15/34	EUR	600,000		645,012
BCRED CLO LLC Series 2023-1A, Class A 6.59% (3 mo. USD Term SOFR + 2.300%)^(1),(5)		01/20/36		850,000		856,052
Bear Mountain Park CLO Ltd. Series 2022-1A, Class BR 6.05% (3 mo. USD Term SOFR + 1.750%)^(1),(5)		07/15/37		625,000		624,034
BMO SBA COOF Trust Series 2019-1, Class A (I/O) 1.54%^(1),(7)		10/25/45		3,617,871		158,251
Carvana Auto Receivables Trust Series 2020-P1, Class R 0.00%^(1),(3)		09/08/27		2,000		155,608
Carvana Auto Receivables Trust Series 2021-N3, Class R 0.00%^(1),(3)		06/12/28		2,200		142,414
Carvana Auto Receivables Trust Series 2022-N1, Class R 0.00%^(1),(3)		12/11/28		4,700		271,743
Carvana Auto Receivables Trust Series 2022-P3, Class R 0.00%^(1),(3)		09/10/29		2,900		268,406
Carvana Auto Receivables Trust Series 2023-P1, Class R 0.00%^(1),(3)		03/11/30		4,400		444,591
Carvana Auto Receivables Trust Series 2023-P2, Class R 0.00%^(1),(3)		06/10/30		2,000		298,247
Cedar Funding II CLO Ltd. Series 2013-1A, Class BRR 5.90% (3 mo. USD Term SOFR + 1.612%)^(1),(5)		04/20/34		700,000		699,596
CIFC Funding Ltd. Series 2018-1A, Class SUB 0.00%^(1),(8)		01/18/38		650,000		273,672
CIFC Funding Ltd. Series 2022-2A, Class B 0.00%^(1),(8)		04/19/35		685,000		529,674
COOF Securitization Trust II Series 2015-2, Class A1 (I/O) 2.00%^(1),(7)		08/25/41		1,551,120		85,206
Elmwood CLO III Ltd. Series 2019-3A, Class SUB 0.00%^(1),(8)		07/18/37		1,000,000		589,200
FirstKey Homes Trust Series 2020-SFR1, Class G 4.78%⁽¹⁾		08/17/37		1,735,000		1,722,448
FirstKey Homes Trust Series 2021-SFR3, Class E1 2.99%⁽¹⁾		12/17/38		1,173,000		1,117,172
FirstKey Homes Trust Series 2022-SFR1, Class D 5.20%⁽¹⁾		05/19/39		1,100,000		1,097,231
FRTKL Group, Inc. Series 2021-SFR1, Class G 4.11%⁽¹⁾		09/17/38		1,015,000		962,026
Goal Capital Funding Trust Series 2006-1, Class B 5.30% (3 mo. USD LIBOR + 0.450%)⁽⁵⁾		08/25/42	$	85,544		81,868
GoldenTree Loan Management U.S. CLO 11 Ltd. Series 2021-11A, Class AR 5.37% (3 mo. USD Term SOFR + 1.080%)^(1),(5)		10/20/34		625,000		622,477
GoldenTree Loan Management U.S. CLO 17 Ltd. Series 2023-17A, Class D 9.29% (3 mo. USD Term SOFR + 5.000%)^(1),(5)		07/20/36		650,000		651,046
Golub Capital Partners CLO 42M-R Ltd. Series 2019-42RA, Class A2R 7.05% (3 mo. USD Term SOFR + 2.750%)^(1),(5)		01/20/36		600,000		605,291
Golub Capital Partners CLO 66B Ltd. Series 2023-66A, Class A 6.25% (3 mo. USD Term SOFR + 1.950%)^(1),(5)		04/25/36		750,000		750,414
Golub Capital Partners CLO 69M Ltd. Series 2023-69A, Class B1 7.55% (3 mo. USD Term SOFR + 3.250%)^(1),(5)		11/09/36		870,000		877,466
HOA Funding LLC Series 2021-1A, Class A2 4.72%⁽¹⁾		08/20/51		581,627		174,492
HPS Loan Management Ltd. Series 2023-18A, Class D 10.04% (3 mo. USD Term SOFR + 5.750%)^(1),(5)		07/20/36		600,000		609,751
HPS Loan Management Ltd. Series 2024-19A, Class C2 7.20% (3 mo. USD Term SOFR + 2.900%)^(1),(5)		04/15/37		750,000		755,767
Madison Park Funding XLV Ltd. Series 2020-45A, Class CRR 6.20% (3 mo. USD Term SOFR + 1.900%)^(1),(5)		07/15/34		625,000		626,433
MetroNet Infrastructure Issuer LLC Class A2 7.95%⁽⁴⁾		04/20/53		850,000		860,627
Mosaic Solar Loan Trust Series 2021-1A, Class R 0.00%^(1),(8)		12/20/46		950,000		102,211
Mosaic Solar Loan Trust Series 2021-2A, Class R 0.00%^(1),(8)		04/22/47		1,150,000		39,883
Mosaic Solar Loan Trust Series 2021-3A, Class R 0.00%^(1),(8)		06/20/52		1,600,000		71,645
NCFA LLC—Loan Participation 2 3.14%⁽⁴⁾		12/19/27		1,000,000		1,000,000
Neuberger Berman Loan Advisers CLO 56 Ltd. Series 2024- 56A, Class SUB 0.00%^(1),(8)		07/24/37		700,000		556,479
OCP CLO Ltd. Series 2023-28A, Class D 9.66% (3 mo. USD Term SOFR + 5.350%)^(1),(5)		07/16/36		700,000		707,599
Palmer Square CLO Ltd. Series 2024-3A, Class SUB 0.00%^(1),(8)		07/20/37		625,000		550,701

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS March 31, 2025 (Unaudited) (Cont’d)


Issues	Maturity Date		Principal Amount		Value
Park Avenue Institutional Advisers CLO Ltd. Series 2021- 1A, Class A2 6.30% (3 mo. USD Term SOFR + 2.012%)^(1),(5)		01/20/34	$	420,000	$	420,404
Progress Residential Trust Series 2021-SFR7, Class E2 2.64%⁽¹⁾		08/17/40		1,451,000		1,297,835
Progress Residential Trust Series 2021-SFR8, Class G 4.01%⁽¹⁾		10/17/38		1,450,000		1,409,251
Progress Residential Trust Series 2021-SFR9, Class E1 2.81%⁽¹⁾		11/17/40		1,707,000		1,570,478
Rad CLO 22 Ltd. Series 2023-22A, Class D 9.29% (3 mo. USD Term SOFR + 5.000%)^(1),(5)		01/20/37		350,000		353,368
Rockford Tower CLO Ltd. Series 2017-2A, Class BR 6.06% (3 mo. USD Term SOFR + 1.762%)^(1),(5)		10/15/29		800,000		800,866
Santander Consumer Auto Receivables Trust Series 2021- BA, Class R 0.00%^(1),(3)		03/15/29		5,000		1,319,132
Santander Consumer Auto Receivables Trust Series 2021- CA, Class R 0.00%^(1),(3)		06/15/28		5,500		558,130
SLC Student Loan Trust Series 2004-1, Class B 5.01% (90 day USD SOFR Average + 0.552%)⁽⁵⁾		08/15/31		154,462		137,632
SLC Student Loan Trust Series 2006-1, Class B 4.85% (90 day USD SOFR Average + 0.472%)⁽⁵⁾		03/15/55		171,019		157,851
SLM Student Loan EDC Repackaging Trust Series 2013-M1, Class M1R 0.00%^(1),(3)		10/28/29		1,000		221,838
SLM Student Loan Trust Series 2004-2, Class B 5.29% (90 day USD SOFR Average + 0.732%)⁽⁵⁾		07/25/39		146,750		140,588
SLM Student Loan Trust Series 2005-9, Class B 5.12% (90 day USD SOFR Average + 0.562%)⁽⁵⁾		01/25/41		286,988		272,336
SLM Student Loan Trust Series 2007-6, Class B 5.67% (90 day USD SOFR Average + 1.112%)⁽⁵⁾		04/27/43		75,641		73,422
SLM Student Loan Trust Series 2007-7, Class B 5.57% (90 day USD SOFR Average + 1.012%)⁽⁵⁾		10/27/70		150,000		152,383
SLM Student Loan Trust Series 2008-2, Class B 6.02% (90 day USD SOFR Average + 1.462%)⁽⁵⁾		01/25/83		225,000		238,091
SLM Student Loan Trust Series 2008-3, Class B 6.02% (90 day USD SOFR Average + 1.462%)⁽⁵⁾		04/26/83		225,000		234,126
SLM Student Loan Trust Series 2008-4, Class B 6.67% (90 day USD SOFR Average + 2.112%)⁽⁵⁾		04/25/73		515,000		551,653
SLM Student Loan Trust Series 2008-5, Class B 6.67% (90 day USD SOFR Average + 2.112%)⁽⁵⁾		07/25/73		260,000		279,482
SLM Student Loan Trust Series 2008-6, Class B 6.67% (90 day USD SOFR Average + 2.112%)⁽⁵⁾		07/26/83		225,000		231,039
SLM Student Loan Trust Series 2008-7, Class B 6.67% (90 day USD SOFR Average + 2.112%)⁽⁵⁾		07/26/83		305,000		315,296
Stratus CLO Ltd. Series 2021-3A, Class SUB 0.00%^(1),(8)		12/29/29		750,000		13,650
Structured Receivables Finance LLC Series 2010-A, Class B 7.61%⁽¹⁾		01/16/46		415,334		422,154
Structured Receivables Finance LLC Series 2010-B, Class B 7.97%⁽¹⁾		08/15/36		279,951		286,400
Textainer Marine Containers VII Ltd. Series 2021-2A, Class A 2.23%⁽¹⁾		04/20/46		1,078,067		1,000,900
TIF Funding II LLC Series 2021-1A, Class A 1.65%⁽¹⁾		02/20/46		1,008,738		903,384
USQ Rail I LLC Series 2021-1A, Class A 2.25%⁽¹⁾		02/28/51		345,223		321,291
Westlake Automobile Receivables Trust Series 2024-1A, Class D 6.02%⁽¹⁾		10/15/29		600,000		611,304
Wingstop Funding LLC Series 2020-1A, Class A2 2.84%⁽¹⁾		12/05/50		541,750		511,970

Total Asset-Backed Securities (Cost: $43,760,722)						40,108,912


MORTGAGE-BACKED SECURITIES—58.6%
Commercial Mortgage-backed Securities—Agency—0.7%
Federal Home Loan Mortgage Corp. Multifamily PC
REMICS Trust Series 2019-P002, Class X (I/O) 0.77%⁽⁷⁾		07/25/33		1,295,000		72,373
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K049, Class X3 (I/O) 1.55%⁽⁷⁾		10/25/43		2,330,000		10,310
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K060, Class X3 (I/O) 1.90%⁽⁷⁾		12/25/44		2,499,972		69,039
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K732, Class X3 (I/O) 2.21%⁽⁷⁾		05/25/46		2,400,000		10,625
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K735, Class X3 (I/O) 2.16%⁽⁷⁾		05/25/47		3,750,000		86,607
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KC05, Class X1 (I/O) 1.21%⁽⁷⁾		06/25/27		6,851,434		114,909
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KIR1, Class X (I/O) 1.01%⁽⁷⁾		03/25/26		7,752,392		53,532
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KW01, Class X3 (I/O) 4.09%⁽⁷⁾		03/25/29		690,000		20,795
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q013, Class XPT2 (I/O) 1.81%⁽⁷⁾		05/25/27		2,757,227		79,632
Federal National Mortgage Association, Pool #AN3542 3.41%		11/01/46		1,027,447		876,775
Federal National Mortgage Association-ACES Series 2016- M11, Class X2 (ACES) (I/O) 3.06%⁽⁷⁾		07/25/39		679,098		12,722

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS March 31, 2025 (Unaudited) (Cont’d)


Issues	Maturity Date		Principal Amount		Value
Federal National Mortgage Association-ACES Series 2019- M29, Class X4 (ACES) (I/O) 0.70%⁽⁷⁾		03/25/29	$	7,900,000	$	174,332
Government National Mortgage Association Series 2009- 114, Class IO (I/O) 0.00%⁽⁸⁾		10/16/49		4,461,307		45
Government National Mortgage Association Series 2010- 148, Class IO (I/O) 0.30%⁽⁷⁾		09/16/50		4,635,620		48,419
Government National Mortgage Association Series 2011- 105, Class IO (I/O) 0.00%⁽⁸⁾		09/16/51		1,703,814		17
Government National Mortgage Association Series 2011- 152, Class IO (I/O) 0.01%⁽⁷⁾		08/16/51		644,625		25
Government National Mortgage Association Series 2012- 139, Class IO (I/O) 0.56%⁽⁷⁾		02/16/53		1,054,550		19,695
Government National Mortgage Association Series 2012-4, Class IO (I/O) 0.00%⁽⁸⁾		05/16/52		2,760,340		28
Government National Mortgage Association Series 2013-52, Class IO (I/O) 0.04%⁽⁷⁾		02/16/55		5,288,993		2,756
Government National Mortgage Association Series 2014- 103, Class IO (I/O) 0.19%⁽⁷⁾		05/16/55		2,044,955		10,289
Government National Mortgage Association Series 2014- 125, Class IO (I/O) 0.89%⁽⁷⁾		11/16/54		1,269,180		35,528

Total Commercial Mortgage-backed Securities—Agency (Cost: $4,547,994)						1,698,453


Commercial Mortgage-backed Securities—Non-Agency—9.8%
Benchmark Mortgage Trust Series 2019-B14, Class 225D 3.29%^(1),(7)		12/15/62		535,000		9,859
Benchmark Mortgage Trust Series 2020-IG3, Class BXC 3.54%^(1),(7)		09/15/48		555,000		492,154
BX Trust Series 2023-DELC, Class B 7.66% (1 mo. USD Term SOFR + 3.339%)^(1),(5)		05/15/38		615,000		617,541
BXHPP Trust Series 2021-FILM, Class C 5.53% (1 mo. USD Term SOFR + 1.214%)^(1),(5)		08/15/36		430,000		397,015
BXHPP Trust Series 2021-FILM, Class D 5.93% (1 mo. USD Term SOFR + 1.614%)^(1),(5)		08/15/36		515,000		466,126
BXP Trust Series 2017-GM, Class D 3.42%^(1),(7)		06/13/39		575,000		543,715
CAMB Commercial Mortgage Trust Series 2019-LIFE, Class E 6.77% (1 mo. USD Term SOFR + 2.447%)^(1),(5)		12/15/37		800,000		799,305
Citigroup Commercial Mortgage Trust Series 2014-GC21, Class XD (I/O) 1.17%^(1),(7)		05/10/47		4,710,600		47
Citigroup Commercial Mortgage Trust Series 2015-GC35, Class XA (I/O) 0.71%⁽⁷⁾		11/10/48		6,109,924		7,906
COMM Mortgage Trust Series 2012-LC4, Class XB (I/O) 0.30%^(1),(7)		12/10/44		13,914,806		139
COMM Mortgage Trust Series 2013-CR12, Class XA (I/O) 0.30%⁽⁷⁾		10/10/46		659,198		7
COMM Mortgage Trust Series 2016-787S, Class D 3.83%^(1),(7)		02/10/36		693,000		662,624
COMM Mortgage Trust Series 2020-CX, Class E 2.68%^(1),(7)		11/10/46		370,000		275,585
CRSNT Trust Series 2021-MOON, Class C 5.98% (1 mo. USD Term SOFR + 1.664%)^(1),(5)		04/15/36		620,000		608,890
CSMC Trust Series 2020-FACT, Class F 11.09% (1 mo. USD Term SOFR + 6.771%)^(1),(5)		10/15/37		1,017,000		855,610
Eleven Madison Trust Mortgage Trust Series 2015-11MD, Class D 3.55%^(1),(7)		09/10/35		625,000		607,511
Extended Stay America Trust Series 2021-ESH, Class F 8.13% (1 mo. USD Term SOFR + 3.814%)^(1),(5)		07/15/38		562,998		563,726
Frost CMBS DAC Series 2021-1A, Class EUE 6.51% (3 mo. EUR EURIBOR + 3.990%)^(1),(5)		11/20/33	EUR	724,867		757,280
Grace Trust Series 2020-GRCE, Class D 2.68%^(1),(7)		12/10/40	$	700,000		589,834
Grace Trust Series 2020-GRCE, Class F 2.68%^(1),(7)		12/10/40		376,000		271,463
Grace Trust Series 2020-GRCE, Class X (I/O) 0.30%^(1),(7)		12/10/40		10,620,000		155,715
GS Mortgage Securities Trust Series 2016-GS2, Class XA (I/O) 1.72%⁽⁷⁾		05/10/49		3,968,313		37,339
Hilton USA Trust Series 2016-HHV, Class F 4.19%^(1),(7)		11/05/38		1,341,000		1,295,767
Hudson Yards Mortgage Trust Series 2019-30HY, Class D 3.44%^(1),(7)		07/10/39		450,000		405,599
Hudson Yards Mortgage Trust Series 2019-55HY, Class F 2.94%^(1),(7)		12/10/41		150,000		126,046
ILPT Trust Series 2019-SURF, Class A 4.15%⁽¹⁾		02/11/41		240,000		232,256
JPMBB Commercial Mortgage Securities Trust Series 2014- C23, Class XA (I/O) 0.28%⁽⁷⁾		09/15/47		1,417,877		14
JPMBB Commercial Mortgage Securities Trust Series 2014- C24, Class XA (I/O) 0.56%⁽⁷⁾		11/15/47		1,038,505		10
JPMBB Commercial Mortgage Securities Trust Series 2015- C29, Class XD (I/O) 0.50%^(1),(7)		05/15/48		26,458,000		165,315
JPMCC Commercial Mortgage Securities Trust Series 2017- JP5, Class XA (I/O) 0.76%⁽⁷⁾		03/15/50		9,007,574		110,866
JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C3, Class XB (I/O) 0.39%^(1),(7)		02/15/46		47,621,112		383,471
JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-NINE, Class A 2.85%^(1),(7)		09/06/38		775,000		751,399
JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class A 3.40%⁽¹⁾		06/05/39		585,000		543,499
KRE Commercial Mortgage Trust Series 2025-AIP4, Class E 7.32% (1 mo. USD Term SOFR + 3.000%)^(1),(5)		03/15/42		490,000		487,891

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS March 31, 2025 (Unaudited) (Cont’d)


Issues	Maturity Date		Principal Amount		Value
Manhattan West Mortgage Trust Series 2020-1MW, Class A 2.13%⁽¹⁾		09/10/39	$	695,000	$	648,264
MFT Mortgage Trust Series 2020-B6, Class C 3.28%^(1),(7)		08/10/40		220,000		136,826
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22, Class XA (I/O) 0.89%⁽⁷⁾		04/15/48		2,966,802		30
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C24, Class XA (I/O) 0.66%⁽⁷⁾		05/15/48		7,255,476		2,123
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C31, Class XA (I/O) 1.26%⁽⁷⁾		11/15/49		5,932,048		78,472
Morgan Stanley Capital I Trust Series 2020-CNP, Class C 2.43%^(1),(7)		04/05/42		620,000		495,542
NXPT Commercial Mortgage Trust Series 2024-STOR, Class E 6.70%^(1),(7)		11/05/41		528,000		534,187
One New York Plaza Trust Series 2020-1NYP, Class A 5.38% (1 mo. USD Term SOFR + 1.064%)^(1),(5)		01/15/36		390,000		374,085
SFAVE Commercial Mortgage Securities Trust Series 2015- 5AVE, Class A2A 3.66%^(1),(7)		01/05/43		805,000		698,043
SFAVE Commercial Mortgage Securities Trust Series 2015- 5AVE, Class D 4.39%^(1),(7)		01/05/43		880,000		719,929
SFO Commercial Mortgage Trust Series 2021-555, Class A 5.58% (1 mo. USD Term SOFR + 1.264%)^(1),(5)		05/15/38		550,000		542,528
SMRT Commercial Mortgage Trust Series 2022-MINI, Class D 6.27% (1 mo. USD Term SOFR + 1.950%)^(1),(5)		01/15/39		510,000		500,162
SMRT Commercial Mortgage Trust Series 2022-MINI, Class E 7.02% (1 mo. USD Term SOFR + 2.700%)^(1),(5)		01/15/39		1,005,000		970,435
SMRT Commercial Mortgage Trust Series 2022-MINI, Class F 7.67% (1 mo. USD Term SOFR + 3.350%)^(1),(5)		01/15/39		246,000		233,427
Taurus U.K. DAC Series 2021-UK1X, Class E 8.13% (1 day GBP SONIA + 3.650%)^(5),(6)		05/17/31	GBP	665,115		856,639
UBS Commercial Mortgage Trust Series 2017-C5, Class XA (I/O) 1.13%⁽⁷⁾		11/15/50	$	4,926,581		92,187
VASA Trust Series 2021-VASA, Class B 5.68% (1 mo. USD Term SOFR + 1.364%)^(1),(5)		07/15/39		1,000,000		944,505
Vita Scientia DAC Series 2022-1X, Class D 5.02% (3 mo. EUR EURIBOR + 2.490%)^(5),(6)		02/27/33	EUR	1,500,000		1,534,232
Wells Fargo Commercial Mortgage Trust Series 2018-C47, Class AS 4.67%⁽⁷⁾		09/15/61	$	750,000		737,720
Wells Fargo Commercial Mortgage Trust Series 2019- JWDR, Class F 4.56%^(1),(7)		09/15/31		500,000		487,764
WFRBS Commercial Mortgage Trust Series 2013-C14, Class XA (I/O) 0.32%⁽⁷⁾		06/15/46		139,033		1

Total Commercial Mortgage-backed Securities—Non-Agency (Cost: $26,677,157)						23,808,625


Residential Mortgage-backed Securities—Agency—24.3%
Federal Home Loan Mortgage Corp., Pool #SD8199 2.00%		03/01/52		2,325,276		1,852,206
Federal Home Loan Mortgage Corp., Pool #SD8220 3.00%		06/01/52		1,429,919		1,241,325
Federal Home Loan Mortgage Corp., Pool #SD8225 3.00%		07/01/52		2,516,867		2,187,067
Federal Home Loan Mortgage Corp., Pool #SD3246 4.00%		08/01/52		1,249,371		1,166,875
Federal Home Loan Mortgage Corp., Pool #SD8238 4.50%		08/01/52		570,896		547,747
Federal Home Loan Mortgage Corp., Pool #SD8237 4.00%		08/01/52		2,502,488		2,336,861
Federal Home Loan Mortgage Corp., Pool #RA7870 4.00%		09/01/52		771,810		720,608
Federal Home Loan Mortgage Corp., Pool #SD8257 4.50%		10/01/52		1,227,189		1,177,047
Federal Home Loan Mortgage Corp., Pool #SD8265 4.00%		11/01/52		533,345		497,797
Federal Home Loan Mortgage Corp., Pool #SD8275 4.50%		12/01/52		520,381		499,039
Federal Home Loan Mortgage Corp. REMICS Series 3122, Class SG (I/O) (I/F) (TAC) (PAC) 1.17% (-30 day USD SOFR Average + 5.516%)⁽⁵⁾		03/15/36		921,128		47,453
Federal Home Loan Mortgage Corp. REMICS Series 3239, Class SI (I/O) (I/F) (PAC) 2.19% (-30 day USD SOFR Average + 6.536%)⁽⁵⁾		11/15/36		211,618		21,659
Federal Home Loan Mortgage Corp. REMICS Series 3323, Class SA (I/O) (I/F) 1.65% (-30 day USD SOFR Average + 5.996%)⁽⁵⁾		05/15/37		44,309		1,026
Federal Home Loan Mortgage Corp. REMICS Series 3459, Class JS (I/O) (I/F) 1.79% (-30 day USD SOFR Average + 6.136%)⁽⁵⁾		06/15/38		70,068		6,764
Federal Home Loan Mortgage Corp. REMICS Series 4030, Class HS (I/O) (I/F) 2.15% (-30 day USD SOFR Average + 6.496%)⁽⁵⁾		04/15/42		402,270		44,507
Federal Home Loan Mortgage Corp. REMICS Series 5234, Class S (I/O) (PAC) 1.71% (30 day USD SOFR Average + 6.050%)⁽⁵⁾		12/25/50		2,031,119		134,178
Federal Home Loan Mortgage Corp. REMICS Series 5471, Class SY (I/O) 1.06% (30 day USD SOFR Average + 5.400%)⁽⁵⁾		11/25/54		1,284,555		82,828

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS March 31, 2025 (Unaudited) (Cont’d)


Issues	Maturity Date		Principal Amount		Value
Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C1 (I/O) 2.00%		03/15/52	$	3,396,796	$	452,497
Federal National Mortgage Association, Pool #MA4562 2.00%		03/01/52		4,077		3,243
Federal National Mortgage Association, Pool #BV4122 2.00%		03/01/52		800,001		637,244
Federal National Mortgage Association, Pool #BV8463 2.50%		04/01/52		1,328,361		1,107,567
Federal National Mortgage Association, Pool #FS1598 2.00%		04/01/52		324,410		258,410
Federal National Mortgage Association, Pool #MA4656 4.50%		07/01/52		1,924,613		1,846,870
Federal National Mortgage Association, Pool #MA4701 4.50%		08/01/52		310,985		297,720
Federal National Mortgage Association, Pool #MA4733 4.50%		09/01/52		1,021,777		980,186
Federal National Mortgage Association, Pool #MA4768 2.50%		09/01/52		1,466,361		1,222,629
Federal National Mortgage Association, Pool #MA4769 2.00%		09/01/52		838,000		667,512
Federal National Mortgage Association, Pool #MA4783 4.00%		10/01/52		1,271,416		1,186,873
Federal National Mortgage Association, Pool #MA4866 4.00%		01/01/53		1,248,434		1,165,032
Federal National Mortgage Association, Pool #FS7577 2.50%		01/01/54		10,728		8,938
Federal National Mortgage Association Interest STRIPS Series 434, Class C29 (I/O) 2.00%		10/25/52		3,870,444		509,298
Federal National Mortgage Association Interest STRIPS Series 436, Class C32 (I/O) 2.00%		10/25/52		3,364,370		439,793
Federal National Mortgage Association REMICS Series 2007-42, Class SE (I/O) (I/F) 1.66% (-30 day USD SOFR Average + 5.996%)⁽⁵⁾		05/25/37		35,713		2,352
Federal National Mortgage Association REMICS Series 2007-48, Class SD (I/O) (I/F) 1.65% (-30 day USD SOFR Average + 5.986%)⁽⁵⁾		05/25/37		600,007		50,425
Federal National Mortgage Association REMICS Series 2009-69, Class CS (I/O) (I/F) 2.30% (-30 day USD SOFR Average + 6.636%)⁽⁵⁾		09/25/39		93,267		10,017
Federal National Mortgage Association REMICS Series 2024-81, Class SE (I/O) 1.01% (-30 day USD SOFR Average + 5.350%)⁽⁵⁾		07/25/54		5,191,706		294,354
Government National Mortgage Association, Pool #MA9963 4.50%		10/20/54		1,287,372		1,235,847
Government National Mortgage Association REMICS Series 2006-35, Class SA (I/O) (I/F) 2.17% (-1 mo. USD Term SOFR + 6.486%)⁽⁵⁾		07/20/36		665,484		64,106
Government National Mortgage Association REMICS Series 2006-61, Class SA (I/O) (I/F) (TAC) 0.32% (-1 mo. USD Term SOFR + 4.636%)⁽⁵⁾		11/20/36		781,837		14,503
Government National Mortgage Association REMICS Series 2008-58, Class TS (I/O) (I/F) (TAC) 1.97% (-1 mo. USD Term SOFR + 6.286%)⁽⁵⁾		05/20/38		236,222		4,697
Government National Mortgage Association REMICS Series 2014-118, Class ST 1.17% (-1 mo. USD Term SOFR + 5.486%)⁽⁵⁾		08/20/44		3,495,026		293,340
Government National Mortgage Association REMICS Series 2016-153, Class IO (I/O) 3.50%		11/20/46		1,157,415		218,092
Government National Mortgage Association REMICS Series 2023-165, Class CO (P/O) 0.00%⁽⁸⁾		11/20/53		280,692		243,980
Government National Mortgage Association REMICS Series 2024-159, Class SM 1.11% (-30 day USD SOFR Average + 5.450%)⁽⁵⁾		10/20/54		3,398,168		246,084
Government National Mortgage Association REMICS Series 2024-159, Class XS (I/O) 1.16% (30 day USD SOFR Average + 5.500%)⁽⁵⁾		10/20/54		2,580,342		205,481
Government National Mortgage Association, TBA
4.00%⁽⁹⁾		05/01/52		2,725,000		2,551,700
5.50%⁽⁹⁾		07/01/54		3,950,000		3,958,275
5.00%⁽⁹⁾		08/01/54		3,025,000		2,975,717
4.50%⁽⁹⁾		09/01/54		1,550,000		1,487,407
Uniform Mortgage-Backed Security, TBA
2.50%⁽⁹⁾		11/01/51		3,675,000		3,057,764
2.00%⁽⁹⁾		11/01/51		1,800,000		1,432,226
3.00%⁽⁹⁾		01/01/52		1,425,000		1,236,071
3.50%⁽⁹⁾		02/01/52		5,550,000		5,006,666
4.00%⁽⁹⁾		03/01/52		200,000		186,085
4.00%⁽⁹⁾		03/01/52		1,450,000		1,351,189
5.00%⁽⁹⁾		07/01/54		4,625,000		4,533,272
4.50%⁽⁹⁾		08/01/54		5,600,000		5,357,036

Total Residential Mortgage-backed Securities—Agency (Cost: $65,010,574)						59,365,485


Residential Mortgage-backed Securities—Non-Agency—23.8%
ABFC Trust Series 2007-NC1, Class A2 4.73% (1 mo. USD Term SOFR + 0.414%)^(1),(5)		05/25/37		648,967		608,808
ACE Securities Corp. Home Equity Loan Trust Series 2004- IN1, Class A1 5.07% (1 mo. USD Term SOFR + 0.754%)⁽⁵⁾		05/25/34		293,175		276,037
ACE Securities Corp. Home Equity Loan Trust Series 2007- ASP1, Class A2C 4.95% (1 mo. USD Term SOFR + 0.634%)⁽⁵⁾		03/25/37		1,119,486		451,034
Adjustable Rate Mortgage Trust Series 2005-4, Class 6A22 5.10%^(7),(10)		08/25/35		289,052		223,789
Ajax Mortgage Loan Trust Series 2019-F, Class A2 3.50%⁽¹⁾		07/25/59		1,300,000		1,237,580
Asset-Backed Securities Corp. Home Equity Loan Trust Series 2006-HE3, Class A5 2.93% (1 mo. USD Term SOFR + 0.654%)⁽⁵⁾		03/25/36		528,629		519,080

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS March 31, 2025 (Unaudited) (Cont’d)


Issues	Maturity Date		Principal Amount		Value
Asset-Backed Securities Corp. Home Equity Loan Trust Series 2007-HE1, Class A1B 3.97% (1 mo. USD Term SOFR + 0.414%)⁽⁵⁾		12/25/36	$	193,312	$	186,462
Banc of America Alternative Loan Trust Series 2005-10, Class 1CB1 4.83% (1 mo. USD Term SOFR + 0.514%)^(5),(10)		11/25/35		238,694		206,982
Banc of America Funding Trust Series 2006-3, Class 4A14 6.00%⁽¹⁰⁾		03/25/36		77,646		65,054
Banc of America Funding Trust Series 2006-3, Class 5A3 5.50%⁽¹⁰⁾		03/25/36		80,437		72,379
Banc of America Funding Trust Series 2015-R4, Class 2A1 4.64% (1 mo. USD Term SOFR + 0.319%)^(1),(5)		02/25/37		95,943		95,359
BCMSC Trust Series 2000-A, Class A4 8.29%⁽⁷⁾		06/15/30		3,316,690		276,094
Bear Stearns ALT-A Trust Series 2005-3, Class 4A3 4.33%⁽⁷⁾		04/25/35		136,322		133,086
Bear Stearns ARM Trust Series 2003-7, Class 9A 6.41%⁽⁷⁾		10/25/33		156,147		143,921
Bear Stearns ARM Trust Series 2005-9, Class A1 7.08% (1 yr. CMT + 2.300%)⁽⁵⁾		10/25/35		81,584		77,614
Bear Stearns ARM Trust Series 2007-4, Class 22A1 4.43%^(7),(10)		06/25/47		489,330		430,442
Bear Stearns Asset-Backed Securities I Trust Series 2005- AC6, Class 1A3 5.50%⁽⁷⁾		09/25/35		231,921		221,025
Bear Stearns Asset-Backed Securities I Trust Series 2006- IM1, Class A1 4.89% (1 mo. USD Term SOFR + 0.574%)⁽⁵⁾		04/25/36		109,352		108,538
Bear Stearns Mortgage Funding Trust Series 2007-AR3, Class 1X (I/O) 0.50%⁽⁴⁾		03/25/37		22,453,607		441,978
C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2B 3.53%		02/25/37		694,103		413,067
C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2C 3.53%		02/25/37		681,964		405,843
C-BASS Mortgage Loan Trust Series 2007-CB3, Class A3 3.27%		03/25/37		1,077,985		372,682
Carrington Mortgage Loan Trust Series 2006-NC4, Class A4 4.67% (1 mo. USD Term SOFR + 0.354%)⁽⁵⁾		10/25/36		1,250,000		1,090,453
Carrington Mortgage Loan Trust Series 2007-RFC1, Class A3 4.57% (1 mo. USD Term SOFR + 0.254%)⁽⁵⁾		12/25/36		741,206		728,178
CFMT LLC Series 2024-NR1, Class A1 6.41%⁽¹⁾		11/25/29		834,759		836,557
CHL Mortgage Pass-Through Trust Series 2004-HYB4, Class B1 6.52%^(7),(10)		09/20/34		60,234		9,974
CHL Mortgage Pass-Through Trust Series 2006-14, Class X (I/O) 0.14%^(4),(7)		09/25/36		5,585,109		19,709
CHL Mortgage Pass-Through Trust Series 2006-HYB2, Class 1A1 5.23%⁽⁷⁾		04/20/36		583,652		426,958
CHNGE Mortgage Trust Series 2023-1, Class M1 8.18%^(1),(7)		03/25/58		460,000		465,735
CIM Trust Series 2019-R1, Class A 3.25%^(1),(7)		10/25/58		564,411		506,964
CIM Trust Series 2021-R3, Class A1A 1.95%^(1),(7)		06/25/57		560,943		515,075
CIM Trust Series 2021-R4, Class A1A 2.00%^(1),(7)		05/01/61		610,304		556,648
CIM Trust Series 2021-R5, Class A1B 2.00%^(1),(7)		08/25/61		1,096,000		726,479
CIM Trust Series 2025-R1, Class A1 5.00%⁽¹⁾		02/25/99		740,000		728,632
Citigroup Mortgage Loan Trust, Inc. Series 2005-11, Class A2A 7.23% (1 yr. CMT + 2.400%)⁽⁵⁾		10/25/35		129,104		133,786
Citigroup Mortgage Loan Trust, Inc. Series 2005-8, Class 1A1A 5.70%^(7),(10)		10/25/35		304,049		243,560
CitiMortgage Alternative Loan Trust Series 2006-A3, Class 1A7 6.00%⁽¹⁰⁾		07/25/36		488,034		422,978
CitiMortgage Alternative Loan Trust Series 2006-A5, Class 1A8 6.00%⁽¹⁰⁾		10/25/36		433,226		372,211
Conseco Finance Securitizations Corp. Series 1999-6, Class A1 7.36%^(1),(7)		06/01/30		1,184,808		331,077
Countrywide Alternative Loan Trust Series 2005-46CB, Class A20 (TAC) 5.50%⁽¹⁰⁾		10/25/35		472,127		329,635
Countrywide Alternative Loan Trust Series 2006-8T1, Class 1A2 (I/O) 1.07% (-1 mo. USD Term SOFR + 5.386%)^(4),(5)		04/25/36		4,660,690		499,886
Countrywide Asset-Backed Certificates Trust Series 2007- 13, Class 2A1 5.33% (1 mo. USD Term SOFR + 1.014%)⁽⁵⁾		10/25/47		356,530		329,063
Credit Suisse First Boston Mortgage Securities Corp. Series 2005-12, Class 1A1 6.50%		01/25/36		948,046		214,188
Credit-Based Asset Servicing & Securitization LLC Series 2003-CB3, Class AF1 3.38%		12/25/32		223,331		216,056
Credit-Based Asset Servicing & Securitization LLC Series 2006-CB2, Class AF2 2.99%		12/25/36		1,699,843		1,407,728
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR6, Class A6 4.81% (1 mo. USD Term SOFR + 0.494%)⁽⁵⁾		02/25/37		247,589		214,578
Deutsche Alt-B Securities, Inc. Mortgage Loan Trust Series 2006-AB2, Class A2 4.72%^(7),(10)		06/25/36		766,790		700,477
DSLA Mortgage Loan Trust Series 2006-AR2, Class 2A1A 4.63% (1 mo. USD Term SOFR + 0.314%)⁽⁵⁾		10/19/36		312,360		207,629
EFMT Series 2025-CES1, Class B1 7.07%^(1),(7)		01/25/60		670,000		678,568

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS March 31, 2025 (Unaudited) (Cont’d)


Issues	Maturity Date		Principal Amount		Value
Federal National Mortgage Association Connecticut Avenue
Securities Trust Series 2019-R06, Class 2B1 8.20% (30 day USD SOFR Average + 3.864%)^(1),(5)		09/25/39	$	583,790	$	602,294
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R07, Class 1B1 7.85% (30 day USD SOFR Average + 3.514%)^(1),(5)		10/25/39		865,576		888,185
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2 10.34% (30 day USD SOFR Average + 6.000%)^(1),(5)		10/25/41		475,000		495,185
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01, Class 1B2 10.34% (30 day USD SOFR Average + 6.000%)^(1),(5)		12/25/41		400,000		418,902
First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2C 4.75% (1 mo. USD Term SOFR + 0.434%)⁽⁵⁾		10/25/36		544,613		358,082
First Horizon Alternative Mortgage Securities Trust Series 2005-AA10, Class 2A1 5.70%^(7),(10)		12/25/35		120,638		92,028
Fremont Home Loan Trust Series 2005-A, Class M4 5.45% (1 mo. USD Term SOFR + 1.134%)⁽⁵⁾		01/25/35		1,432,275		1,290,546
GCAT Trust Series 2021-NQM6, Class A1 1.86%^(1),(7)		08/25/66		949,281		856,682
GreenPoint Manufactured Housing Series 2000-1, Class A4 8.14%⁽⁷⁾		03/20/30		358,883		218,721
GSAA Home Equity Trust Series 2006-13, Class AF6 6.54%		07/25/36		1,071,010		303,768
GSAMP Trust Series 2007-NC1, Class A2C 4.73% (1 mo. USD Term SOFR + 0.414%)⁽⁵⁾		12/25/46		2,132,547		1,008,853
GSC Capital Corp. Mortgage Trust Series 2006-2, Class A1 4.79% (1 mo. USD Term SOFR + 0.474%)⁽⁵⁾		05/25/36		141,971		137,031
GSR Mortgage Loan Trust Series 2005-AR3, Class 6A1 4.29%⁽⁷⁾		05/25/35		116,931		87,731
HSI Asset Loan Obligation Trust Series 2007-2, Class 2A12 6.00%		09/25/37		269,874		201,626
IndyMac INDX Mortgage Loan Trust Series 2004-AR6, Class 5A1 5.33%⁽⁷⁾		10/25/34		205,097		196,714
IndyMac INDX Mortgage Loan Trust Series 2005-AR19, Class A1 3.68%⁽⁷⁾		10/25/35		357,896		289,028
IndyMac INDX Mortgage Loan Trust Series 2006-AR13, Class A4X (I/O) 0.00%^(4),(8)		07/25/36		161,071		—
IndyMac INDX Mortgage Loan Trust Series 2006-AR9, Class 1A1 4.34%⁽⁷⁾		06/25/36		415,092		226,071
IndyMac INDX Mortgage Loan Trust Series 2007-AR5, Class 2A1 3.36%⁽⁷⁾		05/25/37		535,201		428,401
IndyMac INDX Mortgage Loan Trust Series 2007-FLX2, Class A1C 4.81% (1 mo. USD Term SOFR + 0.494%)⁽⁵⁾		04/25/37		1,170,750		1,029,488
JPMorgan Alternative Loan Trust Series 2006-A2, Class 5A1 4.40%⁽⁷⁾		05/25/36		323,688		183,936
JPMorgan Mortgage Acquisition Trust Series 2006-WF1, Class A5 6.91%		07/25/36		1,800,888		485,508
JPMorgan Mortgage Trust Series 2004-A6, Class 5A1 5.46%⁽⁷⁾		12/25/34		145,132		144,574
JPMorgan Mortgage Trust Series 2007-S2, Class 1A1 5.00%		06/25/37		146,910		46,846
JPMorgan Resecuritization Trust Series 2015-4, Class 2A2 3.52%^(1),(7)		06/26/47		2,913,720		1,191,141
Lehman Mortgage Trust Series 2006-7, Class 2A5 (I/O) (I/F) 2.12% (-1 mo. USD Term SOFR + 6.436%)^(4),(5)		11/25/36		2,862,312		323,643
Lehman XS Trust Series 2006-10N, Class 1A3A 4.85% (1 mo. USD Term SOFR + 0.534%)⁽⁵⁾		07/25/46		334,214		305,210
Lehman XS Trust Series 2006-12N, Class A31A 4.83% (1 mo. USD Term SOFR + 0.514%)⁽⁵⁾		08/25/46		414,761		421,149
Long Beach Mortgage Loan Trust Series 2004-4, Class M1 5.33% (1 mo. USD Term SOFR + 1.014%)⁽⁵⁾		10/25/34		260,363		251,128
MASTR Alternative Loan Trust Series 2006-2, Class 2A2 (I/O) (I/F) 2.67% (-1 mo. USD Term SOFR + 6.986%)^(4),(5)		03/25/36		5,879,196		339,749
MASTR Alternative Loan Trust Series 2007-HF1, Class 4A1 7.00%		10/25/47		1,046,089		415,599
MASTR Asset-Backed Securities Trust Series 2007-HE1, Class A4 4.99% (1 mo. USD Term SOFR + 0.674%)⁽⁵⁾		05/25/37		2,000,000		1,690,015
Merrill Lynch Alternative Note Asset Trust Series 2007- OAR2, Class A2 4.85% (1 mo. USD Term SOFR + 0.534%)⁽⁵⁾		04/25/37		480,612		401,820
Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2B 4.69% (1 mo. USD Term SOFR + 0.374%)⁽⁵⁾		06/25/37		253,488		252,437
Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2C 4.79% (1 mo. USD Term SOFR + 0.474%)⁽⁵⁾		06/25/37		364,249		363,772
Merrill Lynch Mortgage Investors Trust Series 2006-RM2, Class A1A 4.80% (1 mo. USD Term SOFR + 0.484%)⁽⁵⁾		05/25/37		3,744,812		1,055,732

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS March 31, 2025 (Unaudited) (Cont’d)


Issues	Maturity Date		Principal Amount		Value
Merrill Lynch Mortgage-Backed Securities Trust Series 2007-2, Class 1A1 6.53% (1 yr. CMT + 2.400%)^(5),(10)		08/25/36	$	79,953	$	68,340
New Residential Mortgage Loan Trust Series 2022-NQM2, Class A2 3.70%^(1),(7)		03/27/62		930,000		748,860
Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2006-AR1, Class 1A 4.24%⁽⁷⁾		02/25/36		103,214		68,977
Oakwood Mortgage Investors, Inc. Series 1999-E, Class A1 7.61%⁽⁷⁾		03/15/30		463,222		214,050
Oakwood Mortgage Investors, Inc. Series 2000-A, Class A4 8.15%⁽⁷⁾		09/15/29		1,717,630		253,955
Oakwood Mortgage Investors, Inc. Series 2000-D, Class A4 7.40%⁽⁷⁾		07/15/30		681,680		104,835
Oakwood Mortgage Investors, Inc. Series 2001-C, Class A3 6.61%⁽⁷⁾		06/15/31		1,671,028		122,169
Oakwood Mortgage Investors, Inc. Series 2001-D, Class A3 5.90%^{(7),(11),(12)}		09/15/22		488,121		194,679
PMT Loan Trust Series 2024-INV1, Class A29 6.00%^(1),(7)		10/25/59		729,280		733,188
PRET LLC Series 2022-RN2, Class A2 6.50%⁽¹⁾		06/25/52		1,255,000		1,252,510
PRET LLC Series 2024-NPL3, Class A1 7.52%⁽¹⁾		04/27/54		690,022		692,158
PRPM LLC Series 2021-11, Class A1 5.49%⁽¹⁾		11/25/26		273,234		273,395
PRPM LLC Series 2021-4, Class A1 4.87%⁽¹⁾		04/25/26		951,371		952,241
PRPM LLC Series 2021-8, Class A1 4.74%^(1),(7)		09/25/26		502,019		501,099
PRPM LLC Series 2022-1, Class A2 9.29%⁽¹⁾		02/25/27		1,013,026		1,013,765
PRPM LLC Series 2022-3, Class A1 5.56%⁽¹⁾		06/25/27		1,035,161		1,034,907
PRPM LLC Series 2022-4, Class A2 5.00%⁽¹⁾		08/25/27		1,080,000		1,067,649
PRPM LLC Series 2024-RPL1, Class M1 4.18%^(1),(7)		12/25/64		650,000		608,988
PRPM LLC Series 2024-RPL2, Class M1 3.50%⁽¹⁾		05/25/54		900,000		810,815
RALI Trust Series 2005-QA8, Class CB21 5.30%^(7),(10)		07/25/35		271,651		141,647
RALI Trust Series 2006-QS1, Class A3 (PAC) 5.75%		01/25/36		183,452		143,101
RALI Trust Series 2006-QS13, Class 1A2 (I/O) (I/F) 2.73% (-1 mo. USD Term SOFR + 7.046%)^(4),(5)		09/25/36		1,806,722		234,282
RALI Trust Series 2006-QS6, Class 1AV (I/O) 0.77%^(4),(7)		06/25/36		2,306,789		47,068
RALI Trust Series 2006-QS7, Class A2 6.00%		06/25/36		240,496		190,001
RALI Trust Series 2006-QS8, Class A3 6.00%⁽¹⁰⁾		08/25/36		433,823		361,001
RALI Trust Series 2007-QS2, Class AV (I/O) 0.30%^(4),(7)		01/25/37		5,059,940		46,928
RALI Trust Series 2007-QS3, Class AV (I/O) 0.36%^(4),(7)		02/25/37		6,327,888		92,137
RALI Trust Series 2007-QS6, Class A62 (TAC) 5.50%⁽¹⁰⁾		04/25/37		140,463		112,466
RCKT Mortgage Trust Series 2024-CES6, Class A3 5.99%⁽¹⁾		09/25/44		800,000		806,197
Residential Asset Securitization Trust Series 2005-A15, Class 4A1 6.00%		02/25/36		931,843		274,885
Residential Asset Securitization Trust Series 2007-A5, Class AX (I/O) 6.00%⁽⁴⁾		05/25/37		1,092,054		176,926
RFMSI Trust Series 2006-S9, Class AV (I/O) 0.33%^(4),(7)		09/25/36		14,173,739		139,817
Saxon Asset Securities Trust Series 2007-3, Class 2A4 4.92% (1 mo. USD Term SOFR + 0.604%)⁽⁵⁾		09/25/47		1,326,000		1,158,847
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2 2.83%		01/25/36		886,263		751,297
Securitized Asset-Backed Receivables LLC Trust Series 2007-NC2, Class A2C 4.87% (1 mo. USD Term SOFR + 0.554%)⁽⁵⁾		01/25/37		1,494,000		940,158
Shamrock Residential DAC Series 2024-1A, Class C 4.57% (1 mo. EUR EURIBOR + 2.200%)^(1),(5)		12/24/78	EUR	575,000		619,175
Structured Adjustable Rate Mortgage Loan Trust Series 2005-20, Class 1A1 6.46%⁽⁷⁾		10/25/35		79,643		73,687
Structured Asset Mortgage Investments II Trust Series 2006- AR4, Class 5A1 4.79% (1 mo. USD Term SOFR + 0.474%)⁽⁵⁾		06/25/36		506,021		415,466
VCAT LLC Series 2025-NPL1, Class A1 5.88%⁽¹⁾		01/25/55		667,156		669,210
Verus Securitization Trust Series 2023-4, Class A1 5.81%⁽¹⁾		05/25/68		796,335		797,708
Verus Securitization Trust Series 2023-7, Class B1 7.89%^(1),(7)		10/25/68		650,000		655,502
VOLT CIII LLC Series 2021-CF1, Class A1 4.99%⁽¹⁾		08/25/51		506,473		506,162
VOLT XCIX LLC Series 2021-NPL8, Class A1 6.12%⁽¹⁾		04/25/51		313,388		313,714
WaMu Asset-Backed Certificates WaMu Trust Series 2007- HE1, Class 2A3 4.73% (1 mo. USD Term SOFR + 0.414%)⁽⁵⁾		01/25/37		1,442,552		651,755
Wells Fargo Alternative Loan Trust Series 2007-PA2, Class 2A2 (I/O) (I/F) 1.64% (-1 mo. USD Term SOFR + 5.956%)^(4),(5)		06/25/37		1,175,843		117,338
Wells Fargo Mortgage-Backed Securities Trust Series 2007- AR3, Class A4 6.35%^(7),(10)		04/25/37		71,774		63,309

Total Residential Mortgage-backed Securities—Non-Agency (Cost: $62,117,744)						58,097,595

Total Mortgage-backed Securities (Cost: $158,353,469)						142,970,158


CORPORATE BONDS—21.5%
Aerospace & Defense—1.2%
Boeing Co.
5.81%		05/01/50		115,000		109,506
6.53%		05/01/34		165,000		176,811

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS March 31, 2025 (Unaudited) (Cont’d)


Issues	Maturity Date		Principal Amount		Value
General Electric Co. 5.06% (3 mo. USD Term SOFR + 0.742%)⁽⁵⁾		08/15/36	$	2,400,000	$	2,254,536
TransDigm, Inc. 6.75%⁽¹⁾		08/15/28		350,000		355,698

						2,896,551


Agriculture—0.1%
Altria Group, Inc. 4.88%		02/04/28		195,000		196,363
Imperial Brands Finance PLC (United Kingdom) 6.13%⁽¹⁾		07/27/27		125,000		128,876

						325,239


Airlines—0.2%
JetBlue Pass-Through Trust Series 2020-1, Class A 4.00%		05/15/34		590,602		549,974


Auto Manufacturers—0.2%
Volkswagen Financial Services AG (Germany) 3.88%⁽⁶⁾		11/19/31	EUR	300,000		321,649
Volkswagen International Finance NV (Germany) 7.88% (9 yr. EUR Swap + 4.783%)^(6),(5),(13)		09/06/32	EUR	100,000		120,499

						442,148


Banks—4.4%
Bank of America Corp.
1.32% (1 day USD SOFR + 1.150%)⁽⁵⁾		06/19/26		305,000		302,831
1.66% (1 day USD SOFR + 0.910%)⁽⁵⁾		03/11/27		460,000		447,525
1.92% (1 day USD SOFR + 1.370%)⁽⁵⁾		10/24/31		790,000		676,011
2.30% (1 day USD SOFR + 1.220%)⁽⁵⁾		07/21/32		145,000		123,916
2.55% (1 day USD SOFR + 1.050%)⁽⁵⁾		02/04/28		120,000		115,798
3.42% (3 mo. USD Term SOFR + 1.302%)⁽⁵⁾		12/20/28		395,000		382,917
4.38% (5 yr. CMT + 2.760%)^(5),(13)		01/27/27		140,000		136,776
Citigroup, Inc.
2.52% (1 day USD SOFR + 1.177%)⁽⁵⁾		11/03/32		515,000		440,186
2.98% (1 day USD SOFR + 1.422%)⁽⁵⁾		11/05/30		145,000		133,590
Goldman Sachs Group, Inc.
1.09% (1 day USD SOFR + 0.789%)⁽⁵⁾		12/09/26		1,275,000		1,244,464
1.54% (1 day USD SOFR + 0.818%)⁽⁵⁾		09/10/27		1,350,000		1,291,531
HSBC Holdings PLC (United Kingdom)
2.10% (1 day USD SOFR + 1.929%)⁽⁵⁾		06/04/26		430,000		427,940
2.36% (1 day USD SOFR + 1.947%)⁽⁵⁾		08/18/31		130,000		113,235
JPMorgan Chase & Co.
1.04% (3 mo. USD Term SOFR + 0.695%)⁽⁵⁾		02/04/27		1,245,000		1,208,633
1.05% (1 day USD SOFR + 0.800%)⁽⁵⁾		11/19/26		75,000		73,370
1.58% (1 day USD SOFR + 0.885%)⁽⁵⁾		04/22/27		425,000		412,139
2.07% (1 day USD SOFR + 1.015%)⁽⁵⁾		06/01/29	$	660,000		611,523
Morgan Stanley
2.19% (1 day USD SOFR + 1.990%)⁽⁵⁾		04/28/26		55,000		54,893
2.24% (1 day USD SOFR + 1.178%)⁽⁵⁾		07/21/32		410,000		348,697
2.51% (1 day USD SOFR + 1.200%)⁽⁵⁾		10/20/32		180,000		154,541
PNC Financial Services Group, Inc.		09/15/26		130,000		123,977
3.40% (5 yr. CMT + 2.595%)^(5),(13)
5.68% (1 day USD SOFR + 1.902%)⁽⁵⁾		01/22/35		75,000		76,908
6.88% (1 day USD SOFR + 2.284%)⁽⁵⁾		10/20/34		75,000		82,963
Santander U.K. Group Holdings PLC (United Kingdom)
1.67% (1 day USD SOFR + 0.989%)⁽⁵⁾		06/14/27		55,000		52,997
U.S. Bancorp
4.84% (1 day USD SOFR + 1.600%)⁽⁵⁾		02/01/34		110,000		106,855
5.68% (1 day USD SOFR + 1.860%)⁽⁵⁾		01/23/35		80,000		81,862
5.85% (1 day USD SOFR + 2.090%)⁽⁵⁾		10/21/33		5,000		5,184
Wells Fargo & Co.
2.39% (1 day USD SOFR + 2.100%)⁽⁵⁾		06/02/28		955,000		911,605
2.57% (3 mo. USD Term SOFR + 1.262%)⁽⁵⁾		02/11/31		200,000		180,412
3.35% (1 day USD SOFR + 1.500%)⁽⁵⁾		03/02/33		545,000		489,023

						10,812,302


Beverages—0.3%
Anheuser-Busch InBev SA (Belgium) 3.95%⁽⁶⁾		03/22/44	EUR	225,000		233,639
Becle SAB de CV (Mexico) 2.50%⁽¹⁾		10/14/31	$	395,000		319,768
Primo Water Holdings, Inc./Triton Water Holdings, Inc. 6.25%⁽¹⁾		04/01/29		125,000		124,778

						678,185


Biotechnology—0.0%
Amgen, Inc. 5.65%		03/02/53		60,000		58,871


Chemicals—0.3%
International Flavors & Fragrances, Inc. 2.30%⁽¹⁾		11/01/30		725,000		627,350
3.27%⁽¹⁾		11/15/40		15,000		10,931
3.47%⁽¹⁾		12/01/50		40,000		26,352
4.38%		06/01/47		60,000		47,086

						711,719


Commercial Services—0.5%
Adtalem Global Education, Inc. 5.50%⁽¹⁾		03/01/28		294,000		290,019
Allied Universal Holdco LLC 7.88%⁽¹⁾		02/15/31		125,000		126,776
Hertz Corp. 4.63%⁽¹⁾		12/01/26		25,000		17,475
RAC Bond Co. PLC (United Kingdom) 8.25%⁽⁶⁾		05/06/46	GBP	100,000		138,907

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS March 31, 2025 (Unaudited) (Cont’d)


Issues	Maturity Date		Principal Amount		Value
Raven Acquisition Holdings LLC 6.88%⁽¹⁾		11/15/31	$	175,000	$	170,494
Rollins, Inc. 5.25%⁽¹⁾		02/24/35		370,000		368,616
VT Topco, Inc. 8.50%⁽¹⁾		08/15/30		120,000		125,915

						1,238,202


Computers—0.2%
Dell International LLC/EMC Corp. 4.75%		04/01/28		370,000		371,775
NCR Voyix Corp. 5.13%⁽¹⁾		04/15/29		63,000		60,070

						431,845


Cosmetics/Personal Care—0.3%
Edgewell Personal Care Co. 5.50%⁽¹⁾		06/01/28		133,000		130,437
Opal Bidco SAS (France) 6.50%		03/31/32		60,000		60,000
Prestige Brands, Inc. 3.75%⁽¹⁾		04/01/31		595,000		533,751

						724,188


Diversified Financial Services—0.7%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) 3.88%		01/23/28		130,000		127,031
Air Lease Corp. 3.63%		12/01/27		120,000		117,036
American Express Co. 3.55% (5 yr. CMT + 2.854%)^(5),(13)		09/15/26		145,000		140,518
Avolon Holdings Funding Ltd. (Ireland) 2.53%⁽¹⁾		11/18/27		406,000		380,300
Charles Schwab Corp. 5.00% (5 yr. CMT + 3.256%)^(5),(13)		06/01/27		135,000		133,670
EZCORP, Inc. 7.38%⁽¹⁾		04/01/32		225,000		228,713
GGAM Finance Ltd. (Ireland)
8.00%⁽¹⁾		06/15/28		117,000		123,078
8.00%⁽¹⁾		02/15/27		115,000		117,914
Jane Street Group/JSG Finance, Inc.
4.50%⁽¹⁾		11/15/29		315,000		298,469
7.13%⁽¹⁾		04/30/31		96,000		98,729

						1,765,458


Electric—1.0%
Alliant Energy Finance LLC 3.60%⁽¹⁾		03/01/32		535,000		484,213
Alpha Generation LLC 6.75%⁽¹⁾		10/15/32		150,000		150,246
Arizona Public Service Co. 3.35%		05/15/50		1,000,000		684,440
Duke Energy Progress LLC 5.05%		03/15/35		245,000		243,790
E.ON SE (Germany) 3.88%⁽⁶⁾		09/05/38	EUR	100,000		105,012
Elia Group SA (Belgium) 3.88%⁽⁶⁾		06/11/31	EUR	100,000		109,072
Eurogrid GmbH (Germany) 1.11%⁽⁶⁾		05/15/32	EUR	100,000		91,592
MVM Energetika Zrt (Hungary) 6.50%⁽⁶⁾		03/13/31	$	200,000		205,398
National Grid Electricity Transmission PLC (United Kingdom) 0.82%⁽⁶⁾		07/07/32	EUR	140,000		125,460
Pike Corp. 8.63%⁽¹⁾		01/31/31	$	230,000		243,260
TenneT Holding BV (Netherlands) 4.50%⁽⁶⁾		10/28/34	EUR	100,000		116,671

						2,559,154


Engineering & Construction—0.1%
Artera Services LLC 8.50%⁽¹⁾		02/15/31		170,000		159,020
Heathrow Funding Ltd. (United Kingdom) 1.13%⁽⁶⁾		10/08/32	EUR	130,000		124,305

						283,325


Entertainment—0.7%
Banijay Entertainment SAS (France) 8.13%⁽¹⁾		05/01/29		200,000		206,732
Everi Holdings, Inc. 5.00%⁽¹⁾		07/15/29		275,000		275,932
Penn Entertainment, Inc. 5.63%⁽¹⁾		01/15/27		165,000		163,076
WarnerMedia Holdings, Inc.
4.28%		03/15/32		285,000		251,211
5.05%		03/15/42		480,000		384,048
5.14%		03/15/52		686,000		500,382

						1,781,381


Environmental Control—0.1%
GFL Environmental, Inc. 6.75%⁽¹⁾		01/15/31		115,000		118,637
Waste Pro USA, Inc. 7.00%⁽¹⁾		02/01/33		205,000		206,599

						325,236


Food—1.0%
ELO SACA (France) 6.00%⁽⁶⁾		03/22/29	EUR	100,000		98,271
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL
3.75%		12/01/31	$	540,000		494,635
5.50%		01/15/30		25,000		25,438
Kraft Heinz Foods Co. 6.38%		07/15/28		210,000		221,012
Mars, Inc. 4.80%⁽¹⁾		03/01/30		570,000		573,654
Mondelez International Holdings Netherlands BV 0.88%⁽⁶⁾		10/01/31	EUR	100,000		92,811
Pilgrim’s Pride Corp. 6.25%		07/01/33	$	700,000		726,481
Post Holdings, Inc. 4.63%⁽¹⁾		04/15/30		270,000		252,426

						2,484,728


Gas — 0.4%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.88%		08/20/26		50,000		49,663
9.38%⁽¹⁾		06/01/28		65,000		64,446
National Gas Transmission PLC (United Kingdom) 4.25%⁽⁶⁾		04/05/30	EUR	215,000		240,664
Southern Co. Gas Capital Corp. 3.88%		11/15/25	$	640,000		637,562

						992,335


Health Care-Products—0.2%
American Medical Systems Europe BV 3.00%		03/08/31	EUR	260,000		276,044

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS March 31, 2025 (Unaudited) (Cont’d)


Issues	Maturity Date		Principal Amount		Value
Bausch & Lomb Corp. 8.38%⁽¹⁾		10/01/28	$	70,000	$	72,566
Medline Borrower LP 5.25%⁽¹⁾		10/01/29		30,000		28,805
Medtronic Global Holdings SCA 3.38%		10/15/34	EUR	115,000		121,969
Sotera Health Holdings LLC 7.38%⁽¹⁾		06/01/31	$	120,000		122,240

						621,624


Health Care-Services—0.8%
Centene Corp. 3.00%		10/15/30		248,000		217,062
Elevance Health, Inc. 5.20%		02/15/35		110,000		110,305
HAH Group Holding Co. LLC 9.75%⁽¹⁾		10/01/31		125,000		120,331
HCA, Inc.
5.63%		09/01/28		100,000		102,310
7.05%		12/01/27		235,000		247,784
HealthEquity, Inc. 4.50%⁽¹⁾		10/01/29		265,000		248,612
Humana, Inc. 5.55%		05/01/35		200,000		197,896
Kedrion SpA (Italy) 6.50%⁽¹⁾		09/01/29		335,000		318,749
ModivCare, Inc. 5.00%^(1),(14)		10/01/29		512,000		209,920
Prime Healthcare Services, Inc. 9.38%⁽¹⁾		09/01/29		200,000		189,840

						1,962,809


Household Products/Wares—0.2%
Central Garden & Pet Co.
4.13%		10/15/30		24,000		21,873
4.13%⁽¹⁾		04/30/31		100,000		89,814
Spectrum Brands, Inc. 3.88%⁽¹⁾		03/15/31		435,000		371,995

						483,682


Insurance—0.4%
Athene Global Funding
1.61%⁽¹⁾		06/29/26		240,000		231,458
3.21%⁽¹⁾		03/08/27		135,000		130,251
Farmers Exchange Capital 7.05%⁽¹⁾		07/15/28		500,000		522,540
Farmers Insurance Exchange 4.75% (3 mo. USD LIBOR + 3.231%)^(1),(5)		11/01/57		5,000		4,078

						888,327


Internet—0.2%
Uber Technologies, Inc. 4.30%		01/15/30		505,000		496,713


Investment Companies—0.2%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
9.00%		06/15/30		299,000		283,772
9.75%		01/15/29		70,000		69,704
10.00%⁽¹⁾		11/15/29		74,000		73,558

						427,034


Iron & Steel—0.1%
ATI, Inc. 7.25%		08/15/30		121,000		124,845


Leisure Time—0.0%
Sabre GLBL, Inc. 10.75%⁽¹⁾		11/15/29		45,000		45,416


Lodging—0.1%
Hyatt Hotels Corp. 5.05%		03/30/28		310,000		311,547


Machinery-Diversified—0.2%
Oregon Tool Lux LP 7.88%⁽¹⁾		10/15/29		228,735		137,237
TK Elevator U.S. Newco, Inc. (Germany) 5.25%⁽¹⁾		07/15/27		255,000		250,793

						388,030


Media—1.1%
CCO Holdings LLC/CCO Holdings Capital Corp.
4.25%⁽¹⁾		02/01/31		5,000		4,434
4.50%⁽¹⁾		08/15/30		197,000		179,563
4.75%⁽¹⁾		03/01/30		90,000		83,506
Charter Communications Operating LLC/Charter Communications Operating Capital
2.30%		02/01/32		165,000		133,719
3.70%		04/01/51		598,000		377,679
3.90%		06/01/52		93,000		60,218
5.75%		04/01/48		220,000		190,168
6.65%		02/01/34		170,000		176,338
CSC Holdings LLC 5.75%⁽¹⁾		01/15/30		45,000		23,913
6.50%⁽¹⁾		02/01/29		409,000		340,251
7.50%⁽¹⁾		04/01/28		50,000		35,933
11.25%⁽¹⁾		05/15/28		29,000		28,280
11.75%⁽¹⁾		01/31/29		167,000		162,035
Sirius XM Radio LLC 3.88%⁽¹⁾		09/01/31		200,000		171,638
Time Warner Cable LLC 5.50%		09/01/41		100,000		86,720
VZ Secured Financing BV (Netherlands) 5.00%⁽¹⁾		01/15/32		615,000		535,327

						2,589,722


Mining—0.0%
Novelis Corp. 3.25%⁽¹⁾		11/15/26		100,000		96,891


Office/Business Equipment—0.1%
Xerox Corp. 10.25%^(1),(15)		10/15/30		150,000		148,603


Oil & Gas—0.2%
KazMunayGas National Co. JSC (Kazakhstan) 3.50%⁽⁶⁾		04/14/33		200,000		169,332
Petroleos Mexicanos 6.35%		02/12/48		34,000		22,677
Sunoco LP/Sunoco Finance Corp. 4.50%		05/15/29		283,000		268,349

						460,358


Oil & Gas Services—0.2%
Archrock Partners LP/Archrock Partners Finance Corp. 6.63%⁽¹⁾		09/01/32		250,000		251,337
USA Compression Partners LP/USA Compression Finance Corp. 7.13%⁽¹⁾		03/15/29		125,000		127,380

						378,717

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS March 31, 2025 (Unaudited) (Cont’d)


Issues	Maturity Date		Principal Amount		Value
Packaging & Containers—0.7%
Amcor Flexibles North America, Inc. 4.80%⁽¹⁾		03/17/28	$	365,000	$	367,215
Amcor Group Finance PLC 5.45%		05/23/29		225,000		230,049
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
4.13%⁽¹⁾		08/15/26		85,000		78,333
5.25%⁽¹⁾		08/15/27		55,000		25,334
5.25%⁽¹⁾		08/15/27		280,000		128,901
Berry Global, Inc. 1.57%		01/15/26		323,000		315,032
1.65%		01/15/27		149,000		141,429
4.88%⁽¹⁾		07/15/26		40,000		39,983
5.50%		04/15/28		95,000		96,903
5.65%		01/15/34		30,000		30,395
Clearwater Paper Corp. 4.75%⁽¹⁾		08/15/28		125,000		116,846
Graphic Packaging International LLC 4.75%⁽¹⁾		07/15/27		130,000		127,754

						1,698,174


Pharmaceuticals—1.3%
1375209 BC Ltd. (Canada) 9.00%⁽¹⁾		01/30/28		380,000		380,171
Bayer U.S. Finance II LLC (Germany)
4.63%⁽¹⁾		06/25/38		515,000		444,692
4.88%⁽¹⁾		06/25/48		285,000		228,599
6.50%⁽¹⁾		11/21/33		360,000		377,932
CVS Health Corp.
4.78%		03/25/38		50,000		45,002
5.05%		03/25/48		190,000		162,260
5.88%		06/01/53		136,000		128,496
6.75% (5 yr. CMT + 2.516%)⁽⁵⁾		12/10/54		375,000		375,217
Grifols SA (Spain)
4.75%⁽¹⁾		10/15/28	EUR	259,000		239,453
7.50%⁽⁶⁾		05/01/30	EUR	203,000		229,385
Johnson & Johnson 3.05%		02/26/33	EUR	200,000		213,566
Option Care Health, Inc. 4.38%⁽¹⁾		10/31/29	$	275,000		256,910

						3,081,683


Pipelines—0.6%
Energy Transfer LP 6.63% (3 mo. USD LIBOR + 4.155%)^(5),(13)		02/15/28		634,000		628,706
Global Partners LP/GLP Finance Corp. 6.88%		01/15/29		275,000		274,772
NGL Energy Operating LLC/NGL Energy Finance Corp. 8.38%⁽¹⁾		02/15/32		95,000		95,351
TransMontaigne Partners LLC 8.50%⁽¹⁾		06/15/30		120,000		121,108
Venture Global Calcasieu Pass LLC 3.88%⁽¹⁾		08/15/29		93,000		86,326
Venture Global LNG, Inc.
7.00%⁽¹⁾		01/15/30		111,000		109,517
9.00% (5 yr. CMT + 5.440%)^(1),(5),(13)		09/30/29		50,000		47,360
9.88%⁽¹⁾		02/01/32		124,000		131,797

						1,494,937


Real Estate—0.1%
Blackstone Property Partners Europe Holdings SARL (Luxembourg) 1.00%⁽⁶⁾		05/04/28	EUR	150,000		150,485
Zhenro Properties Group Ltd. (China) 6.63%^(4),(6),(12)		01/07/26	$	200,000	$	1,274

						151,759


REIT—1.4%
American Assets Trust LP 3.38%		02/01/31		275,000		242,231
American Homes 4 Rent LP 4.30%		04/15/52		315,000		246,031
American Tower Corp. (REIT) 2.90%		01/15/30		495,000		455,415
Americold Realty Operating Partnership LP 5.60%		05/15/32		370,000		371,850
Digital Intrepid Holding BV 0.63%⁽⁶⁾		07/15/31	EUR	130,000		116,134
Extra Space Storage LP 2.40%		10/15/31	$	56,000		47,626
GLP Capital LP/GLP Financing II, Inc.
5.30%		01/15/29		55,000		55,156
5.75%		06/01/28		345,000		351,217
Healthcare Realty Holdings LP 3.10%		02/15/30		130,000		119,339
Hudson Pacific Properties LP
3.25%		01/15/30		35,000		24,233
3.95%		11/01/27		313,000		276,826
4.65%		04/01/29		20,000		15,215
5.95%		02/15/28		5,000		4,341
Invitation Homes Operating Partnership LP
2.00%		08/15/31		95,000		79,518
5.50%		08/15/33		40,000		40,276
Iron Mountain Information Management Services, Inc. 5.00%⁽¹⁾		07/15/32		420,000		387,966
LXP Industrial Trust 2.70%		09/15/30		275,000		242,311
Realty Income Corp. 5.13%		07/06/34	EUR	220,000		255,714
VICI Properties LP/VICI Note Co., Inc.
3.88%⁽¹⁾		02/15/29	$	50,000		47,836
4.13%⁽¹⁾		08/15/30		7,000		6,593
4.50%⁽¹⁾		01/15/28		33,000		32,635
4.63%⁽¹⁾		06/15/25		20,000		20,001

						3,438,464


Retail—0.5%
Ferrellgas LP/Ferrellgas Finance Corp.
5.38%⁽¹⁾		04/01/26		125,000		123,891
5.88%⁽¹⁾		04/01/29		315,000		285,497
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. 6.75%⁽¹⁾		01/15/30		85,000		73,857
FirstCash, Inc. 5.63%⁽¹⁾		01/01/30		280,000		271,779
Michaels Cos., Inc.
5.25%⁽¹⁾		05/01/28		171,000		118,265
7.88%⁽¹⁾		05/01/29		130,000		70,731
Papa John’s International, Inc. 3.88%⁽¹⁾		09/15/29		135,000		126,633
Saks Global Enterprises LLC 11.00%⁽¹⁾		12/15/29		80,000		64,906

						1,135,559


Semiconductors—0.1%
Foundry JV Holdco LLC 5.50%⁽¹⁾		01/25/31		70,000		71,138
Intel Corp. 2.00%		08/12/31		205,000		171,554

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS March 31, 2025 (Unaudited) (Cont’d)


Issues	Maturity Date		Principal Amount		Value
5.70%		02/10/53	$	55,000	$	50,621

						293,313


Software—0.5%
Helios Software Holdings, Inc./ION Corporate Solutions
Finance SARL 8.75%⁽¹⁾		05/01/29		95,000		94,616
Open Text Corp. (Canada) 6.90%⁽¹⁾		12/01/27		580,000		600,590
Oracle Corp. 4.80%		08/03/28		365,000		368,114
RingCentral, Inc. 8.50%⁽¹⁾		08/15/30		115,000		120,967

						1,184,287


Telecommunications—0.6%
Altice Financing SA (Luxembourg)
5.75%⁽¹⁾		08/15/29		125,000		91,741
9.63%⁽¹⁾		07/15/27		55,000		47,028
Consolidated Communications, Inc. 6.50%⁽¹⁾		10/01/28		105,000		101,757
EchoStar Corp. 10.75%		11/30/29		50,000		52,595
Frontier Communications Holdings LLC 5.88%⁽¹⁾		10/15/27		535,000		535,396
Global Switch Finance BV (United Kingdom) 1.38%⁽⁶⁾		10/07/30	EUR	315,000		318,905
Vmed O2 U.K. Financing I PLC (United Kingdom) 7.75%⁽¹⁾		04/15/32	$	140,000		140,837
Windstream Services LLC/Windstream Escrow Finance Corp. 8.25%⁽¹⁾		10/01/31		115,000		117,282

						1,405,541


Water—0.0%
Suez SACA (France) 2.88%⁽⁶⁾		05/24/34	EUR	100,000		99,249

Total Corporate Bonds (Cost: $53,564,127)						52,468,125


MUNICIPAL BONDS—0.4%
New York State Dormitory Authority, Revenue Bond 5.29%		03/15/33	$	903,339		904,956

Total Municipal Bonds (Cost: $1,069,237)						904,956


FOREIGN GOVERNMENT BONDS—0.5%
Brazil Government International Bonds 6.13%		03/15/34		200,000		195,144
Colombia Government International Bonds
7.75%		11/07/36		200,000		195,756
8.00%		04/20/33		200,000		206,602
Guatemala Government Bonds 3.70%⁽⁶⁾		10/07/33		200,000		167,204
Israel Government International Bonds 5.38%		02/19/30		200,000		201,522
Panama Government International Bonds 6.40%		02/14/35		200,000		188,466

Total Foreign Government Bonds (Cost: $1,155,676)						1,154,694


U.S. TREASURY SECURITIES—4.1%
U.S. Treasury Notes 4.00%		03/31/30		9,935,000		9,954,792

Total U.S. Treasury Securities (Cost: $9,915,274)						9,954,792


BANK LOANS—0.1%
Modivcare, Inc. 2025 Incremental Term Loan 12.79% (3 mo. USD Term SOFR + 8.500%)⁽⁵⁾		01/09/26		173,389		148,247
Oregon Tool, Inc. 2025 2nd Lien Term Loan 8.58% (3 mo. USD Term SOFR + 4.000%)⁽⁵⁾		10/15/29		240,036		178,527

Total Bank Loans (Cost: $480,211)						326,774

Total Fixed Income Securities (Cost: $268,298,716)						247,888,411


CONVERTIBLE SECURITIES—0.1%
CONVERTIBLE CORPORATE BONDS—0.1%
Beverages—0.0%
Davide Campari-Milano NV (Italy) 2.38%⁽⁶⁾		01/17/29	EUR	100,000		102,350


Commercial Services—0.1%
Worldline SA (France) 0.00%^(6),(8)		07/30/25	EUR	53,748		68,378
Worldline SA (France) 0.00%^(6),(8)		07/30/26	EUR	206,400		217,551

Total Commercial Services (Cost: $266,558)						285,929

Total Convertible Corporate Bonds (Cost: $364,962)						388,279

Total Convertible Securities (Cost: $364,962)						388,279


COMMON STOCK—3.8%
			Shares

Agriculture—0.6%
Altria Group, Inc.				12,670		760,454
British American Tobacco PLC (SP ADR) (United Kingdom)				15,706		649,757

						1,410,211


Pipelines—1.1%
Energy Transfer LP				103,400		1,922,206
Enterprise Products Partners LP				21,772		743,296

						2,665,502


REIT—1.3%
AGNC Investment Corp.				144,641		1,385,661
Annaly Capital Management, Inc.				41,441		841,667
Redwood Trust, Inc.				61,963		376,115
Rithm Capital Corp.				55,339		633,631

						3,237,074


Telecommunications—0.8%
AT&T, Inc.				29,505		834,401
Intelsat SA^(4),(16)				9,093		335,877
Verizon Communications, Inc.				15,224		690,561

						1,860,839

Total Common Stock (Cost: $8,895,745)						9,173,626

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS March 31, 2025 (Unaudited) (Cont’d)


Security	Shares		Value
INVESTMENT COMPANIES—0.5%
TCW Private Asset Income Fund—I Class⁽¹⁷⁾		127,810	$	1,278,097
Total Investment Companies (Cost: $1,278,097)				1,278,097


MONEY MARKET INVESTMENTS—7.6%
State Street Institutional U.S. Government Money Market Fund—Premier Class, 4.29%⁽¹⁸⁾		2,373,435		2,373,435
TCW Central Cash Fund, 4.35%^(17),(18)		16,104,132		16,104,132

Total Money Market Investments (Cost: $18,477,567)				18,477,567

Total Investments (113.6%) (Cost: $297,315,087)				277,205,980

Liabilities In Excess Of Other Assets (-13.6%)				(33,270,001	)


Net Assets (100.0%)			$	243,935,979

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS March 31, 2025 (Unaudited) (Cont’d)

FUTURES CONTRACTS


Number of Contracts	Type	Expiration Date		Notional Contract Value			Value			Net Unrealized Appreciation (Depreciation)
Long Futures
242	5-Year U.S. Treasury Note Futures		06/30/25	$	25,811,369		$	26,173,813		$	362,444
134	2-Year U.S. Treasury Note Futures		06/30/25		27,628,061			27,761,031			132,970

				$	53,439,430		$	53,934,844		$	495,414

Short Futures
236	10-Year U.S. Treasury Notes Futures		06/18/25	$	(26,568,799	)	$	(26,933,500	)	$	(364,701	)
1	30-Year Euro-Buxl Future		06/6/25		(130,833	)		(128,825	)		2,008
2	Euro SCHWATZ Futures		06/6/25		(230,880	)		(231,066	)		(186	)
11	Euro-Bobl Future		06/6/25		(1,394,953	)		(1,399,605	)		(4,652	)
11	Euro-Bund Future		06/6/25		(1,529,465	)		(1,530,784	)		(1,319	)
79	U.S. Ultra Long Bond Futures		06/18/25		(9,416,321	)		(9,657,750	)		(241,429	)

				$	(39,271,251	)	$	(39,881,530	)	$	(610,279	)

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
*BUY⁽¹⁹⁾***
Citibank N.A.		EUR		7,337,000		04/11/25	$	7,910,305	$	7,929,197	$	18,892
Goldman Sachs & Co.		EUR		630,000		04/11/25		665,037		680,850		15,813
Bank of America N.A.		EUR		194,000		04/11/25		210,608		209,659		(949	)
Citibank N.A.		GBP		780,000		04/11/25		1,011,566		1,006,763		(4,803	)

							$	9,797,516	$	9,826,469	$	28,953

*SELL⁽²⁰⁾***
Goldman Sachs & Co.		EUR		984,000		04/11/25	$	1,029,841	$	1,063,423	$	(33,582	)
Bank of New York		EUR		16,000		04/11/25		17,494		17,291		203
Bank of America N.A.		EUR		4,000		04/11/25		4,210		4,323		(113	)
Citibank N.A.		EUR		7,157,000		04/11/25		7,334,779		7,734,668		(399,889	)
Citibank N.A.		EUR		6,801,000		07/11/25		7,382,724		7,388,230		(5,506	)
Goldman Sachs & Co.		GBP		111,000		04/11/25		143,265		143,270		(5	)
Citibank N.A.		GBP		669,000		04/11/25		812,266		863,493		(51,227	)
Citibank N.A.		GBP		780,000		07/11/25		1,011,462		1,006,676		4,786

							$	17,736,041	$	18,221,374	$	(485,333	)


Notes to the Schedule of Investments:
ACES				Alternative Credit Enhancement Securities.
CLO				Collateralized Loan Obligation.
I/F				Inverse Floating rate security whose interest rate moves in the opposite direction of prevailing interest rates.
I/O				Interest Only Security.
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.
EUR				Euro Currency.
GBP				British Pound.
(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 March 31, 2025, the value of these securities amounted to $100,761,267 or 41.3% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Fund’s Board of Directors.
(2)				Restricted security (Note 2).
(3)				This security is a residual or equity position that does not have a stated interest rate. This residual or equity position is entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debtholders and fund expenses.
(4)				For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.
(5)				Floating or variable rate security. The interest shown reflects the rate in effect at March 31, 2025.

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS March 31, 2025 (Unaudited) (Cont’d)


(6)				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 March 31, 2025, the value of these securities amounted to $6,800,080 or 2.8% of net assets.
(7)				Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(8)				Security is not accruing interest.
(9)				Security purchased on a forward commitment with an approximate principal amount. The actual principal amount and maturity date will be determined upon settlement when the security is delivered.
(10)				A portion of the principal balance has been written-off during the period due to defaults in the underlying loans. Cost basis has been adjusted.
(11)				The maturity date of the security has been extended past the date disclosed. The new maturity date is not known as of March 31, 2025.
(12)				Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued.
(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% payment-in-kind interest.
(15)				This security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(16)				Non-income producing security.
(17)				Affiliated issuer.
(18)				Rate disclosed is the 7-day net yield as of March 31, 2025.
(19)				Fund buys foreign currency, sells U.S. Dollar.
(20)				Fund sells foreign currency, buys U.S. Dollar.

TCW Strategic Income Fund, Inc.

SCHEDULE OF INVESTMENTS March 31, 2025 (Unaudited) (Cont’d)

The summary of the TCW Strategic Income Fund transactions in the affiliated funds for the period ended March 31, 2025 is as follows:


Name of Affiliated Fund	Value at December 31, 2024		Purchases at Cost		Proceeds from Sales		Number of Shares Held March 31, 2025		Value at March 31, 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	$	44,840,110	$	47,200,000		16,104,132	$	16,104,132	$	142,346	$	—	$	—	$	—
TCW Private Asset Income Fund—Share Class I		—		1,278,097				127,810		1,278,097		—		—		—		—

Total									$	17,382,229	$	142,346	$	—	$	—	$	—

TCW Strategic Income Fund, Inc.


Investments by Sector (Unaudited)		March 31, 2025


Sector	Percentage of Net Assets
Residential Mortgage-Backed Securities—Agency		24.3	%
Residential Mortgage-Backed Securities—Non-Agency		23.8
Corporate Bonds		21.5
Asset-Backed Securities		16.4
Commercial Mortgage-Backed Securities—Non-Agency		9.8
Money Market Investments		7.6
U.S. Treasury Securities		4.1
Common Stock		3.8
Commercial Mortgage-Backed Securities—Agency		0.7
Investment Companies		0.5
Foreign Government Bonds		0.5
Municipal Bonds		0.4
Bank Loans		0.1
Convertible Corporate Bonds		0.1
Other*		(13.6	)

Total		100.0	%

*	Includes cash, futures, foreign currency exchange contracts, pending trades, interest receivable, and accrued expenses payable.

TCW Strategic Income Fund, Inc.


Fair Valuation Summary (Unaudited)		March 31, 2025

The following is a summary of the fair valuations according to the inputs used as of March 31, 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
Mortgage-Backed Securities
Residential Mortgage-Backed Securities—Agency	$	—		$	59,365,485		$	—	$	59,365,485
Residential Mortgage-Backed Securities—Non-Agency		—			55,618,134			2,479,461		58,097,595
Commercial Mortgage-Backed Securities—Non-Agency		—			23,808,625			—		23,808,625
Commercial Mortgage-Backed Securities—Agency		—			1,698,453			—		1,698,453

Total Mortgage-Backed Securities		—			140,490,697			2,479,461		142,970,158

Corporate Bonds*		—			52,466,851			1,274		52,468,125
Asset-Backed Securities		—			37,980,866			2,128,046		40,108,912
U.S. Treasury Securities		9,954,792			—			—		9,954,792
Municipal Bonds		—			904,956			—		904,956
Foreign Government Bonds		—			1,154,694			—		1,154,694
Bank Loans*		—			326,774			—		326,774

Total Fixed Income Securities		9,954,792			233,324,838			4,608,781		247,888,411

Money Market Investments		18,477,567			—			—		18,477,567
Common Stock*		8,837,749			—			335,877		9,173,626
Investment Companies		—			1,278,097			—		1,278,097
Convertible Securities*		—			388,279			—		388,279

Total Investments	$	37,270,108		$	234,991,214		$	4,944,658	$	277,205,980

Asset Derivatives
Futures Contracts
Interest Rate Risk		497,422			—			—		497,422
Forward Currency Exchange Contracts
Foreign Currency Risk		—			39,694			—		39,694

Total	$	37,767,530		$	235,030,908		$	4,944,658	$	277,743,096

Liability Derivatives
Futures Contracts
Interest Rate Risk	$	(612,287	)	$	—		$	—	$	(612,287	)
Forward Currency Exchange Contracts
Foreign Currency Risk		—			(496,074	)		—		(496,074	)

Total	$	(612,287	)	$	(496,074	)	$	—	$	(1,108,361	)

*	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.

Bank loans. The fair value of bank loans is estimated using recently executed transactions, market price quotations, credit/market events, and cross-asset pricing. Inputs are generally observable and are obtained from independent sources. Bank loans are generally categorized as Level 2 of the fair value hierarchy, unless key inputs are unobservable; they would then 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 fair valuations according to the inputs used as of March 31, 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			(24,362	)		(23,263	)
Realized Gain (Loss)		—		2,910			(122,846	)		(18,788	)		(243,174	)		—			(381,898	)
Change in Unrealized Appreciation (Depreciation)		3,256		(10,648	)		190,580			17,782			223,477			340,809			765,256
Purchases		1,000,000		—			—			—			—			463			1,000,463
Sales		—		(606,398	)		(69,500	)		(1,713	)		(21,401	)		—			(699,012	)
Transfers in to Level 3		—		—			—			—			—			—			—
Transfers out of Level 3		—		—			—			—			—	*		—			—

Balance as of December 31, 2024	$	2,128,046	$	—		$	335,877		$	—		$	1,274		$	2,479,461		$	4,944,658

Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2025	$	3,256	$	—		$	190,580		$	—		$	223,477		$	340,809		$	758,122

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


Description	Fair Value at March 31, 2025		Valuation Techniques		Unobservable Input		Price or Price Range		Weighted Average Price		Input to Valuation If Input Increases
Asset-Backed Securities	$	2,128,046		Broker Quote		Offered Quote	$	100.000 to $7,940.000	$	114.820		Increase
Common Stock	$	335,877		Third-party Vendor		Vendor Prices	$	36.938	$	36.938		Increase
Corporate Bonds	$	1,274		Third-party Vendor		Vendor Prices	$	0.637	$	0.637		Increase
Residential Mortgage- Backed Securities — Non-Agency	$	2,479,461		Broker Quote		Offered Quote	$	0.0001 to $16.201	$	3.371		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 March 31, 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 March 31, 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 March 31, 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 March 31, 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 March 31, 2025, the Fund utilized treasury futures to help manage interest rate duration and credit market exposure. Futures contracts outstanding at March 31, 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 March 31, 2025, the Fund had no written options outstanding.

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 March 31, 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). There were no outstanding swap agreements at March 31, 2025.

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 March 31, 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 12/27/2024		11/1/2022	$	735,000	$	267,419		0.11	%

			$	735,000	$	267,419		0.11	%