| TCW Strategic Income Fund, Inc. | ||
| SCHEDULE OF INVESTMENTS (Unaudited) | March 31, 2026 | |
| Issues | Maturity Date |
Principal Amount |
Value | |||||||||
|
|
|
|
|
|
|
|
||||||
| FIXED INCOME SECURITIES — 83.8% of Net Assets |
| |||||||||||
| ASSET-BACKED SECURITIES — 10.1% |
| |||||||||||
| Academic Loan Funding Trust Series 2012-1A, Class R |
12/27/44 | $ | 3,368 | $ | 267,419 | |||||||
| AIMCO CLO 24 Ltd. Series 2025-24A, Class SUB |
04/19/38 | 600,000 | 419,993 | |||||||||
| ALLO Issuer LLC Series 2023-1A, Class C |
06/20/53 | 880,000 | 916,177 | |||||||||
| Apidos CLO XXXVII Series 2021-37A, Class B |
10/22/34 | 725,000 | 725,745 | |||||||||
| Arbour CLO VIII DAC Series 8X, Class B1R |
10/15/34 | EUR | 600,000 | 688,298 | ||||||||
| Avis Budget Rental Car Funding AESOP LLC Series 2021-2A,
Class D |
02/20/28 | 250,000 | 247,258 | |||||||||
| Bain Capital Credit CLO Ltd. Series 2020-4A,
Class ERR |
10/20/36 | 250,000 | 232,393 | |||||||||
| BBAM U.S. CLO VI Ltd. Series 2025-6A, Class SUB |
01/27/39 | 350,000 | 268,525 | |||||||||
| BCRED CLO LLC Series 2023-1A, Class A |
01/20/36 | 850,000 | 850,653 | |||||||||
| Bear Mountain Park CLO Ltd. Series 2022-1A, Class BR |
07/15/37 | 625,000 | 625,317 | |||||||||
| BMO SBA COOF Trust Series 2019-1, Class A (I/O) |
10/25/45 | 2,629,505 | 67,959 | |||||||||
| CARS-DB4 LP Series
2020-1A, Class B2 |
02/15/50 | 700,000 | 691,181 | |||||||||
| Carvana Auto Receivables Trust Series 2021-N3,
Class R |
06/12/28 | 2,200 | 162,456 | |||||||||
| Carvana Auto Receivables Trust Series 2022-N1,
Class R |
12/11/28 | 4,700 | 210,648 | |||||||||
| Carvana Auto Receivables Trust Series 2022-P3,
Class R |
09/10/29 | 2,900 | 218,647 | |||||||||
| Carvana Auto Receivables Trust Series 2023-P1,
Class R |
03/11/30 | 4,400 | 278,696 | |||||||||
| Carvana Auto Receivables Trust Series 2023-P2,
Class R |
06/10/30 | 2,000 | 146,720 | |||||||||
| CIFC Funding Ltd. Series 2022-2A, Class B |
04/19/35 | 685,000 | 304,800 | |||||||||
| Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC
Series 2025-1A, Class A2 |
05/20/55 | 245,000 | 248,922 | |||||||||
| COOF Securitization Trust II Series 2015-2, Class A1
(I/O) |
08/25/41 | 1,108,143 | 52,416 | |||||||||
| Diamond Issuer LLC Series 2021-1A, Class C |
11/20/51 | 510,000 | 494,396 | |||||||||
| Eaton Vance CLO Ltd. Series 2013-1A, Class D1R4 |
10/15/38 | 475,000 | 474,648 | |||||||||
| Elmwood CLO 17 Ltd. Series 2022-4A, Class SUB |
07/17/37 | 850,000 | 472,129 | |||||||||
| Elmwood CLO VIII Ltd. Series 2021-1A, Class ER |
04/20/37 | 500,000 | 467,356 | |||||||||
| FHF Issuer Trust Series 2024-3A, Class A2 |
11/15/30 | $ | 330,215 | 329,546 | ||||||||
| Goal Capital Funding Trust Series 2006-1, Class B |
08/25/42 | 75,116 | 73,133 | |||||||||
| GoldenTree Loan Management U.S. CLO 22 Ltd. Series 2024-22A,
Class F |
10/20/37 | 250,000 | 230,592 | |||||||||
| GoldenTree Loan Management U.S. CLO 8 Ltd. Series 2020-8A,
Class FR |
10/20/34 | 250,000 | 224,361 | |||||||||
| Gracie Point International Funding LLC Series 2025-1A,
Class C |
08/15/28 | 605,000 | 606,149 | |||||||||
| Hertz Vehicle Financing III LLC Series 2023-1A,
Class 1D |
06/25/27 | 182,500 | 183,359 | |||||||||
| Hertz Vehicle Financing III LP Series 2021-2A,
Class D |
12/27/27 | 820,000 | 809,877 | |||||||||
| HOA Funding LLC |
08/20/51 | 581,626 | — | |||||||||
| HPS Loan Management Ltd. Series 2024-19A, Class C2 |
04/15/37 | 750,000 | 751,645 | |||||||||
| ICG U.S. CLO Ltd. Series 2022-1A, Class DR |
10/20/38 | 1,000,000 | 998,555 | |||||||||
| LMDV Issuer Co. LLC Series 2025-1A, Class C |
12/15/55 | 360,000 | 362,842 | |||||||||
| Madison Park Funding XLV Ltd. Series 2020-45A,
Class CRR |
07/15/34 | 625,000 | 622,226 | |||||||||
| Magnetite XLII Ltd. Series 2024-42A, Class SUB |
01/25/38 | 825,000 | 521,118 | |||||||||
| MAPS Trust Series 2026-1A, Class B |
01/15/51 | 296,363 | 294,304 | |||||||||
| Mosaic Solar Loan Trust Series 2021-1A, Class R |
12/20/46 | 950,000 | 138,782 | |||||||||
| Mosaic Solar Loan Trust Series 2021-2A, Class R |
04/22/47 | 1,150,000 | 72,705 | |||||||||
| Mosaic Solar Loan Trust Series 2021-3A, Class R |
06/20/52 | 1,600,000 | 82,461 | |||||||||
| NCFA LLC Loan Participation 5 |
07/03/27 | 1,000,000 | 1,000,000 | |||||||||
| NCFA LLC — Loan Participation
1 |
06/12/28 | 638,384 | 638,384 | |||||||||
| NCFA LLC — Loan Participation
2 |
12/19/27 | 736,751 | 736,751 | |||||||||
| Neuberger Berman Loan Advisers CLO 56 Ltd. Series 2024-56A,
Class SUB |
07/24/37 | 700,000 | 385,630 | |||||||||
| New Mountain CLO 8 Ltd. Series CLO-8A, Class M |
10/20/38 | 60,000 | — | |||||||||
| New Mountain CLO 8 Ltd. Series CLO-8A, Class SUB |
10/20/38 | 600,000 | 424,249 | |||||||||
| TCW Strategic Income Fund, Inc. | ||
| SCHEDULE OF INVESTMENTS (Unaudited) | March 31, 2026 | |
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Newday Funding Master Issuer PLC Series 2024-2X,
Class E |
07/15/32 | GBP | 550,000 | $ | 739,022 | |||||||
| OCP CLO Ltd. Series 2015-9A, Class SUB |
01/15/37 | 1,360,000 | 367,921 | |||||||||
| Palmer Square CLO Ltd. Series 2024-3A, Class SUB |
07/20/37 | 625,000 | 380,582 | |||||||||
| Rockford Tower CLO Ltd. Series 2025-2A, Class D1 |
03/31/38 | 600,000 | 592,086 | |||||||||
| Santander Consumer Auto Receivables Trust Series 2021-BA,
Class R |
03/15/29 | 5,000 | 1,484,019 | |||||||||
| Santander Consumer Auto Receivables Trust Series 2021-CA,
Class R |
06/15/28 | 5,500 | 592,957 | |||||||||
| Serenity-Peace Park CLO Ltd. Series 2025-1A,
Class SUB |
10/24/38 | 600,000 | 469,889 | |||||||||
| Sixth Street CLO VIII Ltd. Series 2017-8A, Class CR2 |
10/20/34 | 275,000 | 268,039 | |||||||||
| Sixth Street CLO XX Ltd. Series 2021-20A, Class SUB |
07/17/38 | 467,250 | 189,792 | |||||||||
| SLC Student Loan Trust Series 2004-1, Class B |
08/15/31 | 154,462 | 136,429 | |||||||||
| SLC Student Loan Trust Series 2006-1, Class B |
03/15/55 | 152,232 | 138,429 | |||||||||
| SLM Student Loan EDC Repackaging Trust Series 2013-M1,
Class M1R |
10/28/29 | 1,000 | 154,222 | |||||||||
| SLM Student Loan Trust Series 2004-2, Class B |
07/25/39 | 126,987 | 121,460 | |||||||||
| SLM Student Loan Trust Series 2005-9, Class B |
01/25/41 | 286,988 | 272,300 | |||||||||
| SLM Student Loan Trust Series 2007-6, Class B |
04/27/43 | 69,130 | 65,498 | |||||||||
| SLM Student Loan Trust Series 2007-7, Class B |
10/27/70 | 150,000 | 156,408 | |||||||||
| SLM Student Loan Trust Series 2008-2, Class B |
01/25/83 | 225,000 | 239,818 | |||||||||
| SLM Student Loan Trust Series 2008-3, Class B |
04/26/83 | 225,000 | 234,233 | |||||||||
| SLM Student Loan Trust Series 2008-4, Class B |
04/25/73 | 515,000 | 546,807 | |||||||||
| SLM Student Loan Trust Series 2008-5, Class B |
07/25/73 | $ | 260,000 | 276,341 | ||||||||
| SLM Student Loan Trust Series 2008-6, Class B |
07/26/83 | 225,000 | 233,778 | |||||||||
| SLM Student Loan Trust Series 2008-7, Class B |
07/26/83 | 305,000 | 305,305 | |||||||||
| Structured Receivables Finance LLC Series 2010-A,
Class B |
01/16/46 | 114,735 | 115,384 | |||||||||
| Structured Receivables Finance LLC Series 2010-B,
Class B |
08/15/36 | 175,259 | 178,047 | |||||||||
| Switch ABS Issuer LLC Series 2024-2A, Class C |
06/25/54 | 270,000 | 275,588 | |||||||||
| Switch ABS Issuer LLC Series 2025-2A, Class B |
10/25/55 | 310,000 | 303,511 | |||||||||
| TIF Funding II LLC Series 2021-1A, Class A |
02/20/46 | 879,963 | 804,022 | |||||||||
| Together Asset-Backed Securitisation 14 PLC Series 2025-1ST1A, Class E |
08/15/66 | GBP | 500,000 | 663,109 | ||||||||
| U.S. Bank C&I Credit-Linked Notes Series 2025-SUP2, Class D |
09/25/32 | 370,150 | 371,294 | |||||||||
| Unity-Peace Park CLO Ltd. Series 2022-1A, Class ER |
04/20/35 | 500,000 | 419,325 | |||||||||
| Westlake Automobile Receivables Trust Series 2024-1A,
Class D |
10/15/29 | 600,000 | 611,299 | |||||||||
| Wingstop Funding LLC Series 2020-1A, Class A2 |
12/05/50 | 541,750 | 524,861 | |||||||||
|
|
|
|||||||||||
| Total Asset-backed Securities (Cost: $35,948,602) |
31,251,196 | |||||||||||
|
|
|
|||||||||||
| MORTGAGE-BACKED SECURITIES — 50.3% |
||||||||||||
| Commercial Mortgage-backed Securities — Agency — 0.3% |
||||||||||||
| Federal Home Loan Mortgage Corp. Multifamily PC REMIC Trust Series 2019-P002, Class X (I/O) |
07/25/33 | 1,295,000 | 65,942 | |||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K049,
Class X3 (I/O) |
10/25/43 | 144,423 | 1 | |||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K060,
Class X3 (I/O) |
12/25/44 | 2,499,972 | 26,166 | |||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K735,
Class X3 (I/O) |
05/25/47 | 3,750,000 | 6,639 | |||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KC05,
Class X1 (I/O) |
06/25/27 | 5,233,914 | 42,176 | |||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q013,
Class XPT2 (I/O) |
05/25/27 | 2,411,026 | 40,565 | |||||||||
| Federal National Mortgage Association-ACES Series 2016-M11,
Class X2 (ACES) (I/O) |
07/25/39 | 503,299 | 9,021 | |||||||||
| TCW Strategic Income Fund, Inc. | ||
| SCHEDULE OF INVESTMENTS (Unaudited) | March 31, 2026 | |
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Federal National Mortgage Association-ACES Series 2019-M29,
Class X4 (ACES) (I/O) |
03/25/29 | $ | 7,900,000 | $ | 122,227 | |||||||
| Government National Mortgage Association Series 2010-148,
Class IO (I/O) |
09/16/50 | 4,450,013 | 46,297 | |||||||||
| Government National Mortgage Association Series 2011-152,
Class IO (I/O) |
08/16/51 | 622,990 | 16 | |||||||||
| Government National Mortgage Association Series 2012-139,
Class IO (I/O) |
02/16/53 | 730,657 | 15,111 | |||||||||
| Government National Mortgage Association Series 2013-52,
Class IO (I/O) |
02/16/55 | 4,696,279 | 1,834 | |||||||||
| Government National Mortgage Association Series 2014-103,
Class IO (I/O) |
05/16/55 | 1,987,955 | 9,520 | |||||||||
| Government National Mortgage Association Series 2014-125,
Class IO (I/O) |
11/16/54 | 926,412 | 23,671 | |||||||||
| Government National Mortgage Association Series 2020-184
(I/O) |
11/16/60 | 8,889,150 | 594,980 | |||||||||
|
|
|
|||||||||||
| Total Commercial Mortgage-backed Securities — Agency (Cost: $2,729,070) |
1,004,166 | |||||||||||
|
|
|
|||||||||||
| Commercial Mortgage-backed Securities — Non-agency — 10.7% |
||||||||||||
| 1211 Avenue of the Americas Trust Series 2015-1211, Class D |
08/10/35 | 680,000 | 618,715 | |||||||||
| 245 Park Avenue Trust Series 2017-245P,
Class E |
06/05/37 | 650,000 | 628,199 | |||||||||
| 280 Park Avenue Mortgage Trust Series 2017-280P, Class D |
09/15/34 | 490,000 | 482,913 | |||||||||
| AMSR Trust Series 2021-SFR3,
Class G |
10/17/38 | 620,000 | 612,223 | |||||||||
| AMSR Trust Series 2022-SFR1,
Class F |
03/17/39 | 850,000 | 844,228 | |||||||||
| AMSR Trust Series 2025-SFR1,
Class E2 |
06/17/42 | 700,000 | 636,041 | |||||||||
| Benchmark Mortgage Trust Series 2019-B14, Class 225D |
12/15/62 | 535,000 | 3,994 | |||||||||
| Benchmark Mortgage Trust Series 2020-IG3, Class BXC |
09/15/48 | 555,000 | 534,109 | |||||||||
| BX Commercial Mortgage Trust Series 2025-BCAT, Class D |
08/15/42 | 718,714 | 721,803 | |||||||||
| BXHPP Trust Series 2021-FILM, Class D |
08/15/36 | 515,000 | 445,282 | |||||||||
| BXP Trust Series 2017-GM, Class D |
06/13/39 | 575,000 | 560,529 | |||||||||
| Citigroup Commercial Mortgage Trust Series 2014-GC21, Class XD (I/O) |
05/10/47 | 4,710,600 | 116,357 | |||||||||
| Citigroup Commercial Mortgage Trust Series 2015-GC35, Class XA (I/O) |
11/10/48 | 1,355,180 | 14 | |||||||||
| COMM Mortgage Trust Series 2012-LC4, Class XB (I/O) |
12/10/44 | 8,237,673 | 82 | |||||||||
| COMM Mortgage Trust Series 2013-CR12, Class XA (I/O) |
10/10/46 | 445,316 | 4 | |||||||||
| COMM Mortgage Trust Series 2020-CX, Class E |
11/10/46 | 370,000 | 269,495 | |||||||||
| Extended Stay America Trust Series 2025-ESH, Class D |
10/15/42 | 625,000 | 627,330 | |||||||||
| FirstKey Homes Trust Series 2021-SFR3,
Class E1 |
12/17/38 | 1,173,000 | 1,152,828 | |||||||||
| FirstKey Homes Trust Series 2022-SFR1,
Class D |
05/19/39 | 1,100,000 | 1,093,132 | |||||||||
| FRTKL Group, Inc. Series 2021-SFR1,
Class G |
09/17/38 | 1,015,000 | 998,501 | |||||||||
| Grace Trust Series 2020-GRCE,
Class D |
12/10/40 | 700,000 | 618,822 | |||||||||
| Grace Trust Series 2020-GRCE,
Class F |
12/10/40 | 376,000 | 301,453 | |||||||||
| Grace Trust Series 2020-GRCE, Class X
(I/O) |
12/10/40 | 10,620,000 | 134,913 | |||||||||
| GS Mortgage Securities Trust Series 2016-GS2, Class XA
(I/O) |
05/10/49 | 1,445,751 | 14 | |||||||||
| Highways PLC Series 2021-1X, Class C |
12/18/31 | GBP | 425,000 | 563,627 | ||||||||
| Hilton USA Trust Series 2016-HHV, Class F |
11/05/38 | 1,341,000 | 1,320,733 | |||||||||
| Hudson Yards Mortgage Trust Series 2019-30HY, Class D |
07/10/39 | 450,000 | 415,419 | |||||||||
| Hudson Yards Mortgage Trust Series 2019-55HY, Class F |
12/10/41 | 150,000 | 129,184 | |||||||||
| JPMBB Commercial Mortgage Securities Trust Series 2014-C24,
Class XA (I/O) |
11/15/47 | 982,028 | 10 | |||||||||
| JPMBB Commercial Mortgage Securities Trust Series 2015-C29,
Class XD (I/O) |
05/15/48 | 26,458,000 | 180,285 | |||||||||
| JPMCC Commercial Mortgage Securities Trust Series 2017-JP5,
Class XA (I/O) |
03/15/50 | 8,852,968 | 46,412 | |||||||||
| JPMorgan Chase Commercial Mortgage Securities Trust Series
2011-C3, Class XB (I/O) |
02/15/46 | 46,865,395 | 232,497 | |||||||||
| JPMorgan Chase Commercial Mortgage Securities Trust Series
2019-OSB, Class A |
06/05/39 | 585,000 | 549,345 | |||||||||
| KRE Commercial Mortgage Trust Series 2025-AIP4, Class E |
03/15/42 | 457,844 | 456,177 | |||||||||
| LMRE SFR1 Trust Series 2025-SFR1,
Class E |
12/17/42 | 550,000 | 538,777 | |||||||||
| MFT Mortgage Trust Series 2020-B6, Class C |
08/10/40 | 220,000 | 146,525 | |||||||||
| Morgan Stanley Bank of America Merrill Lynch Trust Series
2015-C22, Class XA (I/O) |
04/15/48 | 1,272,980 | 13 | |||||||||
| Morgan Stanley Bank of America Merrill Lynch Trust Series
2016-C31, Class XA (I/O) |
11/15/49 | 5,308,595 | 8,781 | |||||||||
| Morgan Stanley Capital I Trust Series 2020-CNP,
Class C |
04/05/42 | 620,000 | 519,740 | |||||||||
| NXPT Commercial Mortgage Trust Series 2024-STOR, Class E |
11/05/41 | 528,000 | 529,480 | |||||||||
| TCW Strategic Income Fund, Inc. | ||
| SCHEDULE OF INVESTMENTS (Unaudited) | March 31, 2026 | |
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| NYCT Trust Series 2024-3ELV, Class C |
08/15/29 | $ | 630,000 | $ | 631,871 | |||||||
| One New York Plaza Trust Series 2020-1NYP, Class A |
01/15/36 | 368,124 | 355,585 | |||||||||
| Progress Residential Trust Series 2021-SFR10, Class H |
12/17/40 | 870,377 | 849,856 | |||||||||
| Progress Residential Trust Series 2021-SFR3, Class G |
05/17/26 | 600,000 | 597,719 | |||||||||
| Progress Residential Trust Series 2021-SFR6, Class F |
07/17/38 | 730,000 | 725,420 | |||||||||
| Progress Residential Trust Series 2021-SFR7, Class E2 |
08/17/40 | 1,451,000 | 1,359,868 | |||||||||
| Progress Residential Trust Series 2021-SFR8, Class G |
10/17/38 | 1,450,000 | 1,432,580 | |||||||||
| Progress Residential Trust Series 2021-SFR9, Class E1 |
11/17/40 | 1,707,000 | 1,614,121 | |||||||||
| RIDE Series 2025-SHRE,
Class D |
02/14/47 | 480,000 | 490,252 | |||||||||
| SCG Commercial Mortgage Trust Series 2025-FLWR, Class E |
08/15/42 | 500,000 | 497,701 | |||||||||
| SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2A |
01/05/43 | 805,000 | 688,941 | |||||||||
| SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class D |
01/05/43 | 880,000 | 655,647 | |||||||||
| SFO Commercial Mortgage Trust Series 2021-555,
Class A |
05/15/38 | 550,000 | 549,435 | |||||||||
| SMRT Commercial Mortgage Trust Series 2022-MINI, Class D |
01/15/39 | 510,000 | 508,633 | |||||||||
| SMRT Commercial Mortgage Trust Series 2022-MINI, Class E |
01/15/39 | 1,005,000 | 1,001,822 | |||||||||
| SMRT Commercial Mortgage Trust Series 2022-MINI, Class F |
01/15/39 | 246,000 | 240,140 | |||||||||
| TCO Commercial Mortgage Trust Series 2024-DPM,
Class D |
12/15/39 | 500,000 | 500,486 | |||||||||
| Tricon Residential Trust Series 2021-SFR1, Class F |
07/17/38 | 750,000 | 744,850 | |||||||||
| U.K. Logistics DAC Series 2025-1A, Class E |
05/17/35 | GBP | 215,363 | 283,851 | ||||||||
| UBS Commercial Mortgage Trust Series 2017-C5, Class XA
(I/O) |
11/15/50 | 3,970,292 | 43,753 | |||||||||
| Vita Scientia DAC Series 2022-1X, Class D |
02/27/33 | EUR | 1,500,000 | 1,720,400 | ||||||||
| Wells Fargo Commercial Mortgage Trust Series 2018-C47,
Class AS |
09/15/61 | 750,000 | 743,659 | |||||||||
| WFRBS Commercial Mortgage Trust Series 2013-C14, Class XA
(I/O) |
06/15/46 | 83,715 | 1 | |||||||||
|
|
|
|||||||||||
| Total Commercial Mortgage-backed Securities — Non-agency (Cost: $34,540,566) |
33,274,577 | |||||||||||
|
|
|
|||||||||||
| Residential Mortgage-backed Securities — Agency — 20.8% |
||||||||||||
| Federal Home Loan Mortgage Corp., Pool #SD8199 |
03/01/52 | 2,173,446 | 1,760,670 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #SD8220 |
06/01/52 | 1,330,993 | 1,173,918 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #SD8225 |
07/01/52 | 2,334,166 | 2,058,704 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #SD8238 |
08/01/52 | 521,638 | 505,718 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #SD8237 |
08/01/52 | 893,701 | 846,807 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #SD3246 |
08/01/52 | 1,148,846 | 1,088,654 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #SD8245 |
09/01/52 | 539,545 | 523,027 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #RA7870 |
09/01/52 | 684,946 | 648,953 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #SD8257 |
10/01/52 | 1,123,112 | 1,088,626 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #SD8265 |
11/01/52 | 487,979 | 462,260 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #SD8275 |
12/01/52 | 474,994 | 460,365 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 3122, Class SG (I/O)(I/F)(TAC)(PAC) |
03/15/36 | 769,084 | 36,688 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 3239, Class SI (I/O) (I/F) (PAC) |
11/15/36 | 177,450 | 17,436 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 3323, Class SA (I/O) (I/F) |
05/15/37 | 41,466 | 1,100 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 3459, Class JS (I/O) (I/F) |
06/15/38 | 63,036 | 5,822 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 4030, Class HS (I/O) (I/F) |
04/15/42 | 354,413 | 37,357 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5070, Class MI (I/O) |
02/25/51 | 465,461 | 74,724 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5100, Class HI (I/O) |
02/25/47 | 1,012,689 | 175,978 | |||||||||
| TCW Strategic Income Fund, Inc. | ||
| SCHEDULE OF INVESTMENTS (Unaudited) | March 31, 2026 | |
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5149, Class DI (I/O) |
10/25/48 | $ | 556,688 | $ | 108,812 | |||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5234, Class S (I/O) (I/F) (PAC) |
12/25/50 | 1,648,926 | 104,833 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5471, Class SY (I/O) (I/F) |
11/25/54 | 1,163,149 | 75,389 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5544, Class SD (I/O) (I/F) |
06/25/55 | 2,138,130 | 125,058 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5546, Class AS (I/F) |
06/25/55 | 292,955 | 278,442 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5547, Class S (I/F) |
06/25/55 | 302,949 | 274,955 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5548, Class S (I/F) |
06/25/55 | 291,942 | 280,789 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5549, Class JS (I/F) |
06/25/55 | 89,739 | 85,545 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5578, Class SD (I/O) (I/F) |
09/25/55 | 1,418,579 | 139,727 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5617, Class IL (I/O) |
08/25/51 | 1,050,103 | 223,079 | |||||||||
| Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C1 (I/O) |
03/15/52 | 3,151,268 | 406,720 | |||||||||
| Federal Home Loan Mortgage Corp. STRIPS Series 408, Class C37 |
03/25/52 | 1,242,666 | 179,478 | |||||||||
| Federal National Mortgage Association, Pool #AN3542 |
11/01/46 | 999,188 | 868,198 | |||||||||
| Federal National Mortgage Association, Pool #BV4122 |
03/01/52 | 714,622 | 578,903 | |||||||||
| Federal National Mortgage Association, Pool #BV8463 |
04/01/52 | 1,248,577 | 1,056,691 | |||||||||
| Federal National Mortgage Association, Pool #FS1598 |
04/01/52 | 302,292 | 244,882 | |||||||||
| Federal National Mortgage Association, Pool #MA4656 |
07/01/52 | 1,751,202 | 1,697,918 | |||||||||
| Federal National Mortgage Association, Pool #MA4701 |
08/01/52 | 283,375 | 274,726 | |||||||||
| Federal National Mortgage Association, Pool #MA4732 |
09/01/52 | 334,217 | 316,654 | |||||||||
| Federal National Mortgage Association, Pool #MA4769 |
09/01/52 | 786,144 | 636,842 | |||||||||
| Federal National Mortgage Association, Pool #MA4768 |
09/01/52 | 1,374,468 | 1,163,235 | |||||||||
| Federal National Mortgage Association, Pool #MA4733 |
09/01/52 | 930,405 | 901,923 | |||||||||
| Federal National Mortgage Association, Pool #MA4784 |
10/01/52 | 1,662,444 | 1,611,397 | |||||||||
| Federal National Mortgage Association, Pool #MA4783 |
10/01/52 | 1,167,931 | 1,106,467 | |||||||||
| Federal National Mortgage Association, Pool #MA4866 |
01/01/53 | 1,139,372 | 1,079,234 | |||||||||
| Federal National Mortgage Association, Pool #MA5584 |
01/01/55 | 560,665 | 541,371 | |||||||||
| Federal National Mortgage Association Interest STRIPS Series 434, Class C29 (I/O) |
10/25/52 | 3,599,433 | 460,880 | |||||||||
| Federal National Mortgage Association Interest STRIPS Series 436, Class C32 (I/O) |
10/25/52 | 3,140,390 | 426,330 | |||||||||
| Federal National Mortgage Association REMICS Series 2007-42,
Class SE (I/O) (I/F) |
05/25/37 | 24,764 | 1,710 | |||||||||
| Federal National Mortgage Association REMICS Series 2007-48,
Class SD (I/O) (I/F) |
05/25/37 | 477,356 | 38,617 | |||||||||
| Federal National Mortgage Association REMICS Series 2009-69,
Class CS (I/O) (I/F) |
09/25/39 | 68,564 | 7,213 | |||||||||
| Federal National Mortgage Association REMICS Series 2021-59,
Class KI (I/O) |
09/25/51 | 768,634 | 188,966 | |||||||||
| Federal National Mortgage Association REMICS Series 2021-70,
Class AI (I/O) |
10/25/51 | 728,356 | 160,648 | |||||||||
| Federal National Mortgage Association REMICS Series 2024-81,
Class SE (I/O) (I/F) |
07/25/54 | 4,395,072 | 237,204 | |||||||||
| Government National Mortgage Association, Pool #MA8346 |
10/20/52 | 631,726 | 598,692 | |||||||||
| Government National Mortgage Association REMICS Series 2006-35,
Class SA (I/O) (I/F) |
07/20/36 | 560,559 | 52,343 | |||||||||
| Government National Mortgage Association REMICS Series 2006-61,
Class SA (I/O) (I/F) (TAC) |
11/20/36 | 616,870 | 10,388 | |||||||||
| Government National Mortgage Association REMICS Series 2008-58,
Class TS (I/O) (I/F) (TAC) |
05/20/38 | 104,793 | 1,171 | |||||||||
| TCW Strategic Income Fund, Inc. | ||
| SCHEDULE OF INVESTMENTS (Unaudited) | March 31, 2026 | |
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Government National Mortgage Association REMICS Series 2014-118,
Class ST (I/F) |
08/20/44 | $ | 3,179,053 | $ | 252,979 | |||||||
| Government National Mortgage Association REMICS Series 2016-153,
Class IO (I/O) |
11/20/46 | 1,020,454 | 191,719 | |||||||||
| Government National Mortgage Association REMICS Series 2023-165,
Class CO (P/O) |
11/20/53 | 179,051 | 153,487 | |||||||||
| Government National Mortgage Association REMICS Series 2024-159,
Class SM (I/F) |
10/20/54 | 3,089,031 | 176,604 | |||||||||
| Government National Mortgage Association REMICS Series 2024-159,
Class XS (I/O) (I/F) |
10/20/54 | 2,363,936 | 180,407 | |||||||||
| Government National Mortgage Association,
TBA |
06/01/55 | 6,225,000 | 5,827,462 | |||||||||
| Uniform Mortgage-Backed Security,
TBA |
09/01/51 | 1,800,000 | 1,449,457 | |||||||||
| 2.50%(8) |
09/01/51 | 3,675,000 | 3,092,263 | |||||||||
| 3.00%(8) |
11/01/51 | 1,425,000 | 1,252,465 | |||||||||
| 3.50%(8) |
12/01/51 | 10,800,000 | 9,901,406 | |||||||||
| 4.00%(8) |
05/01/55 | 300,000 | 282,756 | |||||||||
| 4.00%(8) |
05/01/55 | 1,000,000 | 943,444 | |||||||||
| 5.50%(8) |
12/01/55 | 3,825,000 | 3,843,131 | |||||||||
| 5.00%(8) |
01/01/56 | 7,900,000 | 7,789,795 | |||||||||
| 4.50%(8) |
01/01/56 | 1,650,000 | 1,591,710 | |||||||||
|
|
|
|||||||||||
| Total Residential Mortgage-backed Securities — Agency (Cost: $64,532,391) |
64,441,322 | |||||||||||
|
|
|
|||||||||||
| Residential Mortgage-backed Securities — Non-Agency — 18.5% |
||||||||||||
| ABFC Trust Series 2007-NC1, Class A2 |
05/25/37 | 578,858 | 543,883 | |||||||||
| ACE Securities Corp. Home Equity Loan Trust Series 2004-IN1,
Class A1 |
05/25/34 | 260,585 | 248,636 | |||||||||
| ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP1, Class A2C |
03/25/37 | 1,073,596 | 438,396 | |||||||||
| Adjustable Rate Mortgage Trust Series 2005-4,
Class 6A22 |
08/25/35 | 283,253 | 233,028 | |||||||||
| Ajax Mortgage Loan Trust Series 2019-F, Class A2 |
07/25/59 | 1,300,000 | 1,254,657 | |||||||||
| Ajax Mortgage Loan Trust Series 2021-D, Class A |
03/25/60 | 617,276 | 618,037 | |||||||||
| Angel Oak Mortgage Trust Series 2024-11, Class M1A |
08/25/69 | 750,000 | 757,110 | |||||||||
| Asset-Backed Securities Corp. Home Equity Loan Trust Series
2007-HE1, Class A1B |
12/25/36 | 144,290 | 141,541 | |||||||||
| Banc of America Alternative Loan Trust Series 2005-10,
Class 1CB1 |
11/25/35 | 203,142 | 177,039 | |||||||||
| Banc of America Funding Trust Series 2006-3,
Class 4A14 |
03/25/36 | 75,287 | 64,215 | |||||||||
| Banc of America Funding Trust Series 2006-3,
Class 5A3 |
03/25/36 | 75,614 | 68,768 | |||||||||
| BCMSC Trust Series 2000-A, Class A4 |
06/15/30 | 3,316,690 | 196,282 | |||||||||
| Bear Stearns ALT-A Trust Series
2005-3, Class 4A3 |
04/25/35 | 128,729 | 126,514 | |||||||||
| Bear Stearns ARM Trust Series 2003-7, Class 9A |
10/25/33 | 130,036 | 119,342 | |||||||||
| Bear Stearns ARM Trust Series 2005-9, Class A1 |
10/25/35 | 69,261 | 67,127 | |||||||||
| Bear Stearns ARM Trust Series 2007-4, Class 22A1 |
06/25/47 | 466,128 | 422,363 | |||||||||
| Bear Stearns Asset-Backed Securities I Trust Series 2005-AC6,
Class 1A3 |
09/25/35 | 213,807 | 203,863 | |||||||||
| Bear Stearns Asset-Backed Securities I Trust Series 2006-IM1,
Class A1 |
04/25/36 | 95,681 | 104,776 | |||||||||
| Bear Stearns Mortgage Funding Trust Series 2007-AR3, Class 1X
(I/O) |
03/25/37 | 21,176,284 | 447,218 | |||||||||
| C-BASS Mortgage Loan Trust Series
2007-CB2, Class A2B |
02/25/37 | 644,476 | 367,661 | |||||||||
| C-BASS Mortgage Loan Trust Series
2007-CB2, Class A2C |
02/25/37 | 633,205 | 361,231 | |||||||||
| C-BASS Mortgage Loan Trust Series
2007-CB3, Class A3 |
03/25/37 | 1,043,068 | 376,482 | |||||||||
| Carrington Mortgage Loan Trust Series 2006-NC4,
Class A4 |
10/25/36 | 1,250,000 | 1,105,501 | |||||||||
| Carrington Mortgage Loan Trust Series 2007-RFC1, Class A3 |
12/25/36 | 543,848 | 536,448 | |||||||||
| CFMT LLC Series 2024-NR1, Class A1 |
11/25/29 | 764,407 | 765,599 | |||||||||
| CHL Mortgage Pass-Through Trust Series 2004-HYB4, Class B1 |
09/20/34 | 55,855 | 17,601 | |||||||||
| CHL Mortgage Pass-Through Trust Series 2006-14, Class X
(I/O) |
09/25/36 | 5,308,253 | 22,653 | |||||||||
| CHL Mortgage Pass-Through Trust Series 2006-HYB2, Class 1A1 |
04/20/36 | 479,486 | 360,092 | |||||||||
| CHNGE Mortgage Trust Series 2023-1, Class M1 |
03/25/58 | 460,000 | 458,194 | |||||||||
| CIM Trust Series 2021-R3, Class A1A |
06/25/57 | 500,418 | 465,652 | |||||||||
| CIM Trust Series 2021-R4, Class A1A |
05/01/61 | 503,204 | 477,251 | |||||||||
| CIM Trust Series 2021-R5, Class A1B |
08/25/61 | 1,096,000 | 739,121 | |||||||||
| TCW Strategic Income Fund, Inc. | ||
| SCHEDULE OF INVESTMENTS (Unaudited) | March 31, 2026 | |
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| CIM Trust Series 2025-R1, Class A1 |
02/25/99 | $ | 667,581 | $ | 661,111 | |||||||
| Citigroup Mortgage Loan Trust, Inc. Series 2005-11,
Class A2A |
10/25/35 | 116,713 | 119,490 | |||||||||
| Citigroup Mortgage Loan Trust, Inc. Series 2005-8,
Class 1A1A |
10/25/35 | 271,420 | 216,652 | |||||||||
| CitiMortgage Alternative Loan Trust Series 2006-A3,
Class 1A7 |
07/25/36 | 408,668 | 362,783 | |||||||||
| CitiMortgage Alternative Loan Trust Series 2006-A5,
Class 1A8 |
10/25/36 | 398,743 | 353,383 | |||||||||
| COLT Mortgage Loan Trust Series 2025-7, Class B1 |
06/25/70 | 620,000 | 621,176 | |||||||||
| Conseco Finance Securitizations Corp. Series 1999-6,
Class A1 |
06/01/30 | 1,168,866 | 269,221 | |||||||||
| COOPR Residential Mortgage Trust Series 2025-CES4, Class B1 |
11/25/60 | 420,000 | 419,455 | |||||||||
| Countrywide Alternative Loan Trust Series 2005-46CB, Class A20 (TAC) |
10/25/35 | 434,716 | 296,392 | |||||||||
| Countrywide Alternative Loan Trust Series 2006-8T1, Class 1A2
(I/O) (I/F) |
04/25/36 | 4,687,561 | 491,390 | |||||||||
| Countrywide Asset-Backed Certificates Trust Series 2007-13,
Class 2A1 |
10/25/47 | 325,956 | 301,486 | |||||||||
| Credit Suisse First Boston Mortgage Securities Corp. Series
2005-12, Class 1A1 |
01/25/36 | 948,046 | 197,996 | |||||||||
| Credit-Based Asset Servicing & Securitization LLC Series
2003-CB3, Class AF1 |
12/25/32 | 164,257 | 161,980 | |||||||||
| Credit-Based Asset Servicing & Securitization LLC Series
2006-CB2, Class AF2 |
12/25/36 | 1,607,114 | 1,301,706 | |||||||||
| Cross Mortgage Trust Series 2024-H7, Class B1B |
11/25/69 | 570,000 | 569,986 | |||||||||
| Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR6, Class A6 |
02/25/37 | 219,497 | 193,669 | |||||||||
| Deutsche Alt-B Securities, Inc. Mortgage Loan Trust Series 2006-AB2, Class A2 |
06/25/36 | 677,524 | 617,887 | |||||||||
| DSLA Mortgage Loan Trust Series 2006-AR2, Class 2A1A |
10/19/36 | 289,143 | 196,609 | |||||||||
| EFMT Series 2025-CES1,
Class B1 |
01/25/60 | 670,000 | 675,951 | |||||||||
| Ellington Financial Mortgage Trust Series 2025-NQM1, Class B1B |
01/25/70 | 700,000 | 700,275 | |||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA6, Class B2 |
10/25/41 | 585,000 | 601,795 | |||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA7, Class B2 |
11/25/41 | 470,000 | 486,080 | |||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R06, Class 2B1 |
09/25/39 | 518,376 | 523,670 | |||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2 |
10/25/41 | 805,000 | 821,809 | |||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R02, Class 2B2 |
11/25/41 | 650,000 | 665,108 | |||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1B2 |
12/25/41 | 650,000 | 665,856 | |||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01, Class 1B2 |
12/25/41 | 800,000 | 821,119 | |||||||||
| First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2C |
10/25/36 | 514,924 | 338,556 | |||||||||
| First Horizon Alternative Mortgage Securities Trust Series 2005-AA10, Class 2A1 |
12/25/35 | 110,287 | 83,328 | |||||||||
| Fremont Home Loan Trust Series 2005-A, Class M4 |
01/25/35 | 1,432,275 | 1,330,936 | |||||||||
| GCAT Trust Series 2021-NQM6,
Class A1 |
08/25/66 | 778,861 | 715,048 | |||||||||
| GCAT Trust Series 2025-NQM1,
Class B1 |
11/25/69 | 650,000 | 652,265 | |||||||||
| GCAT Trust Series 2025-NQM4,
Class B1 |
06/25/70 | 560,000 | 563,096 | |||||||||
| GreenPoint Manufactured Housing Series 2000-1,
Class A4 |
03/20/30 | 315,566 | 164,172 | |||||||||
| GSAA Home Equity Trust Series 2006-13,
Class AF6 |
07/25/36 | 1,040,530 | 278,636 | |||||||||
| GSAMP Trust Series 2007-NC1, Class A2C |
12/25/46 | 2,042,926 | 1,013,709 | |||||||||
| GSC Capital Corp. Mortgage Trust Series 2006-2,
Class A1 |
05/25/36 | 128,803 | 127,843 | |||||||||
| TCW Strategic Income Fund, Inc. | ||
| SCHEDULE OF INVESTMENTS (Unaudited) | March 31, 2026 | |
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| GSR Mortgage Loan Trust Series 2005-AR3, Class 6A1 |
05/25/35 | $ | 105,764 | $ | 77,818 | |||||||
| HOMES Trust Series 2024-AFC1,
Class B1 |
08/25/59 | 380,000 | 380,494 | |||||||||
| HSI Asset Loan Obligation Trust Series 2007-2,
Class 2A12 |
09/25/37 | 254,203 | 175,093 | |||||||||
| IndyMac INDX Mortgage Loan Trust Series 2004-AR6,
Class 5A1 |
10/25/34 | 186,038 | 178,591 | |||||||||
| IndyMac INDX Mortgage Loan Trust Series 2005-AR19, Class A1 |
10/25/35 | 323,788 | 258,776 | |||||||||
| IndyMac INDX Mortgage Loan Trust Series 2006-AR9,
Class 1A1 |
06/25/36 | 414,977 | 220,061 | |||||||||
| IndyMac INDX Mortgage Loan Trust Series 2007-AR5,
Class 2A1 |
05/25/37 | 498,614 | 405,293 | |||||||||
| IndyMac INDX Mortgage Loan Trust Series 2007-FLX2, Class A1C |
04/25/37 | 1,042,983 | 935,016 | |||||||||
| JPMorgan Alternative Loan Trust Series 2006-A2,
Class 5A1 |
05/25/36 | 292,743 | 153,032 | |||||||||
| JPMorgan Mortgage Acquisition Trust Series 2006-WF1,
Class A5 |
07/25/36 | 1,751,148 | 441,280 | |||||||||
| JPMorgan Mortgage Trust Series 2004-A6, Class 5A1 |
12/25/34 | 134,787 | 134,990 | |||||||||
| JPMorgan Mortgage Trust Series 2007-S2,
Class 1A1 |
06/25/37 | 145,113 | 48,140 | |||||||||
| JPMorgan Resecuritization Trust Series 2015-4,
Class 2A2 |
06/26/47 | 2,493,198 | 714,452 | |||||||||
| Knock Issuer Trust Series 2025-1, Class A1 |
02/25/30 | 620,000 | 625,637 | |||||||||
| Lehman Mortgage Trust Series 2006-7, Class 2A5 (I/O)
(I/F) |
11/25/36 | 2,866,269 | 324,956 | |||||||||
| Lehman XS Trust Series 2006-10N, Class 1A3A |
07/25/46 | 295,214 | 292,733 | |||||||||
| Lehman XS Trust Series 2006-12N, Class A31A |
08/25/46 | 339,238 | 367,379 | |||||||||
| Long Beach Mortgage Loan Trust Series 2004-4,
Class M1 |
10/25/34 | 230,516 | 225,396 | |||||||||
| MASTR Alternative Loan Trust Series 2006-2, Class 2A2 (I/O)
(I/F) |
03/25/36 | 5,834,445 | 310,425 | |||||||||
| MASTR Alternative Loan Trust Series 2007-HF1,
Class 4A1 |
10/25/47 | 1,046,089 | 407,793 | |||||||||
| MASTR Asset-Backed Securities Trust Series 2007-HE1,
Class A4 |
05/25/37 | 2,000,000 | 1,737,710 | |||||||||
| Merrill Lynch Alternative Note Asset Trust Series 2007-OAR2, Class A2 |
04/25/37 | 436,777 | 354,017 | |||||||||
| Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3,
Class A2B |
06/25/37 | 227,222 | 227,321 | |||||||||
| Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3,
Class A2C |
06/25/37 | 326,506 | 327,654 | |||||||||
| Merrill Lynch Mortgage Investors Trust Series 2006-RM2,
Class A1A |
05/25/37 | 3,635,203 | 1,051,649 | |||||||||
| Merrill Lynch Mortgage-Backed Securities Trust Series 2007-2,
Class 1A1 |
08/25/36 | 73,220 | 63,129 | |||||||||
| New Residential Mortgage Loan Trust Series 2022-NQM2, Class A2 |
03/27/62 | 930,000 | 759,318 | |||||||||
| Nomura Asset Acceptance Corp. Alternative Loan Trust Series
2006-AR1, Class 1A |
02/25/36 | 94,880 | 60,316 | |||||||||
| Oakwood Mortgage Investors, Inc. Series 1999-E,
Class A1 |
03/15/30 | 423,461 | 154,825 | |||||||||
| Oakwood Mortgage Investors, Inc. Series 2000-A,
Class A4 |
09/15/29 | 1,717,630 | 177,397 | |||||||||
| Oakwood Mortgage Investors, Inc. Series 2000-D,
Class A4 |
07/15/30 | 681,680 | 74,147 | |||||||||
| Oakwood Mortgage Investors, Inc. Series 2001-C,
Class A3 |
06/15/31 | 1,671,028 | 89,362 | |||||||||
| Oakwood Mortgage Investors, Inc. Series 2001-D,
Class A3 |
09/15/22 | 452,931 | 146,553 | |||||||||
| PMT Loan Trust Series 2024-INV1,
Class A29 |
10/25/59 | 602,663 | 608,388 | |||||||||
| Pretium Mortgage Credit Partners LLC Series 2025-NPL6, Class A1 |
06/25/55 | 629,322 | 630,762 | |||||||||
| PRPM LLC Series 2024-RPL1,
Class M1 |
12/25/64 | 650,000 | 637,318 | |||||||||
| PRPM LLC Series 2024-RPL2,
Class M1 |
05/25/54 | 900,000 | 867,403 | |||||||||
| RALI Trust Series 2005-QA8, Class CB21 |
07/25/35 | 266,948 | 132,923 | |||||||||
| RALI Trust Series 2006-QS1, Class A3 (PAC) |
01/25/36 | 160,503 | 126,734 | |||||||||
| RALI Trust Series 2006-QS13, Class 1A2 (I/O) (I/F) |
09/25/36 | 1,618,566 | 214,347 | |||||||||
| RALI Trust Series 2006-QS6, Class 1AV (I/O) |
06/25/36 | 2,075,754 | 56,127 | |||||||||
| RALI Trust Series 2006-QS7, Class A2 |
06/25/36 | 213,228 | 170,235 | |||||||||
| RALI Trust Series 2006-QS8, Class A3 |
08/25/36 | 382,465 | 322,430 | |||||||||
| RALI Trust Series 2007-QS2, Class AV (I/O) |
01/25/37 | 4,792,133 | 51,564 | |||||||||
| TCW Strategic Income Fund, Inc. | ||
| SCHEDULE OF INVESTMENTS (Unaudited) | March 31, 2026 | |
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| RALI Trust Series 2007-QS3, Class AV (I/O) |
02/25/37 | $ | 5,785,529 | $ | 81,467 | |||||||
| RALI Trust Series 2007-QS6, Class A62 (TAC) |
04/25/37 | 126,401 | 103,032 | |||||||||
| RCKT Mortgage Trust Class B1, Series
2024-CES8 |
11/25/44 | 700,000 | 710,419 | |||||||||
| RCKT Mortgage Trust Series 2024-CES6,
Class A3 |
09/25/44 | 800,000 | 805,098 | |||||||||
| RCKT Mortgage Trust Series 2024-CES7,
Class B1 |
10/25/44 | 630,000 | 636,489 | |||||||||
| Residential Asset Securitization Trust Series 2005-A15,
Class 4A1 |
02/25/36 | 935,594 | 251,992 | |||||||||
| Residential Asset Securitization Trust Series 2007-A5,
Class AX (I/O) |
05/25/37 | 997,530 | 164,175 | |||||||||
| RFMSI Trust Series 2006-S9, Class AV (I/O) |
09/25/36 | 12,206,405 | 155,405 | |||||||||
| Saxon Asset Securities Trust Series 2007-3,
Class 2A4 |
09/25/47 | 1,326,000 | 1,161,793 | |||||||||
| Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1,
Class AF2 |
01/25/36 | 837,862 | 718,894 | |||||||||
| Securitized Asset-Backed Receivables LLC Trust Series 2007-NC2,
Class A2C |
01/25/37 | 1,494,000 | 1,026,421 | |||||||||
| Shamrock Residential DAC Series 2024-1A, Class C |
12/24/78 | EUR | 575,000 | 660,141 | ||||||||
| Structured Adjustable Rate Mortgage Loan Trust Series 2005-20,
Class 1A1 |
10/25/35 | 74,499 | 69,578 | |||||||||
| Structured Asset Mortgage Investments II Trust Series 2006-AR4,
Class 5A1 |
06/25/36 | 442,693 | 371,296 | |||||||||
| VCAT LLC Series 2026-NPL1,
Class A1 |
01/25/56 | 580,058 | 577,248 | |||||||||
| Verus Securitization Trust Class B1, Series 2023-5 |
06/25/68 | 760,000 | 761,066 | |||||||||
| Verus Securitization Trust Series 2023-4, Class A1 |
05/25/68 | 527,639 | 526,767 | |||||||||
| Verus Securitization Trust Series 2023-7, Class B1 |
10/25/68 | 650,000 | 656,602 | |||||||||
| Verus Securitization Trust Series 2025-3, Class B1 |
05/25/70 | 734,000 | 742,694 | |||||||||
| WaMu Asset-Backed Certificates Trust Series 2007-HE1,
Class 2A3 |
01/25/37 | 1,402,597 | 633,961 | |||||||||
| Wells Fargo Alternative Loan Trust Series 2007-PA2, Class 2A2
(I/O) (I/F) |
06/25/37 | 1,050,290 | 105,165 | |||||||||
| Wells Fargo Mortgage-Backed Securities Trust Series 2007-AR3,
Class A4 |
04/25/37 | $ | 55,859 | 50,017 | ||||||||
|
|
|
|||||||||||
| Total Residential Mortgage-Backed Securities — Non-Agency (Cost: $62,736,837) |
57,556,609 | |||||||||||
|
|
|
|||||||||||
| Total Mortgage-Backed Securities (Cost: $164,538,864) |
156,276,674 | |||||||||||
|
|
|
|||||||||||
| CORPORATE BONDS — 20.0% |
||||||||||||
| Aerospace & Defense — 0.4% |
||||||||||||
| General Electric Co. |
08/15/36 | 735,000 | 691,826 | |||||||||
| TransDigm, Inc. |
01/15/33 | 260,000 | 260,351 | |||||||||
| 6.38%(1) |
05/31/33 | 360,000 | 359,219 | |||||||||
|
|
|
|||||||||||
| 1,311,396 | ||||||||||||
|
|
|
|||||||||||
| Agriculture — 0.3% |
||||||||||||
| Altria Group, Inc. |
02/04/28 | 195,000 | 196,765 | |||||||||
| Imperial Brands Finance PLC (United
Kingdom) |
06/30/28 | 500,000 | 500,450 | |||||||||
| 6.13%(1) |
07/27/27 | 125,000 | 127,546 | |||||||||
|
|
|
|||||||||||
| 824,761 | ||||||||||||
|
|
|
|||||||||||
| Airlines — 0.2% |
||||||||||||
| American Airlines, Inc./AAdvantage Loyalty IP
Ltd. |
04/20/29 | 150,000 | 148,959 | |||||||||
| JetBlue Airways Corp./JetBlue Loyalty
LP |
09/20/31 | 13,000 | 12,299 | |||||||||
| JetBlue Pass-Through Trust Series 2020-1,
Class A |
05/15/34 | 538,252 | 508,034 | |||||||||
|
|
|
|||||||||||
| 669,292 | ||||||||||||
|
|
|
|||||||||||
| Auto Manufacturers — 0.1% |
||||||||||||
| Volkswagen International Finance NV (Germany) |
09/06/32 | EUR | 200,000 | 255,182 | ||||||||
|
|
|
|||||||||||
| Auto Parts & Equipment — 0.0% |
||||||||||||
| Robert Bosch GmbH |
06/02/43 | EUR | 100,000 | 110,562 | ||||||||
|
|
|
|||||||||||
| Banks — 2.1% |
||||||||||||
| Bank of America Corp. |
10/24/31 | 70,000 | 62,056 | |||||||||
| 2.30% (1 day USD SOFR + 1.220%)(5) |
07/21/32 | 145,000 | 128,013 | |||||||||
| 2.65% (1 day USD SOFR + 1.220%)(5) |
03/11/32 | 45,000 | 40,822 | |||||||||
| 3.42% (3 mo. USD Term SOFR + 1.302%)(5) |
12/20/28 | 395,000 | 388,088 | |||||||||
| 4.38% (5 yr. CMT + 2.760%)(5),(11) |
01/27/27 | 140,000 | 137,938 | |||||||||
| Citigroup, Inc. |
11/03/32 | 515,000 | 454,910 | |||||||||
| 6.63% (5 yr. CMT + 3.001%)(5),(11) |
02/15/31 | 140,000 | 140,080 | |||||||||
| Goldman Sachs Group, Inc. |
09/10/27 | 1,350,000 | 1,332,571 | |||||||||
| TCW Strategic Income Fund, Inc. | ||
| SCHEDULE OF INVESTMENTS (Unaudited) | March 31, 2026 | |
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| HSBC Holdings PLC (United Kingdom) |
08/18/31 | $ | 55,000 | $ | 49,627 | |||||||
| JPMorgan Chase & Co. |
04/22/27 | 425,000 | 424,311 | |||||||||
| 1.76% (3 mo. USD Term SOFR + 1.105%)(5) |
11/19/31 | 160,000 | 140,448 | |||||||||
| 2.07% (1 day USD SOFR + 1.015%)(5) |
06/01/29 | 660,000 | 628,003 | |||||||||
| 4.95% (1 day USD SOFR + 1.340%)(5) |
10/22/35 | 90,000 | 89,015 | |||||||||
| 5.50% (1 day USD SOFR + 1.315%)(5) |
01/24/36 | 15,000 | 15,371 | |||||||||
| Morgan Stanley |
07/21/32 | 410,000 | 359,119 | |||||||||
| Morgan Stanley Private Bank NA |
11/17/28 | 270,000 | 269,120 | |||||||||
| 4.47% (1 day USD SOFR + 1.020%)(5) |
11/19/31 | 220,000 | 216,779 | |||||||||
| 4.73% (1 day USD SOFR + 1.080%)(5) |
07/18/31 | 200,000 | 199,496 | |||||||||
| PNC Financial Services Group, Inc. |
09/15/26 | 130,000 | 128,077 | |||||||||
| Santander U.K. Group Holdings PLC (United Kingdom) |
06/14/27 | 55,000 | 54,658 | |||||||||
| U.S. Bancorp |
05/15/31 | 225,000 | 228,251 | |||||||||
| Wells Fargo & Co. |
06/02/28 | 805,000 | 785,817 | |||||||||
| 2.57% (3 mo. USD Term SOFR + 1.262%)(5) |
02/11/31 | 190,000 | 175,910 | |||||||||
| 3.35% (1 day USD SOFR + 1.500%)(5) |
03/02/33 | 20,000 | 18,357 | |||||||||
|
|
|
|||||||||||
| 6,466,837 | ||||||||||||
|
|
|
|||||||||||
| Beverages — 0.2% |
||||||||||||
| Becle SAB de CV (Mexico) |
10/14/31 | 395,000 | 338,476 | |||||||||
| Maple Parent Holdings Corp. |
03/26/35 | EUR | 105,000 | 120,947 | ||||||||
| Primo Water Holdings, Inc./Triton Water Holdings, Inc. |
04/01/29 | 125,000 | 125,265 | |||||||||
|
|
|
|||||||||||
| 584,688 | ||||||||||||
|
|
|
|||||||||||
| Biotechnology — 0.0% |
||||||||||||
| Amgen, Inc. |
03/02/53 | 60,000 | 58,145 | |||||||||
|
|
|
|||||||||||
| Chemicals — 0.2% |
||||||||||||
| International Flavors & Fragrances,
Inc. |
11/01/30 | 725,000 | 645,569 | |||||||||
| 3.27%(1) |
11/15/40 | 15,000 | 11,236 | |||||||||
|
|
|
|||||||||||
| 656,805 | ||||||||||||
|
|
|
|||||||||||
| Commercial Services — 0.7% |
||||||||||||
| AA Bond Co. Ltd. (United
Kingdom) |
07/31/50 | GBP | 100,000 | 127,981 | ||||||||
| Allied Universal Holdco LLC |
02/15/31 | $ | 125,000 | 129,044 | ||||||||
| Global Payments, Inc. |
11/15/28 | 375,000 | 371,602 | |||||||||
| Grand Canyon University |
10/01/28 | 250,000 | 248,633 | |||||||||
| RAC Bond Co. PLC (United
Kingdom) |
05/06/46 | GBP | 100,000 | 139,572 | ||||||||
| Raven Acquisition Holdings LLC |
11/15/31 | 125,000 | 121,291 | |||||||||
| Rentokil Terminix Funding LLC |
04/28/30 | 235,000 | 236,046 | |||||||||
| Rollins, Inc. |
02/24/35 | 370,000 | 369,497 | |||||||||
| Upbound Group, Inc. |
02/15/29 | 125,000 | 121,515 | |||||||||
| VT Topco, Inc. |
08/15/30 | 230,000 | 234,119 | |||||||||
|
|
|
|||||||||||
| 2,099,300 | ||||||||||||
|
|
|
|||||||||||
| Computers — 0.2% |
||||||||||||
| Dell International LLC/EMC Corp. |
04/01/28 | 370,000 | 372,657 | |||||||||
| Gartner, Inc. |
10/01/30 | 50,000 | 45,714 | |||||||||
| NCR Voyix Corp. |
04/15/29 | 128,000 | 122,751 | |||||||||
|
|
|
|||||||||||
| 541,122 | ||||||||||||
|
|
|
|||||||||||
| Cosmetics/Personal Care — 0.1% |
||||||||||||
| Edgewell Personal Care Co. |
06/01/28 | 133,000 | 132,328 | |||||||||
| Opal Bidco SAS (France) |
03/31/32 | 193,000 | 193,446 | |||||||||
|
|
|
|||||||||||
| 325,774 | ||||||||||||
|
|
|
|||||||||||
| Diversified Financial Services — 0.5% |
||||||||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |
01/23/28 | 130,000 | 128,755 | |||||||||
| Air Lease Corp. |
12/01/27 | 120,000 | 118,248 | |||||||||
| American Express Co. |
09/15/26 | 145,000 | 143,370 | |||||||||
| 4.92% (1 day USD SOFR + 1.220%)(5) |
07/20/33 | 150,000 | 150,546 | |||||||||
| Avolon Holdings Funding Ltd.
(Ireland) |
11/18/27 | 179,000 | 173,097 | |||||||||
| EZCORP, Inc. |
04/01/32 | 225,000 | 234,947 | |||||||||
| GGAM Finance Ltd. (Ireland) |
02/15/27 | 115,000 | 116,098 | |||||||||
| 8.00%(1) |
06/15/28 | 117,000 | 121,428 | |||||||||
| Jane Street Group/JSG Finance,
Inc. |
05/01/33 | 315,000 | 319,914 | |||||||||
| 7.13%(1) |
04/30/31 | 96,000 | 98,921 | |||||||||
| Lseg U.S. Fin Corp. (United
Kingdom) |
03/23/36 | 125,000 | 123,854 | |||||||||
|
|
|
|||||||||||
| 1,729,178 | ||||||||||||
|
|
|
|||||||||||
| Electric — 1.5% |
||||||||||||
| Alliant Energy Corp. |
04/01/56 | 505,000 | 491,047 | |||||||||
| TCW Strategic Income Fund, Inc. | ||
| SCHEDULE OF INVESTMENTS (Unaudited) | March 31, 2026 | |
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Alliant Energy Finance LLC |
03/01/32 | $ | 535,000 | $ | 494,902 | |||||||
| Alpha Generation LLC |
01/15/34 | 195,000 | 192,568 | |||||||||
| American Electric Power Co., Inc. |
03/15/56 | 755,000 | 745,729 | |||||||||
| Amprion GmbH (Germany) |
01/15/46 | EUR | 100,000 | 112,927 | ||||||||
| Ausgrid Finance Pty. Ltd.
(Australia) |
12/10/35 | AUD | 150,000 | 100,497 | ||||||||
| CenterPoint Energy, Inc. |
04/01/56 | 205,000 | 202,827 | |||||||||
| Dominion Energy, Inc. |
02/15/56 | 600,000 | 596,178 | |||||||||
| Electricite de France SA |
06/17/44 | EUR | 400,000 | 456,501 | ||||||||
| 7.38% (5 yr. U.K. Government Bond + 3.775%)(5),(6),(11) |
06/17/35 | GBP | 100,000 | 132,855 | ||||||||
| Elia Group SA (Belgium) |
06/11/31 | EUR | 100,000 | 115,145 | ||||||||
| Enel SpA (Italy) |
10/14/34 | EUR | 100,000 | 109,169 | ||||||||
| Entergy Corp. |
06/15/56 | 300,000 | 296,163 | |||||||||
| Southern Co. |
04/01/58 | 365,000 | 367,040 | |||||||||
| Vistra Operations Co. LLC |
04/15/32 | 115,000 | 119,085 | |||||||||
|
|
|
|||||||||||
| 4,532,633 | ||||||||||||
|
|
|
|||||||||||
| Electrical Components & Equipment — 0.1% |
||||||||||||
| Energizer Holdings, Inc. |
09/15/33 | 250,000 | 234,567 | |||||||||
| WESCO Distribution, Inc. |
04/15/31 | 175,000 | 174,064 | |||||||||
|
|
|
|||||||||||
| 408,631 | ||||||||||||
|
|
|
|||||||||||
| Electronics — 0.1% |
||||||||||||
| Amphenol Corp. |
02/15/36 | 250,000 | 241,845 | |||||||||
|
|
|
|||||||||||
| Engineering & Construction — 0.1% |
||||||||||||
| Heathrow Funding Ltd. (United
Kingdom) |
01/16/38 | EUR | 120,000 | 134,001 | ||||||||
| Sydney Airport Finance Co. Pty.
Ltd. |
04/19/34 | AUD | 70,000 | 47,383 | ||||||||
|
|
|
|||||||||||
| 181,384 | ||||||||||||
|
|
|
|||||||||||
| Entertainment — 0.5% |
||||||||||||
| Banijay Entertainment SAS
(France) |
05/01/29 | 200,000 | 206,536 | |||||||||
| Caesars Entertainment, Inc. |
02/15/32 | 125,000 | 123,696 | |||||||||
| Discovery Global Holdings, Inc. |
||||||||||||
| 5.05% |
03/15/42 | 8,000 | 5,350 | |||||||||
| 5.14% |
03/15/52 | 69,000 | 41,897 | |||||||||
| FDJ UNITED (France) |
11/21/33 | EUR | 100,000 | 110,839 | ||||||||
| Flutter Treasury DAC (Ireland) |
06/04/31 | GBP | 125,000 | 160,085 | ||||||||
| Great Canadian Gaming Corp./Raptor LLC
(Canada) |
11/15/29 | 63,000 | 61,487 | |||||||||
| Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada) |
08/01/30 | 147,000 | 141,067 | |||||||||
| Penn Entertainment, Inc. |
01/15/27 | 165,000 | 164,786 | |||||||||
| Rivers Enterprise Borrower LLC |
10/15/30 | 250,000 | 249,830 | |||||||||
| Voyager Parent LLC |
07/01/32 | 245,000 | 255,560 | |||||||||
|
|
|
|||||||||||
| 1,521,133 | ||||||||||||
|
|
|
|||||||||||
| Environmental Control — 0.1% |
||||||||||||
| GFL Environmental, Inc. |
08/01/28 | 250,000 | 243,440 | |||||||||
| Seche Environnement SACA |
01/09/31 | EUR | 100,000 | 112,509 | ||||||||
|
|
|
|||||||||||
| 355,949 | ||||||||||||
|
|
|
|||||||||||
| Food — 0.6% |
||||||||||||
| JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings |
12/01/31 | 540,000 | 506,266 | |||||||||
| Kraft Heinz Foods Co. |
07/15/28 | 210,000 | 217,506 | |||||||||
| Pilgrim’s Pride Corp. |
07/01/33 | 700,000 | 731,724 | |||||||||
| Post Holdings, Inc. |
04/15/30 | 505,000 | 486,113 | |||||||||
|
|
|
|||||||||||
| 1,941,609 | ||||||||||||
|
|
|
|||||||||||
| Gas — 0.3% |
||||||||||||
| AmeriGas Partners LP/AmeriGas Finance Corp. |
||||||||||||
| 9.38%(1) |
06/01/28 | 271,000 | 278,713 | |||||||||
| 9.50%(1) |
06/01/30 | 195,000 | 206,877 | |||||||||
| National Gas Transmission PLC (United
Kingdom) |
04/05/30 | EUR | 215,000 | 253,259 | ||||||||
| Nortegas Energia Grupo SL
(Spain) |
01/21/33 | EUR | 100,000 | 111,720 | ||||||||
| Redexis SA |
05/30/31 | EUR | 100,000 | 115,787 | ||||||||
|
|
|
|||||||||||
| 966,356 | ||||||||||||
|
|
|
|||||||||||
| Health Care-Products — 0.3% |
||||||||||||
| Medline Borrower LP |
04/01/29 | 870,000 | 842,395 | |||||||||
| Sartorius Finance BV (Germany) |
09/14/35 | EUR | 200,000 | 238,547 | ||||||||
|
|
|
|||||||||||
| 1,080,942 | ||||||||||||
|
|
|
|||||||||||
| Health Care-Services — 1.1% |
||||||||||||
| Centene Corp. |
10/15/30 | 248,000 | 217,370 | |||||||||
| Elevance Health, Inc. |
01/15/36 | 425,000 | 416,577 | |||||||||
| HCA, Inc. |
||||||||||||
| 5.63% |
09/01/28 | 100,000 | 102,044 | |||||||||
| 7.05% |
12/01/27 | 235,000 | 244,228 | |||||||||
| HealthEquity, Inc. |
10/01/29 | 265,000 | 256,663 | |||||||||
| Humana, Inc. |
05/01/35 | 200,000 | 197,978 | |||||||||
| TCW Strategic Income Fund, Inc. | ||
| SCHEDULE OF INVESTMENTS (Unaudited) | March 31, 2026 | |
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Kedrion SpA (Italy) |
09/01/29 | $ | 415,000 | $ | 400,512 | |||||||
| ModivCare, Inc. |
10/01/29 | 537,600 | 8,064 | |||||||||
| Molina Healthcare, Inc. |
||||||||||||
| 6.25%(1) |
01/15/33 | 67,000 | 65,007 | |||||||||
| 6.50%(1) |
02/15/31 | 83,000 | 81,894 | |||||||||
| Option Care Health, Inc. |
10/31/29 | 275,000 | 265,856 | |||||||||
| Star Parent, Inc. |
10/01/30 | 375,000 | 390,353 | |||||||||
| Tenet Healthcare Corp. |
11/01/27 | 490,000 | 490,323 | |||||||||
| UnitedHealth Group, Inc. |
07/15/54 | 370,000 | 352,636 | |||||||||
|
|
|
|||||||||||
| 3,489,505 | ||||||||||||
|
|
|
|||||||||||
| Household Products/Wares — 0.1% |
||||||||||||
| Spectrum Brands, Inc. |
03/15/31 | 435,000 | 377,471 | |||||||||
|
|
|
|||||||||||
| Housewares — 0.1% |
||||||||||||
| Central Garden & Pet Co. |
||||||||||||
| 4.13%(1) |
04/30/31 | 100,000 | 93,379 | |||||||||
| 4.13% |
10/15/30 | 24,000 | 22,689 | |||||||||
| Newell Brands, Inc. |
04/01/36 | 165,000 | 152,460 | |||||||||
|
|
|
|||||||||||
| 268,528 | ||||||||||||
|
|
|
|||||||||||
| Insurance — 0.4% |
||||||||||||
| Acrisure LLC/Acrisure Finance,
Inc. |
11/06/30 | 275,000 | 275,709 | |||||||||
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
||||||||||||
| 6.50%(1) |
10/01/31 | 44,000 | 43,444 | |||||||||
| 7.00%(1) |
01/15/31 | 26,000 | 26,237 | |||||||||
| 7.38%(1) |
10/01/32 | 18,000 | 17,702 | |||||||||
| Athene Global Funding |
06/29/26 | 240,000 | 238,375 | |||||||||
| Farmers Exchange Capital |
07/15/28 | 500,000 | 519,535 | |||||||||
| Farmers Insurance Exchange |
11/01/57 | 5,000 | 4,195 | |||||||||
| HUB International Ltd. |
01/31/32 | 104,000 | 106,142 | |||||||||
|
|
|
|||||||||||
| 1,231,339 | ||||||||||||
|
|
|
|||||||||||
| Internet — 1.5% |
||||||||||||
| Airbnb, Inc. |
03/16/36 | 245,000 | 245,154 | |||||||||
| Alphabet, Inc. |
||||||||||||
| 3.50% |
11/06/38 | EUR | 100,000 | 109,354 | ||||||||
| 4.00% |
11/06/44 | EUR | 155,000 | 170,101 | ||||||||
| 4.80% |
02/15/36 | 170,000 | 169,293 | |||||||||
| Amazon.com, Inc. |
||||||||||||
| 4.85% |
03/16/64 | EUR | 385,000 | 441,077 | ||||||||
| 4.88% |
03/13/36 | 170,000 | 168,485 | |||||||||
| 5.80% |
03/13/56 | 395,000 | 394,214 | |||||||||
| Cerved Group SpA (Italy) |
02/15/29 | EUR | 575,000 | 582,139 | ||||||||
| Getty Images, Inc. |
11/15/30 | 125,000 | 113,021 | |||||||||
| ION Platform Finance U.S., Inc./ION Platform Finance SARL |
05/01/29 | 200,000 | 186,084 | |||||||||
| Meta Platforms, Inc. |
||||||||||||
| 4.60% |
11/15/32 | $ | 995,000 | 984,911 | ||||||||
| 4.88% |
11/15/35 | 400,000 | 392,568 | |||||||||
| 5.63% |
11/15/55 | 185,000 | 173,523 | |||||||||
| Snap, Inc. |
||||||||||||
| 6.88%(1) |
03/01/33 | 200,000 | 189,524 | |||||||||
| 6.88%(1) |
03/15/34 | 290,000 | 272,907 | |||||||||
|
|
|
|||||||||||
| 4,592,355 | ||||||||||||
|
|
|
|||||||||||
| Investment Companies — 0.1% |
||||||||||||
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
||||||||||||
| 9.00% |
06/15/30 | 244,000 | 229,363 | |||||||||
| 9.75% |
01/15/29 | 85,000 | 83,718 | |||||||||
| 10.00%(1) |
11/15/29 | 49,000 | 48,262 | |||||||||
|
|
|
|||||||||||
| 361,343 | ||||||||||||
|
|
|
|||||||||||
| Leisure Time — 0.0% |
||||||||||||
| Sabre GLBL, Inc. |
||||||||||||
| 10.75%(1) |
03/15/30 | 25,000 | 20,903 | |||||||||
| 10.75%(1) |
11/15/29 | 20,000 | 17,134 | |||||||||
|
|
|
|||||||||||
| 38,037 | ||||||||||||
|
|
|
|||||||||||
| Lodging — 0.3% |
||||||||||||
| Hyatt Hotels Corp. |
03/30/28 | 310,000 | 313,274 | |||||||||
| Las Vegas Sands Corp. |
06/15/28 | 490,000 | 496,737 | |||||||||
| MGM Resorts International |
04/15/32 | 75,000 | 75,761 | |||||||||
|
|
|
|||||||||||
| 885,772 | ||||||||||||
|
|
|
|||||||||||
| Machinery-Construction & Mining — 0.1% |
||||||||||||
| Eaton Capital ULC |
||||||||||||
| 3.55% |
03/10/34 | EUR | 105,000 | 118,752 | ||||||||
| 4.00% |
03/10/38 | EUR | 100,000 | 114,147 | ||||||||
|
|
|
|||||||||||
| 232,899 | ||||||||||||
|
|
|
|||||||||||
| Machinery-Diversified — 0.0% |
||||||||||||
| Oregon Tool Lux LP |
10/15/29 | 228,735 | 40,198 | |||||||||
|
|
|
|||||||||||
| Media — 1.0% |
||||||||||||
| Belo Corp. |
09/15/27 | 115,000 | 118,468 | |||||||||
| CCO Holdings LLC/CCO Holdings Capital Corp. |
||||||||||||
| 4.25%(1) |
02/01/31 | 215,000 | 195,869 | |||||||||
| 5.38%(1) |
06/01/29 | 250,000 | 246,805 | |||||||||
| 7.00%(1) |
02/01/33 | 61,000 | 61,304 | |||||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital |
||||||||||||
| 2.80% |
04/01/31 | 165,000 | 148,145 | |||||||||
| 3.70% |
04/01/51 | 198,000 | 122,964 | |||||||||
| 5.75% |
04/01/48 | 220,000 | 184,279 | |||||||||
| 6.65% |
02/01/34 | 170,000 | 177,480 | |||||||||
| CSC Holdings LLC |
||||||||||||
| 6.50%(1) |
02/01/29 | 418,000 | 267,173 | |||||||||
| 11.75%(1) |
01/31/29 | 191,000 | 138,425 | |||||||||
| DISH DBS Corp. |
07/01/26 | 75,000 | 74,871 | |||||||||
| DISH Network Corp. |
11/15/27 | 150,000 | 154,629 | |||||||||
| Midcontinent Communications |
08/15/32 | 75,000 | 70,180 | |||||||||
| TCW Strategic Income Fund, Inc. | ||
| SCHEDULE OF INVESTMENTS (Unaudited) | March 31, 2026 | |
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Sinclair Television Group, Inc. |
02/15/33 | $ | 195,000 | $ | 198,900 | |||||||
| Sirius XM Radio LLC |
08/01/27 | 205,000 | 204,793 | |||||||||
| Virgin Media O2 Vendor Financing Notes VI
DAC |
03/15/33 | 161,000 | 140,487 | |||||||||
| Virgin Media Secured Finance PLC (United
Kingdom) |
05/15/29 | 140,000 | 134,351 | |||||||||
| VZ Secured Financing BV
(Netherlands) |
01/15/32 | 615,000 | 529,109 | |||||||||
|
|
|
|||||||||||
| 3,168,232 | ||||||||||||
|
|
|
|||||||||||
| Miscellaneous Manufacturers — 0.1% |
||||||||||||
| Dyno Nobel Ltd. (Australia) |
11/08/32 | AUD | 180,000 | 118,445 | ||||||||
| Smiths Group PLC (United
Kingdom) |
11/13/33 | EUR | 110,000 | 122,283 | ||||||||
|
|
|
|||||||||||
| 240,728 | ||||||||||||
|
|
|
|||||||||||
| Office/Business Equipment — 0.1% |
||||||||||||
| Xerox Corp. |
10/15/30 | 255,000 | 198,900 | |||||||||
|
|
|
|||||||||||
| Oil & Gas — 0.2% |
||||||||||||
| KazMunayGas National Co. JSC
(Kazakhstan) |
04/14/33 | 200,000 | 178,854 | |||||||||
| Sunoco LP |
||||||||||||
| 5.63%(1) |
07/15/34 | 40,000 | 39,399 | |||||||||
| 7.88% (5 yr. CMT + 4.230%)(1),(5),(11) |
09/18/30 | 375,000 | 382,658 | |||||||||
| Transocean International Ltd. |
02/15/30 | 70,000 | 73,081 | |||||||||
|
|
|
|||||||||||
| 673,992 | ||||||||||||
|
|
|
|||||||||||
| Oil & Gas Services — 0.2% |
||||||||||||
| Archrock Partners LP/Archrock Partners Finance
Corp. |
09/01/32 | 250,000 | 255,450 | |||||||||
| Baker Hughes Holdings LLC/Baker Hughes Co-Obligor,
Inc. |
03/11/46 | EUR | 105,000 | 119,904 | ||||||||
| Kodiak Gas Services LLC |
10/01/33 | 250,000 | 252,695 | |||||||||
|
|
|
|||||||||||
| 628,049 | ||||||||||||
|
|
|
|||||||||||
| Packaging & Containers — 0.3% |
||||||||||||
| Amcor Flexibles North America, Inc. |
03/17/28 | 140,000 | 140,925 | |||||||||
| Amcor U.K. Finance PLC (Australia) |
02/20/33 | EUR | 225,000 | 250,555 | ||||||||
| Ardagh Group SA |
12/01/30 | 30,000 | 31,380 | |||||||||
| Ardagh Group SA (5.50% Cash or 6.50% PIK) due 5/30/26 |
12/01/30 | 85,000 | 71,509 | |||||||||
| Berry Global, Inc. |
||||||||||||
| 1.65% |
01/15/27 | 149,000 | 145,931 | |||||||||
| 4.88%(1) |
07/15/26 | 40,000 | 40,012 | |||||||||
| 5.50% |
04/15/28 | 95,000 | 96,849 | |||||||||
| 5.65% |
01/15/34 | 30,000 | 30,693 | |||||||||
| Graphic Packaging International
LLC |
07/15/32 | 70,000 | 69,873 | |||||||||
| Sealed Air Corp. |
07/15/32 | 70,000 | 74,027 | |||||||||
|
|
|
|||||||||||
| 951,754 | ||||||||||||
|
|
|
|||||||||||
| Pharmaceuticals — 0.8% |
||||||||||||
| 1261229 BC Ltd. |
04/15/32 | 240,000 | 244,668 | |||||||||
| Bayer U.S. Finance II LLC
(Germany) |
06/25/38 | $ | 515,000 | 460,039 | ||||||||
| CVS Health Corp. |
||||||||||||
| 4.78% |
03/25/38 | 50,000 | 46,093 | |||||||||
| 6.75% (5 yr. CMT + 2.516%)(5) |
12/10/54 | 375,000 | 378,761 | |||||||||
| Grifols SA (Spain) |
05/01/30 | EUR | 203,000 | 242,258 | ||||||||
| Jazz Securities DAC |
01/15/29 | 460,000 | 447,654 | |||||||||
| Novartis Capital Corp. |
03/18/36 | 365,000 | 364,234 | |||||||||
| Teva Pharmaceutical Finance Netherlands III BV (Israel) |
12/01/32 | 309,000 | 317,683 | |||||||||
| Teva Pharmaceutical Finance Netherlands IV BV (Israel) |
12/01/30 | 58,000 | 58,908 | |||||||||
|
|
|
|||||||||||
| 2,560,298 | ||||||||||||
|
|
|
|||||||||||
| Pipelines — 0.7% |
||||||||||||
| CQP Holdco LP/BIP-V Chinook Holdco LLC |
06/15/31 | 200,000 | 195,558 | |||||||||
| Energy Transfer LP |
02/15/28 | 634,000 | 632,269 | |||||||||
| Global Partners LP/GLP Finance Corp. |
||||||||||||
| 6.88% |
01/15/29 | 275,000 | 276,238 | |||||||||
| 7.13%(1) |
07/01/33 | 167,000 | 168,523 | |||||||||
| ITT Holdings LLC |
08/01/29 | 100,000 | 97,548 | |||||||||
| NGL Energy Operating LLC/NGL Energy Finance
Corp. |
02/15/32 | 210,000 | 217,123 | |||||||||
| Venture Global LNG, Inc. |
09/30/29 | 203,000 | 202,267 | |||||||||
| Venture Global Plaquemines LNG LLC |
||||||||||||
| 6.50%(1) |
01/15/34 | 38,000 | 39,645 | |||||||||
| 6.75%(1) |
01/15/36 | 258,000 | 273,297 | |||||||||
|
|
|
|||||||||||
| 2,102,468 | ||||||||||||
|
|
|
|||||||||||
| Real Estate — 0.3% |
||||||||||||
| Blackstone Property Partners Europe Holdings SARL (Luxembourg) |
05/04/28 | EUR | 150,000 | 163,139 | ||||||||
| DVI Deutsche Vermoegens- & Immobilienverwaltungs GmbH |
08/21/30 | EUR | 100,000 | 114,797 | ||||||||
| Finco Opal Sarl (Luxemburg) |
03/02/30 | EUR | 500,000 | 570,103 | ||||||||
| Vonovia SE (Germany) |
||||||||||||
| 1.50%(6) |
06/14/41 | EUR | 200,000 | 147,804 | ||||||||
| 5.72%(6) |
09/03/35 | AUD | 60,000 | 38,850 | ||||||||
| Zhenro Properties Group Ltd.
(China) |
01/07/26 | 200,000 | 828 | |||||||||
|
|
|
|||||||||||
| 1,035,521 | ||||||||||||
|
|
|
|||||||||||
| REIT — 1.3% |
||||||||||||
| American Assets Trust LP |
02/01/31 | 270,000 | 243,610 | |||||||||
| American Tower Corp. |
||||||||||||
| 2.90% |
01/15/30 | 495,000 | 465,181 | |||||||||
| 5.90% |
11/15/33 | 245,000 | 256,672 | |||||||||
| Americold Realty Operating Partnership LP |
05/15/32 | 370,000 | 365,394 | |||||||||
| TCW Strategic Income Fund, Inc. | ||
| SCHEDULE OF INVESTMENTS (Unaudited) | March 31, 2026 | |
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Digital Dutch Finco BV (REIT) |
03/15/35 | EUR | 135,000 | $ | 148,260 | |||||||
| Equinix Asia Financing Corp. Pte. Ltd. (REIT) |
03/15/31 | 130,000 | 127,404 | |||||||||
| Equinix Europe 2 Financing Corp. LLC (REIT) |
11/22/34 | EUR | 155,000 | 169,227 | ||||||||
| Extra Space Storage LP |
10/15/31 | 56,000 | 49,058 | |||||||||
| GLP Capital LP/GLP Financing II, Inc. |
||||||||||||
| 5.30% |
01/15/29 | 55,000 | 55,538 | |||||||||
| 5.75% |
06/01/28 | 345,000 | 350,703 | |||||||||
| Healthcare Realty Holdings LP |
02/15/30 | 130,000 | 122,382 | |||||||||
| Host Hotels & Resorts LP (REIT) |
06/15/32 | 105,000 | 107,726 | |||||||||
| Hudson Pacific Properties LP |
||||||||||||
| 3.95% |
11/01/27 | 313,000 | 296,583 | |||||||||
| 5.95% |
02/15/28 | 5,000 | 4,750 | |||||||||
| Invitation Homes Operating Partnership LP |
08/15/31 | 95,000 | 81,486 | |||||||||
| Iron Mountain Information Management Services,
Inc. |
07/15/32 | 420,000 | 397,039 | |||||||||
| LXP Industrial Trust |
09/15/30 | 275,000 | 251,006 | |||||||||
| Phillips Edison Grocery Center Operating Partnership I LP (REIT) |
03/15/33 | 245,000 | 239,029 | |||||||||
| VICI Properties LP/VICI Note Co.,
Inc. |
01/15/28 | 33,000 | 32,808 | |||||||||
| VICI Properties LP/VICI Notes Co., Inc. |
||||||||||||
| 3.88%(1) |
02/15/29 | 50,000 | 48,621 | |||||||||
| 4.13%(1) |
08/15/30 | 7,000 | 6,711 | |||||||||
| WP Carey, Inc. (REIT) |
05/10/35 | EUR | 155,000 | 167,286 | ||||||||
|
|
|
|||||||||||
| 3,986,474 | ||||||||||||
|
|
|
|||||||||||
| Retail — 0.6% |
||||||||||||
| Asbury Automotive Group, Inc. |
11/15/29 | 50,000 | 48,366 | |||||||||
| BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. |
07/01/32 | 190,000 | 171,562 | |||||||||
| Ferrellgas LP/Ferrellgas Finance Corp. |
||||||||||||
| 5.88%(1) |
04/01/29 | 130,000 | 124,722 | |||||||||
| 9.25%(1) |
01/15/31 | 352,000 | 367,474 | |||||||||
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. |
01/15/30 | 40,000 | 37,392 | |||||||||
| FirstCash, Inc. |
01/01/30 | 280,000 | 278,457 | |||||||||
| HOA RoyaltyCo LLC Series 2025-1,
Class A-2I |
11/22/55 | 566,849 | 11,337 | |||||||||
| Michaels Cos., Inc. |
||||||||||||
| 8.50%(1) |
03/15/33 | 265,000 | 258,394 | |||||||||
| 11.00%(1) |
03/15/34 | 25,000 | 23,359 | |||||||||
| Papa John’s International,
Inc. |
09/15/29 | 135,000 | 128,894 | |||||||||
| Staples, Inc. |
09/01/29 | 55,000 | 51,113 | |||||||||
| Stonegate Pub Co. Financing PLC (United Kingdom) |
07/31/29 | EUR | 100,000 | 112,967 | ||||||||
| Suburban Propane Partners LP/Suburban Energy Finance Corp. |
12/15/35 | $ | 250,000 | 243,582 | ||||||||
|
|
|
|||||||||||
| 1,857,619 | ||||||||||||
|
|
|
|||||||||||
| Semiconductors — 0.1% |
||||||||||||
| Foundry JV Holdco LLC |
01/25/31 | 70,000 | 71,572 | |||||||||
| Intel Corp. |
||||||||||||
| 2.00% |
08/12/31 | 205,000 | 177,630 | |||||||||
| 5.70% |
02/10/53 | 25,000 | 23,041 | |||||||||
|
|
|
|||||||||||
| 272,243 | ||||||||||||
|
|
|
|||||||||||
| Software — 0.9% |
||||||||||||
| Cloud Software Group, Inc. |
06/30/32 | 277,000 | 263,435 | |||||||||
| Fiserv, Inc. |
||||||||||||
| 4.55% |
02/15/31 | 125,000 | 122,470 | |||||||||
| 5.25% |
08/11/35 | 215,000 | 209,131 | |||||||||
| 5.45% |
03/15/34 | 215,000 | 213,970 | |||||||||
| 5.63% |
08/21/33 | 65,000 | 65,718 | |||||||||
| Open Text Corp. (Canada) |
12/01/27 | 580,000 | 596,205 | |||||||||
| Open Text Holdings, Inc.
(Canada) |
12/01/31 | 270,000 | 230,431 | |||||||||
| Paychex, Inc. |
04/15/32 | 250,000 | 251,400 | |||||||||
| RingCentral, Inc. |
08/15/30 | 115,000 | 120,369 | |||||||||
| Salesforce, Inc. |
||||||||||||
| 4.65% |
03/15/29 | 120,000 | 120,244 | |||||||||
| 5.55% |
03/15/36 | 245,000 | 244,321 | |||||||||
| TeamSystem SpA (Italy) |
07/01/31 | EUR | 110,000 | 117,243 | ||||||||
| UKG, Inc. |
02/01/31 | 125,000 | 122,638 | |||||||||
|
|
|
|||||||||||
| 2,677,575 | ||||||||||||
|
|
|
|||||||||||
| Telecommunications — 0.8% |
||||||||||||
| Altice Financing SA (Luxembourg) |
07/15/27 | 366,000 | 270,796 | |||||||||
| Altice France SA |
||||||||||||
| 6.50%(1) |
04/15/32 | 69,261 | 65,546 | |||||||||
| 9.50%(1) |
11/01/29 | 51,656 | 52,313 | |||||||||
| EchoStar Corp. |
11/30/29 | 80,000 | 86,483 | |||||||||
| Global Switch Finance BV (United
Kingdom) |
10/07/30 | EUR | 315,000 | 335,167 | ||||||||
| T-Mobile USA, Inc. |
02/15/36 | 1,080,000 | 1,063,390 | |||||||||
| Vmed O2 U.K. Financing I PLC (United
Kingdom) |
07/15/31 | 271,000 | 233,415 | |||||||||
| Windstream Services LLC/Windstream Escrow Finance Corp. |
10/01/31 | 83,000 | 87,000 | |||||||||
| Zayo Group Holdings, Inc. (5.75% Cash or 0.50% PIK) due 3/29/27 |
03/09/30 | 176,909 | 175,906 | |||||||||
|
|
|
|||||||||||
| 2,370,016 | ||||||||||||
|
|
|
|||||||||||
| Transportation — 0.1% |
||||||||||||
| Aurizon Network Pty. Ltd.
(Australia) |
09/02/30 | AUD | 290,000 | 174,928 | ||||||||
| TCW Strategic Income Fund, Inc. | ||
| SCHEDULE OF INVESTMENTS (Unaudited) | March 31, 2026 | |
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Pacific National Finance Pty. Ltd. (Australia) |
09/24/29 | AUD | 280,000 | $ | 174,779 | |||||||
|
|
|
|||||||||||
| 349,707 | ||||||||||||
|
|
|
|||||||||||
| Water — 0.2% |
||||||||||||
| DWR Cymru Financing U.K. PLC |
03/31/34 | GBP | 125,000 | 122,873 | ||||||||
| Severn Trent Utilities Finance
PLC |
08/04/37 | EUR | 105,000 | 116,471 | ||||||||
| United Utilities Water Finance PLC (United
Kingdom) |
05/23/34 | EUR | 115,000 | 129,932 | ||||||||
| Yorkshire Water Finance PLC (United
Kingdom) |
11/18/34 | GBP | 180,000 | 239,543 | ||||||||
|
|
|
|||||||||||
| 608,819 | ||||||||||||
|
|
|
|||||||||||
| Total Corporate Bonds (Cost: $69,429,805) |
62,063,366 | |||||||||||
|
|
|
|||||||||||
| FOREIGN GOVERNMENT BONDS — 3.0% |
||||||||||||
| Abu Dhabi Government International
Bonds |
04/30/54 | 200,000 | 191,292 | |||||||||
| Brazil Government International Bonds |
03/15/34 | 200,000 | 199,890 | |||||||||
| Colombia Government International Bonds |
11/14/35 | 200,000 | 209,602 | |||||||||
| Guatemala Government Bonds |
||||||||||||
| 3.70%(6) |
10/07/33 | 200,000 | 174,574 | |||||||||
| 6.25%(6) |
08/15/36 | 200,000 | 204,184 | |||||||||
| Kuwait International Government
Bonds |
10/09/35 | 300,000 | 287,730 | |||||||||
| Mexico Government International Bonds |
09/22/35 | 284,000 | 274,685 | |||||||||
| New South Wales Treasury Corp. |
02/24/38 | AUD | 965,000 | 632,198 | ||||||||
| Qatar Government International
Bonds |
04/23/48 | 200,000 | 184,176 | |||||||||
| Queensland Treasury Corp. |
08/13/38 | AUD | 335,000 | 217,983 | ||||||||
| Saudi Government International
Bonds |
01/12/36 | 300,000 | 291,588 | |||||||||
| Treasury Corp. of Victoria |
11/20/37 | AUD | 330,000 | 153,167 | ||||||||
| U.K. Gilts |
03/07/28 | GBP | 4,830,000 | 6,371,356 | ||||||||
|
|
|
|||||||||||
| Total Foreign Government Bonds (Cost: $9,484,966) |
9,392,425 | |||||||||||
|
|
|
|||||||||||
| U.S. TREASURY SECURITIES — 0.3% |
||||||||||||
| U.S. Treasury Notes |
||||||||||||
| 3.38% |
02/29/28 | 23,000 | 22,822 | |||||||||
| 3.88% |
03/31/28 | 665,000 | 666,052 | |||||||||
| 3.88% |
03/31/31 | 260,000 | 259,188 | |||||||||
|
|
|
|||||||||||
| Total U.S. Treasury Securities (Cost: $946,044) |
948,062 | |||||||||||
|
|
|
|||||||||||
| BANK LOANS — 0.1% |
||||||||||||
| Health Care-Services — 0.1% |
||||||||||||
| ModivCare Buyer LLC Super Senior Term Loan |
12/29/30 | 169,575 | 170,141 | |||||||||
| ModivCare Buyer LLC Takeback Term Loan |
12/30/32 | 104,455 | 98,187 | |||||||||
|
|
|
|||||||||||
| 268,328 | ||||||||||||
|
|
|
|||||||||||
| Machinery-Diversified — 0.0% |
||||||||||||
| Oregon Tool, Inc. 2025 2nd Lien Term Loan |
10/15/29 | $ | 237,630 | 168,815 | ||||||||
|
|
|
|||||||||||
| Total Bank Loans (Cost: $507,623) |
437,143 | |||||||||||
|
|
|
|||||||||||
| Total Fixed Income Securities (Cost: $280,855,904) |
260,368,866 | |||||||||||
|
|
|
|||||||||||
| CONVERTIBLE SECURITIES — 0.2% |
||||||||||||
| CONVERTIBLE CORPORATE BONDS — 0.2% |
||||||||||||
| Beverages — 0.1% |
||||||||||||
| Davide Campari-Milano NV (Italy) |
01/17/29 | EUR | 200,000 | 224,467 | ||||||||
|
|
|
|||||||||||
| Commercial Services — 0.0% |
||||||||||||
| Worldline SA (France) |
07/30/26 | EUR | 43,241 | 50,572 | ||||||||
|
|
|
|||||||||||
| Engineering & Construction — 0.0% |
||||||||||||
| Cellnex Telecom SA |
11/20/31 | EUR | 200,000 | 205,276 | ||||||||
|
|
|
|||||||||||
| Internet — 0.1% |
||||||||||||
| Delivery Hero SE |
01/15/28 | EUR | 200,000 | 215,187 | ||||||||
|
|
|
|||||||||||
| Total Convertible Corporate Bonds (Cost: $686,133) |
695,502 | |||||||||||
|
|
|
|||||||||||
| Total Convertible Securities (Cost: $686,133) |
695,502 | |||||||||||
|
|
|
|||||||||||
| COMMON STOCK — 1.6% |
||||||||||||
| Shares | ||||||||||||
| Agriculture — 0.3% |
||||||||||||
| British American Tobacco PLC (SP ADR) |
15,706 | 918,330 | ||||||||||
|
|
|
|||||||||||
| Health Care-Services — 0.0% |
||||||||||||
| ModivCare, Inc.(12) |
16,996 | 110,474 | ||||||||||
|
|
|
|||||||||||
| Packaging & Containers — 0.0% |
||||||||||||
| Ardagh Holdings SA(12) |
13,307 | 98,139 | ||||||||||
|
|
|
|||||||||||
| REIT — 1.0% |
||||||||||||
| AGNC Investment Corp. |
144,641 | 1,450,749 | ||||||||||
| Annaly Capital Management, Inc. |
41,441 | 876,477 | ||||||||||
| Redwood Trust, Inc. |
61,963 | 347,612 | ||||||||||
| Rithm Capital Corp. |
55,339 | 524,614 | ||||||||||
|
|
|
|||||||||||
| 3,199,452 | ||||||||||||
|
|
|
|||||||||||
| Telecommunications — 0.3% |
||||||||||||
| Verizon Communications, Inc. |
15,224 | 764,245 | ||||||||||
|
|
|
|||||||||||
| Total Common Stock (Cost: $6,253,594) |
5,090,640 | |||||||||||
|
|
|
|||||||||||
| INVESTMENT COMPANIES — 10.2% |
||||||||||||
| TCW Private Asset Income Fund — I Class(13) |
3,186,649 | 31,770,890 | ||||||||||
|
|
|
|||||||||||
| Total Investment Companies (Cost: $31,815,539) |
31,770,890 | |||||||||||
|
|
|
|||||||||||
| TCW Strategic Income Fund, Inc. | ||
| SCHEDULE OF INVESTMENTS (Unaudited) | March 31, 2026 | |
| Security |
Shares | Value | ||||||
| MONEY MARKET INVESTMENTS — 14.6% |
||||||||
| State Street Institutional U.S. Government Money Market Fund — Premier Class, |
1,734,327 | $ | 1,734,327 | |||||
| TCW Central Cash Fund, |
43,666,318 | 43,666,318 | ||||||
|
|
|
|||||||
| Total Money Market Investments (Cost: $45,400,645) |
45,400,645 | |||||||
|
|
|
|||||||
| Total Investments (110.4%) (Cost: $365,011,815) |
343,326,543 | |||||||
| Liabilities In Excess Of Other Assets (-10.4%) |
(32,404,410 | ) | ||||||
|
|
|
|||||||
| Net Assets (100.0%) |
$ | 310,922,133 | ||||||
|
|
|
|||||||
| TCW Strategic Income Fund, Inc. | ||
| SCHEDULE OF INVESTMENTS (Unaudited) | March 31, 2026 | |
FUTURES CONTRACTS
| Number of |
Type |
Expiration Date |
Notional Contract Value |
Value | Net Unrealized Appreciation (Depreciation) |
|||||||||||||
| Long Futures |
| |||||||||||||||||
| 220 |
5-Year U.S. Treasury Note Futures | 06/30/26 | $ | 24,101,182 | $ | 23,799,531 | $ | (301,651 | ) | |||||||||
|
|
|
|
|
|
|
|||||||||||||
| $ | 24,101,182 | $ | 23,799,531 | $ | (301,651 | ) | ||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Short Futures |
| |||||||||||||||||
| 17 |
10-Year Australian Bond Futures | 06/15/26 | $ | (1,256,062 | ) | $ | (1,254,610 | ) | $ | 1,452 | ||||||||
| 278 |
10-Year U.S. Treasury Note Futures | 06/18/26 | (32,128,841 | ) | (31,557,344 | ) | 571,497 | |||||||||||
| 126 |
2-Year U.S. Treasury Note Futures | 06/30/26 | (26,326,836 | ) | (26,138,109 | ) | 188,727 | |||||||||||
| 15 |
3-Year Australian Bond Futures | 06/15/26 | (1,067,196 | ) | (1,064,899 | ) | 2,297 | |||||||||||
| 6 |
30-Year Euro-Buxl Futures | 06/08/26 | (770,559 | ) | (762,249 | ) | 8,310 | |||||||||||
| 23 |
Euro Schatz Futures | 06/08/26 | (2,818,813 | ) | (2,802,438 | ) | 16,375 | |||||||||||
| 8 |
Euro-Bobl Futures | 06/08/26 | (1,073,159 | ) | (1,063,987 | ) | 9,172 | |||||||||||
| 20 |
Euro-Bund Futures | 06/08/26 | (2,963,053 | ) | (2,889,487 | ) | 73,566 | |||||||||||
| 5 |
Long Gilt Futures | 06/26/26 | (608,505 | ) | (578,843 | ) | 29,662 | |||||||||||
| 85 |
U.S. Ultra Long Bond Futures | 06/18/26 | (10,197,522 | ) | (9,907,813 | ) | 289,709 | |||||||||||
|
|
|
|
|
|
|
|||||||||||||
| $ | (79,210,546 | ) | $ | (78,019,779 | ) | $ | 1,190,767 | |||||||||||
|
|
|
|
|
|
|
|||||||||||||
FORWARD CURRENCY EXCHANGE CONTRACTS
| Counterparty |
Contracts to Deliver |
Units of Currency |
Settlement Date |
In Exchange for USD |
Contracts at Value | Unrealized Appreciation (Depreciation) |
||||||||||||||||||
| BUY(15) |
||||||||||||||||||||||||
| JP Morgan Chase Bank |
AUD | 2,617,301 | 04/01/26 | $ | 1,801,750 | $ | 1,792,589 | $ | (9,161 | ) | ||||||||||||||
| Citibank N.A. |
EUR | 245,270 | 04/01/26 | 283,846 | 282,599 | (1,247 | ) | |||||||||||||||||
| Goldman Sachs & Co. |
EUR | 9,447,070 | 04/01/26 | 10,899,947 | 10,884,912 | (15,035 | ) | |||||||||||||||||
| Citibank N.A. |
GBP | 7,307,942 | 04/01/26 | 9,730,524 | 9,636,978 | (93,546 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | 22,716,067 | $ | 22,597,078 | $ | (118,989 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| SELL(16) |
||||||||||||||||||||||||
| Citibank N.A. |
AUD | 150,915 | 04/01/26 | $ | 101,625 | $ | 103,362 | $ | (1,737 | ) | ||||||||||||||
| Goldman Sachs & Co. |
AUD | 152,695 | 04/01/26 | 101,965 | 104,581 | (2,616 | ) | |||||||||||||||||
| JP Morgan Chase Bank |
AUD | 2,313,691 | 04/01/26 | 1,552,871 | 1,584,647 | (31,776 | ) | |||||||||||||||||
| JP Morgan Chase Bank |
AUD | 2,536,776 | 06/26/26 | 1,743,388 | 1,735,235 | 8,153 | ||||||||||||||||||
| JP Morgan Chase Bank |
EUR | 1,000,794 | 04/01/26 | 1,170,224 | 1,153,114 | 17,110 | ||||||||||||||||||
| Barclays Capital |
EUR | 299,972 | 04/01/26 | 353,099 | 345,628 | 7,471 | ||||||||||||||||||
| Bank Of America |
EUR | 6,442,105 | 04/01/26 | 7,583,588 | 7,422,593 | 160,995 | ||||||||||||||||||
| Citibank N.A. |
EUR | 928,761 | 04/01/26 | 1,094,118 | 1,070,117 | 24,001 | ||||||||||||||||||
| Bank of New York |
EUR | 811,181 | 04/01/26 | 953,845 | 934,643 | 19,202 | ||||||||||||||||||
| Goldman Sachs & Co. |
EUR | 209,526 | 04/01/26 | 244,335 | 241,416 | 2,919 | ||||||||||||||||||
| Goldman Sachs & Co. |
EUR | 9,341,893 | 06/26/26 | 10,806,780 | 10,805,158 | 1,622 | ||||||||||||||||||
| Bank of New York |
EUR | 187,522 | 06/26/26 | 216,731 | 216,894 | (163 | ) | |||||||||||||||||
| JP Morgan Chase Bank |
GBP | 1,237,827 | 04/01/26 | 1,651,911 | 1,632,321 | 19,590 | ||||||||||||||||||
| Bank of New York |
GBP | 2,343,662 | 04/01/26 | 3,172,738 | 3,090,585 | 82,153 | ||||||||||||||||||
| Citibank N.A. |
GBP | 102,081 | 04/01/26 | 137,065 | 134,614 | 2,451 | ||||||||||||||||||
| Goldman Sachs & Co. |
GBP | 3,624,372 | 04/01/26 | 4,795,606 | 4,779,457 | 16,149 | ||||||||||||||||||
| Citibank N.A. |
GBP | 7,307,942 | 06/26/26 | 9,727,309 | 9,634,062 | 93,247 | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | 45,407,198 | $ | 44,988,427 | $ | 418,771 | |||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| TCW Strategic Income Fund, Inc. | ||
| SCHEDULE OF INVESTMENTS (Unaudited) | March 31, 2026 | |
| Notes to the Schedule of Investments: | ||||
| ABS | Asset-Backed Securities. | |||
| ACES | Alternative Credit Enhancement Securities. | |||
| AUD | Australian Dollar. | |||
| CLO | Collateralized Loan Obligation. | |||
| CMT | Constant Maturity Treasury Index. | |||
| EUR | Euro Currency. | |||
| EURIBOR | Euro Interbank Offered Rate. | |||
| GBP | British Pound Sterling. | |||
| I/F | Inverse Floating rate security whose interest rate moves in the opposite direction of prevailing interest rates. | |||
| I/O | Interest Only Security. | |||
| LIBOR | London Interbank Offered Rate. | |||
| PAC | Planned Amortization Class. | |||
| PIK | Payment In Kind. | |||
| REMIC | Real Estate Mortgage Investment Conduits. | |||
| SOFR | Secured Overnight Financing Rate. | |||
| SONIA | Sterling Overnight Index Average. | |||
| STACR | Structured Agency Credit Risk. | |||
| STRIPS | Separate Trading of Registered Interest and Principal Securities. | |||
| TAC | Target Amortization Class. | |||
| TBA | To Be Announced. | |||
| USD | United States Dollar. | |||
| (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, 2026, the value of these securities amounted to $107,970,173 or 34.7% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors. | |||
| (2) | This security is a residual or equity position that does not have a stated interest rate. This residual or equity position is entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debt holders and fund expenses. | |||
| (3) | Security is not accruing interest. | |||
| (4) | 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. | |||
| (5) | Floating or variable rate security. The interest shown reflects the rate in effect at March 31, 2026. | |||
| (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, 2026, the value of these securities amounted to $18,610,104 or 6.0% of net assets. | |||
| (7) | For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs. | |||
| (8) | Security purchased on a forward commitment with an approximate principal amount. The actual principal amount and maturity date will be determined upon settlement when the security is delivered. | |||
| (9) | The maturity date of the security has been extended past the date disclosed. The new maturity date is not known as of March 31, 2026. | |||
| (10) | 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. | |||
| (11) | Perpetual maturity. | |||
| (12) | Non-income producing security. | |||
| (13) | Affiliated issuer. | |||
| (14) | Rate disclosed is the 7-day net yield as of March 31, 2026. | |||
| (15) | Fund buys foreign currency, sells USD. | |||
| (16) | Fund sells foreign currency, buys USD. |
| TCW Strategic Income Fund, Inc. | ||
| SCHEDULE OF INVESTMENTS (Unaudited) | March 31, 2026 | |
The summary of the TCW Strategic Income Fund transactions in the affiliated funds for the period ended March 31, 2026 is as follows:
| Name of Affiliated Fund |
Value at December 31, 2025 |
Purchases at Cost |
Proceeds from Sales |
Number of Shares Held March 31, 2026 |
Value at March 31, 2026 |
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 |
$ | 10,566,318 | $ | 59,600,000 | $ | 26,500,000 | 43,666,318 | 43,666,318 | $ | 88,815 | $ | — | $ | — | $ | — | ||||||||||||||||||||
| TCW Private Asset Income Fund — I Class |
6,816,389 | 25,000,000 | — | 3,186,649 | 31,770,890 | 197,492 | — | — | (45,499 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| Total |
$ | 75,437,208 | $ | 286,307 | $ | — | $ | — | $ | (45,499 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
TCW Strategic Income Fund, Inc.
| Fair Valuation Summary (Unaudited) | March 31, 2026 |
The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund’s investments:
| Description |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Other Significant Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total | ||||||||||||
| Fixed Income Securities |
||||||||||||||||
| Asset-Backed Securities |
$ | — | $ | 28,876,061 | $ | 2,375,135 | $ | 31,251,196 | ||||||||
| Mortgage-Backed Securities |
||||||||||||||||
| Residential Mortgage-Backed |
— | 64,441,322 | — | 64,441,322 | ||||||||||||
| Residential Mortgage-Backed |
— | 57,556,609 | — | 57,556,609 | ||||||||||||
| Commercial Mortgage-Backed |
— | 33,274,577 | — | 33,274,577 | ||||||||||||
| Commercial Mortgage-Backed |
— | 1,004,166 | — | 1,004,166 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Mortgage-Backed Securities |
— | 156,276,674 | — | 156,276,674 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Corporate Bonds |
— | 62,052,029 | 11,337 | 62,063,366 | ||||||||||||
| Foreign Government Bonds |
— | 9,392,425 | — | 9,392,425 | ||||||||||||
| U.S. Treasury Securities |
— | 948,062 | — | 948,062 | ||||||||||||
| Bank Loans |
— | 437,143 | — | 437,143 | ||||||||||||
| Convertible Corporate Bonds |
— | 695,502 | — | 695,502 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Fixed Income Securities |
— | 258,677,896 | 2,386,472 | 261,064,368 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Equity Securities |
||||||||||||||||
| Money Market Investments |
45,400,645 | — | — | 45,400,645 | ||||||||||||
| Investment Companies |
— | 31,770,890 | — | 31,770,890 | ||||||||||||
| Common Stock |
3,431,278 | 1,659,362 | — | 5,090,640 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments |
$ | 48,831,923 | $ | 292,108,148 | $ | 2,386,472 | $ | 343,326,543 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Asset Derivatives |
||||||||||||||||
| Forward Currency Contracts |
||||||||||||||||
| Foreign Currency Risk |
— | 455,063 | — | 455,063 | ||||||||||||
| Futures Contracts |
||||||||||||||||
| Interest Rate Risk |
1,190,767 | — | — | 1,190,767 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total |
$ | 50,022,690 | $ | 292,563,211 | $ | 2,386,472 | $ | 344,972,373 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liability Derivatives |
||||||||||||||||
| Futures Contracts |
||||||||||||||||
| Interest Rate Risk |
$ | (301,651 | ) | $ | — | $ | — | $ | (301,651 | ) | ||||||
| Forward Currency Contracts |
||||||||||||||||
| Foreign Currency Risk |
— | (155,281 | ) | — | (155,281 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total |
$ | (301,651 | ) | $ | (155,281 | ) | $ | — | $ | (456,932 | ) | |||||
|
|
|
|
|
|
|
|
|
|||||||||
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.
Shares Not Listed; No Market for Shares. TCW Private Asset Income Fund (“TPAY”) has been organized as a closed-end management investment company. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) because investors in a closed-end fund do not have the right to redeem their shares on a daily basis. Unlike most closed-end funds, which typically list their shares on a securities exchange, TPAY does not currently intend to list the Shares for trading on any securities exchange, and TPAY does not expect any secondary market to develop for the Shares in the foreseeable future. Therefore, an investment in TPAY, unlike an investment in a typical closed-end fund, is not a liquid investment. Shareholders of TPAY are not able to have their shares redeemed or otherwise sell their shares daily. TPAY is an “interval fund,” a type of fund which, in order to provide liquidity to shareholders, has adopted a fundamental investment policy to make quarterly offers to repurchase between 5% and 25% of its outstanding Shares at NAV per Share.
The Funds’ investment in the TPAY is valued in accordance with ASC Topic 820, Fair Value Measurement. TPAY is an interval fund that publishes a daily net asset value (“NAV”) per share and permits transactions at the published NAV on the applicable measurement date, subject to the terms of its quarterly repurchase offers. The published NAV of TPAY is considered a readily determinable fair value, as it is calculated and disseminated on a daily basis and represents the price at which current transactions may occur on the measurement date. Because TPAY can be transacted at its published NAV, that NAV represents an exit price in an orderly transaction between market participants at the measurement date. Accordingly, the Funds value their investment in TPAY at the published NAV as of the measurement date. For fair value hierarchy classification, the investment in TPAY is classified within Level 2 of the fair value hierarchy, as the valuation is based on observable inputs, specifically the published NAV, but does not represent a quoted price in an active market for an identical investment that is freely tradable on a daily basis.
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, 2026 in valuing the Fund’s investments is listed after the Investments in affiliates table.
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:
| Asset-Backed Securities |
Corporate Bonds |
Total | ||||||||||
| Balance as of December 31, 2025 |
$ | 1,465,568 | $ | 11,337 | $ | 1,476,905 | ||||||
| Accrued Discounts (Premiums) |
— | — | — | |||||||||
| Realized Gain (Loss) |
(716,250 | ) | — | (716,250 | ) | |||||||
| Change in Unrealized Appreciation (Depreciation)* |
716,175 | — | 716,175 | |||||||||
| Purchases |
1,000,000 | — | 1,000,000 | |||||||||
| Sales |
(90,358 | ) | — | (90,358 | ) | |||||||
| Transfers in to Level 3* |
— | — | — | |||||||||
| Transfers out of Level 3* |
— | — | — | |||||||||
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|
|
|
|
|
|
|||||||
| Balance as of March 31, 2026 |
$ | 2,375,135 | $ | 11,337 | $ | 2,386,472 | ||||||
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|
|
|
|
|
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| Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2026 |
$ | — | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
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| * | Financial assets transferred between Level 2 and Level 3 were due to a change in observable and/or unobservable inputs. |
Significant unobservable valuation inputs for Level 3 investments as of March 31, 2026 are as follows:
| Description |
Fair Value at December 31, 2025 |
Valuation Techniques | Unobservable Input | Price or Price Range |
Weighted Average Price |
Input
to Valuation If Input Increases |
||||||||||||||||||
| Asset-Backed Securities |
$ | 1,375,135 | Broker Quote | Offered Quote | $ | 100.00 | $ | 100.00 | Increase | |||||||||||||||
| Asset-Backed Securities |
$ | 1,000,000 | Fair Value | Broker Pricing, Zero Market Value | $ | 0.00, $100.00 | $ | 33.33 | Increase | |||||||||||||||
| Corporate Bonds |
$ | 11,337 | Fair Value | Broker Pricing | $ | 2.00 | $ | 2.00 | 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, 2026 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, 2026.
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, 2026.
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, 2026 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, 2026, the Fund utilized treasury futures to help manage interest rate duration and credit market exposure. Futures contracts outstanding at March 31, 2026 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, 2026, the Fund entered into written option contracts to gain exposure to the equity market.
Swap Agreements: The Fund may enter into swap agreements. Swap agreements are typically two-party contracts entered into primarily by institutional investors. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount” (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a “basket” of securities representing a particular index).
In a total return swap, one party typically agrees to pay to the other a short-term interest rate in return for a payment at one or more times in the future based on the increase in the value of an underlying security or other asset, or index of securities or assets; if the underlying security, asset, or index declines in value, the party that pays the short-term interest rate must also pay to its counterparty a payment based on the amount of the decline. The Fund may take either side of such a swap, and so may take a long or short position in the underlying security, asset, or index. The Fund may enter into a total return swap to hedge against an exposure in its portfolio — such as interest rate risk (including to adjust the duration or credit quality of the Fund’s bond portfolio), equity risk, or credit risk — or generally to put cash to work efficiently in the markets in anticipation of, or as a replacement for, cash investments. The Fund may also enter into a total return swap to gain exposure to securities or markets in which it might not be able to invest directly (in so-called market access transactions).
Interest rate swaps are agreements in which one party pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, a party may pay a fixed rate and receive a floating rate. In more complex swaps, the notional principal amount may decline (or amortize) over time.
The Fund’s maximum risk of loss due to counterparty default is the discounted NAV of the cash flows paid to/received from the counterparty over the interest rate swap’s remaining life.
The Fund may enter into credit default swap transactions as a “buyer” or “seller” of credit protection. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a “reference entity”). In general, the buyer of credit protection is obligated to pay the protection seller an upfront amount or a periodic stream of payments over the term of the swap. If a “credit event” occurs, the buyer has the right to deliver to the seller bonds (or other obligations of the reference entity with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. When the Fund buys protection, it may or may not own securities of the reference entity. When the Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund’s portfolio through the Fund’s indirect long exposure to the issuer or securities on which the swap is written. When the Fund sells protection, it may do so either to earn additional income or to create such a “synthetic” long position.
Whenever the Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. The Fund also takes the risk that the market will move against its position in the swap agreement. In the case of a total return swap, the swap will change in value depending on the change in value of the asset or index on which the swap is written. When the Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and the Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.
During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking-to-market to reflect the market value of the swap. When the swap is terminated, the Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the agreement. Upfront swap premium payments paid or received by the Fund, if any, are recorded within the value of the open swap agreement on the Fund’s Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Fund’s Statement of Operations upon termination or maturity of the swap agreement.
During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Fund are recorded as realized gains and losses, respectively. During the period ended March 31, 2026, the Fund entered into interest rate swaps to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed-rate bonds which may decrease when interest rates rise (interest rate risk). Outstanding swap agreements at March 31, 2026, if any, are disclosed in the Schedule of Investments.
Note 2 — Restricted Securities
The Fund is permitted to invest in securities that have legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered before being sold to the public (exemption rules apply). Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”). However, the Fund considers 144A securities to be restricted if those securities have been deemed illiquid. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Restricted securities, if any, held by the Fund at March 31, 2026 are listed below.