TCW Strategic Income Fund (TSI) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-04980

TCW Strategic Income Fund, Inc.

(Exact name of registrant as specified in charter)

865 South Figueroa Street, Suite 1800, Los Angeles, CA 90017

(Address of principal executive offices)

Patrick W. Dennis, Esq.

Vice President and Assistant Secretary

865 South Figueroa Street, Suite 1800

Los Angeles, CA 90017

(Name and address of agent for service)

Registrant’s telephone number, including area code: (213) 244-0000

Date of fiscal year end: December 31

Date of reporting period: June 30, 2021

Item 1. Reports to Stockholders.

(a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”):

TCW Strategic Income Fund, Inc.

Paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.tcw.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. You can call 1-800-FUND-TCW (1-800-386-3829), if you invest directly with the Fund, or contact your financial intermediary, if you invest though a financial intermediary, to inform the Fund or the financial intermediary that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held directly with TCW or through your financial intermediary.

To Our Valued Shareholders

David Lippman President, Chief Executive Officer and Director

To the shareholders of the TCW Strategic Income Fund, Inc.:

Executive Summary

TCW is pleased to present the 2021 semi-annual report for the TCW Strategic Income Fund, Inc. (“TSI” or the “Fund”). TSI is a multi-asset class closed-end fund managed by TCW Investment Management Company and is listed on the New York Stock Exchange under the ticker TSI. For the first half of 2021, the market price of TSI shares increased by 6.04% while the Fund’s net asset value (i.e., returns of the underlying assets) grew by 3.44%. For reference, TSI’s customized benchmark, a construct that is 25% high yield, 15% equities, 15% convertible bonds, and 45% U.S. Aggregate Bond Index, gained 3.40% over the same period. While the underlying assets performed largely in line with the benchmark, the Fund’s six-month price-based return was higher than the NAV-based return due to a decrease in the discount between NAV and share price from 2.7% at the beginning of the year to 0.3% by June 30, 2021. For the since inception period, annualized NAV-based and price-based returns both remain ahead of the Fund’s benchmark.

Over the past four quarters, the Fund paid quarterly dividends of 5.50, 5.50, 3.82, and 6.50 cents per share. This represents an annualized rate of approximately 21 cents per share, contributing to a realized 12-month trailing yield of 3.60% as of 6/30/2021. As yield is a function of a number of parameters, the go-forward yield of TSI will likely differ from the trailing figure.

Fund Performance (%)

			Annualized Total Return as of June 30, 2021
	YTD		1 Year		3 Year		5 Year		10 Year		Since 3/1/06(2)		Since 3/5/87(3)
Price-Based Return		6.04		12.55		8.92		7.86		8.47		10.04		8.25
NAV-Based Return		3.44		9.62		6.67		6.18		7.40		8.69		8.37
Custom Benchmark(1)		3.40		15.65		10.41		8.67		7.36		6.99		N/A

(1) Custom Benchmark Index: 15% S&P 500 with Income, 15% Merrill Lynch Convertible Index, 45% Bloomberg Barclays Capital U.S. Aggregate Bond Index, 25% Citi High Yield Cash Pay Index.

(2) The date on which the Fund’s investment objective changed to a multi-asset class fund. Prior to this date, the Fund primarily invested in convertible securities.

(3) Inception date of the Fund.

Past performance is no guarantee of future results. Current performance may be lower or higher than that quoted. The market value and net asset value of the Fund’s shares will fluctuate with market conditions. Returns shown do not reflect the deduction of taxes that a shareholder would pay on the Fund’s distributions. You should not draw any conclusions about the Fund’s performance from the amount of the quarterly distribution or from the terms of the Fund’s distribution policy.

Management Commentary

TCW manages the Fund according to a full cycle discipline. Effectively, this means that our management style opportunistically increases the level of risk taken in the early stages of an asset price/credit cycle. In the latter stages of the cycle, our proclivity is to reduce risk, which naturally also has the tendency to pull down the overall yield of the portfolio.

This discipline proved particularly beneficial throughout 2020 as market volatility picked up dramatically given a massive reduction in risk exposure as a result of the pandemic, leading to abundant opportunities for value investors to deploy liquidity at attractive valuations. With the remediation in subsequent months on an implied Fed backstop and optimism surrounding the rollout of a COVID vaccine, these additions made earlier in the year were then opportunistically trimmed on strength. Markets have continued to improve through the first half of 2021, with fixed income spreads compressing to pre-COVID levels, and the team has continued to take a prudent approach to positioning in the credit space, de-risking exposure by moving up the quality spectrum (given tight A/BBB relationships), reducing tight commodity-exposed names/sectors, swapping into shorter-dated maturities (where curves are flat), and enhancing liquidity. The focus remains on sectors that offer more stability in times of volatility (such as consumer non-cyclicals and communications) and on idiosyncratic opportunities where wider spreads offer more compelling value. Additionally, the allocation to municipal debt was significantly reduced given higher valuations in that sector. Other notable changes included a continued increase in exposure to current (low) coupon agency mortgage-backed securities (MBS) via the to-be-announced (TBA) market as increased Fed buying of agency mortgages has enhanced the implied carry of TBAs, while among asset-backed securities (ABS), positons backed by senior government-guaranteed FFELP student loans were trimmed in favor of mostly high quality collateralized loan obligations (CLOs).

COVID-19 and the associated disruptions delivered an unprecedented shock to the U.S. economy and the recovery has proceeded in fits and starts. With no historical corollary to reference, economic forecasting is particularly difficult. The impact of government stimulus efforts has clearly been substantial, while the impact on consumer finances and overall demand as that stimulus fades in the coming months is uncertain. All of this

1

implies that asset prices at all-time highs supported by relentlessly optimistic economic outlooks do not fully account for the myriad risks confronting the economy today. Those downside risks include the potential for slowing growth in the U.S. or China later this year, as well as policymakers’ significant challenge of engineering a smooth exit from policy support or shifting to a more hawkish policy stance in the face of rising price pressures. Given prevailing conditions, the strategy maintains a defensive position and ample levels of liquidity to respond to potential volatility. The duration profile of the Fund remains relatively short at 2.2 years against a backdrop of historically low rates that are likely to remain anchored with accommodative central bank policy for the foreseeable future. Corporate credit is viewed as generally expensive and positioning remains largely defensive as noted above, with an emphasis on communications and consumer non-cyclicals, while exposure to vulnerable issuers and industries is minimized. Within securitized, the strategy continues to prefer current coupon agency MBS TBAs which remain attractive given relatively high carry of TBAs versus specified pools; the sector continues to benefit from the significant tailwind of Fed sponsorship as well as money center banks. Legacy non-agency MBS remains attractive from a collateral perspective, with the added benefit of having largely floating rate coupons, and the strategy will seek to add new exposure at favorable valuations. In commercial mortgage-backed securities (CMBS), though current holdings continue to focus on top-of the-capital structure exposures in single asset, single borrower (SASB) AAA-rated issues, opportunities are beginning to present in AA- and A-rated collateral with good loan-to-value (LTV) ratios, i.e., protection, and good spread compensation. A similar strategy applies to CLOs, with possible additions on well-collateralized AA-rated issues offering good yields, while remaining ABS exposure continues to be made up largely of government-guaranteed FFELP student loan collateral.

Portfolio Positioning

SECTOR ALLOCATION

MBS ALLOCATION

Modest leverage can be utilized by TSI through a Line of Credit facility, though the Fund does not currently use any of the available $70 million commitment. Leverage may return to the Fund when market opportunity is more abundant and management deems the use of leverage is accretive to returns.

We greatly appreciate your investment in the Fund and your continuing support of TCW. If you have any additional questions or comments, we invite you to visit our website at www.tcw.com or contact our shareholder services department at 1-866-227-8179, or contact@tcw.com.

Sincerely,

David Lippman

President, Chief Executive Officer and Director

The views expressed in this report reflect those of the Fund’s Advisor as of the date this is written and may not reflect its views on the date this report is first published or anytime thereafter. These views are intended to assist shareholders in understanding the Fund’s investment methodology and do not constitute investment advice. This report may contain discussions about investments that may or may not be held by the Fund as of the date of this report. All current and future holdings are subject to risk and to change. To the extent this report contains forward looking statements, unforeseen circumstances may cause actual results to differ materially from the views expressed as of the date this is written.

2

TCW Strategic Income Fund, Inc.

Schedule of Investments (Unaudited)

June 30, 2021

Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES — 94.2% of Net Assets
ASSET-BACKED SECURITIES — 10.4%
321 Henderson Receivables LLC
(17-1A-A) 3.99% (1)		08/16/60	$	210,336	$	239,910
Aimco CLO, Ltd. (20-11A-A2)
1.48% (3 mo. USD LIBOR + 1.300%) (1)(2)		10/15/31		1,000,000		1,000,942
Allegro CLO XII, Ltd. (20-1A-B)
1.88% (3 mo. USD LIBOR + 1.700%) (1)(2)		01/21/32		475,000		475,475
Bayview Commercial Asset Trust (03-2-A)
0.96% (1 mo. USD LIBOR + 0.870%) (1)(2)		12/25/33		272,203		268,264
Bayview Commercial Asset Trust (04-1-A)
0.63% (1 mo. USD LIBOR + 0.540%) (1)(2)		04/25/34		228,438		228,533
Bayview Commercial Asset Trust (04-2-A)
0.74% (1 mo. USD LIBOR + 0.645%) (1)(2)		08/25/34		229,700		228,084
Bayview Commercial Asset Trust (04-3-A1)
0.46% (-1 mo. USD LIBOR + 0.555%) (1)(2)		01/25/35		125,782		124,091
Blackrock Rainier CLO VI, Ltd. (21-6A-A)
1.89% (3 mo. USD LIBOR + 1.700%) (1)(2)		04/20/33		700,000		700,973
Brazos Higher Education Authority, Inc. (10-1-A2)
1.35% (3 mo. USD LIBOR + 1.200%) (2)		02/25/35		2,200,000		2,234,928
Cedar Funding CLO, Ltd. (20-12A-A)
1.45% (3 mo. USD LIBOR + 1.270%) (1)(2)		10/25/32		1,375,000		1,376,581
CIFC Funding, Ltd. (18-1A-SUB)
1.00%  (1)(3)		04/18/31		650,000		490,978
CIT Education Loan Trust (07-1-A)
0.24% (3 mo. USD LIBOR + 0.090%) (1)(2)		03/25/42		571,359		554,690
CoreVest American Finance Trust (19-1-XA) (I/O)
2.34%  (1)(3)		03/15/52		1,721,870		112,200
CoreVest American Finance Trust (20-1-A2)
2.30%  (1)		03/15/50		470,000		482,642
CoreVest American Finance Trust (20-3-XA) (I/O)
3.80%  (1)(3)		08/15/53		1,836,659		280,276
CoreVest American Finance Trust (20-3-XB) (I/O)
2.74%  (1)(3)		08/15/53		1,650,000		278,084
Dryden CLO, Ltd. (20-85A-A1)
1.53% (3 mo. USD LIBOR + 1.350%) (1)(2)		10/15/32		1,375,000		1,376,744
Education Loan Asset-Backed Trust I (13-1-A2)
0.89% (1 mo. USD LIBOR + 0.800%) (1)(2)		04/26/32		1,130,959		1,135,359

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (Continued)
EFS Volunteer No 2 LLC (12-1-A2)
1.44% (1 mo. USD LIBOR + 1.350%) (1)(2)		03/25/36	$	1,088,936	$	1,111,874
FORT CRE LLC (18-1A-A1)
1.45% (1 mo. USD LIBOR + 1.350%) (1)(2)		11/16/35		443,179		443,761
Global SC Finance SRL (14-1A-A2)
3.09%  (1)		07/17/29		134,125		135,393
Goal Capital Funding Trust (06-1-B)
0.60% (3 mo. USD LIBOR + 0.450%) (2)		08/25/42		195,991		184,183
HPS Loan Management, Ltd. (0A-16-A1RR)
1.23% (3 mo. USD LIBOR + 1.140%) (1)(2)		04/20/34		875,000		875,529
ITE Rail Fund Levered LP (21-1A-A)
2.25%  (1)		02/28/51		412,816		414,299
LMREC Inc. (19-CRE3-A)
1.49% (1 mo. USD LIBOR + 1.400%) (1)(2)		12/22/35		890,000		891,037
Magnetite VII, Ltd. (12-7A-A1R2)
0.98% (3 mo. USD LIBOR + 0.800%) (1)(2)		01/15/28		407,074		406,687
Nelnet Student Loan Trust (14-4A-A2)
1.04% (1 mo. USD LIBOR + 0.950%) (1)(2)		11/25/48		575,000		590,097
Neuberger Berman Loan Advisers CLO, Ltd. (21-43A-A)
1.13% (3 mo. USD LIBOR + 1.130%) (1)(2)(4)		07/17/35		800,000		800,400
North Carolina State Education Assistance Authority (11-1-A3)
1.08% (3 mo. USD LIBOR + 0.900%) (2)		10/25/41		1,395,550		1,398,376
OCP CLO, Ltd. (21-21A-B)
1.83% (3 mo. USD LIBOR + 1.700%) (1)(2)		07/20/34		400,000		400,360
OHA Credit Funding, Ltd. (20-7A-A)
1.44% (3 mo. USD LIBOR + 1.250%) (1)(2)		10/19/32		1,400,000		1,401,470
Palmer Square CLO, Ltd. (18-1A-A1)
1.22% (3 mo. USD LIBOR + 1.030%) (1)(2)		04/18/31		600,000		599,910
Palmer Square Loan Funding Ltd. (20-2A-A2)
1.74% (3 mo. USD LIBOR + 1.550%) (1)(2)		04/20/28		350,000		350,218
Park Avenue Institutional Advisers CLO, Ltd. (21-1A-A2)
1.95% (3 mo. USD LIBOR + 1.750%) (1)(2)		01/20/34		420,000		421,302
Rockford Tower CLO, Ltd. (20-1A-D)
4.00% (3 mo. USD LIBOR + 3.750%) (1)(2)		01/20/32		900,000		903,636

See accompanying Notes to Financial Statements.

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TCW Strategic Income Fund, Inc.

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (Continued)
Scholar Funding Trust (12-B-A2)
1.20% (1 mo. USD LIBOR + 1.100%) (1)(2)		03/28/46	$	630,316	$	641,489
SLC Student Loan Trust (04-1-B)
0.45% (3 mo. USD LIBOR + 0.290%) (2)		08/15/31		258,829		240,678
SLC Student Loan Trust (06-1-B)
0.33% (3 mo. USD LIBOR + 0.210%) (2)		03/15/55		352,524		320,782
SLM Student Loan Trust (04-2-B)
0.65% (3 mo. USD LIBOR + 0.470%) (2)		07/25/39		299,567		285,564
SLM Student Loan Trust (05-9-B)
0.48% (3 mo. USD LIBOR + 0.300%) (2)		01/25/41		363,759		338,538
SLM Student Loan Trust (07-6-B)
1.03% (3 mo. USD LIBOR + 0.850%) (2)		04/27/43		126,205		119,992
SLM Student Loan Trust (07-7-B)
0.93% (3 mo. USD LIBOR + 0.750%) (2)		10/27/70		150,000		136,647
SLM Student Loan Trust (08-2-B)
1.38% (3 mo. USD LIBOR + 1.200%) (2)		01/25/83		225,000		213,792
SLM Student Loan Trust (08-3-B)
1.38% (3 mo. USD LIBOR + 1.200%) (2)		04/26/83		225,000		210,560
SLM Student Loan Trust (08-4-B)
2.03% (3 mo. USD LIBOR + 1.850%) (2)		04/25/73		515,000		513,991
SLM Student Loan Trust (08-5-B)
2.03% (3 mo. USD LIBOR + 1.850%) (2)		07/25/73		260,000		257,456
SLM Student Loan Trust (08-6-B)
2.03% (3 mo. USD LIBOR + 1.850%) (2)		07/26/83		225,000		221,752
SLM Student Loan Trust (08-7-B)
2.03% (3 mo. USD LIBOR + 1.850%) (2)		07/26/83		305,000		304,599
SLM Student Loan Trust (08-8-B)
2.43% (3 mo. USD LIBOR + 2.250%) (2)		10/25/75		260,000		261,503
SLM Student Loan Trust (08-9-B)
2.43% (3 mo. USD LIBOR + 2.250%) (2)		10/25/83		260,000		262,549
Structured Receivables Finance LLC (10-A-B)
7.61%  (1)		01/16/46		542,216		613,782
Structured Receivables Finance LLC (10-B-B)
7.97%  (1)		08/15/36		339,563		410,024
Student Loan Consolidation Center (02-2-B2)
1.65% (28 day Auction Rate) (1)(2)		07/01/42		1,050,000		969,280

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (Continued)
TCI-Flatiron CLO, Ltd. (16-1A-BR2)
1.79% (3 mo. USD LIBOR + 1.600%) (1)(2)		01/17/32	$	280,000	$	280,232
Total Asset-backed Securities
(Cost: $28,791,012)						29,520,496
MORTGAGE-BACKED SECURITIES — 54.3%
Commercial Mortgage-backed Securities — Agency — 3.2%
BMO SBA COOF Trust (19-1-A) (I/O)
1.87%  (1)(3)		10/25/45		8,648,064		517,933
COOF Securitization Trust II (15-2-A1) (I/O)
2.80%  (1)(3)		08/25/41		4,733,150		358,998
Fannie Mae, Pool #464398
5.97%		01/01/40		551,744		636,983
Fannie Mae, Pool #464400
5.97%		01/01/40		417,988		482,563
Fannie Mae, Pool #AN3542
3.41%		11/01/46		1,122,536		1,246,627
Fannie Mae (11-M5-A2) (ACES) (I/O)
1.13%  (3)		07/25/21		576,995		14
Fannie Mae (16-M11-X2) (ACES) (I/O)
2.95%  (3)		07/25/39		1,639,320		62,385
Fannie Mae (19-M29-X4) (ACES) (I/O)
0.70%  (3)		03/25/29		7,900,000		326,132
Freddie Mac Multifamily Structured Pass Through Certificates (K023-X3) (I/O)
1.75%  (3)		10/25/40		12,555,000		230,520
Freddie Mac Multifamily Structured Pass Through Certificates (K032-X3) (I/O)
1.71%  (3)		10/25/41		4,020,000		128,413
Freddie Mac Multifamily Structured Pass Through Certificates (K039-X3) (I/O)
2.18%  (3)		08/25/42		3,110,000		218,617
Freddie Mac Multifamily Structured Pass Through Certificates (K057-X1) (I/O)
1.31%  (3)		07/25/26		5,244,864		266,624
Freddie Mac Multifamily Structured Pass Through Certificates (K722-X1) (I/O)
1.44%  (3)		03/25/23		15,547,970		245,244
Freddie Mac Multifamily Structured Pass Through Certificates (K735-X3) (I/O)
2.23%  (3)		05/25/47		3,750,000		352,958
Freddie Mac Multifamily Structured Pass Through Certificates (Q013-XPT2) (I/O)
1.81%		05/25/27		4,119,231		157,817
Freddie Mac Multifamily Structured Pass-Through Certificates (19-P002-X) (I/O)
1.14%  (3)		07/25/33		1,295,000		141,583
Freddie Mac Multifamily Structured Pass-Through Certificates (K015-X3) (I/O)
2.88%  (3)		08/25/39		4,000,000		5,697

See accompanying Notes to Financial Statements.

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TCW Strategic Income Fund, Inc.

June 30, 2021

Issues	Maturity Date		Principal Amount		Value
Commercial Mortgage-backed Securities — Agency (Continued)
Freddie Mac Multifamily Structured Pass-Through Certificates (K021-X3) (I/O)
2.03%  (3)		07/25/40	$	3,475,000	$	64,968
Freddie Mac Multifamily Structured Pass-Through Certificates (K022-X3) (I/O)
1.87%  (3)		08/25/40		2,500,000		48,580
Freddie Mac Multifamily Structured Pass-Through Certificates (K025-X3) (I/O)
1.81%  (3)		11/25/40		5,400,000		118,847
Freddie Mac Multifamily Structured Pass-Through Certificates (K027-X3) (I/O)
1.76%  (3)		01/25/41		4,095,000		102,535
Freddie Mac Multifamily Structured Pass-Through Certificates (K031-X1) (I/O)
0.31%  (3)		04/25/23		55,708,098		193,572
Freddie Mac Multifamily Structured Pass-Through Certificates (K031-X3) (I/O)
1.72%  (3)		07/25/41		4,500,000		130,102
Freddie Mac Multifamily Structured Pass-Through Certificates (K034-X1) (I/O)
0.20%  (3)		07/25/23		26,739,988		50,822
Freddie Mac Multifamily Structured Pass-Through Certificates (K040-X3) (I/O)
2.10%  (3)		11/25/42		4,875,000		305,029
Freddie Mac Multifamily Structured Pass-Through Certificates (K049-X3) (I/O)
1.60%  (3)		10/25/43		2,330,000		132,625
Freddie Mac Multifamily Structured Pass-Through Certificates (K060-X3) (I/O)
1.96%  (3)		12/25/44		2,500,000		224,915
Freddie Mac Multifamily Structured Pass-Through Certificates (K726-X1) (I/O)
1.02%  (3)		04/25/24		12,792,690		242,614
Freddie Mac Multifamily Structured Pass-Through Certificates (K728-X3) (I/O)
2.02%  (3)		11/25/45		3,455,000		202,555
Freddie Mac Multifamily Structured Pass-Through Certificates (K732-X3) (I/O)
2.25%  (3)		05/25/46		2,400,000		191,828
Freddie Mac Multifamily Structured Pass-Through Certificates (KC05-X1) (I/O)
1.34%  (3)		06/25/27		7,974,130		401,140
Freddie Mac Multifamily Structured Pass-Through Certificates (KIR1-X) (I/O)
1.20%  (3)		03/25/26		8,506,872		358,775
Freddie Mac Multifamily Structured Pass-Through Certificates (KLU2-X1) (I/O)
1.17%  (3)		08/25/29		4,963,199		350,896
Freddie Mac Multifamily Structured Pass-Through Certificates (KS11-XFX) (I/O)
1.76%  (3)		06/25/29		2,290,000		234,121

Issues	Maturity Date		Principal Amount		Value
Commercial Mortgage-backed Securities — Agency (Continued)
Freddie Mac Multifamily Structured Pass-Through Certificates (KW01-X3) (I/O)
4.22%  (3)		03/25/29	$	690,000	$	111,597
Freddie Mac Multifamily Structured Pass-Through Certificates (Q010-XPT2) (I/O)
0.36%		08/25/24		4,949,983		32,135
Ginnie Mae (12-139-IO) (I/O)
0.69%  (3)		02/16/53		3,308,312		84,755
Ginnie Mae (13-52-IO) (I/O)
0.28%  (3)		02/16/55		8,206,754		46,944
Ginnie Mae (09-114-IO) (I/O)
0.03%  (3)		10/16/49		5,213,050		557
Ginnie Mae (10-148-IO) (I/O)
0.29%  (3)		09/16/50		5,541,237		64,337
Ginnie Mae (11-105-IO) (I/O)
0.00%  (3)(5)		09/16/51		5,502,878		1,142
Ginnie Mae (11-152-IO) (I/O)
0.06%  (3)		08/16/51		2,329,475		2,367
Ginnie Mae (11-42-IO) (I/O)
0.00%  (3)(5)		08/16/50		2,293,626		129
Ginnie Mae (12-4-IO) (I/O)
0.04%  (3)		05/16/52		7,136,136		8,373
Ginnie Mae (14-103-IO) (I/O)
0.18%  (3)		05/16/55		2,872,185		38,500
Ginnie Mae (14-125-IO) (I/O)
0.88%  (3)		11/16/54		1,976,791		73,636
Total Commercial Mortgage-backed Securities — Agency
(Cost: $13,009,633)						9,197,504
Commercial Mortgage-backed Securities — Non-Agency — 10.9%
BAMLL Commercial Mortgage Securities Trust (18-PARK-A)
4.23%  (1)(3)		08/10/38		590,000		677,093
BBCMS Mortgage Trust (17-C1-XA) (I/O)
1.62%  (3)		02/15/50		3,894,902		250,891
BBCMS Mortgage Trust (18-C2-A5)
4.31%		12/15/51		430,000		500,625
Benchmark Mortgage Trust (19-B10-3CCB)
4.03%  (1)(3)		03/15/62		435,000		428,575
Benchmark Mortgage Trust (19-B14-225D)
3.40%  (1)(3)		12/15/62		535,000		508,762
Benchmark Mortgage Trust (20-B17-A5)
2.29%		03/15/53		1,040,000		1,067,416
Benchmark Mortgage Trust (20-IG3-BXC)
3.65%  (1)(3)		09/15/48		555,000		544,952
BF Mortgage Trust (19-NYT-E)
2.57% (1 mo. USD LIBOR + 2.500%)(1)(2)		12/15/35		525,000		516,636
BX Commercial Mortgage Trust (18-IND-G)
2.12% (1 mo. USD LIBOR + 2.050%) (1)(2)		11/15/35		360,500		360,980

See accompanying Notes to Financial Statements.

5

TCW Strategic Income Fund, Inc.

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
Commercial Mortgage-backed Securities — Non-Agency (Continued)
BX Commercial Mortgage Trust (20-FOX-E)
3.67% (1 mo. USD LIBOR + 3.600%) (1)(2)		11/15/32	$	893,994	$	900,141
BX Trust (19-OC11-A)
3.20%  (1)		12/09/41		265,000		286,214
CALI Mortgage Trust (19-101C-A)
3.96%  (1)		03/10/39		680,000		777,635
CALI Mortgage Trust (19-101C-E)
4.47%  (1)(3)		03/10/39		315,000		319,918
Citigroup Commercial Mortgage Trust (12-GC8-XA) (I/O)
1.90%  (1)(3)(6)		09/10/45		2,924,426		40,752
Citigroup Commercial Mortgage Trust (14-GC21-XD) (I/O)
1.52%  (1)(3)		05/10/47		4,703,442		154,101
Citigroup Commercial Mortgage Trust (15-GC35-XA) (I/O)
0.93%  (3)		11/10/48		6,466,773		174,563
Citigroup Commercial Mortgage Trust (19-PRM-X) (I/O)
1.33%  (1)(3)		05/10/36		14,000,000		395,541
COMM Mortgage Trust (12-LC4-XB) (I/O)
0.64%  (1)(3)		12/10/44		18,671,016		58,737
COMM Mortgage Trust (13-CR11-XA) (I/O)
1.08%  (3)		08/10/50		9,683,629		178,496
COMM Mortgage Trust (13-CR12-XA) (I/O)
1.28%  (3)		10/10/46		9,194,850		202,512
COMM Mortgage Trust (13-LC13-XA) (I/O)
1.18%  (3)		08/10/46		6,169,889		112,528
COMM Mortgage Trust (14-CR18-XA) (I/O)
1.17%  (3)		07/15/47		6,368,782		161,777
COMM Mortgage Trust (14-CR21-XA) (I/O)
1.00%  (3)		12/10/47		17,159,187		424,053
COMM Mortgage Trust (20-CBM-XCP) (I/O)
0.72%  (1)(3)		02/10/37		5,644,863		116,552
COMM Mortgage Trust (20-CX-E)
2.77%  (1)(3)		11/10/46		370,000		353,014
CPT Mortgage Trust (19-CPT-A)
2.87%  (1)		11/13/39		1,165,000		1,243,951
DBGS Mortgage Trust (18-5BP-E)
2.12% (1 mo. USD LIBOR + 1.900%) (1)(2)		06/15/33		685,000		679,660
DBWF Mortgage Trust (16-85T-A)
3.79%  (1)		12/10/36		615,000		681,544
DC Office Trust (19-MTC-A)
2.97%  (1)		09/15/45		550,000		588,794
Grace Trust (20-GRCE-A)
2.35%  (1)		12/10/40		1,350,000		1,379,469
Grace Trust (20-GRCE-D)
2.77%  (1)(3)		12/10/40		1,249,000		1,240,954

Issues	Maturity Date		Principal Amount		Value
Commercial Mortgage-backed Securities — Non-Agency (Continued)
Grace Trust (20-GRCE-F)
2.77%  (1)(3)		12/10/40	$	376,000	$	344,054
Grace Trust (20-GRCE-X) (I/O)
0.39%  (1)(3)		12/10/40		10,620,000		284,166
GS Mortgage Securities Corp. Trust (20-UPTN-XA) (I/O)
0.45%  (1)(3)		02/10/37		3,150,000		38,970
GS Mortgage Securities Trust (11-GC3-X) (I/O)
0.42%  (1)(3)		03/10/44		2,701,548		8,210
GS Mortgage Securities Trust (12-GC6-XB) (I/O)
0.26%  (1)(3)(6)		01/10/45		17,386,264		22,908
GS Mortgage Securities Trust (12-GCJ7-XB) (I/O)
0.54%  (1)(3)		05/10/45		34,082,467		98,318
GS Mortgage Securities Trust (14-GC18-XB) (I/O)
0.27%  (3)		01/10/47		66,563,000		273,667
GS Mortgage Securities Trust (16-GS2-XA) (I/O)
1.90%  (3)		05/10/49		4,200,099		298,255
Hudson Yards Mortgage Trust (19-30HY-A)
3.23%  (1)		07/10/39		560,000		611,071
Hudson Yards Mortgage Trust (19-55HY-A)
3.04%  (1)(3)		12/10/41		550,000		593,502
Hudson Yards Mortgage Trust (19-55HY-F)
3.04%  (1)(3)		12/10/41		150,000		144,295
ILPT Trust (19-SURF-A)
4.15%  (1)		02/11/41		240,000		275,690
JPMBB Commercial Mortgage Securities Trust (14-C24-XA) (I/O)
1.06%  (3)		11/15/47		7,860,603		176,015
JPMBB Commercial Mortgage Securities Trust (14-C21-XA) (I/O)
1.13%  (3)		08/15/47		1,714,247		44,719
JPMBB Commercial Mortgage Securities Trust (14-C23-XA) (I/O)
0.76%  (3)		09/15/47		9,671,856		167,016
JPMBB Commercial Mortgage Securities Trust (15-C29-XD) (I/O)
0.50%  (1)(3)		05/15/48		26,458,000		473,376
JPMCC Commercial Mortgage Securities Trust (17-JP5-XA) (I/O)
1.16%  (3)		03/15/50		13,466,080		555,063
JPMorgan Chase Commercial Mortgage Securities Trust (11-C3-XB) (I/O)
0.51% (1)(3)		02/15/46		52,560,935		635,995
JPMorgan Chase Commercial Mortgage Securities Trust (12-HSBC-XA) (I/O)
1.58% (1)(3)(6)		07/05/32		4,293,041		47,220
JPMorgan Chase Commercial Mortgage Securities Trust (12-LC9-XA) (I/O)
1.63% (3)		12/15/47		6,611,551		107,523

See accompanying Notes to Financial Statements.

6

TCW Strategic Income Fund, Inc.

June 30, 2021

Issues	Maturity Date		Principal Amount		Value
Commercial Mortgage-backed Securities — Non-Agency (Continued)
JPMorgan Chase Commercial Mortgage Securities Trust (13-LC11-XA) (I/O)
1.38% (3)		04/15/46	$	22,030,185	$	386,428
JPMorgan Chase Commercial Mortgage Securities Trust (19-OSB-A)
3.40% (1)		06/05/39		585,000		647,451
JPMorgan Chase Commercial Mortgage Securities Trust (19-OSB-C)
3.75% (1)(3)		06/05/39		150,000		163,519
Manhattan West Mortgage Trust (20-1MW-A)
2.13% (1)		09/10/39		695,000		711,112
MFT Mortgage Trust (20-B6-C)
3.39% (1)(3)		08/10/40		220,000		221,030
MFT Trust (20-ABC-C)
3.59% (1)(3)		02/10/42		175,000		175,561
MFT Trust (20-ABC-D)
3.59% (1)(3)		02/10/42		180,000		175,383
MKT Mortgage Trust (20-525M-A)
2.69% (1)		02/12/40		335,000		352,364
Morgan Stanley Bank of America Merrill Lynch Trust (15-C22-XA) (I/O)
1.17% (3)		04/15/48		8,731,215		254,792
Morgan Stanley Bank of America Merrill Lynch Trust (15-C24-XA) (I/O)
0.86% (3)		05/15/48		9,877,330		250,762
Morgan Stanley Bank of America Merrill Lynch Trust (16-C31-XA) (I/O)
1.47% (3)		11/15/49		7,277,467		383,682
Morgan Stanley Capital I Trust (12-C4-XA) (I/O)
2.23% (1)(3)(6)		03/15/45		3,989,114		18,237
Morgan Stanley Capital I Trust (19-L2-A3)
3.81%		03/15/52		460,000		510,684
Morgan Stanley Capital I Trust (19-L2-A4)
4.07%		03/15/52		980,000		1,126,783
Morgan Stanley Capital I Trust (20-CNP-A)
2.51% (1)(3)		04/05/42		650,000		671,080
One Bryant Park Trust (19-OBP-A)
2.52% (1)		09/15/54		1,295,000		1,346,296
SFAVE Commercial Mortgage Securities Trust (15-5AVE-A2A)
3.66% (1)(3)		01/05/43		805,000		892,038
SFAVE Commercial Mortgage Securities Trust (15-5AVE-A2B)
4.14% (1)(3)		01/05/43		65,000		71,434
SFAVE Commercial Mortgage Securities Trust (15-5AVE-D)
4.53% (1)(3)		01/05/43		880,000		723,754
UBS Commercial Mortgage Trust (12-C1-XA) (I/O)
2.24% (1)(3)(6)		05/10/45		4,444,487		38,284
UBS Commercial Mortgage Trust (17-C5-XA) (I/O)
1.14% (3)		11/15/50		7,198,984		323,450

Issues	Maturity Date		Principal Amount		Value
Commercial Mortgage-backed Securities — Non-Agency (Continued)
UBS-Barclays Commercial Mortgage Trust (12-C3-XA) (I/O)
1.98% (1)(3)		08/10/49	$	12,300,291	$	195,634
UBS-Barclays Commercial Mortgage Trust (13-C5-XA) (I/O)
1.04% (1)(3)		03/10/46		12,420,743		125,730
Wells Fargo Commercial Mortgage Trust (12-LC5-XA) (I/O)
1.89% (1)(3)		10/15/45		4,988,779		76,750
WFRBS Commercial Mortgage Trust (12-C8-XA) (I/O)
1.94% (1)(3)(6)		08/15/45		4,124,437		42,255
WFRBS Commercial Mortgage Trust (12-C9-XA) (I/O)
2.03% (1)(3)		11/15/45		2,431,126		41,681
WFRBS Commercial Mortgage Trust (13-C14-XA) (I/O)
0.81% (3)		06/15/46		7,093,218		66,569
WFRBS Commercial Mortgage Trust (13-C16-XA) (I/O)
0.80% (3)		09/15/46		11,459,772		133,844
WFRBS Commercial Mortgage Trust (14-C24-XA) (I/O)
1.00% (3)		11/15/47		5,293,712		130,530
Total Commercial Mortgage-backed Securities — Non-Agency
(Cost: $35,466,361)						30,783,986
Residential Mortgage-backed Securities — Agency — 12.1%
Fannie Mae (04-53-QV) (I/O) (I/F)
1.59% (3)		02/25/34		114,556		359
Fannie Mae (07-42-SE) (I/O) (I/F)
6.02% (-1 mo. USD LIBOR + 6.110%) (2)		05/25/37		70,388		9,519
Fannie Mae (07-48-SD) (I/O) (I/F)
6.01% (-1 mo. USD LIBOR + 6.100%) (2)		05/25/37		1,068,968		187,025
Fannie Mae (09-69-CS) (I/O) (I/F)
6.66% (-1 mo. USD LIBOR + 6.750%) (2)		09/25/39		218,905		34,387
Freddie Mac (1673-SD) (I/F) (PAC)
15.86% (-2.15 x T10Y + 19.391%) (2)		02/15/24		28,852		32,732
Freddie Mac (1760-ZD)
1.14% (1 x T10Y - 0.500%) (2)		02/15/24		62,300		62,467
Freddie Mac (2990-JK) (I/F)
21.71% (-1 mo. USD LIBOR + 22.004%) (2)		03/15/35		63,995		73,848
Freddie Mac (3122-SG) (I/O) (I/F) (TAC) (P AC)
5.56% (-1 mo. USD LIBOR + 5.630%) (2)		03/15/36		1,839,626		331,904
Freddie Mac (3239-SI) (I/O) (I/F) (PAC)
6.58% (-1 mo. USD LIBOR + 6.650%) (2)		11/15/36		420,907		93,273

See accompanying Notes to Financial Statements.

7

TCW Strategic Income Fund, Inc.

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
Residential Mortgage-backed Securities — Agency (Continued)
Freddie Mac (3323-SA) (I/O) (I/F)
6.04% (-1 mo. USD LIBOR + 6.110%) (2)		05/15/37	$	91,856	$	10,860
Freddie Mac (3459-JS) (I/O) (I/F)
6.18% (-1 mo. USD LIBOR + 6.250%) (2)		06/15/38		129,216		24,016
Freddie Mac (4030-HS) (I/O) (I/F)
6.54% (-1 mo. USD LIBOR + 6.610% ) (2)		04/15/42		808,018		168,076
Ginnie Mae (06-35-SA) (I/O) (I/F)
6.51% (-1 mo. USD LIBOR + 6.600%) (2)		07/20/36		1,168,630		254,857
Ginnie Mae (06-61-SA) (I/O) (I/F) (TAC)
4.66% (-1 mo. USD LIBOR + 4.750%) (2)		11/20/36		1,921,882		222,986
Ginnie Mae (08-58-TS) (I/O) (I/F) (TAC)
6.31% (-1 mo. USD LIBOR + 6.400%) (2)		05/20/38		896,032		84,574
Ginnie Mae (16-153-IO) (I/O)
3.50%		11/20/46		2,305,914		300,707
Uniform Mortgage-Backed Securities TBA, 30 Year
2.00% (7)		08/12/51		14,700,000		14,814,844
Uniform Mortgage-Backed Securities TBA, 30 Year
2.50% (7)		08/12/51		17,075,000		17,628,604
Total Residential Mortgage-backed Securities — Agency
(Cost: $33,559,531)						34,335,038
Residential Mortgage-backed Securities — Non-Agency — 28.1%
ACE Securities Corp. (04-IN1-A1)
0.73% (1 mo. USD LIBOR + 0.640%) (2)		05/25/34		418,249		410,066
ACE Securities Corp. (07-ASP1-A2C)
0.35% (1 mo. USD LIBOR + 0.260%) (2)		03/25/37		1,365,667		835,675
Adjustable Rate Mortgage Trust (05-4-6A22)
2.86% (3)(8)		08/25/35		497,699		330,447
Adjustable Rate Mortgage Trust (06-1-2A1)
3.48% (3)(8)		03/25/36		361,509		253,205
Ajax Mortgage Loan Trust (19-F-A2)
3.50% (1)		07/25/59		1,300,000		1,309,375
Alternative Loan Trust (05-46CB-A20)(TAC)
5.50%		10/25/35		709,299		657,896
Asset-Backed Funding Certificates (07-NC1-A2)
0.39% (1 mo. USD LIBOR + 0.300%) (1)(2)		05/25/37		1,150,612		1,109,793
Asset-Backed Securities Corp. Home Equity (06-HE3-A5)
0.36% (1 mo. USD LIBOR + 0.270%) (2)		03/25/36		1,425,000		1,430,444
Asset-Backed Securities Corp. Home Equity (07-HE1-A1B)
0.24% (1 mo. USD LIBOR + 0.150%) (2)		12/25/36		449,037		437,943

Issues	Maturity Date		Principal Amount		Value
Residential Mortgage-backed Securities — Non-Agency (Continued)
Banc of America Alternative Loan Trust (05-10-1CB1)
0.49% (1 mo. USD LIBOR + 0.400%) (2)(8)		11/25/35	$	489,574	$	417,091
Banc of America Funding Corp. (15-R3-6A2)
0.26% (1)(3)		05/27/36		1,848,180		1,741,072
Banc of America Funding Trust (06-3-4A14)
6.00%		03/25/36		260,630		261,784
Banc of America Funding Trust (06-3-5A3)
5.50% (8)		03/25/36		157,355		157,016
Banc of America Funding Trust (14-R5-1A1)
1.68% (6 mo. USD LIBOR + 1.500%) (1)(2)		09/26/45		470,355		467,516
Banc of America Funding Trust (15-R4-2A1)
0.30% (1 mo. USD LIBOR + 0.205%) (1)(2)		02/25/37		685,203		672,561
BCMSC Trust (00-A-A4)
8.29% (3)		06/15/30		3,316,690		831,896
Bear Stearns Adjustable Rate Mortgage Trust (03-7-9A)
2.78% (3)		10/25/33		287,238		291,126
Bear Stearns Adjustable Rate Mortgage Trust (05-9-A1)
2.41% (1 year Treasury Constant Maturity Rate + 2.300%) (2)		10/25/35		171,475		175,039
Bear Stearns Adjustable Rate Mortgage Trust (07-4-22A1)
3.34% (3)(8)		06/25/47		840,989		842,164
Bear Stearns ALT-A Trust (05-3-4A3)
2.50% (3)		04/25/35		449,054		456,659
Bear Stearns Asset-Backed Securities Trust (05-AC6-1A3)
5.50% (3)		09/25/35		407,118		412,372
Bear Stearns Asset-Backed Securities Trust (06-IM1-A1)
0.55% (1 mo. USD LIBOR + 0.460%) (2)		04/25/36		213,612		327,253
Bear Stearns Mortgage Funding Trust (07-AR3-1X)
(I/O) 0.50% (9)		03/25/37		31,937,321		874,160
Centex Home Equity Loan Trust (05-A-AF5)
5.78%		01/25/35		42,175		42,160
CIM Trust (19-R1-A)
3.25% (1)(3)		10/25/58		1,014,400		945,325
CIM Trust (21-NR3-A1)
2.57% (1)		06/25/57		567,952		569,204
CIM Trust (21-R3-A1A)
1.95% (1)(3)		06/25/57		1,329,778		1,346,356
CIM Trust (21-R4-A1A)
2.00% (1)(3)		05/01/61		1,300,000		1,306,503
Citigroup Mortgage Loan Trust, Inc. (05-11-A2A)
2.53% (1 year Treasury Constant Maturity Rate + 2.400%) (2)		10/25/35		259,325		266,952
Citigroup Mortgage Loan Trust, Inc. (05-8-1A1A)
2.59% (3)(8)		10/25/35		599,625		550,418

See accompanying Notes to Financial Statements.

8

TCW Strategic Income Fund, Inc.

June 30, 2021

Issues	Maturity Date		Principal Amount		Value
Residential Mortgage-backed Securities — Non-Agency (Continued)
Citigroup Mortgage Loan Trust, Inc. (14-10-2A2)
0.34% (1 mo. USD LIBOR + 0.250%) (1)(2)		07/25/37	$	1,348,873	$	1,318,121
CitiMortgage Alternative Loan Trust (06-A3-1A7)
6.00% (8)		07/25/36		810,824		819,988
CitiMortgage Alternative Loan Trust (06-A5-1A8)
6.00% (8)		10/25/36		724,801		722,019
Conseco Finance Securitizations Corp. (99-6-A1)
7.36% (1)(3)		06/01/30		1,396,057		746,367
Conseco Financial Corp. (96-6-M1)
7.95% (3)		09/15/27		116,002		122,414
Conseco Financial Corp. (96-7-M1)
7.70% (3)		09/15/26		92,641		93,603
Conseco Financial Corp. (98-3-A6)
6.76% (3)		03/01/30		9,158		9,163
Conseco Financial Corp. (98-4-A5)
6.18%		04/01/30		57,734		57,757
Conseco Financial Corp. (98-4-A6)
6.53% (3)		04/01/30		35,123		35,477
Conseco Financial Corp. (98-4-A7)
6.87% (3)		04/01/30		37,191		37,604
Countrywide Alternative Loan Trust (05-20CB-4A1) (I/F)
5.25%		07/25/20		683		673
Countrywide Alternative Loan Trust (06-8T1-1A2)
(I/O) 5.41% (-1 mo. USD LIBOR + 5.500%) (2)(9)		04/25/36		5,470,932		1,237,234
Countrywide Asset-Backed Certificates (07-13-2A1)
0.99% (1 mo. USD LIBOR + 0.900%) (2)		10/25/47		573,462		571,583
Countrywide Home Loans (04-HYB4-B1)
2.93% (3)		09/20/34		564,015		267,621
Countrywide Home Loans (06-14-X) (I/O)
0.15% (3)(9)		09/25/36		12,519,875		52,257
Countrywide Home Loans (06-HYB2-1A1)
3.18% (3)(8)		04/20/36		773,198		590,780
Credit Suisse First Boston Mortgage Securities Corp. (04-AR5-11A2)
0.83% (1 mo. USD LIBOR + 0.740%) (2)		06/25/34		117,051		117,545
Credit Suisse First Boston Mortgage Securities Corp. (05-12-1A1)
6.50% (8)		01/25/36		1,029,148		458,682
Credit Suisse Mortgage Capital Certificates (06-6-1A8)
6.00% (8)		07/25/36		553,285		428,600
Credit-Based Asset Servicing and Securitization LLC (03-CB3-AF1)
3.38%		12/25/32		416,592		416,114
Credit-Based Asset Servicing and Securitization LLC (06-CB1-AF2)
3.01%		01/25/36		1,103,441		902,168

Issues	Maturity Date		Principal Amount		Value
Residential Mortgage-backed Securities — Non-Agency (Continued)
Credit-Based Asset Servicing and Securitization LLC (06-CB2-AF2)
3.11%		12/25/36	$	2,145,369	$	2,122,234
Credit-Based Asset Servicing and Securitization LLC (07-CB2-A2B)
3.74%		02/25/37		967,479		781,524
Credit-Based Asset Servicing and Securitization LLC (07-CB2-A2C)
3.74%		02/25/37		950,560		767,767
Credit-Based Asset Servicing and Securitization LLC (07-CB3-A3)
3.46%		03/25/37		1,294,317		661,103
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust (06-AB2-A2)
4.91% (3)(8)		06/25/36		1,315,921		1,308,016
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust (06-AR6-A6)
0.47% (1 mo. USD LIBOR + 0.380%) (2)		02/25/37		437,943		424,987
DSLA Mortgage Loan Trust (06-AR2-2A1A)
0.29% (1 mo. USD LIBOR + 0.200%) (2)		10/19/36		398,330		342,525
First Franklin Mortgage Loan Asset-Backed Certificates (06-FF11-2A3)
0.39% (1 mo. USD LIBOR + 0.300%)(2)		08/25/36		841,508		825,896
First Franklin Mortgage Loan Asset-Backed Certificates (06-FF13-A2C)
0.41% (1 mo. USD LIBOR + 0.320%) (2)		10/25/36		750,693		611,122
First Franklin Mortgage Loan Asset-Backed Certificates (06-FF18-A2D)
0.30% (1 mo. USD LIBOR + 0.210%) (2)		12/25/37		696,825		652,572
First Horizon Alternative Mortgage Securities Trust (05-AA10-2A1)
2.37% (3)(8)		12/25/35		306,284		265,196
Greenpoint Manufactured Housing (00-1-A4)
8.14% (3)		03/20/30		600,364		525,214
GSAA Home Equity Trust (06-13-AF6)
6.54%		07/25/36		1,291,465		583,347
GSC Capital Corp. Mortgage Trust (06-2-A1)
0.45% (1 mo. USD LIBOR + 0.360%) (2)		05/25/36		260,218		255,196
GSR Mortgage Loan Trust (05-AR3-6A1)
2.87% (3)		05/25/35		206,294		187,362
HSI Asset Loan Obligation Trust (07-2-2A12)
6.00%		09/25/37		382,571		359,957
Indymac INDX Mortgage Loan Trust (04-AR6-5A1)
3.01% (3)		10/25/34		350,804		356,449
Indymac INDX Mortgage Loan Trust (05-AR19-A1)
2.79% (3)		10/25/35		483,369		419,898

See accompanying Notes to Financial Statements.

9

TCW Strategic Income Fund, Inc.

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
Residential Mortgage-backed Securities — Non-Agency (Continued)
Indymac INDX Mortgage Loan Trust (06-AR13-A4X)
(I/O) 2.30% (3)(9)		07/25/36	$	212,168	$	2,679
Indymac INDX Mortgage Loan Trust (06-AR9-1A1)
3.07% (3)		06/25/36		638,518		486,043
Indymac INDX Mortgage Loan Trust (07-AR5-2A1)
3.02% (3)		05/25/37		828,885		781,378
Indymac INDX Mortgage Loan Trust (07-FLX2-A1C)
0.28% (1 mo. USD LIBOR + 0.190%) (2)		04/25/37		1,979,760		1,888,596
JPMorgan Alternative Loan Trust (06-A2-5A1)
2.99% (3)(8)		05/25/36		459,963		332,044
JPMorgan Mortgage Acquisition Trust (06-WF1-A5)
6.91%		07/25/36		2,148,956		933,765
JPMorgan Mortgage Acquisition Trust (07-CH4-A4)
0.25% (1 mo. USD LIBOR + 0.160%) (2)		01/25/36		17,883		17,892
JPMorgan Mortgage Trust (04-A6-5A1)
2.78% (3)		12/25/34		276,340		278,170
JPMorgan Mortgage Trust (07-S2-1A1)
5.00%		06/25/37		147,728		89,883
JPMorgan Resecuritization Trust (15-4-1A5)
0.28% (1 mo. USD LIBOR + 0.190%) (1)(2)		06/26/47		1,863,000		1,756,551
JPMorgan Resecuritization Trust (15-4-2A2)
3.56% (1)(3)(8)		06/26/47		3,710,634		2,192,538
Legacy Mortgage Asset Trust (19-GS4-A1)
3.44% (1)		05/25/59		979,141		981,040
Lehman Mortgage Trust (06-7-2A5) (I/O) (I/F)
6.46% (-1 mo. USD LIBOR + 6.550%) (2)(9)		11/25/36		3,099,601		952,510
Lehman XS Trust (06-10N-1A3A)
0.51% (1 mo. USD LIBOR + 0.420%) (2)		07/25/46		576,162		588,368
Lehman XS Trust (06-12N-A31A)
0.49% (1 mo. USD LIBOR + 0.400%) (2)		08/25/46		793,942		787,340
Long Beach Mortgage Loan Trust (04-4-M1)
0.99% (1 mo. USD LIBOR + 0.900%) (2)		10/25/34		667,746		663,599
MASTR Alternative Loan Trust (06-2-2A2) (I/O) (I/F)
7.01% (-1 mo. USD LIBOR + 7.100%) (2)		03/25/36		5,934,859		1,471,905
MASTR Alternative Loans Trust (07-HF1-4A1)
7.00% (8)		10/25/47		1,089,048		712,381
MASTR Asset-Backed Securities Trust (07-HE1-A4)
0.37% (1 mo. USD LIBOR + 0.280%) (2)		05/25/37		2,000,000		1,796,487
Merrill Lynch Alternative Note Asset Trust (07-OAR2-A2)
0.51% (1 mo. USD LIBOR + 0.420%) (2)		04/25/37		912,780		862,197

Issues	Maturity Date		Principal Amount		Value
Residential Mortgage-backed Securities — Non-Agency (Continued)
Merrill Lynch First Franklin Mortgage Loan Trust (07-3-A2B)
0.22% (1 mo. USD LIBOR + 0.130%) (2)		06/25/37	$	578,990	$	428,502
Merrill Lynch First Franklin Mortgage Loan Trust (07-3-A2C)
0.27% (1 mo. USD LIBOR + 0.180%) (2)		06/25/37		1,182,284		881,797
Merrill Lynch Mortgage-Backed Securities Trust (07-2-1A1)
2.44% (1 year Treasury Constant Maturity Rate + 2.400%) (2)(8)		08/25/36		181,837		173,025
Mid-State Trust (04-1-B)
8.90%		08/15/37		194,651		219,519
Mid-State Trust (04-1-M1)
6.50%		08/15/37		194,651		211,218
Morgan Stanley ABS Capital I, Inc. Trust (06-HE3-A1)
0.37% (1 mo. USD LIBOR + 0.280%) (2)		04/25/36		185,794		181,293
Morgan Stanley ABS Capital I, Inc. Trust (07-15AR-4A1)
2.88% (3)		11/25/37		377,731		380,152
Nomura Asset Acceptance Corp. (06-AR1-1A)
3.49% (3)		02/25/36		545,862		515,291
Oakwood Mortgage Investors, Inc. (00-A-A4)
8.15% (3)		09/15/29		1,755,843		763,470
Oakwood Mortgage Investors, Inc. (00-D-A4)
7.40% (3)		07/15/30		698,880		270,926
Oakwood Mortgage Investors, Inc. (01-C-A3)
6.61% (3)		06/15/31		1,671,028		330,064
Oakwood Mortgage Investors, Inc. (01-D-A3)
5.90% (3)		09/15/22		683,286		490,645
Oakwood Mortgage Investors, Inc. (01-D-A4)
6.93% (3)		09/15/31		395,881		309,804
Oakwood Mortgage Investors, Inc. (02-A-A3)
6.03% (3)		05/15/24		130,220		133,029
Oakwood Mortgage Investors, Inc. (98-A-M)
6.83% (3)		05/15/28		16,085		16,111
Oakwood Mortgage Investors, Inc. (99-B-A4)
6.99%		12/15/26		94,294		95,506
Oakwood Mortgage Investors, Inc. (99-E-A1)
7.61% (3)		03/15/30		737,075		581,067
Popular ABS Mortgage Pass-Through Trust (05-6-A4)
3.45%		01/25/36		162,293		162,856
RALI Series Trust (06-QS13-1A2) (I/O) (I/F)
7.07% (-1 mo. USD LIBOR + 7.160%)(2)(9)		09/25/36		3,208,475		589,038
RALI Series Trust (06-QS7-A2)
6.00% (8)		06/25/36		433,079		418,686

See accompanying Notes to Financial Statements.

10

TCW Strategic Income Fund, Inc.

June 30, 2021

Issues	Maturity Date		Principal Amount		Value
Residential Mortgage-backed Securities — Non-Agency (Continued)
RBSSP Resecuritization Trust (12-6-4A2)
0.75% (1 mo. USD LIBOR + 0.330%)(1)(2)		01/26/36	$	1,494,216	$	1,463,617
Residential Accredit Loans, Inc. (05-QA7-A1)
3.30% (3)(8)		07/25/35		839,224		726,790
Residential Accredit Loans, Inc. (05-QA8-CB21)
3.57% (3)(8)		07/25/35		420,430		306,152
Residential Accredit Loans, Inc. (06-QA10-A2)
0.27% (1 mo. USD LIBOR + 0.180%)(2)		12/25/36		575,604		564,833
Residential Accredit Loans, Inc. (06-QS1-A3) (PAC)
5.75% (8)		01/25/36		318,820		312,114
Residential Accredit Loans, Inc. (06-QS11-AV) (I/O)
0.36% (3)(9)		08/25/36		8,445,423		112,099
Residential Accredit Loans, Inc. (06-QS6-1AV) (I/O)
0.76% (3)(9)		06/25/36		3,729,257		84,594
Residential Accredit Loans, Inc. (06-QS8-A3)
6.00% (8)		08/25/36		705,781		692,138
Residential Accredit Loans, Inc. (07-QS2-AV) (I/O)
0.33% (3)(9)		01/25/37		9,533,747		109,345
Residential Accredit Loans, Inc. (07-QS3-AV) (I/O)
0.35% (3)(9)		02/25/37		10,199,916		120,377
Residential Accredit Loans, Inc. (07-QS6-A62) (TAC)
5.50% (8)		04/25/37		217,979		207,705
Residential Asset Securitization Trust (05-A15-4A1)
6.00% (8)		02/25/36		972,170		491,859
Residential Asset Securitization Trust (07-A5-AX) (I/O)
6.00% (9)		05/25/37		1,730,521		342,422
Residential Funding Mortgage Securities (06-S9-AV) (I/O)
0.34% (3)(9)		09/25/36		23,025,325		272,659
Saxon Asset Securities Trust (07-3-2A4)
0.58% (1 mo. USD LIBOR + 0.490%)(2)		09/25/47		2,926,000		2,637,984
Securitized Asset-Backed Receivables LLC Trust (07-NC2-A2C)
0.31% (1 mo. USD LIBOR + 0.220%)(2)		01/25/37		4,614,000		3,362,518
Soundview Home Loan Trust (06-1-A4)
0.69% (1 mo. USD LIBOR + 0.600%)(2)		02/25/36		263,635		263,897
Structured Adjustable Rate Mortgage Loan Trust (05-20-1A1)
2.85% (3)(8)		10/25/35		140,582		134,293
Structured Adjustable Rate Mortgage Loan Trust (07-9-2A1)
3.21% (3)(8)		10/25/47		307,031		261,448
Structured Asset Mortgage Investments II Trust (06-AR4-5A1)
0.45% (1 mo. USD LIBOR + 0.360%) (2)		06/25/36		853,902		756,595

Issues	Maturity Date		Principal Amount		Value
Residential Mortgage-backed Securities — Non-Agency (Continued)
WAMU Asset-Backed Certificates (07-HE1-2A3)
0.24% (1 mo. USD LIBOR + 0.150%) (2)		01/25/37	$	1,835,182	$	1,153,627
Wells Fargo Alternative Loan Trust (07-PA2-2A2) (I/O) (I/F)
5.98% (-1 mo. USD LIBOR + 6.070%) (2)(9)		06/25/37		2,063,705		240,864
Wells Fargo Mortgage-Backed Securities Trust (07-AR3-A4)
2.68% (3)(8)		04/25/37		185,447		177,316
Total Residential Mortgage-backed Securities — Non-Agency
(Cost: $73,232,036)						79,708,217
Total Mortgage-backed Securities
(Cost: $155,267,561)						154,024,745
CORPORATE BONDS — 27.3%
Advertising — 0.1%
National CineMedia LLC
5.88% (1)		04/15/28		225,000		221,391
Aerospace/Defense — 0.2%
Boeing Co. (The)
1.43%		02/04/24		705,000		706,903
Agriculture — 0.6%
BAT Capital Corp.
2.73%		03/25/31		5,000		4,928
4.54%		08/15/47		130,000		138,502
Imperial Brands Finance PLC
3.13% (1)		07/26/24		270,000		284,318
Reynolds American, Inc.
5.85%		08/15/45		975,000		1,196,881
						1,624,629
Airlines — 0.4%
JetBlue Pass-Through Certificates (20-1A)
4.00%		05/15/34		773,825		853,135
US Airways Group, Inc. Pass-Through Certificates (10-1A) (EETC)
6.25%		10/22/24		318,967		327,917
						1,181,052
Auto Manufacturers — 1.3%
Daimler Finance North America LLC
1.06% (3 mo. USD LIBOR + 0.900%)(1)(2)		02/15/22		350,000		351,902
Ford Motor Credit Co. LLC
1.42% (3 mo. USD LIBOR + 1.270%)(2)		03/28/22		345,000		344,218
3.22%		01/09/22		1,150,000		1,163,743
3.34%		03/28/22		645,000		655,139

See accompanying Notes to Financial Statements.

11

TCW Strategic Income Fund, Inc.

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
Auto Manufacturers (Continued)
General Motors Co.
4.88%		10/02/23	$	150,000	$	163,458
General Motors Financial Co., Inc.
3.15%		06/30/22		180,000		184,523
3.45%		04/10/22		55,000		56,017
4.38%		09/25/21		656,000		662,137
						3,581,137
Banks — 4.8%
Bank of America Corp.
1.66% (SOFR + 0.910%)(2)		03/11/27		595,000		599,645
1.73% (SOFR + 0.960%)(2)		07/22/27		590,000		595,050
2.09% (SOFR + 1.060%)(2)		06/14/29		570,000		574,799
Citigroup, Inc.
1.46% (SOFR+ 0.770%) (2)		06/09/27		430,000		428,276
4.41% (SOFR + 3.914%) (2)		03/31/31		440,000		514,281
Comerica, Inc.
5.63% (U.S. 5 year Treasury Constant Maturity Rate + 5.291%) (2)		12/31/99		395,000		438,450
Credit Suisse Group AG
1.31% (SOFR + 0.980%) (1)(2)		02/02/27		190,000		186,299
2.19% (SOFR + 2.044%) (1)(2)		06/05/26		425,000		435,275
2.59% (SOFR + 1.560%) (1)(2)		09/11/25		55,000		57,225
3.09% (SOFR + 1.730%) (1)(2)		05/14/32		270,000		278,529
3.75%		03/26/25		330,000		358,201
4.55%		04/17/26		75,000		84,992
Goldman Sachs Group, Inc. (The)
1.09% (SOFR + 0.789%) (2)		12/09/26		215,000		211,801
1.43% (SOFR + 0.798%) (2)		03/09/27		425,000		423,887
1.54% (SOFR + 0.818%) (2)		09/10/27		430,000		428,830
HSBC Holdings PLC
0.98% (SOFR + 0.708%) (2)		05/24/25		430,000		429,888
1.59% (SOFR + 1.290%) (2)		05/24/27		285,000		285,764
2.01% (SOFR + 1.732%) (2)		09/22/28		685,000		687,740
JPMorgan Chase & Co
. 0.97% (SOFR + 0.580%) (2)		06/23/25		350,000		350,497
1.58% (SOFR + 0.885%) (2)		04/22/27		425,000		427,423
2.01% (SOFR + 1.585%) (2)		03/13/26		505,000		521,640
3.56% (3)		04/23/24		385,000		406,051
Lloyds Banking Group PLC (United Kingdom)
1.63% (U.S. 1 year Treasury Constant Maturity Rate + 0.850%) (2)		05/11/27		395,000		395,616
2.86% (3 mo. USD LIBOR + 1.249%) (2)		03/17/23		275,000		279,729
3.87% (1 year Treasury Constant Maturity Rate + 3.500%) (2)		07/09/25		285,000		308,890

Issues	Maturity Date		Principal Amount		Value
Banks (Continued)
Macquarie Group, Ltd.
1.63% (SOFR + 0.910%)(1)(2)		09/23/27	$	430,000	$	428,198
Morgan Stanley
1.59% (SOFR + 0.879%)(2)		05/04/27		425,000		428,047
NatWest Group PLC (United Kingdom)
4.27% (3)		03/22/25		260,000		282,199
Santander UK Group Holdings PLC (United Kingdom)
1.09% (SOFR + 0.787%) (2)		03/15/25		565,000		567,294
3.37% (3)		01/05/24		435,000		453,010
4.80% (3)		11/15/24		335,000		366,443
Wells Fargo & Co.
2.16% (3 mo. USD LIBOR + 0.750%) (2)		02/11/26		115,000		119,433
2.39% (SOFR+ 2.100%)(2)		06/02/28		885,000		918,439
2.88% (SOFR+ 1.432%)(3)		10/30/30		205,000		217,236
						13,489,077
Beverages — 0.6%
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc.
4.90%		02/01/46		704,000		892,649
Bacardi, Ltd.
5.30% (1)		05/15/48		205,000		267,831
Primo Water Holdings,
Inc. 4.38% (1)		04/30/29		415,000		415,519
						1,575,999
Commercial Services — 0.3%
Adtalem Global Education, Inc.
5.50% (1)		03/01/28		190,000		193,549
IHS Markit, Ltd.
4.00% (1)		03/01/26		243,000		270,180
4.75% (1)		02/15/25		370,000		415,140
						878,869
Computers — 0.1%
NCR Corp.
5.13% (1)		04/15/29		285,000		294,234
Diversified Financial Services — 0.8%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)
3.65%		07/21/27		120,000		128,271
3.88%		01/23/28		130,000		139,634
3.95%		02/01/22		415,000		422,044
4.13%		07/03/23		135,000		143,224
Air Lease Corp.
3.50%		01/15/22		490,000		498,154
Avolon Holdings Funding, Ltd.
2.88% (1)		02/15/25		305,000		314,345

See accompanying Notes to Financial Statements.

12

TCW Strategic Income Fund, Inc.

June 30, 2021

Issues	Maturity Date		Principal Amount		Value
Diversified Financial Services (Continued)
3.95% (1)		07/01/24	$	85,000	$	90,679
5.13% (1)		10/01/23		30,000		32,445
Park Aerospace Holdings, Ltd.
4.50% (1)		03/15/23		110,000		115,652
5.50% (1)		02/15/24		470,000		516,951
						2,401,399
Electric — 0.6%
FirstEnergy Corp.
3.40%		03/01/50		450,000		442,270
FirstEnergy Transmission LLC
4.35% (1)		01/15/25		750,000		828,310
Puget Energy, Inc.
6.00%		09/01/21		500,000		504,791
						1,775,371
Engineering & Construction — 0.3%
Heathrow Funding, Ltd. (United Kingdom)
4.88% (1)		07/15/23		700,000		701,025
PowerTeam Services LLC
9.03% (1)		12/04/25		254,000		279,718
						980,743
Entertainment — 0.1%
Colt Merger Sub, Inc.
6.25% (1)		07/01/25		273,000		289,822
Environmental Control — 0.1%
GFL Environmental, Inc. (Canada)
4.75% (1)		06/15/29		140,000		145,560
5.13% (1)		12/15/26		157,000		166,346
						311,906
Food — 1.0%
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.
3.75% (1)		12/01/31		550,000		562,232
5.50% (1)		01/15/30		25,000		27,993
Kraft Heinz Foods Co.
4.38%		06/01/46		210,000		238,163
5.00%		07/15/35		85,000		104,338
5.00%		06/04/42		303,000		370,689
6.38%		07/15/28		210,000		261,862
Kroger Co. (The)
4.45%		02/01/47		60,000		71,809
Lamb Weston Holdings, Inc.
4.63% (1)		11/01/24		120,000		124,504
Pilgrim’s Pride Corp.
4.25% (1)		04/15/31		285,000		295,682
5.88% (1)		09/30/27		250,000		266,887

Issues	Maturity Date		Principal Amount		Value
Food (Continued)
Post Holdings, Inc.
4.50% (1)		09/15/31	$	425,000	$	424,668
						2,748,827
Forest Products & Paper — 0.2%
Clearwater Paper Corp.
4.75% (1)		08/15/28		475,000		476,643
Health Care-Products — 0.1%
Hologic, Inc.
4.63% (1)		02/01/28		320,000		335,600
Health Care-Services — 1.4%
Centene Corp.
2.45%		07/15/28		350,000		354,813
3.00%		10/15/30		248,000		255,075
5.38% (1)		08/15/26		157,000		164,284
CommonSpirit Health
2.78%		10/01/30		135,000		140,964
HCA, Inc.
4.13%		06/15/29		208,000		234,636
5.00%		03/15/24		315,000		348,299
5.25%		06/15/49		312,000		398,466
5.63%		09/01/28		100,000		118,625
7.05%		12/01/27		235,000		285,039
Humana, Inc.
4.95%		10/01/44		125,000		162,024
Molina Healthcare, Inc.
3.88% (1)		11/15/30		520,000		542,006
5.38%		11/15/22		140,000		146,912
Prime Healthcare Services, Inc.
7.25% (1)		11/01/25		455,000		492,237
Providence Service Corp. (The)
5.88% (1)		11/15/25		270,000		289,598
						3,932,978
Household Products/Wares — 0.0%
Spectrum Brands, Inc.
3.88% (1)		03/15/31		135,000		132,774
Insurance — 0.9%
Acrisure LLC / Finance, Inc.
4.25% (1)		02/15/29		280,000		276,769
Athene Global Funding
0.74% (SOFR + 0.700%)(1)(2)		05/24/24		425,000		428,833
1.61% (1)		06/29/26		285,000		285,345
Farmers Exchange Capital
7.05% (1)		07/15/28		500,000		619,260
Farmers Insurance Exchange
4.75% (3 mo. USD LIBOR + 3.231%) (1)(2)		11/01/57		5,000		5,707

See accompanying Notes to Financial Statements.

13

TCW Strategic Income Fund, Inc.

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
Insurance (Continued)
Nationwide Mutual Insurance Co.
2.41% (3 mo. USD LIBOR + 2.290%) (1)(2)		12/15/24	$	1,000,000	$	1,000,839
						2,616,753
Internet — 0.1%
Tencent Holdings, Ltd.
3.68% (1)		04/22/41		285,000		306,107
Machinery-Diversified — 0.1%
Titan Acquisition, Ltd. / Titan Co-Borrower LLC
7.75% (1)		04/15/26		140,000		145,775
Media — 1.1%
Cable One, Inc.
4.00% (1)		11/15/30		415,000		416,556
Charter Communications Operating LLC / Charter Communications Operating Capital
2.30%		02/01/32		165,000		159,035
5.38%		05/01/47		125,000		153,510
5.75%		04/01/48		150,000		192,273
CSC Holdings LLC
5.38% (1)		02/01/28		25,000		26,480
Diamond Sports Group LLC / Diamond Sports Finance Co.
5.38% (1)		08/15/26		522,000		338,919
6.63% (1)		08/15/27		420,000		206,695
Scripps Escrow II, Inc.
5.38% (1)		01/15/31		290,000		289,447
Sinclair Television Group, Inc.
4.13% (1)		12/01/30		285,000		280,369
Sirius XM Radio, Inc.
3.88% (1)		08/01/22		130,000		130,520
Virgin Media Secured Finance PLC (United Kingdom)
5.50% (1)		08/15/26		200,000		206,650
5.50% (1)		05/15/29		225,000		242,156
Walt Disney Co. (The)
3.60%		01/13/51		305,000		346,632
						2,989,242
Mining — 0.3%
Corp. Nacional del Cobre de Chile
3.15% (10)		01/14/30		350,000		369,004
Indonesia Asahan Aluminium Persero PT
6.53% (1)		11/15/28		300,000		369,044
						738,048
Miscellaneous Manufacturers — 0.7%
General Electric Co.
0.64% (3 mo. USD LIBOR + 0.480%) (2)		08/15/36		2,400,000		1,962,338

Issues	Maturity Date		Principal Amount		Value
Oil & Gas — 1.1%
Endeavor Energy Resources LP / EER Finance, Inc.
5.50% (1)		01/30/26	$	52,000	$	54,189
Hess Corp.
4.30%		04/01/27		380,000		423,020
KazMunayGas National Co. JSC
3.50% (10)		04/14/33		200,000		207,960
Pertamina Persero PT (Indonesia)
3.10% (1)		08/27/30		200,000		206,060
Petroleos Mexicanos
5.95%		01/28/31		180,000		175,095
6.63%		06/15/35		385,000		372,295
6.75%		09/21/47		75,000		66,470
6.95%		01/28/60		130,000		115,375
7.69%		01/23/50		365,000		351,769
Petronas Capital, Ltd.
3.50% (1)		04/21/30		200,000		219,678
Sunoco LP / Sunoco Finance Corp.
4.50% (1)		05/15/29		425,000		432,437
Transocean Pontus, Ltd.
6.13% (1)		08/01/25		73,950		74,912
Transocean Poseidon, Ltd.
6.88% (1)		02/01/27		314,000		316,025
						3,015,285
Oil & Gas Services — 0.2%
Archrock Partners LP / Archrock Partners Finance Corp.
6.25% (1)		04/01/28		140,000		146,497
Transocean Proteus, Ltd.
6.25% (1)		12/01/24		107,250		108,623
USA Compression Partners LP / USA Compression Finance Corp.
6.88%		04/01/26		162,000		170,089
6.88%		09/01/27		127,000		135,925
						561,134
Packaging & Containers — 0.5%
Amcor Finance USA, Inc.
3.63%		04/28/26		400,000		439,172
Ball Corp.
4.00%		11/15/23		90,000		95,652
Berry Global, Inc.
1.57% (1)		01/15/26		475,000		475,807
4.88% (1)		07/15/26		85,000		90,050
Graphic Packaging International LLC
4.75% (1)		07/15/27		130,000		141,213
Intertape Polymer Group, Inc.
4.38% (1)		06/15/29		268,000		272,068
Sealed Air Corp.
4.00% (1)		12/01/27		25,000		26,719
						1,540,681

See accompanying Notes to Financial Statements.

14

TCW Strategic Income Fund, Inc.

June 30, 2021

Issues	Maturity Date		Principal Amount		Value
Pharmaceuticals — 1.6%
AbbVie, Inc.
4.05%		11/21/39	$	65,000	$	75,543
4.25%		11/21/49		100,000		120,050
4.50%		05/14/35		651,000		785,141
Bausch Health Companies, Inc.
4.88% (1)		06/01/28		285,000		292,054
Bayer US Finance II LLC
4.38% (1)		12/15/28		590,000		676,601
4.63% (1)		06/25/38		375,000		446,992
4.88% (1)		06/25/48		425,000		534,595
Cigna Corp.
3.88%		10/15/47		170,000		190,801
CVS Health Corp.
5.05%		03/25/48		825,000		1,073,721
Endo Luxembourg Finance Co. I Sarl / Endo US, Inc.
6.13% (1)		04/01/29		285,000		279,648
Organon Finance 1 LLC
5.13% (1)		04/30/31		199,000		205,258
						4,680,404
Pipelines — 1.6%
Enbridge Energy Partners LP
5.88%		10/15/25		50,000		59,115
Energy Transfer LP
5.15%		03/15/45		325,000		375,580
5.40%		10/01/47		831,000		985,383
6.63% (3 mo. USD LIBOR + 4.155%) (2)		12/31/99		634,000		622,905
NGL Energy Operating LLC / NGL Energy Finance Corp.
7.50% (1)		02/01/26		225,000		236,565
Pipeline Funding Co. LLC
7.50% (1)		01/15/30		450,400		577,467
Plains All American Pipeline LP / PAA Finance Corp.
3.80%		09/15/30		500,000		535,724
Rockies Express Pipeline LLC
4.80% (1)		05/15/30		125,000		125,625
4.95% (1)		07/15/29		425,000		439,340
Texas Eastern Transmission LP
2.80% (1)		10/15/22		300,000		306,324
TransMontaigne Partners LP / TLP Finance Corp.
6.13%		02/15/26		265,000		270,300
						4,534,328
REIT — 1.3%
CyrusOne LP / CyrusOne Finance Corp.
2.90%		11/15/24		280,000		296,038
3.45%		11/15/29		1,045,000		1,114,482
GLP Capital LP / GLP Financing II, Inc.
5.30%		01/15/29		210,000		245,942
5.38%		04/15/26		621,000		716,348

Issues	Maturity Date		Principal Amount		Value
REIT (Continued)
5.75%		06/01/28	$	345,000	$	410,981
Hudson Pacific Properties LP
3.95%		11/01/27		275,000		301,709
Lexington Realty Trust
2.70%		09/15/30		275,000		279,958
Piedmont Operating Partnership LP
3.40%		06/01/23		425,000		441,640
						3,807,098
Retail — 0.2%
1011778 BC ULC / New Red Finance, Inc.
3.50% (1)		02/15/29		270,000		267,187
Magic Mergeco, Inc.
5.25% (1)		05/01/28		175,000		179,756
7.88% (1)		05/01/29		190,000		196,175
						643,118
Savings & Loans — 0.2%
Nationwide Building Society (United Kingdom)
3.77% (3 mo. USD LIBOR + 1.064%) (1)(2)		03/08/24		520,000		546,294
Semiconductors — 0.3%
Intel Corp.
4.75%		03/25/50		550,000		732,040
Software — 0.3%
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc.
5.75% (1)		03/01/25		25,000		25,500
Oracle Corp.
2.88%		03/25/31		265,000		276,021
3.95%		03/25/51		425,000		464,653
						766,174
Telecommunications — 3.7%
AT&T, Inc.
3.80% (1)		12/01/57		503,000		528,325
4.75%		05/15/46		530,000		644,828
4.85%		03/01/39		348,000		423,394
5.25%		03/01/37		705,000		890,605
C&W Senior Financing DAC
6.88% (1)		09/15/27		200,000		213,320
Frontier Communications Corp.
5.00% (1)		05/01/28		350,000		362,229
Intelsat Jackson Holdings S. A. (Luxembourg)
8.50% (1)(11)		10/15/24		535,000		321,669
9.75% (1)(11)		07/15/25		621,000		362,912
Level 3 Financing, Inc.
4.63% (1)		09/15/27		176,000		183,210
Lumen Technologies, Inc.
5.38% (1)		06/15/29		425,000		431,906

See accompanying Notes to Financial Statements.

15

TCW Strategic Income Fund, Inc.

Schedule of Investments (Unaudited) (Continued)

Issues	Maturity Date		Principal Amount		Value
Telecommunications (Continued)
Qwest Corp.
7.25%		09/15/25	$	250,000	$	296,790
SES Global Americas Holdings GP
5.30% (1)		03/25/44		675,000		791,495
Sprint Corp.
7.88%		09/15/23		373,000		424,223
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC
3.36% (1)		03/20/23		43,125		43,203
4.74% (1)		03/20/25		1,157,813		1,245,227
T-Mobile USA, Inc.
2.25%		02/15/26		75,000		75,780
2.63%		04/15/26		489,000		500,614
3.88%		04/15/30		235,000		263,494
4.38%		04/15/40		350,000		411,399
4.50%		02/01/26		113,000		115,684
4.75%		02/01/28		186,000		199,950
Verizon Communications, Inc.
2.10%		03/22/28		140,000		143,024
2.55%		03/21/31		425,000		435,136
Vmed O2 UK Financing I PLC
4.25% (1)		01/31/31		260,000		255,781
Vodafone Group PLC (United Kingdom)
4.88%		06/19/49		759,000		959,089
						10,523,287
Transportation — 0.1%
Empresa de Transporte de Pasajeros Metro S.A.
3.65% (1)		05/07/30		200,000		215,320
Total Corporate Bonds
(Cost: $73,750,712)						77,262,780
MUNICIPAL BONDS — 0.8%
Alabama Economic Settlement Authority, Revenue Bond
4.26%		09/15/32		705,000		815,739
County of Miami-Dade FL Aviation Revenue, Revenue Bond
3.45%		10/01/30		130,000		141,823
Metropolitan Transportation Authority, Revenue Bond
5.18%		11/15/49		55,000		73,345
New York State Dormitory Authority, Revenue Bond
5.29%		03/15/33		1,000,000		1,218,919
Total Municipal Bonds
(Cost: $2,080,579)						2,249,826
FOREIGN GOVERNMENT BONDS — 1.4%
Abu Dhabi Government International Bond
2.50% (10)		09/30/29		200,000		209,289
Brazilian Government International Bond
3.88%		06/12/30		200,000		202,440

Issues	Maturity Date		Principal Amount		Value
FOREIGN GOVERNMENT BONDS (Continued)
Colombia Government International Bond
3.00%		01/30/30	$	450,000	$	441,682
Dominican Republic International Bond
4.50% (1)		01/30/30		200,000		204,540
Egypt Government International Bond
5.25% (10)		10/06/25		200,000		211,330
Mexico Government International Bond
2.66%		05/24/31		638,000		624,755
Panama Government International Bond
3.16%		01/23/30		250,000		262,815
Philippine Government International Bond
2.46%		05/05/30		200,000		208,398
Qatar Government International Bond
4.50% (10)		04/23/28		350,000		414,225
Saudi Government International Bond
3.25% (10)		10/26/26		200,000		218,299
3.63% (10)		03/04/28		300,000		332,094
South Africa Government Bond
4.88%		04/14/26		350,000		380,765
Uruguay Government International Bond
4.38%		01/23/31		200,000		233,543
Total Foreign Government Bonds
(Cost: $3,844,746)						3,944,175
Total Fixed Income Securities
(Cost: $263,734,610)						267,002,022
Security			Shares
COMMON STOCK — 6.8%
Agriculture — 0.4%
Altria Group, Inc.				12,670		604,105
British American Tobacco PLC				15,706		617,403
Total Agriculture
(Cost: $1,140,228)						1,221,508
Banks — 1.5%
Bank of America Corp.				20,516		845,875
Comerica, Inc.				14,117		1,007,107
JPMorgan Chase & Co.				7,204		1,120,510
Wells Fargo & Co.				29,225		1,323,600
						4,297,092
Oil & Gas — 1.7%
BP PLC (SP ADR) (United Kingdom)				25,680		678,466
Chevron Corp.				6,954		728,362
ConocoPhillips				9,012		548,831
Exxon Mobil Corp.				19,680		1,241,414
Royal Dutch Shell PLC (SP ADR) (United Kingdom)				18,856		761,782
TOTAL SA (SP ADR) (France)				16,370		740,906
						4,699,761

See accompanying Notes to Financial Statements.

16

TCW Strategic Income Fund, Inc.

June 30, 2021

Security	Shares		Value
Pharmaceuticals — 0.2%
Pfizer, Inc.		16,874	$	660,786
Pipelines — 0.4%
Energy Transfer LP		103,400		1,099,142
REIT — 1.9%
AGNC Investment Corp.		144,641		2,442,987
Annaly Capital Management, Inc.		165,767		1,472,011
Chimera Investment Corp.		48,368		728,422
New Residential Investment Corp.		55,339		586,040
				5,229,460
Telecommunications — 0.7%
AT&T, Inc.		29,535		850,017
Lumen Technologies, Inc.		46,584		633,076
Verizon Communications, Inc.		10,086		565,119
				2,048,212
Total Common Stock
(Cost: $13,520,856)				19,255,961
MONEY MARKET INVESTMENTS — 3.4%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.03% (12)		9,666,154		9,666,154
Total Money Market Investments
(Cost: $9,666,154)				9,666,154

Issues	Maturity Date		Principal Amount
SHORT TERM INVESTMENTS — 7.2%
U.S. TREASURY SECURITIES — 7.2%
U.S. Treasury Bill
0.03% (13)		07/15/21	$	2,500,000	$	2,499,961
0.05% (13)		08/12/21		18,000,000		17,998,950
Total U.S. Treasury Securities
(Cost: $20,499,253)						20,498,911
Total Short Term Investments
(Cost: $20,499,253)						20,498,911
Total Investments (111.6%)
(Cost: $307,420,873)						316,423,048
Liabilities In Excess Of Other Assets (-11.6%)						(33,015,021	)
Net Assets (100.0%)					$	283,408,027

Futures Contracts
Number of Contracts	Type	Expiration Date		Notional Contract Value			Value			Net Unrealized Appreciation (Depreciation)
Long Futures
214	5-Year U.S. Treasury Note Futures		09/30/21	$	26,528,876		$	26,413,953		$	(114,923	)
Short Futures
201	10-Year U.S. Ultra Treasury Note Futures		09/21/21	$	(29,178,826	)	$	(29,587,828	)	$	(409,002	)
73	U.S. Ultra Long Bond Futures		09/21/21		(13,607,463	)		(14,066,188	)		(458,725	)
				$	(42,786,289	)	$	(43,654,016	)	$	(867,727	)

Written Options — Exchange Traded
Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Received by Fund			Unrealized Appreciation (Depreciation)
Call
AGNC Investment Corp.		18.00		12/17/21		(596	)	$	(1,006,644	)	$	(16,986	)	$	(18,217	)	$	1,231
Comerica, Inc.		80.00		7/16/21		(47	)		(335,298	)		(588	)		(9,469	)		8,881
JPMorgan Chase & Co.		160.00		9/17/21		(24	)		(373,296	)		(10,620	)		(7,835	)		(2,785	)
Wells Fargo & Co.		47.50		7/16/21		(97	)		(439,313	)		(4,801	)		(15,177	)		10,376
											$	(32,995	)	$	(50,698	)	$	17,703

See accompanying Notes to Financial Statements.

17

TCW Strategic Income Fund, Inc.

Schedule of Investments (Unaudited) (Continued)

Notes to the Schedule of Investments:

ABS Asset-Backed Securities.

ACES Alternative Credit Enhancement Securities.

CLO Collateralized Loan Obligation.

EETC Enhanced Equipment Trust Certificate.

I/F Inverse Floating rate security whose interest rate moves in the opposite direction of prevailing interest rates.

I/O Interest Only Security.

PAC Planned Amortization Class.

SOFR Secured Overnight Financing Rate.

TAC Target Amortization Class.

TBA To Be Announced.

(1) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At June 30, 2021, the value of these securities amounted to $93,688,637 or 33.1% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Fund’s Board of Directors.

(2) Floating or variable rate security. The interest shown reflects the rate in effect at June 30, 2021.

(3) Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

(4) This security is purchased on a when-issued, delayed-delivery or forward commitment basis.

(5) Security is not accruing interest.

(6) Restricted security (Note 9).

(7) Security purchased on a forward commitment with an approximate principal amount. The actual principal amount and maturity date will be determined upon settlement when the security is delivered.

(8) A portion of the principal balance has been written-off during the period due to defaults in the underlying loans. Cost basis has been adjusted.

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

(10) Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United States except under special exemptions. At June 30, 2021, the value of these securities amounted to $1,962,201 or 0.7% of net assets.

(11) 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.

(12) Rate disclosed is the 7-day net yield as of June 30, 2021.

(13) Rate shown represents yield-to-maturity.

See accompanying Notes to Financial Statements.

18

TCW Strategic Income Fund, Inc.

Investments by Sector (Unaudited) June 30, 2021

Sector	Percentage of Net Assets
Residential Mortgage-Backed Securities — Non-Agency		28.1	%
Corporate Bonds		27.3
Residential Mortgage-Backed Securities — Agency		12.1
Commercial Mortgage-Backed Securities — Non-Agency		10.9
Asset-Backed Securities		10.4
Short Term Investments		7.2
Common Stock		6.8
Money Market Investments		3.4
Commercial Mortgage-Backed Securities — Agency		3.2
Foreign Government Bonds		1.4
Municipal Bonds		0.8
Other*		(11.6	)
Total		100.0	%

* Includes cash, futures, written options, pending trades, interest receivable and accrued expenses payable.

See accompanying Notes to Financial Statements.

19

TCW Strategic Income Fund, Inc.

Fair Valuation Summary (Unaudited) June 30, 2021

The following is a summary of the fair valuations according to the inputs used as of June 30, 2021 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	$	—		$	29,520,496	$	—	$	29,520,496
Mortgage-Backed Securities
Commercial Mortgage-Backed Securities — Agency		—			9,197,504		—		9,197,504
Commercial Mortgage-Backed Securities — Non-Agency		—			30,783,986		—		30,783,986
Residential Mortgage-Backed Securities — Agency		—			34,335,038		—		34,335,038
Residential Mortgage-Backed Securities — Non-Agency		—			74,717,979		4,990,238		79,708,217
Total Mortgage-Backed Securities		—			149,034,507		4,990,238		154,024,745
Corporate Bonds*		—			77,262,780		—		77,262,780
Municipal Bonds		—			2,249,826		—		2,249,826
Foreign Government Bonds		—			3,944,175		—		3,944,175
Total Fixed Income Securities		—			262,011,784		4,990,238		267,002,022
Common Stock*		19,255,961			—		—		19,255,961
Money Market Investments		9,666,154			—		—		9,666,154
Short Term Investments		20,498,911			—		—		20,498,911
Total Investments	$	49,421,026		$	262,011,784	$	4,990,238	$	316,423,048
										��
Liability Derivatives
Futures Contracts
Interest Rate Risk	$	(982,650	)	$	—	$	—	$	(982,650	)
Written Options
Equity Risk		(32,995	)						(32,995	)
Total	$	(1,015,645	)	$	—	$	—	$	(1,015,645	)

* See Schedule of Investments for corresponding industries.

See accompanying Notes to Financial Statements.

20

TCW Strategic Income Fund, Inc.

Statement of Assets and Liabilities (Unaudited) June 30, 2021

ASSETS:
Investments, at Value (Cost: $307,420,873)	$	316,423,048
Cash		6,117
Receivable for Securities Sold		36,777,415
Cash Collateral Held for Broker for Futures		2,182,000
Interest and Dividends Receivable		1,954,692
Foreign Tax Reclaims Receivable		2,966
Total Assets		357,346,238
LIABILITIES:
Payables for Securities Purchased		70,852,329
Distributions Payable		2,626,164
Payable for Variation Margin on Open Futures Contracts to Broker		166,132
Accrued Investment Advisory Fees		138,093
Accrued Other Expenses		62,858
Interest Expense Payable		41,119
Options Written, at Value (Premium Received $50,698)		32,995
Accrued Directors’ Fees and Expenses		18,521
Total Liabilities		73,938,211
NET ASSETS	$	283,408,027
NET ASSETS CONSIST OF:
Common Stock, par value $0.01 per share (75,000,000 shares authorized, 47,748,439 shares issued and outstanding)	$	477,484
Paid-in Capital		269,310,055
Accumulated Earnings (Loss)		13,620,488
NET ASSETS	$	283,408,027
NET ASSET VALUE PER SHARE	$	5.94
MARKET PRICE PER SHARE	$	5.92

See accompanying Notes to Financial Statements.

21

TCW Strategic Income Fund, Inc.

Statement of Operations (Unaudited) Six Months Ended June 30, 2021

INVESTMENT INCOME:
Income
Interest	$	8,637,202
Dividends (net of foreign withholding taxes of $5,723)		506,202
Total Investment Income		9,143,404
Expenses
Investment Advisory Fees		826,594
Audit and Tax Service Fees		87,584
Legal Fees		71,694
Directors’ Fees and Expenses		55,884
Custodian Fees		28,765
Interest Expense		27,770
Transfer Agent Fees		26,761
Listing Fees		24,233
Administration Fees		19,681
Printing and Distribution Costs		19,448
Insurance Expense		17,951
Proxy Expense		17,331
Accounting Fees		8,984
Miscellaneous Expense		8,678
Total Expenses		1,241,358
Net Investment Income		7,902,046
NET REALIZED GAIN (LOSS) AND CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS, FUTURES CONTRACTS AND WRITTEN OPTIONS:
Net Realized Gain (Loss) on:
Investments		3,610,953
Futures Contracts		3,108,136
Written Options		19,580
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(3,891,137	)
Futures Contracts		(1,174,127	)
Written Options		17,703
Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts and Written Options		1,691,108
INCREASE IN NET ASSETS FROM OPERATIONS	$	9,593,154

See accompanying Notes to Financial Statements.

22

TCW Strategic Income Fund, Inc.

Statements of Changes in Net Assets (Unaudited)

	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020
OPERATIONS:
Net Investment Income	$	7,902,046		$	13,710,449
Net Realized Gain on Investments, Futures Contracts, Written Options and Swap Agreements		6,738,669			3,978,847
Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Written Options and Swap Agreements		(5,047,561	)		869,748
Increase in Net Assets Resulting from Operations		9,593,154			18,559,044
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to Shareholders		(5,252,329	)		(13,131,985	)
Shares Issued in Reinvestment of Dividends (0 for the six months ended June 30, 2021 and 61,482 for the year ended December 31, 2020)		—			347,158
Total Increase in Net Assets		4,340,825			5,774,217
NET ASSETS:
Beginning of period		279,067,202			273,292,985
End of period	$	283,408,027		$	279,067,202

See accompanying Notes to Financial Statements.

23

TCW Strategic Income Fund, Inc.

Notes to Financial Statements (Unaudited)

Note 1 — Organization

TCW Strategic Income Fund, Inc. (the “Fund”) was incorporated in Maryland on January 13, 1987 as a diversified, closed-end investment management company and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Its shares are traded on the New York Stock Exchange under the symbol TSI. The Fund commenced operations on March 5, 1987. The Fund’s investment objective is to seek a total return comprised of current income and capital appreciation, and it seeks to achieve its investment objective by investing in a wide range of securities including convertible securities, marketable equity securities, investment-grade debt securities, high-yield debt securities, securities issued or guaranteed by the U.S. Government, its agencies and instrumentalities (“U.S. Government Securities”), repurchase agreements, mortgage-related securities, asset-backed securities, money market securities, and other securities and derivative instruments without limit believed by the Fund’s investment advisor to be consistent with the Fund’s investment objective. TCW Investment Management Company LLC (the “Advisor”) is the investment advisor to the Fund and is registered under the Investment Advisers Act of 1940, as amended.

Note 2 — Significant Accounting Policies

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

Principles of Accounting:    The Fund uses the accrual method of accounting for financial reporting purposes.

Security Valuations:    Securities listed or traded on the NYSE and other stock exchanges are valued at the latest sale price on that exchange. Securities traded on the NASDAQ stock market (“NASDAQ”) are valued using official closing prices as reported by NASDAQ, which may not be the last sale price. All other securities for which over-the-counter (“OTC”) market quotations are readily available, including short-term investments, swap agreements and forward currency contracts, are valued with prices furnished by independent pricing services or by broker-dealers. Futures contracts are valued at the official settlement prices of the exchanges on which they are traded.

Securities for which market quotations are not readily available, including in circumstances under which it is determined by the Advisor that prices received are not reflective of their market values, are valued by the Advisor’s Pricing Committee in accordance with the guidelines established by the Valuation Committee of the Board of Directors of the Fund (the “Board,” and each member thereof, a “Director”) and under the general oversight of the Board.

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,

24

TCW Strategic Income Fund, Inc.

June 30, 2021

Note 2 — Significant Accounting Policies (Continued)

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 in 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 in Level 2 of the fair value hierarchy; otherwise, they would be categorized in 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 in 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 in Level 3 of the hierarchy.

25

TCW Strategic Income Fund, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

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 in Level 1 of the fair value hierarchy. Restricted securities issued by publicly held companies are generally categorized in Level 2 of the fair value hierarchy; if a discount is applied and significant, they are categorized in 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 in 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 in 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 in Level 1 or 2 of the fair value hierarchy depending on the liquidity and transparency of the market.

Money market funds.    Money market funds are open-end mutual funds that invest in short-term debt securities. To the extent that these funds are valued based upon the reported net asset value (“NAV”), they are categorized in 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 in Level 2; otherwise, the fair values are categorized in Level 3.

Options contracts.    Option contracts traded on securities exchanges are fair valued using market mid prices; as such, they are categorized in Level 1. Option contracts traded OTC are fair valued based on pricing models and incorporate various inputs such as interest rate, credit spreads, currency exchange rates and volatility measurements for in-the-money, at the-money, and out-of-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 in Level 2; otherwise, the fair values would be categorized in Level 3.

Restricted securities.    Restricted securities, including illiquid Rule 144A securities, issued by non-public entities are included in 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 in 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 reflected in Level 1 or Level 2 of the fair value hierarchy.

The summary of the inputs used as of June 30, 2021 in valuing the Fund’s investments is listed after the Investments by Sector table.

26

TCW Strategic Income Fund, Inc.

June 30, 2021

Note 2 — Significant Accounting Policies (Continued)

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

	Residential Mortgage-Backed Securities — Non- Agency
Balance as of December 31, 2020	$	7,225,731
Accrued Discounts (Premiums)		(445,637	)
Realized Gain (Loss)		—
Change in Unrealized Appreciation (Depreciation)		(201,883	)
Purchases		—
Sales		—
Transfers in to Level 3		—
Transfers out of Level 3 (1)		(1,587,973	)
Balance as of June 30, 2021	$	4,990,238
Change in Unrealized Appreciation (Depreciation) from Investments Still Held at June 30, 2021	$	(201,883	)

(1) 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 June 30, 2021 are as follows:

Description	Fair Value at June 30, 2021		Valuation Techniques	Unobservable Input	Price or Price Range		Weighted Average Price
Residential Mortgage-Backed Securities — Non-Agency (Interest Only Collateral Strip Rate Securities)	$	754,011	Third-party Vendor	Vendor Prices		$0.417 to $2.268	$	1.114
Residential Mortgage-Backed Securities — Non-Agency (Interest Only Securities)	$	4,236,227	Third-party Vendor	Vendor Prices		$2.737 to $30.730	$	8.916

Security Transactions and Related Investment Income:    Security transactions are recorded as of the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recognized on an accrual basis. Realized gains and losses on investments are recorded on the basis of specific identification.

Use of Estimates:    The preparation of the accompanying financial statements requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates.

Foreign Currency Translation:    The books and records of the Fund are maintained in U.S. dollars as follows: (1) the foreign currency denominated securities, and other assets and liabilities stated in foreign currencies are translated using the daily spot rate; and (2) purchases, sales, income and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions. The resultant exchange gains and losses are included in net realized or net unrealized gain (loss) in the Statement of Operations. Pursuant to U.S. federal income tax regulations, certain foreign exchange gains and losses included in realized and unrealized gains and losses are included in, or are a reduction of, ordinary income for federal income tax purposes.

Distributions:    Distributions to shareholders are recorded on each ex-dividend date. The Fund declared and paid or reinvested dividends quarterly under an income-based distribution policy. The income-based

27

TCW Strategic Income Fund, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

distribution policy has a stated goal of providing quarterly distributions out of the Fund’s accumulated undistributed net investment income and/or other sources subject to the requirements of the 1940 Act and Subchapter M of the Internal Revenue Code (the “Code”). The source for the dividend can come from net investment income and net realized capital gains measured on a fiscal year basis. Any portion of the distribution that exceeds income and capital gains will be treated as a return of capital. Under certain conditions, U.S. federal tax regulations cause some or all of the return of capital to be taxed as ordinary income. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. These differences may be primarily due to differing treatments for market discount and premium, losses recognized on structured debt, losses deferred due to wash sales, foreign currency gains and losses, and spillover distributions. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid-in capital and may affect net investment income per share.

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

For the period ended June 30, 2021, the Fund had derivatives and transactions in derivatives, grouped in the following risk categories:

	Equity Risk			Interest Rate Risk			Total
Statement of Assets and Liabilities:
Liability Derivatives
Futures Contracts(1)	$	—		$	(982,650	)	$	(982,650	)
Written Options		(32,995	)		—			(32,995	)
Total Value	$	(32,995	)	$	(982,650	)	$	(1,015,645	)
Statement of Operations:
Net Realized Gain (Loss)
Futures Contracts(1)	$	—		$	3,108,136		$	3,108,136
Written Options		19,580			—			19,580
Net Realized Gain (Loss)	$	19,580		$	3,108,136		$	3,127,716
Net Change in Appreciation (Depreciation)
Futures Contracts	$	—		$	(1,174,127	)	$	(1,174,127	)
Written Options		17,703			—			17,703
Total Net Change in Appreciation (Depreciation)	$	17,703		$	(1,174,127	)	$	(1,156,424	)
Number of Contracts (2)
Futures Contracts		—			323			323
Written Options		466			—			466

(1) Represents appreciation (depreciation) of futures contracts as reported in the Schedule of Investments as of June 30, 2021. Only the variation margin is reported within the Statement of Assets and Liabilities.

(2) Amount disclosed represents average number of contracts which are representative of the volume traded for the period ended June 30, 2021.

28

TCW Strategic Income Fund, Inc.

June 30, 2021

Note 2 — Significant Accounting Policies (Continued)

Counterparty Credit Risk:    Derivative contracts may be exposed to counterparty risk. Losses can occur if the counterparty does not perform under the contract.

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

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

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

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

Cash collateral that has been pledged to cover obligations of the Fund is reported separately on the Statement of Assets and Liabilities. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold, typically $250,000 or $500,000, before a transfer is required, which is determined at the close of each business day and the collateral is transferred on the next business day. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Fund attempts to mitigate counterparty risk by entering into agreements only with counterparties that the Advisor believes

29

TCW Strategic Income Fund, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 2 — Significant Accounting Policies (Continued)

have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

Master Agreements and Netting Arrangements.    The Fund is party to various agreements, including but not limited to International Swaps and Derivatives Association Agreements and related Credit Support Annex, Master Repurchase Agreements, and Master Securities Forward Transactions Agreements (collectively “Master Agreements”), which govern the terms of certain transactions with select counterparties. These Master Agreements generally include provisions for general obligations, representations, agreements, collateral, and certain events of default or termination. These Master Agreements also include provisions for netting arrangements that help reduce credit and counterparty risk associated with relevant transactions (“netting arrangements”). The netting arrangements are generally tied to credit-related events that, if triggered, would cause an event of default or termination giving a Fund or counterparty the right to terminate early and cause settlement, on a net basis, of all transactions under the applicable Master Agreement. In the event of an early termination as a result of an event of default under the Master Agreement, the total value exposure of all transactions will be offset against collateral exchanged to date, which would result in a net receivable or payable that would be due from or to the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in the event of a bankruptcy or insolvency of the counterparty. Credit related events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/moratorium. Any election made by a counterparty to early terminate the transactions under a Master Agreement could have a material adverse impact on a Fund’s financial statements. A Fund’s overall exposure to credit risk subject to netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions under the relevant Master Agreement with a counterparty in a given Fund exceeds a specified threshold, net of collateral already in place, typically $250,000 or $500,000 depending on the counterparty and the type of Master Agreement. Collateral under the Master Agreements is usually in the form of cash or U.S. Treasury Bills but could include other types of securities. If permitted under the Master Agreement, certain funds may rehypothecate cash collateral received from a counterparty. The value of all derivative transactions outstanding under a Master Agreement is calculated daily to determine the amount of collateral to be received or pledged by the counterparty. Posting of collateral for OTC derivative transactions are covered under tri-party collateral agreements between the Fund, the Fund’s custodian, and each counterparty. Collateral for centrally cleared derivatives transactions are posted with the applicable derivatives clearing organization.

The Fund had no OTC derivatives for offset under an ISDA Master Agreement as of June 30, 2021.

Note 3 — Portfolio Investments

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

30

TCW Strategic Income Fund, Inc.

June 30, 2021

Note 3 — Portfolio Investments (Continued)

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. Mortgage-backed and other asset-backed securities held by the Fund at June 30, 2021 are listed in the Fund’s Schedule of Investments.

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 at June 30, 2021.

When-Issued, Delayed-Delivery, and Forward Commitment Transactions:    The Fund may enter into when-issued, delayed-delivery or forward commitment transactions in order to lock in the purchase price of the underlying security or to adjust the interest rate exposure of the Fund’s existing portfolio. In when-issued, delayed-delivery, 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

31

TCW Strategic Income Fund, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 3 — Portfolio Investments (Continued)

purchased on a when-issued, delayed-delivery or forward commitment basis, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

Prior to settlement of these transactions, the value of the subject securities will fluctuate with market conditions. In addition, because the Fund is not required to pay for when-issued, delayed-delivery or forward commitment securities until the delivery date, they may result in a form of leverage to the extent the Fund does not set aside liquid assets to cover the commitment. To guard against this deemed leverage, the Fund monitors the obligations under these transactions on a daily basis and ensures that the Fund has sufficient liquid assets to cover them.

Security 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 June 30, 2021.

Derivatives:

Forward Foreign Currency Contracts:    The Fund enters into forward foreign currency contracts as a hedge against fluctuations in foreign exchange rates. Forward foreign currency 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. The Fund did not have any foreign currency forward contracts as of June 30, 2021.

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.

32

TCW Strategic Income Fund, Inc.

June 30, 2021

Note 3 — Portfolio Investments (Continued)

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 June 30, 2021, the Fund utilized treasury futures to help manage interest rate duration and credit market exposure. Futures contracts outstanding at June 30, 2021 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

33

TCW Strategic Income Fund, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 3 — Portfolio Investments (Continued)

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 June 30, 2021, 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.

34

TCW Strategic Income Fund, Inc.

June 30, 2021

Note 3 — Portfolio Investments (Continued)

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. There were no swap agreements outstanding at June 30, 2021.

Note 4 — Investment Objective, Investment Strategy, and Risk Considerations

Investment objective: The Fund’s investment objective is to seek a total return comprised of current income and capital appreciation.

Investment strategy:    The Fund seeks to achieve its investment objective by investing in a wide range of securities, including securities issued or guaranteed by the U.S. Government, its agencies and instrumentalities (“U.S. Government Securities”), investment-grade corporate debt securities, high yield corporate debt securities, non-U.S. developed and emerging market debt mortgage-related securities, asset-backed securities, marketable small-, mid- and large-capitalization equity securities, convertible securities, money market securities, repurchase agreements, other securities and derivative instruments without limit believed by the Fund’s investment adviser to be consistent with the Fund’s investment objective. The Fund will shift and reallocate its investments on an opportunistic basis and may invest in additional asset classes other than those identified above. The Fund may also employ leverage up to 33% of its total assets (including assets purchased with borrowings). The Fund has a stated goal of providing dependable, but not assured, quarterly distributions out of accumulated net investment income and/or other sources, subject to the requirements of the 1940 Act.

Market Risk:    The Fund’s investments will fluctuate with market conditions, and so will the value of your investment in the Fund. You could lose money on your investment in the Fund or the Fund could underperform other investments.

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TCW Strategic Income Fund, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 4 — Investment Objective, Investment Strategy, and Risk Considerations (Continued)

Liquidity Risk:    The Fund’s investments in illiquid securities may reduce the returns of the Fund because it may not be able to sell the illiquid securities at an advantageous time or price. Investments in high-yield securities, foreign securities, derivatives or other securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk. Certain investments in private placements and Rule 144A securities may be considered illiquid investments. The Fund may invest in private placements and Rule 144A securities.

Interest Rate Risk:    The values of the Fund’s investments fluctuate in response to movements in interest rates. If rates rise, the values of debt securities generally fall. The longer the average duration of the Fund’s investment portfolio, the greater the change in value.

Mortgage-Backed and Other Asset-Backed Securities Risk:    The Fund may invest in MBS or other ABS. The values of some mortgage-backed securities or other asset-backed securities may expose the Fund to a lower rate of return upon reinvestment of principal. When interest rates rise, the value of mortgage-related securities generally will decline; however, when interest rates are declining, the value of mortgage-related securities with prepayment features may not increase as much as other fixed-income securities. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may shorten or extend the effective maturity of the security beyond what was anticipated at the time of purchase. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

Derivatives Risk:    Use of derivatives, which at times is an important part of the Fund’s investment strategy, involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Investments in derivatives could cause the Fund to lose more than the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Fund will achieve its objective through the use of the derivatives.

Credit Risk:    The values of any of the Fund’s investments may also decline in response to events affecting the issuer or its credit rating. The lower-rated debt securities in which the Fund may invest are considered speculative and are subject to greater volatility and risk of loss than investment-grade securities, particularly in deteriorating economic conditions. The value of some mortgage-related securities in which the Fund invests also may fall because of unanticipated levels of principal prepayments that can occur when interest rates decline. The Fund invests a material portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults. Continuing shifts in the market’s perception of credit quality on securities backed by commercial and residential mortgage loans and other financial assets may result in increased volatility of market prices and periods of illiquidity that can negatively impact the valuation of certain issuers held by the Fund.

MBS and ABS are characterized and classified in a variety of different ways. These classifications include a view of the securities’ cash flow structure (pass-through, sequential pay, prepayment-protected, interest only, principal only, etc.), the security of the claim on the underlying assets (senior, mezzanine and subordinated), as well as types of underlying collateral (prime conforming loans, prime non-conforming

36

TCW Strategic Income Fund, Inc.

June 30, 2021

Note 4 — Investment Objective, Investment Strategy, and Risk Considerations (Continued)

loans, Alt-A loans, subprime loans, commercial loans, etc.). In many cases, the classification incorporates a degree of subjectivity — a particular loan might be categorized as “prime” by the underwriting standards of one mortgage issuer while another might classify the loan as “subprime.” In addition to other functions, the risk associated with an investment in a mortgage loan must take into account the nature of the collateral, the form and the level of credit enhancement, the vintage of the loan, the geography of the loan, the purpose of the loan (refinance versus purchase versus equity takeout), the borrower’s credit quality (e.g., FICO score), and whether the loan is a first trust deed or a second lien.

Counterparty Risk:    The Fund may be exposed to counterparty risk, the risk that an entity with which the Fund has unsettled or open transactions may not fulfill its obligations.

LIBOR Risk:    The London Interbank Offered Rate (“LIBOR”) is used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate and municipal bonds, bank loans, asset-backed and mortgage-related securities, interest rate swaps and other derivatives. For example, debt securities in which the Fund invests may pay interest at floating rates based on LIBOR or may be subject to interest caps or floors based on LIBOR. The Fund’s derivative investments may also reference LIBOR. In addition, issuers of instruments in which the Fund invests may obtain financing at floating rates based on LIBOR, and the Fund may use leverage or borrowings based on LIBOR. The head of the United Kingdom Financial Conduct Authority has announced the intention to begin phasing out the use of LIBOR by the end of 2021. Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. The ultimate abandonment of or modifications to LIBOR could have adverse impacts on newly issued financial instruments and existing financial instruments that reference LIBOR. Any potential effects of the transition away from LIBOR on the Fund or on certain instruments in which the Fund invests can be difficult to ascertain, and they may vary depending on factors that include, but are not limited to: (i) existing fallback or termination provisions in individual contracts and (ii) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. For example, certain of the Fund’s investments may involve individual contracts that have (i) no existing fallback provision or language that contemplates the discontinuation of LIBOR or (ii) inadequate fallback provisions or language that does not contemplate a permanent discontinuation of LIBOR, and those investments could experience increased volatility or reduced liquidity as a result of the transition process. In addition, interest rate provisions included in such contracts may need to be renegotiated in contemplation of the transition away from LIBOR. The transition may also result in a reduction in the value of certain instruments held by the Funds or a reduction in the effectiveness of related Fund transactions such as hedges. In addition, an instrument’s transition to a replacement rate could result in variations in the reported yields of the Fund that holds such instrument. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund.

Public Health Emergencies Risk and Impact of the Coronavirus (COVID-19):    Pandemics and other local, national, and international public health emergencies, including outbreaks of infectious diseases such as SARS, H1N1/09 Flu, the Avian Flu, Ebola and the current coronavirus pandemic (“COVID-19”), can result, and in the case of COVID-19 is resulting, in market volatility and disruption, and any similar future emergencies may materially and adversely impact economic production and activity in ways that cannot be predicted, all of which could result in substantial investment losses.

37

TCW Strategic Income Fund, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 4 — Investment Objective, Investment Strategy, and Risk Considerations (Continued)

This outbreak has caused a worldwide public health emergency, straining healthcare resources and resulting in extensive and growing numbers of infections, hospitalizations and deaths. In an effort to contain COVID-19, local, regional, and national governments, as well as private businesses and other organizations, have imposed and continue to impose severely restrictive measures, including instituting local and regional quarantines, restricting travel (including closing certain international borders), prohibiting public activity (including “stay-at-home,” “shelter-in-place,” and similar orders), and ordering the closure of a wide range of offices, businesses, schools, and other public venues. Consequently, COVID-19 has significantly diminished and disrupted global economic production and activity of all kinds and has contributed to both volatility and a severe decline in financial markets. Among other things, these unprecedented developments have resulted in: (i) material reductions in demand across most categories of consumers and businesses; (ii) dislocation (or, in some cases, a complete halt) in the credit and capital markets; (iii) labor force and operational disruptions; (iv) slowing or complete idling of certain supply chains and manufacturing activity; and (v) strain and uncertainty for businesses and households, with a particularly acute impact on industries dependent on travel and public accessibility, such as transportation, hospitality, tourism, retail, sports, and entertainment. The ultimate impact of COVID-19 (and of the resulting precipitous decline and disruption in economic and commercial activity across many of the world’s economies) on global economic conditions, and on the operations, financial condition, and performance of any particular market, industry or business, is impossible to predict. However, ongoing and potential additional materially adverse effects, including further global, regional and local economic downturns (including recessions) of indeterminate duration and severity, are possible. The extent of COVID-19’s impact will depend on many factors, including the ultimate duration and scope of the public health emergency and the restrictive countermeasures being undertaken, as well as the effectiveness of other governmental, legislative, and financial and monetary policy interventions designed to mitigate the crisis and address its negative externalities, all of which are evolving rapidly and may have unpredictable results. The ongoing COVID-19 crisis and any other public health emergency could have a significant adverse impact on our investments and result in significant investment losses.

Note 5 — Federal Income Taxes

It is the policy of the Fund to comply with the requirements under Subchapter M of the Code applicable to regulated investment companies and to distribute all of its net taxable income, including any net realized gains on investments, to its shareholders. Therefore, no federal income tax provision is required.

At June 30, 2021, net unrealized appreciation for federal income tax purposes is comprised of the following components:

Unrealized appreciation	$	28,594,318
Unrealized (depreciation)		(22,364,128	)
Net unrealized appreciation	$	6,230,190
Cost of Investments for Federal Income Tax Purposes	$	310,192,858

The Fund did not have any unrecognized tax benefits at June 30, 2021, nor were there any increases or decreases in unrecognized tax benefits for the period then ended; and therefore no interest or penalties were accrued. The Fund is subject to examination by the U.S. Federal and state tax authorities for returns filed for the prior three and four fiscal years, respectively.

38

TCW Strategic Income Fund, Inc.

June 30, 2021

Note 5 — Federal Income Taxes (Continued)

The following table shows the character of distributed and undistributed amounts on a tax basis for the year ended December 31, 2020.

	Amount Distributed During the Year Ended		Undistributed Amount at Year End
	December 31, 2020		December 31, 2020
Ordinary Income	$	13,131,985	$	—
Capital Gain		—		—
	$	13,131,985	$	—

Note 6 — Investment Advisory and Service Fees

As compensation for the investment advisory services rendered, facilities provided, and expenses borne, the Advisor is paid a monthly fee by the Fund computed at the annual rate of 0.75% of the first $100 million of the Fund’s average managed assets and 0.50% of the Fund’s average managed assets in excess of $100 million.

Note 7 — Purchases and Sales of Securities

For the period ended June 30, 2021, purchases and sales or maturities of investment securities (excluding short-term investments) aggregated to $41,935,201 and $54,680,951, respectively, for non-U.S. Government securities, and aggregated to $237,975,826 and $234,068,483, respectively, for U.S. Government securities.

Note 8 — Directors’ Fees

Directors who are not affiliated with the Advisor received, as a group, fees and expenses of $55,884 from the Fund for the period ended June 30, 2021. Directors may elect to defer receipt of their fees in accordance with the terms of a Non-Qualified Deferred Compensation Plan. Deferred compensation is included within Accrued Directors’ Fees and Expenses in the Statement of Assets and Liabilities. Certain Officers and/or Directors of the Fund are also Officers and/or Directors of the Advisor but do not receive any compensation from the Fund.

Note 9 — 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

39

TCW Strategic Income Fund, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Note 9 — Restricted Securities (Continued)

time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Restricted securities held by the Fund at June 30, 2021 are listed below:

Issuer Description	Acquisition Date	Acquisition Cost		Aggregate Value		Percentage of Net Assets
Citigroup Commercial Mortgage Trust (12-GC8-XA), 1.90%, due 09/10/45	2/13/2015-2/26/2015	$	289,221	$	40,752		0.01	%
GS Mortgage Securities Trust GSMS (12-GC6-XB), 0.26%, due 01/10/2045	2/1/2018		141,263		22,908		0.01	%
JPMorgan Chase Commercial Mortgage Securities Trust (12-HSBC-XA), 1.58%, due 07/05/2032	10/11/2017		255,570		47,220		0.02	%
Morgan Stanley Capital I Trust (12-C4-XA), 2.23%, due 03/15/45	5/16/2018		252,436		18,237		0.01	%
UBS Commercial Mortgage Trust (12-C1-XA), 2.24%, due 05/10/45	6/27/2017		331,415		38,284		0.01	%
WFRBS Commercial Mortgage Trust (12-C8-XA), 1.94%, due 08/15/2045	12/22/2017		277,755		42,255		0.01	%
		$	1,547,660	$	209,656		0.07	%

Note 10 — Loan Outstanding

The Fund is permitted to have borrowings for investment purposes. The Fund has entered into a line of credit agreement, renewed annually, with The Bank of New York Mellon (the “Bank”) which permits the Fund to borrow up to $70 million at a rate, per annum, equal to the Federal Funds Rate plus 1.00%. The Fund did not have any borrowings during the period ended June 30, 2021. The Fund pays the Bank a commitment fee equal to 0.08% per annum on the daily unused portion of the committed line amount. The commitment fee incurred by the Fund is presented in the Interest Expense line in the Statement of Operations.

Note 11 — Indemnifications

Under the Fund’s organizational documents, its Officers and Directors may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. In addition, the Fund entered into an agreement with each of the Directors which provides that the Fund will indemnify and hold harmless each Director against any expenses actually and reasonably incurred by such Director in any proceeding arising out of or in connection with the Director’s services to the Fund, to the fullest extent permitted by the Fund’s Articles of Incorporation and By-Laws, the Maryland General Corporation Law, the Securities Act, and the 1940 Act, each as now or hereinafter in force. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote. The Fund has not accrued any liability in connection with such indemnification.

Note 12 — New Accounting Pronouncement

In March 2020, FASB issued Accounting Standards Update (ASU) No. 2020-04 — Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in the ASU provide optional temporary financial reporting relief from the effect of certain types of contract

40

TCW Strategic Income Fund, Inc.

June 30, 2021

Note 12 — New Accounting Pronouncement (Continued)

modifications due to the planned discontinuation of the LIBOR and other interbank offered reference rates as of the end of 2021. The ASU is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management has reviewed the requirements and believes the adoption of this ASU will not have a material impact on the financial statements.

41

TCW Strategic Income Fund, Inc.

Financial Highlights (Unaudited)

	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Net Asset Value Per Share, Beginning of period	$	5.85		$	5.73		$	5.65		$	5.91		$	5.81		$	5.83
Income from Operations:
Net Investment Income (1)		0.17			0.29			0.33			0.30			0.27			0.26
Net Realized and Unrealized Gain (Loss) on Investments		0.03			0.11			0.14			(0.19	)		0.14			0.00	(2)
Total from Investment Operations		0.20			0.40			0.47			0.11			0.41			0.26
Less Distributions:
Distributions from Net Investment Income		(0.11	)		(0.28	)		(0.35	)		(0.34	)		(0.28	)		(0.21	)
Distributions from Net Realized Gains		—			—			(0.04	)		(0.03	)		(0.03	)		(0.07	)
Total Distributions		(0.11	)		(0.28	)		(0.39	)		(0.37	)		(0.31	)		(0.28	)
Net Asset Value Per Share, End of period	$	5.94		$	5.85		$	5.73		$	5.65		$	5.91		$	5.81
Market Value Per Share, End of period	$	5.92		$	5.69		$	5.77		$	5.27		$	5.87		$	5.33
Net Asset Value Total Return (3)		3.44	% (4)		7.25	%		8.37	%		1.86	%		7.22	%		4.49	%
Market Price Return (5)		6.04	% (4)		3.75	%		17.14	%		(3.88	)%		16.36	%		6.56	%
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	283,408		$	279,067		$	273,293		$	269,594		$	282,034		$	277,132
Ratio of Expenses Before Interest Expense to Average Net Assets		0.86	% (6)		0.93	%		0.85	%		0.81	%		0.81	%		0.84	%
Ratio of Interest Expense to Average Net Assets		0.02	% (6)		0.04	%		0.02	%		0.02	%		0.01	%		0.01	%
Ratio of Total Expenses to Average Net Assets		0.88	% (6)		0.97	%		0.87	%		0.83	%		0.82	%		0.85	%
Ratio of Net Investment Income to Average Net Assets		5.62	% (6)		5.07	%		5.62	%		5.13	%		4.47	%		4.38	%
Portfolio Turnover Rate		96.07	% (4)		72.59	%		34.64	%		31.16	%		32.46	%		29.20	%
Asset Coverage Ratio Per Share (7)		—			—			—			—			—			—
Total Debt Outstanding		—			—			—			—			—			—

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

(2) Amount rounds to less than $0.01 per share.

(3) Based on net asset value per share, adjusted for reinvestment of distributions. The fund does not incur charges to investors for purchasing or selling shares.

(4) For the six months ended June 30, 2021 and not indicative of a full year’s results.

(5) Based on market price per share, adjusted for reinvestment of distributions. The fund does not incur charges to investors for purchasing or selling shares.

(6) Annualized.

(7) The asset coverage ratio for a class of senior securities representing indebtedness is calculated as total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. This asset coverage ratio is multiplied by one thousand to determine the asset coverage per share.

See accompanying Notes to Financial Statements.

42

TCW Strategic Income Fund, Inc.

Supplemental Information

Proxy Voting Guidelines

The policies and procedures that the Fund uses to determine how to vote proxies are available without charge. The Board of the Fund has delegated the Fund’s proxy voting authority to the Advisor.

Disclosure of Proxy Voting Guidelines

The proxy voting guidelines of the Advisor are available:

1. By calling 1-877-829-4768 to obtain a hard copy; or

2. By going to the SEC website at http://www.sec.gov.

When the Fund receives a request for a description of the Advisor’s proxy voting guidelines, it will deliver the description that is disclosed in the Fund’s Statement of Additional Information. This information will be sent out via first class mail (or other means designed to ensure equally prompt delivery) within three

business days of receiving the request.

The Advisor, on behalf of the Fund, prepares and files Form N-PX with the SEC not later than August 31 of each year, which must include the Fund’s proxy voting record for the most recent twelve-month period ended June 30 of that year. The Fund’s proxy voting record for the most recent twelve-month period ended June 30 is available without charge:

1. By calling 1-877-829-4768 to obtain a hard copy; or

2. By going to the SEC website at http://www.sec.gov.

When the Fund receives a request for the Fund’s proxy voting record, it will send the information disclosed in the Fund’s most recently filed report on Form N-PX via first class mail (or other means designed to ensure equally prompt delivery) within three business days of receiving the request.

The Fund also discloses its proxy voting record on its website as soon as is reasonably practicable after its report on Form N-PX is filed with the SEC.

Availability of Quarterly Portfolio Schedule

The Fund files a complete schedule of its portfolio holdings with the SEC for the first and third quarters of its fiscal year on Form NPORT-P. Such filings occur no later than 60 days after the end of the Fund’s first and third quarters and are available on the SEC’s website at www.sec.gov.

Corporate Governance Listing Standards

In accordance with Section 303A.12(a) of the New York Stock Exchange Listed Company Manual, the Fund submitted the Annual CEO Certification certifying compliance with NYSE’s Corporate Governance Listing Standards on October 6, 2020 as part of its Annual Written Affirmation. In accordance with Section 303A.12(c) of the New York Stock Exchange Listed Company Manual, the Fund submitted the Annual Written Affirmation on October 6, 2020 and an Interim Written Affirmation on February 22, 2021.

43

TCW Strategic Income Fund, Inc.

Dividend Reinvestment Plan

Shareholders who wish to add to their investment may do so by making an election to participate in the Dividend Reinvestment Plan (the “Plan”). Under the Plan, your dividend is used to purchase Fund shares on the open market whenever shares, including the related sales commission, are selling below the Fund’s net asset value per share. You will be charged a pro-rata portion of brokerage commissions on open-market purchases under the Plan. If the market price, including commission, of Fund shares is above the Fund’s net asset value per share, you will receive shares at a price equal to the higher of the Fund’s net asset value per share on the payment date or 95% of the closing market price of Fund shares on the payment date. Generally, for tax purposes, shareholders participating in the Plan will be treated as having received a distribution from the Fund in cash equal to the value of the shares purchased from them under the Plan.

To enroll in the Plan, if your shares are registered in your name, write to Computershare, P.O. Box #50500, Louisville, KY 40233, or call toll free at (866) 227-8179. If your shares are held by a brokerage firm, please call your broker. If you participate in the Plan through a broker, you may not be able to transfer your shares to another broker and continue to participate in the Plan if your new broker does not permit such participation. If you no longer want to participate in the Plan, please contact Computershare or your broker. You may elect to continue to hold shares previously purchased on your behalf or to sell your shares and receive the proceeds, net of any brokerage commissions. If you need additional information or assistance, please call our investor relations department at (877) 829-4768 or visit our website at www.tcw.com. As always, we would be pleased to accommodate your investment needs.

Distribution Policy

The Fund has a net investment income-based distribution policy. The policy is to pay quarterly distributions out of the Fund’s accumulated undistributed net investment income and/or other sources subject to the requirements of the 1940 Act and Sub-chapter M of the Code.

Distribution policies are a matter of Board discretion and may be modified or terminated at any time without prior notice. Any such change or termination may have an adverse effect on the market price for the Fund’s shares.

You should not draw any conclusions about the Fund’s investment performance from the amount of the quarterly distribution or from the terms of the Fund’s distribution policy.

44

TCW Strategic Income Fund, Inc.

865 South Figueroa Street, Suite 1800

Los Angeles, California 90017

800 386 3829

www.TCW.com

INVESTMENT ADVISOR

TCW Investment Management Company LLC

865 South Figueroa Street, Suite 1800

Los Angeles, California 90017

TRANSFER AGENT, DIVIDEND REINVESTMENT AND DISBURSEMENT AGENT AND REGISTRAR

Computershare

P.O. Box 50500

Louisville, KY 40233

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Deloitte & Touche LLP

555 West 5th Street

Los Angeles, California 90013

CUSTODIAN & ADMINISTRATOR

State Street Bank & Trust Company

One Lincoln Street

Boston, Massachusetts 02111

LEGAL COUNSEL

Paul Hastings LLP

101 California Street, 48th Floor

San Francisco, California 94111

DIRECTORS

Samuel P. Bell

Director

Patrick C. Haden

Director and Chairman

David B. Lippman

Director, President, and Chief Executive Officer

Peter McMillan

Director

Victoria B. Rogers

Director

Andrew Tarica

Director

OFFICERS

Meredith S. Jackson

Senior Vice President, General Counsel and Secretary

Richard M. Villa

Treasurer and Principal Financial and Accounting Officer

Gladys Xiques

Chief Compliance Officer

and Anti-Money Laundering Officer

Lisa Eisen

Tax Officer

Eric W. Chan

Assistant Treasurer

Patrick W. Dennis

Assistant Secretary

TSIart9445      6/30/21

Item 2. Code of Ethics.

Not required for this filing.

Item 3. Audit Committee Financial Expert.

Not required for this filing.

Item 4. Principal Accountant Fees and Services.

Not required for this filing.

Item 5. Audit Committee of Listed Registrants.

Not required for this filing.

Item 6. Investments.

(a) The Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not required for this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not required for this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

None.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors.

Item 11. Controls and Procedures.

(a) The Chief Executive Officer and Principal Financial and Accounting Officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) provide reasonable assurances that material information relating to the Registrant is made known to them by the appropriate persons as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Not required for this filing.

(a)(2)EX-99.CERT – The certifications required by Rule 30a-2(a) of the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”) are filed herewith.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b)   EX-99.906CERT – The certifications required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act are filed herewith.

(c)   Not required for this filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	TCW Strategic Income Fund, Inc.
By (Signature and Title)	/s/ David B. Lippman
	David B. Lippman President and Chief Executive Officer
Date	August 31, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ David B. Lippman
	David B. Lippman
	President and Chief Executive Officer
Date	August 31, 2021
By (Signature and Title)	/s/ Richard M. Villa
	Richard M. Villa
	Treasurer and Principal Financial and Accounting Officer
Date	August 31, 2021