# EDGAR Filing Document

**Accession Number:** 0000809559
**File Stem:** 0001193125-26-093215
**Filing Date:** 2026-3
**Character Count:** 391583
**Document Hash:** 60a4ca1ad10d49bcb14f88899edabcbb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-093215.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001193125-26-093215

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260305

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TCW STRATEGIC INCOME FUND INC
- **CENTRAL INDEX KEY:** 0000809559

**ORGANIZATION NAME:**
- **EIN:** 930939398
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04980
- **FILM NUMBER:** 26725073

**BUSINESS ADDRESS:**
- **STREET 1:** 515 SOUTH FLOWER ST
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
- **BUSINESS PHONE:** 2132440000

**MAIL ADDRESS:**
- **STREET 1:** 515 SOUTH FLOWER ST
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TCW CONVERTIBLE SECURITIES FUND INC
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? Form N-CSR

### 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)

#### 515 South Flower Street, Los Angeles, CA 90071

#### (Address of principal executive offices)

#### Peter Davidson, Esq.

#### Vice President and Secretary

#### 515 South Flower Street

#### Los Angeles, CA 90071

#### (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: December 31, 2025

------

**Item 1.** **Reports to Stockholders.** <br>

(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"):

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![LOGO](g211809g01a68.jpg)

## Annual Report

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025
![LOGO](g211809g01a01.jpg)

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To Our Valued Shareholders

---

| | |
|:---|:---|
|  ![LOGO](g211809g00a01.jpg)  | Richard Villa<br> Executive Vice President, Chief Financial Officer |

---

#### To the shareholders of the TCW Strategic Income Fund:

#### Executive Summary
TCW is pleased to present the 2025 annual report for the TCW Strategic Income Fund ("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 year, shares of TSI rose by 9.7% while the Fund's net asset value (i.e., returns of the underlying assets) increased by 8.2%. The Fund's twelve-month price-based return was higher than the NAV-based return, as the discount between NAV and share price fell from -4.4% at the beginning of the period to -3.3% by December 31, 2025.

Over the past four quarters, the TSI Fund paid dividends of approximately 6.5 cents per share each quarter, as well as a special cash payment of 6.5 cents per share. This represents an annualized rate of approximately 33 cents per share, contributing to a realized 12-month trailing yield of approximately 6.7% as of 12/31/2025. 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 (%)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Total Return as of December 31, 2025 (Annualized for periods over 1 Year)** | **Total Return as of December 31, 2025 (Annualized for periods over 1 Year)** | **Total Return as of December 31, 2025 (Annualized for periods over 1 Year)** | **Total Return as of December 31, 2025 (Annualized for periods over 1 Year)** | **Total Return as of December 31, 2025 (Annualized for periods over 1 Year)** | **Total Return as of December 31, 2025 (Annualized for periods over 1 Year)** |
| | **1 Year** | **3 Year** | **5 Year** | **10 Year** | **Since<br>3/1/06** *(2)* | **Since<br>3/5/87** *(3)* |
|  Price-Based Return | 9.67 | 10.03 | 4.28 | 5.97 | 8.50 | 7.68 |
|  NAV-Based Return | 8.17 | 8.45 | 4.04 | 4.93 | 7.56 | 7.82 |
|  Bloomberg 3-Month U.S. Treasury Bellwethers Index + 400 bps *(1)* | 8.39 | 9.07 | 7.34 | 6.30 | 5.79 | n/a |

---

*(1)* Benchmark changed to the Bloomberg 3-Month U.S. Treasury Bellwethers Index + 400 bps effective 3/1/2022.

*(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.

------

Letter to Shareholders (Continued)

![LOGO](g211809g01p01.jpg)

#### Management Commentary
Despite episodic bouts of volatility throughout the year, significant policy changes enacted by the administration, and macro disruptions, the U.S. economy displayed resilience in 2025. Indeed, the sweeping reforms to immigration and global trade disrupted markets early in the year and sent a message that the administration's agenda was not only aggressive, but would spur headwinds before any pro-growth components were enacted. While the volatility proved short lived, investors shortly after had to grapple with a labor market showing clear signs of deterioration, the assessment of which was made more difficult by the longest government shutdown on record later in the year. While the official data was on hold during key Federal Open Market Committee (FOMC) policy decisions, secondary/private data sources showed a continuation of the weakening — and moderating of inflation — that provided cover to the FOMC to resume its easing cycle. The policy rate was lowered by 75 bps throughout the second half of the year as the committee prioritized labor markets over prices, though the downward employment trend didn't appear to faze market participants as credit spreads reached multi-decade tight levels around the same time. Instead, with AI spending driving a promise of future benefit and initial estimates of 3Q25 GDP surprising to the upside, the market outlook for the coming year flashed signs of optimism and priced in a more robust pace of growth, causing the yield curve to steepen as 2-Year yields fell by 77 bps and 30-year yields rose by 6 bps. This backdrop proved supportive for both equity and fixed income returns, with the S&P 500 Index advancing nearly 18% and the Bloomberg U.S. Aggregate Bond Index returning 7.3% as risk premiums across spread sectors declined. Reflective of the risk-on atmosphere, high yield corporates were the best performers on a duration-adjusted basis with 260 bps of excess returns while investment grade corporates bested Treasuries by 119 bps. Among securitized sectors, agency MBS led with 171 bps of duration-adjusted outperformance, benefitting from reduced rate volatility, followed by CMBS and ABS with 103 and 55 bps, respectively.

#### The Economy and Market Ahead
We head into 2026 at an inflection point as the initial headwinds from tariff and immigration overhaul appear to be fading, while pro-growth tenets of the administration's agenda are on the horizon. How the economy is impacted by the litany of policy changes over the past year is of course yet to be seen, though markets seem to be pricing in a seamless transition with credit spreads remaining near the tightest levels in recent history, equity markets setting fresh records, and measured volatility reaching 18-month lows. However, the current labor market weakness and

------

bifurcation in consumer balance sheets suggest to us that the path forward could be bumpier than what is widely anticipated, with a possibility that the labor backdrop worsens before it gets better. Such an environment would likely hamper near-term consumer activity, a scenario that appears to be discounted given broader complacency in risk asset pricing. Indeed, credit spreads at current levels provide minimal downside protection and reflect expectations for volatility to remain limited, though as the past year demonstrated, this administration has a penchant for volatility that shouldn't go underappreciated and that we expect to be a continued feature of markets.

#### Portfolio Positioning

#### SECTOR ALLOCATION
![LOGO](g211809g11n01.jpg)

Asset-Backed Securities (ABS)

Common Stock (CS)

Convertible Corporate Bonds (CCB)

Corporate Bonds (CB)

Foreign Government Bonds (FGB)

Money Market Investments (MM)

Mortgage-Backed Securities (MBS)

Municipal Bonds (MUNI)

U.S. Treasury Securities (UST)

Bank Loans (BL)

Investment Companies (IC)

#### MBS ALLOCATION
![LOGO](g211809g11n02.jpg)

Commercial Mortgage-Backed Securities — Agency (CMBS AGENCY)

Commercial Mortgage-Backed Securities — Non-Agency (CMBS NON-AGENCY)

Residential Mortgage-Backed Securities — Agency (RMBS AGENCY)

Residential Mortgage-Backed Securities — Non-Agency (RMBS NON-AGENCY)

Moderate leverage can be utilized by the Fund through a Line of Credit facility, though the Fund did not use any of the available $70 million commitment in 2025. Leverage is used when market opportunity is abundant and management deems the use of leverage 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,

![LOGO](g211809g02k02.jpg)

Richard Villa

Executive Vice President, Chief Financial Officer

------

## TCW Strategic Income Fund, Inc.
Management Discussion

The TCW Strategic Income Fund ("TSI" or "Fund") gained 8.17% (NAV-based return) in 2025, while the Bloomberg 3-Month U.S. Treasury Bellwethers Index + 400 bps reached 8.39% for the year. Performance benefitted from diversified exposure across spread sectors as every sector finished ahead of Treasuries on a duration-adjusted basis, led by residential MBS. Non-agency MBS was among the largest contributors, with both legacy and newer vintage deals providing strong carry, attractive yields, and price upside against a backdrop of steady demand. Returns also benefitted from the Fund's allocation to agency MBS, which was the best performing investment grade sector for the year as rate volatility moderated and spreads tightened, beating Treasuries by 171 bps on a duration-adjusted basis. Within agency MBS, the Fund maintained a focus on lower and belly coupons in the 30-year stack, which proved advantageous as heightened prepayment concerns weighed on premium coupons, favoring the total return potential of discount-priced bonds. Among CMBS, the allocation to single asset single borrower CMBS deal structures was a notable contributor to returns as these deals benefited from the increase in CRE market activity and demonstrated sponsorship of high performing/high-quality properties. Moreover, the nature of the deals lends itself to bottom-up credit analysis of the underlying property, allowing the Fund to capitalize on structural premium and higher yielding opportunities by scaling down the capital structures of the highest conviction credits, which provided better yield compensation and total return upside over the period. ABS exposure remained focused on non-traditional collateral types, with the biggest contributions coming from single family rentals and whole business loans, while CLOs (collateralized loan obligations) boosted performance in the first half of the year as spreads moved tighter and floating coupons helped provide attractive income, though the impact was more muted late in the year as rates moved lower. Away from securitized, the Fund's allocation to corporate credit, though defensive, was additive as yield spreads tightened for much of the year. Additionally, volatility in April provided an opportunity to layer in risk at attractive levels, then positions were sold at attractive levels as spreads remediated in subsequent months. Overall, investment grade banking, non-cyclical, technology, and electric utility names contributed the most over the period, while among high yield exposure, the best performers in the Fund were in the midstream energy, pharmaceutical, and media entertainment space. Equity holdings in the Fund also contributed, led by mortgage REITs, telecommunication, and tobacco holdings. Finally, performance was further supported by the duration position of the Fund, which started the year around 3.0 years before being trimmed to 2.2 years for the second half alongside the decline in front-end rates.

As value investors, TCW remains vigilant in its assessment of risks and opportunities across markets. Indeed, in the upheaval early in April, we were active in trimming duration and adding significantly across corporate credit, and to a lesser extent in securitized. These positions were subsequently trimmed as markets rallied, and the Fund is again positioned to take advantage of anticipated bouts of volatility that provide opportunities to add yield and potential return to portfolios. With corporate spreads having fallen back towards all-time tight levels, securitized products currently offer a more compelling relative value argument and therefore constitute a larger position and more attractive segment of the market in which to allocate portfolio risk budgets. Residential MBS represents a substantial position, split between agency MBS given the sector's liquidity, spread premiums, and government guarantee, and non-agency MBS focused on the senior parts of capital structures with high-performing collateral. Meanwhile, CMBS exposure is focused on single asset single borrower deals that allow for a detailed analysis of the underlying property and sponsor, facilitating bottom-up

------

inclusion criteria that includes higher yielding positions down the capital structure. ABS positions similarly reflect targeted positions including CLOs and high-quality non-traditional collateral types like single-family rentals. Finally, after trimming in the first few months of 2025, the Fund's duration position was steady at around 2.2 years, with an emphasis on the 2- and 5-Year parts of the curve given expectations for continued steepening alongside further easing by the Fed, particularly if labor markets weaken further.

#### Dividend Distribution Discussion
The goal of the Fund's distribution policy is to maintain a stable payout without having to return capital to investors. A stable dividend policy will inevitably result in income surplus or deficit at the end of the year given variations in the sources of the Fund's distributable income. The Fund maintains a modest reserve balance such that an income surplus remains at the end of the year as opposed to a shortfall.

TCW will continue to monitor the Fund's income reserve for increases in surplus or shortfall and make adjustments to the quarterly dividend as warranted, with the goal of minimizing the dispersion of the quarterly dividend amounts and maintaining the dividend's stability.

------

## TCW Strategic Income Fund, Inc.
Schedule of Investments

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **FIXED INCOME SECURITIES — 102.0% of Net Assets** | **FIXED INCOME SECURITIES — 102.0% of Net Assets** | **FIXED INCOME SECURITIES — 102.0% of Net Assets** | **FIXED INCOME SECURITIES — 102.0% of Net Assets** |
| **ASSET-BACKED SECURITIES — 13.1%** | **ASSET-BACKED SECURITIES — 13.1%** | **ASSET-BACKED SECURITIES — 13.1%** | **ASSET-BACKED SECURITIES — 13.1%** |
|  Academic Loan Funding Trust Series 2012-1A, Class R | Academic Loan Funding Trust Series 2012-1A, Class R | Academic Loan Funding Trust Series 2012-1A, Class R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *(1),(2)* | 12/27/44 | $3368 | $267419 |
|  AIMCO CLO 24 Ltd. Series 2025-24A, Class SUB | AIMCO CLO 24 Ltd. Series 2025-24A, Class SUB | AIMCO CLO 24 Ltd. Series 2025-24A, Class SUB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *(1),(3)* | 04/19/38 | 600000 | 476403 |
|  ALLO Issuer LLC Series 2023-1A, Class C | ALLO Issuer LLC Series 2023-1A, Class C | ALLO Issuer LLC Series 2023-1A, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.18% *(1)* | 06/20/53 | 880000 | 926441 |
|  Apidos CLO XXXVII Series 2021-37A, Class B | Apidos CLO XXXVII Series 2021-37A, Class B | Apidos CLO XXXVII Series 2021-37A, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.72% (3 mo. USD Term SOFR + 1.862%) *(1),(4)* | 10/22/34 | 725000 | 725625 |
|  Arbour CLO VIII DAC Series 8X, Class B1R | Arbour CLO VIII DAC Series 8X, Class B1R | Arbour CLO VIII DAC Series 8X, Class B1R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71% (3 mo. EUR EURIBOR + 1.700%) *(4),(5)* | 10/15/34 | 600000 | 705068 |
|  Avis Budget Rental Car Funding AESOP LLC Series 2021-2A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2021-2A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2021-2A, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08% *(1)* | 02/20/28 | 250000 | 246496 |
|  Bain Capital Credit CLO Ltd. Series 2020-4A, Class ERR | Bain Capital Credit CLO Ltd. Series 2020-4A, Class ERR | Bain Capital Credit CLO Ltd. Series 2020-4A, Class ERR |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.64% (3 mo. USD Term SOFR + 6.750%) *(1),(4)* | 10/20/36 | 250000 | 249561 |
|  BBAM U.S. CLO VI Ltd. Series 2025-6A, Class SUB | BBAM U.S. CLO VI Ltd. Series 2025-6A, Class SUB | BBAM U.S. CLO VI Ltd. Series 2025-6A, Class SUB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *(1),(3)* | 01/27/39 | 350000 | 279537 |
|  BCRED CLO LLC Series 2023-1A, Class A | BCRED CLO LLC Series 2023-1A, Class A | BCRED CLO LLC Series 2023-1A, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.18% (3 mo. USD Term SOFR + 2.300%) *(1),(4)* | 01/20/36 | 850000 | 852260 |
|  Bear Mountain Park CLO Ltd. Series 2022-1A, Class BR | Bear Mountain Park CLO Ltd. Series 2022-1A, Class BR | Bear Mountain Park CLO Ltd. Series 2022-1A, Class BR |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% (3 mo. USD Term SOFR + 1.750%) *(1),(4)* | 07/15/37 | 625000 | 626611 |
|  BMO SBA COOF Trust Series 2019-1, Class A (I/O) | BMO SBA COOF Trust Series 2019-1, Class A (I/O) | BMO SBA COOF Trust Series 2019-1, Class A (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.41% *(1),(6)* | 10/25/45 | 2856491 | 81206 |
|  CARS-DB4 LP Series 2020-1A, Class B2 | CARS-DB4 LP Series 2020-1A, Class B2 | CARS-DB4 LP Series 2020-1A, Class B2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.52% *(1)* | 02/15/50 | 700000 | 686125 |
|  Carvana Auto Receivables Trust Series 2021-N3, Class R | Carvana Auto Receivables Trust Series 2021-N3, Class R | Carvana Auto Receivables Trust Series 2021-N3, Class R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *(1),(2)* | 06/12/28 | 2200 | 156322 |
|  Carvana Auto Receivables Trust Series 2022-N1, Class R | Carvana Auto Receivables Trust Series 2022-N1, Class R | Carvana Auto Receivables Trust Series 2022-N1, Class R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *(1),(2)* | 12/11/28 | 4700 | 204807 |
|  Carvana Auto Receivables Trust Series 2022-P3, Class R | Carvana Auto Receivables Trust Series 2022-P3, Class R | Carvana Auto Receivables Trust Series 2022-P3, Class R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *(1),(2)* | 09/10/29 | 2900 | 235424 |
|  Carvana Auto Receivables Trust Series 2023-P1, Class R | Carvana Auto Receivables Trust Series 2023-P1, Class R | Carvana Auto Receivables Trust Series 2023-P1, Class R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *(1),(2)* | 03/11/30 | 4400 | 257453 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  Carvana Auto Receivables Trust Series 2023-P2, Class R | Carvana Auto Receivables Trust Series 2023-P2, Class R | Carvana Auto Receivables Trust Series 2023-P2, Class R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *(1),(2)* | 06/10/30 | $2000 | $169669 |
|  CIFC Funding Ltd. Series 2022-2A, Class B | CIFC Funding Ltd. Series 2022-2A, Class B | CIFC Funding Ltd. Series 2022-2A, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *(1),(3)* | 04/19/35 | 685000 | 445867 |
|  Cologix Data Centers U.S. Issuer LLC Series 2021-1A, Class C | Cologix Data Centers U.S. Issuer LLC Series 2021-1A, Class C | Cologix Data Centers U.S. Issuer LLC Series 2021-1A, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.99% *(1)* | 12/26/51 | 600000 | 591250 |
|  Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC Series 2025-1A, Class A2 | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC Series 2025-1A, Class A2 | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC Series 2025-1A, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% *(1)* | 05/20/55 | 245000 | 251011 |
|  COOF Securitization Trust II Series 2015-2, Class A1 (I/O) | COOF Securitization Trust II Series 2015-2, Class A1 (I/O) | COOF Securitization Trust II Series 2015-2, Class A1 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% *(1),(6)* | 08/25/41 | 1324484 | 78255 |
|  Eaton Vance CLO Ltd. Series 2013-1A, Class D1R4 | Eaton Vance CLO Ltd. Series 2013-1A, Class D1R4 | Eaton Vance CLO Ltd. Series 2013-1A, Class D1R4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90% (3 mo. USD Term SOFR + 3.000%) *(1),(4)* | 10/15/38 | 475000 | 475957 |
|  Elmwood CLO 17 Ltd. Series 2022-4A, Class SUB | Elmwood CLO 17 Ltd. Series 2022-4A, Class SUB | Elmwood CLO 17 Ltd. Series 2022-4A, Class SUB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.77% *(1),(6)* | 07/17/37 | 850000 | 522705 |
|  Elmwood CLO III Ltd. Series 2019-3A, Class SUB | Elmwood CLO III Ltd. Series 2019-3A, Class SUB | Elmwood CLO III Ltd. Series 2019-3A, Class SUB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *(1),(3)* | 07/18/37 | 1000000 | 436250 |
|  Elmwood CLO VIII Ltd. Series 2021-1A, Class ER | Elmwood CLO VIII Ltd. Series 2021-1A, Class ER | Elmwood CLO VIII Ltd. Series 2021-1A, Class ER |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.13% (3 mo. USD Term SOFR + 6.250%) *(1),(4)* | 04/20/37 | 500000 | 496022 |
|  FHF Issuer Trust Series 2024-3A, Class A2 | FHF Issuer Trust Series 2024-3A, Class A2 | FHF Issuer Trust Series 2024-3A, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.94% *(1)* | 11/15/30 | 390977 | 390299 |
|  Flexential Issuer LLC Series 2021-1A, Class A2 | Flexential Issuer LLC Series 2021-1A, Class A2 | Flexential Issuer LLC Series 2021-1A, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% *(1)* | 11/27/51 | 118857 | 117172 |
|  Goal Capital Funding Trust Series 2006-1, Class B | Goal Capital Funding Trust Series 2006-1, Class B | Goal Capital Funding Trust Series 2006-1, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% (3 mo. USD LIBOR + 0.450%)*(4)* | 08/25/42 | 77363 | 75312 |
|  GoldenTree Loan Management U.S. CLO 15 Ltd. Series 2022-15A, Class ER2 | GoldenTree Loan Management U.S. CLO 15 Ltd. Series 2022-15A, Class ER2 | GoldenTree Loan Management U.S. CLO 15 Ltd. Series 2022-15A, Class ER2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.86% (3 mo. USD Term SOFR + 5.000%) *(1),(4)* | 10/20/38 | 375000 | 374072 |
|  GoldenTree Loan Management U.S. CLO 22 Ltd. Series 2024-22A, Class F | GoldenTree Loan Management U.S. CLO 22 Ltd. Series 2024-22A, Class F | GoldenTree Loan Management U.S. CLO 22 Ltd. Series 2024-22A, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.80% (3 mo. USD Term SOFR + 7.920%) *(1),(4)* | 10/20/37 | 250000 | 246957 |
|  GoldenTree Loan Management U.S. CLO 8 Ltd. Series 2020-8A, Class FR | GoldenTree Loan Management U.S. CLO 8 Ltd. Series 2020-8A, Class FR | GoldenTree Loan Management U.S. CLO 8 Ltd. Series 2020-8A, Class FR |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.20% (3 mo. USD Term SOFR + 8.312%) *(1),(4)* | 10/20/34 | 250000 | 240965 |
|  Golub Capital Partners CLO 42M-R Ltd. Series 2019-42RA, Class A2R | Golub Capital Partners CLO 42M-R Ltd. Series 2019-42RA, Class A2R | Golub Capital Partners CLO 42M-R Ltd. Series 2019-42RA, Class A2R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.61% (3 mo. USD Term SOFR + 2.750%) *(1),(4)* | 01/20/36 | 600000 | 600030 |

---

See accompanying Notes to Financial Statements.

------

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  Gracie Point International Funding LLC Series 2025-1A, Class C | Gracie Point International Funding LLC Series 2025-1A, Class C | Gracie Point International Funding LLC Series 2025-1A, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.77% (30 day USD SOFR Average + 2.750%) *(1),(4)* | 08/15/28 | $605000 | $606528 |
|  Hertz Vehicle Financing III LLC Series 2023-1A, Class 1D | Hertz Vehicle Financing III LLC Series 2023-1A, Class 1D | Hertz Vehicle Financing III LLC Series 2023-1A, Class 1D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.13% *(1)* | 06/25/27 | 365000 | 367804 |
|  Hertz Vehicle Financing III LP Series 2021-2A, Class D | Hertz Vehicle Financing III LP Series 2021-2A, Class D | Hertz Vehicle Financing III LP Series 2021-2A, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34% *(1)* | 12/27/27 | 820000 | 808477 |
|  HOA Funding LLC | HOA Funding LLC | HOA Funding LLC | HOA Funding LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72% *(1),(7)* | 08/20/51 | 581626 |  |
|  HPS Loan Management Ltd. Series 2024-19A, Class C2 | HPS Loan Management Ltd. Series 2024-19A, Class C2 | HPS Loan Management Ltd. Series 2024-19A, Class C2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80% (3 mo. USD Term SOFR + 2.900%) *(1),(4)* | 04/15/37 | 750000 | 752769 |
|  ICG U.S. CLO Ltd. Series 2022-1A, Class DR (I/F) | ICG U.S. CLO Ltd. Series 2022-1A, Class DR (I/F) | ICG U.S. CLO Ltd. Series 2022-1A, Class DR (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.02% (3 mo. USD Term SOFR + 3.100%) *(1),(4)* | 10/20/38 | 1000000 | 1003846 |
|  LMDV Issuer Co. LLC Series 2025-1A, Class C | LMDV Issuer Co. LLC Series 2025-1A, Class C | LMDV Issuer Co. LLC Series 2025-1A, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% *(1)* | 12/15/55 | 360000 | 360864 |
|  LMRE SFR1 Trust Series 2025-SFR1, Class E | LMRE SFR1 Trust Series 2025-SFR1, Class E | LMRE SFR1 Trust Series 2025-SFR1, Class E |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85% *(1)* | 12/17/42 | 550000 | 550193 |
|  Madison Park Funding XLV Ltd. Series 2020-45A, Class CRR | Madison Park Funding XLV Ltd. Series 2020-45A, Class CRR | Madison Park Funding XLV Ltd. Series 2020-45A, Class CRR |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% (3 mo. USD Term SOFR + 1.900%) *(1),(4)* | 07/15/34 | 625000 | 623919 |
|  Mosaic Solar Loan Trust Series 2021-1A, Class R | Mosaic Solar Loan Trust Series 2021-1A, Class R | Mosaic Solar Loan Trust Series 2021-1A, Class R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *(1),(3)* | 12/20/46 | 950000 | 136796 |
|  Mosaic Solar Loan Trust Series 2021-2A, Class R | Mosaic Solar Loan Trust Series 2021-2A, Class R | Mosaic Solar Loan Trust Series 2021-2A, Class R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *(1),(3)* | 04/22/47 | 1150000 | 70331 |
|  Mosaic Solar Loan Trust Series 2021-3A, Class R | Mosaic Solar Loan Trust Series 2021-3A, Class R | Mosaic Solar Loan Trust Series 2021-3A, Class R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *(1),(3)* | 06/20/52 | 1600000 | 77930 |
|  NCFA LLC – Loan Participation 1 | NCFA LLC – Loan Participation 1 | NCFA LLC – Loan Participation 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% *(7)* | 06/12/28 | 671406 | 671406 |
|  NCFA LLC – Loan Participation 2 | NCFA LLC – Loan Participation 2 | NCFA LLC – Loan Participation 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.14% *(7)* | 12/19/27 | 794087 | 794087 |
|  Neuberger Berman Loan Advisers CLO 56 Ltd. Series 2024-56A, Class SUB | Neuberger Berman Loan Advisers CLO 56 Ltd. Series 2024-56A, Class SUB | Neuberger Berman Loan Advisers CLO 56 Ltd. Series 2024-56A, Class SUB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *(1),(3)* | 07/24/37 | 700000 | 440708 |
|  New Mountain CLO 8 Ltd. Series CLO-8A, Class M | New Mountain CLO 8 Ltd. Series CLO-8A, Class M | New Mountain CLO 8 Ltd. Series CLO-8A, Class M |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *(1),(3),(7)* | 10/20/38 | 60000 |  |
|  New Mountain CLO 8 Ltd. Series CLO-8A, Class SUB | New Mountain CLO 8 Ltd. Series CLO-8A, Class SUB | New Mountain CLO 8 Ltd. Series CLO-8A, Class SUB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *(1),(3)* | 10/20/38 | 600000 | 447787 |
|  Newday Funding Master Issuer PLC Series 2024-2X, Class E | Newday Funding Master Issuer PLC Series 2024-2X, Class E | Newday Funding Master Issuer PLC Series 2024-2X, Class E |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.74% (1 day GBP SONIA + 3.900%)*(4),(5)* | 07/15/32 | GBP 450,000 | 616311 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  OCP CLO Ltd. Series 2015-9A, Class SUB | OCP CLO Ltd. Series 2015-9A, Class SUB | OCP CLO Ltd. Series 2015-9A, Class SUB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *(1),(3)* | 01/15/37 | $1360000 | $557131 |
|  Palmer Square CLO Ltd. Series 2024-3A, Class SUB | Palmer Square CLO Ltd. Series 2024-3A, Class SUB | Palmer Square CLO Ltd. Series 2024-3A, Class SUB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *(1),(3)* | 07/20/37 | 625000 | 485354 |
|  Rockford Tower CLO Ltd. Series 2025-2A, Class D1 | Rockford Tower CLO Ltd. Series 2025-2A, Class D1 | Rockford Tower CLO Ltd. Series 2025-2A, Class D1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.39% (3 mo. USD Term SOFR + 3.350%)*(1),(4)* | 03/31/38 | 600000 | 606604 |
|  Santander Consumer Auto Receivables Trust Series 2021-BA, Class R | Santander Consumer Auto Receivables Trust Series 2021-BA, Class R | Santander Consumer Auto Receivables Trust Series 2021-BA, Class R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *(1),(2)* | 03/15/29 | 5000 | 1433208 |
|  Santander Consumer Auto Receivables Trust Series 2021-CA, Class R | Santander Consumer Auto Receivables Trust Series 2021-CA, Class R | Santander Consumer Auto Receivables Trust Series 2021-CA, Class R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *(1),(2)* | 06/15/28 | 5500 | 588866 |
|  Serenity-Peace Park CLO Ltd. Series 2025-1A, Class SUB | Serenity-Peace Park CLO Ltd. Series 2025-1A, Class SUB | Serenity-Peace Park CLO Ltd. Series 2025-1A, Class SUB | Serenity-Peace Park CLO Ltd. Series 2025-1A, Class SUB |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *(1),(3)* | 10/24/38 | 600000 | 487266 |
|  Sixth Street CLO VIII Ltd. Series 2017-8A, Class CR2 | Sixth Street CLO VIII Ltd. Series 2017-8A, Class CR2 | Sixth Street CLO VIII Ltd. Series 2017-8A, Class CR2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.83% (3 mo. USD Term SOFR + 2.950%) *(1),(4)* | 10/20/34 | 275000 | 274424 |
|  Sixth Street CLO XX Ltd. Series 2021-20A, Class SUB | Sixth Street CLO XX Ltd. Series 2021-20A, Class SUB | Sixth Street CLO XX Ltd. Series 2021-20A, Class SUB | Sixth Street CLO XX Ltd. Series 2021-20A, Class SUB |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *(1),(3)* | 07/17/38 | 467250 | 257376 |
|  SLC Student Loan Trust Series 2004-1, Class B | SLC Student Loan Trust Series 2004-1, Class B | SLC Student Loan Trust Series 2004-1, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81% (90 day USD SOFR Average + 0.552%) *(4)* | 08/15/31 | 154462 | 136147 |
|  SLC Student Loan Trust Series 2006-1, Class B | SLC Student Loan Trust Series 2006-1, Class B | SLC Student Loan Trust Series 2006-1, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60% (90 day USD SOFR Average + 0.472%) *(4)* | 03/15/55 | 156785 | 141605 |
|  SLM Student Loan EDC Repackaging Trust Series 2013-M1, Class M1R | SLM Student Loan EDC Repackaging Trust Series 2013-M1, Class M1R | SLM Student Loan EDC Repackaging Trust Series 2013-M1, Class M1R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *(1),(2)* | 10/28/29 | 1000 | 188262 |
|  SLM Student Loan Trust Series 2004-2, Class B | SLM Student Loan Trust Series 2004-2, Class B | SLM Student Loan Trust Series 2004-2, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.04% (90 day USD SOFR Average + 0.732%) *(4)* | 07/25/39 | 131800 | 125984 |
|  SLM Student Loan Trust Series 2005-9, Class B | SLM Student Loan Trust Series 2005-9, Class B | SLM Student Loan Trust Series 2005-9, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87% (90 day USD SOFR Average + 0.562%) *(4)* | 01/25/41 | 286988 | 272106 |
|  SLM Student Loan Trust Series 2007-6, Class B | SLM Student Loan Trust Series 2007-6, Class B | SLM Student Loan Trust Series 2007-6, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (90 day USD SOFR Average + 1.112%) *(4)* | 04/27/43 | 70710 | 66667 |
|  SLM Student Loan Trust Series 2007-7, Class B | SLM Student Loan Trust Series 2007-7, Class B | SLM Student Loan Trust Series 2007-7, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32% (90 day USD SOFR Average + 1.012%) *(4)* | 10/27/70 | 150000 | 154770 |
|  SLM Student Loan Trust Series 2008-2, Class B | SLM Student Loan Trust Series 2008-2, Class B | SLM Student Loan Trust Series 2008-2, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.77% (90 day USD SOFR Average + 1.462%) *(4)* | 01/25/83 | 225000 | 237138 |

---

See accompanying Notes to Financial Statements.

------

Schedule of Investments (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  SLM Student Loan Trust Series 2008-3, Class B | SLM Student Loan Trust Series 2008-3, Class B | SLM Student Loan Trust Series 2008-3, Class B | SLM Student Loan Trust Series 2008-3, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.77% (90 day USD SOFR Average + 1.462%) *(4)* | 04/26/83 | $| 225000 | $| 232382 |
|  SLM Student Loan Trust Series 2008-4, Class B | SLM Student Loan Trust Series 2008-4, Class B | SLM Student Loan Trust Series 2008-4, Class B | SLM Student Loan Trust Series 2008-4, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.42% (90 day USD SOFR Average + 2.112%) *(4)* | 04/25/73 |  | 515000 |  | 540621 |
|  SLM Student Loan Trust Series 2008-5, Class B | SLM Student Loan Trust Series 2008-5, Class B | SLM Student Loan Trust Series 2008-5, Class B | SLM Student Loan Trust Series 2008-5, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.42% (90 day USD SOFR Average + 2.112%) *(4)* | 07/25/73 |  | 260000 |  | 273786 |
|  SLM Student Loan Trust Series 2008-6, Class B | SLM Student Loan Trust Series 2008-6, Class B | SLM Student Loan Trust Series 2008-6, Class B | SLM Student Loan Trust Series 2008-6, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.42% (90 day USD SOFR Average + 2.112%) *(4)* | 07/26/83 |  | 225000 |  | 232068 |
|  SLM Student Loan Trust Series 2008-7, Class B | SLM Student Loan Trust Series 2008-7, Class B | SLM Student Loan Trust Series 2008-7, Class B | SLM Student Loan Trust Series 2008-7, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.42% (90 day USD SOFR Average + 2.112%)*(4)* | 07/26/83 |  | 305000 |  | 303548 |
|  Stratus CLO Ltd. Series 2021-3A, Class SUB | Stratus CLO Ltd. Series 2021-3A, Class SUB | Stratus CLO Ltd. Series 2021-3A, Class SUB | Stratus CLO Ltd. Series 2021-3A, Class SUB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *(1),(3),(7)* | 12/29/29 |  | 750000 |  | 75 |
|  Structured Receivables Finance LLC Series 2010-A, Class B | Structured Receivables Finance LLC Series 2010-A, Class B | Structured Receivables Finance LLC Series 2010-A, Class B | Structured Receivables Finance LLC Series 2010-A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.61% *(1)* | 01/16/46 |  | 199043 |  | 200777 |
|  Structured Receivables Finance LLC Series 2010-B, Class B | Structured Receivables Finance LLC Series 2010-B, Class B | Structured Receivables Finance LLC Series 2010-B, Class B | Structured Receivables Finance LLC Series 2010-B, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.97% *(1)* | 08/15/36 |  | 228460 |  | 232475 |
|  TIF Funding II LLC Series 2021-1A, Class A | TIF Funding II LLC Series 2021-1A, Class A | TIF Funding II LLC Series 2021-1A, Class A | TIF Funding II LLC Series 2021-1A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65% *(1)* | 02/20/46 |  | 912156 |  | 837372 |
|  Together Asset-Backed Securitisation 14 PLC Series 2025-1ST1A, Class E | Together Asset-Backed Securitisation 14 PLC Series 2025-1ST1A, Class E | Together Asset-Backed Securitisation 14 PLC Series 2025-1ST1A, Class E | Together Asset-Backed Securitisation 14 PLC Series 2025-1ST1A, Class E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.82% (1 day GBP SONIA + 2.980%) *(1),(4)* | 08/15/66 | GBP | 500000 |  | 669009 |
|  U.S. Bank C&I Credit-Linked Notes Series 2025-SUP2, Class D | U.S. Bank C&I Credit-Linked Notes Series 2025-SUP2, Class D | U.S. Bank C&I Credit-Linked Notes Series 2025-SUP2, Class D | U.S. Bank C&I Credit-Linked Notes Series 2025-SUP2, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (30 day USD SOFR Average + 2.200%) *(1),(4)* | 09/25/32 |  | 413442 |  | 414889 |
|  Westlake Automobile Receivables Trust Series 2024-1A, Class D | Westlake Automobile Receivables Trust Series 2024-1A, Class D | Westlake Automobile Receivables Trust Series 2024-1A, Class D | Westlake Automobile Receivables Trust Series 2024-1A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02% *(1)* | 10/15/29 |  | 600000 |  | 615472 |
|  Wingstop Funding LLC Series 2020-1A, Class A2 | Wingstop Funding LLC Series 2020-1A, Class A2 | Wingstop Funding LLC Series 2020-1A, Class A2 | Wingstop Funding LLC Series 2020-1A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84% *(1)* | 12/05/50 |  | 541750 |  | 525426 |
| **Total Asset-backed Securities**<br>(Cost: $36,480,063) | **Total Asset-backed Securities**<br>(Cost: $36,480,063) | **Total Asset-backed Securities**<br>(Cost: $36,480,063) | **Total Asset-backed Securities**<br>(Cost: $36,480,063) | 31909115 | 31909115 |
|  **MORTGAGE-BACKED SECURITIES — 62.7%** | **MORTGAGE-BACKED SECURITIES — 62.7%** | **MORTGAGE-BACKED SECURITIES — 62.7%** | **MORTGAGE-BACKED SECURITIES — 62.7%** | **MORTGAGE-BACKED SECURITIES — 62.7%** | **MORTGAGE-BACKED SECURITIES — 62.7%** |
| **Commercial Mortgage-backed Securities — Agency —0.4%** | **Commercial Mortgage-backed Securities — Agency —0.4%** | **Commercial Mortgage-backed Securities — Agency —0.4%** | **Commercial Mortgage-backed Securities — Agency —0.4%** | **Commercial Mortgage-backed Securities — Agency —0.4%** | **Commercial Mortgage-backed Securities — Agency —0.4%** |
|  Federal Home Loan Mortgage Corp. Multifamily PC REMICS Trust Series 2019-P002, Class X (I/O) | Federal Home Loan Mortgage Corp. Multifamily PC REMICS Trust Series 2019-P002, Class X (I/O) | Federal Home Loan Mortgage Corp. Multifamily PC REMICS Trust Series 2019-P002, Class X (I/O) | Federal Home Loan Mortgage Corp. Multifamily PC REMICS Trust Series 2019-P002, Class X (I/O) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.01% *(6)* | 07/25/33 |  | 1295000 |  | 67763 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Commercial Mortgage-backed Securities — Agency (Continued)** | **Commercial Mortgage-backed Securities — Agency (Continued)** | **Commercial Mortgage-backed Securities — Agency (Continued)** | **Commercial Mortgage-backed Securities — Agency (Continued)** |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K049, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K049, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K049, Class X3 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05% *(6)* | 10/25/43 | $144423 | $2 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K060, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K060, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K060, Class X3 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90% *(6)* | 12/25/44 | 2499972 | 38008 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K732, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K732, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K732, Class X3 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10% *(6)* | 05/25/46 | 564258 | 6 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K735, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K735, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K735, Class X3 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15% *(6)* | 05/25/47 | 3750000 | 27896 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KC05, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KC05, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KC05, Class X1 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20% *(6)* | 06/25/27 | 6755465 | 59965 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KIR1, Class X (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KIR1, Class X (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KIR1, Class X (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% *(6)* | 03/25/26 | 7587217 | 76 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KW01, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KW01, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KW01, Class X3 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26% *(6)* | 03/25/29 | 668454 | 1010 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q013, Class XPT2 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q013, Class XPT2 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q013, Class XPT2 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.81% *(6)* | 05/25/27 | 2713714 | 54699 |
|  Federal National Mortgage Association-ACES Series 2016-M11, Class X2 (ACES) (I/O) | Federal National Mortgage Association-ACES Series 2016-M11, Class X2 (ACES) (I/O) | Federal National Mortgage Association-ACES Series 2016-M11, Class X2 (ACES) (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99% *(6)* | 07/25/39 | 570269 | 10331 |
|  Federal National Mortgage Association-ACES Series 2019-M29, Class X4 (ACES) (I/O) | Federal National Mortgage Association-ACES Series 2019-M29, Class X4 (ACES) (I/O) | Federal National Mortgage Association-ACES Series 2019-M29, Class X4 (ACES) (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70% *(6)* | 03/25/29 | 7900000 | 136699 |
|  Government National Mortgage Association Series 2010-148, Class IO (I/O) | Government National Mortgage Association Series 2010-148, Class IO (I/O) | Government National Mortgage Association Series 2010-148, Class IO (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.30% *(6)* | 09/16/50 | 4497222 | 47252 |
|  Government National Mortgage Association Series 2011-152, Class IO (I/O) | Government National Mortgage Association Series 2011-152, Class IO (I/O) | Government National Mortgage Association Series 2011-152, Class IO (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01% *(3)* | 08/16/51 | 628482 | 18 |
|  Government National Mortgage Association Series 2012-139, Class IO (I/O) | Government National Mortgage Association Series 2012-139, Class IO (I/O) | Government National Mortgage Association Series 2012-139, Class IO (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65% *(6)* | 02/16/53 | 737818 | 15437 |
|  Government National Mortgage Association Series 2013-52, Class IO (I/O) | Government National Mortgage Association Series 2013-52, Class IO (I/O) | Government National Mortgage Association Series 2013-52, Class IO (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.02% *(6)* | 02/16/55 | 4735532 | 1905 |
|  Government National Mortgage Association Series 2014-103, Class IO (I/O) | Government National Mortgage Association Series 2014-103, Class IO (I/O) | Government National Mortgage Association Series 2014-103, Class IO (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.19% *(6)* | 05/16/55 | 2002411 | 9791 |

---

See accompanying Notes to Financial Statements.

------

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Commercial Mortgage-backed Securities — Agency (Continued)** | **Commercial Mortgage-backed Securities — Agency (Continued)** | **Commercial Mortgage-backed Securities — Agency (Continued)** | **Commercial Mortgage-backed Securities — Agency (Continued)** | **Commercial Mortgage-backed Securities — Agency (Continued)** |
|  Government National Mortgage Association Series 2014-125, Class IO (I/O) | Government National Mortgage Association Series 2014-125, Class IO (I/O) | Government National Mortgage Association Series 2014-125, Class IO (I/O) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.87% *(6)* | 11/16/54 | 939394 | $| 24458 |
|  Government National Mortgage Association Series 2020-184 (I/O) | Government National Mortgage Association Series 2020-184 (I/O) | Government National Mortgage Association Series 2020-184 (I/O) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.91% *(6)* | 11/16/60 | 8971157 |  | 597730 |
| **Total Commercial Mortgage-backed Securities — Agency** | **Total Commercial Mortgage-backed Securities — Agency** | **Total Commercial Mortgage-backed Securities — Agency** | **Total Commercial Mortgage-backed Securities — Agency** | **Total Commercial Mortgage-backed Securities — Agency** |
| (Cost: $3,471,629) | (Cost: $3,471,629) | (Cost: $3,471,629) | 1093046 | 1093046 |
| **Commercial Mortgage-backed Securities — Non-agency —13.9%** | **Commercial Mortgage-backed Securities — Non-agency —13.9%** | **Commercial Mortgage-backed Securities — Non-agency —13.9%** | **Commercial Mortgage-backed Securities — Non-agency —13.9%** | **Commercial Mortgage-backed Securities — Non-agency —13.9%** |
|  1211 Avenue of the Americas Trust Series 2015-1211, Class D | 1211 Avenue of the Americas Trust Series 2015-1211, Class D | 1211 Avenue of the Americas Trust Series 2015-1211, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14% *(1),(6)* | 08/10/35 | 680000 |  | 620372 |
|  245 Park Avenue Trust Series 2017-245P, Class E | 245 Park Avenue Trust Series 2017-245P, Class E | 245 Park Avenue Trust Series 2017-245P, Class E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66% *(1),(6)* | 06/05/37 | 650000 |  | 622783 |
|  280 Park Avenue Mortgage Trust Series 2017-280P, Class D | 280 Park Avenue Mortgage Trust Series 2017-280P, Class D | 280 Park Avenue Mortgage Trust Series 2017-280P, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61% (1 mo. USD Term SOFR + 1.836%) *(1),(4)* | 09/15/34 | 490000 |  | 485584 |
|  AMSR Trust Series 2021-SFR2, Class F2 | AMSR Trust Series 2021-SFR2, Class F2 | AMSR Trust Series 2021-SFR2, Class F2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67% *(1)* | 08/17/38 | 750000 |  | 740374 |
|  AMSR Trust Series 2021-SFR3, Class G | AMSR Trust Series 2021-SFR3, Class G | AMSR Trust Series 2021-SFR3, Class G |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80% *(1)* | 10/17/38 | 620000 |  | 610932 |
|  AMSR Trust Series 2022-SFR1, Class F | AMSR Trust Series 2022-SFR1, Class F | AMSR Trust Series 2022-SFR1, Class F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02% *(1)* | 03/17/39 | 850000 |  | 847439 |
|  AMSR Trust Series 2025-SFR1, Class E2 | AMSR Trust Series 2025-SFR1, Class E2 | AMSR Trust Series 2025-SFR1, Class E2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66% *(1)* | 06/17/42 | 700000 |  | 647114 |
|  Benchmark Mortgage Trust Series 2019-B14, Class 225D | Benchmark Mortgage Trust Series 2019-B14, Class 225D | Benchmark Mortgage Trust Series 2019-B14, Class 225D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29% *(1),(6)* | 12/15/62 | 535000 |  | 4012 |
|  Benchmark Mortgage Trust Series 2020-IG3, Class BXC | Benchmark Mortgage Trust Series 2020-IG3, Class BXC | Benchmark Mortgage Trust Series 2020-IG3, Class BXC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54% *(1),(6)* | 09/15/48 | 555000 |  | 524530 |
|  BX Commercial Mortgage Trust Series 2025-BCAT, Class D | BX Commercial Mortgage Trust Series 2025-BCAT, Class D | BX Commercial Mortgage Trust Series 2025-BCAT, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40% (1 mo. USD Term SOFR + 2.650%) *(1),(4)* | 08/15/42 | 718714 |  | 722320 |
|  BXHPP Trust Series 2021-FILM, Class C | BXHPP Trust Series 2021-FILM, Class C | BXHPP Trust Series 2021-FILM, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.96% (1 mo. USD Term SOFR + 1.214%) *(1),(4)* | 08/15/36 | 430000 |  | 403552 |
|  BXHPP Trust Series 2021-FILM, Class D | BXHPP Trust Series 2021-FILM, Class D | BXHPP Trust Series 2021-FILM, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.36% (1 mo. USD Term SOFR + 1.614%) *(1),(4)* | 08/15/36 | 515000 |  | 477985 |
|  BXP Trust Series 2017-GM, Class D | BXP Trust Series 2017-GM, Class D | BXP Trust Series 2017-GM, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42% *(1),(6)* | 06/13/39 | 575000 |  | 557570 |
|  Citigroup Commercial Mortgage Trust Series 2014-GC21, Class XD (I/O) | Citigroup Commercial Mortgage Trust Series 2014-GC21, Class XD (I/O) | Citigroup Commercial Mortgage Trust Series 2014-GC21, Class XD (I/O) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.12% *(1),(6)* | 05/10/47 | 4710600 |  | 124060 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Commercial Mortgage-backed Securities — Non-agency<br>(Continued)** | **Commercial Mortgage-backed Securities — Non-agency<br>(Continued)** | **Commercial Mortgage-backed Securities — Non-agency<br>(Continued)** | **Commercial Mortgage-backed Securities — Non-agency<br>(Continued)** |
|  Citigroup Commercial Mortgage Trust Series 2015-GC35, Class XA (I/O) | Citigroup Commercial Mortgage Trust Series 2015-GC35, Class XA (I/O) | Citigroup Commercial Mortgage Trust Series 2015-GC35, Class XA (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.51% *(6)* | 11/10/48 | $1484397 | $646 |
|  COMM Mortgage Trust Series 2012-LC4, Class XB (I/O) | COMM Mortgage Trust Series 2012-LC4, Class XB (I/O) | COMM Mortgage Trust Series 2012-LC4, Class XB (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.42% *(1),(6)* | 12/10/44 | 8248780 | 82 |
|  COMM Mortgage Trust Series 2013-CR12, Class XA (I/O) | COMM Mortgage Trust Series 2013-CR12, Class XA (I/O) | COMM Mortgage Trust Series 2013-CR12, Class XA (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.51% *(6)* | 10/10/46 | 658857 | 7 |
|  COMM Mortgage Trust Series 2016-787S, Class D | COMM Mortgage Trust Series 2016-787S, Class D | COMM Mortgage Trust Series 2016-787S, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83% *(1),(6)* | 02/10/36 | 693000 | 679847 |
|  COMM Mortgage Trust Series 2020-CX, Class E | COMM Mortgage Trust Series 2020-CX, Class E | COMM Mortgage Trust Series 2020-CX, Class E |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68% *(1),(6)* | 11/10/46 | 370000 | 281361 |
|  CRSNT Trust Series 2021-MOON, Class C | CRSNT Trust Series 2021-MOON, Class C | CRSNT Trust Series 2021-MOON, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (1 mo. USD Term SOFR + 1.664%) *(1),(4)* | 04/15/36 | 620000 | 611964 |
|  Extended Stay America Trust Series 2025-ESH, Class D | Extended Stay America Trust Series 2025-ESH, Class D | Extended Stay America Trust Series 2025-ESH, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35% (1 mo. USD Term SOFR + 2.600%) *(1),(4)* | 10/15/42 | 625000 | 630476 |
|  FirstKey Homes Trust Series 2021-SFR3, Class E1 | FirstKey Homes Trust Series 2021-SFR3, Class E1 | FirstKey Homes Trust Series 2021-SFR3, Class E1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99% *(1)* | 12/17/38 | 1173000 | 1149190 |
|  FirstKey Homes Trust Series 2022-SFR1, Class D | FirstKey Homes Trust Series 2022-SFR1, Class D | FirstKey Homes Trust Series 2022-SFR1, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% *(1)* | 05/19/39 | 1100000 | 1098432 |
|  FRTKL Group, Inc. Series 2021-SFR1, Class G | FRTKL Group, Inc. Series 2021-SFR1, Class G | FRTKL Group, Inc. Series 2021-SFR1, Class G |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11% *(1)* | 09/17/38 | 1015000 | 992520 |
|  Grace Trust Series 2020-GRCE, Class D | Grace Trust Series 2020-GRCE, Class D | Grace Trust Series 2020-GRCE, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68% *(1),(6)* | 12/10/40 | 700000 | 616861 |
|  Grace Trust Series 2020-GRCE, Class F | Grace Trust Series 2020-GRCE, Class F | Grace Trust Series 2020-GRCE, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68% *(1),(6)* | 12/10/40 | 376000 | 299177 |
|  Grace Trust Series 2020-GRCE, Class X (I/O) | Grace Trust Series 2020-GRCE, Class X (I/O) | Grace Trust Series 2020-GRCE, Class X (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.30% *(1),(6)* | 12/10/40 | 10620000 | 142594 |
|  GS Mortgage Securities Trust Series 2016-GS2, Class XA (I/O) | GS Mortgage Securities Trust Series 2016-GS2, Class XA (I/O) | GS Mortgage Securities Trust Series 2016-GS2, Class XA (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.64% *(6)* | 05/10/49 | 2730327 | 27 |
|  Highways PLC Series 2021-1X, Class C | Highways PLC Series 2021-1X, Class C | Highways PLC Series 2021-1X, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.17% (1 day GBP SONIA +<br>2.400%) *(4),(5)* | 12/18/31 | GBP 425,000 | 574055 |
|  Hilton USA Trust Series 2016-HHV, Class F | Hilton USA Trust Series 2016-HHV, Class F | Hilton USA Trust Series 2016-HHV, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19% *(1),(6)* | 11/05/38 | 1341000 | 1315483 |
|  Hudson Yards Mortgage Trust Series 2019-30HY, Class D | Hudson Yards Mortgage Trust Series 2019-30HY, Class D | Hudson Yards Mortgage Trust Series 2019-30HY, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44% *(1),(6)* | 07/10/39 | 450000 | 417648 |
|  Hudson Yards Mortgage Trust Series 2019-55HY, Class F | Hudson Yards Mortgage Trust Series 2019-55HY, Class F | Hudson Yards Mortgage Trust Series 2019-55HY, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94% *(1),(6)* | 12/10/41 | 150000 | 129488 |
|  JPMBB Commercial Mortgage Securities Trust Series 2014-C23, Class XA (I/O) | JPMBB Commercial Mortgage Securities Trust Series 2014-C23, Class XA (I/O) | JPMBB Commercial Mortgage Securities Trust Series 2014-C23, Class XA (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.33% *(6)* | 09/15/47 | 605348 | 6 |

---

See accompanying Notes to Financial Statements.

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Commercial Mortgage-backed Securities — Non-agency<br>(Continued)** | **Commercial Mortgage-backed Securities — Non-agency<br>(Continued)** | **Commercial Mortgage-backed Securities — Non-agency<br>(Continued)** | **Commercial Mortgage-backed Securities — Non-agency<br>(Continued)** |
|  JPMBB Commercial Mortgage Securities Trust Series 2014-C24, Class XA (I/O) | JPMBB Commercial Mortgage Securities Trust Series 2014-C24, Class XA (I/O) | JPMBB Commercial Mortgage Securities Trust Series 2014-C24, Class XA (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70% *(6)* | 11/15/47 | $1000469 | $10 |
|  JPMBB Commercial Mortgage Securities Trust Series 2015-C29, Class XD (I/O) | JPMBB Commercial Mortgage Securities Trust Series 2015-C29, Class XD (I/O) | JPMBB Commercial Mortgage Securities Trust Series 2015-C29, Class XD (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50% *(1),(6)* | 05/15/48 | 26458000 | 180313 |
|  JPMCC Commercial Mortgage Securities Trust Series 2017-JP5, Class XA (I/O) | JPMCC Commercial Mortgage Securities Trust Series 2017-JP5, Class XA (I/O) | JPMCC Commercial Mortgage Securities Trust Series 2017-JP5, Class XA (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.76% *(6)* | 03/15/50 | 8893421 | 62375 |
|  JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C3, Class XB (I/O) | JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C3, Class XB (I/O) | JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C3, Class XB (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38% *(1),(6)* | 02/15/46 | 46995179 | 275554 |
|  JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class A | JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class A | JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40% *(1)* | 06/05/39 | 585000 | 554502 |
|  KRE Commercial Mortgage Trust Series 2025-AIP4, Class E | KRE Commercial Mortgage Trust Series 2025-AIP4, Class E | KRE Commercial Mortgage Trust Series 2025-AIP4, Class E |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% (1 mo. USD Term SOFR + 3.000%) *(1),(4)* | 03/15/42 | 490000 | 490708 |
|  MFT Mortgage Trust Series 2020-B6, Class C | MFT Mortgage Trust Series 2020-B6, Class C | MFT Mortgage Trust Series 2020-B6, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28% *(1),(6)* | 08/10/40 | 220000 | 146095 |
|  Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22, Class XA (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22, Class XA (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22, Class XA (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.52% *(6)* | 04/15/48 | 1276463 | 13 |
|  Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C31, Class XA (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C31, Class XA (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C31, Class XA (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.24% <sup>(6)</sup> | 11/15/49 | 5631330 | 22025 |
|  Morgan Stanley Capital I Trust Series 2020-CNP, Class C | Morgan Stanley Capital I Trust Series 2020-CNP, Class C | Morgan Stanley Capital I Trust Series 2020-CNP, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.43% *(1),(6)* | 04/05/42 | 620000 | 518850 |
|  NXPT Commercial Mortgage Trust Series 2024-STOR, Class E | NXPT Commercial Mortgage Trust Series 2024-STOR, Class E | NXPT Commercial Mortgage Trust Series 2024-STOR, Class E |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70% *(1),(6)* | 11/05/41 | 528000 | 534534 |
|  One New York Plaza Trust Series 2020-1NYP, Class A | One New York Plaza Trust Series 2020-1NYP, Class A | One New York Plaza Trust Series 2020-1NYP, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.82% (1 mo. USD Term SOFR + 1.064%) *(1),(4)* | 01/15/36 | 390000 | 382602 |
|  Progress Residential Trust Series 2021-SFR10, Class H | Progress Residential Trust Series 2021-SFR10, Class H | Progress Residential Trust Series 2021-SFR10, Class H |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.23% *(1)* | 12/17/40 | 624323 | 606584 |
|  Progress Residential Trust Series 2021-SFR6, Class F | Progress Residential Trust Series 2021-SFR6, Class F | Progress Residential Trust Series 2021-SFR6, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42% *(1)* | 07/17/38 | 730000 | 723006 |
|  Progress Residential Trust Series 2021-SFR7, Class E2 | Progress Residential Trust Series 2021-SFR7, Class E2 | Progress Residential Trust Series 2021-SFR7, Class E2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64% *(1)* | 08/17/40 | 1451000 | 1364086 |
|  Progress Residential Trust Series 2021-SFR8, Class G | Progress Residential Trust Series 2021-SFR8, Class G | Progress Residential Trust Series 2021-SFR8, Class G |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01% *(1)* | 10/17/38 | 1450000 | 1430383 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Commercial Mortgage-backed Securities — Non-agency<br>(Continued)** | **Commercial Mortgage-backed Securities — Non-agency<br>(Continued)** | **Commercial Mortgage-backed Securities — Non-agency<br>(Continued)** | **Commercial Mortgage-backed Securities — Non-agency<br>(Continued)** |
|  Progress Residential Trust Series 2021-SFR9, Class E1 | Progress Residential Trust Series 2021-SFR9, Class E1 | Progress Residential Trust Series 2021-SFR9, Class E1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.81% *(1)* | 11/17/40 | $1707000 | $1602881 |
|  RIDE Series 2025-SHRE, Class D | RIDE Series 2025-SHRE, Class D | RIDE Series 2025-SHRE, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% *(1),(6)* | 02/14/47 | 480000 | 491824 |
|  SCG Commercial Mortgage Trust Series 2025-FLWR, Class E | SCG Commercial Mortgage Trust Series 2025-FLWR, Class E | SCG Commercial Mortgage Trust Series 2025-FLWR, Class E |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% (1 mo. USD Term SOFR + 2.750%) *(1),(4)* | 08/15/42 | 500000 | 502547 |
|  SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2A | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2A | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66% *(1),(6)* | 01/05/43 | 805000 | 677663 |
|  SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class D | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class D | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39% *(1),(6)* | 01/05/43 | 880000 | 669098 |
|  SFO Commercial Mortgage Trust Series 2021-555, Class A | SFO Commercial Mortgage Trust Series 2021-555, Class A | SFO Commercial Mortgage Trust Series 2021-555, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01% (1 mo. USD Term SOFR + 1.264%) *(1),(4)* | 05/15/38 | 550000 | 549216 |
|  SMRT Commercial Mortgage Trust Series 2022-MINI, Class D | SMRT Commercial Mortgage Trust Series 2022-MINI, Class D | SMRT Commercial Mortgage Trust Series 2022-MINI, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% (1 mo. USD Term SOFR + 1.950%) *(1),(4)* | 01/15/39 | 510000 | 508738 |
|  SMRT Commercial Mortgage Trust Series 2022-MINI, Class E | SMRT Commercial Mortgage Trust Series 2022-MINI, Class E | SMRT Commercial Mortgage Trust Series 2022-MINI, Class E |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45% (1 mo. USD Term SOFR + 2.700%) *(1),(4)* | 01/15/39 | 1005000 | 1000760 |
|  SMRT Commercial Mortgage Trust Series 2022-MINI, Class F | SMRT Commercial Mortgage Trust Series 2022-MINI, Class F | SMRT Commercial Mortgage Trust Series 2022-MINI, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.10% (1 mo. USD Term SOFR + 3.350%) *(1),(4)* | 01/15/39 | 246000 | 242595 |
|  TCO Commercial Mortgage Trust Series 2024-DPM, Class D | TCO Commercial Mortgage Trust Series 2024-DPM, Class D | TCO Commercial Mortgage Trust Series 2024-DPM, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.49% (1 mo. USD Term SOFR + 2.741%) *(1),(4)* | 12/15/39 | 500000 | 501783 |
|  Tricon Residential Trust Series 2021-SFR1, Class F | Tricon Residential Trust Series 2021-SFR1, Class F | Tricon Residential Trust Series 2021-SFR1, Class F | Tricon Residential Trust Series 2021-SFR1, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69% *(1)* | 07/17/38 | 750000 | 742390 |
|  U.K. Logistics DAC Series 2025-1A, Class E | U.K. Logistics DAC Series 2025-1A, Class E | U.K. Logistics DAC Series 2025-1A, Class E | U.K. Logistics DAC Series 2025-1A, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.36% (1 day GBP SONIA + 5.500%) *(1),(4)* | 05/17/35 | 215363 | 290441 |
|  UBS Commercial Mortgage Trust Series 2017-C5, Class XA (I/O) | UBS Commercial Mortgage Trust Series 2017-C5, Class XA (I/O) | UBS Commercial Mortgage Trust Series 2017-C5, Class XA (I/O) | UBS Commercial Mortgage Trust Series 2017-C5, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.09% *(6)* | 11/15/50 | 4051625 | 54749 |
|  Vita Scientia DAC Series 2022-1X, Class D | Vita Scientia DAC Series 2022-1X, Class D | Vita Scientia DAC Series 2022-1X, Class D | Vita Scientia DAC Series 2022-1X, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.56% (3 mo. EUR EURIBOR + 2.490%) *(4),(5)* | 02/27/33 | 1500000 | 1752209 |

---

See accompanying Notes to Financial Statements.

------

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Commercial Mortgage-backed Securities — Non-agency<br>(Continued)** | **Commercial Mortgage-backed Securities — Non-agency<br>(Continued)** | **Commercial Mortgage-backed Securities — Non-agency<br>(Continued)** | **Commercial Mortgage-backed Securities — Non-agency<br>(Continued)** | **Commercial Mortgage-backed Securities — Non-agency<br>(Continued)** |
|  Wells Fargo Commercial Mortgage Trust Series 2018-C47, Class AS | Wells Fargo Commercial Mortgage Trust Series 2018-C47, Class AS | Wells Fargo Commercial Mortgage Trust Series 2018-C47, Class AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67% *(6)* | 09/15/61 | 750000 | $| 747929 |
|  WFRBS Commercial Mortgage Trust Series 2013-C14, Class XA (I/O) | WFRBS Commercial Mortgage Trust Series 2013-C14, Class XA (I/O) | WFRBS Commercial Mortgage Trust Series 2013-C14, Class XA (I/O) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.33% *(6)* | 06/15/46 | 99339 |  | 1 |
| **Total Commercial Mortgage-backed<br>Securities — Non-agency** | **Total Commercial Mortgage-backed<br>Securities — Non-agency** | **Total Commercial Mortgage-backed<br>Securities — Non-agency** |  |  |
| (Cost: $35,039,791) | (Cost: $35,039,791) | (Cost: $35,039,791) | 33954955 | 33954955 |
| **Residential Mortgage-backed Securities — Agency —24.4%** | **Residential Mortgage-backed Securities — Agency —24.4%** | **Residential Mortgage-backed Securities — Agency —24.4%** | **Residential Mortgage-backed Securities — Agency —24.4%** | **Residential Mortgage-backed Securities — Agency —24.4%** |
|  Federal Home Loan Mortgage Corp., Pool #SD8199 | Federal Home Loan Mortgage Corp., Pool #SD8199 | Federal Home Loan Mortgage Corp., Pool #SD8199 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/01/52 | 2206278 |  | 1796254 |
|  Federal Home Loan Mortgage Corp., Pool #SD8220 | Federal Home Loan Mortgage Corp., Pool #SD8220 | Federal Home Loan Mortgage Corp., Pool #SD8220 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/01/52 | 1352053 |  | 1201094 |
|  Federal Home Loan Mortgage Corp., Pool #SD8225 | Federal Home Loan Mortgage Corp., Pool #SD8225 | Federal Home Loan Mortgage Corp., Pool #SD8225 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 07/01/52 | 2376991 |  | 2113378 |
|  Federal Home Loan Mortgage Corp., Pool #SD8237 | Federal Home Loan Mortgage Corp., Pool #SD8237 | Federal Home Loan Mortgage Corp., Pool #SD8237 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 08/01/52 | 909729 |  | 867741 |
|  Federal Home Loan Mortgage Corp., Pool #SD8238 | Federal Home Loan Mortgage Corp., Pool #SD8238 | Federal Home Loan Mortgage Corp., Pool #SD8238 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/01/52 | 531019 |  | 521342 |
|  Federal Home Loan Mortgage Corp., Pool #SD3246 | Federal Home Loan Mortgage Corp., Pool #SD3246 | Federal Home Loan Mortgage Corp., Pool #SD3246 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 08/01/52 | 1169859 |  | 1116047 |
|  Federal Home Loan Mortgage Corp., Pool #SD8245 | Federal Home Loan Mortgage Corp., Pool #SD8245 | Federal Home Loan Mortgage Corp., Pool #SD8245 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/01/52 | 550696 |  | 540489 |
|  Federal Home Loan Mortgage Corp., Pool #RA7870 | Federal Home Loan Mortgage Corp., Pool #RA7870 | Federal Home Loan Mortgage Corp., Pool #RA7870 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 09/01/52 | 701435 |  | 668952 |
|  Federal Home Loan Mortgage Corp., Pool #SD8257 | Federal Home Loan Mortgage Corp., Pool #SD8257 | Federal Home Loan Mortgage Corp., Pool #SD8257 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/01/52 | 1146031 |  | 1125653 |
|  Federal Home Loan Mortgage Corp., Pool #SD8265 | Federal Home Loan Mortgage Corp., Pool #SD8265 | Federal Home Loan Mortgage Corp., Pool #SD8265 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/01/52 | 498717 |  | 475467 |
|  Federal Home Loan Mortgage Corp., Pool #SD8275 | Federal Home Loan Mortgage Corp., Pool #SD8275 | Federal Home Loan Mortgage Corp., Pool #SD8275 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 12/01/52 | 484524 |  | 475393 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3122, Class SG (I/O)(I/F)(TAC)(PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3122, Class SG (I/O)(I/F)(TAC)(PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3122, Class SG (I/O)(I/F)(TAC)(PAC) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.53% (-30 day USD SOFR Average + 5.516%) *(4)* | 03/15/36 | 800379 |  | 41985 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3239, Class SI (I/O) (I/F) (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3239, Class SI (I/O) (I/F) (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3239, Class SI (I/O) (I/F) (PAC) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% (-30 day USD SOFR Average + 6.536%) *(4)* | 11/15/36 | 184187 |  | 18390 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Residential Mortgage-backed Securities — Agency (Continued)** | **Residential Mortgage-backed Securities — Agency (Continued)** | **Residential Mortgage-backed Securities — Agency (Continued)** | **Residential Mortgage-backed Securities — Agency (Continued)** |
|  Federal Home Loan Mortgage Corp. REMICS Series 3323, Class SA (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3323, Class SA (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3323, Class SA (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.01% (-30 day USD SOFR Average + 5.996%) *(4)* | 05/15/37 | $42196 | $1219 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3459, Class JS (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3459, Class JS (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3459, Class JS (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15% (-30 day USD SOFR Average + 6.136%) *(4)* | 06/15/38 | 66135 | 6299 |
|  Federal Home Loan Mortgage Corp. REMICS Series 4030, Class HS (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 4030, Class HS (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 4030, Class HS (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.51% (-30 day USD SOFR Average + 6.496%) *(4)* | 04/15/42 | 364985 | 39594 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5234, Class S (I/O) (I/F) (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 5234, Class S (I/O) (I/F) (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 5234, Class S (I/O) (I/F) (PAC) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.18% (-30 day USD SOFR Average + 6.050%) *(4)* | 12/25/50 | 1735434 | 116135 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5471, Class SY (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5471, Class SY (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5471, Class SY (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.53% (-30 day USD SOFR Average + 5.400%) *(4)* | 11/25/54 | 1194400 | 78917 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5544, Class SD (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5544, Class SD (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5544, Class SD (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.18% (-30 day USD SOFR Average + 5.050%) *(4)* | 06/25/55 | 2221703 | 132151 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5546, Class AS (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5546, Class AS (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5546, Class AS (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69% (-30 day USD SOFR Average + 10.500%) *(4)* | 06/25/55 | 332673 | 325583 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5547, Class S (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5547, Class S (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5547, Class S (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76% (-30 day USD SOFR Average + 10.575%) *(4)* | 06/25/55 | 340191 | 333757 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5548, Class S (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5548, Class S (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5548, Class S (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21% (-30 day USD SOFR Average + 11.667%) *(4)* | 06/25/55 | 334994 | 331110 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5549, Class JS (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5549, Class JS (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5549, Class JS (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69% (-30 day USD SOFR Average + 10.500%) *(4)* | 06/25/55 | 103313 | 101355 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5578, Class SD (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5578, Class SD (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5578, Class SD (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.03% (-30 day USD SOFR Average + 5.900%) *(4)* | 09/25/55 | 1449163 | 144854 |

---

See accompanying Notes to Financial Statements.

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Residential Mortgage-backed Securities — Agency (Continued)** | **Residential Mortgage-backed Securities — Agency (Continued)** | **Residential Mortgage-backed Securities — Agency (Continued)** | **Residential Mortgage-backed Securities — Agency (Continued)** |
|  Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C1 (I/O) | Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C1 (I/O) | Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C1 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/15/52 | $3198927 | $431472 |
|  Federal Home Loan Mortgage Corp. STRIPS Series 408, Class C37 | Federal Home Loan Mortgage Corp. STRIPS Series 408, Class C37 | Federal Home Loan Mortgage Corp. STRIPS Series 408, Class C37 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/25/52 | 1261323 | 177028 |
|  Federal National Mortgage Association, Pool #AN3542 | Federal National Mortgage Association, Pool #AN3542 | Federal National Mortgage Association, Pool #AN3542 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41% | 11/01/46 | 1006375 | 875376 |
|  Federal National Mortgage Association, Pool #BV4122 | Federal National Mortgage Association, Pool #BV4122 | Federal National Mortgage Association, Pool #BV4122 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/01/52 | 727477 | 591822 |
|  Federal National Mortgage Association, Pool #BV8463 | Federal National Mortgage Association, Pool #BV8463 | Federal National Mortgage Association, Pool #BV8463 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 04/01/52 | 1267120 | 1078076 |
|  Federal National Mortgage Association, Pool #FS1598 | Federal National Mortgage Association, Pool #FS1598 | Federal National Mortgage Association, Pool #FS1598 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 04/01/52 | 307271 | 249973 |
|  Federal National Mortgage Association, Pool #MA4656 | Federal National Mortgage Association, Pool #MA4656 | Federal National Mortgage Association, Pool #MA4656 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 07/01/52 | 1790908 | 1758548 |
|  Federal National Mortgage Association, Pool #MA4701 | Federal National Mortgage Association, Pool #MA4701 | Federal National Mortgage Association, Pool #MA4701 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/01/52 | 289274 | 284002 |
|  Federal National Mortgage Association, Pool #MA4732 | Federal National Mortgage Association, Pool #MA4732 | Federal National Mortgage Association, Pool #MA4732 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 09/01/52 | 340444 | 324678 |
|  Federal National Mortgage Association, Pool #MA4733 | Federal National Mortgage Association, Pool #MA4733 | Federal National Mortgage Association, Pool #MA4733 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/01/52 | 949157 | 932747 |
|  Federal National Mortgage Association, Pool #MA4769 | Federal National Mortgage Association, Pool #MA4769 | Federal National Mortgage Association, Pool #MA4769 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 09/01/52 | 796289 | 647802 |
|  Federal National Mortgage Association, Pool #MA4768 | Federal National Mortgage Association, Pool #MA4768 | Federal National Mortgage Association, Pool #MA4768 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 09/01/52 | 1389141 | 1181892 |
|  Federal National Mortgage Association, Pool #MA4784 | Federal National Mortgage Association, Pool #MA4784 | Federal National Mortgage Association, Pool #MA4784 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/01/52 | 1698327 | 1666585 |
|  Federal National Mortgage Association, Pool #MA4783 | Federal National Mortgage Association, Pool #MA4783 | Federal National Mortgage Association, Pool #MA4783 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 10/01/52 | 1187923 | 1132727 |
|  Federal National Mortgage Association, Pool #MA4866 | Federal National Mortgage Association, Pool #MA4866 | Federal National Mortgage Association, Pool #MA4866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/01/53 | 1166120 | 1111576 |
|  Federal National Mortgage Association, Pool #MA5584 | Federal National Mortgage Association, Pool #MA5584 | Federal National Mortgage Association, Pool #MA5584 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 01/01/55 | 1588162 | 1552436 |
|  Federal National Mortgage Association Interest STRIPS Series 434, Class C29 (I/O) | Federal National Mortgage Association Interest STRIPS Series 434, Class C29 (I/O) | Federal National Mortgage Association Interest STRIPS Series 434, Class C29 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 10/25/52 | 3654791 | 487457 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Residential Mortgage-backed Securities — Agency (Continued)** | **Residential Mortgage-backed Securities — Agency (Continued)** | **Residential Mortgage-backed Securities — Agency (Continued)** | **Residential Mortgage-backed Securities — Agency (Continued)** |
|  Federal National Mortgage Association Interest STRIPS Series 436, Class C32 (I/O) | Federal National Mortgage Association Interest STRIPS Series 436, Class C32 (I/O) | Federal National Mortgage Association Interest STRIPS Series 436, Class C32 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 10/25/52 | $3190394 | $420879 |
|  Federal National Mortgage Association REMICS Series 2007-42, Class SE (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-42, Class SE (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-42, Class SE (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.12% (-30 day USD SOFR Average + 5.996%) *(4)* | 05/25/37 | 25421 | 1875 |
|  Federal National Mortgage Association REMICS Series 2007-48, Class SD (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-48, Class SD (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-48, Class SD (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.11% (-30 day USD SOFR Average + 5.986%) *(4)* | 05/25/37 | 526517 | 41322 |
|  Federal National Mortgage Association REMICS Series 2009-69, Class CS (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2009-69, Class CS (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2009-69, Class CS (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.76% (-30 day USD SOFR Average + 6.636%) *(4)* | 09/25/39 | 73578 | 7933 |
|  Federal National Mortgage Association REMICS Series 2024-81, Class SE (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2024-81, Class SE (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2024-81, Class SE (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.48% (-30 day USD SOFR Average + 5.350%) *(4)* | 07/25/54 | 4681862 | 242907 |
|  Government National Mortgage Association, Pool #MA8346 | Government National Mortgage Association, Pool #MA8346 | Government National Mortgage Association, Pool #MA8346 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 10/20/52 | 646097 | 616412 |
|  Government National Mortgage Association, Pool #MA8948 | Government National Mortgage Association, Pool #MA8948 | Government National Mortgage Association, Pool #MA8948 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 06/20/53 | 385817 | 392270 |
|  Government National Mortgage Association, Pool #MA9488 | Government National Mortgage Association, Pool #MA9488 | Government National Mortgage Association, Pool #MA9488 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 02/20/54 | 2258764 | 2294588 |
|  Government National Mortgage Association, Pool #MA9963 | Government National Mortgage Association, Pool #MA9963 | Government National Mortgage Association, Pool #MA9963 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/20/54 | 1222835 | 1193091 |
|  Government National Mortgage Association, Pool #MB0024 | Government National Mortgage Association, Pool #MB0024 | Government National Mortgage Association, Pool #MB0024 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 11/20/54 | 275017 | 268464 |
|  Government National Mortgage Association REMICS Series 2006-35, Class SA (I/O) (I/F) | Government National Mortgage Association REMICS Series 2006-35, Class SA (I/O) (I/F) | Government National Mortgage Association REMICS Series 2006-35, Class SA (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% (-1 mo. USD Term SOFR + 6.486%) *(4)* | 07/20/36 | 583467 | 55640 |
|  Government National Mortgage Association REMICS Series 2006-61, Class SA (I/O) (I/F) (TAC) | Government National Mortgage Association REMICS Series 2006-61, Class SA (I/O) (I/F) (TAC) | Government National Mortgage Association REMICS Series 2006-61, Class SA (I/O) (I/F) (TAC) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90% (-1 mo. USD Term SOFR + 4.636%) *(4)* | 11/20/36 | 651964 | 13598 |
|  Government National Mortgage Association REMICS Series 2008-58, Class TS (I/O) (I/F) (TAC) | Government National Mortgage Association REMICS Series 2008-58, Class TS (I/O) (I/F) (TAC) | Government National Mortgage Association REMICS Series 2008-58, Class TS (I/O) (I/F) (TAC) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% (-1 mo. USD Term SOFR + 6.286%) *(4)* | 05/20/38 | 147751 | 2416 |

---

See accompanying Notes to Financial Statements.

------

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Residential Mortgage-backed Securities — Agency (Continued)** | **Residential Mortgage-backed Securities — Agency (Continued)** | **Residential Mortgage-backed Securities — Agency (Continued)** | **Residential Mortgage-backed Securities — Agency (Continued)** | **Residential Mortgage-backed Securities — Agency (Continued)** |
|  Government National Mortgage Association REMICS Series 2014-118, Class ST (I/F) | Government National Mortgage Association REMICS Series 2014-118, Class ST (I/F) | Government National Mortgage Association REMICS Series 2014-118, Class ST (I/F) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% (-1 mo. USD Term SOFR + 5.486%) *(4)* | 08/20/44 | 3248719 | $| 272436 |
|  Government National Mortgage Association REMICS Series 2016-153, Class IO (I/O) | Government National Mortgage Association REMICS Series 2016-153, Class IO (I/O) | Government National Mortgage Association REMICS Series 2016-153, Class IO (I/O) | Government National Mortgage Association REMICS Series 2016-153, Class IO (I/O) | Government National Mortgage Association REMICS Series 2016-153, Class IO (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 11/20/46 | 1055385 |  | 209217 |
|  Government National Mortgage Association REMICS Series 2023-165, Class CO (P/O) | Government National Mortgage Association REMICS Series 2023-165, Class CO (P/O) | Government National Mortgage Association REMICS Series 2023-165, Class CO (P/O) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *(3)* | 11/20/53 | 199164 |  | 178466 |
|  Government National Mortgage Association REMICS Series 2024-159, Class SM (I/F) | Government National Mortgage Association REMICS Series 2024-159, Class SM (I/F) | Government National Mortgage Association REMICS Series 2024-159, Class SM (I/F) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.53% (-30 day USD SOFR Average + 5.450%) *(4)* | 10/20/54 | 3228982 |  | 192269 |
|  Government National Mortgage Association REMICS Series 2024-159, Class XS (I/O) (I/F) | Government National Mortgage Association REMICS Series 2024-159, Class XS (I/O) (I/F) | Government National Mortgage Association REMICS Series 2024-159, Class XS (I/O) (I/F) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.58% (-30 day USD SOFR Average + 5.500%) *(4)* | 10/20/54 | 2424228 |  | 189057 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *(8)* | 05/01/55 | 2325000 |  | 2194903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *(8)* | 05/01/55 | 1225000 |  | 1236919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *(8)* | 07/01/55 | 3275000 |  | 3266513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *(8)* | 07/01/55 | 1800000 |  | 1753694 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% *(8)* | 10/01/51 | 1800000 |  | 1456808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *(8)* | 11/01/51 | 3675000 |  | 3110237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% *(8)* | 12/01/51 | 1425000 |  | 1260740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *(8)* | 01/01/52 | 3725000 |  | 3433308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *(8)* | 01/01/52 | 875000 |  | 809087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *(8)* | 05/01/55 | 1300000 |  | 1233406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *(8)* | 07/01/55 | 4625000 |  | 4613796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *(8)* | 07/01/55 | 1650000 |  | 1610819 |
|  **Total Residential Mortgage-backed Securities — Agency**<br> (Cost: $59,098,051) | **Total Residential Mortgage-backed Securities — Agency**<br> (Cost: $59,098,051) | **Total Residential Mortgage-backed Securities — Agency**<br> (Cost: $59,098,051) |  | 59630426 |
| **Residential Mortgage-backed Securities — Non-agency —24.0%** | **Residential Mortgage-backed Securities — Non-agency —24.0%** | **Residential Mortgage-backed Securities — Non-agency —24.0%** | **Residential Mortgage-backed Securities — Non-agency —24.0%** | **Residential Mortgage-backed Securities — Non-agency —24.0%** |
|  ABFC Trust Series 2007-NC1, Class A2 | ABFC Trust Series 2007-NC1, Class A2 | ABFC Trust Series 2007-NC1, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15% (1 mo. USD Term SOFR + 0.414%) *(1),(4)* | 05/25/37 | 591717 |  | 558187 |
|  ACE Securities Corp. Home Equity Loan Trust<br>Series 2004-IN1, Class A1 | ACE Securities Corp. Home Equity Loan Trust<br>Series 2004-IN1, Class A1 | ACE Securities Corp. Home Equity Loan Trust<br>Series 2004-IN1, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49% (1 mo. USD Term SOFR + 0.754%) *(4)* | 05/25/34 | 260585 |  | 247612 |
|  ACE Securities Corp. Home Equity Loan Trust<br>Series 2007-ASP1, Class A2C | ACE Securities Corp. Home Equity Loan Trust<br>Series 2007-ASP1, Class A2C | ACE Securities Corp. Home Equity Loan Trust<br>Series 2007-ASP1, Class A2C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.37% (1 mo. USD Term SOFR + 0.634%) *(4)* | 03/25/37 | 1077748 |  | 442502 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** | **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** | **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** | **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** |
|  Adjustable Rate Mortgage Trust Series 2005-4, Class 6A22 | Adjustable Rate Mortgage Trust Series 2005-4, Class 6A22 | Adjustable Rate Mortgage Trust Series 2005-4, Class 6A22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% *(6)* | 08/25/35 | $283646 | $242590 |
|  Ajax Mortgage Loan Trust Series 2019-F, Class A2 | Ajax Mortgage Loan Trust Series 2019-F, Class A2 | Ajax Mortgage Loan Trust Series 2019-F, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *(1)* | 07/25/59 | 1300000 | 1264975 |
|  Ajax Mortgage Loan Trust Series 2021-D, Class A | Ajax Mortgage Loan Trust Series 2021-D, Class A | Ajax Mortgage Loan Trust Series 2021-D, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *(1)* | 03/25/60 | 637040 | 637344 |
|  Angel Oak Mortgage Trust Series 2024-11, Class M1A | Angel Oak Mortgage Trust Series 2024-11, Class M1A | Angel Oak Mortgage Trust Series 2024-11, Class M1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.58% *(1),(6)* | 08/25/69 | 750000 | 763708 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust Series 2007-HE1, Class A1B | Asset-Backed Securities Corp. Home Equity Loan Trust Series 2007-HE1, Class A1B | Asset-Backed Securities Corp. Home Equity Loan Trust Series 2007-HE1, Class A1B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54% (1 mo. USD Term SOFR + 0.414%) *(4)* | 12/25/36 | 163165 | 159853 |
|  Banc of America Alternative Loan Trust Series 2005-10, Class 1CB1 | Banc of America Alternative Loan Trust Series 2005-10, Class 1CB1 | Banc of America Alternative Loan Trust Series 2005-10, Class 1CB1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% (1 mo. USD Term SOFR + 0.514%) *(4)* | 11/25/35 | 214477 | 187875 |
|  Banc of America Funding Trust Series 2006-3, Class 4A14 | Banc of America Funding Trust Series 2006-3, Class 4A14 | Banc of America Funding Trust Series 2006-3, Class 4A14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 03/25/36 | 75882 | 65000 |
|  Banc of America Funding Trust Series 2006-3, Class 5A3 | Banc of America Funding Trust Series 2006-3, Class 5A3 | Banc of America Funding Trust Series 2006-3, Class 5A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 03/25/36 | 76836 | 70253 |
|  BCMSC Trust Series 2000-A, Class A4 | BCMSC Trust Series 2000-A, Class A4 | BCMSC Trust Series 2000-A, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.29% *(6)* | 06/15/30 | 3316690 | 217898 |
|  Bear Stearns ALT-A Trust Series 2005-3, Class 4A3 | Bear Stearns ALT-A Trust Series 2005-3, Class 4A3 | Bear Stearns ALT-A Trust Series 2005-3, Class 4A3 | Bear Stearns ALT-A Trust Series 2005-3, Class 4A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% *(6)* | 04/25/35 | 130938 | 127787 |
|  Bear Stearns ARM Trust Series 2003-7, Class 9A | Bear Stearns ARM Trust Series 2003-7, Class 9A | Bear Stearns ARM Trust Series 2003-7, Class 9A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.76% *(6)* | 10/25/33 | 132169 | 120532 |
|  Bear Stearns ARM Trust Series 2005-9, Class A1 | Bear Stearns ARM Trust Series 2005-9, Class A1 | Bear Stearns ARM Trust Series 2005-9, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.42% (1 yr. CMT + 2.300%) *(4)* | 10/25/35 | 71373 | 69181 |
|  Bear Stearns ARM Trust Series 2007-4, Class 22A1 | Bear Stearns ARM Trust Series 2007-4, Class 22A1 | Bear Stearns ARM Trust Series 2007-4, Class 22A1 | Bear Stearns ARM Trust Series 2007-4, Class 22A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24% *(6)* | 06/25/47 | 470993 | 422621 |
|  Bear Stearns Asset-Backed Securities I Trust Series 2005-AC6, Class 1A3 | Bear Stearns Asset-Backed Securities I Trust Series 2005-AC6, Class 1A3 | Bear Stearns Asset-Backed Securities I Trust Series 2005-AC6, Class 1A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *(6)* | 09/25/35 | 215595 | 206556 |
|  Bear Stearns Asset-Backed Securities I Trust Series 2006-IM1, Class A1 | Bear Stearns Asset-Backed Securities I Trust Series 2006-IM1, Class A1 | Bear Stearns Asset-Backed Securities I Trust Series 2006-IM1, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.31% (1 mo. USD Term SOFR + 0.574%) *(4)* | 04/25/36 | 98657 | 107287 |
|  Bear Stearns Mortgage Funding Trust Series 2007-AR3, Class 1X (I/O) | Bear Stearns Mortgage Funding Trust Series 2007-AR3, Class 1X (I/O) | Bear Stearns Mortgage Funding Trust Series 2007-AR3, Class 1X (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50% | 03/25/37 | 21597186 | 450840 |
|  C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2B | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2B | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48% | 02/25/37 | 657069 | 379753 |

---

See accompanying Notes to Financial Statements.

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** | **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** | **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** | **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** |
|  C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2C | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2C | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48% | 02/25/37 | $645578 | $373112 |
|  C-BASS Mortgage Loan Trust Series 2007-CB3, Class A3 | C-BASS Mortgage Loan Trust Series 2007-CB3, Class A3 | C-BASS Mortgage Loan Trust Series 2007-CB3, Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27% | 03/25/37 | 1049228 | 383111 |
|  Carrington Mortgage Loan Trust Series 2006-NC4, Class A4 | Carrington Mortgage Loan Trust Series 2006-NC4, Class A4 | Carrington Mortgage Loan Trust Series 2006-NC4, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09% (1 mo. USD Term SOFR + 0.354%) *(4)* | 10/25/36 | 1250000 | 1104368 |
|  Carrington Mortgage Loan Trust Series 2007-RFC1, Class A3 | Carrington Mortgage Loan Trust Series 2007-RFC1, Class A3 | Carrington Mortgage Loan Trust Series 2007-RFC1, Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99% (1 mo. USD Term SOFR + 0.254%) *(4)* | 12/25/36 | 586509 | 579318 |
|  CFMT LLC Series 2024-NR1, Class A1 | CFMT LLC Series 2024-NR1, Class A1 | CFMT LLC Series 2024-NR1, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.41% *(1)* | 11/25/29 | 769957 | 770988 |
|  CHL Mortgage Pass-Through Trust Series 2004-HYB4, Class B1 | CHL Mortgage Pass-Through Trust Series 2004-HYB4, Class B1 | CHL Mortgage Pass-Through Trust Series 2004-HYB4, Class B1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90% *(6)* | 09/20/34 | 56774 | 17217 |
|  CHL Mortgage Pass-Through Trust Series 2006-14, Class X (I/O) | CHL Mortgage Pass-Through Trust Series 2006-14, Class X (I/O) | CHL Mortgage Pass-Through Trust Series 2006-14, Class X (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.14% *(6)* | 09/25/36 | 5378214 | 23577 |
|  CHL Mortgage Pass-Through Trust Series 2006-HYB2, Class 1A1 | CHL Mortgage Pass-Through Trust Series 2006-HYB2, Class 1A1 | CHL Mortgage Pass-Through Trust Series 2006-HYB2, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% *(6)* | 04/20/36 | 491057 | 372848 |
|  CHNGE Mortgage Trust Series 2023-1, Class M1 | CHNGE Mortgage Trust Series 2023-1, Class M1 | CHNGE Mortgage Trust Series 2023-1, Class M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.11% *(1),(6)* | 03/25/58 | 460000 | 460146 |
|  CIM Trust Series 2019-R1, Class A | CIM Trust Series 2019-R1, Class A | CIM Trust Series 2019-R1, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% *(1),(6)* | 10/25/58 | 521057 | 495700 |
|  CIM Trust Series 2021-R3, Class A1A | CIM Trust Series 2021-R3, Class A1A | CIM Trust Series 2021-R3, Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% *(1),(6)* | 06/25/57 | 533123 | 499049 |
|  CIM Trust Series 2021-R4, Class A1A | CIM Trust Series 2021-R4, Class A1A | CIM Trust Series 2021-R4, Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% *(1),(6)* | 05/01/61 | 527772 | 499292 |
|  CIM Trust Series 2021-R5, Class A1B | CIM Trust Series 2021-R5, Class A1B | CIM Trust Series 2021-R5, Class A1B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% *(1),(6)* | 08/25/61 | 1096000 | 755765 |
|  CIM Trust Series 2025-R1, Class A1 | CIM Trust Series 2025-R1, Class A1 | CIM Trust Series 2025-R1, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *(1)* | 02/25/99 | 683458 | 681796 |
|  Citigroup Mortgage Loan Trust, Inc. Series 2005-11, Class A2A | Citigroup Mortgage Loan Trust, Inc. Series 2005-11, Class A2A | Citigroup Mortgage Loan Trust, Inc. Series 2005-11, Class A2A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.48% (1 yr. CMT + 2.400%) *(4)* | 10/25/35 | 119012 | 121873 |
|  Citigroup Mortgage Loan Trust, Inc. Series 2005-8, Class 1A1A | Citigroup Mortgage Loan Trust, Inc. Series 2005-8, Class 1A1A | Citigroup Mortgage Loan Trust, Inc. Series 2005-8, Class 1A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.19% *(6)* | 10/25/35 | 274813 | 218823 |
|  CitiMortgage Alternative Loan Trust Series 2006-A3, Class 1A7 | CitiMortgage Alternative Loan Trust Series 2006-A3, Class 1A7 | CitiMortgage Alternative Loan Trust Series 2006-A3, Class 1A7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 07/25/36 | 432027 | 382883 |
|  CitiMortgage Alternative Loan Trust Series 2006-A5, Class 1A8 | CitiMortgage Alternative Loan Trust Series 2006-A5, Class 1A8 | CitiMortgage Alternative Loan Trust Series 2006-A5, Class 1A8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 10/25/36 | 403141 | 358753 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** | **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** | **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** | **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** |
|  COLT Mortgage Loan Trust Series 2025-7, Class B1 | COLT Mortgage Loan Trust Series 2025-7, Class B1 | COLT Mortgage Loan Trust Series 2025-7, Class B1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.92% *(1),(6)* | 06/25/70 | $620000 | $624968 |
|  Conseco Finance Securitizations Corp. Series 1999-6, Class A1 | Conseco Finance Securitizations Corp. Series 1999-6, Class A1 | Conseco Finance Securitizations Corp. Series 1999-6, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.36% *(1),(6)* | 06/01/30 | 1171972 | 288123 |
|  COOPR Residential Mortgage Trust Series 2025-CES4, Class B1 | COOPR Residential Mortgage Trust Series 2025-CES4, Class B1 | COOPR Residential Mortgage Trust Series 2025-CES4, Class B1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% *(1),(6)* | 11/25/60 | 420000 | 420994 |
|  Countrywide Alternative Loan Trust Series 2005-46CB, Class A20 (TAC) | Countrywide Alternative Loan Trust Series 2005-46CB, Class A20 (TAC) | Countrywide Alternative Loan Trust Series 2005-46CB, Class A20 (TAC) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 10/25/35 | 443176 | 304804 |
|  Countrywide Alternative Loan Trust Series 2006-8T1, Class 1A2 (I/O) (I/F) | Countrywide Alternative Loan Trust Series 2006-8T1, Class 1A2 (I/O) (I/F) | Countrywide Alternative Loan Trust Series 2006-8T1, Class 1A2 (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65% (-1 mo. USD Term SOFR + 5.386%) *(4)* | 04/25/36 | 4674003 | 546695 |
|  Countrywide Asset-Backed Certificates Trust Series 2007-13, Class 2A1 | Countrywide Asset-Backed Certificates Trust Series 2007-13, Class 2A1 | Countrywide Asset-Backed Certificates Trust Series 2007-13, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% (1 mo. USD Term SOFR + 1.014%) *(4)* | 10/25/47 | 334914 | 309098 |
|  Credit Suisse First Boston Mortgage Securities Corp. Series 2005-12, Class 1A1 | Credit Suisse First Boston Mortgage Securities Corp. Series 2005-12, Class 1A1 | Credit Suisse First Boston Mortgage Securities Corp. Series 2005-12, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 01/25/36 | 948046 | 201860 |
|  Credit-Based Asset Servicing & Securitization LLC Series 2003-CB3, Class AF1 | Credit-Based Asset Servicing & Securitization LLC Series 2003-CB3, Class AF1 | Credit-Based Asset Servicing & Securitization LLC Series 2003-CB3, Class AF1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 12/25/32 | 164257 | 161654 |
|  Credit-Based Asset Servicing & Securitization LLC Series 2006-CB2, Class AF2 | Credit-Based Asset Servicing & Securitization LLC Series 2006-CB2, Class AF2 | Credit-Based Asset Servicing & Securitization LLC Series 2006-CB2, Class AF2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.92% | 12/25/36 | 1619859 | 1317309 |
|  Cross Mortgage Trust Series 2024-H7, Class B1B | Cross Mortgage Trust Series 2024-H7, Class B1B | Cross Mortgage Trust Series 2024-H7, Class B1B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.59% *(1),(6)* | 11/25/69 | 570000 | 573765 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR6, Class A6 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR6, Class A6 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR6, Class A6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23% (1 mo. USD Term SOFR + 0.494%) *(4)* | 02/25/37 | 225296 | 198572 |
|  Deutsche Alt-B Securities, Inc. Mortgage Loan Trust Series 2006-AB2, Class A2 | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust Series 2006-AB2, Class A2 | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust Series 2006-AB2, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.16% *(6)* | 06/25/36 | 693903 | 643767 |
|  DSLA Mortgage Loan Trust Series 2006-AR2, Class 2A1A | DSLA Mortgage Loan Trust Series 2006-AR2, Class 2A1A | DSLA Mortgage Loan Trust Series 2006-AR2, Class 2A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05% (1 mo. USD Term SOFR + 0.314%) *(4)* | 10/19/36 | 293417 | 199453 |
|  EFMT Series 2025-CES1, Class B1 | EFMT Series 2025-CES1, Class B1 | EFMT Series 2025-CES1, Class B1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.07% *(1),(6)* | 01/25/60 | 670000 | 681477 |
|  EFMT Series 2025-NQM1, Class B1B | EFMT Series 2025-NQM1, Class B1B | EFMT Series 2025-NQM1, Class B1B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.44% *(1),(6)* | 01/25/70 | 700000 | 704742 |

---

See accompanying Notes to Financial Statements.

------

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** | **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** | **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** | **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** |
|  Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA7, Class B2 | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA7, Class B2 | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA7, Class B2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.67% (30 day USD SOFR Average + 7.800%) *(1),(4)* | 11/25/41 | $470000 | $494257 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R06, Class 2B1 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R06, Class 2B1 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R06, Class 2B1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.74% (30 day USD SOFR Average + 3.864%) *(1),(4)* | 09/25/39 | 533433 | 542394 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.87% (30 day USD SOFR Average + 6.000%) *(1),(4)* | 10/25/41 | 805000 | 831569 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R02, Class 2B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R02, Class 2B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R02, Class 2B2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.07% (30 day USD SOFR Average + 6.200%) *(1),(4)* | 11/25/41 | 650000 | 674260 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1B2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.37% (30 day USD SOFR Average + 5.500%) *(1),(4)* | 12/25/41 | 650000 | 672471 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01, Class 1B2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.87% (30 day USD SOFR Average + 6.000%) *(1),(4)* | 12/25/41 | 800000 | 829579 |
|  First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2C | First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2C | First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.17% (1 mo. USD Term SOFR + 0.434%) *(4)* | 10/25/36 | 522673 | 346660 |
|  First Horizon Alternative Mortgage Securities Trust Series 2005-AA10, Class 2A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA10, Class 2A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA10, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.39% *(6)* | 12/25/35 | 111444 | 83278 |
|  Fremont Home Loan Trust Series 2005-A, Class M4 | Fremont Home Loan Trust Series 2005-A, Class M4 | Fremont Home Loan Trust Series 2005-A, Class M4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87% (1 mo. USD Term SOFR + 1.134%) *(4)* | 01/25/35 | 1432275 | 1331269 |
|  GCAT Trust Series 2021-NQM6, Class A1 | GCAT Trust Series 2021-NQM6, Class A1 | GCAT Trust Series 2021-NQM6, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.86% *(1),(6)* | 08/25/66 | 821058 | 756101 |
|  GCAT Trust Series 2025-NQM1, Class B1 | GCAT Trust Series 2025-NQM1, Class B1 | GCAT Trust Series 2025-NQM1, Class B1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.09% *(1),(6)* | 11/25/69 | 650000 | 656975 |
|  GCAT Trust Series 2025-NQM4, Class B1 | GCAT Trust Series 2025-NQM4, Class B1 | GCAT Trust Series 2025-NQM4, Class B1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20% *(1),(6)* | 06/25/70 | 560000 | 567429 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** | **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** | **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** | **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** |
|  GreenPoint Manufactured Housing Series 2000-1, Class A4 | GreenPoint Manufactured Housing Series 2000-1, Class A4 | GreenPoint Manufactured Housing Series 2000-1, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.14% *(6)* | 03/20/30 | $324501 | $176548 |
|  GSAA Home Equity Trust Series 2006-13, Class AF6 | GSAA Home Equity Trust Series 2006-13, Class AF6 | GSAA Home Equity Trust Series 2006-13, Class AF6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.54% | 07/25/36 | 1052161 | 288470 |
|  GSAMP Trust Series 2007-NC1, Class A2C | GSAMP Trust Series 2007-NC1, Class A2C | GSAMP Trust Series 2007-NC1, Class A2C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15% (1 mo. USD Term SOFR + 0.414%) *(4)* | 12/25/46 | 2064670 | 1032194 |
|  GSC Capital Corp. Mortgage Trust Series 2006-2, Class A1 | GSC Capital Corp. Mortgage Trust Series 2006-2, Class A1 | GSC Capital Corp. Mortgage Trust Series 2006-2, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21% (1 mo. USD Term SOFR+ 0.474%) *(4)* | 05/25/36 | 130901 | 128734 |
|  GSR Mortgage Loan Trust Series 2005-AR3, Class 6A1 | GSR Mortgage Loan Trust Series 2005-AR3, Class 6A1 | GSR Mortgage Loan Trust Series 2005-AR3, Class 6A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24% *(6)* | 05/25/35 | 109187 | 80722 |
|  HOMES Trust Series 2024-AFC1, Class B1 | HOMES Trust Series 2024-AFC1, Class B1 | HOMES Trust Series 2024-AFC1, Class B1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.89% *(1),(6)* | 08/25/59 | 380000 | 380068 |
|  HSI Asset Loan Obligation Trust Series 2007-2, Class 2A12 | HSI Asset Loan Obligation Trust Series 2007-2, Class 2A12 | HSI Asset Loan Obligation Trust Series 2007-2, Class 2A12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 09/25/37 | 260836 | 183172 |
|  IndyMac INDX Mortgage Loan Trust Series 2004-AR6, Class 5A1 | IndyMac INDX Mortgage Loan Trust Series 2004-AR6, Class 5A1 | IndyMac INDX Mortgage Loan Trust Series 2004-AR6, Class 5A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85% *(6)* | 10/25/34 | 191490 | 182867 |
|  IndyMac INDX Mortgage Loan Trust Series 2005-AR19, Class A1 | IndyMac INDX Mortgage Loan Trust Series 2005-AR19, Class A1 | IndyMac INDX Mortgage Loan Trust Series 2005-AR19, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.64% *(6)* | 10/25/35 | 332083 | 264942 |
|  IndyMac INDX Mortgage Loan Trust Series 2006-AR9, Class 1A1 | IndyMac INDX Mortgage Loan Trust Series 2006-AR9, Class 1A1 | IndyMac INDX Mortgage Loan Trust Series 2006-AR9, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24% *(6)* | 06/25/36 | 414999 | 221148 |
|  IndyMac INDX Mortgage Loan Trust Series 2007-AR5, Class 2A1 | IndyMac INDX Mortgage Loan Trust Series 2007-AR5, Class 2A1 | IndyMac INDX Mortgage Loan Trust Series 2007-AR5, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33% *(6)* | 05/25/37 | 501787 | 404275 |
|  IndyMac INDX Mortgage Loan Trust Series 2007-FLX2, Class A1C | IndyMac INDX Mortgage Loan Trust Series 2007-FLX2, Class A1C | IndyMac INDX Mortgage Loan Trust Series 2007-FLX2, Class A1C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23% (1 mo. USD Term SOFR + 0.494%) *(4)* | 04/25/37 | 1061309 | 964156 |
|  JPMorgan Alternative Loan Trust Series 2006-A2, Class 5A1 | JPMorgan Alternative Loan Trust Series 2006-A2, Class 5A1 | JPMorgan Alternative Loan Trust Series 2006-A2, Class 5A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49% *(6)* | 05/25/36 | 299611 | 162863 |
|  JPMorgan Mortgage Acquisition Trust Series 2006-WF1, Class A5 | JPMorgan Mortgage Acquisition Trust Series 2006-WF1, Class A5 | JPMorgan Mortgage Acquisition Trust Series 2006-WF1, Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.91% | 07/25/36 | 1770102 | 459332 |
|  JPMorgan Mortgage Trust Series 2004-A6, Class 5A1 | JPMorgan Mortgage Trust Series 2004-A6, Class 5A1 | JPMorgan Mortgage Trust Series 2004-A6, Class 5A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% *(6)* | 12/25/34 | 137655 | 137297 |
|  JPMorgan Mortgage Trust Series 2007-S2, Class 1A1 | JPMorgan Mortgage Trust Series 2007-S2, Class 1A1 | JPMorgan Mortgage Trust Series 2007-S2, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 06/25/37 | 146910 | 48779 |

---

See accompanying Notes to Financial Statements.

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** | **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** | **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** | **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** |
|  JPMorgan Resecuritization Trust Series 2015-4, Class 2A2 | JPMorgan Resecuritization Trust Series 2015-4, Class 2A2 | JPMorgan Resecuritization Trust Series 2015-4, Class 2A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.27% *(1),(6)* | 06/26/47 | $2593051 | $806759 |
|  Knock Issuer Trust Series 2025-1, Class A1 | Knock Issuer Trust Series 2025-1, Class A1 | Knock Issuer Trust Series 2025-1, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.12% *(1)* | 02/25/30 | 620000 | 627954 |
|  Lehman Mortgage Trust Series 2006-7, Class 2A5 (I/O) (I/F) | Lehman Mortgage Trust Series 2006-7, Class 2A5 (I/O) (I/F) | Lehman Mortgage Trust Series 2006-7, Class 2A5 (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70% (-1 mo. USD Term SOFR + 6.436%) *(4)* | 11/25/36 | 2866294 | 343175 |
|  Lehman XS Trust Series 2006-10N, Class 1A3A | Lehman XS Trust Series 2006-10N, Class 1A3A | Lehman XS Trust Series 2006-10N, Class 1A3A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27% (1 mo. USD Term SOFR + 0.534%) *(4)* | 07/25/46 | 302145 | 298230 |
|  Lehman XS Trust Series 2006-12N, Class A31A | Lehman XS Trust Series 2006-12N, Class A31A | Lehman XS Trust Series 2006-12N, Class A31A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% (1 mo. USD Term SOFR + 0.514%) *(4)* | 08/25/46 | 346799 | 372997 |
|  Long Beach Mortgage Loan Trust Series 2004-4, Class M1 | Long Beach Mortgage Loan Trust Series 2004-4, Class M1 | Long Beach Mortgage Loan Trust Series 2004-4, Class M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% (1 mo. USD Term SOFR + 1.014%) *(4)* | 10/25/34 | 237882 | 232774 |
|  MASTR Alternative Loan Trust Series 2006-2, Class 2A2 (I/O) (I/F) | MASTR Alternative Loan Trust Series 2006-2, Class 2A2 (I/O) (I/F) | MASTR Alternative Loan Trust Series 2006-2, Class 2A2 (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% (-1 mo. USD Term SOFR + 6.986%) *(4)* | 03/25/36 | 5843533 | 321214 |
|  MASTR Alternative Loan Trust Series 2007-HF1, Class 4A1 | MASTR Alternative Loan Trust Series 2007-HF1, Class 4A1 | MASTR Alternative Loan Trust Series 2007-HF1, Class 4A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 10/25/47 | 1046089 | 409257 |
|  MASTR Asset-Backed Securities Trust Series 2007-HE1, Class A4 | MASTR Asset-Backed Securities Trust Series 2007-HE1, Class A4 | MASTR Asset-Backed Securities Trust Series 2007-HE1, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41% (1 mo. USD Term SOFR + 0.674%) *(4)* | 05/25/37 | 2000000 | 1735103 |
|  Merrill Lynch Alternative Note Asset Trust Series 2007-OAR2, Class A2 | Merrill Lynch Alternative Note Asset Trust Series 2007-OAR2, Class A2 | Merrill Lynch Alternative Note Asset Trust Series 2007-OAR2, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27% (1 mo. USD Term SOFR+ 0.534%) *(4)* | 04/25/37 | 449348 | 363396 |
|  Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2B | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2B | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11% (1 mo. USD Term SOFR + 0.374%) *(4)* | 06/25/37 | 234428 | 235052 |
|  Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2C | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2C | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21% (1 mo. USD Term SOFR + 0.474%) *(4)* | 06/25/37 | 336861 | 338829 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** | **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** | **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** | **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** |
|  Merrill Lynch Mortgage Investors Trust Series 2006-RM2, Class A1A | Merrill Lynch Mortgage Investors Trust Series 2006-RM2, Class A1A | Merrill Lynch Mortgage Investors Trust Series 2006-RM2, Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22% (1 mo. USD Term SOFR + 0.484%) *(4)* | 05/25/37 | $3668456 | $1032203 |
|  Merrill Lynch Mortgage-Backed Securities Trust Series 2007-2, Class 1A1 | Merrill Lynch Mortgage-Backed Securities Trust Series 2007-2, Class 1A1 | Merrill Lynch Mortgage-Backed Securities Trust Series 2007-2, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.01% (1 yr. CMT + 2.400%) *(4)* | 08/25/36 | 75926 | 65760 |
|  New Residential Mortgage Loan Trust Series 2022-NQM2, Class A2 | New Residential Mortgage Loan Trust Series 2022-NQM2, Class A2 | New Residential Mortgage Loan Trust Series 2022-NQM2, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% *(1),(6)* | 03/27/62 | 930000 | 759377 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2006-AR1, Class 1A | Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2006-AR1, Class 1A | Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2006-AR1, Class 1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24% *(6)* | 02/25/36 | 96988 | 62341 |
|  Oakwood Mortgage Investors, Inc. Series 1999-E, Class A1 | Oakwood Mortgage Investors, Inc. Series 1999-E, Class A1 | Oakwood Mortgage Investors, Inc. Series 1999-E, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.61% *(6)* | 03/15/30 | 431584 | 169432 |
|  Oakwood Mortgage Investors, Inc. Series 2000-A, Class A4 | Oakwood Mortgage Investors, Inc. Series 2000-A, Class A4 | Oakwood Mortgage Investors, Inc. Series 2000-A, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.15% *(6)* | 09/15/29 | 1717630 | 196084 |
|  Oakwood Mortgage Investors, Inc. Series 2000-D, Class A4 | Oakwood Mortgage Investors, Inc. Series 2000-D, Class A4 | Oakwood Mortgage Investors, Inc. Series 2000-D, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.40% *(6)* | 07/15/30 | 681680 | 81782 |
|  Oakwood Mortgage Investors, Inc. Series 2001-C, Class A3 | Oakwood Mortgage Investors, Inc. Series 2001-C, Class A3 | Oakwood Mortgage Investors, Inc. Series 2001-C, Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.61% *(6)* | 06/15/31 | 1671028 | 97824 |
|  Oakwood Mortgage Investors, Inc. Series 2001-D, Class A3 | Oakwood Mortgage Investors, Inc. Series 2001-D, Class A3 | Oakwood Mortgage Investors, Inc. Series 2001-D, Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90% *(6),(9),(10)* | 09/15/22 | 461885 | 160040 |
|  PMT Loan Trust Series 2024-INV1, Class A29 | PMT Loan Trust Series 2024-INV1, Class A29 | PMT Loan Trust Series 2024-INV1, Class A29 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% *(1),(6)* | 10/25/59 | 645330 | 654541 |
|  PRET LLC Series 2025-NPL6, Class A1 | PRET LLC Series 2025-NPL6, Class A1 | PRET LLC Series 2025-NPL6, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.74% *(1)* | 06/25/55 | 647043 | 650037 |
|  PRPM LLC Series 2024-RPL1, Class M1 | PRPM LLC Series 2024-RPL1, Class M1 | PRPM LLC Series 2024-RPL1, Class M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22% *(1),(6)* | 12/25/64 | 650000 | 627727 |
|  PRPM LLC Series 2024-RPL2, Class M1 | PRPM LLC Series 2024-RPL2, Class M1 | PRPM LLC Series 2024-RPL2, Class M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *(1)* | 05/25/54 | 900000 | 847830 |
|  RALI Trust Series 2005-QA8, Class CB21 | RALI Trust Series 2005-QA8, Class CB21 | RALI Trust Series 2005-QA8, Class CB21 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% *(6)* | 07/25/35 | 267763 | 134224 |
|  RALI Trust Series 2006-QS1, Class A3 (PAC) | RALI Trust Series 2006-QS1, Class A3 (PAC) | RALI Trust Series 2006-QS1, Class A3 (PAC) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 01/25/36 | 163878 | 130224 |
|  RALI Trust Series 2006-QS13, Class 1A2 (I/O) (I/F) | RALI Trust Series 2006-QS13, Class 1A2 (I/O) (I/F) | RALI Trust Series 2006-QS13, Class 1A2 (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.31% (-1 mo. USD Term SOFR + 7.046%) *(4)* | 09/25/36 | 1647502 | 233340 |
|  RALI Trust Series 2006-QS6, Class 1AV (I/O) | RALI Trust Series 2006-QS6, Class 1AV (I/O) | RALI Trust Series 2006-QS6, Class 1AV (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.77% *(6)* | 06/25/36 | 2119627 | 58094 |
|  RALI Trust Series 2006-QS7, Class A2 | RALI Trust Series 2006-QS7, Class A2 | RALI Trust Series 2006-QS7, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 06/25/36 | 217364 | 178499 |

---

See accompanying Notes to Financial Statements.

------

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** | **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** | **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** | **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** |
|  RALI Trust Series 2006-QS8, Class A3 | RALI Trust Series 2006-QS8, Class A3 | RALI Trust Series 2006-QS8, Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 08/25/36 | $394193 | $334519 |
|  RALI Trust Series 2007-QS2, Class AV (I/O) | RALI Trust Series 2007-QS2, Class AV (I/O) | RALI Trust Series 2007-QS2, Class AV (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.29% *(6)* | 01/25/37 | 4862695 | 52666 |
|  RALI Trust Series 2007-QS3, Class AV (I/O) | RALI Trust Series 2007-QS3, Class AV (I/O) | RALI Trust Series 2007-QS3, Class AV (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.36% *(6)* | 02/25/37 | 5917598 | 85735 |
|  RALI Trust Series 2007-QS6, Class A62 (TAC) | RALI Trust Series 2007-QS6, Class A62 (TAC) | RALI Trust Series 2007-QS6, Class A62 (TAC) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 04/25/37 | 129229 | 105795 |
|  RCKT Mortgage Trust Class B1, Series 2024-CES8 | RCKT Mortgage Trust Class B1, Series 2024-CES8 | RCKT Mortgage Trust Class B1, Series 2024-CES8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.40% *(1)* | 11/25/44 | 700000 | 712463 |
|  RCKT Mortgage Trust Series 2024-CES6, Class A3 | RCKT Mortgage Trust Series 2024-CES6, Class A3 | RCKT Mortgage Trust Series 2024-CES6, Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.99% *(1)* | 09/25/44 | 800000 | 807289 |
|  RCKT Mortgage Trust Series 2024-CES7, Class B1 | RCKT Mortgage Trust Series 2024-CES7, Class B1 | RCKT Mortgage Trust Series 2024-CES7, Class B1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.31% *(1)* | 10/25/44 | 630000 | 640663 |
|  Residential Asset Securitization Trust Series 2005-A15, Class 4A1 | Residential Asset Securitization Trust Series 2005-A15, Class 4A1 | Residential Asset Securitization Trust Series 2005-A15, Class 4A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 02/25/36 | 935594 | 255089 |
|  Residential Asset Securitization Trust Series 2007-A5, Class AX (I/O) | Residential Asset Securitization Trust Series 2007-A5, Class AX (I/O) | Residential Asset Securitization Trust Series 2007-A5, Class AX (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 05/25/37 | 1005934 | 168626 |
|  RFMSI Trust Series 2006-S9, Class AV (I/O) | RFMSI Trust Series 2006-S9, Class AV (I/O) | RFMSI Trust Series 2006-S9, Class AV (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.33% *(6)* | 09/25/36 | 13377308 | 164089 |
|  Saxon Asset Securities Trust Series 2007-3, Class 2A4 | Saxon Asset Securities Trust Series 2007-3, Class 2A4 | Saxon Asset Securities Trust Series 2007-3, Class 2A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34% (1 mo. USD Term SOFR + 0.604%) *(4)* | 09/25/47 | 1326000 | 1158416 |
|  Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2 | Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2 | Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80% | 01/25/36 | 852673 | 736230 |
|  Securitized Asset-Backed Receivables LLC Trust Series 2007-NC2, Class A2C | Securitized Asset-Backed Receivables LLC Trust Series 2007-NC2, Class A2C | Securitized Asset-Backed Receivables LLC Trust Series 2007-NC2, Class A2C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29% (1 mo. USD Term SOFR + 0.554%) *(4)* | 01/25/37 | 1494000 | 1026556 |
|  Shamrock Residential DAC Series 2024-1A, Class C | Shamrock Residential DAC Series 2024-1A, Class C | Shamrock Residential DAC Series 2024-1A, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10% (1 mo. EUR EURIBOR + 2.200%) *(1),(4)* | 12/24/78 | EUR 575,000 | 673361 |
|  Structured Adjustable Rate Mortgage Loan Trust Series 2005-20, Class 1A1 | Structured Adjustable Rate Mortgage Loan Trust Series 2005-20, Class 1A1 | Structured Adjustable Rate Mortgage Loan Trust Series 2005-20, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.01% *(6)* | 10/25/35 | 75847 | 70411 |
|  Structured Asset Mortgage Investments II Trust Series 2006-AR4, Class 5A1 | Structured Asset Mortgage Investments II Trust Series 2006-AR4, Class 5A1 | Structured Asset Mortgage Investments II Trust Series 2006-AR4, Class 5A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21% (1 mo. USD Term SOFR + 0.474%) *(4)* | 06/25/36 | 467656 | 389622 |
|  VCAT LLC Series 2025-NPL1, Class A1 | VCAT LLC Series 2025-NPL1, Class A1 | VCAT LLC Series 2025-NPL1, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% *(1)* | 01/25/55 | 516670 | 518882 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** | **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** | **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** | **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** | **Residential Mortgage-backed Securities — Non-agency<br>(Continued)** |
|  Verus Securitization Trust Class B1, Series 2023-5 | Verus Securitization Trust Class B1, Series 2023-5 | Verus Securitization Trust Class B1, Series 2023-5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.97% *(1),(6)* | 06/25/68 | 760000 | $| 766578 |
|  Verus Securitization Trust Series 2023-4, Class A1 | Verus Securitization Trust Series 2023-4, Class A1 | Verus Securitization Trust Series 2023-4, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81% *(1)* | 05/25/68 | 591415 |  | 592028 |
|  Verus Securitization Trust Series 2023-7, Class B1 | Verus Securitization Trust Series 2023-7, Class B1 | Verus Securitization Trust Series 2023-7, Class B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.90% *(1),(6)* | 10/25/68 | 650000 |  | 659639 |
|  Verus Securitization Trust Series 2025-3, Class B1 | Verus Securitization Trust Series 2025-3, Class B1 | Verus Securitization Trust Series 2025-3, Class B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.51% *(1),(6)* | 05/25/70 | 734000 |  | 749622 |
|  WaMu Asset-Backed Certificates WaMu Trust Series 2007-HE1, Class 2A3 | WaMu Asset-Backed Certificates WaMu Trust Series 2007-HE1, Class 2A3 | WaMu Asset-Backed Certificates WaMu Trust Series 2007-HE1, Class 2A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15% (1 mo. USD Term SOFR + 0.414%) *(4)* | 01/25/37 | 1411160 |  | 644853 |
|  Wells Fargo Alternative Loan Trust Series 2007-PA2, Class 2A2 (I/O) (I/F) | Wells Fargo Alternative Loan Trust Series 2007-PA2, Class 2A2 (I/O) (I/F) | Wells Fargo Alternative Loan Trust Series 2007-PA2, Class 2A2 (I/O) (I/F) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.22% (-1 mo. USD Term SOFR + 5.956%) *(4)* | 06/25/37 | 1064312 |  | 116864 |
|  Wells Fargo Mortgage-Backed Securities Trust Series 2007-AR3, Class A4 | Wells Fargo Mortgage-Backed Securities Trust Series 2007-AR3, Class A4 | Wells Fargo Mortgage-Backed Securities Trust Series 2007-AR3, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.24% *(6)* | 04/25/37 | 56600 |  | 50395 |
| **Total Residential Mortgage-backed Securities —<br>Non-agency** | **Total Residential Mortgage-backed Securities —<br>Non-agency** | **Total Residential Mortgage-backed Securities —<br>Non-agency** |  |  |
|  (Cost: $69,531,803) | (Cost: $69,531,803) | (Cost: $69,531,803) |  | 58624553 |
| **Total Mortgage-backed Securities** | **Total Mortgage-backed Securities** | **Total Mortgage-backed Securities** | **Total Mortgage-backed Securities** | **Total Mortgage-backed Securities** |
|  (Cost: $167,141,274) | (Cost: $167,141,274) | (Cost: $167,141,274) |  | 153302980 |
| **CORPORATE BONDS—23.9%** | **CORPORATE BONDS—23.9%** | **CORPORATE BONDS—23.9%** | **CORPORATE BONDS—23.9%** | **CORPORATE BONDS—23.9%** |
| **Aerospace & Defense — 0.8%** | **Aerospace & Defense — 0.8%** | **Aerospace & Defense — 0.8%** | **Aerospace & Defense — 0.8%** | **Aerospace & Defense — 0.8%** |
|  General Electric Co. | General Electric Co. | General Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.59% (3 mo. USD Term SOFR + 0.742%) *(4)* | 08/15/36 | 1400000 |  | 1321754 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% *(1)* | 01/15/33 | 260000 |  | 266362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% *(1)* | 05/31/33 | 360000 |  | 369738 |
|  |  |  |  | 1957854 |
| **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** |
|  Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 02/04/28 | 195000 |  | 198329 |
|  Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *(1)* | 06/30/28 | 500000 |  | 504200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% *(1)* | 07/27/27 | 125000 |  | 128637 |
|  |  |  |  | 831166 |
| **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *(1)* | 04/20/29 | 150000 |  | 152831 |
|  JetBlue Pass-Through Trust Series 2020-1, Class A | JetBlue Pass-Through Trust Series 2020-1, Class A | JetBlue Pass-Through Trust Series 2020-1, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/15/34 | 538252 |  | 510537 |
|  |  |  |  | 663368 |

---

See accompanying Notes to Financial Statements.

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** |
|  Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% *(1)* | 03/27/35 | $70000 | $72581 |
|  Volkswagen International Finance NV (Germany) | Volkswagen International Finance NV (Germany) | Volkswagen International Finance NV (Germany) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% (9 yr. EUR Swap + 4.783%) *(4),(5),(11)* | 09/06/32 | 200000 | 270878 |
|  |  |  | 343459 |
| **Banks — 3.4%** | **Banks — 3.4%** | **Banks — 3.4%** | **Banks — 3.4%** |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.66% (1 day USD SOFR + 0.910%) *(4)* | 03/11/27 | 460000 | 457792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.92% (1 day USD SOFR + 1.370%)*(4)* | 10/24/31 | 290000 | 259466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30% (1 day USD SOFR + 1.220%)*(4)* | 07/21/32 | 145000 | 129700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% (1 day USD SOFR + 1.050%) *(4)* | 02/04/28 | 120000 | 118091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65% (1 day USD SOFR + 1.220%)*(4)* | 03/11/32 | 45000 | 41361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42% (3 mo. USD Term SOFR + 1.302%) *(4)* | 12/20/28 | 395000 | 390465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% (5 yr. CMT + 2.760%) *(4),(11)* | 01/27/27 | 140000 | 138788 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52% (1 day USD SOFR + 1.177%) *(4)* | 11/03/32 | 515000 | 461821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% (5 yr. CMT + 3.001%) *(4),(11)* | 02/15/31 | 140000 | 142034 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54% (1 day USD SOFR + 0.818%) *(4)* | 09/10/27 | 1350000 | 1326739 |
|  HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36% (1 day USD SOFR + 1.947%) *(4)* | 08/18/31 | 55000 | 50055 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.04% (3 mo. USD Term SOFR + 0.695%) *(4)* | 02/04/27 | 1245000 | 1241489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.58% (1 day USD SOFR + 0.885%) *(4)* | 04/22/27 | 425000 | 421698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.76% (3 mo. USD Term SOFR + 1.105%) *(4)* | 11/19/31 | 160000 | 142258 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.07% (1 day USD SOFR + 1.015%) *(4)* | 06/01/29 | 660000 | $| 630340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% (1 day USD SOFR + 1.340%) *(4)* | 10/22/35 | 90000 |  | 90949 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24% (1 day USD SOFR + 1.178%) *(4)* | 07/21/32 | 410000 |  | 364301 |
|  Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20% (1 day USD SOFR + 0.780%) *(4)* | 11/17/28 | 150000 |  | 150478 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40% (5 yr. CMT + 2.595%) *(4),(11)* | 09/15/26 | 130000 |  | 127470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% (1 day USD SOFR + 2.284%) *(4)* | 10/20/34 | 30000 |  | 33982 |
|  Santander U.K. Group Holdings PLC (United Kingdom) | Santander U.K. Group Holdings PLC (United Kingdom) | Santander U.K. Group Holdings PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.67% (1 day USD SOFR + 0.989%) *(4)* | 06/14/27 | 55000 |  | 54378 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.08% (1 day USD SOFR + 1.296%) *(4)* | 05/15/31 | 225000 |  | 232083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.68% (1 day USD SOFR + 1.860%) *(4)* | 01/23/35 | 15000 |  | 15858 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.39% (1 day USD SOFR + 2.100%) *(4)* | 06/02/28 | 805000 |  | 786847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57% (3 mo. USD Term SOFR + 1.262%) *(4)* | 02/11/31 | 390000 |  | 364611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35% (1 day USD SOFR + 1.500%) *(4)* | 03/02/33 | 20000 |  | 18677 |
|  |  |  |  | 8191731 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
|  Becle SAB de CV (Mexico) | Becle SAB de CV (Mexico) | Becle SAB de CV (Mexico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *(1)* | 10/14/31 | 395000 |  | 343488 |
|  Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *(1)* | 04/01/29 | 125000 |  | 125775 |
|  |  |  |  | 469263 |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 03/02/53 | 60000 |  | 58927 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30% *(1)* | 11/01/30 | 725000 |  | 654269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27% *(1)* | 11/15/40 | 15000 |  | 11542 |
|  |  |  |  | 665811 |
| **Commercial Services — 0.9%** | **Commercial Services — 0.9%** | **Commercial Services — 0.9%** | **Commercial Services — 0.9%** | **Commercial Services — 0.9%** |
|  Adtalem Global Education, Inc. | Adtalem Global Education, Inc. | Adtalem Global Education, Inc. | Adtalem Global Education, Inc. | Adtalem Global Education, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *(1)* | 03/01/28 | 294000 |  | 294226 |

---

See accompanying Notes to Financial Statements.

------

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Commercial Services (Continued)** | **Commercial Services (Continued)** | **Commercial Services (Continued)** | **Commercial Services (Continued)** |
|  Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% *(1)* | 02/15/31 | 125000 | 131891 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 11/15/28 | 375000 | 375889 |
|  Grand Canyon University | Grand Canyon University | Grand Canyon University | Grand Canyon University |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 10/01/28 | 250000 | 249302 |
|  RAC Bond Co. PLC (United Kingdom) | RAC Bond Co. PLC (United Kingdom) | RAC Bond Co. PLC (United Kingdom) | RAC Bond Co. PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% *(5)* | 05/06/46 | 100000 | 145809 |
|  Rentokil Terminix Funding LLC | Rentokil Terminix Funding LLC | Rentokil Terminix Funding LLC | Rentokil Terminix Funding LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *(1)* | 04/28/30 | 235000 | 239228 |
|  Rollins, Inc. | Rollins, Inc. | Rollins, Inc. | Rollins, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 02/24/35 | 370000 | 378540 |
|  Upbound Group, Inc. | Upbound Group, Inc. | Upbound Group, Inc. | Upbound Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% *(1)* | 02/15/29 | 270000 | 266530 |
|  VT Topco, Inc. | VT Topco, Inc. | VT Topco, Inc. | VT Topco, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% *(1)* | 08/15/30 | 170000 | 177589 |
|  |  |  | 2259004 |
| **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 04/01/28 | 370000 | 375435 |
|  NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% *(1)* | 04/15/29 | 128000 | 127240 |
|  |  |  | 502675 |
| **Cosmetics/Personal Care — 0.4%** | **Cosmetics/Personal Care — 0.4%** | **Cosmetics/Personal Care — 0.4%** | **Cosmetics/Personal Care — 0.4%** |
|  Edgewell Personal Care Co. | Edgewell Personal Care Co. | Edgewell Personal Care Co. | Edgewell Personal Care Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *(1)* | 06/01/28 | 133000 | 133180 |
|  Opal Bidco SAS (France) | Opal Bidco SAS (France) | Opal Bidco SAS (France) | Opal Bidco SAS (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *(1)* | 03/31/32 | 193000 | 197848 |
|  Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% *(1)* | 04/01/31 | 595000 | 556587 |
|  |  |  | 887615 |
| **Diversified Financial Services — 0.7%** | **Diversified Financial Services — 0.7%** | **Diversified Financial Services — 0.7%** | **Diversified Financial Services — 0.7%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 01/23/28 | 130000 | 129394 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 12/01/27 | 120000 | 118713 |
|  American Express Co. | American Express Co. | American Express Co. | American Express Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55% (5 yr. CMT + 2.854%) *(4),(11)* | 09/15/26 | 145000 | 143119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92% (1 day USD SOFR + 1.220%) *(4)* | 07/20/33 | 150000 | 152730 |
|  Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53% *(1)* | 11/18/27 | 179000 | 173725 |
|  EZCORP, Inc. | EZCORP, Inc. | EZCORP, Inc. | EZCORP, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% *(1)* | 04/01/32 | 225000 | 239614 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **Diversified Financial Services (Continued)** | **Diversified Financial Services (Continued)** | **Diversified Financial Services (Continued)** | **Diversified Financial Services (Continued)** | **Diversified Financial Services (Continued)** |
|  GGAM Finance Ltd. (Ireland) | GGAM Finance Ltd. (Ireland) | GGAM Finance Ltd. (Ireland) | GGAM Finance Ltd. (Ireland) | GGAM Finance Ltd. (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% *(1)* | 06/15/28 | $| 117000 | 124049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% *(1)* | 02/15/27 |  | 115000 | 117830 |
|  Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% *(1)* | 05/01/33 |  | 315000 | 329232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13% *(1)* | 04/30/31 |  | 96000 | 100954 |
|  |  |  |  | 1629360 |
| **Electric — 1.5%** | **Electric — 1.5%** | **Electric — 1.5%** | **Electric — 1.5%** | **Electric — 1.5%** |
|  Alliant Energy Corp. | Alliant Energy Corp. | Alliant Energy Corp. | Alliant Energy Corp. | Alliant Energy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% (5 yr. CMT + 2.077%) *(4)* | 04/01/56 |  | 505000 | 504429 |
|  Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60% *(1)* | 03/01/32 |  | 535000 | 498342 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% (5 yr. CMT + 2.128%) *(4)* | 03/15/56 |  | 755000 | 749859 |
|  CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% (5 yr. CMT + 2.223%) *(4)* | 04/01/56 |  | 205000 | 206673 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% (5 yr. CMT + 2.262%) *(4)* | 02/15/56 |  | 600000 | 604494 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA | Electricite de France SA | Electricite de France SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% *(5)* | 06/17/44 | EUR | 400000 | 467671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% (5 yr. U.K. Government Bond + 3.775%) *(4),(5),(11)* | 06/17/35 | GB | P100,000 | 138357 |
|  Elia Group SA (Belgium) | Elia Group SA (Belgium) | Elia Group SA (Belgium) | Elia Group SA (Belgium) | Elia Group SA (Belgium) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *(5)* | 06/11/31 | EUR | 100000 | 119546 |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. | Entergy Corp. | Entergy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% (5 yr. CMT + 2.179%) *(4)* | 06/15/56 |  | 300000 | 300240 |
|  |  |  |  | 3589611 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
|  Energizer Holdings, Inc. | Energizer Holdings, Inc. | Energizer Holdings, Inc. | Energizer Holdings, Inc. | Energizer Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% *(1)* | 09/15/33 |  | 250000 | 240210 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
|  Heathrow Funding Ltd. (United Kingdom) | Heathrow Funding Ltd. (United Kingdom) | Heathrow Funding Ltd. (United Kingdom) | Heathrow Funding Ltd. (United Kingdom) | Heathrow Funding Ltd. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *(5)* | 01/16/38 | EUR | 120000 | 139303 |
| **Entertainment — 0.6%** | **Entertainment — 0.6%** | **Entertainment — 0.6%** | **Entertainment — 0.6%** | **Entertainment — 0.6%** |
|  Banijay Entertainment SAS (France) | Banijay Entertainment SAS (France) | Banijay Entertainment SAS (France) | Banijay Entertainment SAS (France) | Banijay Entertainment SAS (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13% *(1)* | 05/01/29 |  | 200000 | 207752 |
|  Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *(1)* | 02/15/32 |  | 125000 | 128161 |
|  FDJ UNITED (France) | FDJ UNITED (France) | FDJ UNITED (France) | FDJ UNITED (France) | FDJ UNITED (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% *(5)* | 11/21/33 | EUR | 100000 | 115287 |
|  Flutter Treasury DAC (Ireland) | Flutter Treasury DAC (Ireland) | Flutter Treasury DAC (Ireland) | Flutter Treasury DAC (Ireland) | Flutter Treasury DAC (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% *(5)* | 06/04/31 | GBP | 125000 | 169950 |

---

See accompanying Notes to Financial Statements.

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Entertainment (Continued)** | **Entertainment (Continued)** | **Entertainment (Continued)** | **Entertainment (Continued)** |
|  Great Canadian Gaming Corp./Raptor LLC (Canada) | Great Canadian Gaming Corp./Raptor LLC (Canada) | Great Canadian Gaming Corp./Raptor LLC (Canada) | Great Canadian Gaming Corp./Raptor LLC (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% *(1)* | 11/15/29 | 63000 | 63745 |
|  Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada) | Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada) | Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada) | Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% *(1)* | 08/01/30 | 127000 | 120973 |
|  Penn Entertainment, Inc. | Penn Entertainment, Inc. | Penn Entertainment, Inc. | Penn Entertainment, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% *(1)* | 01/15/27 | 165000 | 165168 |
|  Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp. | Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp. | Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp. | Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *(1)* | 10/15/30 | 250000 | 255100 |
|  Voyager Parent LLC | Voyager Parent LLC | Voyager Parent LLC | Voyager Parent LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% *(1)* | 07/01/32 | 245000 | 260217 |
|  WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/15/42 | 8000 | 5661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14% | 03/15/52 | 69000 | 45696 |
|  |  |  | 1537710 |
| **Food — 0.8%** | **Food — 0.8%** | **Food — 0.8%** | **Food — 0.8%** |
|  JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 12/01/31 | 540000 | 512574 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% | 07/15/28 | 210000 | 220445 |
|  Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 07/01/33 | 700000 | 748076 |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% *(1)* | 04/15/30 | 505000 | 491971 |
|  |  |  | 1973066 |
| **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** |
|  AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38% *(1)* | 06/01/28 | 271000 | 280808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% *(1)* | 06/01/30 | 195000 | 207860 |
|  National Gas Transmission PLC (United Kingdom) | National Gas Transmission PLC (United Kingdom) | National Gas Transmission PLC (United Kingdom) | National Gas Transmission PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% *(5)* | 04/05/30 | 215000 | 262822 |
|  |  |  | 751490 |
| **Health Care-Products — 0.1%** | **Health Care-Products — 0.1%** | **Health Care-Products — 0.1%** | **Health Care-Products — 0.1%** |
|  Sartorius Finance BV (Germany) | Sartorius Finance BV (Germany) | Sartorius Finance BV (Germany) | Sartorius Finance BV (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% *(5)* | 09/14/35 | 200000 | 248998 |
| **Health Care-Services — 1.3%** | **Health Care-Services — 1.3%** | **Health Care-Services — 1.3%** | **Health Care-Services — 1.3%** |
|  Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/15/30 | 248000 | 222079 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 01/15/36 | 425000 | 422947 |
|  HAH Group Holding Co. LLC | HAH Group Holding Co. LLC | HAH Group Holding Co. LLC | HAH Group Holding Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75% *(1)* | 10/01/31 | 45000 | 42193 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 09/01/28 | 100000 | 103093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05% | 12/01/27 | 235000 | 246696 |
|  HealthEquity, Inc. | HealthEquity, Inc. | HealthEquity, Inc. | HealthEquity, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *(1)* | 10/01/29 | 265000 | 260347 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Health Care-Services (Continued)** | **Health Care-Services (Continued)** | **Health Care-Services (Continued)** | **Health Care-Services (Continued)** |
|  Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% | 05/01/35 | 200000 | 204378 |
|  Kedrion SpA (Italy) | Kedrion SpA (Italy) | Kedrion SpA (Italy) | Kedrion SpA (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *(1)* | 09/01/29 | 415000 | 409148 |
|  ModivCare, Inc. | ModivCare, Inc. | ModivCare, Inc. | ModivCare, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *(1),(10),(12)* | 10/01/29 | 537600 | 8064 |
|  Option Care Health, Inc. | Option Care Health, Inc. | Option Care Health, Inc. | Option Care Health, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% *(1)* | 10/31/29 | 275000 | 268788 |
|  Sotera Health Holdings LLC | Sotera Health Holdings LLC | Sotera Health Holdings LLC | Sotera Health Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% *(1)* | 06/01/31 | 120000 | 126614 |
|  Star Parent, Inc. | Star Parent, Inc. | Star Parent, Inc. | Star Parent, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% *(1)* | 10/01/30 | 375000 | 400988 |
|  Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 11/01/27 | 490000 | 490960 |
|  |  |  | 3206295 |
| **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** |
|  Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *(1)* | 03/15/31 | 435000 | 355821 |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
|  Central Garden & Pet Co. | Central Garden & Pet Co. | Central Garden & Pet Co. | Central Garden & Pet Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% *(1)* | 04/30/31 | 100000 | 94268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 10/15/30 | 24000 | 23047 |
|  |  |  | 117315 |
| **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** |
|  Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% *(1)* | 11/06/30 | 275000 | 286517 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding | Athene Global Funding |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.61% *(1)* | 06/29/26 | 240000 | 237009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.21% *(1)* | 03/08/27 | 135000 | 132944 |
|  Farmers Exchange Capital | Farmers Exchange Capital | Farmers Exchange Capital | Farmers Exchange Capital |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05% *(1)* | 07/15/28 | 500000 | 524885 |
|  Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% (3 mo. USD LIBOR + 3.231%) *(1),(4)* | 11/01/57 | 5000 | 4253 |
|  HUB International Ltd. | HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% *(1)* | 01/31/32 | 104000 | 109250 |
|  |  |  | 1294858 |
| **Internet — 1.2%** | **Internet — 1.2%** | **Internet — 1.2%** | **Internet — 1.2%** |
|  Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 11/06/38 | 100000 | 113764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/06/44 | 155000 | 177624 |
|  Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *(1)* | 07/01/32 | 135000 | 126531 |
|  Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50% *(1)* | 11/15/30 | 125000 | 126205 |
|  ION Platform Finance U.S., Inc./ION Platform Finance Sarl | ION Platform Finance U.S., Inc./ION Platform Finance Sarl | ION Platform Finance U.S., Inc./ION Platform Finance Sarl | ION Platform Finance U.S., Inc./ION Platform Finance Sarl |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% *(1)* | 05/01/29 | 200000 | 203038 |

---

See accompanying Notes to Financial Statements.

------

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Internet (Continued)** | **Internet (Continued)** | **Internet (Continued)** | **Internet (Continued)** |
|  Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60% | 11/15/32 | 995000 | 1003587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 11/15/35 | 400000 | 399900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 11/15/55 | 185000 | 177948 |
|  Snap, Inc. | Snap, Inc. | Snap, Inc. | Snap, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% *(1)* | 03/01/33 | 200000 | 207558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% *(1)* | 03/15/34 | 290000 | 298929 |
|  |  |  | 2835084 |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% | 06/15/30 | 244000 | 233615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75% | 01/15/29 | 85000 | 85065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% *(1)* | 11/15/29 | 49000 | 49006 |
|  |  |  | 367686 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
|  Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75% *(1)* | 11/15/29 | 20000 | 17018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75% *(1)* | 03/15/30 | 25000 | 20555 |
|  Total Leisure Time | Total Leisure Time | Total Leisure Time | Total Leisure Time |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost: $41,777) |  |  | 37573 |
| **Lodging — 0.4%** | **Lodging — 0.4%** | **Lodging — 0.4%** | **Lodging — 0.4%** |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/30/28 | 310000 | 315840 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 06/15/28 | 490000 | 502765 |
|  MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 04/15/32 | 75000 | 77298 |
| **Total Lodging** | **Total Lodging** | **Total Lodging** | **Total Lodging** |
|  (Cost: $871,387) |  |  | 895903 |
| **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** |
|  Oregon Tool Lux LP | Oregon Tool Lux LP | Oregon Tool Lux LP | Oregon Tool Lux LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% *(1)* | 10/15/29 | 228735 | 53085 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
|  AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25% *(1)* | 01/15/29 | 183000 | 192157 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% *(1)* | 02/01/31 | 215000 | 197781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/01/32 | 60000 | 53944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *(1)* | 02/01/28 | 120000 | 119098 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30% | 02/01/32 | 165000 | 142065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 04/01/51 | 198000 | 125057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 04/01/48 | 220000 | 189526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65% | 02/01/34 | 170000 | 179454 |
|  CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *(1)* | 02/01/29 | 418000 | 277518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75% *(1)* | 01/31/29 | 191000 | 142516 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Media (Continued)** | **Media (Continued)** | **Media (Continued)** | **Media (Continued)** |
|  DISH Network Corp. | DISH Network Corp. | DISH Network Corp. | DISH Network Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75% *(1)* | 11/15/27 | 150000 | 156192 |
|  Scripps Escrow II, Inc. | Scripps Escrow II, Inc. | Scripps Escrow II, Inc. | Scripps Escrow II, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *(1)* | 01/15/29 | 70000 | 64411 |
|  Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13% *(1)* | 02/15/33 | 195000 | 204032 |
|  Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *(1)* | 08/01/27 | 246000 | 246635 |
|  Virgin Media Secured Finance PLC (United Kingdom) | Virgin Media Secured Finance PLC (United Kingdom) | Virgin Media Secured Finance PLC (United Kingdom) | Virgin Media Secured Finance PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *(1)* | 05/15/29 | 140000 | 138006 |
|  VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *(1)* | 01/15/32 | 615000 | 557344 |
|  |  |  | 2985736 |
| **Miscellaneous Manufacturers — 0.1%** | **Miscellaneous Manufacturers — 0.1%** | **Miscellaneous Manufacturers — 0.1%** | **Miscellaneous Manufacturers — 0.1%** |
|  Dyno Nobel Ltd. (Australia) | Dyno Nobel Ltd. (Australia) | Dyno Nobel Ltd. (Australia) | Dyno Nobel Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 11/08/32 | 180000 | 117504 |
| **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** |
|  Xerox Corp. | Xerox Corp. | Xerox Corp. | Xerox Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25% *(1)* | 10/15/30 | 255000 | 245539 |
| **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** |
|  KazMunayGas National Co. JSC (Kazakhstan) | KazMunayGas National Co. JSC (Kazakhstan) | KazMunayGas National Co. JSC (Kazakhstan) | KazMunayGas National Co. JSC (Kazakhstan) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *(5)* | 04/14/33 | 200000 | 180698 |
|  Sunoco LP | Sunoco LP | Sunoco LP | Sunoco LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% (5 yr. CMT + 4.230%) *(1),(4),(11)* | 09/18/30 | 375000 | 384979 |
|  Transocean International Ltd. | Transocean International Ltd. | Transocean International Ltd. | Transocean International Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% *(1)* | 02/15/30 | 75000 | 78387 |
|  Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38% *(1)* | 02/01/28 | 136810 | 139975 |
|  |  |  | 784039 |
| **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** |
|  Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% *(1)* | 09/01/32 | 250000 | 257962 |
|  Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *(1)* | 10/01/33 | 250000 | 255423 |
|  |  |  | 513385 |
| **Packaging & Containers — 0.6%** | **Packaging & Containers — 0.6%** | **Packaging & Containers — 0.6%** | **Packaging & Containers — 0.6%** |
|  Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 03/17/28 | 365000 | 370194 |
|  Ardagh Group SA | Ardagh Group SA | Ardagh Group SA | Ardagh Group SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% *(1)* | 12/01/30 | 205000 | 222349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.00% *(1),(13)* | 12/01/30 | 85000 | 78000 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.57% | 01/15/26 | 323000 | 322680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 01/15/27 | 149000 | 145290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% *(1)* | 07/15/26 | 40000 | 40015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 04/15/28 | 95000 | 97959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 01/15/34 | 30000 | 31310 |

---

See accompanying Notes to Financial Statements.

------

Schedule of Investments (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Packaging & Containers (Continued)** | **Packaging & Containers (Continued)** | **Packaging & Containers (Continued)** | **Packaging & Containers (Continued)** | **Packaging & Containers (Continued)** |
|  Clearwater Paper Corp. | Clearwater Paper Corp. | Clearwater Paper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% *(1)* | 08/15/28 | 125000 | $| 117688 |
|  Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% *(1)* | 07/15/32 | 70000 |  | 71316 |
|  Sealed Air Corp. | Sealed Air Corp. | Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *(1)* | 07/15/32 | 70000 |  | 72608 |
|  |  |  |  | 1569409 |
| **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** |
|  1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% *(1)* | 04/15/32 | 240000 |  | 250094 |
|  Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% *(1)* | 06/25/38 | 515000 |  | 472291 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78% | 03/25/38 | 50000 |  | 47292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% (5 yr. CMT + 2.516%) *(4)* | 12/10/54 | 375000 |  | 392089 |
|  Grifols SA (Spain) | Grifols SA (Spain) | Grifols SA (Spain) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% *(1)* | 10/15/28 | 259000 |  | 256011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% *(5)* | 05/01/30 | 203000 |  | 250670 |
|  Jazz Securities DAC | Jazz Securities DAC | Jazz Securities DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% *(1)* | 01/15/29 | 460000 |  | 454061 |
|  Teva Pharmaceutical Finance Netherlands III BV (Israel) | Teva Pharmaceutical Finance Netherlands III BV (Israel) | Teva Pharmaceutical Finance Netherlands III BV (Israel) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 12/01/32 | 309000 |  | 324330 |
|  Teva Pharmaceutical Finance Netherlands IV BV (Israel) | Teva Pharmaceutical Finance Netherlands IV BV (Israel) | Teva Pharmaceutical Finance Netherlands IV BV (Israel) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 12/01/30 | 58000 |  | 60210 |
|  |  |  |  | 2507048 |
| **Pipelines — 1.0%** | **Pipelines — 1.0%** | **Pipelines — 1.0%** | **Pipelines — 1.0%** | **Pipelines — 1.0%** |
|  CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *(1)* | 06/15/31 | 200000 |  | 198142 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% (3 mo. USD LIBOR + 4.155%) *(4),(11)* | 02/15/28 | 634000 |  | 632041 |
|  Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 01/15/29 | 275000 |  | 278564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13% *(1)* | 07/01/33 | 167000 |  | 170453 |
|  ITT Holdings LLC | ITT Holdings LLC | ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *(1)* | 08/01/29 | 100000 |  | 96095 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38% *(1)* | 02/15/32 | 210000 |  | 217783 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% (5 yr. CMT + 5.440%) *(1),(4),(11)* | 09/30/29 | 378000 |  | 299682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.88% *(1)* | 02/01/32 | 189000 |  | 195373 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *(1)* | 01/15/34 | 38000 |  | 38931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% *(1)* | 01/15/36 | 258000 |  | 264311 |
|  |  |  |  | 2391375 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
|  Blackstone Property Partners Europe Holdings SARL (Luxembourg) | Blackstone Property Partners Europe Holdings SARL (Luxembourg) | Blackstone Property Partners Europe Holdings SARL (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% *(5)* | 05/04/28 | 150000 | $168501 |
|  Vonovia SE (Germany) | Vonovia SE (Germany) | Vonovia SE (Germany) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% *(5)* | 06/14/41 | 200000 | 155584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.72% *(5)* | 09/03/35 | 60000 | 38565 |
|  Zhenro Properties Group Ltd. (China) | Zhenro Properties Group Ltd. (China) | Zhenro Properties Group Ltd. (China) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% *(5),(10)* | 01/07/26 | 200000 | 864 |
|  |  |  | 363514 |
| **REIT — 1.5%** | **REIT — 1.5%** | **REIT — 1.5%** | **REIT — 1.5%** |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 02/01/31 | 275000 | 250896 |
|  American Tower Corp. (REIT) | American Tower Corp. (REIT) | American Tower Corp. (REIT) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90% | 01/15/30 | 495000 | 470270 |
|  Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% | 05/15/32 | 370000 | 372971 |
|  Digital Dutch Finco BV (REIT) | Digital Dutch Finco BV (REIT) | Digital Dutch Finco BV (REIT) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *(5)* | 03/15/35 | 135000 | 154944 |
|  Equinix Europe 2 Financing Corp. LLC (REIT) | Equinix Europe 2 Financing Corp. LLC (REIT) | Equinix Europe 2 Financing Corp. LLC (REIT) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 11/22/34 | 155000 | 176349 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40% | 10/15/31 | 56000 | 49778 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 01/15/29 | 55000 | 56026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 06/01/28 | 345000 | 354208 |
|  Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10% | 02/15/30 | 130000 | 123447 |
|  Host Hotels & Resorts LP (REIT) | Host Hotels & Resorts LP (REIT) | Host Hotels & Resorts LP (REIT) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 06/15/32 | 175000 | 182812 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 11/01/27 | 313000 | 299256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 02/15/28 | 5000 | 4931 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/15/31 | 95000 | 83097 |
|  Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *(1)* | 07/15/32 | 420000 | 401100 |
|  Lineage OP LP | Lineage OP LP | Lineage OP LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% *(1)* | 07/15/30 | 230000 | 232266 |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 09/15/30 | 275000 | 252296 |
|  RHP Hotel Properties LP/RHP Finance Corp. (REIT) | RHP Hotel Properties LP/RHP Finance Corp. (REIT) | RHP Hotel Properties LP/RHP Finance Corp. (REIT) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *(1)* | 04/01/32 | 125000 | 129748 |
|  VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *(1)* | 02/15/29 | 50000 | 49075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% *(1)* | 08/15/30 | 7000 | 6799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *(1)* | 01/15/28 | 33000 | 33071 |
|  |  |  | 3683340 |

---

See accompanying Notes to Financial Statements.

------

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Retail — 0.7%** | **Retail — 0.7%** | **Retail — 0.7%** | **Retail — 0.7%** |
|  BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. | BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. | BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% *(1)* | 07/01/32 | $190000 | $182206 |
|  Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% *(1)* | 04/01/29 | 130000 | 125046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% *(1)* | 01/15/31 | 352000 | 363088 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% *(1)* | 01/15/30 | 40000 | 38041 |
|  FirstCash, Inc. | FirstCash, Inc. | FirstCash, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% *(1)* | 01/01/30 | 280000 | 281453 |
|  HOA RoyaltyCo LLC Series 2025-1, Class A-2I | HOA RoyaltyCo LLC Series 2025-1, Class A-2I | HOA RoyaltyCo LLC Series 2025-1, Class A-2I |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72% *(1),(7)* | 11/22/55 | 566849 | 11337 |
|  Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% *(1)* | 05/01/28 | 281000 | 270364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% *(1)* | 05/01/29 | 60000 | 55418 |
|  Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *(1)* | 09/15/29 | 135000 | 128985 |
|  Staples, Inc. | Staples, Inc. | Staples, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75% *(1)* | 09/01/29 | 55000 | 54743 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *(1)* | 12/15/35 | 250000 | 250185 |
|  |  |  | 1760866 |
| **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** |
|  Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *(1)* | 01/25/31 | 70000 | 72325 |
|  Intel Corp. | Intel Corp. | Intel Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/12/31 | 205000 | 179873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 02/10/53 | 25000 | 23334 |
|  |  |  | 275532 |
| **Software — 0.8%** | **Software — 0.8%** | **Software — 0.8%** | **Software — 0.8%** |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% *(1)* | 09/30/29 | 95000 | 98994 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55% | 02/15/31 | 125000 | 124031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 08/11/35 | 215000 | 214802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% | 03/15/34 | 215000 | 218268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 08/21/33 | 65000 | 67049 |
|  Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90% *(1)* | 12/01/27 | 580000 | 603907 |
|  Open Text Holdings, Inc. (Canada) | Open Text Holdings, Inc. (Canada) | Open Text Holdings, Inc. (Canada) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% *(1)* | 12/01/31 | 270000 | 252110 |
|  Paychex, Inc. | Paychex, Inc. | Paychex, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% | 04/15/32 | 250000 | 259180 |
|  RingCentral, Inc. | RingCentral, Inc. | RingCentral, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% *(1)* | 08/15/30 | 115000 | 122014 |
|  |  |  | 1960355 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Telecommunications — 0.8%** | **Telecommunications — 0.8%** | **Telecommunications — 0.8%** | **Telecommunications — 0.8%** |
|  Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63% *(1)* | 07/15/27 | $366000 | $282303 |
|  Altice France SA | Altice France SA | Altice France SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *(1)* | 04/15/32 | 69979 | 67220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% *(1)* | 11/01/29 | 52192 | 53726 |
|  EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75% | 11/30/29 | 80000 | 88452 |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63% *(1)* | 03/15/31 | 465000 | 490078 |
|  Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38% *(5)* | 10/07/30 | 315000 | 347485 |
|  Vmed O2 U.K. Financing I PLC (United Kingdom) | Vmed O2 U.K. Financing I PLC (United Kingdom) | Vmed O2 U.K. Financing I PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% *(1)* | 07/15/31 | 271000 | 250602 |
|  Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% *(1)* | 10/01/31 | 235000 | 246905 |
|  Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% *(1),(14)* | 03/09/30 | 176909 | 168287 |
|  |  |  | 1995058 |
| **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
|  Aurizon Network Pty. Ltd. (Australia) | Aurizon Network Pty. Ltd. (Australia) | Aurizon Network Pty. Ltd. (Australia) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90% *(5)* | 09/02/30 | 290000 | 171312 |
|  Pacific National Finance Pty. Ltd. (Australia) | Pacific National Finance Pty. Ltd. (Australia) | Pacific National Finance Pty. Ltd. (Australia) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 09/24/29 | 280000 | 171659 |
| **Total Transportation** | **Total Transportation** | **Total Transportation** | **Total Transportation** |
|  |  |  | 342971 |
| **Water — 0.3%** | **Water — 0.3%** | **Water — 0.3%** | **Water — 0.3%** |
|  DWR Cymru Financing U.K. PLC | DWR Cymru Financing U.K. PLC | DWR Cymru Financing U.K. PLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% *(5)* | 03/31/34 | 125000 | 128109 |
|  Suez SACA (France) | Suez SACA (France) | Suez SACA (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88% *(5)* | 05/24/34 | 200000 | 217966 |
|  United Utilities Water Finance PLC (United Kingdom) | United Utilities Water Finance PLC (United Kingdom) | United Utilities Water Finance PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% *(5)* | 05/23/34 | 115000 | 134454 |
|  Yorkshire Water Finance PLC (United Kingdom) | Yorkshire Water Finance PLC (United Kingdom) | Yorkshire Water Finance PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% *(5)* | 11/18/34 | 180000 | 250595 |
| **Total Water** | **Total Water** | **Total Water** | **Total Water** |
|  |  |  | 731124 |
| **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** |
|  (Cost: $58,127,059) |  |  | 58331036 |
| **MUNICIPAL BONDS — 0.6%** | **MUNICIPAL BONDS — 0.6%** | **MUNICIPAL BONDS — 0.6%** | **MUNICIPAL BONDS — 0.6%** |
|  Medina Valley Independent School District, General Obligation Unlimited | Medina Valley Independent School District, General Obligation Unlimited | Medina Valley Independent School District, General Obligation Unlimited |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 02/15/50 | 90000 | 91813 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 11/01/53 | 230000 | 238370 |

---

See accompanying Notes to Financial Statements.

------

Schedule of Investments (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  New York State Dormitory Authority, Revenue bonds | New York State Dormitory Authority, Revenue bonds | New York State Dormitory Authority, Revenue bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29% | 03/15/33 | 903339 | $| 918737 |
|  New York State Thruway Authority, Revenue Bonds | New York State Thruway Authority, Revenue Bonds | New York State Thruway Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 03/15/59 | 160000 |  | 164723 |
| **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** |
|  (Cost: $1,469,980) | (Cost: $1,469,980) |  |  | 1413643 |
| **FOREIGN GOVERNMENT BONDS — 0.8%** | **FOREIGN GOVERNMENT BONDS — 0.8%** | **FOREIGN GOVERNMENT BONDS — 0.8%** | **FOREIGN GOVERNMENT BONDS — 0.8%** | **FOREIGN GOVERNMENT BONDS — 0.8%** |
|  Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 03/15/34 | 200000 |  | 202440 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% | 11/14/35 | 200000 |  | 213322 |
|  Guatemala Government Bonds | Guatemala Government Bonds | Guatemala Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% *(5)* | 10/07/33 | 200000 |  | 178806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *(5)* | 08/15/36 | 200000 |  | 209600 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 09/22/35 | 284000 |  | 280379 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% *(5)* | 02/24/38 | 965000 |  | 626354 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.25 % *(5)* | 08/13/38 | 335000 |  | 215129 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 11/20/37 | 330000 |  | 150935 |
| **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **Total Foreign Government Bonds** |
|  (Cost: $2,071,347) |  |  |  | 2076965 |
| **U.S. TREASURY SECURITIES — 0.7%** | **U.S. TREASURY SECURITIES — 0.7%** | **U.S. TREASURY SECURITIES — 0.7%** | **U.S. TREASURY SECURITIES — 0.7%** | **U.S. TREASURY SECURITIES — 0.7%** |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 12/31/27 | 315000 |  | 314397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 11/30/30 | 112000 |  | 110911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 12/31/30 | 1205000 |  | 1199493 |
| **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,625,428) |  |  |  | 1624801 |
| **BANK LOANS — 0.2%** | **BANK LOANS — 0.2%** | **BANK LOANS — 0.2%** | **BANK LOANS — 0.2%** | **BANK LOANS — 0.2%** |
| **Health Care-services — 0.1%** | **Health Care-services — 0.1%** | **Health Care-services — 0.1%** | **Health Care-services — 0.1%** | **Health Care-services — 0.1%** |
|  Modivcare Buyer LLC Super Senior Term Loan | Modivcare Buyer LLC Super Senior Term Loan | Modivcare Buyer LLC Super Senior Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *(15)* | 12/29/30 | 170000 |  | 165750 |
|  Modivcare, Inc. 2025 DIP Delayed Draw Term Loan | Modivcare, Inc. 2025 DIP Delayed Draw Term Loan | Modivcare, Inc. 2025 DIP Delayed Draw Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.82% (1 mo. USD Term SOFR + 7.000%) *(4)* | 02/22/26 | 22343 |  | 22119 |
|  Modivcare, Inc. 2025 DIP Term Loan | Modivcare, Inc. 2025 DIP Term Loan | Modivcare, Inc. 2025 DIP Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.73% (1 mo. USD Term SOFR + 7.000%) *(4)* | 02/22/26 | 41936 |  | 41517 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **BANK LOANS (Continued)** | **BANK LOANS (Continued)** | **BANK LOANS (Continued)** | **BANK LOANS (Continued)** | **BANK LOANS (Continued)** |
|  Modivcare, Inc. 2025 Incremental Term Loan | Modivcare, Inc. 2025 Incremental Term Loan | Modivcare, Inc. 2025 Incremental Term Loan | Modivcare, Inc. 2025 Incremental Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.44% (1 mo. USD Term SOFR + 11.500%) *(4)* | 01/12/26 | $| 180415 | 73143 |
| **Total Health Care-services** | **Total Health Care-services** | **Total Health Care-services** | **Total Health Care-services** | **Total Health Care-services** |
|  |  |  |  | 302529 |
| **Machinery-diversified — 0.1%** | **Machinery-diversified — 0.1%** | **Machinery-diversified — 0.1%** | **Machinery-diversified — 0.1%** | **Machinery-diversified — 0.1%** |
|  Oregon Tool, Inc. 2025 2nd Lien Term Loan | Oregon Tool, Inc. 2025 2nd Lien Term Loan | Oregon Tool, Inc. 2025 2nd Lien Term Loan | Oregon Tool, Inc. 2025 2nd Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.14% (3 mo. USD Term SOFR + 4.000%) *(4)* | 10/15/29 |  | 238231 | 172003 |
| **Total Bank Loans** | **Total Bank Loans** | **Total Bank Loans** | **Total Bank Loans** | **Total Bank Loans** |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost: $725,454) | &nbsp;&nbsp;&nbsp;&nbsp; (Cost: $725,454) | &nbsp;&nbsp;&nbsp;&nbsp; (Cost: $725,454) | &nbsp;&nbsp;&nbsp;&nbsp; (Cost: $725,454) | 474532 |
| **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** |
|  (Cost: $267,640,605) | (Cost: $267,640,605) |  |  | 249133072 |
| **CONVERTIBLE SECURITIES — 0.2%** | **CONVERTIBLE SECURITIES — 0.2%** | **CONVERTIBLE SECURITIES — 0.2%** | **CONVERTIBLE SECURITIES — 0.2%** | **CONVERTIBLE SECURITIES — 0.2%** |
| **CONVERTIBLE CORPORATE BONDS — 0.2%** | **CONVERTIBLE CORPORATE BONDS — 0.2%** | **CONVERTIBLE CORPORATE BONDS — 0.2%** | **CONVERTIBLE CORPORATE BONDS — 0.2%** | **CONVERTIBLE CORPORATE BONDS — 0.2%** |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
|  Davide Campari-Milano NV (Italy) | Davide Campari-Milano NV (Italy) | Davide Campari-Milano NV (Italy) | Davide Campari-Milano NV (Italy) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% *(5)* | 01/17/29 | EUR | 200000 | 228983 |
|  Commercial Services — 0.1% | Commercial Services — 0.1% | Commercial Services — 0.1% | Commercial Services — 0.1% | Commercial Services — 0.1% |
|  Worldline SA (France) | Worldline SA (France) | Worldline SA (France) | Worldline SA (France) | Worldline SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *(3),(5)* | 07/30/26 | EUR | 126833 | 145577 |
| **Total Convertible Corporate Bonds** | **Total Convertible Corporate Bonds** | **Total Convertible Corporate Bonds** | **Total Convertible Corporate Bonds** | **Total Convertible Corporate Bonds** |
|  (Cost: $347,075) |  |  |  | 374560 |
| **Total Convertible Securities** | **Total Convertible Securities** | **Total Convertible Securities** | **Total Convertible Securities** | **Total Convertible Securities** |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost: $347,075) |  |  |  | 374560 |

---

See accompanying Notes to Financial Statements.

------

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| **COMMON STOCK —2.8%** | | |
| **Agriculture — 0.4%** | **Agriculture — 0.4%** | **Agriculture — 0.4%** |
|  British American Tobacco PLC (SP ADR) (United Kingdom) | 15706 | $889274 |
| **Financial — 0.0%** | **Financial — 0.0%** | **Financial — 0.0%** |
|  Yeoman Capital SA *(16)* | 13307 | 99802 |
| **Pipelines — 0.8%** | **Pipelines — 0.8%** | **Pipelines — 0.8%** |
|  Energy Transfer LP | 70993 | 1170675 |
|  Enterprise Products Partners LP | 21772 | 698010 |
|  |  | 1868685 |
| **REIT — 1.4%** | **REIT — 1.4%** | **REIT — 1.4%** |
|  AGNC Investment Corp. | 144641 | 1550552 |
|  Annaly Capital Management, Inc. | 41441 | 926621 |
|  Redwood Trust, Inc. | 61963 | 342655 |
|  Rithm Capital Corp. | 55339 | 603195 |
|  |  | 3423023 |
| **Telecommunications — 0.2%** | **Telecommunications — 0.2%** | **Telecommunications — 0.2%** |
|  Verizon Communications, Inc. | 15224 | 620074 |
| **Total Common Stock** | **Total Common Stock** | **Total Common Stock** |
|  (Cost: $7,140,432) |  | 6900858 |
| **INVESTMENT COMPANIES — 2.8%** | **INVESTMENT COMPANIES — 2.8%** | **INVESTMENT COMPANIES — 2.8%** |
|  TCW Private Asset Income Fund — I Class *(17)* | 681639 | 6816389 |
| **Total Investment Companies** | **Total Investment Companies** |  |
|  (Cost: $6,815,539) |  | 6816389 |
| **MONEY MARKET INVESTMENTS — 4.4%** | **MONEY MARKET INVESTMENTS — 4.4%** |  |
|  State Street Institutional U.S. Government Money Market Fund — Premier Class, 3.74% *(18)* | 270112 | 270112 |
|  TCW Central Cash Fund, 3.71% *(17),(18)* | 10566318 | 10566318 |
|  **Total Money Market Investments** | **Total Money Market Investments** |  |
|  (Cost: $10,836,430) |  | 10836430 |
|  **Total Investments (112.2%)** | **Total Investments (112.2%)** |  |
|  (Cost: $292,780,081) |  | 274061309 |
|  **Liabilities In Excess Of Other Assets (-12.2%)** | **Liabilities In Excess Of Other Assets (-12.2%)** | (29766606) |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** | $244294703 |

---

See accompanying Notes to Financial Statements.

------

Schedule of Investments (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| FUTURES CONTRACTS | FUTURES CONTRACTS | FUTURES CONTRACTS | FUTURES CONTRACTS | FUTURES CONTRACTS | FUTURES CONTRACTS |
| **Number of<br>Contracts** | **Type** | **Expiration<br>Date** | **Notional<br>Contract<br>Value** | **Market<br>Value** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Futures** |  |  |  |  |  |
| 295 | 5-Year U.S. Treasury Note Futures | 03/31/26 | $32259285 | $32244883 | $(14402) |
|  |  |  | $32259285 | $32244883 | $(14402) |
|  **Short Futures** | **Short Futures** |  |  |  |  |
| 9 | 3-Year Australian Bond Futures | 03/16/26 | $(630991) | $(630146) | $845 |
| 17 | 10-Year Australian Bond Futures | 03/16/26 | (1241690) | (1241160) | 530 |
| 235 | 10-Year U.S. Treasury Note Futures | 03/20/26 | (27086764) | (27028672) | 58092 |
| 127 | 2-Year U.S. Treasury Note Futures | 03/31/26 | (26481421) | (26516211) | (34790) |
| 2 | 30-Year Euro-Buxl Futures | 03/06/26 | (262542) | (258661) | 3881 |
| 18 | Euro-Bund Futures | 03/06/26 | (2716055) | (2696844) | 19211 |
| 4 | Long Gilt Futures | 03/27/26 | (488698) | (491588) | (2890) |
| 73 | U.S. Ultra Long Bond Futures | 03/20/26 | (8745612) | (8614000) | 131612 |
|  |  |  | $(67653773) | $(67477282) | $176491 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| FORWARD CURRENCY EXCHANGE CONTRACTS | FORWARD CURRENCY EXCHANGE CONTRACTS | FORWARD CURRENCY EXCHANGE CONTRACTS | FORWARD CURRENCY EXCHANGE CONTRACTS | FORWARD CURRENCY EXCHANGE CONTRACTS | FORWARD CURRENCY EXCHANGE CONTRACTS | FORWARD CURRENCY EXCHANGE CONTRACTS |
| **Counterparty** | **Contracts to<br>Deliver** | **Units of<br>Currency** | **Settlement<br>Date** | **In Exchange for<br>USD** | **Contracts<br>at Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **BUY** *(19)* |  |  |  |  |  |  |
|  Citibank N.A. | EUR | 318119 | 01/09/26 | $371092 | $373685 | $2593 |
|  Goldman Sachs & Co. | EUR | 660659 | 01/09/26 | 767714 | 776058 | 8344 |
|  Citibank N.A. | GBP | 1195648 | 01/09/26 | 1604766 | 1608201 | 3435 |
|  |  |  |  | $2743572 | $2757944 | $14372 |
| **SELL** *(20)* |  |  |  |  |  |  |
|  Goldman Sachs & Co. | AUD | 60938 | 01/09/26 | 39723 | 40638 | (915) |
|  Bank Of New York | AUD | 2252753 | 01/09/26 | 1488133 | 1502298 | (14165) |
|  Goldman Sachs & Co. | EUR | 416963 | 01/09/26 | 482741 | 489795 | (7054) |
|  Citibank N.A. | EUR | 6884180 | 01/09/26 | 8091538 | 8086654 | 4884 |
|  JP Morgan Chase Bank | EUR | 108552 | 01/09/26 | 126014 | 127513 | (1499) |
|  Bank Of America | EUR | 11189 | 01/09/26 | 12963 | 13143 | (180) |
|  Bank Of America | GBP | 104434 | 01/09/26 | 139575 | 140468 | (893) |
|  Citibank N.A. | GBP | 3109996 | 01/09/26 | 4187791 | 4183086 | 4705 |
|  Goldman Sachs & Co. | GBP | 223751 | 01/09/26 | 296013 | 300955 | (4942) |
|  |  |  |  | $14864491 | $14884550 | $(20059) |

---

#### Notes to the Schedule of Investments:
*ACES* *Alternative Credit Enhancement Securities.* 

*AUD* *Australian Dollar.* 

*CLO* *Collateralized Loan Obligation.* 

*CMT* *Constant Maturity Treasury Index.* 

*EUR* *Euro Currency.* 

*GBP* *British Pound Sterling.* 

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

*I/O* *Interest Only Security.* 

*LIBOR* *London Interbank Offered Rate.* 

*PAC* *Planned Amortization Class.* 

*PIK* *Payment In Kind.* 

*REMIC* *Real Estate Mortgage Investment Conduits.* 

*SOFR* *Secured Overnight Financing Rate.* 

*SONIA* *Sterling Overnight Index Average.* 

*STRIPS* *Separate Trading of Registered Interest and Principal Securities.* 

*TAC* *Target Amortization Class.* 

*TBA* *To Be Announced.* 

See accompanying Notes to Financial Statements.

------

## TCW Strategic Income Fund, Inc.
December 31, 2025

*(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 December 31, 2025, the value of these securities amounted to $110,970,942 or 45.4% of net assets. These securities are determined to be liquid by the Fund's investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company's Board of Directors.* 

*(2)* *This security is a residual or equity position that does not have a stated interest rate. This residual or equity position is entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debt holders and fund expenses.* 

*(3)* *Security is not accruing interest.* 

*(4)* *Floating or variable rate security. The interest shown reflects the rate in effect at December 31, 2025.* 

*(5)* *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 December 31, 2025, the value of these securities amounted to $9,530,460 or 3.9% of net assets.* 

*(6)* *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.* 

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

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

*(9)* *The maturity date of the security has been extended past the date disclosed. The new maturity date is not known as of December 31, 2025.* 

*(10)* *Security is currently in default due to bankruptcy or failure to make payment of principal or interest by the issuer. Income is not being accrued.* 

*(11)* *Perpetual maturity.* 

*(12)* *Payment-in-kind ("PIK") security. Income may be paid in additional securities or cash at the discretion of the issuer — 5.00% cash or 10.00% PIK interest.* 

*(13)* *PIK security. Income may be paid in additional securities or cash at the discretion of the issuer — 5.50% cash or 6.50% PIK interest.* 

*(14)* *PIK security. Income may be paid in additional securities or cash at the discretion of the issuer — 5.75% cash or 0.50% PIK interest.* 

*(15)* *This position represents an unsettled bank loan at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.* 

*(16)* *Non-income producing security.* 

*(17)* *Affiliated issuer.* 

*(18)* *Rate disclosed is the 7-day net yield as of December 31, 2025.* 

*(19)* *Fund buys foreign currency, sells USD.* 

*(20)* *Fund sells foreign currency, buys USD.* 

See accompanying Notes to Financial Statements.

------

Schedule of Investments (Continued)

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of**<br>**Affiliated Fund** | **Value at<br>December 31,<br>2024** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Number of<br>Shares Held<br>December 31,<br>2025** | **Value at<br>December 31,<br>2025** | **Dividends<br>and<br>Interest<br>Income<br>Received** | **Distributions<br>Received<br>from Net<br>Realized<br>Gain** | **Net<br>Realized<br>Gain (Loss)<br>on<br>Investments** | **Net change in<br>Unrealized<br>Gain (Loss)<br>on<br>Investments** |
| TCW Central Cash Fund | $18464022 | $122602296 | $130500000 | 10566318 | $10566318 | $420166 | $– $|  | $— |
| TCW Private Asset Income Fund — I Class |  | 6815539 |  | 681639 | 6816389 | 451808 | – |  | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  |  |  |  | $17382707 | $871974 | $– $|  | $850 |

---

See accompanying Notes to Financial Statements.

------

Investments by Sector December 31, 2025

---

| | |
|:---|:---|
| **Sector** | **Percentage of<br>Net Assets** |
| Residential Mortgage-Backed Securities — Agency | 24.4% |
| Residential Mortgage-Backed Securities — Non-Agency | 24.0 |
| Corporate Bonds | 23.9 |
| Commercial Mortgage-Backed Securities — Non-Agency | 13.9 |
| Asset-Backed Securities | 13.1 |
| Money Market Investments | 4.4 |
| Common Stock | 2.8 |
| Investment Companies | 2.8 |
| Foreign Government Bonds | 0.8 |
| U.S. Treasury Securities | 0.7 |
| Municipal Bonds | 0.6 |
| Commercial Mortgage-Backed Securities — Agency | 0.4 |
| Bank Loans | 0.2 |
| Convertible Corporate Bonds | 0.2 |
| Other\* | (12.2) |
| Total | 100.0% |

---

*\** Includes cash, futures, foreign currency exchange contracts, swap agreements, pending trades, interest receivable, and accrued expenses payable, if any.

See accompanying Notes to Financial Statements.

------

Fair Valuation Summary December 31, 2025

The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets**<br>**(Level 1)** | **Other**<br>**Significant<br>Observable<br>Inputs**<br>**(Level 2)** | **Significant<br>Unobservable<br>Inputs** <br>**(Level 3)** | **Total** |
| Fixed Income Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities | $— | $30443547 | $1465568 | $31909115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities — Agency |  | 59630426 |  | 59630426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities — Non-Agency |  | 58624553 |  | 58624553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities — Non-Agency |  | 33954955 |  | 33954955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities — Agency |  | 1093046 |  | 1093046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Mortgage-Backed Securities |  | 153302980 |  | 153302980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds\* |  | 58319699 | 11337 | 58331036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds |  | 1413643 |  | 1413643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Government Bonds |  | 2076965 |  | 2076965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities |  | 1624801 |  | 1624801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Loans |  | 474532 |  | 474532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Corporate Bonds\* |  | 374560 |  | 374560 |
| Total Fixed Income Securities |  | 248030727 | 1476905 | 249507632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Investments | 10836430 |  |  | 10836430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock\* | 6900858 |  |  | 6900858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Companies |  | 6816389 |  | 6816389 |
| Total Investments | $17737288 | $254847116 | $1476905 | $274061309 |
| Asset Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Risk |  | 23961 |  | 23961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Risk | 214171 |  |  | 214171 |
| Total | $17951459 | $254871077 | $1476905 | $274299441 |
| Liability Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Risk | $(52082) | $— | $— | $(52082) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Risk |  | (29648) |  | (29648) |
| Total | $(52082) | $(29648) | $— | $(81730) |

---

*\** See Schedule of Investments for corresponding industries.

See accompanying Notes to Financial Statements.

------

Statement of Assets and Liabilities December 31, 2025

---

| | |
|:---|:---|
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at Value (Cost: $275,398,224) | $256678602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in Affiliated Issuers, at Value (Cost: $17,381,857) | 17382707 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 4353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for Securities Sold | 3492197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and Dividends Receivable | 1856798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash Collateral Held for Broker | 1080968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for Variation Margin on Open Futures Contracts to Broker | 76703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation on Forward Currency Exchange Contracts | 23961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid Expenses | 20742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Tax Reclaims Receivable | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 280617883 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables for Securities Purchased | 29621205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions Payable | 6212107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued Other Expenses | 252002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued Investment Advisory Fees | 131322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Expense Payable | 70000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized Depreciation on Forward Currency Exchange Contracts | 29648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued Directors' Fees and Expenses | 6896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 36323180 |
| **NET ASSETS** | $244294703 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stock, par value $0.01 per share (75,000,000 shares authorized, 47,785,440 shares issued and outstanding) | $477854 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in Capital | 269520224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated Earnings (Loss) | (25703375) |
| **NET ASSETS** | $244294703 |
| **NET ASSET VALUE PER SHARE** | $5.11 |
| **MARKET PRICE PER SHARE** | $4.94 |

---

See accompanying Notes to Financial Statements.

------

Statement of Operations

Year Ended December 31, 2025

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $14920818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from Investments in Affiliated Issuers | 871974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | 778062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 16570854 |
| **Expenses** | **Expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Fees | 1448689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal Fees | 717167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and Tax Service Fees | 195651 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors' Fees and Expenses | 125797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian Fees | 103561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous Expense | 60508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Expense | 56878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer Agent Fees | 54337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Listing Fees | 48980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance Expense | 48746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proxy Expense | 40011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration Fees | 26400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting Fees | 17973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and Distribution Costs | 7941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 2952639 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | 13618215 |
| **NET REALIZED GAIN (LOSS) AND CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS, FUTURES CONTRACTS, SWAP AGREEMENTS AND FOREIGN CURRENCY:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: | &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 965236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency | 12147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Currency Exchange Contracts | (472184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | 577157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements | 133959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 5590121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Affiliated Issuers | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency | 4386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Currency Exchange Contracts | (457935) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | (378775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements | (109830) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain and Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Swap Agreements and Foreign Currency | 5865132 |
| **INCREASE IN NET ASSETS FROM OPERATIONS** | $19483347 |

---

See accompanying Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2025** | **Year Ended<br>December 31,<br>2024** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $13618215 | $14861739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain on Investments, Futures Contracts, Swap Agreements and Foreign Currency | 1216315 | 857895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation on Investments, Futures Contracts, Swap Agreements and Foreign Currency | 4648817 | 1621102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in Net Assets Resulting from Operations | 19483347 | 17340736 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to Shareholders | (15530269) | (18397395) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued in Reinvestment of Dividends (0 for the year ended December 31, 2025 and 0 for the year ended December 31, 2024) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Increase (Decrease) in Net Assets | 3953078 | (1056659) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 240341625 | 241398284 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $244294703 | $240341625 |

---

See accompanying Notes to Financial Statements.

------

Notes to Financial Statements

#### 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"). The Fund's shares are traded on the New York Stock Exchange ("NYSE") 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 were valued at the latest sale price on the exchange. Securities traded on the NASDAQ stock market ("NASDAQ") were valued during the period using official closing prices as reported by NASDAQ, which may not have been the last sale price. All other securities for which over-the-counter ("OTC") market quotations were readily available, including short-term securities, swap agreements and forward currency exchange contracts, were valued with prices furnished by independent pricing services or by broker-dealers.

**Shares Not Listed; No Market for Shares.** The TCW Private Asset Income Fund has been organized as a closed-end management investment company. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) because investors in a closed-end fund do not have the right to redeem their shares on a daily basis. Unlike most closed-end funds, which typically list their shares on a securities exchange, the TCW Private Asset Income Fund does not currently intend to list the Shares for trading on any securities exchange, and the TCW Private Asset Income Fund does not expect any secondary market to develop for the Shares in the foreseeable future. Therefore, an investment in the TCW Private Asset Income Fund, unlike an investment in a typical closed-end fund, is not a liquid investment.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Directors of the Fund (the "Board", and each member thereof, a "Director") has designated the Advisor as the "valuation designee" with respect to

------

## TCW Strategic Income Fund, Inc.
December 31, 2025

#### Note 2 — Significant Accounting Policies (Continued)
the fair valuation of the Fund's portfolio securities, subject to oversight by and periodic reporting to the Board. Fair valued securities are those for which market quotations were not readily available, including in circumstances under which it was determined by the Advisor that prices received were not reflective of their market values.

Fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Fund discloses investments in its financial statements in a three-tier hierarchy. This hierarchy is utilized to establish classification of fair value measurements based on inputs. Inputs that go into fair value measurement refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the inputs market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances.

The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

---

| | |
|:---|:---|
| Level 1 — | quoted prices in active markets for identical investments. |
| Level 2 — | other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.). |
| Level 3 — | significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). |

---

Changes in valuation techniques may result in transfers in or out of an investment's assigned Level within the hierarchy. The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized as Level 3.

In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Level 1, Level 2, or Level 3.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

------

## TCW Strategic Income Fund, Inc.
Notes to Financial Statements (Continued)

#### Note 2 — Significant Accounting Policies (Continued)
**Fair Value Measurements:** Descriptions of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Asset-backed securities ("ABS") and mortgage-backed securities ("MBS")*. The fair value of ABS and MBS is estimated based on pricing models that consider the estimated cash flows of each debt tranche of the issuer, establish a benchmark yield, and develop an estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche including, but not limited to, the prepayment speed assumptions and attributes of the collateral. To the extent the inputs are observable and timely, the values would be categorized as Level 2 of the fair value hierarchy; otherwise, they would be categorized as Level 3.

*Corporate bonds*. The fair value of corporate bonds is estimated using recently executed transactions, market price quotations (where observable), bond spreads, or credit default swap spreads adjusted for any basis difference between cash and derivative instruments. Corporate bonds are generally categorized as Level 2 of the fair value hierarchy; in instances where prices, spreads, or any of the other aforementioned key inputs are unobservable, they are categorized as Level 3 of the hierarchy.

*Equity securities.* Securities are generally valued based on quoted prices from the applicable exchange. To the extent these securities are actively traded and valuation adjustments are not applied, they are generally categorized as Level 1 of the fair value hierarchy. Restricted securities issued by publicly held companies are generally categorized as Level 2 of the fair value hierarchy; if a discount is applied and significant, they are categorized as Level 3. Restricted securities held in non-public entities are included in Level 3 of the fair value hierarchy because they trade infrequently, and therefore the inputs are unobservable. Certain foreign securities that are fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets are categorized as Level 2 of the fair value hierarchy.

*Foreign currency contracts*. The fair values of foreign currency contracts are derived from indices, reference rates, and other inputs or a combination of these factors. To the extent that these factors can be observed, foreign currency contracts are categorized as Level 2 of the fair value hierarchy.

*Futures contracts*. Futures contracts are generally valued at the settlement price established at the close of business each day by the exchange on which they are traded. They are categorized as Level 1.

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

*Interest rate swaps.* Interest rate swaps are fair valued using pricing models that take into account, among other factors, index spread curves, nominal values, modified duration values and cash flows. To the extent that these inputs are observable and timely, the fair values of credit default swaps are categorized as Level 2; otherwise, the fair values are categorized as Level 3.

*Money market funds.* Money market funds are open-end mutual funds that invest in short-term debt securities. To the extent that these funds are valued based upon the reported net asset value ("NAV"), they are categorized as Level 1 of the fair value hierarchy.

------

## TCW Strategic Income Fund, Inc.
December 31, 2025

#### Note 2 — Significant Accounting Policies (Continued)
*Municipal bonds.* Municipal bonds are fair valued based on pricing models that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid-wanted lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves, and bond insurance. To the extent that these inputs are observable and timely, the fair values of municipal bonds are categorized as Level 2; otherwise, the fair values are categorized as Level 3.

*Options contracts.* Option contracts traded on securities exchanges are fair valued using market mid prices; as such, they are categorized as Level 1. Option contracts traded OTC are fair valued based on pricing models and incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-the-money contracts on a given strike price. To the extent that these inputs are observable and timely, the fair value of OTC option contracts would be categorized as Level 2; otherwise, the fair values would be categorized as Level 3.

*Restricted securities.* Restricted securities, including illiquid Rule 144A securities, issued by non-public entities are categorized as Level 3 of the fair value hierarchy because they trade infrequently, and therefore the inputs are unobservable. Any other restricted securities valued similar to publicly traded securities may be categorized as Level 2 or 3 of the fair value hierarchy depending on whether a discount is applied and significant to the fair value.

*Short-term investments.* Short-term investments are valued using market price quotations, and are categorized as Level 1 or Level 2 of the fair value hierarchy.

The summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Fund's investments is listed after the Investments by Sector table.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Asset-Backed<br>Securities** | **Commercial<br>Mortgage-<br>Backed<br>Securities —<br>Non-Agency** | **Common<br>Stock** | **Convertible<br>Corporate<br>Bonds** | **Corporate<br>Bonds** | **Residential<br>Mortgage-Backed<br>Securities — Non-<br>Agency** | **Total** |
|  Balance as of December 31, 2024 | $1124790 | $614136 | $337643 | $2659 | $41333 | $2162551 | $4283112 |
|  Accrued Discounts (Premiums) |  |  |  | 60 | 1041 | 100 | 1201 |
|  Realized Gain (Loss) | 112600 | 2910 | (535484) | (18788) | (243174) | (206868) | (888804) |
|  Change in Unrealized Appreciation (Depreciation) | (7383) | (10648) | 588809 | 17782 | 223065 | 532010 | 1343635 |
|  Purchases | 1866280 |  |  |  | 11337 | 77122 | 1954739 |
|  Sales | (1363375) | (606398) | (390968) | (1713) | (21401) |  | (2383855) |
|  Transfers in to Level 3\* | 75 |  |  |  |  |  | 75 |
|  Transfers out of Level 3\* | (267419) |  |  |  | (864) | (2564915) | (2833198) |
|  Balance as of December 31, 2025 | $1465568 | $— | $— | $— | $11337 | $— | $1476905 |
|  Change in Unrealized Appreciation (Depreciation) from Investments Still Held at December 31, 2025 | $(12) | $— | $— | $— | $— | $— | $(12) |

---

------

## TCW Strategic Income Fund, Inc.
Notes to Financial Statements (Continued)

#### Note 2 — Significant Accounting Policies (Continued)
\* 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 December 31, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fair Value at<br>December 31, 2025** | **Valuation Techniques** | **Unobservable<br>Input** | **Price or Price<br>Range** | **Weighted<br>Average<br>Price** | **Input to<br>Valuation<br>If Input<br>Increases** |
|  Asset-Backed Securities | $1465493 | Broker Quote | Offered Quote | $100.000 | $100.000 | Increase |
|  Asset-Backed Securities | $75 | Fair Value | Zero Market Value | $0.000 to $0.010 | $0.000 | Increase |
|  Corporate Bonds | $11337 | Fair Value | Liquidation Value | $2.000 | $2.000 | Increase |

---

**Security Transactions and Related Investment Income:** Dividend income is recorded on the ex-dividend date. Interest income is recognized on an accrual basis. REIT dividends are recorded as income for accounting purposes. Any portion that is return of capital will be reflected as a tax adjustment upon receiving annual tax documentation from the REIT. 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) 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 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,

------

## TCW Strategic Income Fund, Inc.
December 31, 2025

#### Note 2 — Significant Accounting Policies (Continued)
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 which are valued 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 year ended December 31, 2025, the Fund had derivatives and transactions in derivatives, grouped in the following risk categories:

---

| | | | |
|:---|:---|:---|:---|
| Asset Derivatives | **Foreign<br>Currency Risk** | **Interest Rate**<br>**Risk** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts <sup>(1)</sup> | $— | $214171 | $214171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 23961 |  | 23961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $23961 | $214171 | $238132 |
| Liability Derivatives | **Foreign<br>Currency Risk** | **Interest Rate<br>Risk** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts <sup>(1)</sup> | $— | $(52082) | $(52082) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | (29648) |  | (29648) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $(29648) | $(52082) | $(81730) |
| Realized Gain (Loss) | **Foreign<br>Currency Risk** | **Interest Rate<br>Risk** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps Contracts | $— | $133959 | $133959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | 577157 | 577157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | (472184) |  | (472184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Realized Gain (Loss) | $(472184) | $711116 | $238932 |
| Change in Appreciation (Depreciation) | **Foreign<br>Currency Risk** | **Interest Rate<br>Risk** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps Contracts | $— | $(109830) | $(109830) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | (378775) | (378775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | (457935) |  | (457935) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Change in Appreciation (Depreciation) | $(457935) | $(488605) | $(946540) |
| Number of Contracts, Notional Amounts or Shares/Units <sup>(2)</sup> | **Foreign<br>Currency Risk** | **Interest Rate<br>Risk** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contract | 14398731 |  | 14398731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | 702 | 702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps Contracts |  | 1476000 | 1476000 |

---

*(1)* Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only variation margin on December 31, 2025 is reported within the Statement of Assets and Liabilities.

*(2)* Amount disclosed represents average number of contracts or notional amounts, which are representative of the volume traded for the year ended December 31, 2025.

------

## TCW Strategic Income Fund, Inc.
Notes to Financial Statements (Continued)

#### Note 2 — Significant Accounting Policies (Continued)
**Counterparty Credit Risk:** Derivative contracts may be exposed to counterparty credit 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 Fund.

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 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

------

## TCW Strategic Income Fund, Inc.
December 31, 2025

#### Note 2 — Significant Accounting Policies (Continued)
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 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. The Fund has implemented the disclosure requirements pursuant to ASC 210 Balance Sheet ("*ASC 210*"), Disclosures about Offsetting Assets and Liabilities that requires disclosures to make financial statements that are prepared under GAAP more comparable to those prepared under International Financial Reporting Standards.

*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

------

## TCW Strategic Income Fund, Inc.
Notes to Financial Statements (Continued)

#### Note 2 — Significant Accounting Policies (Continued)
counterparty. Collateral for centrally cleared derivatives transactions are posted with the applicable derivatives clearing organization.

The following table presents the Fund's OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreement and net of the related collateral received or pledged by the Fund as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Assets**<br>**Subject to Master**<br>**Agreements** | **Collateral**<br>**Received** *(1)* | **Derivatives<br>Assets/(Liabilities)<br>Available for Offset** | **Net Amount of**<br>**Assets** *(2)* |
| Citibank N.A. | $15617 | $– $|  | $15617 |
| Goldman Sachs & Co. | 8344 | – | (8344) |  |
| Total | $23961 | $– $| (8344) | $15617 |

---

*(1)* Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

*(2)* Represents the net amount receivable from the counterparty in the event of default.

The following table presents the Fund's OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreement and net of the related collateral received or pledged by the Fund as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Liabilities**<br>**Subject to Master**<br>**Agreements** | **Collateral**<br>**Pledged** *(1)* | **Derivatives<br>Assets/(Liabilities)<br>Available for Offset** | **Net Amount of**<br>**Liabilities** *(2)* |
| Bank of America | $1073 | $– $|  | $1073 |
| Bank of New York | 14165 | – |  | 14165 |
| Goldman Sachs & Co. | 12911 | – | (8344) | 4567 |
| JP Morgan Chase Bank | 1499 | – |  | 1499 |
| Total | $29648 | $– $| (8344) | $21304 |

---

*(1)* Excess of collateral pledged for individual counterparty may not be shown for financial reporting purposes.

*(2)* Represents the net amount payable to the counterparty in the event of default.

#### 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 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

------

## TCW Strategic Income Fund, Inc.
December 31, 2025

#### Note 3 — Portfolio Investments (Continued)
of underlying mortgages, including prepayments, is first returned to investors holding the shortest maturity class. Investors holding the longer maturity classes usually receive principal only after shorter classes have been retired. An investor may be partially protected against a sooner than desired return of principal because of the sequential payments. The Fund may invest in stripped MBS. Stripped MBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. In certain cases, one class will receive all of the interest (the interest only or "IO" class), while the other class will receive all of the principal (the principal only or "PO" class). The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying mortgage assets, and principal payments may have a material effect on yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may not fully recoup its initial investment in IOs. MBS and other ABS held by the Fund at December 31, 2025 are listed in the Fund's Schedule of Investments.

**When-Issued, Delayed-Delivery, To Be Announced ("TBA") and Forward Commitment Transactions:** The Fund may enter into when-issued, delayed-delivery, TBA or forward commitment transactions in order to lock in the purchase price of the underlying security or to adjust the interest rate exposure of the Fund's existing portfolio. In when-issued, delayed-delivery, TBA or forward commitment transactions, the Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. Although the Fund does not pay for the securities or start earning interest on them until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. If the Fund's counterparty fails to deliver a security purchased on a when-issued, delayed-delivery, TBA or forward commitment basis, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

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

**Repurchase Agreements:** The Fund may enter into repurchase agreements under the terms of a Master Repurchase Agreement ("MRA"). In a repurchase agreement, the Fund purchases a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. The MRA permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty's bankruptcy or insolvency. Pursuant to the terms of the MRA, the Fund receives securities as collateral with a market value in excess of the repurchase price. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund recognizes a liability with respect to such excess collateral to reflect the Fund's obligation under bankruptcy law to return the excess to the counterparty. The Fund had no repurchase agreements outstanding as of December 31, 2025.

------

## TCW Strategic Income Fund, Inc.
Notes to Financial Statements (Continued)

#### Note 3 — Portfolio Investments (Continued)
**Securities Lending:** The Fund may lend its securities to qualified brokers. The loans must be collateralized at all times primarily with cash although the Fund can accept money market instruments or U.S. Government securities with a market value at least equal to the market value of the securities on loan. As with any extensions of credit, the Fund may bear the risk of delay in recovery or even loss of rights in the collateral if the borrowers of the securities fail financially. The Fund earns additional income for lending its securities by investing the cash collateral in short-term investments. The Fund did not lend any securities during the year ended December 31, 2025.

#### Derivatives:
**Forward Currency Exchange Contracts:** The Fund enters into forward currency exchange contracts as a hedge against fluctuations in foreign exchange rates. Forward currency exchange contracts are marked-to-market daily and the change in market value is recorded by the Fund as unrealized gains or losses in the Statement of Assets and Liabilities. When a contract is closed or delivery is taken, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of the foreign currency relative to the U.S. dollar. Outstanding forward currency exchange contracts at December 31, 2025 are disclosed in the Schedule of Investments.

**Futures Contracts:** The Fund may enter into futures contracts. The Fund may seek to manage a variety of different risks through the use of futures contracts, such as interest rate risk, equity price risk, and currency risk. The Fund may use index futures to hedge against broad market risks to its portfolio or to gain broad market exposure. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made, and are settled in cash. Positions in futures may be closed out only on an exchange or board of trade which provides a secondary market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk. Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of the Fund that is the subject of the hedge. It may not always be possible for the Fund to enter into a closing transaction with respect to a futures contract it has entered into at a favorable time or price. When the Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it.

When the Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. During the year ended December 31, 2025, the Fund utilized treasury futures to help manage interest rate duration and credit market exposure. Futures contracts outstanding at December 31, 2025 are listed in the Fund's Schedule of Investments.

------

## TCW Strategic Income Fund, Inc.
December 31, 2025

#### Note 3 — Portfolio Investments (Continued)
**Options:** The Fund may purchase and sell put and call options on a security or an index of securities to enhance investment performance and/or to protect against changes in market prices. The Fund may also enter into currency options to hedge against or to take advantage of currency fluctuations.

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

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

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

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

OTC options are options not traded on exchanges or backed by clearinghouses. Rather, they are entered into directly between a Fund and the counterparty to the option. In the case of an OTC option purchased by a Fund, the value of the option to the Fund will depend on the willingness and ability of the option writer to perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC options or otherwise to terminate such options, and as a result a Fund may be required to remain obligated on an unfavorable OTC option until its expiration. During the year ended December 31, 2025, the Fund did not enter into written option contracts.

------

## TCW Strategic Income Fund, Inc.
Notes to Financial Statements (Continued)

#### Note 3 — Portfolio Investments (Continued)
**Swap Agreements:** The Fund may enter into swap agreements. Swap agreements are typically two-party contracts entered into primarily by institutional investors. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount" (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a "basket" of securities representing a particular index).

In a total return swap, one party typically agrees to pay to the other a short-term interest rate in return for a payment at one or more times in the future based on the increase in the value of an underlying security or other asset, or index of securities or assets; if the underlying security, asset, or index declines in value, the party that pays the short-term interest rate must also pay to its counterparty a payment based on the amount of the decline. The Fund may take either side of such a swap, and so may take a long or short position in the underlying security, asset, or index. The Fund may enter into a total return swap to hedge against an exposure in its portfolio — such as interest rate risk (including to adjust the duration or credit quality of the Fund's bond portfolio), equity risk, or credit risk — or generally to put cash to work efficiently in the markets in anticipation of, or as a replacement for, cash investments. The Fund may also enter into a total return swap to gain exposure to securities or markets in which it might not be able to invest directly (in so-called market access transactions).

Interest rate swaps are agreements in which one party pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, a party may pay a fixed rate and receive a floating rate. In more complex swaps, the notional principal amount may decline (or amortize) over time. The Fund's maximum risk of loss due to counterparty default is the discounted NAV of the cash flows paid to/received from the counterparty over the interest rate swap's remaining life.

The Fund may enter into credit default swap transactions as a "buyer" or "seller" of credit protection. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a "reference entity"). In general, the buyer of credit protection is obligated to pay the protection seller an upfront amount or a periodic stream of payments over the term of the swap. If a "credit event" occurs, the buyer has the right to deliver to the seller bonds (or other obligations of the reference entity with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. When the Fund buys protection, it may or may not own securities of the reference entity. When the Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund's portfolio through the Fund's indirect long exposure to the issuer or securities on which the swap is written. When the Fund sells protection, it may do so either to earn additional income or to create such a "synthetic" long position.

Whenever the Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. The Fund also takes the risk that the market will move against its position in the swap agreement. In the case of

------

## TCW Strategic Income Fund, Inc.
December 31, 2025

#### Note 3 — Portfolio Investments (Continued)
a total return swap, the swap will change in value depending on the change in value of the asset or index on which the swap is written. When the Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and the Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking-to-market to reflect the market value of the swap. When the swap is terminated, the Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and the Fund's basis in the agreement. Upfront swap premium payments paid or received by the Fund, if any, are recorded within the value of the open swap agreement on the Fund's Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Fund's Statement of Operations upon termination or maturity of the swap agreement.

During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Fund are recorded as realized gains and losses, respectively. During the year ended December 31, 2025, the Fund entered into interest rate swaps to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed-rate bonds which may decrease when interest rates rise (interest rate risk). Outstanding swap agreements, if any, at December 31, 2025 are disclosed in the Schedule of Investments.

#### 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.

------

## TCW Strategic Income Fund, Inc.
Notes to Financial Statements (Continued)

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

**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.

------

## TCW Strategic Income Fund, Inc.
December 31, 2025

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

**U.S. Trade Policy Risk:** There have been significant changes to United States trade policies, agreements, and tariffs, and in the future there may be additional significant changes. These and any future developments and continued uncertainty surrounding trade policies, agreements and tariffs, may have a material adverse effect on global economic conditions, inflation and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. Any of these factors could depress economic activity and restrict the access by issuers of the Fund's portfolio securities to suppliers or customers, increase their supply-chain costs and expenses and could have material adverse effects on the Fund's portfolio investments.

#### Note 5 — Federal Income Taxes
It is the policy of the Fund to comply with the requirements under Subchapter M of the Internal Revenue 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.

The following table shows character of distributed and undistributed amounts on a tax basis.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amount Distributed During**<br>**the Year** | **Amount Distributed During**<br>**the Year** | **Undistributed Amount**<br>**at Year Ended** | **Undistributed Amount**<br>**at Year Ended** |
|  | **Year Ended<br>December 31,<br>2025** | **Year Ended<br>December 31,<br>2024** | **December 31,<br>2025** | **December 31,<br>2024** |
| Ordinary Income | $15530269 | $18397395 | $89604 | $364734 |
| Capital Gain |  |  |  |  |
|  | $15530269 | $18397395 | $89604 | $364734 |

---

------

## TCW Strategic Income Fund, Inc.
Notes to Financial Statements (Continued)

#### Note 5 — Federal Income Taxes (Continued)
At December 31, 2025, net unrealized appreciation (depreciation) for federal income tax purposes is comprised of the following components:

---

| | |
|:---|:---|
| Unrealized appreciation | $10479633 |
| Unrealized (depreciation) | (34090458) |
| Net unrealized depreciation | $(23610825) |
| Cost of Investments for Federal Income Tax Purposes | $297672134 |

---

The following reclassifications have been made for the permanent difference between book and tax accounting as of December 31, 2025:

---

| | |
|:---|:---|
|  | **Increase<br>(Decrease)** |
| Distributions in Excess of Net Investment Income | $1928645 |
| Accumulated Net Realized Loss on Investments | $(1928645) |
| Paid in Capital | $— |

---

At December 31, 2025, the Fund had short-term and long-term realized capital losses that will be carried forward indefinitely for federal income tax purposes of $0 and $1,737,712, respectively.

The Fund did not have any unrecognized tax benefits at December 31, 2025, 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 U.S. Federal and state tax authorities for returns filed for the prior three and four fiscal years, respectively.

#### 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 year ended December 31, 2025 purchases and sales or maturities of investment securities (excluding short-term investments) aggregated to $105,999,994 and $95,306,627, respectively, for non-U.S. Government securities, and aggregated to $478,818,037 and $495,809,204, 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 $125,797 from the Fund for the year ended December 31, 2025. 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

------

## TCW Strategic Income Fund, Inc.
December 31, 2025

#### Note 9 — Restricted Securities (Continued)
public (exemption rules apply). Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended (the "Securities Act"). However, the Fund considers 144A securities to be restricted if those securities have been deemed illiquid. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. There are no restricted securities held by the Fund at December 31, 2025.

#### Note 10 — Line Of Credit
The Fund is permitted to have borrowings for investment purposes. The Fund has entered into a line of credit agreement with State Street Bank and Trust Company (the "Bank") which permits the Fund to borrow up to $70 million at an interest rate, to be determined by the Fund, either at (i) an Overnight Rate, defined as the higher of Federal Funds Effective Rate and the One Month Adjusted Term Secured Overnight Financing Rate ("SOFR") in effect on the applicable day, plus 110.0 basis points (1.10%); or (ii) a Term Rate, equal to One Month Adjusted Term SOFR, plus 110.0 basis points (1.10%). The Fund did not have any borrowings during the year ended December 31, 2025. The Fund pays the Bank an administrative fee equal to 0.08% per annum on the facility amount. The administrative 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 — Recent Accounting Pronouncements
The Fund adopted Financial Accounting Standards Board Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures ("ASU 2023-09") during the period. ASU 2023-09 enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The Fund's adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations.

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## TCW Strategic Income Fund, Inc.
Notes to Financial Statements (Continued)

#### Note 13 — Segment Reporting
In the reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. The Fund represents a single operating segment as the operating results of the Fund are monitored as a whole and its long-term asset allocation is determined in accordance with the terms of its prospectus, based on defined investment objectives that is executed by the Fund's portfolio management team. A senior executive team comprised of the Fund's Principal Executive Officer and Principal Financial Officer, serves as the Fund's chief operating decision maker ("CODM"), who act in accordance with Board of Director reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from Fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess the Fund's profits and losses and to make resource allocation decisions. Segment assets are reflected in the Statement of Assets and Liabilities as Net Assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying Statement of Operations.

#### Note 14 — Subsequent Events
On February 9, 2026, the Board of Directors of the Fund approved the terms of an offering of transferable subscription rights to holders of the Fund's common stock of record as of February 19, 2026, pursuant to which such holders will be entitled to subscribe for newly issued shares of the Fund's common stock, par value $0.01 per share, at a discount to the market price.

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## TCW Strategic Income Fund, Inc.
Financial Highlights <br>December 31, 2025 <br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2025** | **Year Ended<br>December 31,<br>2024** | **Year Ended<br>December 31,<br>2023** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
| Net Asset Value Per Share, Beginning of year | $5.03 | $5.05 | $4.94 | $5.69 | $5.85 |
| **Income from Operations:** | **Income from Operations:** | **Income from Operations:** | **Income from Operations:** | **Income from Operations:** | **Income from Operations:** |
| Net Investment Income *(1)* | 0.28 | 0.31 | 0.29 | 0.26 | 0.32 |
| Net Realized and Unrealized Gain (Loss) on Investments | 0.13 | 0.06 | 0.18 | (0.69) | (0.11) |
| Total from Investment Operations | 0.41 | 0.37 | 0.47 | (0.43) | 0.21 |
| **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
| Distributions from Net Investment Income | (0.33) | (0.39) | (0.36) | (0.24) | (0.25) |
| Distributions from Net Realized Gains |  |  |  | (0.08) | (0.12) |
| Total Distributions | (0.33) | (0.39) | (0.36) | (0.32) | (0.37) |
| Net Asset Value Per Share, End of year | $5.11 | $5.03 | $5.05 | $4.94 | $5.69 |
| Market Value Per Share, End of year | $4.94 | $4.81 | $4.59 | $4.62 | $5.77 |
| Net Asset Value Total Return *(2)* | 8.17% | 7.34% | 9.84% | (7.51)% | 3.55% |
| Market Price Return *(3)* | 9.67% | 13.33% | 7.15% | (14.34)% | 8.03% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net Assets, End of year (in thousands) | $244397 | $240342 | $241398 | $235845 | $271573 |
| Ratio of Expenses Before Interest Expense to Average Net Assets | 1.17% | 0.94% | 0.93% | 0.95% | 0.93% |
| Ratio of Interest Expense to Average Net Assets | 0.02% | (0.03)% | 0.08% | 0.07% | 0.02% |
| Ratio of Total Expenses to Average Net Assets | 1.20% | 0.91% | 1.01% | 1.02% | 0.95% |
| Ratio of Net Investment Income to Average Net Assets | 5.53% | 6.04% | 5.67% | 4.90% | 5.38% |
| Portfolio Turnover Rate *(4)* | 219.83% | 256.45% | 234.87% | 155.62% | 178.02% |
| Asset Coverage Ratio Per Share *(5)* |  |  |  |  |  |
| Total Debt Outstanding |  |  |  |  |  |
| Involuntary Liquidating Preference Per Share |  |  |  |  |  |
| Average Market Value Per Share |  |  |  |  |  |

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

*(2)* 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.

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

*(4)* The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.

*(5)* 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.

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Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of

TCW Strategic Income Fund, Inc.

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of TCW Strategic Income Fund, Inc. (the "Fund"), including the schedule of investments, as of December 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Los Angeles, California

February 20, 2026

We have served as the auditor of one or more TCW/Metropolitan West Funds investment companies since 1990.

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![LOGO](g211809g01a68.jpg)

## TCW Global Customer Privacy Policy
Effective October 2025

In this Privacy Policy, "TCW," "we," "us,", and "our" refers collectively to The TCW Group, Inc. and its subsidiaries, affiliates, and funds, including but not limited to, TCW Investment Management Company LLC, TCW Asset Management Company LLC, Metropolitan West Asset Management, LLC, TCW PT Management Company LLC, TCW Asset Backed Finance Management Company LLC and Sepulveda Management LLC. References to the "Fund" refer to the particular investment fund(s) to which you are, or seek to be, admitted which are managed whether directly or indirectly by one or more investment manager, and references to the "General Partner" refer to the general partner or similarly placed entity of such Fund.

TCW recognizes the importance of keeping information about you secure and confidential. We do not sell or share your nonpublic personal and financial information with marketers or others outside our affiliated group of companies. We carefully manage information among our affiliated group of companies to safeguard your privacy.

The purpose of this Privacy Policy is to provide you with information about our use of Customer Data (as defined below) in accordance with applicable privacy and data protection laws.

#### What You Should Know
If you are in the U.S., we are providing this notice to you to comply with the requirements of Regulation S-P, "Privacy of Consumer Financial information," issued by the United States Securities and Exchange Commission and other applicable privacy laws. This notice specifically addresses nonpublic personal and financial information collected from our customers for the purposes of investment.

If you are in the European Economic Area ("EEA") and the United Kingdom (collectively, the "EU"), we are providing this notice to you to comply with the requirements of applicable laws, including the General Data Protection Regulation (the "GDPR"), the UK Data Protection Act 2018 and the GDPR as it forms part of the law of England, Wales, Scotland and Northern Ireland (the "UK GDPR").

Your personal information may be subject to certain additional and/or supplemental privacy notices depending on your location and your relationship with TCW. If you are a TCW employee, a separate employee privacy notice has been provided to you. In addition, please review our online Privacy Policy, available at https://www.tcw.com/Privacy-Policy, for more information about how TCW collects, uses, and shares information from visitors to the TCW website.

#### Our Privacy Policy
We are committed to protecting the nonpublic personal and financial information of our customers and consumers who obtain or seek to obtain financial products or services primarily for personal, family or household purposes. We fulfill our commitment by establishing and implementing policies and systems to protect the security and confidentiality of this information.

In our offices, we limit access to nonpublic personal and financial information about you to those TCW personnel who need to know the information in order to provide products or services to you. We maintain physical, electronic, and procedural safeguards to protect your nonpublic personal and financial information; however, no method of transmission or electronic storage is completely secure, and we cannot guarantee absolute security.

#### Categories Of Information We Collect
"Customer Data" means personal data that reasonably can be associated or linked to you or another customer as an individual person, and includes nonpublic personal and financial information, as well as personal data on yourself that you provide to us, as well as the personal data of individuals connected with you as an investor (for example, directors, trustees, employees, representatives, shareholders, investors, clients, beneficial owners or agents). In our use of Customer Data, the Fund, the General Partner and the investment manager are each characterized as a "controller" under the GDPR and the UK GDPR. Except as otherwise described in this Privacy Policy, the affiliates and delegates of the Fund, the General Partner and the investment manager may act as "processors" of Customer Data.

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If you are a natural person, this Privacy Policy will affect you directly. If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited partnerships) that provides us with Customer Data on individuals connected to you for any reason in relation to your investment with us, this will be relevant for those individuals and you should transmit this document to those individuals or otherwise advise them of its content.

We collect and process the following forms of Customer Data:

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| ◾ | Identifiers such as your name, residential and/or business address, mailing address, email address, personal and/or business contact information, proof of address, driver's license, tax identification number, social security (or national insurance or similar) number, and passport number and other government identification information and/or numbers.  |

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◾ Commercial information, including tax information, bank account details, source of funds details and details related to your investment activity.

◾ Visual information, including your signature.

◾ Professional or employment-related information, including your job title, employer's name, place of work, work history and income.

◾ Background information, including information needed for or revealed by know-your-customer, fraud, terrorist financing, sanctions and anti-money laundering checks, investor due diligence, accreditation and consents.

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|:---|:---|
| ◾ | Financial information and account history, including information about your assets, income, net worth, amounts and types of investment, profit and loss allocations, capital account balances, commitments, withdrawals, redemptions, subscriptions and contributions, account data, other investment participation information, fund transfer information, beneficiaries, positions, percentages of fund, share or option numbers and values, vesting information, investment history, and transaction and tax information.  |

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◾ Inferences that we draw from Customer Data to create a profile about your preferences.

It is important that we maintain up to date records of key information about you. Please notify us of any significant changes in your personal circumstances as soon as they occur (e.g., change of name, address, contact information, etc.). From time to time, we may ask you to complete a new Customer Data form to ensure our records are up to date.

#### Sources of Customer Data
We collect Customer Data in various ways, including through:

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|:---|:---|
| ◾ | Your, or your employer's, financial intermediary's and/or designated representative's correspondence, interactions and transactions with us, our affiliates, delegates or others, including by letter, email, telephone, our websites, and through information provided in subscription agreements, investor questionnaires, applications and other agreements or documents completed by you or on your behalf.  |

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| ◾ | Information from other public sources, including public news sources, corporate registries, government and other public databases, and professional social media sites, such as LinkedIn, and information we receive from consumer reporting agencies, our services providers or others we may engage in connection with conducting due diligence, know-your-customer, anti-money laundering and other checks required to be performed in relation to admitting new investors.  |

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#### How And on What Basis Do We Use Customer Data?
We use Customer Data for a variety of reasonable and legitimate business purposes, including, but not limited to, where:

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|:---|:---|
| ◾ | It is necessary to enter into or for the performance of our rights and obligations under a contract with you or to take steps at your request prior to entering into a contract (e.g., to process your subscription agreement and/or the constitutional and operational documents of the Fund, provide information you have requested, create and administer your account, administer your investments, maintain registers and communicate with you about your investments).  |

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|:---|:---|
| ◾ | It is necessary for compliance with legal and regulatory obligations to which we are subject (such as compliance with know-your-customer, anti-money laundering and FATCA/CRS requirements) – this may involve collecting specific Customer Data about you where required by law and disclosing such information to applicable regulators, government bodies, tax and other authorities.  |

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| ◾ | It is necessary for our, our affiliates', delegates' and/or other third parties' legitimate interests (and such interests are not overridden by your interests, fundamental rights or freedoms) or (if required by law) with your consent, including to operate and facilitate our business and services to you, undertake business management, planning, statistical analysis, market research and  |

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| ![LOGO](g211809g00z02.jpg) | <br> 56 |

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marketing (including email marketing) activities, administer and maintain our core records, protect our rights and interests, ensure the security of our assets, systems and networks, prevent, detect and investigate fraud, unlawful or criminal activities in relation to our services, and enforce our terms and conditions. <br>

◾ It is necessary for the establishment, exercise or defense of legal claims.

Where we process Customer Data about you on the basis of your consent, you have the right to withdraw that consent at any time. If you decline to provide or withdraw your consent to our use of Customer Data about you and, under applicable law, we are relying on such consent as the legal basis for its processing, there are circumstances in which we will not be able to provide you with certain services or take particular action on your behalf.

Where we process Customer Data about you on the basis of our or a third party's legitimate interests, we may do so for our or our affiliates', delegates' and/or other third parties' everyday business purposes (such as to process your transactions, maintain your account(s)) or respond to court orders and legal investigations. To the extent permitted by law (including with your consent, where required), we may also process Customer Data about you to offer or market products or services to you (including by email), or permit authorized third parties to offer or market their services to you.

Should we wish to use Customer Data for other specific purposes (including, if applicable, any purpose that requires your consent), we will contact you. We will not use Customer Data for any purposes inconsistent with this Privacy Policy without your permission.

You may be asked to provide some of the Customer Data referred to in this Privacy Policy for one or more of the purposes described above. If you fail to provide this Customer Data when requested, and the information is necessary for TCW to comply with its legal or contractual obligations under applicable law, we may not be able to meet the obligations placed on us. In all other cases, the provision of Customer Data is voluntary.

#### With Whom Do We Share Customer Data?
We may share Customer Data to carry out and implement any and all purposes described above, and for the objects of the Fund, including:

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|:---|:---|
| ◾ | With our affiliates and delegates that may act as data processors, processors or service providers (the "Delegates"), which may use Customer Data, for example, to provide their services to us or to discharge the legal, regulatory, or self-regulatory requirements that apply directly to us or in respect of which we rely upon the Delegates provided that,  |

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| ◾ | Such use of Customer Data by the Delegates will always be compatible with at least one of the aforementioned purposes for which we process Customer Data. The Delegates will not retain, use, sell or otherwise disclose Customer Data for any purpose other than the specific business purpose for which we have provided the information to the Delegate.  |

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| ◾ | With regulatory, self-regulatory, administrative, law enforcement agencies, or other oversight bodies in certain circumstances where we and/or our Delegates are obliged to share Customer Data and other information with respect to your interest in the Fund with the relevant regulatory authorities. They, in turn, may exchange this information with foreign authorities, including tax authorities.  |

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◾ As authorized, for example, by subscription agreements or organizational documents of the Fund and as authorized by you or your designated representatives.

◾ As necessary for us to enter into or to perform a contract with you (e.g., to process your subscription agreement, provide information you have requested, create and administer your account, administer your investments, maintain registers and communicate with you about your investments).

◾ As necessary for our, or a third party's, legitimate business interests, including with TCW as further described above.

◾ In connection with certain business transactions, with a third party that succeeds the investment manager or the General Partner in carrying on all or a part of our business or if the Fund is otherwise sold or transferred to a third party.

◾ As required by law, regulation, or self-regulatory requirement, including to comply with a subpoena or similar legal process, including when we believe in good faith that disclosure is legally required.

◾ As necessary for the establishment, exercise or defense of legal claims, or where otherwise necessary to protect the investment manager, the General Partner or the Fund's rights and property.

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| ![LOGO](g211809g00z02.jpg) | <br> 57 |

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#### Categories of Information We Disclose To Nonaffiliated Third Parties
We may disclose your name, address and account and other identifying numbers, as well as information about your pending or past transactions and other personal financial information, to nonaffiliated third parties, for our everyday business purposes, such as those necessary to execute, process, service and confirm your securities transactions and mutual fund transactions, to administer and service your account and commingled investment vehicles in which you are invested, to market our products and services through joint marketing arrangements or to respond to court orders and legal investigations.

We may disclose nonpublic personal and financial information concerning you to law enforcement agencies, federal regulatory agencies, self-regulatory organizations or other nonaffiliated third parties, if required or requested to do so by a court order, judicial subpoena or regulatory inquiry.

We do not otherwise disclose your nonpublic personal and financial information to nonaffiliated third parties, except where we believe in good faith that disclosure is required or permitted by law. Because we do not disclose your nonpublic personal and financial information to nonaffiliated third parties, our Customer Privacy Policy does not contain opt-out provisions.

#### Categories of Information We Disclose To Our Affiliated Entities
◾ We may disclose your name, address and account and other identifying numbers, account balances, information about your pending or past transactions and other personal financial information to our affiliated entities for any purpose.

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| ◾ | We regularly disclose your name, address and account and other identifying numbers, account balances and information about your pending or past transactions to our affiliates to execute, process and confirm securities transactions or mutual fund transactions for you, to administer and service your account and commingled investment vehicles in which you are invested, to ensure compliance with applicable laws and regulations, or to market our products and services to you.  |

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#### Information About Former Customers
We do not disclose nonpublic personal and financial information about former customers to nonaffiliated third parties unless required or requested to do so by a court order, judicial subpoena or regulatory inquiry, or otherwise where we believe in good faith that disclosure is required or permitted by law.

#### International Data Transfers
Because the internet and our operations are global, Customer Data may be transferred to, processed in, and held in countries (including the United States) other than the one in which you reside. The EEA and the UK do not consider the United States and many other countries to provide essentially equivalent privacy protections. Such transfers are a necessary part of the services that we provide.

We will ensure application of the same standards of privacy protection as set out in this Privacy Policy regardless of the international transfer or processing of Customer Data. To the extent required by, and in accordance with, applicable data protection laws, we rely on appropriate or suitable safeguards in respect of international transfers of Customer Data, including:

◾ Using standard contractual clauses approved by relevant authorities as ensuring adequate safeguards.

◾ Obtaining your consent to transfer Customer Data about you after first informing you about the possible risks of such a transfer.

◾ When the transfer is necessary for the performance of a contract between you and us, or if the transfer is necessary for the performance of a contract between us and a third party, and the contract was entered into in your interest.

◾ When the transfer is necessary to establish, exercise or defend legal claims.

#### How Long Do We Retain Customer Data?
We retain Customer Data only for as long as is necessary for the purposes set out in this Privacy Policy, subject to your rights, under certain circumstances, to have your Customer Data erased. When deciding how long to retain Customer Data, we take into account our legal and regulatory obligations, the amount, nature and sensitivity of the Customer Data, the potential risk of harm from unauthorized use or disclosure of Customer Data, the purposes for which we process Customer Data and whether we can achieve those purposes through other means. We may also retain Customer Data to investigate or defend against potential legal claims in accordance with the limitation periods of countries where legal action may be brought.

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| ![LOGO](g211809g00z02.jpg) | <br> 58 |

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#### Individual Rights
Individuals in the US, the EEA and/or the UK, and individuals in other jurisdictions whose Customer Data is subject to the California Consumer Privacy Act, GDPR and/or the UK GDPR, have certain rights in relation to their Customer Data. Subject to certain limitations, these rights include the right for individuals to: (i) request access to and rectification or erasure of their Customer Data; (ii) restrict or object to the processing of their Customer Data; and (iii) obtain a copy of their Customer Data in a portable format. Individuals may also have the right to lodge a complaint about the processing of Customer Data with a data protection or supervisory authority.

#### Questions
Should you have any questions about our Customer Privacy Policy, please contact us by email or by regular mail at the address at the end of this policy.

Individuals in some U.S. jurisdictions, including California, have certain data subject rights. These rights vary, but they may include the right to: (i) request access to and rectification or erasure of their personal data; (ii) restrict or object to the processing of their personal data; and (iii) obtain a copy of their personal data in a portable format. Individuals may also have the right to lodge a complaint about the processing of personal data with a data protection authority. If you wish to exercise any of these rights please contact us by email or by regular mail at the address at the end of this policy.

#### Reminder About TCW's Financial Products
Financial products offered by The TCW Group, Inc. and its subsidiaries, affiliates, and funds:

◾ Are not guaranteed by a bank;

◾ Are not obligations of The TCW Group, Inc. or of its subsidiaries, affiliates, and funds;

◾ Are not insured by the Federal Deposit Insurance Corporation; and

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| ◾ | Are subject to investment risks, including possible loss of the principal amount committed or invested, and earnings thereon.  |

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Attention: Chief Privacy Officer \| 515 South Flower Street, Los Angeles, CA 90071 \| email: privacy@tcw.com

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| ![LOGO](g211809g00z02.jpg) | <br> 59 |

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## TCW Strategic Income Fund, Inc.
Renewal of Investment Advisory and Management Agreement (Unaudited)

The Investment Company Act of 1940 requires that both the full Board of Directors and a majority of non-interested ("Independent") Directors, voting separately, annually approve the continuation of the Fund's investment advisory agreement (the "Agreement") with TCW Investment Management Company LLC (the "Advisor"). The Directors consider matters bearing on the Funds and their advisory agreements throughout the year, including a review of performance data at each regular meeting. In addition, at an in-person meeting on September 15, 2025, the Board approved the renewal of the Agreement for an additional one-year term from February 6, 2026 through February 5, 2027. The renewal of the Agreement was approved by the Board (including by a majority of the Independent Directors) upon the recommendation of the Independent Directors. The Independent Directors also met by videoconference in a working session on August 21, 2025 to hear presentations by representatives of the Advisor, to ask related questions, to review and discuss materials provided by the Advisor for their consideration, and to meet separately with their independent legal counsel. On September 15, 2025, they also met separately with their independent legal counsel to discuss the information that had been requested on their behalf by their independent legal counsel and presented by the Advisor. The information, material facts, and conclusions that formed the basis for the Independent Directors' recommendation and the Board's subsequent approval are described below.

1. Information received

*Materials reviewed*—During the course of each year, the Directors receive a wide variety of materials relating to the services provided by the Advisor, including reports on the Advisor's investment processes, as well as on the Fund's investment results, portfolio composition, portfolio trading practices, compliance monitoring, shareholder services, and other information relating to the nature, extent, and quality of services provided by the Advisor to the Fund. In addition, the Board reviewed information furnished to the Independent Directors in response to a detailed request sent to the Advisor on their behalf. The information in the Advisor's responses included extensive materials regarding the Fund's investment results, advisory fee comparisons to advisory fees charged by the Advisor to its institutional clients, financial and profitability information regarding the Advisor, descriptions of various services provided to the Fund and to other advisory and sub-advisory clients, descriptions of functions such as compliance monitoring and portfolio trading practices, and information about the personnel providing investment management services to the Fund. The Directors also considered information provided by an independent data provider, Broadridge, comparing the investment performance and the fee and expense levels of the Fund to those of appropriate peer groups of funds selected by Broadridge. After reviewing this information, the Directors requested additional information from the Advisor, which the Advisor provided and the Directors considered.

*Review process*—The Directors' determinations were made on the basis of each Director's business judgment after consideration of all the information presented. The Independent Directors were advised by their independent legal counsel throughout the renewal process and received and reviewed advice from their independent legal counsel regarding legal and industry standards applicable to the renewal of the Agreement, including a legal memorandum from their independent legal counsel discussing their fiduciary duties related to their approval of the continuation of the Agreement. The Independent Directors also discussed the renewal of the Agreement with the Advisor's representatives and in private sessions at which no representatives of the Advisor were

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present. In deciding to recommend the renewal of the Agreement with respect to the Fund, the Independent Directors did not identify any single piece of information or particular factor that, in isolation, was the controlling factor. Some of the factors that figured particularly in the Directors' deliberations are described below, although individual Directors may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for each Fund are the result of years of review and discussion between the Independent Directors and the Board, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Directors' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years. This summary describes the most important, but not all, of the factors considered by the Board and the Independent Directors.

2. Nature, extent, and quality of services provided by the Advisor

The Board and the Independent Directors considered the depth and quality of the Advisor's investment management process, including its research and strong analytical capabilities; the experience, capability, and integrity of its senior management and other personnel; the advance planning and transition arrangements put in place with respect to the changes in key portfolio management and other personnel; the overall resources available to the Advisor; and the ability of its organizational structure to address the fluctuations in assets that have been experienced over the past several years. The Board and the Independent Directors considered the Advisor's continued commitment and ability to attract and retain well-qualified investment professionals, noting in particular the Advisor's hiring of professionals in various areas over the past several years, continued upgrading of resources in its middle office and back office operations and other areas, as well as a continuing and extensive program of infrastructure and systems enhancements, including business continuity, cybersecurity, and the modernization of the technology ecosystem with the implementation of Aladdin, as well as investments in sales and marketing to increase brand awareness, updates to information security defenses, and budgeting for certain future initiatives. The Board and the Independent Directors noted the significant role played by the Advisor, as valuation designee, with respect to the valuation of portfolio securities, including research and analysis related to fair valued securities and due diligence and oversight of pricing vendors. The Board and the Independent Directors also considered that the Advisor made available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, operations, administration, research, portfolio accounting and legal matters. They noted the substantial additional resources made available by The TCW Group, Inc., the parent company of the Advisor ("TCW"). The Board and the Independent Directors examined and discussed a detailed description of the extensive additional services provided to the Fund to support its operations and compliance, as compared to the much narrower range of services provided to the Advisor's institutional and sub-advised clients, as well as the Advisor's oversight and coordination of numerous outside service providers to the Fund. They further noted the high level of regular communication between the Advisor and the Independent Directors. The Advisor explained its responsibility to supervise the activities of the Fund's various service providers, as well as supporting the Independent Directors and their meetings, regulatory filings, and various operational personnel, and the related costs.

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Renewal of Investment Advisory and Management Agreement (Unaudited) (Continued)

The Board and the Independent Directors concluded that the nature, extent, and quality of the services provided by the Advisor are of a high quality and have benefited and should continue to benefit the Fund and its shareholders.

3. Investment results

The Board and the Independent Directors considered the investment results of the Fund in light of its investment objective and principal investment strategies. They compared the Fund's total returns with the total returns of other funds in peer group reports prepared by Broadridge with respect to various longer and more recent periods all ended May 31, 2025. The Board and the Independent Directors reviewed information as to a peer group selection presented by Broadridge and discussed the methodology for the selection with Broadridge. In reviewing the Fund's relative performance, the Board and the Independent Directors took into account the Fund's investment strategies, distinct characteristics, asset size and diversification.

The Board and the Independent Directors noted that the Fund's performance was in the fifth quintile for the ten- and five-year periods and the second quintile for the three- and one-year periods. The Board and the Independent Directors recognized that the peer group included many funds that were not considered to be sufficiently comparable to the Fund in terms of strategy or characteristics, including that certain peer group funds had significantly higher aggregate exposure to common equity, preferred and convertible securities than the Fund, as well as generally higher levels of leverage. The Board and the Independent Directors also considered that the Fund experienced significantly less volatility than the other funds in the peer group.

The Board and the Independent Directors concluded that the Advisor was implementing the Fund's investment objective and that the Advisor's record in managing the Fund indicated that its continued management should benefit the Fund and its shareholders over the long term.

4. Advisory fees and total expenses

The Board and the Independent Directors compared the management fees (which Broadridge defines to include the advisory fee and the administrative fee) and net total expenses of the Fund (as a percentage of average net assets) with the median management fee and operating expense level of the other funds in the Broadridge peer group. These comparisons assisted the Board and the Independent Directors by providing a reasonable statistical measure to assess the Fund's fees relative to its relevant peers. The Board and the Independent Directors observed that the Fund's management fee was below and net total expenses were at the median of the peer group funds. The Board and the Independent Directors concluded that the competitive fee charged by the Advisor, and competitive expense ratio, should continue to benefit the Fund and its shareholders. The Board and the Independent Directors also reviewed information regarding the advisory fees charged by the Advisor to its institutional and sub-advisory clients with similar investment mandates. The Board and the Independent Directors concluded that, although the fees paid by those clients generally were lower than advisory fees paid by the Fund, the differences appropriately reflected the more extensive services provided by the Advisor to the Fund and the Advisor's significantly greater responsibilities and expenses with respect to the Fund, including the additional risks of managing a pool of assets for public investors, administrative burdens, daily pricing and valuation responsibilities, the supervision of vendors and service providers, and the costs of additional infrastructure and operational resources

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and personnel and of complying with and supporting the more comprehensive regulatory and governance regime applicable to registered investment companies with shares listed on a stock exchange.

5. The Advisor's costs, level of profits, and economies of scale

The Board and the Independent Directors reviewed information regarding the Advisor's costs of providing services to the Fund, as well as the resulting level of profits to the Advisor. They reviewed the Advisor's stated assumptions and methods of allocating certain costs, such as personnel costs, which constitute the Advisor's largest operating cost. The Board and the Independent Directors recognized that the Advisor should be entitled to earn a reasonable level of profits for the services that it provides to the Fund. The Board and the Independent Directors also reviewed a comparison of the Advisor's profitability with respect to the Fund to the profitability of certain unaffiliated publicly traded asset managers, which the Advisor believed supported its view that the Advisor's profitability was reasonable. Based on their review, the Board and the Independent Directors concluded that they were satisfied that the Advisor's level of profitability from its relationship with the Fund was not unreasonable or excessive.

The Board and the Independent Directors considered the extent to which potential economies of scale could be realized as the Fund grows and whether the advisory fee reflects those potential economies of scale. They noted the breakpoint under the Agreement, which results in a lower advisory fee rate as the Fund grows larger. They recognized the Advisor's view that the advisory fee compares favorably to peer group fees, and that expenses remain competitive even at higher asset levels and that the relatively low advisory fees reflect the potential economies of scale. The Board and the Independent Directors recognized the benefits of the Advisor's substantial past and ongoing investment in the advisory business, such as successfully recruiting and retaining key professional talent, systems and technology upgrades, added resources dedicated to legal, compliance, risk management and cybersecurity programs, and improvements to the overall firm infrastructure, as well as the financial pressures of competing against much larger firms and passive investment products. The Board and the Independent Directors also recognized that the Fund benefits from receiving investment advice from an organization with other types of advisory clients in addition to investment companies. The Board and the Independent Directors concluded that the Advisor was appropriately sharing potential economies of scale with the Fund through low fees and expenses, and through reinvesting in its capabilities for serving the Fund and its shareholders.

6. Ancillary benefits

The Board and the Independent Directors also considered ancillary benefits received or to be received by the Advisor and its affiliates as a result of the relationship of the Advisor with the Fund. The Board and the Independent Directors concluded that any potential benefits to be received or to be derived by the Advisor from its relationships with the Fund are reasonably related to the services provided by the Advisor to the Fund.

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Renewal of Investment Advisory and Management Agreement (Unaudited) (Continued)

7. Conclusions

Based on their overall review, including their consideration of each of the factors referred to above (and others), the Board and the Independent Directors concluded that the Agreement is fair and reasonable to the Fund and its shareholders, that the Fund's shareholders received reasonable value in return for the advisory fees and other amounts paid to the Advisor by the Fund, and that the renewal of the Agreement was in the best interests of the Fund and its shareholders.

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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 TCW website at https://www.tcw.com/Global-Proxy-Voting-Policy; or

3. 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, at https://www.tcw.com/Literature/Proxy-Voting.

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 7, 2025 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 7, 2025 and an Interim Written Affirmation on December 11, 2025.

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Report of Annual Meeting of Shareholders

The annual meeting of shareholders (the "Annual Meeting") of the Fund was held on September 16, 2025. At the Annual Meeting, the following matters were submitted to a shareholder vote:

1) *Election of Directors* — the shareholders of the Fund elected the following Directors to serve on the Board of Directors until their successors have been duly elected and qualified.

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| | | |
|:---|:---|:---|
| **Director** | **Votes Cast<br>For** | **Withheld** |
|  Patrick C. Haden | 32773678 | 3513549 |
|  Martin Luther King III | 34788554 | 1498673 |
|  Peter McMillan | 35868476 | 418752 |
|  Victoria B. Rogers | 35046843 | 1240385 |
|  Robert G. Rooney | 35820650 | 466577 |
|  Michael Swell | 35809769 | 477458 |
|  Andrew Tarica | 35861807 | 425422 |

---

2) *Ratification of Selection of Independent Registered Public Accounting Firm* — the shareholders of the Fund approved the ratification of the selection of Deloitte & Touche LLP as the independent registered public accounting firm for the Fund for the fiscal year ended December 31, 2025. 

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| | | |
|:---|:---|:---|
| **For** | **Against** | **Abstain** |
|  36,020,161 | 153925 | 113140 |

---

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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 43078, Providence, RI 02940-3078, 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.

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## TCW Strategic Income Fund, Inc.
Tax Information Notice (Unaudited)

Under Section 854(b) (2) of the Code, the Fund designates 0.91% of the dividend paid as qualified dividends for purposes of the maximum rate under Section 1(h) (11) of the Code for the fiscal year ended December 31, 2025.

The dividend received deduction percentage for the Fund's corporate shareholders was 0.59% for the fiscal year ended December 31, 2025.

This information is given to meet certain requirements of the Code and should not be used by shareholders for preparing their income tax returns. Shareholders should refer to the Form 1099-DIV provided by Computershare or your broker for tax filing purposes. Shareholders are advised to check with their tax advisors for information on the treatment of these amounts on their individual tax returns.

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Directors and Officers

A board of nine directors is responsible for overseeing the operations of the TCW Strategic Income Fund, Inc. (the "Fund"). The directors of the Fund, their business addresses and their principal occupations for the last five years are set forth below.

#### Independent Directors

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| | | | |
|:---|:---|:---|:---|
| **Name and**<br> **Year of Birth***(1)*  | **Term of Office and**<br> **Length of Time Served** | **Principal Occupation(s)**<br> **During Past 5 Years***(2)*  | **Other Directorships**<br> **Held by Director** |
| **Patrick C. Haden (1953)**<br> Vice Chairman of the Board | Mr. Haden has served as a director of the Fund since May 2001. | President (since 2003), Wilson Ave. Consulting (business consulting firm); | Auto Club (affiliate of AAA); TCW Metropolitan West Funds (mutual fund); TCW Funds, Inc. (mutual fund); TCW ETF Trust (exchange-traded fund); TCW Private Asset Income Fund (closed-end fund). |
| **Martin Luther King III (1957)** | Mr. King has served as a director of the Fund since September 2024. | President and Chief Executive Officer (since 1998), The King Center (non-profit organization); Chief Executive Officer (since January 2006), Realizing the Dream (non-profit organization); Independent motivational lecturer (since 1980). | TCW Metropolitan West Funds (mutual fund); TCW Strategic Income Fund, Inc. (closed-end fund); TCW ETF Trust (exchange-traded fund); TCW Private Asset Income Fund (closed-end fund). |
| **Peter McMillan (1957)** | Mr. McMillan has served as a director of the Fund since August 2010. | Co-founder (since 2019), Pacific Oak Capital Advisors (investment advisory firm); Co-founder, Managing Partner and Chief Investment Officer (since May 2013), Temescal Canyon Partners (investment advisory firm). | Pacific Oak Strategic Opportunity REIT (real estate investments); Keppel Pacific Oak U.S. REIT (real estate investments); Pacific Oak Residential Trust (real estate investments); TCW Metropolitan West Funds (mutual fund); TCW DL VII Financing LLC (private fund); TCW Funds, Inc. (mutual fund); TCW ETF Trust (exchange-traded fund); TCW Private Asset Income Fund (closed-end fund). |
| **Victoria B. Rogers (1961)** | Ms. Rogers has served as a director of the Fund since October 2011. | President and Chief Executive Officer (since 1996), The Rose Hills Foundation (charitable foundation). | Norton Simon Museum (art museum); Causeway Capital Management Trust (mutual fund); The Rose Hills Foundation (charitable foundation); Saint John's Health Center Foundation (charitable foundation);TCW Funds, Inc.(mutual fund); TCW Metropolitan West Funds (mutual fund); TCW ETF Trust (exchange-traded fund); TCW Private Asset Income Fund (closed-end fund). |

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## TCW Strategic Income Fund, Inc.

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| | | | |
|:---|:---|:---|:---|
| **Name and**<br> **Year of Birth***(1)*  | **Term of Office and**<br> **Length of Time Served** | **Principal Occupation(s)**<br> **During Past 5 Years***(2)*  | **Other Directorships**<br> **Held by Director** |
| **Robert G. Rooney (1957)** | Mr. Rooney has served as a director of the Fund since September 2024. | Founder (since August 2022), RGR Advisors CT, LLC (financial advisory firm); Chief Financial and Administrative Officer and Senior Financial Advisor (November 2018-March 2021), REEF Technology (real estate and technology services company). | TCW Metropolitan West Funds (mutual fund); TCW Funds, Inc. (mutual fund); TCW ETF Trust (exchange-traded fund); TCW Private Asset Income Fund (closed-end fund). |
| **Michael Swell (1966)** | Mr. Swell has served as a director of the Fund since September 2024. | Retired (since 2021); Partner and Managing Director (2007-2021), Goldman Sachs Asset Management (asset management company). | TCW Metropolitan West Funds (mutual fund); TCW Funds, Inc. (mutual fund); TCW ETF Trust (exchange-traded fund); TCW Private Asset Income Fund (closed-end fund); Apollo Realty Income Solutions Inc. (nontraded real estate investment trust). |
| **Andrew Tarica (1959)**<br> Chairman of the Board | Mr. Tarica has served as a director of the Fund since March 2012. | Retired (since December 2024); Chief Executive Officer (2001-2024), Meadowbrook Capital Management (asset management company); and Employee (2003-January 2022), Cowen Prime Services (broker-dealer). | TCW Metropolitan West Funds (mutual fund); TCW Funds, Inc. (mutual fund); TCW Direct Lending VII, LLC (business development company); TCW Direct Lending VIII, LLC (business development company); TCW Star Direct Lending, LLC (business development company); TCW ETF Trust (exchange-traded fund); TCW Private Asset Income Fund (closed-end fund); TCW Spirit Direct Lending, LLC (closed-end fund); TCW Steel City Senior Lending BDC (business development company). |

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*(1)* The address of each Independent Director is c/o The TCW Group, Inc., 515 South Flower Street, Los Angeles, CA 90071.

*(2)* Position with company may have changed over time.

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Directors and Officers (Continued)

#### Interested Directors
Each of these directors are "interested persons" of the Fund as defined in the 1940 Act because they are directors and officers of the Advisor.

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| | | | |
|:---|:---|:---|:---|
| **Name and**<br> **Year of Birth***(1)*  | **Term of Office and**<br> **Length of Time Served** | **Principal Occupation(s)**<br> **During Past 5 Years***(2)* | **Other Directorships**<br> **Held by Director** |
| **David Vick (1972)** | Mr. Vick has served as a director of the Fund since September 2025. | Group Managing Director (since 2006), TCW LLC. | TCW ETF Trust (exchange-traded fund); TCW Metropolitan West Funds (mutual fund); TCW Funds, Inc. (mutual fund); TCW Private Asset Income Fund (closed-end fund). |
| **Richard Villa (1964)** | Mr. Villa has served as a director of the Fund since December 2025.<br>Mr. Villa has served as President and Principal Executive Officer of TCW Funds, Inc. since December 2025 and as Treasurer, Principal Financial Officer, and Principal Accounting Officer of TCW Funds, Inc. since February 2014. | Executive Vice President, Chief Financial Officer and Assistant Secretary (since January 2016), TCW LLC and (since July 2008), the Advisor, The TCW Group, Inc., Metropolitan West Asset Management, LLC, and TCW Asset Management Company LLC; Chairman, Executive Vice President and Chief Financial Officer (since September 2024), TCW Asset Backed Finance Management Company LLC; Treasurer, Principal Financial Officer and Principal Accounting Officer (since February 2014), TCW Strategic Income Fund, Inc., (since February 2021), TCW Metropolitan West Funds, (since September 2024), TCW Private Asset Income Fund and (since March 2025) TCW ETF Trust. | TCW ETF Trust (exchange-traded fund); TCW Metropolitan West Funds (mutual fund); TCW Funds, Inc. (mutual fund); TCW Private Asset Income Fund (closed-end fund). |

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*(1)* The address of each Interested Director is c/o the TCW Group, Inc., 515 South Flower Street, Los Angeles, CA 90071.

*(2)* Positions with The TCW Group, Inc. and its affiliates may have changed over time.

The officers of the Fund who are not directors of the Fund are:

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| | | |
|:---|:---|:---|
| **Name and Year of Birth** *(1)* | **Position(s) Held**<br> **with Fund** | **Principal Occupation(s)**<br> **During Past 5 Years** *(2)* |
| **Drew Bowden (1961)** | Executive Vice President | Executive Vice President, General Counsel and Secretary (since September 2023), the Advisor, Metropolitan West Asset Management, LLC, The TCW Group, Inc., TCW Asset Management Company LLC, TCW LLC, and (since September 2024), TCW Asset Backed Finance Management Company LLC; Executive Vice President (since 2023), TCW Metropolitan West Funds, TCW |

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## TCW Strategic Income Fund, Inc.

---

| | | |
|:---|:---|:---|
| **Name and Year of Birth** *(1)* | **Position(s) Held**<br> **with Fund** | **Principal Occupation(s)**<br> **During Past 5 Years** *(2)* |
|  |  | ETF Trust, and TCW Funds, Inc., and (since September 2024), TCW Private Asset Income Fund; Chief Operating Officer (August 2021-September 2023) Western Asset Management Company; Executive Vice President and General Counsel (March 2020-February 2021); and Senior Vice President and General Counsel (May 2015-March 2020), Jackson Financial Inc. |
| **Eric Chan (1978)** | Assistant Treasurer | Managing Director of Fund Operations (since November 2006), Metropolitan West Asset Management, LLC and (since 2009), the Advisor, TCW Asset Management Company LLC and TCW LLC; Assistant Treasurer, (since 2010) TCW Metropolitan West Funds and (since 2009) TCW Funds, Inc., (since March 2025) TCW ETF Trust and (since September 2024) TCW Private Asset Income Fund. Mr. Chan is a Certified Public Accountant. |
| **Peter Davidson (1972)** | Vice President and Secretary | Managing Director, Associate General Counsel and Assistant Secretary (since July 2022), the Advisor, Metropolitan West Asset Management, LLC, TCW Asset Management Company LLC, TCW LLC and (since September 2024), TCW Asset Backed Finance Management Company LLC; Vice President and Secretary (since September 2022 and December 2023, respectively), Metropolitan West Funds and TCW Funds, Inc.; Assistant Secretary of TCW Funds, Inc. and Metropolitan West Funds (September 2022-December 2023); Assistant General Counsel – Investment Products and Advisory Services (2020-July 2022). |
| **Lisa Eisen (1963)** | Tax Officer | Tax Officer (since December 2016), Metropolitan West Funds and TCW Funds, Inc.; Managing Director and Director of Tax (since August 2016), TCW, LLC. |
| **Alenoush Terzian (1983)** | Chief Compliance Officer and AML Officer | Chief Compliance Officer and Anti-Money Laundering Officer (since |

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Directors and Officers (Continued)

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| | | |
|:---|:---|:---|
| **Name and Year of Birth** *(1)* | **Position(s) Held**<br> **with Fund** | **Principal Occupation(s)**<br> **During Past 5 Years** *(2)* |
|  |  | August 2025), TCW Funds, Inc., TCW ETF Trust, TCW Metropolitan West Funds, and TCW Private Asset Income Fund; Senior 1940 Act Compliance Officer and Senior Vice President (March 2024 - present), TCW Group, Inc.; Chief Compliance Officer and Director of Operations (May 2021 - March 2024), Jacob Asset Management of New York LLC; Vice President – Fund Administration and Compliance (December 2010 to May 2021), U.S. Bank Global Fund Services |

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*(1)* The address of each officer is c/o the TCW Group, Inc., 515 South Flower Street, Los Angeles, CA 90071.

*(2)* Positions with The TCW Group, Inc. and its affiliates may have changed over time.

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![LOGO](g211809g01a68.jpg)

TCW Strategic Income Fund, Inc.

515 South Flower Street

Los Angeles, CA 90071

800 386 3829

tcw.com

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| | | |
|:---|:---|:---|
| Board of Directors<br>Patrick C. Haden<br> Martin Luther King III<br> Peter McMillan<br> Victoria B. Rogers<br> Robert G. Rooney<br> Michael Swell<br> Andrew Tarica<br> David Vick<br> Richard Villa<br>Adviser<br>TCW Investment Management Company LLC<br> 515 South Flower Street<br> Los Angeles, CA 90071<br>Custodian & Administrator<br>State Street Bank & Trust Company<br> One Congress Street, Suite 1<br> Boston, Massachusetts 02114-2016<br>Transfer Agent, Dividend<br>Reinvestment, Disbursment<br>Agent and Registar<br>Computershare<br> P.O. Box 43078<br> Providence, RI 02940-3078 | Officers<br>Richard Villa<br>President, Principal Executive Officer,<br> Treasurer, Principal Financial Officer, and Principal Accounting Officer<br>Drew Bowden<br>Executive Vice President<br>Eric Chan<br>Assistant Treasurer<br>Peter Davidson<br>Vice President and Secretary<br>Lisa Eisen<br>Tax Officer<br>Alenoush Terzian<br>Chief Compliance Officer and<br> Anti-Money Laundering Officer | Independent Registered<br>Public Accounting Firm<br>Deloitte & Touche LLP<br> 555 West 5th Street, Suite 2700<br> Los Angeles, CA 90013<br>**For Additional Information**<br> **Call 800 FUND TCW (800 386 3829)**<br> **or visit tcw.com** |

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A description of the Funds' proxy voting policies, procedures, and how the Funds voted proxies relating to their portfolios' securities during the most recent 12-month period ending June 30 are available (i) without charge, upon request, by calling 800 386 3829; (ii) on the Securities and Exchange Commission's website at www.sec.gov.

In addition to its annual and semi-annual reports, the Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. Such filings occur no later than 60 days after the end of the Funds' first and third quarters and are available on the SEC's website at www.sec.gov.

To reduce expenses, we may mail only one copy of the Fund's prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at 800 386 3829 (or contact your financial institution).

We will begin sending you individual copies thirty days after receiving your request.

This report is submitted for general information to the shareholders of the Funds. It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective Prospectus, which includes details regarding the Funds' objectives, policies, expenses and other information.

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(b) Not applicable.

**Item 2.** **Code of Ethics.** <br>

(a) The Registrant has adopted a code of ethics that applies to its principal executive officer and principal financial officer or persons performing similar functions.

(b) No disclosures are required by this Item 2(b).

(c) The Registrant has made no material changes to its code of ethics during the period covered by this Form N-CSR.

(d) The Registrant has not granted any waivers from any provisions of its code of ethics during the period covered by this Form N-CSR.

(e) Not applicable.

(f) A copy of the Registrant's code of ethics is filed as Exhibit 19(a)(1) to this Form N-CSR.

**Item 3.** **Audit Committee Financial Expert.** <br>

(a)(1) The Registrant's Board of Directors (the "Board") has determined that the Registrant has at least one member serving on the Registrant's Audit Committee that possesses the attributes identified in Form N-CSR to qualify as an "audit committee financial expert."

(a)(2) The audit committee financial experts are Victoria B. Rogers, Robert G. Rooney, and Michael Swell. Each has been deemed to be "independent" as that term is defined in Form N-CSR.

(a)(3) Not applicable.

**Item 4.** **Principal Accountant Fees and Services.** <br>

The firm of Deloitte & Touche LLP ("Deloitte") serves as the independent registered public accounting firm for the Registrant.

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(a) <u>Audit Fees</u>

For the fiscal years ended December 31, 2025 and December 31, 2024, the aggregate fees billed for professional services rendered by Deloitte for the audit of the Registrant's annual financial statements or for services that are normally provided by Deloitte in connection with statutory and regulatory filings or engagements were:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025  | 2024 |
| $62000 | $62000 |

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(b) <u>Audit-Related Fees</u> 

For the fiscal years December 31, 2025 and December 31, 2024, the aggregate fees billed for assurance and related services rendered by Deloitte that are reasonably related to the performance of the audit or review of the Registrant's financial statements and that are not reported under Audit Fees above were:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025  | 2024 |
| $0 | $0 |

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(c) <u>Tax Fees</u> 

For the fiscal years ended December 31, 2025 and December 31, 2024, the aggregate fees billed for tax compliance, tax advice, and tax planning by Deloitte were:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025  | 2024 |
| $4740 | $4740 |

---

"Tax Fees" represents aggregate fees billed for each of the last two fiscal years for professional services related to tax compliance, tax advice and tax planning, including review of federal and state income tax returns, review of excise tax distribution requirements and excise tax returns.

(d) <u>All Other Fees</u> 

For the fiscal years ended December 31, 2025 and December 31, 2024, the aggregate fees billed by Deloitte to the Registrant for all services other than services reported under Audit Fees, Audit-Related Fees, and Tax Fees were:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025  | 2024 |
| $0 | $0 |

---

(e)(1) The Registrant's Audit Committee approves each specific service the auditor will perform for the Registrant. Accordingly, the Audit Committee has not established pre-approval policies or procedures for services that the auditor may perform for the Registrant.

------

(e)(2) None of the services described in each of paragraphs (b) through (d) of this Item were approved by the Registrant's Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) No non-audit fees except as disclosed in Item 4(c) above were billed by the Registrant's accountant for services rendered to the Registrant, or rendered to the Registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant for each of the last two fiscal years of the Registrant.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

**Item 5.** **Audit Committee of Listed Registrants.** <br>

(a) The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The Registrant's Audit Committee members, consisting solely of independent directors, are:

Patrick C. Haden

Martin Luther King III

Peter McMillan

Victoria B. Rogers

Robert G. Rooney

Michael Swell

Andrew Tarica

(b) Not applicable.

**Item 6.** **Investments.** <br>

(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.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

Not applicable.

------

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

Not applicable.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

Not applicable.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

Not applicable.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

The Statement regarding Basis for Approval of Investment Advisory Contract is included as part of the Report to Shareholders filed under Item 1 of this Form N-CSR.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Attached to this Form N-CSR as Exhibit 19(c) is a copy of the proxy voting policies and procedures of the Registrant.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

(a)(1) Portfolio Managers\*

---

| | | |
|:---|:---|:---|
| Name | Experience with the Fund | Primary Title with Investment Advisor |
| Jerry Cudzil | Since September 2023 | Group Managing Director |
| Ruben Hovhannisyan, CFA | Since September 2023 | Group Managing Director |
| Bryan T. Whalen, CFA | Since December 2009 | Group Managing Director |

---

\* The foregoing information regarding the Registrant's portfolio managers is as of February 23, 2026. (Positions with TCW and its affiliates may have changed over time.)

------

(a)(2) Other Accounts Managed as of December 31, 2025 in millions.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Registered Investment<br>Companies<br>asset-based advisory fee | Registered Investment<br>Companies<br>asset-based advisory fee | Other Pooled Investment<br>Vehicles<br>asset-based advisory fee | Other Pooled Investment<br>Vehicles<br>asset-based advisory fee | Other Accounts<br>asset-based advisory fee | Other Accounts<br>asset-based advisory fee | Registered<br>Investment<br>Companies<br>performance-based<br>advisory fee | Registered<br>Investment<br>Companies<br>performance-based<br>advisory fee | Other Pooled Investment<br>Vehicles<br>performance-based advisory fee | Other Pooled Investment<br>Vehicles<br>performance-based advisory fee | Other Accounts<br>performance-based<br>advisory fee | Other Accounts<br>performance-based<br>advisory fee |
|  | Number of<br>Accounts | Total<br>Assets | Number of<br>Accounts | Total<br>Assets | Number of<br>Accounts | Total<br>Assets | Number<br>of<br>Accounts | Total<br>Assets | Number of<br>Accounts | Total<br>Assets | Number<br>of<br>Accounts | Total<br>Assets |
|  Jerry Cudzil | 23 | $69859 | 39 | $17121 | 163 | $57345 | 0 | $0 | 10 | $4004 | 5 | $3080 |
|  Ruben Hovhannisyan, CFA | 24 | $69682 | 17 | $9164 | 144 | $46405 | 0 | $0 | 1 | $187 | 5 | $3080 |
|  Bryan T. Whalen, CFA | 24 | $71247 | 30 | $12085 | 193 | $71031 | 0 | $0 | 3 | $446 | 10 | $7089 |

---

<u>Conflicts</u> 

The TCW Group, Inc. and its subsidiaries, the Registrant, TCW Funds, Inc., TCW Private Asset Income Fund, the Metropolitan West Funds, and TCW ETF Trust (collectively, "TCW") have policies and controls to avoid and/or mitigate conflicts of interest across its businesses. The policies and procedures in TCW's Code of Ethics (the "Code") serve to address or mitigate both conflicts of interest and the appearance of any conflict of interest. The Code contains several restrictions and procedures designed to eliminate conflicts of interest relating to personal investment transactions, including (i) reporting account openings, changes, or closings (including accounts in which an Access Person has a "beneficial interest"), (ii) pre-clearance of non-exempt personal investment transactions (make a personal trade request for Securities) and (iii) the completion of timely required reporting (Initial Holdings Report, Quarterly Transactions Report, Annual Holdings Report and Annual Certificate of Compliance).

In addition, the Code addresses potential conflicts of interest through its policies on insider trading, anti-corruption, an employee's outside business activities, political activities and contributions, confidentiality and whistleblower provisions.

Conflicts of interest may also arise in the management of accounts and investment vehicles. These conflicts may raise questions that would allow TCW to allocate investment opportunities in a way that favors certain accounts or investment vehicles over other accounts or investment vehicles, or incentivize a TCW portfolio manager to receive greater compensation with regard to the management of certain account or investment vehicles. TCW may give advice or take action with certain accounts or investment vehicles that could differ from the advice given or action taken on other accounts or investment vehicles. When an investment opportunity is suitable for more than one account or investment vehicle, such investments will be allocated in a manner that is fair and equitable under the circumstances to all TCW clients. As such, TCW has adopted compliance policies and procedures in its Portfolio Management Policy that helps to identify a conflict of interest and then specifies how a conflict of interest is managed. TCW's Trading and Brokerage Policy also discusses the process of timing and method of allocations, and addresses how the firm handles affiliate transactions.

The respective Equity and Fixed Income Trading and Allocation Committees review trading activities on behalf of client accounts, including the allocation of investment opportunities and address any issues with regard to side-by-side management in order to ensure that all of TCW's clients are treated on a fair and equitable basis. Further, the Portfolio Analytics Committee reviews TCW's investment strategies, evaluates various analytics to facilitate risk assessment, changes to performance composites and benchmarks and monitors the implementation and maintenance of the Global Investment Performance Standards or GIPS<sup>®</sup> compliance.

------

TCW's approach to handling conflicts of interest is multi-layered starting with its policies and procedures, reporting and pre-clearance processes and oversight by various committees.

(a)(3) Portfolio Manager Compensation

The overall objective of TCW Investment Management Company LLC's (the "Advisor's") compensation program for portfolio managers is to attract experienced and expert investment professionals and to retain them over the long-term. Compensation is comprised of several components which, in the aggregate, are designed to achieve these objectives and to reward the portfolio managers for their contributions to the successful performance of the accounts they manage. Portfolio managers are compensated through a combination of base salary, fee sharing based compensation ("fee sharing"), bonus and equity incentive participation in the Advisor's parent company ("equity incentives"). Fee sharing and equity incentives generally represent most of the portfolio managers' compensation. In some cases, portfolio managers are eligible for discretionary bonuses.

*Salary*. Salary is agreed to with portfolio managers at the time of employment and is reviewed from time to time. It does not change significantly and often does not constitute a significant part of a portfolio manager's compensation.

*Fee Sharing*. Fee sharing for investment professionals is based on revenues generated by accounts in the investment strategy area for which the investment professionals are responsible. In most cases, revenues are allocated to a pool and fee sharing compensation is allocated among members of the investment team after the deduction of certain expenses (including compensation over a threshold level) related to the strategy group. The allocations are based on the investment professionals' contributions to TCW and its clients, including qualitative and quantitative contributions.

In general, the same fee sharing percentage is used to compensate a portfolio manager for investment services related to the Registrant as that used to compensate portfolio managers for other client accounts in the same strategy managed by the Advisor or an affiliate of the Advisor (collectively, "the TCW Advisors"). In some cases, the fee sharing pool includes revenues related to more than one product, in which case each participant in the pool is entitled to fee sharing derived from his or her contributions to all the included products.

Investment professionals are not directly compensated for generating performance fees. In some cases, the overall fee sharing pool is subject to fluctuation based on the relative pre-tax performance of the investment strategy composite returns, net of fees and expenses, to that of the benchmark. The measurement of performance relative to the benchmark can be based on single year or multiple year metrics, or a combination thereof. The benchmark used is the one associated with the Registrant managed by the portfolio manager as disclosed in the prospectus. Benchmarks vary from strategy to strategy but, within a given strategy, the same benchmark applies to all accounts, including the Registrant.

------

*Discretionary Bonus/Guaranteed Minimums*. Discretionary bonuses may be paid out of an investment team's fee sharing pool, as determined by the supervisor(s) in the department. In other cases where portfolio managers do not receive fee sharing or where it is determined that the combination of salary and fee sharing does not adequately compensate the portfolio manager, discretionary bonuses may be paid by the applicable TCW Advisor. Also, pursuant to contractual arrangements, some portfolio managers received minimum bonuses.

*Equity Incentives*. Management believes that equity ownership aligns the interests of portfolio managers with the interests of the firm and its clients. Accordingly, TCW's key investment professionals participate in equity incentives through ownership or participation in restricted unit plans that vest over time or unit appreciation plans of the Advisor's parent company. The plans include the Fixed Income Retention Plan, Restricted Unit Plan and 2013 Equity Unit Incentive Plan.

Under the Fixed Income Retention Plan, certain portfolio managers in the fixed income area were awarded cash and/or partnership units in the Advisor's parent company, either on a contractually-determined basis or on a discretionary basis. Awards under this plan were made in 2010 that vest over time.

Under the Restricted Unit Plan, certain portfolio managers in the fixed income and equity areas may be awarded partnership units in the Advisor's parent company. Awards under this plan have vested over time, subject to satisfaction of performance criteria.

Under the 2013 Equity Unit Incentive Plan, certain portfolio managers in the fixed income and equity areas may be awarded options to acquire partnership units in the Advisor's parent company with a strike price equal to the fair market value of the option at the date of grant. The options granted under this plan are subject to vesting and other conditions.

*Other Plans and Compensation Vehicles*. Portfolio managers may also elect to participate in the applicable TCW Advisor's 401(k) plan, to which they may contribute a portion of their pre- and post-tax compensation to the plan for investment on a tax-deferred basis.

(a)(4) Share Ownership in Registrant as of December 31, 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Portfolio<br> Manager |  | $1<br>to<br>$10K | $10K<br>to<br>$50K | $50K<br>to<br>$100K | $100K<br>to<br>$500K | $500K<br>to<br>$1 Mill | Over<br>$1 Mill |
|  Jerry Cudzil | X |  |  |  |  |  |  |
|  Ruben Hovhannisyan, CFA |  |  | X |  |  |  |  |
|  Bryan T. Whalen, CFA |  |  |  |  | X |  |  |

---

(b) Not applicable.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

None.

------

**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

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

**Item 16.** **Controls and Procedures.** <br>

(a) The Principal Executive Officer and Principal Financial and Accounting Officer have concluded, as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective, as of such date, 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 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

(a) Not applicable.

(b) Not applicable.

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

Not applicable.

**Item 19.** **Exhibits.** <br>

(a)(1) [EX-99.CODE – Code of Ethics referred to in Item 2 is filed herewith.](d211809dex99code.htm)

(a)(2) Not applicable.

---

| | |
|:---|:---|
| (a)(3) | [EX-99.CERT – The certification required by Rule 30a-2(a) of the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley Act") is filed herewith.](d211809dex99cert.htm)  |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [EX-99.906CERT – The certification required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act is filed herewith.](d211809dex99906cert.htm)

(c) [EX-99.(c) – Proxy Voting Policies and Procedures are filed herewith.](d211809dex99c.htm)

------

(101) Inline Interactive Data File—the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

------

#### 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/ Richard M. Villa |
|  | Richard M. Villa |
|  | President, Principal Executive Officer, Treasurer, |
|  | Principal Financial Officer, and Accounting Officer |
| Date | March 5, 2026 |

---

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/ Richard M. Villa |
|  | Richard M. Villa |
|  | President, Principal Executive Officer, Treasurer, |
|  | Principal Financial Officer, and Accounting Officer |
| Date | March 5, 2026 |

---

## Ex-99.Code

EX-99.CODE

**Sarbanes-Oxley Act Code of Ethics** 

This SOX Code for the Funds has been adopted regarding the Covered Officers for the purpose of deterring wrongdoing and promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files
with, or submits to, the SEC and in other public communications made by the Funds,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prompt internal reporting of violations of this SOX Code to an appropriate person or persons identified in this
SOX Code, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to this SOX Code.

This SOX Code shall be the sole code of ethics adopted by the Funds for the purposes of section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, TIMCO, MetWest or TFD govern or purport to govern the behavior or activities of the Covered Officers who are subject to this SOX Code, they are superseded by this SOX Code to the extent that they overlap or conflict with the provisions of this SOX Code. The Funds', TIMCO's, MetWest's and TFD's codes of ethics under Rule 17j-1 under the 40 Act and TIMCO's and MetWest's more detailed policies and procedures set forth in the Code of Ethics are separate requirements that apply to the Covered Officers and others and are not part of this SOX Code.

Each Covered Officer of a Fund must, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon being named a Covered Officer affirm in writing to the board that he or she has received, read and
understands this SOX Code,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• avoid situations when a Covered Officer's private interest interferes with the interests of, or service to,
a Fund,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to influence investment decisions or
financial reporting by a Fund, including where the Covered Officer would benefit personally to the detriment of the Fund,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of the Fund,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use material non-public knowledge of portfolio transactions made or
contemplated for a Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report at least annually any directorships or other affiliations with other public companies,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtain approval from (i) their supervisor and (ii) any of the applicable Fund Chief Compliance Officer,
the Chief Risk Officer or General Counsel upon the receipt of any entertainment from any company with which a Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate with
regard to time and place, and not so frequent that questions of impropriety arise. Where the CEO of TCW Group is considered a Covered Person under these policies, and therefore has no direct supervisor, the foregoing approval shall require two of
the persons named under (ii) above,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually affirm to the relevant board that he or she has complied with the requirements of this SOX Code,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any Covered Officer or employee of the Funds or their Affiliated Persons for reports of
potential violations that are made in good faith, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the General Counsel promptly if he knows of any violation of this Code. Failure to do so is itself a
violation of this SOX Code. The General Counsel will promptly notify the Chief Compliance Officer of the Fund of any reported violations of this SOX Code.

Further, each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should refrain from accepting gifts of more than a de minimis value from providers of goods and services to a
Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should be familiar with the disclosure requirements generally applicable to each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within
or outside the Fund, including to a Fund's board and auditors, or to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should, to the extent appropriate within his or her area of responsibility, consult with other officers and
employees of the Funds and TIMCO or MetWest, applicable, with the goal of promoting full, fair, accurate, timely, and understandable disclosure in the reports and documents that the Funds file with, or submit to, the SEC and in other public
communications made by the Funds.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is responsible for promoting compliance with the standards and restrictions imposed by applicable laws, rules,
and regulations.

The foregoing requirements shall not prevent the participation of the Covered Officers in activities inherent in the contractual relationship between each fund and TIMCO or MetWest, as applicable, such as contract negotiation, and, if addressed in conformity with the provisions of the 40 Act and the Advisers Act, will be deemed to have been handled ethically.

The following conflicts of interest situations involving a Covered Officer must be approved by (i) the Chief Risk Officer or Chief Administration Officer of the Firm and (ii) one of the General Counsel or Chief Compliance Officer of the applicable Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as an executor, trustee, guardian, conservator, general partner or other fiduciary, or any appointment as
a consultant in connection with fiduciary or active money management matters exclusive of appointments involving personal estates or service on the board of a charitable, civic, or nonprofit company where the Covered Officer does not act as an
investment advisor for the entity's assets,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any service providers of a Fund, as
applicable, other than its investment adviser, principal underwriter, or any Affiliated Person thereof, with the exception that nothing herein shall prevent a Covered Officer from acquiring publicly traded securities of a service provider in a
market transaction, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges, or spreads paid by a Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

Any approvals or waivers sought by a Covered Officer that is not covered above will be submitted for consideration by the Audit Committee of the relevant Fund. In addition, the Funds will follow these procedures in investigating and enforcing this SOX Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The General Counsel will take all appropriate action to investigate any reported violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is
not required to take any further action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any matter that the General Counsel believes is a violation will be reported to the Audit Committee and to the
Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Audit Committee concurs that a violation has occurred, it will inform the board, which will consider
appropriate action, which may include (i) review of, and appropriate modifications to, applicable policies and procedures, (ii) notification to appropriate personnel of TIMCO, MetWest or their board, as applicable, or (iii) a
recommendation to dismiss the Covered Officer.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Audit Committee will be responsible for granting waivers, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any changes to, or waivers of, this SOX Code will, to the extent required, be disclosed as provided by SEC rules.

Material amendments to this SOX Code must be in written form and specifically approved or ratified by a majority vote of a Fund's board, including a majority of independent directors.

All reports and records prepared or maintained pursuant to this SOX Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this SOX Code, such matters shall not be disclosed to anyone other than the appropriate board, their counsel, counsel to the relevant Funds, and such persons at TCW who should know in the reasonable course of their duties.

This SOX Code is intended solely for the internal use by the funds and does not constitute an admission, by or on behalf of any Fund, with regard to any fact, circumstance, or legal conclusion.

## Ex-99.Cert

EX-99.CERT

I, Richard M. Villa, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of TCW Strategic Income Fund,
Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the Registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officers and I have disclosed to the Registrant's auditors and
the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 5, 2026 | /s/ Richard M. Villa |
|  | Richard M. Villa |
|  | President, Principal Executive Officer, Treasurer, Principal Financial Officer, and Principal Accounting Officer |

---

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION** 

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of TCW Strategic Income Fund, Inc. do hereby certify, to such officer's knowledge, that:

The annual report on Form N-CSR of TCW Strategic Income Fund, Inc. for the period ended December 31, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of TCW Strategic Income Fund, Inc.

---

| | |
|:---|:---|
|  Date: March 5, 2026 | |
|  | /s/ Richard M. Villa |
|  | Richard M. Villa |
|  | President, Principal Executive Officer, Treasurer, |
|  | Principal Financial Officer, and Principal Accounting Officer |

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A signed original of this written statement required by Section 906 has been provided to TCW Strategic Income Fund, Inc. and will be retained by TCW Strategic Income Fund, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

## Ex-99.(C)

EX-99.(c) – Proxy Voting Policies and Procedures

**Proxy Voting Guidelines and Procedures** 

TCW, through certain subsidiaries and affiliates, acts as investment advisor for a variety of clients, including U.S.-registered investment companies. TCW has the right to vote proxies on behalf of its U.S. registered investment company clients and other clients, and believes that proxy voting rights can be a significant asset of its clients' holdings.

Accordingly, TCW seeks to exercise that right consistent with its fiduciary duties on behalf of its clients. This policy applies to all discretionary accounts over which TCW has proxy voting responsibility or an obligation to provide proxy voting guidance with respect to the holdings it advises on a model or wrap basis.

While the Global Portfolio Proxy Voting Policy (the "Policy") outlined here are written to apply internationally, differences in local practice and law make a universal application of these guidelines impractical. As a consequence, it is important to note that TCW maintains the flexibility to vote proxies on a case-by-case basis on a facts and circumstances analysis, reflecting the effects on the specific company and unique attributes of the industry and/or geography. In addition, this document serves as a set of general guidelines, not hardcoded rules, which are designed to aid us in voting proxies for TCW and not necessarily in making investment decisions. At TCW, we reserve the right in all cases to vote in contravention of the guidelines outlined in this Policy where doing so is judged to represent the best interests of its clients in the specific situation.

**Engagement Philosophy** 

As we seek to deliver on our client's financial objectives, engagement is an integral component of TCW's research and investment process. Our data-informed engagement practices achieve several objectives. The information elicited from these practices not only helps improve our fundamental research but may also highlight best practices that can address critical, financially material issues in areas of sustainability, corporate governance, or executive compensation.

Our approach to engagement encompasses a variety of tools tailored to different asset classes. Engagement is a practice applied to all our investments, spanning equity and fixed income, in both private and public markets. Proxy voting is primarily relevant to public equities. Situations in which we find ourselves as a significant or controlling shareholder, or situations where we are the lead debt holder in a special situation occur primarily within our private business and demand a more tailored approach. We also actively engage with the industry in question to help leverage our expertise and improve industry practices more broadly.

Our portfolio managers, research analysts, and sustainable investment analysts collaborate closely in our ongoing dialogues with companies, investee entities, as well as suppliers, customers, competitors, and the broader industry. Our objective is, wherever feasible, to pursue engagement in an integrated fashion, bringing together investment professionals from sustainability and fundamental research teams.

The depth and breadth of TCW's investments provides an important platform by which we engage with companies and other entities. Engagement activities may help us in efforts to advance best practices in corporate governance, transparency, and the management of identified material risks to ultimately drive long-term value in the investments we make on behalf of our clients.

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Engagement is a dynamic and long-term process that evolves over multiple years. Our analysts continually reinforce and monitor our engagement objectives during their regular interactions with companies and other entities. Lack of responsiveness or progress is duly reflected in our assessments of investee entities, potentially leading to further actions as deemed necessary. We maintain a record of our engagements and may provide our clients an overview of both the volume and depth of these engagements upon request. In 2024, TCW was named a signatory to the UK Stewardship Code. Our latest UK Stewardship Code report is public and available at the following link: <u>https://media.frc.org.uk/documents/2024_UK_Stewardship_Report_FINAL.pdf</u>.

***Proxy Voting Procedures***

TCW will make every reasonable effort to execute proxy votes on behalf of its clients prior to the applicable deadlines. However, TCW often relies on third parties, including custodians and clients, for the timely provision of proxy ballots. TCW may be unable to execute on proxy votes if it does not receive requisite materials with sufficient time to review and process them.

Furthermore, TCW may receive ballots for some strategies for which the typical expression of our engagement and stewardship policies may not be possible. For instance, some strategies may only hold securities for a short period of time. For ballots received for securities held in these strategies, TCW may elect not to vote.

*Proxy Committee* 

In order to carry out its fiduciary responsibilities in the voting of proxies for its clients, TCW has established a Proxy Voting Committee (the "Proxy Committee"). The Proxy Committee generally meets quarterly (or at such other frequency as determined by the Proxy Committee), and its duties include establishing and maintaining the Policy, overseeing the internal proxy voting process, and reviewing proxy voting proposals and issues that may not be covered by the Policy. The Proxy Committee also works with TCW's investment teams to evolve TCW's engagement process, proxy voting philosophy, scope of coverage, and execution.

*Proxy Voting Services* 

TCW also uses outside proxy voting services (each an "Outside Service") to help manage the proxy voting process. An Outside Service facilitates TCW's voting according to the Policy (or, if applicable, according to guidelines submitted by TCW's clients) by providing proxy research, an enhanced voting technology solution, and record keeping and reporting system(s). To supplement its own research and analysis in determining how best to vote a particular proxy proposal, TCW may utilize research, analysis or recommendations provided by the Outside Service on a case-by-case basis. TCW does not as a policy solely follow the assessments or recommendations provided by the proxy voting service but uses it to support its own determination and review on a case-by-case basis. Under specified circumstances described below involving potential conflicts of interest, an Outside Service may also be requested to help inform a decision related to certain proxy votes. In those instances, the Proxy Committee shall review and evaluate the voting recommendations of such Outside Service to ensure that recommendations are consistent with TCW's clients' best interests.

*Sub-Adviser* 

Where TCW has retained the services of a Sub-Adviser to provide day-to-day portfolio management for the portfolio, TCW may delegate proxy voting authority to the Sub-Adviser; provided that the Sub-Adviser either (1) follows TCW's Proxy Voting Policy and Procedures; or (2) has demonstrated that its proxy voting policies and procedures ("Sub-Adviser's Proxy Voting Policies and Procedures") are in the best interests of TCW's clients and appear to comply with governing regulations. TCW also shall be provided the opportunity to review a Sub- Adviser's Proxy Voting Policy and Procedures as deemed necessary or appropriate by TCW.

*Conflicts of Interest* 

In the event a potential conflict of interest arises in the context of voting proxies for TCW's clients, TCW will cast its votes according to the Policies or any applicable guidelines provided by TCW's clients. In cases where a conflict of interest exists and there is no predetermined vote, the Proxy Committee will vote the proposals in a manner consistent with established conflict of interest procedures.

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***Proxy Voting Information and Recordkeeping***

Upon request, TCW provides proxy voting records to its clients. TCW shall disclose the present policy as well as the results of its implementation (including the way TCW has voted) on its website in accordance with applicable law.

TCW or an Outside Service will keep records of the following items: (i) Proxy Voting Policies and any other proxy voting procedures; (ii) proxy statements received regarding client securities (unless such statements are available on the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system); (iii) records of votes cast on behalf of clients (if maintained by an Outside Service, that Outside Service will provide copies of those records promptly upon request); (iv) records of written requests for proxy voting information and TCW's response; and (v) any documents prepared by TCW that were material to making a decision on how to vote, or that memorialized the basis for the decision. Additionally, TCW or an Outside Service will maintain any documentation related to an identified material conflict of interest.

TCW or an Outside Service will maintain these records in an easily accessible place for at least seven years from the end of the fiscal year during which the last entry was made on such record. For the most recent two years, TCW or an Outside Service will store such records at its principal office.

***International Proxy Voting***

While TCW utilizes the Policy for both international and domestic portfolios and clients, there are some differences between voting U.S. company proxies and voting non-U.S. company proxies. For U.S. companies, the proxies are automatically received and may be voted by mail or electronically.

For proxies of non-U.S. companies, TCW will make every reasonable effort to vote such proxies.

For further information on the Corporation's Global Proxy Voting Policy, including procedures and guidelines, please visit: <u>https://www.tcw.com/Global-Proxy-Voting-Policy</u>.