TSI - TCW Strategic Income Fund

What this means for you

Sit Investment is known for pushing closed-end funds to narrow the gap between price and value. For now it has told the regulator it is not seeking changes. Relative Value Partners specializes in closed-end funds trading below the value of their holdings - not a bank or an index fund holding shares for clients - and has told the regulator it is not seeking changes.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Sept 8, 2026

   Focus Partners Wealth sold down below 5% and stopped reporting.

   Original document →

2. Aug 14, 2026

   1607 Capital sold down below 5% and stopped reporting.

   Original document →

3. July 30, 2026

   First Trust Portfolios L.P. sold down below 5% and stopped reporting.

   Original document →

4. July 6, 2026

   Sit Investment cut its stake to 32.6% (from 40.7%), as a passive investor.

   Original document →

5. May 15, 2026

   1607 Capital raised its stake to 5.5% (from 4.1%), as a passive investor.

   Original document →

About this fund

• Run by TCW Investment Management Company LLC. Part of the TCW Family of Investment Companies fund family. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $310 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 12% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.6% a year in management fees; 1.2% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
  Among the 90 funds we follow that invest in bonds, 7 charge a lower management fee and 9 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $0.33 a share, all of it income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Dec 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $5.11. The shares traded at $4.94, about 3.3% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 1.5% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1995.

How this has changed

• Payouts per share: $0.33 in the fiscal year ended Dec 31, 2025; $0.39 in the year ended Dec 31, 2024; $0.36 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• None of those payouts was your own money back; all of it was income or gains.As of Dec 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 1.2% a year in the fiscal year ended Dec 31, 2025; 0.91% a year in the year ended Dec 31, 2024; 1.01% a year in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $244 million at Dec 31, 2025; $240 million at Dec 31, 2024; $241 million at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• Borrowing: about 13% on top of its own money at Dec 31, 2025; 15% at Dec 31, 2024; 21% at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• The fund had about 47.8 million shares at Dec 31, 2025, about the same as at Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Dec 31, 2025: the holdings returned +8.2%; the report gives no share return. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Dec 31, 2025, from the fund's annual report. Original document →
• The year ended Dec 31, 2024: the holdings returned +7.3%; the report gives no share return. As of Dec 31, 2024, from the fund's annual report. Original document →
• The year ended Dec 31, 2023: the holdings returned +9.8%; the report gives no share return. As of Dec 31, 2023, from the fund's annual report. Original document →
• The year ended Dec 31, 2022: the holdings returned -7.5%; the report gives no share return. As of Dec 31, 2022, from the fund's annual report. Original document →
• The year ended Dec 31, 2021: the holdings returned +3.6%; the report gives no share return. As of Dec 31, 2021, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +6.8%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly mortgage bonds (37%), the rest bonds, shares and asset-backed bonds. About 87% issued in the U.S.

1. TCW Private Asset Income Fund - 10.3%
2. Umbs, TBA, Uniform Mortgage-Backed Security, TBA - 8.4%
3. Cash and short-term - 4.5%
4. TCW Steel City BDC - 4.4%
5. U.K. Gilts - 2.7%
6. Government National Mortgage Association, Ginnie Mae - 1.9%
7. Progress Residential Trust - 1.4%
8. Freddie Mac Pool - 1.2%
9. Fannie Mae Pool - 1%
10. Mastr Asset Backed Securities Trust 2007-HE1 - 0.6%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →