TCW Strategic Income Fund, Inc. (NYSE: TSI) announced that its Board of Directors declared a quarterly distribution of $0.098 per share. The distribution is payable on Jan. 10, 2014 to shareholders of record on Dec. 31, 2013. It is estimated that the distribution will be from net investment income. The final character of the distribution will be determined as part of the Fund’s annual audit. The Fund also announced today that it will end its managed distribution policy (the “Managed Policy”) and implement a net investment income-based distribution policy effective Jan. 1, 2014. The Managed Policy, as originally implemented, provided for quarterly dividends at an annualized rate equal to 7% of the Fund’s prior year-end net asset value per share stated in the audited annual report. At a meeting held on December 9, 2013, the Fund’s Board of Directors considered the Managed Policy and a number of factors including, but not limited to, the current level of gains and losses in the portfolio as well as evolving industry practice and current market conditions. The Directors believe that ending the Managed Policy is in the best interest of the shareholders and the Fund. The new policy has a stated goal of providing dependable, but not assured quarterly distributions out of the Fund’s accumulated net investment income and/or other sources, subject to the requirements of the Investment Company Act of 1940. The Directors will continue to regularly monitor conditions and circumstances relating to the quarterly distribution of dividends and make such changes as they, in consultation with the Fund’s portfolio managers, deem appropriate. Distribution policies are a matter of Board discretion and may be modified or terminated at any time without prior notice. TSI is a closed-end fund listed on the New York Stock Exchange. The Fund began operations in March 1987 and currently has net assets of approximately $281 million.
Various matters discussed in this news release constitute forward-looking statements within the meaning of the federal securities laws. Actual results and the timing of certain events could differ materially from those projected or contemplated by these forward-looking statements due to a number of factors, including general economic conditions, overall availability of certain types of securities for investment by the Fund, the level of volatility in the securities markets and in the share price of the Fund, and other risk factors outlined in the Fund’s SEC Filings.