DIVIDEND AND INCOME FUND
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||
SCHEDULE OF PORTFOLIO INVESTMENTS
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||
March 31, 2021
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||
(Unaudited)
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Shares
|
Value
|
|
Common Stocks (97.26%)
|
||
Automotive Dealers and Gasoline Service Stations (3.65%)
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||
6,050
|
AutoZone, Inc. (a)
|
$ 8,496,015
|
Automotive Repair, Services, and Parking (2.63%)
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||
10,000
|
AMERCO
|
6,126,000
|
Building Materials, Hardware, Garden Supply, and Mobile Home Dealers (5.20%)
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||
15,000
|
The Home Depot, Inc.
|
4,578,750
|
42,500
|
Tractor Supply Company
|
7,525,900
|
12,104,650
|
||
Business Services (9.93%)
|
||
6,100
|
Accenture plc
|
1,685,125
|
727
|
Alphabet Inc. Class A (a)
|
1,499,452
|
40,522
|
BGSF Inc.
|
567,308
|
29,000
|
Check Point Software Technologies Ltd. (a)
|
3,247,130
|
85,000
|
eBay Inc.
|
5,205,400
|
50,000
|
Kforce Inc.
|
2,680,000
|
66,000
|
Open Text Corporation
|
3,148,860
|
65,000
|
Robert Half International Inc.
|
5,074,550
|
23,107,825
|
||
Chemical and Allied Products (7.53%)
|
||
16,000
|
Amgen Inc.
|
3,980,960
|
22,500
|
Celanese Corporation
|
3,370,725
|
35,000
|
LyondellBasell Industries N.V. Class A
|
3,641,750
|
80,000
|
Roche Holding Ltd. ADR
|
3,244,800
|
37,000
|
Westlake Chemical Corporation
|
3,285,230
|
17,523,465
|
||
Communications (2.33%)
|
||
100,000
|
Comcast Corporation
|
5,411,000
|
Depository Institutions (1.60%)
|
||
95,000
|
Wells Fargo & Company
|
3,711,650
|
Educational Services (2.21%)
|
||
48,000
|
Grand Canyon Education, Inc. (a)
|
5,140,800
|
Electronic and Other Electrical Equipment and Components, except Computer Equipment (7.95%)
|
||
106,000
|
Intel Corporation
|
6,784,000
|
82,500
|
Methode Electronics, Inc.
|
3,463,350
|
45,000
|
Skyworks Solutions, Inc.
|
8,256,600
|
18,503,950
|
||
Food and Kindred Products (5.88%)
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||
35,000
|
Medifast, Inc.
|
7,413,700
|
84,500
|
Tyson Foods, Inc.
|
6,278,350
|
13,692,050
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||
General Merchandise Stores (1.79%)
|
||
20,600
|
Dollar General Corporation
|
4,173,972
|
Heavy Construction other than Building Construction Contractors (1.57%)
|
||
39,000
|
MasTec, Inc. (a)
|
3,654,300
|
Home Furniture, Furnishings, and Equipment Stores (3.70%)
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||
48,000
|
Williams-Sonoma, Inc.
|
8,601,600
|
Industrial and Commercial Machinery and Computer Equipment (0.86%)
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||
6,600
|
Arista Networks, Inc. (a)
|
1,992,474
|
Insurance Carriers (9.87%)
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||
9,600
|
Anthem, Inc.
|
3,445,920
|
150,000
|
Essent Group Ltd.
|
7,123,500
|
10,000
|
Humana Inc.
|
4,192,500
|
35,000
|
Prudential Financial, Inc.
|
3,188,500
|
13,500
|
UnitedHealth Group Incorporated
|
5,022,945
|
22,973,365
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||
Metal Mining (2.45%)
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||
73,500
|
Rio Tinto plc
|
5,707,275
|
Non-Depository Credit Institutions (8.84%)
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||
23,000
|
Credit Acceptance Corporation (a)
|
8,285,290
|
50,000
|
Discover Financial Services
|
4,749,500
|
96,000
|
Enova International, Inc. (a)
|
3,406,080
|
77,000
|
OneMain Holdings, Inc.
|
4,136,440
|
20,577,310
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||
Petroleum Refining and Related Industries (1.34%)
|
||
120,000
|
Valvoline Inc.
|
3,128,400
|
Primary Metal Industries (1.70%)
|
||
78,000
|
Steel Dynamics, Inc.
|
3,959,280
|
Security and Commodity Brokers, Dealers, Exchanges, and Services (6.26%)
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18,000
|
Ameriprise Financial, Inc.
|
4,184,100
|
4,700
|
BlackRock, Inc.
|
3,543,612
|
39,876
|
T. Rowe Price Group, Inc.
|
6,842,722
|
14,570,434
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||
Tobacco Products (0.51%)
|
||
57,000
|
Imperial Brands PLC
|
1,181,040
|
Transportation by Air (5.15%)
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||
65,000
|
Alaska Air Group, Inc. (a)
|
4,498,650
|
19,700
|
Allegiant Travel Company (a)
|
4,807,982
|
44,000
|
Southwest Airlines Co. (a)
|
2,686,640
|
11,993,272
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||
Transportation Equipment (3.17%)
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||
7,000
|
Huntington Ingalls Industries, Inc.
|
1,440,950
|
22,500
|
LCI Industries
|
2,976,300
|
8,000
|
Lockheed Martin Corporation
|
2,956,000
|
7,373,250
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||
Wholesale Trade - Nondurable Goods (1.14%)
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||
50,000
|
Nu Skin Enterprises, Inc.
|
2,644,500
|
Total common stocks (Cost $154,240,762)
|
226,347,877
|
|
Principal
|
||
Amount
|
||
Corporate Bonds and Notes (0.12%)
|
||
Electric Services (0.12%)
|
||
263,965
|
Elwood Energy LLC, 8.159%, 7/5/26 (Cost $266,446)
|
285,742
|
Shares
|
||
Reorganization Interests (0.00%)
|
||
813,527
|
Penson Technologies LLC Units (Cost $0) (a) (b)
|
0
|
Master Limited Partnership (0.38%)
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||
Electric, Gas, and Sanitary Services (0.38%)
|
||
40,000
|
Enterprise Products Partners L.P. Units (Cost $374,214)
|
880,800
|
Preferred Stocks (0.46%)
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||
Holding and other Investment Offices (0.46%)
|
||
15,000
|
Ashford Hospitality Trust, Inc., 7.50 % Series H
|
354,000
|
15,000
|
Cedar Realty Trust, Inc., 6.50% Series C
|
342,450
|
35,000
|
Pennsylvania Real Estate Investment Trust, 6.875% Series D
|
309,750
|
9,000
|
Washington Prime Group Inc., 7.50% Series H
|
41,040
|
5,000
|
Washington Prime Group Inc., 6.875% Series I
|
20,625
|
Total preferred stocks (Cost $1,684,450)
|
1,067,865
|
|
Total investments (Cost $156,565,872) (98.22%) (c)
|
228,582,284
|
|
Cash and other assets in excess of liabilities (1.78%)
|
4,132,619
|
|
Net assets (100.00%)
|
$ 232,714,903
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|
(a) Non-income producing.
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(b) Illiquid and/or restricted security that has been fair valued.
|
||
(c) The Fund's total investment portfolio value of $228,582,284 has been pledged as collateral for borrowings under the Fund's credit facility. As of March 31, 2021, there was no outstanding borrowing.
|
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||
Investments, at value
|
||||||
Common stocks
|
$ 226,347,877
|
$ -
|
$ -
|
$ 226,347,877
|
||
Corporate bonds and notes
|
-
|
285,742
|
-
|
285,742
|
||
Reorganization interests
|
-
|
-
|
0
|
0
|
||
Master limited partnerships
|
880,800
|
-
|
-
|
880,800
|
||
Preferred stocks
|
1,067,865
|
-
|
-
|
1,067,865
|
||
Total investments, at value
|
$ 228,296,542
|
$ 285,742
|
$ 0
|
$ 228,582,284
|
Acquisition Date
|
Cost
|
Value
|
|
Penson Technologies LLC
|
3/08/12
|
$ 0
|
$ 0
|
Percent of net assets
|
0%
|
0%
|