DIVIDEND AND INCOME FUND
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SCHEDULE OF PORTFOLIO INVESTMENTS
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September 30, 2022
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(Unaudited)
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Shares
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Value
|
|
Common Stocks (116.27%)
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||
Automotive Dealers and Gasoline Service Stations (11.92%)
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29,500
|
Asbury Automotive Group, Inc. (a)
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$ 4,457,450
|
6,050
|
AutoZone, Inc. (a)
|
12,958,677
|
23,100
|
Lithia Motors, Inc.
|
4,956,105
|
22,372,232
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Automotive Repair, Services, and Parking (3.74%)
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13,800
|
AMERCO
|
7,027,236
|
Building Materials, Hardware, Garden Supply, and Mobile Home Dealers (6.42%)
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15,000
|
The Home Depot, Inc.
|
4,139,100
|
42,500
|
Tractor Supply Company
|
7,899,900
|
12,039,000
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||
Chemical and Allied Products (8.40%)
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22,500
|
Celanese Corporation
|
2,032,650
|
35,000
|
LyondellBasell Industries N.V. Class A
|
2,634,800
|
41,000
|
Olin Corporation
|
1,758,080
|
80,000
|
Roche Holding Ltd. ADR
|
3,249,600
|
70,000
|
Westlake Chemical Corporation
|
6,081,600
|
15,756,730
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||
Communications (3.79%)
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100,000
|
Comcast Corporation
|
2,933,000
|
25,000
|
Nexstar Media Group, Inc. (a)
|
4,171,250
|
7,104,250
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Depository Institutions (4.37%)
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615,000
|
Barclays PLC
|
3,936,000
|
102,500
|
Citigroup Inc.
|
4,271,175
|
8,207,175
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Educational Services (3.51%)
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80,000
|
Grand Canyon Education, Inc. (a)
|
6,580,000
|
Electronic and Other Electrical Equipment and Components, except Computer Equipment (2.04%)
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45,000
|
Skyworks Solutions, Inc.
|
3,837,150
|
Food and Kindred Products (2.02%)
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35,000
|
Medifast, Inc.
|
3,792,600
|
General Merchandise Stores (2.63%)
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20,600
|
Dollar General Corporation
|
4,941,116
|
Home Furniture, Furnishings, and Equipment Stores (4.68%)
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49,500
|
Best Buy Co., Inc.
|
3,135,330
|
48,000
|
Williams-Sonoma, Inc.
|
5,656,800
|
8,792,130
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Industrial and Commercial Machinery and Computer Equipment (1.89%)
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9,700
|
Lam Research Corporation
|
3,550,200
|
Insurance Carriers (13.74%)
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9,600
|
Elevance Health, Inc.
|
4,360,704
|
200,000
|
Essent Group Ltd.
|
6,974,000
|
55,000
|
Fidelity National Financial, Inc.
|
1,991,000
|
17,100
|
Molina Healthcare, Inc. (a)
|
5,640,264
|
13,500
|
UnitedHealth Group Incorporated
|
6,818,040
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25,784,008
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Metal Mining (5.19%)
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74,000
|
BHP Group Limited
|
3,702,960
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47,500
|
Newmont Corporation
|
1,996,425
|
73,500
|
Rio Tinto plc
|
4,046,910
|
9,746,295
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Non-Depository Credit Institutions (9.29%)
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23,000
|
Credit Acceptance Corporation (a)
|
10,074,000
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50,000
|
Discover Financial Services
|
4,546,000
|
96,000
|
Enova International, Inc. (a)
|
2,809,920
|
17,429,920
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Oil and Gas Extraction (0.29%)
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26,743
|
Woodside Energy Group Ltd.
|
539,139
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Petroleum Refining and Related Industries (1.62%)
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120,000
|
Valvoline Inc.
|
3,040,800
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Primary Metal (6.05%)
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160,000
|
Steel Dynamics, Inc.
|
11,352,000
|
Security and Commodity Brokers, Dealers, Exchanges, and Services (4.49%)
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4,700
|
BlackRock, Inc.
|
2,586,316
|
55,600
|
T. Rowe Price Group, Inc.
|
5,838,556
|
8,424,872
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Services-Computer Programming, Data Processing (4.32%)
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50,000
|
Alphabet Inc. Class A (a)
|
4,782,500
|
24,500
|
Meta Platforms, Inc. (a)
|
3,324,160
|
8,106,660
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Services-Help Supply Services (6.53%)
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41,000
|
AMN Healthcare Services, Inc. (a)
|
4,344,360
|
50,000
|
Kforce Inc.
|
2,932,500
|
65,000
|
Robert Half International Inc.
|
4,972,500
|
12,249,360
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Tobacco Products (7.57%)
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300,000
|
British American Tobacco p.l.c.
|
10,650,000
|
171,000
|
Imperial Brands plc
|
3,560,220
|
14,210,220
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Transportation Equipment (1.77%)
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32,764
|
LCI Industries
|
3,324,235
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Total common stocks (Cost $194,351,408)
|
218,207,328
|
|
Principal
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Amount
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||
Corporate Bonds and Notes (0.09%)
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Electric Services (0.09%)
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178,945
|
Elwood Energy LLC, 8.159%, 7/5/26 (Cost $174,965)
|
172,583
|
Shares
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||
Master Limited Partnership (0.51%)
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||
Electric, Gas, and Sanitary Services (0.51%)
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||
40,000
|
Enterprise Products Partners L.P. Units (Cost $374,214)
|
951,200
|
Preferred Stocks (0.04%)
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Holding and other Investment Offices (0.04%)
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33,600
|
Pennsylvania Real Estate Investment Trust, 6.875% Series D (Cost $693,813)
|
73,248
|
Total investments (Cost $195,594,400) (116.91%) (b)
|
219,404,359
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|
Cash and other assets (-16.91%)
|
(31,732,666)
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|
Net assets (100.00%)
|
$ 187,671,693
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|
(a) Non-income producing.
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(b) The Fund's total investment portfolio value of $219,404,359 has been pledged as collateral for borrowings under the Fund's credit agreement. The outstanding loan balance under the credit agreement was $34,112,300 as of
September 30, 2022.
|
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
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||
Investments, at value
|
||||||
Common stocks
|
$ 218,207,328
|
$ -
|
$ -
|
$ 218,207,328
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||
Corporate bonds and notes
|
-
|
172,583
|
-
|
172,583
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||
Master limited partnerships
|
951,200
|
-
|
-
|
951,200
|
||
Preferred stocks
|
73,248
|
-
|
-
|
73,248
|
||
Total investments, at value
|
$ 219,231,776
|
$ 172,583
|
$ -
|
$ 219,404,359
|