NPORT-EX 1 fp0041451_nportex.htm

 

Portfolio of Investments (unaudited)
COVERED CALL STRATEGY FUND
March 31, 2019

  
 
 
 
 
  Shares     Security             Value
  COMMON STOCKS—100.2%    
  Consumer Discretionary—9.9%    
5,100 Best Buy Co., Inc. $       362,406
2,800 Carnival Corp.   142,016
3,000 Home Depot, Inc.   575,670
4,700 Ross Stores, Inc.   437,570
  3,900     Whirlpool Corp.             518,271
                      2,035,933
  Consumer Staples—9.6%    
3,200 Costco Wholesale Corp.   774,848
8,400 Mondelez International, Inc. - Class "A"   419,328
4,600 Philip Morris International, Inc.   406,594
  5,700     Walgreens Boots Alliance, Inc.               360,639
                       1,961,409
  Energy—5.6%    
6,400 Chevron Corp.   788,352
  5,500      Occidental Petroleum Corp.             364,100
                      1,152,452
  Exchange Traded Funds—3.7%    
  2,700     SPDR S&P 500 ETF Trust (ETF)             762,696
  Financials—15.6%    
4,400 Allstate Corp.   414,392
4,500 American Express Co.   491,850
16,100 Bank of America Corp.   444,199
7,500 BB&T Corp.   348,975
1,200 BlackRock, Inc.   512,844
7,500 JPMorgan Chase & Co.   759,225
  5,400     Morgan Stanley             227,880
                      3,199,365
  Health Care—10.2%    
4,400 * Celgene Corp.   415,096
9,800 Medtronic, PLC   892,584
5,500 Merck & Co., Inc.   457,435
  1,700     Stryker Corp.             335,784
                      2,100,899
  Industrials—13.4%    
7,800 Delta Air Lines, Inc.   402,870
4,300 Honeywell International, Inc.   683,356
1,500 Lockheed Martin Corp.     450,240
2,500 Parker Hannifin Corp.     429,050
2,100 Raytheon Co.     382,368
  2,400     Union Pacific Corp.             401,280
                      2,749,164
  Information Technology—25.2%      
5,100 Apple, Inc.     968,745
2,100 Broadcom, Inc.     631,491
15,700 Cisco Systems, Inc.     847,643
8,400 Intel Corp.     451,080
2,600 International Business Machines Corp.     366,860
3,000 Mastercard, Inc. - Class "A"     706,350
8,300 Microsoft Corp.     978,902
  2,100     Texas Instruments, Inc.             222,747
                      5,173,818
  Materials—4.7%      
10,700 DowDuPont, Inc.     570,417
  6,800     Nucor Corp.             396,780
                      967,197
  Utilities—2.3%      
  2,400     NextEra Energy, Inc.             463,968
Total Value of Common Stocks (cost $18,325,234) 100.2 %   20,566,901
Excess of Liabilities Over Other Assets (.2 )         (47,004)
Net Assets     100.0 %         $     20,519,897

 



* Non-income producing
 
  Summary of Abbreviations:
  ETF Exchange Traded Fund
  SPDR Standard & Poor's Depository Receipts
 
  At March 31, 2019, the cost of investments for federal income tax purposes
  was $17,889,693. Accumulated net unrealized appreciation on investments
  was $1,925,650, consisting of $2,657,961 gross unrealized appreciation and
  $732,311 gross unrealized depreciation.

 



Portfolio of Investments (unaudited)
COVERED CALL STRATEGY FUND
March 31, 2019

 
  Expiration Exercise    
CALL OPTIONS WRITTEN—(3.7)% Date Price Contracts Value
Allstate Corp. 4/18/19 $          97.50 (44) ($1,166)
American Express Co. 7/19/19 120.00 (45) (4,860)
Apple, Inc. 6/21/19 200.00 (51) (22,950)
Bank of America Corp. 4/18/19 30.00 (161) (885)
BB&T, Inc. 6/21/19 55.00 (75) (375)
Best Buy Co., Inc. 6/21/19 55.00 (51) (85,935)
BlackRock, Inc. 4/18/19 440.00 (12) (4,860)
Broadcom, Inc. 6/21/19 310.00 (21) (24,045)
Carnival Corp. 4/18/19 60.00 (28) (140)
Celgene Corp. 7/19/19 90.00 (44) (31,680)
Chevron Corp. 6/21/19 125.00 (56) (17,024)
Chevron Corp. 1/17/20 120.00 (8) (7,880)
Cisco Systems, Inc. 6/21/19 55.00 (157) (24,335)
Costco Wholesale Corp. 6/21/19 220.00 (28) (69,580)
Costco Wholesale Corp. 1/17/20 230.00 (4) (10,410)
Delta Air Lines, Inc. 4/18/19 52.50 (78) (8,268)
DowDuPont, Inc. 6/21/19 57.50 (107) (10,539)
Home Depot, Inc. 6/21/19 190.00 (30) (23,925)
Honeywell International, Inc. 4/18/19 160.00 (43) (9,740)
Intel Corp. 4/18/19 52.50 (68) (12,002)
Intel Corp. 7/19/19 50.00 (16) (8,240)
International Business Machines Corp. 6/21/19 135.00 (23) (20,872)
International Business Machines Corp. 1/17/20 130.00 (3) (4,815)
JPMorgan Chase & Co. 4/18/19 110.00 (57) (228)
JPMorgan Chase & Co. 6/21/19 100.00 (18) (7,695)
Lockheed Martin Corp. 1/17/20 290.00 (15) (38,925)
Mastercard, Inc. - Class "A" 6/21/19 220.00 (26) (54,080)
Mastercard, Inc. - Class "A" 6/21/19 210.00 (4) (11,570)
Medtronic, PLC 6/21/19 97.50 (98) (8,379)
Merck & Co., Inc. 4/26/19 83.00 (55) (7,947)
Microsoft Corp. 4/18/19 110.00 (43) (35,690)
Microsoft Corp. 6/21/19 115.00 (40) (26,000)
Mondelez International, Inc. - Class "A" 5/17/19 50.00 (84) (11,382)
Morgan Stanley 4/18/19 46.00 (54) (621)
NextEra Energy, Inc. 6/21/19 185.00 (22) (24,640)
NextEra Energy, Inc. 6/21/19 180.00 (2) (3,060)
Occidental Petroleum Corp. 4/18/19 67.50 (55) (3,850)
Parker Hannifin Corp. 4/18/19 175.00 (22) (3,905)
Parker Hannifin Corp. 5/17/19 170.00 (3) (2,100)
Phillip Morris International, Inc. 4/18/19 90.00 (46) (5,451)
Raytheon Co. 1/17/20 185.00 (18) (21,195)
Raytheon Co. 1/17/20 180.00 (3) (4,313)
Ross Stores, Inc. 5/17/19 95.00 (47) (9,753)
SPDR S&P 500 ETF Trust 4/18/19 281.00 (27) (12,123)
Stryker Corp. 6/21/19 200.00 (9) (5,580)
Stryker Corp. 6/21/19 195.00 (8) (7,200)
Texas Instruments, Inc. 6/21/19 115.00 (21) (2,919)
Union Pacific Corp. 4/18/19 175.00 (9) (603)
Union Pacific Corp. 4/18/19 170.00 (15) (3,405)
Walgreens Boots Alliance, Inc. 7/19/19 65.00 (57) (16,673)
Whirlpool Corp. 6/21/19 140.00 (39) (17,745)
Total Value of Call Options Written (premium received $474,990)     ($751,558)

 



The Fund's assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:
 
Level 1 – Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.
 
Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or
indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest
rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own
assumption about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information
available.
 
The inputs methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those
securities. For example, U.S. Government securities are reflected as Level 2 because the inputs used to determine fair value may not
always be quoted prices in an active market.
 
The following is a summary, by category of Level, of inputs used to value the Fund's investments as of March 31, 2019:

 

  Level 1 Level 2 Level 3 Total
Assets            
Common Stocks* $ 20,566,901 $ - $ - $ 20,566,901
 
Liabilities            
Call Options Written $ - $ (751,558) $ - $ (751,558)

 

*The Portfolio of Investments provides information on the industry categorization for common stocks.
 
There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended March 31, 2019. Transfers, if any, between
Levels are recognized at the end of the reporting period.

 

 

 


Portfolio of Investments (unaudited)
EQUITY INCOME FUND
March 31, 2019

  
 
 
Shares or      
Principal      
  Amount     Security             Value
  COMMON STOCKS—90.1%    
  Communication Services—6.1%    
61,084 AT&T, Inc. $          1,915,594
54,050 Comcast Corp. - Special Shares "A"   2,160,919
44,200 Verizon Communications, Inc.   2,613,546
  8,050     Walt Disney Co.             893,791
                      7,583,850
  Consumer Discretionary—4.1%    
10,800 Acushnet Holdings Corp.   249,912
29,800 American Eagle Outfitters, Inc.   660,666
24,100 DSW, Inc. - Class "A"   535,502
8,750 Lowe's Cos., Inc.   957,862
5,750 McDonald's Corp.   1,091,925
6,300 Oxford Industries, Inc.   474,138
7,950 Penske Automotive Group, Inc.     354,968
  23,300     Tapestry, Inc.             757,017
                      5,081,990
  Consumer Staples—7.6%    
34,050 Coca-Cola Co.   1,595,583
10,000 Kimberly-Clark Corp.   1,239,000
15,700 PepsiCo, Inc.   1,924,035
13,850 Philip Morris International, Inc.   1,224,202
18,250 Procter & Gamble Co.   1,898,913
  15,550     Walmart, Inc.             1,516,592
                      9,398,325
  Energy—9.4%    
9,800 Anadarko Petroleum Corp.   445,704
43,901 BP, PLC (ADR)   1,919,352
22,100 Chevron Corp.   2,722,278
14,950 ConocoPhillips   997,763
77,450 EnCana Corp.   560,738
23,000 ExxonMobil Corp.   1,858,400
14,764 Marathon Petroleum Corp.   883,625
9,250 Royal Dutch Shell, PLC - Class "A" (ADR)   578,958
14,650 Schlumberger, Ltd.   638,301
  31,200     Suncor Energy, Inc.             1,011,816
                      11,616,935
  Financials—19.3%  
29,650 * AllianceBernstein Holding, LP (MLP) 856,588
11,000 American Express Co. 1,202,300
71,650 Bank of America Corp. 1,976,823
22,000 Bank of New York Mellon Corp. 1,109,460
6,100 * Berkshire Hathaway, Inc. - Class "B" 1,225,429
1,650 BlackRock, Inc. 705,160
14,467 Chubb, Ltd. 2,026,537
19,600 Citigroup, Inc. 1,219,512
4,550 Goldman Sachs Group, Inc. 873,554
14,655 Hamilton Lane, Inc. - Class "A" 638,665
62,700 Investors Bancorp, Inc. 742,995
25,200 iShares S&P U.S. Preferred Stock Index Fund (ETF) 921,060
28,350 JPMorgan Chase & Co. 2,869,870
13,550 MetLife, Inc. 576,824
31,900 Old National Bancorp of Indiana 523,160
7,850 PNC Financial Services Group, Inc. 962,881
11,050 Popular, Inc. 576,037
47,650 Regions Financial Corp. 674,248
41,000 Sterling Bancorp 763,830
9,550 Travelers Cos., Inc. 1,309,878
  43,750     Wells Fargo & Co.             2,114,000
                      23,868,811
  Health Care—13.5%  
13,250 Abbott Laboratories 1,059,205
3,200 Anthem, Inc. 918,336
18,850 Bristol-Myers Squibb Co. 899,333
3,205 CVS Health Corp. 172,846
7,950 Eli Lilly & Co. 1,031,592
22,850 GlaxoSmithKline, PLC (ADR) 954,901
15,850 Johnson & Johnson 2,215,671
18,362 Medtronic, PLC 1,672,411
31,670 Merck & Co., Inc. 2,633,994
57,385 Pfizer, Inc. 2,437,141
16,866 Phibro Animal Health Corp. - Class "A" 556,578
25,600 Smith & Nephew, PLC (ADR) 1,026,816
  4,450     UnitedHealth Group, Inc.              1,100,307
                      16,679,131
  Industrials—7.8%  
2,300 3M Co. 477,894
15,450 Eaton Corp., PLC 1,244,652
4,400 General Dynamics Corp. 744,832
7,400 Honeywell International, Inc. 1,176,008
10,300 Ingersoll-Rand, PLC 1,111,885
8,050 Kansas City Southern, Inc. 933,639
4,180 Lockheed Martin Corp. 1,254,669
9,550 United Parcel Service, Inc. - Class "B" 1,067,117
  12,700     United Technologies Corp.             1,636,903
                      9,647,599
  Information Technology—10.5%  
5,390 Apple, Inc. 1,023,830
51,200 Cisco Systems, Inc. 2,764,288
42,550 HP Enterprise Co. 656,546
31,250 HP, Inc. 607,187
45,850 Intel Corp. 2,462,145
14,400 Maxim Integrated Products, Inc. 765,648
23,100 Microsoft Corp. 2,724,414
27,050 QUALCOMM, Inc. 1,542,662
  3,650     Texas Instruments, Inc.             387,156
                      12,933,876
  Materials—3.5%  
27,331 DowDuPont, Inc. 1,457,016
7,400 Eastman Chemical Co. 561,512
14,300 FMC Corp. 1,098,526
3,900 Linde, PLC 686,127
13,374 * Livent Corp. 164,233
  3,500     LyondellBasell Industries NV - Class "A"             294,280
                      4,261,694
  Real Estate—2.7%  
27,450 Americold Realty Trust (REIT) 837,499
33,384 Brookfield Property Partners (REIT) 686,709
18,090 Douglas Emmett, Inc. (REIT) 731,198
5,900 Federal Realty Investment Trust (REIT) 813,315
  10,193     Urstadt Biddle Properties, Inc. (REIT)             210,384
                      3,279,105
  Utilities—5.6%  
8,250 American Electric Power Co., Inc. 690,937
23,000 CenterPoint Energy, Inc. 706,100
10,350 Dominion Energy, Inc. 793,431
7,100 Duke Energy Corp. 639,000
19,300 Exelon Corp. 967,509
15,200 FirstEnergy Corp. 632,472
5,500 NextEra Energy, Inc. 1,063,260
15,400 PPL Corp. 488,796
  15,800     Utilities Select Sector SPDR Fund (ETF)             919,086
                       6,900,591
Total Value of Common Stocks (cost $83,034,508)              111,251,907
  PREFERRED STOCKS—1.7%  
  Financials—1.1%  
200 Citizens Financial Group, Inc., Series A, 5.5%, 2049 202,041
  21,200 JPMorgan Chase & Co., Series Y, 6.125%, 2020 550,988
  24,000     U.S. Bancorp, Series K, 5.5%, 2023             609,840
                      1,362,869
  Real Estate—.6%  
  11,400 Digital Realty Trust, Inc. (REIT), Series G, 5.875%, 2049   284,544
    Urstadt Biddle Properties, Inc. (REIT):    
  11,000 Series G, 6.75%, 2049     284,680
  8,300     Series H, 6.25%, 2022             218,373
                      787,597
Total Value of Preferred Stocks (cost $2,095,099)             2,150,466
    SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—6.9%    
    U.S. Treasury Bills:      
$ 4,500 M 2.37%, 4/9/2019     4,497,629
  4,000 M   2.396%, 4/11/2019             3,997,368
Total Value of Short-Term U.S. Government Obligations (cost $8,494,962)           8,494,997
Total Value of Investments (cost $93,624,569) 98.7 % 121,897,370
Other Assets, Less Liabilities 1.3           1,573,817
Net Assets       100.0 %         $          123,471,187

 



* Non-income producing
 
  Summary of Abbreviations:
  ADR American Depositary Receipts
  ETF Exchange Traded Fund
  MLP Master Limited Partnership
  REIT Real Estate Investment Trust
  SPDR Standard & Poor's Depository Receipts
 
  At March 31, 2019, the cost of investments for federal income tax purposes
  was $93,837,945. Accumulated net unrealized appreciation on
  investments was $28,040,615, consisting of $30,396,675 gross unrealized
  appreciation and $2,356,060 gross unrealized depreciation.

 



Portfolio of Investments (unaudited)
EQUITY INCOME FUND
March 31, 2019

         
  Expiration Exercise    
CALL OPTIONS WRITTEN—(0.0)% Date Price Contracts Value
Apple, Inc. 4/18/19 $          190.00 (20) ($7,450)
CVS Health Corp. 4/12/19 56.50 (30) (960)
Johnson & Johnson 4/18/19 140.00 (20) (4,050)
Microsoft Corp 4/5/19 115.00 (20) (6,350)
Total Value of Call Options Written (premium received $15,911)     ($18,810)

 



The Fund's assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:
 
Level 1 – Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.
 
Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or
indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest
rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own
assumption about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information
available.
 
The inputs methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those
securities. For example, U.S. Government securities are reflected as Level 2 because the inputs used to determine fair value may not
always be quoted prices in an active market.
 
The following is a summary, by category of Level, of inputs used to value the Fund's investments as of March 31, 2019:

 

  Level 1 Level 2 Level 3 Total
Common Stocks* $ 111,251,907 $ - $ - $ 111,251,907
Preferred Stocks*   2,150,466   -   - 2,150,466
Short-Term U.S. Government              
Obligations   -   8,494,997   -   8,494,997
  $ 113,402,373 $ 8,494,997 $ - $ 121,897,370
 
Liabilities              
Call Options Written $ - $ (18,810) $ - $  (18,810)

 

*The Portfolio of Investments provides information on the industry categorization for common stocks and preferred stocks.
 
There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended March 31, 2019. Transfers, if any, between
Levels are recognized at the end of the reporting period.

 

 

 


Portfolio of Investments (unaudited)
FUND FOR INCOME
March 31, 2019

 
  
 
 
  Principal        
  Amount     Security             Value
    CORPORATE BONDS—91.1%      
    Aerospace/Defense—1.5%      
    Bombardier, Inc.:      
$ 425 M 6%, 10/15/2022 (a) $          430,844
  275 M 7.5%, 12/1/2024 (a)   286,344
    TransDigm, Inc.:      
  250 M 6.5%, 7/15/2024     257,813
  250 M 6.25%, 3/15/2026 (a)   261,000
  325 M   Triumph Group, Inc., 5.25%, 6/1/2022              313,625
                      1,549,626
    Automotive—3.1%      
  425 M Adient Global Holdings, Ltd., 4.875%, 8/15/2026 (a)   313,437
  475 M American Axle & Manufacturing, Inc., 6.25%, 4/1/2025     464,312
  125 M Asbury Automotive Group, Inc., 6%, 12/15/2024     129,181
  225 M Avis Budget Group, Inc., 6.375%, 4/1/2024 (a)   229,781
  175 M Cooper Standard Automotive, Inc., 5.625%, 11/15/2026 (a)   154,525
  150 M Dana Financing Luxembourg Sarl, 6.5%, 6/1/2026 (a)   153,750
    Dana Holding Corp.:      
  100 M 6%, 9/15/2023     102,875
  250 M 5.5%, 12/15/2024     250,000
    Hertz Corp.:      
  250 M 5.875%, 10/15/2020     250,250
  250 M 7.625%, 6/1/2022 (a)   256,500
  300 M J.B. Poindexter & Co., 7.125%, 4/15/2026 (a)   302,349
  250 M LKQ Corp., 4.75%, 5/15/2023     252,763
    Panther BF Aggeregator 2, LP:      
  50 M 6.25%, 5/15/2026 (a) (b) 51,125
  100 M 8.5%, 5/15/2027 (a) (b) 100,500
  275 M   Tenneco, Inc., 5%, 7/15/2026             221,375
                      3,232,723
    Building Materials—1.1%      
  325 M Building Materials Corp., 5.375%, 11/15/2024 (a)   334,344
  400 M Griffon Corp., 5.25%, 3/1/2022     395,000
  300 M New Enterprise Stone & Lime Co., 6.25%, 3/15/2026 (a)   292,533
  200 M   Standard Industries, Inc., 5.5%, 2/15/2023     (a)       204,000
                      1,225,877
    Chemicals—2.5%      
  250 M Avantor, Inc., 9%, 10/1/2025 (a)   271,562
  275 M Blue Cube Spinco, Inc., 10%, 10/15/2025     315,989
  50 M CF Industries, Inc., 4.95%, 6/1/2043     43,062
  225 M Chemours Co., 6.625%, 5/15/2023     233,457
  150 M CVR Partners, LP, 9.25%, 6/15/2023 (a)   157,687
250 M Kraton Polymers, LLC, 7%, 4/15/2025 (a)   253,750
175 M Neon Holdings, Inc., 10.125%, 4/1/2026 (a)   178,938
225 M PQ Corp., 6.75%, 11/15/2022 (a)   234,281
350 M Rain CII Carbon, LLC, 7.25%, 4/1/2025 (a)   311,500
75 M Rayonier AM Products, Inc., 5.5%, 6/1/2024 (a)   70,688
150 M Tronox, Inc., 6.5%, 4/15/2026 (a)   143,723
  375 M   Univar USA, Inc., 6.75%, 7/15/2023     (a)       385,125
                      2,599,762
  Consumer Non-Durables—1.9%      
275 M Eagle Intermediate Global Holding, 7.5%, 5/1/2025 (a)   272,250
  Energizer Holdings, Inc.:      
250 M 5.5%, 6/15/2025 (a)   248,045
125 M 6.375%, 7/15/2026 (a)   128,437
75 M 7.75%, 1/15/2027 (a)   80,062
475 M First Quality Finance Co., 4.625%, 5/15/2021 (a)   476,188
250 M KGA Escrow, LLC, 7.5%, 8/15/2023 (a)   254,688
  509 M   Reynolds Group Holdings, Inc., 5.75%, 10/15/2020             510,054
                      1,969,724
  Energy—12.9%      
250 M Andeavor Logistics, LP, 6.875%, 12/29/2049     251,396
125 M Antero Resources Corp., 5.375%, 11/1/2021     125,937
250 M Apergy Corp., 6.375%, 5/1/2026     254,062
525 M Baytex Energy Corp., 5.125%, 6/1/2021 (a)   521,062
  Blue Racer Midstream, LLC:      
200 M 6.125%, 11/15/2022 (a)   204,000
250 M 6.625%, 7/15/2026 (a)   256,250
325 M California Resources Corp., 8%, 12/15/2022 (a)   256,035
225 M Callon Petroleum Co., 6.375%, 7/1/2026     226,687
  Carrizo Oil & Gas, Inc.:      
50 M 6.25%, 4/15/2023     49,437
75 M 8.25%, 7/15/2025     77,625
  Chesapeake Energy Corp.:      
150 M 4.875%, 4/15/2022     148,500
400 M 7%, 10/1/2024     400,500
275 M 8%, 6/15/2027     272,250
500 M CITGO Petroleum Corp., 6.25%, 8/15/2022 (a)   498,750
  Consolidated Energy Finance SA:      
375 M 6.3609%, 6/15/2022 (a) 373,889
250 M 6.875%, 6/15/2025 (a)   253,125
250 M Covey Park Energy, LLC, 7.5%, 5/15/2025 (a)   232,500
  Crestwood Midstream Partners, LP:      
250 M 6.25%, 4/1/2023     257,500
450 M 5.75%, 4/1/2025     463,500
250 M CrownRock, LP, 5.625%, 10/15/2025 (a)   240,937
  DCP Midstream Operating, LP:      
250 M 3.875%, 3/15/2023 (a)   249,375
275 M 5.85%, 5/21/2043     257,812
275 M Delek Logistics Partners, LP, 6.75%, 5/15/2025     273,625
  Diamondback Energy, Inc.:      
125 M 4.75%, 11/1/2024 (a)   128,256
75 M 4.75%, 11/1/2024     76,954
375 M EnLink Midstream Partners, LP, 4.85%, 7/15/2026     373,669
400 M Exterran Partners, LP, 6%, 10/1/2022   405,000
  Genesis Energy, LP:    
200 M 6.75%, 8/1/2022   205,500
100 M 5.625%, 6/15/2024   96,500
300 M Global Partners, LP, 6.25%, 7/15/2022   297,750
  Gulfport Energy Corp.:    
200 M 6.625%, 5/1/2023   195,000
175 M 6.375%, 5/15/2025   159,031
  Laredo Petroleum, Inc.:    
200 M 5.625%, 1/15/2022   183,750
250 M 6.25%, 3/15/2023   224,375
125 M Matador Resources Co., 5.875%, 9/15/2026   125,313
325 M McDermott Escrow 1, Inc., 10.625%, 5/1/2024 (a) 270,156
225 M MEG Energy Corp., 6.375%, 1/30/2023 (a) 208,969
50 M Murphy Oil Corp., 4.45%, 12/1/2022   50,281
275 M Nabors Industries, Inc., 5.75%, 2/1/2025   247,838
150 M Northern Oil and Gas, Inc., 9.5%, 5/15/2023   156,390
  Oasis Petroleum, Inc.:    
250 M 6.875%, 1/15/2023   250,625
175 M 6.25%, 5/1/2026 (a) 167,125
250 M Parkland Fuel Corp., 6%, 4/1/2026 (a) 253,513
  Parsley Energy, LLC:    
125 M 5.25%, 8/15/2025 (a) 123,750
50 M 5.625%, 10/15/2027 (a) 50,000
  Precision Drilling Corp.:    
103 M 6.5%, 12/15/2021   104,095
150 M 7.125%, 1/15/2026 (a) 149,484
200 M QEP Resources, Inc., 6.875%, 3/1/2021   206,000
  Range Resources Corp.:    
150 M 5.75%, 6/1/2021 153,000
75 M 5%, 8/15/2022 (a) 74,625
  SM Energy Co.:    
300 M 5%, 1/15/2024   279,000
50 M 6.625%, 1/15/2027   47,750
100 M Southwestern Energy Co., 7.5%, 4/1/2026   102,500
375 M Suburban Propane Partners, LP, 5.875%, 3/1/2027   357,188
  Sunoco, LP:    
300 M 4.875%, 1/15/2023   305,520
175 M 5.875%, 3/15/2028   174,125
95 M Transocean Guardian, Ltd., 5.875%, 1/15/2024 (a) 96,390
142 M Transocean Pontus, Ltd., 6.125%, 8/1/2025 (a) 144,231
250 M Tullow Oil, PLC, 6.25%, 4/15/2022 (a) 251,813
200 M USA Compression Partners, LP, 6.875%, 9/1/2027 (a) 204,250
  Whiting Petroleum Corp.:    
250 M 6.25%, 4/1/2023   252,500
175 M 6.625%, 1/15/2026   172,375
  WPX Energy, Inc.:    
94 M 6%, 1/15/2022   97,995
  50 M   5.75%, 6/1/2026             50,938
                      13,618,278
  Financials—5.5%    
175 M Acrisure, LLC, 8.125%, 2/15/2024 (a) 181,656
225 M Ally Financial, Inc., 8%, 11/1/2031   280,406
75 M Arch Merger Sub, Inc., 8.5%, 9/15/2025 (a) 82,219
  Colfax Corp.:    
125 M 6%, 2/15/2024 (a) 130,625
75 M 6.375%, 2/15/2026 (a) 79,921
225 M Credit Suisse Group AG, 7.5%, 12/11/2023 (a) 238,420
275 M CSTN Merger Sub, Inc., 6.75%, 8/15/2024 (a) 259,875
  DAE Funding, LLC:    
125 M 5.75%, 11/15/2023 (a) 128,750
550 M 5%, 8/1/2024 (a) 558,250
  Icahn Enterprises, LP:    
200 M 6.25%, 2/1/2022   205,670
275 M 6.75%, 2/1/2024   287,719
200 M Intesa Sanpaolo SpA, 5.017%, 6/26/2024 (a) 193,440
  Ladder Capital Finance Holdings, LLLP:    
200 M 5.25%, 3/15/2022 (a) 203,500
400 M 5.25%, 10/1/2025 (a) 385,000
575 M Navient Corp., 5.875%, 3/25/2021   595,844
  Park Aerospace Holdings:    
81 M 4.5%, 3/15/2023 (a) 80,798
525 M 5.5%, 2/15/2024 (a) 546,341
  Springleaf Finance Corp.:    
75 M 7.75%, 10/1/2021   81,094
250 M 5.625%, 3/15/2023   254,063
100 M 6.125%, 3/15/2024   102,498
250 M 6.875%, 3/15/2025   258,438
300 M 7.125%, 3/15/2026   305,999
200 M UniCredit SpA, 5.861%, 6/19/2032 (a) 184,564
  225 M   Wand Merger Corp., 8.125%, 7/15/2023     (a)       232,313
                       5,857,403
  Food/Beverage/Tobacco—1.7%    
50 M HLF Financing Sarl, LLC, 7.25%, 8/15/2026 (a) 51,563
300 M JBS USA LUX SA, 6.75%, 2/15/2028 (a) 311,625
275 M Pilgrim's Pride Corp., 5.875%, 9/30/2027 (a) 277,750
  Post Holdings, Inc.:    
250 M 5.5%, 3/1/2025 (a) 253,750
400 M 5.75%, 3/1/2027 (a) 403,500
  550 M   Sigma Holdco BV, 7.875%, 5/15/2026     (a)       510,125
                      1,808,313
  Food/Drug—.3%    
  Albertson's Cos., LLC:    
200 M 5.75%, 3/15/2025   190,750
  100 M   7.5%, 3/15/2026     (a)       103,375
                      294,125
  Forest Products/Containers—2.5%    
  Ardagh Holdings USA, Inc.:    
200 M 4.625%, 5/15/2023 (a) 201,750
475 M 7.25%, 5/15/2024 (a) 502,170
  Berry Global, Inc.:    
250 M 5.5%, 5/15/2022   254,687
225 M 7%, 2/15/2026 (a) 223,875
250 M BWAY Holding Co., 5.5%, 4/15/2024 (a) 249,137
200 M Crown Americas, LLC, 4.5%, 1/15/2023     202,500
200 M Greif, Inc., 6.5%, 3/1/2027 (a)   205,000
  Mercer International, Inc.:      
50 M 7.75%, 12/1/2022     52,062
175 M 6.5%, 2/1/2024     179,813
125 M 7.375%, 1/15/2025 (a)   131,563
175 M Multi-Color Corp., 4.875%, 11/1/2025 (a)   181,125
  250 M   Schweitzer-Mauduit International, Inc., 6.875%, 10/1/2026     (a)       250,625
                      2,634,307
  Gaming/Leisure—5.6%      
200 M AMC Entertainment, Inc., 5.75%, 6/15/2025     187,710
  AMC Networks, Inc.:      
275 M 5%, 4/1/2024     277,035
100 M 4.75%, 8/1/2025     99,500
  Boyd Gaming Corp.:      
375 M 6.875%, 5/15/2023     390,937
200 M 6%, 8/15/2026     205,750
200 M Cedar Fair, LP, 5.375%, 6/1/2024     205,238
1,075 M CRC Escrow Issuer, LLC, 5.25%, 10/15/2025 (a)   1,038,041
400 M Golden Nugget, Inc., 8.75%, 10/1/2025 (a)   421,000
475 M IRB Holding Corp., 6.75%, 2/15/2026 (a)   447,688
575 M Jack Ohio Finance, LLC, 6.75%, 11/15/2021 (a)   593,688
50 M Lions Gate Entertainment Corp., 5.875%, 11/1/2024 (a)   51,687
200 M MGM Resorts International, 6%, 3/15/2023     211,500
250 M National CineMedia, LLC, 6%, 4/15/2022     253,750
525 M Scientific Games International, Inc., 5%, 10/15/2025 (a)   515,813
175 M Silversea Cruise Finance, Ltd., 7.25%, 2/1/2025 (a)   190,138
  Viking Cruises, Ltd.:      
600 M 6.25%, 5/15/2025 (a)   612,000
  175 M   5.875%, 9/15/2027     (a)       170,712
                      5,872,187
  Health Care—7.8%      
125 M AMN Healthcare, Inc, 5.125%, 10/1/2024 (a)   123,594
  Bausch Health Cos., Inc.:      
50 M 6.5%, 3/15/2022 (a)   51,813
175 M 5.5%, 3/1/2023 (a)   176,531
500 M 7%, 3/15/2024 (a)   530,250
350 M 6.125%, 4/15/2025 (a)   347,375
525 M 9%, 12/15/2025 (a)   572,276
150 M 8.5%, 1/31/2027 (a)   159,375
300 M Centene Corp., 6.125%, 2/15/2024     314,715
  CHS/Community Health Systems, Inc.:      
100 M 5.125%, 8/1/2021     98,810
375 M 6.25%, 3/31/2023     354,244
825 M DaVita, Inc., 5.125%, 7/15/2024     816,750
225 M Endo Finance, LLC, 6%, 7/15/2023 (a) 174,375
  HCA, Inc.:      
250 M 6.25%, 2/15/2021     263,338
475 M 5.875%, 5/1/2023     507,656
225 M 5.375%, 2/1/2025     239,062
350 M 5.875%, 2/15/2026     378,875
  HealthSouth Corp.:      
175 M 5.125%, 3/15/2023   178,109
200 M 5.75%, 11/1/2024   203,250
  Mallinckrodt Finance SB:    
275 M 5.75%, 8/1/2022 (a) 257,125
225 M 5.5%, 4/15/2025 (a) 176,625
300 M MEDNAX, Inc., 6.25%, 1/15/2027 (a) 303,750
  Molina Healthcare, Inc.:    
400 M 5.375%, 11/15/2022   416,744
250 M 4.875%, 6/15/2025 (a) 248,125
125 M MPH Operating Partnership, LP, 7.125%, 6/1/2024 (a) 125,000
175 M Par Pharmaceutical, Inc., 7.5%, 4/1/2027 (a) 177,888
250 M Polaris Intermediate Corp., 8.5%, 12/1/2022 (a) 247,562
675 M Syneos Health, Inc., 7.5%, 10/1/2024 (a) 713,813
  100 M   Tenet Healthcare Corp., 5.125%, 5/1/2025             100,755
                      8,257,785
  Home-Building—.2%    
  250 M   William Lyon Homes, Inc., 6%, 9/1/2023             243,125
  Information Technology—5.0%    
980 M Alliance Data Systems Corp., 5.375%, 8/1/2022 (a) 994,700
275 M Anixter, Inc., 6%, 12/1/2025 (a) 289,437
250 M CDW, LLC, 5%, 9/1/2025   257,187
  CommScope Finance, LLC:    
75 M 5.5%, 3/1/2024 (a) 76,897
125 M 6%, 3/1/2026 (a) 129,609
475 M CommScope Technologies, LLC, 6%, 6/15/2025 (a) 463,576
  Diamond 1 Finance Corp.:    
375 M 5.875%, 6/15/2021 (a) 382,176
225 M 7.125%, 6/15/2024 (a) 238,585
150 M J2 Cloud Services, LLC, 6%, 7/15/2025 (a) 156,375
150 M Nielsen Finance, LLC, 5%, 4/15/2022 (a) 148,875
  Nuance Communications, Inc.:    
350 M 6%, 7/1/2024   360,063
150 M 5.625%, 12/15/2026   154,490
375 M Rackspace Hosting, Inc., 8.625%, 11/15/2024 (a) 335,018
575 M Solera, LLC, 10.5%, 3/1/2024 (a) 626,129
325 M Symantec Corp., 5%, 4/15/2025 (a) 325,793
100 M VeriSign, Inc., 4.75%, 7/15/2027   100,387
  275 M   Verscend Holding Corp., 9.75%, 8/15/2026     (a)       275,344
                      5,314,641
  Manufacturing—2.5%    
375 M ATS Automation Tooling Systems, Inc., 6.5%, 6/15/2023 (a) 389,531
500 M Brand Energy & Infrastructure Services, Inc., 8.5%, 7/15/2025 (a) 451,250
250 M Cloud Crane, LLC, 10.125%, 8/1/2024 (a) 269,375
425 M Grinding Media, Inc., 7.375%, 12/15/2023 (a) 410,125
300 M H&E Equipment Services, Inc., 5.625%, 9/1/2025   300,375
325 M Manitowoc Co., Inc., 9%, 4/1/2026 (a) 329,875
200 M Park-Ohio Industries, Inc., 6.625%, 4/15/2027   200,000
  350 M   Wabash National Corp., 5.5%, 10/1/2025     (a)       328,125
                      2,678,656
  Media-Broadcasting—2.5%    
  Belo Corp.:    
100 M 7.75%, 6/1/2027   109,750
225 M 7.25%, 9/15/2027   241,312
450 M LIN Television Corp., 5.875%, 11/15/2022   462,938
  Nexstar Broadcasting, Inc.:    
225 M 6.125%, 2/15/2022 (a) 228,937
200 M 5.625%, 8/1/2024 (a) 203,500
  Sinclair Television Group, Inc.:    
300 M 5.625%, 8/1/2024 (a) 303,375
100 M 5.875%, 3/15/2026 (a) 101,125
225 M 5.125%, 2/15/2027 (a) 216,562
  725 M   Sirius XM Radio, Inc., 6%, 7/15/2024     (a)       754,000
                      2,621,499
  Media-Cable TV—10.2%    
  Altice Financing SA:    
525 M 6.625%, 2/15/2023 (a) 538,125
200 M 7.5%, 5/15/2026 (a) 197,900
200 M Altice Finco SA, 7.625%, 2/15/2025 (a) 182,750
  Altice France SA:    
600 M 6.25%, 5/15/2024 (a) 606,750
200 M 8.125%, 2/1/2027 (a) 202,750
  CCO Holdings, LLC:    
200 M 5.25%, 9/30/2022   204,125
275 M 5.125%, 2/15/2023   280,500
150 M 5.75%, 9/1/2023   153,375
500 M 5.875%, 4/1/2024 (a) 523,805
475 M 5.875%, 5/1/2027 (a) 494,142
150 M 5%, 2/1/2028 (a) 148,297
600 M Clear Channel International, 8.75%, 12/15/2020 (a) 618,750
  Clear Channel Worldwide Holdings, Inc.:    
650 M Series "A", 6.5%, 11/15/2022   668,687
550 M Series "B", 6.5%, 11/15/2022   564,437
300 M 9.25%, 2/15/2024 (a) 318,750
  CSC Holdings, LLC:    
750 M 5.375%, 7/15/2023 (a) 765,937
225 M 7.75%, 7/15/2025 (a) 241,875
200 M 6.625%, 10/15/2025 (a) 212,500
950 M 10.875%, 10/15/2025 (a) 1,099,150
200 M 7.5%, 4/1/2028 (a) 215,310
  DISH DBS Corp.:    
225 M 5%, 3/15/2023   203,344
250 M 5.875%, 11/15/2024   210,937
  Gray Television, Inc.:    
50 M 5.125%, 10/15/2024 (a) 50,328
275 M 5.875%, 7/15/2026 (a) 280,555
225 M Mediacom Broadband, LLC, 5.5%, 4/15/2021   226,024
900 M Midcontinent Communications & Finance Corp., 6.875%, 8/15/2023 (a) 940,759
  Netflix, Inc.:    
100 M 4.375%, 11/15/2026   98,375
100 M 4.875%, 4/15/2028   99,250
  375 M   Unitymedia GmbH, 6.125%, 1/15/2025     (a)       391,088
                      10,738,575
  Media-Diversified—1.5%    
375 M Gannett Co., Inc., 6.375%, 10/15/2023   389,063
225 M Outdoor Americas Capital, LLC, 5.875%, 3/15/2025   231,187
  900 M   Tribune Media Co., 5.875%, 7/15/2022             923,063
                      1,543,313
  Metals/Mining—4.9%    
350 M Allegheny Technologies, Inc., 7.875%, 8/15/2023   380,625
125 M Big River Steel, LLC, 7.25%, 9/1/2025 (a) 130,975
250 M Cliffs Natural Resources, Inc., 5.75%, 3/1/2025   240,000
  Commercial Metals Co.:    
525 M 4.875%, 5/15/2023   528,937
175 M 5.375%, 7/15/2027   168,875
250 M Constellium NV, 5.75%, 5/15/2024 (a) 250,625
  First Quantum Minerals, Ltd.:    
400 M 7.25%, 5/15/2022 (a) 404,000
350 M 6.5%, 3/1/2024 (a) 329,000
175 M HudBay Minerals, Inc., 7.25%, 1/15/2023 (a) 182,000
450 M Joseph T. Ryerson & Son, Inc., 11%, 5/15/2022 (a) 475,875
100 M Mountain Province Diamonds, Inc., 8%, 12/15/2022 (a) 100,125
250 M Natural Resource Partners, LP, 10.5%, 3/15/2022   264,062
250 M Northwest Acquisitions, ULC, 7.125%, 11/1/2022 (a) 220,625
  Novelis, Inc.:    
275 M 6.25%, 8/15/2024 (a) 281,875
350 M 5.875%, 9/30/2026 (a) 349,563
525 M SunCoke Energy Partners, LP, 7.5%, 6/15/2025 (a) 532,875
  300 M   TMS International Corp., 7.25%, 8/15/2025     (a)       291,306
                      5,131,343
  Real Estate—1.3%    
  Geo Group, Inc.:    
100 M 5.125%, 4/1/2023   89,250
225 M 6%, 4/15/2026   189,563
150 M Greystar Real Estate Partners, 5.75%, 12/1/2025 (a) 150,750
  Iron Mountain, Inc.:    
225 M 5.75%, 8/15/2024   227,813
250 M 5.25%, 3/15/2028 (a) 242,813
175 M Lennar Corp., 4.875%, 12/15/2023   180,906
80 M MPT Operating Partnership, LP, 6.375%, 3/1/2024   83,800
  225 M   Sabra Health Care, LP, 5.125%, 8/15/2026             220,469
                      1,385,364
  Retail-General Merchandise—1.8%    
  1011778 B.C., ULC:    
500 M 4.625%, 1/15/2022 (a) 503,605
250 M 5%, 10/15/2025 (a) 247,575
  AmeriGas Partners, LP:    
125 M 5.625%, 5/20/2024   127,656
250 M 5.5%, 5/20/2025   250,312
225 M J.C. Penney Co., Inc., 8.625%, 3/15/2025   132,750
150 M KFC Holding Co., LLC, 5%, 6/1/2024 (a) 153,375
425 M L Brands, Inc., 6.75%, 7/1/2036   359,125
  125 M   SRS Distribution, Inc., 8.25%, 7/1/2026     (a)       120,625
                      1,895,023
  Services—2.0%    
225 M AECOM, 5.125%, 3/15/2027   218,531
650 M First Data Corp., 5.375%, 8/15/2023 (a) 665,438
325 M GW Honos Security Corp., 8.75%, 5/15/2025 (a) 310,375
50 M KAR Auction Services, Inc., 5.125%, 6/1/2025 (a) 49,687
225 M Prime Security Services Borrower, LLC, 9.25%, 5/15/2023 (a) 236,813
  United Rentals, Inc.:    
150 M 4.625%, 10/15/2025   148,500
100 M 6.5%, 12/15/2026   105,500
  325 M   5.5%, 5/15/2027             329,062
                      2,063,906
  Telecommunications—3.5%    
  Frontier Communications Corp.:    
450 M 11%, 9/15/2025   298,406
200 M 8.5%, 4/1/2026 (a) 186,500
75 M 8%, 4/1/2027 (a) 77,625
  GCI, Inc.:    
300 M 6.75%, 6/1/2021   301,875
950 M 6.875%, 4/15/2025   996,313
225 M Qwest Corp., 7.25%, 9/15/2025   242,453
125 M Telecom Italia Capital SA, 7.2%, 7/18/2036   127,550
200 M Telecom Italia SpA, 5.303%, 5/30/2024   201,750
375 M Telesat Canada, 8.875%, 11/15/2024 (a) 405,000
  Zayo Group, LLC:    
350 M 6%, 4/1/2023   356,125
250 M 6.375%, 5/15/2025   252,188
  275 M   5.75%, 1/15/2027     (a)       275,082
                       3,720,867
  Transportation—1.8%    
375 M BCD Acquisition, Inc., 9.625%, 9/15/2023 (a) 399,375
  Fly Leasing, Ltd.:    
275 M 6.375%, 10/15/2021   279,125
250 M 5.25%, 10/15/2024   241,250
225 M Mobile Mini, Inc., 5.875%, 7/1/2024   229,500
  750 M   XPO Logistics, Inc., 6.125%, 9/1/2023     (a)       758,438
                      1,907,688
  Utilities—2.9%    
150 M AES Corp., 6%, 5/15/2026   159,747
  Calpine Corp.:    
100 M 5.75%, 1/15/2025   99,750
275 M 5.25%, 6/1/2026 (a) 274,656
250 M Cheniere Corpus Christi Holdings, 5.125%, 6/30/2027   262,812
75 M Clearway Energy Operating, LLC, 5.75%, 10/15/2025 (a) 75,562
300 M Drax Finco, PLC, 6.625%, 11/1/2025 (a) 305,250
257 M Dynegy, Inc., 7.375%, 11/1/2022   267,280
30 M Indiantown Cogeneration Utilities, LP, 9.77%, 12/15/2020   31,267
125 M NRG Yield Operating, LLC, 5%, 9/15/2026   119,688
303 M NSG Holdings, LLC, 7.75%, 12/15/2025 (a) 326,016
850 M Targa Resources Partners, LP, 4.25%, 11/15/2023   848,938
  250 M   Terraform Power Operating, LLC, 5%, 1/31/2028     (a)       242,187
                      3,013,153
  Waste Management—.4%    
275 M Covanta Holding Corp., 5.875%, 7/1/2025   280,844
  175 M   GFL Environmental, Inc., 5.625%, 5/1/2022     (a)       170,625
                      451,469
  Wireless Communications—4.2%    
125 M Hughes Satellite Systems Corp., 5.25%, 8/1/2026   124,531
150 M Inmarsat Finance, PLC, 4.875%, 5/15/2022 (a) 153,030
525 M Intelsat Jackson Holdings SA, 8.5%, 10/15/2024 (a) 513,188
  Level 3 Financing, Inc.:    
250 M 6.125%, 1/15/2021   252,550
75 M 5.375%, 8/15/2022   75,563
250 M 5.125%, 5/1/2023   253,125
300 M 5.375%, 1/15/2024   306,330
850 M Sprint Communications, Inc., 6%, 11/15/2022   858,755
  Sprint Corp.:    
625 M 7.875%, 9/15/2023   656,250
125 M 7.125%, 6/15/2024   127,188
150 M 7.625%, 2/15/2025   153,375
450 M 7.625%, 3/1/2026   457,200
  T-Mobile USA, Inc.:    
50 M 6.5%, 1/15/2024   52,062
250 M 6%, 4/15/2024   260,313
  200 M   5.125%, 4/15/2025             205,500
                      4,448,960
Total Value of Corporate Bonds (cost $96,189,285)             96,077,692
  LOAN PARTICIPATIONS†—5.5%    
  Chemicals—.9%    
  Flint Group:    
70 M 5.7793%, 9/6/2021   64,340
424 M 5.7793%, 9/7/2021   389,717
  475 M   Univar USA, Inc., 4.9986%, 7/1/2024             470,647
                      924,704
  Consumer Non-Durables—.2%    
  249 M   Reynolds Group Holdings, Inc., 5.2486%, 2/5/2023             246,806
  Energy—.1%    
  75 M   Centurion Pipeline, LLC, 5.851%, 9/26/2025             74,766
  Food/Beverage/Tobacco—.7%    
494 M Chobani, LLC, 5.9986%, 10/9/2023   472,718
  323 M   Sigma Bidco BV, 5.6031%, 7/2/2025             314,365
                      787,083
  Gaming/Leisure—.8%    
400 M Dorna Sports SL, 5.883%, 4/12/2024   392,334
  485 M   Stars Group Holdings BV, 6.101%, 7/10/2025             484,588
                      876,922
  Health Care—.3%    
  348 M   Inovalon Holdings, Inc., 6%, 4/2/2025             347,379
  Media-Diversified—.6%    
125 M DiscoverOrg., LLC, 7.2363%, 2/2/2026   124,141
  500 M   Tribune Media Co., 5.4986%, 1/29/2024             500,625
                      624,766
  Metals/Mining—.5%    
  500 M   Zekelman Industries, Inc., 4.74%, 6/14/2021             495,624
  Telecommunication Services—.8%    
  800 M   Intelsat Jackson Holdings SA, 6.9898%, 1/2/2024             803,628
  Telecommunications—.5%      
  499 M   CenturyLink, Inc., 5.2486%, 1/31/2025             488,374
  Utilities—.1%        
  120 M   Edgewater Generation, 3.75%, 12/12/2025     (b)     119,850
Total Value of Loan Participations (cost $5,825,593)             5,789,902
  PASS-THROUGH CERTIFICATES—.3%      
  Transportation        
  386 M   American Airlines 13-2 B PTT, 5.6%, 1/15/2022 (cost $399,544)   (a)       392,214
Total Value of Investments (cost $102,414,422) 96.9 %     102,259,808
Other Assets, Less Liabilities 3.1           3,224,124
Net Assets       100.0 %         $          105,483,932

 



(a) Security exempt from registration under Rule 144A of the Securities Act of
  1933. Certain restricted securities are exempt from the registration
  requirements under Rule 144A of the Securities Act of 1933 and may only be
  sold to qualified institutional investors. At March 31, 2019, the Fund held
  one hundred eighty-eight 144A securities with an aggregate value of $55,057,753
  representing 52.2% of the Fund's net assets.
 
(b) A portion or all of the security purchased on a when-issued or delayed
  delivery basis.
 
Interest rates are determined and reset periodically. The interest rates above
  are the rates in effect at March 31, 2019.
 
  Summary of Abbreviations:
  LLLP Limited Liability Limited Partnership
  PTT Pass-Through Trust
  ULC Unlimited Liability Corporation
 
  At March 31, 2019, the cost of investments for federal income tax purposes
  was $102,506,626. Accumulated net unrealized depreciation on investments
  was $246,818, consisting of $1,547,354 gross unrealized appreciation and
  $1,794,172 gross unrealized depreciation.

 



The Fund's assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:
 
Level 1 – Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.
 
Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.
These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates,
prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own
assumption about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information
available.
 
The inputs methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those
securities. For example, U.S. Government securities are reflected as Level 2 because the inputs used to determine fair value may not
always be quoted prices in an active market.
 
The following is a summary, by category of Level, of inputs used to value the Fund's investments as of March 31, 2019:

 

  Level 1 Level 2 Level 3 Total
Corporate Bonds $ - $ 96,077,692 $ - $ 96,077,692
Loan Participations   - 5,789,902   - 5,789,902
Pass-Through Certificates   -   392,214   -   392,214
Total Investments in Securities* $ - $ 102,259,808 $ - $ 102,259,808

 

*The Portfolio of Investments provides information on the industry categorization for corporate bonds, loan participations and pass-
through certificates.
 
There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended March 31, 2019. Transfers, if any, between
Levels are recognized at the end of the reporting period.

 

 

 


Portfolio of Investments (unaudited)
GROWTH & INCOME FUND
March 31, 2019

                       
 
 
Shares or      
Principal      
  Amount     Security             Value
  COMMON STOCKS—94.1%    
  Communication Services—8.4%    
3,300 * Alphabet, Inc. - Class "A" $     3,883,737
226,550 AT&T, Inc.   7,104,608
52,100 CBS Corp. - Class "B"   2,476,313
217,450 Comcast Corp. - Special Shares "A"   8,693,651
86,650 Fox Corp. - Class "B"   3,109,002
13,600 * Take-Two Interactive Software, Inc.   1,283,432
162,600 Verizon Communications, Inc.   9,614,538
  45,277     Walt Disney Co.              5,027,105
                      41,192,386
  Consumer Discretionary—4.4%    
35,650 Aptiv, PLC   2,833,819
49,950 Aramark Holdings Corp.   1,476,022
9,700 * Burlington Stores, Inc.   1,519,796
20,500 Home Depot, Inc.   3,933,745
35,350 Lowe's Cos., Inc.   3,869,765
18,900 McDonald's Corp.   3,589,110
15,700 Ross Stores, Inc.   1,461,670
  89,850     Tapestry, Inc.             2,919,227
                      21,603,154
  Consumer Staples—7.1%    
22,000 Altria Group, Inc.   1,263,460
106,668 Coca-Cola Co.   4,998,462
113,029 Koninklijke Ahold Delhaize NV (ADR)   3,003,746
49,550 Mondelez International, Inc. - Class "A"   2,473,536
49,300 PepsiCo, Inc.   6,041,715
50,300 Philip Morris International, Inc.   4,446,017
62,200 Procter & Gamble Co.   6,471,910
  62,350     Walmart, Inc.             6,080,996
                      34,779,842
  Energy—9.4%    
165,788 BP, PLC (ADR)   7,248,251
73,300 Chevron Corp.   9,029,094
77,200 ConocoPhillips   5,152,328
22,800 EOG Resources, Inc.   2,170,104
101,350 ExxonMobil Corp.   8,189,080
45,700 Hess Corp.   2,752,511
55,822 Marathon Petroleum Corp. 3,340,947
142,007 Suncor Energy, Inc. 4,605,287
  42,800     Valero Energy Corp.             3,630,724
                      46,118,326
  Financials—17.1%  
44,506 American Express Co. 4,864,506
298,150 Bank of America Corp. 8,225,958
93,950 Bank of New York Mellon Corp. 4,737,898
36,650 * Berkshire Hathaway, Inc. - Class "B" 7,362,618
55,500 Chubb, Ltd. 7,774,440
93,250 Citigroup, Inc. 5,802,015
60,700 Citizens Financial Group, Inc. 1,972,750
29,093 Discover Financial Services 2,070,258
15,800 Goldman Sachs Group, Inc. 3,033,442
110,288 JPMorgan Chase & Co. 11,164,454
54,950 Morgan Stanley 2,318,890
34,400 PNC Financial Services Group, Inc. 4,219,504
54,400 Sterling Bancorp 1,013,472
27,600 Travelers Cos., Inc. 3,785,616
120,200 U.S. Bancorp 5,792,438
  199,567     Wells Fargo & Co.             9,643,077
                      83,781,336
  Health Care—16.0%  
53,000 Abbott Laboratories 4,236,820
17,850 Anthem, Inc. 5,122,593
22,000 * Centene Corp. 1,168,200
22,703 CVS Health Corp. 1,224,373
38,850 Eli Lilly & Co. 5,041,176
54,000 Gilead Sciences, Inc. 3,510,540
38,100 Hill-Rom Holdings, Inc. 4,033,266
44,925 Johnson & Johnson 6,280,066
66,300 Koninklijke Philips NV (ADR) 2,709,018
72,512 Medtronic, PLC 6,604,393
110,643 Merck & Co., Inc. 9,202,178
198,993 Pfizer, Inc. 8,451,233
60,350 Smith & Nephew, PLC (ADR) 2,420,639
22,893 Thermo Fisher Scientific, Inc. 6,266,272
16,000 UnitedHealth Group, Inc. 3,956,160
38,400 Zimmer Biomet Holdings, Inc. 4,903,680
  33,072     Zoetis, Inc.             3,329,358
                      78,459,965
  Industrials—8.7%  
9,394 3M Co. 1,951,885
4,550 Boeing Co. 1,735,461
45,350 Eaton Corp., PLC 3,653,396
78,550 * Gardner Denver Holdings, Inc. 2,184,475
42,000 Honeywell International, Inc. 6,674,640
41,700 Ingersoll-Rand, PLC 4,501,515
16,650 Lockheed Martin Corp. 4,997,664
27,000 Owens Corning 1,272,240
16,600 Stanley Black & Decker, Inc. 2,260,422
41,050 Union Pacific Corp. 6,863,560
  52,350     United Technologies Corp.             6,747,392
                      42,842,650
  Information Technology—13.3%  
17,600 Apple, Inc. 3,343,120
88,900 Applied Materials, Inc. 3,525,774
18,250 ASML Holdings NV 3,431,913
184,050 Cisco Systems, Inc. 9,936,859
72,800 Corning, Inc. 2,409,680
99,350 eBay, Inc. 3,689,859
13,200 * FleetCor Technologies, Inc. 3,254,988
170,400 Intel Corp. 9,150,480
72,250 Microsoft Corp. 8,521,165
13,350 NXP Semiconductors NV 1,180,007
45,300 Oracle Corp. 2,433,063
101,638 QUALCOMM, Inc. 5,796,415
30,700 * Synopsys, Inc. 3,535,105
29,500 TE Connectivity, Ltd. 2,382,125
  25,250     Texas Instruments, Inc.             2,678,268
                      65,268,821
  Materials—3.3%  
19,950 Celanese Corp. 1,967,270
86,000 DowDuPont, Inc. 4,584,660
47,550 FMC Corp. 3,652,791
20,200 Linde, PLC 3,553,786
  28,800     LyondellBasell Industries NV - Class "A"             2,421,504
                      16,180,011
  Real Estate—.7%  
13,600 Crown Castle International Corp. (REIT) 1,740,800
  12,800     Federal Realty Investment Trust (REIT)             1,764,480
                      3,505,280
  Utilities—5.7%  
31,750 American Electric Power Co., Inc. 2,659,062
54,400 CMS Energy Corp. 3,021,376
26,950 Entergy Corp. 2,577,228
53,600 Exelon Corp. 2,686,968
64,100 FirstEnergy Corp. 2,667,201
15,600 NextEra Energy, Inc. 3,015,792
31,450 Pinnacle West Capital Corp. 3,005,991
47,050 Utilities Select Sector SPDR Fund (ETF) 2,736,899
35,300 WEC Energy Group, Inc. 2,791,524
  49,000     Xcel Energy, Inc.             2,754,290
                      27,916,331
Total Value of Common Stocks (cost $329,879,988)             461,648,102
  SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—5.3%  
    U.S. Treasury Bills:      
$ 13,000 M 2.37%, 4/9/2019     12,993,149
  13,000 M   2.396%, 4/11/2019             12,991,446
Total Value of Short-Term U.S. Government Obligations (cost $25,984,484)       25,984,595
Total Value of Investments (cost $355,864,472) 99.4 %   487,632,697
Other Assets, Less Liabilities .6           2,808,358
Net Assets       100.0 %         490,441,055

 



* Non-income producing
 
  Summary of Abbreviations:
  ADR American Depositary Receipts 
  ETF  Exchange Traded Fund
  REIT Real Estate Investment Trust 
  SPDR  Standard & Poor's Depository Receipts 
 
  At March 31, 2019, the cost of investments for federal income tax purposes
  was $357,944,220. Accumulated net unrealized appreciation on investments
  was $129,634,582, consisting of $135,367,614 gross unrealized appreciation
  and $5,733,032 gross unrealized depreciation.

 



Portfolio of Investments (unaudited)
GROWTH & INCOME FUND
March 31, 2019

         
  Expiration Exercise    
CALL OPTIONS WRITTEN—(0.0)% Date Price Contracts Value
Apple, Inc. 4/18/19 190.00 (30) ($11,175)
CVS Health Corp. 4/12/19 $ 56.50 (60) (1,920)
FleetCor Technlogies, Inc. 4/18/19 240.00 (30) (25,200)
Johnson & Johnson 4/18/19 140.00 (30) (6,075)
Microsoft Corp. 4/5/19 115.00 (30) (9,525)
Total Value of Call Options Written (premium received $38,112)     ($53,895)

 



The Fund's assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:

Level 1 – Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumption about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, U.S. Government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of March 31, 2019:

      Level 1     Level 2     Level 3     Total
Common Stocks* $ 461,648,102 $ - $  - $  461,648,102
Short-Term U.S. Government                
Obligations     -     25,984,595      -   25,984,595
  $ 461,648,102 $ 25,984,595 $  - $  487,632,697
 
Liabilities                
Call Options Written $ - $ (53,895) $  - $  (53,895)

 

*The Portfolio of Investments provides information on the industry categorization for common stocks.

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended March 31, 2019. Transfers, if any, between Levels are recognized at the end of the reporting period.

 

 


Portfolio of Investments (unaudited)
INTERNATIONAL FUND
March 31, 2019

                       
 
 
Shares or      
Principal      
  Amount     Security             Value
  COMMON STOCKS—95.7%    
  United Kingdom—14.0%    
78,187 Ashtead Group, PLC $      1,886,496
142,072 Bunzl, PLC   4,685,278
35,024 DCC, PLC   3,026,703
61,903 Diageo, PLC   2,530,044
38,230 London Stock Exchange   2,365,661
29,697 Reckitt Benckiser Group, PLC   2,468,497
173,469 RELX NV   3,706,935
  327,551     Rentokil Initial, PLC             1,507,252
                      22,176,866
  France—11.7%    
17,777 Air Liquide SA   2,260,363
11,340 L'Oreal SA   3,050,425
4,614 LVMH Moet Hennessy Louis Vuitton SE   1,697,138
29,605 Safran SA   4,059,869
22,383 Teleperformance SE   4,022,342
  34,773     VINCI SA             3,382,670
                      18,472,807
  United States—10.7%    
3,354 * Alphabet, Inc. - Class "C"   3,935,282
2,997 * Booking Holdings, Inc.   5,229,495
22,848 Mastercard, Inc. - Class "A"   5,379,562
  25,748     Medtronic, PLC             2,345,128
                      16,889,467
  Canada—10.2%    
107,730 Alimentation Couche-Tard, Inc. - Class "B"   6,346,021
52,993 Canadian National Railway Co.   4,743,931
  5,950     Constellation Software, Inc.             5,042,373
                      16,132,325
  India—8.3%    
223,411 HDFC Bank, Ltd.   7,478,423
114,721 Housing Development Finance Corp., Ltd.   3,259,467
  845,682     Power Grid Corp. of India, Ltd.             2,415,886
                      13,153,776
  Germany—5.2%    
63,417 Fresenius SE & Co KGaA   3,539,845
  39,864     SAP SE             4,605,918
                      8,145,763
      Netherlands—5.1%      
  24,576   Heineken NV     2,593,622
  94,809     Unilever NV - CVA             5,506,932
                      8,100,554
      Spain—3.8%      
  93,064   Grifols SA - Class "A"     2,605,700
  116,372     Industria de Diseno Textil SA             3,420,172
                      6,025,872
      Switzerland—3.6%      
  59,765      Nestle SA             5,695,906
      China—3.5%      
  19,412 * Alibaba Group Holding, Ltd. (ADR)   3,541,719
  44,510      Tencent Holdings, Ltd.             2,046,906
                      5,588,625
      Belgium—3.4%      
  64,953      Anheuser -Busch InBev SA             5,447,116
      Japan—2.7%      
  6,908      Keyence Corp.             4,298,879
      Ireland—2.4%      
  51,838   Kingspan Group, PLC     2,399,251
  18,411     Paddy Power Betfair, PLC             1,419,869
                       3,819,120
      Brazil—2.2%      
  66,466   Equatorial Energia SA     1,355,514
  232,826     Itau Unibanco Holding SA (ADR)             2,051,197
                       3,406,711
      Hong Kong—2.0%      
  469,440      Techtronic Industries Co., Ltd.             3,154,537
      Singapore—1.9%      
  159,000     United Overseas Bank             2,955,329
      Australia—1.6%      
  17,774      CSL, Ltd.             2,460,229
      Mexico—1.4%      
  836,929      Walmart de Mexico SAB de CV             2,237,387
      Taiwan—1.1%      
  40,739      Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)           1,668,669
      Sweden—.9%      
  126,827     Svenska Handelsbanken AB - Class "A"             1,338,209
Total Value of Common Stocks (cost $116,347,890)             151,168,147
      SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—2.5%    
      U.S. Treasury Bills:      
$ 2,500 M