NPORT-EX 2 midcapsoi.htm MIDCAP SOI & NOTES

MIDCAP FUND SCHEDULE OF INVESTMENTS
            
February 29, 2020 (Unaudited)
            
             
   
Shares
    
Value
  
COMMON STOCKS - 99.8%
        
$
38,698,511
  
(COST $39,572,004)
              
               
Communication Services - 2.9%
          
1,102,592
  
Entertainment - 1.8%
              
Activision Blizzard, Inc.
    
4,650
      
270,305
  
Take-Two Interactive Software, Inc. (a)
    
3,870
      
415,947
  
Media - 1.1%
                
Discovery, Inc. (a)
    
16,200
      
416,340
  
                 
Consumer Discretionary - 17.3%
            
6,699,483
  
Automobiles - 1.0%
                
Harley-Davidson, Inc.
    
12,075
      
367,925
  
Distributors - 2.0%
                
LKQ Corp. (a)
    
26,450
      
782,391
  
Household Durables - 4.5%
                
D.R. Horton, Inc.
    
5,730
      
305,237
  
Newell Brands, Inc.
    
44,921
      
693,131
  
PulteGroup, Inc.
    
7,635
      
306,927
  
TopBuild Corp. (a)
    
4,410
      
445,410
  
Internet & Direct Marketing Retail - 1.0%
                
Duluth Holdings, Inc. (a)
    
54,525
      
374,042
  
Leisure Products - 0.8%
                
Mattel, Inc. (a)
    
26,950
      
317,741
  
Specialty Retail - 5.8%
                
Bed Bath & Beyond, Inc.
    
35,500
      
383,755
  
Lumber Liquidators Holdings, Inc. (a)
    
83,590
      
819,181
  
Party City Holdco, Inc. (a)
    
313,489
      
623,843
  
Urban Outfitters, Inc. (a)
    
18,210
      
428,117
  
Textiles, Apparel & Luxury Goods - 2.2%
                
Hanesbrands, Inc.
    
29,705
      
393,294
  
Skechers U.S.A., Inc. Class A (a)
    
13,860
      
458,489
  
                 
Consumer Staples - 6.1%
            
2,370,162
  
Beverages - 2.8%
                
MGP Ingredients, Inc.
    
20,545
      
590,874
  
Molson Coors Brewing Co. Class B
    
9,805
      
486,426
  
Food Products - 3.3%
                
The Kraft Heinz Co.
    
16,570
      
410,439
  
The Hain Celestial Group, Inc. (a)
    
17,265
      
409,698
  
The J.M. Smucker Co.
    
4,590
      
472,725
  
                 
Energy - 3.8%
            
1,468,780
  
Energy Equipment & Services - 0.3%
                
Helmerich & Payne, Inc.
    
3,510
      
129,484
  
Oil, Gas & Consumable Fuels - 3.5%
                
Cameco Corp.
    
15,200
      
131,936
  
Cheniere Energy, Inc. (a)
    
4,045
      
207,468
  
Devon Energy Corp.
    
10,345
      
168,003
  
Noble Energy, Inc.
    
19,100
      
302,353
  
Parsley Energy, Inc.
    
12,900
      
172,860
  
Pioneer Natural Resources Co.
    
2,905
      
356,676
  
                 
Financials - 17.0%
            
6,598,732
  
Banks - 8.4%
                
Associated Banc-Corp
    
37,408
      
633,317
  
CIT Group, Inc.
    
17,080
      
678,247
  
First Horizon National Corp.
    
58,545
      
780,404
  
Regions Financial Corp.
    
14,785
      
199,893
  
Truist Financial Corp.
    
9,026
      
416,460
  
Zions Bancorporation, N.A.
    
14,105
      
563,495
  


Capital Markets - 4.8%
                
Eaton Vance Corp.
    
12,990
      
535,967
  
Northern Trust Corp.
    
8,180
      
717,876
  
State Street Corp.
    
8,625
      
587,449
  
Consumer Finance - 1.2%
                
Discover Financial Services
    
7,329
      
480,636
  
Insurance - 1.5%
                
Fidelity National Financial, Inc.
    
9,710
      
376,360
  
Unum Group
    
9,175
      
213,869
  
Thrifts & Mortgage Finance - 1.1%
                
Flagstar Bancorp, Inc.
    
13,010
      
414,759
  
                 
Health Care - 11.9%
            
4,627,292
  
Biotechnology - 2.4%
                
Exact Sciences Corp. (a)
    
8,285
      
670,671
  
MiMedx Group, Inc. (a)
    
20,015
      
129,297
  
Xencor, Inc. (a)
    
3,600
      
116,964
  
Health Care Providers & Services - 5.4%
                
Acadia Healthcare Co., Inc. (a)
    
14,660
      
433,936
  
Henry Schein, Inc. (a)
    
2,180
      
132,849
  
McKesson Corp.
    
1,945
      
272,028
  
Premier, Inc. Class A (a)
    
21,230
      
624,798
  
Tivity Health, Inc. (a)
    
49,065
      
621,654
  
Life Sciences Tools & Services - 1.4%
                
Accelerate Diagnostics, Inc. (a)
    
43,700
      
559,797
  
Pharmaceuticals - 2.7%
                
Aerie Pharmaceuticals, Inc. (a)
    
24,405
      
427,088
  
Jazz Pharmaceuticals PLC (a)
    
5,570
      
638,210
  
                 
Industrials - 13.8%
            
5,335,811
  
Building Products - 2.7%
                
AO Smith Corp.
    
11,605
      
458,978
  
Masco Corp.
    
14,240
      
588,397
  
Commercial Services & Supplies - 1.8%
                
Hudson Technologies, Inc. (a)
    
225,325
      
183,640
  
Mobile Mini, Inc.
    
13,115
      
511,354
  
Construction & Engineering - 0.9%
                
MasTec, Inc. (a)
    
6,855
      
336,443
  
Electrical Equipment - 0.8%
                
Regal Beloit Corp.
    
3,805
      
295,420
  
Machinery - 6.0%
                
Hillenbrand, Inc.
    
17,050
      
398,970
  
Ingersoll-Rand PLC
    
2,575
      
332,278
  
Kornit Digital Ltd. (a)
    
7,465
      
297,480
  
Mueller Water Products, Inc. Class A
    
30,225
      
330,964
  
REV Group, Inc.
    
34,995
      
274,011
  
SPX Corp. (a)
    
4,495
      
188,475
  
SPX Flow, Inc. (a)
    
13,845
      
509,219
  
Trading Companies & Distributors - 1.6%
                
HD Supply Holdings, Inc. (a)
    
16,575
      
630,182
  
                 
Information Technology - 16.5%
            
6,390,273
  
Communications Equipment - 2.5%
                
Lumentum Holdings, Inc. (a)
    
7,575
      
589,487
  
Viavi Solutions, Inc. (a)
    
28,771
      
379,490
  
Electronic Equipment, Instruments & Components - 1.8%
                
II-VI, Inc. (a)
    
23,240
      
689,996
  
IT Services - 3.9%
                
Alliance Data Systems Corp.
    
9,095
      
781,078
  
Black Knight, Inc. (a)
    
6,490
      
432,948
  
Fiserv, Inc. (a)
    
2,813
      
307,630
  
Semiconductors & Semiconductor Equipment - 5.7%
                
Cypress Semiconductor Corp.
    
21,400
      
494,126
  
Infineon Technologies A.G. ADR
    
33,125
      
687,012
  
Marvell Technology Group Ltd.
    
18,204
      
387,745
  
NXP Semiconductors N.V.
    
5,750
      
653,718
  


Software - 1.5%
                
SS&C Technologies Holdings, Inc.
    
10,300
      
571,650
  
Technology Hardware, Storage & Peripherals - 1.1%
                
CPI Card Group, Inc. (a)
    
150,397
      
108,286
  
Pure Storage, Inc. Class A (a)
    
20,125
      
307,107
  
                 
Materials - 4.4%
            
1,715,629
  
Chemicals - 0.6%
                
Int'l. Flavors & Fragrances, Inc.
    
2,105
      
252,137
  
Containers & Packaging - 2.2%
                
Berry Global Group, Inc. (a)
    
10,770
      
408,829
  
Crown Holdings, Inc. (a)
    
6,230
      
439,215
  
Metals & Mining - 1.6%
                
Freeport-McMoRan, Inc. Class B
    
51,845
      
516,376
  
Lundin Mining Corp.
    
19,350
      
99,072
  
                 
Real Estate - 4.8%
            
1,878,573
  
Equity Real Estate Investment - 3.3%
                
Diamondrock Hospitality Co.
    
37,725
      
344,052
  
Host Hotels & Resorts, Inc.
    
21,625
      
313,130
  
Kimco Realty Corp.
    
24,010
      
416,574
  
Simon Property Group, Inc.
    
1,635
      
201,236
  
Real Estate Management & Development - 1.5%
                
Colliers International Group, Inc.
    
4,500
      
363,870
  
FirstService Corp.
    
2,425
      
239,711
  
                 
Utilities - 1.3%
            
511,184
  
Electric Utilities - 0.5%
                
Xcel Energy, Inc.
    
3,130
      
195,062
  
Multi-Utilities - 0.8%
                
MDU Resources Group, Inc.
    
11,400
      
316,122
  
                 
SHORT-TERM INVESTMENTS - 0.1%
            
46,102
  
(COST $46,102)
                
                 
Money Market Funds - 0.1%
            
46,102
  
First American Government Obligations Fund, 1.491% (b)
    
46,102
      
46,102
  
                 
TOTAL INVESTMENTS - 99.9% (COST $39,618,106)
            
38,744,613
  
                 
NET OTHER ASSETS AND LIABILITIES - 0.1%
            
20,460
  
                 
NET ASSETS - 100.0%
          
$
38,765,073
  
 
                

(a)
Non-income producing security.
                
(b)
Represents the 7-day yield at February 29, 2020.
            
                   
                   
Abbreviations
                
ADR
American Depositary Receipt
                
A.G.
Aktiengesellschaft is the German term for a public limited liability corporation.
    
N.V.
Naamloze Vennootschap is the Dutch term for a public limited liability corporation.
    
PLC
Public Limited Company
                
                   
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”) and is licensed for use by Thompson Investment Management, Inc. Neither MSCI, S&P, nor any other party involved in making or compiling the GICS or any GICS classifications makes any warranties with respect there to or the results to be obtained by the use thereof, and no such party shall have any liability whatsoever with respect thereto.


The following is a summary of the inputs used to value the Funds’ investments as of February 29, 2020:

     
Level 1
    
Level 2
    
Level 3
    
Total
  
 
Common Stocks
                        
 
Communication services
  
$
1,102,592
    
$
-
    
$
-
    
$
1,102,592
  
 
Consumer discretionary
    
6,699,483
      
–
      
–
      
6,699,483
  
 
Consumer staples
    
2,370,162
      
–
      
–
      
2,370,162
  
 
Energy
    
1,468,780
      
–
      
–
      
1,468,780
  
 
Financials
    
6,598,732
      
–
      
–
      
6,598,732
  
 
Health care
    
4,627,292
      
–
      
–
      
4,627,292
  
 
Industrials
    
5,335,811
      
–
      
–
      
5,335,811
  
 
Information technology
    
6,390,273
      
–
      
–
      
6,390,273
  
 
Materials
    
1,715,629
      
–
      
–
      
1,715,629
  
 
Real Estate
    
1,878,573
      
–
      
–
      
1,878,573
  
 
Utilities
    
511,184
      
–
      
–
      
511,184
  
 
Total common stocks
    
38,698,511
      
–
      
–
      
38,698,511
  
 
Short-term investments
                                
 
Money market funds
    
46,102
      
–
      
–
      
46,102
  
 
Total short-term investments
    
46,102
      
–
      
–
      
46,102
  
 
Total investments
    
38,744,613
    
$
–
    
$
–
      
38,744,613
  

The Fund did not invest in any level-3 investments as of and during the three-month period ended February 29, 2020
                   
For more information on valuation inputs, see the accompanying notes. The accompanying notes are an integral part of the schedule of investments.


THOMPSON IM FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS
February 29, 2020

VALUATION POLICY AND PROCEDURES - The Funds’ Board of Directors (the “Funds’ Board”) has adopted methods for valuing securities set forth in the Funds’ Pricing Policies and Procedures, including circumstances in which market quotes are not readily available or deemed to be unreliable, and has delegated authority to the Advisor to apply those methods in making fair value determinations, subject to oversight by the Funds’ Board. The Advisor has established a valuation committee that, along with other Advisor employees, administers, implements, and oversees the fair valuation process and makes fair value decisions. The valuation committee regularly reviews its own fair value decisions, as well as valuations, valuation techniques and services furnished by pricing services; considers circumstances in the markets which may require it to make or adjust valuation determinations; and reviews previous valuation determinations. The valuation committee reports on its activities and any changes to the fair valuation guidelines to the Funds’ Board.

VALUATION MEASUREMENTS – In accordance with generally accepted accounting principles in the United States of America (“GAAP”), fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. GAAP established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

Various inputs are used in determining the value of each Fund’s investments. These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Inputs may include price information, specific and broad credit data, liquidity statistics, and other factors. The Fund considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The determination of what constitutes “observable” requires significant judgment by the Fund. The categorization of a security within the hierarchy is based upon the pricing transparency of the security and does not necessarily correspond to the Fund’s perceived risk of that security.  The inputs used to measure fair value may fall into different levels of the fair valuation hierarchy.  In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level that is significant to the fair value measurement in its entirety.

SECURITY VALUATION - Each Fund’s equity securities, including common stocks, ADRs,REITs, and rights are valued at their market prices (generally the last reported sales price on the exchange where the securities are primarily traded or, for Nasdaq-listed securities, at their Nasdaq Official Closing Prices). If no sales are reported on a particular day, the mean between the highest bid and lowest asked quotations at the close of the exchanges will generally be used.  To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy.  When adjustments to observable prices are applied or when the market is considered inactive, securities will be categorized in level 2 of the fair value hierarchy.

Investments in money market mutual funds are generally priced at the ending net asset value provided by the service agent of the funds.  These securities will be categorized as level 1 securities.

1

Fixed-income securities such as corporate bonds, asset-backed securities, mortgage-backed securities, U.S. government and agency securities, sovereign bonds, municipal bonds and commercial paper are typically valued based on valuations published by an independent pricing service, which uses various valuation methodologies such as matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. Factors considered by pricing services include market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads and fundamental analytical data relating to the issuer. Short-term investments in fixed-income securities (those with remaining maturities of 60 days or less) are generally valued on an amortized cost basis. Fixed-income securities will generally be categorized in level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in level 3.

Where market quotations are not readily available or are unreliable, a value is determined in good faith pursuant to procedures established by the Funds’ Board.   When determining the value of a security, consideration is given to the facts and circumstances relevant to the particular situation, which includes factors such as fundamental analytical data relating to the investment, which may include consideration of yields or prices of securities of comparable quality, coupon rate, maturity and type of issue, nature and duration of any restrictions on disposition of the security and an evaluation of forces that influence the market in which the securities are purchased or sold. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security.


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