N-Q 1 tim_nq.htm QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act File Number 811-4946

THOMPSON IM FUNDS, INC.
(Exact name of registrant as specified in charter)

918 Deming Way
Madison, WI 53717
(Address of principal executive offices)--(Zip code)

Jason L. Stephens
Chief Executive Officer
Thompson IM Funds, Inc.
918 Deming Way
Madison, Wisconsin 53717
(Name and address of agent for service)

With a copy to:

Fredrick G. Lautz, Esq.
Quarles & Brady LLP
411 East Wisconsin Avenue
Milwaukee, Wisconsin 53202

Registrant's telephone number, including area code: (608) 827-5700

Date of fiscal year end: November 30, 2016

Date of reporting period: February 29, 2016

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5, to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to Rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, N.W., Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.


Item 1. Schedule of Investments

THOMPSON IM FUNDS, INC.
THOMPSON LARGECAP FUND
SCHEDULE OF INVESTMENTS
February 29, 2016 (Unaudited)

Shares Value
COMMON STOCKS - 99.7%
               
Consumer Discretionary - 17.2%
Auto Components - 1.5%
Johnson Controls, Inc.       40,100       $     1,462,046
 
Automobiles - 1.0%
Harley-Davidson, Inc. 23,350 1,008,020
 
Distributors - 1.0%
LKQ Corp. (a) 33,375 921,150
 
Household Durables - 1.2%
D.R. Horton, Inc. 21,725 580,492
TopBuild Corp. (a) 20,302 547,748
  1,128,240
Leisure Products - 1.1%
Brunswick Corp. 23,750 1,010,325
 
Media - 5.7%
CBS Corp. Class B 30,675 1,484,056
The Walt Disney Co. 10,150 969,528
Time Warner Inc. 15,725 1,040,995
Viacom Inc. Class B 54,525 2,009,246
  5,503,825
Multiline Retail - 3.5%
Kohl's Corp. 29,585 1,380,732
Target Corp. 25,010 1,962,034
  3,342,766
Specialty Retail - 1.7%
Bed Bath & Beyond Inc. (a) 25,175 1,207,141
Lumber Liquidators Holdings, Inc. (a) 36,650 415,245
  1,622,386
Textiles, Apparel & Luxury Goods - 0.5%
Hanesbrands, Inc. 18,200 518,518
 
Consumer Staples - 5.7%
Food & Staples Retailing - 4.0%
CVS Health Corp. 10,175 988,705
Walgreens Boots Alliance, Inc. 24,750 1,953,765
Wal-Mart Stores, Inc. 14,600 968,564
  3,911,034
Household Products - 1.7%
Kimberly-Clark Corp. 5,568 725,510
The Procter & Gamble Co. 11,850 951,437
1,676,947

1


THOMPSON IM FUNDS, INC.
THOMPSON LARGECAP FUND
SCHEDULE OF INVESTMENTS
February 29, 2016 (Unaudited)

                    Shares       Value
COMMON STOCKS (continued)
 
Energy - 11.3%
Energy Equipment & Services - 1.5%
Schlumberger Ltd. 20,369 $     1,460,865
 
Oil, Gas & Consumable Fuels - 9.8%
Apache Corp. 27,075 1,036,431
Chevron Corp. 25,645 2,139,819
Devon Energy Corp. 77,850 1,532,088
EOG Resources, Inc. 15,025 972,719
Exxon Mobil Corp. 38,720 3,103,408
Noble Energy, Inc. 25,350 747,825
  9,532,290
Financials - 16.7%
Banks - 12.0%
Associated Banc-Corp 68,215 1,173,298
Bank of America Corp. 169,625 2,123,705
CIT Group Inc. 42,550 1,268,415
Citigroup Inc. 49,575 1,925,989
First Horizon National Corp. 91,485 1,099,650
JPMorgan Chase & Co. 36,975 2,081,692
PNC Financial Services Group, Inc. 10,505 854,162
SunTrust Banks, Inc. 16,550 549,129
Zions Bancorporation 24,375 519,675
  11,595,715
Capital Markets - 2.8%
Northern Trust Corp. 17,710 1,051,620
State Street Corp. 29,800 1,632,444
  2,684,064
Consumer Finance - 0.5%
Discover Financial Services 10,620 492,980
 
Insurance - 1.0%
Aflac, Inc. 16,435 978,211
 
Real Estate Investment Trusts - 0.4%
DiamondRock Hospitality Co. 42,475 378,028

2


THOMPSON IM FUNDS, INC.
THOMPSON LARGECAP FUND
SCHEDULE OF INVESTMENTS
February 29, 2016 (Unaudited)

                    Shares       Value
COMMON STOCKS (continued)
 
Health Care - 11.2%
Biotechnology - 5.5%
AbbVie Inc. 22,200 $     1,212,342
Amgen Inc. 6,990 994,537
Baxalta Inc. 12,160 468,403
Celgene Corp. (a) 16,700 1,683,861
Exact Sciences Corp. (a) 191,600 963,748
5,322,891
Health Care Equipment & Supplies - 0.5%
Zimmer Biomet Holdings, Inc. 5,425 525,194
 
Health Care Providers & Services - 4.2%
Express Scripts Holding Co. (a) 28,275 1,989,994
Hanger, Inc. (a) 59,300 147,657
McKesson Corp. 12,560 1,954,587
4,092,238
Pharmaceuticals - 1.0%
Johnson & Johnson 9,260 974,245
 
Industrials - 11.5%
Air Freight & Logistics - 1.3%
FedEx Corp. 9,475 1,296,938
 
Building Products - 1.6%
Masco Corp. 54,375 1,533,375
 
Electrical Equipment - 3.2%
ABB Ltd. ADR 101,775 1,811,595
Rockwell Automation, Inc. 12,525 1,303,727
3,115,322
Industrial Conglomerates - 3.0%
General Electric Co. 66,500 1,937,810
3M Co. 6,195 971,810
2,909,620
Machinery - 1.6%
Illinois Tool Works Inc. 10,425 982,556
Ingersoll-Rand PLC 9,775 543,099
1,525,655
Trading Companies & Distributors - 0.8%
HD Supply Holdings, Inc. (a) 27,950 776,731

3


THOMPSON IM FUNDS, INC.
THOMPSON LARGECAP FUND
SCHEDULE OF INVESTMENTS
February 29, 2016 (Unaudited)

                    Shares       Value
COMMON STOCKS (continued)
 
Information Technology - 24.7%
Communications Equipment - 5.9%
Cisco Systems, Inc. 78,685 $     2,059,973
Lumentum Holdings Inc. (a) 29,807 716,262
Qualcomm, Inc. 38,980 1,979,794
Viavi Solutions Inc. (a) 149,535 976,464
5,732,493
Electronic Equipment, Instruments & Components - 2.0%
Corning Inc. 77,875 1,425,112
Maxwell Technologies, Inc. (a) 93,997 538,603
1,963,715
Internet Software & Services - 3.4%
Alphabet, Inc. Class A (a) 3,982 2,855,970
eBay Inc. (a) 19,070 453,866
3,309,836
IT Services - 3.5%
Alliance Data Systems Corp. (a) 7,375 1,549,709
PayPal Holdings, Inc. (a) 34,370 1,310,872
Visa Inc. Class A 6,625 479,584
3,340,165
Semiconductors & Semiconductor Equipment - 3.5%
Intel Corp. 31,275 925,427
Linear Technology Corp. 16,870 735,869
Maxim Integrated Products, Inc. 21,555 729,852
NXP Semiconductors N.V. (a) 14,500 1,032,980
3,424,128
Software - 4.4%
Microsoft Corp. 51,201 2,605,107
Oracle Corp. 44,750 1,645,905
4,251,012
Technology Hardware, Storage & Peripherals - 2.0%
EMC Corp. 39,475 1,031,482
Hewlett Packard Enterprise Co. 38,025 504,592
HP Inc. 38,025 406,487
1,942,561
Materials - 1.4%
Metals & Mining - 1.4%
Freeport-McMoRan Inc. (a) 170,625 1,301,869
 
TOTAL COMMON STOCKS (COST $114,253,360) 96,565,398

4


THOMPSON IM FUNDS, INC.
THOMPSON LARGECAP FUND
SCHEDULE OF INVESTMENTS
February 29, 2016 (Unaudited)

                    Shares       Value
SHORT-TERM INVESTMENTS - 0.0%
 
Money Market Funds - 0.0%
Fidelity Money Market Portfolio Class I, 0.334% (b) 510 $     510
 
Total Money Market Funds 510
 
TOTAL SHORT-TERM INVESTMENTS (COST $510) 510
 
TOTAL INVESTMENTS - 99.7% (COST $114,253,870) 96,565,908
 
NET OTHER ASSETS AND LIABILITIES - 0.3% 338,619
 
NET ASSETS - 100.0% $ 96,904,527

(a)  Non-income producing security.
(b)  Represents the 7-day yield at February 29, 2016.

ADR:        American Depositary Receipt
N.V.: Naamloze Vennootschap is the Dutch term for a public limited liability corporation.
PLC: Public Limited Company

At February 29, 2016, the investment cost and aggregate unrealized appreciation and depreciation on investments for federal income tax purposes were as follows:

Federal tax cost       $     114,345,848
Unrealized appreciation $ 2,717,860
Unrealized depreciation $ (20,497,800 )
Net unrealized appreciation (depreciation) $ (17,779,940 )

The tax basis of investments for tax and financial reporting purposes differ principally due to wash sales.

The accompanying notes are an integral part of the schedule of investments.

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 thereto or the results to be obtained by the use thereof, and no such party shall have any liability whatsoever with respect thereto.

5


THOMPSON IM FUNDS, INC.
THOMPSON MIDCAP FUND
SCHEDULE OF INVESTMENTS
February 29, 2016 (Unaudited)

                    Shares       Value
COMMON STOCKS - 99.4%
 
Consumer Discretionary - 23.1%
Automobiles - 1.3%
Harley-Davidson, Inc. 10,000 $     431,700
 
Distributors - 1.6%
LKQ Corp. (a) 19,320 533,232
 
Household Durables - 4.8%
D.R. Horton, Inc. 13,575 362,724
Jarden Corp. (a) 6,243 330,130
PulteGroup Inc. 20,400 350,676
Toll Brothers, Inc. (a) 6,550 179,798
TopBuild Corp. (a) 13,850 373,673
1,597,001
Leisure Products - 1.3%
Brunswick Corp. 10,075 428,590
 
Multiline Retail - 3.2%
Kohl's Corp. 17,135 799,690
Nordstrom, Inc. 4,800 246,336
1,046,026
Specialty Retail - 5.8%
Bed Bath & Beyond Inc. (a) 14,405 690,720
Chico's FAS, Inc. 23,325 297,627
Lumber Liquidators Holdings, Inc. (a) 27,300 309,309
Urban Outfitters, Inc. (a) 22,900 606,621
1,904,277
Textiles, Apparel & Luxury Goods - 5.1%
Coach, Inc. 11,555 449,952
Hanesbrands, Inc. 21,160 602,848
Michael Kors Holdings Ltd. (a) 7,125 403,631
Skechers U.S.A., Inc. Class A (a) 6,525 214,803
1,671,234
Consumer Staples - 4.1%
Food & Staples Retailing - 1.4%
The Fresh Market, Inc. (a) 20,725 478,126
 
Food Producers - 2.7%
Ingredion Inc. 1,525 154,361
Inventure Foods, Inc. (a) 60,525 370,413
The J. M. Smucker Co. 2,887 368,295
893,069

1


THOMPSON IM FUNDS, INC.
THOMPSON MIDCAP FUND
SCHEDULE OF INVESTMENTS
February 29, 2016 (Unaudited)

                    Shares       Value
COMMON STOCKS (continued)
 
Energy - 5.3%
Energy Equipment & Services - 1.5%
FMC Technologies, Inc. (a) 13,125 $     321,956
Helmerich & Payne, Inc. 3,235 171,358
493,314
Oil, Gas & Consumable Fuels - 3.8%
Cameco Corp. 14,025 169,843
Devon Energy Corp. 13,200 259,776
Murphy Oil Corp. 1 17
Noble Energy, Inc. 16,875 497,812
Pioneer Natural Resources Co. 1,675 201,888
Southwestern Energy Co. (a) 19,200 110,976
1,240,312
Financials - 19.4%
Banks - 8.9%
Associated Banc-Corp 37,105 638,206
CIT Group Inc. 23,305 694,722
First Horizon National Corp. 57,970 696,799
Regions Financial Corp. 22,135 166,455
SunTrust Banks, Inc. 10,495 348,224
Zions Bancorporation 19,035 405,826
2,950,232
Capital Markets - 2.8%
Eaton Vance Corp. 11,295 326,538
Northern Trust Corp. 10,255 608,942
935,480
Consumer Finance - 1.2%
Discover Financial Services 8,829 409,842
 
Insurance - 2.1%
Cincinnati Financial Corp. 5,315 335,589
Unum Group 12,655 361,047
696,636
Real Estate Investment Trusts - 3.3%
Annaly Capital Management Inc. 36,250 367,212
DiamondRock Hospitality Co. 26,450 235,405
Host Hotels & Resorts Inc. 17,835 273,054
LaSalle Hotel Properties 9,520 231,812
1,107,483
Thrifts & Mortgage Finance - 1.1%
Flagstar Bancorp, Inc. (a) 18,550 356,160

2


THOMPSON IM FUNDS, INC.
THOMPSON MIDCAP FUND
SCHEDULE OF INVESTMENTS
February 29, 2016 (Unaudited)

                    Shares       Value
COMMON STOCKS (continued)
 
Health Care - 8.8%
Biotechnology - 1.4%
Exact Sciences Corp. (a) 93,150 $     468,544
 
Health Care Equipment & Supplies - 3.1%
Hologic, Inc. (a) 6,925 239,813
Natus Medical Inc. (a) 3,725 135,292
ResMed Inc. 5,446 309,932
Zimmer Biomet Holdings, Inc. 3,675 355,777
1,040,814
Health Care Providers & Services - 2.7%
Hanger, Inc. (a) 47,025 117,092
McKesson Corp. 1,615 251,326
Patterson Cos., Inc. 11,880 516,067
884,485
Life Sciences Tools & Services - 0.3%
Fluidigm Corp. (a) 16,200 107,406
 
Pharmaceuticals - 1.3%
Jazz Pharmaceuticals PLC (a) 3,400 413,372
 
Industrials - 16.1%
Air Freight & Logistics - 1.6%
Expeditors Int'l. of Washington, Inc. 11,500 526,470
 
Building Products - 3.2%
A.O. Smith Corp. 2,500 175,950
Masco Corp. 21,425 604,185
USG Corp. (a) 12,525 266,783
1,046,918
Electrical Equipment - 3.9%
Plug Power, Inc. (a) 102,500 213,200
Regal Beloit Corp. 9,080 495,586
Rockwell Automation, Inc. 5,600 582,904
1,291,690
Machinery - 4.9%
Allison Transmission Holdings, Inc. 13,575 321,456
Ingersoll-Rand PLC 10,000 555,600
Mueller Water Products, Inc. Class A 33,700 290,157
SPX Corp. (a) 15,750 185,693
SPX Flow, Inc. (a) 14,750 276,268
1,629,174
Trading Companies & Distributors - 2.5%
HD Supply Holdings, Inc. (a) 17,475 485,630
W.W. Grainger, Inc. 1,638 355,282
840,912

3


THOMPSON IM FUNDS, INC.
THOMPSON MIDCAP FUND
SCHEDULE OF INVESTMENTS
February 29, 2016 (Unaudited)

                    Shares       Value
COMMON STOCKS (continued)
 
Information Technology - 17.0%
Communications Equipment - 2.0%
Lumentum Holdings Inc. (a) 10,156 $     244,049
Viavi Solutions Inc. (a) 62,281 406,695
650,744
Electronic Equipment, Instruments & Components - 1.9%
FARO Technologies, Inc. (a) 5,300 169,865
InvenSense Inc. (a) 22,175 173,187
Maxwell Technologies, Inc. (a) 50,397 288,775
631,827
Internet Software & Services - 0.8%
Liquidity Services, Inc. (a) 54,100 252,647
 
IT Services - 3.0%
Alliance Data Systems Corp. (a) 3,350 703,935
Fiserv, Inc. (a) 3,019 288,707
992,642
Semiconductors & Semiconductor Equipment - 5.2%
Cavium Inc. (a) 5,750 342,068
Linear Technology Corp. 7,590 331,076
Maxim Integrated Products, Inc. 15,366 520,293
NXP Semiconductors N.V. (a) 7,350 523,614
1,717,051
Software - 1.8%
Solera Holdings Inc. 7,475 416,357
Take-Two Interactive Software, Inc. (a) 4,935 177,611
593,968
Technology Hardware, Storage & Peripherals - 2.3%
Nimble Storage, Inc. (a) 22,100 160,004
Pure Storage, Inc. Class A (a) 12,900 185,502
Silicon Graphics Int'l. Corp. (a) 40,375 245,076
Stratasys Ltd. (a) 3,900 73,515
3D Systems Corp. (a) 7,550 80,559
744,656
Materials - 4.0%
Chemicals - 2.0%
Ecolab Inc. 3,156 323,648
Int'l. Flavors & Fragrances Inc. 3,310 341,890
665,538
Metals & Mining - 2.0%
Freeport-McMoRan Inc. (a) 56,050 427,661
Lundin Mining Corp. (a) 43,600 120,772
Stillwater Mining Co. (a) 15,200 127,528
675,961
Utilities - 1.6%
Multi-Utilities - 1.6%
MDU Resources Group, Inc. 16,800 305,928
SCANA Corp. 3,600 234,072
540,000
 
TOTAL COMMON STOCKS (COST $36,522,912) 32,887,533

4


THOMPSON IM FUNDS, INC.
THOMPSON MIDCAP FUND
SCHEDULE OF INVESTMENTS
February 29, 2016 (Unaudited)

                    Shares       Value
SHORT-TERM INVESTMENTS - 0.5%
 
Money Market Funds - 0.5%
Fidelity Money Market Portfolio Class I, 0.334% (b) 176,459 $     176,459
 
Total Money Market Funds 176,459
 
TOTAL SHORT-TERM INVESTMENTS (COST $176,459) 176,459
 
TOTAL INVESTMENTS - 99.9% (COST $36,699,371) 33,063,992
 
NET OTHER ASSETS AND LIABILITIES - 0.1% 33,479
 
NET ASSETS - 100.0% $ 33,097,471

(a)  Non-income producing security.
(b)  Represents the 7-day yield at February 29, 2016.

N.V.:        Naamloze Vennootschap is the Dutch term for a public limited liability corporation.
PLC: Public Limited Company

At February 29, 2016, the investment cost and aggregate unrealized appreciation and depreciation on investments for federal income tax purposes were as follows:

Federal tax cost      $     36,802,628
Unrealized appreciation $ 4,457,683
Unrealized depreciation $ (8,196,319 )
Net unrealized appreciation (depreciation) $ (3,738,636 )

The tax basis of investments for tax and financial reporting purposes differ principally due to wash sales.

The accompanying notes are an integral part of the schedule of investments.

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 thereto or the results to be obtained by the use thereof, and no such party shall have any liability whatsoever with respect thereto.

5


THOMPSON IM FUNDS, INC.
THOMPSON BOND FUND
SCHEDULE OF INVESTMENTS
February 29, 2016 (Unaudited)

        Principal Amount       Value
BONDS - 95.3%
 
  Asset-Backed Securities - 10.9%
       America West Airlines
              7.930% due 1/2/2019, Series 1999-1 $      6,674,563 $      7,091,723
              8.057% due 7/2/2020, Series 2000-1 25,005 27,506
              7.100% due 4/2/2021, Series 2001-1 5,280,991 5,558,243
 
       American Airlines
              7.000% due 1/31/2018, Series 2011-1 B (e) 23,868,427 24,823,164
 
       Ameritech Capital Funding Corp.
              9.100% due 6/1/2016 9,680 9,835
 
       Basketball Properties Ltd.
              6.650% due 3/1/2025 (e) 4,745,342 5,148,696
 
       Beaver Valley II Funding
              9.000% due 6/1/2017 1,000 1,060
 
       British Airways PLC
              5.625% due 6/20/2020, Series 2013-1 B (e) 78,847 80,818
              5.625% due 6/20/2020, Series 2013-1 B (e) 37,855,297 38,801,679
 
       Bvps II Funding Corp.
              8.890% due 6/1/2017 5,000 5,159
 
       Continental Airlines
              9.000% due 7/8/2016, Series 2009-1 585,847 601,226
              6.748% due 3/15/2017, Series 1998-1 B 108,625 111,612
              6.648% due 9/15/2017, Series 1998-1 A 1,615,583 1,641,756
              6.900% due 1/2/2018, Series 1997-4 A 144,932 147,381
              6.820% due 5/1/2018, Series 1998-3 A-1 115,466 120,085
              6.000% due 1/12/2019, Series 2010-1 B 2,003,654 2,068,773
              7.256% due 3/15/2020, Series 1999-2 A-1 35,460 38,120
              6.250% due 4/11/2020, Series 2012-1 B 7,398,986 7,741,189
              5.500% due 10/29/2020, Series 2012-2 B 10,988,197 11,125,550
 
       Delta Air Lines
              9.750% due 12/17/2016, Series 2009-1 B 913,058 963,276
              8.021% due 8/10/2022, Series 2007-1 B 2,480,632 2,784,510
 
       Doric Nimrod Air Alpha
              6.125% due 11/30/2019, Series 2013-1B (e) 34,433,560 34,433,560
              6.125% due 11/30/2019, Series 2013-1B (e) 5,610,699 5,610,699
 
       Doric Nimrod Air Finance Alpha Ltd.
              6.500% due 5/30/2021, Series 2012-1 B (e) 18,603,075 18,798,258
 
       Express Pipeline LP
              7.390% due 12/31/2017 (e) 840,000 885,384
 
       Federal Express Corp.
              7.840% due 1/30/2018, Series 1996-B2 167,766 179,509
 
       FPL Energy Caithness Funding Corp.
              7.645% due 12/31/2018 (e) 2,682,770 2,816,908
 
       General American Railcar
              6.690% due 9/20/2016, Series 1997-1 (e) 54,622 55,469
 
       Hidden Ridge Facility
              5.650% due 1/1/2022 (e) 4,267,240 4,378,811
 
       Landmark Leasing LLC
              6.200% due 10/1/2022, Series 2004A (e) 228,984 231,689
 
       Latam Airlines Group
              4.500% due 11/15/2023, Series 2015-1 B (e) 6,000,000 5,250,000

1


THOMPSON IM FUNDS, INC.
THOMPSON BOND FUND
SCHEDULE OF INVESTMENTS
February 29, 2016 (Unaudited)

      Principal Amount       Value
BONDS (continued)
   
Asset-Backed Securities (continued)
       Midwest Family Housing LLC
              5.168% due 7/1/2016 (e) $      50,847 $      50,993
 
       Northwest Airlines
              7.691% due 4/1/2017, Series 2001-1 B 66,568 69,231
              8.028% due 11/1/2017, Series 2007-1 B 95,495 102,361
              7.575% due 3/1/2019, Series 1999-2 A 1,034,081 1,124,563
              7.150% due 10/1/2019, Series 2000-1 G (b) 23,005 23,911
              7.027% due 11/1/2019, Series 2007-1 A 11,907,911 13,158,241
              6.264% due 11/20/2021, Series 2002-1 G-2 578,240 610,737
 
       United Air Lines
              10.400% due 11/1/2016, Series 2009-1 1,659,051 1,729,560
              5.375% due 8/15/2021, Series 2013-1 B 2,155,419 2,187,750
 
       US Airways
              8.360% due 1/20/2019, Series 1999-1A 65,227 68,163
              8.000% due 10/1/2019, Series 2012-1 B 21,237,066 22,829,845
              7.076% due 3/20/2021, Series 2001-1G 1,097,884 1,166,502
 
       Virgin Australia Trust
              5.000% due 10/23/2023, Series 2013-1A (e) 214,366 219,189
 
       Total Asset-Backed Securities 224,872,694
 
Convertible Bonds - 0.4%
       Hospitality Properties Trust
              3.800% due 3/15/2027 7,309,000 7,309,000
 
       Prospect Capital Corp.
              5.500% due 8/15/2016 1,075,000 1,058,875
 
       Total Convertible Bonds 8,367,875
 
Corporate Bonds - 79.8%
       Alcoa Inc.
              5.550% due 2/1/2017 143,000 146,396
              6.750% due 7/15/2018 17,376,000 18,114,480
              5.720% due 2/23/2019 1,400,000 1,417,500
        
       Aluminum Company of America
              6.500% due 6/15/2018 26,507,000 27,567,280
 
       Assured Guaranty US Holdings Inc.
              6.400% due 12/15/2066 (b) 15,242,000 10,516,980
 
       Astoria Financial Corp.
              5.000% due 6/19/2017 45,696,000 46,813,633
 
       Athene Global Funding
              2.875% due 10/23/2018 (e) 32,217,000 31,763,417
 
       Aviation Capital Group Corp.
              3.875% due 9/27/2016 (e) 1,639,000 1,641,049
              4.625% due 1/31/2018 (e) 1,080,000 1,096,286
 
       Avon Products, Inc.
              6.500% due 3/1/2019 58,153,000 43,033,220
              6.350% due 3/15/2020 (b) 500,000 360,000
 
       Bank of America Corp.
              6.000% due 6/15/2016 160,000 162,173
              2.573% due 10/9/2024 (b) 35,000,000 33,206,250
 
       BGC Partners Inc.
              5.375% due 12/9/2019 375,000 388,035

2


THOMPSON IM FUNDS, INC.
THOMPSON BOND FUND
SCHEDULE OF INVESTMENTS
February 29, 2016 (Unaudited)

      Principal Amount       Value
BONDS (continued)
 
Corporate Bonds (continued)
       BioMed Realty, L.P.
              3.850% due 4/15/2016 $      2,438,000 $      2,440,287
 
       BMC Software, Inc.
              7.250% due 6/1/2018 5,312,000 4,435,520
 
       Carpenter Technology Corp.
              6.990% due 4/20/2018 2,415,000 2,586,492
              7.060% due 5/21/2018 500,000 533,017
              7.030% due 5/22/2018 8,000 8,524
 
       Centrais Eletricas Brasileiras S.A.
              6.875% due 7/30/2019 (e) 26,373,000 24,189,316
              5.750% due 10/27/2021 (e) 16,365,000 12,601,050
 
       Citigroup, Inc.
              2.498% due 10/15/2024 (b) 35,000,000 33,302,150
 
       Cliffs Natural Resources Inc.
              5.950% due 1/15/2018 (b) 2,761,000 559,102
              5.900% due 3/15/2020 22,876,000 2,745,120
 
       Columbia Property Trust
              5.875% due 4/1/2018 130,000 138,679
 
       Continental Resources, Inc.
              7.375% due 10/1/2020 4,237,000 3,431,970
              7.125% due 4/1/2021 17,588,000 14,378,190
 
       Copano Energy, LLC
              7.125% due 4/1/2021 3,685,000 3,651,385
 
       Countrywide Financial Corp.
              6.250% due 5/15/2016 3,188,000 3,221,136
              5.250% due 5/27/2020 379,000 377,985
              6.000% due 8/26/2020 (c) 140,000 138,782
 
       Countrywide Home Loans, Inc.
              5.500% due 5/16/2018 249,000 247,009
 
       Denali Borrower LLC / Denali Finance Corp.
              5.625% due 10/15/2020 (e) 22,645,000 23,822,314
      
       Development Bank of Kazakhstan
              6.500% due 6/3/2020 (e) 5,055,000 5,139,317
              4.125% due 12/10/2022 (e) 15,035,000 13,194,716
 
       Discover Financial Services
              6.450% due 6/12/2017 590,000 619,436
              10.250% due 7/15/2019 11,247,000 13,220,736
 
       Domtar Corp.
              9.500% due 8/1/2016 362,000 374,414
              10.750% due 6/1/2017 9,338,000 10,279,121
 
       El Paso Corp.
              7.000% due 6/15/2017 3,177,000 3,273,508
 
       Embraer Overseas Ltd.
              6.375% due 1/24/2017 12,406,000 12,592,090
 
       Enbridge Energy Partners, L.P.
              5.875% due 12/15/2016 362,000 367,760
 
       Enterprise Products Operating LLC
              7.000% due 6/1/2067 (b) 9,613,000 6,743,616

3


THOMPSON IM FUNDS, INC.
THOMPSON BOND FUND
SCHEDULE OF INVESTMENTS
February 29, 2016 (Unaudited)

      Principal Amount       Value
BONDS (continued)
   
Corporate Bonds (continued)
       Everest Reinsurance Holdings Inc.
              6.600% due 5/15/2037 (b) $      8,692,000 $      7,475,120
  
       Fairfax Financial Holdings Ltd.
              7.375% due 4/15/2018 24,226,500 26,182,039
 
       Fifth Third Bancorp
              4.900% due 9/30/2019 (b) (d) 44,777,000 39,235,846
 
       First Midwest Bancorp, Inc.
              5.875% due 11/22/2016 1,175,000 1,204,294
 
       Freeport-McMoran Copper & Gold Inc.
              2.150% due 3/1/2017 815,000 774,250
  
       Freeport-McMoran Oil & Gas LLC
              6.125% due 6/15/2019 12,233,000 9,694,652
              6.625% due 5/1/2021 29,335,000 21,634,562
 
       General Electric Capital Corp.
              1.001% due 5/5/2026 (b) 613,000 557,272
  
       Genworth Financial Inc.
              7.700% due 6/15/2020 2,918,000 2,071,780
 
       GFI Group Inc.
              8.375% due 7/19/2018 (b) 66,699,000 71,034,435
 
       Globo Comunicacao e Participacoes S.A.
              5.307% due 5/11/2022 (c) (e) 16,990,000 16,650,200
 
       Great Plains Energy Inc.
              6.875% due 9/15/2017 30,000 31,786
 
       Harsco Corp.
              5.750% due 5/15/2018 21,569,000 14,073,772
  
       HCP, Inc.
              6.300% due 9/15/2016 827,000 846,828
  
       Hiland Partners, LP
              7.250% due 10/1/2020 (e) 23,110,000 23,213,533
  
       Hospitality Properties Trust
              6.300% due 6/15/2016 1,873,000 1,874,725
              5.625% due 3/15/2017 11,258,000 11,597,417
              6.700% due 1/15/2018 5,007,000 5,250,741
  
       HRPT Properties Trust
              6.250% due 6/15/2017 5,773,000 5,943,373
              6.650% due 1/15/2018 33,478,000 35,251,966
  
       International Lease Finance Corp.
              6.750% due 9/1/2016 (e) 14,286,000 14,536,005
        
       INVISTA Finance LLC
              4.250% due 10/15/2019 (e) 32,365,000 30,908,575
        
       Jabil Circuit, Inc.
              7.750% due 7/15/2016 4,694,000 4,782,012
              8.250% due 3/15/2018 53,564,000 57,983,030
  
       John Hancock Life Ins. Co.
              5.000% due 4/15/2016 60,000 60,241
  
       JPMorgan Chase & Co.
              7.900% due 4/30/2018 (b) (d) 65,991,000 65,826,022

4


THOMPSON IM FUNDS, INC.
THOMPSON BOND FUND
SCHEDULE OF INVESTMENTS
February 29, 2016 (Unaudited)

      Principal Amount       Value
BONDS (continued)  
   
Corporate Bonds (continued)
       Kinder Morgan Inc.
              7.000% due 2/1/2018 $      22,258,000 $      22,502,571
   
       Lexmark International, Inc.
              6.650% due 6/1/2018 4,262,000 4,502,253
   
       Lincoln National Corp.
              7.000% due 5/17/2066 (b) 25,985,000 16,955,212
              6.050% due 4/20/2067 (b) 19,155,000 12,450,750
   
       Magellan Midstream Partners, L.P.
              5.650% due 10/15/2016 667,000 681,454
   
       Manufacturers & Traders Trust Co.
              1.654% due 12/28/2020 (b) 14,173,000 14,156,418
              5.629% due 12/1/2021 (b) 1,002,000 981,960
   
       Masco Corp.
              6.125% due 10/3/2016 13,565,000 13,904,125
              5.850% due 3/15/2017 3,754,000 3,866,620
              6.625% due 4/15/2018 13,741,000 14,670,853
   
       MBIA Inc.
              6.400% due 8/15/2022 81,441,000 79,812,180
   
       Merrill Lynch & Co.
              6.050% due 5/16/2016 1,535,000 1,549,920
   
       Midcontinent Express Pipeline LLC
              6.700% due 9/15/2019 (e) 18,665,000 13,205,487
   
       Morgan Stanley
              2.502% due 4/1/2021 (b) 130,000 127,725
              2.502% due 6/9/2023 (b) 100,000 99,682
   
       MPT Operating Partnership, L.P.
              6.875% due 5/1/2021 38,813,000 40,462,552
              6.375% due 2/15/2022 10,000,000 10,300,000
   
       Nabors Industries, Inc.
              2.350% due 9/15/2016 (e) 250,000 247,473
   
       National City Bank of Indiana
              4.250% due 7/1/2018 200,000 210,245
   
       National Retail Properties Inc.
              6.875% due 10/15/2017 1,023,000 1,100,335
   
       NationsBank Corp.
              7.800% due 9/15/2016 741,000 765,418
   
       Navient Corp.
              5.500% due 1/15/2019 200,000 198,000
              5.875% due 3/25/2021 500,000 438,750
   
       NIPSCO Capital Markets, Inc.
              7.860% due 3/27/2017 96,000 101,048
   
       Noble Drilling Corp.
              7.500% due 3/15/2019 21,238,000 16,778,020
   
       Noble Holding Int'l. Ltd.
              3.050% due 3/1/2016 1,488,000 1,488,000
              4.900% due 8/1/2020 21,828,000 13,096,800
              4.625% due 3/1/2021 22,764,000 12,292,560
   
       Northern Indiana Public Service Co.
              7.590% due 6/12/2017 182,000 192,744

5


THOMPSON IM FUNDS, INC.
THOMPSON BOND FUND
SCHEDULE OF INVESTMENTS
February 29, 2016 (Unaudited)

        Principal Amount       Value
BONDS (continued)
 
Corporate Bonds (continued)
       Owens Corning
              6.500% due 12/1/2016 $      249,000 $      255,043
  
       Pemex Project Funding Master Trust
              9.250% due 3/30/2018 20,000 21,543
 
       Petrobras Energia S.A.
              5.875% due 5/15/2017 (e) 11,500,000 11,288,975
              5.875% due 5/15/2017 (e) 21,549,000 21,153,576
 
       PetroLogistics LP / PetroLogistics Finance Corp.
              6.250% due 4/1/2020 629,000 649,442
 
       Pitney Bowes Inc.
              5.250% due 1/15/2037 4,354,000 4,394,536
  
       Plains Exploration & Production Co.
              6.500% due 11/15/2020 17,327,000 12,778,662
              6.750% due 2/1/2022 14,470,000 10,563,100
              6.875% due 2/15/2023 2,364,000 1,702,080
 
       Pride Int'l., Inc.
              8.500% due 6/15/2019 22,476,000 15,901,770
  
       Reckson Operating Partnership, L.P.
              6.000% due 3/31/2016 1,301,000 1,305,276
 
       Regency Energy Partners LP
              6.500% due 7/15/2021 45,484,000 42,186,410
 
       Reinsurance Group of America, Inc.
              3.177% due 12/15/2065 (b) 33,768,000 24,312,960
  
       Reliance Steel & Aluminum Co.
              6.200% due 11/15/2016 1,821,000 1,873,924
  
       Seagate HDD Cayman
              7.000% due 11/1/2021 2,569,000 2,618,615
  
       Security Benefit Life Insurance
              8.750% due 5/15/2016 (e) 8,000,000 8,113,768
  
       Select Income REIT
              2.850% due 2/1/2018 23,356,000 23,280,350
  
       Seminole Indian Tribe of Florida
              8.030% due 10/1/2020 (e) 28,800,000 29,808,000
  
       SESI LLC
              6.375% due 5/1/2019 30,286,000 20,670,195
              7.125% due 12/15/2021 46,739,000 28,686,061
  
       SLM Corp.
              5.000% due 6/15/2018 98,000 92,488
              5.500% due 3/15/2019 800,000 701,928
              6.000% due 3/15/2019 (c) 140,000 124,350
              6.600% due 3/15/2019 (c) 395,000 357,669
              5.190% due 4/24/2019 529,000 487,341
              8.000% due 3/25/2020 671,000 662,612
              6.250% due 9/15/2020 (c) 172,000 142,425
              6.500% due 12/15/2020 (c) 71,000 61,516
              6.750% due 12/15/2020 (c) 306,000 254,348
              6.750% due 12/15/2020 (c) 95,000 78,964
              6.000% due 6/15/2021 20,000 15,752
              6.000% due 6/15/2021 261,000 205,196
              6.150% due 6/15/2021 146,000 115,650
              6.150% due 6/15/2021 52,000 41,191
              7.250% due 1/25/2022 602,000 547,820

6


THOMPSON IM FUNDS, INC.
THOMPSON BOND FUND
SCHEDULE OF INVESTMENTS
February 29, 2016 (Unaudited)

        Principal Amount       Value
BONDS (continued)
 
  Corporate Bonds (continued)
       Southwestern Energy Co.
              3.300% due 1/23/2018 $      4,000,000 $      2,880,000
              7.500% due 2/1/2018 4,329,000 3,279,217
 
       StanCorp Financial Group, Inc.
              6.900% due 6/1/2067 (b) 39,509,000 31,607,200
 
       Standard Chartered PLC
              4.000% due 7/12/2022 (b) (e) 27,573,000 27,053,442
 
       Tech Data Corp.
              3.750% due 9/21/2017 4,226,000 4,283,850
 
       Transocean Inc.
              7.375% due 4/15/2018 3,808,000 2,951,200
 
       Unitrin, Inc.
              6.000% due 5/15/2017 14,577,000 15,098,463
 
       Viacom Inc.
              2.500% due 12/15/2016 344,000 345,472
 
       Wells Fargo & Co.
              7.980% due 3/15/2018 (b) (d) 40,397,000 41,558,414
 
       Western Power Distribution
              7.250% due 12/15/2017 (e) 2,335,000 2,455,715
 
       Westvaco Corp.
              7.500% due 6/15/2027 711,000 757,255
 
       Wyndham Worldwide
              5.750% due 2/1/2018 2,046,000 2,133,923
 
       XL Group PLC
              6.500% due 4/15/2017 (b) (d) 91,050,000 63,735,000
 
       ZFS Finance USA Trust II
              6.450% due 12/15/2065 (b) (e) 1,224,000 1,221,552
 
       Zions Bancorporation
              4.500% due 3/27/2017 1,125,000 1,149,563
 
       Total Corporate Bonds 1,646,636,874
 
Federal Agency Mortgage-Backed Securities - 0.0%
       Fannie Mae
              6.500% due 1/1/2019, Series 76-9194F 18,811 19,515
              6.000% due 10/1/2037, Series 88-8736F 121,678 135,204
              6.000% due 3/1/2038, Series 25-7134F 100,871 112,406
 
       Freddie Mac
              4.500% due 5/1/2018, Series P1-0032 11,000 11,278
              6.500% due 12/1/2018, Series C9-0241 14,537 16,570
              6.000% due 11/1/2021, Series G1-2449 28,371 30,933
              6.000% due 2/1/2022, Series G1-2758 55,802 60,823
 
       Ginnie Mae
              5.500% due 6/15/2017, Series 58-4476X 413 414
              5.500% due 7/20/2018, Series 00-3411M 4,910 5,055
              7.000% due 5/15/2033, Series 78-2071X 33,125 39,953
              5.500% due 6/20/2038, Series 00-4163M 11,673 12,429
 
       Total Federal Agency Mortgage-Backed Securities 444,580

7


THOMPSON IM FUNDS, INC.
THOMPSON BOND FUND
SCHEDULE OF INVESTMENTS
February 29, 2016 (Unaudited)

      Principal Amount       Value
BONDS (continued)
   
  Taxable Municipal Bonds - 3.9%
       California Earthquake Authority
              6.169% due 7/1/2016 $      308,000 $      312,691
  
       Casino Reinvestment Development Authority NJ
              5.340% due 6/1/2020 9,845,000 10,068,186
 
       City of Cleveland OH Airport System Revenue
              5.239% due 1/1/2017 230,000 234,848
 
       City of Detroit MI Water Supply System Revenue
              3.607% due 7/1/2016 170,000 170,530
 
       City of Miami FL
              6.750% due 12/1/2018 1,310,000 1,420,813
 
       City of Newark NJ
              5.603% due 4/1/2018 655,000 676,432
 
       County of Reeves TX Certs. of Participation
              5.000% due 12/1/2016 65,000 65,417
              6.000% due 12/1/2016 90,000 90,197
              5.000% due 12/1/2017 45,000 45,891
              6.250% due 12/1/2017 45,000 45,096
              7.400% due 12/1/2017 480,000 481,421
              5.625% due 12/1/2018 125,000 130,475
              6.500% due 12/1/2018 225,000 225,515
              7.500% due 12/1/2018 35,000 35,106
              6.750% due 12/1/2019 1,320,000 1,322,983
              6.125% due 12/1/2020 680,000 732,510
              6.875% due 12/1/2020 370,000 370,758
              6.375% due 12/1/2021 45,000 48,764
              7.000% due 12/1/2021 500,000 501,075
              7.700% due 12/1/2021 3,340,000 3,348,918
 
       District of Columbia Revenue
              4.713% due 10/1/2016 125,000 125,337
              5.375% due 10/1/2018 1,455,000 1,475,705
      
       Eastern Illinois University
              5.000% due 4/1/2017 405,000 416,040
              5.250% due 4/1/2018 775,000 816,261
              5.450% due 4/1/2019 515,000 555,124
              5.600% due 4/1/2020 585,000 627,956
              5.700% due 4/1/2021 125,000 134,086
      
       Fannin County TX Public Facility Corp.
              3.950% due 10/1/2016 675,000 679,988
              4.600% due 10/1/2017 740,000 753,172
              5.200% due 10/1/2019 515,000 535,183
              5.650% due 10/1/2021 825,000 875,713
      
       Florida State Mid-Bay Bridge Authority
              3.784% due 10/1/2021 5,000,000 5,116,700
 
       Garza County TX Public Facility Corp.
              6.200% due 10/1/2020 1,960,000 2,067,330
 
       Guam Gov't. Waterworks Authority
              1.880% due 7/1/2016 3,320,000 3,318,971
              2.516% due 7/1/2017 210,000 209,712
              3.061% due 7/1/2018 255,000 256,943
 
       Kentucky Economic Development Finance Authority
              7.000% due 12/1/2021 270,000 273,221
      
       Lancaster PA Parking Authority
              5.760% due 12/1/2017 500,000 513,740

8


THOMPSON IM FUNDS, INC.
THOMPSON BOND FUND
SCHEDULE OF INVESTMENTS
February 29, 2016 (Unaudited)

      Principal Amount       Value
BONDS (continued)
   
Taxable Municipal Bonds (continued)
       LL & P Wind Energy, Inc. WA
                5.733% due 12/1/2017 (e) $      480,000 $      486,466
              5.983% due 12/1/2022 (e) 8,595,000 8,916,023
 
       Memphis TN Health Educational & Housing Facility Board
              4.500% due 3/1/2018 160,000 160,283
 
       New Jersey Economic Development Authority
              5.000% due 6/15/2017 (e) 470,000 476,477
 
       New Jersey Sports & Exposition Authority
              6.076% due 3/1/2023 615,000 667,435
 
       Pontotoc County OK Educational Facilities Authority
              4.119% due 9/1/2023 325,000 343,141
 
       Public Finance Authority WI Student Housing Revenue
              4.500% due 7/1/2021 1,730,000 1,729,170
 
       Puerto Rico Commonwealth Gov't. Development Bank
              4.704% due 5/1/2016 24,080,000 7,346,086
              3.875% due 2/1/2017 8,000,000 1,880,880
              4.375% due 2/1/2019 12,395,000 2,914,064
 
       San Luis AZ Facility Development Corp.
              4.050% due 5/1/2016 1,005,000 1,005,422
              4.650% due 5/1/2017 1,130,000 1,133,650
              5.050% due 5/1/2018 780,000 786,388
              5.350% due 5/1/2019 1,240,000 1,254,235
              5.600% due 5/1/2020 670,000 679,186
              5.700% due 5/1/2020 850,000 863,396
              5.800% due 5/1/2021 1,055,000 1,070,508
              5.900% due 5/1/2021 980,000 996,866
              6.100% due 5/1/2022 1,030,000 1,045,100
              6.200% due 5/1/2022 1,035,000 1,049,376
        
       Summit County OH Development Finance Authority
              6.250% due 5/15/2026 665,000 703,477
        
       West Texas Detention Facility Corp.
              3.800% due 11/1/2016 1,000,000 1,008,560
              4.400% due 11/1/2017 1,195,000 1,221,636
              4.700% due 11/1/2018 920,000 951,878
  
       Willacy County TX Local Gov't. Corp.
              7.800% due 12/1/2028 1,495,000 604,638
        
       Willacy County TX Public Facility Corp.
              6.000% due 12/1/2016 1,330,000 1,357,504
              6.000% due 12/1/2017 390,000 405,448
              5.600% due 12/1/2018 420,000 442,336
  
       Total Taxable Municipal Bonds 80,578,437

9


THOMPSON IM FUNDS, INC.
THOMPSON BOND FUND
SCHEDULE OF INVESTMENTS
February 29, 2016 (Unaudited)

      Principal Amount       Value
BONDS (continued)
 
  Tax-Exempt Municipal Bonds - 0.3%
       Casino Reinvestment Development Authority NJ
              5.250% due 6/1/2019 $     5,000,000 $     5,097,950
  
       Puerto Rico Commonwealth
              5.500% due 7/1/2018 100,000 105,000
              5.500% due 7/1/2019 130,000 137,049
 
       Puerto Rico Electric Power Authority
              5.000% due 7/1/2019 770,000 777,284
  
         Puerto Rico Highways & Transportation Authority
              4.125% due 7/1/2019 120,000 120,186
  
       Puerto Rico Municipal Finance Agency
              5.250% due 8/1/2019 100,000 100,621
  
       Total Tax-Exempt Municipal Bonds 6,338,090
        
       TOTAL BONDS (COST $2,281,149,862) 1,967,238,550

10


THOMPSON IM FUNDS, INC.
THOMPSON BOND FUND
SCHEDULE OF INVESTMENTS
February 29, 2016 (Unaudited)

      Shares or      
  Principal Amount Value
SHORT-TERM INVESTMENTS - 3.2%
   
Money Market Funds - 0.8%
       Fidelity Money Market Portfolio Class I, 0.334% (a) 15,329,764 $ 15,329,764
  
       Total Money Market Funds 15,329,764
 
United States Government & Agency Issues - 2.4%
       U.S. Treasury Bills
              0.209% due 3/10/2016 (b) $ 20,000,000 19,998,844
              0.224% due 3/17/2016 (b) 15,000,000 14,998,411
              0.249% due 3/24/2016 (b) 10,000,000 9,998,339
              0.237% due 3/31/2016 (b) 5,000,000 4,998,979
 
       Total United States Government & Agency Issues 49,994,573
         
       TOTAL SHORT-TERM INVESTMENTS (COST $65,324,337) 65,324,337
  
       TOTAL INVESTMENTS - 98.5% (COST $2,346,474,199) 2,032,562,887
  
       NET OTHER ASSETS AND LIABILITIES - 1.5% 31,438,521
  
       NET ASSETS - 100.0% $ 2,064,001,408

(a) Represents the 7-day yield at February 29, 2016.
(b) Rate shown represents the current coupon rate at February 29, 2016.
(c) Security is a "step-up" bond where the coupon increases or steps up at a predetermined date.
(d) Perpetual maturity; date shown represents next contractual call date.
(e) Security subject to restrictions on resale under federal securities laws and which therefore may only be resold upon registration under the Securities Act of 1933, as amended, or in transactions exempt from registration, including sales to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended. It has been deemed liquid under guidance approved by the Board.

PLC:        Public Limited Company
REIT: Real Estate Investment Trust
S.A.: Generally designates corporations in various countries, mostly those employing the civil law.

At February 29, 2016, the investment cost and aggregate unrealized appreciation and depreciation on investments for federal income tax purposes were as follows:

Federal tax cost $      2,346,748,106
Unrealized appreciation $ 7,404,375
Unrealized depreciation $ (321,589,594 )
Net unrealized appreciation (depreciation) $ (314,185,219 )

The tax basis of investments for tax and financial reporting purposes differ principally due to wash sales and discount accretion of debt securities.

The accompanying notes are an integral part of the schedule of investments.

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THOMPSON IM FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS
February 29, 2016

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 board oversight. The Advisor has established a valuation committee (the “Committee”). The Committee and other Advisor employees administer, implement, and oversee the fair valuation process and make fair value decisions. The 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 valuation determinations by the Committee and reviews previous valuation determinations. The Committee reports on its activities and any changes to the fair valuation guidelines to the Funds’ Board.

SECURITY VALUATION - Each Fund’s listed or exchange-traded investments 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). Exchange traded options are valued at the last reported sale price on an exchange on which the option is traded. 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. Investments in money market mutual funds are generally priced at the ending net asset value provided by the service agent of the funds.

Debt investments 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. Debt securities with remaining maturities of 60 days or less are generally valued on an amortized cost basis.

Where market quotations are not readily available or are unreliable, a fair value is determined in good faith pursuant to procedures established by the Funds’ Board. When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors, 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. No securities in any of the Funds were fair valued as of February 29, 2016.

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).

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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 financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Fund’s perceived risk of that instrument. Investments whose values are based on quoted market prices in active markets, and which are therefore classified as level-1 securities, include active listed equities and certain U.S. government obligations.

Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs, are classified as level-2 securities. These include certain U.S. government obligations, most government agency securities, investment-grade corporate bonds, sovereign bonds, municipal bonds, and less liquid listed equities. Level-2 investments include positions that are not traded in active markets.

Investments classified as level-3 securities have significant unobservable inputs, as they trade infrequently or not at all. Level-3 instruments include private-placement and less liquid corporate and municipal debt securities. When observable prices are not available for these securities, the Fund uses one or more valuation techniques (e.g., the market approach, the income approach, or the cost approach) for which sufficient and reliable data is available. Within level 3, the use of the market approach generally consists of using comparable market transactions, while the use of the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors. The inputs used by the Fund in estimating the value of level-3 investments include the original transaction price and recent transactions in the same or similar instruments.

The following is a summary of the inputs used to value the Funds’ investments as of February 29, 2016:

LargeCap Fund
Assets Level 1       Level 2       Level 3       Total
Investment Securities:
       Common stocks $     96,565,398 $ - $     - $     96,565,398
       Short-term investments 510 - - 510
Total Assets $ 96,565,908 $     - $ - $ 96,565,908
  
MidCap Fund
Assets Level 1 Level 2 Level 3 Total
Investment Securities:
       Common stocks $ 32,887,533 $ - $ - $ 32,887,533
       Short-term investments 176,459 - - 176,459
Total Assets $ 33,063,992 $ - $ - $ 33,063,992
 
Bond Fund
Assets Level 1 Level 2 Level 3 Total
Investment Securities:
       Bonds - $ 1,967,238,550 $ - $ 1,967,238,550
       Short-term investments $ 15,329,764 49,994,573 - 65,324,337
Total Assets $ 15,329,764 $ 2,017,233,123 $ - $ 2,032,562,887

There were no transfers between level-1 and level-2 securities and the Funds did not invest in any level-3 investments as of and during the fiscal period ended February 29, 2016. It is the Funds’ policy to record transfers at the end of the reporting period. Refer to each Fund’s Schedule of Investments for additional information regarding security types and industry classifications.

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Item 2. Controls and Procedures

(a) Disclosure Controls and Procedures. Based on an evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) carried out under the supervision and with the participation of the Registrant’s management, including its principal executive and financial officers, within 90 days prior to the filing date of this report on Form N-Q, the Registrant’s management, including its principal executive and financial officers, has concluded that the design and operation of the Registrant’s disclosure controls and procedures are effective in providing reasonable assurance that the information required to be disclosed on Form N-Q is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms.

(b) Changes in Internal Control Over Financial Reporting. There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits

The following exhibits are attached to this Form N-Q:

                Exhibit No.         Description of Exhibit  
3(a) Certification of Principal Executive Officer Required by Section 302 of the Sarbanes-Oxley Act of 2002
3(b) Certification of Principal Financial Officer Required by Section 302 of the Sarbanes-Oxley Act of 2002

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on this 20th day of April, 2016.

THOMPSON IM FUNDS, INC.
 
 
By:         /s/ Jason L. Stephens
Jason L. Stephens, Chief Executive
Officer (Principal Executive Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities indicated on this 20th day of April, 2016.

By:         /s/ Jason L. Stephens
Jason L. Stephens, Chief Executive
Officer (Principal Executive Officer)
 
 
By: /s/ Penny M. Hubbard
Penny M. Hubbard, Chief Financial
Officer (Principal Financial Officer)

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