Thompson Bond Fund (THOPX) NPORT-P Thompson Bond Fund (Aug 2020 report)

BOND FUND SCHEDULE OF INVESTMENTS
August 31, 2020 (Unaudited)
	Rate (%)			Maturity Date	Principal Amount		Value
BONDS - 97.8%							$	2,468,569,815
(COST $2,668,347,757)
Asset-Backed Securities - 14.5%								365,253,025
AASET Trust, Series 2018-1A B (e)		5.437		01/16/38		7,546,459		5,301,568
Air Canada, Series 2013-1B (e)		5.375		11/15/22		382,986		345,896
Air Canada, Series 2015-1B (e)		3.875		09/15/24		1,656,468		1,416,712
America West Airlines, Series 2001-1		7.100		10/02/22		1,878,685		1,814,233
American Airlines, Series 2014-1 B		4.375		04/01/24		104,462		73,546
American Airlines, Series 2016-1 B		5.250		07/15/25		1,277,620		875,648
American Airlines, Series 2015-1 B		3.700		11/01/24		2,681,909		1,900,749
American Airlines, Series 2015-2 B		4.400		03/22/25		4,227,318		3,070,956
American Airlines, Series 2013-2 A		4.950		07/15/24		289,668		234,814
Aqua Finance Trust, Series 2017-A C (e)		8.350		11/15/35		1,750,000		1,728,129
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A A (e)		4.213		12/16/41		616,953		522,389
Burlington Northern and Santa Fe Railway Co. Trust, Series 2002-1		5.943		01/15/23		2,043		2,093
Business Jet Securities, LLC, Series 2019-1 B (e)		5.193		07/15/34		1,630,543		1,632,549
Business Jet Securities, LLC, Series 2018-1 A (e)		4.335		02/15/33		1,522,871		1,525,557
Business Jet Securities, LLC, Series 2018-1 B (e)		6.048		02/15/33		2,534,838		2,567,833
Cajun Global LLC, Series 2017-1A A2 (e)		6.500		08/20/47		20,757,500		20,883,706
Cibolo Canyons Special Improvement District (e)		4.250		08/20/34		2,520,000		2,318,400
CLIF V Holdings LLC, Series 2018-1H A (e)		6.020		08/19/43		1,857,884		1,900,016
CLIF V Holdings LLC, 2013-1A (e)		2.830		03/18/28		5,104,000		5,093,753
CLIF V Holdings LLC, 2013-2A (e)		3.220		06/18/28		5,895,832		5,908,748
Coinstar Funding, LLC, Series 2017-1A A2 (e)		5.216		04/25/47		27,375,413		25,955,214
Continental Airlines, Series 2012-2 B		5.500		04/29/22		5,522,195		5,398,479
Cronos Containers Program I Ltd., Series 2013-1A A (e)		3.080		04/18/28		3,225,333		3,214,954
Cronos Containers Program I Ltd., Series 2014-1A A (e)		3.040		08/18/29		654,206		652,584
DCAL Aviation Finance Ltd., Series 2015-1A A1 (e)		4.213		02/15/40		1,351,086		1,108,130
Delta Air Lines, Series 2007-1 B		8.021		02/10/24		1,092,598		1,024,561
ECAF I Ltd., Series 2015-1A B1 (e)		5.802		06/15/40		21,086,196		13,691,103
ECAF I Ltd., Series 2015-1A A2 (e)		4.947		06/15/40		10,044,018		8,709,503
Element Rail Leasing LLC, Series 2014-1A B1 (e)		4.406		04/19/44		13,658,750		13,749,542
GAIA Aviation Ltd. ( TAILWIND), Series 2019-1 B (e)		5.193		12/15/44		3,787,003		2,461,576
Global Container Assets Ltd., 2015-1A A2 (e)		3.450		02/05/30		3,277,748		3,268,958
Global SC Finance II SRL (SEACO), Series 2014-1A A1 (e)		3.190		07/17/29		3,196,000		3,237,518
Global SC Finance II SRL (SEACO), Series 2013-1A A (e)		2.980		04/17/28		4,800,000		4,802,981
Harley Marine Financing LLC, Series 2018-1A A2 (e)		5.682		05/15/43		13,904,591		12,594,973
HOA Funding LLC, Series 2014-1A A2 (e)		4.846		08/20/44		14,960,000		13,108,850
Horizon Aircraft Finance I Ltd., Series 2018-1 B (e)		5.270		12/15/38		2,702,399		2,056,953
HP Communities LLC (e)		5.320		03/15/23		187,485		194,908
Icon Brand Holdings LLC, Series 2012-1A A (e)		4.229		01/25/43		7,278,209		4,576,182
JOL Air Limited, Series 2019-1 B (e)		4.948		04/15/44		907,397		631,358
KDAC Aviation Finance Ltd., Series 2017-1A B (e)		5.926		12/15/42		17,132,629		10,507,655
Kestrel Aircraft Funding Ltd., Series 2018-1A B (e)		5.500		12/15/38		2,691,017		1,580,513
Korth Direct Mortgage Inc., Series 19-N008Q (e)		5.500		01/25/25		3,300,000		3,203,213
Labrador Aviation Finance Ltd., Series 2016-1A B1 (e)		5.682		01/15/42		34,041,661		21,336,922
Latam Airlines Group, Series 2015-1 B		4.500		08/15/25		3,664,131		2,062,906
MAPS Ltd., Series 2018-1A B (e)		5.193		05/15/43		2,128,193		1,255,059
ME Funding, LLC, Series 2019-1 A2 (e)		6.448		07/30/49		22,827,500		18,636,143
Merlin Aviation Holdings D.A.C., Series 2016-1 A (e)		4.500		12/15/32		7,510,001		6,486,666
Merlin Aviation Holdings D.A.C., Series 2016-1 B (e)		6.500		12/15/32		1,554,779		962,292
METAL LLC, Series 2017-1 A (e)		4.581		10/15/42		16,411,490		11,863,971
METAL LLC, Series 2017-1 B (e)		6.500		10/15/42		26,657,035		13,672,324
Mosaic Solar Loans, LLC, Series 2017-2A C (e)		2.000		06/22/43		1,330,822		1,263,041
Northwest Airlines, Series 2002-1 G-2		6.264		05/20/23		413,087		409,065
Norwegian Air Shuttle ASA, Series 2016-1 A (e)		4.875		11/10/29		5,709,458		5,053,013
Oportun Funding, LLC, Series 2018-A B (e)		4.450		03/08/24		5,000,000		5,017,438
Pioneer Aircraft Finance Ltd., Series 2019-1 B (e)		4.948		06/15/44		1,419,643		987,816
PNMAC GMSR Issuer Trust, Series 2018-GT1 A, (1 month LIBOR + 2.850%, floor 2.850%) (b)(e)		3.025		02/25/23		4,000,000		3,906,352
PROP Limited, 2017-1 B (e)		6.900		03/15/42		4,296,552		2,363,104
Sapphire Aviation Finance I Ltd., Series 2018-1A B (e)		5.926		03/15/40		9,598,908		6,152,069
S-Jets Limited, Series 2017-1 B (e)		5.682		08/15/42		12,342,901		8,337,020
SMB Private Education Loan Trust, Series 2014-A C (e)		4.500		09/15/45		7,000,000		6,161,147
Solarcity Lmc Series VI LLC, Series 2016-A B (e)		6.850		09/20/48		4,858,823		4,849,245
Sprite Limited, Series 2017-1 B (e)		5.750		12/15/37		14,177,604		8,235,688
Taco Bell Funding, LLC, Series 2016-1A A2II (e)		4.377		05/25/46		1,161,000		1,163,136
TAL Advantage V LLC, Series 2013-1A A (e)		2.830		02/22/38		2,531,250		2,530,147
TAL Advantage V LLC, Series 2014-1A B (e)		4.100		02/22/39		1,959,998		1,969,277
TAL Advantage V LLC, Series 2014-2A A2 (e)		3.330		05/20/39		1,267,292		1,266,779
Textainer Marine Containers V Ltd., Series 2017-2A B (e)		4.750		06/20/42		504,009		503,462
TGIF Funding LLC, Series 2017-1A A2 (e)		6.202		04/30/47		28,050,000		24,615,839
Thunderbolt Aircraft Lease Ltd., Series 2017-A B (e)		5.750		05/17/32		3,904,514		2,738,154
Thunderbolt Aircraft Lease Ltd., Series 2019-1 B (e)		4.750		11/15/39		1,718,081		1,174,318
United Air Lines, Series 2013-1 B		5.375		02/15/23		1,240,507		1,188,797
US Airways, Series 2001-1 G		7.076		09/20/22		261,129		248,298
US Airways, Series 2012-2B		6.750		12/03/22		2,066,424		1,776,033
US Airways, Series 2013-1B		5.375		05/15/23		1,200,349		966,002
Wingstop Funding LLC, Series 2018-1 A2 (e)		4.970		12/05/48		1,217,700		1,254,499
Commercial Mortgage-Backed Securities - 3.2%								81,167,379
BBCMS Mortgage Trust, Series 2015-VFM A2 (e)		3.375		03/12/36		6,000,000		5,319,065
CG-CCRE Commercial Mortgage Trust, Series 2014-FL1 D, (1 month LIBOR + 2.750%, floor 2.750%) (b)(e)		2.912		06/15/31		12,000,000		9,002,048
COMM Mortgage Trust, Series 2014-UBS4 D (b)(e)		4.863		08/10/47		9,740,000		6,545,947
COMM Mortgage Trust, Series 2012-CR3 E (b)(e)		4.909		10/15/45		5,000,000		2,679,162
COMM Mortgage Trust, Series 2013-CR9 D (b)(e)		4.385		07/10/45		4,898,000		2,664,643
COMM Mortgage Trust, Series 2013-CR11 D (b)(e)		5.285		08/10/50		5,000,000		3,944,520
COMM Mortgage Trust, Series 2014-CC17 D (b)(e)		5.009		05/10/47		5,210,000		3,629,538
Credit Suisse Commercial Mortgage Securities Corp., Series 2019-SKLZ C, (1 month LIBOR + 2.750%, floor 2.750%) (b)(e)		2.912		01/15/34		2,500,000		2,359,675
CSAIL Commercial Mortgage Trust, Series 2015-C3 D (b)		3.494		08/15/48		5,795,000		3,893,654
GS Mortgage Securities Trust, Series 2010-C1 E (e)		4.000		08/10/43		17,741,000		5,380,490
GS Mortgage Securities Trust, Series 2014-GC24 D (b)(e)		4.664		09/10/47		2,955,000		1,253,863
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2014-C20 D (b)(e)		4.752		07/15/47		5,000,000		3,179,594
JPMBB Commercial Mortgage Securities Trust, Series 2014-C22 D (b)(e)		4.706		09/15/47		4,966,000		3,117,293
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22 D (b)(e)		4.367		04/15/48		5,000,000		3,757,297
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18 D (e)		3.389		10/15/47		5,000,000		4,065,050
Morgan Stanley Capital I Trust, Series 2011-C2 B (e)		5.200		06/15/44		1,570,000		1,625,994
Morgan Stanley Capital I Trust, Series 2011-C2 D (b)(e)		5.661		06/15/44		1,000,000		713,628
MSCG Trust (Morgan Stanley/Citigroup Global), Series 2016-SNR D (e)		6.550		11/15/34		262,859		259,127
Palisades Center Trust, Series 2016-PLSD B (e)		3.357		04/13/33		4,500,000		2,648,781
Tharaldson Hotel Portfolio Trust, Series 2018-THL D (1 month LIBOR + 2.000%, floor 2.100%) (b)(e)		2.154		11/11/34		4,900,986		4,335,441
Wells Fargo Commercial Mortgage Trust, Series 2014-LC16 D (e)		3.938		08/15/50		8,072,000		4,882,425
Wells Fargo Commercial Mortgage Trust, Series 2015-LC22 B (b)		4.687		09/15/58		800,000		854,060
Wells Fargo Commercial Mortgage Trust, Series 2017-SMP A, (1 month LIBOR + 0.750%, floor 0.750%) (b)(e)		0.912		12/15/34		1,625,000		1,571,892
WFRBS Commercial Mortgage Trust, Series 2014-C21 D (e)		3.497		08/15/47		5,000,000		3,484,192
Convertible Bonds - 2.9%								73,497,023
Colony Capital, Inc.		5.000		04/15/23		19,225,000		18,458,653
Greenbrier Cos., Inc.		2.875		02/01/24		3,519,000		3,192,560
Hope Bancorp Inc.		2.000		05/15/38		25,750,000		21,371,341
Two Harbors Investment Corp.		6.250		01/15/22		30,570,000		30,474,469
Corporate Bonds - 68.0%								1,716,299,187
Adani Abbot Point Terminal Pty. Ltd. (e)		4.450		12/15/22		15,670,000		14,620,932
Air Lease Corp.		3.875		04/01/21		500,000		505,275
Air Lease Corp.		3.375		06/01/21		1,312,000		1,328,184
Air Lease Corp.		2.500		03/01/21		104,000		104,589
Aircastle Ltd.		5.125		03/15/21		9,562,000		9,705,310
Aircastle Ltd.		5.500		02/15/22		1,590,000		1,626,982
Albemarle Corp. (3 month LIBOR + 1.050%) (b)		1.330		11/15/22		1,500,000		1,494,821
Ally Financial Inc.		7.500		09/15/20		525,000		525,989
Ally Financial Inc.		4.250		04/15/21		3,600,000		3,661,110
Amerant Bancorp Inc.		5.750		06/30/25		10,000,000		10,231,863
Ameris Bancorp (5.750% to 03/15/22, then 3 month LIBOR + 3.616%) (b)		5.750		03/15/27		5,000,000		5,118,280
AmTrust Financial Services, Inc.		6.125		08/15/23		39,078,000		35,717,292
Andeavor LLC		5.125		04/01/24		3,380,000		3,453,927
Arbor Realty Trust, Inc.		4.750		10/15/24		1,000,000		956,254
Arbor Realty Trust, Inc. (e)		5.750		04/01/24		10,000,000		10,011,409
Arbor Realty Trust, Inc.		5.625		05/01/23		16,495,000		16,525,603
Arbor Realty Trust, Inc. (e)		4.750		10/15/24		10,000,000		9,562,540
Aspen Insurance Holdings Ltd.		4.650		11/15/23		2,377,000		2,546,314
Assured Guaranty US Holdings Inc. (3 month LIBOR + 2.380%) (b)		2.693		12/15/66		31,751,000		22,225,700
AutoNation, Inc.		3.350		01/15/21		19,105,000		19,188,426
Avana Bonhon, LLC (e)		6.125		09/15/24		5,000,000		5,183,617
BAC Capital Trust XIII (Greater of 4.000% or 3 month LIBOR + 0.400%, floor 4.000%) (b)(d)		4.000		09/16/20		2,600,000		2,499,588
BAC Capital Trust XIV (3 month LIBOR + 0.400%, floor 4.000%) (b)(d)		4.000		09/16/20		4,000,000		3,840,500
Banc of California, Inc.		5.250		04/15/25		5,400,000		5,513,661
Bank of America Corp. (4.0 times (USISDA10 - USISDA02 - 0.250%), floor 0.000%, cap 10.000%) (b)		0.776		11/19/30		671,000		559,566
Bank of America Corp. (5.200% to 06/01/23, then 3 month LIBOR + 3.135%) (b)(d)		5.200		06/01/23		2,500,000		2,571,250
Bank of Montreal (4.800% to 08/25/24, then H15T5Y + 2.979%) (b)(d)		4.800		08/25/24		6,977,000		7,168,867
Bank of New York Mellon Corp. (3 month LIBOR + 3.420%) (b)(d)		3.726		12/20/20		9,989,000		9,961,730
Bank of the Ozarks, Inc. (5.500% to 07/01/21, then 3 month LIBOR + 4.425%) (b)		5.500		07/01/26		20,370,000		20,898,865
Barclays Bank PLC		5.140		10/14/20		29,698,000		29,834,131
Barclays Bank PLC (5.0 times (USISDA30 - USISDA05), floor 0.000%, cap 10.000%) (b)		2.595		04/30/29		2,425,000		2,207,880
Barclays Bank PLC (8.0 times (USISDA30 - USISDA05 - 0.250%), floor 0.000%, cap 8.000%) (b)		3.720		08/28/29		3,618,000		3,416,221
Bay Banks of Virginia, Inc. (5.625% to 10/15/24, then SOFRRATE + 4.335%) (b)(e)		5.625		10/15/29		3,000,000		3,140,732
BayCom Corp. (5.250% to 09/15/25, then SOFRRATE + 5.210%) (b)		5.250		09/15/30		8,455,000		8,353,021
BCB Bancorp, Inc. (5.625% to 08/01/23, then 3 month LIBOR + 2.720%) (b)(e)		5.625		08/01/28		9,000,000		9,480,317
Becton Dickinson and Co. (3 month LIBOR + 1.030%) (b)		1.348		06/06/22		25,355,000		25,560,658
Best Buy Co., Inc.		5.500		03/15/21		156,000		158,247
Block Financial LLC		5.500		11/01/22		1,432,000		1,534,533
Block Financial LLC		4.125		10/01/20		19,165,000		19,209,389
Byline Bancorp, Inc. (6.000% to 07/01/25, then SOFRRATE + 5.880%) (b)		6.000		07/01/30		12,000,000		12,325,750
Capital Funding Bancorp, Inc. (e)		6.000		12/01/23		20,000,000		21,219,111
Carnival Corp.		3.950		10/15/20		3,549,000		3,535,691
Carpenter Technology Corp.		4.450		03/01/23		2,000,000		2,060,614
Centene Corp.		4.750		05/15/22		2,000,000		2,015,000
Charles Schwab Corp. (4.625% to 03/01/22, then 3 month LIBOR + 3.315%) (b)(d)		4.625		03/01/22		21,618,000		21,834,180
Citigroup Global Markets Holdings Inc. (6.400% to 01/20/21, then (15 x (USISDA30 - USISDA02) subject to index barriers, floor 0.000%, cap 6.400%) (b)		6.400		01/29/35		5,000,000		4,617,500
Citigroup, Inc. (4.0 times (USISDA30 - USISDA05), floor 0.000%, cap 10.000%) (b)		2.500		11/15/28		245,000		220,598
Citigroup, Inc. (5.0 times (USISDA30 - USISDA05), floor 0.000%, cap 10.000%) (b)		3.065		12/20/33		2,863,000		2,500,544
Citigroup, Inc. (4.0 times (USISDA30 - USISDA02), floor 0.000%, cap 10.000%) (b)		2.952		12/23/29		1,152,000		1,061,455
Citigroup, Inc. (4.0 times (USISDA10 - USISDA02 - 0.250%), floor 0.000%, cap 10.000%) (b)		0.776		11/19/30		727,000		608,790
Citigroup, Inc. (5.0 times (USISDA30 - USISDA05), floor 0.000%, cap 10.000%) (b)		2.845		03/28/29		936,000		850,730
Citigroup, Inc. (4.0 times (USISDA30 - USISDA02), floor 0.000%, cap 8.150%) (b)		2.888		03/26/29		1,303,000		1,176,609
Citigroup, Inc. (5.5 times (USISDA30 - USISDA05), floor 0.000%, cap 10.000%) (b)		2.811		04/29/29		269,000		253,048
Citigroup, Inc. (4.35 times (USISDA30 - USISDA05), floor 0.000%, cap 10.000%) (b)		2.636		07/09/33		1,394,000		1,202,186
Citigroup, Inc. (4.0 times (USISDA30 - USISDA05), floor 0.000%, cap 10.000%) (b)		2.424		07/09/28		740,000		668,960
Clear Blue Financial Holdings, LLC (e)		7.000		04/15/25		5,000,000		4,949,961
Congressional Bancshares, Inc. (5.750% to 12/01/24, then SOFRRATE + 4.390%) (b)(e)		5.750		12/01/29		5,000,000		5,186,180
ConnectOne Bancorp, Inc. (5.200% to 02/01/23, then 3 month LIBOR + 2.840%) (b)		5.200		02/01/28		6,375,000		6,374,179
ConnectOne Bancorp, Inc. (5.750% to 06/15/25, then SOFRRATE + 5.605%) (b)		5.750		06/15/30		7,780,000		7,859,184
County Bancorp, Inc. (5.875% to 06/01/23, then 3 month LIBOR + 2.884%) (b)		5.875		06/01/28		8,250,000		8,663,721
Cowen Inc. (e)		7.250		05/06/24		20,000,000		20,638,593
CRB Group, Inc. (e)		6.250		06/15/23		5,000,000		5,038,514
D.R. Horton, Inc.		2.550		12/01/20		250,000		251,308
Depository Trust & Clearing Corp. (3 month LIBOR + 3.167%) (b)(d)(e)		3.480		12/15/20		1,850,000		1,802,955
Deutsche Bank AG		3.150		01/22/21		15,373,000		15,497,047
Deutsche Bank AG		4.250		10/14/21		7,057,000		7,298,660
Deutsche Bank AG		4.250		10/14/21		313,000		323,718
Deutsche Bank AG		4.250		02/04/21		855,000		867,020
Drawbridge Special Opportunities Fund L.P. (e)		5.000		08/01/21		14,000,000		14,069,530
DXC Technology Co.		4.000		04/15/23		6,431,000		6,785,044
DXC Technology Co.		4.125		04/15/25		1,980,000		2,142,050
Eagle Bancorp, Inc.		5.750		09/01/24		1,725,000		1,803,591
Eagle Bancorp, Inc. (5.000% to 08/01/21, then 3 month LIBOR + 3.850%) (b)		5.000		08/01/26		13,459,000		13,526,019
EF Holdco Inc. / EF Cayman Holdings Ltd. (e)		5.500		09/01/22		3,500,000		3,533,855
Enstar Group Ltd.		4.500		03/10/22		22,572,000		23,607,822
Enterprise Products Operating LLC (5.250% to 08/16/27, then 3 month LIBOR + 3.033%) (b)		5.250		08/16/77		6,666,000		6,399,360
Enterprise Products Operating LLC		5.200		09/01/20		320,000		320,000
Enterprise Products Operating LLC (3 month LIBOR + 2.7775%) (b)		3.128		06/01/67		8,538,000		6,830,400
EQT Corp.		3.000		10/01/22		11,089,000		10,943,457
EQT Corp.		3.900		10/01/27		7,737,000		7,485,548
Essex Portfolio LP		5.200		03/15/21		248,000		251,060
EverBank Financial Corp. (6.000% to 03/15/21, then 3 month LIBOR + 4.704%) (b)		6.000		03/15/26		4,000,000		4,057,534
Everest Reinsurance Holdings Inc. (3 month LIBOR + 2.385%) (b)		2.665		05/01/67		24,705,000		20,998,895
Express Scripts Holding Co. (3 month LIBOR + 0.750%) (b)		1.006		11/30/20		26,564,000		26,569,667
F&M Financial Services Corp. (5.950% to 09/15/24, then SOFRRATE + 4.840%) (b)(e)		5.950		09/15/29		9,000,000		9,056,243
Family Dollar Stores, Inc.		5.000		02/01/21		112,000		113,931
Federal Realty Investment Trust		2.550		01/15/21		500,000		502,094
FedNat Holding Co.		7.500		03/15/29		17,000,000		17,340,000
Fidelity Federal Bancorp (6.875% to 10/15/23, then 3 month LIBOR + 3.790%) (b)(e)		6.875		10/15/28		6,500,000		6,935,392
Fidelity Federal Bancorp (6.000% to 11/01/24, then SOFRRATE + 4.650%) (b)(e)		6.000		11/01/29		7,000,000		7,399,064
Fifth Third Bancorp (3 month LIBOR + 3.129%) (b)(d)		3.437		10/01/20		25,010,000		21,821,225
First Financial Bancorp (5.250% to 05/15/25, then SOFRRATE + 5.090%) (b)		5.250		05/15/30		3,000,000		3,035,472
First Horizon National Corp.		5.750		05/01/30		5,000,000		5,659,806
Flagstar Bancorp, Inc.		6.125		07/15/21		41,271,000		42,029,902
Flushing Financial Corp. (5.250% to 12/15/21, then 3 month LIBOR + 3.440%) (b)		5.250		12/15/26		4,030,000		4,081,058
Ford Motor Credit Co. LLC (3 month LIBOR + 0.810%) (b)		1.114		04/05/21		4,450,000		4,383,456
Ford Motor Credit Co. LLC (3 month LIBOR + 2.550%) (b)		2.826		01/07/21		900,000		896,897
Ford Motor Credit Co. LLC (3 month LIBOR + 0.430%) (b)		0.681		11/02/20		800,000		795,202
Ford Motor Credit Co. LLC		5.750		02/01/21		1,664,000		1,681,663
Ford Motor Credit Co. LLC		3.336		03/18/21		200,000		200,500
Fortive Corp.		2.350		06/15/21		347,000		351,598
FPL Group, Inc. (3 month LIBOR + 2.0675%) (b)		2.364		10/01/66		9,285,000		7,613,700
General Electric Capital Corp. (3 month LIBOR + 0.380%) (b)		0.629		05/05/26		5,148,000		4,761,571
General Electric Co. (5.000% to 01/21/21, then 3 month LIBOR + 3.330%) (b)(d)		5.000		01/21/21		46,706,000		36,642,725
Great Southern Bancorp, Inc. (5.250% to 08/15/21, then 3 month LIBOR + 4.087%) (b)		5.250		08/15/26		6,450,000		6,462,067
Great Southern Bank (5.500% to 06/15/25, then SOFRRATE + 5.325%) (b)		5.500		06/15/30		2,000,000		2,036,152
Hallmark Financial Services, Inc.		6.250		08/15/29		13,000,000		11,310,000
Hanmi Financial Corp. (5.450% to 03/30/22, then 3 month LIBOR + 3.315%) (b)		5.450		03/30/27		7,700,000		7,766,665
Hillshire Brands Co.		4.100		09/15/20		8,647,000		8,653,599
Hilltop Holdings Inc. (5.750% to 05/15/25, then SOFRRATE + 5.680%) (b)		5.750		05/15/30		8,000,000		8,081,484
Home BancShares Inc. (5.625% to 04/15/22, then 3 month LIBOR + 3.575%) (b)		5.625		04/15/27		6,083,000		6,215,144
Horizon Bancorp, Inc. (5.625% to 07/01/25, then SOFRRATE + 5.490%) (b)		5.625		07/01/30		6,000,000		6,081,236
Hospitality Properties Trust		4.750		10/01/26		3,295,000		3,023,162
Hospitality Properties Trust		3.950		01/15/28		1,436,000		1,235,391
Hospitality Properties Trust		4.500		03/15/25		720,000		671,400
Hospitality Properties Trust		4.250		02/15/21		1,617,000		1,612,958
Hospitality Properties Trust		4.950		02/15/27		1,549,000		1,417,335
Howard Bancorp Inc. (6.000% to 12/06/23, then 3 month LIBOR + 3.020%) (b)(e)		6.000		12/06/28		3,000,000		3,228,728
IDEX Corp.		4.200		12/15/21		4,990,000		5,177,152
Infinity Property & Casualty Corp.		5.000		09/19/22		89,000		95,127
Investar Holding Corp. (6.000% to 03/30/22, then 3 month LIBOR +3.945%) (b)		6.000		03/30/27		500,000		508,587
JD.com, Inc.		3.125		04/29/21		300,000		303,392
Jefferies Group LLC		6.875		04/15/21		333,000		345,410
Jefferies Group LLC / Jefferies Group Capital Finance Inc. (4.000% to 01/27/22, then 6.000%) (c)		4.000		01/27/32		750,000		745,877
Jones Lang LaSalle Inc.		4.400		11/15/22		1,008,000		1,063,729
JPMorgan Chase & Co. (3 month LIBOR + 3.320%) (b)(d)		3.616		10/01/20		9,552,000		9,060,645
JPMorgan Chase & Co. (4.000% to 04/01/25, then SOFRRATE + 2.745%) (b)(d)		4.000		04/01/25		5,000,000		4,743,750
JPMorgan Chase & Co. (3 month LIBOR + 3.470%) (b)(d)		3.738		10/30/20		9,030,000		8,739,685
JPMorgan Chase & Co. (3 month LIBOR + 3.800%) (b)(d)		4.051		11/01/20		2,000,000		1,993,000
Lincoln National Corp. (3 month LIBOR + 2.3575%) (b)		2.638		05/17/66		29,378,000		22,039,376
Lincoln National Corp. (3 month LIBOR + 2.040%) (b)		2.312		04/20/67		25,384,000		18,010,891
Manufacturers & Traders Trust Co. (1 month LIBOR + 1.215%) (b)		1.371		12/28/20		14,988,000		14,995,151
Marathon Petroleum Corp.		5.375		10/01/22		25,286,000		25,387,687
Marathon Petroleum Corp.		5.125		04/01/24		36,647,000		37,448,540
Marriott Int'l., Inc.		3.125		10/15/21		5,000,000		5,099,258
MBIA Inc.		6.400		08/15/22		32,463,000		32,300,685
Medallion Financial Corp. (e)		8.250		03/22/24		10,000,000		10,086,533
Mellon Capital IV (3 month LIBOR + 0.565%, floor 4.000%) (b)(d)		4.000		10/01/20		8,094,000		8,039,406
Meridian Corp. (5.375% to 12/30/24, then SOFRRATE + 3.950%) (b)		5.375		12/30/29		10,000,000		10,030,791
Merrill Lynch & Co. (3 month LIBOR + 0.760%) (b)		1.073		09/15/26		3,870,000		3,799,757
Meta Financial Group, Inc. (5.750% to 08/15/21, then 3 month LIBOR + 4.630%) (b)		5.750		08/15/26		6,200,000		6,281,904
MetLife, Inc. (3 month LIBOR + 3.575%) (b)(d)		3.888		10/01/20		38,031,000		37,508,074
Metropolitan Bank Holding Corp. (6.250% to 03/15/22, then 3 month LIBOR + 4.260%) (b)(e)		6.250		03/15/27		2,000,000		2,076,277
Midland States Bancorp, Inc. (5.000% to 09/30/24, then SOFRRATE + 3.610%) (b)		5.000		09/30/29		5,000,000		5,051,769
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. (e)		6.500		06/20/27		7,000,000		7,280,000
Minnwest Corp. (5.875% to 07/15/23, then 3 month LIBOR + 2.980%) (b)(e)		5.875		07/15/28		6,000,000		6,319,741
MM Finished Lots Holdings, LLC (e)		7.250		01/31/24		7,915,840		7,915,840
MPLX LP		6.250		10/15/22		37,793,000		37,869,617
MPT Operating Partnership, L.P. / MPT Finance Corp.		6.375		03/01/24		27,570,000		28,466,025
National Rural Utilities Cooperative Finance Corp. (4.750% to 04/30/23, then 3 month LIBOR + 2.910%) (b)		4.750		04/30/43		1,690,000		1,741,856
NBCUniversal Enterprise, Inc. (d)(e)		5.250		03/19/21		10,000,000		10,150,000
Newfield Exploration Co.		5.750		01/30/22		9,575,000		9,778,619
Newport Realty Trust, Inc. (e)		6.250		12/01/24		10,000,000		10,353,894
Newport Realty Trust, Inc.		6.250		12/01/24		1,000,000		1,035,389
NexBank Capital, Inc. (5.500% to 03/15/21, then 3 month LIBOR + 4.355%) (b)(e)		5.500		03/16/26		18,500,000		18,451,577
NexBank Capital, Inc. (6.375% to 09/30/22, then 3 month LIBOR + 4.585%) (b)(e)		6.375		09/30/27		5,000,000		5,181,721
Nexteer Automotive Group Ltd. (e)		5.875		11/15/21		1,200,000		1,199,929
Northpointe Bancshares, Inc. (6.000% to 09/30/24, then SOFRRATE + 4.905%) (b)(e)		6.000		09/30/29		5,000,000		4,931,452
Northpointe Bank (6.875% to 10/01/23, then 3 month LIBOR + 3.765%) (b)(e)		6.875		10/01/28		5,000,000		5,328,188
OceanFirst Financial Corp. (5.250% to 05/15/25, then SOFRRATE + 5.095%) (b)		5.250		05/15/30		6,000,000		6,091,658
Office Properties Income Trust		4.250		05/15/24		13,441,000		13,610,545
Office Properties Income Trust		4.150		02/01/22		12,419,000		12,462,529
Office Properties Income Trust		4.500		02/01/25		100,000		101,304
Old Second Bancorp, Inc. (5.750% to 12/31/21, then 3 month LIBOR + 3.850%) b)		5.750		12/31/26		1,945,000		1,956,961
Opus Bank (5.500% to 07/01/21, then 3 month LIBOR + 4.285%) (b)		5.500		07/01/26		500,000		506,068
Orrstown Financial Services, Inc. (6.000% to 12/30/23, then 3 month LIBOR + 3.160%) (b)		6.000		12/30/28		1,750,000		1,735,064
Pacific Continental Corp. (5.875% to 06/30/21, then 3 month LIBOR + 4.715%) (b)		5.875		06/30/26		510,000		519,613
Pacific Premier Bancorp, Inc. (5.375% to 06/15/25, then SOFRRATE + 5.170%) (b)		5.375		06/15/30		5,000,000		5,017,787
Parkway Bancorp, Inc. (6.000% to 03/31/25, then 3 month LIBOR + 5.390%) (b)(e)		6.000		03/31/30		10,000,000		10,101,648
Pedcor Bancorp (7.250% to 02/15/24, then 3 month LIBOR + 4.600%) (b)(e)		7.250		02/15/29		3,000,000		3,227,633
Pershing Road Development Co., LLC (3 month LIBOR + 0.400%) (b)(e)		0.750		09/15/24		1,815,000		1,764,180
Pershing Road Development Co., LLC (3 month LIBOR + 0.400%) (b)(e)		0.750		09/15/25		1,530,000		1,472,625
Pershing Road Development Co., LLC (3 month LIBOR + 0.400%) (b)(e)		0.750		09/15/23		1,705,000		1,673,031
Pershing Road Development Co., LLC (3 month LIBOR + 0.400%) (b)(e)		0.750		09/15/23		3,841,000		3,768,981
Pershing Road Development Co., LLC (3 month LIBOR + 0.400%) (b)(e)		0.750		09/15/26		1,415,000		1,353,094
Pershing Road Development Co., LLC (3 month LIBOR + 0.400%) (b)(e)		0.750		09/15/21		80,000		79,200
Pershing Road Development Co., LLC (3 month LIBOR + 0.400%) (b)(e)		0.750		09/15/22		1,000,000		987,500
Pershing Road Development Co., LLC (3 month LIBOR + 0.400%) (b)(e)		0.750		09/15/22		2,738,000		2,703,775
Pershing Road Development Co., LLC (3 month LIBOR + 0.400%) (b)(e)		0.750		09/15/24		4,799,000		4,664,628
Pinnacle Bank (3 month LIBOR + 3.128%) (b)(e)		3.396		07/30/25		2,100,000		2,099,971
Plains All American Pipeline, L.P. / PAA Finance Corp.		5.000		02/01/21		2,503,000		2,521,326
PNM Resources Inc.		3.250		03/09/21		1,230,000		1,246,203
Preferred Bank (6.000% to 06/15/21, then 3 month LIBOR + 4.673%) (b)		6.000		06/15/26		10,240,000		10,515,937
Principal Financial Group, Inc. (3 month LIBOR + 3.044%) (b)		3.324		05/15/55		26,065,000		23,797,345
ProAssurance Corp.		5.300		11/15/23		15,001,000		15,739,134
QVC Inc.		4.375		03/15/23		709,000		739,133
RBB Bancorp (6.180% to 12/01/23, then 3 month LIBOR + 3.150%) (b)		6.180		12/01/28		5,000,000		5,308,135
RBB Bancorp (6.500% to 03/31/21, then 3 month LIBOR + 5.160%) (b)(e)		6.500		03/31/26		2,000,000		2,029,388
ReadyCap Holdings, LLC (e)		7.500		02/15/22		26,000,000		26,437,451
Reinsurance Group of America, Inc. (3 month LIBOR + 2.665%) (b)		2.978		12/15/65		33,529,000		27,619,514
Reliant Bancorp Inc. (5.125% to 12/15/24, then SOFRRATE + 3.765%) (b)		5.125		12/15/29		10,000,000		10,071,086
Renasant Corp. (5.000% to 09/01/21, then 3 month LIBOR + 3.840%) (b)		5.000		09/01/26		4,100,000		4,142,218
Royal Caribbean Cruises Ltd.		5.250		11/15/22		100,000		89,515
SAIC, Inc.		4.450		12/01/20		27,134,000		27,134,000
Sandy Spring Bank (5.625% to 09/30/21, then 3 month LIBOR + 4.409%) (b)		5.625		09/30/26		2,500,000		2,536,845
SBL Holdings, Inc. (e)		5.125		11/13/26		2,406,000		2,304,273
Scripps Networks Interactive, Inc.		3.950		06/15/25		491,000		532,590
Senior Housing Properties Trust		6.750		12/15/21		7,390,000		7,566,768
Silversea Cruise Finance Ltd. (e)		7.250		02/01/25		28,256,000		28,350,799
SLM Corp.		6.150		06/15/21		146,000		144,883
SLM Corp.		6.000		06/15/21		261,000		258,715
SLM Corp. (c)		6.250		09/15/20		172,000		171,947
Southern National Bancorp of Virginia, Inc. (5.400% to 09/01/25, then SOFRRATE + 5.310%) (b)		5.400		09/01/30		2,000,000		2,031,955
Southern National Bancorp of Virginia, Inc. (5.875% to 01/31/22, then 3 month LIBOR + 3.950%) (b)(e)		5.875		01/31/27		2,000,000		2,070,500
Southern Star Central Corp. (e)		5.125		07/15/22		6,142,000		6,134,831
Southside Bancshares, Inc. (5.500% to 09/30/21, then 3 month LIBOR + 4.297%) (b)		5.500		09/30/26		2,035,000		2,044,938
Spend Life Wisely Co., Inc. (5.875% to 03/15/22, then 3 month LIBOR + 3.742%) (b)(e)		5.875		03/15/27		8,500,000		8,675,447
Standard Industries Inc. (e)		6.000		10/15/25		15,508,000		16,074,042
State Street Corp. (5.250% to 09/15/20, then 3 month LIBOR + 3.597%) (b)(d)		5.250		12/15/20		5,109,000		5,134,545
Stifel Financial Corp.		3.500		12/01/20		305,000		306,334
Texas State Bankshares, Inc. (5.750% to 06/15/24, then 3 month LIBOR + 3.550%) (b)(e)		5.750		06/15/29		4,000,000		4,224,097
TransCanada PipeLines Ltd.		3.800		10/01/20		1,300,000		1,303,547
TransCanada PipeLines Ltd. (3 month LIBOR + 2.210%) (b)		2.490		05/15/67		24,473,000		17,446,389
Trinity Industries, Inc.		4.550		10/01/24		5,517,000		5,533,551
TriState Capital Holdings, Inc. (5.750% to 05/15/25, then 3 month LIBOR + 5.360%) (b)		5.750		05/15/30		8,000,000		8,086,222
Truist Financial Corp. (4.800% to 09/01/24, then H15T5Y + 3.003%) (b)(d)		4.800		09/01/24		12,452,000		12,919,159
UTB Financial Holding Co. (6.500% to 09/01/23, then 3 month LIBOR + 3.620%) (b)(e)		6.500		09/01/28		6,000,000		6,363,519
VeriSign, Inc.		4.625		05/01/23		3,230,000		3,266,337
Volunteer State Bancshares, Inc. (5.750% to 11/15/24, then SOFRRATE + 4.365%) (b)(e)		5.750		11/15/29		9,000,000		8,667,845
Wachovia Capital Trust III (3 month LIBOR + 0.930%, floor 5.56975%) (b)(d)		5.570		10/01/20		1,025,000		1,030,381
WEC Energy Group, Inc. (3 month LIBOR + 2.1125%) (b)		2.393		05/15/67		870,000		718,586
Wells Fargo & Co. (3 month LIBOR + 0.750%, floor 2.000%, cap 7.000%) (b)		2.000		01/31/21		150,000		150,283
Western Gas Partners LP		4.500		03/01/28		139,000		139,347
WT Holdings, Inc. (e)		7.000		04/30/23		18,000,000		18,360,000
Residential Mortgage-Backed Securities - 1.4%								34,827,940
COLT Mortgage Loan Trust, Series 2019-1 A2 (e)		3.909		03/25/49		2,093,698		2,121,734
Hawaii Housing Finance & Development Corp.		2.600		07/01/37		259,193		263,693
Homeward Opportunities Fund I Trust, Series 2018-2 A1 (b)(e)		3.985		11/25/58		27,013,709		27,894,999
Minnesota Housing Finance Agency		2.700		09/01/41		1,608,324		1,630,422
Onslow Bay Mortgage Loan Trust, Series 2015-1 1A8 (b)(e)		3.135		11/25/45		200,954		205,145
Onslow Bay Mortgage Loan Trust, Series 2015-1 2A10 (b)(e)		3.140		11/25/45		2,431,854		2,500,397
Sequoia Mortgage Trust, Series 2018-CH1 A11 (b)(e)		3.500		02/25/48		181,051		182,510
WinWater Mortgage Loan Trust, Series 2015-A A5 (e)		3.500		06/20/45		29,046		29,040
Sovereign Bonds - 0.4%								10,862,933
Antares Holdings LP (e)		6.000		08/15/23		4,830,000		4,833,226
Bayerische Landesbank (3 month LIBOR + 1.160% where (USISDA30 - USISDA02) is  greater than -0.250%) (b)		1.462		10/02/21		6,000,000		6,029,707
Taxable Municipal Bonds - 0.5%								12,937,164
California Statewide Communities Development Authority		5.370		06/01/21		140,000		143,347
County of Reeves TX Certs. of Participation		6.375		12/01/21		45,000		46,398
County of Reeves TX Certs. of Participation		6.125		12/01/20		345,667		346,970
Eastern Illinois University		5.700		04/01/21		125,000		125,348
Fannin County TX Public Facility Corp.		5.650		10/01/21		825,000		803,426
Florida State Mid-Bay Bridge Authority		3.784		10/01/21		1,850,000		1,865,373
Garza County TX Public Facility Corp.		6.200		10/01/20		440,000		438,354
Guam Gov't. Business Privilege Tax Revenue		4.383		01/01/22		1,045,000		1,041,990
New Jersey Sports & Exposition Authority		6.076		03/01/23		275,000		295,345
Pontotoc County OK Educational Facilities Authority		4.119		09/01/23		175,000		181,178
Public Finance Authority WI Student Housing Revenue		4.500		07/01/21		400,000		402,548
San Luis AZ Facility Development Corp.		5.900		05/01/21		980,000		966,741
San Luis AZ Facility Development Corp.		6.200		05/01/22		1,035,000		994,293
San Luis AZ Facility Development Corp.		5.800		05/01/21		1,055,000		1,040,726
San Luis AZ Facility Development Corp.		6.100		05/01/22		1,030,000		989,490
Summit County OH Development Finance Authority		6.250		05/15/26		730,000		731,840
Utah Infrastructure Agency Telecommunications Revenue and Refunding		3.500		10/15/23		2,480,000		2,523,797
U.S. Government & Agency Securities - 0.0%^								246,829
Federal Farm Credit Banks		1.750		10/26/20		125,000		125,311
Federal Farm Credit Banks		1.900		11/27/20		121,000		121,518
U.S. Government Agency Mortgage-Backed Securities - 6.9%								173,478,335
Fannie Mae Interest Strip, Series 419 C6 (IO)		3.500		05/25/44		6,699,476		933,045
Fannie Mae Pool, Series 890163		5.500		03/01/24		308,171		316,577
Fannie Mae REMIC, Series 2011-136 ES (IO), (-1.0 times 1 month LIBOR + 6.550%, floor 0.000%, cap 6.550%) (b)		6.375		02/25/41		5,365,654		515,614
Fannie Mae REMIC, Series 2011-24 PC		4.000		10/25/39		450,678		452,739
Fannie Mae REMIC, Series 2010-2 SG (IO), (-1.0 times 1 month LIBOR + 6.450%, floor 0.000%, cap 6.450%) (b)		6.275		10/25/39		3,323,348		92,535
Fannie Mae REMIC, Series 2010-102 DB		4.000		06/25/29		544,313		554,598
Fannie Mae REMIC, Series 2020-8 WA (b)		7.566		07/25/49		2,360,330		2,780,724
Fannie Mae REMIC, Series 2019-74 WA (b)		7.396		07/25/49		2,360,331		2,767,267
Fannie Mae REMIC, Series 2019-44 IP (IO)		4.000		09/25/46		5,684,920		353,412
Fannie Mae REMIC, Series 2016-64 CI (IO)		3.500		07/25/43		8,797,779		570,372
Fannie Mae REMIC, Series 2014-26 KA		4.000		04/25/39		599,176		607,112
Fannie Mae REMIC, Series 2013-93 SI (IO), (-1.0 times 1 month LIBOR + 5.170%, floor 0.000%, cap 5.170%) (b)		5.014		09/25/43		37,165,732		5,063,939
Fannie Mae REMIC, Series 2011-3 KA		5.000		04/25/40		225,305		239,916
Fannie Mae REMIC, Series 2013-73 BA		3.500		10/25/37		52,058		52,087
Fannie Mae REMIC, Series 2013-38 CI (IO)		3.000		04/25/28		11,182,047		713,131
Fannie Mae REMIC, Series 2013-29 Class AI (IO)		2.500		04/25/28		3,986,867		224,203
Fannie Mae REMIC, Series 2013-31 IH (IO)		3.500		02/25/43		5,085,904		433,797
Fannie Mae REMIC, Series 2013-20 CS (IO), (-1.0 times 1 month LIBOR + 6.150%, floor 0.000%, cap 6.150%) (b)		5.975		03/25/43		6,696,249		1,086,287
Fannie Mae REMIC, Series 2013-7 EI (IO)		3.000		10/25/40		11,504,912		726,992
Fannie Mae REMIC, Series 2012-114 HS (IO), (-1.0 times 1 month LIBOR + 6.150%, floor 0.000%, cap 6.150%) (b)		5.975		03/25/40		9,661,796		553,525
Fannie Mae REMIC, Series 2012-122 SA (IO), (-1.0 times 1 month LIBOR + 6.200%, floor 0.000%, cap 6.200%) (b)		6.025		02/25/40		6,893,862		517,941
Fannie Mae REMIC, Series 2012-14 SH (IO), (-1.0 times 1 month LIBOR + 6.550%, floor 0.000%, cap 6.550%) (b)		6.375		07/25/40		4,061,808		296,475
Fannie Mae REMIC, Series 2012-14 DS (IO), (-1.0 times 1 month LIBOR + 6.500%, floor 0.000%, cap 6.500%) (b)		6.325		03/25/42		11,219,400		2,750,148
Fannie Mae REMIC, Series 2013-66 MK		3.000		09/25/36		251,941		253,198
Freddie Mac Multifamily Structured Pass Through Certificates, Series K050 X1 (IO) (b)		0.452		08/25/25		179,667,199		2,657,996
Freddie Mac Multifamily Structured Pass Through Certificates, Series K056 X1 (IO) (b)		1.397		05/25/26		79,544,213		4,850,001
Freddie Mac Multifamily Structured Pass Through Certificates, Series K045 X1 (IO) (b)		0.565		01/25/25		179,857,667		2,949,522
Freddie Mac Multifamily Structured Pass Through Certificates, Series K060 X1 (IO) (b)		0.195		10/25/26		224,702,507		1,213,776
Freddie Mac REMIC, Series 4760 IB (IO)		4.000		10/15/42		25,038,230		1,922,445
Freddie Mac REMIC, Series 4799 MA		4.000		03/15/42		230,689		230,978
Freddie Mac REMIC, Series 4793 D		4.000		04/15/42		534,544		536,289
Freddie Mac REMIC, Series 4765 AB		4.000		06/15/40		208,675		210,583
Freddie Mac REMIC, Series 4784 GK		3.500		09/15/40		1,300,540		1,302,430
Freddie Mac REMIC, Series 4848 EA		4.500		08/15/43		2,487,173		2,504,755
Freddie Mac REMIC, Series 4830 WA		4.000		04/15/44		2,480,274		2,500,886
Freddie Mac REMIC, Series 4828 MA		4.000		08/15/42		114,126		114,159
Freddie Mac REMIC, Series 4850 AB		4.000		02/15/43		372,412		373,747
Freddie Mac REMIC, Series 4852 TA		4.000		02/15/43		193,378		193,879
Freddie Mac REMIC, Series 4900 BZ		3.000		07/25/49		2,054,871		2,052,926
Freddie Mac REMIC, Series 4921 ZN		3.000		10/25/49		1,834,281		1,830,960
Freddie Mac REMIC, Series 4930 LA		4.500		11/15/42		2,319,274		2,330,833
Freddie Mac REMIC, Series 4935 US, (-1.0 times 1 month LIBOR + 4.000%, floor 0.000%, cap 4.000%) (b)		3.844		12/25/49		1,456,592		1,454,781
Freddie Mac REMIC, Series 4790 KA		4.000		07/15/40		22,810		22,795
Freddie Mac REMIC, Series 4802 EA		4.000		05/15/42		384,460		385,700
Freddie Mac REMIC, Series 4791 GA		3.500		09/15/40		67,180		67,160
Freddie Mac REMIC, Series 4800 TA		4.000		04/15/42		180,284		180,864
Freddie Mac REMIC, Series 4776 NA		4.000		06/15/40		2,625,453		2,636,494
Freddie Mac REMIC, Series 4786 DA		3.500		07/15/40		144,570		144,769
Freddie Mac REMIC, Series 3848 WL		4.000		04/15/40		146,265		149,742
Freddie Mac REMIC, Series 4002 MI (IO)		4.000		01/15/39		6,168,316		127,028
Freddie Mac REMIC, Series 4050 EI (IO)		4.000		02/15/39		3,820,287		105,422
Freddie Mac REMIC, Series 4062 BA		3.500		06/15/38		2,431,649		2,451,847
Freddie Mac REMIC, Series 4109 AI (IO)		3.000		07/15/31		15,857,760		1,006,486
Freddie Mac REMIC, Series 4116 US (IO), (-1.0 times 1 month LIBOR + 4.600%, floor 0.000%, cap 4.600%) (b)		4.444		10/15/42		8,344,740		1,691,292
Freddie Mac REMIC, Series 4136 IH (IO)		3.500		09/15/27		5,364,818		363,670
Freddie Mac REMIC, Series 4139 EI (IO)		3.000		09/15/31		5,650,477		353,402
Freddie Mac REMIC, Series 4219 AI (IO)		3.500		01/15/43		2,856,533		291,248
Freddie Mac REMIC, Series 4238 Class NS (IO), (-1.0 times 1 month LIBOR + 6.700%, floor 0.000%, cap 6.700%) (b)		6.538		02/15/42		2,390,263		329,023
Freddie Mac REMIC, Series 4060 SJ (IO), (-1.0 times 1 month LIBOR + 6.650%, floor 0.000%, cap 6.650%) (b)		6.488		02/15/41		3,775,120		445,911
Freddie Mac REMIC, Series 4328 DA		4.000		01/15/36		1,635,159		1,675,630
Freddie Mac REMIC, Series 4776 DJ		4.000		04/15/41		468,973		471,695
Freddie Mac REMIC, Series 4267 CI (IO)		4.000		05/15/39		5,386,970		185,046
Freddie Mac REMIC, Series 4773 EA		4.000		10/15/42		1,248,090		1,266,598
Freddie Mac REMIC, Series 4770 HJ		4.500		11/15/43		4,779,046		4,870,141
Freddie Mac REMIC, Series 4504 (IO)		3.500		05/15/42		2,489,455		94,627
Freddie Mac REMIC, Series 4764 BA		4.000		06/15/42		502,145		508,557
Freddie Mac REMIC, Series 4469 HA (c)		4.250		02/15/39		2,978,498		3,102,861
Freddie Mac REMIC, Series 4364 SE (IO), (-1.0 times 1 month LIBOR + 6.700%, floor 0.000%, cap 6.700%) (b)		6.538		12/15/39		6,741,510		420,908
Freddie Mac REMIC, Series 4335 AL		4.250		03/15/40		371,312		377,605
Freddie Mac REMIC, Series 4327 A		4.000		02/15/40		404,611		408,947
Ginnie Mae Pool, Series 78-2071X		7.000		05/15/33		14,541		17,132
Ginnie Mae REMIC Trust, Series 2019-124 (IO) (b)		1.027		06/16/61		125,365,664		9,834,861
Ginnie Mae REMIC Trust, Series 2019-59 MI (IO)		4.000		05/20/49		1,059,951		66,072
Ginnie Mae REMIC Trust, Series 2019-122 (IO) (b)		1.014		07/16/61		73,214,253		5,836,860
Ginnie Mae REMIC Trust, Series 2019-139 (IO) (b)		0.742		11/16/61		46,842,038		2,972,563
Ginnie Mae REMIC Trust, Series 2020-49 (IO) (b)		1.196		07/16/62		52,740,933		4,882,302
Ginnie Mae REMIC Trust, Series 2019-118 (IO) (b)		0.846		06/16/61		64,470,818		4,321,608
Ginnie Mae REMIC Trust, Series 2019-59 IM (IO)		4.000		12/20/48		1,171,128		26,631
Ginnie Mae REMIC Trust, Series 2019-136 ES (IO), (-1.0 times 1 month LIBOR + 6.050%, floor 0.000%, cap 6.050%) (b)		5.892		03/20/48		11,033,889		1,517,306
Ginnie Mae REMIC Trust, Series 2019-71 IQ (IO)		3.500		06/20/49		2,549,581		223,179
Ginnie Mae REMIC Trust, Series 2019-78 QI (IO)		4.000		06/20/49		1,851,425		68,658
Ginnie Mae REMIC Trust, Series 2019-78 IQ (IO)		4.000		04/20/49		2,069,651		63,027
Ginnie Mae REMIC Trust, Series 2020-31 KS (IO), (-1.0 times 1 month LIBOR + 6.100%, floor 0.000%, cap 6.100%) (b)		5.942		03/20/50		8,814,420		1,637,651
Ginnie Mae REMIC Trust, Series 2019-94 (IO) (b)		0.928		08/16/61		65,643,559		4,994,287
Ginnie Mae REMIC Trust, Series 2020-47 YI (IO)		2.500		04/20/50		10,832,221		580,491
Ginnie Mae REMIC Trust, Series 2019-71 IO (IO)		3.500		06/20/49		2,767,603		177,252
Ginnie Mae REMIC Trust, Series 2019-63 (IO) (b)		0.693		12/16/60		116,702,012		7,383,760
Ginnie Mae REMIC Trust, Series 2014-74 CI (IO)		3.000		03/20/39		6,143,198		43,611
Ginnie Mae REMIC Trust, Series 2020-20 (IO) (b)		0.922		05/16/61		36,298,929		2,783,928
Ginnie Mae REMIC Trust, Series 2020-58 (IO) (b)		1.104		01/16/62		54,779,457		4,781,617
Ginnie Mae REMIC Trust, Series 2011-32 NA		4.000		06/20/40		413,244		426,370
Ginnie Mae REMIC Trust, Series 2013-2 AB		1.600		12/16/42		229,276		229,364
Ginnie Mae REMIC Trust, Series 2012-27 (IO) (b)		0.910		04/16/53		35,135,668		843,175
Ginnie Mae REMIC Trust, Series 2013-35 A		1.618		02/16/40		211,691		212,597
Ginnie Mae REMIC Trust, Series 2014-81 EK		3.000		12/20/42		185,191		185,750
Ginnie Mae REMIC Trust, Series 2015-30 A		2.350		05/16/41		866,016		873,823
Ginnie Mae REMIC Trust, Series 2015-81 (IO) (b)		0.716		10/16/56		104,089,691		4,438,790
Ginnie Mae REMIC Trust, Series 2016-137 (IO) (b)		0.850		10/16/56		52,708,664		2,898,407
Ginnie Mae REMIC Trust, Series 2016-46 KB		2.250		03/20/42		771,296		777,473
Ginnie Mae REMIC Trust, Series 2016-51 ID (IO)		4.000		03/20/43		8,642,050		817,164
Ginnie Mae REMIC Trust, Series 2017-104 JI (IO)		4.000		06/20/44		29,410,396		1,548,028
Ginnie Mae REMIC Trust, Series 2017-169 (IO) (b)		0.712		01/16/60		186,376,778		10,718,864
Ginnie Mae REMIC Trust, Series 2018-25 (IO) (b)		0.591		02/16/60		143,152,821		7,581,903
Ginnie Mae REMIC Trust, Series 2019-37 (IO) (b)		0.831		11/16/60		52,073,907		3,481,719
Ginnie Mae REMIC Trust, Series 2020-40 (IO) (b)		1.206		01/16/62		54,742,133		5,055,808
Ginnie Mae REMIC Trust, Series 2020-123 TZ		1.000		08/20/50		5,004,299		4,954,256
SHORT-TERM INVESTMENTS - 0.8%								20,099,247
(COST $20,099,247)
Money Market Funds - 0.0%^								100,000
First American Government Obligations Fund Class X  (a)		0.066	%			100,000		100,000
U.S. Government & Agency Securities- 0.8%								19,999,247
U.S. Treasury Bills  (f)		0.086	%	10/01/20		10,000,000		9,999,392
U.S. Treasury Bills  (f)		0.078	%	09/10/20		10,000,000		9,999,855
TOTAL INVESTMENTS - 98.6% (COST $2,688,447,004)								2,488,669,062
NET OTHER ASSETS AND LIABILITIES - 1.4%								34,539,784
NET ASSETS - 100.0%							$	2,523,208,846

(a)	Rate shown represents the 7-day yield at August 31, 2020.
(b)	Variable rate security. Interest rates reset periodically. Interest rate shown reflects the rate in effect at August 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(c)	Security is a "step-up" bond where the coupon increases or steps up at a redetermined date. Securities which do not indicate a future coupon rate in their description above are at their final coupon rate at August 31, 2020.
(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. At August 31, 2020, the aggregate value of these securities was $866,314,844, representing 34.3% of net assets.
(f)	Rate shown represents the current yield for U.S. Treasury Bills at August 31, 2020.
^	Rounds to 0.0%.

Abbreviations
H15T5Y	5-Year Treasury Constant Maturity Rate
IO	Interest Only Security
LIBOR	London Interbank Offered Rate
SOFRRATE	U.S. Secured Overnight Financing Rate
USISDA02	2-Year Dollar ICE Swap Rate
USISDA05	5-Year Dollar ICE Swap Rate
USISDA10	10-Year Dollar ICE Swap Rate
USISDA30	30-Year Dollar ICE Swap Rate
A.G.	Aktiengesellschaft is the German term for a public limited liability corporation.
ASA	Allmennaksjeselskap is the Norwegian term for a public limited company.
DAC	Designated Activity Company
PLC	Public Limited Company
Pty. Ltd.	Proprietary Limited Company under Australian law.
REMIC	Real Estate Mortgage Investment Conduit
SRL	Società a responsabilità limitata is the Italian term for a public limited company.

The following is a summary of the inputs used to value the Funds’ investments as of August 31, 2020:
	Level 1		Level 2		Level 3		Total
Bonds
Asset-backed securities		–		365,253,025		–		365,253,025
Commercial mortgage-backed securities		–		81,167,379		–		81,167,379
Convertible bonds		–		73,497,023		–		73,497,023
Corporate bonds		–		1,716,299,187		–		1,716,299,187
Residential mortgage-backed securities		–		34,827,940		–		34,827,940
Sovereign bonds		–		10,862,933		–		10,862,933
Taxable municipal bonds		–		12,937,164		–		12,937,164
U.S. government & agency securities		–		246,829		–		246,829
U.S. government agency mortgage-backed securities		–		173,478,335		–		173,478,335
Total bonds		–		2,468,569,815		–		2,468,569,815
Short-term investments
Money market funds		100,000		–		–		100,000
U.S. government & agency securities		–		19,999,247		–		19,999,247
Total short-term investments		100,000		19,999,247		–		20,099,247
Total investments	$	100,000	$	2,488,569,062	$	-	$	2,488,669,062
The Fund did not invest in any level-3 investments during the nine-month period ended August 31, 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

August 31, 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.

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.