Thompson Bond Fund (THOPX) NPORT-P Thompson Bond Fund (Feb 2021 report)

BOND FUND SCHEDULE OF INVESTMENTS
February 28, 2021 (Unaudited)
	Rate (%)			Maturity Date	Principal Amount		Value
BONDS - 94.1%							$	2,094,522,499
(COST $2,202,532,741)
Asset-Backed Securities - 16.8%								373,361,605
AASET Trust, Series 2018-2A A (g)		4.454		11/18/38		861,368		865,620
Air Canada, Series 2013-1B (g)		5.375		11/15/22		353,600		356,365
Air Canada, Series 2015-1B (g)		3.875		09/15/24		1,560,383		1,546,227
America West Airlines, Series 2001-1		7.100		10/02/22		842,690		840,574
American Airlines, Series 2013-2 A		4.950		07/15/24		273,608		268,814
American Airlines, Series 2014-1 B		4.375		04/01/24		94,890		86,905
American Airlines, Series 2015-1 B		3.700		11/01/24		2,482,137		2,296,027
American Airlines, Series 2016-1 B		5.250		07/15/25		1,181,195		1,056,390
Aqua Finance Trust, Series 2017-A C (g)		8.350		11/15/35		1,750,000		1,831,649
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A A (g)		4.213		12/16/41		2,454,294		2,461,097
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A B (g)		5.682		12/16/41		1,330,729		1,317,442
Burlington Northern and Santa Fe Railway Co. Trust, Series 2002-1		5.943		01/15/23		647		653
Business Jet Securities, LLC, Series 2019-1 B (g)		5.193		07/15/34		1,558,666		1,559,183
Cajun Global LLC, Series 2017-1A A2 (g)		6.500		08/20/47		20,412,500		20,707,052
Cibolo Canyons Special Improvement District (g)		4.250		08/20/34		2,520,000		2,192,400
Coinstar Funding, LLC, Series 2017-1A A2 (g)		5.216		04/25/47		27,233,938		27,345,714
DCAL Aviation Finance Ltd., Series 2015-1A A1 (g)		4.213		02/15/40		1,344,144		1,159,309
Delta Air Lines, Series 2007-1 B		8.021		02/10/24		976,218		979,259
ECAF I Ltd., Series 2015-1A A2 (g)		4.947		06/15/40		10,044,018		9,492,093
ECAF I Ltd., Series 2015-1A B1 (g)		5.802		06/15/40		21,086,196		15,695,396
GAIA Aviation Ltd. ( TAILWIND), Series 2019-1 B (g)		5.193		12/15/44		3,787,003		3,651,024
Global Container Assets Ltd., Series 2015-1A A2 (g)		3.450		02/05/30		2,352,089		2,354,074
Global SC Finance II SRL (SEACO), Series 2014-1A A1 (g)		3.190		07/17/29		2,788,000		2,787,983
Harley Marine Financing LLC, Series 2018-1A A2 (g)		5.682		05/15/43		13,679,591		12,412,644
HOA Funding LLC, Series 2014-1A A2 (g)		4.846		08/20/44		14,790,000		14,210,232
Horizon Aircraft Finance I Ltd., Series 2018-1 B (g)		5.270		12/15/38		2,702,399		2,625,642
Horizon Aircraft Finance II Ltd., Series 2019-1 A (g)		3.721		07/15/39		4,026,962		4,037,642
HP Communities LLC (g)		5.320		03/15/23		157,793		164,050
Icon Brand Holdings LLC, Series 2012-1A A (g)		4.229		01/25/43		7,088,270		3,098,645
JOL Air Limited, Series 2019-1 B (g)		4.948		04/15/44		907,397		884,352
KDAC Aviation Finance Ltd., Series 2017-1A A (g)		4.212		12/15/42		3,768,806		3,709,039
KDAC Aviation Finance Ltd., Series 2017-1A B (g)		5.926		12/15/42		17,132,629		13,732,715
Kestrel Aircraft Funding Ltd., Series 2018-1A A (g)		4.250		12/15/38		2,312,620		2,305,067
Kestrel Aircraft Funding Ltd., Series 2018-1A B (g)		5.500		12/15/38		2,691,017		2,257,500
Korth Direct Mortgage Inc., Series 19-N008Q (g)		5.500		01/25/25		3,300,000		3,236,044
Labrador Aviation Finance Ltd., Series 2016-1A B1 (g)		5.682		01/15/42		33,166,314		28,194,986
Latam Airlines Group, Series 2015-1 B (h)		4.500		08/15/25		3,664,131		2,161,837
MACH 1 Cayman Ltd., Series 2019-1 B (g)		4.335		10/15/39		4,369,185		4,249,900
MAPS Ltd., Series 2018-1A B (g)		5.193		05/15/43		1,966,982		1,898,625
ME Funding, LLC, Series 2019-1 A2 (g)		6.448		07/30/49		22,712,500		23,591,247
Merlin Aviation Holdings D.A.C., Series 2016-1 A (g)		4.500		12/15/32		7,497,134		7,334,148
Merlin Aviation Holdings D.A.C., Series 2016-1 B (e)(g)(h)		6.500		12/15/32		1,554,779		1,305,916
METAL LLC, Series 2017-1 A (g)		4.581		10/15/42		16,411,490		13,265,782
METAL LLC, Series 2017-1 B (g)		6.500		10/15/42		26,657,035		17,559,223
Mosaic Solar Loans, LLC, Series 2017-2A C (g)		2.000		06/22/43		1,100,801		1,103,511
Northwest Airlines, Series 2002-1 G-2		6.264		05/20/23		382,287		379,353
Oportun Funding, LLC, Series 2018-A B (g)		4.450		03/08/24		5,000,000		5,004,559
Pioneer Aircraft Finance Ltd., Series 2019-1 B (g)		4.948		06/15/44		1,419,643		1,384,145
PNMAC GMSR Issuer Trust, Series 2018-GT1 A (1 month LIBOR + 2.850%, floor 2.850%) (d)(g)		2.968		02/25/23		4,000,000		3,995,004
Project Silver, Series 2019-1 A (g)		3.967		07/15/44		5,478,391		5,485,202
PROP Limited, Series 2017-1 B (g)(i)		6.900		03/15/42		4,296,552		2,363,104
Sapphire Aviation Finance I Ltd., Series 2018-1A B (g)		5.926		03/15/40		8,617,732		7,831,957
S-Jets Limited, Series 2017-1 A (g)		3.967		08/15/42		3,837,197		3,866,501
S-Jets Limited, Series 2017-1 B (g)		5.682		08/15/42		12,342,901		11,375,741
SMB Private Education Loan Trust, Series 2014-A C (g)		4.500		09/15/45		7,000,000		6,748,622
Solarcity Lmc Series VI LLC, Series 2016-A B (g)		6.850		09/20/48		4,858,823		5,062,123
Sprite Limited, Series 2017-1 B (g)		5.750		12/15/37		14,177,604		13,008,593
Taco Bell Funding, LLC, Series 2016-1A A2II (g)		4.377		05/25/46		1,155,000		1,156,374
TGIF Funding LLC, Series 2017-1A A2 (g)		6.202		04/30/47		27,750,000		22,303,507
Thunderbolt Aircraft Lease Ltd., Series 2017-A A (g)		4.212		05/17/32		843,237		856,478
Thunderbolt Aircraft Lease Ltd., Series 2017-A B (g)		5.750		05/17/32		5,194,720		5,095,195
Thunderbolt Aircraft Lease Ltd., Series 2019-1 B (g)		4.750		11/15/39		4,314,678		4,227,903
United Air Lines, Series 2013-1 B		5.375		02/15/23		1,113,002		1,121,374
US Airways, Series 2001-1 G		7.076		09/20/22		153,205		153,059
US Airways, Series 2012-2B		6.750		12/03/22		1,989,614		1,985,528
US Airways, Series 2013-1B		5.375		05/15/23		1,162,559		1,142,323
Willis Engine Structured Trust IV, Series 2018-A A (g)		4.750		09/15/43		4,634,647		4,624,963
Commercial Mortgage-Backed Securities - 10.1%								225,423,114
BBCMS Mortgage Trust, Series 2015-VFM A2 (g)		3.375		03/12/36		6,000,000		6,013,482
CD Commercial Mortgage Trust, Series 2016-CD2 A2		3.037		11/10/49		393,949		396,277
CFCRE Commercial Mortgage Trust, Series 2017-C8 A2		2.982		06/15/50		500,000		507,848
CG-CCRE Commercial Mortgage Trust, Series 2014-FL1 B (1 month LIBOR + 1.150%, floor 1.150%) (d)(g)		1.262		06/15/31		3,980,473		3,861,411
CG-CCRE Commercial Mortgage Trust, Series 2014-FL1 D (1 month LIBOR + 2.750%, floor 2.750%) (d)(g)(i)		2.862		06/15/31		12,000,000		4,991,958
Citigroup Commercial Mortgage Trust, Series 2015-GC35 C (d)		4.485		11/10/48		5,000,000		4,394,671
Citigroup Commercial Mortgage Trust, Series 2016-GC36 C (d)		4.755		02/10/49		5,000,000		5,258,659
Citigroup Commercial Mortgage Trust, Series 2018-B2 A1		2.856		03/10/51		312,526		317,803
COMM Mortgage Trust, Series 2012-CR3 E (d)(g)(i)		4.751		10/15/45		5,000,000		2,580,236
COMM Mortgage Trust, Series 2012-CR4 B (g)		3.703		10/15/45		5,606,000		5,230,468
COMM Mortgage Trust, Series 2012-LC4 AM		4.063		12/10/44		3,945,715		4,030,485
COMM Mortgage Trust, Series 2012-LC4 C (d)		5.536		12/10/44		2,514,188		2,335,857
COMM Mortgage Trust, Series 2013-CR11 D (d)(g)		5.120		08/10/50		5,000,000		4,594,814
COMM Mortgage Trust, Series 2013-CR12 B		4.762		10/10/46		380,000		401,442
COMM Mortgage Trust, Series 2013-CR9 C (d)(g)		4.243		07/10/45		1,500,000		1,292,040
COMM Mortgage Trust, Series 2013-CR9 D (d)(g)		4.243		07/10/45		4,898,000		3,093,711
COMM Mortgage Trust, Series 2014-CC17 D (d)(g)		4.847		05/10/47		5,210,000		4,839,529
COMM Mortgage Trust, Series 2014-CR16 C (d)		4.907		04/10/47		5,000,000		5,367,685
COMM Mortgage Trust, Series 2014-UBS4 D (d)(g)		4.719		08/10/47		9,740,000		8,265,448
COMM Mortgage Trust, Series 2014-UBS5		4.514		09/10/47		3,270,000		3,414,362
Credit Suisse Commercial Mortgage Securities Corp., Series 2019-SKLZ C (1 month LIBOR + 2.750%, floor 2.750%) (d)(g)		2.863		01/15/34		2,500,000		2,466,542
Credit Suisse Mortgage Trust, Series 2016-NXSR C (d)		4.393		12/15/49		3,000,000		2,624,155
CSAIL Commercial Mortgage Trust, Series 2015-C1 C (d)		4.264		04/15/50		1,780,000		1,650,906
CSAIL Commercial Mortgage Trust, Series 2015-C2 B (d)		4.208		06/15/57		5,000,000		5,202,167
CSAIL Commercial Mortgage Trust, Series 2015-C2 C (d)		4.190		06/15/57		3,579,000		3,436,586
CSAIL Commercial Mortgage Trust, Series 2015-C3 D (d)		3.376		08/15/48		5,795,000		3,076,051
DBUBS Mortgage Trust, Series 2011-LC3A PM1 (g)		4.452		05/10/44		7,620,259		7,609,753
GS Mortgage Securities Trust, Series 2014-GC24 B (d)		4.511		09/10/47		4,340,000		4,190,840
GS Mortgage Securities Trust, Series 2014-GC24 D (d)(g)		4.532		09/10/47		2,955,000		1,816,142
GS Mortgage Securities Trust, Series 2017-GS5 A2		3.218		03/10/50		474,058		478,521
HMH Trust, Series 2017-NSS A (g)		3.062		07/05/31		5,000,000		4,983,537
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9 C (d)(g)		4.419		12/15/47		3,000,000		3,071,526
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2014-C20 D (d)(g)		5.376		07/15/47		5,000,000		3,737,267
JPMBB Commercial Mortgage Securities Trust, Series 2013-C14 B (d)		4.703		08/15/46		1,310,000		1,352,969
JPMBB Commercial Mortgage Securities Trust, Series 2013-C14 C (d)		4.703		08/15/46		5,000,000		4,361,648
JPMBB Commercial Mortgage Securities Trust, Series 2014-C18 C (d)		4.806		02/15/47		1,820,000		1,756,135
JPMBB Commercial Mortgage Securities Trust, Series 2014-C22 D (d)(g)(i)		4.554		09/15/47		4,966,000		3,581,458
JPMBB Commercial Mortgage Securities Trust, Series 2014-C24 B		4.116		11/15/47		9,200,000		9,464,152
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C10 C (d)		4.082		07/15/46		750,000		640,041
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11 AS (d)		4.353		08/15/46		6,881,000		6,906,391
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C12 C (d)		4.764		10/15/46		2,110,000		2,026,056
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7 B		3.769		02/15/46		200,000		202,461
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7 C (d)		4.120		02/15/46		1,000,000		979,734
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C16 C (d)		4.776		06/15/47		6,015,936		5,814,713
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18 D (g)		3.389		10/15/47		5,000,000		4,433,074
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22 D (d)(g)		4.215		04/15/48		5,000,000		3,717,515
Morgan Stanley Capital I Trust, Series 2011-C2 D (d)(g)		5.455		06/15/44		1,000,000		830,674
Morgan Stanley Capital I Trust, Series 2015-UBS8 C (d)		4.583		12/15/48		6,500,000		6,187,186
MSCG Trust (Morgan Stanley/Citigroup Global), Series 2016-SNR D (g)		6.550		11/15/34		239,413		237,790
Palisades Center Trust, Series 2016-PLSD A (g)		2.713		04/13/33		5,000,000		4,619,286
Tharaldson Hotel Portfolio Trust, Series 2018-THL D (1 month LIBOR + 2.150%, floor 2.150%) (d)(g)		2.274		11/11/34		4,900,986		4,706,947
Wells Fargo Commercial Mortgage Trust, Series 2013-LC12 B (d)		4.274		07/15/46		4,500,000		4,468,228
Wells Fargo Commercial Mortgage Trust, Series 2015-C27 C		3.894		02/15/48		5,486,500		5,537,158
Wells Fargo Commercial Mortgage Trust, Series 2015-LC22 B (d)		4.545		09/15/58		800,000		882,756
Wells Fargo Commercial Mortgage Trust, Series 2016-C36 C (d)		4.229		11/15/59		3,000,000		2,595,241
Wells Fargo Commercial Mortgage Trust, Series 2017-SMP A (1 month LIBOR + 0.875%, floor 0.875%) (d)(g)		0.987		12/15/34		1,625,000		1,618,907
WFRBS Commercial Mortgage Trust, Series 2012-C10 B		3.744		12/15/45		1,500,000		1,417,779
WFRBS Commercial Mortgage Trust, Series 2012-C10 C (d)		4.362		12/15/45		7,000,000		6,210,292
WFRBS Commercial Mortgage Trust, Series 2013-C14 C (d)		3.973		06/15/46		5,000,000		4,929,248
WFRBS Commercial Mortgage Trust, Series 2013-C15 B (d)		4.465		08/15/46		3,800,000		3,780,775
WFRBS Commercial Mortgage Trust, Series 2014-C19 C		4.646		03/15/47		5,000,000		5,230,363
WFRBS Commercial Mortgage Trust, Series 2014-C20 C		4.513		05/15/47		4,500,000		4,296,415
WFRBS Commercial Mortgage Trust, Series 2014-C21 C		4.234		08/15/47		3,000,000		3,017,906
WFRBS Commercial Mortgage Trust, Series 2014-C21 D (g)		3.497		08/15/47		5,000,000		4,087,637
Convertible Bonds - 2.0%								44,299,553
Colony Capital, Inc.		5.000		04/15/23		19,225,000		19,299,181
Hope Bancorp Inc.		2.000		05/15/38		25,750,000		25,000,372
Corporate Bonds - 58.1%								1,293,495,357
Adani Abbot Point Terminal Pty. Ltd. (g)		4.450		12/15/22		8,570,000		8,467,452
Air Lease Corp.		3.875		04/01/21		500,000		500,000
Air Lease Corp.		3.375		06/01/21		1,312,000		1,321,242
Aircastle Ltd.		5.500		02/15/22		1,590,000		1,660,010
Albemarle Corp. (3 month LIBOR + 1.050%) (d)		1.244		11/15/22		2,190,000		2,187,138
Ally Financial Inc.		4.250		04/15/21		3,600,000		3,615,984
Amerant Bancorp Inc.		5.750		06/30/25		10,000,000		10,098,063
Ameris Bancorp (5.750% to 03/15/22, then 3 month LIBOR + 3.616%) (d)		5.750		03/15/27		5,000,000		5,134,095
AmTrust Financial Services, Inc.		6.125		08/15/23		39,078,000		39,043,502
Andeavor LLC		5.125		04/01/24		3,380,000		3,419,271
Arbor Realty Trust, Inc.		5.625		05/01/23		16,495,000		16,924,613
Arbor Realty Trust, Inc. (g)		5.750		04/01/24		10,000,000		10,355,948
Arbor Realty Trust, Inc. (g)		4.750		10/15/24		10,000,000		10,000,052
Arbor Realty Trust, Inc.		4.750		10/15/24		1,000,000		1,000,005
Arena Finance II LLC (g)		6.750		09/30/25		2,000,000		2,000,000
Aspen Insurance Holdings Ltd.		4.650		11/15/23		2,377,000		2,596,429
Assured Guaranty US Holdings Inc. (3 month LIBOR + 2.380%) (d)		2.597		12/15/66		31,751,000		24,130,760
Atlantic Union Bankshares Corp. (5.000% to 12/15/21, then 3 month LIBOR + 3.175%) (d)		5.000		12/15/26		850,000		862,065
Avana Bonhon, LLC (g)		6.125		09/15/24		5,000,000		5,130,765
Axos Financial, Inc. (4.875% to 10/01/25, then SOFRRATE + 4.760%) (d)		4.875		10/01/30		3,500,000		3,699,545
BAC Capital Trust XIII (Greater of 4.000% or 3 month LIBOR + 0.400%, floor 4.000%) (d)(f)		4.000		03/15/21		2,600,000		2,554,500
Banc of California, Inc.		5.250		04/15/25		5,400,000		5,675,645
Banc of California, Inc. (4.375% to 10/30/25, then SOFRRATE + 4.195%) (d)		4.375		10/30/30		9,000,000		9,153,073
Bank of America Corp. (5.200% to 06/01/23, then 3 month LIBOR + 3.135%) (d)(f)		5.200		06/01/23		2,500,000		2,596,000
Bank of America Corp. (4.0 times (USISDA10 - USISDA02 - 0.250%), floor 0.000%, cap 10.000%) (d)		3.672		11/19/30		671,000		562,509
Bank of Montreal (4.800% to 08/25/24, then H15T5Y + 2.979%) (d)(f)		4.800		08/25/24		6,977,000		7,299,686
Bank of New York Mellon Corp. (3 month LIBOR + 3.420%) (d)(f)		3.659		06/20/21		9,989,000		10,051,075
Bank of the Ozarks, Inc. (5.500% to 07/01/21, then 3 month LIBOR + 4.425%) (d)		5.500		07/01/26		20,370,000		20,602,610
Bay Banks of Virginia, Inc. (5.625% to 10/15/24, then SOFRRATE + 4.335%) (d)(g)		5.625		10/15/29		3,000,000		3,077,652
BayCom Corp. (5.250% to 09/15/25, then SOFRRATE + 5.210%) (d)		5.250		09/15/30		8,455,000		8,722,039
BCB Bancorp, Inc. (5.625% to 08/01/23, then 3 month LIBOR + 2.720%) (d)(g)		5.625		08/01/28		9,000,000		9,303,746
Becton Dickinson and Co. (3 month LIBOR + 1.030%) (d)		1.255		06/06/22		25,355,000		25,616,829
Block Financial LLC		5.500		11/01/22		1,432,000		1,512,066
Byline Bancorp, Inc. (6.000% to 07/01/25, then SOFRRATE + 5.880%) (d)		6.000		07/01/30		12,000,000		12,079,557
Capital Funding Bancorp, Inc. (g)		6.000		12/01/23		20,000,000		21,033,720
Carrington Holding Co., LLC (g)		8.000		01/26/26		12,000,000		12,000,000
CenterState Bank Corp. (5.750% to 06/01/25, then SOFRRATE + 5.617%) (d)		5.750		06/01/30		690,000		733,074
Charles Schwab Corp. (4.625% to 03/01/22, then 3 month LIBOR + 3.315%) (d)(f)		4.625		03/01/22		21,618,000		21,808,238
Citigroup, Inc. (4.0 times (USISDA30 - USISDA05), floor 0.000%, cap 10.000%) (d)		4.596		11/15/28		245,000		213,215
Citigroup, Inc. (4.0 times (USISDA30 - USISDA05), floor 0.000%, cap 10.000%) (d)		4.280		07/09/28		740,000		656,583
Citigroup, Inc. (4.0 times (USISDA30 - USISDA02), floor 0.000%, cap 10.000%) (d)		4.800		12/23/29		1,152,000		1,068,941
Citigroup, Inc. (4.0 times (USISDA10 - USISDA02 - 0.250%), floor 0.000%, cap 10.000%) (d)		3.672		11/19/30		727,000		642,318
Citigroup, Inc. (4.35 times (USISDA30 - USISDA05), floor 0.000%, cap 10.000%) (d)		4.655		07/09/33		1,394,000		1,156,291
Citigroup, Inc. (5.0 times (USISDA30 - USISDA05), floor 0.000%, cap 10.000%) (d)		4.695		12/20/33		2,863,000		2,394,439
Citigroup, Inc. (3 month LIBOR + 0.550%) (d)		0.738		08/25/36		868,000		764,925
Clear Blue Financial Holdings, LLC (g)		7.000		04/15/25		5,000,000		4,993,218
CNH Industrial Capital LLC		3.875		10/15/21		436,000		444,913
Congressional Bancshares, Inc. (5.750% to 12/01/24, then SOFRRATE + 4.390%) (d)(g)		5.750		12/01/29		5,000,000		5,165,810
ConnectOne Bancorp, Inc. (5.200% to 02/01/23, then 3 month LIBOR + 2.840%) (d)		5.200		02/01/28		6,375,000		6,419,483
ConnectOne Bancorp, Inc. (5.750% to 06/15/25, then SOFRRATE + 5.605%) (d)		5.750		06/15/30		7,780,000		8,260,782
County Bancorp, Inc. (5.875% to 06/01/23, then 3 month LIBOR + 2.884%) (d)		5.875		06/01/28		8,250,000		8,508,426
Cowen Inc. (g)		7.250		05/06/24		20,000,000		21,469,373
CRB Group, Inc. (g)		6.250		06/15/23		5,000,000		5,267,884
Depository Trust & Clearing Corp. (3 month LIBOR + 3.167%) (d)(f)(g)		3.384		06/15/21		1,600,000		1,583,366
Deutsche Bank AG		4.250		10/14/21		7,057,000		7,214,789
Deutsche Bank AG		4.250		10/14/21		313,000		319,998
DXC Technology Co.		4.125		04/15/25		1,980,000		2,160,296
DXC Technology Co.		4.000		04/15/23		6,431,000		6,864,196
Eagle Bancorp, Inc.		5.750		09/01/24		1,825,000		1,980,761
Eagle Bancorp, Inc. (5.000% to 08/01/21, then 3 month LIBOR + 3.850%) (d)		5.000		08/01/26		13,479,000		13,472,505
EF Holdco Inc. / EF Cayman Holdings Ltd. (g)		5.500		09/01/22		3,500,000		3,606,637
Enstar Group Ltd.		4.500		03/10/22		27,476,000		28,416,740
Enterprise Products Operating LLC (3 month LIBOR + 2.7775%) (d)		3.003		06/01/67		8,538,000		7,354,633
Enterprise Products Operating LLC (5.250% to 08/16/27, then 3 month LIBOR + 3.033%) (d)		5.250		08/16/77		6,666,000		6,643,973
EverBank Financial Corp. (6.000% to 03/15/21, then 3 month LIBOR + 4.704%) (d)		6.000		03/15/26		4,000,000		4,004,837
Everest Reinsurance Holdings Inc. (3 month LIBOR + 2.385%) (d)		2.579		05/01/67		17,705,000		16,336,389
F&M Financial Services Corp. (5.950% to 09/15/24, then SOFRRATE + 4.840%) (d)(g)		5.950		09/15/29		9,000,000		9,578,164
FedNat Holding Co.		7.500		03/15/29		17,000,000		17,680,000
Fidelity Federal Bancorp (6.000% to 11/01/24, then SOFRRATE + 4.650%) (d)(g)		6.000		11/01/29		7,000,000		7,243,125
Fidelity Federal Bancorp (6.875% to 10/15/23, then 3 month LIBOR + 3.790%) (d)(g)		6.875		10/15/28		6,500,000		6,793,898
Fifth Third Bancorp (3 month LIBOR + 3.129%) (d)(f)		3.383		03/29/21		14,997,000		14,772,045
First Financial Bancorp (5.250% to 05/15/25, then SOFRRATE + 5.090%) (d)		5.250		05/15/30		3,000,000		3,088,486
Flushing Financial Corp. (5.250% to 12/15/21, then 3 month LIBOR + 3.440%) (d)		5.250		12/15/26		4,030,000		4,103,179
FPL Group, Inc. (3 month LIBOR + 2.0675%) (d)		2.305		10/01/66		9,285,000		8,449,350
FS KKR Capital Corp.		4.750		05/15/22		5,000,000		5,187,741
General Electric Capital Corp. (3 month LIBOR + 0.380%) (d)		0.575		05/05/26		5,148,000		5,044,268
General Electric Co. (3 month LIBOR + 3.330%) (d)(f)		3.554		06/15/21		44,245,000		41,837,629
Great Southern Bancorp, Inc. (5.250% to 08/15/21, then 3 month LIBOR + 4.087%) (d)		5.250		08/15/26		6,450,000		6,485,772
Great Southern Bank (5.500% to 06/15/25, then SOFRRATE + 5.325%) (d)		5.500		06/15/30		2,000,000		2,162,237
Hallmark Financial Services, Inc.		6.250		08/15/29		13,000,000		8,190,000
Hanmi Financial Corp. (5.450% to 03/30/22, then 3 month LIBOR + 3.315%) (d)		5.450		03/30/27		8,600,000		8,793,819
Hilltop Holdings Inc. (5.750% to 05/15/25, then SOFRRATE + 5.680%) (d)		5.750		05/15/30		8,000,000		8,223,532
Home BancShares Inc. (5.625% to 04/15/22, then 3 month LIBOR + 3.575%) (d)		5.625		04/15/27		6,083,000		6,237,079
Horizon Bancorp, Inc. (5.625% to 07/01/25, then SOFRRATE + 5.490%) (d)		5.625		07/01/30		6,000,000		6,080,942
Hospitality Properties Trust		4.500		03/15/25		720,000		719,100
Hospitality Properties Trust		4.950		02/15/27		1,549,000		1,534,052
Hospitality Properties Trust		3.950		01/15/28		1,436,000		1,328,300
Hospitality Properties Trust		4.750		10/01/26		3,295,000		3,245,575
Howard Bancorp Inc. (6.000% to 12/06/23, then 3 month LIBOR + 3.020%) (d)(g)		6.000		12/06/28		3,000,000		3,157,838
IDEX Corp.		4.200		12/15/21		4,990,000		5,090,012
Investar Holding Corp. (6.000% to 03/30/22, then 3 month LIBOR +3.945%) (d)		6.000		03/30/27		500,000		507,662
JD.com, Inc.		3.125		04/29/21		300,000		301,168
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		763,971
Jones Lang LaSalle Inc.		4.400		11/15/22		1,008,000		1,061,969
JPMorgan Chase & Co. (3 month LIBOR + 3.320%) (d)(f)		3.558		04/01/21		9,552,000		9,475,584
JPMorgan Chase & Co. (3 month LIBOR + 3.470%) (d)(f)		3.682		04/30/21		9,030,000		8,988,739
JPMorgan Chase & Co. (3 month LIBOR + 3.800%) (d)(f)		4.005		05/01/21		2,000,000		1,999,140
JPMorgan Chase & Co. (4.000% to 04/01/25, then SOFRRATE + 2.745%) (d)(f)		4.000		04/01/25		5,000,000		4,972,500
Lincoln National Corp. (3 month LIBOR + 2.3575%) (d)		2.549		05/17/66		29,378,000		25,498,635
Lincoln National Corp. (3 month LIBOR + 2.040%) (d)		2.264		04/20/67		25,384,000		20,973,530
Marathon Petroleum Corp.		5.125		04/01/24		36,647,000		37,072,785
Marriott Int'l., Inc.		3.125		10/15/21		5,000,000		5,054,108
Medallion Financial Corp. (g)		8.250		03/22/24		10,000,000		10,007,188
Meridian Corp. (5.375% to 12/30/24, then SOFRRATE + 3.950%) (d)		5.375		12/30/29		10,000,000		10,472,143
Merrill Lynch & Co. (3 month LIBOR + 0.760%) (d)		0.977		09/15/26		3,870,000		3,842,514
Meta Financial Group, Inc. (5.750% to 08/15/21, then 3 month LIBOR + 4.630%) (d)		5.750		08/15/26		6,200,000		6,266,232
MetLife, Inc. (3 month LIBOR + 3.575%) (d)(f)		3.792		03/29/21		12,677,000		12,614,072
Metropolitan Bank Holding Corp. (6.250% to 03/15/22, then 3 month LIBOR + 4.260%) (d)(g)		6.250		03/15/27		2,000,000		2,051,670
Midland States Bancorp, Inc. (5.000% to 09/30/24, then SOFRRATE + 3.610%) (d)		5.000		09/30/29		5,000,000		5,191,076
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. (g)		6.500		06/20/27		7,000,000		7,647,500
Minnwest Corp. (5.875% to 07/15/23, then 3 month LIBOR + 2.980%) (d)(g)		5.875		07/15/28		6,000,000		6,202,829
MM Finished Lots Holdings, LLC (g)		7.250		01/31/24		3,187,026		3,187,026
MM Finished Lots Holdings, LLC (g)		6.500		11/30/25		6,101,036		6,101,036
NBCUniversal Enterprise, Inc. (f)(g)		5.250		03/19/24		10,000,000		10,100,000
Newfield Exploration Co.		5.750		01/30/22		9,575,000		9,886,146
Newport Realty Trust, Inc. (g)		6.250		12/01/24		10,000,000		10,250,227
Newport Realty Trust, Inc.		6.250		12/01/24		1,000,000		1,025,023
NexBank Capital, Inc. (5.500% to 03/15/21, then 3 month LIBOR + 4.355%) (d)(g)		5.500		03/16/26		18,500,000		18,431,757
NexBank Capital, Inc. (6.375% to 09/30/22, then 3 month LIBOR + 4.585%) (d)(g)		6.375		09/30/27		5,000,000		5,022,314
Nexteer Automotive Group Ltd. (g)		5.875		11/15/21		1,200,000		1,200,646
Northpointe Bancshares, Inc. (6.000% to 09/30/24, then SOFRRATE + 4.905%) (d)(g)		6.000		09/30/29		5,000,000		5,104,494
Northpointe Bank (6.875% to 10/01/23, then 3 month LIBOR + 3.765%) (d)(g)		6.875		10/01/28		5,000,000		5,220,594
OceanFirst Financial Corp. (5.250% to 05/15/25, then SOFRRATE + 5.095%) (d)		5.250		05/15/30		6,000,000		6,211,271
Office Properties Income Trust		4.500		02/01/25		100,000		106,520
Office Properties Income Trust		4.150		02/01/22		12,419,000		12,737,926
Office Properties Income Trust		4.250		05/15/24		13,441,000		14,191,494
Ohio National Financial Services, Inc. (g)		5.550		01/24/30		5,000,000		5,334,151
Old Second Bancorp, Inc. (5.750% to 12/31/21, then 3 month LIBOR + 3.850%) (d)		5.750		12/31/26		1,945,000		1,966,101
Opus Bank (5.500% to 07/01/21, then 3 month LIBOR + 4.285%) (d)		5.500		07/01/26		500,000		503,144
Orrstown Financial Services, Inc. (6.000% to 12/30/23, then 3 month LIBOR + 3.160%) (d)		6.000		12/30/28		1,750,000		1,766,838
Pacific Continental Corp. (5.875% to 06/30/21, then 3 month LIBOR + 4.715%) (d)		5.875		06/30/26		510,000		512,612
Pacific Premier Bancorp, Inc. (5.375% to 06/15/25, then SOFRRATE + 5.170%) (d)		5.375		06/15/30		5,000,000		5,262,978
Parkway Bancorp, Inc. (6.000% to 03/31/25, then 3 month LIBOR + 5.390%) (d)(g)		6.000		03/31/30		10,000,000		10,551,451
Pedcor Bancorp (7.250% to 02/15/24, then 3 month LIBOR + 4.600%) (d)(g)		7.250		02/15/29		3,000,000		3,157,821
Pershing Road Development Co., LLC (3 month LIBOR + 0.400%) (d)(g)		0.625		09/15/25		1,530,000		1,499,400
Pershing Road Development Co., LLC (3 month LIBOR + 0.400%) (d)(g)		0.625		09/15/24		1,815,000		1,784,145
Pershing Road Development Co., LLC (3 month LIBOR + 0.400%) (d)(g)		0.625		09/15/23		3,841,000		3,792,988
Pershing Road Development Co., LLC (3 month LIBOR + 0.400%) (d)(g)		0.625		09/15/22		1,000,000		992,500
Pershing Road Development Co., LLC (3 month LIBOR + 0.400%) (d)(g)		0.625		09/15/21		45,000		45,000
Pershing Road Development Co., LLC (3 month LIBOR + 0.400%) (d)(g)		0.625		09/15/22		2,738,000		2,717,465
Pershing Road Development Co., LLC (3 month LIBOR + 0.400%) (d)(g)		0.625		09/15/24		4,799,000		4,717,417
Pershing Road Development Co., LLC (3 month LIBOR + 0.400%) (d)(g)		0.625		09/15/23		1,705,000		1,683,688
Pershing Road Development Co., LLC (3 month LIBOR + 0.400%) (d)(g)		0.625		09/15/26		1,415,000		1,379,625
Pinnacle Financial Partners, Inc. (4.125% to 09/15/24, then 3 month LIBOR + 2.775%) (d)		4.125		09/15/29		5,000,000		5,004,194
PNM Resources Inc.		3.250		03/09/21		1,230,000		1,230,644
Preferred Bank (6.000% to 06/15/21, then 3 month LIBOR + 4.673%) (d)		6.000		06/15/26		10,240,000		10,353,827
Principal Financial Group, Inc. (3 month LIBOR + 3.044%) (d)		3.242		05/15/55		26,065,000		25,771,769
ProAssurance Corp.		5.300		11/15/23		15,001,000		16,041,573
RBB Bancorp (6.500% to 03/31/21, then 3 month LIBOR + 5.160%) (d)(g)		6.500		03/31/26		2,000,000		2,004,202
RBB Bancorp (6.180% to 12/01/23, then 3 month LIBOR + 3.150%) (d)		6.180		12/01/28		5,000,000		5,201,996
ReadyCap Holdings, LLC (g)		7.500		02/15/22		26,000,000		26,621,967
Reinsurance Group of America, Inc. (3 month LIBOR + 2.665%) (d)		2.882		12/15/65		33,529,000		31,098,147
Reliant Bancorp Inc. (5.125% to 12/15/24, then SOFRRATE + 3.765%) (d)		5.125		12/15/29		10,000,000		10,285,030
Renasant Corp. (5.000% to 09/01/21, then 3 month LIBOR + 3.840%) (d)		5.000		09/01/26		4,100,000		4,161,124
Royal Caribbean Cruises Ltd.		5.250		11/15/22		100,000		101,906
Sandy Spring Bank (5.625% to 09/30/21, then 3 month LIBOR + 4.409%) (d)		5.625		09/30/26		2,500,000		2,552,186
Scripps Networks Interactive, Inc.		3.950		06/15/25		491,000		524,503
Signature Bank New York (4.000% to 10/15/25, then AMERIBOR RATE + 3.890%) (d)		4.000		10/15/30		4,295,000		4,442,029
Silversea Cruise Finance Ltd. (g)		7.250		02/01/25		27,906,000		28,885,780
Southern National Bancorp of Virginia, Inc. (5.400% to 09/01/25, then SOFRRATE + 5.310%) (d)		5.400		09/01/30		2,000,000		2,153,425
Southern National Bancorp of Virginia, Inc. (5.875% to 01/31/22, then 3 month LIBOR + 3.950%) (d)(g)		5.875		01/31/27		2,000,000		2,045,097
Southside Bancshares, Inc. (5.500% to 09/30/21, then 3 month LIBOR + 4.297%) (d)		5.500		09/30/26		2,060,000		2,096,511
Spend Life Wisely Co., Inc. (5.875% to 03/15/22, then 3 month LIBOR + 3.742%) (d)(g)		5.875		03/15/27		8,500,000		8,761,598
State Street Corp. (3 month LIBOR + 3.597%) (d)(f)		3.814		06/15/21		5,109,000		5,105,935
TechnipFMC PLC		3.450		10/01/22		3,000,000		3,120,161
Texas State Bankshares, Inc. (5.750% to 06/15/24, then 3 month LIBOR + 3.550%) (d)(g)		5.750		06/15/29		4,000,000		4,087,033
TransCanada PipeLines Ltd. (3 month LIBOR + 2.210%) (d)		2.404		05/15/67		24,473,000		19,700,765
TriState Capital Holdings, Inc. (5.750% to 05/15/25, then 3 month LIBOR + 5.360%) (d)		5.750		05/15/30		8,025,000		8,762,834
Truist Financial Corp. (4.800% to 09/01/24, then H15T5Y + 3.003%) (d)(f)		4.800		09/01/24		10,552,000		10,947,701
UTB Financial Holding Co. (6.500% to 09/01/23, then 3 month LIBOR + 3.620%) (d)(g)		6.500		09/01/28		6,000,000		6,239,302
VeriSign, Inc.		4.625		05/01/23		423,000		425,644
Volunteer State Bancshares, Inc. (5.750% to 11/15/24, then SOFRRATE + 4.365%) (d)(g)		5.750		11/15/29		9,000,000		9,386,418
Wachovia Capital Trust III (3 month LIBOR + 0.930%, floor 5.56975%) (d)(f)		5.570		03/15/21		1,025,000		1,025,000
WEC Energy Group, Inc. (3 month LIBOR + 2.1125%) (d)		2.306		05/15/67		570,000		525,492
Western Gas Partners LP		4.500		03/01/28		139,000		143,865
WT Holdings, Inc. (g)		7.000		04/30/23		18,000,000		18,338,064
Residential Mortgage-Backed Securities - 0.2%								3,160,163
Hawaii Housing Finance & Development Corp.		2.600		07/01/37		224,302		229,306
Minnesota Housing Finance Agency		2.700		09/01/41		1,301,941		1,332,550
Onslow Bay Mortgage Loan Trust, Series 2015-1 2A10 (d)(g)		3.119		11/25/45		1,478,603		1,534,615
Sequoia Mortgage Trust, Series 2018-CH1 A11 (g)		3.500		09/25/22		63,432		63,692
Sovereign Bonds - 0.5%								11,047,511
Antares Holdings LP (g)		6.000		08/15/23		4,830,000		5,022,260
Bayerische Landesbank (3 month LIBOR + 1.160% where (USISDA30 - USISDA02) is  greater than -0.250%) (d)		1.398		10/02/21		6,000,000		6,025,251
Taxable Municipal Bonds - 0.2%								5,000,916
California Statewide Communities Development Authority		5.370		06/01/21		140,000		141,525
County of Reeves TX Certs. of Participation		6.375		12/01/21		45,000		45,768
Eastern Illinois University		5.700		04/01/21		125,000		125,331
Florida State Mid-Bay Bridge Authority		3.784		10/01/21		760,000		767,828
Guam Gov't. Business Privilege Tax Revenue		4.383		01/01/22		530,000		529,624
New Jersey Sports & Exposition Authority		6.076		03/01/23		275,000		288,945
Pontotoc County OK Educational Facilities Authority		4.119		09/01/23		135,000		139,834
Public Finance Authority WI Student Housing Revenue		4.500		07/01/21		400,000		401,172
Summit County OH Development Finance Authority		6.250		05/15/26		635,000		636,378
Utah Infrastructure Agency Telecommunications Revenue and Refunding		3.500		10/15/23		1,890,000		1,924,511
U.S. Government Agency Mortgage-Backed Securities - 6.2%								138,734,280
Fannie Mae Interest Strip, Series 419 C6 (IO)		3.500		05/25/44		5,073,858		757,403
Fannie Mae Pool, Series 890163		5.500		03/01/24		177,323		180,828
Fannie Mae REMIC, Series 2010-102 DB		4.000		06/25/29		268,779		271,688
Fannie Mae REMIC, Series 2010-2 SG (IO) (-1.0 times 1 month LIBOR + 6.450%, floor 0.000%, cap 6.450%) (d)		6.332		10/25/39		2,255,785		50,172
Fannie Mae REMIC, Series 2011-136 ES (IO) (-1.0 times 1 month LIBOR + 6.550%, floor 0.000%, cap 6.550%) (d)		6.432		02/25/41		2,844,955		325,148
Fannie Mae REMIC, Series 2011-3 KA		5.000		04/25/40		183,312		194,189
Fannie Mae REMIC, Series 2012-114 HS (IO) (-1.0 times 1 month LIBOR + 6.150%, floor 0.000%, cap 6.150%) (d)		6.032		03/25/40		5,179,883		234,778
Fannie Mae REMIC, Series 2012-122 SA (IO) (-1.0 times 1 month LIBOR + 6.200%, floor 0.000%, cap 6.200%) (d)		6.082		02/25/40		3,981,818		148,264
Fannie Mae REMIC, Series 2012-14 DS (IO) (-1.0 times 1 month LIBOR + 6.500%, floor 0.000%, cap 6.500%) (d)		6.382		03/25/42		9,369,100		2,270,407
Fannie Mae REMIC, Series 2012-14 SH (IO) (-1.0 times 1 month LIBOR + 6.550%, floor 0.000%, cap 6.550%) (d)		6.432		07/25/40		2,137,029		128,153
Fannie Mae REMIC, Series 2013-20 CS (IO) (-1.0 times 1 month LIBOR + 6.150%, floor 0.000%, cap 6.150%) (d)		6.032		03/25/43		3,680,221		499,149
Fannie Mae REMIC, Series 2013-29 Class AI (IO)		2.500		04/25/28		3,415,214		186,264
Fannie Mae REMIC, Series 2013-31 IH (IO)		3.500		02/25/43		3,884,529		336,009
Fannie Mae REMIC, Series 2013-38 CI (IO)		3.000		04/25/28		9,373,232		566,420
Fannie Mae REMIC, Series 2013-66 MK		3.000		09/25/36		24,422		24,404
Fannie Mae REMIC, Series 2013-7 EI (IO)		3.000		10/25/40		8,865,472		572,993
Fannie Mae REMIC, Series 2013-93 SI (IO) (-1.0 times 1 month LIBOR + 5.170%, floor 0.000%, cap 5.170%) (d)		5.047		09/25/43		22,450,166		1,945,729
Fannie Mae REMIC, Series 2014-26 KA		4.000		04/25/39		203,672		204,873
Fannie Mae REMIC, Series 2016-64 CI (IO)		3.500		07/25/43		6,366,857		484,099
Fannie Mae REMIC, Series 2019-44 IP (IO)		4.000		09/25/46		4,218,979		355,439
Fannie Mae REMIC, Series 2019-74 WA (d)		21.807		07/25/49		609,810		739,075
Fannie Mae REMIC, Series 2020-68 ZC		1.000		10/25/50		10,109,755		9,840,502
Fannie Mae REMIC, Series 2020-8 WA (d)		22.306		07/25/49		609,809		758,463
Fannie Mae REMIC, Series 2020-82 EB		1.250		11/25/50		1,780,631		1,695,485
Freddie Mac Multifamily Structured Pass Through Certificates, Series K045 X1 (IO) (d)		0.438		01/25/25		178,237,611		2,648,058
Freddie Mac Multifamily Structured Pass Through Certificates, Series K050 X1 (IO) (d)		0.319		08/25/25		178,139,664		2,407,700
Freddie Mac Multifamily Structured Pass Through Certificates, Series K056 X1 (IO) (d)		1.261		05/25/26		79,145,346		4,452,242
Freddie Mac Multifamily Structured Pass Through Certificates, Series K060 X1 (IO) (d)		0.072		10/25/26		223,733,114		1,134,461
Freddie Mac REMIC, Series 3848 WL		4.000		04/15/40		82,834		84,174
Freddie Mac REMIC, Series 4050 EI (IO)		4.000		02/15/39		594,201		2,388
Freddie Mac REMIC, Series 4060 SJ (IO) (-1.0 times 1 month LIBOR + 6.650%, floor 0.000%, cap 6.650%) (d)		6.538		02/15/41		2,574,562		276,207
Freddie Mac REMIC, Series 4109 AI (IO)		3.000		07/15/31		12,500,977		575,809
Freddie Mac REMIC, Series 4116 US (IO) (-1.0 times 1 month LIBOR + 4.600%, floor 0.000%, cap 4.600%) (d)		4.477		10/15/42		6,495,720		667,311
Freddie Mac REMIC, Series 4136 IH (IO)		3.500		09/15/27		4,470,062		278,616
Freddie Mac REMIC, Series 4139 EI (IO)		3.000		09/15/31		4,375,860		322,118
Freddie Mac REMIC, Series 4219 AI (IO)		3.500		01/15/43		2,492,223		276,313
Freddie Mac REMIC, Series 4238 Class NS (IO) (-1.0 times 1 month LIBOR + 6.700%, floor 0.000%, cap 6.700%) (d)		6.588		02/15/42		1,850,924		256,867
Freddie Mac REMIC, Series 4267 CI (IO)		4.000		05/15/39		1,807,220		41,812
Freddie Mac REMIC, Series 4328 DA		4.000		01/15/36		1,106,225		1,130,941
Freddie Mac REMIC, Series 4335 AL		4.250		03/15/40		141,353		142,562
Freddie Mac REMIC, Series 4364 SE (IO) (-1.0 times 1 month LIBOR + 6.700%, floor 0.000%, cap 6.700%) (d)		6.588		12/15/39		2,757,677		89,958
Freddie Mac REMIC, Series 4469 HA (c)		4.250		02/15/39		1,683,776		1,732,725
Freddie Mac REMIC, Series 4504 (IO)		3.500		05/15/42		1,182,534		31,431
Freddie Mac REMIC, Series 4760 IB (IO)		4.000		10/15/42		14,987,381		839,661
Freddie Mac REMIC, Series 4764 BA		4.000		06/15/42		64,922		65,007
Freddie Mac REMIC, Series 4770 HJ		4.500		11/15/43		1,767,138		1,785,268
Freddie Mac REMIC, Series 4773 EA		4.000		10/15/42		294,696		295,849
Freddie Mac REMIC, Series 5041 JH		1.500		11/25/50		1,764,769		1,690,683
Ginnie Mae Pool, Series 78-2071X		7.000		05/15/33		12,794		14,972
Ginnie Mae REMIC Trust, Series 2011-32 NA		4.000		06/20/40		256,136		262,705
Ginnie Mae REMIC Trust, Series 2012-27 (IO) (d)		0.888		04/16/53		34,205,645		682,129
Ginnie Mae REMIC Trust, Series 2013-35 A		1.618		02/16/40		179,084		180,413
Ginnie Mae REMIC Trust, Series 2015-30 A		2.350		05/16/41		580,851		585,340
Ginnie Mae REMIC Trust, Series 2015-81 (IO) (d)		0.222		10/16/56		54,720,909		1,100,328
Ginnie Mae REMIC Trust, Series 2016-137 (IO) (d)		0.855		10/16/56		43,647,597		2,255,088
Ginnie Mae REMIC Trust, Series 2016-51 ID (IO)		4.000		03/20/43		7,091,421		485,096
Ginnie Mae REMIC Trust, Series 2017-104 JI (IO)		4.000		06/20/44		20,447,826		942,935
Ginnie Mae REMIC Trust, Series 2017-169 (IO) (d)		0.614		01/16/60		137,696,884		6,921,017
Ginnie Mae REMIC Trust, Series 2017-24 (IO) (d)		0.808		12/16/56		105,131,319		4,992,381
Ginnie Mae REMIC Trust, Series 2018-25 (IO) (d)		0.588		02/16/60		140,146,816		6,902,805
Ginnie Mae REMIC Trust, Series 2019-118 (IO) (d)		0.858		06/16/61		53,335,136		3,471,861
Ginnie Mae REMIC Trust, Series 2019-122 (IO) (d)		0.965		07/16/61		64,316,515		4,652,464
Ginnie Mae REMIC Trust, Series 2019-124 (IO) (d)		1.017		06/16/61		119,319,923		9,394,356
Ginnie Mae REMIC Trust, Series 2019-136 ES (IO) (-1.0 times 1 month LIBOR + 6.050%, floor 0.000%, cap 6.050%) (d)		5.939		03/20/48		9,383,744		1,416,541
Ginnie Mae REMIC Trust, Series 2019-139 (IO) (d)		0.729		11/16/61		42,970,424		2,675,076
Ginnie Mae REMIC Trust, Series 2019-37 (IO) (d)		0.768		11/16/60		31,192,994		2,150,838
Ginnie Mae REMIC Trust, Series 2019-59 IM (IO)		4.000		12/20/48		694,529		15,097
Ginnie Mae REMIC Trust, Series 2019-59 MI (IO)		4.000		05/20/49		665,072		42,942
Ginnie Mae REMIC Trust, Series 2019-63 (IO) (d)		0.765		12/16/60		69,006,912		4,576,000
Ginnie Mae REMIC Trust, Series 2019-71 IO (IO)		3.500		06/20/49		1,461,147		102,513
Ginnie Mae REMIC Trust, Series 2019-71 IQ (IO)		3.500		06/20/49		1,343,947		51,361
Ginnie Mae REMIC Trust, Series 2019-78 IQ (IO)		4.000		04/20/49		1,199,758		35,711
Ginnie Mae REMIC Trust, Series 2019-78 QI (IO)		4.000		06/20/49		1,101,517		40,460
Ginnie Mae REMIC Trust, Series 2019-94 (IO) (d)		0.956		08/16/61		46,552,935		3,413,461
Ginnie Mae REMIC Trust, Series 2020-123 TZ		1.000		08/20/50		5,029,373		4,915,790
Ginnie Mae REMIC Trust, Series 2020-134 BZ		1.000		09/16/50		3,344,902		3,097,314
Ginnie Mae REMIC Trust, Series 2020-166 BU		1.000		11/20/50		998,490		998,296
Ginnie Mae REMIC Trust, Series 2020-20 (IO) (d)		0.912		05/16/61		35,446,819		2,675,912
Ginnie Mae REMIC Trust, Series 2020-31 KS (IO) (-1.0 times 1 month LIBOR + 6.100%, floor 0.000%, cap 6.100%) (d)		5.989		03/20/50		7,807,640		1,705,385
Ginnie Mae REMIC Trust, Series 2020-40 (IO) (d)		1.209		01/16/62		49,906,795		4,557,159
Ginnie Mae REMIC Trust, Series 2020-44 (IO) (d)		1.228		02/16/62		103,590,888		9,647,224
Ginnie Mae REMIC Trust, Series 2020-47 YI (IO)		2.500		04/20/50		6,840,431		304,353
Ginnie Mae REMIC Trust, Series 2020-49 (IO) (d)		1.187		07/16/62		48,423,047		4,233,845
Ginnie Mae REMIC Trust, Series 2020-58 (IO) (d)		1.062		01/16/62		46,855,482		3,793,827
Ginnie Mae REMIC Trust, Series 2021-16 BU		1.000		01/20/51		580,001		580,190
Ginnie Mae REMIC Trust, Series 2021-29 PU		1.000		02/20/51		863,000		863,000
SHORT-TERM INVESTMENTS - 5.4%								120,078,726
(COST $120,082,245)
Money Market Funds - 0.0%^								100,000
First American Government Obligations Fund Class X (a)		0.030	%			100,000		100,000
U.S. Government & Agency Securities- 5.4%								119,978,726
U.S. Treasury Bills (b)		0.026	%	03/23/21		10,000,000		9,999,603
U.S. Treasury Bills (b)		0.024	%	03/25/21		10,000,000		9,999,600
U.S. Treasury Bills (b)		0.028	%	04/01/21		10,000,000		9,999,483
U.S. Treasury Bills (b)		0.033	%	04/06/21		10,000,000		9,999,470
U.S. Treasury Bills (b)		0.033	%	04/08/21		10,000,000		9,999,430
U.S. Treasury Bills (b)		0.030	%	05/11/21		10,000,000		9,999,211
U.S. Treasury Bills (b)		0.038	%	06/03/21		10,000,000		9,998,572
U.S. Treasury Bills (b)		0.038	%	06/08/21		5,000,000		4,999,450
U.S. Treasury Bills (b)		0.044	%	07/29/21		10,000,000		9,997,708
U.S. Treasury Bills (b)		0.044	%	09/09/21		5,000,000		4,998,333
U.S. Treasury Bills (b)		0.039	%	10/07/21		10,000,000		9,996,944
U.S. Treasury Bills (b)		0.048	%	11/04/21		10,000,000		9,996,039
U.S. Treasury Bills (b)		0.055	%	12/02/21		10,000,000		9,994,883
TOTAL INVESTMENTS - 99.5% (COST $2,322,614,986)								2,214,601,225
NET OTHER ASSETS AND LIABILITIES - 0.5%								11,992,813
NET ASSETS - 100.0%							$	2,226,594,038

(a)	Rate shown represents the 7-day yield at February 28, 2021.
(b)	Rate shown represents the current yield for U.S. Treasury Bills at February 28, 2021.
(c)	Security is a "step-up" bond where the coupon increases or steps up at a predetermined date. Securities which do not indicate a future coupon rate in their description above
	are at their final coupon rate at February 28, 2021.
(d)	Variable rate security. Interest rates reset periodically. Interest rate shown reflects the rate in effect at February 28, 2021. 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.
(e)	Non-income producing security.
(f)	Perpetual maturity. Date shown represents next contractual call date.
(g)	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 February 28, 2021, the aggregate value of these securities was $848,572,271, representing 38.1% of net assets.
(h)	Issuer in default on interest and/or principal repayment.
(i)	Illiquid security at February 28, 2021.
^	Rounds to 0.0%.
Abbreviations
AMERIBOR	American Interbank Offered Rate
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.
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 February 28, 2021:

	Level 1		Level 2		Level 3		Total
Bonds
Asset-backed securities		–		373,361,605		–		373,361,605
Commercial mortgage-backed securities		–		225,423,114		–		225,423,114
Convertible bonds		–		44,299,553		–		44,299,553
Corporate bonds		–		1,293,495,357		–		1,293,495,357
Residential mortgage-backed securities		–		3,160,163		–		3,160,163
Sovereign bonds		–		11,047,511		–		11,047,511
Taxable municipal bonds		–		5,000,916		–		5,000,916
U.S. government agency mortgage-backed securities		–		138,734,280		–		138,734,280
Total bonds		–		2,094,522,499		–		2,094,522,499
Short-term investments
Money market funds		100,000		–		–		100,000
U.S. government & agency securities		–		119,978,726		–		119,978,726
Total short-term investments		100,000		119,978,726		–		120,078,726
Total investments	$	100,000	$	2,214,501,225	$	-	$	2,214,601,225

The Fund did not invest in any level-3 investments during the three-month period ended February 28, 2021.

For more information on valuation inputs, see the accompanying notes. The accompanying notes are an integral part of the schedule of investments.

THOMPSON IM FUNDS, INC.

NOTES TO FINANCIAL STATEMENTS

February 28, 2021

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.