Schedule of investments
Delaware Investments®Dividend and Income Fund, Inc.
February 29, 2020 (Unaudited)
Number of | Value | Number of | Value | ||||
shares | (US $) | shares | (US $) | ||||
Common Stock - 92.60% | Common Stock (continued) | ||||||
Communication Services - 5.46% | Industrials (continued) | ||||||
AT&T | 58,000 | $ | 2,042,760 | Waste Management | 18,400 | $ | 2,038,904 |
Century Communications =† | 500,000 | 0 | 5,887,888 | ||||
Comcast Class A | 2,666 | 107,786 | Information Technology - 10.88% | ||||
Verizon Communications | 34,600 | 1,873,936 | Broadcom | 7,100 | 1,935,602 | ||
4,024,482 | Cisco Systems | 39,200 | 1,565,256 | ||||
Consumer Discretionary - 5.32% | Intel | 35,200 | 1,954,304 | ||||
Dollar Tree † | 22,500 | 1,868,175 | Microsoft | 3,431 | 555,856 | ||
Lowe’s | 19,300 | 2,056,801 | Oracle | 40,700 | 2,013,022 | ||
3,924,976 | 8,024,040 | ||||||
Consumer Staples - 7.63% | Materials - 2.21% | ||||||
Archer-Daniels-Midland | 46,700 | 1,758,255 | DuPont de Nemours | 38,032 | 1,631,573 | ||
Conagra Brands | 69,763 | 1,861,974 | 1,631,573 | ||||
Mondelez International | REIT Healthcare - 0.62% | ||||||
Class A | 38,100 | 2,011,680 | Healthpeak Properties | 6,400 | 202,496 | ||
5,631,909 | Sabra Health Care REIT | 3,000 | 58,650 | ||||
Energy - 8.29% | Welltower | 2,592 | 193,933 | ||||
ConocoPhillips | 33,400 | 1,617,228 | 455,079 | ||||
Halliburton | 85,259 | 1,445,993 | REIT Hotel - 0.52% | ||||
Marathon Oil | 160,000 | 1,324,800 | MGM Growth Properties | ||||
Occidental Petroleum | 52,700 | 1,725,398 | Class A | 6,299 | 180,781 | ||
6,113,419 | VICI Properties | 8,069 | 202,209 | ||||
Financials - 12.57% | 382,990 | ||||||
Allstate | 17,400 | 1,831,350 | REIT Industrial - 0.21% | ||||
American International | Prologis | 1,822 | 153,558 | ||||
Group | 39,900 | 1,682,184 | |||||
Bank of New York Mellon | 46,200 | 1,843,380 | 153,558 | ||||
Hercules Capital | 7,218 | 95,278 | REIT Mall - 0.20% | ||||
Marsh & McLennan | 19,500 | 2,038,920 | Simon Property Group | 1,193 | 146,834 | ||
Truist Financial | 38,600 | 1,781,004 | 146,834 | ||||
9,272,116 | REIT Manufactured Housing - 0.35% | ||||||
Healthcare - 21.43% | Sun Communities | 1,689 | 258,214 | ||||
Abbott Laboratories | 24,700 | 1,902,641 | 258,214 | ||||
Brookdale Senior Living † | 343,155 | 2,254,528 | REIT Mortgage - 0.47% | ||||
Cardinal Health | 40,400 | 2,105,648 | Annaly Capital Management | 38,832 | 344,052 | ||
Cigna | 10,608 | 1,940,628 | 344,052 | ||||
CVS Health | 29,200 | 1,728,056 | |||||
Johnson & Johnson | 15,000 | 2,017,200 | REIT Multifamily - 3.79% | ||||
Merck & Co. | 25,500 | 1,952,280 | Bluerock Residential Growth | ||||
Pfizer | 57,089 | 1,907,914 | REIT | 11,500 | 119,485 | ||
Brookfield Property Partners | 2 | 33 | |||||
15,808,895 | Equity Residential | 26,557 | 1,994,431 | ||||
Industrials - 7.98% | Essential Properties Realty | ||||||
Northrop Grumman | 6,200 | 2,038,808 | Trust | 16,360 | 374,808 | ||
Raytheon | 9,600 | 1,810,176 | Grainger | 14,052 | 53,734 | ||
Invitation Homes | 4,300 | 123,367 |
(continues)NQ-DDF [2/20] 4/20 (1139462) 1
Schedule of investments
Delaware Investments®Dividend and Income Fund, Inc. (Unaudited)
Number of | Value | Principal | Value | ||||||
shares | (US $) | amount° | (US $) | ||||||
Common Stock (continued) | Convertible Bonds - 5.63% | ||||||||
REIT Multifamily (continued) | Capital Goods - 0.13% | ||||||||
NexPoint Residential Trust | 3,000 | $ | 133,500 | Aerojet Rocketdyne Holdings 2.25% | |||||
2,799,358 | exercise price $26.00, maturity | ||||||||
REIT Office - 0.91% | date 12/15/23 | 51,000 | $ | 98,434 | |||||
Alpine Income Property Trust | 13,727 | 252,577 | 98,434 | ||||||
Postal Realty Trust Class A | 12,497 | 201,202 | Communications - 0.80% | ||||||
VEREIT | 25,000 | 216,500 | DISH Network 2.375% exercise | ||||||
670,279 | price $82.22, maturity date | ||||||||
3/15/24 | 181,000 | 168,949 | |||||||
REIT Self-Storage - 0.24% | GCI Liberty 144A 1.75% exercise | ||||||||
National Storage Affiliates | price $370.52, maturity date | ||||||||
Trust | 5,361 | 180,880 | 9/30/46# | 146,000 | 205,130 | ||||
180,880 | InterDigital 144A 2.00% exercise | ||||||||
REIT Shopping Center - 0.50% | price $81.29, maturity date | ||||||||
Brixmor Property Group | 12,308 | 224,129 | 6/1/24# | 126,000 | 125,937 | ||||
First Capital Real Estate | Liberty Media 2.25% exercise price | ||||||||
Investment Trust | 5,504 | 82,094 | $34.07, maturity date 9/30/46 | 170,000 | 92,266 | ||||
SITE Centers | 5,722 | 65,860 | 592,282 | ||||||
372,083 | Consumer Cyclical - 0.30% | ||||||||
REIT Single Tenant - 0.41% | Meritor 3.25% exercise price | ||||||||
Spirit Realty Capital | 2,140 | 97,370 | $39.92, maturity date 10/15/37 | 75,000 | 78,302 | ||||
STORE Capital | 6,200 | 203,732 | Team 5.00% exercise price $21.70, | ||||||
maturity date 8/1/23 | 145,000 | 141,414 | |||||||
301,102 | 219,716 | ||||||||
Utilities - 2.61% | Consumer Non-Cyclical - 0.97% | ||||||||
Edison International | 28,700 | 1,928,353 | BioMarin Pharmaceutical 0.599% | ||||||
1,928,353 | exercise price $124.67, maturity | ||||||||
date 8/1/24 | 105,000 | 115,238 | |||||||
Total Common Stock | Chefs’ Warehouse 144A 1.875% | ||||||||
(cost $60,640,356) | 68,312,080 | exercise price $44.20, maturity | |||||||
date 12/1/24 # | 61,000 | 60,352 | |||||||
Convertible Preferred Stock - 1.15% | Collegium Pharmaceutical 2.625% | ||||||||
AMG Capital Trust II 5.15% | exercise price $29.19, maturity | ||||||||
exercise price $195.47, | date 2/15/26 | 28,000 | 31,028 | ||||||
maturity date 10/15/37 | 2,953 | 137,316 | Integra LifeSciences Holdings 144A | ||||||
Bank of America 7.25% | 0.50% exercise price $73.67, | ||||||||
exercise price $50.00y | 96 | 144,000 | maturity date 8/15/25 # | 98,000 | 96,452 | ||||
El Paso Energy Capital Trust I | Paratek Pharmaceuticals 4.75% | ||||||||
4.75% exercise price | exercise price $15.90, maturity | ||||||||
$34.49, maturity date | date 5/1/24 | 177,000 | 146,058 | ||||||
3/31/28 | 4,121 | 210,087 | Vector Group 1.75% exercise price | ||||||
Lyondellbasell Advanced | $20.27, maturity date 4/15/20• | 262,000 | 263,440 | ||||||
Polymers 6.00% exercise | |||||||||
price $52.33y | 199 | 207,756 | 712,568 | ||||||
QTS Realty Trust 6.50% | Electric - 0.18% | ||||||||
exercise price $46.94y | 1,120 | 145,365 | NRG Energy 2.75% exercise price | ||||||
$47.74, maturity date 6/1/48 | 128,000 | 135,649 | |||||||
Total Convertible Preferred Stock | 135,649 | ||||||||
(cost $707,495) | 844,524 |
2 NQ-DDF [2/20] 4/20 (1139462)
(Unaudited)
Principal | Value | Principal | Value | |||||||||
amount° | (US $) | amount° | (US $) | |||||||||
Convertible Bonds (continued) | Convertible Bonds (continued) | |||||||||||
Energy - 0.77% | Technology (continued) | |||||||||||
Cheniere Energy 4.25% exercise | Quotient Technology 1.75% exercise | |||||||||||
price $138.38, maturity date | price $17.36, maturity date | |||||||||||
3/15/45 | 259,000 | $ | 190,315 | 12/1/22 | 127,000 | $ | 125,214 | |||||
Helix Energy Solutions Group 4.25% | Retrophin 2.50% exercise price | |||||||||||
exercise price $13.89, maturity | $38.80, maturity date 9/15/25 | 129,000 | 104,658 | |||||||||
date 5/1/22 | 218,000 | 215,147 | Synaptics 0.50% exercise price | |||||||||
PDC Energy 1.125% exercise price | $73.02, maturity date 6/15/22 | 49,000 | 54,936 | |||||||||
$85.39, maturity date 9/15/21 | 172,000 | 159,664 | Verint Systems 1.50% exercise price | |||||||||
565,126 | $64.46, maturity date 6/1/21 | 140,000 | 150,093 | |||||||||
Financials - 0.36% | Vishay Intertechnology 2.25% | |||||||||||
exercise price $31.44, maturity | ||||||||||||
FTI Consulting 2.00% exercise price | date 6/15/25 | 113,000 | 112,085 | |||||||||
$101.38, maturity date 8/15/23 | 89,000 | 112,799 | ||||||||||
GAIN Capital Holdings 5.00% | 1,250,451 | |||||||||||
exercise price $8.20, maturity | Total Convertible Bonds | |||||||||||
date 8/15/22 | 154,000 | 154,200 | (cost $4,046,685) | 4,155,935 | ||||||||
266,999 | ||||||||||||
Industrials - 0.24% | Corporate Bonds - 39.35% | |||||||||||
Chart Industries 144A 1.00% | Automotive - 0.63% | |||||||||||
exercise price $58.73, maturity | Allison Transmission 144A 5.875% | |||||||||||
date 11/15/24 # | 85,000 | 99,545 | 6/1/29# | 430,000 | 467,011 | |||||||
Dycom Industries 0.75% exercise | 467,011 | |||||||||||
price $96.89, maturity date | Banking - 1.93% | |||||||||||
9/15/21 | 80,000 | 75,439 | Ally Financial 5.75% 11/20/25 | 435,000 | 492,050 | |||||||
174,984 | Credit Suisse Group 144A 6.25% | |||||||||||
REIT -0.19% | #µy | 200,000 | 215,611 | |||||||||
Blackstone Mortgage Trust 4.75% | Popular 6.125% 9/14/23 | 280,000 | 294,466 | |||||||||
exercise price $36.23, maturity | Royal Bank of Scotland Group | |||||||||||
date 3/15/23 | 134,000 | 139,726 | 8.625% µy | 400,000 | 423,910 | |||||||
139,726 | 1,426,037 | |||||||||||
Technology - 1.69% | Basic Industry - 5.07% | |||||||||||
Boingo Wireless 1.00% exercise | BMC East 144A 5.50% 10/1/24 # | 125,000 | 129,114 | |||||||||
price $42.32, maturity date | Boise Cascade 144A 5.625% | |||||||||||
10/1/23 | 169,000 | 155,106 | 9/1/24# | 275,000 | 284,739 | |||||||
CSG Systems International 4.25% | Chemours 5.375% 5/15/27 | 190,000 | 163,443 | |||||||||
exercise price $56.87, maturity | FMG Resources August 2006 | |||||||||||
date 3/15/36 | 139,000 | 150,523 | 144A 4.75% 5/15/22# | 105,000 | 107,044 | |||||||
Knowles 3.25% exercise price | 144A 5.125% 5/15/24# | 180,000 | 186,600 | |||||||||
$18.43, maturity date 11/1/21 | 103,000 | 116,790 | Freeport-McMoRan | |||||||||
Ligand Pharmaceuticals 0.75% | 4.55% 11/14/24 | 170,000 | 172,479 | |||||||||
exercise price $248.48, maturity | 5.45% 3/15/43 | 185,000 | 179,931 | |||||||||
date 5/15/23 | 87,000 | 75,926 | ||||||||||
ON Semiconductor 1.625% exercise | HD Supply 144A 5.375% | |||||||||||
price $20.72, maturity date | 10/15/26# | 170,000 | 178,257 | |||||||||
10/15/23 | 49,000 | 58,555 | Hudbay Minerals 144A 7.625% | |||||||||
Pluralsight 144A 0.375% exercise | 1/15/25# | 180,000 | 173,775 | |||||||||
price $38.76, maturity date | Joseph T Ryerson & Son 144A | |||||||||||
3/1/24# | 163,000 | 146,565 | 11.00% 5/15/22 # | 110,000 | 114,401 | |||||||
Koppers 144A 6.00% 2/15/25 # | 215,000 | 212,310 |
(continues)NQ-DDF [2/20] 4/20 (1139462) 3
Schedule of investments
Delaware Investments®Dividend and Income Fund, Inc. (Unaudited)
Principal | Value | Principal | Value | |||||||||
amount° | (US $) | amount° | (US $) | |||||||||
Corporate Bonds (continued) | Corporate Bonds (continued) | |||||||||||
Basic Industry (continued) | Communications (continued) | |||||||||||
Lennar | T-Mobile USA | |||||||||||
4.50% 4/30/24 | 195,000 | $ | 207,512 | 6.375% 3/1/25= | 85,000 | $ | 0 | |||||
4.75% 5/30/25 | 95,000 | 102,858 | 6.50% 1/15/26 | 305,000 | 321,668 | |||||||
5.875% 11/15/24 | 80,000 | 87,569 | 6.50% 1/15/26= | 220,000 | 0 | |||||||
NOVA Chemicals 144A 5.00% | Zayo Group | |||||||||||
5/1/25# | 130,000 | 127,021 | 144A 5.75% 1/15/27# | 75,000 | 76,901 | |||||||
Olin | 6.375% 5/15/25 | 250,000 | 256,146 | |||||||||
5.00% 2/1/30 | 175,000 | 168,989 | 2,560,475 | |||||||||
5.125% 9/15/27 | 195,000 | 196,954 | Consumer Cyclical - 1.86% | |||||||||
PulteGroup 5.00% 1/15/27 | 100,000 | 110,020 | AMC Entertainment Holdings | |||||||||
Standard Industries | 6.125% 5/15/27 | 235,000 | 188,593 | |||||||||
144A 4.75% 1/15/28# | 335,000 | 345,528 | KAR Auction Services 144A 5.125% | |||||||||
144A 6.00% 10/15/25# | 50,000 | 52,375 | 6/1/25# | 95,000 | 97,801 | |||||||
Steel Dynamics 5.00% 12/15/26 | 280,000 | 297,539 | MGM Resorts International 5.75% | |||||||||
Univar Solutions USA 144A 5.125% | 6/15/25 | 46,000 | 50,485 | |||||||||
12/1/27# | 140,000 | 141,687 | Penn National Gaming 144A | |||||||||
3,740,145 | 5.625% 1/15/27# | 215,000 | 223,137 | |||||||||
Capital Goods - 2.91% | Scientific Games International 144A | |||||||||||
Ardagh Packaging Finance 144A | 8.25% 3/15/26# | 250,000 | 258,594 | |||||||||
6.00% 2/15/25 # | 240,000 | 250,800 | William Carter 144A 5.625% | |||||||||
Ashtead Capital 144A 5.25% | 3/15/27# | 160,000 | 170,600 | |||||||||
8/1/26# | 530,000 | 569,333 | Yum! Brands 144A 4.75% | |||||||||
Bombardier 144A 6.00% | 1/15/30# | 370,000 | 384,600 | |||||||||
10/15/22# | 325,000 | 319,109 | 1,373,810 | |||||||||
Crown Americas 4.75% 2/1/26 | 285,000 | 294,718 | Consumer Non-Cyclical - 2.52% | |||||||||
Mauser Packaging Solutions Holding | Aramark Services 144A 5.00% | |||||||||||
144A 5.50% 4/15/24# | 310,000 | 307,678 | 2/1/28# | 345,000 | 360,732 | |||||||
144A 7.25% 4/15/25# | 105,000 | 102,026 | Cott Holdings 144A 5.50% | |||||||||
TransDigm 144A 6.25% 3/15/26 # | 125,000 | 132,578 | 4/1/25# | 260,000 | 266,608 | |||||||
Zekelman Industries 144A 9.875% | JBS USA | |||||||||||
6/15/23# | 165,000 | 173,064 | 144A 5.75% 6/15/25# | 170,000 | 174,533 | |||||||
2,149,306 | 144A 6.50% 4/15/29# | 160,000 | 173,848 | |||||||||
Communications - 3.47% | 144A 6.75% 2/15/28# | 20,000 | 21,723 | |||||||||
Altice France 144A 7.375% | Pilgrim’s Pride | |||||||||||
5/1/26# | 420,000 | 441,231 | 144A 5.75% 3/15/25# | 315,000 | 321,862 | |||||||
Front Range BidCo 144A 4.00% | 144A 5.875% 9/30/27# | 65,000 | 67,480 | |||||||||
3/1/27# | 350,000 | 340,594 | Post Holdings | |||||||||
Level 3 Financing 144A 3.875% | 144A 5.00% 8/15/26# | 100,000 | 102,185 | |||||||||
11/15/29# | 267,000 | 283,754 | 144A 5.625% 1/15/28# | 180,000 | 188,471 | |||||||
SBA Communications 4.875% | 144A 5.75% 3/1/27 # | 170,000 | 177,304 | |||||||||
9/1/24 | 345,000 | 355,279 | 1,854,746 | |||||||||
Sprint | Energy - 3.67% | |||||||||||
7.125% 6/15/24 | 190,000 | 216,204 | Cheniere Corpus Christi Holdings | |||||||||
7.625% 3/1/26 | 10,000 | 11,844 | 5.125% 6/30/27 | 40,000 | 43,508 | |||||||
7.875% 9/15/23 | 103,000 | 117,978 | 5.875% 3/31/25 | 80,000 | 88,978 | |||||||
Sprint Communications 7.00% | ||||||||||||
8/15/20 | 136,000 | 138,876 | 7.00% 6/30/24 | 200,000 | 226,576 | |||||||
Cheniere Energy Partners 5.25% | ||||||||||||
10/1/25 | 175,000 | 175,877 |
4 NQ-DDF [2/20] 4/20 (1139462)
(Unaudited)
Principal | Value | Principal | Value | |||||||||
amount° | (US $) | amount° | (US $) | |||||||||
Corporate Bonds (continued) | Corporate Bonds (continued) | |||||||||||
Energy (continued) | Healthcare (continued) | |||||||||||
Crestwood Midstream Partners | Tenet Healthcare | |||||||||||
6.25% 4/1/23 | 225,000 | $ | 214,264 | 8.125% 4/1/22 | 255,000 | $ | 276,734 | |||||
Energy Transfer Operating 5.50% | 2,948,946 | |||||||||||
6/1/27 | 115,000 | 130,390 | ||||||||||
Genesis Energy 6.50% 10/1/25 | 40,000 | 33,788 | Insurance - 1.65% | |||||||||
Hilcorp Energy I 144A 5.00% | Centene | |||||||||||
12/1/24# | 97,000 | 76,913 | 144A 3.375% 2/15/30# | 245,000 | 245,306 | |||||||
Murphy Oil 5.875% 12/1/27 | 240,000 | 234,559 | 144A 4.625% 12/15/29 # | 165,000 | 176,855 | |||||||
Murphy Oil USA 5.625% 5/1/27 | 415,000 | 439,756 | 144A 5.375% 8/15/26# | 275,000 | 289,781 | |||||||
Newfield Exploration 5.375% | HUB International 144A 7.00% | |||||||||||
1/1/26 | 275,000 | 291,849 | 5/1/26# | 210,000 | 212,620 | |||||||
NuStar Logistics 5.625% 4/28/27 | 160,000 | 163,528 | USI 144A 6.875% 5/1/25# | 295,000 | 294,372 | |||||||
Precision Drilling 144A 7.125% | 1,218,934 | |||||||||||
1/15/26# | 40,000 | 37,034 | Media - 4.71% | |||||||||
Southwestern Energy 7.75% | AMC Networks 4.75% 8/1/25 | 370,000 | 369,550 | |||||||||
10/1/27 | 220,000 | 167,206 | CCO Holdings | |||||||||
Summit Midstream Holdings 5.75% | 144A 4.50% 8/15/30# | 175,000 | 177,297 | |||||||||
4/15/25 | 10,000 | 7,429 | 144A 5.125% 5/1/27# | 120,000 | 124,986 | |||||||
Targa Resources Partners 5.375% | 144A 5.375% 6/1/29# | 170,000 | 181,314 | |||||||||
2/1/27 | 300,000 | 308,055 | 144A 5.875% 5/1/27# | 190,000 | 198,821 | |||||||
Transocean Proteus 144A 6.25% | CSC Holdings | |||||||||||
12/1/24# | 63,000 | 63,814 | ||||||||||
6.75% 11/15/21 | 230,000 | 243,862 | ||||||||||
2,703,524 | 144A 7.75% 7/15/25# | 200,000 | 210,998 | |||||||||
Financials - 0.92% | Gray Television | |||||||||||
AerCap Global Aviation Trust 144A | 144A 5.875% 7/15/26# | 290,000 | 298,787 | |||||||||
6.50% 6/15/45 #µ | 200,000 | 215,520 | 144A 7.00% 5/15/27# | 55,000 | 59,763 | |||||||
E*TRADE Financial 5.875%µy | 425,000 | 462,853 | Lamar Media 5.75% 2/1/26 | 167,000 | 173,997 | |||||||
678,373 | Netflix 5.875% 11/15/28 | 365,000 | 411,045 | |||||||||
Healthcare - 4.00% | Sinclair Television Group 144A | |||||||||||
Bausch Health 144A 5.50% | 5.125% 2/15/27 # | 195,000 | 194,093 | |||||||||
11/1/25# | 465,000 | 479,724 | Sirius XM Radio | |||||||||
Charles River Laboratories | 144A 5.00% 8/1/27 # | 395,000 | 414,000 | |||||||||
International | 144A 5.375% 4/15/25# | 205,000 | 210,723 | |||||||||
144A 4.25% 5/1/28# | 140,000 | 141,141 | VTR Finance 144A 6.875% | |||||||||
144A 5.50% 4/1/26# | 330,000 | 347,737 | 1/15/24# | 200,000 | 204,333 | |||||||
CHS 144A 6.625% 2/15/25# | 140,000 | 143,150 | 3,473,569 | |||||||||
Encompass Health | Real Estate Investment Trusts - 0.81% | |||||||||||
5.75% 11/1/24 | 173,000 | 174,888 | ESH Hospitality | |||||||||
5.75% 9/15/25 | 120,000 | 124,450 | 144A 4.625% 10/1/27# | 90,000 | 87,917 | |||||||
HCA | 144A 5.25% 5/1/25 # | 290,000 | 292,295 | |||||||||
5.375% 2/1/25 | 405,000 | 448,572 | GLP Capital 5.375% 4/15/26 | 110,000 | 124,369 | |||||||
5.875% 2/15/26 | 165,000 | 186,570 | MGM Growth Properties Operating | |||||||||
7.58% 9/15/25 | 80,000 | 95,600 | Partnership 5.75% 2/1/27 | 85,000 | 93,181 | |||||||
Hill-Rom Holdings 144A 5.00% | 597,762 | |||||||||||
2/15/25# | 180,000 | 187,221 | ||||||||||
Hologic 144A 4.625% 2/1/28 # | 160,000 | 166,409 | Services - 1.14% | |||||||||
Tenet Healthcare | Advanced Disposal Services 144A | |||||||||||
5.125% 5/1/25 | 175,000 | 176,750 | 5.625% 11/15/24 # | 215,000 | 224,839 | |||||||
Covanta Holding 5.875% 7/1/25 | 210,000 | 215,862 |
(continues)NQ-DDF [2/20] 4/20 (1139462) 5
Schedule of investments
Delaware Investments®Dividend and Income Fund, Inc. (Unaudited)
Principal | Value | Number of | Value | ||||||||
amount° | (US $) | shares | (US $) | ||||||||
Corporate Bonds (continued) | Preferred Stock (continued) | ||||||||||
Services (continued) | Washington Prime Group | ||||||||||
Prime Security Services Borrower | 6.875% | 979 | $ | 15,077 | |||||||
144A 5.75% 4/15/26 # | 220,000 | $ | 229,212 | Total Preferred Stock | |||||||
Service Corp. International 4.625% | (cost $299,430) | 309,036 | |||||||||
12/15/27 | 159,000 | 166,922 | |||||||||
836,835 | Short-Term Investments - 7.85% | ||||||||||
Technology & Electronics - 2.46% | Money Market Mutual Funds - 7.85% | ||||||||||
CDK Global | BlackRock | ||||||||||
5.00% 10/15/24 | 175,000 | 190,171 | FedFund - Institutional | ||||||||
5.875% 6/15/26 | 236,000 | 247,363 | Shares (seven-day effective | ||||||||
CDW Finance 5.00% 9/1/25 | 95,000 | 98,077 | yield 1.49%) | 1,157,954 | 1,157,954 | ||||||
CommScope Technologies 144A | Fidelity Investments Money | ||||||||||
5.00% 3/15/27 # | 100,000 | 90,743 | Market Government | ||||||||
Infor US 6.50% 5/15/22 | 185,000 | 185,882 | Portfolio - Class I | ||||||||
Iron Mountain US Holdings 144A | (seven-day effective yield | ||||||||||
5.375% 6/1/26 # | 246,000 | 255,310 | 1.46%) | 1,157,954 | 1,157,954 | ||||||
RP Crown Parent 144A 7.375% | GS Financial Square | ||||||||||
10/15/24# | 20,000 | 20,742 | Government | ||||||||
Fund - Institutional Shares | |||||||||||
Sensata Technologies UK Financing | (seven-day effective yield | ||||||||||
144A 6.25% 2/15/26 # | 200,000 | 209,530 | 1.47%) | 1,157,954 | 1,157,954 | ||||||
SS&C Technologies 144A 5.50% | Morgan Stanley Government | ||||||||||
9/30/27# | 490,000 | 516,644 | Portfolio - Institutional | ||||||||
1,814,462 | Share Class (seven-day | ||||||||||
Transportation - 0.09% | effective yield 1.45%) | 1,157,954 | 1,157,954 | ||||||||
Avis Budget Car Rental 144A | State Street Institutional US | ||||||||||
6.375% 4/1/24 # | 65,000 | 65,514 | Government Money Market | ||||||||
Fund - Investor Class | |||||||||||
65,514 | (seven-day effective yield | ||||||||||
Utilities - 1.51% | 1.45%) | 1,157,954 | 1,157,954 | ||||||||
AES | Total Short-Term | ||||||||||
5.50% 4/15/25 | 160,000 | 164,066 | Investments | ||||||||
6.00% 5/15/26 | 25,000 | 25,770 | (cost $5,789,770) | 5,789,770 | |||||||
Calpine 144A 5.25% 6/1/26 # | 190,000 | 188,803 | |||||||||
Emera 6.75% 6/15/76 µ | 180,000 | 208,954 | Total Value of | ||||||||
Enel 144A 8.75% 9/24/73#µ | 200,000 | 233,020 | Securities - 147.00% | ||||||||
Vistra Operations | (cost $99,837,391) | 108,436,544 | |||||||||
144A 5.50% 9/1/26 # | 205,000 | 207,855 | |||||||||
144A 5.625% 2/15/27# | 85,000 | 87,282 | Borrowing Under Line of | ||||||||
1,115,750 | Credit - (47.45%) | (35,000,000 | ) | ||||||||
Receivables and Other | |||||||||||
Total Corporate Bonds | Assets Net of | ||||||||||
(cost $28,353,655) | 29,025,199 | Liabilities - 0.45% | 331,697 | ||||||||
Number of | Net Assets Applicable to | ||||||||||
7,688,158 Shares | |||||||||||
shares | Outstanding - 100.00% | $ | 73,768,241 | ||||||||
Preferred Stock - 0.42% | |||||||||||
Bank of America 6.50% µ | 220,000 | 242,959 | # Security exempt from registration under Rule 144A of the Securities | ||||||||
GMAC Capital Trust I | Act of 1933, as amended. At Feb. 29, 2020, the aggregate value | ||||||||||
7.477% (LIBOR03M + | of Rule 144A securities was $17,518,414, which represents 23.75% | ||||||||||
5.785%) 2/15/40• | 2,000 | 51,000 | of the Fund’s net assets. |
6 NQ-DDF [2/20] 4/20 (1139462)
(Unaudited)
= | The value of this security was determined using significant unobservable | a published reference rate and spread but are determined by the |
inputs and is reported as a Level 3 security. | issuer or agent and are based on current market conditions, or for | |
° | Principal amount shown is stated in USD unless noted that the security | mortgage-backed securities,are impacted by the individual mortgages |
is denominated in another currency. | which are paying off over time. These securities do not indicate a | |
µ | Fixed to variable rate investment. The rate shown reflects the fixed | reference rate and spread in their description above. |
rate in effect at Feb. 29, 2020. Rate will reset at a future date. | ||
y No contractual maturity date. | Summary of abbreviations: | |
† | Non-income producing security. | GS - Goldman Sachs |
• Variable rate investment. Rates reset periodically. Rate shown reflects | ICE - Intercontinental Exchange | |
the rate in effect at Feb. 29, 2020. For securities based on a published | LIBOR - London interbank offered rate | |
reference rate and spread,the reference rate and spread are indicated | LIBOR03M - ICE LIBOR USD 3 Month | |
intheirdescriptionabove. Thereferenceratedescriptions(i. e. LIBOR03M, | LIBOR06M - ICE LIBOR USD 6 Month | |
LIBOR06M,etc. ) used in this report are identical for different securities, | REIT - Real Estate Investment Trust | |
but the underlying reference rates may differ due to the timing of | USD - US Dollar | |
the reset period. Certain variable rate securities are not based on |
NQ-DDF [2/20] 4/20 (1139462) 7