11 Hanover Square, 12th Floor
New York, NY
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10005
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(Address of principal executive offices)
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(Zip Code)
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DIVIDEND AND INCOME FUND
|
||||
SCHEDULE OF PORTFOLIO INVESTMENTS
|
||||
March 31, 2019
|
||||
(Unaudited)
|
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Shares |
||||
|
Common Stocks (108.09%) |
Value
|
||
Automotive Dealers and Gasoline Service Stations (2.36%)
|
||||
4,200
|
AutoZone, Inc. (a)
|
$ 4,301,304
|
||
Automotive Repair, Services, And Parking (1.43%)
|
||||
7,000
|
AMERCO
|
2,600,570
|
||
Building Materials, Hardware, Garden Supply, and Mobile Home Dealers (3.87%)
|
||||
15,000
|
The Home Depot, Inc.
|
2,878,350
|
||
42,500
|
Tractor Supply Company
|
4,154,800
|
||
7,033,150
|
||||
Business Services (2.00%)
|
||||
36,700
|
Robert Half International Inc.
|
2,391,372
|
||
11,000
|
United Rentals, Inc. (a)
|
1,256,750
|
||
3,648,122
|
||||
Chemical and Allied Products (6.43%)
|
||||
13,500
|
Amgen Inc.
|
2,564,730
|
||
27,500
|
LyondellBasell Industries N.V. Class A
|
2,312,200
|
||
52,000
|
Prestige Consumer Healthcare Inc. (a)
|
1,555,320
|
||
80,000
|
Roche Holding Ltd. ADR
|
2,751,200
|
||
37,000
|
Westlake Chemical Corporation
|
2,510,820
|
||
11,694,270
|
||||
Communications (9.64%)
|
||||
79,000
|
AT&T Inc.
|
2,477,440
|
||
70,000
|
Comcast Corporation
|
2,798,600
|
||
110,000
|
Discovery, Inc. (a)
|
2,972,200
|
||
95,000
|
Sinclair Broadcast Group, Inc.
|
3,655,600
|
||
25,500
|
The Walt Disney Company
|
2,831,265
|
||
100,000
|
Viacom Inc. Class B
|
2,807,000
|
||
17,542,105
|
||||
Depository Institutions (3.75%)
|
||||
62,500
|
Citizens Financial Group, Inc.
|
2,031,250
|
||
20,500
|
Signature Bank Corp.
|
2,625,435
|
||
45,000
|
Wells Fargo & Company
|
2,174,400
|
||
6,831,085
|
||||
Educational Services (1.10%)
|
||||
17,500
|
Grand Canyon Education, Inc. (a)
|
2,003,925
|
||
Electronic and Other Electrical Equipment and Components, except Computer Equipment (11.44%)
|
||||
24,000
|
Acuity Brands, Inc.
|
2,880,240
|
||
50,000
|
Applied Materials, Inc.
|
1,983,000
|
||
11,750
|
Broadcom Inc.
|
3,533,342
|
||
65,000
|
Intel Corporation
|
3,490,500
|
||
50,000
|
Methode Electronics, Inc.
|
1,439,000
|
||
40,000
|
Skyworks Solutions, Inc.
|
3,299,200
|
||
40,000
|
Taiwan Semiconductor Manufacturing Company Ltd.
|
1,638,400
|
||
24,000
|
Texas Instruments Incorporated
|
2,545,680
|
||
20,809,362
|
||||
Fabricated Metal Products, except Machinery and Transportation Equipment (1.38%)
|
||||
16,000
|
Snap-on Incorporated
|
2,504,320
|
||
Food and Kindred Products (4.33%)
|
||||
Hormel Foods Corporation
|
-
|
|||
20,000
|
Ingredion Incorporated
|
1,893,800
|
||
19,000
|
Sanderson Farms, Inc.
|
2,504,960
|
||
50,000
|
Tyson Foods, Inc.
|
3,471,500
|
||
7,870,260
|
||||
Food Stores (1.08%)
|
||||
80,000
|
The Kroger Co.
|
1,968,000
|
||
General Merchandise Stores (3.51%)
|
||||
55,000
|
Big Lots, Inc.
|
2,091,100
|
||
20,600
|
Dollar General Corporation
|
2,457,580
|
||
17,500
|
Dollar Tree, Inc. (a)
|
1,838,200
|
||
6,386,880
|
||||
Health Services (1.18%)
|
||||
14,000
|
Laboratory Corporation of America Holdings (a)
|
2,141,720
|
||
Holding and other Investment Offices (1.07%)
|
||||
65,000
|
Senior Housing Properties Trust
|
765,700
|
||
56,250
|
Tanger Factory Outlet Centers, Inc.
|
1,180,125
|
||
1,945,825
|
||||
Home Furniture, Furnishings, and Equipment Stores (1.48%)
|
||||
48,000
|
Williams-Sonoma, Inc.
|
2,700,960
|
||
Industrial and Commercial Machinery and Computer Equipment (4.31%)
|
||||
20,500
|
Apple Inc.
|
3,893,975
|
||
18,000
|
Eaton Corporation plc
|
1,450,080
|
||
14,000
|
Lam Research Corporation
|
2,506,140
|
||
7,850,195
|
||||
Insurance Carriers (1.67%)
|
||||
33,000
|
Prudential Financial, Inc.
|
3,032,040
|
||
Metal Mining (0.94%)
|
||||
150,100
|
Fresnillo plc
|
1,703,179
|
||
Miscellaneous Retail (1.60%)
|
||||
50,000
|
The Michaels Companies, Inc. (a)
|
571,000
|
||
37,000
|
Walgreens Boots Alliance, Inc.
|
2,340,990
|
||
2,911,990
|
||||
Motor Freight Transportation And Warehousing (1.17%)
|
||||
21,000
|
J.B. Hunt Transport Services, Inc.
|
2,127,090
|
||
Non-Depository Credit Institutions (4.16%)
|
||||
11,500
|
Credit Acceptance Corporation (a)
|
5,197,195
|
||
33,350
|
Discover Financial Services
|
2,373,186
|
||
7,570,381
|
||||
Paper and Allied Products (2.20%)
|
||||
28,000
|
Packaging Corporation of America
|
2,782,640
|
||
31,755
|
Schweitzer-Mauduit International, Inc.
|
1,229,554
|
||
4,012,194
|
||||
Petroleum Refining and Related Industries (0.90%)
|
||||
19,325
|
Valero Energy Corporation
|
1,639,340
|
||
Pipelines, Except Natural Gas (0.54%)
|
||||
27,108
|
Enbridge Inc.
|
982,936
|
||
Primary Metal Industries (0.67%)
|
||||
32,500
|
Worthington Industries, Inc.
|
1,212,900
|
||
Railroad Transportation (1.15%)
|
||||
18,000
|
Kansas City Southern
|
2,087,640
|
||
Security and Commodity Brokers, Dealers, Exchanges, and Services (8.77%)
|
||||
16,000
|
Affiliated Managers Group, Inc.
|
1,713,760
|
||
18,000
|
Ameriprise Financial Inc.
|
2,305,800
|
||
4,700
|
BlackRock, Inc.
|
2,008,639
|
||
65,000
|
Cohen & Steers, Inc.
|
2,747,550
|
||
4,463
|
Diamond Hill Investment Group, Inc.
|
624,820
|
||
41,500
|
Lazard Ltd. Class A
|
1,499,810
|
||
45,000
|
SEI Investments Company
|
2,351,250
|
||
27,000
|
T. Rowe Price Group, Inc.
|
2,703,240
|
||
15,954,869
|
||||
Stone, Clay, Glass, And Concrete Products (1.09%)
|
||||
53,000
|
Apogee Enterprises, Inc.
|
1,986,970
|
||
Tobacco Products (3.77%)
|
||||
40,000
|
Altria Group, Inc.
|
2,297,200
|
||
50,000
|
British American Tobacco p.l.c.
|
2,086,000
|
||
28,000
|
Philip Morris International Inc.
|
2,474,920
|
||
6,858,120
|
||||
Transportation by Air (5.11%)
|
||||
42,000
|
Alaska Air Group, Inc.
|
2,357,040
|
||
19,700
|
Allegiant Travel Company
|
2,550,559
|
||
80,000
|
Hawaiian Holdings, Inc.
|
2,100,000
|
||
44,000
|
Southwest Airlines Co.
|
2,284,040
|
||
9,291,639
|
||||
Transportation Equipment (9.71%)
|
||||
4,700
|
Huntington Ingalls Industries, Inc.
|
973,840
|
||
22,500
|
LCI Industries
|
1,728,450
|
||
14,000
|
Lear Corporation
|
1,899,940
|
||
53,000
|
Magna International Inc.
|
2,580,570
|
||
32,500
|
Oshkosh Corporation
|
2,441,725
|
||
60,000
|
PACCAR Inc.
|
4,088,400
|
||
20,000
|
Thor Industries, Inc.
|
1,247,400
|
||
20,500
|
WABCO Holdings Inc. (a)
|
2,702,515
|
||
17,662,840
|
||||
Wholesale Trade - Durable Goods (1.69%)
|
||||
38,000
|
TE Connectivity Ltd.
|
3,068,500
|
||
Wholesale Trade - Nondurable Goods (2.59%)
|
||||
26,750
|
AmerisourceBergen Corporation
|
2,127,160
|
||
27,000
|
Cardinal Health, Inc.
|
1,300,050
|
||
11,000
|
McKesson Corporation
|
1,287,660
|
||
4,714,870
|
||||
Total common stocks (Cost $179,202,146)
|
196,649,551
|
|||
Principal
|
||||
Amount
|
||||
Corporate Bonds and Notes (0.23%)
|
||||
Electric Services (0.23%)
|
||||
381,381
|
Elwood Energy LLC, 8.159%, 7/5/26 (Cost $385,986)
|
415,705
|
||
Shares
|
||||
|
Reorganization Interests (0.00%)
|
|||
813,527
|
Penson Technologies LLC Units (a) (b) (Cost $ 0)
|
0
|
||
|
Master Limited Partnership (1.69%)
|
|||
Electric, Gas, and Sanitary Services (0.64%)
|
||||
40,000
|
Enterprise Products Partners LP Units
|
1,164,000
|
||
Mining and Quarrying of Nonmetallic Minerals, Except Fuels (1.05%)
|
||||
75,268
|
Ciner Resources LP
|
1,900,517
|
||
Total master limited partnerships (Cost $2,498,438)
|
3,064,517
|
|||
|
Preferred Stocks (3.64%) |
|||
Holding and other Investment Offices (3.44%)
|
||||
15,000
|
Ashford Hospitality Trust, Inc., 7.50 % Series H
|
347,250
|
||
110,000
|
CBL & Associates Properties, Inc., 7.375% Series D
|
1,068,100
|
||
80,000
|
CBL & Associates Properties, Inc., 6.625% Series E
|
724,000
|
||
15,000
|
Cedar Realty Corp., 6.50% Series C
|
318,750
|
||
20,000
|
Colony Capital, Inc., 7.15% Series I
|
452,600
|
||
12,000
|
Hersha Hospitality Trust 6.50% Series D
|
274,680
|
||
12,000
|
Hersha Hospitality Trust 6.50% Series E
|
286,560
|
||
20,000
|
Kimco Realty Corp., 5.125% Series L
|
471,400
|
||
20,000
|
Kimco Realty Corp., 5.25% Series M
|
466,000
|
||
35,000
|
Pennsylvania REIT, 6.875% Series D
|
745,850
|
||
7,500
|
Public Storage Depositary Shares, 4.95% Series D
|
182,775
|
||
26,168
|
Public Storage Depositary Shares, 4.90% Series E
|
622,537
|
||
9,000
|
Washington Prime Group, Inc., 7.50% Series H
|
198,630
|
||
5,000
|
Washington Prime Group, Inc., 6.875% Series I
|
98,000
|
||
6,257,132
|
||||
Water Transportation (0.20%)
|
||||
15,000
|
Costamare, Inc., 8.75% Series D
|
366,150
|
||
Total preferred stocks (Cost $7,451,258)
|
6,623,282
|
|||
Total investments (Cost $189,537,828) (113.65%) (c)
|
206,753,055
|
|||
Liabilities in excess of cash and other assets (-13.65%)
|
(24,834,753
|
) |
||
Net assets (100.00%)
|
$ 181,918,302
|
|||
(a) Non-income producing.
|
||||
(b) Illiquid and/or restricted security that has been fair valued.
|
||||
(c) The Fund's total investment portfolio value of $206,753,055 has been pledged as collateral for borrowings under the
Fund's credit facility. As of March 31, 2019, there was $25,141,726 in outstanding borrowing.
|
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||
Investments, at value
|
||||||
Common stocks
|
$ 196,649,551
|
$ -
|
$ -
|
$ 196,649,551
|
||
Corporate bonds and notes
|
-
|
415,705
|
-
|
415,705
|
||
Reorganization interests
|
-
|
-
|
0
|
0
|
||
Master limited partnerships
|
3,064,517
|
-
|
-
|
3,064,517
|
||
Preferred stocks
|
6,623,282
|
-
|
-
|
6,623,282
|
||
Total investments, at value
|
$ 206,337,350
|
$ 415,705
|
$ 0
|
$ 206,753,055
|
Reorganization
Interests
|
||||
Balance at December 31, 2018
|
$ 0
|
|||
Proceeds from sales
|
-
|
|||
Realized gain (loss)
|
-
|
|||
Transfers into (out of) level 3
|
-
|
|||
Change in unrealized depreciation
|
-
|
|||
Balance at March 31, 2019
|
$ 0
|
|||
Net change in unrealized depreciation attributable to assets still held as level 3 at March 31, 2019
|
$ -
|
Fair Value
|
Valuation Technique
|
Unobservable Input
|
Range
|
|
Common stocks
|
||||
Reorganization interests
|
$ 0
|
Cost; last known market value for predecessor securities; estimated recovery on liquidation
|
Discount rate for lack of marketability
|
100%
|
Acquisition Date
|
Cost
|
Value
|
|
Penson Technologies LLC
|
3/08/12
|
$ 0
|
$ 0
|
Percent of net assets
|
0%
|
0%
|
(a)
|
The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls
and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.
|
(b)
|
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter that have
materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
|
(a)
|
Certifications of the registrant's principal executive officer and principal financial officer as required by Rule 30a-2(a) under the 1940 Act.
|