NPORT-EX 2 ADI0DEL022822.htm
Schedule of investments
Delaware Investments® Dividend and Income Fund, Inc.
February 28, 2022 (Unaudited)
    Principal
amount° 		Value (US $)
Convertible Bonds — 6.25%
Basic Industry — 0.15%
Ivanhoe Mines 144A 2.50% exercise price $7.43, maturity date 4/15/26 #    81,000 $    123,363
      123,363
Capital Goods — 0.17%
Kaman 3.25% exercise price $65.26, maturity date 5/1/24    130,000     136,175
      136,175
Communications — 0.85%
Cable One 144A 1.125% exercise price $2,275.83, maturity date 3/15/28 #   151,000      135,674
DISH Network 3.375% exercise price $65.17, maturity date 8/15/26    161,000      146,429
InterDigital 2.00% exercise price $81.29, maturity date 6/1/24    151,000      156,757
Liberty Broadband 144A 1.25% exercise price $900.01, maturity date 9/30/50 #   171,000      166,297
Liberty Latin America 2.00% exercise price $20.65, maturity date 7/15/24     76,000      70,680
      675,837
Consumer Cyclical — 0.38%
Cheesecake Factory 0.375% exercise price $78.40, maturity date 6/15/26     98,000       91,569
Ford Motor 144A 0.00% exercise price $17.31, maturity date 3/15/26 #, ^   108,000      132,330
FuboTV 144A 3.25% exercise price $57.78, maturity date 2/15/26 #   108,000      81,972
      305,871
Consumer Non-Cyclical — 1.60%
BioMarin Pharmaceutical 0.599% exercise price $124.67, maturity date 8/1/24     59,000       59,118
Chefs' Warehouse 1.875% exercise price $44.20, maturity date 12/1/24    176,000      186,450
Chegg 4.124% exercise price $107.55, maturity date 9/1/26 ^   168,000      137,760
    Principal
amount° 		Value (US $)
Convertible Bonds (continued)
Consumer Non-Cyclical (continued)
Coherus Biosciences 1.50% exercise price $19.26, maturity date 4/15/26    108,000 $    104,058
Collegium Pharmaceutical 2.625% exercise price $29.19, maturity date 2/15/26    150,000      147,525
Integra LifeSciences Holdings 0.50% exercise price $73.67, maturity date 8/15/25    177,000      192,700
Ionis Pharmaceuticals 0.125% exercise price $83.28, maturity date 12/15/24    101,000       90,269
Jazz Investments I 2.00% exercise price $155.81, maturity date 6/15/26     88,000      102,025
Neurocrine Biosciences 2.25% exercise price $75.92, maturity date 5/15/24     46,000       59,829
Paratek Pharmaceuticals 4.75% exercise price $15.90, maturity date 5/1/24    214,000     192,942
    1,272,676
Electric — 0.26%
NextEra Energy Partners 144A 0.357% exercise price $75.96, maturity date 11/15/25 #, ^    49,000       53,092
NRG Energy 2.75% exercise price $44.89, maturity date 6/1/48    138,000     152,632
      205,724
Energy — 0.24%
Helix Energy Solutions Group 6.75% exercise price $6.97, maturity date 2/15/26    174,000     188,668
      188,668
Financials — 0.33%
FTI Consulting 2.00% exercise price $101.38, maturity date 8/15/23     99,000      147,263
Repay Holdings 144A 0.343% exercise price $33.60, maturity date 2/1/26 #, ^   137,000     118,642
      265,905
Industrials — 0.29%
Chart Industries 144A 1.00% exercise price $58.72, maturity date 11/15/24 #    83,000      207,815
NQ-DDF [2/22] 4/22 (2112892)    1
Schedule of investments
Delaware Investments® Dividend and Income Fund, Inc. (Unaudited)
    Principal
amount° 		Value (US $)
Convertible Bonds (continued)
Industrials (continued)
Danimer Scientific 144A 3.25% exercise price $10.79, maturity date 12/15/26 #    33,000 $     24,486
      232,301
REITs — 0.34%
Blackstone Mortgage Trust 4.75% exercise price $36.23, maturity date 3/15/23    141,000      145,794
Summit Hotel Properties 1.50% exercise price $11.99, maturity date 2/15/26    118,000     124,313
      270,107
Technology — 1.24%
Block 0.125% exercise price $121.01, maturity date 3/1/25     68,000       87,083
Microchip Technology 1.625% exercise price $46.63, maturity date 2/15/27     73,000      147,141
ON Semiconductor 1.625% exercise price $20.72, maturity date 10/15/23     71,000      214,952
Palo Alto Networks 0.75% exercise price $266.35, maturity date 7/1/23     80,000      179,320
Quotient Technology 1.75% exercise price $17.36, maturity date 12/1/22    158,000      156,230
Travere Therapeutics 2.50% exercise price $38.80, maturity date 9/15/25    127,000      131,255
Wolfspeed 144A 0.25% exercise price $127.22, maturity date 2/15/28 #    64,000      69,000
      984,981
Transportation — 0.40%
Seaspan 144A 3.75% exercise price $13.00, maturity date 12/15/25 #   152,000      189,620
Spirit Airlines 1.00% exercise price $49.07, maturity date 5/15/26    140,000     130,340
      319,960
Total Convertible Bonds
(cost $4,609,718) 		  4,981,568
    Principal
amount° 		Value (US $)
Corporate Bonds — 34.01%
Automotive — 1.21%
Allison Transmission 144A 5.875% 6/1/29 #   330,000 $    346,723
Ford Motor Credit      
3.375% 11/13/25    310,000      305,703
4.542% 8/1/26    305,000     314,562
      966,988
Banking — 0.94%
Morgan Stanley 5.875% 9/15/26 μ, ψ   425,000      454,987
Popular 6.125% 9/14/23    280,000     291,690
      746,677
Basic Industry — 3.46%
Allegheny Technologies 5.125% 10/1/31    100,000       97,360
Artera Services 144A 9.033% 12/4/25 #   145,000      145,671
Avient 144A 5.75% 5/15/25 #    88,000       90,422
Chemours 144A 5.75% 11/15/28 #   155,000      152,587
First Quantum Minerals      
144A 7.25% 4/1/23 #   200,000      200,450
144A 7.50% 4/1/25 #   200,000      204,634
Freeport-McMoRan 5.45% 3/15/43    185,000      213,064
INEOS Quattro Finance 2 144A 3.375% 1/15/26 #   200,000      191,225
Koppers 144A 6.00% 2/15/25 #   215,000      216,017
New Gold 144A 7.50% 7/15/27 #   150,000      156,536
NOVA Chemicals      
144A 4.25% 5/15/29 #   160,000      150,202
144A 5.00% 5/1/25 #   130,000      131,479
Olin      
5.00% 2/1/30    175,000      176,620
5.125% 9/15/27    195,000      197,677
Standard Industries 144A 4.75% 1/15/28 #   145,000      142,526
Steel Dynamics 5.00% 12/15/26    280,000     287,563
    2,754,033
Capital Goods — 1.50%
Ardagh Packaging Finance 144A 5.25% 8/15/27 #   300,000      285,503
Intertape Polymer Group 144A 4.375% 6/15/29 #   170,000      161,415
Madison IAQ 144A 5.875% 6/30/29 #   160,000      145,404
Terex 144A 5.00% 5/15/29 #   180,000      178,526
TK Elevator US Newco 144A 5.25% 7/15/27 #   300,000      297,365
TransDigm 144A 6.25% 3/15/26 #   125,000     128,773
    1,196,986
 
2    NQ-DDF [2/22] 4/22 (2112892)
(Unaudited)
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Communications — 2.26%
Altice France 144A 5.50% 10/15/29 #   240,000 $    220,240
Altice France Holding 144A 6.00% 2/15/28 #   305,000      270,684
Connect Finco 144A 6.75% 10/1/26 #   200,000      202,700
Consolidated Communications      
144A 5.00% 10/1/28 #    70,000       66,407
144A 6.50% 10/1/28 #    70,000       69,825
Frontier Communications Holdings      
144A 5.875% 10/15/27 #   245,000      248,723
144A 6.75% 5/1/29 #   100,000       97,250
Sprint      
7.125% 6/15/24    190,000      205,675
7.875% 9/15/23    103,000      110,853
T-Mobile USA      
2.625% 4/15/26     85,000       83,551
3.375% 4/15/29     85,000       83,320
3.50% 4/15/31     50,000       49,297
Zayo Group Holdings 144A 6.125% 3/1/28 #   100,000      93,039
    1,801,564
Consumer Cyclical — 4.68%
Bath & Body Works      
6.875% 11/1/35    160,000      177,086
6.95% 3/1/33    104,000      110,103
Bloomin' Brands 144A 5.125% 4/15/29 #   150,000      146,807
Boyd Gaming 4.75% 12/1/27    289,000      290,532
Caesars Entertainment 144A 6.25% 7/1/25 #   295,000      306,206
Carnival      
144A 5.75% 3/1/27 #   300,000      292,590
144A 7.625% 3/1/26 #   215,000      221,234
Fertitta Entertainment 144A 6.75% 1/15/30 #   220,000      209,700
Hilton Domestic Operating 144A 4.00% 5/1/31 #   475,000      464,882
Levi Strauss & Co. 144A 3.50% 3/1/31 #   143,000      133,488
MGM Resorts International 4.75% 10/15/28     60,000       59,849
PetSmart 144A 7.75% 2/15/29 #   250,000      263,066
Royal Caribbean Cruises 144A 5.50% 4/1/28 #   305,000      299,295
Scientific Games International 144A 8.25% 3/15/26 #   137,000      143,238
Six Flags Entertainment 144A 4.875% 7/31/24 #    90,000       90,032
White Cap Buyer 144A 6.875% 10/15/28 #   150,000      149,434
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
Wyndham Hotels & Resorts 144A 4.375% 8/15/28 #   379,000 $    373,980
    3,731,522
Consumer Non-Cyclical — 1.05%
Energizer Holdings 144A 4.375% 3/31/29 #   150,000      135,373
JBS USA LUX      
144A 6.50% 4/15/29 #   160,000      170,604
144A 6.75% 2/15/28 #    20,000       21,074
Kraft Heinz Foods 5.20% 7/15/45    140,000      158,666
Post Holdings      
144A 5.625% 1/15/28 #   180,000      180,869
144A 5.75% 3/1/27 #   170,000     171,955
      838,541
Energy — 4.94%
Ascent Resources Utica Holdings      
144A 5.875% 6/30/29 #   170,000      161,925
144A 7.00% 11/1/26 #    80,000       79,136
Callon Petroleum 144A 8.00% 8/1/28 #    70,000       72,885
Cheniere Corpus Christi Holdings      
5.125% 6/30/27     40,000       43,653
5.875% 3/31/25     80,000       86,429
CNX Midstream Partners 144A 4.75% 4/15/30 #    85,000       82,283
CNX Resources      
144A 6.00% 1/15/29 #   155,000      158,534
144A 7.25% 3/14/27 #    70,000       74,032
Crestwood Midstream Partners 144A 6.00% 2/1/29 #   188,000      189,812
DCP Midstream Operating 5.125% 5/15/29    220,000      231,927
Energy Transfer 5.50% 6/1/27    115,000      126,868
EQM Midstream Partners 144A 4.75% 1/15/31 #   150,000      140,832
Genesis Energy      
7.75% 2/1/28    210,000      207,674
8.00% 1/15/27    160,000      162,000
Murphy Oil 6.375% 7/15/28    265,000      274,931
Murphy Oil USA 144A 3.75% 2/15/31 #   145,000      134,724
NuStar Logistics 5.625% 4/28/27    160,000      160,406
Occidental Petroleum      
6.45% 9/15/36     70,000       82,535
6.60% 3/15/46    320,000      382,909
6.625% 9/1/30    135,000      157,306
PDC Energy 5.75% 5/15/26    175,000      177,851
Southwestern Energy 7.75% 10/1/27    145,000      153,142
 
NQ-DDF [2/22] 4/22 (2112892)    3
Schedule of investments
Delaware Investments® Dividend and Income Fund, Inc. (Unaudited)
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Energy (continued)
Targa Resources Partners 5.375% 2/1/27    300,000 $    308,990
TechnipFMC 144A 6.50% 2/1/26 #   197,000      203,658
Western Midstream Operating 4.75% 8/15/28     75,000      77,753
    3,932,195
Financials — 1.40%
Ally Financial 5.75% 11/20/25    435,000      463,432
Castlelake Aviation Finance DAC 144A 5.00% 4/15/27 #   230,000      217,723
Hightower Holding 144A 6.75% 4/15/29 #   100,000      100,232
Midcap Financial Issuer Trust 144A 6.50% 5/1/28 #   200,000      195,548
MSCI 144A 3.625% 11/1/31 #   145,000     141,590
    1,118,525
Healthcare — 3.27%
Bausch Health 144A 6.25% 2/15/29 #   340,000      290,470
Centene      
3.375% 2/15/30    245,000      235,441
4.625% 12/15/29    165,000      170,223
Cheplapharm Arzneimittel 144A 5.50% 1/15/28 #   200,000      200,132
Community Health Systems 144A 4.75% 2/15/31 #    90,000       84,828
DaVita 144A 4.625% 6/1/30 #   135,000      129,653
Encompass Health 5.75% 9/15/25    120,000      121,641
HCA      
5.375% 2/1/25    405,000      429,353
5.875% 2/15/26    165,000      178,518
7.58% 9/15/25     80,000       90,050
Ortho-Clinical Diagnostics 144A 7.25% 2/1/28 #    72,000       75,318
Service Corp International 4.00% 5/15/31    285,000      270,498
Tenet Healthcare      
144A 4.25% 6/1/29 #   160,000      154,649
144A 6.125% 10/1/28 #   170,000     172,388
    2,603,162
Insurance — 0.75%
HUB International 144A 5.625% 12/1/29 #   155,000      147,444
NFP 144A 6.875% 8/15/28 #   160,000      149,012
USI 144A 6.875% 5/1/25 #   295,000     296,569
      593,025
Media — 3.84%
AMC Networks 4.25% 2/15/29    370,000      346,992
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Media (continued)
CCO Holdings      
144A 4.50% 8/15/30 #   175,000 $    168,835
4.50% 5/1/32     40,000       38,066
144A 5.125% 5/1/27 #   120,000      121,339
144A 5.375% 6/1/29 #   130,000      132,254
Clear Channel Outdoor Holdings 144A 7.50% 6/1/29 #    95,000       98,838
CSC Holdings      
144A 3.375% 2/15/31 #   250,000      213,313
144A 5.00% 11/15/31 #   200,000      166,736
Directv Financing 144A 5.875% 8/15/27 #   160,000      160,200
Gray Television 144A 4.75% 10/15/30 #   290,000      272,325
Netflix 5.875% 11/15/28    315,000      356,690
Nielsen Finance      
144A 4.50% 7/15/29 #    40,000       36,012
144A 4.75% 7/15/31 #   135,000      120,382
Sinclair Television Group 144A 5.125% 2/15/27 #   195,000      177,672
Sirius XM Radio 144A 4.00% 7/15/28 #   325,000      313,007
Terrier Media Buyer 144A 8.875% 12/15/27 #   145,000      148,789
VZ Secured Financing 144A 5.00% 1/15/32 #   200,000     189,799
    3,061,249
Real Estate Investment Trusts — 0.32%
GLP Capital 5.375% 4/15/26    110,000      117,840
MGM Growth Properties Operating
Partnership 		     
144A 3.875% 2/15/29 #    45,000       45,306
5.75% 2/1/27     85,000      92,196
      255,342
Services — 1.83%
Aramark Services 144A 5.00% 2/1/28 #   345,000      345,997
GFL Environmental 144A 3.75% 8/1/25 #    59,000       58,481
Iron Mountain 144A 4.50% 2/15/31 #   305,000      285,593
Legends Hospitality Holding 144A 5.00% 2/1/26 #    58,000       56,898
Prime Security Services Borrower 144A 5.75% 4/15/26 #   220,000      226,333
Sotheby's 144A 5.875% 6/1/29 #   200,000      198,250
United Rentals North America 3.875% 2/15/31    149,000      144,190
 
4    NQ-DDF [2/22] 4/22 (2112892)
(Unaudited)
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Services (continued)
Univar Solutions USA 144A 5.125% 12/1/27 #   140,000 $    142,708
    1,458,450
Technology & Electronics — 0.82%
Go Daddy Operating 144A 3.50% 3/1/29 #   160,000      151,867
SS&C Technologies 144A 5.50% 9/30/27 #   490,000     504,151
      656,018
Transportation — 0.91%
Delta Air Lines 7.375% 1/15/26    206,000      231,437
Mileage Plus Holdings 144A 6.50% 6/20/27 #   150,000      158,419
United Airlines      
144A 4.375% 4/15/26 #    55,000       54,929
144A 4.625% 4/15/29 #    70,000       68,411
VistaJet Malta Finance 144A 6.375% 2/1/30 #   220,000     209,774
      722,970
Utilities — 0.83%
Calpine      
144A 5.00% 2/1/31 #   285,000      264,281
144A 5.25% 6/1/26 #    48,000       48,536
PG&E 5.25% 7/1/30     90,000       89,546
Vistra      
144A 7.00% 12/15/26 #, μ, ψ   180,000      178,931
144A 8.00% 10/15/26 #, μ, ψ    80,000      82,298
      663,592
Total Corporate Bonds
(cost $27,610,922) 		 27,100,839
    Number of
shares 		 
Common Stock — 95.55%
Communication Services — 7.87%
Century Communications =, † 500,000           0
Comcast Class A   42,048   1,966,165
Verizon Communications   41,500   2,227,305
Walt Disney †  13,979   2,075,322
    6,268,792
Consumer Discretionary — 7.60%
Dollar General    9,475   1,879,271
Dollar Tree †  15,700   2,230,656
TJX   29,500   1,949,950
    6,059,877
Consumer Staples — 5.95%
Archer-Daniels-Midland   30,900   2,424,105
    Number of
shares 		Value (US $)
Common Stock (continued)
Consumer Staples (continued)
Conagra Brands   66,363 $  2,320,714
    4,744,819
Energy — 3.18%
ConocoPhillips   26,679   2,530,770
    2,530,770
Financials — 14.38%
American International Group   38,100    2,333,244
Discover Financial Services   19,000    2,345,360
MetLife   34,564    2,334,798
Truist Financial   36,700    2,283,474
US Bancorp   38,200   2,159,828
   11,456,704
Healthcare — 16.02%
Baxter International   26,400    2,243,208
Cigna    9,408    2,237,034
CVS Health   21,400    2,218,110
Johnson & Johnson   12,700    2,090,039
Merck & Co.   29,000    2,220,820
Viatris  159,957   1,761,127
   12,770,338
Industrials — 11.23%
Dover   12,795    2,007,023
Honeywell International   10,424    1,977,954
Northrop Grumman    5,600    2,475,984
Raytheon Technologies   24,214   2,486,778
    8,947,739
Information Technology — 14.29%
Broadcom    3,300    1,938,552
Cisco Systems   35,400    1,974,258
Cognizant Technology Solutions Class A   24,782    2,134,474
Fidelity National Information Services   19,439    1,851,176
Motorola Solutions    8,200    1,807,526
Oracle   22,200   1,686,534
   11,392,520
Materials — 2.71%
DuPont de Nemours   27,932   2,161,099
    2,161,099
REIT Diversified — 0.34%
Duke Realty    2,650      140,450
EPR Properties      108        5,378
Lamar Advertising Class A      240       26,175
LXP Industrial Trust    5,276       81,567
Outfront Media      570      15,219
      268,789
 
NQ-DDF [2/22] 4/22 (2112892)    5
Schedule of investments
Delaware Investments® Dividend and Income Fund, Inc. (Unaudited)
    Number of
shares 		Value (US $)
Common Stock (continued)
REIT Healthcare — 0.85%
Alexandria Real Estate Equities      840 $    159,096
CareTrust REIT    2,570       44,975
Healthcare Trust of America Class A    2,740       80,528
Healthpeak Properties    2,300       71,438
Medical Properties Trust    4,020       81,767
National Health Investors      178        9,489
Ventas      741       40,014
Welltower    2,254     187,736
      675,043
REIT Hotel — 0.42%
Apple Hospitality REIT    6,429      113,729
Chatham Lodging Trust †   3,288       45,210
Gaming and Leisure Properties    1,140       51,767
Host Hotels & Resorts †     720       13,154
VICI Properties    3,860     107,926
      331,786
REIT Industrial — 0.86%
Plymouth Industrial REIT      860       22,429
Prologis    4,262      621,612
Terreno Realty      610      41,962
      686,003
REIT Information Technology — 0.68%
Digital Realty Trust    1,338      180,523
Equinix      505     358,414
      538,937
REIT Mall — 0.21%
Simon Property Group    1,196     164,522
      164,522
REIT Manufactured Housing — 0.28%
Equity LifeStyle Properties    1,300       97,006
Sun Communities      700     126,700
      223,706
REIT Multifamily — 3.74%
American Campus Communities      240       12,915
American Homes 4 Rent Class A    1,505       57,205
AvalonBay Communities      742      177,034
Camden Property Trust      583       96,259
Equity Residential   25,463    2,171,994
Essex Property Trust      500      158,585
Invitation Homes    4,276      161,633
Mid-America Apartment Communities      499      102,100
UDR      775      42,524
    2,980,249
REIT Office — 0.36%
Boston Properties      249       30,455
Cousins Properties    1,866       72,084
    Number of
shares 		Value (US $)
Common Stock (continued)
REIT Office (continued)
Douglas Emmett      870 $     27,579
Highwoods Properties    1,560       68,016
Kilroy Realty      665       47,627
Orion Office REIT †     233        3,968
Piedmont Office Realty Trust Class A    2,150       36,636
SL Green Realty        4         318
      286,683
REIT Self-Storage — 0.87%
CubeSmart      778       37,507
Extra Space Storage      931      175,168
Iron Mountain      138        6,787
Life Storage      937      118,615
National Storage Affiliates Trust      880       51,278
Public Storage      860     305,317
      694,672
REIT Shopping Center — 0.62%
Agree Realty      500       32,075
Brixmor Property Group    3,795       95,330
Federal Realty Investment Trust      141       16,579
Kimco Realty    3,094       72,802
Kite Realty Group Trust    2,542       55,746
Regency Centers    1,065       70,173
Retail Opportunity Investments    3,387       61,508
SITE Centers    5,048       78,496
Urban Edge Properties      831      15,141
      497,850
REIT Single Tenant — 0.52%
Essential Properties Realty Trust    1,905       48,158
Four Corners Property Trust    1,611       42,498
National Retail Properties    1,270       54,115
Realty Income    2,330      153,990
Spirit Realty Capital    1,192       55,273
STORE Capital    2,040      62,669
      416,703
REIT Specialty — 0.06%
WP Carey      610      47,214
       47,214
Utilities — 2.51%
Edison International   31,600   2,004,072
    2,004,072
Total Common Stock
(cost $59,521,248) 		 76,148,887
 
6    NQ-DDF [2/22] 4/22 (2112892)
(Unaudited)
    Number of
shares 		Value (US $)
Convertible Preferred Stock — 1.49%
2020 Mandatory Exchangeable Trust 144A 6.50% exercise price $47.09, maturity date 5/16/23 #        95 $    105,327
Algonquin Power & Utilities 7.75% exercise price $18.00, maturity date 6/15/24      2,048       94,474
AMG Capital Trust II 5.15% exercise price $195.47, maturity date 10/15/37      1,728       93,450
Bank of America 7.25% exercise price $50.00 **        58       76,418
El Paso Energy Capital Trust I 4.75% exercise price $34.49, maturity date 3/31/28      3,327      164,187
Elanco Animal Health 5.00% exercise price $38.40, maturity date 2/1/23      2,890      126,380
Essential Utilities 6.00% exercise price $42.19, maturity date 4/30/22      3,600      203,076
Lyondellbasell Advanced Polymers 6.00% exercise price $52.33 **       133      120,365
RBC Bearings 5.00% exercise price $226.60, maturity date 10/15/24        623       62,911
UGI 7.25% exercise price $52.57, maturity date 6/1/24      1,500     138,750
Total Convertible Preferred Stock
(cost $1,165,283) 		  1,185,338
 
Short-Term Investments — 1.80%
Money Market Mutual Funds — 1.80%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.03%)   359,486      359,486
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%)   359,486      359,486
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.03%)   359,486      359,486
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.03%)   359,486     359,486
Total Short-Term Investments
(cost $1,437,944) 		  1,437,944
Total Value of Securities—139.10%
(cost $94,345,115) 		    110,854,576
      Value (US $)
Borrowing Under Line of Credit - (40.15%)     (32,000,000)
Receivables and Other Assets Net of Liabilities — 1.05%         838,470
Net Assets Applicable to 7,611,158 Shares Outstanding—100.00%      $79,693,045
° Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 28, 2022, the aggregate value of Rule 144A securities was $18,829,812, which represents 23.63% of the Fund's net assets.
^ Zero-coupon security. The rate shown is the effective yield at the time of purchase.
μ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at February 28, 2022. Rate will reset at a future date.
ψ Perpetual security. Maturity date represents next call date.
= The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security.
† Non-income producing security.
** Perpetual security with no stated maturity date.
Summary of abbreviations: 
DAC – Designated Activity Company
GS – Goldman Sachs
MSCI – Morgan Stanley Capital International
REIT – Real Estate Investment Trust
USD – US Dollar
 
NQ-DDF [2/22] 4/22 (2112892)    7