| | | | | | | |
Schedule of Investments |
May 31, 2024 (unaudited) |
The Texas Fund |
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| Shares or Principal |
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Security Description | | | Amount ($) | | Fair Value ($)(1) |
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Common Stocks - 95.49% |
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Automobiles - 0.95% |
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Tesla, Inc. (2) |
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| 690 |
| 122,875 |
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Automobiles & Components - 1.07% |
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Toyota Motor Corp. ADR |
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| 185 |
| 40,239 |
XPEL, Inc. (2) |
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| 2,560 |
| 97,280 |
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| 137,519 |
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Banks - 8.38% |
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Comerica, Inc. |
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| 3,590 |
| 183,952 |
Cullen/Frost Bankers, Inc. |
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| 845 |
| 85,835 |
First Financial Bankshares, Inc. |
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| 665 |
| 19,937 |
Independent Bank Group, Inc. |
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| 3,545 |
| 163,212 |
International Bancshares Corp. |
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| 2,440 |
| 138,665 |
Mr. Cooper Group, Inc. (2) |
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| 1,598 |
| 133,273 |
Prosperity Bancshares, Inc. |
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| 1,375 |
| 85,663 |
South Plains Financial, Inc. |
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| 2,760 |
| 74,934 |
Stellar Bancorp, Inc. |
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| 4,903 |
| 110,759 |
Veritex Holdings, Inc. |
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| 4,160 |
| 84,864 |
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| 1,081,094 |
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Capital Goods - 11.06% |
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Caterpillar, Inc. |
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| 292 |
| 98,848 |
Comfort Systems USA, Inc. |
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| 456 |
| 149,267 |
CSW Industrials, Inc. |
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| 422 |
| 107,298 |
Distribution Solutions Group (2) |
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| 1,850 |
| 61,753 |
IES Holdings, Inc. |
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| 1,322 |
| 201,539 |
Kratos Defense & Security (2) |
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| 3,145 |
| 68,372 |
Lennox International, Inc. (2) |
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| 208 |
| 104,541 |
NOW, Inc. (2) |
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| 4,672 |
| 68,164 |
Powell Industries, Inc. |
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| 394 |
| 70,865 |
Quanex Building Products Corp. |
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| 1,888 |
| 62,228 |
Quanta Services, Inc. |
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| 242 |
| 66,777 |
Rush Enterprises, Inc. Class A |
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| 1,525 |
| 68,823 |
Thermon Group Holdings, Inc. (2) |
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| 5,675 |
| 191,588 |
Trinity Industries, Inc. (2) |
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| 3,383 |
| 106,395 |
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| 1,426,458 |
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Chemicals - 3.31% |
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Celanese Corp. Series A |
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| 535 |
| 81,341 |
Huntsman Corp. |
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| 4,484 |
| 111,203 |
Kronos Worldwide, Inc. |
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| 4,881 |
| 69,359 |
Westlake Chemical Corp. |
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| 1,031 |
| 165,537 |
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| 427,440 |
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Commercial & Professional Services - 2.64% |
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CECO Environmental Corp. (2) |
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| 4,220 |
| 105,627 |
Copart, Inc. (2) |
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| 1,180 |
| 62,611 |
Ennis, Inc. |
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| 5,062 |
| 106,454 |
Waste Management, Inc. |
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| 310 |
| 65,326 |
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| 340,018 |
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Construction & Engineering - 0.99% |
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AECOM |
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| 719 |
| 62,797 |
KBR, Inc. (2) |
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| 990 |
| 65,003 |
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| 127,800 |
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Construction Materials - 2.57% |
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Eagle Materials, Inc. |
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| 559 |
| 129,906 |
United States Lime & Mineral, Inc. |
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| 590 |
| 202,217 |
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| 332,123 |
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Consumer Durables & Apparel - 3.73% |
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D.R. Horton, Inc. |
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| 1,295 |
| 191,401 |
Green Brick Partners, Inc. (2) |
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| 2,359 |
| 128,801 |
LGI Homes, Inc. (2) |
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| 410 |
| 39,360 |
Legacy Housing Corp. (2) |
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| 3,370 |
| 78,285 |
Topgolf Callaway Brands Corp. (2) |
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| 2,748 |
| 43,006 |
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| 480,853 |
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Consumer Services - 4.80% |
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Biglari Holdings, Inc Class B (2) |
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| 300 |
| 59,697 |
Brinker International, Inc. (2) |
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| 3,511 |
| 247,982 |
Chuy's Holdings, Inc. (2) |
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| 1,500 |
| 40,065 |
European Wax Center, Inc. Class A (2) |
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| 3,160 |
| 35,771 |
Wingstop, Inc. |
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| 639 |
| 235,567 |
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| 619,082 |
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Diversified Financials - 4.40% |
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Main Street Capital Corp. |
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| 1,380 |
| 67,620 |
Open Lending Corp. Class A (2) |
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| 7,840 |
| 50,725 |
P10, Inc. Class A |
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| 10,115 |
| 81,729 |
Sixth Street Specialty Lending, Inc. |
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| 2,750 |
| 60,528 |
Texas Pacific Land Corp. |
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| 183 |
| 112,419 |
TPG, Inc. |
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| 4,650 |
| 194,928 |
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| 567,949 |
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Electric Housewares & Fans - 0.78% |
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Helen of Troy Ltd. (Bermuda) (2) |
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| 940 |
| 100,467 |
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Energy - 0.22% |
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Marathon Petroleum Corp. |
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| 160 |
| 28,258 |
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Energy Equipment & Services - 1.62% |
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Cactus, Inc. Class A |
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| 903 |
| 46,369 |
ChampionX Corp. |
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| 3,015 |
| 98,349 |
Select Water Solutions, Inc. |
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| 5,892 |
| 64,400 |
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| 209,118 |
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Engineering & Construction - 0.80% |
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Arcosa, Inc. |
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| 1,174 |
| 103,206 |
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Financial Services - 0.50% |
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Capital Southwest Corp. |
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| 2,530 |
| 64,717 |
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Food, Beverage & Tobacco - 1.99% |
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Darling Ingredients, Inc. (2) |
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| 2,364 |
| 95,506 |
Keurig Dr. Pepper, Inc. |
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| 4,701 |
| 161,009 |
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| 256,515 |
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Health Care Equipment & Services - 6.30% |
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Addus HomeCare Corp. (2) |
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| 670 |
| 76,923 |
AMN Healthcare Services, Inc. (2) |
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| 550 |
| 30,767 |
CorVel Corp. (2) |
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| 821 |
| 196,917 |
Integer Holdings Corp. (2) |
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| 595 |
| 72,138 |
McKesson Corp. |
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| 420 |
| 239,228 |
Tenet Healthcare Corp. (2) |
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| 655 |
| 88,569 |
U.S. Physical Therapy, Inc. |
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| 1,060 |
| 108,724 |
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| 813,266 |
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Household & Personal Products - 1.23% |
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Kimberly-Clark Corp. |
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| 1,193 |
| 159,027 |
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Insurance - 0.80% |
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Globe Life, Inc. |
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| 1,250 |
| 103,450 |
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Integrated Oil & Gas - 0.76% |
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Exxon Mobil Corp. |
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| 567 |
| 66,486 |
Occidental Petroleum Corp. |
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| 498 |
| 31,125 |
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| 97,611 |
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Leisure Products - 0.96% |
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YETI Holdings, Inc. (2) |
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| 3,040 |
| 123,850 |
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Machinery-Diversified - 0.75% |
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Flowserve Corp. |
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| 1,945 |
| 96,667 |
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Media & Entertainment - 0.35% |
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Bumble, Inc. Class A (2) |
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| 3,875 |
| 45,338 |
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Metals & Mining - 0.98% |
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Commercial Metals Co. |
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| 2,255 |
| 127,002 |
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Oil & Gas - 0.28% |
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Sitio Royalties Corp. Class A |
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| 1,528 |
| 35,801 |
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Oil & Gas Drilling - 0.42% |
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Patterson-UTI Energy, Inc. |
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| 4,922 |
| 54,240 |
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Oil & Gas Equipment Services - 2.77% |
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Halliburton Co. |
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| 779 |
| 28,589 |
Schlumberger Ltd. |
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| 3,171 |
| 145,517 |
Tidewater, Inc. (2) |
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| 1,775 |
| 183,411 |
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| 357,517 |
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Oil & Gas Exploration & Production - 2.69% |
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ConocoPhillips |
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| 687 |
| 80,022 |
Diamondback Energy, Inc. (2) |
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| 133 |
| 26,502 |
EOG Resources, Inc. |
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| 234 |
| 29,145 |
Marathon Oil Corp. |
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| 2,245 |
| 65,015 |
Matador Resources Co. |
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| 400 |
| 25,380 |
Range Resources Corp. |
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| 1,867 |
| 68,911 |
Southwestern Energy Co. (2) |
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| 6,917 |
| 52,085 |
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| 347,060 |
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Oil & Gas Refining & Marketing - 3.16% |
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CVR Energy, Inc. |
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| 700 |
| 19,502 |
HF Sinclair Corp. |
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| 2,143 |
| 118,358 |
Par Pacific Holdings, Inc. (2) |
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| 1,676 |
| 45,487 |
Phillips 66 |
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| 760 |
| 108,004 |
Valero Energy Corp. |
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| 741 |
| 116,441 |
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| 407,792 |
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Oil & Gas Storage & Transportation - 0.70% |
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Cheniere Energy, Inc. |
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| 168 |
| 26,509 |
Kinder Morgan, Inc. |
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| 1,394 |
| 27,169 |
Targa Resources Corp. |
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| 311 |
| 36,770 |
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| 90,448 |
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Oil, Gas & Consumable Fuels - 4.44% |
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Berry Corp. |
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| 3,405 |
| 23,733 |
Chord Energy Corp. |
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| 180 |
| 33,374 |
Coterra Energy, Inc. |
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| 1,895 |
| 54,045 |
Kinetik Holdings, Inc. Class A |
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| 2,700 |
| 110,673 |
Magnolia Oil & Gas Corp. Class A (2) |
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| 910 |
| 23,615 |
Permian Resources Corp. |
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| 4,363 |
| 71,510 |
Uranium Energy Corp. (2) |
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| 35,934 |
| 256,569 |
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| 573,519 |
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Pharmaceuticals, Biotechnology & Life Science - 0.10% |
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Instil Bio, Inc. (2) |
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| 40 |
| 428 |
XBiotech, Inc. (Canada) (2) |
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| 1,751 |
| 12,695 |
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| 13,123 |
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Real Estate Management & Development - 1.17% |
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Forestar Group, Inc. (2) |
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| 4,430 |
| 150,664 |
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Retail & Wholesale - Discertionary - 1.23% |
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Academy Sports & Outdoors, Inc. |
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| 2,760 |
| 159,224 |
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Retailing - 1.14% |
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Group 1 Automotive, Inc. |
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| 475 |
| 147,716 |
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Semiconductors & Semiconductor Equipment - 0.48% |
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Diodes, Inc. (2) |
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| 840 |
| 62,269 |
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Software & Services - 10.17% |
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Alkami Technology, Inc. (2) |
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| 12,015 |
| 329,571 |
Crowdstrike Holdings, Inc. Class A (2) |
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| 800 |
| 250,936 |
E2open Parent Holdings, Inc. Class A (2) |
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| 16,120 |
| 75,119 |
Nice Ltd. (2) |
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|
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| 575 |
| 105,553 |
Oracle Corp. |
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| 1,035 |
| 121,292 |
PROS Holdings, Inc. (2) |
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| 1,580 |
| 46,578 |
Q2 Holdings, Inc. (2) |
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| 1,550 |
| 94,271 |
Sabre Corp. (2) |
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| 12,835 |
| 40,174 |
SolarWinds Corp. (2) |
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| 9,870 |
| 114,295 |
TaskUs, Inc Class A (2) |
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| 4,665 |
| 66,756 |
Tyler Technologies, Inc. (2) |
|
| 140 |
| 67,250 |
|
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|
|
| 1,311,795 |
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Technology Hardware & Equipment - 2.78% |
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|
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Applied Optoelectronics Inc. (2) |
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| 3,950 |
| 41,436 |
Dell Technologies, Inc. Class C (2) |
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| 2,270 |
| 316,801 |
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|
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|
|
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| 358,237 |
|
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Transportation - 0.86% |
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|
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Kirby Corp. (2) |
|
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| 895 |
| 111,132 |
|
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Utilities - 1.15% |
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|
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Vistra Corp. |
|
|
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| 1,500 |
| 148,620 |
|
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|
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Total Common Stock |
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|
| (Cost $ 8,961,589) |
| 12,320,860 |
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Warrants - 0.09% | | | | | | |
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Intergrated Oil & Gas - 0.09% |
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|
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|
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Occidental Petroleum Corp., 08/03/2027 @ $22.00 |
|
| 301 |
| 12,097 |
|
|
|
|
|
|
|
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Total Warrants |
|
|
| (Cost $ 0) |
| 12,097 |
|
|
|
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|
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Money Market Registered Investment Companies - 4.50% |
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|
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|
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Federated Hermes Government Obligations Fund - Institutional Class, 5.215% (3) |
| 580,201 |
| 580,201 |
|
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|
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Total Money Market Registered Investment Companies |
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| (Cost $ 580,201) |
| 580,201 |
|
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|
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Total Investments - 100.11% |
|
| (Cost $ 9,584,701) |
| 12,916,758 |
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Liabilities Less Other Assets - -0.11% |
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| (14,177) |
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Total Net Assets - 100.00% |
|
|
|
| 12,902,581 |
|
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Purchased Options - 0.03% |
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| Long (Short) |
| Notional Value of |
| Fair |
|
|
| Contracts+ | Expiration Date | Contracts ($) ** |
| Value ($) |
Put Options |
|
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|
iShares 20+ Treasury Bond ETF June 21, 2024 Put @ $86.00 | 400 | 6/21/2024 | 3,440,000 |
| 3,600 |
|
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|
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Total Options |
|
|
|
| (Cost $ 42,911) |
| 3,600 |
|
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(1) Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the 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) |
|
The following is a summary of the inputs used as of May 31, 2024 in valuing the Fund's assets carried at fair value: |
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| | | | | Investments in | | Other Financial |
Valuation Inputs | | | | Securities | | Instruments |
Level 1 - Quoted Prices | | | $ | 12,916,758 | $ | - |
Level 2 - Other Significant Observable Inputs | | | - | | - |
Level 3 - Significant Unobservable Inputs | | | - | | - |
Total | | | | $ | 12,916,758 | $ | - |
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The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term |
debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment |
Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active |
market, such securities are reflected as Level 2. |
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(2) Represents non-income producing securities. |
(3) 7-day yield as of May 31, 2024. |
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**The notional amount is calculated by multiplying outstanding contracts by the exercise price by 100 at May 31, 2024. |
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+ Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. |
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