Schedule of Investments | |||||||
November 30, 2024 (unaudited) | |||||||
The Texas Fund | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
| Shares or Principal |
|
|
Security Description |
|
| Amount ($) |
| Fair Value ($)(1) | ||
|
|
|
|
|
| ||
Common Stocks - 97.11% | |||||||
|
|
|
|
|
|
|
|
Automobiles - 1.91% |
|
|
|
|
|
| |
Tesla, Inc. (2) |
|
|
| 875 |
| 302,015 | |
|
|
|
|
|
|
|
|
Banks - 9.38% |
|
|
|
|
|
| |
Comerica, Inc. |
|
|
| 3,590 |
| 259,378 | |
Cullen/Frost Bankers, Inc. |
|
| 845 |
| 118,824 | ||
First Financial Bankshares, Inc. |
|
| 665 |
| 27,717 | ||
Independent Bank Group, Inc. |
|
| 3,545 |
| 237,231 | ||
International Bancshares Corp. |
|
| 2,440 |
| 178,437 | ||
Mr. Cooper Group, Inc. (2) |
|
| 1,598 |
| 157,675 | ||
Prosperity Bancshares, Inc. |
|
| 1,375 |
| 115,129 | ||
South Plains Financial, Inc. |
|
| 2,760 |
| 107,336 | ||
Stellar Bancorp, Inc. |
|
|
| 4,903 |
| 152,042 | |
Veritex Holdings, Inc. |
|
|
| 4,160 |
| 126,506 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,480,275 |
|
|
|
|
|
|
|
|
Capital Goods - 13.35% |
|
|
|
|
| ||
Caterpillar, Inc. |
|
|
| 537 |
| 218,081 | |
Comfort Systems USA, Inc. |
|
| 456 |
| 224,931 | ||
CSW Industrials, Inc. |
|
|
| 422 |
| 178,249 | |
Distribution Solutions Group (2) |
|
| 1,850 |
| 72,363 | ||
IES Holdings, Inc. |
|
|
| 1,322 |
| 409,628 | |
Kratos Defense & Security (2) |
|
| 3,145 |
| 85,198 | ||
Lennox International, Inc. (2) |
|
| 208 |
| 138,763 | ||
NOW, Inc. (2) |
|
|
| 4,672 |
| 70,314 | |
Powell Industries, Inc. |
|
|
| 394 |
| 105,348 | |
Quanex Building Products Corp. |
|
| 1,888 |
| 56,187 | ||
Quanta Services, Inc. |
|
|
| 242 |
| 83,374 | |
Rush Enterprises, Inc. Class A |
|
| 2,550 |
| 157,973 | ||
Thermon Group Holdings, Inc. (2) |
|
| 5,675 |
| 179,103 | ||
Trinity Industries, Inc. (2) |
|
|
| 3,383 |
| 127,539 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2,107,050 |
|
|
|
|
|
|
|
|
Chemicals - 1.44% |
|
|
|
|
|
| |
Celanese Corp. Series A |
|
|
| 535 |
| 39,167 | |
Kronos Worldwide, Inc. |
|
|
| 4,881 |
| 55,204 | |
Westlake Chemical Corp. |
|
|
| 1,031 |
| 132,380 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 226,752 |
|
|
|
|
|
|
|
|
Commercial & Professional Services - 2.46% |
|
|
|
|
| ||
CECO Environmental Corp. (2) |
|
| 4,220 |
| 135,251 | ||
Copart, Inc. (2) |
|
|
| 1,180 |
| 74,800 | |
Ennis, Inc. |
|
|
|
| 5,062 |
| 107,972 |
Waste Management, Inc. |
|
|
| 310 |
| 70,748 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 388,772 |
|
|
|
|
|
|
|
|
Construction & Engineering - 0.91% |
|
|
|
|
| ||
AECOM |
|
|
|
| 719 |
| 84,101 |
KBR, Inc. |
|
|
|
| 990 |
| 60,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 144,323 |
|
|
|
|
|
|
|
|
Construction Materials - 3.95% |
|
|
|
|
| ||
Eagle Materials, Inc. |
|
|
| 559 |
| 172,686 | |
United States Lime & Mineral, Inc. |
|
| 2,950 |
| 451,350 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 624,036 |
|
|
|
|
|
|
|
|
Consumer Durables & Apparel - 2.98% |
|
|
|
|
| ||
D.R. Horton, Inc. |
|
|
| 563 |
| 95,023 | |
Green Brick Partners, Inc. (2) |
|
| 2,338 |
| 167,073 | ||
LGI Homes, Inc. (2) |
|
|
| 990 |
| 108,395 | |
Legacy Housing Corp. (2) |
|
| 3,800 |
| 99,446 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 469,938 |
|
|
|
|
|
|
|
|
Consumer Services - 3.70% |
|
|
|
|
| ||
Biglari Holdings, Inc Class B (2) |
|
| 2,480 |
| 328,030 | ||
Service Corp. International |
|
| 1,300 |
| 115,167 | ||
Wingstop, Inc. |
|
|
| 430 |
| 141,371 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 584,568 |
|
|
|
|
|
|
|
|
Diversified Financials - 7.42% |
|
|
|
|
| ||
Main Street Capital Corp. |
|
|
| 1,386 |
| 76,908 | |
P10, Inc. Class A |
|
|
| 10,115 |
| 142,622 | |
Sixth Street Specialty Lending, Inc. |
|
| 2,750 |
| 59,070 | ||
Texas Pacific Land Corp. |
|
|
| 183 |
| 292,816 | |
The Charles Schwab Corp. |
|
| 3,310 |
| 273,936 | ||
TPG, Inc. |
|
|
|
| 4,650 |
| 325,314 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,170,666 |
|
|
|
|
|
|
|
|
Energy - 0.16% |
|
|
|
|
|
| |
Marathon Petroleum Corp. |
|
| 160 |
| 24,984 | ||
|
|
|
|
|
|
|
|
Energy Equipment & Services - 1.54% |
|
|
|
|
| ||
Cactus, Inc. Class A |
|
|
| 903 |
| 62,000 | |
ChampionX Corp. |
|
|
| 3,015 |
| 93,314 | |
Select Water Solutions, Inc. |
|
| 5,892 |
| 87,025 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 242,339 |
|
|
|
|
|
|
|
|
Engineering & Construction - 0.81% |
|
|
|
|
| ||
Arcosa, Inc. |
|
|
|
| 1,174 |
| 127,543 |
|
|
|
|
|
|
|
|
Financial Services - 0.53% |
|
|
|
|
| ||
AST SpaceMobile, Inc. Class A |
|
| 1,000 |
| 23,810 | ||
Capital Southwest Corp. |
|
|
| 2,530 |
| 59,607 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 83,417 |
|
|
|
|
|
|
|
|
Food, Beverage & Tobacco - 0.97% |
|
|
|
|
| ||
Keurig Dr. Pepper, Inc. |
|
|
| 4,701 |
| 153,488 | |
|
|
|
|
|
|
|
|
Health Care Equipment & Services - 5.22% |
|
|
|
|
| ||
Addus HomeCare Corp. (2) |
|
| 670 |
| 82,303 | ||
CorVel Corp. (2) |
|
|
| 821 |
| 299,993 | |
Integer Holdings Corp. (2) |
|
| 595 |
| 83,598 | ||
McKesson Corp. |
|
|
| 420 |
| 263,970 | |
Tenet Healthcare Corp. (2) |
|
| 655 |
| 93,455 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 823,319 |
|
|
|
|
|
|
|
|
Household & Personal Products - 1.05% |
|
|
|
|
| ||
Kimberly-Clark Corp. |
|
|
| 1,193 |
| 166,245 | |
|
|
|
|
|
|
|
|
Insurance - 0.88% |
|
|
|
|
|
| |
Globe Life, Inc. |
|
|
| 1,250 |
| 139,050 | |
|
|
|
|
|
|
|
|
Integrated Oil & Gas - 1.44% |
|
|
|
|
| ||
Exxon Mobil Corp. |
|
|
| 1,717 |
| 202,537 | |
Occidental Petroleum Corp. |
|
| 498 |
| 25,189 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 227,726 |
|
|
|
|
|
|
|
|
Leisure Products - 1.02% |
|
|
|
|
| ||
YETI Holdings, Inc. (2) |
|
|
| 4,000 |
| 161,480 | |
|
|
|
|
|
|
|
|
Machinery-Diversified - 0.75% |
|
|
|
|
| ||
Flowserve Corp. |
|
|
| 1,945 |
| 118,684 | |
|
|
|
|
|
|
|
|
Media & Entertainment - 2.04% |
|
|
|
|
| ||
Cinemark Holdings, Inc. |
|
|
| 6,320 |
| 218,166 | |
Nexstar Media Group, Inc. Class A |
|
| 610 |
| 104,060 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 322,226 |
|
|
|
|
|
|
|
|
Metals & Mining - 0.88% |
|
|
|
|
| ||
Commercial Metals Co. |
|
|
| 2,255 |
| 139,111 | |
|
|
|
|
|
|
|
|
Oil & Gas - 0.23% |
|
|
|
|
|
| |
Sitio Royalties Corp. Class A |
|
| 1,528 |
| 36,214 | ||
|
|
|
|
|
|
|
|
Oil & Gas Drilling - 0.26% |
|
|
|
|
| ||
Patterson-UTI Energy, Inc. |
|
| 4,922 |
| 41,345 | ||
|
|
|
|
|
|
|
|
Oil & Gas Equipment Services - 0.53% |
|
|
|
|
| ||
Halliburton Co. |
|
|
| 779 |
| 24,819 | |
Tidewater, Inc. (2) |
|
|
| 1,131 |
| 58,495 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 83,314 |
|
|
|
|
|
|
|
|
Oil & Gas Exploration & Production - 2.60% |
|
|
|
|
| ||
ConocoPhillips |
|
|
| 2,439 |
| 264,293 | |
Diamondback Energy, Inc. (2) |
|
| 133 |
| 23,619 | ||
EOG Resources, Inc. |
|
|
| 234 |
| 31,183 | |
Matador Resources Co. |
|
|
| 400 |
| 24,004 | |
Range Resources Corp. |
|
|
| 1,867 |
| 66,727 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 409,826 |
|
|
|
|
|
|
|
|
Oil & Gas Refining & Marketing - 2.12% |
|
|
|
|
| ||
CVR Energy, Inc. |
|
|
| 700 |
| 13,545 | |
HF Sinclair Corp. |
|
|
| 2,143 |
| 87,713 | |
Par Pacific Holdings, Inc. (2) |
|
| 1,676 |
| 29,213 | ||
Phillips 66 |
|
|
|
| 760 |
| 101,825 |
Valero Energy Corp. |
|
|
| 741 |
| 103,058 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 335,354 |
|
|
|
|
|
|
|
|
Oil & Gas Storage & Transportation - 0.89% |
|
|
|
|
| ||
Cheniere Energy, Inc. |
|
|
| 168 |
| 37,634 | |
Kinder Morgan, Inc. |
|
|
| 1,394 |
| 39,408 | |
Targa Resources Corp. |
|
|
| 311 |
| 63,537 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 140,579 |
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels - 3.67% |
|
|
|
|
| ||
Berry Corp. |
|
|
|
| 3,405 |
| 13,892 |
Chord Energy Corp. |
|
|
| 180 |
| 22,954 | |
Expand Energy Corp. |
|
|
| 599 |
| 59,277 | |
Kinetik Holdings, Inc. Class A |
|
| 1,540 |
| 90,891 | ||
Magnolia Oil & Gas Corp. Class A (2) |
|
| 910 |
| 25,243 | ||
Permian Resources Corp. |
|
|
| 4,363 |
| 68,325 | |
Uranium Energy Corp. (2) |
|
| 35,934 |
| 298,612 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 579,193 |
|
|
|
|
|
|
|
|
Real Estate Management & Development - 0.84% |
|
|
|
|
| ||
Forestar Group, Inc. (2) |
|
|
| 4,430 |
| 132,236 | |
|
|
|
|
|
|
|
|
Retail & Wholesale - Discertionary - 0.57% |
|
|
|
|
| ||
Academy Sports & Outdoors, Inc. |
|
| 1,826 |
| 89,931 | ||
|
|
|
|
|
|
|
|
Retailing - 1.77% |
|
|
|
|
|
| |
Amazon.com, Inc. |
|
|
| 610 |
| 126,813 | |
Group 1 Automotive, Inc. |
|
|
| 360 |
| 153,288 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 280,101 |
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment - 2.59% |
|
|
|
|
| ||
Cirrus Logic, Inc. |
|
|
| 1,380 |
| 144,141 | |
Diodes, Inc. (2) |
|
|
| 840 |
| 54,600 | |
Texas Instruments, Inc. |
|
|
| 1,045 |
| 210,076 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 408,817 |
|
|
|
|
|
|
|
|
Software & Services - 8.28% |
|
|
|
|
| ||
Alkami Technology, Inc. (2) |
|
| 5,855 |
| 231,097 | ||
Match Group, Inc. Class A |
|
| 2,860 |
| 93,636 | ||
Oracle Corp. |
|
|
|
| 1,255 |
| 231,974 |
Q2 Holdings, Inc. (2) |
|
|
| 2,690 |
| 281,751 | |
SolarWinds Corp. (2) |
|
|
| 14,670 |
| 195,845 | |
TaskUs, Inc Class A (2) |
|
|
| 4,665 |
| 68,389 | |
Tyler Technologies, Inc. (2) |
|
| 325 |
| 204,480 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,307,172 |
|
|
|
|
|
|
|
|
Technology Hardware & Equipment - 4.92% |
|
|
|
|
| ||
Apple, Inc. |
|
|
|
| 520 |
| 123,412 |
AT&T, Inc. |
|
|
|
| 9,520 |
| 220,483 |
Dell Technologies, Inc. Class C (2) |
|
| 1,290 |
| 164,591 | ||
Flex Ltd. |
|
|
|
| 3,715 |
| 144,774 |
Frontier Communications Parent, Inc. |
|
| 3,535 |
| 123,053 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 776,313 |
|
|
|
|
|
|
|
|
Transportation - 0.72% |
|
|
|
|
|
| |
Kirby Corp. (2) |
|
|
| 895 |
| 113,226 | |
Uber Technologies, Inc. |
|
|
| 1,775 |
| 127,729 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 240,955 |
|
|
|
|
|
|
|
|
Utilities - 1.52% |
|
|
|
|
|
| |
Vistra Corp. |
|
|
|
| 1,500 |
| 239,760 |
|
|
|
|
|
|
|
|
Total Common Stock |
|
|
| (Cost $ 9,421,539) |
| 15,329,114 | |
|
|
|
|
|
|
|
|
Warrants - 0.05% |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
Intergrated Oil & Gas - 0.05% |
|
|
|
|
| ||
Occidental Petroleum Corp., 08/03/2027 @ $22.00 |
|
| 301 |
| 8,615 | ||
|
|
|
|
|
|
|
|
Total Warrants |
|
|
| (Cost $ 0) |
| 8,615 | |
|
|
|
|
|
|
|
|
Money Market Registered Investment Companies - 2.85% | |||||||
|
|
|
|
|
|
|
|
Federated Hermes Government Obligations Fund - Institutional Class - 4.27% (3) | 449,318 |
| 449,318 | ||||
|
|
|
|
|
|
|
|
Total Money Market Registered Investment Companies |
|
| (Cost $ 449,318) |
| 449,318 | ||
|
|
|
|
|
|
|
|
Total Investments - 100.04% |
|
| (Cost $ 9,986,211) |
| 15,791,967 | ||
|
|
|
|
|
|
|
|
Liabilities Less Other Assets - (0.04%) |
|
|
|
| (6,134) | ||
|
|
|
|
|
|
|
|
Total Net Assets - 100.00% |
|
|
|
| 15,785,833 | ||
|
|
|
|
|
|
|
|
Purchased Options - 0.03% | |||||||
|
|
|
|
|
|
|
|
|
|
| Long (Short) |
| Notional Value of |
| Fair |
|
|
| Contracts+ | Expiration Date | Contracts ($) ** |
| Value ($) |
Put Options |
|
|
|
|
|
| |
SPDR S&P 500 ETF December 20, 2024 Put @ $540.00 | 120 | 12/20/2024 | 6,480,000 |
| 4,920 | ||
|
|
|
|
|
|
|
|
Total Options |
|
|
|
| (Cost $ 115,354) |
| 4,920 |
|
|
|
|
|
|
|
|
(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 November 29, 2024 in valuing the Fund's assets carried at fair value: | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
| Investments in |
| Other Financial |
Valuation Inputs |
|
|
| Securities |
| Instruments | |
Level 1 - Quoted Prices |
|
| $ | 15,791,967 | $ | - | |
Level 2 - Other Significant Observable Inputs |
|
| - |
| - | ||
Level 3 - Significant Unobservable Inputs |
|
| - |
| - | ||
Total |
|
|
| $ | 15,791,967 | $ | - |
|
|
|
|
|
|
|
|
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. | |||||||
|
|
|
|
|
|
|
|
(2) Represents non-income producing securities. | |||||||
(3) 7-day yield as of November 29, 2024. | |||||||
|
|
|
|
|
|
|
|
**The notional amount is calculated by multiplying outstanding contracts by the exercise price by 100 at November 29, 2024. |
|
| |||||
+ Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. |
|
|
| ||||
