| CM Advisors Fixed Income Fund |
| Schedule of Investments |
| November 30, 2022 (Unaudited) |
| |
| COMMON STOCKS - 6.2% | Shares | Value |
| Energy - 6.2% | | |
| Oil & Gas Services & Equipment - 6.2% | | |
| PHI Group, Inc. * (Cost $1,609,094) | 149,912 | $ 1,649,032 |
| | | |
| | | |
| CORPORATE BONDS - 32.0% | Par Value | Value |
| Communications - 1.4% | | |
| Telecommunications - 1.4% | | |
| Qwest Corporation, 7.250%, due 09/15/25 | $ 370,000 | $ 368,150 |
| | | |
| Consumer Discretionary - 4.0% | | |
| Automotive - 3.5% | | |
| Ford Motor Credit Company, LLC, 2.150%, due 06/20/24 | 200,000 | 187,626 |
| General Motors Corporation, 4.875%, due 10/02/23 | 250,000 | 248,818 |
| General Motors Financial Company, Inc., 5.100%, due 01/17/24 | 500,000 | 498,209 |
| | | 934,653 |
| E-Commerce Discretionary - 0.5% | | |
| eBay, Inc., 2.750%, due 01/30/23 | 140,000 | 139,559 |
| | | |
| Energy - 8.6% | | |
| Oil & Gas Producers - 8.6% | | |
| EQT Corporation, 6.125%, due 02/01/25 (a) | 600,000 | 601,734 |
| Kinder Morgan Energy Partners, L.P., 3.450%, due 02/15/23 | 300,000 | 298,919 |
| ONEOK, Inc., | | |
| 5.000%, due 09/15/23 | 350,000 | 349,974 |
| 2.750%, due 09/01/24 | 575,000 | 550,314 |
| Pioneer Natural Resources Company, 0.550%, due 05/15/23 | 500,000 | 490,590 |
| | | 2,291,531 |
| Financials - 8.0% | | |
| Banking - 8.0% | | |
| Bank of America Corporation, 4.000%, due 01/22/25 | 200,000 | 195,995 |
| Capital One Bank, 3.375%, due 02/15/23 | 250,000 | 249,164 |
| JPMorgan Chase & Company, | | |
| 3.375%, due 05/01/23 | 500,000 | 496,705 |
| 1.100%, due 06/22/26 | 650,000 | 550,646 |
| Wells Fargo & Company, 4.125%, due 08/15/23 | 650,000 | 647,269 |
| | | 2,139,779 |
| Health Care - 2.0% | | |
| Biotech & Pharma - 2.0% | | |
| McKesson Corporation, 2.850%, due 03/15/23 | 540,000 | 536,251 |
| | | |
| CM Advisors Fixed Income Fund |
| Schedule of Investments (Continued) |
| |
| CORPORATE BONDS - 32.0% (Continued) | Par Value | Value |
| Industrials - 2.7% | | |
| Engineering & Construction - 0.6% | | |
| Fluor Corporation, 3.500%, due 12/15/24 | $ 166,000 | $ 158,913 |
| | | |
| Industrial Support Services - 2.1% | | |
| United Rentals North America, Inc., 5.500%, due 05/15/27 | 570,000 | 562,433 |
| | | |
| Technology - 4.4% | | |
| Semiconductors - 1.1% | | |
| QUALCOMM, Inc., 2.600%, due 01/30/23 | 300,000 | 299,149 |
| | | |
| Technology Hardware - 2.7% | | |
| Corning, Inc., 7.250%, due 08/15/36 | 500,000 | 527,650 |
| Hewlett Packard Enterprise Company, 4.450%, due 10/02/23 | 200,000 | 198,932 |
| | | 726,582 |
| Technology Services - 0.6% | | |
| Thomson Reuters Corporation, 4.300%, due 11/23/23 | 150,000 | 148,613 |
| | | |
| Utilities - 0.9% | | |
| Electric Utilities - 0.9% | | |
| American Electric Power Company, Inc., 2.031%, due 03/15/24 | 250,000 | 240,122 |
| | | |
| Total Corporate Bonds (Cost $8,668,537) | $ 8,545,735 |
| | | |
| | | |
| U.S. TREASURY OBLIGATIONS - 51.2% | Par Value | Value |
| U.S. Treasury Inflation-Protected Notes - 2.1% | |
| 2.375%, due 01/15/25 | $ 551,072 | $ 554,596 |
| | | |
| U.S. Treasury Notes - 49.1% | |
| 0.125%, due 12/31/22 | 2,000,000 | 1,993,672 |
| 2.375%, due 01/31/23 | 1,000,000 | 996,914 |
| 1.500%, due 02/28/23 | 1,000,000 | 992,828 |
| 2.500%, due 03/31/23 | 1,000,000 | 993,279 |
| 2.750%, due 04/30/23 | 1,000,000 | 992,383 |
| 2.750%, due 05/31/23 | 1,000,000 | 990,898 |
| 2.750%, due 11/15/23 | 6,250,000 | 6,133,301 |
| | | 13,093,275 |
| | |
| Total U.S. Treasury Obligations (Cost $13,791,073) | $ 13,647,871 |
| | |
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