| HODGES FUND | |||||||
| SCHEDULE OF INVESTMENTS at June 30, 2023 (Unaudited) | |||||||
| Shares | Value | ||||||
| COMMON STOCKS: 94.3% | |||||||
| Airlines: 2.6% | |||||||
| 410,000 | Frontier Group Holdings, Inc. 1 | $ | 3,964,700 | ||||
| Apparel: 3.4% | |||||||
| 160,000 | On Holding AG - Class A 1 | 5,280,000 | |||||
| Auto Manufacturers: 1.2% | |||||||
| 50,000 | General Motors Co. | 1,928,000 | |||||
| Banks: 1.7% | |||||||
| 25,000 | Cullen/Frost Bankers, Inc. | 2,688,250 | |||||
| Building Materials: 5.8% | |||||||
| 25,000 | Builders FirstSource, Inc. 1 | 3,400,000 | |||||
| 30,000 | Eagle Materials, Inc. | 5,592,600 | |||||
| 8,992,600 | |||||||
| Commercial Services: 6.4% | |||||||
| 55,000 | Shift4 Payments, Inc. - Class A 1 | 3,735,050 | |||||
| 400,000 | The GEO Group, Inc. 1 | 2,864,000 | |||||
| 150,000 | Toast, Inc. - Class A 1 | 3,385,500 | |||||
| 9,984,550 | |||||||
| Computers: 1.6% | |||||||
| 100,000 | NCR Corp. 1 | 2,520,000 | |||||
| Diversifed Financial Services: 4.8% | |||||||
| 25,000 | Coinbase Global, Inc. 1 | 1,788,750 | |||||
| 100,000 | The Charles Schwab Corp. | 5,668,000 | |||||
| 7,456,750 | |||||||
| Electrical Components & Equipment: 5.4% | |||||||
| 45,000 | Encore Wire Corp. | 8,366,850 | |||||
| Entertainment: 5.1% | |||||||
| 200,000 | Cinemark Holdings, Inc. 1 | 3,300,000 | |||||
| 175,000 | DraftKings, Inc. - Class A 1 | 4,649,750 | |||||
| 7,949,750 | |||||||
| Healthcare Products: 0.2% | |||||||
| 1,000,000 | ViewRay, Inc. 1 | 352,200 | |||||
| Internet: 10.5% | |||||||
| 100,000 | Revolve Group, Inc. - Class A 1 | 1,640,000 | |||||
| 500,000 | Solo Brands, Inc. - Class A 1 | 2,830,000 | |||||
| 275,000 | Uber Technologies, Inc. 1 | 11,871,750 | |||||
| 16,341,750 | |||||||
| Iron & Steel: 5.1% | |||||||
| 350,000 | Cleveland-Cliffs, Inc. 1 | 5,866,000 | |||||
| 40,000 | Commercial Metals Co. | 2,106,400 | |||||
| 7,972,400 | |||||||
| Leisure Time: 6.6% | |||||||
| 250,000 | Norwegian Cruise Line Holdings Ltd. 1 | 5,442,500 | |||||
| 225,000 | Topgolf Callaway Brands Corp. 1 | 4,466,250 | |||||
| 12,552 | Vista Outdoor, Inc. 1 | 347,314 | |||||
| 10,256,064 | |||||||
| Lodging: 1.0% | |||||||
| 15,000 | Wynn Resorts Ltd. | 1,584,150 | |||||
| Mining: 2.6% | |||||||
| 100,000 | Freeport-McMoRan, Inc. | 4,000,000 | |||||
| Oil Companies Exploration & Production: 10.5% | |||||||
| 70,000 | Chesapeake Energy Corp. | 5,857,600 | |||||
| 200,000 | Matador Resources Co. | 10,464,000 | |||||
| 16,321,600 | |||||||
| Oil Field Services: 1.6% | |||||||
| 300,000 | ProPetro Holding Corp. 1 | 2,472,000 | |||||
| Private Equity: 1.1% | |||||||
| 150,000 | P10, Inc. - Class A | 1,695,000 | |||||
| Semiconductors: 9.6% | |||||||
| 50,000 | Micron Technology, Inc. | 3,155,500 | |||||
| 10,000 | NVIDIA Corp. | 4,230,200 | |||||
| 80,000 | ON Semiconductor Corp. 1 | 7,566,400 | |||||
| 14,952,100 | |||||||
| Software: 1.7% | |||||||
| 718,334 | Upland Software, Inc. 1 | 2,586,002 | |||||
| Telecommunications: 1.9% | |||||||
| 85,000 | Corning, Inc. | 2,978,400 | |||||
| Textiles: 0.5% | |||||||
| 514,641 | The Dixie Group, Inc. 1 | 684,473 | |||||
| U.S. Royalty Trusts: 3.4% | |||||||
| 4,000 | Texas Pacific Land Corp. | 5,266,000 | |||||
| TOTAL COMMON STOCKS | |||||||
| (Cost $109,689,097) | 146,593,589 | ||||||
| Contracts | |||||||
| (100 shares per contract) | Notional Value | ||||||
CALL OPTIONS PURCHASED: 5.2% 1 | |||||||
| Aerospace & Defense: 0.9% | |||||||
| 350 | The Boeing Co., Expiration: September 2023, Exercise Price: $175.00 | $ | 7,390,600 | 1,387,750 | |||
| Healthcare Prodcuts: 0.6% | |||||||
| 125 | Intuitive Surgical, Inc., Expiration: October 2023, Exercise Price: $275.00 | 4,274,250 | 908,750 | ||||
| Internet: 3.2% | |||||||
| 1,150 | Airbnb, Inc., Expiration: July 2023, Exercise Price: $100.00 | 14,738,400 | 3,286,125 | ||||
| 50 | Booking Holdings, Inc., Expiration: November 2023, Exercise Price: $2,500.00 | 13,501,650 | 1,695,500 | ||||
| 4,981,625 | |||||||
| Pharmaceuticals: 0.5% | |||||||
| 200 | Novo Nordisk A/S - Class A, Expiration: October 2023, Exercise Price: $125.00 | 3,236,600 | 787,000 | ||||
| TOTAL CALL OPTIONS PURCHASED | |||||||
| (Cost $6,955,908) | 8,065,125 | ||||||
| TOTAL INVESTMENTS IN SECURITIES: 99.5% | |||||||
| (Cost $116,645,005) | 154,658,714 | ||||||
| Other Assets in Excess of Liabilities: 0.5% | 851,924 | ||||||
| TOTAL NET ASSETS: 100.0% | $ | 155,510,638 | |||||
1 | Non-income producing security. | ||||||
| Hodges Fund | ||||
| Summary of Fair Value Exposure at June 30, 2023 (Unaudited) | ||||
The Hodges Fund (the “Fund”) utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP (Generally Accepted Accounting Principles) establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | ||||
• Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. • Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment spreads, credit risk, yield curves, default rates and similar data. • Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. | ||||
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2023. See the Schedule of Investments for an industry breakout. | ||||
| Description | Level 1 | Level 2 | Level 3 | Total | |||||||||||
| Common Stocks | �� | $ | 146,593,589 | $ | - | $ | - | $ | 146,593,589 | ||||||
| Call Options Purchased | - | 8,065,125 | - | 8,065,125 | |||||||||||
| Total Investments in Securities | $ | 146,593,589 | $ | 8,065,125 | $ | - | $ | 154,658,714 | |||||||