| HODGES SMALL CAP FUND | ||||||
| SCHEDULE OF INVESTMENTS at June 30, 2023 (Unaudited) | ||||||
| Shares | Value | |||||
| COMMON STOCKS: 99.2% | ||||||
| Airlines: 3.9% | ||||||
| 60,000 | Alaska Air Group, Inc.1 | $ | 3,190,800 | |||
| 400,000 | Frontier Group Holdings, Inc. 1 | 3,868,000 | ||||
| 7,058,800 | ||||||
| Apparel: 3.0% | ||||||
| 165,000 | On Holding AG - Class A 1 | 5,445,000 | ||||
| Apparel & Shoe Retail: 2.0% | ||||||
| 155,000 | Shoe Carnival, Inc. | 3,639,400 | ||||
| Automobile: 2.3% | ||||||
| 16,000 | Group 1 Automotive, Inc. | 4,129,600 | ||||
| Banks: 6.2% | ||||||
| 25,000 | Cullen/Frost Bankers, Inc. | 2,688,250 | ||||
| 155,000 | Hilltop Holdings, Inc. | 4,876,300 | ||||
| 50,000 | Independent Bank Group, Inc. | 1,726,500 | ||||
| 35,000 | Prosperity Bancshares, Inc. | 1,976,800 | ||||
| 11,267,850 | ||||||
| Building Materials: 6.1% | ||||||
| 60,000 | Eagle Materials, Inc. | 11,185,200 | ||||
| Commercial Services: 4.4% | ||||||
| 75,000 | Lawson Products, Inc. 1 | 3,904,500 | ||||
| 60,000 | Shift4 Payments, Inc. - Class A 1 | 4,074,600 | ||||
| 7,979,100 | ||||||
| Computers: 1.4% | ||||||
| 100,000 | NCR Corp. 1 | 2,520,000 | ||||
| Electrical Components & Equipment: 3.1% | ||||||
| 30,000 | Encore Wire Corp. | 5,577,900 | ||||
| Electronics: 4.0% | ||||||
| 175,000 | Kimball Electronics, Inc. 1 | 4,835,250 | ||||
| 130,000 | Knowles Corp. 1 | 2,347,800 | ||||
| 7,183,050 | ||||||
| Entertainment: 2.1% | ||||||
| 230,000 | Cinemark Holdings, Inc. 1 | 3,795,000 | ||||
| Food: 3.3% | ||||||
| 80,000 | Sprouts Farmers Market, Inc. 1 | 2,938,400 | ||||
| 450,000 | SunOpta, Inc. 1 | 3,010,500 | ||||
| 5,948,900 | ||||||
| Healthcare Products: 4.5% | ||||||
| 175,000 | Bausch + Lomb Corp. 1 | 3,512,250 | ||||
| 125,000 | Inmode Ltd. 1 | 4,668,750 | ||||
| 8,181,000 | ||||||
| Healthcare Services: 2.0% | ||||||
| 30,000 | U.S. Physical Therapy, Inc. | 3,641,700 | ||||
| Home Builders: 3.5% | ||||||
| 130,000 | Taylor Morrison Home Corp. 1 | 6,340,100 | ||||
| Home Furnishings: 5.1% | ||||||
| 135,000 | Ethan Allen Interiors, Inc. | 3,817,800 | ||||
| 80,000 | The Lovesac Co. 1 | 2,156,000 | ||||
| 10,000 | RH 1 | 3,295,900 | ||||
| 9,269,700 | ||||||
| Insurance: 1.0% | ||||||
| 30,000 | Goosehead Insurance, Inc. - Class A 1 | 1,886,700 | ||||
| Iron & Steel: 5.2% | ||||||
| 325,000 | Cleveland-Cliffs, Inc. 1 | 5,447,000 | ||||
| 75,000 | Commercial Metals Co. | 3,949,500 | ||||
| 9,396,500 | ||||||
| Leisure Time: 8.2% | ||||||
| 25,000 | Brunswick Corp. | 2,166,000 | ||||
| 200,000 | Norwegian Cruise Line Holdings Ltd. 1 | 4,354,000 | ||||
| 225,000 | Topgolf Callaway Brands Corp. 1 | 4,466,250 | ||||
| 140,000 | Vista Outdoor, Inc. 1 | 3,873,800 | ||||
| 14,860,050 | ||||||
| Lodging: 1.1% | ||||||
| 30,000 | Boyd Gaming Corp. | 2,081,100 | ||||
| Machinery - Diversified: 1.0% | ||||||
| 10,000 | Alamo Group, Inc. | 1,839,100 | ||||
| Oil Companies Exploration & Production: 10.9% | ||||||
| 175,000 | Matador Resources Co. | 9,156,000 | ||||
| 350,000 | Permian Resources Corp. - Class A | 3,836,000 | ||||
| 215,000 | SM Energy Co. | 6,800,450 | ||||
| 19,792,450 | ||||||
| Packaging & Containers: 1.9% | ||||||
| 140,000 | Graphic Packaging Holding Co. | 3,364,200 | ||||
| Restaurants: 1.2% | ||||||
| 20,000 | Texas Roadhouse, Inc. | 2,245,600 | ||||
| Semiconductors: 3.1% | ||||||
| 40,000 | Diodes, Inc. 1 | 3,699,600 | ||||
| 26,000 | Silicon Motion Technology Corp. - ADR | 1,868,360 | ||||
| 5,567,960 | ||||||
| Software: 2.0% | ||||||
| 115,000 | AppLovin Corp. - Class A 1 | 2,958,950 | ||||
| 200,000 | Upland Software, Inc. 1 | 720,000 | ||||
| 3,678,950 | ||||||
| Sporting Goods: 1.2% | ||||||
| 40,000 | Academy Sports & Outdoors, Inc. | 2,162,000 | ||||
| Transportation: 2.0% | ||||||
| 47,000 | Kirby Corp. 1 | 3,616,650 | ||||
| U.S. Royalty Trusts: 2.5% | ||||||
| 3,500 | Texas Pacific Land Corp. | 4,607,750 | ||||
| Vision Services: 1.0% | ||||||
| 75,000 | National Vision Holdings, Inc. 1 | 1,821,750 | ||||
| TOTAL COMMON STOCKS | ||||||
| (Cost $115,247,566) | 180,083,060 | |||||
| TOTAL INVESTMENTS IN SECURITIES: 99.2% | ||||||
| (Cost $115,247,566) | 180,083,060 | |||||
| Other Assets in Excess of Liabilities: 0.8% | 1,375,733 | |||||
| TOTAL NET ASSETS: 100.0% | $ | 181,458,793 | ||||
| ADR - American Depositary Receipt | ||||||
1 | Non-income producing security. | |||||
| Hodges Small Cap Fund | ||||
| Summary of Fair Value Exposure at June 30, 2023 (Unaudited) | ||||
The Hodges Small Cap 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 | $ | 180,083,060 | $ | - | $ | - | $ | 180,083,060 | |||||||
| Total Investments in Securities | $ | 180,083,060 | $ | - | $ | - | $ | 180,083,060 | |||||||