CONCORDE WEALTH MANAGEMENT FUND | ||||||||||||
SCHEDULE OF INVESTMENTS IN SECURITIES | ||||||||||||
December 31, 2020 (Unaudited) | ||||||||||||
Shares or | ||||||||||||
Principal | Fair | Percent of | ||||||||||
Amount | Value | Net Assets | ||||||||||
COMMON STOCKS - 51.15% | ||||||||||||
FINANCE & INSURANCE | ||||||||||||
JPMorgan Chase & Co. | 4,600 | $ | 584,522 | 2.08 | % | |||||||
HEALTH CARE | ||||||||||||
Encompass Health Corp. | 6,500 | 537,485 | 1.91 | |||||||||
INFORMATION | ||||||||||||
Comcast Corp. - Class A | 9,800 | 513,520 | 1.82 | |||||||||
Discovery, Inc. - Class C (a) | 18,000 | 471,420 | 1.67 | |||||||||
Lumen Technologies, Inc. | 39,000 | 380,250 | 1.35 | |||||||||
Microsoft Corp. | 6,100 | 1,356,762 | 4.82 | |||||||||
The Walt Disney Co. (a) | 4,600 | 833,428 | 2.96 | |||||||||
3,555,380 | 12.62 | |||||||||||
MANUFACTURING | ||||||||||||
AbbVie, Inc. | 5,200 | 557,180 | 1.98 | |||||||||
DuPont de Nemours, Inc. | 9,000 | 639,990 | 2.27 | |||||||||
Exxon Mobil Corp. | 6,400 | 263,808 | 0.94 | |||||||||
Fortune Brands Home & Security, Inc. | 6,500 | 557,180 | 1.98 | |||||||||
Hanesbrands, Inc. | 30,000 | 437,400 | 1.55 | |||||||||
Hubbell, Inc. | 1,900 | 297,901 | 1.06 | |||||||||
Johnson & Johnson | 2,500 | 393,450 | 1.40 | |||||||||
Northrop Grumman Corp. | 800 | 243,776 | 0.86 | |||||||||
The Hershey Co. | 2,590 | 394,535 | 1.40 | |||||||||
3,785,220 | 13.44 | |||||||||||
MINING, QUARRYING & OIL & GAS EXTRACTION | ||||||||||||
Franco-Nevada Corp. (b) | 5,600 | 701,848 | 2.49 | |||||||||
Pioneer Natural Resources Co. | 4,750 | 540,977 | 1.92 | |||||||||
Martin Marietta Materials, Inc. | 1,100 | 312,367 | 1.11 | |||||||||
Schlumberger Ltd. (b) | 14,200 | 309,986 | 1.10 | |||||||||
1,865,178 | 6.62 | |||||||||||
PROFESSIONAL, SCIENTIFIC & TECHNICAL SERVICES | ||||||||||||
Vivendi SA - ADR (b) | 15,000 | 481,500 | 1.71 | |||||||||
REAL ESTATE & RENTAL & LEASING | ||||||||||||
The Howard Hughes Corp. (a) | 7,500 | 591,975 | 2.10 | |||||||||
RETAIL TRADE | ||||||||||||
Amazon.com, Inc. (a) | 220 | 716,525 | 2.54 | |||||||||
Lowe's Companies, Inc. | 4,000 | 642,040 | 2.28 | |||||||||
The TJX Companies, Inc. | 7,500 | 512,175 | 1.82 | |||||||||
1,870,740 | 6.64 | |||||||||||
TRANSPORTATION & WAREHOUSING | ||||||||||||
Kansas City Southern | 1,600 | 326,608 | 1.16 | |||||||||
Southwest Airlines Co. | 8,700 | 405,507 | 1.44 | |||||||||
732,115 | 2.60 | |||||||||||
UTILITIES | ||||||||||||
Kinder Morgan, Inc. | 29,500 | 403,265 | 1.43 | |||||||||
TOTAL COMMON STOCKS (Cost $9,073,025) | 14,407,380 | 51.15 | ||||||||||
EXCHANGE TRADED FUNDS - 8.42% | ||||||||||||
JPMorgan Ultra-Short Income ETF | 14,500 | 736,455 | 2.62 | |||||||||
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 5,000 | 510,200 | 1.81 | |||||||||
Sprott Physical Gold Trust (a)(b) | 74,500 | 1,124,205 | 3.99 | |||||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $1,999,236) | 2,370,860 | 8.42 |
CLOSED-END FUNDS - 4.61% | ||||||||||||
PIMCO Flexible Credit Income Fund - Institutional Class (e) | 47,619 | 440,480 | 1.56 | |||||||||
Pioneer ILS Interval Fund (e) | 101,112 | 858,443 | 3.05 | |||||||||
TOTAL CLOSED-END FUNDS (Cost $1,500,000) | 1,298,923 | 4.61 | ||||||||||
OPEN-END FUNDS - 2.38% | ||||||||||||
Cohen & Steers Institutional Realty Shares | 6,629 | 287,103 | 1.02 | |||||||||
Morgan Stanley Global Fixed Income Opportunities Fund - Institutional Class | 65,333 | 384,156 | 1.36 | |||||||||
TOTAL OPEN-END FUNDS (Cost $630,435) | 671,259 | 2.38 | ||||||||||
PRIVATE FUNDS - 6.46% | ||||||||||||
LLR Equity Partners V, L.P. (d)(e) | 920,000 | 863,420 | 3.07 | |||||||||
LRVHealth, L.P. (a)(d)(e) | 125,000 | 102,108 | 0.36 | |||||||||
Moran Tice 20:20 Fund, L.P. (a)(d)(e) | 250,000 | 247,996 | 0.88 | |||||||||
Partners Group Private Equity (Master Fund) LLC - Class I (d)(e) | 89,425 | 606,943 | 2.15 | |||||||||
TOTAL PRIVATE FUNDS (Cost $1,693,583) | 1,820,467 | 6.46 | ||||||||||
REITS - 3.73% | ||||||||||||
REAL ESTATE & RENTAL & LEASING | ||||||||||||
First Industrial Realty Trust, Inc. | 5,500 | 231,715 | 0.82 | |||||||||
Medical Properties Trust, Inc. | 22,000 | 479,380 | 1.70 | |||||||||
VEREIT, Inc. | 9,000 | 340,110 | 1.21 | |||||||||
TOTAL REITS (Cost $819,047) | 1,051,205 | 3.73 | ||||||||||
ROYALTY TRUST - 6.20% | ||||||||||||
MINING, QUARRYING & OIL & GAS EXTRACTION | ||||||||||||
Texas Pacific Land Trust | 2,400 | 1,744,800 | 6.20 | |||||||||
TOTAL ROYALTY TRUST (Cost $332,446) | 1,744,800 | 6.20 | ||||||||||
CONVERTIBLE PREFERRED STOCK - 0.35% | ||||||||||||
PROFESSIONAL, SCIENTIFIC & TECHNICAL SERVICES | ||||||||||||
Qurate Retail, Inc. - Class B, 8.000% | 1,000 | 99,000 | 0.35 | |||||||||
TOTAL CONVERTIBLE PREFERRED STOCK (Cost $98,440) | 99,000 | 0.35 | ||||||||||
CORPORATE BONDS - 4.57% | ||||||||||||
FINANCE & INSURANCE | ||||||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust - Class B, 3.300%, 01/23/2023 (b) | 100,000 | 104,345 | 0.37 | |||||||||
Discover Financial Services, 3.850%, 11/21/2022 | 200,000 | 212,705 | 0.76 | |||||||||
Ford Motor Credit Co. LLC, 3.550%, 05/20/2021 | 150,000 | 150,629 | 0.53 | |||||||||
JPMorgan Chase & Co., 3.545% to 01/04/2021 then 3 Month LIBOR USD + 3.320%, Perpetual (f) | 175,000 | 171,927 | 0.61 | |||||||||
U.S. Bancorp, 5.125% to 01/15/2021 then 3 Month LIBOR USD + 3.486%, Perpetual (f) | 180,000 | 179,550 | 0.64 | |||||||||
819,156 | 2.91 | |||||||||||
INFORMATION | ||||||||||||
Fiserv, Inc., 3.500%, 10/01/2022 | 200,000 | 209,250 | 0.74 | |||||||||
MINING, QUARRYING & OIL & GAS EXTRACTION | ||||||||||||
Freeport-McMoRan, Inc., 3.550%, 03/01/2022 | 150,000 | 152,625 | 0.54 | |||||||||
RETAIL TRADE | ||||||||||||
CVS Health Corp., 3.700%, 03/09/2023 | 100,000 | 106,982 | 0.38 | |||||||||
TOTAL CORPORATE BONDS (Cost $1,250,124) | 1,288,013 | 4.57 | ||||||||||
U.S. GOVERNMENT OBLIGATIONS - 8.15% | ||||||||||||
United States Treasury Notes | ||||||||||||
1.875%, 01/31/2022 | 1,600,000 | 1,630,250 | 5.79 | |||||||||
2.250%, 08/15/2027 | 600,000 | 665,297 | 2.36 | |||||||||
TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost $2,274,781) | 2,295,547 | 8.15 | ||||||||||
SHORT-TERM INVESTMENT - 4.23% | ||||||||||||
MONEY MARKET FUND | ||||||||||||
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.03% (c) | 1,191,397 | 1,191,397 | 4.23 | |||||||||
TOTAL SHORT-TERM INVESTMENT (Cost $1,191,397) | 1,191,397 | 4.23 | ||||||||||
Total Investments (Cost $20,862,514) - 100.25% | 28,238,851 | 100.25 | ||||||||||
Liabilities in Excess of Other Assets - (0.25)% | (70,456 | ) | (0.25 | ) | ||||||||
TOTAL NET ASSETS - 100.00% | $ | 28,168,395 | 100.00 | % |
ADR | American Depositary Receipt | ||||||
REIT | Real Estate Investment Trust | ||||||
(a) | Presently non-income producing. | ||||||
(b) | Foreign issued security listed directly on a U.S. securities exchange. | ||||||
(c) | This security has a fluctuating yield; rate disclosed is the 7-day yield as of December 31, 2020. | ||||||
(d) | Securities for which market quotations are not readily available are valued at fair value determined by the Advisor. Such values are approved on a quarterly basis by the Board of Directors. | ||||||
(e) | Restricted securities may be subject to restrictions on disposition imposed by the issuer. At December 31, 2020, restricted securities represented 11.07% of net assets of the Fund. | ||||||
(f) | Variable rate security. The coupon is based on a reference index and spread. The rate reported is the rate in effect as of December 31, 2020. After January 1, 2022, LIBOR (London InterBank Offered Rate) may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. | ||||||
Percentages are stated as a percent of net assets. |
Securities Valuation as of December 31, 2020 (Unaudited) | |||||||||
The Fund utilizes various methods to measure the fair value of most of its investments on a recurring basis. FASB ASC Topic 820, Fair Value Measurements and Disclosures ("ASC 820") defines fair values, establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value in accordance with U.S. GAAP and requires disclosure about fair value measurements. Under ASC 820, various inputs are used in determining the value of the Fund's investments. The three levels of inputs are as follows: | |||||||||
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the date of measurement. | |||||||||
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 in active markets, interest rates, credit risk, yield curves, default rates and simlar data. | |||||||||
Level 3 –Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Fund’s own assumptions that market participants would use in valuing the asset or liability at the measurement date and would be based on the best available information. | |||||||||
Certain restricted securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the Fund's Board of Directors as reflecting fair value. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on the Fund's investments in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the Fund's Board of Directors. |
Additional information on each illiquid restricted security held by the Fund on December 31, 2020 is as follows:
Security | Initial Acquisition Date | Shares | Cost | Fair Value | % of Net Assets | ||||||||||||
Partners Group Private Equity (Master Fund) LLC - Class I | December 1, 2017 | 89,425 | $ | 500,000 | $ | 606,943 | 2.15 | % | |||||||||
LLR Equity Partners V, L.P. | March 14, 2018 | 920,000 | 818,583 | 863,420 | 3.07 | ||||||||||||
PIMCO Flexible Credit Income Fund - Institutional Class | March 15, 2018 | 47,619 | 500,000 | 440,480 | 1.56 | ||||||||||||
Pioneer ILS Interval Fund | August 27, 2018 | 101,112 | 1,000,000 | 858,443 | 3.05 | ||||||||||||
LRVHealth, L.P. | July 16, 2019 | 125,000 | 125,000 | 102,108 | 0.36 | ||||||||||||
Moran Tice 20:20 Fund, L.P. | July 31, 2020 | 250,000 | 250,000 | 247,996 | 0.88 |
The Fund did not hold any investments during the period with significant unobservable inputs which would be classified as Level 3. | |||||||||
The following table summarized the inputs used to value the Fund's investments measured at fair value as of December 31, 2020: |
Investments - Assets: | Practical Expedient* | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Common Stocks | ||||||||||||||||||||
Finance & Insurance | $ | - | $ | 584,522 | $ | - | $ | - | $ | 584,522 | ||||||||||
Health Care | - | 537,485 | - | - | 537,485 | |||||||||||||||
Information | - | 3,555,380 | - | - | 3,555,380 | |||||||||||||||
Manufacturing | - | 3,785,220 | - | - | 3,785,220 | |||||||||||||||
Mining, Quarrying & Oil & Gas Extraction | - | 1,865,178 | - | - | 1,865,178 | |||||||||||||||
Professional, Scientific & Technical Services | - | 481,500 | - | - | 481,500 | |||||||||||||||
Real Estate & Rental & Leasing | - | 591,975 | - | - | 591,975 | |||||||||||||||
Retail Trade | - | 1,870,740 | - | - | 1,870,740 | |||||||||||||||
Transportation & Warehousing | - | 732,115 | - | - | 732,115 | |||||||||||||||
Utilities | - | 403,265 | - | - | 403,265 | |||||||||||||||
Total Common Stocks | - | 14,407,380 | - | - | 14,407,380 | |||||||||||||||
Exchange Traded Funds | - | 2,370,860 | - | - | 2,370,860 | |||||||||||||||
Closed-End Funds | - | 1,298,923 | - | - | 1,298,923 | |||||||||||||||
Open-End Funds | - | 671,259 | - | - | 671,259 | |||||||||||||||
Private Funds | 1,820,467 | ^ | - | - | - | 1,820,467 | ||||||||||||||
REITs | ||||||||||||||||||||
Real Estate & Rental & Leasing | - | 1,051,205 | - | - | 1,051,205 | |||||||||||||||
Total REITs | - | 1,051,205 | - | - | 1,051,205 | |||||||||||||||
Royalty Trust | ||||||||||||||||||||
Mining, Quarrying & Oil & Gas Extraction | - | 1,744,800 | - | - | 1,744,800 | |||||||||||||||
Total Royalty Trust | - | 1,744,800 | - | - | 1,744,800 | |||||||||||||||
Convertible Preferred Stock | ||||||||||||||||||||
Professional, Scientific & Technical Services | - | 99,000 | - | - | 99,000 | |||||||||||||||
Total Convertible Preferred Stock | - | 99,000 | - | - | 99,000 | |||||||||||||||
Corporate Bonds | ||||||||||||||||||||
Finance & Insurance | - | - | 819,156 | - | 819,156 | |||||||||||||||
Information | - | - | 209,250 | - | 209,250 | |||||||||||||||
Mining, Quarrying & Oil & Gas Extraction | - | - | 152,625 | 152,625 | ||||||||||||||||
Retail Trade | - | - | 106,982 | - | 106,982 | |||||||||||||||
Total Corporate Bonds | - | - | 1,288,013 | - | 1,288,013 | |||||||||||||||
U.S. Government Obligations | - | - | 2,295,547 | - | 2,295,547 | |||||||||||||||
Short-Term Investment | - | 1,191,397 | - | - | 1,191,397 | |||||||||||||||
Total Investments - Assets | $ | 1,820,467 | $ | 22,834,824 | $ | 3,583,560 | $ | - | $ | 28,238,851 |
* | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts present in the schedule of investments. |
^ | Security | Withdrawals Permitted | Redemption Notice Period | Investment Objective | Investment Strategy | Lock Up Period | |||
Partners Group Private Equity (Master Fund) LLC - Class I | Not Applicable(1) | Not Applicable | Capital Appreciation | Globally diversified portfolio of private equity investments | None | ||||
LLR Equity Partners V, L.P. | No | Not Applicable | Capital Appreciation | Diversified portfolio of equity investments in lower middle market growth companies primarily focused on software and services | Not Applicable | ||||
LRVHealth, L.P | No | Not Applicable | Capital Appreciation | Non-diversified portfolio of insurance-linked securities | Not Applicable | ||||
Moran Tice 20:20 Fund, L.P. | Yes | 30 days | Value | Diversified portfolio of investments the Investment Manager believes will be influenced by macro-economic trends and/or event-driven situations | None | ||||
(1) | Up to 5% of the Fund's net asset value per quarter via tender offer. The tender offer is subject to board approval and not a guarantee of future liquidity. A 2% early repurchase fee will be imposed for repurchases made within one year of investment. |