CONCORDE WEALTH MANAGEMENT FUND
SCHEDULE OF INVESTMENTS IN SECURITIES
July 30th, 2022 (Unaudited)
Shares | Fair Value | Percent of Net Assets | ||||||||||
COMMON STOCKS - 59.04% | ||||||||||||
FINANCE & INSURANCE | ||||||||||||
JPMorgan Chase & Co. | 6,300 | $ | 709,443 | 1.97 | % | |||||||
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HEALTH CARE | ||||||||||||
Encompass Health Corp. | 9,500 | 532,475 | 1.48 | |||||||||
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INFORMATION | ||||||||||||
Comcast Corp. - Class A | 12,300 | 482,652 | 1.34 | |||||||||
Lumen Technologies, Inc. | 52,800 | 576,048 | 1.60 | |||||||||
Microsoft Corp. | 4,100 | 1,053,003 | 2.93 | |||||||||
Warner Bros Discovery, Inc. (a) | 32,250 | 432,795 | 1.20 | |||||||||
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2,544,498 | 7.07 | |||||||||||
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MANUFACTURING | ||||||||||||
AbbVie, Inc. | 5,200 | 796,432 | 2.21 | |||||||||
Bunge LTD. - ADR (b) | 7,050 | 639,365 | 1.78 | |||||||||
DuPont de Nemours, Inc. | 8,500 | 472,430 | 1.31 | |||||||||
Exxon Mobil Corp. | 7,300 | 625,172 | 1.74 | |||||||||
Fortune Brands Home & Security, Inc. | 7,000 | 419,160 | 1.16 | |||||||||
Hanesbrands, Inc. | 42,000 | 432,180 | 1.20 | |||||||||
Hubbell, Inc. | 4,000 | 714,320 | 1.99 | |||||||||
Johnson & Johnson | 5,300 | 940,803 | 2.61 | |||||||||
Louisiana-Pacific Corp. | 8,200 | 429,762 | 1.19 | |||||||||
Moderna, Inc. (a) | 2,500 | 357,125 | 0.99 | |||||||||
Northrop Grumman Corp. | 1,000 | 478,570 | 1.33 | |||||||||
Texas Instruments, Inc. | 2,200 | 338,030 | 0.94 | |||||||||
The Hershey Co. | 2,990 | 643,329 | 1.79 | |||||||||
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7,286,678 | 20.24 | |||||||||||
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MINING, QUARRYING & OIL & GAS EXTRACTION | ||||||||||||
Black Stone Minerals LP | 38,668 | 529,365 | 1.47 | |||||||||
Dorchester Minerals, LP | 23,500 | 560,475 | 1.56 | |||||||||
Franco-Nevada Corp. - ADR (b) | 5,600 | 736,848 | 2.05 | |||||||||
Kimbell Royalty Partners, LP | 31,000 | 486,080 | 1.35 | |||||||||
Martin Marietta Materials, Inc. | 1,100 | 329,164 | 0.91 | |||||||||
Pioneer Natural Resources Co. | 4,750 | 1,059,630 | 2.94 | |||||||||
Schlumberger LTD. - ADR (b) | 13,200 | 472,032 | 1.31 | |||||||||
Texas Pacific Land Corp. | 1,925 | 2,864,438 | 7.96 | |||||||||
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7,038,032 | 19.55 | |||||||||||
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REAL ESTATE & RENTAL & LEASING | ||||||||||||
The Howard Hughes Corp. (a) | 7,500 | 510,375 | 1.42 | |||||||||
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RETAIL TRADE | ||||||||||||
Amazon.com, Inc. (a) | 5,200 | 552,292 | 1.53 | |||||||||
Lowe’s Companies, Inc. | 4,000 | 698,680 | 1.94 | |||||||||
The TJX Companies, Inc. | 9,000 | 502,650 | 1.40 | |||||||||
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1,753,622 | 4.87 | |||||||||||
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TRANSPORTATION AND WAREHOUSING | ||||||||||||
Canadian Pacific Railway LTD. - ADR (b) | 4,614 | 322,242 | 0.90 | |||||||||
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UTILITIES | ||||||||||||
Kinder Morgan, Inc. | 33,000 | 553,080 | 1.54 | |||||||||
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TOTAL COMMON STOCKS (Cost $14,227,858) | 21,250,445 | 59.04 | ||||||||||
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PREFERRED STOCKS - 0.73% | ||||||||||||
PROFESSIONAL, SCIENTIFIC, & TECHNICAL SERVICES | ||||||||||||
Qurate Retail, Inc. (a) | 4,500 | 263,025 | 0.73 | |||||||||
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TOTAL PREFERRED STOCKS (Cost $391,943) | 263,025 | 0.73 | ||||||||||
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EXCHANGE TRADED FUNDS - 6.96% | ||||||||||||
JPMorgan Ultra-Short Income ETF | 17,000 | 851,530 | 2.37 | |||||||||
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 6,000 | 594,660 | 1.65 | |||||||||
Sprott Physical Gold Trust (a)(b) | 74,500 | 1,056,410 | 2.94 | |||||||||
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TOTAL EXCHANGE TRADED FUNDS (Cost $2,227,458) | 2,502,600 | 6.96 | ||||||||||
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CLOSED-END FUNDS - 3.78% | ||||||||||||
PIMCO Flexible Credit Income Fund - Institutional Class (c) | 47,619 | 374,765 | 1.04 | |||||||||
Pioneer ILS Interval Fund (c)(d) | 117,583 | 985,344 | 2.74 | |||||||||
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TOTAL CLOSED-END FUNDS (Cost $1,640,000) | 1,360,109 | 3.78 | ||||||||||
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OPEN-END FUND - 1.83% | ||||||||||||
Cohen & Steers Institutional Realty Shares | 6,784 | 321,712 | 0.89 | |||||||||
Morgan Stanley Global Fixed Income Opportunities Fund - Institutional Class (d) | 65,333 | 338,423 | 0.94 | |||||||||
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TOTAL OPEN-END FUND (Cost $639,125) | 660,135 | 1.83 | ||||||||||
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Capital Contributions | Fair Value | Percent of Net Assets | ||||||||||
PRIVATE FUNDS - 9.65% | ||||||||||||
LLR Equity Partners V, L.P. (a)(c)(e) | 920,000 | 1,290,533 | 3.59 | |||||||||
LRVHealth, L.P. (a)(c)(e) | 375,000 | 408,700 | 1.14 | |||||||||
Moran Tice 20:20 Fund, L.P. (a)(c)(e) | 250,000 | 181,604 | 0.50 | |||||||||
RCP Select Capital Fund, L.P. (a)(c)(e) | 400,000 | 400,000 | 1.11 | |||||||||
SPAC Opportunity Partners, LLC - Class A (a)(c)(e) | 1,000,000 | 835,607 | 2.32 | |||||||||
HONGKONGO (a)(c)(e) | 500,000 | 355,787 | 0.99 | |||||||||
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TOTAL PRIVATE FUNDS (Cost $3,286,882) | 3,472,231 | 9.65 | ||||||||||
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Shares | ||||||||||||
REITS - 2.34% | ||||||||||||
FINANCE & INSURANCE | ||||||||||||
Medical Properties Trust, Inc. | 27,000 | 412,290 | 1.15 | |||||||||
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REAL ESTATE & RENTAL & LEASING | ||||||||||||
First Industrial Realty Trust, Inc. | 9,000 | 427,320 | 1.19 | |||||||||
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TOTAL REITS (Cost $747,339) | 839,610 | 2.34 | ||||||||||
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Principal Amounts | ||||||||||||
CORPORATE BONDS - 2.75% | ||||||||||||
FINANCE & INSURANCE | ||||||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/23/2023 (b) | 100,000 | 99,608 | 0.28 | |||||||||
Discover Financial Services, 3.85%, 11/21/2022 | 200,000 | 200,495 | 0.56 | |||||||||
Fiserv, Inc., 3.50%, 10/01/2022 | 200,000 | 200,000 | 0.56 | |||||||||
JPMorgan Chase & Co., 4.29% to 10/03/2022 3 Month LIBOR USD + 3.320%, Perpetual (f)(g) | 175,000 | 163,188 | 0.45 | |||||||||
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663,291 | 1.85 | |||||||||||
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MANUFACTURING | ||||||||||||
Motorola Solutions, Inc., 7.50%, 05/15/2025 | 50,000 | 52,875 | 0.15 | |||||||||
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MINING, QUARRYING & OIL & GAS EXTRACTION | ||||||||||||
Freeport-McMoRan, Inc., 4.13%, 03/01/2028 | 150,000 | 139,420 | 0.39 | |||||||||
BP Capital Markets PLC, 4.88% to 12/22/2022 5 Year CMT Rate + 4.398%, Perpetual (b)(g) | 150,000 | 130,709 | 0.36 | |||||||||
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270,129 | 0.75 | |||||||||||
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TOTAL CORPORATE BONDS (Cost $1,042,248) | 986,295 | 2.75 | ||||||||||
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Principal Amounts | Fair Value | Percent of Net Assets | ||||||||||
U.S. GOVERNMENT OBLIGATIONS - 6.15% | ||||||||||||
UNITED STATES TREASURY NOTE | 2,250,000 | 2,213,174 | 6.15 | |||||||||
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TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost $2,269,705) | 2,213,174 | 6.15 | ||||||||||
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SHORT-TERM INVESTMENTS - 7.06% | ||||||||||||
US TREASURY BILL | 1,000,000 | 998,220 | 2.77 | |||||||||
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MONEY MARKET FUNDS | ||||||||||||
Invesco Government & Agency Portfolio - Institutional Class, 1.38% (h) | 80,244 | 80,244 | 0.22 | |||||||||
Morgan Stanley Institutional Liquidity Fund Government Portfolio - Institutional Class, 1.39% (h) | 1,465,940 | 1,465,941 | 4.07 | |||||||||
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1,546,185 | 4.29 | |||||||||||
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TOTAL SHORT-TERM INVESTMENTS (Cost $2,545,349) | 2,544,405 | 7.06 | ||||||||||
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Total Investments (Cost $29,017,907) - 100.29% | 36,092,029 | 100.29 | ||||||||||
Liabilities in Excess of Other Assets - (0.29)% | (107,087 | ) | (0.29 | ) | ||||||||
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TOTAL NET ASSETS - 100.00% | $ | 35,984,942 | 100.00 | % | ||||||||
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Percentages are stated as a percent of net assets.
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) | Restricted securities may be subject to restrictions on disposition imposed by the issuer. At June 30, 2022, restricted securities represented 13.47% of net assets of the Fund. |
(d) | Value determined based on estimated fair value. The value of these securities total $1,323,767, which represents 3.68% of total net assets. Classified as Level 3 in the fair value hierarchy. |
Please refer to Note 2 of the Notes to Financial Statements.
(e) | 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. |
(f) | Variable rate security; the coupon is based on a reference index and spread. The rate reported is the current rate as of June 30, 2022. After October 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. |
(g) | Security is a perpetual bond and has no definite maturity date. |
(h) | This security has a fluctuating yield; rate disclosed is the 7-day yield as of June 30, 2022. |
The accompanying notes are an integral part of these schedules of investments.
CONCORDE WEALTH MANAGEMENT FUND
SCHEDULE OF WRITTEN OPTIONS
June 30, 2022 (Unaudited)
Notional Amount | Number of Contracts (a) | Fair Value | Percent of Net Assets | |||||||||||||
WRITTEN OPTIONS - (0.02)% | ||||||||||||||||
WRITTEN CALL OPTIONS - (0.02)% | ||||||||||||||||
AbbVie, Inc. | ||||||||||||||||
Expiration: July 2022, Exercise Price: $157.50 | 229,740 | 15 | $ | 1,635 | 0.01 | % | ||||||||||
Hershey Co. | ||||||||||||||||
Expiration: July 2022, Exercise Price: $225.00 | 215,160 | 10 | 950 | 0.00 | % (b) | |||||||||||
Johnson & Johnson | ||||||||||||||||
Expiration: July 2022, Exercise Price: $182.50 | 266,265 | 15 | 1,365 | 0.00 | % (b) | |||||||||||
Microsoft Corp. | ||||||||||||||||
Expiration: July 2022, Exercise Price: $270.00 | 385,245 | 15 | 2,670 | 0.01 | % | |||||||||||
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TOTAL WRITTEN CALL OPTIONS (Premiums received $10,656) | 6,620 | 0.02 | % | |||||||||||||
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WRITTEN PUT OPTIONS - (0.00)% (b) | ||||||||||||||||
Amazon.com, Inc. | ||||||||||||||||
Expiration: July 2022, Exercise Price: $100.00 | 53,105 | 5 | 925 | 0.00 | % (b) | |||||||||||
DuPont de Nemours, Inc. | ||||||||||||||||
Expiration: July 2022, Exercise Price: $53.00 | 55,580 | 10 | 1,100 | 0.00 | % (b) | |||||||||||
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TOTAL WRITTEN PUT OPTIONS (Premiums received $1,547) | 2,025 | 0.00 | % | |||||||||||||
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TOTAL WRITTEN OPTIONS (Premiums received $12,203) | $ | 8,645 | 0.02 | % | ||||||||||||
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(a) | Each contract is equivalent to 100 shares of common stock. |
(b) | Amount is less than (0.05)%. |
The accompanying notes are an integral part of these schedules of investments.