Concorde Funds NPORT-P Concorde Wealth Management Fund (Dec 2022 report)

CONCORDE WEALTH MANAGEMENT FUND
SCHEDULE OF INVESTMENTS IN SECURITIES
December 31, 2022 (Unaudited)
			Fair		Percent of
	Shares		Value		Net Assets
COMMON STOCKS - 52.89%
FINANCE & INSURANCE
Chubb Ltd. - ADR (a)		1,800	$	397,080		1.05	%
JPMorgan Chase & Co.		7,000		938,700		2.49
				1,335,780		3.54
INFORMATION
Lumen Technologies, Inc.		49,000		255,780		0.68
Microsoft Corp.		3,200		767,424		2.04
Warner Bros Discovery, Inc. (b)		45,250		428,970		1.14
				1,452,174		3.86
MANUFACTURING
AbbVie, Inc.		5,200		840,372		2.23
Bunge Ltd. - ADR (a)		7,050		703,379		1.87
DuPont de Nemours, Inc.		6,500		446,095		1.18
Exxon Mobil Corp.		6,800		750,040		1.99
Hubbell, Inc.		3,500		821,380		2.18
Johnson & Johnson		4,800		847,920		2.25
Louisiana-Pacific Corp.		9,100		538,720		1.43
Moderna, Inc. (b)		3,200		574,784		1.53
Northrop Grumman Corp.		700		381,927		1.01
Texas Instruments, Inc.		2,200		363,484		0.96
The Hershey Co.		2,090		483,981		1.28
				6,752,082		17.91
MINING, QUARRYING & OIL & GAS EXTRACTION
Black Stone Minerals LP		68,668		1,158,429		3.07
Dorchester Minerals, LP		23,500		703,355		1.87
Franco-Nevada Corp. - ADR (a)		5,600		764,288		2.03
Martin Marietta Materials, Inc.		1,100		371,767		0.99
Pioneer Natural Resources Co.		4,750		1,084,853		2.88
Texas Pacific Land Corp.		1,445		3,387,412		8.99
				7,470,104		19.83
REAL ESTATE & RENTAL & LEASING
The Howard Hughes Corp. (b)		6,500		496,730		1.32
RETAIL TRADE
Amazon.com, Inc. (b)		5,200		436,800		1.16
Lowe’s Companies, Inc.		3,000		597,720		1.59
The TJX Companies, Inc.		7,500		597,000		1.58
				1,631,520		4.33
TRANSPORTATION AND WAREHOUSING
Canadian Pacific Railway Ltd. - ADR (a)		5,000		372,950		0.99
UTILITIES
Kinder Morgan, Inc.		10,000		180,800		0.48
WHOLESALE TRADE
Energy Transfer LP		20,000		237,400		0.63
TOTAL COMMON STOCKS (Cost $11,381,963)				19,929,540		52.89
EXCHANGE TRADED FUNDS - 7.02%
JPMorgan Ultra-Short Income ETF		20,000		1,002,600		2.66
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		6,000		591,900		1.57
Sprott Physical Gold Trust(a)(b)		74,500		1,050,450		2.79
TOTAL EXCHANGE TRADED FUNDS (Cost $2,377,968)				2,644,950		7.02
CLOSED-END FUNDS - 3.42%
PIMCO Flexible Credit Income Fund - Institutional Class (c)		47,619		335,717		0.89
Pioneer ILS Interval Fund (c)		117,583		953,597		2.53
TOTAL CLOSED-END FUNDS (Cost $1,640,000)				1,289,314		3.42
OPEN-END FUNDS - 1.65%
Cohen & Steers Institutional Realty Shares		6,895		293,441		0.78
Morgan Stanley Global Fixed Income Opportunities Fund - Institutional Class		65,333		326,663		0.87
TOTAL OPEN-END FUNDS (Cost $644,087)				620,104		1.65
	Capital
	Contributions
PRIVATE FUNDS - 9.51%
CLI Capital (b)(c)(d)		45,455		250,000		0.66
Hayman Hong Kong Opportunities Fund, L.P. (b)(c)(d)		500,000		283,344		0.75
LLR Equity Partners Parallel V, L.P. (b)(c)(d)		970,000		1,350,041		3.58
LRVHealth, L.P. (b)(c)(d)		375,000		448,937		1.19
Moran Tice 20:20 Fund, L.P. (b)(c)(d)		250,000		183,136		0.49
RCP Select Capital Fund, L.P. (b)(c)(d)		500,000		500,000		1.33
SPAC Opportunity Partners, LLC - Class A (b)(c)(d)		1,000,000		569,122		1.51
TOTAL PRIVATE FUNDS (Cost $3,661,882)				3,584,580		9.51
	Shares
REITS - 2.69%
FINANCE & INSURANCE
First Industrial Realty Trust, Inc.		12,000		579,120		1.54
REAL ESTATE & RENTAL & LEASING
Medical Properties Trust, Inc.		39,000		434,460		1.15
TOTAL REITS (Cost $998,898)				1,013,580		2.69
	Principal
CORPORATE BONDS - 2.07%	Amounts
FINANCE & INSURANCE
Discover Financial Services, 3.75%, 03/04/2025		150,000		143,699		0.38
JPMorgan Chase & Co., 6.10% to 04/01/2023 (3 Month LIBOR USD + 3.330%), Perpetual (e)(f)		150,000		145,990		0.39
				289,689		0.77
MANUFACTURING
Motorola Solutions, Inc., 7.50%, 05/15/2025		75,000		77,157		0.20
MINING, QUARRYING & OIL & GAS EXTRACTION
BP Capital Markets PLC, 4.88% to 06/22/2023 (5 Year CMT Rate + 4.398%), Perpetual (a)(e)(f)		150,000		131,250		0.35
BP Capital Markets PLC, 4.38% to 03/22/2023 (5 Year CMT Rate + 4.036%), Perpetual (a)(e)(f)		150,000		143,250		0.38
Freeport-McMoRan, Inc., 4.13%, 03/01/2028		150,000		138,612		0.37
				413,112		1.10
TOTAL CORPORATE BONDS (Cost $837,943)				779,958		2.07
U.S. GOVERNMENT OBLIGATIONS - 9.72%
United States Treasury Note, 2.25%, 11/15/2024		1,000,000		960,938		2.55
United States Treasury Note, 2.38%, 08/15/2024		2,800,000		2,702,656		7.17
TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost $3,680,608)				3,663,594		9.72
SHORT-TERM INVESTMENTS - 6.73%
United States Treasury Bill, 3.535%, 02/16/2023 (g)		1,600,000		1,592,043		4.23
MONEY MARKET FUNDS
Invesco Government & Agency Portfolio - Institutional Class, 4.21% (h)		1,144,509		1,144,509		3.04
Morgan Stanley Institutional Liquidity Fund Government Portfolio - Institutional Class, 4.11% (h)		1,388,980		1,388,979		3.69
				2,533,488		6.73
TOTAL SHORT-TERM INVESTMENTS (Cost $4,126,486)				4,125,531		10.96
Total Investments (Cost $29,349,835) - 99.93%				37,651,151		99.93
Other Assets in Excess of Liabilities - 0.07%				24,560		0.07
TOTAL NET ASSETS - 100.00%			$	37,675,711		100.00

ADR	American Depository Receipt
REIT	Real Estate Investment Trust
(a)	Foreign issued security listed directly on a U.S. securities exchange.
(b)	Presently non-income producing.
(c)	Restricted securities may be subject to restrictions on disposition imposed by the issuer. At December 31, 2022, restricted securities represented 12.94% of net assets of the Fund.
(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)	Variable rate security; the coupon is based on a reference index and spread. The rate reported is the current rate as of December 31, 2022. After April 1, 2023, 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.
(f)	Security is a perpetual bond and has no definite maturity date.
(g)	Rate shown is effective yield based on purchase price. The calculation assumes the security is held to maturity.
(h)	This security has a fluctuating yield; rate disclosed is the 7-day yield as of December 31, 2022.
The accompanying notes are an integral part of these schedules of investments

CONCORDE WEALTH MANAGEMENT FUND
SCHEDULE OF WRITTEN OPTIONS
December 31st, 2022 (Unaudited)
		Notional		Number of		Fair		Percent of
		Amount		Contracts (a)		Value		Net Assets
WRITTEN OPTOINS - (0.08)%
WRITTEN CALL OPTIONS - (0.04)%
JPMorgan Chase & Co.
Expiration: January 2023, Exercise Price: $138.00			402,300		30	$	5,520		0.01	%
Kinder Morgan, Inc.
Expiration: January 2023, Exercise Price: $18.00			180,800		100		5,000		0.01	%
Moderna, Inc.
Expiration: January 2023, Exercise Price: $240.00			359,240		20		500		0.00	%	(b)
Pioneer Natural Resources Co.
Expiration: January 2023, Exercise Price: $240.00			456,780		20		6,320		0.02	%
TOTAL WRITTEN CALL OPTIONS (Premiums received $23,960)							17,340		0.04	%
WRITTEN PUT OPTIONS - (0.04)%
Amazon.com, Inc.
Expiration: January 2023, Exercise Price: $83.00			58,800		7		2,023		0.01	%
Energy Transfer LP
Expiration: January 2023, Exercise Price: $12.00			178,050		150		5,400		0.01	%
Medical Properties Trust, Inc.
Expiration: January 2023, Exercise Price: $11.00			111,400		100		4,500		0.01	%
Warner Bros Discovery, Inc.
Expiration: January 2023, Exercise Price: $9.00			142,200		150		5,550		0.01	%
TOTAL WRITTEN PUT OPTIONS (Premiums received $24,837)							17,473		0.04	%
TOTAL WRITTEN OPTIONS (Premiums received $48,797)						$	34,813		0.08	%
(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

Securities Valuation as of December 31, 2022 (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 similar 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, 2022 is as follows:

	Security	Initial Acquisition Date			Shares		Cost		Fair Value		% of Net Assets
	LLR Equity Partners V, L.P.	March 14, 2018				970,000		818,583		1,350,041		3.58	%
	PIMCO Flexible Credit Income Fund - Institutional Class	March 15, 2018				47,619		500,000		335,717		0.89	%
	Pioneer ILS Interval Fund	August 27, 2018				117,583		1,140,000		953,597		2.53	%
	LRVHealth, L.P.	July 16, 2019				375,000		318,299		448,937		1.19	%
	Moran Tice 20:20 Fund, L.P.	July 31, 2020				250,000		250,000		183,136		0.49	%
	SPAC Opportunity Partners, LLC - Class A	March 25, 2021				1,000,000		1,000,000		569,122		1.51	%
	RCP Select Capital Fund, L.P.	June 7, 2021				500,000		400,000		500,000		1.33	%
	Hayman Hong Kong Opportunities	May 6, 2022				500,000		500,000		283,344		0.75	%
	CLI Capital	December 20, 2022				45,455		250,000		250,000		0.66	%
							$	5,176,882	$	4,873,894		12.94	%
The following table summarized the inputs used to value the Fund’s investments measured at fair value as of December 31 2022:
		Practical Expedient*			Level 1		Level 2		Level 3		Total
Investments - Assets:
	Common Stocks*	$	-		$	19,929,540	$	-	$	-	$	19,929,540
	Exchange Traded Funds		-			2,644,950		-		-		2,644,950
	Closed-End Funds		-			1,289,314		-		-		1,289,314
	Open-End Funds		-			620,104		-		-		620,104
	Private Funds		3,584,580	^		-		-		-		3,584,580
	REITs*		-			1,013,580		-		-		1,013,580
	Corporate Bonds*		-			-		779,958		-		779,958
	U.S. Government Obligations		-			-		3,663,594		-		3,663,594
	Short-Term Investments		-			4,125,531		-		-		4,125,531
	Total Investments - Assets	$	3,584,580		$	29,623,019	$	4,443,552	$	-	$	37,651,151
Other Financial Instruments - Liabilities:
	Written Options	$	-		$	34,813	$	-	$	-	$	34,813
	*See the Schedule of Investments for industry classifications.

^	Security	Withdrawals Permitted	Redemption Notice Period	Investment Objective	Investment Strategy	Lock Up Period
	CLI Captial	No	Not Applicable	To generate income from the various loans and bonds purchased.	Real estate investment trust (REIT) that primarily invests in direct mortgage loans and other debt obligations secured by real estate assets. They concentrate in providing mortgage financing and investing in mortgage loans of niche markets with limited competition for short-term to mid-term lending needs. The Company makes interim construction and short-term to mid-term loans for the acquisition, renovation and construction of facilities in these markets.	None
	Hayman Hong Kong Opportunities	Yes	30 Days	To generate superior risk- adjusted rates of return	Non-diversified portfolio investing in foreign currency forward and option contracts and options of East Asia Countries, may invest in interest rate derivatives to benefit from the stresses imposed on the Hong Kong Monetary Authority’s Linked Exchange Rate System. Will seek to exploit opportunities in the foreign exchange and interest rate markets in Asia.	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
	RCP Select Capital Fund, L.P.	No	Not Applicable	Capital Appreciation	Diversified portfolio of ground-up development, value-add and income producing real estate projects and real estate financings.	Not Applicable
	SPAC Opportunity Partners, LLC - Class A	Yes	93 days	Capital Appreciation	Diversified portfolio of special purpose acquisition companies, or “SPACs”.	2 years

(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.
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

		Closed-End Funds		Open-End Funds		Total
	Balance as of September 30, 2022	$	-	$	-	$	-
	Accrued discounts/premiums		-		-		-
	Realized gain (loss)		-		-		-
	Change in unrealized appreciation (depreciation)		-		-		-
	Purchases		-		-		-
	(Sales)		-		-		-
	Transfer in and/or out of Level 3		-		-		-
	Balance as of December 31, 2022	$	-	$	-	$	-
	Change in unrealized appreciation/depreciation during the period for Level 3 investments held at December 31, 2022	$	-
The Level 3 investments as of December 31, 2022 represented 0.00% of net assets and did not warrant a disclosure of significant unobservable valuation inputs.