CONCORDE WEALTH MANAGEMENT FUND | ||||||||||||
SCHEDULE OF INVESTMENTS IN SECURITIES | ||||||||||||
June 30, 2023 (Unaudited) | ||||||||||||
Fair | Percent of | |||||||||||
Shares | Value | Net Assets | ||||||||||
COMMON STOCKS - 55.95% | ||||||||||||
FINANCE & INSURANCE | ||||||||||||
Chubb LTD. - ADR (a) | 2,700 | $ | 519,912 | 1.43 | % | |||||||
JPMorgan Chase & Co. | 7,000 | 1,018,080 | 2.82 | |||||||||
1,537,992 | 4.25 | |||||||||||
INFORMATION | ||||||||||||
Lumen Technologies, Inc. | 134,000 | 302,840 | 0.83 | |||||||||
Microsoft Corp. | 3,200 | 1,089,728 | 3.01 | |||||||||
Warner Bros Discovery, Inc. (b) | 50,250 | 630,135 | 1.74 | |||||||||
2,022,703 | 5.58 | |||||||||||
MANUFACTURING | ||||||||||||
AbbVie, Inc. | 5,200 | 700,596 | 1.93 | |||||||||
Bunge LTD. - ADR (a) | 6,050 | 570,817 | 1.57 | |||||||||
DuPont de Nemours, Inc. | 6,500 | 464,360 | 1.28 | |||||||||
Exxon Mobil Corp. | 9,800 | 1,051,050 | 2.91 | |||||||||
Hubbell, Inc. | 1,600 | 530,496 | 1.46 | |||||||||
Johnson & Johnson | 4,800 | 794,496 | 2.19 | |||||||||
Louisiana-Pacific Corp. | 8,100 | 607,338 | 1.67 | |||||||||
Moderna, Inc. (b) | 3,200 | 388,800 | 1.07 | |||||||||
Northrop Grumman Corp. | 1,200 | 546,960 | 1.51 | |||||||||
Texas Instruments, Inc. | 3,200 | 576,064 | 1.59 | |||||||||
The Hershey Co. | 1,590 | 397,023 | 1.09 | |||||||||
6,628,000 | 18.27 | |||||||||||
MINING, QUARRYING & OIL & GAS EXTRACTION | ||||||||||||
Black Stone Minerals LP | 68,668 | 1,095,255 | 3.02 | |||||||||
Dorchester Minerals, LP | 23,500 | 704,060 | 1.94 | |||||||||
Franco-Nevada Corp. - ADR (a) | 5,600 | 798,560 | 2.20 | |||||||||
Martin Marietta Materials, Inc. | 1,100 | 507,859 | 1.40 | |||||||||
Pioneer Natural Resources Co. | 4,750 | 984,105 | 2.71 | |||||||||
Texas Pacific Land Corp. | 1,445 | 1,902,343 | 5.25 | |||||||||
5,992,182 | 16.52 | |||||||||||
REAL ESTATE & RENTAL & LEASING | ||||||||||||
The Howard Hughes Corp. (b) | 7,500 | 591,900 | 1.63 | |||||||||
RETAIL TRADE | ||||||||||||
Amazon.com, Inc. (b) | 5,200 | 677,872 | 1.87 | |||||||||
Lowes Companies, Inc. | 3,000 | 677,100 | 1.87 | |||||||||
The TJX Companies, Inc. | 7,500 | 635,925 | 1.75 | |||||||||
1,990,897 | 5.49 | |||||||||||
TRANSPORTATION AND WAREHOUSING | ||||||||||||
Canadian Pacific Kansas City Ltd. - ADR (a) | 7,500 | 605,775 | 1.67 | |||||||||
WHOLESALE TRADE | ||||||||||||
Energy Transfer LP | 72,500 | 920,750 | 2.54 | |||||||||
TOTAL COMMON STOCKS (Cost $12,681,033) | 20,290,199 | 55.95 | ||||||||||
EXCHANGE TRADED FUNDS - 4.41% | ||||||||||||
JPMorgan Ultra-Short Income ETF | 20,000 | 1,002,800 | 2.76 | |||||||||
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 6,000 | 598,560 | 1.65 | |||||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $1,619,857) | 1,601,360 | 4.41 | ||||||||||
MUTUAL FUND - 0.69% | ||||||||||||
Absolute Convertible Arbitrage Fund - Institutional Class | 23,020 | 250,921 | 0.69 | |||||||||
TOTAL MUTUAL FUNDS (Cost $250,000) | 250,921 | 0.69 | ||||||||||
CLOSED-END FUNDS - 6.78% | ||||||||||||
PIMCO Flexible Credit Income Fund - Institutional Class (c) | 47,619 | 324,764 | 0.90 | |||||||||
Pioneer ILS Interval Fund (c) | 117,583 | 1,022,971 | 2.82 | |||||||||
Sprott Physical Gold Trust(a)(b) | 74,500 | 1,111,540 | 3.06 | |||||||||
TOTAL CLOSED-END FUNDS (Cost $2,398,110) | 2,459,275 | 6.78 | ||||||||||
OPEN-END FUND - 0.84% | ||||||||||||
Cohen & Steers Institutional Realty Shares | 6,895 | 305,093 | 0.84 | |||||||||
TOTAL OPEN-END FUND (Cost $283,653) | 305,093 | 0.84 | ||||||||||
Capital | ||||||||||||
Contribubtion | ||||||||||||
PRIVATE FUNDS - 8.42% | ||||||||||||
CLI Capital (b)(c)(d) | 45,455 | 250,000 | 0.69 | |||||||||
Hayman Hong Kond Opportunities Fund, L.P. (b)(c)(d) | 500,000 | 39,940 | 0.11 | |||||||||
LLR Equity Partners V, L.P. (b)(c)(d) | 970,000 | 1,372,314 | 3.78 | |||||||||
LRVHealth, L.P. (b)(c)(d) | 450,000 | 508,899 | 1.40 | |||||||||
Moran Tice 20:20 Fund, L.P. (b)(c)(d) | 250,000 | 206,092 | 0.57 | |||||||||
RCP Select Capital Fund, L.P. (b)(c)(d) | 500,000 | 500,000 | 1.38 | |||||||||
SPAC Opportunity Partners, LLC - Class A (b)(c)(d) | 1,000,000 | 178,901 | 0.49 | |||||||||
TOTAL PRIVATE FUNDS (Cost $3,711,882) | 3,056,146 | 8.42 | ||||||||||
Shares | ||||||||||||
REITS - 3.25% | ||||||||||||
REAL ESTATE & RENTAL & LEASING | ||||||||||||
First Industrial Realty Trust, Inc. | 12,000 | 631,680 | 1.74 | |||||||||
Medical Properties Trust, Inc. | 59,000 | 546,340 | 1.51 | |||||||||
TOTAL REITS (Cost $1,037,090) | 1,178,020 | 3.25 | ||||||||||
Principal | ||||||||||||
Amount | ||||||||||||
CORPORATE BONDS - 2.28% | ||||||||||||
FINANCE AND INSURANCE | ||||||||||||
Discover Financial Services, 3.75%, 03/04/2025 | 150,000 | 142,797 | 0.39 | |||||||||
JPMorgan Chase & Co., 6.10% to 10/01/2023 3 Month SOFR USD + 3.592%, Perpetual (e) | 150,000 | 149,655 | 0.41 | |||||||||
292,452 | 0.80 | |||||||||||
MANUFACTURING | ||||||||||||
Motorola Solutions, Inc., 7.50%, 05/15/2025 | 100,000 | 102,227 | 0.28 | |||||||||
MINING, QUARRYING & OIL & GAS EXTRACTION | ||||||||||||
BP Capital Markets PLC, 4.38% to 09/22/2023 then 5 Year CMT Rate + 4.036%, Perpetual (a)(e) | 150,000 | 143,888 | 0.40 | |||||||||
Freeport-McMoRan, Inc., 4.13%, 03/01/2028 | 150,000 | 140,975 | 0.39 | |||||||||
284,863 | 0.79 | |||||||||||
UTILITIES | ||||||||||||
Cheniere Corpus Christi Holdings LLC, 5.88%, 03/31/2025 | 150,000 | 149,258 | 0.41 | |||||||||
TOTAL CORPORATE BONDS (Cost $851,564) | 828,800 | 2.28 | ||||||||||
U.S. GOVERNMENT OBLIGATIONS - 9.32% | ||||||||||||
United States Treasury Note, 2.25%, 11/15/2024 | 1,000,000 | 960,195 | 2.65 | |||||||||
United States Treasury Note, 2.38%, 08/15/2024 | 2,500,000 | 2,418,359 | 6.67 | |||||||||
TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost $3,415,717) | 3,378,554 | 9.32 | ||||||||||
SHORT-TERM INVESTMENTS - 8.12% | ||||||||||||
U.S. TREASURY BILL | ||||||||||||
United States Treasury Bill, 4.708%, 02/22/24 (f) | 1,500,000 | 1,450,543 | 4.00 | |||||||||
MONEY MARKET FUND | ||||||||||||
Morgan Stanley Institutional Liquidity Fund Government Portfolio - Institutional Class, 5.04% (g) | 1,493,263 | 1,493,263 | 4.12 | |||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,949,504) | 2,943,806 | 8.12 | ||||||||||
Total Investments (Cost $29,198,410) - 100.06% | 36,292,174 | 100.06 | ||||||||||
Liabilities in Excess of Other Assets - (0.06)% | (21,016 | ) | (0.06 | ) | ||||||||
TOTAL NET ASSETS - 100.00% | $ | 36,271,158 | 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 June 30, 2023, restricted securities represented 12.14% 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. | ||||||
(e) | Security is a perpetual bond and has no definite maturity date. | ||||||
(f) | Rate shown is effective yield based on purchase price. The calculation assumes the security is held to maturity. | ||||||
(g) | This security has a fluctuating yield; rate disclosed is the 7-day yield as of June 30, 2023. | ||||||
+ | Rates for variable rate securities will typically have interest rates that redetermine periodically by reference to a base lending rate plus a spread. Variable rate securities that reference SOFR may be subject to a credit spread adjustment, particularly to legacy LIBOR bank loans or lines of credit that have transitioned to SOFR as the base lending rate. | ||||||
The accompanying notes are an integral part of these schedules of investments |
CONCORDE WEALTH MANAGEMENT FUND | |||||||||||||||||
SCHEDULE OF WRITTEN OPTIONS | |||||||||||||||||
June 30, 2023 (Unaudited) | |||||||||||||||||
Notional | Number of | Fair | Percent of | ||||||||||||||
Amount | Contracts (a) | Value | Net Assets | ||||||||||||||
WRITTEN OPTIONS - (0.09)% | |||||||||||||||||
WRITTEN CALL OPTIONS - (0.09)% | |||||||||||||||||
Hubbell, Inc. | |||||||||||||||||
Expiration: July 2023, Exercise Price: $330.00 | 232,092 | 7 | $ | 6,832 | 0.02 | % | |||||||||||
Louisiana-Pacific Corp. | |||||||||||||||||
Expiration: July 2023, Exercise Price: $65.00 | 74,980 | 10 | 10,400 | 0.03 | % | ||||||||||||
Expiration: July 2023, Exercise Price: $75.00 | 299,920 | 40 | 6,600 | 0.02 | % | ||||||||||||
Martin Marietta Materials, Inc. | |||||||||||||||||
Expiration: July 2023, Exercise Price: $450.00 | 230,845 | 5 | 7,435 | 0.02 | % | ||||||||||||
TOTAL WRITTEN CALL OPTIONS (Premiums received $11,220) | 31,267 | 0.09 | % | ||||||||||||||
WRITTEN PUT OPTIONS - (0.00)% | |||||||||||||||||
Energy Transfer LP | |||||||||||||||||
Expiration: July 2023, Exercise Price: $12.50 | 190,500 | 150 | 1,500 | 0.00 | % | (b) | |||||||||||
TOTAL WRITTEN PUT OPTIONS (Premiums received $2,321) | 1,500 | 0.00 | % | ||||||||||||||
TOTAL WRITTEN OPTIONS (Premiums received $13,541) | $ | 32,767 | 0.09 | % |
(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 financial statements.
Securities Valuation as of June 30, 2023 (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 Funds 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 Funds 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 Funds 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 Funds investments in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the Funds Board of Directors. | |||||||||||||||||||
Additional information on each illiquid restricted security held by the Fund on June 30, 2023 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 | 1,372,314 | 3.78 | % | |||||||||||||||||
PIMCO Flexible Credit Income Fund - Institutional Class | March 15, 2018 | 47,619 | 500,000 | 324,764 | 0.90 | % | |||||||||||||||||
Pioneer ILS Interval Fund | August 27, 2018 | 117,583 | 1,140,000 | 1,022,971 | 2.82 | % | |||||||||||||||||
LRVHealth, L.P. | July 16, 2019 | 450,000 | 393,299 | 508,899 | 1.40 | % | |||||||||||||||||
Moran Tice 20:20 Fund, L.P. | July 31, 2020 | 250,000 | 250,000 | 206,092 | 0.57 | % | |||||||||||||||||
SPAC Opportunity Partners, LLC - Class A | March 25, 2021 | 1,000,000 | 1,000,000 | 178,901 | 0.49 | % | |||||||||||||||||
RCP Select Capital Fund, L.P. | June 7, 2021 | 500,000 | 500,000 | 500,000 | 1.38 | % | |||||||||||||||||
Hayman Hong Kong Opportunities | May 6, 2022 | 500,000 | 500,000 | 39,940 | 0.11 | % | |||||||||||||||||
CLI Capital | December 20, 2022 | 45,455 | 250,000 | 250,000 | 0.69 | % | |||||||||||||||||
$ | 5,351,882 | $ | 4,403,881 | 12.14 | % | ||||||||||||||||||
The following table summarized the inputs used to value the Funds investments measured at fair value as of June 30 2023: | |||||||||||||||||||||||
Practical Expedient* | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Investments - Assets: | |||||||||||||||||||||||
Common Stocks* | $ | - | $ | 20,290,199 | $ | - | $ | - | $ | 20,290,199 | |||||||||||||
Exchange Traded Funds | - | 1,601,360 | - | - | 1,601,360 | ||||||||||||||||||
Mutual Fund | 250,921 | ||||||||||||||||||||||
Closed-End Funds | - | 2,459,275 | - | - | 2,459,275 | ||||||||||||||||||
Open-End Fund | - | 305,093 | - | - | 305,093 | ||||||||||||||||||
Private Funds | 3,056,146 | ^ | - | - | - | 3,056,146 | |||||||||||||||||
REITs* | - | 1,178,020 | - | - | 1,178,020 | ||||||||||||||||||
Corporate Bonds* | - | - | 828,800 | - | 828,800 | ||||||||||||||||||
U.S. Government Obligations | - | - | 3,378,554 | - | 3,378,554 | ||||||||||||||||||
Short-Term Investments | - | 2,943,806 | - | 2,943,806 | |||||||||||||||||||
Total Investments - Assets | $ | 3,056,146 | $ | 29,028,674 | $ | 4,207,354 | $ | - | $ | 36,292,174 | |||||||||||||
Other Financial Instruments - Liabilities: | |||||||||||||||||||||||
Written Options | $ | - | $ | 32,767 | $ | - | $ | - | $ | 32,767 | |||||||||||||
*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 Authoritys 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 Funds 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 June 30, 2023 | $ | - | $ | - | $ | - | |||||||||||||||||||
Change in unrealized appreciation/depreciation during the period for Level 3 investments held at June 30, 2023 | $ | - | |||||||||||||||||||||||
The Level 3 investments as of June 30, 2023 represented 0.00% of net assets and did not warrant a disclosure of significant unobservable valuation inputs. |