UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number (811-05339)

Concorde Funds, Inc.
(Exact name of registrant as specified in charter)

8383 Preston Center Plaza

Suite 360

Dallas, TX 75225
(Address of principal executive offices) (Zip code)

Gary B. Wood, President

8383 Preston Center Plaza, Suite 360 Dallas, TX 75225

(Name and address of agent for service)

(972)-701-5400

Registrant's telephone number, including area code

Date of fiscal year end: September 30

Date of reporting period: September 30, 2021

Item 1. Reports to Stockholders.

(a)

A NO-LOAD

MUTUAL FUND

ANNUAL REPORT

Dated September 30, 2021

Dear Shareholders,

We are pleased to present the Annual Report of Concorde Funds, Inc. for the fiscal year ended September 30, 2021.

Concorde Wealth Management Fund

Concorde Wealth Management Fund (the "Fund"), managed by Concorde Investment Management, produced a net return of 2.12% for the six months ended September 30, 2021 and 26.61% for the fiscal year ending that same date. This compared to the various equity, fixed income and blended indices below. The Fund continued to transition to the new balanced objective that became effective during late summer 2016. The Fund also continued adding in private equity and semi-private equity holdings that were part of our goal with the reorganization. Asset allocations as of September 30, 2021 were approximately 53.1% equities, including 7.1% in private equity, 30.6% in fixed income and cash equivalents and 16.3% in defensive/non-equity market correlated securities.

	Six Months Ended		Annualized	Annualized
	September 30, 2021	1 Year Ended	5 Years Ended	10 Years Ended
	(Unaudited)	September 30, 2021	September 30, 2021	September 30, 2021
Concorde Wealth Management Fund	2.12%	26.61%	8.99%	9.88%
Concorde Wealth Management
Blended Index	2.63%	14.96%	6.63%	7.58%
Bloomberg U.S. Aggregate
Bond Index	1.88%	-0.90%	2.94%	3.01%
Russell 1000 Value Index	4.39%	35.01%	10.94%	13.51%

Note: The Concorde Wealth Management Blended Index consists of 45% equities represented by the Russell 1000 Value Index, 45% bonds represented by the Bloomberg Intermediate Aggregate Bond Index, 5% short-term investments represented by Bank of America Merrill Lynch 1-3 Year U.S. Treasuries, and 5% commodities represented by Bloomberg U.S. Treasury Inflation Protection Security. The Bloomberg U.S. Aggregate Bond Index measures the investment grade, U.S. dollar denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass throughs), ABS, and CMBS. The Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book rations and lower forecasted growth values.

Concorde Wealth Management Fund (the "Fund") is distinctive from most mutual funds and exchange traded funds ("ETFs") in that it has two primary objectives: protection of capital and growth in value. The objectives are pursued by diversification among asset classes, as well as within each type of asset allocation. It therefore has the name and posture of a wealth management fund, and its performance is a blend of the returns from the various types of assets.

A typical equity-only mutual fund or ETF will own stock of different companies, which is a dimension of diversification, but it is still relying primarily on just publicly traded equities for its investment returns. While the Fund also diversifies within the public stock portion of its portfolio, it additionally utilizes other asset classes such as fixed income (traditional bonds along with other institutional credit strategies), private equity (non-public stocks) and venture capital asset class allocations. The bonds provide stability, an element of capital protection, and current yield from

interest payments. The private equity and venture capital allocations, typically less than 15% of the portfolio, seek to provide the opportunity to generate return premiums (alpha) above that available in a diversified public stocks portfolio. The Fund will also utilize asset classes that are not typically correlated to the public stock and bond markets (e.g., precious metals, reinsurance) and are designed to provide defensive positioning relative to the risk of volatility and currency debasement. Some of the non-correlated investments are available only to institutional investors, like the Fund, and not to individuals. The Fund believes that the mixed asset allocation and diversification provide a better risk return profile for investors that seek the dual objectives of capital protection and value growth.

Open End Funds

The two funds in the category have income generating strategies. Morgan Stanley Global Fixed Income Opportunities Fund has a flexible credit mandate and had a total return of 1.24% for the second half. The investment in Cohen & Steers Institutional Realty Shares, Inc. focuses on domestic commercial real estate businesses and contributed a 13% gain. The Morgan Stanley Global Fixed Income Opportunities Fund strategy has shown an ability to limit damage in rising rate environments while generating significant income, and thus we plan to hold. For the fiscal year ended September 30, 2021, Morgan Stanley Global Fixed Income Opportunities Fund had a 3% return and Cohen & Steers Institutional Realty Shares, Inc. gained 33%, partially reflecting the continued recovery from the early 2020 pandemic sell off.

Closed End Funds

The PIMCO Flexible Credit Income Fund continued a strong performance recovery from a fiscal Q1 2020 loss, gaining over 6% for the second half and 20% for the full fiscal year. The current quarterly cash distribution rate is around 8% based on market value at September 30. This strategy was able to capitalize on lending opportunities in 2020 resulting from pandemic related weakness and those investments should continue to enhance returns going forward.

As of September 30, 2021, Pioneer ILS Interval Fund delivered a positive return net of all fees and expenses year-to-date and for the past twelve months of 1.18% and 2.92%, respectively. Adverse weather events contributed to negative performance during the year. Since inception, the fund had never had a negative performance until February 2021 due to a freeze in Texas which affected the performance and resulted in a -0.12% return. Additionally, the Western United States wildfires are estimated to cause between $4 billion and $8 billion in insured losses for all events which has negatively contributed to performance. The majority of the calendar year return stream in the ILS marketplace has tended to occur in the second half of the year driven by seasonality. In years with limited loss, historically around 60-70% of the annual return has come from the second half of the year.

U.S. Government Obligations

U.S. Treasury Note exposure has been reduced during the year to 5.8% at September 30. The two U.S. Treasury Note holdings are stable, high-quality securities and provide for liquidity when opportunities arise in the equity, credit or private investments for the Fund. For the second half, the U.S. Treasury Notes expiring August 15, 2027 produced a 1.4% return, however had a 3.2% total return loss for the year. The shorter Notes maturing January 31, 2022 were essentially break even for the year.

Corporate Bonds

The corporate bond allocation in the Fund consists primarily of very short-term corporate notes and floating rate institutional preferred stocks. All five short corporate notes, AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Discover Financial Services, Fiserv, Inc., CVS Health Corp. and Freeport McMoran, Inc., provided very small positive total returns as that market remained stable. However, the three floating rate preferred holdings provided total returns between 2.50% and 10% for the second half as their value became more recognized. The preferred stock, Qurate Retail, Inc., was the highlight generating 10.34% total return since April 1.

Exchange Traded Funds

The three fund holdings in this sector include two short term income-oriented funds that we use for enhanced cash management and the Sprott Physical Gold Trust, a long-term Fund holding that provides a hedge long term against monetary debasement, inflation and potential flight to quality. The two income funds outperformed the institutional money funds used for liquidity in the Fund. For the second half and full fiscal year, Sprott Physical Gold Trust produced a 2.9% gain and an 8.3% loss.

Sector and Stock Performance Discussion

In this discussion we will highlight sectors and individual holdings which either enhanced or detracted from performance for the Fund during the year ended September 30, 2021.

Finance & Insurance

JPMorgan Chase & Co., the only holding in this sector at year-end, contributed almost 9% for the prior 6 months and over 74% for the year as bank stocks reflected the economic recovery and also the fact that potentially higher interest rates and the reversal of some estimated loan losses would enhance future earnings.

Health Care

Encompass Health Corp., a leading provider of rehabilitation and home health care services, gained 17% for the year despite a negative 8% return for the latest six months. The market began to emphasize cyclical recovery themes recently and this tended to hurt performance of more defensive businesses like Encompass.

Information

This sector, including large companies involved in media, data transmission and technology services, produced a wide range of investment results for the recent 6 months. The Walt Disney Co., Lumen Technologies, Inc. and Discovery, Inc. all produced losses for that time period. The Walt Disney Co. and Lumen Technologies, Inc. both reported close to expected results and Lumen Technologies, Inc. continues to gradually decrease debt despite struggling with revenue growth. Discovery, Inc. announced a significant merger with Warner Media that should enhance diversification and pricing power however investors will insist on seeing positive integration results. All three of these investments did provide significant gains of greater than 20% for the full year. Microsoft Corp., one of the Fund’s largest individual holdings, gained 20% and 35% for the 6 month and one-year periods as growth continues to be strong particularly in the cloud business. We have trimmed this position modestly but still believe this investment is trading at a fair valuation considering quality and growth metrics. Comcast Corp., a leading video and internet provider along

with significant content generation, had a modest 4% gain in the second half and a more impressive 23% gain for the year. Even though internal content production is becoming quite expensive, Comcast Corp. continues to grow their data services to consumers and businesses and should maintain good pricing power going forward. At current levels we believe Comcast Corp. shares still trade at a discount to intrinsic value.

Management of Companies & Enterprises

Vivendi SA gained almost 30% for the full year as the French based media conglomerate rallied with the overall market and the company announced plans to spin out a significant portion of their dominant equity position in Universal Music Group. Separating out this valuable asset helped to shrink the discount to net asset value that Vivendi SA has been trading at. The distribution will likely occur early in the new year.

Manufacturing

The manufacturing sector includes stocks of companies in a variety of product areas. AbbVie, Inc. and Johnson & Johnson are health care conglomerates involved in prescription drugs along with consumer products. Both of these holdings were essentially flat during the second half, yet for the year AbbVie, Inc. rose 27% and Johnson & Johnson 11%. Both have significant, rising dividends and stable franchises that are well established within healthcare. Moderna, Inc. is a new portfolio holding which rose significantly in the second half. Our thesis is that the company has the premier internal intellectual property regarding the newly developed messenger RNA technology and the potential to apply this to additional areas beyond the recent Covid-19 vaccine is significant. The financials for Moderna, Inc. are good for a business at this stage of development and the investment upside is still meaningful.

DuPont de Nemours, Inc. and Hubbell, Inc. are established cyclical industrial businesses which should have good growth coming out of the recent downturn. Both stocks dropped over the last 6 months, yet for the year Hubbell, Inc. rose 34% and DuPont de Nemours, Inc. gained 23%. Both held up well during the 2020 slowdown and are producing good results so far in 2021. Hanesbrands, Inc. brought in new executive management in 2020 and the last two quarters are showing some positive signs from strategy shifts. For the year the stock gained 13% as the market is recognizing the upside that we feel is significant. Northrop Grumman Corp. stock rose 12% for the second half and 16% for the year as large government contracts supply consistent revenue and earnings growth.

Mining, Quarrying and Oil & Gas Extraction

The Fund holdings in this group consists of mineral rights owners Dorchester Minerals, L.P., Franco-Nevada Corp., and Kimbell Royalty Partners L.P., aggregates producer Martin Marietta Materials, Inc. and traditional oil & gas industry participants Pioneer Natural Resources Co. and Schlumberger Ltd. Dorchester Minerals, L.P. and Kimbell Royalty Partners L.P. both rose in excess of 45% over the last 6 months and the rest of the group gained in the single digit range. For the year, Schlumberger Ltd. and Pioneer Natural Resources Co. gained over 90% as energy stocks bottomed in late 2020 and performed very strongly through the end of the first quarter of 2021. Martin Marietta Materials, Inc. contributed 46% for the year as the economic recovery spurred a catch up in construction and infrastructure which use aggregates in many projects. Franco-Nevada Corp. had a 6% loss for the full year despite the good performance since April 1st.

Real Estate & Rental & Leasing

The Howard Hughes Corporation, a commercial operator with income producing and development activities, gained around 50% for the year, although dropping 8% over the last 6 months. The residential and condominium development businesses in Texas, Nevada and Hawaii are doing well along with the strength in the domestic housing market.

Retail Trade

The retail stock investments held are all high-quality industry leaders who operate in distinctly different areas of domestic, primarily consumer retail. All three holdings had modest second half investment returns, ranging from 0.50% at TJX to 7.44% at Lowes. These three market leaders survived the sharp downturn in 2020 as a result of strong balance sheets, flexible strategies and low-cost structure. Strong businesses tend to display this performance and many times gain market share during difficult periods. For the full Fund fiscal year, Lowe’s Companies, Inc. returned 24%, Amazon.com, Inc. returned 4% and The TJX Companies, Inc. returned 20%. At current valuations we plan on holding these investments which have good potential for appreciation over the long term.

Position Changes – Common Stocks

The only full redemption of an individual stock position since March 31, 2021 was the VEREIT holding. No new additions were made during the second half.

Real Estate Investment Trusts ("REITS")

The Fund held two REIT securities at year end, First Industrial Realty Trust, Inc. and Medical Properties Trust, Inc. For the recent six months, Medical Properties Trust, Inc. dropped 3% and First Industrial Realty Trust, Inc. rose almost 15%. For the fiscal year, First Industrial Realty Trust, Inc. had a 33% total return and Medical Properties Trust, Inc. added 22%. Medical Properties Trust, Inc. results were basically as expected; however, investors have had some concerns over one of the company’s larger tenants. First Industrial Realty Trust, Inc. continued to thrive as manufacturing and distribution activity continued to expand in the digital economy and the geographic focus in the southwest, Midwest and southeast U.S. enhanced results.

Private Funds

The five private equity investments held in the Fund at September 30, 2021 are LLR Equity Partners V, L.P. ("LLR V"), LRVHealth, L.P. ("LRVHealth"), RCP Select Capital Fund, LP ("RCP"), SPAC Opportunity Partners LLC ("SPAC"), and Moran Tice 2020 Fund, L.P. ("Moran Tice"). The Fund liquidated its position in Partners Group Private Equity (Master Fund) LLC ("Partners Group") during the fiscal year and added the two new positions in RCP and SPAC.

Partners Group is a $2.5 billion fund diversified by strategy, region, and industry. Partners Group started operations in 2010 and has an 8+ year track record, quarterly tender offers, establishes a new net asset value monthly so that it is able to track performance, has no capital calls, and has immediate exposure to a mature portfolio. We exited the fund in July of 2021 in order to allocate the capital to other private related investments. The investment performed well, returning 20.7% during the fiscal year.

LLR Partners is a lower middle market private equity firm committed to creating long-term value by growing portfolio companies. They invest in a targeted set of industries, with a focus on technology and services businesses. Founded in 1999 and with more than $3 billion raised across five funds, LLR Partners is a flexible provider of capital for growth, recapitalizations, and buyouts. LLR V is a $1 billion fund that the Fund has committed $1 million to invest. The Fund has had 92% of its commitment called and the investment returned 17.3% net IRR and a 1.31x net multiple of capital contributed through June of 2021. LLR 5’s portfolio, including proceeds realized to date, is valued at $1,654.7 million as of June 30, 2021, compared to capital invested of $1,085.2 million (larger than the size of the fund due to some reinvested realized gains).

The Fund has a commitment to a health care related venture firm called LRVHealth. LRVHealth is an "Inside Healthcare" venture capital platform that was established in 2000 by an experienced team of healthcare investors, operators, and advisors. LRVHealth’s investors include leading provider, payer, and vendor organizations who collaborate to identify, invest in, and adopt innovative solutions to the industry’s most pressing needs. The Fund has committed $500,000 to LRVHealth and has had 45% of the capital called thus far and has had some meaningful results. LRV sold SilverCloud Health to Amwell in quarter three that will result in a 4.1x-4.3x return to the Partnership depending on an earnout metric. They’ve made multiple investments and the portfolio now has 15 active investments with a cost of $36.8 million and current value of $62.9 million.

Moran Tice is related to the investment theory of a dislocated price between small gold miners and the price of gold itself. In additional to our defensive positioning in the Sprott Physical Gold Trust, this position, which is less than 1% of the Fund’s assets, is to take advantage of the underpricing of gold as it relates to deficit spending and specifically the additional price dislocation between small and large precious metal miners.

RCP and SPAC are new Fund investments. RCP is a real estate investment fund focusing on multi-family development and SPAC is managed by Navigation Capital Partners, Inc. When CONWX invested in SPAC at the end of March 2021, there were three initial deals that were in process in the media and education industry, technology, and space. The Fund invested $1 million and the value as of September 30, 2021 is currently $1.23 million. RCP is still held at cost given the recent investment and the fact that it is real estate related.

Thank you for your continued support. We will continue to strive for the highest professional standards of performance and stewardship in the management of the Fund.

	Best regards,



	Gregory B. Wood
	Treasurer
	Concorde Investment Management



	Gary B. Wood
	President
	Concorde Investment Management



	John A. Stetter
	Secretary
	Concorde Investment Management

Concorde Wealth Management Fund

Performance Comparison

Change in Value of $10,000 Investment (Unaudited)

	AVERAGE ANNUAL TOTAL RETURN
	1 Year	26.61%
	3 Years	9.07%
	5 Years	8.99%
	10 Years	9.88%

NOTE:	The chart illustrates the performance of a hypothetical $10,000 investment made in the Fund on September 30, 2011. Returns reflect the reinvestment of dividends and capital gain distributions. The performance data and graph do not reflect the deduction of taxes that a shareholder may pay on dividends, capital gain distributions or redemption of Fund shares. Past performance is not predictive of future performances.

	The Concorde Wealth Management Blended Index consists of 45% equities represented by the Russell 1000 Value Index, 45% bonds represented by the Bloomberg Intermediate Aggregate Bond Index, 5% short-term investments represented by Bank of America Merrill Lynch 1-3 Year U.S. Treasuries, and 5% commodities represented by Bloomberg U.S. Treasury Inflation Protection Security. The Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book rations and lower forecasted growth values. The Bloomberg U.S. Aggregate Bond Index measures the investment grade, U.S. dollar denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass throughs), ABS, and CMBS.

	For periods prior to July 23, 2016, information shows herein for the Fund is that of the Concorde Value Fund, a diversified former separate series of the Company, (the "Predecessor Fund"). On July 22, 2016, the shareholders of the Predecessor Fund approved a Plan of Acquisition and Liquidation (the "Reorganization") between the Fund and the Predecessor Fund. Pursuant to the Reorganization, the Fund acquired all of the assets and liabilities of the Predecessor Fund in exchange for shares of the Fund after the close of business on July 22, 2016. The Fund issued 681,656 shares in exchange for the net assets of the Predecessor Fund valued at $9,666,396. The Fund had no assets, liabilities, shares issued or operations prior to the Reorganization. As a result of the Reorganization, the Predecessor Fund ceased to operate and its shareholders became shareholders of the Fund. The primary investment objective of the Predecessor Fund was to produce long-term growth of capital. As a result of the Reorganization, the Fund is the accounting successor of the Predecessor Fund.

CONCORDE WEALTH MANAGEMENT FUND

PORTFOLIO HOLDINGS BY SECTOR

September 30, 2021 (Unaudited)

The portfolio’s holdings and allocations are subject to change. The percentages are of net assets as of September 30, 2021. Percentages expressed exclude written options.

CONCORDE WEALTH MANAGEMENT FUND

SCHEDULE OF INVESTMENTS IN SECURITIES

September 30, 2021

			Fair		Percent of
	Shares		Value		Net Assets
COMMON STOCKS - 53.84%
FINANCE & INSURANCE
JPMorgan Chase & Co.		4,600	$	752,974		1.93	%

HEALTH CARE
Encompass Health Corp.		6,500		487,760		1.25

INFORMATION
Comcast Corp. - Class A		9,800		548,114		1.40
Discovery, Inc. - Class C (a)		19,250		467,197		1.20
Lumen Technologies, Inc.		40,000		495,600		1.27
Microsoft Corp.		6,100		1,719,712		4.40
The Walt Disney Co. (a)		4,600		778,182		1.99
				4,008,805		10.26
MANAGEMENT OF COMPANIES & ENTERPRISES
Vivendi SE - ADR (b)		20,000		714,800		1.83

MANUFACTURING
AbbVie, Inc.		6,700		722,729		1.85
DuPont de Nemours, Inc.		10,000		679,900		1.74
Exxon Mobil Corp.		8,800		517,616		1.33
Fortune Brands Home & Security, Inc.		7,000		625,940		1.60
Hanesbrands, Inc.		32,000		549,120		1.41
Hubbell, Inc.		2,400		433,608		1.11
Johnson & Johnson		3,300		532,950		1.36
Moderna, Inc. (a)		2,400		923,664		2.36
Northrop Grumman Corp.		1,000		360,150		0.92
The Hershey Co.		2,990		506,057		1.30
				5,851,734		14.98
MINING, QUARRYING & OIL & GAS EXTRACTION
Dorchester Minerals, L.P.		23,500		450,495		1.15
Franco-Nevada Corp. (b)		5,600		727,496		1.86
Kimbell Royalty Partners, L.P.		31,000		438,030		1.12
Martin Marietta Materials, Inc.		1,100		375,848		0.96
Pioneer Natural Resources Co.		4,750		790,923		2.03
Schlumberger Ltd. (b)		16,200		480,168		1.23
Texas Pacific Land Corp.		1,925		2,328,018		5.96
				5,590,978		14.31

The accompanying notes are an integral part of these financial statements.

CONCORDE WEALTH MANAGEMENT FUND

SCHEDULE OF INVESTMENTS IN SECURITIES (continued)

September 30, 2021

			Fair		Percent of
	Shares		Value		Net Assets
COMMON STOCKS (continued)
REAL ESTATE & RENTAL & LEASING
The Howard Hughes Corp. (a)		7,500	$	658,575		1.68

RETAIL TRADE
Amazon.com, Inc. (a)		220		722,709		1.85
Lowe’s Companies, Inc.		4,000		811,440		2.08
The TJX Companies, Inc.		7,500		494,850		1.26
				2,028,999		5.19
TRANSPORTATION & WAREHOUSING
Kansas City Southern		1,600		433,024		1.11

UTILITIES
Kinder Morgan, Inc.		30,500		510,265		1.30
TOTAL COMMON STOCKS (Cost $11,162,010)				21,037,914		53.84

PREFERRED STOCK - 0.55%
PROFESSIONAL, SCIENTIFIC
& TECHNICAL SERVICES
Qurate Retail, Inc.		2,000		216,300		0.55
TOTAL PREFERRED STOCK (Cost $198,612)				216,300		0.55

EXCHANGE TRADED FUNDS - 7.83%
JPMorgan Ultra-Short Income ETF		22,000		1,115,840		2.85
PIMCO Enhanced Short Maturity Active
Exchange-Traded Fund		9,000		917,370		2.35
Sprott Physical Gold Trust (a)(b)		74,500		1,028,100		2.63
TOTAL EXCHANGE TRADED FUNDS (Cost $2,787,654)				3,061,310		7.83

CLOSED-END FUNDS - 3.77%
PIMCO Flexible Credit Income Fund - Institutional Class (e)		47,619		460,004		1.18
Pioneer ILS Interval Fund (e)(h)		117,583		1,011,212		2.59
TOTAL CLOSED-END FUNDS (Cost $1,640,000)				1,471,216		3.77

OPEN-END FUNDS - 1.86%
Cohen & Steers Institutional Realty Shares, Inc.		6,629		348,222		0.89
Morgan Stanley Global Fixed Income
Opportunities Fund - Institutional Class (h)		65,333		378,929		0.97
TOTAL OPEN-END FUNDS (Cost $630,435)				727,151		1.86

The accompanying notes are an integral part of these financial statements.

CONCORDE WEALTH MANAGEMENT FUND

SCHEDULE OF INVESTMENTS IN SECURITIES (continued)

September 30, 2021

	Capital		Fair		Percent of
	Contributions		Value		Net Assets
PRIVATE FUNDS - 7.34%
LLR Equity Partners V, L.P. (d)(e)		920,000	$	1,009,081		2.58
LRVHealth, L.P. (d)(e)		225,000		293,895		0.75
Moran Tice 20:20 Fund, L.P. (a)(d)(e)		250,000		206,321		0.53
RCP Select Capital Fund, L.P. (a)(d)(e)		125,000		125,000		0.32
SPAC Opportunity Partners, LLC - Class A (a)(d)(e)		1,000,000		1,232,551		3.16
TOTAL PRIVATE FUNDS (Cost $2,411,268)				2,866,848		7.34

	Shares
REITS - 2.06%
FINANCE & INSURANCE
Medical Properties Trust, Inc.		22,000		441,540		1.13

REAL ESTATE & RENTAL & LEASING
First Industrial Realty Trust, Inc.		7,000		364,560		0.93
TOTAL REITS (Cost $526,349)				806,100		2.06

	Principal
	Amounts
CORPORATE BONDS - 2.85%
FINANCE & INSURANCE
AerCap Ireland Capital DAC / AerCap Global
Aviation Trust, 3.300%, 01/23/2023 (b)		100,000		103,041		0.26
Discover Financial Services, 3.850%, 11/21/2022		200,000		207,614		0.53
JPMorgan Chase & Co., 3.451% to 10/01/2021 then
3 Month LIBOR USD + 3.320%, Perpetual (f)(g)		175,000		174,318		0.45
				484,973		1.24
INFORMATION
Fiserv, Inc., 3.500%, 10/01/2022		200,000		204,648		0.52

MINING, QUARRYING & OIL & GAS EXTRACTION
BP Capital Markets PLC, 4.875% to 12/22/2021 then
5 Year Treasury Note + 4.398%, Perpetual (b)(f)(g)		150,000		164,889		0.42
Freeport-McMoRan, Inc., 4.125%, 03/01/2028		150,000		155,438		0.40
				320,327		0.82
RETAIL TRADE
CVS Health Corp., 3.700%, 03/09/2023		100,000		104,418		0.27
TOTAL CORPORATE BONDS (Cost $1,092,201)				1,114,366		2.85

The accompanying notes are an integral part of these financial statements.

CONCORDE WEALTH MANAGEMENT FUND

SCHEDULE OF INVESTMENTS IN SECURITIES (continued)

September 30, 2021

	Principal		Fair		Percent of
	Amounts		Value		Net Assets
U.S. GOVERNMENT OBLIGATIONS - 5.75%
United States Treasury Notes
1.875%, 01/31/2022		1,600,000	$	1,609,689		4.12
2.250%, 08/15/2027		600,000		637,336		1.63
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $2,263,502)				2,247,025		5.75

	Shares
SHORT-TERM INVESTMENTS - 13.90%
MONEY MARKET FUNDS
Fidelity Institutional Government Portfolio -
Institutional Class, 0.01% (c)		1,630,108		1,630,108		4.18
Invesco Government & Agency Portfolio -
Institutional Class, 0.03% (c)		1,900,000		1,900,000		4.86
Morgan Stanley Institutional Liquidity Fund Government
Portfolio - Institutional Class, 0.03% (c)		1,900,000		1,900,000		4.86
TOTAL SHORT-TERM INVESTMENTS (Cost $5,430,108)				5,430,108		13.90

Total Investments (Cost $28,142,139) - 99.75%				38,978,338		99.75
Other Assets and Liabilities, net - 0.25%				95,541		0.25
TOTAL NET ASSETS - 100.00%			$	39,073,879		100.00	%

______________

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)	This security has a fluctuating yield; rate disclosed is the 7-day yield as of September 30, 2021.
(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 September 30, 2021, restricted securities represented 11.11% 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 current rate as of September 30, 2021. 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.
(g)	Security is a perpetual bond and has no definite maturity date.
(h)	Value determined based on estimated fair value. The value of these securities total $1,390,141, which represents 3.56% of total net assets. Classified as Level 3 in the fair value hierarchy. Please refer to Note 2 of the Notes to Financial Statements.

The accompanying notes are an integral part of these financial statements.

CONCORDE WEALTH MANAGEMENT FUND

SCHEDULE OF WRITTEN OPTIONS

September 30, 2021

	Notional		Number of		Fair
	Amount		Contracts (a)		Value
WRITTEN OPTIONS - (0.08)%
WRITTEN CALL OPTIONS - (0.04)%
AbbVie, Inc.
Expiration: October 2021, Exercise Price: $110	$	323,610		30	$	3,270
Amazon.com, Inc.
Expiration: October 2021, Exercise Price: $3,425		657,008		2		3,692
DuPont de Nemours, Inc.
Expiration: October 2021, Exercise Price: $72		339,950		50		2,300
Encompass Health Corp.
Expiration: October 2021, Exercise Price: $80		262,640		35		3,150
Hubbell, Inc.
Expiration: October 2021, Exercise Price: $190		271,005		15		2,025
Lumen Technologies, Inc.
Expiration: October 2021, Exercise Price: $14		247,800		200		1,600
Martin Marietta Materials, Inc.
Expiration: October 2021, Exercise Price: $370		205,008		6		882
TOTAL WRITTEN CALL OPTIONS
(Premiums received $26,437)						16,919

WRITTEN PUT OPTIONS (0.04)%
Exxon Mobil Corp.
Expiration: October 2021, Exercise Price: $55		88,230		15		585
Kinder Morgan, Inc.
Expiration: October 2021, Exercise Price: $18		83,650		50		6,150
Schlumberger Ltd.
Expiration: October 2021, Exercise Price: $30		177,840		60		7,200
TOTAL WRITTEN PUT OPTIONS
(Premiums received $11,513)						13,935
TOTAL WRITTEN OPTIONS
(Premiums received $37,950)					$	30,854

______________

Percentages are stated as a percent of net assets.

(a)	Each contract is equivalent to 100 shares of common stock.

The accompanying notes are an integral part of these financial statements.

CONCORDE WEALTH MANAGEMENT FUND

STATEMENT OF ASSETS AND LIABILITIES

September 30, 2021

ASSETS
Investments in securities, at fair value (cost $28,142,139)	$	38,978,338
Cash		6,321
Fund shares sold		150,000
Dividends and interest receivable		49,902
Prepaid expenses		9,185
TOTAL ASSETS		39,193,746
LIABILITIES
Investments in written options, at fair value (premiums received $37,950)		30,854
Investment advisory fee payable (Note 6)		26,011
Accrued audit fees		28,000
Accrued directors fees and expenses		1,001
Accrued other expenses (Note 7)		34,001
TOTAL LIABILITIES		119,867
NET ASSETS	$	39,073,879
Composition of Net Assets:
Net capital paid in on shares of capital stock	$	27,532,176
Total distributable earnings		11,541,703
NET ASSETS	$	39,073,879
Capital shares outstanding		2,025,646
Net asset value, offering price and redemption price per share	$	19.29

The accompanying notes are an integral part of these financial statements.

CONCORDE WEALTH MANAGEMENT FUND

STATEMENT OF OPERATIONS

For the Year Ended September 30, 2021

Investment Income
Dividends (net of foreign withholding taxes of $2,954)	$	527,823
Interest		71,471
Total investment income		599,294
Expenses
Investment advisory fees (Note 6)		268,955
Professional fees		40,569
Administration fees (Note 7)		52,749
Sub-transfer agent fees (Note 7)		40,771
Fund accounting fees (Note 7)		25,108
Transfer agent fees (Note 7)		16,999
Printing, postage and delivery		12,553
Insurance expense		6,773
Custody fees (Note 7)		7,652
Directors fees and expenses		2,450
Federal and state registration fees		4,244
Other expenses		12,687
Total expenses		491,510
NET INVESTMENT INCOME		107,784
REALIZED AND UNREALIZED GAIN
Net realized gain on:
Investments		1,411,216
Written options		54,324
Capital gain distributions from investment companies		6,376
Net realized gain		1,471,916
Net change in unrealized appreciation on:
Investments		5,545,710
Written options		7,096
Net change in unrealized appreciation		5,552,806
NET REALIZED AND UNREALIZED GAIN		7,024,722
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	7,132,506

The accompanying notes are an integral part of these financial statements.

CONCORDE WEALTH MANAGEMENT FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended			Year Ended
	Sep. 30, 2021			Sep. 30, 2020
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income	$	107,784		$	195,978
Net realized gain on investments, written options and
capital gain distributions from investment companies		1,471,916			257,788
Net change in unrealized appreciation
on investments and written options		5,552,806			403,358
Net increase in net assets resulting from operations		7,132,506			857,124
DISTRIBUTIONS TO SHAREHOLDERS		(1,051,477	)		(564,224	)
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		8,563,233			1,117,253
Dividends reinvested		1,051,477			564,224
Cost of shares redeemed		(2,546,881	)		(1,505,916	)
Net increase in net assets derived from capital share transactions		7,067,829			175,561
Total increase in net assets		13,148,858			468,461
NET ASSETS
Beginning of year		25,925,021			25,456,560
End of year	$	39,073,879		$	25,925,021
CHANGES IN SHARES OUTSTANDING
Shares sold		462,212			70,708
Shares issued in reinvestment of dividends		62,925			35,089
Shares redeemed		(141,674	)		(97,855	)
Net increase		383,463			7,942

The accompanying notes are an integral part of these financial statements.

CONCORDE WEALTH MANAGEMENT FUND

FINANCIAL HIGHLIGHTS

	Year Ended September 30,
	2021			2020			2019			2018			2017
PER SHARE OPERATING
PERFORMANCE:
(for a share of capital stock outstanding
throughout the year):
Net asset value, beginning of year	$	15.79		$	15.58		$	16.49		$	15.13		$	14.29
Income (loss) from investment operations:
Net investment income (loss)⁽¹⁾		0.06			0.12			0.09			0.06			(0.04	)
Net realized and unrealized gain (loss)
on investment transactions		4.09			0.44			(0.29	)		1.67			0.91
Total from investment operations		4.15			0.56			(0.20	)		1.73			0.87
Less distributions from:
Net investment income		(0.17	)		(0.22	)		(0.06	)		—			—
Net realized gains		(0.48	)		(0.13	)		(0.65	)		(0.37	)		(0.03	)
Total distributions		(0.65	)		(0.35	)		(0.71	)		(0.37	)		(0.03	)
Net asset value, end of year	$	19.29		$	15.79		$	15.58		$	16.49		$	15.13
TOTAL RETURN⁽²⁾		26.61	%		3.54	%		(0.91	)%		11.75	%		6.07	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in thousands)	$	39,074		$	25,925		$	25,457		$	25,623		$	20,591
Ratio of expenses to average net assets		1.46	%		1.68	%		1.68	%		1.70	%		1.83	%
Ratio of net investment income (loss)
to average net assets		0.32	%		0.77	%		0.60	%		0.39	%		(0.25	)%
Portfolio turnover rate		12	%		36	%		24	%		20	%		40	%

______________

(1)	Based on average shares outstanding during the year.
(2)	The total returns do not include adjustments made related to valuation information obtained subsequent to year end.

The accompanying notes are an integral part of these financial highlights.

CONCORDE WEALTH MANAGEMENT FUND

NOTES TO FINANCIAL STATEMENTS

Note 1 – Nature of Business and Summary of Significant Accounting Policies

NATURE OF BUSINESS

Concorde Wealth Management Fund (the "Fund"), is a diversified separate series of Concorde Funds, Inc. (the "Company"). Each series of the Company is organized as a class of common stock under the Company’s articles of incorporation. The Company was incorporated in the state of Texas in September of 1987, and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. Each capital share in the Fund represents an equal, proportionate interest in the net assets of the Fund with each other capital share in such series and no interest in any other series. The Company may establish multiple series, each of which would be organized as a class of common stock under the Company’s articles of incorporation. The Company presently has no series other than the Fund.

The primary investment objectives of the Fund are to seek total return, from both appreciation of value and generation of current income, within the context of preservation of capital. The Fund is subject to various investment restrictions as set forth in the Statement of Additional Information.

SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services – Investment Companies.

VALUATION OF SECURITIES

All investments in securities are recorded at their estimated fair value, as described in Note 2.

FEDERAL INCOME TAXES

The Company’s policy is to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all its taxable income to its shareholders. The Company also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise provision is required.

Net investment income (loss), net realized gains (losses) and the cost of investments in securities may differ for financial statement and income tax purposes. The character of distributions from net investment income or net realized gains may differ from their ultimate characterization for income tax purposes. Also, due to the timing of dividend distributions, the year in which amounts are distributed may differ from the year that the income or realized gains were recorded by the Fund. Permanent book and tax basis differences, if any, result in reclassifications to certain components of net assets. Any such reclassifications have no effect on net assets, results of operations or net asset value ("NAV") per share.

CONCORDE WEALTH MANAGEMENT FUND

NOTES TO FINANCIAL STATEMENTS

Note 1 – Nature of Business and Summary of Significant Accounting Policies (continued)

Management has reviewed all open tax years and major tax jurisdictions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed or expected to be taken on a tax return. The tax returns of the Company for the prior three years are open for examination.

SECURITY TRANSACTIONS AND RELATED INCOME

Security transactions are accounted for on the trade date, the day securities are purchased or sold. Realized gains and losses from securities transactions are reported on the specific identification basis. Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis. Discounts and premiums on securities purchased are accreted and amortized over the lives of the respective securities. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS

Dividends to shareholders are determined in accordance with Federal income tax regulations and recorded on the ex-dividend date. The Fund intends to distribute all of its net investment income, if any, as dividends to its shareholders on an annual basis. The Fund intends to distribute all of its capital gains, as dividends to its shareholders on an annual basis. Distributions from net investment income and capital gains are generally declared and paid annually in December. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or capital gains may differ from their ultimate treatment for Federal income tax purposes.

USE OF ESTIMATES

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

OPTION WRITING

To generate additional income or hedge against a possible decline in the value of securities it holds, the Fund may write covered call options and write put options. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from options written. The difference between the premium and amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in

CONCORDE WEALTH MANAGEMENT FUND

NOTES TO FINANCIAL STATEMENTS

Note 1 – Nature of Business and Summary of Significant Accounting Policies (continued)

determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

The objective, as stated above, is to hedge against a possible decline in the value of securities it holds or to generate additional income when certain securities are locked in a trading range. With regards to hedging against a possible decline, the Fund may sell covered calls with strike prices below the price of a security at the time of writing the call. Regarding additional income, the Fund may sell calls on certain securities that are within a trading range, generally selling calls on securities where the strike prices are above the fair value price of the subject security.

NEW ACCOUNTING PRONOUNCEMENTS AND RULE ISSUANCES

In March 2020, FASB issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying this ASU.

COMMITMENTS

On February 23, 2018, the Fund executed an agreement to invest in LLR Equity Partners V, L.P., a limited partnership. The capital commitment of this investment is $1,000,000. The remaining commitment as of September 30, 2021, is $80,000 and distributions subject to recall total $124,692.

On March 15, 2019, the Fund executed an agreement to invest in LRVHealth, L.P., a limited partnership. The capital commitment of this investment is $500,000. The remaining commitment as of September 30, 2021, is $275,000.

On May 4, 2021, The Fund executed an agreement to invest in RCP Select Capital Fund, L.P., a limited partnership. The capital commitment of this investment is $500,000. The remaining commitment as of September 30, 2021, is $375,000.

Note 2 – Securities Valuation

The Company’s Board of Directors (the "Board") has adopted methods for valuing securities and other derivative instruments including in circumstances in which market quotes are not readily available, and has delegated authority to the Company’s investment advisor, Concorde Financial Corporation d/b/a Concorde Investment Management ("Concorde" or the "Advisor") to apply those methods in making fair value determinations. All fair value determinations made by the Advisor are subject to oversight by the Board.

CONCORDE WEALTH MANAGEMENT FUND

NOTES TO FINANCIAL STATEMENTS

Note 2 – Securities Valuation (continued)

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 value, 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.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis.

Equity Securities – Equity securities, usually common stocks, foreign issued common stocks, exchange traded funds ("ETFs"), real estate investment trusts ("REITs"), royalty trusts, master limited partnerships and preferred stocks traded on a national securities exchange are valued at the last sale price on the exchange on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any reported sales, at the mean between the last available bid and asked price. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

CONCORDE WEALTH MANAGEMENT FUND

NOTES TO FINANCIAL STATEMENTS

Note 2 – Securities Valuation (continued)

Mutual Funds – Mutual funds, including open and closed-end funds, are generally priced at the ending NAV provided by the service agent of the mutual funds and are categorized in Level 1 of the fair value hierarchy.

Investment Funds – Investment funds that are private funds can be difficult to value, particularly to the extent that their underlying investments are not publicly traded. In the event a private fund does not report a value to the Fund on a timely basis, the Advisor, acting under the Board’s supervision and pursuant to policies implemented by the Board, will determine the fair value of the Fund’s investment based on the most recent NAV reported by the private fund, as well as any other relevant information available at the time the Fund values its investments. It is anticipated that fair value, portfolio holdings and other value information of the private funds could be available on no more than a semi-annual basis, with up to a 90 day lag. Following procedures adopted by the Board, in the absence of specific transaction activity in a particular investment fund, the Advisor will consider whether it is appropriate, in light of all relevant circumstances, to value the Fund’s investment at the NAV reported by the private fund at the time of valuation or to adjust the value to reflect a premium or discount. Certain investment funds may include adjustments made subsequent to period end related to subsequent valuation information obtained. Therefore, the net assets and NAV reflected for financial statement purposes may differ from the reported NAV of the Fund as of September 30, 2021. Investment funds are categorized in Level 3 of the fair value hierarchy unless measured at fair value using the NAV per share (or its equivalent), in which case, practical expedient is used for private funds and are not categorized in the fair value hierarchy.

Debt Securities – Bonds, notes, and U.S. government obligations are valued at an evaluated bid price obtained from an independent pricing service that uses a matrix pricing method or other analytical models. Demand notes are valued at amortized cost, which approximates fair value. These securities will generally be categorized in Level 2 of the fair value hierarchy.

Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above for equity securities. Fixed income securities with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued by an independent pricing service that uses a matrix pricing method or other analytical models. Short-term securities are generally classified in Level 1 or Level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities.

Derivative Instruments – Listed derivatives, including options, rights, and warrants that are actively traded are valued based on quoted prices from the exchange. If there is no such reported sale on the valuation date, the mean between the highest bid and lowest asked quotations at the close of the exchanges will be used. These securities will generally be categorized in Level 1 of the fair value hierarchy.

All other assets of the Fund are valued in such manner as the Board in good faith deems appropriate to reflect their fair value.

CONCORDE WEALTH MANAGEMENT FUND

NOTES TO FINANCIAL STATEMENTS

Note 2 – Securities Valuation (continued)

As a general matter, the fair value of the Fund’s interest in investment funds that are private funds ("Non-Traded Funds"), will represent the amount that the Fund could reasonably expect to receive from the Non-Traded Fund if the Fund’s interest was redeemed at the time of valuation, based on information reasonably available at the time the valuation is made and that the Fund believes to be reliable. Investments in Non-Traded Funds are recorded at fair value, using the Non-Traded Fund’s net asset value as a practical expedient. Based on guidance provided by FASB, investments for which fair value is measured using the NAV practical expedient are not required to be categorized in the fair value hierarchy. In the event a Non-Traded Fund does not report a value to the Fund on a timely basis, the Advisor, acting under the Board’s supervision and pursuant to policies implemented by the Board, will determine the fair value of the Fund’s investment based on the most recent value reported by the Non-Traded Fund, as well as any other relevant information available at the time the Fund values its investments. Following procedures adopted by the Board, in the absence of specific transaction activity in a particular investment fund, the Advisor will consider whether it is appropriate, in light of all relevant circumstances, to value the Fund’s investment at the NAV reported by the Non-Traded Fund at the time of valuation or to adjust the value to reflect a fair value.

Securities for which market quotations are not readily available or if the closing price does not represent fair value, are valued at fair value as determined in good faith following procedures approved by the Board. Factors used in determining fair value vary by investment type and may include: trading volume of security and markets, value of other like securities and news events with direct bearing to security or market. Depending on the relative significance of the valuation inputs, these securities may be categorized in either Level 2 or Level 3 of the fair value hierarchy.

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 Board 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 Board.

CONCORDE WEALTH MANAGEMENT FUND

NOTES TO FINANCIAL STATEMENTS

Note 2 – Securities Valuation (continued)

Additional information on each illiquid restricted security held by the Fund on September 30, 2021 is as follows:

	Initial	Shares/						% of
	Acquisition	Capital						Net
Security	Date	Contributions		Cost		Fair Value		Assets
LLR Equity Partners V, L.P.	March 14, 2018		920,000	$	818,584	$	1,009,081		2.58	%
PIMCO Flexible Credit Income
Fund – Institutional Class	March 15, 2018		47,619		500,000		460,004		1.18
Pioneer ILS Interval Fund	August 27, 2018		117,583		1,140,000		1,011,212		2.59
LRVHealth, L.P.	July 16, 2019		225,000		217,684		293,895		0.75
Moran Tice 20:20 Fund, L.P.	July 31, 2020		250,000		250,000		206,321		0.53
SPAC Opportunity Partners,
LLC – Class A	March 24,2021		1,000,000		1,000,000		1,232,551		3.16
RCP Select Capital Fund, L.P.	June 7, 2021		125,000		125,000		125,000		0.32
				$	4,051,268	$	4,338,064		11.11	%

The following table summarizes the inputs used to value the Fund’s investments measured at fair value as of September 30, 2021.

	Practical									Total
Investments – Assets:	Expedient*			Level 1		Level 2		Level 3		Fair Value
Common Stocks**	$	—		$	21,037,914	$	—	$	—	$	21,037,914
Preferred Stock**		—			216,300		—		—		216,300
Exchange Traded Funds		—			3,061,310		—		—		3,061,310
Closed-End Funds		—			460,004		—		1,011,212		1,471,216
Open-End Funds		—			348,222		—		378,929		727,151
Private Funds	2,866,848		^		—		—		—		2,866,848
REITs**		—			806,100		—		—		806,100
Corporate Bonds**		—			—		1,114,366		—		1,114,366
U.S. Government Obligations		—			—		2,247,025		—		2,247,025
Short-Term Investments		—			5,430,108		—		—		5,430,108
Total Investments	$	2,866,848		$	31,359,958	$	3,361,390	$	1,390,141	$	38,978,338
Other Financial Instruments – Liabilities:
Written Options	$	—		$	28,829	$	2,025	$	—	$	30,854

*		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.
**		See Schedule of Investments for industry classifications.

CONCORDE WEALTH MANAGEMENT FUND

NOTES TO FINANCIAL STATEMENTS

Note 2 – Securities Valuation (continued)

	Withdrawals	Redemption	Investment	Investment	Lock Up
^Security	Permitted	Notice Period	Objective	Strategy	Period
LLR Equity	No	Not	Capital	Diversified portfolio of	Not
Partners V, L.P.		Applicable	Appreciation	equity investments in	Applicable
				lower middle market growth
				companies primarily focused
				on software and services.

LRVHealth, L.P.	No	Not	Capital	Non-diversified portfolio of	Not
		Applicable	Appreciation	insurance-linked securities	Applicable
Moran Tice 20:20	Yes	30 days	Value	Diversified portfolio of	None
Fund L.P.				investments the Investment
				Manager believes will be
				influenced by macro-economic
				trends and/or event-driven situations.

SPAC Opportunity	Yes	93 days	Capital	Diversified portfolio of special	2 years
Partners, LLC – Class A			Appreciation	purpose acquisition companies,
				or "SPACs".

RCP Select Capital	No	Not	Total	Diversified portfolio of	Not
Fund, L.P.		Applicable	Return	ground-up development,	Applicable
				value-add and income
				producing real estate projects
				and real estate financings
				the Investment Manager
				expects to achieve high
				internal rates of return.

(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.

CONCORDE WEALTH MANAGEMENT FUND

NOTES TO FINANCIAL STATEMENTS

Note 2 – Securities Valuation (continued)

LEVEL 3 RECONCILIATION DISCLOSURE

The 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, 2020	$	—		$	—	$	—
Accrued discounts/premiums		—			—		—
Realized gain (loss)		—			—		—
Change in unrealized appreciation (depreciation)		(12,509	)		2,605		(9,904	)
Purchases		140,000			435		140,435
(Sales)		—			—		—
Transfer in and/or out of Level 3		883,721			375,889		1,259,610
Balance as of September 30, 2021	$	1,011,212		$	378,929	$	1,390,141
Change in unrealized appreciation/
depreciation during the period for Level 3
investments held at September 30, 2021	$	(12,509	)	$	2,605	$	(9,904	)

The Level 3 investments as of September 30, 2021 represented 3.56% of net assets and did not warrant a disclosure of significant unobservable valuation inputs.

Note 3 – Derivative Instruments

The average monthly value outstanding of options written during the fiscal year ended September 30, 2021 for the Fund was $12,281.

The following is a summary of the effect of derivative instruments on the Fund’s Statements of Assets and Liabilities as of September 30, 2021:

	Asset Derivatives,	Liability Derivatives,
Equity Risk Contracts	Investments, at value	Written Options, at value
Written Options	$—	$30,854

The following is a summary of the effect of derivative instruments on the Fund’s Statements of Operations as of September 30, 2021:

		Change in Unrealized
Equity Risk Contracts	Realized Gain	Appreciation
Written Options	$54,324	$7,096

Note 4 – Investment Transactions

Purchases and sales of investment securities, excluding U.S. government obligations and short-term investments, for the Fund during the year ended September 30, 2021, were $5,724,161 and $3,689,020, respectively.

The Fund did not have any purchases or sales/maturities of long-term U.S. government obligations during the year ended September 30, 2021.

CONCORDE WEALTH MANAGEMENT FUND

NOTES TO FINANCIAL STATEMENTS

Note 5 – Principal Risks

The Fund in the normal course of business makes investments in financial instruments and derivatives where the risk of potential loss exists due to changes in the market (market risk), or failure or inability of the counterparty to a transaction to perform (credit and counterparty risk). See below for a detailed description of select principal risks.

American Depositary Receipts ("ADRs") and Global Depository Receipts ("GDRs") Risk. ADRs and GDRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary’s transaction fees. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary’s transaction fees are paid directly by the ADR holders. Because unsponsored ADR arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights with respect to the deposited securities are not passed through. GDRs can involve currency risk since, unlike ADRs, they may not be U.S. dollar-denominated.

Convertible Securities Risk. A convertible security is a fixed-income security (a debt instrument or a preferred stock) which may be converted at a stated price within a specified period of time into a certain quantity of the common stock of the same or a different issuer. Convertible securities are senior to common stock in an issuer’s capital structure, but they are subordinated to any senior debt securities. While providing a fixed-income stream (generally higher in yield than the income derivable from common stock but lower than that afforded by a similar non-convertible security), a convertible security also gives an investor the opportunity, through its conversion feature, to participate in the capital appreciation of the issuing company depending upon a market price advance in the convertible security’s underlying common stock.

Counterparty Risk. When the Fund enters into an investment contract, such as a derivative or a repurchase agreement, the Fund is exposed to the risk that the other party may be unable or unwilling to fulfill its obligations, which could adversely impact the value of the Fund. Contractual provisions and applicable law may prevent or delay the Fund from exercising its rights to terminate an investment or transaction with a financial institution experiencing financial difficulties, or to realize on collateral, and another institution may be substituted for that financial institution without the consent of the Fund. If the credit rating of a derivatives counterparty declines, the Fund may nonetheless choose or be required to keep existing transactions in place with the counterparty, in which event the Fund would be subject to any increased credit risk associated with those transactions.

Credit Risk. In connection with the Fund’s investments in fixed income securities, the value of the Fund may change in response to the credit ratings of the Fund’s portfolio securities. The degree of risk for a particular security may be reflected in its credit rating. Generally, investment risk and price volatility increase as a security’s credit rating declines. Credit risk is the risk that the issuer of a bond will fail to make payments when due or default completely. If the issuer of the bond experiences an

CONCORDE WEALTH MANAGEMENT FUND

NOTES TO FINANCIAL STATEMENTS

Note 5 – Principal Risks (continued)

actual or anticipated deterioration in credit quality, the price of the bond may be negatively impacted. The degree of credit risk depends on the financial condition of the issuer and the terms of the bond.

Novel Coronavirus "(COVID-19") Risk. The global outbreak of COVID-19 has disrupted economic markets and the prolonged economic impact is uncertain. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn adversely affect the value and liquidity of the Fund’s investments, impair the Funds’ ability to satisfy redemption requests, and negatively impact the Fund’s performance.

Debt/Fixed Income Securities Risk. An increase in interest rates typically causes a fall in the value of the debt securities in which the Fund may invest. The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio of debt securities. Interest rates in the United States are at, or near, historic lows, which may increase the Fund’s exposure to risks associated with rising interest rates. Moreover, rising interest rates or lack of market participants may lead to decreased liquidity in the bond and loan markets, making it more difficult for the Fund to sell its holdings at a time when the Fund’s manager might wish to sell. Lower rated securities ("junk bonds") are generally subject to greater risk of loss of your money than higher rated securities. Debt securities are also subject to prepayment risk when interest rates decrease. Prepayment risk is the risk that the borrower will prepay some or all of the principal owed to the issuer. If prepayment occurs, the Fund may have to replace the security by investing the proceeds in a less attractive security. Many debt securities utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. However, the use of LIBOR has come under pressure following manipulation allegations. If LIBOR in its current form does not survive or if an alternative index is chosen, the market value and/or liquidity of securities with distributions or interest rates based on LIBOR could be adversely affected.

Emerging Markets Risk. The Fund may invest in emerging markets, which may carry more risk than investing in developed foreign markets. Risks associated with investing in emerging markets include limited information about companies in these countries, greater political and economic uncertainties compared to developed foreign markets, underdeveloped securities markets and legal systems, potentially high inflation rates, and the influence of foreign governments over the private sector.

Equity and General Market Risk. Equities, such as common stocks, or other equity related investments are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The stock market may experience declines or stocks in the Fund’s portfolio may not increase their earnings at the rate anticipated. The Fund’s NAV and investment return will fluctuate based upon changes in the value of its portfolio securities. A rise in protectionist trade policies, slowing global economic growth, risks associated with the United Kingdom’s exit from the European Union, the trade dispute between the United States and China, the risk of trade disputes with other countries, and the possibility of changes to some international trade agreements, could affect the economies of many nations, including the United States, in ways that cannot necessarily be foreseen at the present time, and may negatively impact the financial markets.

CONCORDE WEALTH MANAGEMENT FUND

NOTES TO FINANCIAL STATEMENTS

Note 5 – Principal Risks (continued)

These developments as well as other events could result in further market volatility and negatively affect financial asset prices, the liquidity of fixed income or other securities held by the Fund and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. In addition, the Fund may face challenges with respect to its day-to-day operations if key personnel of the investment adviser or other service providers are unavailable due to quarantines and restrictions on travel related to the recent COVID-19 outbreak. As a result, the risk environment remains elevated. The investment adviser will monitor developments and seek to manage the Fund in a manner consistent with achieving the Fund’s investment objective, but there can be no assurance that it will be successful in doing so.

Exchange Traded Fund Risk. ETFs may trade at a discount to the aggregate value of the underlying securities and although expense ratios for ETFs are generally low, frequent trading of ETFs by the Fund can generate brokerage expenses. Shareholders of the Fund will indirectly be subject to the fees and expenses of the individual ETFs in which the Fund invests, in addition to the Fund’s own fees and expenses.

Foreign Securities Risk. The Fund may invest in foreign securities and, if so, it will be subject to risks associated with foreign markets, such as adverse political, currency, social and economic developments; accounting standards or governmental supervision that are not consistent with that to which U.S. companies are subject; limited information about foreign companies; less liquidity in foreign markets; and less protection. In addition, policy and legislative changes in foreign countries and other events affecting global markets, such as the United Kingdom’s exit from the European Union (or Brexit), may contribute to decreased liquidity and increased volatility in the financial markets.

High Yield Risk. The Fund’s investment program permits it to invest in non-investment grade debt obligations, sometimes referred to as "junk bonds" (hereinafter referred to as "lower-quality securities"). Lower-quality securities are those securities that are rated lower than investment grade and unrated securities believed by the Advisor to be of comparable quality. Although these securities generally offer higher yields than investment grade securities with similar maturities, lower-quality securities involve greater risks, including the possibility of default or bankruptcy. In general, they are regarded to be more speculative with respect to the issuer’s capacity to pay interest and repay principal.

Investments in Other Investment Companies Risk. Shareholders of the Fund will indirectly be subject to the fees and expenses of the other investment companies in which the Fund invests and these fees and expenses are in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund’s own operations. In addition, shareholders will be exposed to the investment risks associated with investments in other investment companies.

LIBOR Risk. Since 2017, the United Kingdom’s Financial Conduct Authority has been working towards the cessation of LIBOR at the end of December 2021. In November 2020, though, the administrator of the U.S. Dollar LIBOR benchmarks, the ICE Benchmark Administration, extended the retirement date for most U.S. Dollar LIBOR rates until June 2023. Regulators and industry

CONCORDE WEALTH MANAGEMENT FUND

NOTES TO FINANCIAL STATEMENTS

Note 5 – Principal Risks (continued)

working groups have suggested numerous alternative reference rates to LIBOR. Leading alternatives include Sonia in the United Kingdom, ÛSTR in the European Union, Tonar in Japan, and in the U.S., the New York Fed has been working to develop the Secured Overnight Financing Rate (SOFR). Global consensus is still coalescing around the transition to a new reference rate and the process for amending existing contracts. Abandonment of or modifications to LIBOR could have adverse impacts on newly issued financial instruments and existing financial instruments which reference LIBOR. There also remains uncertainty and risk regarding the willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments. The transition away from LIBOR may lead to increased volatility and illiquidity in markets that are tied to LIBOR, reduced values of LIBOR-related investments, and reduced effectiveness of hedging strategies, adversely affecting the Fund’s performance or NAV. In addition, the alternative reference rate may be an ineffective substitute resulting in prolonged adverse market conditions for the Fund.

Liquidity Risk. Certain securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Fund would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price.

Private Funds Risk. The sale or transfer of investments in private funds may be limited or prohibited by contract or law. Private funds are generally fair valued in good faith following procedures approved by the Board as they are not traded frequently. The Fund may be required to hold such positions for several years, if not longer, regardless of valuation, which may cause the Fund to be less liquid.

Private Placement Risk. The Fund may invest in privately issued securities of domestic common and preferred stock, convertible debt securities, ADRs and REITs, including those which may be resold only in accordance with Rule 144A under the Securities Act of 1933, as amended. Privately issued securities are restricted securities that are not publicly traded. Delay or difficulty in selling such securities may result in a loss to the Fund. Privately issued securities and other restricted securities will have the effect of increasing the level of Fund illiquidity to the extent that the Fund finds it difficult to sell these securities when the Advisor believes it is desirable to do so, especially under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, and the prices realized could be less than those originally paid or less than the fair market value. At times, the illiquidity of the market, as well as the lack of publicly available information regarding these securities also may make it difficult to determine the fair value of such securities for purposes of computing the NAV of the Fund.

Real Estate Investment Trust and Real Estate Risk. The value of the Fund’s investments in REITS may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs.

CONCORDE WEALTH MANAGEMENT FUND

NOTES TO FINANCIAL STATEMENTS

Note 5 – Principal Risks (continued)

Security Selection Risk. The Advisor may misjudge the risk and/or return potential of a security. This misjudgment can result in a loss or a significant deviation relative to its benchmarks.

Smaller and Medium Capitalization Company Risk. Securities of smaller and medium-sized companies may be more volatile and more difficult to liquidate during market downturns than securities of larger companies. Additionally, the price of smaller companies may decline more in response to selling pressures.

Style Risk. The Advisor generally follows an investing style that favors value investments. The value investing style may, over time, go in and out of favor. At time when the value investing style is out of favor, the Fund may underperform other funds that use different investing styles. Investors should be prepared to tolerate volatility in Fund returns.

Note 6 – Investment Advisory Fees and Transactions with Affiliate

The Company has an Investment Advisory Agreement with Concorde to act as the Fund’s investment advisor. The Advisor provides the Fund with investment management and advisory services consistent with the Fund’s investment objectives, policies and restrictions, supervises the purchase and sale of investment transactions and administers the business and administrative operations of the Fund. For such services, for the year ended September 30, 2021, Concorde received an annual fee of 0.80% of the Fund’s average daily net assets, computed daily and paid on a monthly basis. The investment advisory fee was $268,955 for the year ended September 30, 2021, of which $26,011 was payable at September 30, 2021. Certain officers and directors of the Company are also officers and directors of Concorde.

Note 7 – Service Organizations

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), provides the Fund with administrative, fund accounting, and transfer agent services. U.S. Bank, N.A., ("USB") an affiliate of Fund Services, serves as the Fund’s custodian. Fees incurred by the Fund to Fund Services and USB during the year ended September 30, 2021, were $94,856 and $7,652, respectively, of which $15,819 and $1,111, respectively, were payable at September 30, 2021.

The Company has an administrative agreement with National Financial Services, LLC ("NFS"). The agreement provides for monthly payments by the Fund to NFS for providing certain shareholder services (sub-transfer agent fees). Sub-transfer agent fees incurred by the Fund to NFS for the year ended September 30, 2021 were $40,771, of which $4,056 was payable at September 30, 2021.

CONCORDE WEALTH MANAGEMENT FUND

NOTES TO FINANCIAL STATEMENTS

Note 8 – Federal Tax Information

At September 30, 2021, the Fund’s most recent fiscal year end, the Fund’s investments and components of total distributable earnings on a tax basis were as follows:

Federal Tax Cost of Investments	$	28,330,342
Gross Tax Unrealized Appreciation	$	11,466,124
Gross Tax Unrealized Depreciation		(818,128	)
Net Tax Unrealized Appreciation		10,647,996
Undistributed Ordinary Income		45,728
Undistributed Long-Term Gains		840,883
Other Accumulated Gain		7,096
Total Distributable Earnings	$	11,541,703

The difference between book-basis and tax-basis net unrealized appreciation is primarily attributable to the realization for tax purposes of the unrealized gains on an investment in a passive foreign investment company and adjustments to reduce the tax basis of investments in partnerships.

At September 30, 2021, the Fund’s fiscal year end, the Fund had no tax basis capital loss carryovers to offset future capital gains. The Fund did not utilize a capital loss carryover during the year ended September 30, 2021, the Fund’s fiscal year end. The Fund had no late year loss deferrals and no post-October loss.

The tax character of distributions paid during the year ended September 30, 2021 and year ended September 30, 2020 was as follows:

	September 30, 2021		September 30, 2020
Ordinary income⁽¹⁾	$	364,457	$	367,746
Long-term capital gain		687,020		196,478
	$	1,051,477	$	564,224

(1)	Ordinary income includes short-term capital gains.

Note 9 – Subsequent Events

Management has evaluated the Fund’s events and transactions that occurred subsequent September 30, 2021, through the date of issuance of the Fund’s financial statements. There were no events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Fund’s financial statements.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors of Concorde Funds, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Concorde Wealth Management Fund, a series of Concorde Funds, Inc. (Company), including the schedules of investments in securities and written options, as of September 30, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the related notes (collectively referred to as the "financial statements") and the financial highlights for each of the five years in the period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Company as of September 30, 2021, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2021, by correspondence with the custodians. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.



	BRAD A. KINDER, CPA

We have served as the auditor of Concorde Funds, Inc. since 2002.

Flower Mound, Texas

November 22, 2021

BOARD APPROVAL OF CONTINUATION OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

At its meeting held on June 10, 2021, the Board of Directors (the "Board") of Concorde Funds, Inc. (the "Company"), including all the Directors who are not "interested persons" (as defined in the Investment Company Act of 1940), considered and then voted to approve the renewal of the investment advisory agreement (the "Advisory Agreement") between Concorde Financial Corporation (the "Advisor") and the Company, on behalf of the Concorde Wealth Management Fund (the "Fund"). In connection with its approval of the continuation of the Advisory Agreement, the Board reviewed and discussed the specific services provided by the Advisor. The Board considered the following factors, among others:

The Advisor:

1)	Provides daily investment management for the Concorde Wealth Management Fund. In providing investment management, Concorde Financial Corporation oversees the trading of securities and the rebalancing of the portfolio.

2)	Retains the services of the Fund’s Chief Compliance Officer and makes all reasonable efforts to insure that the Fund is in compliance with the securities laws.

3)	Provides responsive customer and shareholder servicing which consists of responding to shareholder inquiries received, including specific mutual fund account information, in addition to calls directed to the transfer agent call center.

4)	Oversees distribution of the Fund through third-party broker/dealers and independent financial institutions.

5)	Oversees those third party service providers that support the Fund in providing fund accounting, fund administration, transfer agency and custodial services.

The Board also: (i) compared the performance of the Fund to benchmark indices over various periods of time and concluded that the performance of the Fund, particularly on a risk-adjusted basis, warranted the continuation of the Advisory Agreement; (ii) compared the expense ratios of funds similar in asset size and investment objective to those of the Fund and concluded the expenses of the Fund were reasonable and warranted continuation of the Advisory Agreement; (iii) considered the fees charged by Concorde Financial Corporation to those of funds similar in asset size and investment objective to the Fund and concluded the advisory fees of the Fund were reasonable and warranted continuation of the Advisory Agreement; and (iv) considered the profitability of Concorde Financial Corporation with respect to the Fund, and concluded that the profits were reasonable and not excessive when compared to profitability guidelines set forth in relevant court cases.

The Board then discussed economies of scale and breakpoints and determined that the Fund, managed by Concorde Financial Corporation, has not yet significantly grown in size, nor has the marketplace demonstrated significant rapid potential growth to any extent, that would warrant the need for breakpoints.

BOARD APPROVAL OF CONTINUATION OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

The Board reviewed the Fund’s expense ratios and comparable expense ratios for similar funds. The Board used data from Morningstar, as presented in the materials provided to the Board, showing funds classified by Morningstar as similar in nature to the Concorde Wealth Management Fund. The Board determined that the total expense ratio of the Fund falls within a reasonable range of the ratios of other funds in the peer group presented to the Board. The Board also referenced Concorde Financial Corporation’s Form ADV and the executed Investment Advisory Agreement and determined that the terms of the Agreement are reasonable, and that the Advisor has the resources to service the Fund well.

All of the factors discussed by the Board were considered as a whole, and were considered separately by the Directors who are not "interested persons" of the Fund, meeting in executive session both before and after their general session with the other Director and management of the Fund. The factors were viewed in their totality by the Board, with no single factor being the principal or determinative factor in the Board’s determination of whether to approve the continuation of the Advisory Agreement. The Board recognized that the management and fee arrangements for the Fund are the result of years of review and discussion between the Directors and the Advisor, that certain aspects of such arrangements may receive greater scrutiny in some years than in others and that the Directors’ conclusions may be based, in part, on their consideration of these same arrangements and information received during the course of the year and in prior years.

After further discussion, the Directors, including all of the Directors who are not "interested persons," as defined by the 1940 Act, unanimously approved the continuation of the Advisory Agreement.

REVIEW OF LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

Pursuant to Rule 22e-4 under the Investment Company Act of 1940, the Company and the Advisor have jointly adopted a Liquidity Risk Management Program (the "Program") to govern the Fund’s approach to managing liquidity risk. Rule 22e-4 seeks to promote effective liquidity risk management, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of the interests of fund shareholders.

At a recent meeting of the Board of Directors of the Fund, the Directors received a report by the Program Administrator pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the twelve-month period ended June 30, 2021. The report concluded that the Program is reasonably designed to assess and manage the Fund’s liquidity risk and has operated adequately and effectively to manage such risk. The report reflected that there were no liquidity events that impacted the Fund’s ability to timely meet redemptions without dilution to existing shareholders. The report further noted that no material changes have been made to the Program since its implementation.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

ADDITIONAL INFORMATION (Unaudited)

PROXY VOTING POLICIES AND PROCEDURES

For a description of the policies and procedures that the Fund uses to determine how to vote proxies relating to the portfolio securities, please call (972) 701-5400 and request a Statement of Additional Information. One will be mailed to you free of charge. The Statement of Additional Information is also available on the website of the Securities and Exchange Commission ("SEC") at http://www.sec.gov.

PROXY VOTING RECORDS

Information on how the Fund voted proxies relating to portfolio securities during the twelve-month period ending June 30 is available without charge, upon request, by calling (972) 701-5400. Furthermore, you can obtain the Fund’s proxy voting records on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters as an exhibit to its report on Form N-PORT. The Fund’s Part F of Form N-PORT is available without charge, upon request, by calling (972) 701-5400. Furthermore, you can obtain the Fund’s complete schedule of portfolio holdings on the SEC’s website at http://www.sec.gov.

HOUSEHOLD DELIVERY OF SHAREHOLDER DOCUMENTS

In an effort to decrease costs, the Fund intends to reduce the number of duplicate prospectuses and Annual and Semi-Annual Reports you receive by sending only one copy of each to those addresses shared by two or more accounts and to shareholders we reasonably believe are from the same family or household. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-800-294-1699 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies thirty days after receiving your request. This policy does not apply to account statements.

FEDERAL TAX DISTRIBUTION INFORMATION

The Fund has designated 91.67% of the dividends declared from net investment income during the year ended September 30, 2021, as qualified dividend income under the Jobs Growth and Tax Reconciliation Act of 2003. Additionally, for corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended September 30, 2021 was 86.25%.

FUND EXPENSES (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and exchange fees; and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual Funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six month period ended September 30, 2021.

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other Funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other Funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs or exchange fees. While the Fund does not currently assess sales charges, redemption or exchange fees, other funds do, and those costs will not be reflected in their expense tables. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different Funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account	Ending Account	Expenses Paid During Period* –
	Value – 4/1/21	Value – 9/30/21	Six Months Ended 9/30/21
Actual	$1,000.00	$1,021.20	$7.14
Hypothetical
(5% return before expenses)	$1,000.00	$1,018.00	$7.13

______________

*	Expenses are equal to the Fund’s annualized expense ratio of 1.41%, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period ended September 30, 2021).

DIRECTORS AND OFFICERS (Unaudited)

DIRECTORS AND OFFICERS

The Fund’s Statement of Additional Information includes additional information about the Fund’s officers and Directors and is available, without charge, upon request by calling (972) 701-5400.

	Position(s)			# of
	Held with			Portfolios	Other
	the Fund			in Fund	Directorships
	and Length			Complex	Held by
Name, Address	of Time		Principal Occupation(s)	Overseen	Director During
and Year of Birth	Served	Term of Office	During Past 5 Years	by Director	Past 5 Years

"Disinterested Persons"

William Marcy, Ph.D., P.E.	Chairman	Indefinite,	Executive Director of the Murdough	1	None.
Born: 1942	(Since 2019)	until	Center for Engineering Professionalism
Address:	and	successor	and the National Institute for
8383 Preston Center Plaza	Director	elected	Engineering Ethics, Texas Tech
Suite 360	(Since 2006)		University. He is a former Provost and
Dallas, Texas 75225			Senior Vice President for Academic
			Affairs, Texas Tech University.

Harold E. Schneider	Director	Indefinite,	A private investor in real estate,	1	None.
Born: 1950	(Since 2019)	until	equity and oil and gas investments.
Address:		successor
8383 Preston Center Plaza		elected
Suite 360
Dallas, Texas 75225

"Interested Persons"

Gary B. Wood, Ph.D., *	President	Indefinite,	President, Secretary, Treasurer and	1	None.
Born: 1949	(Since 1987)	until	a director of the Advisor and Concorde
Address:	and	successor	Capital Corporation, an exempt reporting
8383 Preston Center Plaza	Director	elected	advisor to funds affiliated with the Advisor.
Suite 360	(Since 1987)	(as Director)	He is also Chairman of the Board and
Dallas, Texas 75225		One-year term	Interim CEO of International Hospital
		(as officer)	Corporation Holding, NV and its
	Treasurer		subsidiaries, which owns, develops and
	(1987 – 2014)		manages private healthcare facilities in
			Mexico, Central America and Brazil.

John A. Stetter	Secretary	One-year term	Vice President and Portfolio Manager	N/A	N/A
Born: 1955	(Since 1998)		for the Advisor.
Address:
8383 Preston Center Plaza
Suite 360
Dallas, Texas 75225

DIRECTORS AND OFFICERS (Unaudited) (continued)

	Position(s)			# of
	Held with			Portfolios	Other
	the Fund			in Fund	Directorships
	and Length			Complex	Held by
Name, Address	of Time		Principal Occupation(s)	Overseen	Director During
and Year of Birth	Served	Term of Office	During Past 5 Years	by Director	Past 5 Years

Gregory B. Wood**	Treasurer	One-year term	Vice President of Concorde	N/A	N/A
Born: 1979	(Since 2014)	(as Treasurer);	Investment Management and
Address:	and	(as Chief	Concorde Capital since 2014.
8383 Preston Center Plaza	Chief	Compliance	Commercial banking underwriter at
Suite 360	Compliance	Officer)	JPMorgan Chase & Co., Inc.
Dallas, Texas 75225	Officer	(2010 – 2014).
(Since 2015)

____________________

*	Dr. Wood is a director who is an "interested person" of the Fund as that term is defined in the 1940 Act, due to the position he holds with the Advisor.
**	Dr. Wood and Mr. Gregory Wood are father and son, respectively.

CONCORDE FUNDS, INC.

We collect the following nonpublic personal information about you:

	•	Information we receive from you or in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security number, assets, income and date of birth; and
	•	Information about your transactions with us, our affiliates, or others, including, but not limited to, your account number and balance, payments history, parties to transactions, cost basis information, and other financial information.

We do not disclose any nonpublic personal information about our current or former shareholders to nonaffiliated third parties, except as permitted by law. For example, we are permitted by law to disclose all the information we collect, as described above, to our transfer agent to process your transactions. Furthermore, we restrict access to your nonpublic personal information to those persons who require such information to provide products and services to you. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

In the event that you hold shares of the fund(s) through a financial intermediary, including, but not limited to, a broker-dealer, bank or trust company, the privacy policy of your financial intermediary would govern how your nonpublic personal information would be shared with nonaffiliated third parties.

(This Page Intentionally Left Blank.)

INVESTMENT ADVISOR

Concorde Investment Management

8383 Preston Center Plaza

Suite 360

Dallas, Texas 75225

OFFICERS

Gary B. Wood, Ph.D.

President

Gregory B. Wood

Treasurer

John A. Stetter

Secretary

DIRECTORS

William Marcy, P.E., Ph.D.

Harold E. Schneider

Gary B. Wood, Ph.D.

CUSTODIAN

U.S. Bank, N.A.

Custody Operations

1555 North RiverCenter Drive, Suite 302

Milwaukee, Wisconsin 53212

TRANSFER AGENT AND

DIVIDEND DISBURSING AGENT

U.S. Bancorp Fund Services, LLC

doing business as

U.S. Bank Global Fund Services

Mutual Fund Services, 3rd Floor

615 East Michigan Street

Milwaukee, Wisconsin 53202

INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

Brad A. Kinder, CPA

815 Parker Square

Flower Mound, Texas 75028

LEGAL COUNSEL

Foley & Lardner LLP

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202

TELEPHONE

(972) 701-5400

(Fund information)

(800) 294-1699

(Shareholder account information)

(b)	Not applicable.

Item 2. Code of Ethics.

The registrant has adopted an amended and restated code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. The registrant undertakes to provide to any person without charge, upon request, a copy of its code of ethics by mail when they call the registrant at 1-800-294-1699.

A copy of the registrant’s Code of Ethics, as amended, is filed herewith.

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Directors has determined that it does not have an audit committee financial expert serving on its audit committee. At this time, the registrant believes that the experience provided by each member of the Audit Committee together, and taken as a whole, offers the registrant adequate oversight for the registrant’s level of financial complexity.

Item 4. Principal Accountant Fees and Services.

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no “other services” provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

	FYE 09/30/2021	FYE 09/30/2020
Audit Fees	$30,000	$26,000
Audit-Related Fees	None	None
Tax Fees	$2,500	$2,000
All Other Fees	None	None

The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre‑approve all audit and non‑audit services of the registrant, including services provided to any entity affiliated with the registrant.

The percentage of fees billed by Brad A. Kinder, CPA applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

	FYE 09/30/2021	FYE 09/30/2020
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full‑time permanent employees of the principal accountant.

The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years. The audit committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.

Non-Audit Related Fees	FYE 09/30/2021	FYE 09/30/2020
Registrant	None	None
Registrant’s Investment Adviser	$4,000	$4,000

Item 5. Audit Committee of Listed Registrants.

(a)	Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

(b) Not applicable.

Item 6. Investments.

(a)	Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b)	Not Applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors.

Item 11. Controls and Procedures.

(a)

The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b)

There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)	(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Filed herewith.

(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c‑1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

(b)	Certifications pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002. Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Concorde Funds, Inc.

By (Signature and Title)* /s/Gary B. Wood

Gary B. Wood, President/Principal Executive Officer

Date December 2, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)* /s/Gary B. Wood

Gary B. Wood, President/Principal Executive Officer

Date December 2, 2021

By (Signature and Title)* /s/Gregory B. Wood

Gregory B. Wood, Treasurer/Principal Financial Officer

Date December 2, 2021

* Print the name and title of each signing officer under his or her signature.

/s/Gary B. Wood Gary B. Wood President/Principal Executive Officer Concorde Funds, Inc.	/s/Gregory B. Wood Gregory B. Wood Treasurer/Principal Financial Officer Concorde Funds, Inc.
Dated: December 2, 2021