NPORT-EX 2 concorde.htm

CONCORDE WEALTH MANAGEMENT FUND
  
SCHEDULE OF INVESTMENTS IN SECURITIES
  
June 30, 2023 (Unaudited)
  
   
         
Fair
    
Percent of
  
   
Shares
    
Value
    
Net Assets
  
COMMON STOCKS - 55.95%
                  
FINANCE & INSURANCE
                  
Chubb LTD. - ADR (a)
    
2,700
    
$
519,912
      
1.43
 %
JPMorgan Chase & Co.
    
7,000
      
1,018,080
      
2.82
  
             
1,537,992
      
4.25
  
INFORMATION
                        
Lumen Technologies, Inc.
    
134,000
      
302,840
      
0.83
  
Microsoft Corp.
    
3,200
      
1,089,728
      
3.01
  
Warner Bros Discovery, Inc. (b)
    
50,250
      
630,135
      
1.74
  
             
2,022,703
      
5.58
  
MANUFACTURING
                        
AbbVie, Inc.
    
5,200
      
700,596
      
1.93
  
Bunge LTD. - ADR (a)
    
6,050
      
570,817
      
1.57
  
DuPont de Nemours, Inc.
    
6,500
      
464,360
      
1.28
  
Exxon Mobil Corp.
    
9,800
      
1,051,050
      
2.91
  
Hubbell, Inc.
    
1,600
      
530,496
      
1.46
  
Johnson & Johnson
    
4,800
      
794,496
      
2.19
  
Louisiana-Pacific Corp.
    
8,100
      
607,338
      
1.67
  
Moderna, Inc. (b)
    
3,200
      
388,800
      
1.07
  
Northrop Grumman Corp.
    
1,200
      
546,960
      
1.51
  
Texas Instruments, Inc.
    
3,200
      
576,064
      
1.59
  
The Hershey Co.
    
1,590
      
397,023
      
1.09
  
             
6,628,000
      
18.27
  
MINING, QUARRYING & OIL & GAS EXTRACTION
                        
Black Stone Minerals LP
    
68,668
      
1,095,255
      
3.02
  
Dorchester Minerals, LP
    
23,500
      
704,060
      
1.94
  
Franco-Nevada Corp. - ADR (a)
    
5,600
      
798,560
      
2.20
  
Martin Marietta Materials, Inc.
    
1,100
      
507,859
      
1.40
  
Pioneer Natural Resources Co.
    
4,750
      
984,105
      
2.71
  
Texas Pacific Land Corp.
    
1,445
      
1,902,343
      
5.25
  
             
5,992,182
      
16.52
  
REAL ESTATE & RENTAL & LEASING
                        
The Howard Hughes Corp. (b)
    
7,500
      
591,900
      
1.63
  
                         
RETAIL TRADE
                        
Amazon.com, Inc. (b)
    
5,200
      
677,872
      
1.87
  
Lowes Companies, Inc.
    
3,000
      
677,100
      
1.87
  
The TJX Companies, Inc.
    
7,500
      
635,925
      
1.75
  
             
1,990,897
      
5.49
  
TRANSPORTATION AND WAREHOUSING
                        
Canadian Pacific Kansas City Ltd. - ADR (a)
    
7,500
      
605,775
      
1.67
  
                         
WHOLESALE TRADE
                        
Energy Transfer LP
    
72,500
      
920,750
      
2.54
  
TOTAL COMMON STOCKS (Cost $12,681,033)
            
20,290,199
      
55.95
  
                         
EXCHANGE TRADED FUNDS - 4.41%
                        
JPMorgan Ultra-Short Income ETF
    
20,000
      
1,002,800
      
2.76
  
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund
    
6,000
      
598,560
      
1.65
  
TOTAL EXCHANGE TRADED FUNDS (Cost $1,619,857)
            
1,601,360
      
4.41
  
                         
MUTUAL FUND - 0.69%
                        
Absolute Convertible Arbitrage Fund - Institutional Class
    
23,020
      
250,921
      
0.69
  
TOTAL MUTUAL FUNDS (Cost $250,000)
            
250,921
      
0.69
  
                         
CLOSED-END FUNDS - 6.78%
                        
PIMCO Flexible Credit Income Fund - Institutional Class (c)
    
47,619
      
324,764
      
0.90
  
Pioneer ILS Interval Fund (c)
    
117,583
      
1,022,971
      
2.82
  
Sprott Physical Gold Trust(a)(b)
    
74,500
      
1,111,540
      
3.06
  
TOTAL CLOSED-END FUNDS (Cost $2,398,110)
            
2,459,275
      
6.78
  
                         
OPEN-END FUND - 0.84%
                        
Cohen & Steers Institutional Realty Shares
    
6,895
      
305,093
      
0.84
  
TOTAL OPEN-END FUND (Cost $283,653)
            
305,093
      
0.84
  
   
Capital
                  
   
Contribubtion
                  
PRIVATE FUNDS - 8.42%
                        
CLI Capital (b)(c)(d)
    
45,455
      
250,000
      
0.69
  
Hayman Hong Kond Opportunities Fund, L.P. (b)(c)(d)
    
500,000
      
39,940
      
0.11
  
LLR Equity Partners V, L.P. (b)(c)(d)
    
970,000
      
1,372,314
      
3.78
  
LRVHealth, L.P. (b)(c)(d)
    
450,000
      
508,899
      
1.40
  
Moran Tice 20:20 Fund, L.P. (b)(c)(d)
    
250,000
      
206,092
      
0.57
  
RCP Select Capital Fund, L.P. (b)(c)(d)
    
500,000
      
500,000
      
1.38
  
SPAC Opportunity Partners, LLC - Class A (b)(c)(d)
    
1,000,000
      
178,901
      
0.49
  
TOTAL PRIVATE FUNDS (Cost $3,711,882)
            
3,056,146
      
8.42
  
                         
                         
   
Shares
                  
REITS - 3.25%
                        
REAL ESTATE & RENTAL & LEASING
                        
First Industrial Realty Trust, Inc.
    
12,000
      
631,680
      
1.74
  
Medical Properties Trust, Inc.
    
59,000
      
546,340
      
1.51
  
TOTAL REITS (Cost $1,037,090)
            
1,178,020
      
3.25
  
   
Principal
                  
   
Amount
                  
CORPORATE BONDS - 2.28%
                        
FINANCE AND INSURANCE
                        
Discover Financial Services, 3.75%, 03/04/2025
    
150,000
      
142,797
      
0.39
  
JPMorgan Chase & Co., 6.10% to 10/01/2023 3 Month SOFR USD + 3.592%, Perpetual (e)
    
150,000
      
149,655
      
0.41
  
             
292,452
      
0.80
  
MANUFACTURING
                        
Motorola Solutions, Inc., 7.50%, 05/15/2025
    
100,000
      
102,227
      
0.28
  
                         
MINING, QUARRYING & OIL & GAS EXTRACTION
                        
BP Capital Markets PLC, 4.38% to 09/22/2023 then 5 Year CMT Rate + 4.036%, Perpetual (a)(e)
    
150,000
      
143,888
      
0.40
  
Freeport-McMoRan, Inc., 4.13%, 03/01/2028
    
150,000
      
140,975
      
0.39
  
             
284,863
      
0.79
  
UTILITIES
                        
Cheniere Corpus Christi Holdings LLC, 5.88%, 03/31/2025
    
150,000
      
149,258
      
0.41
  
TOTAL CORPORATE BONDS (Cost $851,564)
            
828,800
      
2.28
  
                         
U.S. GOVERNMENT OBLIGATIONS - 9.32%
                        
United States Treasury Note, 2.25%, 11/15/2024
    
1,000,000
      
960,195
      
2.65
  
United States Treasury Note, 2.38%, 08/15/2024
    
2,500,000
      
2,418,359
      
6.67
  
TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost $3,415,717)
            
3,378,554
      
9.32
  
                         
SHORT-TERM INVESTMENTS - 8.12%
                        
U.S. TREASURY BILL
                        
United States Treasury Bill, 4.708%, 02/22/24 (f)
    
1,500,000
      
1,450,543
      
4.00
  
                         
MONEY MARKET FUND
                        
Morgan Stanley Institutional Liquidity Fund Government Portfolio - Institutional Class, 5.04% (g)
    
1,493,263
      
1,493,263
      
4.12
  
TOTAL SHORT-TERM INVESTMENTS (Cost $2,949,504)
            
2,943,806
      
8.12
  
                         
Total Investments (Cost $29,198,410) - 100.06%
            
36,292,174
      
100.06
  
Liabilities in Excess of Other Assets - (0.06)%
            
(21,016
)
    
(0.06
)
TOTAL NET ASSETS - 100.00%
          
$
36,271,158
      
100.00
  

ADR
American Depository Receipt
            
REIT
Real Estate Investment Trust
            
(a) 
Foreign issued security listed directly on a U.S. securities exchange.
            
(b) 
Presently non-income producing.
            
(c) 
Restricted securities may be subject to restrictions on disposition imposed by the issuer. At June 30, 2023, restricted securities represented 12.14% of net assets of the Fund.
            
(d) 
Securities for which market quotations are not readily available are valued at fair value determined by the Advisor.
            
(e) 
Security is a perpetual bond and has no definite maturity date.
            
(f) 
Rate shown is effective yield based on purchase price. The calculation assumes the security is held to maturity.
            
(g) 
This security has a fluctuating yield; rate disclosed is the 7-day yield as of June 30, 2023.
            
+ 
Rates for variable rate securities will typically have interest rates that redetermine periodically by reference to a base lending rate plus a spread. Variable rate securities that reference SOFR may be subject to a credit spread adjustment, particularly to legacy LIBOR bank loans or lines of credit that have transitioned to SOFR as the base lending rate.
            
               
The accompanying notes are an integral part of these schedules of investments
  


CONCORDE WEALTH MANAGEMENT FUND
           
SCHEDULE OF WRITTEN OPTIONS
           
June 30, 2023 (Unaudited)
                  
                                
   
Notional
    
Number of
    
Fair
    
Percent of
    
   
Amount
    
Contracts (a)
    
Value
    
Net Assets
    
WRITTEN OPTIONS - (0.09)%
                              
WRITTEN CALL OPTIONS - (0.09)%
                              
Hubbell, Inc.
                              
Expiration: July 2023, Exercise Price: $330.00
    
232,092
      
7
    
$
6,832
      
0.02
%
  
Louisiana-Pacific Corp.
                                      
Expiration: July 2023, Exercise Price: $65.00
    
74,980
      
10
      
10,400
      
0.03
%
  
Expiration: July 2023, Exercise Price: $75.00
    
299,920
      
40
      
6,600
      
0.02
%
  
Martin Marietta Materials, Inc.
                                      
Expiration: July 2023, Exercise Price: $450.00
    
230,845
      
5
      
7,435
      
0.02
%
  
TOTAL WRITTEN CALL OPTIONS (Premiums received $11,220)
                    
31,267
      
0.09
%
  
WRITTEN PUT OPTIONS - (0.00)%
                                      
Energy Transfer LP
                                      
Expiration: July 2023, Exercise Price: $12.50
    
190,500
      
150
      
1,500
      
0.00
%
(b)
TOTAL WRITTEN PUT OPTIONS (Premiums received $2,321)
                    
1,500
      
0.00
%
  
TOTAL WRITTEN OPTIONS (Premiums received $13,541)
                  
$
32,767
      
0.09
%
  

(a)
Each contract is equivalent to 100 shares of common stock.
                
(b)
Amount is less than (0.05)%.
                

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

 
Securities Valuation as of June 30, 2023 (Unaudited)
    
                                                
The Fund utilizes various methods to measure the fair value of most of its investments on a recurring basis. FASB ASC Topic 820, Fair Value Measurements and Disclosures (ASC 820) defines fair values, establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value in accordance with U.S. GAAP and requires disclosure about fair value measurements. Under ASC 820, various inputs are used in determining the value of the Funds investments. The three levels of inputs are as follows:
                                                
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the date of measurement.
                                                
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments in active markets, interest rates, credit risk, yield curves, default rates and similar data.
                                                
Level 3 - Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Funds own assumptions that market participants would use in valuing the asset or liability at the measurement date and would be based on the best available information.
                                                
Certain restricted securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the Funds Board of Directors as reflecting fair value. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on the Funds investments in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the Funds Board of Directors.
                                                
Additional information on each illiquid restricted security held by the Fund on June 30, 2023 is as follows:

   
Security
  
Initial
Acquisition Date
 
  
Shares
    
Cost
    
Fair Value
    
% of Net Assets
    
   
LLR Equity Partners V, L.P.
  
March 14, 2018
      
970,000
      
818,583
      
1,372,314
      
3.78
%
  
   
PIMCO Flexible Credit Income Fund - Institutional Class
  
March 15, 2018
      
47,619
      
500,000
      
324,764
      
0.90
%
  
   
Pioneer ILS Interval Fund
  
August 27, 2018
      
117,583
      
1,140,000
      
1,022,971
      
2.82
%
  
   
LRVHealth, L.P.
  
July 16, 2019
      
450,000
      
393,299
      
508,899
      
1.40
%
  
   
Moran Tice 20:20 Fund, L.P.
  
July 31, 2020
      
250,000
      
250,000
      
206,092
      
0.57
%
  
   
SPAC Opportunity Partners, LLC - Class A
  
March 25, 2021
      
1,000,000
      
1,000,000
      
178,901
      
0.49
%
  
   
RCP Select Capital Fund, L.P.
  
June 7, 2021
      
500,000
      
500,000
      
500,000
      
1.38
%
  
   
Hayman Hong Kong Opportunities
  
May 6, 2022
      
500,000
      
500,000
      
39,940
      
0.11
%
  
   
CLI Capital
  
December 20, 2022
      
45,455
      
250,000
      
250,000
      
0.69
%
  
                     
$
5,351,882
    
$
4,403,881
      
12.14
%
  
                                                      
The following table summarized the inputs used to value the Funds investments measured at fair value as of June 30 2023:
      
Practical
Expedient*
    
Level 1
    
Level 2
    
Level 3
    
Total
    
Investments - Assets:
                                                 
   
Common Stocks*
  
$
-
    
$
20,290,199
    
$
-
    
$
-
    
$
20,290,199
    
   
Exchange Traded Funds
    
-
      
1,601,360
      
-
      
-
      
1,601,360
    
   
Mutual Fund
            
250,921
                               
   
Closed-End Funds
    
-
      
2,459,275
      
-
      
-
      
2,459,275
    
   
Open-End Fund
    
-
      
305,093
      
-
      
-
      
305,093
    
   
Private Funds
    
3,056,146
 ^
    
-
      
-
      
-
      
3,056,146
    
   
REITs*
    
-
      
1,178,020
      
-
      
-
      
1,178,020
    
   
Corporate Bonds*
    
-
      
-
      
828,800
      
-
      
828,800
    
   
U.S. Government Obligations
    
-
      
-
      
3,378,554
      
-
      
3,378,554
    
   
Short-Term Investments
    
-
 
    
2,943,806
              
-
      
2,943,806
    
   
Total Investments - Assets
  
$
3,056,146
 
  
$
29,028,674
    
$
4,207,354
    
$
-
    
$
36,292,174
    
                                                        
Other Financial Instruments - Liabilities:
                                    
   
Written Options
  
$
-
 
  
$
32,767
    
$
-
    
$
-
    
$
32,767
    
                                                        
   
*See the Schedule of Investments for industry classifications.
                                         

^
  
Security
  
Withdrawals
Permitted
  
Redemption
Notice Period
    
Investment
Objective
    
Investment Strategy
  
Lock Up
Period
   
CLI Captial
  
No
  
Not Applicable
    
To generate
income from the
various loans
and bonds
purchased.
    
Real estate investment trust (REIT) that primarily invests in direct mortgage loans and other debt obligations secured by real estate assets. They concentrate in providing mortgage financing and investing in mortgage loans of niche markets with limited competition for short-term to mid-term lending needs. The Company makes interim construction and short-term to mid-term loans for the acquisition, renovation and construction of facilities in these markets.

  
 None
   
Hayman Hong Kong Opportunities
  
Yes
  
30 Days
    
To generate
superior risk-
adjusted rates of
return
    
Non-diversified portfolio investing in foreign currency forward and option contracts and options of East Asia Countries, may invest in interest rate derivatives to benefit from the stresses imposed on the Hong Kong Monetary Authoritys Linked Exchange Rate System. Will seek to exploit opportunities in the foreign exchange and interest rate markets in Asia.

  
 None
   
LLR Equity Partners V, L.P.
  
No
  
Not Applicable
    
Capital
Appreciation
    
Diversified portfolio of equity investments in lower middle market growth companies primarily focused on software and services

  
 Not
Applicable
   
LRVHealth, L.P
  
No
  
Not Applicable
    
Capital
Appreciation
    
Non-diversified portfolio of insurance-linked securities

  
 Not
Applicable
   
Moran Tice 20:20 Fund, L.P.
  
Yes
  
30 days
    
Value
    
Diversified portfolio of investments the Investment Manager believes will be influenced by macro-economic trends and/or event-driven situations

  
 None
   
RCP Select Capital Fund, L.P.
  
No
  
Not Applicable
    
Capital
Appreciation
    
Diversified portfolio of ground-up development, value-add and income producing real estate projects and real estate financings.

  
 Not
Applicable
   
SPAC Opportunity Partners, LLC - Class A
  
Yes
  
93 days
    
Capital
Appreciation
    
Diversified portfolio of special purpose acquisition companies, or SPACs.
  
 2 years
                                                          
   
(1) 
Up to 5% of the Funds net asset value per quarter via tender offer. The tender offer is subject to board approval and not a guarantee of future liquidity. A 2% early repurchase fee will be imposed for repurchases made within one year of investment.
                                                            
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.
 
           
Closed-End Funds
      
Open-End Funds
    
Total
                      
     
Balance as of September 30, 2022
  
$
-
      
$
-
    
$
-
                      
     
Accrued discounts/premiums
    
-
        
-
      
-
                      
     
Realized gain (loss)
    
-
        
-
      
-
                      
     
Change in unrealized appreciation (depreciation)
    
-
        
-
      
-
                      
     
Purchases
    
-
        
-
      
-
                      
     
(Sales)
    
-
        
-
      
-
                      
     
Transfer in and/or out of Level 3
    
-
        
-
      
-
                      
     
Balance as of June 30, 2023
  
$
-
      
$
-
    
$
-
                      
                                                            
     
Change in unrealized appreciation/depreciation during the period for Level 3 investments held at June 30, 2023
  
$
-
                                           
                                                            
The Level 3 investments as of June 30, 2023 represented 0.00% of net assets and did not warrant a disclosure of significant unobservable valuation inputs.