(a)
|
|
Six Months Ended
|
Annualized
|
Annualized
|
||
September 30, 2022
|
1 Year Ended
|
5 Years Ended
|
10 Years Ended
|
|
(Unaudited)
|
September 30, 2022
|
September 30, 2022
|
September 30, 2022
|
|
Concorde Wealth Management Fund
|
-10.23%
|
-5.40%
|
6.54%
|
6.97%
|
Concorde Wealth Management
|
||||
Blended Index
|
-11.38%
|
-10.85%
|
2.86%
|
4.79%
|
Bloomberg Barclays
|
||||
U.S. Aggregate Bond Index
|
-9.22%
|
-14.60%
|
-0.27%
|
0.89%
|
Russell 1000 Value Index
|
-17.14%
|
-11.36%
|
5.29%
|
9.17%
|
Best regards,
|
|
Gregory B. Wood
|
|
Chief Compliance Officer
|
|
Concorde Investment Management
|
|
Gary B. Wood
|
|
President
|
|
Concorde Investment Management
|
|
John A. Stetter
|
|
Portfolio Manager
|
|
Concorde Investment Management
|
AVERAGE ANNUAL TOTAL RETURN
|
|||
1 Year
|
(5.40)%
|
||
3 Years
|
7.44%
|
||
5 Years
|
6.54%
|
||
10 Years
|
6.97%
|
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.
|
Fair
|
Percent of
|
|||||||||||
Shares
|
Value
|
Net Assets
|
||||||||||
COMMON STOCKS - 59.52%
|
||||||||||||
ADMINISTRATIVE AND SUPPORT AND WASTE
|
||||||||||||
MANAGEMENT AND REMEDIATION SERVICES
|
||||||||||||
Enhabit, Inc. (a)
|
4,750
|
$
|
66,690
|
0.19
|
%
|
|||||||
FINANCE & INSURANCE
|
||||||||||||
JPMorgan Chase & Co.
|
6,300
|
658,350
|
1.90
|
|||||||||
Chubb Ltd. - ADR (b)
|
1,800
|
327,384
|
0.95
|
|||||||||
985,734
|
2.85
|
|||||||||||
HEALTH CARE
|
||||||||||||
Encompass Health Corp.
|
6,500
|
293,995
|
0.85
|
|||||||||
INFORMATION
|
||||||||||||
Comcast Corp. - Class A
|
12,300
|
360,759
|
1.04
|
|||||||||
Lumen Technologies, Inc.
|
44,800
|
326,144
|
0.94
|
|||||||||
Microsoft Corp.
|
4,100
|
954,890
|
2.76
|
|||||||||
Warner Bros Discovery, Inc. (a)
|
37,250
|
428,375
|
1.24
|
|||||||||
2,070,168
|
5.98
|
|||||||||||
MANUFACTURING
|
||||||||||||
AbbVie, Inc.
|
5,200
|
697,893
|
2.02
|
|||||||||
Bunge Ltd. - ADR (b)
|
7,050
|
582,119
|
1.68
|
|||||||||
DuPont de Nemours, Inc.
|
6,500
|
327,600
|
0.95
|
|||||||||
Exxon Mobil Corp.
|
7,300
|
637,363
|
1.84
|
|||||||||
Fortune Brands Home & Security, Inc.
|
7,000
|
375,830
|
1.09
|
|||||||||
Hanesbrands, Inc.
|
38,000
|
264,480
|
0.76
|
|||||||||
Hubbell, Inc.
|
3,500
|
780,500
|
2.25
|
|||||||||
Johnson & Johnson
|
5,300
|
865,808
|
2.50
|
|||||||||
Louisiana-Pacific Corp.
|
6,500
|
332,735
|
0.96
|
|||||||||
Moderna, Inc. (a)
|
3,700
|
437,525
|
1.26
|
|||||||||
Northrop Grumman Corp.
|
1,000
|
470,320
|
1.36
|
|||||||||
Texas Instruments, Inc.
|
2,200
|
340,516
|
0.98
|
|||||||||
The Hershey Co.
|
2,490
|
548,970
|
1.59
|
|||||||||
6,661,659
|
19.24
|
|||||||||||
MINING, QUARRYING & OIL & GAS EXTRACTION
|
||||||||||||
Black Stone Minerals LP
|
68,668
|
1,074,654
|
3.10
|
|||||||||
Dorchester Minerals, LP
|
23,500
|
587,030
|
1.70
|
|||||||||
Franco-Nevada Corp. - ADR (b)
|
5,600
|
669,088
|
1.93
|
|||||||||
Martin Marietta Materials, Inc.
|
1,100
|
354,299
|
1.02
|
Fair
|
Percent of
|
|||||||||||
Shares
|
Value
|
Net Assets
|
||||||||||
COMMON STOCKS (continued)
|
||||||||||||
MINING, QUARRYING & OIL
|
||||||||||||
& GAS EXTRACTION (continued)
|
||||||||||||
Pioneer Natural Resources Co.
|
4,750
|
$
|
1,028,517
|
2.97
|
%
|
|||||||
Schlumberger Ltd. - ADR (b)
|
13,200
|
473,880
|
1.37
|
|||||||||
Texas Pacific Land Corp.
|
1,925
|
3,421,168
|
9.88
|
|||||||||
7,608,636
|
21.97
|
|||||||||||
REAL ESTATE & RENTAL & LEASING
|
||||||||||||
The Howard Hughes Corp. (a)
|
6,500
|
360,035
|
1.04
|
|||||||||
RETAIL TRADE
|
||||||||||||
Amazon.com, Inc. (a)
|
5,200
|
587,600
|
1.70
|
|||||||||
Lowe’s Companies, Inc.
|
3,500
|
657,335
|
1.90
|
|||||||||
The TJX Companies, Inc.
|
9,000
|
559,080
|
1.61
|
|||||||||
1,804,015
|
5.21
|
|||||||||||
TRANSPORTATION AND WAREHOUSING
|
||||||||||||
Canadian Pacific Railway Ltd. - ADR (b)
|
4,614
|
307,846
|
0.89
|
|||||||||
UTILITIES
|
||||||||||||
Kinder Morgan, Inc.
|
27,000
|
449,280
|
1.30
|
|||||||||
TOTAL COMMON STOCKS (Cost $13,342,702)
|
20,608,058
|
59.52
|
||||||||||
PREFERRED STOCKS - 0.33%
|
||||||||||||
PROFESSIONAL, SCIENTIFIC,
|
||||||||||||
& TECHNICAL SERVICES
|
||||||||||||
Qurate Retail, Inc.
|
2,500
|
113,850
|
0.33
|
|||||||||
TOTAL PREFERRED STOCKS (Cost $172,235)
|
113,850
|
0.33
|
||||||||||
EXCHANGE TRADED FUNDS - 7.36%
|
||||||||||||
JPMorgan Ultra-Short Income ETF
|
20,000
|
1,003,200
|
2.90
|
|||||||||
PIMCO Enhanced Short Maturity
|
||||||||||||
Active Exchange-Traded Fund
|
6,000
|
593,160
|
1.71
|
|||||||||
Sprott Physical Gold Trust(a)(b)
|
74,500
|
953,600
|
2.75
|
|||||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $2,377,968)
|
2,549,960
|
7.36
|
||||||||||
CLOSED-END FUNDS - 3.84%
|
||||||||||||
PIMCO Flexible Credit Income Fund - Institutional Class (c)
|
47,619
|
362,860
|
1.05
|
|||||||||
Pioneer ILS Interval Fund (c)
|
117,583
|
966,531
|
2.79
|
|||||||||
TOTAL CLOSED-END FUNDS (Cost $1,640,000)
|
1,329,391
|
3.84
|
Fair
|
Percent of
|
|||||||||||
Shares
|
Value
|
Net Assets
|
||||||||||
OPEN-END FUNDS - 1.78%
|
||||||||||||
Cohen & Steers Institutional Realty Shares
|
6,817
|
$
|
285,977
|
0.83
|
%
|
|||||||
Morgan Stanley Global Fixed Income
|
||||||||||||
Opportunities Fund - Institutional Class
|
65,333
|
330,583
|
0.95
|
|||||||||
TOTAL OPEN-END FUND (Cost $640,679)
|
616,560
|
1.78
|
||||||||||
Capital
|
||||||||||||
Contributions
|
||||||||||||
PRIVATE FUNDS - 10.33%
|
||||||||||||
Hayman Hong Kong Opportunities Fund, L.P. (a)(c)(d)
|
500,000
|
362,858
|
1.05
|
|||||||||
LLR Equity Partners Parallel V, L.P. (a)(c)(d)
|
970,000
|
1,350,041
|
3.90
|
|||||||||
LRVHealth, L.P. (a)(c)(d)
|
375,000
|
460,527
|
1.33
|
|||||||||
Moran Tice 20:20 Fund, L.P. (a)(c)(d)
|
250,000
|
158,167
|
0.46
|
|||||||||
RCP Select Capital Fund, L.P. (a)(c)(d)
|
500,000
|
500,000
|
1.44
|
|||||||||
SPAC Opportunity Partners, LLC - Class A (a)(c)(d)
|
1,000,000
|
743,971
|
2.15
|
|||||||||
TOTAL PRIVATE FUNDS (Cost $3,386,882)
|
3,575,564
|
10.33
|
||||||||||
Shares
|
||||||||||||
REITS - 1.95%
|
||||||||||||
FINANCE & INSURANCE
|
||||||||||||
First Industrial Realty Trust, Inc.
|
9,000
|
403,290
|
1.16
|
|||||||||
REAL ESTATE & RENTAL & LEASING
|
||||||||||||
Medical Properties Trust, Inc.
|
23,000
|
272,780
|
0.79
|
|||||||||
TOTAL REITS (Cost $650,177)
|
676,070
|
1.95
|
||||||||||
Principal
|
||||||||||||
Amounts
|
||||||||||||
CORPORATE BONDS - 2.36%
|
||||||||||||
FINANCE & INSURANCE
|
||||||||||||
AerCap Ireland Capital DAC / AerCap Global
|
||||||||||||
Aviation Trust, 3.30%, 01/23/2023 (b)
|
100,000
|
99,440
|
0.29
|
|||||||||
Discover Financial Services, 3.85%, 11/21/2022
|
200,000
|
199,747
|
0.58
|
|||||||||
JPMorgan Chase & Co., 5.60% to 10/03/2022
|
||||||||||||
3 Month LIBOR USD + 3.320%, Perpetual (e)(f)
|
175,000
|
175,000
|
0.51
|
|||||||||
474,187
|
1.38
|
|||||||||||
MANUFACTURING
|
||||||||||||
Motorola Solutions, Inc., 7.50%, 05/15/2025
|
75,000
|
77,852
|
0.22
|
Principal
|
Fair
|
Percent of
|
||||||||||
Amounts
|
Value
|
Net Assets
|
||||||||||
CORPORATE BONDS (continued)
|
||||||||||||
MINING, QUARRYING & OIL & GAS EXTRACTION
|
||||||||||||
BP Capital Markets PLC, 4.88% to 12/22/2022 then
|
||||||||||||
5 Year CMT Rate + 4.398%, Perpetual (b)(e)(f)
|
150,000
|
$
|
128,589
|
0.37
|
%
|
|||||||
Freeport-McMoRan, Inc., 4.13%, 03/01/2028
|
150,000
|
134,251
|
0.39
|
|||||||||
262,840
|
0.76
|
|||||||||||
TOTAL CORPORATE BONDS (Cost $867,803)
|
814,879
|
2.36
|
||||||||||
US GOVERNMENT OBLIGATIONS - 5.58%
|
||||||||||||
United States Treasury Note, 2.38%, 08/15/2024
|
2,000,000
|
1,931,953
|
5.58
|
|||||||||
TOTAL US GOVERNMENT OBLIGATIONS
|
||||||||||||
(Cost $1,934,197)
|
1,931,953
|
5.58
|
||||||||||
SHORT-TERM INVESTMENTS - 6.81%
|
||||||||||||
United States Treasury Bill, 3.252%, 02/16/2023 (g)
|
900,000
|
887,900
|
2.56
|
|||||||||
MONEY MARKET FUNDS
|
||||||||||||
Morgan Stanley Institutional Liquidity Fund Government
|
||||||||||||
Portfolio - Institutional Class, 2.80% (h)
|
1,472,628
|
1,472,628
|
4.25
|
|||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,361,684)
|
2,360,528
|
6.81
|
||||||||||
Total Investments (Cost $27,374,327) - 99.86%
|
34,576,813
|
99.86
|
||||||||||
Other Assets in Excess of Liabilities - 0.14%
|
49,627
|
0.14
|
||||||||||
TOTAL NET ASSETS - 100.00%
|
$
|
34,626,440
|
100.00
|
%
|
(a)
|
Presently non-income producing.
|
(b)
|
Foreign issued security listed directly on a U.S. securities exchange.
|
(c)
|
Restricted securities may be subject to restrictions on disposition imposed by the issuer. At September 30, 2022, restricted securities represented 14.17% of net assets of the Fund.
|
(d)
|
Securities for which market quotations are not readily available are valued at fair value determined by the Advisor. Such values are approved on a quarterly basis by the Board of Directors.
|
(e)
|
Variable rate security; the coupon is based on a reference index and spread. The rate reported is the current rate as of September 30, 2022. After January 1, 2023, LIBOR (London InterBank Offered Rate) may no
longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative
reference rates to be used in place of LIBOR.
|
(f)
|
Security is a perpetual bond and has no definite maturity date.
|
(g)
|
Rate shown is effective yield based on purchase price. The calculation assumes the security is held to maturity.
|
(h)
|
This security has a fluctuating yield; rate disclosed is the 7-day yield as of September 30, 2022.
|
ASSETS
|
||||
Investments in securities, at fair value (cost $27,374,327)
|
$
|
34,576,813
|
||
Dividends and interest receivable
|
113,258
|
|||
Prepaid expenses
|
11,371
|
|||
TOTAL ASSETS
|
34,701,442
|
|||
LIABILITIES
|
||||
Investment advisory fee payable
|
23,790
|
|||
Accrued audit fees
|
15,480
|
|||
Accrued directors fees and expenses
|
543
|
|||
Accrued other expenses
|
35,189
|
|||
TOTAL LIABILITIES
|
75,002
|
|||
NET ASSETS
|
$
|
34,626,440
|
||
Composition of Net Assets:
|
||||
Net capital paid in on shares of capital stock
|
$
|
26,662,170
|
||
Total distributable earnings
|
8,004,270
|
|||
NET ASSETS
|
$
|
34,626,440
|
||
Capital shares outstanding
|
1,974,929
|
|||
Net asset value, offering price and redemption price per share
|
$
|
17.53
|
Investment Income
|
||||
Dividends (net of foreign withholding taxes of $83,109)
|
$
|
1,196,187
|
||
Interest
|
84,582
|
|||
Total investment income
|
1,280,769
|
|||
Expenses
|
||||
Investment advisory fees (Note 6)
|
$
|
311,721
|
||
Administration fees (Note 7)
|
52,804
|
|||
Professional fees
|
48,523
|
|||
Sub-transfer agent fees (Note 7)
|
46,849
|
|||
Fund accounting fees (Note 7)
|
25,169
|
|||
Transfer agent fees (Note 7)
|
17,859
|
|||
Custody fees (Note 7)
|
11,414
|
|||
Printing, postage and delivery
|
8,317
|
|||
Federal and state registration fees
|
6,266
|
|||
Insurance expense
|
6,096
|
|||
Directors fees and expenses
|
1,542
|
|||
Other expenses
|
12,999
|
|||
Total expenses
|
549,559
|
|||
NET INVESTMENT INCOME
|
731,210
|
|||
REALIZED AND UNREALIZED GAIN (LOSS)
|
||||
Net realized gain from:
|
||||
Investments
|
608,694
|
|||
Written options
|
122,085
|
|||
Capital gain distributions from investment companies
|
70,205
|
|||
Net realized gain
|
800,984
|
|||
Net change in unrealized appreciation on:
|
||||
Investments
|
(3,633,720
|
)
|
||
Written options
|
(7,096
|
)
|
||
Net change in unrealized appreciation
|
(3,640,816
|
)
|
||
NET REALIZED AND UNREALIZED LOSS
|
(2,839,832
|
)
|
||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
(2,108,622
|
)
|
Year Ended
|
Year Ended
|
|||||||
Sep. 30, 2022
|
Sep. 30, 2021
|
|||||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
|
||||||||
Net investment income
|
$
|
731,210
|
$
|
107,784
|
||||
Net realized gain from investments, written options and
|
||||||||
capital gain distributions from investment companies
|
800,984
|
1,471,916
|
||||||
Net change in unrealized appreciation on
|
||||||||
investments and written options
|
(3,640,816
|
)
|
5,552,806
|
|||||
Net increase (decrease) in net assets resulting from operations
|
(2,108,622
|
)
|
7,132,506
|
|||||
DISTRIBUTIONS TO SHAREHOLDERS
|
(1,428,813
|
)
|
(1,051,477
|
)
|
||||
CAPITAL SHARE TRANSACTIONS
|
||||||||
Proceeds from shares sold
|
1,246,539
|
8,563,233
|
||||||
Dividends reinvested
|
1,428,812
|
1,051,477
|
||||||
Cost of shares redeemed
|
(3,585,355
|
)
|
(2,546,881
|
)
|
||||
Net increase (decrease) in net assets
|
||||||||
derived from capital share transactions
|
(910,004
|
)
|
7,067,829
|
|||||
Total increase (decrease) in net assets
|
(4,447,439
|
)
|
13,148,858
|
|||||
NET ASSETS
|
||||||||
Beginning of year
|
39,073,879
|
25,925,021
|
||||||
End of year
|
$
|
34,626,440
|
$
|
39,073,879
|
||||
CHANGES IN SHARES OUTSTANDING
|
||||||||
Shares sold
|
64,483
|
462,212
|
||||||
Shares issued in reinvestment of distributions
|
74,109
|
62,925
|
||||||
Shares redeemed
|
(189,309
|
)
|
(141,674
|
)
|
||||
Net increase (decrease)
|
(50,717
|
)
|
383,463
|
Year Ended September 30,
|
||||||||||||||||||||
2022
|
2021
|
2020
|
2019
|
2018
|
||||||||||||||||
PER SHARE OPERATING
|
||||||||||||||||||||
PERFORMANCE:
|
||||||||||||||||||||
(for a share of capital stock outstanding
|
||||||||||||||||||||
throughout the year):
|
||||||||||||||||||||
Net asset value, beginning of year
|
$
|
19.29
|
$
|
15.79
|
$
|
15.58
|
$
|
16.49
|
$
|
15.13
|
||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||
Net investment income(1)
|
0.36
|
0.06
|
0.12
|
0.09
|
0.06
|
|||||||||||||||
Net realized and unrealized gain
|
||||||||||||||||||||
on investment transactions
|
(1.41
|
)
|
4.09
|
0.44
|
(0.29
|
)
|
1.67
|
|||||||||||||
Total from investment operations
|
(1.05
|
)
|
4.15
|
0.56
|
(0.20
|
)
|
1.73
|
|||||||||||||
Less distributions from:
|
||||||||||||||||||||
Net investment income
|
(0.26
|
)
|
(0.17
|
)
|
(0.22
|
)
|
(0.06
|
)
|
—
|
|||||||||||
Net realized gains
|
(0.45
|
)
|
(0.48
|
)
|
(0.13
|
)
|
(0.65
|
)
|
(0.37
|
)
|
||||||||||
Total distributions
|
(0.71
|
)
|
(0.65
|
)
|
(0.35
|
)
|
(0.71
|
)
|
(0.37
|
)
|
||||||||||
Net asset value, end of year
|
$
|
17.53
|
$
|
19.29
|
$
|
15.79
|
$
|
15.58
|
$
|
16.49
|
||||||||||
TOTAL RETURN(2)
|
(5.40
|
)%
|
26.61
|
%
|
3.54
|
%
|
(0.91
|
)%
|
11.75
|
%
|
||||||||||
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||
Net assets, end of year (in thousands)
|
$
|
34,626
|
$
|
39,074
|
$
|
25,925
|
$
|
25,457
|
$
|
25,623
|
||||||||||
Ratio of expenses to average net assets
|
1.41
|
%
|
1.46
|
%
|
1.68
|
%
|
1.68
|
%
|
1.70
|
%
|
||||||||||
Ratio of net investment income
|
||||||||||||||||||||
to average net assets
|
1.88
|
%
|
0.32
|
%
|
0.77
|
%
|
0.60
|
%
|
0.39
|
%
|
||||||||||
Portfolio turnover rate
|
28
|
%
|
12
|
%
|
36
|
%
|
24
|
%
|
20
|
%
|
(1)
|
Based on average shares outstanding during the year.
|
(2)
|
The return for the year does not include adjustments made related to valuation information obtained subsequent to year end.
|
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.
|
Initial
|
Shares/
|
% of
|
|||||||||||||||||
Acquisition
|
Capital
|
Net
|
|||||||||||||||||
Security
|
Date
|
Contributions
|
Cost
|
Fair Value
|
Assets
|
||||||||||||||
LLR Equity Partners
|
|||||||||||||||||||
Parallel V, L.P.
|
March 14, 2018
|
970,000
|
$
|
818,583
|
$
|
1,350,041
|
3.90
|
%
|
|||||||||||
PIMCO Flexible Credit Income
|
|||||||||||||||||||
Fund – Institutional Class
|
March 15, 2018
|
47,619
|
500,000
|
362,860
|
1.05
|
||||||||||||||
Pioneer ILS Interval Fund
|
August 27, 2018
|
117,583
|
1,140,000
|
966,531
|
2.79
|
||||||||||||||
LRVHealth, L.P.
|
July 16, 2019
|
375,000
|
318,299
|
460,527
|
1.33
|
||||||||||||||
Moran Tice 20:20 Fund, L.P.
|
July 31, 2020
|
250,000
|
250,000
|
158,167
|
0.46
|
||||||||||||||
SPAC Opportunity
|
|||||||||||||||||||
Partners, LLC – Class A
|
March 24,2021
|
1,000,000
|
1,000,000
|
743,971
|
2.15
|
||||||||||||||
RCP Select Capital Fund, L.P.
|
June 7, 2021
|
500,000
|
500,000
|
500,000
|
1.44
|
||||||||||||||
Hayman Hong Kong
|
|||||||||||||||||||
Opportunities Fund, L.P.
|
May 6, 2022
|
500,000
|
500,000
|
362,858
|
1.05
|
||||||||||||||
$
|
5,026,882
|
$
|
4,904,955
|
14.17
|
%
|
Practical
|
Total
|
|||||||||||||||||||
Investments – Assets:
|
Expedient*
|
Level 1
|
Level 2
|
Level 3
|
Fair Value
|
|||||||||||||||
Common Stocks**
|
$
|
—
|
$
|
20,608,058
|
$
|
—
|
$
|
—
|
$
|
20,608,058
|
||||||||||
Preferred Stock**
|
—
|
113,850
|
—
|
—
|
113,850
|
|||||||||||||||
Exchange Traded Funds
|
—
|
2,549,960
|
—
|
—
|
2,549,960
|
|||||||||||||||
Closed-End Funds
|
—
|
1,329,391
|
—
|
—
|
1,329,391
|
|||||||||||||||
Open-End Funds
|
—
|
616,560
|
—
|
—
|
616,560
|
|||||||||||||||
Private Funds
|
3,575,564
|
^ |
—
|
—
|
—
|
3,575,564
|
||||||||||||||
REITs**
|
—
|
676,070
|
—
|
—
|
676,070
|
|||||||||||||||
Corporate Bonds**
|
—
|
—
|
814,879
|
—
|
814,879
|
|||||||||||||||
U.S. Government Obligations
|
—
|
—
|
1,931,953
|
—
|
1,931,953
|
|||||||||||||||
Treasury Bill
|
—
|
—
|
887,900
|
—
|
887,900
|
|||||||||||||||
Money Market Funds
|
—
|
1,472,628
|
—
|
—
|
1,472,628
|
|||||||||||||||
Total Investments
|
$
|
3,575,564
|
$
|
27,366,517
|
$
|
3,634,732
|
$
|
—
|
$
|
34,576,813
|
*
|
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.
|
Withdrawals
|
Redemption |
Investment
|
Investment
|
Lock Up
|
||
^Security
|
Permitted
|
Notice Period
|
Objective
|
Strategy
|
Period
|
|
LLR Equity
|
No
|
Not
|
Capital
|
Diversified portfolio of equity
|
Not
|
|
Partners Parallel V, L.P.
|
Applicable
|
Appreciation
|
investments in lower middle
|
Applicable
|
||
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
|
Yes
|
30 days
|
Value
|
Diversified portfolio of
|
None
|
|
20:20 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
|
No
|
Not
|
Total
|
Diversified portfolio of
|
Not
|
|
Capital 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.
|
||||||
Hayman Hong Kong
|
Yes
|
30 Days
|
To generate
|
Non-diversified portfolio
|
None
|
|
Opportunities Fund, L.P.
|
superior risk-
|
investing in foreign currency
|
||||
adjusted rates
|
forward and option contracts
|
|||||
of return
|
and options of East Asia
|
|||||
Countries, may invest in
|
||||||
interest rate derivatives to
|
||||||
benefit from the stresses
|
||||||
imposed on the Hong Kong
|
||||||
Monetary Authority’s Linked
|
||||||
Exchange Rate System. Will
|
||||||
seek to exploit opportunities in
|
||||||
the foreign exchange and
|
||||||
interest rate markets in Asia.
|
Closed-End Funds
|
Open-End Funds
|
Total
|
|||||||||||
Balance as of September 30, 2021
|
$
|
1,011,212
|
$
|
378,929
|
$
|
1,390,141
|
|||||||
Accrued discounts/premiums
|
—
|
—
|
—
|
||||||||||
Realized gain (loss)
|
—
|
—
|
—
|
||||||||||
Change in unrealized appreciation (depreciation)
|
(44,681
|
)
|
(48,346
|
)
|
(93,027
|
)
|
|||||||
Purchases
|
—
|
—
|
—
|
||||||||||
(Sales)
|
—
|
—
|
—
|
||||||||||
Transfer in and/or (out) of Level 3
|
(966,531
|
)
|
(330,583
|
)
|
1,297,114
|
||||||||
Balance as of September 30, 2022
|
$
|
0
|
$
|
0
|
$
|
0
|
|||||||
Change in unrealized appreciation/
|
|||||||||||||
(depreciation) during the period for Level 3
|
|||||||||||||
investments held at September 30, 2022
|
$
|
(44,681
|
)
|
$
|
(48,346
|
)
|
$
|
(93,027
|
)
|
Asset Derivatives,
|
Liability Derivatives,
|
|
Equity Risk Contracts
|
Investments, at value
|
Written Options, at value
|
Written Options
|
$—
|
$—
|
Realized
|
Change in Unrealized
|
|
Equity Risk Contracts
|
Gain (Loss)
|
Appreciation (Depreciation)
|
Written Options
|
$122,085
|
$(7,096)
|
Federal Tax Cost of Investments
|
$
|
27,799,544
|
|||
Gross Tax Unrealized Appreciation
|
$
|
9,794,621
|
|||
Gross Tax Unrealized Depreciation
|
(3,017,539
|
)
|
|||
Net Tax Unrealized Appreciation
|
6,777,262
|
||||
Undistributed Ordinary Income
|
171,755
|
||||
Undistributed Long-Term Gains
|
1,055,253
|
||||
Other Accumulated Gain
|
0
|
||||
Total Distributable Earnings
|
$
|
8,004,270
|
September 30, 2022
|
September 30, 2021
|
|||||||
Ordinary income(1)
|
$
|
587,003
|
$
|
364,457
|
||||
Long-term capital gain
|
841,810
|
687,020
|
||||||
$
|
1,428,813
|
$
|
1,051,477
|
(1)
|
Ordinary income includes short-term capital gains.
|
BRAD A. KINDER, CPA
|
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.
|
Beginning Account
|
Ending Account
|
Expenses Paid During Period* –
|
|
Value – 4/1/22
|
Value – 9/30/22
|
Six Months Ended 9/30/22
|
|
Actual
|
$1,000.00
|
$ 897.70
|
$6.80
|
Hypothetical
|
|||
(5% return before expenses)
|
$1,000.00
|
$1,017.90
|
$7.23
|
*
|
Expenses are equal to the Fund’s annualized expense ratio of 1.43%, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period ended September 30, 2022).
|
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
|
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 and Director of
|
N/A
|
N/A
|
Born: 1979
|
(Since 2014)
|
(as Treasurer
|
the Advisor and Concorde Capital
|
||
Address:
|
and
|
and as Chief
|
Corporation since 2014.
|
||
8383 Preston Center Plaza
|
Chief
|
Compliance
|
Commercial banking underwriter
|
||
Suite 360
|
Compliance
|
Officer)
|
at 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.
|
•
|
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.
|
(b)
|
Not applicable.
|
FYE 09/30/2022
|
FYE 09/30/2021
|
|
Audit Fees
|
$32,500
|
$30,000
|
Audit-Related Fees
|
None
|
None
|
Tax Fees
|
$2,500
|
$2,500
|
All Other Fees
|
None
|
None
|
FYE 09/30/2022
|
FYE 09/30/2021
|
|
Audit-Related Fees
|
0%
|
0%
|
Tax Fees
|
0%
|
0%
|
All Other Fees
|
0%
|
0%
|
Non-Audit Related Fees
|
FYE 09/30/2022
|
FYE 09/30/2021
|
Registrant
|
None
|
None
|
Registrant’s Investment Adviser
|
$4,000
|
$4,000
|
(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.
|
(a)
|
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
|
(b)
|
Not Applicable.
|
(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.
|