CM Advisors Fixed Income Fund
Schedule of Investments
May 31, 2025 (Unaudited)
 
COMMON STOCKS - 10.5% Shares   Value
Energy - 10.5%    
Oil & Gas Equipment & Services - 10.5%    
PHI Group, Inc. (Cost $1,222,685) 113,912   $ 2,733,888  
   
     
CORPORATE BONDS - 78.9% Par Value   Value
Communication Services - 2.4%    
Alternative Carriers - 2.4%    
Qwest Corporation, 7.250%, due 09/15/25 $ 620,000   $ 620,506  
   
Consumer Discretionary - 9.7%    
Apparel, Accessories & Luxury Goods - 0.4%    
Tapestry, Inc., 5.100%, due 03/11/30 100,000   99,936  
   
Automobile Manufacturers - 1.9%    
Ford Motor Company, 4.346%, due 12/08/26 200,000   197,176  
General Motors Company, 5.600%, due 10/15/32 303,000   301,067  
    498,243  
Automotive Retail - 2.0%    
Advance Auto Parts, Inc.,    
5.900%, due 03/09/26 270,000   271,412  
5.950%, due 03/09/28 250,000   253,904  
    525,316  
Distributors - 2.8%    
Genuine Parts Company, 4.950%, due 08/15/29 475,000   478,882  
LKQ Corporation, 6.250%, due 06/15/33 250,000   260,128  
    739,010  
Hotels, Resorts & Cruise Lines - 0.6%    
Royal Caribbean Cruises Ltd., 7.500%, due 10/15/27 135,000   142,495  
   
Leisure Products - 2.0%    
Polaris, Inc., 6.950%, due 03/15/29 500,000   518,491  
   
Consumer Staples - 0.3%    
Packaged Foods & Meats - 0.3%    
Conagra Brands, Inc., 7.000%, due 10/01/28 65,000   69,254  
   
Energy - 12.2%    
Integrated Oil & Gas - 2.3%    
Occidental Petroleum Corporation, 7.875%, due 09/15/31 550,000   604,774  
   
Oil & Gas Drilling - 1.7%    
Helmerich & Payne, Inc., 2.900%, due 09/29/31 550,000   448,293  
   
Oil & Gas Exploration & Production - 2.8%    
Continental Resources, Inc., 4.375%, due 01/15/28 450,000   440,011  
 
 

 

CM Advisors Fixed Income Fund
Schedule of Investments (Continued)
 
CORPORATE BONDS - 78.9% (Continued) Par Value   Value
Energy - 12.2% (Continued)    
Oil & Gas Exploration & Production - 2.8% (Continued)    
Devon Energy Corporation, 7.950%, due 04/15/32 $ 250,000   $ 281,669  
    721,680  
Oil & Gas Storage & Transportation - 5.4%    
Sabine Pass Liquefaction, LLC, 5.875%, due 06/30/26 100,000   100,598  
Southern Natural Gas Company, 8.000%, due 03/01/32 350,000   390,577  
Targa Resources Partners L.P., 6.875%, due 01/15/29 600,000   611,518  
Western Gas Partners L.P., 4.650%, due 07/01/26 300,000   299,088  
    1,401,781  
Financials - 13.6%    
Banks - 0.9%    
Manufacturers & Traders Trust Company, 3.400%, due 08/17/27 250,000   242,440  
   
Consumer Finance - 1.2%    
Ford Motor Credit Company, LLC, 6.950%, due 06/10/26 200,000   202,217  
John Deere Capital Corporation, 4.945%, due 04/19/27 100,000   100,178  
    302,395  
Diversified Banks - 6.5%    
Bank of America Corporation, 5.000%, due 03/13/30 200,000   199,880  
JPMorgan Chase & Company,    
1.100%, due 06/22/26 650,000   623,217  
5.040%, due 01/23/28 450,000   453,127  
5.500%, due 12/13/34 425,000   429,791  
    1,706,015  
Investment Banking & Brokerage - 2.1%    
Jefferies Financial Group, Inc.,    
5.000%, due 10/17/29 250,000   249,595  
6.150%, due 02/28/35 300,000   298,729  
    548,324  
Property & Casualty Insurance - 2.9%    
Fairfax Financial Holdings Ltd.,    
8.300%, due 04/15/26 382,000   392,337  
3.375%, due 03/03/31 100,000   91,259  
Fidelity National Financial, Inc., 3.400%, due 06/15/30 295,000   272,138  
    755,734  
Health Care - 2.3%    
Health Care Services - 1.0%    
Cigna Group (The), 5.125%, due 05/15/31 250,000   253,944  
   
Life Sciences Tools & Services - 1.3%    
Illumina, Inc.,    
5.800%, due 12/12/25 200,000   200,668  
5.750%, due 12/13/27 150,000   152,835  
    353,503  
Industrials - 11.5%    
Aerospace & Defense - 0.7%    
Huntington Ingalls Industries, Inc., 2.043%, due 08/16/28 200,000   184,331  
   
 
 

 

CM Advisors Fixed Income Fund
Schedule of Investments (Continued)
 
CORPORATE BONDS - 78.9% (Continued) Par Value   Value
Industrials - 11.5% (Continued)    
Building Products - 2.1%    
Masco Corporation, 7.750%, due 08/01/29 $ 500,000   $ 552,565  
   
Data Processing & Outsourced Services - 0.8%    
Concentrix Corporation, 6.600%, due 08/02/28 210,000   220,031  
   
Electrical Components & Equipment - 0.3%    
Eaton Corporation, 6.500%, due 06/01/25 65,000   65,000  
   
Industrial Machinery & Supplies & Components - 2.9%    
Stanley Black & Decker, Inc., 6.272%, due 03/06/26 450,000   450,073  
Timken Company (The), 4.500%, due 12/15/28 300,000   297,324  
    747,397  
Research & Consulting Services - 1.6%    
Jacobs Engineering Group, Inc., 5.900%, due 03/01/33 400,000   409,843  
   
Trading Companies & Distributors - 3.1%    
United Rentals North America, Inc.,    
5.500%, due 05/15/27 620,000   620,289  
5.250%, due 01/15/30 200,000   198,732  
    819,021  
Information Technology - 9.1%    
Electronic Components - 2.0%    
Corning, Inc., 7.250%, due 08/15/36 500,000   513,441  
   
Electronic Equipment & Instruments - 1.6%    
Vontier Corporation,    
1.800%, due 04/01/26 250,000   243,771  
2.400%, due 04/01/28 200,000   187,492  
    431,263  
IT Consulting & Other Services - 0.9%    
DXC Technology Company, 2.375%, due 09/15/28 250,000   228,884  
   
Semiconductors - 4.6%    
Intel Corporation,    
3.700%, due 07/29/25 475,000   474,172  
4.875%, due 02/10/26 600,000   600,310  
4.875%, due 02/10/28 120,000   120,946  
    1,195,428  
Materials - 10.7%    
Commodity Chemicals - 1.8%    
Olin Corporation, 5.000%, due 02/01/30 500,000   473,242  
   
Copper - 1.1%    
Freeport-McMoRan, Inc., 9.500%, due 06/01/31 250,000   301,289  
   
Diversified Chemicals - 3.4%    
Celanese US Holdings, LLC, 6.415%, due 07/15/27 191,000   195,781  
Dow Chemical Company (The), 7.375%, due 11/01/29 140,000   154,041  
Huntsman International, LLC, 4.500%, due 05/01/29 500,000   467,477  
 
 

 

CM Advisors Fixed Income Fund
Schedule of Investments (Continued)
 
CORPORATE BONDS - 78.9% (Continued) Par Value   Value
Materials - 10.7% (Continued)    
Diversified Chemicals - 3.4% (Continued)    
Union Carbide Corporation, 7.500%, due 06/01/25 $ 60,000   $ 60,000  
    877,299  
Fertilizers & Agricultural Chemicals - 3.1%    
FMC Corporation,    
5.150%, due 05/18/26 300,000   301,898  
3.450%, due 10/01/29 300,000   276,107  
5.650%, due 05/18/33 250,000   240,453  
    818,458  
Metal, Glass & Plastic Containers - 0.8%    
Ball Corporation, 6.000%, due 06/15/29 200,000   203,921  
   
Steel - 0.5%    
Arcelormittal, 6.125%, due 06/01/25 120,000   120,000  
   
Real Estate - 0.7%    
Retail REITs - 0.7%    
Realty Income Corporation, 5.050%, due 01/13/26 200,000   199,585  
   
Utilities - 6.4%    
Electric Utilities - 4.1%    
Exelon Corporation, 7.600%, due 04/01/32 500,000   564,643  
NextEra Energy Capital Holdings, Inc., 4.450%, due 06/20/25 500,000   500,004  
    1,064,647  
Independent Power Producers & Energy Traders - 1.9%    
Constellation Energy Generation, LLC, 3.250%, due 06/01/25 500,000   500,000  
   
Multi-Utilities - 0.4%    
Wisconsin Energy Corporation, 3.550%, due 06/15/25 100,000   99,927  
   
Total Corporate Bonds (Cost $20,482,523) $ 20,577,706  
     
     
U.S. TREASURY OBLIGATIONS - 5.7% Par Value   Value
U.S. Treasury Notes - 5.7%  
4.625%, due 06/30/25 $ 500,000   $ 500,059  
5.000%, due 10/31/25 500,000   501,164  
4.250%, due 01/31/26 250,000   249,906  
4.500%, due 03/31/26 250,000   250,579  
Total U.S. Treasury Obligations (Cost $1,502,330)   $ 1,501,708  
   
   
   
 
 

 

CM Advisors Fixed Income Fund
Schedule of Investments (Continued)
 
MONEY MARKET FUNDS - 2.4% Shares   Value
Allspring Treasury Plus Money Market Fund - Institutional Class, 4.17% (a) (Cost $617,164) 617,164   $ 617,164  
     
Total Investments at Value - 97.5% (Cost $23,824,702) $ 25,430,466  
   
Other Assets in Excess of Liabilities - 2.5% 649,852  
   
Net Assets - 100.0% $ 26,080,318  
 

 

 

 

REIT – Real Estate Investment Trust

 

 

 

 

 

(a) The rate shown is the 7-day effective yield as of May 31, 2025.