Concorde Wealth Management Fund
  
Schedule of Investments
  
June 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 56.9%
  
Shares
    
Value
 
Construction - 1.3%
        
Howard Hughes Holdings, Inc. (a)
    
7,500
    
$
506,250
  
                 
Finance and Insurance - 6.1%
          
Berkshire Hathaway, Inc. - Class B (a)
    
800
      
388,616
  
Chubb Ltd.
    
3,000
      
869,160
  
JPMorgan Chase & Co. (b)
    
4,100
      
1,188,631
  
Seaport Entertainment Group, Inc. (a)
    
833
      
15,535
  
             
2,461,942
  
                 
Information - 4.8%
          
Microsoft Corp.
    
2,200
      
1,094,302
  
Warner Bros Discovery, Inc. (a)
    
75,550
      
865,803
  
             
1,960,105
  
                 
Manufacturing - 12.3%
          
AbbVie, Inc.
    
4,700
      
872,414
  
Bunge Global SA
    
7,550
      
606,114
  
Cisco Systems, Inc.
    
4,500
      
312,210
  
Eastman Chemical Co.
    
4,558
      
340,300
  
Hershey Co.
    
3,690
      
612,356
  
Hubbell, Inc.
    
1,600
      
653,456
  
Johnson & Johnson
    
4,900
      
748,475
  
Louisiana-Pacific Corp.
    
6,100
      
524,539
  
Northrop Grumman Corp.
    
650
      
324,987
  
             
4,994,851
  
                 
Mining, Quarrying, and Oil and Gas Extraction - 22.5%
          
Black Stone Minerals LP
    
100,336
      
1,312,395
  
Diamondback Energy, Inc.
    
7,500
      
1,030,500
  
Expand Energy Corp.
    
11,400
      
1,333,116
  
Exxon Mobil Corp.
    
11,436
      
1,232,801
  
Franco-Nevada Corp.
    
3,100
      
508,152
  
Martin Marietta Materials, Inc. (b)
    
1,000
      
548,960
  
Occidental Petroleum Corp.
    
25,000
      
1,050,250
  
Texas Pacific Land Corp.
    
1,985
      
2,096,934
  
             
9,113,108
  
                 
Retail Trade - 5.8%
          
Amazon.com, Inc. (a)
    
5,000
      
1,096,950
  
Lowe's Cos., Inc.
    
2,200
      
488,114
  
TJX Cos., Inc.
    
6,200
      
765,638
  
             
2,350,702
  
                 
Transportation and Warehousing - 1.3%
          
Canadian Pacific Kansas City Ltd.
    
6,500
      
515,255
  
                 
Wholesale Trade - 2.8%
          
Energy Transfer LP
    
62,500
      
1,133,125
  
TOTAL COMMON STOCKS (Cost $13,618,951)
      
23,035,338
  
                 
PRIVATE FUNDS - 8.9%
  
Shares
    
Value
  
CLI Capital (c)
    
95,455
      
480,536
  
Hayman Hong Kong Opportunities Fund, L.P. (c)
    
500,000
      
-
  
LLR Equity Partners, V, L.P. (c)
    
990,000
      
1,609,251
  
LLR Equity Partners, VII, L.P. (c)
    
120,000
      
113,441
  
LRVHealth, L.P. (c)
    
490,000
      
488,188
  
Moran Tice 20:20 Fund, L.P. (c)
    
250,000
      
395,873
  
RCP Select Capital Fund, L.P. (c)
    
500,000
      
500,000
  
SPAC Opportunity Partners, LLC – Class A (c)
    
1,000,000
      
-
  
TOTAL PRIVATE FUNDS (Cost $3,904,096)
      
3,587,289
  
                 
CLOSED-END FUNDS - 7.5%
  
Shares
    
Value
  
PIMCO Flexible Credit Income Fund - Class I
    
58,813
      
418,164
  
Pioneer ILS Interval Fund
    
117,583
      
1,088,817
  
Sprott Physical Gold Trust (a)
    
60,000
      
1,521,000
  
TOTAL CLOSED-END FUNDS (Cost $2,298,224)
      
3,027,981
  
                 
U.S. TREASURY SECURITIES - 6.1%
  
Par
    
Value
  
United States Treasury Note/Bond, 4.38%, 08/15/2026
    
1,000,000
      
1,004,336
  
United States Treasury Note/Bond, 3.25%, 06/30/2029
    
1,500,000
      
1,472,402
  
TOTAL U.S. TREASURY SECURITIES (Cost $2,469,740)
      
2,476,738
  
                 
EXCHANGE TRADED FUNDS - 5.0%
  
Shares
    
Value
  
JPMorgan Nasdaq Equity Premium Income ETF
    
7,200
      
391,680
  
JPMorgan Ultra-Short Income ETF
    
20,000
      
1,013,600
  
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund
    
6,000
      
603,210
  
TOTAL EXCHANGE TRADED FUNDS (Cost $2,002,465)
      
2,008,490
  
                 
CORPORATE BONDS - 1.9%
  
Par
    
Value
  
Energy - 0.4%
  
BP Capital Markets PLC, 4.38% to 09/22/2025 then 5 yr. CMT Rate + 4.04%, Perpetual
    
150,000
      
149,569
  
                 
Finance and Insurance - 0.7%
  
Discover Bank, 4.65%, 09/13/2028
    
150,000
      
150,823
  
JPMorgan Chase & Co., 3.65% to 06/01/2026 then 5 yr. CMT Rate + 2.85%, Perpetual
    
150,000
      
147,623
  
           
298,446
  
                 
Mining, Quarrying, and Oil and Gas Extraction - 0.4%
  
Freeport-McMoRan, Inc., 4.13%, 03/01/2028
    
175,000
      
172,596
  
                 
Utilities - 0.4%
  
Cheniere Energy, Inc., 4.63%, 10/15/2028
    
155,000
      
154,800
  
TOTAL CORPORATE BONDS (Cost $770,449)
      
775,411
  
                 
REAL ESTATE INVESTMENT TRUSTS - 1.7%
  
Shares
    
Value
 
Real Estate and Rental and Leasing - 1.7%
          
First Industrial Realty Trust, Inc.
    
14,000
      
673,820
  
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON (Cost $615,993)
      
673,820
  
                 
OPEN-END FUNDS - 1.6%
  
Shares
    
Value
  
Absolute Convertible Arbitrage Fund - Class Institutional
    
31,295
      
362,393
  
Baron Real Estate Fund - Class Institutional
    
7,871
      
304,771
  
TOTAL OPEN-END FUNDS (Cost $668,698)
      
667,164
  
                 
SHORT-TERM INVESTMENTS - 10.6%
          
Value
 
Money Market Funds - 6.9%
  
Shares
          
Invesco Government & Agency Portfolio - Class Institutional, 4.25% (d)
    
767,262
      
767,262
  
MSILF Government Portfolio - Class Institutional, 4.23% (d)
    
2,021,273
      
2,021,273
  
             
2,788,535
  
                 
U.S. Treasury Bills - 3.7%
  
Par
          
4.11%, 10/30/2025 (e)
    
1,500,000
      
1,478,907
  
TOTAL SHORT-TERM INVESTMENTS (Cost $4,268,218)
      
4,267,442
  
                 
TOTAL INVESTMENTS - 100.2% (Cost $30,616,834)
      
40,519,673
  
Liabilities in Excess of Other Assets - (0.2)%
      
(69,884
)
TOTAL NET ASSETS - 100.0%
          
$
40,449,789
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

CMT - Constant Maturity Treasury
LLC - Limited Liability Company
LP - Limited Partnership
PLC - Public Limited Company

(a)
Non-income producing security.
(b)
Held in connection with written option contracts. See Schedule of Written Options for further information.
(c)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $3,587,289 or 8.9% of net assets as of June 30, 2025.
(d)
The rate shown represents the 7-day annualized effective yield as of June 30, 2025.
(e)
The rate shown is the annualized effective yield as of June 30, 2025.

   
Concorde Wealth Management Fund
  
Schedule of Written Options
  
June 30, 2025 (Unaudited)
  
   
WRITTEN OPTIONS - (0.0)%
  
Notional Amount
    
Contracts
    
Value
  
Call Options - (0.0)% (a)(b)(c)
  
JPMorgan Chase & Co., Expiration: 07/18/2025; Exercise Price: $285.00
  
$
(434,865
)
    
(15
)
  
$
(13,980
)
Martin Marietta Materials, Inc., Expiration: 07/18/2025; Exercise Price: $570.00
    
(274,480
)
    
(5
)
    
(2,100
)
TOTAL WRITTEN OPTIONS (Premiums received $9,164)
                  
$
(16,080
)
   
Percentages are stated as a percent of net assets.
  

(a)
Represents less than 0.05% of net assets.
(b)
100 shares per contract.
(c)
Exchange-traded.


Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
 
Concorde Wealth Management Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
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, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of June 30, 2025:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
  
$
23,035,338
    
$
–
    
$
–
    
$
23,035,338
  
  Private Funds
    
–
      
–
      
3,587,289
      
3,587,289
  
  Closed-End Funds
    
3,027,981
      
–
      
–
      
3,027,981
  
  U.S. Treasury Securities
    
–
      
2,476,738
      
–
      
2,476,738
  
  Exchange Traded Funds
    
2,008,490
      
–
      
–
      
2,008,490
  
  Corporate Bonds
    
–
      
775,411
      
–
      
775,411
  
  Real Estate Investment Trusts
    
673,820
      
–
      
–
      
673,820
  
  Open-End Funds
    
667,164
      
–
      
–
      
667,164
  
  Money Market Funds
    
2,788,535
      
–
      
–
      
2,788,535
  
  U.S. Treasury Bills
    
–
      
1,478,907
      
–
      
1,478,907
  
Total Investments
  
$
32,201,328
    
$
4,731,056
    
$
3,587,289
    
$
40,519,673
  
                                 
Liabilities:
                                
Investments:
                                
  Written Options
  
$
(16,080
)
  
$
–
    
$
–
    
$
(16,080
)
Total Investments
  
$
(16,080
)
  
$
–
    
$
–
    
$
(16,080
)
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  
   
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year’s annual report.