# EDGAR Filing Document

**Accession Number:** 0000822519
**File Stem:** 0001145549-23-009815
**Filing Date:** 2023-2
**Character Count:** 47133
**Document Hash:** 0be294fb0d7a6f5f71e6604eb0853f7b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-009815.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001145549-23-009815

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CONCORDE FUNDS INC
- **CENTRAL INDEX KEY:** 0000822519
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05339
- **FILM NUMBER:** 23666279

**BUSINESS ADDRESS:**
- **STREET 1:** 8383 PRESTON CENTER PLAZA DR.,
- **STREET 2:** SUITE 360
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75225
- **BUSINESS PHONE:** 972-701-5400

**MAIL ADDRESS:**
- **STREET 1:** 8383 PRESTON CENTER PLAZA DR.,
- **STREET 2:** SUITE 360
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75225

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CONCORDE VALUE FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Concorde Wealth Management Fund (Series ID: S000054433)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000170957 | Concorde Wealth Management Fund | CONWX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **CONCORDE WEALTH MANAGEMENT FUND** | **CONCORDE WEALTH MANAGEMENT FUND** | **CONCORDE WEALTH MANAGEMENT FUND** | **CONCORDE WEALTH MANAGEMENT FUND** |
| **SCHEDULE OF INVESTMENTS IN SECURITIES** | **SCHEDULE OF INVESTMENTS IN SECURITIES** | **SCHEDULE OF INVESTMENTS IN SECURITIES** | **SCHEDULE OF INVESTMENTS IN SECURITIES** |
| **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** |
|  | | **Fair** | **Percent of** |
|  | **Shares** | **Value** | **Net Assets** |
| **COMMON STOCKS - 52.89%** | | | |
| FINANCE & INSURANCE |  |  |  |
| Chubb Ltd. - ADR (a) | 1800 | $397080 | 1.05% |
| JPMorgan Chase & Co. | 7000 | 938700 | 2.49 |
|  |  | 1335780 | 3.54 |
| INFORMATION |  |  |  |
| Lumen Technologies, Inc. | 49000 | 255780 | 0.68 |
| Microsoft Corp. | 3200 | 767424 | 2.04 |
| Warner Bros Discovery, Inc. (b) | 45250 | 428970 | 1.14 |
|  |  | 1452174 | 3.86 |
| MANUFACTURING |  |  |  |
| AbbVie, Inc. | 5200 | 840372 | 2.23 |
| Bunge Ltd. - ADR (a) | 7050 | 703379 | 1.87 |
| DuPont de Nemours, Inc. | 6500 | 446095 | 1.18 |
| Exxon Mobil Corp. | 6800 | 750040 | 1.99 |
| Hubbell, Inc. | 3500 | 821380 | 2.18 |
| Johnson & Johnson | 4800 | 847920 | 2.25 |
| Louisiana-Pacific Corp. | 9100 | 538720 | 1.43 |
| Moderna, Inc. (b) | 3200 | 574784 | 1.53 |
| Northrop Grumman Corp. | 700 | 381927 | 1.01 |
| Texas Instruments, Inc. | 2200 | 363484 | 0.96 |
| The Hershey Co. | 2090 | 483981 | 1.28 |
|  |  | 6752082 | 17.91 |
| MINING, QUARRYING & OIL & GAS EXTRACTION |  |  |  |
| Black Stone Minerals LP | 68668 | 1158429 | 3.07 |
| Dorchester Minerals, LP | 23500 | 703355 | 1.87 |
| Franco-Nevada Corp. - ADR (a) | 5600 | 764288 | 2.03 |
| Martin Marietta Materials, Inc. | 1100 | 371767 | 0.99 |
| Pioneer Natural Resources Co. | 4750 | 1084853 | 2.88 |
| Texas Pacific Land Corp. | 1445 | 3387412 | 8.99 |
|  |  | 7470104 | 19.83 |
| REAL ESTATE & RENTAL & LEASING |  |  |  |
| The Howard Hughes Corp. (b) | 6500 | 496730 | 1.32 |
| RETAIL TRADE |  |  |  |
| Amazon.com, Inc. (b) | 5200 | 436800 | 1.16 |
| Lowe's Companies, Inc. | 3000 | 597720 | 1.59 |
| The TJX Companies, Inc. | 7500 | 597000 | 1.58 |
|  |  | 1631520 | 4.33 |
| TRANSPORTATION AND WAREHOUSING |  |  |  |
| Canadian Pacific Railway Ltd. - ADR (a) | 5000 | 372950 | 0.99 |
| UTILITIES |  |  |  |
| Kinder Morgan, Inc. | 10000 | 180800 | 0.48 |
| WHOLESALE TRADE |  |  |  |
| Energy Transfer LP | 20000 | 237400 | 0.63 |
| TOTAL COMMON STOCKS (Cost $11,381,963) |  | 19929540 | 52.89 |
| **EXCHANGE TRADED FUNDS - 7.02%** |  |  |  |
| JPMorgan Ultra-Short Income ETF | 20000 | 1002600 | 2.66 |
| PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 6000 | 591900 | 1.57 |
| Sprott Physical Gold Trust(a)(b) | 74500 | 1050450 | 2.79 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $2,377,968) |  | 2644950 | 7.02 |
| **CLOSED-END FUNDS - 3.42%** |  |  |  |
| PIMCO Flexible Credit Income Fund - Institutional Class (c) | 47619 | 335717 | 0.89 |
| Pioneer ILS Interval Fund (c) | 117583 | 953597 | 2.53 |
| TOTAL CLOSED-END FUNDS (Cost $1,640,000) |  | 1289314 | 3.42 |
| **OPEN-END FUNDS - 1.65%** |  |  |  |
| Cohen & Steers Institutional Realty Shares | 6895 | 293441 | 0.78 |
| Morgan Stanley Global Fixed Income Opportunities Fund - Institutional Class | 65333 | 326663 | 0.87 |
| TOTAL OPEN-END FUNDS (Cost $644,087) |  | 620104 | 1.65 |
|  | **Capital** |  |  |
|  | **Contributions** |  |  |
| **PRIVATE FUNDS - 9.51%** |  |  |  |
| CLI Capital (b)(c)(d) | 45455 | 250000 | 0.66 |
| Hayman Hong Kong Opportunities Fund, L.P. (b)(c)(d) | 500000 | 283344 | 0.75 |
| LLR Equity Partners Parallel V, L.P. (b)(c)(d) | 970000 | 1350041 | 3.58 |
| LRVHealth, L.P. (b)(c)(d) | 375000 | 448937 | 1.19 |
| Moran Tice 20:20 Fund, L.P. (b)(c)(d) | 250000 | 183136 | 0.49 |
| RCP Select Capital Fund, L.P. (b)(c)(d) | 500000 | 500000 | 1.33 |
| SPAC Opportunity Partners, LLC - Class A (b)(c)(d) | 1000000 | 569122 | 1.51 |
| TOTAL PRIVATE FUNDS (Cost $3,661,882) |  | 3584580 | 9.51 |
|  | **Shares** |  |  |
| **REITS - 2.69%** |  |  |  |
| FINANCE & INSURANCE |  |  |  |
| First Industrial Realty Trust, Inc. | 12000 | 579120 | 1.54 |
| REAL ESTATE & RENTAL & LEASING |  |  |  |
| Medical Properties Trust, Inc. | 39000 | 434460 | 1.15 |
| TOTAL REITS (Cost $998,898) |  | 1013580 | 2.69 |
|  | **Principal** |  |  |
| **CORPORATE BONDS - 2.07%** | **Amounts** |  |  |
| FINANCE & INSURANCE |  |  |  |
| Discover Financial Services, 3.75%, 03/04/2025 | 150000 | 143699 | 0.38 |
| JPMorgan Chase & Co., 6.10% to 04/01/2023 (3 Month LIBOR USD + 3.330%), Perpetual (e)(f) | 150000 | 145990 | 0.39 |
|  |  | 289689 | 0.77 |
| MANUFACTURING |  |  |  |
| Motorola Solutions, Inc., 7.50%, 05/15/2025 | 75000 | 77157 | 0.20 |
| MINING, QUARRYING & OIL & GAS EXTRACTION |  |  |  |
| BP Capital Markets PLC, 4.88% to 06/22/2023 (5 Year CMT Rate + 4.398%), Perpetual (a)(e)(f) | 150000 | 131250 | 0.35 |
| BP Capital Markets PLC, 4.38% to 03/22/2023 (5 Year CMT Rate + 4.036%), Perpetual (a)(e)(f) | 150000 | 143250 | 0.38 |
| Freeport-McMoRan, Inc., 4.13%, 03/01/2028 | 150000 | 138612 | 0.37 |
|  |  | 413112 | 1.10 |
| TOTAL CORPORATE BONDS (Cost $837,943) |  | 779958 | 2.07 |
| **U.S. GOVERNMENT OBLIGATIONS - 9.72%** |  |  |  |
| United States Treasury Note, 2.25%, 11/15/2024 | 1000000 | 960938 | 2.55 |
| United States Treasury Note, 2.38%, 08/15/2024 | 2800000 | 2702656 | 7.17 |
| TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost $3,680,608) |  | 3663594 | 9.72 |
| **SHORT-TERM INVESTMENTS - 6.73%** |  |  |  |
| United States Treasury Bill, 3.535%, 02/16/2023 (g) | 1600000 | 1592043 | 4.23 |
| MONEY MARKET FUNDS |  |  |  |
| Invesco Government & Agency Portfolio - Institutional Class, 4.21% (h) | 1144509 | 1144509 | 3.04 |
| Morgan Stanley Institutional Liquidity Fund Government Portfolio - Institutional Class, 4.11% (h) | 1388980 | 1388979 | 3.69 |
|  |  | 2533488 | 6.73 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $4,126,486) |  | 4125531 | 10.96 |
| Total Investments (Cost $29,349,835) - 99.93% |  | 37651151 | 99.93 |
| Other Assets in Excess of Liabilities - 0.07% |  | 24560 | 0.07 |
| TOTAL NET ASSETS - 100.00% |  | $37675711 | 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 December 31, 2022, restricted securities represented 12.94% 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 December 31, 2022. After April 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 December 31, 2022. |
| The accompanying notes are an integral part of these schedules of investments | The accompanying notes are an integral part of these schedules of investments |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CONCORDE WEALTH MANAGEMENT FUND** | **CONCORDE WEALTH MANAGEMENT FUND** | **CONCORDE WEALTH MANAGEMENT FUND** | **CONCORDE WEALTH MANAGEMENT FUND** | **CONCORDE WEALTH MANAGEMENT FUND** | |
| **SCHEDULE OF WRITTEN OPTIONS** | **SCHEDULE OF WRITTEN OPTIONS** | **SCHEDULE OF WRITTEN OPTIONS** | **SCHEDULE OF WRITTEN OPTIONS** | | |
| **December 31st, 2022 (Unaudited)** | **December 31st, 2022 (Unaudited)** | **December 31st, 2022 (Unaudited)** | **December 31st, 2022 (Unaudited)** | | |
| | | **Notional** | **Number of** | **Fair** | **Percent of** |
| | | **Amount** | **Contracts (a)** | **Value** | **Net Assets** |
| **WRITTEN OPTOINS - (0.08)%** | **WRITTEN OPTOINS - (0.08)%** | | | | |
| **WRITTEN CALL OPTIONS - (0.04)%** | **WRITTEN CALL OPTIONS - (0.04)%** | | | | |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: January 2023, Exercise Price: $138.00 | &nbsp;&nbsp;&nbsp; Expiration: January 2023, Exercise Price: $138.00 | 402300 | 30 | $5520 | 0.01% |
| Kinder Morgan, Inc. | Kinder Morgan, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: January 2023, Exercise Price: $18.00 | &nbsp;&nbsp;&nbsp; Expiration: January 2023, Exercise Price: $18.00 | 180800 | 100 | 5000 | 0.01% |
| Moderna, Inc. | Moderna, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: January 2023, Exercise Price: $240.00 | &nbsp;&nbsp;&nbsp; Expiration: January 2023, Exercise Price: $240.00 | 359240 | 20 | 500 | 0.00% (b) |
| Pioneer Natural Resources Co. | Pioneer Natural Resources Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: January 2023, Exercise Price: $240.00 | &nbsp;&nbsp;&nbsp; Expiration: January 2023, Exercise Price: $240.00 | 456780 | 20 | 6320 | 0.02% |
| **TOTAL WRITTEN CALL OPTIONS (Premiums received $23,960)** | **TOTAL WRITTEN CALL OPTIONS (Premiums received $23,960)** |  |  | 17340 | 0.04% |
| **WRITTEN PUT OPTIONS - (0.04)%** | **WRITTEN PUT OPTIONS - (0.04)%** |  |  |  |  |
| Amazon.com, Inc. | Amazon.com, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: January 2023, Exercise Price: $83.00 | &nbsp;&nbsp;&nbsp; Expiration: January 2023, Exercise Price: $83.00 | 58800 | 7 | 2023 | 0.01% |
| Energy Transfer LP | Energy Transfer LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: January 2023, Exercise Price: $12.00 | &nbsp;&nbsp;&nbsp; Expiration: January 2023, Exercise Price: $12.00 | 178050 | 150 | 5400 | 0.01% |
| Medical Properties Trust, Inc. | Medical Properties Trust, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: January 2023, Exercise Price: $11.00 | &nbsp;&nbsp;&nbsp; Expiration: January 2023, Exercise Price: $11.00 | 111400 | 100 | 4500 | 0.01% |
| Warner Bros Discovery, Inc. | Warner Bros Discovery, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: January 2023, Exercise Price: $9.00 | &nbsp;&nbsp;&nbsp; Expiration: January 2023, Exercise Price: $9.00 | 142200 | 150 | 5550 | 0.01% |
| **TOTAL WRITTEN PUT OPTIONS (Premiums received $24,837)** | **TOTAL WRITTEN PUT OPTIONS (Premiums received $24,837)** |  |  | 17473 | 0.04% |
| **TOTAL WRITTEN OPTIONS (Premiums received $48,797)** | **TOTAL WRITTEN OPTIONS (Premiums received $48,797)** |  |  | $**34813** | 0.08<br> **%** |
| (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 schedules of investments | The accompanying notes are an integral part of these schedules of investments | The accompanying notes are an integral part of these schedules of investments | The accompanying notes are an integral part of these schedules of investments | The accompanying notes are an integral part of these schedules of investments | The accompanying notes are an integral part of these schedules of investments |

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| |
|:---|
| **Securities Valuation as of December 31, 2022 (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 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. |
| 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 Fund's 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 Fund's investments in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the Fund's Board of Directors. |
| Additional information on each illiquid restricted security held by the Fund on December 31, 2022 is as follows: |

---

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Initial** <br> **Acquisition Date** |  | **Shares** | **Cost** | **Fair Value** | **% of Net Assets** |  |
| LLR Equity Partners V, L.P. | March 14, 2018 |  | 970000 | 818583 | 1350041 | 3.58 | % |
| PIMCO Flexible Credit Income Fund - Institutional Class | March 15, 2018 |  | 47619 | 500000 | 335717 | 0.89 | % |
| Pioneer ILS Interval Fund | August 27, 2018 |  | 117583 | 1140000 | 953597 | 2.53 | % |
| LRVHealth, L.P. | July 16, 2019 |  | 375000 | 318299 | 448937 | 1.19 | % |
| Moran Tice 20:20 Fund, L.P. | July 31, 2020 |  | 250000 | 250000 | 183136 | 0.49 | % |
| SPAC Opportunity Partners, LLC - Class A | March 25, 2021 |  | 1000000 | 1000000 | 569122 | 1.51 | % |
| RCP Select Capital Fund, L.P. | June 7, 2021 |  | 500000 | 400000 | 500000 | 1.33 | % |
| Hayman Hong Kong Opportunities | May 6, 2022 |  | 500000 | 500000 | 283344 | 0.75 | % |
| CLI Capital | December 20, 2022 |  | 45455 | 250000 | 250000 | 0.66 | % |
|  | |  |  | $5176882 | $4873894 | 12.94 | % |
| The following table summarized the inputs used to value the Fund's investments measured at fair value as of December 31 2022: | The following table summarized the inputs used to value the Fund's investments measured at fair value as of December 31 2022: | The following table summarized the inputs used to value the Fund's investments measured at fair value as of December 31 2022: | The following table summarized the inputs used to value the Fund's investments measured at fair value as of December 31 2022: | The following table summarized the inputs used to value the Fund's investments measured at fair value as of December 31 2022: | The following table summarized the inputs used to value the Fund's investments measured at fair value as of December 31 2022: | The following table summarized the inputs used to value the Fund's investments measured at fair value as of December 31 2022: | The following table summarized the inputs used to value the Fund's investments measured at fair value as of December 31 2022: |
|  | <u>Practical</u><br> <u>Expedient\*</u> |  | <u>Level 1</u> | <u>Level 2</u> | <u>Level 3</u> | <u>Total</u> |  |
| **Investments - Assets:** |  |  |  |  |  |  |  |
| Common Stocks\* | $- |  | $19929540 | $- | $- | $19929540 |  |
| Exchange Traded Funds | - |  | 2644950 | - | - | 2644950 |  |
| Closed-End Funds | - |  | 1289314 | - | - | 1289314 |  |
| Open-End Funds | - |  | 620104 | - | - | 620104 |  |
| Private Funds | 3584580 | ^ | - | - | - | 3584580 |  |
| REITs\* | - |  | 1013580 | - | - | 1013580 |  |
| Corporate Bonds\* | - |  | - | 779958 | - | 779958 |  |
| U.S. Government Obligations | - |  | - | 3663594 | - | 3663594 |  |
| Short-Term Investments | - |  | 4125531 | - | - | 4125531 |  |
| **Total Investments - Assets** | $3584580 |  | $29623019 | $4443552 | $- | $37651151 |  |
| **Other Financial Instruments - Liabilities:** |  |  |  |  |  |  |  |
| Written Options | $- |  | $34813 | $- | $- | $34813 |  |
| \*See the Schedule of Investments for industry classifications. | \*See the Schedule of Investments for industry classifications. |  |  |  |  |  |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security** | **Withdrawals** <br> **Permitted** | **Redemption** <br> **Notice Period** | **Investment** <br> **Objective** | **Investment Strategy** | **Lock Up** <br> **Period** |
| CLI Captial | No | Not Applicable | To generate <br> income from the <br> various loans and <br> 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.<br>|  |
| Hayman Hong Kong Opportunities | Yes | 30 Days | To generate <br> superior risk-<br> adjusted rates of<br> 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 Authority's Linked Exchange Rate System. Will seek to exploit opportunities in the foreign exchange and interest rate markets in Asia.<br>|  |
| LLR Equity Partners V, L.P. | No | Not Applicable | Capital <br> Appreciation | Diversified portfolio of equity investments in lower middle market growth companies primarily focused on software and services<br>| Not <br> Applicable |
| LRVHealth, L.P | No | Not Applicable | Capital <br> Appreciation | Non-diversified portfolio of insurance-linked securities | Not <br> 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<br>|  |
| RCP Select Capital Fund, L.P. | No | Not Applicable | Capital <br> Appreciation | Diversified portfolio of ground-up development, value-add and income producing real estate projects and real estate financings.<br>| Not <br> Applicable |
| SPAC Opportunity Partners, LLC - Class A | Yes | 93 days | Capital <br> Appreciation | Diversified portfolio of special purpose acquisition companies, or "SPACs". | 2 years |

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| | |
|:---|:---|
| <sup>(1)</sup>  | 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. |
| Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. | Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. |

---

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| | | | |
|:---|:---|:---|:---|
|  | **Closed-End Funds** | **Open-End Funds** | **Total** |
| Balance as of September 30, 2022 | $| $| $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued discounts/premiums |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sales) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer in and/or out of Level 3 |  |  |  |
| Balance as of December 31, 2022 | $| $| $|
| Change in unrealized appreciation/depreciation during the period for Level 3 investments held at December 31, 2022 | $|  |  |
| The Level 3 investments as of December 31, 2022 represented 0.00% of net assets and did not warrant a disclosure of significant unobservable valuation inputs. | The Level 3 investments as of December 31, 2022 represented 0.00% of net assets and did not warrant a disclosure of significant unobservable valuation inputs. | The Level 3 investments as of December 31, 2022 represented 0.00% of net assets and did not warrant a disclosure of significant unobservable valuation inputs. | The Level 3 investments as of December 31, 2022 represented 0.00% of net assets and did not warrant a disclosure of significant unobservable valuation inputs. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Concorde Funds Inc

- **b. Investment Company Act file number:** 811-05339

- **c. CIK number of Registrant:** 0000822519

- **d. LEI of Registrant:** 549300M1O7ZH5YKQ4R17

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 8383 Preston Center Plaza Drive

  - **City:** Dallas

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 75225

  - **Telephone number:** 972-701-5400

**Item A.2. Information about the Series.**

- **a. Name of Series:** Concorde Wealth Management Fund

- **b. EDGAR series identifier (if any):** S000054433

- **c. LEI of Series:** 549300QGXVTXG3GLUU87

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $37785185.25

**Total Liabilities:** $109863.00

**Net Assets:** $37675322.25

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000170957 | 7.86%                | 3.75%                | -3.41%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1417573.37              | $1314727.38                                |
| Month 2  | $168732.01               | $1161536.76                                |
| Month 3  | $-18984.70               | $-1381693.13                               |

### Schedule of Portfolio Investments

| Name                           | Title                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                            | Amazon.com Inc                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -7 | NC      | $-2023.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| CLICAPITA                      | CLICAPITA                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     45455 | NS      | $250000.00    | 0.66%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                            | Energy Transfer LP                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -150 | NC      | $-5400.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Ltd                      | Bunge Ltd                                                 | CUSIP: N/A<br>LEI: 5493007M0RIN8HY3MM77       | Long             | EC               | CORP              | US        |      7050 | NS      | $703378.50    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                      | Chubb Ltd                                                 | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | CH        |      1800 | NS      | $397080.00    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HONGKONGO                      | HONGKONGO                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    500000 | NS      | $283344.50    | 0.75%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                            | JPMorgan Chase & Co                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -30 | NC      | $-5520.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Kinder Morgan Inc                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -100 | NC      | $-5000.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| LLR EQUITY PARTNERS V, L.P.    | LLR EQUITY PARTNERS V, L.P.                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    970000 | NS      | $1350041.15   | 3.58%             |  |  |  | No            |                  3 | On Loan: No      |
| LRVHEALTH, LP                  | LRVHEALTH, LP                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    375000 | NS      | $448936.88    | 1.19%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                            | Medical Properties Trust Inc                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -100 | NC      | $-4500.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Moderna Inc                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -20 | NC      | $-500.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Pioneer Natural Resources Co                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -20 | NC      | $-6320.00     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| RCPSELECT                      | RCPSELECT                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    500000 | NS      | $500000.00    | 1.33%             |  |  |  | No            |                  3 | On Loan: No      |
| SPACOPPOR                      | SPACOPPOR                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   1000000 | NS      | $569122.00    | 1.51%             |  |  |  | No            |                  3 | On Loan: No      |
| TICEMORAN                      | TICEMORAN                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    250000 | NS      | $183135.75    | 0.49%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                            | Warner Bros Discovery Inc                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -150 | NC      | $-5550.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie Inc                                                | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      5200 | NS      | $840372.00    | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                                            | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      5200 | NS      | $436800.00    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BP CAPITAL MARKETS PLC         | BP Capital Markets PLC                                    | CUSIP: 05565QDU9<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $143250.00    | 0.38%             | 2025-06-22      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC         | BP Capital Markets PLC                                    | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $131250.00    | 0.35%             | 2030-03-22      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| Black Stone Minerals LP        | Black Stone Minerals LP                                   | CUSIP: 09225M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     68668 | NS      | $1158429.16   | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Pacific Railway Ltd   | Canadian Pacific Railway Ltd                              | CUSIP: 13645T100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      5000 | NS      | $372950.00    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen & Steers Institutional R | Cohen & Steers Institutional Realty Shares Inc            | CUSIP: 19247U106<br>LEI: 549300NPT0U4CRXPYK92 | Long             | EC               | RF                | US        |      6895 | NS      | $293441.11    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| DISCOVER FINANCIAL SVS         | Discover Financial Services                               | CUSIP: 254709AL2<br>LEI: Z1YLO2USPORE63VVUL20 | Long             | DBT              | CORP              | US        |    150000 | PA      | $143698.64    | 0.38%             | 2025-03-04      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Dorchester Minerals LP         | Dorchester Minerals LP                                    | CUSIP: 25820R105<br>LEI: 529900J537JTEZOMXG05 | Long             | EC               | CORP              | US        |     23500 | NS      | $703355.00    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours Inc          | DuPont de Nemours Inc                                     | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |      6500 | NS      | $446095.00    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Transfer LP             | Energy Transfer LP                                        | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |     20000 | NS      | $237400.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp                                          | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      6800 | NS      | $750040.00    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust  | First Industrial Realty Trust Inc                         | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12000 | NS      | $579120.00    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp             | Franco-Nevada Corp                                        | CUSIP: 351858105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      5600 | NS      | $764288.00    | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FREEPORT-MCMORAN INC           | Freeport-McMoRan Inc                                      | CUSIP: 35671DCE3<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |    150000 | PA      | $138612.10    | 0.37%             | 2028-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Hershey Co/The                 | Hershey Co/The                                            | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |      2090 | NS      | $483981.30    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Howard Hughes Corp/The         | Howard Hughes Corp/The                                    | CUSIP: 44267D107<br>LEI: 549300BVHY25JZC1KI49 | Long             | EC               | CORP              | US        |      6500 | NS      | $496730.00    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Hubbell Inc                    | Hubbell Inc                                               | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |      3500 | NS      | $821380.00    | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      7000 | NS      | $938700.00    | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Ultra-Short Income ET | JPMorgan Ultra-Short Income ETF                           | CUSIP: 46641Q837<br>LEI: 549300VN24B8TQAGGX74 | Long             | EC               | RF                | US        |     20000 | NS      | $1002600.00   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                                         | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      4800 | NS      | $847920.00    | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO            | JPMorgan Chase & Co                                       | CUSIP: 48126HAC4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |    150000 | PA      | $145990.50    | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinder Morgan Inc              | Kinder Morgan Inc                                         | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     10000 | NS      | $180800.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Louisiana-Pacific Corp         | Louisiana-Pacific Corp                                    | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |      9100 | NS      | $538720.00    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                 | Lowe's Cos Inc                                            | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      3000 | NS      | $597720.00    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumen Technologies Inc         | Lumen Technologies Inc                                    | CUSIP: 550241103<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | EC               | CORP              | US        |     49000 | NS      | $255780.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials Inc  | Martin Marietta Materials Inc                             | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |      1100 | NS      | $371767.00    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Medical Properties Trust Inc   | Medical Properties Trust Inc                              | CUSIP: 58463J304<br>LEI: 254900U6E39J1MQCCY14 | Long             | EC               | CORP              | US        |     39000 | NS      | $434460.00    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      3200 | NS      | $767424.00    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Moderna Inc                    | Moderna Inc                                               | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |      3200 | NS      | $574784.00    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Global Fixed In | Morgan Stanley Global Fixed Income Opportunities Fund     | CUSIP: 616961405<br>LEI: KN4O2R884TUHPY814X62 | Long             | EC               | RF                | US        |     65333 | NS      | $326663.01    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio     | MSILF Government Portfolio                                | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   1388980 | NS      | $1388979.61   | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| MOTOROLA SOLUTIONS INC         | Motorola Solutions Inc                                    | CUSIP: 620076AH2<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77157.15     | 0.20%             | 2025-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Northrop Grumman Corp          | Northrop Grumman Corp                                     | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |       700 | NS      | $381927.00    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PIMCO Enhanced Short Maturity  | PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | CUSIP: 72201R833<br>LEI: VOYE9Z80GB9431LFS645 | Long             | EC               | RF                | US        |      6000 | NS      | $591900.00    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| PIMCO Flexible Credit Income F | PIMCO Flexible Credit Income Fund                         | CUSIP: 72202M106<br>LEI: 549300R4RJB5MTHXES88 | Long             | EC               | RF                | US        |     47619 | NS      | $335717.03    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer ILS Interval Fund      | Pioneer ILS Interval Fund                                 | CUSIP: 72369L107<br>LEI: 549300LH2MO2SJZYNC86 | Long             | EC               | RF                | US        |    117583 | NS      | $953596.69    | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer Natural Resources Co   | Pioneer Natural Resources Co                              | CUSIP: 723787107<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | EC               | CORP              | US        |      4750 | NS      | $1084852.50   | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Government & Agency Po | Invesco Government & Agency Portfolio                     | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |   1137262 | NS      | $1137262.35   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprott Physical Gold Trust     | Sprott Physical Gold Trust                                | CUSIP: 85207H104<br>LEI: N/A                  | Long             | EC               | RF                | CA        |     74500 | NS      | $1050450.00   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                | TJX Cos Inc/The                                           | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      7500 | NS      | $597000.00    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc          | Texas Instruments Inc                                     | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |      2200 | NS      | $363484.00    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp        | Texas Pacific Land Corp                                   | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1445 | NS      | $3387412.35   | 8.99%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                               | CUSIP: 912796YA1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1600000 | PA      | $1592043.33   | 4.23%             | 2023-02-16      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 912828D56<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2800000 | PA      | $2702656.26   | 7.17%             | 2024-08-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 912828G38<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $960937.50    | 2.55%             | 2024-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Warner Bros Discovery Inc      | Warner Bros Discovery Inc                                 | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |     45250 | NS      | $428970.00    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-23

**Name of Applicant:** Concorde Funds Inc

**Signature:** /s/Gregory Wood

**Name of Signer:** Concorde Funds Inc

**Title:** Treasurer