| CM Advisors Fixed Income Fund | ||
| Schedule of Investments | ||
| May 31, 2024 (Unaudited) | ||
| COMMON STOCKS - 10.1% | Shares | Value |
| Energy - 10.1% | ||
| Oil & Gas Equipment & Services - 10.1% | ||
| PHI Group, Inc. (Cost $1,222,685) | 113,912 | $ 2,733,888 |
| CORPORATE BONDS - 62.3% | Par Value | Value |
| Communications - 2.0% | ||
| Alternative Carriers - 1.4% | ||
| Qwest Corporation, 7.250%, due 09/15/25 | $ 400,000 | $ 390,000 |
| Wireless Telecommunication Services - 0.6% | ||
| T-Mobile, Inc., 7.125%, due 06/15/24 | 150,000 | 150,022 |
| Consumer Discretionary - 8.1% | ||
| Apparel, Accessories & Luxury Goods - 1.9% | ||
| Tapestry, Inc., 7.350%, due 11/27/28 | 500,000 | 517,294 |
| Automobile Manufacturing - 1.9% | ||
| Ford Motor Credit Company, LLC, 2.150%, due 06/20/24 | 200,000 | 199,519 |
| General Motors Company, 5.600%, due 10/15/32 | 303,000 | 300,814 |
| 500,333 | ||
| Automotive Parts & Equipment - 0.9% | ||
| LKQ Corporation, 6.250%, due 06/15/33 | 250,000 | 256,375 |
| Automotive Retail - 1.5% | ||
| Advance Auto Parts, Inc., | ||
| 5.900%, due 03/09/26 | 146,000 | 145,725 |
| 5.950%, due 03/09/28 | 250,000 | 247,657 |
| 393,382 | ||
| Leisure Products - 1.9% | ||
| Polaris, Inc., 6.950%, due 03/15/29 | 500,000 | 523,912 |
| Consumer Staples - 0.2% | ||
| Packaged Foods & Meats - 0.2% | ||
| Conagra Brands, Inc., 7.000%, due 10/01/28 | 65,000 | 68,917 |
| Energy - 5.3% | ||
| Oil & Gas Exploration & Production - 3.2% | ||
| EQT Corporation, 6.125%, due 02/01/25 (a) | 770,000 | 770,287 |
| Southwestern Energy Company, 8.375%, due 09/15/28 | 100,000 | 103,253 |
| 873,540 | ||
| Oil & Gas Storage & Transportation - 2.1% | ||
| ONEOK, Inc., 2.750%, due 09/01/24 | 575,000 | 570,415 |
| CM Advisors Fixed Income Fund | ||
| Schedule of Investments (Continued) | ||
| CORPORATE BONDS - 62.3% (Continued) | Par Value | Value |
| Financials - 8.7% | ||
| Banking - 0.9% | ||
| Manufacturers & Traders Trust Company, 3.400%, due 08/17/27 | $ 250,000 | $ 231,341 |
| Diversified Banks - 6.0% | ||
| Bank of America Corporation, | ||
| 4.200%, due 08/26/24 | 150,000 | 149,444 |
| 4.000%, due 01/22/25 | 450,000 | 445,103 |
| JPMorgan Chase & Company, | ||
| 1.100%, due 06/22/26 | 650,000 | 587,860 |
| 5.040%, due 01/23/28 | 450,000 | 445,793 |
| 1,628,200 | ||
| Property & Casualty Insurance - 1.8% | ||
| Fairfax Financial Holdings Ltd., 8.300%, due 04/15/26 | 128,000 | 132,890 |
| Old Republic International Corporation, 4.875%, due 10/01/24 | 350,000 | 348,609 |
| 481,499 | ||
| Health Care - 2.2% | ||
| Health Care Services - 0.9% | ||
| Cigna Group (The), 5.125%, due 05/15/31 | 250,000 | 246,915 |
| Life Sciences Tools & Services - 1.3% | ||
| Illumina, Inc., | ||
| 5.800%, due 12/12/25 | 200,000 | 199,997 |
| 5.750%, due 12/13/27 | 150,000 | 150,716 |
| 350,713 | ||
| Industrials - 12.2% | ||
| Building Products - 2.0% | ||
| Masco Corporation, 7.750%, due 08/01/29 | 500,000 | 546,596 |
| Construction & Engineering - 2.0% | ||
| Fluor Corporation, 3.500%, due 12/15/24 | 537,000 | 528,310 |
| Data Processing & Outsourced Services - 0.8% | ||
| Concentrix Corporation, 6.600%, due 08/02/28 | 210,000 | 211,465 |
| Industrial Machinery, Supplies & Components - 3.9% | ||
| Stanley Black & Decker, Inc., | ||
| 2.300%, due 02/24/25 | 200,000 | 195,287 |
| 6.272%, due 03/06/26 | 450,000 | 450,021 |
| Timken Company (The), 3.875%, due 09/01/24 | 400,000 | 399,540 |
| 1,044,848 | ||
| Research & Consulting Services - 0.5% | ||
| Jacobs Engineering Group, Inc., 5.900%, due 03/01/33 | 150,000 | 148,817 |
| Trading Companies & Distributors - 3.0% | ||
| United Rentals North America, Inc., | ||
| 5.500%, due 05/15/27 | 620,000 | 612,042 |
| 5.250%, due 01/15/30 | 200,000 | 191,970 |
| 804,012 | ||
| CM Advisors Fixed Income Fund | ||
| Schedule of Investments (Continued) | ||
| CORPORATE BONDS - 62.3% (Continued) | Par Value | Value |
| Materials - 9.8% | ||
| Commodity Chemicals - 0.8% | ||
| DOW Chemical Company, 7.375%, due 11/01/29 | $ 140,000 | $ 153,556 |
| Union Carbide Corporation, 7.500%, due 06/01/25 | 60,000 | 60,814 |
| 214,370 | ||
| Diversified Chemicals - 1.8% | ||
| Huntsman International, LLC, 4.500%, due 05/01/29 | 500,000 | 471,168 |
| Diversified Metals & Mining - 1.3% | ||
| Freeport-McMoRan, Inc., 4.550%, due 11/14/24 | 157,000 | 156,146 |
| Southern Copper Corporation, 3.875%, due 04/23/25 | 200,000 | 196,562 |
| 352,708 | ||
| Fertilizers & Agricultural Chemicals - 2.6% | ||
| FMC Corporation, | ||
| 5.150%, due 05/18/26 | 200,000 | 198,236 |
| 3.450%, due 10/01/29 | 300,000 | 269,283 |
| 5.650%, due 05/18/33 | 250,000 | 245,452 |
| 712,971 | ||
| Metal, Glass & Plastic Containers - 0.7% | ||
| Ball Corporation, 6.000%, due 06/15/29 | 200,000 | 200,138 |
| Specialty Chemicals - 2.1% | ||
| Olin Corporation, | ||
| 5.125%, due 09/15/27 | 250,000 | 242,406 |
| 5.000%, due 02/01/30 | 350,000 | 328,945 |
| 571,351 | ||
| Steel - 0.5% | ||
| Arcelormittal S.A., 6.125%, due 06/01/25 | 120,000 | 120,564 |
| Technology - 6.6% | ||
| Application Software - 0.4% | ||
| Roper Technologies, Inc., 2.350%, due 09/15/24 | 100,000 | 99,080 |
| Electronic Components - 1.9% | ||
| Corning, Inc., 7.250%, due 08/15/36 | 500,000 | 517,149 |
| Electronic Equipment & Instruments - 3.4% | ||
| Keysight Technologies, Inc., 4.550%, due 10/30/24 | 500,000 | 497,706 |
| Vontier Corporation, | ||
| 1.800%, due 04/01/26 | 250,000 | 232,048 |
| 2.400%, due 04/01/28 | 200,000 | 175,342 |
| 905,096 | ||
| Technology Hardware, Storage & Peripherals - 0.9% | ||
| Hewlett Packard Enterprise Company, 5.900%, due 10/01/24 | 250,000 | 250,036 |
| Utilities - 7.2% | ||
| Electric Utilities - 7.2% | ||
| Constellation Energy Generation, LLC, 3.250%, due 06/01/25 | 500,000 | 488,509 |
| Exelon Corporation, 7.600%, due 04/01/32 | 500,000 | 556,682 |
| Georgia Power Company, 2.200%, due 09/15/24 | 600,000 | 593,705 |
| CM Advisors Fixed Income Fund | ||
| Schedule of Investments (Continued) | ||
| CORPORATE BONDS - 62.3% (Continued) | Par Value | Value |
| Utilities - 7.2% (Continued) | ||
| Electric Utilities - 7.2% (Continued) | ||
| NextEra Energy, Inc., 4.450%, due 06/20/25 | $ 300,000 | $ 296,971 |
| 1,935,867 | ||
| Total Corporate Bonds (Cost $16,858,133) | $ 16,817,404 | |
| U.S. TREASURY OBLIGATIONS - 22.4% | Par Value | Value |
| U.S. Treasury Inflation-Protected Notes - 2.1% | ||
| 2.375%, due 01/15/25 | $ 579,817 | $ 576,061 |
| U.S. Treasury Notes - 20.3% | ||
| 3.000%, due 06/30/24 | 500,000 | 499,101 |
| 3.000%, due 07/31/24 | 500,000 | 498,027 |
| 3.250%, due 08/31/24 | 500,000 | 497,310 |
| 4.250%, due 09/30/24 | 500,000 | 498,060 |
| 4.375%, due 10/31/24 | 500,000 | 498,003 |
| 4.250%, due 12/31/24 | 2,000,000 | 1,987,539 |
| 4.625%, due 02/28/25 | 500,000 | 497,686 |
| 4.250%, due 05/31/25 | 500,000 | 495,322 |
| 5,471,048 | ||
| Total U.S. Treasury Obligations (Cost $6,063,755) | $ 6,047,109 | |
| MONEY MARKET FUNDS - 4.1% | Shares | Value |
| Allspring Treasury Plus Money Market Fund - Institutional Class, 5.17% (b) (Cost $1,114,569) | 1,114,569 | $ 1,114,569 |
| Total Investments at Value - 98.9% (Cost $25,259,142) | $ 26,712,970 | |
| Other Assets in Excess of Liabilities - 1.1% | 287,539 | |
| Net Assets - 100.0% | $ 27,000,509 | |
| (a) | Step coupon. Rate shown is the coupon in effect as of May 31, 2024. |
| (b) | The rate shown is the 7-day effective yield as of May 31, 2024. |
