UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-22270
TXF Funds, Inc.
 
(Exact name of registrant as specified in charter)
     
One Leadership Square, Suite 200    
211 North Robinson    
Oklahoma City, OK   73102
 
(Address of principal executive offices)   (Zip code)
Keith D. Geary
One Leadership Square, Suite 200
211 North Robinson
Oklahoma City, OK 73102
 
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-405-235-5757
Date of fiscal year end: December 31
Date of reporting period: March 31, 2010
     Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
     A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
 
 

 

 

Item 1. Schedule of Investments.
TXF FUNDS, INC.
Schedule of Investments
TXF Large Companies ETF
March 31, 2010 (unaudited)
                 
Number         Fair  
of Shares         Value  
       
 
       
       
Common Stock—98.7%
       
       
Airlines—1.6%
       
  1,310    
AMR Corp. *
  $ 11,934  
  558    
Continental Airlines, Inc. Class B *
    12,259  
  2,987    
Southwest Airlines Co.
    39,489  
       
 
     
       
 
    63,682  
       
 
     
       
Beverages—0.9%
       
  1,068    
Dr Pepper Snapple Group, Inc.
    37,562  
       
 
     
       
 
       
       
Chemicals—0.5%
       
  604    
Celanese Corp. Series A
    19,237  
       
 
     
       
 
       
       
Commercial Banks—1.1%
       
  629    
Comerica, Inc.
    23,928  
  353    
Cullen/Frost Bankers, Inc.
    19,697  
       
 
     
       
 
    43,625  
       
 
     
       
 
       
       
Commercial Services & Supplies—1.7%
       
  1,970    
Waste Management, Inc.
    67,827  
       
 
     
       
 
       
       
Computers & Peripherals—2.9%
       
  7,708    
Dell, Inc. *
    115,697  
       
 
     
       
 
       
       
Construction & Engineering—1.7%
       
  716    
Fluor Corp.
    33,301  
  674    
KBR, Inc.
    14,936  
  882    
Quanta Services, Inc. *
    16,899  
       
 
     
       
 
    65,136  
       
 
     
       
 
       
       
Consumer Finance—0.3%
       
  552    
AmeriCredit Corp. *
    13,116  
       
 
     
       
 
       
       
Diversified Telecommunication—4.8%
       
  7,275    
AT&T, Inc.
    187,985  
       
 
     
       
 
       
       
Electrical Equipment—0.8%
       
  677    
Cooper Industries PLC
    32,455  
       
 
     
       
 
       
       
Energy Equipment & Services—18.0%
       
  1,352    
Baker Hughes, Inc.
    63,328  
  1,234    
BJ Services Co.
    26,408  
  1,027    
Cameron International Corp. *
    44,017  
  568    
Diamond Offshore Drilling, Inc.
    50,444  
  347    
Dresser-Rand Group, Inc. *
    10,903  
  488    
FMC Technologies, Inc. *
    31,539  
  3,850    
Halliburton Co.
    116,000  
  1,823    
National Oilwell Varco, Inc.
    73,977  
  231    
Oceaneering International, Inc. *
    14,666  
  734    
Pride International, Inc. *
    22,101  

 

 

TXF FUNDS, INC.
Schedule of Investments
TXF Large Companies ETF
March 31, 2010 (unaudited)
                 
Number         Fair  
of Shares         Value  
       
 
       
       
Energy Equipment & Services—18.0% (continued)
       
  478    
Rowan Cos., Inc. *
  $ 13,915  
  3,095    
Schlumberger Ltd.
    196,408  
  1,040    
Smith International, Inc.
    44,533  
       
 
     
       
 
    708,239  
       
 
     
       
 
       
       
Food & Staples Retailing—2.4%
       
  2,393    
Sysco Corp.
    70,594  
  715    
Whole Foods Market, Inc. *
    25,847  
       
 
     
       
 
    96,441  
       
 
     
       
 
       
       
Food Products—0.3%
       
  759    
Dean Foods Co. *
    11,909  
       
 
     
       
 
       
       
Gas Utilities—0.3%
       
  391    
Atmos Energy Corp.
    11,171  
       
 
     
       
 
       
       
Health Care Equipment & Supplies—0.4%
       
  299    
Kinetic Concepts, Inc. *
    14,295  
       
 
     
       
 
       
       
Health Care Providers & Services—0.3%
       
  1,952    
Tenet Healthcare Corp. *
    11,165  
       
 
     
       
 
       
       
Household Durables—0.4%
       
  1,241    
D.R. Horton, Inc.
    15,637  
       
 
     
       
 
       
       
Household Products—2.7%
       
  1,667    
Kimberly-Clark Corp.
    104,821  
       
 
     
       
 
       
       
Industrial Conglomerates—0.6%
       
  924    
McDermott International, Inc. *
    24,874  
       
 
     
       
 
       
       
Insurance—0.8%
       
  473    
HCC Insurance Holdings, Inc.
    13,055  
  348    
Torchmark Corp.
    18,621  
       
 
     
       
 
    31,676  
       
 
     
       
 
       
       
IT Services—0.4%
       
  220    
Alliance Data Systems Corp. *
    14,078  
       
 
     
       
 
       
       
Machinery—0.6%
       
  218    
Flowserve Corp.
    24,039  
       
 
     
       
 
       
       
Media—0.4%
       
  1,495    
Clear Channel Outdoor Holdings, Inc. Class A *
    15,862  
       
 
     
       
 
       
       
Metals & Mining—0.3%
       
  667    
Titanium Metals Corp. *
    11,066  
       
 
     

 

 

TXF FUNDS, INC.
Schedule of Investments
TXF Large Companies ETF
March 31, 2010 (unaudited)
                 
Number         Fair  
of Shares         Value  
       
 
       
       
Multiline Retail—0.7%
       
  918    
J.C. Penney Co., Inc.
  $ 29,532  
       
 
     
       
 
       
       
Multi-Utilities—0.6%
       
  1,641    
CenterPoint Energy, Inc.
    23,565  
       
 
     
       
 
       
       
Oil, Gas & Consumable Fuels—46.6%
       
  2,034    
Anadarko Petroleum Corp.
    148,136  
  1,425    
Apache Corp.
    144,638  
  436    
Cabot Oil & Gas Corp.
    16,045  
  1,028    
Cobalt International Energy, Inc. *
    13,981  
  361    
Concho Resources, Inc. *
    18,180  
  3,039    
ConocoPhillips
    155,506  
  1,063    
Denbury Resources, Inc. *
    17,933  
  2,948    
El Paso Corp.
    31,956  
  572    
El Paso Pipeline Partners LP *
    15,953  
  488    
Enbridge Energy Partners LP *
    24,678  
  937    
Energy Transfer Equity LP *
    31,614  
  776    
Energy Transfer Partners LP *
    36,363  
  560    
Enterprise GP Holdings LP *
    24,052  
  2,492    
Enterprise Products Partners LP *
    86,173  
  1,059    
EOG Resources, Inc.
    98,423  
  890    
EXCO Resources, Inc.
    16,358  
  2,869    
Exxon Mobil Corp.
    192,167  
  1,215    
Kinder Morgan Energy Partners LP *
    79,485  
  358    
Kinder Morgan Management LLC *
    20,986  
  546    
Linn Energy LLC
    14,043  
  3,011    
Marathon Oil Corp.
    95,268  
  558    
Newfield Exploration Co. *
    29,044  
  756    
Noble Energy, Inc.
    55,188  
  229    
NuStar Energy LP *
    13,843  
  1,264    
Petrohawk Energy Corp. *
    25,634  
  485    
Pioneer Natural Resources Co.
    27,315  
  552    
Plains All American Pipeline LP *
    31,409  
  586    
Plains Exploration & Production Co. *
    17,574  
  663    
Range Resources Corp.
    31,075  
  521    
Southern Union Co.
    13,218  
  1,489    
Southwestern Energy Co. *
    60,632  
  2,610    
Spectra Energy Corp.
    58,803  
  637    
Ultra Petroleum Corp. *
    29,703  
  2,372    
Valero Energy Corp.
    46,728  
  2,406    
XTO Energy, Inc.
    113,515  
       
 
     
       
 
    1,835,619  
       
 
     
       
 
       
       
Real Estate Investment Trusts—0.6%
       
  270    
Camden Property Trust
    11,240  
  501    
Weingarten Realty Investors
    10,802  
       
 
     
       
 
    22,042  
       
 
     

 

 

TXF FUNDS, INC.
Schedule of Investments
TXF Large Companies ETF
March 31, 2010 (unaudited)
                 
Number         Fair  
of Shares         Value  
       
 
       
       
Semiconductors & Semiconductor Equipment—3.1%
       
  5,004    
Texas Instruments, Inc.
  $ 122,448  
       
 
     
       
 
       
       
Software—0.7%
       
  771    
BMC Software, Inc. *
    29,298  
       
 
     
 
       
Specialty Retail—0.7%
       
  693    
GameStop Corp. Class A *
    15,184  
  480    
RadioShack Corp.
    10,862  
       
 
     
       
 
    26,046  
       
 
     
       
 
       
       
Wireless Telecommunication Services—1.5%
       
  1,224    
Crown Castle International Corp. *
    46,794  
  1,481    
MetroPCS Communications, Inc. *
    10,485  
       
 
     
       
 
    57,279  
       
 
     
       
 
       
       
Total Investments
       
       
(Cost $3,642,800) —98.7% (a)
  $ 3,887,424  
       
Other Assets in Excess of Liabilities—1.3%
    52,886  
       
 
     
       
Net Assets—100.0%
  $ 3,940,310  
       
 
     
 
*   Non — Income producing security.
 
(a)   At March 31, 2010, the aggregate cost of investments for Federal income tax purposes was $3,642,499. The net unrealized appreciation was $244,925 which consisted of aggregate gross unrealized appreciation of $294,382 and aggregate gross unrealized depreciation of $49,457.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
Fair Value Measurement
The Fund utilized various inputs in determining the value of the Fund investments. These inputs are summarized in the three broad levels as follows:
Level 1 — Quoted prices in active markets for identical securities
Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 — Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

 

TXF FUNDS, INC.
Schedule of Investments
TXF Large Companies ETF
March 31, 2010 (unaudited)
The following is a summary of the inputs used to value the Fund investments at March 31, 2010:
                 
Assets   Level 1   Total
Common Stocks
  $ 3,887,424     $ 3,887,424  
For the period ended March 31, 2010 the Fund did not hold any Level 2 or Level 3 securities. Please refer to the schedule of investments to view common stocks classified by industry type.

 

 

Item 2. Controls and Procedures.
  (a)   The Registrant’s Principal Executive and Principal Financial Officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
  (b)   There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 3. Exhibits.
      A separate certification for each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act (17 CFR 270.30a-2(a)) is attached hereto.

 

 

SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
         
(Registrant) TXF Funds, Inc.
  		   
By:   /s/ Keith D. Geary      
  Keith D. Geary     
  Director, Chairman and CEO     

Date: May 20, 2010  		   
     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
         
     
By:   /s/ Keith D. Geary      
  Keith D. Geary     
  Director, Chairman and CEO     

Date: May 20, 2010  		   
         
By:   /s/ Gary Pinkston      
  Gary Pinkston     
  Vice President, Principal Financial and Accounting Officer, and Secretary     

Date: May 20, 2010  		   

 

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