Schedule of Investments | |||||||
April 30, 2020 (unaudited) | |||||||
Ranger Micro Cap Fund | |||||||
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| Shares or Principal |
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Security Description |
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| Amount ($) |
| Fair Value ($)(1) | ||
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Common Stocks - 97.38% | |||||||
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Banks: Diversified - 5.30% |
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Atlantic Capital Bancshares, Inc. (2) | 20,495 |
| 257,212 | ||||
Capstar Financial Holdings, Inc. | 22,145 |
| 252,674 | ||||
Veritex Holdings, Inc. | 7,272 |
| 127,696 | ||||
Triumph Bancorp, Inc. (2) | 4,330 |
| 119,984 | ||||
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| 757,566 | ||||
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Banks: Savings/Thrifts & Mortgage Lending - 1.83% |
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Banc of California, Inc. | 25,145 |
| 262,011 | ||||
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Biotechnology - 2.60% |
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ANI Pharmaceuticals, Inc. (2) | 9,300 |
| 372,093 | ||||
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Computer Services, Software & Systems - 24.43% |
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OneSpan, Inc. (2) | 40,544 |
| 681,139 | ||||
Simulations Plus, Inc. | 14,430 |
| 549,062 | ||||
QAD, Inc. Class A | 11,661 |
| 493,494 | ||||
American Software, Inc. Class A | 28,980 |
| 477,590 | ||||
Zix Corp. (2) | 71,940 |
| 394,231 | ||||
PDF Solutions, Inc. (2) | 16,970 |
| 271,011 | ||||
Model N, Inc. (2) | 8,737 |
| 252,150 | ||||
Digital Turbine, Inc. (2) | 42,465 |
| 248,845 | ||||
Cerence, Inc. (2) | 5,856 |
| 123,913 | ||||
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| 3,491,435 | ||||
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Cosmetics - 1.48% |
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e.l.f. Beauty, Inc. (2) | 16,132 |
| 210,845 | ||||
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Diversified Materials & Processing - 2.90% |
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LiqTech International, Inc. (Denmark) (2) | 63,201 |
| 267,340 | ||||
Insteel Industries, Inc. | 8,375 |
| 147,149 | ||||
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| 414,489 | ||||
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Electronic - 3.11% |
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nLight, Inc. (2) | 28,175 |
| 444,038 | ||||
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Electronic Components - 2.78% |
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NVE Corp. | 6,996 |
| 397,163 | ||||
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Financial Data & Systems - 3.56% |
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i3 Verticals, Inc. Class-A (2) | 21,910 |
| 509,188 | ||||
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Health Care Services - 4.19% |
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Tabula Rasa HealthCare, Inc. (2) | 9,465 |
| 599,513 | ||||
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Homebuilding - 3.26% |
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Green Brick Partners, Inc. (2) | 52,291 |
| 465,913 | ||||
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Medical & Dental Instruments & Supplies - 10.19% |
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Utah Medical Products, Inc. | 6,318 |
| 524,394 | ||||
BioLife Solutions, Inc. (2) | 45,505 |
| 497,370 | ||||
LeMaitre Vascular, Inc. | 15,230 |
| 433,903 | ||||
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| 1,455,667 | ||||
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Medical Equipment - 6.80% |
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iRadimed Corp. (2) | 22,410 |
| 487,642 | ||||
Tactile Systems Technology, Inc. (2) | 9,374 |
| 483,886 | ||||
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| 971,528 | ||||
Medical Services - 4.62% |
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Fulgent Genetics, Inc. (2) | 38,934 |
| 660,710 | ||||
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Metal Fabricating - 2.77% |
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Omega Flex, Inc. | 4,401 |
| 396,530 | ||||
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Oil Well Equipment & Services - 0.90% |
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Select Energy Services Inc. Class-A (2) | 26,852 |
| 128,890 | ||||
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Pharmaceuticals - 2.33% |
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Heska Corp. (2) | 4,702 |
| 332,902 | ||||
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Restaurants - 1.16% |
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BJ's Restaurants, Inc. | 7,611 |
| 166,376 | ||||
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Scientific Instruments: Control & Filter - 4.35% |
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NAPCO Security Technologies, Inc. (2) | 31,015 |
| 621,541 | ||||
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Scientific Instruments: Electrical - 1.49% |
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Allied Motion Technologies, Inc. | 7,370 |
| 212,403 | ||||
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Scientific Instruments: Gauges & Meters - 4.46% |
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Mesa Laboratories, Inc. | 2,680 |
| 637,840 | ||||
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Specialty Retail - 2.87% |
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America's Car-Mart, Inc. (2) | 6,220 |
| 410,209 | ||||
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Total Common Stocks | (Cost $ 15,046,982) |
| 13,918,850 | ||||
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Short-Term Investment - 3.51% | |||||||
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First American Government Obligation Fund - Class Z 0.181% (3) | 501,487 |
| 501,487 | ||||
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Total Short-Term Investment | (Cost $ 501,487) |
| 501,487 | ||||
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Total Investments - 100.89% | (Cost $ 15,548,469) |
| 14,420,337 | ||||
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Liabilities in Excess of Other Assets - (0.89%) |
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| (127,378) | ||||
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Total Net Assets - 100.00% |
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| 14,292,959 | ||||
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(1) Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments. | |||||||
These inputs are summarized in the three broad levels listed below. | |||||||
• 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) | |||||||
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The following is a summary of the inputs used as of April 30, 2020 in valuing the Fund's assets carried at fair value: | |||||||
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| Investments in |
| Other Financial |
Valuation Inputs |
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| Securities |
| Instruments (9) | |
Level 1 - Quoted Prices |
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| $ | 14,420,337 | $ | - | |
Level 2 - Other Significant Observable Inputs |
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| - |
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Level 3 - Significant Unobservable Inputs |
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Total |
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| $ | 14,420,337 | $ | - |
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The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. | |||||||
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(2) Represents non-income producing securities. | |||||||
(3) The yield shown represents the 7-day yield in effect at April 30, 2020. |
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